Industry Investment Rating - No relevant content provided Core Viewpoints - The industrial silicon futures price continued to decline after the mid - day session. Although some spot prices increased slightly within the range, the strong driving force for industrial silicon itself is limited. The fourth - quarter benefits focus on production cuts in the southwest. The intraday short - term accelerated decline started in the afternoon due to the continuous strengthening of the US dollar index and the weakening of multiple equity markets, but the decline space is expected to be limited [4]. Summaries by Directory 1. Market Review and Outlook Market Performance - The industrial silicon futures price declined continuously after the mid - day session. The Si2601 closed at 8885 yuan/ton, a drop of 2.31%. The trading volume was 379,786 lots, and the open interest was 242,153 lots, with a net increase of 13,885 lots [4]. Spot Price - The spot price increased slightly, with the price range remaining unchanged. The 553 price range was 8900 - 9300 yuan/ton, and the 421 price range was 9550 - 9950 yuan/ton [4]. Future Outlook - Some spot prices increased slightly within the range, but the strong driving force for industrial silicon itself is limited. The fourth - quarter benefits focus on production cuts in the southwest. The intraday short - term accelerated decline started in the afternoon. The continuous strengthening of the US dollar index led to a sharp decline in the prices of commodities priced in foreign markets, and multiple equity markets also declined, spreading strong macro - hedging risks. However, the overall market is still within the adjustment range since August, and the net long positions of the 01 contract increased by 16,008 lots. It is expected that the decline space is limited, and attention should be paid to the support at the lower edge of the range [4]. 2. Market News - On November 4, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 45,823 lots, a net decrease of 338 lots from the previous trading day [5]. - On October 31, the industrial silicon market inventory was 447,700 tons, a weekly increase of 0.58% and a year - on - year increase of 43.59% [5]. - In September, the industrial silicon export volume was 70,232.72 tons, a decrease of 8.36% from the previous month and a year - on - year increase of 7.73%. From January to September, the cumulative industrial silicon export volume was 491,400 tons, a cumulative year - on - year increase of 1.55%, with an average monthly export volume of 61,500 tons [5].
建信期货工业硅日报-20251105
Jian Xin Qi Huo·2025-11-05 01:54