Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report's Core View - The short - term view for both coking coal and coke is to follow an oscillatory approach. Coking coal is expected to run strongly due to strong expectations, while coke is expected to oscillate strongly with support from the cost side [1][5][6]. 3. Summary by Relevant Catalogs Coking Coal (JM) - **Price Trend**: Short - term is oscillatory, mid - term is oscillatory, and intraday is rising, with an overall oscillatory approach [1][5]. - **Supply**: As of the week of October 24, the daily average output of clean coal from 523 coking coal mines nationwide was 761,000 tons, a week - on - week decrease of 18,000 tons and a year - on - year decrease of 17,000 tons. From the 13th to the 18th, the total number of vehicle passages at the Ganqimao Port was 7,220. Political unrest in Mongolia in the middle and late period disrupted port clearance efficiency in the short term, but it is expected to basically recover by next week [5]. - **Demand**: The combined coke output of independent coking plants and steel mill coking plants was 1.1072 million tons, a week - on - week decrease of 5,100 tons [5]. - **Market Sentiment**: Sino - US economic and trade consultations from October 24 to 27 in Malaysia boosted the overall sentiment of the commodity market. Coking coal, as one of the leading varieties since the anti - involution, is still a key variety favored by long - position funds [5]. Coke (J) - **Price Trend**: Short - term is oscillatory, mid - term is oscillatory, and intraday is rising, with an overall oscillatory approach [1][6]. - **Supply and Demand**: As of the week of October 24, the combined coke output of independent coking plants and steel mill coking plants was 1.1072 million tons, a week - on - week decrease of 5,100 tons; the daily average hot metal output of 247 steel mills was 2.399 million tons, a week - on - week decrease of 10,500 tons [6]. - **Inventory**: This week, coke inventory increased in the upstream and mid - stream. Independent coking plants' inventory increased by 1,350 tons, and the inventory at four major ports increased by 4,940 tons, while the inventory of downstream steel mills decreased by 6,280 tons week - on - week [6]. - **Support Factors**: The cost support from coking coal and the warming sentiment of domestic and foreign macro - environments are relatively favorable factors [6].

Core Insights - The domestic commodity futures night market closed with most contracts rising, particularly low-sulfur fuel oil and fuel oil, which increased by over 1% [1] - Other commodities such as asphalt, coking coal, and rapeseed meal experienced slight increases, while synthetic rubber, caustic soda, corn, and white sugar saw minor declines [1] Group 1 - Low-sulfur fuel oil and fuel oil prices rose by more than 1% [1] - Asphalt, coking coal, and rapeseed meal showed slight upward movement [1] - Synthetic rubber, caustic soda, corn, and white sugar experienced slight declines [1]

Report Information - Report Title: Soft Commodity Daily - Date: October 24, 2025 Industry Investment Rating - No relevant information provided Core Viewpoints - International sugar prices are pressured by the expectation of global supply surplus, while domestic sugar has limited downside space due to cost support but weak demand [3]. - The decline of cotton prices has slowed down, but it still faces hedging pressure due to the expected increase in supply [14]. - Apple prices may remain strong in the long - term, but the main contract's performance is weaker than that of the far - month contracts [19]. - New - season jujubes may face downward pressure due to high inventory of old jujubes [27]. Summary by Commodity Sugar - **Fundamentals**: International sugar prices are under pressure from the expected supply surplus, with ICE raw sugar slightly rising to 15.24 cents/pound but constrained by Brazil's high production. Domestic sugar has limited downside due to cost support, but terminal procurement is cautious [3]. - **Futures Prices and Spreads**: Provided detailed closing prices, daily and weekly price changes of various sugar futures contracts and spreads [4]. - **Basis**: Presented the basis data of sugar in Nanning and Kunming against different futures contracts and their daily and weekly changes [9]. - **Import Prices**: Showed the quota - in and quota - out import prices of Brazilian and Thai sugar and their daily and weekly changes, as well as the price differences between domestic locations and imported sugar [12]. Cotton - **Fundamentals**: New cotton purchase prices are relatively firm, the decline of cotton prices has slowed down, but downstream demand is weakening, and new cotton supply pressure will gradually emerge [14]. - **Futures Prices**: Gave the closing prices, daily price changes and price change rates of cotton and cotton yarn futures contracts [15]. - **Spreads**: Provided the price differences and daily price changes of cotton basis, cotton futures month - spreads, flower - yarn spread, and internal - external cotton and yarn spreads [16]. Apple - **Fundamentals**: Late - Fuji apples in the northwest and Shandong are in the coloring and partial listing stage. Continuous rain has delayed the supply, and the effective inventory in most areas is lower than last year. Long - term prices may remain strong [19]. - **Price Changes**: Presented the closing prices, daily and weekly price change rates of apple futures contracts, spot prices of different apple varieties, and related data such as basis, theoretical delivery price and profit [20]. Jujube - **Fundamentals**: New - season jujubes are about to be harvested. With high inventory of old jujubes, jujube prices may face downward pressure [27]. - **Futures Month - Spreads**: Mentioned the futures month - spreads of jujubes (01 - 05, 05 - 09, 09 - 01) [29][30][34]. - **Prices and Inventory**: Included the price trends of Xinjiang jujube production areas and main sales areas, and the total of jujube warehouse receipts and effective forecasts [33][35].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - For the 2601 contract of coking coal, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is upward, and the reference view is an oscillatory approach. The coking coal is running strongly under the influence of an optimistic atmosphere [1][5]. - For the 2601 contract of coke, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is strongly oscillatory, and the reference view is an oscillatory approach. The coke is oscillating strongly with a mix of long and short factors [1][6]. Group 3: Summary by Variety Coking Coal (JM) - The latest quotation of Mongolian coking coal at the Ganqimao Port is 1310.0 yuan/ton, with a week - on - week increase of 3.97%. In the domestic market, the auction of coking coal in Linfen, Shanxi yesterday mostly saw price increases, with a good atmosphere. Although the fundamental support for coking coal is insufficient at present, recent disturbances from weather in major production areas and anti - involution, along with the upcoming Sino - US trade consultations, drive the main coking coal futures contract to run strongly due to strong expectations [5]. Coke (J) - The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, remaining unchanged week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1470 yuan/ton, with a week - on - week increase of 1.38%. Recently, both the supply and demand of coke have decreased, with a more obvious reduction on the supply side, and the overall inventory in the industrial chain has declined. The fundamental situation is relatively neutral, and the upward drive mainly comes from the coking coal supply side and the expectation of Sino - US trade negotiations [6].

Group 1 - The core point of the article highlights the performance of domestic commodity futures on October 23, with crude oil main contract rising by 1.65% to 449.1 yuan per barrel [1] - In the precious metals sector, Shanghai gold fell by 1.56% to 934.72 yuan per gram, while Shanghai silver increased slightly by 0.04% to 11,331 yuan per kilogram [1]

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Group 1 - Domestic commodity futures closed mixed, with asphalt rising nearly 3% [1] - Crude oil, LU fuel oil, and shipping on the European line increased over 2% [1] - Lithium carbonate, liquefied gas, PTA, styrene, pure benzene, bottle flakes, pulp, and coking coal rose over 1% [1] Group 2 - On the downside, Shanghai gold fell nearly 4% [1] - Shanghai silver dropped over 3% [1] - Palm oil, soybean meal, and red dates decreased over 1% [1]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The domestic thermal coal price is accelerating upward this week. Although October is the traditional off - season for thermal coal, the price is strong due to multiple factors. However, the impact of weather and other factors is mainly short - term. [5] 3. Summary by Related Content Price and Inventory - As of October 16, the quotation of 5500K thermal coal at Qinhuangdao Port was 732 yuan/ton, a week - on - week increase of 29 yuan/ton. [5] - As of October 16, the total coal inventory of 9 ports in the Bohai Rim was 23.907 million tons, a week - on - week decrease of 837,000 tons, and 566,000 tons lower than the same period last year. [5] Driving Factors - Demand side: The cooling in the north and the rare high - temperature weather in southern coastal cities have made the coal demand of power plants show certain resilience. The daily coal consumption of 8 coastal provinces is significantly higher than that of the same period last year, supporting the demand for thermal coal. [5] - Supply side: Rain and snow in major production areas such as Shaanxi and Inner Mongolia have affected coal production and transportation, and the expectation of anti - involution still exists, boosting market sentiment. [5] - Transportation: The autumn inspection of the Datong - Qinhuangdao Railway and the closure of some northern ports due to strong winds have hindered the coal turnover at ports, reducing the supply of goods and keeping the market atmosphere optimistic. [5]

Report Overview - The report is the Baocheng Futures' morning report on beans and oils dated October 22, 2025, covering the price trends and core logics of commodities in the agricultural futures sector [1] Industry Investment Rating - Not mentioned in the report Core Viewpoints - The domestic soybean meal market is in a situation of loose supply and demand, with prices under pressure. Palm oil production is increasing while demand is weakening, and the substitution demand for palm oil by soybean oil is rising. Overall, the short - term trends of soybean meal, palm oil, and soybean oil futures are all expected to be weakly volatile [5][7] Summary by Variety Soybean Meal (M) - **Time - frame Views**: Short - term: weakly volatile; Medium - term: volatile; Intraday: weakly volatile; Reference view: weakly volatile [5][6] - **Core Logic**: The domestic soybean meal market has an ample supply of soybeans, high port inventories, and some oil mills face the risk of inventory overstocking. Downstream breeding losses have deteriorated, leading to cautious purchasing by feed enterprises and strong market wait - and - see sentiment. The short - term futures price is expected to be weakly volatile [5] Palm Oil (P) - **Time - frame Views**: Short - term: weakly volatile; Medium - term: volatile; Intraday: weakly volatile; Reference view: weakly volatile [7][6] - **Core Logic**: Palm oil production has increased while demand has decreased. The substitution demand for palm oil by soybean oil has risen, and domestic palm oil inventories have increased. The market still depends on the biodiesel policy expectations and is expected to be weakly volatile in the short term [7] Other Contracts - **Soybean Meal 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6] - **Soybean Oil 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6] - **Palm 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6]

Core Viewpoint - Domestic commodity futures market showed mixed performance in the night session on October 21, with various commodities experiencing different price movements [1] Group 1: Commodity Price Movements - Gold futures (沪金) decreased by 2.89% [1] - Silver futures (沪银) fell by 3.89% [1] - Iron ore (铁矿) increased by 0.46% [1] - Coking coal (焦煤) dropped by over 1% [1] - Crude oil (原油) rose by 1.19% [1] - Fuel oil (燃油) increased by 1.06% [1] - Rubber (橡胶) saw a rise of 0.8% [1]