Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the short - term, there is a bottom - support sentiment in the pig market, but contradictions continue to accumulate. The rebound of spot prices in October led to an extension of the inventory accumulation cycle due to increased second - round fattening enthusiasm, postponing the pressure. The futures market is expected to enter an adjustment phase [3][4]. 3. Summary by Directory This Week's Market Review (10.20 - 10.26) - **Spot Market**: Pig prices showed a strong - side oscillation. The price of 20KG piglets in Henan was 19.4 yuan/kg (last week: 20.4 yuan/kg), the pig price in Henan was 11.98 yuan/kg (last week: 11.38 yuan/kg), and the price of 50KG binary sows nationwide was 1546 yuan/head (last week: 1566 yuan/head). The average national slaughter weight was 124.75KG, with a month - on - month increase of 0.06%. The supply tightened slightly as group slaughter progress was fast and individual farmers were reluctant to sell. Low prices stimulated demand, and the slaughter volume increased significantly [2]. - **Futures Market**: Pig futures prices showed a strong - side performance. The highest price of the LH2511 contract was 11615 yuan/ton, the lowest was 11200 yuan/ton, and the closing price was 11490 yuan/ton (last week: 11050 yuan/ton). The basis of the LH2511 contract was 490 yuan/ton (last week: 330 yuan/ton) [2]. Next Week's Market Outlook (10.27 - 11.2) - **Spot Market**: Pig spot prices will oscillate. After the sharp decline after the National Day holiday, low prices stimulated demand and second - round fattening. Supply is expected to increase continuously, but low prices have boosted demand. The inventory accumulation cycle has been extended, and the pressure has been postponed. Attention should be paid to the market sentiment after the rebound at the end of the month and the beginning of the next month [3]. - **Futures Market**: The LH2511 contract price closed at 11490 yuan/ton on October 24. Short - term spot prices are expected to oscillate upward, but the market is expected to enter an adjustment phase. The support level for the LH2511 contract is 11000 yuan/ton, and the pressure level is 12000 yuan/ton. Traders should pay attention to stop - loss and take - profit [4]. Other Data - **Basis and Month - spread**: This week's basis was 490 yuan/ton, and the LH2511 - LH2601 month - spread was - 685 yuan/ton [8]. - **Supply**: In August, pork production was 5.309 million tons, with a month - on - month increase of 5.9%; pork imports were 80,600 tons, with a month - on - month decrease of 2.02%. The average slaughter weight this week was 124.75KG [10].

- The report introduces the **Cinda-VIX volatility index**, which reflects investors' expectations of future volatility in the options market. The index is structured to capture volatility across different time horizons, providing insights into market sentiment and risk expectations[62][61][64] - The methodology for constructing the Cinda-VIX index is based on overseas practices and adjusted to fit the characteristics of China's options market. The calculation is detailed in the research series "Exploring Market Sentiment Embedded in the Options Market"[62][61] - As of October 24, 2025, the 30-day Cinda-VIX values for major indices are: 19.23 for SSE 50, 19.32 for CSI 300, 27.76 for CSI 500, and 24.15 for CSI 1000[62][63][64] - The report also introduces the **Cinda-SKEW index**, which measures the skewness of implied volatility across different strike prices of options. This index helps investors understand market expectations regarding the distribution of future returns and potential tail risks[66][67][61] - The SKEW index is particularly useful for identifying market concerns about extreme negative events, often referred to as "black swan" risks. A SKEW value above 100 indicates heightened investor concern about significant downside risks[67][66] - As of October 24, 2025, the SKEW values for major indices are: 101.75 for SSE 50, 103.69 for CSI 300, 102.25 for CSI 500, and 102.63 for CSI 1000[67][68][66]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The market's judgment on international relations tends to swing between extreme optimism and extreme pessimism, causing market sentiment to fluctuate. The market has sufficient expectations for slow - changing variables like interest rates but overreacts to fast - changing international relations variables, and market volatility may continue [2] - China's Q3 GDP grew 4.8% year - on - year, meeting expectations. Industrial production rebounded significantly and capacity utilization improved, but household consumption, real estate, and fixed - asset investment were drags [2] - After the Fourth Plenary Session of the 20th CPC Central Committee and the deepening of local state - owned "three - capital" management, the A - share market showed positive performance. A - share trading volume shrank to less than 2 trillion per day, and the margin balance rebounded, with each index rising between 2.9% - 4% on the weekly line [2] - This week, the basis of each variety fluctuated less, and the overall discount narrowed compared to last week. As of Friday, the annualized discounts of IF, IC, and IM converged to around 2.6%, 8.9%, and 11.4% respectively [2] Group 3: Summary by Related Catalogs This Week's Review - International relations news affected market sentiment. For example, the US's signal of easing relations led to a rapid decline in gold prices, and the economic consultations among China, the US, and Malaysia led to a rapid rebound in the A - share market driven by the Hong Kong stock market [2] - China's Q3 GDP growth met expectations. Industrial production and capacity utilization improved, but household consumption, real estate, and fixed - asset investment were negative factors [2] - After the Fourth Plenary Session of the 20th CPC Central Committee and local state - owned "three - capital" management deepening, the A - share market was positive. Trading volume shrank, margin balance rebounded, and each index rose on the weekly line. The ChiNext and STAR Market rebounded strongly [2] - The basis of each variety fluctuated less this week, and the overall discount narrowed compared to last week. The term structure of near - month contracts moved down slightly, with little change compared to last week, and diversified hedging can be maintained [2] Forecast Conclusion - The model predicts that the basis of IH, IF, IC, and IM will move in the directions of weakening, strengthening, weakening, and weakening respectively next week [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on October 24, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Directory 3.1 Power Coal - The basis data of power coal from October 17 to October 23, 2025, shows that the basis on October 23 was - 31.4 yuan/ton, gradually increasing from - 53.4 yuan/ton on October 17 [1][2] 3.2 Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from October 17 to October 23, 2025, are provided, along with the basis data of energy products [7] - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from October 17 to October 23, 2025, are presented [9] - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10] - Inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from October 17 to October 23, 2025, are provided [10] 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal from October 17 to October 23, 2025, are shown [20] - **Inter - period Spreads**: Inter - period spreads of rebar, iron ore, coke, and coking coal are provided, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19] - **Inter - commodity Spreads**: Inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 17 to October 23, 2025, are presented [19] 3.4 Non - ferrous Metals - **Domestic Market**: Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from October 17 to October 23, 2025, are provided [29] - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on October 23, 2025, are given [33] 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 17 to October 23, 2025, are shown [41] - **Inter - period Spreads**: Inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [40] - **Inter - commodity Spreads**: Inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from October 17 to October 23, 2025, are presented [40] 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 17 to October 23, 2025, are provided [53] - Inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads, are given [55]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Category Macro - On October 23, 2025, the spot price of IF was 4606 with a change of 13, the basis was 26, the corresponding contract was 2512, and the basis deviation was 0.62 [2] - The spot price of IH was 3027 with a change of 17, the basis was 3, the corresponding contract was 2512, and the basis deviation was 0.34 [2] - The spot price of IC was 7143 with a change of 15, the basis was 103, the corresponding contract was 2512, and the basis deviation was 0.84 [2] Black - For Shanghai's rebar on October 23, 2025, the spot price was 3220 with a change of 10, the basis was 149, the corresponding contract was 2601, and the basis deviation was 0.78 [3] - Beijing's rebar had a spot price of 3200 with a change of -10, the basis was 129, the corresponding contract was 2601, and the basis deviation was -0.06 [3] - Shanghai's hot - rolled coil had a spot price of 3300 with no change, the basis was 44, the corresponding contract was 2601, and the basis deviation was 0.70 [3] - Shandong's ore had a spot price of 831 with a change of 3, the basis was 54, the corresponding contract was provided by a third - party, and the basis deviation was 0.45 [3] - Tianjin Port's coke had a spot price of 1656 with no change, the basis was -112, the corresponding contract was 2601, and the basis deviation was -0.69 [3] - Port warehouse receipts of coking coal had a spot price of 1614 with a change of 36, the basis was 355, the corresponding contract was 2601, and the basis deviation was 0.70 [3] - Qinhuangdao Port's thermal coal had a spot price of 767 with a change of 3, the basis was -34, the corresponding contract was 2511, and the basis deviation was -0.17 [3] - Shahe's low - price glass had a spot price of 1104 with no change, the basis was -4, the corresponding contract was 2601, and the basis deviation was -0.01 [3] - Hubei's low - price glass had a spot price of 1070 with no change, the basis was -38, the corresponding contract was 2601, and the basis deviation was 0.00 [3] - Yinchuan's ferrosilicon had a spot price of 5580 with no change, the basis was -114, the corresponding contract was 2601, and the basis deviation was -0.80 [3] - Inner Mongolia's ferromanganese had a spot price of 6050 with no change, the basis was 162, the corresponding contract was 2601, and the basis deviation was 0.57 [3] Energy and Chemicals - Port methanol on October 23, 2025, had a spot price of 2250 with no change, the basis was -42, the corresponding contract was provided by a third - party, and the basis deviation was -0.88 [3] - Henan's methanol had a spot price of 2350 with a change of 25, the basis was 58, the corresponding contract was 2601, and the basis deviation was 0.24 [3] - Southern Shandong's methanol had a spot price of 2485 with no change, the basis was 193, the corresponding contract was 2601, and the basis deviation was 0.43 [3] - Hebei's methanol had a spot price of 2785 with no change, the basis was 493, the corresponding contract was 2601, and the basis deviation was 0.97 [3] - East China's PTA had a spot price of 4423 with a change of 29, the basis was -85, the corresponding contract was provided by a third - party, and the basis deviation was -0.87 [3] - East China's PP had a spot price of 6560 with a change of 40, the basis was -131, the corresponding contract was provided by a third - party, and the basis deviation was -0.93 [3] - North China's LLDPE had a spot price of 6920 with a change of 60, the basis was -79, the corresponding contract was provided by a third - party, and the basis deviation was -0.40 [3] - High - end PVC had a spot price of 4625 with a change of 5, the basis was -90, the corresponding contract was provided by a third - party, and the basis deviation was 0.64 [3] - Low - end PVC had a spot price of 4555 with a change of 5, the basis was -160, the corresponding contract was provided by a third - party, and the basis deviation was 0.72 [3] - East China's asphalt had a spot price of 3500 with no change, the basis was 223, the corresponding contract was 2601, and the basis deviation was 0.30 [3] - Shandong's asphalt had a spot price of 3330 with a change of 20, the basis was 133, the corresponding contract was 2601, and the basis deviation was 0.10 [3] - South China's asphalt had a spot price of 3500 with no change, the basis was 223, the corresponding contract was 2601, and the basis deviation was 0.56 [3] - Domestic ethylene glycol had a spot price of 4185 with a change of 55, the basis was 90, the corresponding contract was provided by a third - party, and the basis deviation was 0.84 [3] - Soda ash had a spot price of 1150 with a change of 20, the basis was -85, the corresponding contract was 2601, and the basis deviation was -0.62 [3] - Shandong's pulp had a spot price of 5000 with a change of 5, the basis was -250, the corresponding contract was 2601, and the basis deviation was -0.92 [3] - East China's staple fiber had a spot price of 6150 with a change of 30, the basis was -10, the corresponding contract was 2512, and the basis deviation was -0.22 [3] - Urea had a spot price of 1490 with no change, the basis was -148, the corresponding contract was 2601, and the basis deviation was -0.95 [3] - Shanghai's natural rubber had a spot price of 14880 with a change of 80, the basis was -365, the corresponding contract was 2601, and the basis deviation was 0.64 [3] - Whole latex natural rubber had a spot price of 14545 with a change of 95, the basis was -700, the corresponding contract was 2601, and the basis deviation was 0.56 [3] - Qingdao's 20 - number rubber had a spot price of 1830 with a change of 5, the basis was 606, the corresponding contract was 2512, and the basis deviation was 0.93 [3] - Styrene had a spot price of 6560 with no change, the basis was 15, the corresponding contract was 2511, and the basis deviation was -0.81 [3] Non - ferrous - On October 23, 2025, copper had a spot price of 85500 with a change of 520, the basis was 20, the corresponding contract was provided by a third - party, and the basis deviation was -0.07 [4] - International copper had a spot price of 75695 with a change of 670, the basis was -965, the corresponding contract was 2511, and the basis deviation was -0.35 [4] - Aluminum had a spot price of 21040 with a change of 60, the basis was -10, the corresponding contract was provided by a third - party, and the basis deviation was 0.12 [4] - Zinc had a spot price of 22100 with a change of 200, the basis was -60, the corresponding contract was provided by a third - party, and the basis deviation was -0.82 [4] - Lead had a spot price of 17125 with a change of 125, the basis was -205, the corresponding contract was provided by a third - party, and the basis deviation was -0.36 [4] - Nickel had a spot price of 121300 with a change of 50, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation was 0.76 [4] - Tin had a spot price of 280000 with a change of -1000, the basis was -1230, the corresponding contract was provided by a third - party, and the basis deviation was -0.67 [4] Agricultural Products - On October 23, 2025, 43% soybean meal in Jiangsu had a spot price of 2910 with a change of 50, the basis was -28, the corresponding contract was 2601, and the basis deviation was -0.09 [5] - First - grade soybean oil in Jiangsu had a spot price of 8410 with a change of -70, the basis was 222, the corresponding contract was 2601, and the basis deviation was -0.20 [5] - 36% rapeseed meal in Guangdong had a spot price of 2470 with a change of 30, the basis was 131, the corresponding contract was 2601, and the basis deviation was 0.88 [5] - Rapeseed oil at the market average price had a spot price of 10283 with a change of -100, the basis was 526, the corresponding contract was 2601, and the basis deviation was 0.99 [5] - 24° palm oil in Guangzhou had a spot price of 9000 with a change of -140, the basis was -132, the corresponding contract was 2601, and the basis deviation was -0.97 [5] - National cotton had a spot price of 14575 with a change of 15, the basis was 1000, the corresponding contract was 2601, and the basis deviation was 0.53 [5] - Guangxi's sugar had a spot price of 5750 with no change, the basis was 293, the corresponding contract was 2601, and the basis deviation was -0.02 [5] - Yunnan's sugar had a spot price of 5830 with no change, the basis was 373, the corresponding contract was 2601, and the basis deviation was 0.49 [5] - Fresh eggs in Shijiazhuang, Hebei had a spot price of 2870 with a change of 90, the basis was -157, the corresponding contract was 2512, and the basis deviation was -0.50 [5] - Fresh eggs in Dalian, Liaoning had a spot price of 2800 with a change of 90, the basis was -227, the corresponding contract was 2512, and the basis deviation was -0.57 [5] - Fresh eggs in Dezhou, Shandong had a spot price of 2650 with no change, the basis was -377, the corresponding contract was 2512, and the basis deviation was -0.70 [5] - Fresh eggs in Shangqiu, Henan had a spot price of 2700 with no change, the basis was -327, the corresponding contract was 2512, and the basis deviation was -0.72 [5] - Beian's soybean had a spot price of 4060 with no change, the basis was -53, the corresponding contract was 2601, and the basis deviation was -0.82 [5] - Jiamusi's soybean had a spot price of 4140 with no change, the basis was 27, the corresponding contract was 2601, and the basis deviation was -0.49 [5] - Changchun's corn had a spot price of 2240 with no change, the basis was 100, the corresponding contract was 2601, and the basis deviation was 0.43 [5] - Weifang's corn had a spot price of 2360 with no change, the basis was 220, the corresponding contract was 2601, and the basis deviation was 0.45 [5] - Changchun's starch had a spot price of 2580 with no change, the basis was 100, the corresponding contract was 2601, and the basis deviation was -0.03 [5] - Weifang's starch had a spot price of 2605 with no change, the basis was 165, the corresponding contract was 2601, and the basis deviation was 0.54 [5] - Pigs in Kaifeng, Henan had a spot price of 11930 with a change of 240, the basis was -270, the corresponding contract was 2601, and the basis deviation was -0.89 [5] - Hebei's jujube had a spot price of 9600 with no change, the basis was -1565, the corresponding contract was 2601, and the basis deviation was -0.68 [5] - Shandong's apples had a spot price of 6400 with no change, the basis was -2430, the corresponding contract was 2601, and the basis deviation was -0.98 [5]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - There is no clear core view explicitly stated in the given content. Group 3: Summary by Related Catalogs 1. Basis and Monthly Spread - The Shandong basis (+80) (Hongrun) decreased from 197 on 9/23 to 141 on 10/22, a daily change of -92 [3]. - The East China basis (Zhenjiang Warehouse) decreased from 47 on 9/23 to 81 on 10/22, with a daily change of -92 [3]. - The South China basis (Foshan Warehouse) decreased from 77 on 9/23 to 71 on 10/22, a daily change of -102 [3]. - The 12 - 01 spread decreased from 36 on 9/23 to 19 on 10/22, a daily change of -14 [3]. - The 12 - 03 spread increased from 23 on 9/23 to 9 on 10/22, a daily change of 4 [3]. - The 01 - 02 spread increased from -4 on 9/23 to -4 on 10/22, a daily change of 3 [3]. 2. Futures - The BU main contract (01) price increased from 3373 on 9/23 to 3249 on 10/22, a daily change of 92 [3]. - The trading volume increased from 280,475 on 9/23 to 389,960 on 10/22, a daily change of 110,926 [3]. - The open interest decreased from 425,862 on 9/23 to 368,817 on 10/22, a daily change of -2,998 [3]. - The warehouse receipts remained at 13,040 from 10/16 to 10/22, with no change [3]. 3. Spot - Brent crude oil price increased from 66.6 on 9/23 to 61.3 on 10/22, a daily change of 0.3 [3]. - Jingbo's price decreased from 3610 on 9/23 to 3310 on 10/22, a daily change of -10 [3]. - Hongrun's price remained at 3310 from 10/21 to 10/22, with no change [3]. - Zhenjiang Warehouse's price remained at 3330 from 10/20 to 10/22, with no change [3]. - Foshan Warehouse's price decreased from 3450 on 9/23 to 3320 on 10/22, a daily change of -10 [3]. 4. Profit - The asphalt - Ma Rui profit decreased from 334 on 9/23 to 464 on 10/22, a daily change of -24 [3]. - The Ma Rui - type refinery's comprehensive profit decreased from 792 on 9/23 to 905 on 10/22, a daily change of -13 [3].

Report Information - The report is the Yong'an Basis Morning Report released by the Research Center on October 22, 2025 [1] Industry Investment Rating - Not provided in the report Core View - Not provided in the report Summary by Category Macro - IF had a spot price of 4608, a change of 70, a basis of 30, a corresponding contract of 2512, and a basis deviation of 0.74 on October 21, 2025 [2] - IH had a spot price of 3007, a change of 32, a basis of 2, a corresponding contract of 2512, and a basis deviation of 0.28 on October 21, 2025 [2] - IC had a spot price of 7186, a change of 116, a basis of 133, a corresponding contract of 2512, and a basis deviation of 0.92 on October 21, 2025 [2] Black - In Shanghai, rebar had a spot price of 3200, no change, a basis of 153, a corresponding contract of 2601, and a basis deviation of 0.83 on October 21, 2025 [3] - In Beijing, rebar had a spot price of 3190, no change, a basis of 143, a corresponding contract of 2601, and a basis deviation of 0.09 on October 21, 2025 [3] - In Shanghai, hot-rolled coil had a spot price of 3270, no change, a basis of 51, a corresponding contract of 2601, and a basis deviation of 0.77 on October 21, 2025 [3] - In Shandong, ore had a spot price of 824, no change, a basis of 54, a corresponding contract provided by a third - party, and a basis deviation of 0.46 on October 21, 2025 [3] - At Tianjin Port, coke had a spot price of 1656, no change, a basis of - 16, a corresponding contract of 2601, and a basis deviation of - 0.12 on October 21, 2025 [3] - For port warehouse receipts, coking coal had a spot price of 1583, a change of - 17, a basis of 406, a corresponding contract of 2601, and a basis deviation of 0.98 on October 21, 2025 [3] - At Qinhuangdao Port, thermal coal had a spot price of 759, a change of 6, a basis of - 42, a corresponding contract of 2511, and a basis deviation of - 0.25 on October 21, 2025 [3] - For low - price glass in Shahe, it had a spot price of 1111, a change of - 24, a basis of 24, a corresponding contract of 2601, and a basis deviation of 0.24 on October 21, 2025 [3] - For low - price glass in Hubei, it had a spot price of 1070, a change of - 20, a basis of - 17, a corresponding contract of 2601, and a basis deviation of 0.17 on October 21, 2025 [3] - In Yinchuan, ferrosilicon had a spot price of 5530, no change, a basis of - 64, a corresponding contract of 2601, and a basis deviation of - 0.60 on October 21, 2025 [3] - In Inner Mongolia, silicomanganese had a spot price of 6050, no change, a basis of 234, a corresponding contract of 2601, and a basis deviation of 0.84 on October 21, 2025 [3] Energy and Chemicals - At the port, methanol had a spot price of 2263, no change, a basis of - 5, a corresponding contract provided by a third - party, and a basis deviation of - 0.48 on October 21, 2025 [3] - In Henan, methanol had a spot price of 2325, a change of - 25, a basis of 57, a corresponding contract of 2601, and a basis deviation of 0.23 on October 21, 2025 [3] - In southern Shandong, methanol had a spot price of 2485, a change of - 15, a basis of 217, a corresponding contract of 2601, and a basis deviation of 0.59 on October 21, 2025 [3] - In Hebei, methanol had a spot price of 2785, a change of 155, a basis of 517, a corresponding contract of 2601, and a basis deviation of 0.98 on October 21, 2025 [3] - In East China, PTA had a spot price of 4327, a change of 28, a basis of - 87, a corresponding contract provided by a third - party, and a basis deviation of - 0.89 on October 21, 2025 [3] - In East China, PP had a spot price of 6510, a change of 20, a basis of - 73, a corresponding contract provided by a third - party, and a basis deviation of - 0.57 on October 21, 2025 [3] - In North China, LLDPE had a spot price of 6840, no change, a basis of - 43, a corresponding contract provided by a third - party, and a basis deviation of - 0.13 on October 21, 2025 [3] - For high - end PVC, it had a spot price of 4615, a change of - 15, a basis of - 90, a corresponding contract provided by a third - party, and a basis deviation of 0.65 on October 21, 2025 [3] - For low - end PVC, it had a spot price of 4545, a change of - 15, a basis of - 160, a corresponding contract provided by a third - party, and a basis deviation of 0.72 on October 21, 2025 [3] - In East China, asphalt had a spot price of 3500, a change of - 50, a basis of 343, a corresponding contract of 2601, and a basis deviation of 0.76 on October 21, 2025 [3] - In Shandong, asphalt had a spot price of 3320, a change of - 10, a basis of 243, a corresponding contract of 2601, and a basis deviation of 0.66 on October 21, 2025 [3] - In South China, asphalt had a spot price of 3500, no change, a basis of 343, a corresponding contract of 2601, and a basis deviation of 0.86 on October 21, 2025 [3] - For the domestic market of ethylene glycol, it had a spot price of 4078, a change of 1, a basis of 74, a corresponding contract provided by a third - party, and a basis deviation of 0.69 on October 21, 2025 [3] - For soda ash, it had a spot price of 1120, a change of - 10, a basis of - 90, a corresponding contract of 2601, and a basis deviation of - 0.67 on October 21, 2025 [3] - In Shandong, pulp had a spot price of 4970, a change of 10, a basis of - 200, a corresponding contract of 2601, and a basis deviation of - 0.76 on October 21, 2025 [3] - In East China, staple fiber had a spot price of 6105, a change of 30, a basis of 35, a corresponding contract of 2512, and a basis deviation of 0.46 on October 21, 2025 [3] - For urea, it had a spot price of 1490, no change, a basis of - 119, a corresponding contract of 2601, and a basis deviation of - 0.90 on October 21, 2025 [3] - In Shanghai, natural rubber had a spot price of 14800, a change of 290, a basis of - 350, a corresponding contract of 2601, and a basis deviation of 0.68 on October 21, 2025 [3] - For whole latex natural rubber, it had a spot price of 14450, a change of 340, a basis of - 700, a corresponding contract of 2601, and a basis deviation of 0.57 on October 21, 2025 [3] - In Qingdao, 20 - number rubber had a spot price of 1845, a change of 20, a basis of 780, a corresponding contract of 2512, and a basis deviation of 1.00 on October 21, 2025 [3] - For styrene, it had a spot price of 6445, a change of 75, a basis of 7, a corresponding contract of 2511, and a basis deviation of - 0.87 on October 21, 2025 [3] Non - ferrous Metals - On October 21, 2025, copper had a spot price of 85720, a change of 70, a basis of 60, a corresponding contract provided by a third - party, and a basis deviation of 0.22 [4] - On October 21, 2025, international copper had a spot price of 75910, a change of 120, a basis of - 50, a corresponding contract of 2511, and a basis deviation of 0.72 [4] - On October 21, 2025, aluminum had a spot price of 20970, a change of 40, a basis of 10, a corresponding contract provided by a third - party, and a basis deviation of 0.45 [4] - On October 21, 2025, zinc had a spot price of 21940, a change of 70, a basis of - 40, a corresponding contract provided by a third - party, and a basis deviation of - 0.60 [4] - On October 21, 2025, lead had a spot price of 17000, a change of 75, a basis of - 195, a corresponding contract provided by a third - party, and a basis deviation of - 0.25 [4] - On October 21, 2025, nickel had a spot price of 121700, a change of 400, a basis of 400, a corresponding contract provided by a third - party, and a basis deviation of 0.77 [4] - On October 21, 2025, tin had a spot price of 281300, a change of 1300, a basis of 430, a corresponding contract provided by a third - party, and a basis deviation of 0.25 [4] Agricultural Products - In Jiangsu, 43% soybean meal had a spot price of 2870, no change, a basis of - 19, a corresponding contract of 2601, and a basis deviation of - 0.06 on October 21, 2025 [5] - In Jiangsu, first - grade soybean oil had a spot price of 8550, a change of 10, a basis of 256, a corresponding contract of 2601, and a basis deviation of - 0.09 on October 21, 2025 [5] - The average price of 36% rapeseed meal in Guangdong had a spot price of 2450, a change of - 30, a basis of 129, a corresponding contract of 2601, and a basis deviation of 0.88 on October 21, 2025 [5] - The market average price of rapeseed oil had a spot price of 10400, a change of - 20, a basis of 536, a corresponding contract of 2601, and a basis deviation of 1.00 on October 21, 2025 [5] - In Guangzhou, 24° palm oil had a spot price of 9290, no change, a basis of - 4, a corresponding contract of 2601, and a basis deviation of - 0.66 on October 21, 2025 [5] - Nationwide, cotton had a spot price of 14530, a change of 50, a basis of 990, a corresponding contract of 2601, and a basis deviation of 0.51 on October 21, 2025 [5] - In Guangxi, white sugar had a spot price of 5770, no change, a basis of 332, a corresponding contract of 2601, and a basis deviation of 0.22 on October 21, 2025 [5] - In Yunnan, white sugar had a spot price of 5840, no change, a basis of 402, a corresponding contract of 2601, and a basis deviation of 0.55 on October 21, 2025 [5] - In Shijiazhuang, Hebei, fresh eggs had a spot price of 2780, a change of - 110, a basis of - 166, a corresponding contract of 2512, and a basis deviation of - 0.51 on October 21, 2025 [5] - In Dalian, Liaoning, fresh eggs had a spot price of 2710, a change of - 110, a basis of - 236, a corresponding contract of 2512, and a basis deviation of - 0.59 on October 21, 2025 [5] - In Dezhou, Shandong, fresh eggs had a spot price of 2650, a change of - 100, a basis of - 296, a corresponding contract of 2512, and a basis deviation of - 0.66 on October 21, 2025 [5] - In Shangqiu, Henan, fresh eggs had a spot price of 2700, a change of - 100, a basis of - 246, a corresponding contract of 2512, and a basis deviation of - 0.70 on October 21, 2025 [5] - In Bei'an, soybeans had a spot price of 4050, no change, a basis of - 11, a corresponding contract of 2601, and a basis deviation of - 0.68 on October 21, 2025 [5] - In Jiamusi, soybeans had a spot price of 4120, no change, a basis of 59, a corresponding contract of 2601, and a basis deviation of - 0.34 on October 21, 2025 [5] - In Changchun, corn had a spot price of 2240, no change, a basis of 96, a corresponding contract of 2601, and a basis deviation of 0.40 on October 21, 2025 [5] - In Weifang, corn had a spot price of 2360, no change, a basis of 216, a corresponding contract of 2601, and a basis deviation of 0.45 on October 21, 2025 [5] - In Changchun, starch had a spot price of 2580, no change, a basis of 121, a corresponding contract of 2601, and a basis deviation of 0.24 on October 21, 2025 [5] - In Weifang, starch had a spot price of 2605, no change,

Report Overview - The report is the Baocheng Futures Variety Arbitrage Data Daily Report for October 22, 2025, covering multiple commodities including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures [1] 1. Thermal Coal - **Base Price Data**: From October 15 - 21, 2025, the base price for thermal coal gradually increased from -70.40 yuan/ton to -39.40 yuan/ton [2] 2. Energy and Chemicals Energy Commodities - **Base Price and Ratio**: For fuel oil, INE crude oil, and crude oil/asphalt, base prices and ratios varied from October 15 - 21, 2025. For example, the base price of INE crude oil was 8.63 yuan/ton on October 15 and 5.43 yuan/ton on October 21 [7] Chemical Commodities - **Base Price**: From October 15 - 21, 2025, the base prices of rubber, methanol, PTA, LLDPE, V, and PP changed. For instance, the base price of rubber decreased from -445 yuan/ton on October 17 to -850 yuan/ton on October 21 [9] - **Inter - period Spread**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for rubber, methanol, PTA, etc., were provided. For example, the 5 - month minus 1 - month spread for rubber was -5 yuan/ton [10] - **Inter - commodity Spread**: From October 15 - 21, 2025, the spreads such as LLDPE - PVC, LLDPE - PP, etc., changed. For example, the LLDPE - PVC spread was 2228 yuan/ton on October 15 and 2170 yuan/ton on October 21 [10] 3. Black Metals Base Price - From October 15 - 21, 2025, the base prices of rebar, iron ore, coke, and coking coal changed. For example, the base price of rebar decreased from 173.0 yuan/ton on October 17 to 163.0 yuan/ton on October 21 [20] Inter - period Spread - The 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month spreads for rebar, iron ore, etc., were provided. For example, the 5 - month minus 1 - month spread for rebar was 56 yuan/ton [19] Inter - commodity Spread - From October 15 - 21, 2025, the spreads such as rebar/iron ore, rebar/coke, etc., changed. For example, the rebar/iron ore ratio was 3.90 on October 15 and 3.97 on October 21 [19] 4. Non - ferrous Metals Domestic Market - From October 15 - 21, 2025, the base prices of copper, aluminum, zinc, etc., in the domestic market changed. For example, the base price of copper decreased from 400 yuan/ton on October 20 to 250 yuan/ton on October 21 [28] London Market - The data for the London market had an invalid link and was not available [34] 5. Agricultural Products Base Price - From October 15 - 21, 2025, the base prices of soybeans, soybean meal, soybean oil, etc., changed. For example, the base price of soybeans decreased from -39 yuan/ton on October 15 to -81 yuan/ton on October 21 [38] Inter - period Spread - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for soybeans, soybean meal, etc., were provided. For example, the 5 - month minus 1 - month spread for soybeans was 31 yuan/ton [37] Inter - commodity Spread - From October 15 - 21, 2025, the spreads such as soybean/corn, soybean oil/soybean meal, etc., changed. For example, the soybean/corn ratio was 1.90 on October 15 and 1.90 on October 21 [37] 6. Stock Index Futures Base Price - From October 15 - 21, 2025, the base prices of CSI 300, SSE 50, CSI 500, and CSI 1000 changed. For example, the base price of CSI 300 decreased from 31.42 on October 20 to 30.27 on October 21 [49] Inter - period Spread - The spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, etc., were provided. For example, the next - month minus the current - month spread for CSI 300 was -36.6 [51]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - For PTA, the spot basis is expected to have limited downside as new device production nears, approaching risk - free arbitrage, and with some mainstream PTA suppliers reducing device loads. The absolute price is expected to fluctuate with the cost side in the short term, and attention should be paid to downstream production and sales and device changes [5]. - For MEG, although there is some replenishment demand at low prices, the fundamental pattern remains weak with obvious oversupply in the long - term. The price is expected to run weakly in the short term, and attention should be paid to subsequent polyester loads and device changes [7]. - Short - term commodity markets are greatly affected by the macro - level. Attention should be paid to the cost side, and for a market rebound, attention should be paid to the upper resistance level [11]. 3. Summary by Directory 3.1 PTA Daily View - **Fundamentals**: On the previous day, PTA futures fluctuated and consolidated. The spot market negotiation atmosphere was average, and the spot basis was weak. Different delivery periods had different transaction price ranges and basis levels. Today's mainstream spot basis is 01 - 88 [5]. - **Basis**: The spot price is 4325, the 01 - contract basis is - 89, and the market is at a premium, showing a neutral situation [6]. - **Inventory**: PTA factory inventory is 4.08 days, a decrease of 0.14 days compared to the previous period, showing a bullish situation [6]. - **Market**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, showing a bearish situation [6]. - **Main Position**: The net short position is decreasing, showing a bearish situation [6]. - **Expectation**: With new device production imminent, the spot basis will continue to weaken, but the downside is limited. The absolute price will follow the cost side in the short term [5]. 3.2 MEG Daily View - **Fundamentals**: On Tuesday, the ethylene glycol price was adjusted at a low level. The night - session was weak, and low - level buying increased. The morning session fluctuated upward, and the afternoon session weakened slightly. The foreign market price also fluctuated at a low level [7]. - **Basis**: The spot price is 4090, the 01 - contract basis is 86, and the market is at a discount, showing a neutral situation [7]. - **Inventory**: The total inventory in the East China region is 49.5 tons, an increase of 4.99 tons compared to the previous period, showing a bearish situation [7]. - **Market**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, showing a bearish situation [7]. - **Main Position**: The main net short position is decreasing, showing a bearish situation [7]. - **Expectation**: Although there is some buying support at low prices, the fundamental pattern is weak, and the price is expected to run weakly in the short term [7]. 3.3 Influencing Factors Summary - **Positive Factors**: Before the holiday, due to increased demand and rising oil prices, the polyester market sales were booming. The inventory of POY and FDY decreased rapidly, and prices rebounded by 100 - 150 yuan. During the holiday, polyester prices were stable [9]. - **Negative Factors**: The 360 - million - ton load of Yisheng New Materials was fully increased, and the loads of Sanfangxiang's 3.2 - million - ton and Weilian Chemical's 2.5 - million - ton devices were also increased [10]. 3.4 Current Main Logic and Risk Points - Short - term commodity markets are greatly affected by the macro - level. Attention should be paid to the cost side, and for a market rebound, attention should be paid to the upper resistance level [11]. 3.5 PTA Supply - Demand Balance Sheet - Presents PTA's production capacity, load, output, import, total supply, polyester production, consumption, export, total demand, inventory, and other data from January 2024 to December 2025 [12]. 3.6 Ethylene Glycol Supply - Demand Balance Sheet - Displays ethylene glycol's production, import, total supply, polyester production, consumption, export, total demand, port inventory, and other data from January 2024 to December 2025 [13].

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Industrial Silicon - Industrial silicon spot prices are stable, while futures prices fluctuate and closed down 60 yuan/ton to 8,505 yuan/ton. September's export volume decreased by 8% month-on-month to 70,200 tons but remained year-on-year growth. In October, the supply of industrial silicon increased significantly, with a risk of inventory accumulation and price pressure. Although some enterprises in the southwest region reduced production, the impact on output was small, and the supply side still increased due to the increase in Xinjiang's output. Considering the potential increase in raw material costs such as coal prices and the rise in electricity prices in November, the future price center is expected to move up. Currently, the price is expected to fluctuate at a low level, mainly in the range of 8,000 - 9,000 yuan/ton. If the price of the 11 - contract falls to the low level of 8,000 - 8,300 yuan/ton, one can consider buying on dips [1]. Polysilicon - The spot price of polysilicon rose by 0.2 yuan/kg to 53 yuan/kg, and the futures price fluctuated and slightly rebounded by 375 yuan/ton to 50,715 yuan/ton, with futures at a discount. On the demand side, the output of silicon wafers increased significantly, and the demand for battery wafers was supported by overseas purchases driven by India's ALMM policy and the demand for high - efficiency wafers in domestic centralized projects. It is highly likely that the output will increase in October. Whether the demand can absorb the increased output during the fourth - quarter rush installation and the increase in export orders will have a significant impact on prices. Currently, the polysilicon market is relatively stable. One should pay attention to policy implementation, production control, and whether there is an increase in demand orders. In the future, the supply in the southwest region will decrease during the dry season, which will support prices, but one should guard against the risk of inventory accumulation due to lower - than - expected demand [2]. Glass and Soda Ash - Soda ash continues to weaken, with manufacturers' inventories and mid - stream delivery inventories increasing, highlighting the surplus. The weekly output is at a high level, and the surplus is obvious compared with the current rigid demand. Most of the inventory has been transferred to the mid - and downstream, and the trade inventory continues to rise. In the medium term, there is no expectation of a significant increase in downstream production capacity, so the overall demand for soda ash will continue the previous rigid - demand pattern. If there is no actual production capacity exit or load reduction, the supply - demand situation will be further pressured. One can track macro fluctuations and the load - control situation of soda ash plants. The overall supply - demand pattern is bearish, and the operation idea is to short on rebounds [4]. - Glass manufacturers' sales are average, and they continue to cut prices. Hubei's price is basically at par with the futures market. In recent days, the futures market has continued to weaken, trading on the logic of a non - prosperous peak season and fundamental surplus. In addition, the mid - stream inventory in some regions remains high without obvious destocking. In terms of industry supply - demand, although the deep - processing orders have improved seasonally, they are still weak, and the LOW - E开工率 remains low without obvious peak - season characteristics. In the long - term, the real - estate cycle is at the bottom, and the industry needs to clear production capacity to solve the surplus problem. Currently, the futures market has been trading on the non - prosperous peak - season logic. In the medium term, one should pay attention to the spot trading rhythm, high - frequency data changes, and macro - level drivers [4]. Natural Rubber - On the supply side, the prices of overseas raw materials have been firm recently, and the significant destocking of dark - colored rubber still provides cost support for rubber prices. However, there is a strong expectation that the weather in northeastern Thailand will improve, and the raw material prices are expected to weaken. One should pay attention to future weather conditions. On the demand side, after the "Double Festival" holiday, most of the enterprises that had maintenance have resumed normal production, but the overall market has not shown obvious improvement. To control inventory growth, some enterprises are still in a state of flexible production control. It is expected that the enterprise equipment will operate stably in the short term, adjusting production according to their own orders. In summary, the short - term macro - environment has improved, and the rubber price has rebounded due to the improvement in fundamentals. One should pay attention to the raw material output in the peak - production season of the main producing areas and macro - level changes. If the raw material supply is smooth, the rubber price may decline further; if not, the rubber price is expected to operate around 15,000 - 15,500 [5]. Logs - The log futures fluctuated yesterday, with the 2601 contract closing at 838 yuan/cubic meter, up 3.5 yuan from the previous day. The spot prices of the main benchmark delivery products remained unchanged, with the price of 3.9 - meter medium - A radiata pine in Shandong being 760 yuan/cubic meter and that in Jiangsu being 780 yuan/cubic meter. Last week, the inventory decreased. As of October 17, the total inventory of coniferous logs in the country was 2.92 million cubic meters, a decrease of 70,000 cubic meters from the previous week. On the demand side, the outbound volume increased. As of October 17, the daily average outbound volume of logs was 63,200 cubic meters, an increase of 5,900 cubic meters from the previous week. On the supply side, this week, 12 New Zealand log ships are expected to arrive at 13 Chinese ports, an increase of 0 from the previous week; the total arrival volume is about 438,000 cubic meters, an increase of 20,000 cubic meters from the previous week, a week - on - week increase of 5%. Currently, there is no obvious driving force in the supply - demand of logs. The 01 contract is relatively strong. The new round of overseas quotes has increased, and the subsequent port fees are expected to rise, providing strong cost support. During the seasonal peak season, there is some support below the futures price, and the 01 contract may be strong [6]. Summary by Relevant Catalogs Industrial Silicon Spot Price and Basis - The spot prices of East China's oxygen - containing SI5530 industrial silicon, SI4210 industrial silicon, and Xinjiang 99 silicon remained unchanged on October 21 compared with October 20. The basis of oxygen - containing SI5530 increased by 60 to 845, with a 7.64% increase; the basis of SI4210 increased by 60 to 392, with a 17.91% increase; the basis of Xinjiang increased by 60 to 1045, with a 6.09% increase [1]. Inter - month Spread - The spread of 2510 - 2511 decreased by 45 to - 40, a decrease of 900%; the spread of 2511 - 2512 remained unchanged; the spread of 2512 - 2601 increased by 5 to 55, an increase of 10%; the spread of 2601 - 2602 increased by 5 to - 10, an increase of 33.33%; the spread of 2602 - 2603 decreased by 15 to - 5, a decrease of 150% [1]. Fundamental Data (Monthly) - The national industrial silicon output increased by 35,100 tons to 420,800 tons, an increase of 9.10%; Xinjiang's output increased by 33,600 tons to 203,200 tons, an increase of 19.78%; Yunnan's output increased by 1,400 tons to 59,500 tons, an increase of 2.41%; Sichuan's output decreased by 800 tons to 52,900 tons, a decrease of 1.49%. The national operating rate increased by 6.07 percentage points to 61.94%; Xinjiang's operating rate increased by 13.39 percentage points to 74.00%; Yunnan's operating rate decreased by 5.68 percentage points to 41.71%; Sichuan's operating rate increased by 0.65 percentage points to 44.94%. The output of silicone DMC decreased by 12,900 tons to 210,200 tons, a decrease of 5.78%; the output of polysilicon decreased by 1,700 tons to 130,000 tons, a decrease of 1.29%; the output of recycled aluminum alloy increased by 46,000 tons to 661,000 tons, an increase of 7.48%. The export volume of industrial silicon decreased by 6,400 tons to 70,200 tons, a decrease of 8.36% [1]. Inventory Change - Xinjiang's factory inventory decreased slightly by 0.01% to 108,500 tons; Yunnan's factory inventory remained unchanged; Sichuan's factory inventory increased by 2.89% to 25,000 tons; the social inventory increased by 3.12% to 562,000 tons; the non - warehouse receipt inventory increased by 6.45% to 317,700 tons; the warehouse receipt inventory decreased by 0.92% to 244,300 tons [1]. Polysilicon Spot Price and Basis - The average price of N - type re - feeding material increased by 200 yuan/ton to 53,000 yuan/ton, an increase of 0.38%; the average price of N - type granular silicon remained unchanged; the basis of N - type material decreased by 175 yuan/ton to 2,285 yuan/ton, a decrease of 7.11% [2]. Futures Price and Inter - month Spread - The main contract price increased by 375 yuan/ton to 50,715 yuan/ton, an increase of 0.74%. The spread of the current month - the first continuous contract increased by 52,265 yuan/ton to 1,925 yuan/ton, an increase of 103.82%; the spread of the first continuous - the second continuous contract increased by 130 yuan/ton to - 2,360 yuan/ton, an increase of 5.22%; the spread of the second continuous - the third continuous contract increased by 35 yuan/ton to 75 yuan/ton, an increase of 87.50% [2]. Fundamental Data (Weekly) - The output of silicon wafers increased by 15,200 tons to 143,500 tons, an increase of 11.85%; the output of polysilicon remained unchanged at 31,000 tons [2]. Fundamental Data (Monthly) - The output of polysilicon decreased by 1,700 tons to 130,000 tons, a decrease of 1.29%; the import volume increased by 300 tons to 1,300 tons, an increase of 28.46%; the export volume decreased by 800 tons to 2,100 tons, a decrease of 28.16%; the net export volume decreased by 1,100 tons to 900 tons, a decrease of 56.83%. The output of silicon wafers increased by 30,100 tons to 590,500 tons, an increase of 5.37%; the import volume decreased by 100 tons to 400 tons, a decrease of 17.96%; the export volume remained unchanged at 6,700 tons; the net export volume increased by 100 tons to 6,300 tons, an increase of 1.96%. The demand for silicon wafers increased by 27,200 tons to 613,400 tons, an increase of 4.64% [2]. Inventory Change - The polysilicon inventory increased by 13,000 tons to 253,000 tons, an increase of 5.42%; the silicon wafer inventory increased by 5,300 tons to 173,100 tons, an increase of 3.16%; the polysilicon warehouse receipt increased by 140 to 9,290 [2]. Glass and Soda Ash Glass - related Price and Spread - The prices of glass in North China, East China, South China remained unchanged or decreased slightly. The prices of glass 2505 and 2509 increased slightly. The 05 basis decreased by 15 to - 76, a decrease of 24.59% [4]. Soda Ash - related Price and Spread - The prices of soda ash in North China, East China, Central China, and Northwest China remained unchanged. The prices of soda ash 2505 and 2509 decreased slightly. The 05 basis increased by 6 to 2, an increase of 150% [4]. Supply - The operating rate of soda ash increased by 3.37 percentage points to 88.41%, and the weekly output increased by 25,000 tons to 770,800 tons, an increase of 3.37%. The daily melting volume of float glass increased by 2,000 tons to 161,300 tons, an increase of 1.16%; the daily melting volume of photovoltaic glass remained unchanged [4]. Inventory - The glass factory inventory increased by 5.84% to 62,824,000 weight boxes; the soda ash factory inventory increased by 3.74% to 1.6598 million tons; the soda ash delivery inventory increased by 4.05% [4]. Real - estate Data (Month - on - Month) - The new construction area increased by 0.09 percentage points to - 0.09%; the construction area decreased by 2.43 percentage points to 0.05%; the completion area decreased by 0.03 percentage points to - 0.22%; the sales area decreased by 6.50 percentage points to - 6.55% [4]. Natural Rubber Spot Price and Basis - The price of Yunnan Guofu full - latex rubber remained unchanged; the basis of full - latex decreased by 340 to - 850, a decrease of 66.67%. The price of Thai standard mixed rubber increased by 100 yuan/ton to 14,550 yuan/ton; the non - standard price difference decreased by 240 to - 600, a decrease of 66.67%. The FOB intermediate price of cup rubber increased by 0.25 baht/kg to 50.45 baht/kg; the FOB intermediate price of glue remained unchanged. The price of natural rubber blocks in Xishuangbanna increased by 300 yuan/ton to 12,800 yuan/ton; the price of natural rubber glue in Xishuangbanna remained unchanged. The market mainstream price of raw materials in Hainan decreased by 100 yuan/ton to 12,800 yuan/ton [5]. Inter - month Spread - The 9 - 1 spread decreased by 5 to - 5, a decrease of 10%; the 1 - 5 spread increased by 10 to 5, an increase of 200%; the 5 - 9 spread decreased by 5 to - 50, a decrease of 11.11% [5]. Fundamental Data - In August, Thailand's rubber production decreased by 20,000 tons to 458,800 tons, a decrease of 0.43%; Indonesia's production decreased by 85,000 tons to 189,000 tons, a decrease of 4.30%; India's production increased by 5,000 tons to 50,000 tons, an increase of 11.11%; China's production increased by 12,200 tons to 113,700 tons. The operating rate of semi - steel tires increased by 26.21 percentage points to 72.72%; the operating rate of full - steel tires increased by 20.56 percentage points to 64.52%. In August, the domestic tire output increased by 859,000 to 102.954 million; in September, the tire export volume decreased by 671,000 to 5.63 million. In August, the total import volume of natural rubber increased by 46,000 tons to 520,800 tons, an increase of 9.68%; in September, the import volume of natural and synthetic rubber increased by 80,000 tons to 740,000 tons, an increase of 12.12%. The production cost of dry rubber (STR20) in Thailand increased by 67 yuan/ton to 12,717 yuan/ton,