Group 1: Report's Core Views - Singapore high - sulfur cracking weakened rapidly this week, the monthly spread ran at a historical low, the basis weakened and then oscillated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW strengthened this week [4]. - Singapore 0.5% cracking weakened oscillatively this week, the monthly spread weakened oscillatively, and the basis strengthened slightly [4]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased [5]. - The expectation of Russia - Ukraine peace talks strengthened, the prices of external gasoline and diesel dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week [5]. - After the Al Zour refinery caught fire and shut down on October 21, the Singapore basis started to rebound recently [5]. - Global residue has entered an inventory accumulation cycle, external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillatory pattern. Maintain a high - short idea for the internal and external prices of FU01, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [5]. Group 2: Data Changes Rotterdam Fuel Oil | Type | Change | | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 8.19 | | Rotterdam 0.5% VLS FO swap M1 | 0.57 | | Rotterdam HSFO - Brent M1 | 0.30 | | Rotterdam 10ppm Gasoil swap M1 | 14.12 | | Rotterdam VLSFO - Gasoil M1 | - 13.55 | | LGO - Brent M1 | 1.50 | | Rotterdam VLSFO - HSFO M1 | - 7.62 | [2] Singapore Fuel Oil | Type | Change | | --- | --- | | Singapore 380cst M1 | 5.26 | | Singapore 180cst M1 | 1.93 | | Singapore VLSFO M1 | 4.81 | | Singapore Gasoil M1 | 1.12 | | Singapore 380cst - Brent M1 | - 0.40 | | Singapore VLSFO - Gasoil M1 | - 3.48 | [2] Singapore Fuel Oil Spot | Type | Change | | --- | --- | | FOB 380cst | 1.25 | | FOB VLSFO | 5.98 | | 380 basis | - 1.23 | | High - sulfur internal - external price difference | 2.1 | | Low - sulfur internal - external price difference | - 3.8 | [3] Domestic FU | Type | Change | | --- | --- | | FU 01 | 4 | | FU 05 | 0 | | FU 09 | - 6 | | FU 01 - 05 | 4 | | FU 05 - 09 | 6 | | FU 09 - 01 | - 10 | [3] Domestic LU | Type | Change | | --- | --- | | LU 01 | 0 | | LU 05 | 19 | | LU 09 | 9 | | LU 01 - 05 | - 19 | | LU 05 - 09 | 10 | | LU 09 - 01 | 9 | [4]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - PG futures prices declined, with the basis at -43 (-57) and the 01 - 02 spread at 109 (-19). Domestic LPG prices dropped, and the cheapest deliverable was East China LPG at 4315 (-49), with the propane - LPG price difference narrowing. [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1] - Overall, domestic chemical demand is relatively strong, and civil demand is increasing, but more arrivals are expected in December. Middle Eastern supplies are tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil prices need to be monitored. [1] 3) Summary by Relevant Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4310 (+0), in Shandong was 4450 (-10), and in South China was 4335 (+5). The price of ether - post - carbon four was 4480 (+10). The lowest delivery location was East China, with a basis of 5. The 01 - 02 spread was 89 (-1). FEI was 526.79 (+6.79) and CP was 498.8 (+5.8) dollars per ton. [1] Weekly Changes - The PG futures price declined. The basis was -43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil LPG prices dropped, and the cheapest deliverable was East China civil LPG at 4315 (-49). [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Relevant Catalogs Market Price - The mainstream market prices of urea in Hebei, Henan, Shandong, Shanxi, and Jiangsu increased by 10 - 20 yuan/ton compared to the previous value, while those in Anhui, Heilongjiang, and Inner Mongolia remained unchanged [2]. - The factory prices of Hebei Dongguang, Shandong Hualu, Jiangsu Linggu, and Anhui Haoyuan remained unchanged [2]. Basis - The Shandong 05 basis remained unchanged at -71 yuan/ton, the Shandong 01 basis decreased by 4 yuan/ton to -86 yuan/ton, the Hebei 05 basis increased by 10 yuan/ton to -51 yuan/ton, and the Hebei 01 basis increased by 6 yuan/ton to -66 yuan/ton [2]. Month Spread - The 1 - 5 spread decreased by 2 yuan/ton to 71 yuan/ton, and the 5 - 9 spread decreased by 4 yuan/ton to -15 yuan/ton [2]. Warehouse Receipts - The total number of warehouse receipts decreased by 209 to 7181 [2]. International Quotations - The international quotations of urea in the Middle East FOB, US Gulf FOB, Egypt FOB, Baltic FOB, and Brazil CFR remained unchanged [2].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The cotton market has support and pressure in the near term. There is continuous pressure from new cotton supply, but yarn mills are actively replenishing stocks. In the long - term, it depends on policies and weather. Strategies include selling high and buying back the spread between January and May contracts and going long on far - month contracts at low prices [4] 3. Summary by Relevant Data Domestic Cotton Futures - CF01 on November 26 was 13625, down 20 (-0.15%) from November 25; CF05 was 13585, up 5 (0.04%); CF01 - 05 was 40, down 25 [3] Domestic Cotton Spot - In Xinjiang on November 26, it was 14700, up 101 (0.69%); in Henan, 14896, up 48 (0.32%); in Shandong, 14951, up 41 (0.27%); Xinjiang - main contract basis was 1075, up 121 [3] Domestic Yarn Futures and Spot - Domestic yarn futures CY on November 26 was 20070, up 5 (0.02%); domestic yarn spot C32S price index was 20660, unchanged (0.00%) [3] US Cotton Spot - US cotton spot CT was 64 (USD/ pound), unchanged; the arrival price was 73.30, up 0.3 (0.41%); 1% quota delivery price was 12830, up 51 (0.40%); sliding - scale duty delivery price was 13868, up 31 (0.22%) [3] Spread Data - Yarn - cotton spread (futures) was 6445, up 25; yarn - cotton spread (spot) was 1038, down 20; the spot internal - external spread was 2121, down 10 [3][4]

Report Summary 1. Market Data - **Daily Changes (Wednesday)**: In the civil gas market, prices in East China remained at 4310 (+0), in Shandong increased to 4460 (+30), and in South China stayed at 4330 (+0). The price of ether - post carbon four was 4470 (+0). The lowest delivery location was East China, with a basis of 29 (-81) and a 01 - 02 month - spread of 87 (+10). FEI was 516.6 (+12.1) and CP was 492.16 (+5.66) dollars per ton [1]. - **Weekly Changes**: The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 month - spread was 109 (-19). Domestic civil gas prices decreased. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas price difference narrowed. There were 4561 (-54) warehouse receipts. Off - exchange paper prices dropped, the month - spread strengthened, and the North Asian - North American oil - gas price ratio changed slightly. The domestic - foreign PG - CP was 126 (-2); PG - FEI was 114 (+3). The East China arrival, North American, and AFEI offshore discounts remained flat, while the Middle East supply was tight with a discount of 35 dollars (+13). Freight rates decreased slightly. The FEI - MOPJ spread narrowed to - 55 (+11). The profit of Shandong PDH to produce propylene improved slightly; the alkylation unit improved slightly but was still poor; the MTBE production profit fluctuated, and the export profit was still good. The arrival volume increased, the external release decreased, factory inventories increased slightly, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week [1]. 2. Core View - The domestic chemical demand is relatively strong, and civil demand is increasing, but there is an expected high arrival volume in December. The Middle East supply is tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil price conditions need to be monitored [1].

免责声明: LPG早报 研究中心能化团队 2025/11/26 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/19 4345 4325 4370 565 508 491 4590 7040 -280 -49 2025/11/20 4350 4325 4360 562 509 486 4570 7040 -253 -47 2025/11/21 4400 4315 4340 558 502 485 4530 7040 -165 68 2025/11/24 4405 4305 4400 560 498 489 4440 7080 -174 200 2025/11/25 4330 4310 4430 - 484 - 4470 7100 - 100 日度变化 -75 5 30 - -14 - 30 20 - -100 日度变化 周二，民用气方面，华东4310（-5），山东4430（+30），华南4330（-75）。醚后碳四4470（+70）。最低交割地为华东，基差-2 6（-53），01-0 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The PG market declined with a weakening basis and 01 - 02 spread. Domestic civil gas prices decreased, and the cheapest deliverable was East China civil gas. The propane - civil gas spread narrowed. Warehouse receipts decreased. The overseas paper - based prices dropped, but the spread strengthened. The PG - CP and PG - FEI spreads changed slightly. The freight rate decreased slightly. The FEI - MOPJ spread narrowed. Profits of Shandong PDH to propylene and alkylation units improved slightly, while MTBE production profits fluctuated and export profits remained good. There was an increase in arrivals, a decrease in external sales, and inventory accumulation at factories and ports. The PDH operating rate decreased, and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week. Overall, domestic chemical demand is relatively strong, civil demand is increasing, but there are expected to be many arrivals in December. The Middle East supply is tight, and the market may be more inclined to wait - and - see before the CP official price announcement. Attention should also be paid to weather and oil price conditions [1] Group 3: Summary by Directory 1. Daily Changes - On Monday, for civil gas, prices were 4305 (-10) in East China, 4400 (+60) in Shandong, and 4405 (+5) in South China. The price of ether - after carbon four was 4400 (-90). The lowest delivery location was East China with a basis of 6 (+23), and the 01 - 02 spread was 98 (-10). FEI was 501.5 (+1.5) and CP was 489.5 (+7.5) dollars/ton [1] 2. Weekly Views - The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil gas prices fell. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas spread narrowed. There were 4561 warehouse receipts (-54). Overseas paper - based prices dropped, and the spread strengthened. The gas - oil ratio between North Asia and North America changed little. The PG - CP spread was 126 (-2), and the PG - FEI spread was 114 (+3). The East China arrival, North America, and AFEI offshore discounts were flat, while the Middle East supply was tight with a discount of 35 dollars (+13). The freight rate decreased slightly. The FEI - MOPJ spread was - 55 (+11). The profit of Shandong PDH to propylene improved slightly, the alkylation unit improved slightly but remained poor, and the MTBE production profit fluctuated with good export profits. Arrivals increased, external sales decreased, and inventory accumulated at factories and ports. The PDH operating rate was 69.64% (-2.1), and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then fluctuated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW continued to strengthen this week. The 0.5% cracking in Singapore weakened oscillatingly this week, the monthly spread weakened oscillatingly, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased. With the strengthening expectation of Russia - Ukraine peace talks, the prices of gasoline and diesel in the external market dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the fire at the Al Zour refinery on October 21st, it stopped production, and the Singapore basis has started to rebound recently [7]. - As global residue enters the inventory accumulation cycle, the external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillating pattern. For FU01, maintain a high - short idea for both domestic and foreign markets, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [7]. 3. Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 366.33 | 359.79 | 351.60 | 354.27 | 342.52 | -11.75 | | Rotterdam 0.5% VLS FO Swap M1 | 415.16 | 411.23 | 401.83 | 401.58 | 392.05 | -9.53 | | Rotterdam HSFO - Brent M1 | -6.17 | -6.97 | -7.51 | -7.11 | -7.70 | -0.59 | | Rotterdam 10ppm Gasoil Swap M1 | 707.49 | 732.42 | 724.68 | 705.27 | 674.04 | -31.23 | | Rotterdam VLSFO - Gasoil M1 | -292.33 | -321.19 | -322.85 | -303.69 | -281.99 | 21.70 | | LGO - Brent M1 | 31.67 | 33.67 | 34.17 | 31.62 | 28.61 | -3.01 | | Rotterdam VLSFO - HSFO M1 | 48.83 | 51.44 | 50.23 | 47.31 | 49.53 | 2.22 | [4] Singapore Fuel Oil Swap Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 362.23 | 355.32 | 354.49 | 352.24 | 348.23 | | Singapore 180cst M1 | 367.79 | 360.57 | 362.97 | 354.70 | 352.69 | | Singapore VLSFO M1 | 449.06 | 448.99 | 446.34 | 437.80 | 427.47 | | Singapore GO M1 | 92.04 | 93.29 | 95.91 | 94.36 | 88.67 | | Singapore 380cst - Brent M1 | -6.48 | -7.45 | -8.02 | -7.92 | -7.06 | | Singapore VLSFO - Gasoil M1 | -232.04 | -241.36 | -263.39 | -260.46 | -228.69 | [4] Singapore Fuel Oil Spot Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 356.03 | 348.12 | 348.03 | 345.42 | 343.36 | -2.06 | | FOB VLSFO | 449.02 | 448.99 | 446.12 | 438.34 | 427.46 | -10.88 | | 380 Basis | -5.60 | -6.55 | -5.80 | -5.25 | -4.55 | 0.70 | | High - sulfur Internal - External Spread | 3.6 | 5.9 | 3.2 | 4.5 | 4.7 | 0.2 | | Low - sulfur Internal - External Spread | 8.3 | 8.4 | 7.2 | 5.8 | 6.6 | 0.8 | [5] Domestic FU Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2593 | 2558 | 2560 | 2517 | 2502 | -15 | | FU 05 | 2632 | 2606 | 2609 | 2565 | 2539 | -26 | | FU 09 | 2602 | 2579 | 2578 | 2541 | 2513 | -28 | | FU 01 - 05 | -39 | -48 | -49 | -48 | -37 | 11 | | FU 05 - 09 | 30 | 27 | 31 | 24 | 26 | 2 | | FU 09 - 01 | 9 | 21 | 18 | 24 | 11 | -13 | [5] Domestic LU Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3236 | 3247 | 3266 | 3139 | 3078 | -61 | | LU 05 | 3221 | 3223 | 3240 | 3145 | 3085 | -60 | | LU 09 | 3220 | 3232 | 3246 | 3160 | 3119 | -41 | | LU 01 - 05 | 15 | 24 | 26 | -6 | -7 | -1 | | LU 05 - 09 | 1 | -9 | -6 | -15 | -34 | -19 | | LU 09 - 01 | -16 | -15 | -20 | 21 | 41 | 20 | [6]

Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the high - sulfur crack in Singapore oscillated, the monthly spread strengthened slightly, and the basis weakened. The HSFO crack in Europe declined, and the EW strengthened this week. The 0.5% crack in Singapore rebounded, the monthly spread oscillated, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil decreased slightly, ARA's residual oil increased, Fujairah's residual oil increased, and EIA's residual oil inventory remained flat. The spread between high - and low - sulfur in the outer market rebounded. Singapore's high - sulfur is supported by EW and refinery purchases, but the spot basis is weakening rapidly. It is in a short - term oscillatory pattern, and the short - term downward space for low - sulfur is limited. [6][7] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Data - From November 13th to November 19th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from 367.09 to 353.50, a change of - 6.29; the price of Rotterdam 0.5% VLS FO swap M1 decreased from 406.14 to 403.35, a change of - 7.88; the Rotterdam HSFO - Brent M1 decreased from - 4.95 to - 7.45, a change of - 0.48; the Rotterdam 10ppm Gasoil swap M1 increased from 687.85 to 734.17, a change of 1.75; the Rotterdam VLSFO - Gasoil M1 decreased from - 281.71 to - 330.82, a change of - 9.63; the LGO - Brent M1 increased from 30.65 to 34.17, a change of 0.50; the Rotterdam VLSFO - HSFO M1 decreased from 39.05 to 49.85, a change of - 1.59. [4] Singapore Fuel Oil Data - **Swap Data**: From November 13th to November 19th, 2025, the price of Singapore 380cst M1 decreased from 359.55 to 348.42, a change of - 6.90; the price of Singapore 180cst M1 decreased from 366.12 to 354.42, a change of - 6.15; the price of Singapore VLSFO M1 decreased from 439.87 to 448.06, a change of - 0.93; the price of Singapore Gasoil M1 increased from 90.65 to 96.80, a change of 3.51; the Singapore 380cst - Brent M1 decreased from - 5.70 to - 8.25, a change of - 0.80; the Singapore VLSFO - Gasoil M1 decreased from - 230.94 to - 268.26, a change of - 26.90. [4] - **Spot Data**: From November 13th to November 19th, 2025, the FOB 380cst price in Singapore decreased from 351.45 to 348.03, a change of - 0.09; the FOB VLSFO price decreased from 438.13 to 446.12, a change of - 2.87; the 380 basis increased from - 6.03 to - 5.80, a change of 0.75; the high - sulfur internal - external spread decreased from 3.7 to 3.2, a change of - 2.7; the low - sulfur internal - external spread decreased from 7.5 to 7.2, a change of - 1.2. [5] Domestic FU Data - From November 13th to November 19th, 2025, the price of FU 01 increased from 2595 to 2560, a change of 2; the price of FU 05 increased from 2618 to 2609, a change of 3; the price of FU 09 decreased from 2586 to 2578, a change of - 1; the FU 01 - 05 decreased from - 23 to - 49, a change of - 1; the FU 05 - 09 increased from 32 to 31, a change of 4; the FU 09 - 01 decreased from - 9 to 18, a change of - 3. [5] Domestic LU Data - From November 13th to November 19th, 2025, the price of LU 01 increased from 3164 to 3266, a change of 19; the price of LU 05 increased from 3154 to 3240, a change of 17; the price of LU 09 increased from 3170 to 3246, a change of 14; the LU 01 - 05 increased from 10 to 26, a change of 2; the LU 05 - 09 increased from - 16 to - 6, a change of 3; the LU 09 - 01 decreased from 6 to - 20, a change of - 5. [6]