Core Insights - The futures market is increasingly empowering the development of a modern industrial system and agricultural strength in Henan province, with various futures products being launched that align with the local industrial structure [1][2] Group 1: Agricultural Futures - In key peanut-producing areas like Junxian, farmers and buyers have adapted to using futures prices for transactions, enhancing market efficiency [1] - The "Huangludian Peanut" from Nanzhao County has gained recognition through futures delivery, showcasing the impact of futures on agricultural branding [1] - The futures market supports the entire peanut industry chain by providing price discovery and risk management, contributing to stable operations and quality improvements [1] Group 2: Industrial Futures - Zhengzhou Commodity Exchange (ZCE) has listed 14 agricultural futures products, covering Henan's key agricultural products, while also offering industrial futures that align with the local industrial system [1] - The futures market plays a crucial role in the "low-cost + differentiation" strategy of companies like Henan Xinlianxin Chemical Industry Group, optimizing procurement, sales decisions, and inventory management [1] Group 3: Regional Development and Policy Support - The integration of transportation, logistics, and industrial development in Henan is enhanced by the role of futures delivery warehouses, which have evolved from basic storage to comprehensive supply chain services [2] - The region has implemented supportive policies to strengthen ZCE's pricing influence and outreach, aiming to enhance the futures market's contribution to Henan's high-quality economic development [2]

Core Insights - The futures market plays an increasingly important role in supporting the construction of a modern industrial system and a strong agricultural province in Henan, with various futures products being integrated into the local industry [1][3] Group 1: Agricultural Sector - The introduction of peanut futures has had a positive and profound impact on Henan's peanut industry, aiding in stable operations and promoting healthy development through price discovery and risk management [1] - Zhengzhou Commodity Exchange (ZCE) has listed 14 agricultural futures products, covering Henan's advantageous agricultural products such as wheat, peanuts, apples, and jujubes [1] - The "insurance + futures" project has stabilized planting areas and incomes for farmers, contributing to the healthy development of the agricultural sector [1] Group 2: Industrial Sector - Futures tools are crucial in the "low-cost + differentiation" strategy of Henan Xinyan Chemical Industry Group, optimizing procurement, sales decisions, cost locking, and inventory management [2] - The futures market enhances the economic resilience and competitiveness of individual enterprises while also optimizing the industrial ecosystem [2] - The logistics hub in Anyang is rapidly developing, supported by designated futures delivery warehouses for various commodities, transforming from a traditional warehouse to a full-service supply chain financial hub [2] Group 3: Policy Support and Future Development - Henan has strengthened policy support for ZCE, implementing various special policies to enhance pricing influence and drive high-quality economic development [3] - ZCE plans to enhance communication with provincial and municipal departments to implement support policies and increase product and service offerings [3]

Core Insights - The training program on futures and derivatives business aims to enhance understanding and application of these financial tools in the context of Hainan's Free Trade Port development [1][2][3] Group 1: Importance of Futures and Derivatives - Futures and derivatives markets are essential for stabilizing production and operations by helping businesses manage price volatility [1][2] - These markets serve as a catalyst for resource allocation towards advantageous industries, promoting industrial upgrading and transformation [1][2] Group 2: Government and Industry Collaboration - Key enterprises are encouraged to integrate futures tools into the broader development strategy of the Free Trade Port, with government and key zones enhancing their capacity for financial innovation [2][4] - The collaboration between Zhengzhou Commodity Exchange and Hainan's enterprises aims to support risk management and enhance market competitiveness [4] Group 3: Risk Management and Training - Emphasis is placed on the necessity of risk awareness and management as the Free Trade Port opens up, with a focus on identifying market and credit risks [3] - The training aims to build a professional cadre that understands policies, business operations, and risk management to effectively utilize futures tools [3][4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core View - PTA market is expected to follow the cost - end to fluctuate in the short term, with supply reduction and inventory drawdown, and downstream polyester开工 to decline seasonally [3]. - The ethylene glycol market is expected to oscillate at a low level under the expectation of supply - demand reduction, with continuous inventory accumulation and unresolved negative expectations [4]. 3. Summary by Related Catalogs PTA - **Market Performance**: On December 1st, the PTA main futures contract TA2601 rose 1.93%, and the basis weakened to - 31 yuan/ton [2]. - **Fundamentals**: The market price in East China was 4705 yuan/ton, up 70 yuan/ton from the previous trading day. The cost - end crude oil price increased, OPEC+ maintained the decision to suspend production increase in Q1 2026. The production capacity utilization rate was 73.81%, and the weekly inventory days of PTA factories were 3.78 days, a decrease of 0.03 days compared to the previous week [3]. - **Main Force Trends**: Long - position main forces increased their positions [3]. - **Expectations**: Supply reduction is significant recently, previously shut - down capacities will gradually restart, and there will be a phased inventory drawdown. The cancellation of India's BIS will boost exports. The downstream polyester开工 is expected to decline seasonally. Pay attention to the resumption of production of plants under processing fees, and the PTA market is expected to follow the cost - end to fluctuate in the short term [3]. MEG - **Market Performance**: On December 1st, the ethylene glycol main futures contract eg2601 rose 0.28%, and the basis weakened by 4 yuan/ton [4]. - **Fundamentals**: The market price in East China was 3897 yuan/ton, up 31 yuan/ton from the previous trading day. The cost - end crude oil price increased, the production profit of coal - based ethylene glycol remained in the red, and the weekly inventory in East China ports totaled 70.8 tons, an increase of 7.5 tons compared to the previous week [4]. - **Main Force Trends**: Short - position main forces reduced their positions [4]. - **Expectations**: Inventory has been accumulating in recent weeks, and the negative expectation has not been reversed. Some domestic plants plan to reduce production or shut down for maintenance to relieve supply - side pressure. A 3.3 - million - ton plant in Iran has shut down recently with an undetermined restart time. The downstream polyester开工 remains stable but has entered the off - season. It is expected to oscillate at a low level under the expectation of supply - demand reduction [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report PVC social inventory is accumulating slightly at a high level. The cost of the calcium carbide process is rising, leading to deeper losses, while the cost of the ethylene process is decreasing, with a slight profit recovery. The PVC capacity utilization rate is expected to continue rising, and the high - operation state is likely to be maintained in December. With the temperature dropping, the downstream PVC开工率 is expected to decline seasonally. Although the overseas demand exists after the termination of India's BIS and anti - dumping tax policies on imported PVC, it has limited effect on alleviating the domestic supply - demand contradiction. The PVC market has rebounded recently due to cost - side benefits and short - covering, but the rebound space is limited under the background of high PVC operation and weak demand. Technically, the daily K - line of V2601 should pay attention to the pressure around 4600 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC is 4553 yuan/ton, with a daily increase of 4 yuan/ton; the trading volume is 916,061 lots, with a daily increase of 192,901 lots; the open interest is 1,071,518 lots, with a daily decrease of 47,059 lots. - The long position of the top 20 futures holders is 1,065,765 lots, with a daily increase of 926 lots; the short position is 1,209,806 lots, with a daily increase of 246 lots; the net long position is - 144,041 lots, with a daily increase of 680 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4560 yuan/ton, with a daily increase of 15 yuan/ton; the price of calcium carbide - based PVC is 4516.92 yuan/ton, with a daily increase of 38.46 yuan/ton. - In the South China region, the price of ethylene - based PVC is 4625 yuan/ton, with no change; the price of calcium carbide - based PVC is 4523.12 yuan/ton, with a daily increase of 21.25 yuan/ton. - The CIF price of PVC in China is 640 US dollars/ton, with no change; the CIF price in Southeast Asia is 620 US dollars/ton, with no change; the FOB price in Northwest Europe is 660 US dollars/ton, with no change. The basis of PVC is - 63 yuan/ton, with a daily decrease of 4 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2750 yuan/ton, with no change; in North China, it is 2690 yuan/ton, with a daily increase of 16.67 yuan/ton; in Northwest China, it is 2534 yuan/ton, with a daily increase of 15 yuan/ton. - The mainstream price of liquid chlorine in Inner Mongolia is - 24.5 yuan/ton, with no change. - The CFR mid - price of VCM in the Far East is 438 US dollars/ton, with a weekly decrease of 38 US dollars/ton; in Southeast Asia, it is 498 US dollars/ton, with a weekly decrease of 40 US dollars/ton. - The CFR mid - price of EDC in the Far East is 173 US dollars/ton, with a weekly decrease of 6 US dollars/ton; in Southeast Asia, it is 178 US dollars/ton, with a weekly decrease of 6 US dollars/ton [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 80.22%, with a week - on - week increase of 1.39%. The operating rate of calcium carbide - based PVC is 83.61%, with a week - on - week increase of 2.3%; the operating rate of ethylene - based PVC is 72.38%, with a week - on - week decrease of 0.74%. - The total social inventory of PVC is 52.79 million tons, with a daily increase of 0.12 million tons. The total social inventory in the East China region is 48.13 million tons, with a daily increase of 0.08 million tons; in the South China region, it is 4.66 million tons, with a daily increase of 0.04 million tons [3]. 3.5 Downstream Situation - The national real estate climate index is 92.43, with a monthly decrease of 0.35. - The cumulative value of new housing construction area is 49,061.39 million square meters, with a monthly increase of 3662.39 million square meters. - The cumulative value of real estate construction area is 652,939.03 million square meters, with a monthly increase of 4359.03 million square meters. - The cumulative value of real estate development investment is 3898.297 billion yuan, with a monthly increase of 311.91 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 9.91%, with a daily decrease of 0.32%; the 40 - day historical volatility is 10.38%, with a daily increase of 0.17%. - The implied volatility of at - the - money put options for PVC is 15.97%, with a daily increase of 1.66%; the implied volatility of at - the - money call options is 15.97%, with a daily increase of 1.66% [3]. 3.7 Industry News - From November 22nd to 28th, the PVC capacity utilization rate in China was 80.22%, with a week - on - week increase of 1.39%. - From November 22nd to 28th, the downstream PVC开工率 increased by 0.42% week - on - week to 49.61%. Among them, the pipe开工率 decreased by 1.4% week - on - week to 38.8%, and the profile开工率 increased by 0.21% week - on - week to 36.09%. - As of November 27th, the PVC social inventory increased by 0.99% week - on - week to 104.28 million tons. - From November 22nd to 28th, the average national cost of the calcium carbide process increased to 5131 yuan/ton, and the average national cost of the ethylene process decreased to 5187 yuan/ton; the profit of the calcium carbide process decreased to - 881 yuan/ton, and the profit of the ethylene process increased to - 465 yuan/ton [2].

糖期货目报 1 期货市场 1.1 合约行情 成文日期：20251201 报告周期: 日报 研究分析师：安致远（期货从业资格证号：F03143832；投资咨询证书号：Z0022799) 当日（20251128），期货品种玻璃 FG2601 合约全天维持震荡 反弹走势，较昨日小幅度上涨，收阳线。较昨日上涨约 1.15%、收 于 1053 点。全日成交量为 1859418 手，持仓量为 1413981 手，持 仓量较昨日减少 91847 手。 图 1：玻璃 FG2601 分时图 数据来源：国金期货行情软件 1.2 品种价格 玻璃期货 12 个合约价格呈现近低远高的态势，全天各合约（除 2610 合约无变化以外）均有一定幅度上涨。品种持仓量 2045617 手, 较上一交易日减少 88214 手，其中活跃合约玻璃 FG2601 持仓量减 少 91847 手。 图 2:玻璃期货日行情表 | ਉੱਚ ਸੀ। ਇਹ ਸਾਂ ਦੀ ਸੀ। ਉਹ ਇੱਕ ਸਿੰਘ ਦੇ ਸਾਂ ਵਿੱਚ ਇ | 昨结算 | 今开盘 | 最高价 | 島低价 | 令收當 | 今结算 | 涨跌 | 涨跌 | 成交量 | 持仓量 | 増減量 | 成交 ...

11月29日凌晨，COMEX黄金期货涨1.44%，报4256.4美元/盎司。 中国经济网北京12月1日讯今日，上海期货交易所日间盘黄金期货主力合约震荡收高，成交放大，持仓 增加。主力2602合约收报963.28元，涨1.33%或12.66元;成交量为342979手;持仓为205323手，持仓增加 3194手。 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - In December, the domestic urea market will maintain a state of high supply and low demand, but there are still supporting factors such as rigid demand and reserve demand. The downstream replenishment intensity will be the core factor determining the price trend. It is expected that the urea futures price will remain firm and oscillate, with limited upward space but strong support at the previous low [8]. - In December, the soda ash market may face pressures such as the expected output of new production capacity, the resumption of production of maintenance enterprises, and the continued decline of downstream production capacity. The supply - demand situation will remain loose, and the futures market is expected to maintain a wide - range bottom - oscillating trend [13]. - In November, the decline in glass supply drove the market to rebound, but the terminal demand is still weak, and the high - volume sales of spot need to be further observed. The futures market has limited upward momentum and is expected to oscillate widely at the bottom [17]. 3. Summary by Directory 3.1 Futures Market and Industrial Chain Raw Material Situation - **Futures Prices**: As of November 28, the closing price of the main urea futures contract increased by 3.2%; the main soda ash futures contract decreased by 3.92%; the main glass futures contract decreased by 2.77% [23]. - **Futures - related Varieties**: In November, the futures prices of related varieties showed a differentiated trend, with urea being the most robust and soda ash having the largest decline [25]. - **Coal Prices**: The prices of various types of coal in November increased compared with those in October, strengthening the cost support for the industry [27]. - **LNG Prices**: The LNG prices in most regions decreased in November [31]. - **Two - alkali Raw Material Salt**: In November, the prices of raw salt in most regions remained stable, with a slight increase in some areas, strengthening the cost support for soda ash [32]. 3.2 Urea: Market Focus Returns to Domestic in December, Pay Attention to Supply - demand Game - **Prices**: In November, both urea futures and spot prices increased. As of November 28, the closing price of the main futures contract was 1677 yuan/ton, a 3.2% increase from the end of October; the spot prices in Shandong and Henan increased by 80 yuan/ton [6]. - **Supply**: In November, the urea supply level steadily recovered, with the daily output remaining above 200,000 tons for a long time. In December, the supply reduction may be limited due to the offset of new production capacity [6]. - **Demand**: In November, the downstream demand increased, and the apparent consumption is expected to reach 6.1849 million tons, a 11.48% increase from October. In December, it is the off - season for agricultural demand, but there is still support from reserve demand [7]. - **Inventory**: In November, the urea enterprise inventory decreased by 12.25% compared with that at the end of October, but it is still at the second - highest level in the past five years [56]. - **Export**: In October, the urea export volume decreased by 12.32% compared with that in September. The export volume in November may decrease to the range of 500,000 - 700,000 tons, showing a downward trend in November - December [7]. - **International Market**: India's new round of tender procurement volume is lower than planned, and the international market disturbances may weaken [8]. 3.3 Soda Ash: Loose Situation Continues, Futures Market to Remain at the Bottom in December - **Prices**: In November, the soda ash futures price showed a weak bottom - oscillating trend, with a 3.92% decrease in the main contract closing price compared with the end of October. The spot price showed a differentiated trend, with light soda ash prices mostly increasing and heavy soda ash prices remaining stable [11]. - **Supply**: In November, the soda ash production level and supply decreased to a phased low. In December, the supply may recover to a high level due to the expected output of new production capacity and the resumption of production of maintenance enterprises [11]. - **Demand**: In November, the demand for soda ash was differentiated, with rigid demand decreasing and replenishment demand increasing. In December, the rigid demand may continue to be under pressure [12]. - **Inventory**: In November, the soda ash enterprise inventory decreased by 6.2% compared with that at the end of October, but it is still at the second - highest level in the past five years. In December, the de - stocking pressure is still large [12]. - **Macro Policy**: There is news that China may introduce more incentive real - estate policies, which may have a positive impact on the soda ash - glass industry chain [13]. 3.4 Glass: Supply Decline Drives Sentiment Improvement, but Limited Trend Momentum in the Market - **Prices**: In November, the glass futures price fluctuated widely, with a 2.77% decrease in the main contract closing price compared with the end of October. The spot price continued to decline, with a 6.26% decrease in the average market price [15]. - **Supply**: In November, the glass supply level decreased slightly. The market's expectation of supply decline will continue into December [15]. - **Demand**: The core limiting factor for the glass market is the weak terminal demand. In December, the decline in demand may narrow [16]. - **Inventory**: As of the end of November, the glass enterprise inventory decreased by 5.21% compared with that at the end of October [15]. - **Macro Policy**: There is news that China may introduce more incentive real - estate policies, which may have a positive impact on the soda ash - glass industry chain [17].

Group 1 - The core viewpoint indicates that silver prices are experiencing significant upward pressure due to a surge in exports and low domestic inventory levels, which are at a near 10-year low [2][4] - The silver market is facing tight supply conditions, exacerbated by year-end delivery pressures, contributing to the increase in silver prices [2] - There is a notable risk of a short squeeze in the silver market, which could have a positive impact on the broader precious metals market [2][4] Group 2 - Domestic futures contracts show a mixed performance, with silver rising nearly 6% and platinum increasing by nearly 4%, while some commodities like eggs and glass have seen declines exceeding 2% [4] - The overall market sentiment is cautious, with recommendations for conservative investors to maintain a wait-and-see approach due to the potential for volatility in silver prices [2][4]

Group 1: Rubber Industry Report Industry Investment Rating No relevant information provided. Report's Core View The natural rubber market is expected to maintain a range - bound consolidation. If the raw material output is smooth, the rubber price is expected to weaken; if the raw material output is not smooth, the rubber price is expected to trade in the range of 15,000 - 15,500 [1]. Summary by Directory - **Spot Price and Basis**: The price of Yunnan state - owned whole latex in Shanghai increased from 14,800 to 15,000 yuan/ton, with a rise of 200 yuan and a growth rate of 1.35%. The price of Thai standard mixed rubber increased from 14,600 to 14,650 yuan/ton, with a rise of 50 yuan and a growth rate of 0.34% [1]. - **Monthly Spread**: The 1 - 5 spread of natural rubber futures increased from - 50 to - 35 yuan/ton, with a growth rate of 30.00% [1]. - **Fundamental Data**: In September, Thailand's rubber production decreased by 5.45% to 451.50 thousand tons, Indonesia's production decreased by 1.71% to 195.00 thousand tons, and China's production increased by 8.60 thousand tons [1]. Group 2: Crude Oil Industry Report Industry Investment Rating No relevant information provided. Report's Core View The geopolitical situation still supports oil prices in the short term, but under the pressure of OPEC + continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern remains weak. It is expected that oil prices will continue to fluctuate at a low level, and Brent crude oil may fluctuate between 60 - 65 US dollars/barrel in the short term [3]. Summary by Directory - **Crude Oil Price and Spread**: On November 28, Brent crude oil was at 62.38 US dollars/barrel, down 0.49 US dollars or 0.78% from the previous day; WTI crude oil was at 58.55 US dollars/barrel; SC crude oil was at 450.90 yuan/barrel, up 5.80 yuan or 1.30% [3]. - **Refined Oil Price and Spread**: ICE Gasoil was at 669.75 US dollars/ton on November 28, up 5.75 US dollars or 0.87% from the previous day [3]. - **Refined Oil Crack Spread**: The European gasoline crack spread decreased by 12.98% to 17.82 US dollars/barrel on November 28 [3]. Group 3: Glass and Soda Ash Industry Report Industry Investment Rating No relevant information provided. Report's Core View Soda ash is expected to be in a bottom - oscillating pattern, with limited upward and downward space. Glass is expected to be strong in the short - term but may face pressure later, especially the 01 contract in December [5]. Summary by Directory - **Glass - related Price and Spread**: The North China glass quotation increased from 1070 to 1090 yuan/ton, with a growth rate of 1.87% [5]. - **Soda Ash - related Price and Spread**: The North China soda ash quotation remained at 1300 yuan/ton [5]. - **Supply**: Soda ash production decreased due to some device overhauls, with the production rate dropping by 3.14% to 80.08% and the weekly output decreasing by 3.15% to 69.81 million tons [5]. - **Inventory**: The glass factory inventory decreased by 1.49% to 6236.20 ten - thousand weight boxes, and the soda ash factory inventory decreased by 3.47% to 158.74 million tons [5]. Group 4: Methanol Industry Report Industry Investment Rating No relevant information provided. Report's Core View The increase in inland methanol supply is offset by weak coal - and gas - based profits. The reduction in port imports due to Iranian gas restrictions strengthens the port de - stocking expectation, providing bottom support for prices [6]. Summary by Directory - **Methanol Price and Spread**: The MA2601 closing price increased from 2114 to 2135 yuan/ton, with a growth rate of 0.99% [6]. - **Methanol Inventory**: The methanol enterprise inventory increased by 4.19% to 37.3712 million tons, and the methanol port inventory decreased by 7.83% to 136.4 million tons [6]. - **Methanol Upstream and Downstream Operating Rates**: The upstream domestic enterprise operating rate decreased by 0.67% to 75.74%, and the downstream external - procurement MTO device operating rate decreased by 0.78% to 82.31% [6]. Group 5: Polyolefin Industry Report Industry Investment Rating No relevant information provided. Report's Core View Both polypropylene and polyethylene present a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [9]. Summary by Directory - **Polyolefin Price and Spread**: The L2601 closing price increased from 6789 to 6857 yuan/ton, with a growth rate of 1.34% [9]. - **Polyolefin Inventory**: The PE enterprise inventory decreased by 9.80% to 45.4 million tons, and the PP enterprise inventory decreased by 8.00% to 54.6 million tons [9]. - **Polyolefin Upstream and Downstream Operating Rates**: The PE device operating rate increased by 2.17% to 84.5%, and the PP powder operating rate increased by 6.93% to 46.6% [9]. Group 6: Pure Benzene - Styrene Industry Report Industry Investment Rating No relevant information provided. Report's Core View The supply - demand expectation of pure benzene is weak, and its price is under pressure. The supply - demand of styrene remains in a tight balance, but its upward driving force is insufficient [11]. Summary by Directory - **Upstream Price and Spread**: The CFR China pure benzene price increased from 665 to 669 US dollars/ton, with a growth rate of 0.6% [11]. - **Styrene - related Price and Spread**: The styrene East China spot price increased from 6560 to 6630 yuan/ton, with a growth rate of 1.1% [11]. - **Inventory and Operating Rate**: The pure benzene Jiangsu port inventory increased by 11.6% to 16.40 million tons, and the domestic pure benzene operating rate decreased by 0.1% to 76.6% [11]. Group 7: Ester Industry Chain Report Industry Investment Rating No relevant information provided. Report's Core View PX is expected to be in a high - level oscillation in the short term. PTA is expected to be strong in the short - term but has limited upward space. Ethylene glycol is expected to oscillate in December. Short - fiber has limited price - driving force, and bottle - chip supply - demand remains loose [12]. Summary by Directory - **Downstream Polyester Product Price and Cash Flow**: The POY150/48 price decreased from 6490 to 6465 yuan/ton, with a decrease of 55 yuan or 0.4% [12]. - **PX - related Price and Spread**: The CFR China PX price increased from 826 to 836 US dollars/ton, with a growth rate of 1.2% [12]. - **PTA - related Price and Spread**: The PTA East China spot price increased from 4610 to 4635 yuan/ton, with a growth rate of 0.5% [12]. Group 8: PVC and Caustic Soda Industry Report Industry Investment Rating No relevant information provided. Report's Core View Caustic soda prices are expected to run weakly, and PVC is expected to continue to oscillate at the bottom, with weak demand and an oversupply pattern [13]. Summary by Directory - **PVC, Caustic Soda Spot & Futures**: The East China calcium - carbide - based PVC market price increased from 4450 to 4470 yuan/ton, with a growth rate of 0.4% [13]. - **Supply**: The caustic soda industry operating rate increased by 0.6% to 90.3%, and the PVC overall operating rate increased by 1.0% to 77.5% [13]. - **Demand**: The alumina industry operating rate decreased by 1.0% to 80.4% [13]. Group 9: LPG Industry Report Industry Investment Rating No relevant information provided. Report's Core View No relevant information provided. Summary by Directory - **LPG Price and Spread**: The main PG2512 contract price increased from 4259 to 4412 yuan/ton, with a growth rate of 3.59% [14]. - **LPG Inventory**: The LPG refinery storage capacity ratio decreased by 7.70% to 23.7% [14]. - **LPG Upstream and Downstream Operating Rates**: The upstream main - refinery operating rate decreased by 1.26% to 74.74%, and the downstream PDH operating rate increased by 0.26% to 69.8% [14].