Group 1: General Information - Reported industry: Soybean meal [1] - Report date: November 24, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Domestic futures contracts**: For the soybean meal 2601 contract, the previous settlement price was 3013, the opening price was 3021, the highest price was 3027, the lowest price was 3007, the closing price was 3012, down 1 or -0.03%, with a trading volume of 677,574 and an open interest of 1,511,379, a decrease of 37,971. For the 2603 contract, the closing price was 2988, down 5 or -0.17%. For the 2605 contract, the closing price was 2803, down 7 or -0.25% [6]. - **External market**: The US soybean futures contract was weak, with the main contract at 1140 cents. The USDA's November monthly supply - demand report slightly lowered the ending inventory to 290 million bushels, which was bearish. The NOPA's October crushing data was much higher than expected, reaching a record high for a single - month [6]. Core View - The external market has exhausted its short - term bullish factors but is supported by low inventory. It may oscillate at a high level. Domestic soybean meal has a relatively solid support below but faces inventory pressure. To break through the upper resistance, it needs additional bullish factors from the external market [6]. Operation Suggestions - In the near term, the volatility may decrease, and it should be treated as a high - level oscillation. For options, pay attention to the straddle double - selling strategy [6]. Group 3: Industry News - As of the week ending November 16, 2025, the US soybean harvest rate was 95%, compared with 98% in the same period last year and a five - year average of 96% [9]. - On November 18, private exporters reported selling 792,000 tons of soybeans to China for delivery in the 2025/2026 market year [9]. - The Brazilian Soybean Industry Association (Abiove) predicted that Brazil's 2025/26 soybean production would be a record 177.7 million tons, and the 2026 export volume would reach 111 million tons [10].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Ethylene glycol is likely to continue its low-level oscillatory pattern in the short term The core contradiction lies in the game between high inventory pressure and cost support The significant accumulation of port inventory suppresses market sentiment, while the substantial contraction of coal-based profits may force device production cuts, and cost-side disturbances caused by crude oil price fluctuations limit the downside space The demand side lacks incremental drivers, and the contradiction between high polyester operation and weak weaving reality persists It is expected that the price will oscillate in the range of 3,800 - 3,900 yuan/ton Attention should be paid to the maintenance dynamics of coal chemical devices and the port unloading rhythm [2][3] Summary by Directory Daily Market Summary - **主力合约与基差**: The price of the main ethylene glycol futures contract remained stable at 3,822 yuan/ton for two consecutive days, but the recent trend showed a continuous decline from 3,938 yuan/ton to the current level, with the market showing weak oscillations The spot price in East China also remained flat at 3,855 yuan/ton, and the basis between futures and spot maintained a narrow fluctuation of 33 yuan/ton, reflecting cautious trading sentiment in the spot market [2] - **持仓与成交**: The trading volume of the main contract soared to 261,700 lots, a 45.9% increase from the previous day, while the open interest increased by 25,557 lots to 355,406 lots, reaching a recent high This indicates active capital entry but intensified divergence between bulls and bears [2] - **供给端**: The overall ethylene glycol operating rate remained at a low level of 67.63%, with the coal-based operating rate stable at 54.29% for two consecutive weeks and the oil-based operating rate flat at 76.23% Although the profit of the ethylene-based process continued to shrink, oil-based devices maintained high-load operation, and the coal-based profit was halved within the week to 112 yuan/ton, which may suppress subsequent operating flexibility [2] - **需求端**: The load of polyester factories remained stable at 89.42%, and the load of looms in Jiangsu and Zhejiang remained flat at 63.43%, with no seasonal improvement signals in terminal demand Downstream demand was mainly for rigid restocking, lacking speculative demand support [2] - **库存端**: The inventory at the main ports in East China increased by 10.7% to 732,000 tons within a week, among which the inventory in Zhangjiagang soared by 27.9% to 275,000 tons, reaching the largest increase this year The port inventory pressure increased significantly, and the high arrival volume put pressure on spot liquidity [3] Industrial Chain Price Monitoring - **期货与现货价格**: On November 21, the main contract price of MEG futures decreased by 14 yuan/ton to 3,808 yuan/ton, a 0.37% decrease The trading volume of the main contract decreased by 97,415 lots to 164,315 lots, a 37.22% decrease The open interest decreased by 2,106 lots to 353,300 lots, a 0.59% decrease The spot price in the East China market decreased by 10 yuan/ton to 3,845 yuan/ton, a 0.26% decrease [5] - **利润情况**: The profits of various ethylene-based processes generally decreased, with the coal-based profit dropping from 242 yuan/ton to 112 yuan/ton, a 53.54% decrease The profits of natural gas-based and oilfield associated gas-based processes also decreased slightly [5] - **产业链开工负荷**: The overall ethylene glycol operating rate remained at 67.6%, the coal-based and oil-based operating rates remained unchanged, and the loads of polyester factories and looms in Jiangsu and Zhejiang also remained stable [5] - **库存与到港量情况**: The inventory at the main ports in East China increased by 71,000 tons to 732,000 tons, and the inventory in Zhangjiagang increased by 60,000 tons to 275,000 tons, with a significant increase in inventory pressure [5] Industrial Dynamics and Interpretation - **美金市场**: On November 21, the morning negotiation in the East China US dollar market declined, with near-month cargoes negotiated at 450 - 453 US dollars/ton and far-month cargoes at 456 - 458 US dollars/ton In the afternoon, the market remained at a low level, with December cargoes negotiated at 450 - 453 US dollars/ton [6] - **原油市场**: On November 21, the crude oil market continued to weaken, with negative support from the cost side The expectation of ethylene glycol inventory accumulation suppressed market sentiment, and it was difficult to gather bullish confidence in the market The current negotiation price in East China was around 3,848 yuan/ton [6] - **陕西 market**: On November 21, the spot quotation in the Shaanxi ethylene glycol market remained stable, with an average market price of around 3,690 yuan/ton for self-pickup Although the mainstream market had been falling for many days, the supply of coal-based products was relatively tight, and downstream buyers purchased for rigid demand, so the quotation of Shaanxi products remained stable [6] - **华南 market**: On November 21, the center of the mainstream market moved down, but the spot in the South China market was tight, and the quotes of holders in the South China market remained stable, currently around 4,080 - 4,100 yuan/ton for delivery [6] Industrial Chain Data Charts - The report includes charts such as the closing price and basis of the main ethylene glycol contract, ethylene glycol production profit, domestic ethylene glycol device operating rate, downstream polyester device operating rate, and ethylene glycol inventory statistics [7][9][11][14][16]

长江期货养殖产业周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2025-11-24 【产业服务总部 | 饲料养殖中心】 研 究 员：叶 天 执业编号:F03089203 投资咨询号:Z0020750 01 生猪：腌腊旺季考验，期价低位震荡 目 录 01 饲料养殖观点汇总 02 品种产业数据分析 数据来源：Mysteel iFinD 卓创资讯 长江期货饲料养殖中心 u 期现端：截至11月21日，鸡蛋主产区均价报2.85元/斤，较上周五跌0.12元/斤，鸡蛋主销区均价报2.91元/斤，较上周五跌0.13元/斤；鸡蛋主力2601收 于3184元/500千克，较上周五跌51元/500千克；主力合约基差-604元/500千克，较上周五走弱79元/500千克。周度蛋价窄幅偏弱，市场缺乏节日提振， 终端需求较为平淡，下游渠道采购偏谨慎，消化库存为主，蛋价窄幅偏弱调整，不过蛋价跌至偏低水平会刺激下游补库需求，对蛋价形成支撑，预计 未来一周现货小幅反弹。盘面主力转为01合约，偏弱震荡挤压盘面升水，当前基差处于历史同期偏低水平。 u 供应端：11月新开产蛋鸡对应2025年7月补栏，环同比均下滑，但开产 ...

财达期货｜螺纹钢、铁矿石 周报 财达期货｜螺纹钢、铁矿石 周报 2025-11-24 淡季需求特征尚未显现，螺矿延续偏强整理 【螺纹钢】 研究员 Z0017173 请务必阅读正文之后的免责条款部分 第 1 页 共 9 页 姓名：薛国鹏 F3073406 期货方面：本周螺纹 01 合约在空头主力减仓驱动下维持偏强整理走势。截 止周五，螺纹 01 合约收于 3057 元/吨，环比上周上涨 4 元，周 涨幅 0.13%。 从 业 资 格 号 ： 现货方面：本周螺纹主流地区价格继续小幅上调，整体成交一般。截止周 五，全国螺纹平均报价上调 26 元至 3268 元/吨；其中上海地区 螺纹价格上调 30 元至 3220 元/吨；杭州地区螺纹价格上调 10 元至 3250 元/吨；北京地区螺纹价格上调 30 元至 3220 元/吨； 天津地区螺纹价格维持不变 3210 元/吨；广州地区螺纹价格上 调 70 元至 3400 元/吨。 投 资 咨 询 号 ： 基 本 面：供给方面：全国 247 家钢厂高炉开工率 82.19%，环比减少 0.62%， 同比增加 0.26%；高炉炼铁产能利用率 88.58%，环比减少 0.22%， ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - This week, the stock and commodity markets both declined. Overseas, the expectation of US interest rate cuts was dashed, leading to a decline in US stocks and a contraction in global stock market liquidity. Domestically, economic data was weak, new energy negotiations were pending, and institutional portfolio adjustments contributed to the decline. In the fourth quarter, both policies and performance entered a lull, with a weak fundamental outlook and a lack of a clear narrative in the market. The market is more looking forward to the spring market. The soda ash market showed a weak trend as expected last week, with weekly lows approaching the June low. The soda ash futures price dropped significantly due to the cold repair expectation of float glass production lines on the demand side and the intensification of negative feedback. It is expected that the price will oscillate and recover next week, but the medium - term price range will still move down. For glass, the 01 contract price fell below 1000. Due to the cyclical downturn in the real estate market, the improvement in the spot - side fundamentals was limited, demand was weak, and the large mid - stream inventory was a major concern. The short - term focus is on the effect of manufacturers' price - for - volume strategy and daily sales data. If the terminal demand does not improve substantially, the glass price may still have room to decline. [15][24] Summary According to the Directory 1. Soda Ash Analysis 1.1 Soda Ash Supply - This week, soda ash production was 721,000 tons, a week - on - week decrease of 18,000 tons (- 2.5%). Both light and heavy soda decreased, with light soda down 4000 tons and heavy soda down 15,000 tons week - on - week. The decline in production was due to the reduced load of some devices such as Henan Junhua, Jiangsu Jingshen, etc., while Gansu Jinchang's production recovery offset part of the reduction. The raw salt price was stable, and the thermal coal price increased slightly. As of November 20, 2025, the theoretical profit (double - ton) of the soda ash by the Chinese joint - alkali process was - 153.50 yuan/ton, a week - on - week increase of 28.50 yuan/ton, and the theoretical profit of the ammonia - alkali process was - 38.50 yuan/ton, a week - on - week decrease of 15 yuan/ton. [8] 1.2 Soda Ash Demand - This week, the apparent demand for soda ash was 784,000 tons, a week - on - week increase of 5.1%. The apparent demand for heavy soda was 416,000 tons (a week - on - week increase of 3.1%), and that for light soda was 368,000 tons (a week - on - week increase of 7.3%). The daily output of float glass was 158,200 tons, a week - on - week decrease of 900 tons per day, and the output of photovoltaic glass was stable at 89,000 tons. The futures price dropped significantly this week, mid - stream shipments were at a historical high, some heavy soda manufacturers in Qinghai lowered prices, while light soda sales were good, and prices increased by 20 - 50 yuan/ton in various regions. The weekly shipments of soda ash in the spot and futures markets were about 200,000 tons, a significant week - on - week increase. The delivery price in Shahe was about 1130 yuan/ton (a week - on - week decrease of 70 yuan), corresponding to SA01 - 30, and the basis strengthened. Currently, the mid - stream inventory is large, with a structural inventory build - up, but the overall inventory pressure is not great. With the weakening demand for float glass downstream and the stable coal price, the price has been weak recently. [11] 1.3 Soda Ash Inventory - Upstream: Soda ash factory inventory decreased to 1.644 million tons, a week - on - week decrease of 63,000 tons. Among them, heavy soda inventory decreased by 20,000 tons, and light soda inventory decreased by 43,000 tons. In terms of regions, the factory inventory in the northwest decreased by 47,000 tons to 657,000 tons, and that in the southwest decreased by 1000 tons to 607,000 tons, while the inventory in the north increased by 3500 tons to 224,000 tons. Mid - stream: The mid - stream inventory decreased slightly, with the social inventory decreasing by 2% to 653,000 tons, and there were 0 warehouse receipts. Downstream: In float glass enterprises, 33% of the sample factories had a soda ash inventory of 20.87 days, a week - on - week decrease of 0.76 days. [14] 2. Glass Analysis 2.1 Glass Supply - The daily output of float glass was 158,200 tons, a week - on - week decrease of 900 tons per day, with a production line in the northeast shutting down. Currently, there are 222 operating production lines. According to the production cost calculation model of Longzhong Information, the weekly average profit of float glass using natural gas as fuel was - 206.84 yuan/ton, a week - on - week decrease of 19.14 yuan/ton; that using coal - gas as fuel was 25.79 yuan/ton, a week - on - week decrease of 25.47 yuan/ton; and that using petroleum coke as fuel was 8.52 yuan/ton, a week - on - week decrease of 24.00 yuan/ton. The contraction in supply is mainly driven by environmental protection policies rather than market self - clearing, which is difficult to fundamentally reverse the supply - demand pattern. If the price continues to fall, the number of production lines with cold repair plans before the Spring Festival may increase. [18] 2.2 Glass Demand - On the demand side, Hubei manufacturers lowered prices twice this week, and Shahe manufacturers lowered prices on Monday. According to Longzhong, after Minghong's price adjustment to 1040 yuan/ton, the sales - to - production ratio was still weak. Due to the cyclical downturn in the real estate market, the improvement in the spot - side fundamentals was limited, demand was weak, and the large mid - stream inventory was a major concern. As of November 17, 2025, the average order days of the national深加工 sample enterprises was 9.9 days, a week - on - week decrease of 8.9% and a year - on - year decrease of 24.2%. Since November, the average number of orders held by deep - processing samples in each region has decreased compared with the beginning of the month. The weak order situation has also led to some deep - processing factories having temporary holidays. Currently, the number of order days held by the surveyed deep - processing enterprises is mostly 2 - 5 days, with some orders scheduled for 7 - 15 days, and a few engineering orders with longer schedules. Near the end of the year, deep - processing enterprises still remain cautious about signing debt - related orders. This week (from November 7 to November 13, 2025), the operating rate of the Chinese LOW - E glass sample enterprises was 76.2%, a week - on - week increase of 1.7%. [21] 2.3 Glass Market Performance and Strategy - The price of the glass 01 contract fell below 1000. Due to the cyclical downturn in the real estate market, the improvement in the spot - side fundamentals was limited, demand was weak, and the large mid - stream inventory was a major concern. The rapid decline in the soda ash futures price this week weakened the cost support for glass. In terms of supply, the daily melting volume of glass was 158,200 tons. The short - term focus is on the effect of manufacturers' price - for - volume strategy and core daily sales data. If manufacturers in major production areas such as Hubei continue to lower prices but the terminal demand does not improve substantially and the sales - to - production ratio fails to recover, the glass price may still have room to decline. The trading volume of the glass 01 contract reached 1.99 million hands, a year - on - year increase of 86.6%. Attention should be paid to regulatory risks. As the near - month price falls, the market has started the cold repair expectation logic. Attention can be paid to the reverse - spread strategy and the strategy of going long on FG05 and short on SA05. It is expected that the market will enter an oscillation next week, and the medium - term trend is still weak. [24]

2025 年 11 月 24 日 铝：关注下方支撑 氧化铝：基本面压力仍在 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | T-22 | | | | | 11 | T-1 | T-5 | | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪铝主力合约收盘价 | | | | | 21340 | -190 | -500 | 430 | 830 | | 沪铝主力合约夜盘收盘价 | | | | | 21390 | ー | l | ー | l | | LME铝3M收盘价 | | | | | 2807 | 0 | -52 | 62 | 244 | | 沪铝主力合约成交量 | | | | | 267742 | 97899 | -30434 | 185640 | 122442 | | 沪铝主力合约持仓量 | | | | | 3020 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Polyolefin futures are trading at low levels. Although the overall operating rate of the downstream demand side is high and demand is steadily released, market sentiment is still affected by the weakness of crude oil and commodities as a whole. In the short term, the valuation of polyolefins is low, and the market may continue to fluctuate at low levels [2] Group 3: Summary of Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6835, 6883, and 6923 respectively, with price changes of 2, 0, and -2, and price change rates of 0.03%, 0.00%, and -0.03%. The trading volumes were 312525, 83531, and 370, and the open interests were 516737, 138934, and 2291, with open interest changes of -11929, 3573, and 39 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6400, 6513, and 6546 respectively, with price changes of -34, -19, and -18, and price change rates of -0.53%, -0.29%, and -0.27%. The trading volumes were 334339, 63404, and 1884, and the open interests were 617955, 161714, and 9736, with open interest changes of -2378, -1252, and 815 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are -48, -40, and 88 respectively; for PP, they are -113, -33, and 146 respectively [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2023 yuan/ton, 5940 yuan/ton, 559 dollars/ton, 5600 yuan/ton, 6200 yuan/ton, and 8700 yuan/ton respectively [2] - **Spot Market**: For LL, the current prices in the East China, North China, and South China markets are 6900 - 7400 yuan/ton, 6800 - 7050 yuan/ton, and 7000 - 7400 yuan/ton respectively; for PP, they are 6250 - 6500 yuan/ton, 6200 - 6450 yuan/ton, and 6400 - 6550 yuan/ton respectively [2] Market News - On Thursday (November 20), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.14 per barrel, down $0.30 or 0.50% from the previous trading day, with a trading range of $58.86 - $60.33. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.38 per barrel, down $0.13 or 0.20% from the previous trading day, with a trading range of $62.94 - $64.40 [2]

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - Copper prices fluctuated slightly this week, with downstream consumption remaining weak. The negotiation of long - term contracts between copper producers and downstream consumers is ongoing, and the price around 85,000 yuan may be a psychological price for downstream point - pricing [1]. - Aluminum prices are expected to oscillate in the short term, and the supply - demand situation is expected to be loose in early 2026 and then gradually tighten [1][2]. - Zinc prices oscillated this week. The domestic fundamentals are poor, but there may be a phased reduction in supply at the end of the year, so it is recommended to wait and see for unilateral trading [4]. - Nickel's short - term fundamentals are weak, and there are opportunities for short - selling on rallies due to policy - induced price support motives [5]. - Stainless steel's fundamentals remain weak, and there are opportunities for short - selling on rallies due to policy - induced price support motives [8]. - Lead prices are expected to oscillate narrowly next week, and it is recommended to wait and see the increase in warehouse receipts and the price support of waste batteries [11][12]. - Tin prices' short - term fundamentals are acceptable, and it is recommended to wait and see; in the long - term, it is recommended to hold near the cost line or use it as a long - position allocation in non - ferrous metals [15]. - Industrial silicon's supply - demand is expected to be in a balanced and slightly loose state in Q4, and prices are expected to oscillate [18]. - The price of lithium carbonate has high price elasticity after supply - side disturbances, and the turning point of the long - term pattern may occur in the next 1 - 2 years [20]. 3. Summary by Metal Copper - **Price Trend**: Copper prices first rose and then declined slightly this week [1]. - **Supply and Demand**: Downstream consumption is weak, and the negotiation of long - term contracts is ongoing. LME copper had concentrated warehousing this week, and the scrap - refined copper price difference has widened [1]. - **Outlook**: The price around 85,000 yuan may be a psychological price for downstream point - pricing, and attention should be paid to industrial support at this level [1]. Aluminum - **Price Trend**: Aluminum prices declined this week, and the position decreased [1]. - **Supply and Demand**: Domestic and overseas production capacity is gradually being put into operation. The inventory of aluminum ingots remained flat, and the inventory of aluminum rods and strips decreased slightly. Downstream consumption is acceptable, and the acceptance of high prices has increased [1][2]. - **Outlook**: It is expected to oscillate in the short term, and the supply - demand situation is expected to be loose in early 2026 and then gradually tighten [2]. Zinc - **Price Trend**: Zinc prices oscillated this week [4]. - **Supply and Demand**: The supply of domestic and imported TC is accelerating to decline. The production of Huoshaoyun zinc ingots has started, and most smelters will have maintenance in December. Domestic demand is seasonally weak, and overseas demand in Europe is average. Domestic social inventory oscillates, and overseas LME inventory decreases [4]. - **Strategy**: It is recommended to wait and see for unilateral trading in the short term. Pay attention to reverse arbitrage opportunities and positive arbitrage opportunities for the 01 - 03 spread [4]. Nickel - **Price Trend**: Nickel prices declined this week [5]. - **Supply and Demand**: The supply of pure nickel decreased slightly, demand is weak, and domestic and overseas inventories are increasing [5]. - **Strategy**: Pay attention to opportunities for short - selling on rallies due to policy - induced price support motives [5]. Stainless Steel - **Price Trend**: Stainless steel prices remained stable this week [8]. - **Supply and Demand**: Steel mill production increased slightly in October, demand is mainly for rigid needs, costs are stable, and inventory remains at a high level [8]. - **Strategy**: Pay attention to opportunities for short - selling on rallies due to policy - induced price support motives [8]. Lead - **Price Trend**: Lead prices declined this week [11]. - **Supply and Demand**: Supply is loose, demand is expected to weaken, and social inventory is increasing. The supply - demand mismatch has been alleviated [11][12]. - **Outlook**: It is expected to oscillate narrowly next week in the range of 17,100 - 17,400 yuan, and it is recommended to wait and see [12]. Tin - **Price Trend**: Tin prices rose this week [15]. - **Supply and Demand**: The supply has marginally recovered, overseas production has uncertainties, and demand is mainly rigid [15]. - **Strategy**: It is recommended to wait and see in the short term; in the long - term, it is recommended to hold near the cost line or use it as a long - position allocation in non - ferrous metals [15]. Industrial Silicon - **Price Trend**: Not mentioned explicitly [18]. - **Supply and Demand**: The supply - demand is expected to be in a balanced and slightly loose state in Q4, with some production capacity changes in different regions [18]. - **Outlook**: Prices are expected to oscillate in the short term and cycle at the bottom in the long - term [18]. Lithium Carbonate - **Price Trend**: The price first rose and then fell sharply [20]. - **Supply and Demand**: The raw material supply is tight, the upstream inventory has decreased, the downstream inventory is relatively sufficient, and the transaction is冷清 [20]. - **Outlook**: The price has high price elasticity after supply - side disturbances, and the turning point of the long - term pattern may occur in the next 1 - 2 years [20].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures are trading at low levels. Spot prices of linear LL and拉丝PP are stable. Fundamentally, the overall operating rate of the downstream demand side is at a high level, and demand is steadily released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins is low, and the market may continue to fluctuate at low levels in the future [2] Group 3: Summary According to the Catalog Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6770, 6831, and 6877 respectively, with price drops of -65, -52, and -46 and declines of -0.95%, -0.76%, and -0.66%. The trading volumes were 244504, 77484, and 923, and the open interests were 512746, 150752, and 2559, with changes of -3991, 11818, and 268. The current spreads for January - May, May - September, and September - January were -61, -46, and 107 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6357, 6474, and 6517 respectively, with price drops of -43, -39, and -29 and declines of -0.67%, -0.60%, and -0.44%. The trading volumes were 233476, 43286, and 1299, and the open interests were 626835, 161953, and 9867, with changes of 8880, 239, and 131. The current spreads for January - May, May - September, and September - January were -117, -43, and 160 [2] Raw Material and Spot Market - **Upstream Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, and North China powder were 2021 yuan/ton, 5940 yuan/ton, 554 dollars/ton, 5600 yuan/ton, and 6180 yuan/ton respectively, with the price of agricultural film at 8700 yuan/ton [2] - **Midstream Spot**: The current prices of LL in the East China, North China, and South China markets were 6900 - 7350, 6800 - 7050, and 7000 - 7400 respectively. The current prices of PP in the East China, North China, and South China markets were 6250 - 6450, 6200 - 6450, and 6400 - 6550 respectively [2] News - On Friday (November 21), the settlement price of WTI crude oil futures for January 2026 on the New York Mercantile Exchange was $58.06 per barrel, down $0.94 or 1.59% from the previous trading day, with a trading range of $57.38 - $58.80. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $62.56 per barrel, down $0.82 or 1.29% from the previous trading day, with a trading range of $61.87 - $63.10 [2]

| | 1、据船运调查机构ITS数据显示，马来西亚11月1日至20日棕榈油出口量为831005吨，环比上月同 | | --- | --- | | | 期下降20.5%。2、据美国农业部(USDA)网站11月20日消息，民间出口商报告向中国出口销售 | | 行业 | 462000吨大豆和132000吨小麦，2025/2026市场年度付运。 | | 信息 | | | | 蛋白粕：夜盘豆菜粕偏强运行，usda供需报告下调25/26年度美豆单产预估至53蒲式耳/蒲,由此美 | | | 豆产量下降至42.53亿蒲，最终美豆期末库存预估为2.9亿蒲，9月报告预估为3亿蒲，产量和库存 | | | 均下降从数据上看为利多。但由于此前市场对于报告调整力度预期偏高，而实际报告数据利多不 | | | 足。但近期公布的数据来看，美豆压榨需求强劲，根据NOPA数据显示10月压榨大豆2.27亿蒲式 | | | 耳，较9月增长15.1%，较去年同期增长13.9%；但由于近期美豆期价上涨较多因此出现一定回调。 | | | 国内豆粕仍维持宽松格局，库存处于高位，预计连粕短期跟随美豆调整为主。 | | 评论 | 油脂：夜盘豆棕油偏弱运行，菜油震 ...