Market Overview - The futures market shows a bullish sentiment with 55 contracts rising and 25 contracts falling today, indicating increased trading activity in upward-moving varieties [2] - The top gainers include silver futures (+5.47%), polysilicon (+3.69%), and apples (+3.32%), driven by supply and demand factors [5] - The largest capital inflows were seen in aluminum (+5.92 billion CNY), apples (+4.42 billion CNY), and gold (+4.03 billion CNY), suggesting strong interest from major funds [8] Key Events - India's palm oil imports in October fell to 602,381 tons, marking a significant decrease from September's 833,017 tons, with palm oil's share of total vegetable oil imports dropping below 50% for the first time [12] - The production and inventory of rebar steel have decreased for two consecutive weeks, with production at 2 million tons, down 4.1% from the previous week [13] Inventory and Supply Chain Insights - The total inventory of float glass in sample enterprises reached 63.247 million heavy boxes, reflecting a year-on-year increase of 33.61% [14] - Domestic soda ash inventory stood at 1.7073 million tons, with slight fluctuations in light and heavy soda ash stocks, indicating limited demand changes [14] Commodity Specific Insights - Lithium carbonate futures rose by 1.39% to 87,840 CNY/ton, driven by unexpected demand in energy storage and speculative trading [22] - SC crude oil futures fell by 3.66% to 449.5 CNY/barrel, influenced by ongoing OPEC+ production increases and seasonal inventory builds [25] - Silver futures reached a historical high, closing up 5.48% at 12,588 CNY/kg, supported by liquidity recovery following the end of the U.S. government shutdown [26]

1. Report Industry Investment Ratings - Aluminum: Oscillating with an upward bias [1] - Alumina: Range-bound oscillation [1] - Cast aluminum alloy: Following the trend of electrolytic aluminum [1] 2. Core Viewpoints - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, open interest, spreads, inventory levels, and corporate profitability in both the futures and spot markets [1] 3. Summary by Relevant Catalogs Futures Market Electrolytic Aluminum - The closing price of the SHFE aluminum main contract was 21,880, with an increase of 485 compared to T - 5 [1] - The trading volume of the SHFE aluminum main contract was 223,798, and the open interest was 420,066 [1] - The LME aluminum 3M closing price was 2,880, with an increase of 34 compared to T - 5 [1] - The LME注销仓单占比 was 6.19%, showing a decline of 1.71% compared to T - 5 [1] Alumina - The closing price of the SHFE alumina main contract was 2,821, with an increase of 49 compared to T - 5 [1] - The trading volume of the SHFE alumina main contract was 267,963, and the open interest was 412,758 [1] Aluminum Alloy - The closing price of the aluminum alloy main contract was 21,245, with an increase of 415 compared to T - 5 [1] - The trading volume of the aluminum alloy main contract was 6,280, and the open interest was 15,573 [1] Spot Market Electrolytic Aluminum - The electrolytic aluminum enterprise profit and loss was 5,569.02, with an increase of 392.14 compared to T - 5 [1] - The aluminum spot import profit and loss was -1,917.34, and the aluminum plate and coil export profit and loss was 3,562.37 [1] - The SHFE aluminum ingot warehouse receipt was 63,800 tons, and the LME aluminum ingot inventory was 544,100 tons [1] Alumina - The alumina CIF price at Lianyungang was 346 US dollars per ton, and the FOB price of Australian alumina was 320 US dollars per ton [1] - The profit and loss of Shanxi alumina enterprises was -93 [1] Aluminum Alloy - The theoretical profit of ADC12 was -85, and the price of Baotai ADC12 was 21,000 [1] - The total inventory of the three locations was 49,729 [1] Other - The price of imported bauxite from different sources remained stable, and the price of Shaanxi ion - membrane liquid caustic soda (32% converted to 100%) was 2,630 [1] Other Information - The trend strength of aluminum is 1, alumina is 0, and aluminum alloy is 1 [3]

Core Viewpoint - The main futures contract for red dates experienced a sharp decline, reaching a low of 9190.00 yuan, with a drop of 2.65% as of the report's publication [1] Group 1: Market Performance - The red date futures market is showing weak performance, with the main contract declining over 2% [2] - The lowest price recorded for the red date futures was 9190.00 yuan, indicating a significant downward trend [1] Group 2: Price Trends and Market Dynamics - In the Aksu region, the mainstream transaction price ranges from 5.80 to 6.60 yuan per kilogram, with an average transaction price of 6.2 yuan per kilogram [2] - In the Aral region, the reference mainstream purchase price is between 5.80 and 7.00 yuan per kilogram, with an average of 6.4 yuan per kilogram [2] - The Kashgar region shows prices for certain designated gardens ranging from 6.80 to 7.80 yuan per kilogram, with an average of 7.35 yuan per kilogram [2] - The market in Hebei saw a price adjustment on November 12, with premium red dates priced at 9.96 yuan per kilogram, first-grade at 9.00 yuan, second-grade at 7.9 yuan, and third-grade at 6.5 yuan [2] Group 3: Future Outlook - The market is currently in a wait-and-see mode due to weak feedback from the sales area affecting new date purchase prices [2] - The decline in prices may slow down as red date prices are at historically low levels, with expectations for a potential stabilization in the near term [3] - The increase in supply from the new season and high inventory levels are putting pressure on demand, but there is hope that upcoming peak season consumption may provide a boost [3]

Core Insights - The article highlights the significant uncertainty and volatility in the commodity market for 2025, driven by global economic slowdown and geopolitical tensions, leading to a complex situation of "falling prices and increased volatility" [2] Group 1: Market Overview - In 2025, the commodity market is expected to face challenges in cost control, supply chain stability, and strategic transformation due to the breakdown of traditional supply-demand logic [2] - The year is characterized as a period of market reshaping and a critical juncture for companies to redefine resilience and competitiveness [2] Group 2: Event Details - A seminar hosted by LSEG in Hangzhou will explore how to find certainty amid uncertainty, aiming to help businesses seize more opportunities [2] - The event is scheduled for December 4, 2025, from 15:00 to 17:00, with specific details to be provided in a confirmation letter [6] Group 3: Expert Contributions - The seminar will feature expert speakers, including Chen Xiaoyan, Director of Agricultural Products Research at Dadi Futures, and Fu Xiaoyan, Senior Director at Nanhua Futures Research Institute, both of whom have extensive experience in the commodity market [8][9] - Kian Pang Tan, Head of Agriculture Research at LSEG, will provide insights into palm oil and sugar markets, leveraging over ten years of experience in agricultural research [10] Group 4: Data and Analysis Solutions - LSEG offers comprehensive data management solutions and trading execution capabilities to provide a competitive edge in commodity trading [12] - The company emphasizes the importance of structured data utilization, including fundamentals, supply-demand, and alternative data sources, to enhance trading decision-making [14][15]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The spot price of industrial silicon remains stable, and its futures market is mainly affected by the overall commodity sentiment. During the dry season, the cost in the southwest region increases, and the start - up rate drops significantly. The supply - demand pattern has slightly improved, and the valuation is relatively low, but currently lacks driving factors, so the market is mainly in a state of shock [2]. - The polysilicon futures market is greatly disturbed by policy - related news, resulting in wide - range fluctuations. Currently, the consumer side shows average performance, and policies are still being promoted. The market fluctuates greatly, and participants need to pay attention to risk management and continuously follow up on policy implementation. It is expected that the market will maintain wide - range fluctuations [7]. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On November 12, 2025, the industrial silicon futures price fluctuated. The main contract 2601 opened at 9165 yuan/ton and closed at 9195 yuan/ton, a change of (-40) yuan/ton or (-0.43)% compared with the previous day's settlement. At the close, the position of the 2601 main contract was 262136 lots, and the total number of warehouse receipts on November 12, 2025 was 45936 lots, a change of - 143 lots compared with the previous day [1]. - The spot price of industrial silicon remained stable. According to SMM data, the price of oxygen - passing 553 silicon in East China was 9400 - 9600 (0) yuan/ton; 421 silicon was 9700 - 9800 (0) yuan/ton, the price of oxygen - passing 553 silicon in Xinjiang was 8800 - 8900 (0) yuan/ton, and the price of 99 silicon was 8800 - 8900 (0) yuan/ton [1]. - In terms of consumption, the quoted price of organic silicon DMC was 11000 - 11300 (0) yuan/ton. The monomer industry organized a meeting, and most monomer factories have officially closed their positions and temporarily stopped quoting. The market quotation will be suspended until the end of the meeting, and then enterprises will restart the quotation process according to the final agreement of the meeting [2]. - **Strategy** - Spot price is stable. The industrial silicon futures market is mainly affected by the overall commodity sentiment. During the dry season, the cost in the southwest region increases, and the start - up rate drops significantly. The supply - demand pattern has slightly improved, and the valuation is relatively low, but currently lacks driving factors, so the market is mainly in a state of shock [2]. - Unilateral: Short - term wait - and - see, and consider buying on dips [3]. - Cross - period: None [3]. - Cross - variety: None [3]. - Spot - futures: None [3]. - Options: None [3]. Automobile Industry - **Production and Sales Data** - Passenger cars: In October 2025, the production and sales of passenger cars were 2.995 million and 2.961 million respectively, with a month - on - month increase of 3.3% and 3.6% respectively, and a year - on - year increase of 10.7% and 7.5% respectively. From January to October 2025, the production and sales of passenger cars were 24.237 million and 24.209 million respectively, with a year - on - year increase of 13.5% and 12.9% respectively [2]. - Commercial vehicles: In October 2025, the production and sales of commercial vehicles were 364,000 and 361,000 respectively, with a month - on - month decrease of 3.3% and 1.9% respectively, and a year - on - year increase of 25.4% and 21% respectively. From January to October 2025, the production and sales of commercial vehicles were 3.456 million and 3.479 million respectively, with a year - on - year increase of 10.9% and 9% respectively [2]. - New energy vehicles: In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, with a year - on - year increase of 21.1% and 20% respectively. From January to October 2025, the production and sales of new energy vehicles were 13.015 million and 12.943 million respectively, with a year - on - year increase of 33.1% and 32.7% respectively [2]. - Exports: In October 2025, automobile exports were 666,000, with a month - on - month increase of 2.1% and a year - on - year increase of 22.9%. From January to October 2025, automobile exports were 5.616 million, with a year - on - year increase of 15.7% [2]. Polysilicon - **Market Analysis** - On November 12, 2025, the main contract 2601 of polysilicon futures fluctuated widely, opening at 51890 yuan/ton and closing at 53460 yuan/ton, with a closing price change of 0.43% compared with the previous trading day. The position of the main contract reached 140617 (138468 in the previous trading day) lots, and the trading volume on that day was 413154 lots [3]. - The spot price of polysilicon remained stable. According to SMM statistics, the price of N - type material was 49.40 - 54.90 (-0.05) yuan/kg, and the price of n - type granular silicon was 50.00 - 51.00 (0.00) yuan/kg [5]. - According to SMM statistics, the inventory of polysilicon manufacturers and silicon wafers decreased. The latest statistics showed that the polysilicon inventory was 25.90, with a month - on - month change of - 0.77%, the silicon wafer inventory was 17.52GW, with a month - on - month change of - 7.45%. The weekly polysilicon output was 27000.00 tons, with a month - on - month change of - 4.30%, and the silicon wafer output was 13.45GW, with a month - on - month change of - 5.55% [5]. - In terms of silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 1.28 (0.00) yuan/piece, the price of N - type 210mm was 1.63 (0.00) yuan/piece, and the price of N - type 210R silicon wafers was 1.28 (-0.02) yuan/piece. After the demand expectation weakened, the price of silicon wafers accelerated its decline, and the decline rate of 183 was faster than that of 210R. Currently, only the price of 210N was relatively supported [5]. - In terms of battery cells, the price of high - efficiency PERC182 battery cells was 0.27(0.00) yuan/W; PERC210 battery cells were about 0.28(0.00) yuan/W; TopconM10 battery cells were about 0.31(0.00) yuan/W; Topcon G12 battery cells were 0.30(0.00) yuan/W; Topcon210RN battery cells were 0.28(0.00) yuan/W. The price of HJT210 half - piece battery was 0.37(0.00) yuan/W [5]. - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.66 - 0.68 (0.00) yuan/W, and N - type 210mm was 0.68 - 0.69 (0.00) yuan/W [6]. - **Strategy** - Unilateral: Operate within the range, and it is expected to operate within the range of 50,000 - 57,000 yuan/ton [9]. - Cross - period: None [9]. - Cross - variety: None [9]. - Spot - futures: None [9]. - Options: None [9].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The futures market of lithium carbonate is in high - level oscillation with light spot trading. While recent inventory reduction supports the futures price, the downstream is reluctant to purchase at 85,000 yuan/ton. With the progress of mine restart, the market may turn from de - stocking to inventory accumulation if consumption weakens, leading to a potential decline in the futures price [1][2][4]. 3. Summary by Related Content Market Analysis - On November 12, 2025, the lithium carbonate main contract 2601 opened at 86,760 yuan/ton and closed at 86,580 yuan/ton, a - 0.21% change from the previous settlement price. The trading volume was 1,145,329 lots, and the open interest was 528,966 lots, up from 526,493 lots the previous day. The basis was - 4,400 yuan/ton, and the number of lithium carbonate warrants was 2,8287 lots, an increase of 188 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 81,400 - 85,200 yuan/ton, up 1,000 yuan/ton from the previous day, and industrial - grade lithium carbonate was 80,600 - 81,600 yuan/ton, also up 1,000 yuan/ton. The price of 6% lithium concentrate was 1,020 US dollars/ton, up 8 US dollars/ton [2]. - The downstream material factories are cautious, only making rigid - demand purchases. The market trading is mainly post - pricing. Upstream and downstream enterprises are negotiating long - term agreements for next year, focusing on coefficients [2]. - The overall operating rate of lithium salt plants remains high, with both spodumene and salt - lake production ends having an operating rate of over 60%. The domestic lithium carbonate output in November is expected to be similar to that in October [2]. - In terms of demand, the new - energy vehicle market in the power sector and the energy - storage market are both booming, with supply in the energy - storage market remaining tight [2]. Corporate News - On November 12, Haibo Sichuang announced a ten - year strategic cooperation agreement with CATL from January 1, 2026, to December 31, 2035. Haibo Sichuang will purchase battery cells and system products from CATL, and CATL will ensure product quality and provide preferential supply and competitive prices. The cumulative purchase volume from 2026 to 2028 will be no less than 200 GWh [3]. Strategy - Short - term: It is advisable to wait and see, pay attention to inventory and consumption turning points and the restart of mines, and sell hedging at high prices when appropriate. - Options: Sell out - of - the - money call options [4].

Report Summary 1. Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] 2. Core View of the Report - Low inventory and tight ore supply support lead prices, but the resumption of secondary lead production, the decline in battery consumption, and the pressure of pre - delivery inventory transfer may cause the price to fall after rising. High - sell and low - buy strategies can be adopted, with the price range between 17,000 yuan/ton and 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations according to their own needs [3]. 3. Summary by Related Catalogs Market News and Important Data - **Spot**: On November 12, 2025, the LME lead spot premium was -$20.89/ton. The SMM1 lead ingot spot price increased by 25 yuan/ton to 17,325 yuan/ton compared with the previous trading day. Different regional spot prices and premiums also had corresponding changes [1]. - **Futures**: On November 12, 2025, the SHFE lead main contract opened at 17,485 yuan/ton, closed at 17,660 yuan/ton, up 220 yuan/ton from the previous trading day. The trading volume was 55,843 lots, an increase of 24,988 lots, and the holding volume was 50,539 lots, a decrease of 4,568 lots. The night - session closed at 17,365 yuan/ton, up 65 yuan/ton from the afternoon close. The SMM1 lead price rose 25 yuan/ton from the previous trading day. Downstream battery enterprises mainly took delivery through long - term contracts, and the market trading was fair [2]. - **Inventory**: On November 12, 2025, the SMM lead ingot inventory was 33,000 tons, an increase of 900 tons compared with last week. As of November 12, the LME lead inventory was 225,225 tons, a decrease of 1,500 tons from the previous trading day [2]. Strategy - **Absolute price strategy**: Adopt a high - sell and low - buy strategy in the price range of 17,000 yuan/ton to 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations [3]. - **Option strategy**: Sell wide straddle [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of nickel and stainless steel are weak, and both are continuing to find their bottoms. The nickel market is in a situation of "tightening in the long - term, but loose in the short - term" due to the new Indonesian policy, and stainless steel is affected by factors such as real - estate downturn and slowdown in home appliance exports [1][3]. - It is expected that nickel prices will remain in a low - level oscillation, but attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices. Stainless steel prices are also expected to maintain a low - level oscillation due to low demand, inventory accumulation, and a downward shift in cost centers [3][4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of Shanghai nickel 2512 opened at 119,300 yuan/ton and closed at 118,710 yuan/ton, a change of - 0.62% from the previous trading day. The trading volume was 98,248 (+28,336) lots, and the open interest was 116,829 (1,929) lots. The contract showed a weak oscillation pattern. The new Indonesian policy on nickel smelter investment restrictions may tighten capacity expansion in the long - term, but the short - term production capacity of wet - process intermediate products is still being released. The weak stainless - steel consumption on the demand side leads to insufficient rebound power in the Shanghai nickel market [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market is calm, and prices are stable. In the Philippines, the Surigao mining area is affected by typhoons, and the shipping efficiency is delayed. The price of downstream nickel - iron is falling, and iron plants have a lower psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November is expected to be lowered by 0.12 - 0.2 dollars/wet ton, and the current mainstream premium is +26, with the premium range mostly between +25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market is 122,600 yuan/ton, a decrease of 700 yuan/ton from the previous trading day. After the Shanghai nickel price fell below 120,000 yuan, the spot market is more watchful, and trading is light. The spot premiums of various brands have not changed. The previous trading day's Shanghai nickel warehouse receipt volume was 31,824 (-468) tons, and the LME nickel inventory was 252,114 (-1,194) tons [2]. Strategy - It is expected that nickel prices will remain in a low - level oscillation. The strategy is mainly range - bound operation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading. Attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of stainless steel 2601 opened at 12,520 yuan/ton and closed at 12,485 yuan/ton. The trading volume was 85,852 (-22,462) lots, and the open interest was 137,838 (-4,171) lots. Affected by the decline in Shanghai nickel prices, the contract continued its weak oscillation. Although domestic steel mills' losses are increasing, the inertia of capacity release remains, and the demand side is still sluggish due to factors such as the real - estate downturn and slowdown in home appliance exports. Overall, stainless steel is still in a bottom - grinding state [3]. - **Spot**: The market sentiment is pessimistic, and spot trading is sluggish. Many traders are selling at low prices to recover funds, and the daily quotes continue to decline slightly. The stainless - steel price in the Wuxi market is 12,825 (-25) yuan/ton, and in the Foshan market, it is 12,850 (+0) yuan/ton. The premium of 304/2B is 335 to 685 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 909.0 yuan/nickel point [3][4]. Strategy - It is expected that stainless - steel prices will remain in a low - level oscillation. The strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - Various futures products in the energy - chemical industry show different trends, including high - level oscillations, weakening trends, and short - term support. The market is affected by multiple factors such as supply and demand, cost, and macro - events [2]. 3. Summary by Relevant Catalogs a. PX, PTA, MEG - PX: Short - term may have a callback due to a sharp decline in overnight oil prices, but the medium - term trend is strong. Aromatic blending oil demand on the cost side supports the valuation, and the domestic device start - up rate reaches a new high [9]. - PTA: It is in a high - level oscillation market. Process fees should be shorted on rallies. Polyester load starts to rebound beyond expectations, but the future inventory accumulation pattern is clear, and the upward space for positive spreads is limited [9]. - MEG: Supply pressure is still large, and the unilateral price is weak. The port inventory will continue to accumulate, and the current price needs to test the cost line of coal - based devices [10]. b. Rubber - It is in an oscillatory operation. The cost support strengthens due to slow raw material supply caused by weather interference in production areas, but the cost side is weak, and the price increase is difficult [12][13]. c. Synthetic Rubber - In the short term, it forms an oscillatory and supported pattern due to a decline in inventory and improved spot trading. In the medium term, the weak operation of butadiene drives the downward movement of synthetic rubber prices [18]. d. Asphalt - The spot market is sluggish, and it is in a weakly oscillatory state. The weekly output decreases slightly, the factory inventory rate increases, and the social inventory rate decreases [19][30]. e. LLDPE - The profit of the monomer link is compressed, and attention should be paid to import pressure. The raw material oil price oscillates, the downstream demand has rigid support, but the mid - and downstream willingness to hold goods weakens after the price decline last week [31][32]. f. PP - The trend is weak. Trade wars, oil prices, high supply, and low profits of downstream processed products jointly form a downward pressure on prices [36]. g. Caustic Soda - The trend is weak. The high - production and high - inventory pattern continues, and the market continues to short the chlor - alkali profit. The demand side is affected by the alumina industry, and the supply pressure increases [41]. h. Pulp - It is in an oscillatory operation. The spot price remains high, and the futures price oscillates at a high level. The market is mainly driven by funds and supply - side expectations, but the downstream demand is weak [44][46]. i. Glass - The original sheet price is stable. The futures price oscillates downward, the spot market price is weakly sorted, and the downstream purchases at low prices [48]. j. Methanol - It is in a short - term oscillatory operation. The fundamental drive is downward due to high domestic supply and pressure on the MTO industry. The cost - side pricing logic weight increases slightly [52][53]. k. Urea - It operates within the valuation range. The domestic fundamental pressure is large, but the downward drive is weakened by policy regulation. The 01 contract has a strong pressure level at 1700 - 1720 yuan/ton and a support level at 1550 - 1560 yuan/ton [55][56]. l. Styrene - It is in a short - term oscillatory state. The contradiction is not significant, and the absolute valuation of pure benzene is low. It is recommended to wait and see in the short term [57][58]. m. Soda Ash - The spot market changes little. The comprehensive supply decreases slightly, and the downstream demand is average. It is expected to oscillate steadily in the short term [59]. n. LPG and Propylene - LPG: Demand improvement is limited, and the disk valuation is high. - Propylene: Supply and demand narrow, and there is short - term support [62]. o. PVC - The trend still has pressure. The "alkali - supplementing chlorine" pattern in the profit chain is difficult to sustain, the demand of downstream products related to real estate is weak, and the inventory is high [71]. p. Fuel Oil and Low - Sulfur Fuel Oil - Fuel Oil: It has a sharp decline and is still weaker than low - sulfur fuel oil. - Low - Sulfur Fuel Oil: It has a short - term retracement, and the price difference between high - and low - sulfur in the overseas spot market remains high [73]. q. Short Fibers and Bottle Chips - Short Fibers: The peak - season demand continues, and it is in a short - term oscillatory market. - Bottle Chips: Supported by upstream products, it is in an oscillatory market [75][76]. r. Offset Printing Paper - It is in a low - level oscillation. The mainstream transaction prices in Shandong and Guangdong markets are stable, the paper mills maintain normal production, and the downstream purchases on a rigid basis [78][81]. s. Pure Benzene - Overseas blending oil starts, and it is mainly in a short - term oscillatory state. The port inventory decreases, and the spot price changes [83][84].

Report Overview - Report Title: Polyolefin Daily Report - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The prices of polyolefins are expected to remain under pressure. There are no new production plans in November, but some maintenance devices will restart, increasing the capacity expansion pressure and intensifying the imbalance between supply and demand. The downstream demand is weak, with the seasonal peak of agricultural film production passing, the demand for pipes increasing first and then decreasing, and the downstream's willingness to stock up being low due to fear of price drops [6] 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market Performance**: The L2601 contract of linear low - density polyethylene (LLDPE) opened higher, fluctuated during the session, and closed down at 6,788 yuan/ton, a decrease of 6 yuan/ton (-0.09%), with a trading volume of 186,000 lots and an increase in positions by 2,586 lots to 586,919 lots. The PP2601 contract of polypropylene closed at 6,460 yuan/ton, a decrease of 7 yuan (-0.11%), with a decrease in positions by 4,959 lots to 636,600 lots. The futures market opened low and fluctuated, the market trading atmosphere changed little, traders mostly offered discounts, and downstream buyers mainly made small - order purchases [5][6] - **Supply and Demand Situation**: There are no new production plans in November, but some maintenance devices will restart, increasing the device operating load and the pressure of new capacity expansion, which intensifies the imbalance between supply and demand. The downstream demand is weak. The agricultural film production has reached a seasonal peak and is declining, the demand for pipes increases first and then decreases, the plastic weaving of PP is boosted by packaging demand, and BOPP enterprises mainly digest inventory. The downstream's low willingness to stock up due to fear of price drops further drags down the transaction price [6] 3.2 Industry News - **Inventory**: On November 12, 2025, the inventory level of major producers was 690,000 tons, a decrease of 20,000 tons (-2.82%) from the previous working day, compared with 680,000 tons in the same period last year [7] - **PE Market Price**: The prices of LLDPE in some areas decreased. The price range in North China was 6,760 - 7,000 yuan/ton, in East China was 6,900 - 7,400 yuan/ton, and in South China was 7,050 - 7,450 yuan/ton [7] - **Propylene Market**: The mainstream price of propylene in Shandong market was 5,750 - 5,780 yuan/ton, remaining unchanged from the previous working day. The market was in a supply - demand game, downstream factories mostly waited and watched for rigid demand, producers had a certain intention to stabilize the market, and individual offers had narrow discounts. The overall trading atmosphere was average [7] - **PP Market Price**: Most prices in the PP market fluctuated slightly, and some prices weakened. The mainstream price of North China wire drawing was 6,230 - 6,450 yuan/ton, in East China was 6,320 - 6,600 yuan/ton, and in South China was 6,400 - 6,550 yuan/ton [7] 3.3 Data Overview - The report provides multiple data charts, including L basis, PP basis, L - PP price difference, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, but specific data values are not described in detail in the text [9][13][17]