Group 1 - COMEX gold futures increased by 0.28%, reaching $4133.50 per ounce [1] - COMEX silver futures rose by 1.52%, reaching $51.075 per ounce [1] - COMEX copper futures decreased by 0.85%, settling at $5.0625 per pound [1]

Report Industry Investment Ratings - Urea: ★☆☆ [1] - Methanol: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - Propylene: ★☆☆ [1] - Plastic: ★★★ [1] - PVC: ★☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ななな [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: 女女女 [1] Core Views - The overall supply of the chemical industry is relatively loose, and short - term demand release cannot provide continuous driving force. The cost and macro - aspects lack clear guidance [2]. - Different chemical products face various supply - demand situations and price trends, with most products under downward pressure or in a state of uncertainty [2][3][4][5][6][7] Summary by Directory Olefins - Polyolefins - Propylene demand has improved temporarily, but overall supply is abundant, and short - term demand cannot drive continuously. Plastic and polypropylene futures closed down. Domestic supply of polyethylene increases, and demand shows weakness. For polypropylene, supply pressure increases, and demand is weak [2]. Pure Benzene - Styrene - Pure benzene price is weak, with a small decline in East China spot and stable Shandong quotes. There are short - term consolidation and medium - term negatives. Benzene - styrene maintains a tight supply - demand balance, but there are concerns about future supply - demand, and the price is under pressure [3]. Polyester - PX and PTA prices decreased. PX supply rises, PTA load drops, and there is a risk of inventory accumulation. Ethylene glycol supply has growth pressure, and demand is expected to weaken. Short - fiber demand may decline, and bottle - chip demand fades [4]. Coal Chemical Industry - Methanol price continues to fall, with high expected arrivals in November and weak downstream demand. Urea price drops, with a weak supply - demand situation and a high probability of price decline in the short term [5]. Chlor - Alkali - PVC price drops, with weak cost support, high supply, and low demand. Caustic soda fluctuates, with good liquid chlorine prices, but high inventory pressure [6]. Soda Ash - Glass - Soda ash price weakens slightly, with cost increases and high - pressure supply in the long term. Glass price drops, with cost increases, reduced profit, and low - inventory replenishment sentiment [7]

Group 1: Soybean Market Overview - CBOT soybean futures rose due to signs of the U.S. federal government potentially resuming operations and optimistic expectations for U.S. soybean export prospects, with January futures closing at $11.30 per bushel, up 13 cents [1] - The December soybean meal futures contract increased by $2.90, settling at $320.00 per short ton, while December soybean oil futures rose by 0.90 cents to close at 50.58 cents per pound [2] - The Dalian soybean meal futures market showed a weak trend, with the main contract 2601 opening lower and closing down at 3054 yuan, a decrease of 9 yuan, with trading volume at 822,179 and open interest at 1,602,533 [3] Group 2: Domestic Soybean Meal Market - Domestic soybean meal spot prices increased by 10-20 yuan per ton, supported by the resumption of U.S.-China trade negotiations and the expectation of a USDA report on crop yields and global agricultural supply and demand [4] - Analysts expect the USDA to lower the U.S. soybean production forecast for the 2025/26 season to 4.266 billion bushels, with an average yield adjustment to 53.1 bushels per acre, and an increase in year-end inventory to 304 million bushels [4] - Brazilian soybean planting is at 61% completion, while Argentina has just started planting at 4.4%, with weather conditions needing close monitoring [4] Group 3: Corn Market Overview - The Dalian corn futures market saw the main contract 2601 open higher and close up at 2177 yuan, marking a 13 yuan increase, with trading volume at 672,958 and open interest at 954,084 [5] - CBOT corn futures also rose, influenced by a general increase in grain, stock, and oil markets, with December corn futures closing at $4.29-3/4 per bushel, up 2.5 cents [6][7] - Domestic corn prices showed a strong trend, with processing enterprises raising purchase prices, and the trading range for corn now between 2150-2300 yuan per ton [9]

Report Information - Report Title: Oil and Oilseed Industry Daily Report - Date: November 11, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - No industry investment rating is provided in the report. Core Views Palm Oil - **International Market**: After oscillating around 4,100 ringgit, the Malaysian BMD crude palm oil futures started a rebound following the release of the MPOB supply - demand report. It is expected to rise to the 4,200 - 4,250 ringgit range. However, due to slow exports and high production in November, it may face downward pressure at this range and seek support at 4,000 ringgit. With future declines in production and inventory, it may rebound [3]. - **Domestic Market**: Dalian palm oil futures are in a rebound trend. Driven by the Malaysian palm oil, it may reach the annual resistance line around 8,900 yuan, with strong resistance at 8,950 - 9,000 yuan. After filling the gap around 8,950 yuan, it may face downward pressure and potentially test the 8,500 - yuan support [3]. Soybean Oil - The Dalian soybean oil futures are rising, following the BMD palm oil and supported by the decrease in domestic oil inventory. The BMD palm oil had a nearly 12% decline in about a month and has a technical rebound demand. Last weekend, the factory soybean oil inventory decreased by over 90,000 tons, and the total inventory of the three major oils decreased by over 150,000 tons. However, the news of Cofco's 3 - million - ton soybean rotation storage by Sinograin restricts its increase. In the short term, it may still rise slightly, with resistance at 8,300 - 8,330 yuan for the January contract. If CBOT soybeans, soybean oil, and BMD palm oil rise, it may break through; otherwise, it will enter a volatile adjustment [4]. Soybean Meal - The Dalian soybean meal 01 contract is oscillating. Cost support and poor crushing margins underpin the price, while weak spot prices limit the upside. With the news of Sinograin's 3 - million - ton soybean rotation storage to Cofco, the short - term support range for the main contract may be 3,000 - 3,020 yuan. Spot prices are mostly stable, and the inventory has decreased to 969,000 tons as of the end of the 45th week, a 19.74% week - on - week decrease. However, the near - term basis remains weak [15]. Summary by Related Catalogs Oil Price and Spread - **Palm Oil**: Palm oil 01, 05, and 09 contracts increased by 0.92%, 0.71%, and 0.44% respectively. The BMD palm oil main contract rose 1.19% to 4,161 ringgit/ton. The Guangzhou 24 - degree palm oil price increased by 140 yuan to 8,740 yuan/ton, and the basis increased by 50 yuan to - 90 yuan/ton [7]. - **Soybean Oil**: Soybean oil 01, 05, and 09 contracts had a - 0.29%, 0.25%, and 0.31% change respectively. The CBOT soybean oil main contract rose 1.81% to 50.53 cents/pound. The Shandong first - grade soybean oil spot price increased by 50 yuan to 8,400 yuan/ton, and the basis increased by 40 yuan to 162 yuan/ton [11]. - **Oil Spreads**: Various oil month - to - month and variety - to - variety spreads are provided, such as the P 1 - 5 spread at - 102 yuan/ton, down 32 yuan; the Y - P 01 spread at - 462 yuan/ton, up 14 yuan [5]. Oilseed Futures Price - **Futures Price**: The closing prices and changes of bean meal 01, 05, 09, and rapeseed meal 01, 05, 09 contracts are presented. For example, the bean meal 01 contract closed at 3,054 yuan, down 9 yuan or - 0.29% [16]. - **Spread**: The spreads between different contracts of bean meal and rapeseed meal are given, like the M01 - 05 spread at 218 yuan, down 16 yuan; the RM01 - 05 spread at 79 yuan, down 20 yuan [17]. Oil and Oilseed Pressing Profit - **International Soybean**: The international soybean pressing profit, including the US Gulf CNF and Brazilian CNF, is shown. The profit has fluctuated over time, with values ranging from - 500 to 1,000 yuan/ton [30]. - **Imported Rapeseed**: The pressing profit of imported Canadian rapeseed also shows fluctuations, with values from - 1,000 to 1,000 yuan/ton [30].

Core Viewpoint - Nanhua Futures has submitted its second listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, indicating the company's growth and ambition in the financial services sector [1] Company Overview - Nanhua Futures, established in 1996 and headquartered in Hangzhou, China, is a leading futures company providing global financial services [1] - The company ranks second in China for ROE among futures companies and first for overseas income as of 2024 [1] Client Growth - The number of corporate clients in Nanhua's domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 by December 31, 2023, representing a growth of 9.5% [1] - Financial institution clients grew from 1,140 as of December 31, 2022, to 1,488 by December 31, 2023, a 30.5% increase [1] Financial Performance - Client equity in Nanhua's domestic futures brokerage reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from RMB 19.1 billion on December 31, 2022 [2] - The company reported operating revenues of RMB 9.54 billion, RMB 12.93 billion, RMB 13.55 billion, and RMB 5.93 billion for the years ending in 2022, 2023, 2024, and the first half of 2025, respectively [2] Industry Landscape - The Chinese futures market is the largest globally, covering over 140 products across 41 industries, with a significant correlation between futures and spot prices [3] - The demand for Chinese companies to engage in global financial markets is increasing, with A-share listed companies achieving approximately RMB 3.8 trillion in overseas business revenue in the first half of 2024, a 12.8% year-on-year growth [3] Competitive Environment - The financial services industry is highly competitive, with over 150 futures companies operating in China as of August 31, 2025 [4] - Nanhua Futures faces competition from various financial institutions, including other futures companies, securities firms, and investment banks, impacting pricing and market share [4]

光大期货能化商品日报 光大期货能化商品日报（2025 年 11 月 11 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一油价震荡反弹，其中 WTI 12 月合约收盘上涨 0.38 美元至 | | | | 60.13 美元/桶，涨幅 0.64%。布伦特 1 月合约收盘上涨 0.43 美元 | | | | 至 64.06 美元/桶，涨幅 0.68%。SC2512 以 460 元/桶收盘，下跌 | | | | 0.2 元/桶，跌幅 0.04%。美国参议院周日推进一项旨在让联邦政府 | | | | 重新开门并结束目前已持续 40 天停摆的措施，此次停摆已导致联 | | | | 邦工作人员被迫休假，食品援助延迟，航空旅行混乱。俄罗斯在 | | | | 黑海的 Tuapse 炼油厂在本月早些时候遭遇无人机袭击后暂停了 | | | 原油 | 燃料出口。俄罗斯石油生产商卢克石油正面临日益严重的业务中 | 震荡 | | | 断，因为美国要求企业在 11 月 21 日前切断与该公司业务的截止 | | | | 日期临近，且此前将其业务出售给瑞士贸易商贡沃尔的希望也已 | ...

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefins - The polyolefin market is under pressure, with a divergence in the fundamentals of PP and PE. PP shows a dual increase in supply and demand, but there is a slight inventory build - up this week under the pressure of new production capacity. PE has weak supply and demand, and although there is inventory reduction this week, port inventory remains high. The cost side is mixed, with high inventory and cost support in a continuous game [2]. Glass and Soda Ash - For soda ash, the overall supply - demand pattern is still bearish. Short - term observation is recommended, and opportunities to short on rebounds can be awaited later. For glass, short - term there is still some rigid demand support, but in the long - term, there are concerns about the sustainability of demand, and the price is expected to be under pressure [4]. PVC and Caustic Soda - The caustic soda market is expected to be weak in the short - term, and the overall trend is bearish. The PVC market is in an oversupply situation, and the price is expected to continue the weak trend at the bottom [5]. Methanol - The port methanol market is under significant pressure, and the current market trades on the "weak reality" logic, with the core contradiction being high port inventory. Before the gas restriction in Iran, the weak reality will continue to be traded [8]. Natural Rubber - The supply in overseas production areas is expected to be strong during the peak season, and the domestic production is gradually decreasing. The demand is weakening in some northern regions. The market sentiment has improved, and subsequent attention should be paid to the raw material output in the main production areas and macro - level changes [11]. Pure Benzene and Styrene - The supply - demand outlook for pure benzene is generally loose, and the price driver is weak. It is recommended to short on rebounds following the oil price. The supply - demand of styrene may remain in a tight balance, but the price driver is insufficient. EB12 can be shorted on rebounds [12]. Polyester Industry Chain - For PX, the short - term is expected to fluctuate in the range of 6200 - 6800. For PTA, the short - term is expected to fluctuate in the range of 4300 - 4800. For ethylene glycol, the price is under pressure. For short - fiber, the rebound space is limited. For bottle - chips, the supply - demand is in a loose pattern [13]. Summary by Relevant Catalogs Polyolefins - **Prices and Spreads**: L2601 and L2605, PP2601 and PP2605 have different price changes. The spreads between different contracts and the basis also show various trends. Spot prices of different varieties in different regions also have corresponding changes [2]. - **Inventory and开工率**: PE and PP have different changes in enterprise inventory, social inventory, and trade - related inventory. The start - up rates of PE and PP devices and downstream industries also vary [2]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash have different price changes in different regions, and the basis and spreads between different contracts also change [4]. - **Supply and Demand**: Soda ash production remains at a high level, and the inventory is transferred to the middle and lower reaches. Glass production has changes in production lines, and the demand has short - term and long - term differences [4]. PVC and Caustic Soda - **Prices and Spreads**: The prices of PVC and caustic soda in different forms and regions have corresponding changes, and the basis and spreads between different contracts also vary [5]. - **Supply and Demand**: The caustic soda supply is increasing, and the demand support is weak. The PVC supply is under pressure, and the demand is in the off - season [5]. Methanol - **Prices and Spreads**: Methanol futures and spot prices in different regions have changes, and the basis and regional spreads also vary [6]. - **Inventory and开工率**: Methanol enterprise, port, and social inventories all increase. The start - up rates of upstream and downstream industries also have corresponding changes [7][8]. Natural Rubber - **Prices and Spreads**: The spot prices of natural rubber in different varieties and regions have changes, and the basis, month - to - month spreads also vary [11]. - **Supply and Demand**: The production in different countries has changes, and the start - up rates of tire industries and the import and export volumes also vary [11]. Pure Benzene and Styrene - **Prices and Spreads**: The prices of pure benzene and styrene in different forms and regions have changes, and the basis, spreads between different contracts, and import profits also vary [12]. - **Inventory and开工率**: The inventories of pure benzene and styrene in ports change, and the start - up rates of different industries in the industrial chain also vary [12]. Polyester Industry Chain - **Prices and Spreads**: The prices of upstream raw materials, PX, PTA, MEG, and downstream polyester products have changes, and the basis, spreads between different contracts, and processing fees also vary [13]. - **Supply and Demand**: The supply and demand of different products in the polyester industry chain have corresponding changes, and the start - up rates of different industries also vary [13].

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core View - Crude oil prices have been weakly oscillating recently, exerting some pressure on the unilateral prices of FU and LU. The high - sulfur fuel oil is in an adjustment phase, with the cracking spread, monthly spread, and spot premium declining, but there are still structural supporting factors. Attention should be paid to the change path of Russian supply under the dual influence of drone attacks and sanctions. For low - sulfur fuel oil, as the production of Azur and Dangote refineries decreases, the supply pressure eases marginally, and the market structure is slightly repaired. However, the low - sulfur oil market still lacks a continuous upward - driving force, especially facing resistance on the demand side [2]. 3. Strategy - **High - sulfur fuel oil**: Short - term neutral, medium - term bearish [3]. - **Low - sulfur fuel oil**: Short - term neutral, medium - term bearish [3]. - **Cross - variety**: Go long on the LU2601 - FU2601 spread on dips [3]. - **Cross - term**: No strategy [3]. - **Futures - spot**: No strategy [3]. - **Options**: No strategy [3]. 4. Market Data - The main contract of Shanghai Futures Exchange fuel oil futures closed up 0.04% at 2,693 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 0.71% at 3,280 yuan/ton [1]. - There are various charts showing prices, spreads, and trading volumes of Singapore high - sulfur and low - sulfur fuel oils, as well as fuel oil futures in China, with units including US dollars/ton and yuan/ton, and trading volume in lots [4].

1. Report Industry Investment Rating - Aluminum: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminum alloy: Cautiously bullish [9] - Arbitrage: Neutral [9] 2. Core View of the Report - The overall supply - demand fundamentals of domestic electrolytic aluminum have not changed significantly. Overseas production cuts and positive macro - factors support the price, and the callback depth is limited. If the inventory reduction is smooth, the upward space of aluminum price may open [6]. - The supply - demand surplus pattern of alumina remains unchanged, but spot prices are supported by active procurement. The current price is undervalued, and attention should be paid to unexpected events [8]. 3. Summary by Relevant Catalogs 3.1 Important Data Aluminum Spot - East China A00 aluminum price is 21,490 yuan/ton, with a change of - 50 yuan/ton from the previous trading day; the spot premium is - 30 yuan/ton, with no change from the previous trading day. - Central China A00 aluminum price is 21,380 yuan/ton, and the spot premium has changed by 10 yuan/ton to - 140 yuan/ton from the previous trading day. - Foshan A00 aluminum price is 21,370 yuan/ton, with a change of - 50 yuan/ton from the previous trading day; the spot premium is - 145 yuan/ton, with no change from the previous trading day [1]. Aluminum Futures - On November 10, 2025, the main Shanghai aluminum futures contract opened at 21,660 yuan/ton, closed at 21,725 yuan/ton, up 70 yuan/ton from the previous trading day. The highest price was 21,750 yuan/ton, and the lowest was 21,535 yuan/ton. The trading volume was 238,609 lots, and the open interest was 382,845 lots [2]. Inventory - As of November 10, 2025, the domestic social inventory of electrolytic aluminum ingots was 627,000 tons, an increase of 5,000 tons from the previous period; the warrant inventory was 64,142 tons, an increase of 372 tons from the previous trading day; the LME aluminum inventory was 547,225 tons, a decrease of 2,000 tons from the previous trading day [2]. Alumina Spot Price - On November 10, 2025, the SMM alumina price in Shanxi was 2,840 yuan/ton, in Shandong was 2,785 yuan/ton, in Henan was 2,865 yuan/ton, in Guangxi was 2,935 yuan/ton, in Guizhou was 2,960 yuan/ton, and the FOB price of Australian alumina was 320 US dollars/ton [2]. Alumina Futures - On November 10, 2025, the main alumina futures contract opened at 2,782 yuan/ton, closed at 2,829 yuan/ton, up 50 yuan/ton or 1.80% from the previous trading day's closing price. The highest price was 2,844 yuan/ton, and the lowest was 2,780 yuan/ton. The trading volume was 497,030 lots, and the open interest was 407,979 lots [2]. Aluminum Alloy Price - On November 10, 2025, the purchase price of Baotai civil raw aluminum was 16,900 yuan/ton, and the purchase price of mechanical raw aluminum was 17,100 yuan/ton, with no change from the previous day. The Baotai quotation of ADC12 was 20,900 yuan/ton, with no change from the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy was 72,800 tons, and the in - plant inventory was 59,900 tons [4]. Aluminum Alloy Cost - Profit - The theoretical total cost is 21,042 yuan/ton, and the theoretical profit is - 142 yuan/ton [5]. 3.2 Market Analysis Electrolytic Aluminum - The overall domestic supply - demand fundamentals have not changed significantly. Overseas production cuts in Iceland, positive macro - factors, and the undervalued aluminum price in terms of the copper - aluminum ratio limit the downward space. Attention should be paid to the inventory reduction rhythm [6]. Alumina - Xinjiang electrolytic aluminum plants increased the purchase price. The supply of bauxite is under pressure, the supply - demand surplus pattern remains unchanged, but the spot price is supported by procurement. The current price is undervalued, and attention should be paid to unexpected events [7][8]. 3.3 Strategy - Unilateral: Bullish on aluminum with caution, neutral on alumina, and bullish on aluminum alloy with caution. - Arbitrage: Neutral [9]

Report Industry Investment Ratings - Apple: Neutral to bullish [4] - Red dates: Neutral [8] Core Views - Apple: The price of apples in the futures market rose yesterday, with the main producing areas' ground transactions gradually ending. The prices of high - quality apples remained stable and firm, showing a two - tiered differentiation. The warehousing volume is lower than the same period last year, and the commodity rate is low this year [1][3][4]. - Red dates: The futures price of red dates fell slightly yesterday. The prices in the main producing areas and sales areas were generally stable with a slight decline. The new red dates in the sales areas were less accepted, and the inventory pressure was high. The consumption situation in the peak season will be a key factor affecting the market [5][7]. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract yesterday was 9159 yuan/ton, up 119 yuan/ton or 1.32% from the previous day [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commodity late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1]. Recent Market Information - Ground transactions in late Fuji producing areas are gradually ending. The transaction of paper - wrapped film apples in Shanxi has slightly improved. In Shandong, transactions are concentrated in Qixia and Zhaoyuan, and the transaction in Penglai is ending. Small fruits are actively purchased, and fruit farmers sell at market prices. The fruit farmers' goods are still being warehoused in large quantities. In Shaanxi, the warehousing work is approaching the end, and some fruit farmers' goods in the western producing areas are being transferred out of storage [2]. Market Analysis - Yesterday, the apple futures price showed an upward trend. The ground transactions in the main producing areas are gradually ending. Shandong and Shanxi are still warehousing in large quantities, while Shaanxi is almost finished. The sales area's trading atmosphere is still weak, and the demand is under pressure. The overall出库 price of fruit farmers' goods in Shaanxi and Gansu is about 0.3 yuan higher than the ground price [3]. Strategy - The strategy is neutral to bullish. Although the volume of late Fuji has increased, the commodity rate this year is low, and merchants are cautious about ordering general - quality goods. The warehousing volume is lower than the same period last year [4]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract yesterday was 9585 yuan/ton, down 5 yuan/ton or 0.05% from the previous day [5]. - Spot: The price of first - grade gray dates in Hebei was 9.00 yuan/kg, unchanged from the previous day [5]. Recent Market Information - The mainstream prices of general - grade red dates in different producing areas vary. The harvest progress in the producing areas is about 40%. Sellers' price - holding sentiment has weakened, and merchants' purchasing enthusiasm has increased. In the sales areas, new goods are less accepted, and the prices are weakly stable [6]. Market Analysis - The red dates futures price fell slightly yesterday. The prices in the main producing areas and sales areas are generally stable with a slight decline. The harvest progress in the producing areas is advancing, and the inventory pressure is high. The consumption situation in the peak season will be a key factor affecting the market [7]. Strategy - The strategy is neutral. Recently, the red dates futures price has fallen significantly, and market competition has increased. The new red dates in the main producing areas have not been harvested in large quantities. Attention should be paid to changes in purchase prices, fruit quality, and peak - season consumption [8].