Market Overview - On October 31, the domestic futures market for non-ferrous metals showed mixed results, with lithium carbonate futures dropping over 2% [1] - As of the latest data, lithium carbonate futures fell by 2.65%, priced at 81,420.00 CNY/ton; polysilicon futures rose by 1.36%, priced at 55,655.00 CNY/ton; aluminum alloy futures increased by 0.65%, priced at 20,865.00 CNY/ton; and international copper futures decreased by 1.24%, priced at 77,810.00 CNY/ton [1] Futures Price Data - The opening and closing prices for various non-ferrous metal futures on October 31 are as follows: - Aluminum oxide: Opened at 2,810.00 CNY, closed at 2,849.00 CNY - Lithium carbonate: Opened at 83,780.00 CNY, closed at 83,640.00 CNY - Shanghai copper: Opened at 87,380.00 CNY, closed at 88,490.00 CNY - International copper: Opened at 78,060.00 CNY, closed at 78,790.00 CNY - Shanghai aluminum: Opened at 21,200.00 CNY, closed at 21,265.00 CNY - Aluminum alloy: Opened at 20,690.00 CNY, closed at 20,730.00 CNY - Shanghai lead: Opened at 17,355.00 CNY, closed at 17,360.00 CNY - Shanghai nickel: Opened at 120,750.00 CNY, closed at 121,240.00 CNY - Shanghai zinc: Opened at 22,280.00 CNY, closed at 22,420.00 CNY - Industrial silicon: Opened at 9,150.00 CNY, closed at 9,200.00 CNY - Polysilicon: Opened at 54,970.00 CNY, closed at 54,910.00 CNY - Shanghai tin: Opened at 283,300.00 CNY, closed at 284,690.00 CNY [2] Warehouse Inventory Data - As of October 30, the warehouse receipts for various non-ferrous metals are as follows: - International copper: 10,960 tons, unchanged from the previous trading day - Copper: 37,437 tons, an increase of 1,692 tons from the previous trading day - Aluminum: 66,418 tons, an increase of 374 tons from the previous trading day - Zinc: 67,124 tons, a decrease of 300 tons from the previous trading day - Lead: 21,645 tons, a decrease of 1,352 tons from the previous trading day - Nickel: 31,532 tons, an increase of 99 tons from the previous trading day - Tin: 5,732 tons, an increase of 50 tons from the previous trading day - Aluminum oxide: 225,761 tons, an increase of 2,389 tons from the previous trading day - Lithium carbonate: 27,641 contracts, an increase of 116 contracts from the previous trading day - Polysilicon: 9,330 contracts, an increase of 210 contracts from the previous trading day - Industrial silicon: 47,410 contracts, an increase of 72 contracts from the previous trading day [3] Basis and Price Comparison - The basis and price comparison for selected metals are as follows: - Copper: Spot price 88,015 CNY, futures price 88,490 CNY, basis -475 CNY, basis rate -0.54% - Zinc: Spot price 22,236 CNY, futures price 22,420 CNY, basis -184 CNY, basis rate -0.83% - Aluminum: Spot price 21,186.7 CNY, futures price 21,265 CNY, basis -78 CNY, basis rate -0.37% [4] - Additional comparisons include: - Lead: Spot price 17,268.8 CNY, futures price 17,360 CNY, basis -91 CNY, basis rate -0.53% - Nickel: Spot price 122,517 CNY, futures price 121,240 CNY, basis 1,277 CNY, basis rate 1.04% - Tin: Spot price 284,012 CNY, futures price 284,690 CNY, basis -678 CNY, basis rate -0.24% - Aluminum alloy: Spot price 20,900 CNY, futures price 20,705 CNY, basis 195 CNY, basis rate 0.93% - Industrial silicon: Spot price 9,670 CNY, futures price 9,200 CNY, basis 470 CNY, basis rate 4.86% - Lithium carbonate: Spot price 80,000 CNY, futures price 83,640 CNY, basis -3,640 CNY, basis rate -4.55% - Polysilicon: Spot price 52,000 CNY, futures price 54,910 CNY, basis -2,910 CNY, basis rate -5.60% - International copper: Spot price 78,875 CNY, futures price 78,330 CNY, basis 545 CNY, basis rate 0.69% [5]

Core Viewpoint - The domestic chemical futures market experienced a significant decline on October 31, with major contracts such as 20 rubber and rubber futures showing notable decreases in price. Price Movements - The main rubber futures fell by 1.84% to 15,210.00 CNY/ton, while the 20 rubber futures dropped by 2.42% to 12,290.00 CNY/ton [1] - PVC futures decreased by 1.38% to 4,721.00 CNY/ton, whereas the main wood futures saw a slight increase of 0.51% to 792.00 CNY/ton [1][2] Warehouse Inventory Data - As of October 30, the warehouse inventory for butadiene rubber futures remained stable at 3,010 tons, while the factory inventory was also unchanged at 5,570 tons [3] - Natural rubber futures inventory decreased by 1,220 tons to 121,670 tons, and 20 rubber futures inventory increased by 604 tons to 44,857 tons [3] - Pulp futures warehouse inventory decreased by 486 tons to 218,942 tons, while factory inventory remained stable at 6,000 tons [3] Basis Data - The basis data indicates that several contracts, including pulp, butadiene rubber, glass, and others, are experiencing a "backwardation" phenomenon, where spot prices exceed futures prices [4] - The basis rates for various commodities show mixed results, with some commodities like caustic soda and polyethylene showing positive basis rates, while others like PVC and pure benzene are negative [5]

Core Viewpoint - The domestic chemical futures market experienced significant declines, particularly in the wood futures sector, which fell over 4% on October 27, 2023, while other commodities showed mixed performance [1]. Price Movements - As of October 27, 2023, the main contracts showed the following price changes: - Soda ash rose by 0.65% to 1237.00 CNY/ton - Synthetic rubber decreased by 2.06% to 10925.00 CNY/ton - Styrene dropped by 1.34% to 6492.00 CNY/ton - Wood futures fell by 4.22% to 794.50 CNY/ton [1][2]. Warehouse Inventory Data - As of October 24, 2023, the warehouse inventory data indicated: - 20 rubber futures inventory remained stable at 42640 tons - Natural rubber futures inventory decreased by 3190 tons to 124020 tons - Pulp warehouse futures inventory remained stable at 220002 tons [3][4]. Basis Data - The basis data as of October 24, 2023, revealed that several commodities experienced a "backwardation" phenomenon, where spot prices exceeded futures prices, including: - Pulp, butadiene rubber, glass, short fiber, PX, caustic soda, bottle flakes, polyethylene, polypropylene, ethylene glycol, styrene, and 20 rubber [4]. Basis and Basis Rate - The basis and basis rates for various commodities were as follows: - Natural rubber: -550 CNY, -3.72% - Pulp: +306 CNY, +5.51% - Butadiene rubber: +265 CNY, +2.32% - PTA: -63 CNY, -1.41% - Glass: +74 CNY, +6.32% - Methanol: -40 CNY, -1.79% - Urea: -42 CNY, -2.63% - Soda ash: -23 CNY, -1.91% - Short fiber: +154 CNY, +2.44% - PX: +112 CNY, +1.68% - Caustic soda: +270 CNY, +10.19% - Bottle flakes: +113 CNY, +1.96% - PVC: -174 CNY, -3.83% - Polyethylene: +139 CNY, +1.95% - Wood: -69 CNY, -9.08% - Polypropylene: +94 CNY, +1.39% - Ethylene glycol: +186 CNY, +4.35% - Styrene: +270 CNY, +3.94% - 20 rubber: +759 CNY, +5.72% [5].

Core Viewpoint - The domestic futures market for agricultural products shows mixed performance, with significant declines in live pig and egg futures, while apple and red date futures have seen slight increases [1]. Group 1: Price Movements - As of October 9, live pig futures have dropped by 5.88%, trading at 11,595.00 CNY/ton [1]. - Apple futures increased by 0.83%, reaching 8,648.00 CNY/ton [1]. - Red date futures rose by 0.56%, priced at 10,850.00 CNY/ton [1]. - Egg futures fell by 5.63%, currently at 2,848.00 CNY/500 kg [1]. Group 2: Futures Price Data - The opening and closing prices for various contracts on October 9 are as follows: - Eggs: Opened at 2,890.00 CNY, closed at 3,018.00 CNY [2]. - Live pigs: Opened at 11,710.00 CNY, closed at 12,320.00 CNY [2]. - Red dates: Opened at 10,880.00 CNY, closed at 10,790.00 CNY [2]. - Apples: Opened at 8,700.00 CNY, closed at 8,577.00 CNY [2]. Group 3: Warehouse Receipt Data - As of September 30, there were no warehouse receipts for apple and egg futures, while red date futures saw a decrease of 6,155 receipts, totaling 58 [3]. - Live pig futures also had no warehouse receipts, remaining unchanged from the previous trading day [3]. - A basis analysis indicated that egg contracts experienced a "backwardation" situation, where spot prices exceeded futures prices [3]. Group 4: Basis and Basis Rate - The basis and basis rate for key products are as follows: - Eggs: Spot price at 7.27 CNY, futures price at 3,018 CNY, resulting in a basis of 616 CNY and a basis rate of 16.95% [4]. - Live pigs: Spot price at 12.62 CNY, futures price at 12,750 CNY, leading to a basis of -130 CNY and a basis rate of -1.03% [4].

Core Viewpoint - The domestic futures market for crude oil and related products showed a significant upward trend on September 24, with fuel oil futures rising nearly 4% Group 1: Price Movements - As of September 24, the main crude oil futures rose by 1.75% to 483.60 CNY per barrel [1] - The main fuel oil futures increased by 3.81% to 2863.00 CNY per ton [1] - Low sulfur fuel oil futures saw a rise of 1.79% to 3405.00 CNY per ton [1] - Asphalt futures increased by 0.56% to 3396.00 CNY per ton [1] Group 2: Futures Price Data - SC crude oil opened at 479.20 CNY, with a previous close of 473.10 CNY and a last settlement of 475.30 CNY [2] - Fuel oil opened at 2797.00 CNY, with a previous close of 2759.00 CNY and a last settlement of 2758.00 CNY [2] - Asphalt opened at 3395.00 CNY, with a previous close of 3373.00 CNY and a last settlement of 3377.00 CNY [2] - Liquefied petroleum gas opened at 4256.00 CNY, with a previous close of 4235.00 CNY and a last settlement of 4247.00 CNY [2] - Low sulfur fuel oil opened at 3386.00 CNY, with a previous close of 3350.00 CNY and a last settlement of 3345.00 CNY [2] Group 3: Warehouse Inventory Data - As of September 23, the inventory for medium-sulfur crude oil futures remained unchanged at 5,401,000 barrels [3] - Fuel oil futures inventory decreased by 29,910 tons to 97,230 tons [3] - Asphalt futures warehouse inventory remained unchanged at 18,940 tons, while factory inventory decreased by 1,260 tons to 39,180 tons [3] - Liquefied petroleum gas futures inventory decreased by 478 contracts to 12,496 contracts [3] - Low sulfur fuel oil futures warehouse inventory remained unchanged at 10,020 tons [3] Group 4: Basis Data - The basis for fuel oil shows a significant premium, with a spot price of 5400 CNY and a futures price of 2758 CNY, resulting in a basis of 2642 CNY and a basis rate of 48.93% [3] - For asphalt, the basis is 246 CNY with a basis rate of 6.79% [3] - Liquefied petroleum gas has a basis of 353 CNY and a basis rate of 7.67% [3] - Low sulfur fuel oil has a basis of 154 CNY and a basis rate of 4.40% [3]

Core Viewpoint - The domestic futures market for crude oil and related products experienced a significant decline, with the main crude oil futures dropping over 2% on September 23, 2023 [1] Group 1: Price Movements - As of September 23, 2023, the main crude oil futures fell by 2.58%, settling at 471.70 yuan per barrel [1] - Fuel oil futures decreased by 0.97%, closing at 2751.00 yuan per ton [1] - Asphalt futures dropped by 1.41%, ending at 3366.00 yuan per ton [1] - Liquefied petroleum gas futures declined by 1.49%, with a closing price of 4229.00 yuan per ton [1] Group 2: Futures Price Data - The opening and closing prices for various contracts on September 23, 2023, were as follows: - SC Crude Oil: Opened at 476.60 yuan, closed at 484.20 yuan [2] - Fuel Oil: Opened at 2745.00 yuan, closed at 2778.00 yuan [2] - Asphalt: Opened at 3375.00 yuan, closed at 3414.00 yuan [2] - Liquefied Petroleum Gas: Opened at 4258.00 yuan, closed at 4293.00 yuan [2] - Low Sulfur Fuel Oil: Opened at 3330.00 yuan, closed at 3373.00 yuan [2] Group 3: Warehouse Data - As of September 22, 2023, the commodity warehouse receipts showed: - Medium sulfur crude oil futures receipts remained stable at 5,401,000 barrels [3] - Fuel oil futures receipts were unchanged at 127,140 tons [3] - Asphalt futures warehouse receipts decreased by 4,300 tons to 18,940 tons [3] - Liquefied petroleum gas futures receipts remained stable at 12,974 hands [3] - Low sulfur fuel oil futures warehouse receipts were stable at 10,020 tons [3] Group 4: Basis Data - As of September 22, 2023, the basis data indicated a phenomenon of "backwardation" for several contracts, where spot prices exceeded futures prices: - Fuel Oil: Spot price at 5437.5 yuan, futures price at 2778 yuan, basis at 2659 yuan, basis rate at 48.90% [3] - Asphalt: Spot price at 3616.67 yuan, futures price at 3414 yuan, basis at 202 yuan, basis rate at 5.59% [3] - Liquefied Petroleum Gas: Spot price at 4597.5 yuan, futures price at 4293 yuan, basis at 304 yuan, basis rate at 6.61% [3] - Low Sulfur Fuel Oil: Spot price at 3506 yuan, futures price at 3382 yuan, basis at 124 yuan, basis rate at 3.53% [3]

Core Insights - The domestic non-ferrous metal market experienced significant declines on September 23, with major drops in polysilicon and industrial silicon prices [1][2] Price Movements - Industrial silicon futures fell by 1.75%, settling at 8,975.00 CNY/ton - Polysilicon futures decreased by 2.76%, closing at 50,250.00 CNY/ton - Aluminum oxide futures dropped by 1.12%, ending at 2,901.00 CNY/ton - Lead futures declined by 0.44%, finishing at 17,085.00 CNY/ton [1] Futures Market Data - The opening and closing prices for various contracts on September 23 were as follows: - Aluminum oxide: Opened at 2,926.00 CNY, closed at 2,934.00 CNY - Lithium carbonate: Opened at 73,040.00 CNY, closed at 73,420.00 CNY - Copper: Opened at 80,080.00 CNY, closed at 80,160.00 CNY - Nickel: Opened at 121,140.00 CNY, closed at 121,400.00 CNY - Zinc: Opened at 22,080.00 CNY, closed at 22,090.00 CNY [2] Warehouse Inventory Changes - As of September 22, warehouse data indicated the following changes in futures inventory: - Copper futures inventory decreased by 1,945 tons to 29,893 tons - Aluminum futures inventory decreased by 1,198 tons to 70,761 tons - Zinc futures inventory increased by 2,523 tons to 55,054 tons - Lead futures inventory decreased by 2,932 tons to 44,357 tons [3] Basis and Spot Prices - The basis and spot prices for various metals were reported as follows: - Copper: Spot price at 80,233.3 CNY, futures price at 80,120 CNY, basis at 113 CNY - Zinc: Spot price at 21,942 CNY, futures price at 21,995 CNY, basis at -53 CNY - Aluminum: Spot price at 20,826.7 CNY, futures price at 20,770 CNY, basis at 56 CNY [4][5]

Group 1 - The black metal futures market showed mixed performance on September 22, with most contracts rising while manganese silicon fell nearly 2% [1] - As of September 22, iron ore futures rose by 0.25% to 807.50 CNY/ton, rebar increased by 0.76% to 3182.00 CNY/ton, hot-rolled coil gained 0.51% to 3379.00 CNY/ton, while manganese silicon dropped by 1.77% to 5874.00 CNY/ton [1][2] - The opening prices for rebar, iron ore, and hot-rolled coil were 3172.00 CNY, 811.00 CNY, and 3374.00 CNY respectively, indicating stable market conditions [2] Group 2 - As of September 19, rebar warehouse futures increased by 6931 tons to 256453 tons, while hot-rolled coil futures decreased by 7721 tons to 37228 tons [3] - The futures market showed a phenomenon of "backwardation" for rebar, hot-rolled coil, stainless steel, and iron ore, where spot prices exceeded futures prices [3] - The basis for manganese silicon was -220 CNY, indicating that the spot price was lower than the futures price, reflecting a negative market sentiment [4]

Group 1 - The domestic precious metals market showed a positive trend on September 22, with both gold and silver futures prices increasing [1] - The main contract for gold (沪金) closed at 840.80 CNY per gram, reflecting a rise of 1.33%, while the main contract for silver (沪银) closed at 10,270.00 CNY per kilogram, with a gain of 3.34% [1] - The opening prices for gold and silver futures were 831.02 CNY per gram and 9,971.00 CNY per kilogram, respectively, with previous closing prices of 830.56 CNY and 9,971.00 CNY [2] Group 2 - As of September 19, the silver futures warehouse receipts totaled 1,159,443 kilograms, a decrease of 44,080 kilograms compared to the previous trading day, while gold futures warehouse receipts increased by 999 kilograms to 57,429 kilograms [3] - There were no instances of "backwardation" (where spot prices exceed futures prices) reported for any commodity contracts as of September 19 [3] - The basis for gold was calculated at -2.3 with a basis rate of -0.28%, while the basis for silver was -93 with a basis rate of -0.94% [3]

Core Viewpoint - The domestic futures market for crude oil-related products experienced a decline across the board on September 22, with liquefied petroleum gas (LPG) leading the drop at over 2% [1]. Group 1: Price Movements - As of September 22, the main crude oil futures fell by 1.65%, settling at 483.10 yuan per barrel [1]. - Fuel oil futures decreased by 1.24%, priced at 2783.00 yuan per ton [1]. - Low-sulfur fuel oil futures saw a decline of 0.65%, with a price of 3383.00 yuan per ton [1]. - Liquefied petroleum gas futures dropped by 2.59%, now at 4255.00 yuan per ton [1]. - The opening prices for various contracts on September 22 included SC crude oil at 485.20 yuan, fuel oil at 2793.00 yuan, and LPG at 4359.00 yuan [2]. Group 2: Warehouse Data - As of September 19, the warehouse data indicated that the futures warehouse receipts for medium-sulfur crude oil remained unchanged at 5,401,000 barrels [3]. - Fuel oil futures warehouse receipts were stable at 127,140 tons [3]. - The warehouse receipts for asphalt futures decreased by 1,330 tons, totaling 40,440 tons [3]. - LPG futures warehouse receipts remained steady at 12,974 contracts [3]. - Low-sulfur fuel oil warehouse receipts were unchanged at 10,020 tons [3]. Group 3: Basis Data - The basis data as of September 19 showed a phenomenon of "backwardation" for fuel oil, asphalt, LPG, and low-sulfur fuel oil, where spot prices exceeded futures prices [3]. - The basis for fuel oil was calculated at 2,632 yuan, with a basis rate of 48.29% [3]. - The basis for asphalt was 205 yuan, with a basis rate of 5.65% [3]. - The basis for LPG was 234 yuan, with a basis rate of 5.08% [3]. - The basis for low-sulfur fuel oil was 144 yuan, with a basis rate of 4.07% [3].