Group 1: Report Overview - The report is the Cotton and Cotton Yarn Daily of November 26, 2024, focusing on the cotton and cotton yarn markets [1] Group 2: Market Information Futures Market - The closing prices, price changes, trading volumes, and open interest of various cotton (CF) and cotton yarn (CY) futures contracts are presented. For example, the CF01 contract closed at 13625 with a decrease of 20, and its trading volume was 172,621 with a decrease of 65278 [2] Spot Market - Spot prices and price changes of various cotton and cotton yarn products are provided, such as the CCIndex3128B at 14882 yuan/ton with an increase of 89, and the CY IndexC32S at 20660 yuan/ton with no change [2] Spread Market - Different spreads, including cotton and cotton yarn inter - month spreads and cross - product spreads, are given. For instance, the 1 - 5 month spread of cotton is 40 with a decrease of 25, and the CY01 - CF01 spread is 6445 with an increase of 25 [2] Group 3: Market News and Views Cotton Market News - The average temperature and rainfall in the main US cotton - producing areas have increased. As of November 23, the cotton harvest rate in 15 major US cotton - growing states is 79%, slower than last year and the five - year average. The 2025/26 cotton prices and transaction basis in Xinjiang are also reported [4] Trading Logic - In November, with the large - scale listing of new cotton, there may be selling hedging pressure. Although this year's cotton production is high, the expected increase may be lower than previously thought. The market has entered a relatively off - season after the peak season. It is expected that Zhengzhou cotton will mostly fluctuate within a limited range [5] Trading Strategies - For the single - side trading, it is expected that US cotton will fluctuate within a range, and Zhengzhou cotton will also show a fluctuating trend. For arbitrage and options, it is recommended to wait and see [6][7] Cotton Yarn Industry News - The night - session of Zhengzhou cotton maintained a fluctuating trend. The trading in the pure cotton yarn market was average, with few new orders. The inventory of pure cotton yarn continued to rise. The price of pure cotton yarn was stable with a weakening trend. The demand for all - cotton clothing grey cloth was weak [9] Group 4: Options Option Data - The data of several cotton options contracts, including the closing price, price change rate, implied volatility, and other indicators, are provided. For example, the CF601C13400.CZC contract closed at 183.00 with a 71.0% increase, and its implied volatility was 6.7% [11] Volatility and Strategy - The 10 - day HV of cotton increased slightly. The implied volatilities of different options contracts are reported. The PCR values of the main Zhengzhou cotton contract decreased. It is recommended to wait and see for options trading [11][12][13] Group 5: Related Attachments - There are multiple charts showing the spreads between domestic and foreign cotton markets, cotton basis at different months, spreads between cotton and cotton yarn, and spreads between different cotton futures contracts [14][18][23][25]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then fluctuated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW continued to strengthen this week. The 0.5% cracking in Singapore weakened oscillatingly this week, the monthly spread weakened oscillatingly, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujeirah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased [7]. - The expectation of Russia - Ukraine peace talks strengthened, the prices of external gasoline and diesel dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the Al Zour refinery caught fire and shut down on October 21, the Singapore basis started to rebound recently [7]. - Global residue has entered an inventory - building cycle. The external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillating pattern. Maintain the idea of shorting the FU01 externally and internally, and consider arranging 1 - 2 reverse spreads. The short - term downside space of low - sulfur fuel oil is limited [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Index | Change | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | -3.18 | | Rotterdam 0.5% VLS FO Swap M1 | -3.63 | | Rotterdam HSFO - Brent M1 | -0.20 | | Rotterdam 10ppm Gasoil Swap M1 | -9.68 | | Rotterdam VLSFO - Gasoil M1 | 6.05 | | LGO - Brent M1 | -0.89 | | Rotterdam VLSFO - HSFO M1 | -0.45 | [4] Singapore Fuel Oil Swap Data | Index | Change | | --- | --- | | Singapore 380cst M1 | -2.60 | | Singapore 180cst M1 | 0.83 | | Singapore VLSFO M1 | -0.25 | | Singapore Gasoil M1 | -1.80 | | Singapore 380cst - Brent M1 | -0.72 | | Singapore VLSFO - Gasoil M1 | 13.07 | [4] Singapore Fuel Oil Spot Data | Index | Change | | --- | --- | | FOB 380cst | -1.99 | | FOB VLSFO | -1.29 | | 380 Basis | 0.75 | | High - sulfur Internal - External Price Difference | 2.1 | | Low - sulfur Internal - External Price Difference | 0.5 | [5] Domestic FU Data | Index | Change | | --- | --- | | FU 01 | -21 | | FU 05 | -16 | | FU 09 | -4 | | FU 01 - 05 | -5 | | FU 05 - 09 | -12 | | FU 09 - 01 | 17 | [5] Domestic LU Data | Index | Change | | --- | --- | | LU 01 | -26 | | LU 05 | -13 | | LU 09 | -13 | | LU 01 - 05 | -13 | | LU 05 - 09 | 0 | | LU 09 - 01 | 13 | [6]

格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 26 日星期二 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 | | 进入低位震荡磨底阶段。若排除疫病影响，明年9月之前生猪供给仍将持续兑现；长 | | --- | --- | | | 期来看，10月能繁母猪存栏降幅明显，对应明年9月后供给压力或有所减弱，若母猪 | | | 存栏持续下降，可关注明年9月之后的低多机会。 | | | 【交易策略】 | | | 现货继续磨底，近月合约震荡修复、交易基差修复逻辑，短期弱势延续；中长期等 | | | 待养殖端去产能的执行效果，远月合约交易政策驱动下的去产能预期差，10月能繁 | | | 母猪存栏减幅扩大，若母猪存栏持续下降，可关注明年9月份之后的低多机会。 | | | 2601合约短线压力关注11500-11600，支撑关注11000-11200；2603合约短线压力关 | | | 注11400-11500，支撑关注11200是否有效，若有效跌破支撑则有望打开进一步下跌 | | | 空间；2605合约短线压力关注12000-12100,支撑关 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market is pessimistic about the subsequent freight rate height. Some shipping companies have lowered their spot quotes for the first half of December, which led to a significant decline in the EC futures market on November 25. The freight rate landing expectations are still controversial. The report suggests a wait - and - see approach for single - side trading and waiting for a pullback to buy the 2 - 4 positive spreads in batches for arbitrage [7][9]. 3. Summary by Relevant Catalogs I. Container Shipping - Container Freight Index (European Line) - **Futures Market Performance** - On November 25, EC2512 closed at 1650 points, down 7.29% from the previous day's close. Other contracts also showed varying degrees of decline. The trading volume of most contracts increased significantly, while the open interest of some contracts changed differently. For example, the trading volume of EC2512 increased by 346.72%, and its open interest decreased by 5.95% [5]. - The month - spread structure also changed. For instance, the EC12 - EC02 spread was 197, down 14.6 [5]. - **Container Freight Rates** - The SCFIS European Line index was 1639.37, up 20.75% week - on - week but down 42.71% year - on - year. Different container freight rates showed different trends. For example, the SCFI: Shanghai - West Africa freight rate was 3557 USD/TEU, down 11.81% week - on - week and 21.76% year - on - year [5]. - **Market Analysis and Strategy Recommendation** - **Analysis**: Some shipping companies, such as MSK, lowered their quotes, which affected market sentiment. The latest SCFIS European Line index was higher than expected due to previous delays, skipped sailings, and differences in mainstream shipping company quotes. The demand in November - December is expected to gradually improve. The supply of shipping capacity in November and January 2026 changed little, while the capacity in December decreased slightly by about 4% due to the additional suspension of one ship by the OA Alliance and MSC's ship - changing strategy. Geopolitical factors also affected the market, with MSK not resuming flights in the short term [7][8]. - **Strategy**: For single - side trading, due to the controversial landing expectations, it is expected to be in a weak oscillation, and a wait - and - see approach is recommended. For arbitrage, wait for a pullback and then buy the 2 - 4 positive spreads in batches [9]. - **Industry News** - On November 24, Goldman Sachs economists expected the Fed to cut interest rates in December, warning that the US economic slowdown might exceed expectations [10]. II. Relevant Attachments - There are multiple figures showing the trends of various container freight indices, such as the SCFIS European Line index, SCFIS US West Line index, SCFI comprehensive index, and container freight rates from Shanghai to different regions like the US West, US East, Europe, etc. [11][12][14]

研究所 农产品研发报告 玉米淀粉日报 2025 年 11 月 25 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/11/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2242 | 22 | 0.98% | 791,802 | -0.94% | 1,015,768 | 4.24% | | C2605 | | 2263 | -1 | -0.04% | 115,839 | 6.16% | 359,634 | 2.85% | | C2509 | | 2275 | -8 | -0.35% | 4,815 | 17.64% | 19,572 | 8.17% | | CS2601 | | 2556 | 21 | 0.82% | 159,970 | 1.28% | 254,397 | 5.23% | | CS2605 | ...

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Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 25 日星期二 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 铁矿: | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 周一夜盘铁矿收涨。 | | | | | 【重要资讯】 | | | | | 1、今年 1 至 10 月，国家铁路累计发送货物 33.78 亿吨，同比增长 3%，创历史同期 | | | | | 新高；日均装车 18.6 万车，同比增长 4%，为降低全社会物流成本、保障国民经济 | | | | | 平稳运行提供了有力支撑。 | | | | | 2、根据克拉克森最新数据统计（截至 2025 年 11 月 9 日），2025 年 10 月份全球新 | | | | | 签订单 134 艘，共计 2,920,231CGT。与 2025 年 9 月份全球新签订单 185 艘，共计 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - **Lead Market**: The lead price oscillated and declined. The raw material support weakened, and the supply tightness improved, putting pressure on the lead price. The terminal market improved, and the demand for lead batteries increased. It is recommended to hold previous short positions [1]. - **Zinc Market**: The fundamentals of the zinc market remained weak, and the short - term zinc price might be under pressure. In the medium term, the ore supply would tighten in the fourth quarter, providing some support to the zinc price. It is recommended to hold previous short positions [1]. 3. Summary by Related Catalogs Lead - **Price and Market Indicators**: On November 25, 2025, the average price of SMM1 lead ingots was 17,075 yuan/ton with no change. The closing price of the main futures contract of Shanghai lead was 17,135 yuan/ton, down 0.17%. The LME3 - month lead futures closing price (electronic disk) was 1,992 dollars/ton, up 0.15%. The Shanghai - London lead price ratio was 22,310, down 0.27% [1]. - **Supply and Demand**: There was no expected increase in lead concentrate imports, and the processing fee was likely to rise. Some refineries had maintenance plans, and the operation rate of primary lead fluctuated slightly. The operation rate of secondary lead in Anhui increased after the refinery resumed production, while that in Henan decreased due to environmental protection. The demand for lead batteries improved, and the demand side increased [1]. - **Inventory**: The LME lead inventory was 265,275 tons with no change, and the Shanghai lead warehouse receipt inventory was 29,556 tons, down 1.33% [1]. Zinc - **Price and Market Indicators**: On November 25, 2025, the closing price of the main futures contract of Shanghai zinc was 22,390 yuan/ton, down 0.02%. The LME3 - month zinc futures closing price (electronic disk) was 3,003 dollars/ton, up 0.37%. The Shanghai - London zinc price ratio was 7.46, down 0.39% [1]. - **Supply and Demand**: Refineries actively purchased domestic zinc ore, and the processing fee was expected to decline. The refinery profit and production enthusiasm improved, and the monthly output was expected to be around 600,000 tons. The demand side was weak, and the operation rate of some downstream enterprises decreased due to environmental protection and cold weather [1]. - **Inventory**: The LME zinc inventory was 47,425 tons with no change, and the Shanghai zinc warehouse receipt inventory was 74,641 tons, up 2.39%. As of November 24, the total inventory of SMM seven - region zinc ingots was 151,000 tons, a decrease compared to previous periods [1].

研究所 农产品研发报告 花生日报 2025 年 11 月 24 日 | 第一部分 | | | 数据 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | 2025/11/24 | | | 期货盘面 | | | | | | | | | 期货 涨跌 | 收盘价 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | | 增减幅 | | PK604 26 | 7862 | 0.33% | 40,309 | -53.80% | 20,396 | | -2.23% | | PK510 6 | 8166 | 0.07% | 111 | 152.27% | 641 | | 2.89% | | PK601 64 | 7858 | 0.81% | 112,375 | 6.53% | 118,990 | | -7.37% | | 现货与基差 | | | | | | | | | 现货 山东济宁 山东临沂 日照花生粕 日照豆粕 | 河南南阳 | | | | 花生油 | 日照一级豆油 | | | 今日报价 7600 | 7200 | ...

研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2025年11月24日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 冠通期货研究报告 --沥青周报 行情分析 供应端，上周沥青开工率环比回落4.2个百分点至24.8%，较去年同期低了7.0个百分点，处于近年同期最低水平。 据隆众资讯数据，11月份国内沥青预计排产222.8万吨，环比减少45.4万吨，减幅为16.9%，同比减少27.4万吨，减 幅为11.0%。上周，沥青下游各行业开工率涨跌互现，其中道路沥青开工环比持平于34%，受到资金和天气制约。上 周，东北地区沥青产量增加，叠加降价刺激出货，其出货量增加较多，全国出货量环比增加15.28%至24.6万吨，处 于中性略偏低水平。沥青炼厂库存存货比环比持平，处于近年来同期的最低位附近。俄罗斯副总理诺瓦克表示，美 国及西方最新实施的制裁并未对俄罗斯的石油产量造成影响，另外特朗普政府极力促成俄乌停火，泽连斯基表明对 和谈持开放态度，原油价格下跌。本周山东胜星等炼厂将稳定 ...