Report Industry Investment Rating - Steel: Low-level range operation [3] - Coke: First round of price cut implemented, range operation [8] - Coking Coal: Supply still has disruptions, maintain range operation [12] - Ferroalloys: Limited supply-demand contradictions, maintain range operation [15] Core Views of the Report - Steel: The fundamentals of rebar are weakly balanced, with slightly decreased production and apparent demand, and decreased inventory. The production of hot-rolled coils has increased slightly, the apparent demand has decreased slightly, and the inventory is at the highest level in the same period in recent years. Both are expected to fluctuate in the short term [4][5] - Iron Ore: Iron water production is expected to decrease further, the fundamentals have weakened, and a cautious bearish view is taken [6][7] - Coke: After the fourth round of price increase, the profits of coke enterprises have improved, and inventories have accumulated. Steel mills have initiated the first round of price cuts. It is expected to follow coking coal in the short term [10] - Coking Coal: Domestic raw coal production has decreased, supply disruptions exist, and the market transaction is light. It is expected to repair the basis and maintain range operation [13] - Manganese Silicon: The supply in the production area is decreasing, the demand has improved marginally, and the inventory accumulation speed has slowed down. The upward trend lacks sustainability [16][17] - Ferrosilicon: The industry's losses have deepened, but production is relatively stable, demand has increased slightly, and inventory has decreased for two consecutive weeks. The upward trend lacks sustainability [16][17] Summary by Variety Rebar - **Variety View**: Production and apparent demand decreased slightly, inventory decreased, and the fundamentals are weakly balanced. Iron water production decreased, and steel mills' willingness to reduce production is low [4] - **Operation Suggestion**: Short-term lack of strong driving force, may fluctuate in the range [5] Hot-rolled Coil - **Variety View**: Production increased slightly, apparent demand decreased slightly, and inventory is at the highest level in the same period in recent years [4] - **Operation Suggestion**: Iron water production decreased slightly, steel mills' willingness to reduce production is not strong, and it may fluctuate in the range in the short term [5] Iron Ore - **Variety View**: Iron water production is expected to decrease further, steel mills are destocking, ports are increasing inventory, and the fundamentals have weakened [6] - **Operation Suggestion**: A cautious bearish view is taken, and long positions should avoid the edge for the time being [7] Coke - **Variety View**: After the fourth round of price increase, the profits of coke enterprises have improved, inventories have accumulated, and steel mills have initiated the first round of price cuts. Iron water production has decreased, and most steel mills have maintenance plans [10] - **Operation Suggestion**: A cautious bearish view is taken [11] Coking Coal - **Variety View**: Domestic raw coal production has decreased, supply disruptions exist, the market transaction is light, and downstream restocking needs to be concerned [13] - **Operation Suggestion**: A cautious bearish view is taken [14] Manganese Silicon - **Variety View**: The supply in the production area is decreasing, the demand has improved marginally, and the inventory accumulation speed has slowed down. The new round of steel procurement has not started yet [16] - **Operation Suggestion**: The short-term cost has certain support, but the upward trend lacks sustainability. It is recommended to be cautious [17] Ferrosilicon - **Variety View**: The industry's losses have deepened, but production is relatively stable, demand has increased slightly, and inventory has decreased for two consecutive weeks. The new round of steel procurement has not started yet [16] - **Operation Suggestion**: The supply-demand contradiction is not significant, but the upward trend lacks sustainability. It is expected to operate in the range [17]

【基本面跟踪】 2025 年 12 月 03 日 甲醇：震荡运行，上方空间收窄 | 黄天圆 | 投资咨询从业资格号：Z0018016 | Huangtianyuan022594@gtjas.com | | --- | --- | --- | | 杨鈜汉 | 投资咨询从业资格号：Z0021541 | yanghonghan025588@gtjas.com | 甲醇基本面数据 | 项 | 目 | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 甲醇主力 | 收盘价 | （元/吨） | 2,132 | 2,136 | - 4 171266 | | | | 结算价 | （元/吨） | 2,145 | 2,121 | 2 4 | | | | 成交量 | （手） | 1,198,322 | 1,027,056 | | | | （01合约） | 持仓量 | （手） | 978,569 | 1,003,722 | -25153 | | | | 仓单数量 | （吨） | 3,800 | 3,800 | 0 | ...

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily research and analysis on various energy - chemical futures, including rubber, synthetic rubber, LLDPE, etc., and gives trend judgments and market analysis for each variety [2]. 3. Summary by Related Catalogs Rubber - **Trend**: Oscillating [2][4] - **Fundamentals**: The closing price of the rubber main contract fluctuated, trading volume decreased, and the net short position of the top 20 members decreased. The prices of some overseas rubber varieties increased slightly, while the prices of some domestic import varieties decreased. The orders of tire sample enterprises weakened [5][6][8]. - **Trend Intensity**: Neutral (0) [5] Synthetic Rubber - **Trend**: Short - term event - driven upward with narrowing upside space [2][10] - **Fundamentals**: The price of the main contract of synthetic rubber increased, trading volume increased, and the opening rate of cis - butadiene rubber increased. The price of butadiene increased, and the inventory of cis - butadiene rubber increased [10][11][12]. - **Trend Intensity**: Neutral (0) [12] LLDPE - **Trend**: Basis turns positive, supply remains loose [2][13] - **Fundamentals**: The futures price of LLDPE increased slightly, the basis strengthened slightly, and the inventory of upstream factories accumulated passively. The supply in the near - term is stable, but there is supply - demand pressure in the medium - term [13][14]. - **Trend Intensity**: Neutral (0) [15] PP - **Trend**: Short - term rebound, medium - term trend still under pressure [2][16] - **Fundamentals**: The futures price of PP fluctuated slightly, the basis weakened slightly, and the overall market trading volume decreased. The supply is high, and the demand peak has passed [16][17]. - **Trend Intensity**: Neutral (0) [18] Caustic Soda - **Trend**: Still under pressure [2][20] - **Fundamentals**: The price of caustic soda futures decreased, the basis increased, and the spot market was weak. High production and high inventory continue, and the demand is weak [20][21][22]. - **Trend Intensity**: Bearish (-1) [23] Pulp - **Trend**: Oscillating [2][25] - **Fundamentals**: The futures price of pulp increased, trading volume increased, and the net long position of the top 20 members increased. The basis decreased, and the spot market showed a slight improvement [26][27][28]. - **Trend Intensity**: Neutral (0) [26] Glass - **Trend**: The price of the original sheet is stable [2][29] - **Fundamentals**: The futures price of glass decreased slightly, the basis increased, and the spot price increased in some areas. The reduction in production capacity has improved market confidence, but overall trading is average [30]. - **Trend Intensity**: Neutral (0) [30] Methanol - **Trend**: Oscillating with narrowing upside space [2][32] - **Fundamentals**: The futures price of methanol decreased slightly, the basis increased slightly, and the spot price increased in most areas. The port inventory decreased significantly, and there is high supply pressure in the short - term [33][35][36]. - **Trend Intensity**: Neutral (0) [37] Urea - **Trend**: The price center moves up, pay attention to inventory during the day [2][39] - **Fundamentals**: The futures price of urea increased, the basis decreased, and the factory price increased in some areas. The inventory of urea enterprises decreased, and the market is supported by fundamentals [40][41][42]. - **Trend Intensity**: Neutral (0) [42] Styrene - **Trend**: Short - term oscillation [2][43] - **Fundamentals**: The price of styrene futures increased, the profit of non - integrated and integrated production increased, and the inventory pressure of downstream products was high. The short - term pure benzene market oscillates at the bottom [43][44]. - **Trend Intensity**: Neutral (0) [43] Soda Ash - **Trend**: Little change in the spot market [2][46] - **Fundamentals**: The futures price of soda ash increased, the basis decreased, and the spot price was stable. The supply is expected to increase, and the downstream demand is general [46]. - **Trend Intensity**: Neutral (0) [46] LPG - **Trend**: Under pressure [2][48] - **Fundamentals**: The futures price of LPG decreased, trading volume decreased, and the opening rates of some related industries were stable. The price of CP paper goods decreased [49][54]. - **Trend Intensity**: Bearish (-1) [53] Propylene - **Trend**: The pattern remains loose [2][49] - **Fundamentals**: The futures price of propylene fluctuated slightly, trading volume and positions changed, and the basis of some regions increased. The opening rate of PDH was stable [49]. - **Trend Intensity**: Bearish (-1) [53] PVC - **Trend**: Oscillating at a low level [2][59] - **Fundamentals**: The futures price of PVC was at a low level, the basis was negative, and the spot price was stable. The supply - demand is weak in the short - term, and there is a production reduction expectation [57]. - **Trend Intensity**: Neutral (0) [58] Fuel Oil - **Trend**: Declined at night, weakness reappeared [2][60] - **Fundamentals**: The futures price of fuel oil decreased, trading volume decreased, and the inventory of the whole market decreased. The spot price of fuel oil decreased [61]. - **Trend Intensity**: Bearish (-1) [61] Low - Sulfur Fuel Oil - **Trend**: Weakened in the short - term, the spread between high - and low - sulfur in the overseas spot market oscillated narrowly [2][61] - **Fundamentals**: The futures price of low - sulfur fuel oil decreased, trading volume decreased, and the inventory decreased. The spot price of low - sulfur fuel oil decreased [61]. - **Trend Intensity**: Bearish (-1) [61] Container Freight Index (European Line) - **Trend**: Short - term valuation repair continues, medium - term oscillating market [2][63] - **Fundamentals**: The futures price of the container freight index (European line) fluctuated, the trading volume of the main contract increased, and the spot market freight rate of some shipping companies increased. The overall shipping capacity is not low [63][73][74]. - **Trend Intensity**: Neutral (0) [75] Short - Fiber - **Trend**: Supported by cost, short - term oscillation, medium - term pressure [2][76] - **Fundamentals**: The futures price of short - fiber fluctuated, the basis decreased, and the spot price was stable. The factory's trading volume decreased, and the sales rate decreased [76]. - **Trend Intensity**: Neutral (0) [77] Bottle Chip - **Trend**: Supported by cost, short - term oscillation, medium - term pressure [2][76] - **Fundamentals**: The futures price of bottle chip decreased, the basis increased, and the spot price was stable. The market trading atmosphere was light [76][77]. - **Trend Intensity**: Neutral (0) [77] Offset Printing Paper - **Trend**: Oscillating at a low level [2][79] - **Fundamentals**: The futures price of offset printing paper increased, the basis decreased, and the spot price was stable. The demand in the social end has not improved significantly [79][80][82]. - **Trend Intensity**: Neutral (0) [79] Pure Benzene - **Trend**: Short - term oscillation [2][83] - **Fundamentals**: The futures price of pure benzene fluctuated slightly, the inventory of the East China port increased, and the price decreased slightly. The demand is weak in December and may improve after January [83][84]. - **Trend Intensity**: Neutral (0) [84]

Group 1: Soybean Market Analysis - CBOT soybean futures declined due to a lack of new sales to China, with January futures closing at $11.28 per bushel after reaching a high of $11.42-1/4 earlier in the day [1] - The Dalian soybean meal futures market rebounded, with the main contract closing at 3045 yuan per ton, up 6 yuan, indicating a strong trading sentiment despite reduced volume [1] - Domestic soybean meal prices showed a slight increase, with a local rise of 10 yuan per ton, while U.S. soybean export inspections to China were reported at 0 tons for the week [1] Group 2: Corn Market Analysis - Dalian corn futures saw a slight increase, with the main contract closing at 2243 yuan per ton, reflecting a cautious market sentiment amid reduced trading volume [2] - CBOT corn futures fell due to technical selling and weakness in the soybean market, with March futures closing at $4.45 per bushel after failing to break through a key resistance level [3] - Domestic corn prices experienced fluctuations, with Northeast prices remaining strong as various entities increased procurement, leading to a bullish sentiment among farmers [4][5]

Group 1: Report's Industry Investment Rating - The investment rating for methanol is "Short - term bullish" [1] Group 2: Report's Core View - In the short - term, methanol rebounded from a low level and is expected to run strongly. In the medium - term, the high supply pressure of the 01 - contract methanol in China is the main contradiction, and the price upside in December may be limited. In 2026, the overall fundamental situation of methanol may improve in the first quarter. The MTO fundamental is weak, and the production profit is continuously compressed. The fundamental pressure level is currently at 2,150 - 2,200 yuan/ton. The lower valuation of methanol mainly refers to the cash - flow cost line of coal - based plants in Henan, which is around 2,000 - 2,050 yuan/ton [5] Group 3: Summary According to the Catalog 1. [Fundamental Tracking] - In the futures market, the closing price of the methanol main contract was 2,136 yuan/ton, up 1 yuan from the previous day; the settlement price was 2,121 yuan/ton, down 5 yuan; the trading volume was 1,027,056 lots, up 83,284 lots; the open interest of the 01 - contract was 1,003,722 lots, down 45,066 lots; the number of warehouse receipts was 3,800 tons, unchanged; the trading volume was 2.178178 billion yuan, up 0.171558 billion yuan; the basis was - 18, up 7; the spread between MA01 and MA05 was - 96, down 12. In the spot market, the Inner Mongolia price was 1,970 yuan/ton, up 5 yuan; the northern Shaanxi price was 1,955 yuan/ton, down 5 yuan; the Shandong price was 2,180 yuan/ton, up 10 yuan [2] 2. [Spot News] - The methanol spot price index was 2,065.15, up 4.37. Among them, the Taicang spot price was 2,118, up 8, and the Inner Mongolia northern line price was 1,995, up 2.5. Among the 20 large and medium - sized cities monitored by Longzhong, 10 cities saw varying degrees of price increases, with increases ranging from 2.5 to 55 yuan/ton. As of November 26, 2025, the sample inventory of Chinese methanol ports was 1.3635 million tons, a decrease of 0.1158 million tons from the previous period, a month - on - month decrease of 7.83%. The overall unloading of foreign vessels was lower than expected, and the visible unloading during the period was only 152,000 tons [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report PVC social inventory is accumulating slightly at a high level. The cost of the calcium carbide process is rising, leading to deeper losses, while the cost of the ethylene process is decreasing, with a slight profit recovery. The PVC capacity utilization rate is expected to continue rising, and the high - operation state is likely to be maintained in December. With the temperature dropping, the downstream PVC开工率 is expected to decline seasonally. Although the overseas demand exists after the termination of India's BIS and anti - dumping tax policies on imported PVC, it has limited effect on alleviating the domestic supply - demand contradiction. The PVC market has rebounded recently due to cost - side benefits and short - covering, but the rebound space is limited under the background of high PVC operation and weak demand. Technically, the daily K - line of V2601 should pay attention to the pressure around 4600 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC is 4553 yuan/ton, with a daily increase of 4 yuan/ton; the trading volume is 916,061 lots, with a daily increase of 192,901 lots; the open interest is 1,071,518 lots, with a daily decrease of 47,059 lots. - The long position of the top 20 futures holders is 1,065,765 lots, with a daily increase of 926 lots; the short position is 1,209,806 lots, with a daily increase of 246 lots; the net long position is - 144,041 lots, with a daily increase of 680 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4560 yuan/ton, with a daily increase of 15 yuan/ton; the price of calcium carbide - based PVC is 4516.92 yuan/ton, with a daily increase of 38.46 yuan/ton. - In the South China region, the price of ethylene - based PVC is 4625 yuan/ton, with no change; the price of calcium carbide - based PVC is 4523.12 yuan/ton, with a daily increase of 21.25 yuan/ton. - The CIF price of PVC in China is 640 US dollars/ton, with no change; the CIF price in Southeast Asia is 620 US dollars/ton, with no change; the FOB price in Northwest Europe is 660 US dollars/ton, with no change. The basis of PVC is - 63 yuan/ton, with a daily decrease of 4 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2750 yuan/ton, with no change; in North China, it is 2690 yuan/ton, with a daily increase of 16.67 yuan/ton; in Northwest China, it is 2534 yuan/ton, with a daily increase of 15 yuan/ton. - The mainstream price of liquid chlorine in Inner Mongolia is - 24.5 yuan/ton, with no change. - The CFR mid - price of VCM in the Far East is 438 US dollars/ton, with a weekly decrease of 38 US dollars/ton; in Southeast Asia, it is 498 US dollars/ton, with a weekly decrease of 40 US dollars/ton. - The CFR mid - price of EDC in the Far East is 173 US dollars/ton, with a weekly decrease of 6 US dollars/ton; in Southeast Asia, it is 178 US dollars/ton, with a weekly decrease of 6 US dollars/ton [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 80.22%, with a week - on - week increase of 1.39%. The operating rate of calcium carbide - based PVC is 83.61%, with a week - on - week increase of 2.3%; the operating rate of ethylene - based PVC is 72.38%, with a week - on - week decrease of 0.74%. - The total social inventory of PVC is 52.79 million tons, with a daily increase of 0.12 million tons. The total social inventory in the East China region is 48.13 million tons, with a daily increase of 0.08 million tons; in the South China region, it is 4.66 million tons, with a daily increase of 0.04 million tons [3]. 3.5 Downstream Situation - The national real estate climate index is 92.43, with a monthly decrease of 0.35. - The cumulative value of new housing construction area is 49,061.39 million square meters, with a monthly increase of 3662.39 million square meters. - The cumulative value of real estate construction area is 652,939.03 million square meters, with a monthly increase of 4359.03 million square meters. - The cumulative value of real estate development investment is 3898.297 billion yuan, with a monthly increase of 311.91 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 9.91%, with a daily decrease of 0.32%; the 40 - day historical volatility is 10.38%, with a daily increase of 0.17%. - The implied volatility of at - the - money put options for PVC is 15.97%, with a daily increase of 1.66%; the implied volatility of at - the - money call options is 15.97%, with a daily increase of 1.66% [3]. 3.7 Industry News - From November 22nd to 28th, the PVC capacity utilization rate in China was 80.22%, with a week - on - week increase of 1.39%. - From November 22nd to 28th, the downstream PVC开工率 increased by 0.42% week - on - week to 49.61%. Among them, the pipe开工率 decreased by 1.4% week - on - week to 38.8%, and the profile开工率 increased by 0.21% week - on - week to 36.09%. - As of November 27th, the PVC social inventory increased by 0.99% week - on - week to 104.28 million tons. - From November 22nd to 28th, the average national cost of the calcium carbide process increased to 5131 yuan/ton, and the average national cost of the ethylene process decreased to 5187 yuan/ton; the profit of the calcium carbide process decreased to - 881 yuan/ton, and the profit of the ethylene process increased to - 465 yuan/ton [2].

糖期货目报 1 期货市场 1.1 合约行情 成文日期：20251201 报告周期: 日报 研究分析师：安致远（期货从业资格证号：F03143832；投资咨询证书号：Z0022799) 当日（20251128），期货品种玻璃 FG2601 合约全天维持震荡 反弹走势，较昨日小幅度上涨，收阳线。较昨日上涨约 1.15%、收 于 1053 点。全日成交量为 1859418 手，持仓量为 1413981 手，持 仓量较昨日减少 91847 手。 图 1：玻璃 FG2601 分时图 数据来源：国金期货行情软件 1.2 品种价格 玻璃期货 12 个合约价格呈现近低远高的态势，全天各合约（除 2610 合约无变化以外）均有一定幅度上涨。品种持仓量 2045617 手, 较上一交易日减少 88214 手，其中活跃合约玻璃 FG2601 持仓量减 少 91847 手。 图 2:玻璃期货日行情表 | ਉੱਚ ਸੀ। ਇਹ ਸਾਂ ਦੀ ਸੀ। ਉਹ ਇੱਕ ਸਿੰਘ ਦੇ ਸਾਂ ਵਿੱਚ ਇ | 昨结算 | 今开盘 | 最高价 | 島低价 | 令收當 | 今结算 | 涨跌 | 涨跌 | 成交量 | 持仓量 | 増減量 | 成交 ...

财达期货｜螺纹钢、铁矿石 周报 请务必阅读正文之后的免责条款部分 第 1 页 共 9 页 Z0017173 期货方面：本周螺纹 01 合约在空头主力减仓驱动下维持小幅反弹。截止周 五，螺纹 01 合约收于 3110 元/吨，环比上周上涨 53 元，周涨 幅 1.73%。 从 业 资 格 号 ： F3073406 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 23 元至 3291 元/吨；其中上海地区 螺纹价格上调 30 元至 3250 元/吨；杭州地区螺纹价格上调 40 元至 3290 元/吨；北京地区螺纹价格维持不变 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 90 元至 3490 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 81.09%，环比减少 1.10%， 同比减少 0.53%；高炉炼铁产能利用率 87.98%，环比减少 0.60%， 同比增加 0.18%；全国 90 家电炉钢厂平均开工率 69.13%，与上 周持平，同比上升 0.79%；电炉平均产能利用率 52.73% ...

Report Industry Investment Ratings No relevant content provided. Core Viewpoints Oils and Fats - Palm oil: As the end of the month approaches, the market focuses on export and production data, with potential downside risks. Dalian palm oil futures may continue to rise and could break through the 8,600 yuan resistance [1]. - Soybean oil: Chinese purchases of US soybeans boost CBOT soybeans, but domestic supply is ample and demand is weak, with inventory likely to increase and prices unable to rise in the short term [1]. Livestock (Pigs) - The market supply is accelerating, and although southwest curing has started, demand support is limited. Pig prices are expected to remain weak and volatile, and the strategy of inter - month reverse spreads can be continued [3]. Meal Products - The domestic soybean meal market remains in a loose pattern. With the one - price rising with the market and the basis slightly falling, the market is unlikely to see a continuous upward trend, and there is a risk of a decline after short - term chasing [6]. Corn and Corn Starch - In the short term, the market remains firm due to farmers' reluctance to sell, but there is still a large amount of grain to be sold, limiting price increases. Attention should be paid to the pace of corn supply and market sentiment [7]. Sugar - ICE raw sugar is expected to consolidate around 14 cents per pound. With new sugar from Guangxi on the market, the market is expected to remain weak and bottom - oscillating this week [11]. Cotton - ICE US cotton futures were closed for the US Thanksgiving holiday. Domestically, the high output of Xinjiang cotton in the 2025/26 season creates hedging pressure, but the firm basis and resilient demand support prices, so short - term prices may oscillate within a range [13]. Eggs - Egg prices have fallen below the feed cost line, and with reduced inventory at all levels and recovering demand, futures prices are expected to oscillate at a low level [15]. Key Points by Product Oils and Fats - **Soybean oil**: On November 27, the spot price in Jiangsu was 8,560 yuan, up 1.18% from the previous day; the futures price of Y2601 was 8,224 yuan, up 0.91%; the basis of Y2601 was 336 yuan, up 8.39%; the warehouse receipts decreased by 34.03% [1]. - **Palm oil**: The spot price in Guangdong was 8,390 yuan, up 1.21%; the futures price of P2601 was 8,558 yuan, up 1.04%; the basis of P2601 was - 138 yuan, up 8.00%; the import profit in Guangzhou Port in January increased by 14.08% [1]. - **Rapeseed oil**: The spot price in Jiangsu was 10,110 yuan, unchanged; the futures price of OI601 was 9,772 yuan, down 0.48%; the basis of OI601 was 338 yuan, up 16.15% [1]. Livestock (Pigs) - **Futures**: The basis of the main contract was - 225 yuan/ton, down 60.71%; the price of LH2605 was 11,990 yuan, down 0.58%; the price of LH2601 was 11,585 yuan, up 0.39% [3]. - **Spot**: Prices in various regions showed mixed trends, with slaughter volume increasing by 0.47% daily, and most breeding profits decreasing [3]. Meal Products - **Soybean meal**: The spot price in Jiangsu was 3,030 yuan, unchanged; the futures price of M2601 was 3,055 yuan, up 1.33%; the basis of M2601 was - 25 yuan, down 266.67% [6]. - **Rapeseed meal**: The spot price in Jiangsu was 2,470 yuan, up 1.23%; the futures price of RM2601 was 2,469 yuan, up 1.23%; the basis of RM2601 was unchanged [6]. Corn and Corn Starch - **Corn**: The price of C2601 was 2,243 yuan, up 0.36%; the basis decreased by 14.55%; the import profit increased by 0.93%; the number of trucks at Shandong deep - processing plants decreased by 32.43% [7]. - **Corn starch**: The price of CS2601 was 2,572 yuan, up 0.82%; the basis decreased by 53.85%; the starch - corn 01 spread increased by 4.11% [7]. Sugar - **Futures**: The price of SR2601 was 5,403 yuan, up 0.45%; the price of SR2605 was 5,322 yuan, up 0.30%; ICE raw sugar rose 1.48% [11]. - **Spot**: The price in Nanning was 5,450 yuan, unchanged; the basis decreased; the import volume increased by 37.50% [11]. Cotton - **Futures**: The price of CF2605 was 13,605 yuan, up 0.15%; the price of CF2601 was 13,640 yuan, up 0.11%; ICE US cotton rose 0.59% [13]. - **Spot**: The Xinjiang arrival price of 3128B grade cotton rose 0.69%; the commercial inventory increased by 24.2% [13]. Eggs - **Futures**: The price of JD12 was 2,947 yuan/500KG, up 0.96%; the price of JD01 was 3,282 yuan/500KG, up 1.77% [15]. - **Spot**: The egg - producing area price rose 1.20%; the egg - to - feed ratio decreased by 3.33%; the breeding profit decreased by 18.60% [15].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - It is expected that Shanghai Tin will fluctuate upwards, and attention should be paid to the resistance level at 305,000 yuan/ton. The market shows a bullish atmosphere with increasing volume, open interest, and price. However, the downstream has low acceptance of current high prices and is mostly in a wait - and - see state. There are still concerns about tin ore supply, and smelting production is restricted [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin is 302,200 yuan/ton, with a month - on - month increase of 6,320 yuan/ton. The closing price of the January - February contract of Shanghai Tin is - 360 yuan/ton, with a month - on - month increase of 120 yuan/ton. The LME 3 - month tin price is 38,090 US dollars/ton, with a month - on - month increase of 395 US dollars/ton. The main contract position of Shanghai Tin is 54,843 lots, with a month - on - month increase of 10,116 lots. The net position of the top 20 futures is - 1,812 lots, with a month - on - month decrease of 943 lots. The LME tin total inventory is 3,125 tons, with a month - on - month increase of 40 tons. The Shanghai Futures Exchange inventory of tin is 6,229 tons, with a month - on - month decrease of 29 tons. The Shanghai Futures Exchange warrant of tin is 6,219 tons, with a month - on - month increase of 34 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 301,800 yuan/ton, with a month - on - month increase of 6,600 yuan/ton. The Yangtze River Non - ferrous Market 1 tin spot price is 302,640 yuan/ton, with a month - on - month increase of 6,870 yuan/ton. The basis of the Shanghai Tin main contract is - 680 yuan/ton, with a month - on - month decrease of 590 yuan/ton. The LME tin premium (0 - 3) is 86 US dollars/ton, with a month - on - month decrease of 49 US dollars/ton [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.16 million tons, with a month - on - month increase of 0.29 million tons. The average price of 40% tin concentrate processing fee is 10,500 yuan/ton, with no change. The average price of 40% tin concentrate is 289,800 yuan/ton, with a month - on - month increase of 6,600 yuan/ton. The average price of 60% tin concentrate is 293,800 yuan/ton, with a month - on - month increase of 6,600 yuan/ton. The average price of 60% tin concentrate processing fee is 6,500 yuan/ton, with no change [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons. The monthly import volume of refined tin is 983.25 tons, with a month - on - month decrease of 518.38 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 194,300 yuan/ton, with a month - on - month increase of 4,000 yuan/ton. The cumulative monthly output of tinplate (strip) is 1.2454 million tons, with a month - on - month increase of 0.1361 million tons. The monthly export volume of tinplate is 222,600 tons, with a month - on - month increase of 25,000 tons [3]. 3.6 Industry News - The Fed's Beige Book shows that economic activity has been basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 district reporting a slight increase. The overall outlook is basically unchanged, but some people point out an increased risk of slower economic activity in the next few months. Six departments jointly issued an implementation plan to enhance the adaptability of consumer goods supply and demand and promote consumption, aiming to optimize the supply structure of consumer goods by 2027. The number of initial jobless claims in the US last week decreased by 6,000 to 216,000, the lowest in seven months. The initial value of US durable goods orders in September increased by 0.5% month - on - month as expected, and the growth rate of core capital goods orders accelerated to 0.9% more than expected [3]. 3.7 Fundamental Situation - The first batch of reopened mines in Myanmar's Wa State has entered the production capacity ramp - up period. However, two tin mines in Malaysia have suspended production, and the production in Africa and Australia has declined unexpectedly. Africa is about to enter the rainy season, so there are still concerns about tin ore supply. Indonesia's refined tin exports decreased significantly in October, alleviating the previous concerns about supply growth. In the smelting end, the raw material shortage in Yunnan is still severe, and the tin ore processing fee remains at a low level. The waste recycling system in Jiangxi is under pressure, and the operating rate remains at a low level, so the production of refined tin is still restricted. On the demand side, there is only a small amount of rigid demand procurement, and the downstream has a low acceptance of current high prices and is basically in a wait - and - see state. The domestic inventory has increased slightly, with a spot premium of 200 yuan/ton. The LME inventory has increased slightly, and the spot premium has risen [3].