Core Viewpoint - The domestic futures market shows a mixed performance with most contracts declining, while the shipping European line futures have increased significantly, indicating a potential upward trend in shipping rates due to sustained high capacity supply in December [3][7][9]. Group 1: Price Movements - The shipping European line futures rose over 4% [3][7][9]. - Zinc and copper futures increased by more than 2%, while international copper rose nearly 2% [3][7][9]. - Red dates and aluminum futures saw gains exceeding 1% [3][7][9]. Group 2: Declines in Other Commodities - Coking coal futures fell by over 3%, while polysilicon dropped nearly 3% [3][7][9]. - Ethylene glycol, alumina, and coking coal futures all experienced declines exceeding 2% [3][7][9]. Group 3: Market Analysis - Major airlines have announced price increases, and the shipping European line futures have shown a rise of over 5% during trading [9]. - Analysts suggest that while the supply capacity remains high in December, there is expected marginal support for prices during the mid to late month due to price stabilization and long-term contract signing windows [9].

1. Industry Investment Rating - No relevant information provided 2. Core Views - As of the close on December 3rd, domestic futures main contracts showed mixed performance. Pulp rose over 3%, Shanghai tin rose over 2%, palladium and polysilicon rose nearly 2%, and double - offset paper and styrene rose over 1%. In terms of declines, lithium carbonate, eggs, and coking coal fell over 2%, while glass, caustic soda, soda ash, ethylene glycol, and alumina fell over 1%. Stock index futures generally declined, and treasury bond futures showed mixed trends [4][5] 3. Summary by Related Catalogs 3.1. Futures Market Overview - As of the close on December 3rd, domestic futures main contracts showed mixed performance. Pulp, Shanghai tin, palladium, polysilicon, double - offset paper, and styrene had gains, while lithium carbonate, eggs, coking coal, glass, caustic soda, soda ash, ethylene glycol, and alumina had losses. Stock index futures generally declined, and treasury bond futures showed mixed trends [4][5] 3.2. Market Analysis 3.2.1. Shanghai Copper - Shanghai copper opened high and moved higher, showing strength during the day. After a mudslide accident at an Indonesian copper mine, it plans to restart large - scale production in stages from the second quarter of 2026. Copper production in China is expected to increase in December. The copper smelting processing fee fluctuates narrowly around $42 per dry ton. After the peak season, the apparent demand for copper decreased month - on - month, but downstream power grids and energy storage still provided rigid support. The market's expectation of interest rate cuts has been fully reflected in the disk, and the subsequent upward momentum is weak, but the domestic industry's production reduction intention promotes a tight balance expectation. Attention should be paid to the negotiation of long - term processing fees [7] 3.2.2. Lithium Carbonate - Lithium carbonate opened high and moved higher but declined during the day. In November, the domestic monthly production of lithium carbonate continued to rise, with a month - on - month increase of 3% and a year - on - year increase of 49%. The capacity utilization rate in December is expected to remain high, but there may be a seasonal reduction in salt - lake lithium extraction. The production of downstream intermediate products continued to increase in November, but the growth rate slowed down. The inventory in November increased slightly. The decline in the disk is mainly due to the expected increase in supply, but the strong downstream demand provides certain resistance to the decline [8][9] 3.2.3. Crude Oil - OPEC+ agreed to maintain the overall oil production in 2026. Eight additional voluntary - cut producing countries reiterated the suspension of production increases in the first quarter of next year. The peak season for crude oil demand has ended, and the overall oil inventory has increased slightly. The U.S. crude oil production is at a historically high level, but the number of active oil drilling platforms has decreased significantly. The risk premium of Russian crude oil has declined due to the Russia - Ukraine peace talks, but it is difficult to reach an agreement in the near future. The U.S. and Venezuela's military confrontation has intensified, causing concerns about supply disruptions. The crude oil market is still in a state of oversupply, and the price is expected to fluctuate at a low level [10] 3.2.4. Asphalt - The asphalt start - up rate rebounded last week. The expected asphalt production in December decreased both month - on - month and year - on - year. The downstream start - up rate mostly declined. The national asphalt shipment increased, and the refinery inventory - to - sales ratio remained flat. The crude oil price fluctuates at a low level. The asphalt start - up rate will increase slightly this week. The demand will weaken further in the future, and the asphalt futures price is expected to fluctuate weakly [12] 3.2.5. PP - The downstream start - up rate of PP increased slightly, but the start - up rate of the plastic - weaving industry, the main downstream of拉丝, decreased. The PP enterprise start - up rate increased, and the production ratio of the standard product 拉丝 increased. The petrochemical inventory is at a relatively high level in recent years. The crude oil price fluctuates at a low level. New production capacity has been put into operation, and the number of maintenance devices has decreased slightly. The downstream is at the end of the peak season, and the market lacks large - scale centralized procurement. The overall supply - demand pattern of plastics remains unchanged, and the upward space of PP is expected to be limited in the near future [13][14] 3.2.6. Plastic - The plastic start - up rate decreased slightly. The downstream start - up rate of PE decreased, and the orders of agricultural film decreased. The petrochemical inventory is at a relatively high level in recent years. The crude oil price fluctuates at a low level. New production capacity has been put into operation. The agricultural film is at the end of the peak season, and the downstream start - up rate is expected to decline. The downstream purchasing willingness is insufficient. The overall supply - demand pattern of plastics remains unchanged, and the upward space of plastics is expected to be limited in the near future [15] 3.2.7. PVC - The calcium carbide price in the northwest region increased. The PVC start - up rate continued to increase. The downstream start - up rate was basically stable. Concerns about PVC exports to India have been alleviated, but the export order signing decreased last week. The social inventory increased slightly and remains high. The real estate market is still in the adjustment stage. New production capacity has been put into operation. The upward space of PVC is limited in the near future [16][17] 3.2.8. Coking Coal - Coking coal opened high and moved low, closing up after intraday fluctuations. The spot price in the Shanxi market remained unchanged, and the price of Mongolian coal increased slightly. The number of Mongolian coal customs - clearance vehicles gradually recovered after the holiday, and the domestic mine production increased. The coking enterprises are in serious losses, but the downstream steel mills have rigid demand. The coking coal is expected to enter the inventory - accumulation stage, but the market has support. Attention should be paid to domestic key meetings [18] 3.2.9. Urea - Urea opened high and moved higher, showing strength during the day. The futures market has rebounded for several days, and the spot trading volume has increased. Some factories have stopped selling. The gas - based devices have started to limit production. The current daily output remains between 190,000 and 200,000 tons. The agricultural demand is mainly for low - price purchases. The compound fertilizer factories' start - up rate is increasing, and the winter storage provides demand support. The urea price is expected to fluctuate narrowly and show certain resistance to decline. The inventory is expected to continue to decline smoothly [19][20]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The global soybean supply has decreased compared to the 24/25 season, and the bottom of the import cost may have emerged, but the upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to fluctuate [3][5]. - The production of palm oil in Malaysia and Indonesia has exceeded expectations, suppressing the market performance, and the high - frequency export data has declined. The inventory situation may reverse in the fourth quarter and the first quarter of next year. It is recommended to try the idea of buying on dips [8]. - The new sugar - making season in major sugar - producing countries is expected to increase production, and the global supply - demand relationship has changed from shortage to surplus. It is recommended to sell short at high prices and close positions when the price drops [11]. - The demand for cotton after the peak season is not too bad, and the short - term capital push may not lead to a unilateral trend due to the hedging pressure [15]. - The sentiment of culling laying hens is strong, and the far - month egg futures are strong. In the short term, the futures are strong, but in the medium term, pay attention to the upper pressure, with a short - term long and medium - term short strategy [17]. - The theoretical pig slaughter volume is still large, and the demand is tepid. It is recommended to short the near - month futures or conduct reverse spreads [20]. By Relevant Catalogs Protein Meal - **行情资讯** - Last Friday, CBOT soybeans rose, the Brazilian soybean premium increased slightly, and the cost of imported soybeans rose. Over the weekend, the domestic soybean meal spot price increased by 30 yuan/ton, with the price in East China at 3020 yuan/ton. Last week, soybean meal transactions declined significantly, and the delivery was good. MYSTEEL expects the soybean crushing volume of domestic oil mills to be 2.1353 million tons this week, compared with 2.2038 million tons last week. The inventory days of feed enterprises last week were 8.17 days, a week - on - week increase of 0.19 days [2]. - The USDA predicts that the global soybean supply - demand pattern has changed from simultaneous growth in supply and demand to a decrease in supply and an increase in demand. The predicted annual inventory - to - use ratio of global soybeans has dropped from 33% in October 2024 to the current 28.94%, providing bottom support [3]. - The new global soybean production has been continuously revised downwards, and the total production is now equal to the total demand, indicating a decrease in global soybean supply compared to the 24/25 season [5]. - **策略观点** - The bottom of the import cost of soybeans may have emerged, but the upward space requires greater production cuts. Currently, domestic soybean and soybean meal inventories are at a high level, and the crushing margin is under pressure. As it gradually enters the destocking season, there is some support. Soybean meal is expected to fluctuate [5]. Fats and Oils - **行情资讯** - ITS and AMSPEC data show that Malaysia's palm oil exports in November decreased compared with the previous month. SPPOMA data shows that Malaysia's palm oil production in November first increased and then decreased compared with the previous month. On November 28, floods and landslides in Indonesia's Sumatra Island caused at least 106 deaths. Last Friday, domestic fats and oils continued to rebound, and foreign investors continued to reduce their short positions in palm oil. The domestic spot basis was stable [6]. - **策略观点** - The over - expected production of palm oil in Malaysia and Indonesia has suppressed the market performance, and the high - frequency export data has declined. The inventory situation may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production cannot be sustained, the destocking time may come earlier. It is recommended to try the idea of buying on dips [8]. Sugar - **行情资讯** - On Friday, the Zhengzhou sugar futures price continued to fluctuate. The closing price of the January contract was 5400 yuan/ton, a decrease of 3 yuan/ton or 0.06% from the previous trading day. The spot prices of new sugar from major domestic sugar - making groups were stable. As of November 27, 21 sugar - mills in Guangxi had started production in the 2025/26 season, 36 less than the same period last year. The daily sugar - cane crushing capacity was 150,000 tons, a decrease of 316,000 tons compared with the same period last year. StoneX predicts that the global sugar supply will have a surplus of 3.7 million tons in the 2025/26 season, the largest since the 2017/18 season. The sugar production in the central - southern region of Brazil in the first half of November 2025 is expected to increase by 18.9% year - on - year to 1.08 million tons [10]. - **策略观点** - The new sugar - making season in major sugar - producing countries is expected to increase production, and the global supply - demand relationship has changed from shortage to surplus. Until the first quarter of next year, international sugar prices may not improve significantly. With the continuous opening of the domestic out - of - quota import profit window, it is recommended to sell short at high prices and close positions when the price drops [11]. Cotton - **行情资讯** - On Friday, the Zhengzhou cotton futures price rose. The closing price of the January contract was 13,725 yuan/ton, an increase of 85 yuan/ton or 0.62% from the previous trading day. The spot price of cotton also increased slightly. As of November 28, the spinning mill operating rate was 65.5%, flat compared with the previous week, 1.6 percentage points lower than the same period last year, and 6.6 percentage points lower than the average of the past five years. The national commercial cotton inventory was 4.18 million tons, an increase of 270,000 tons compared with the same period last year. In October 2025, China imported 90,000 tons of cotton, a decrease of 20,000 tons compared with the same period last year. From January to October 2025, China imported 780,000 tons of cotton, a decrease of 1.61 million tons or 67.36% compared with the same period last year. The USDA's latest monthly supply - demand report predicts that the global cotton production in the 2025/26 season will increase by 520,000 tons to 26.14 million tons compared with the September forecast [13][14]. - **策略观点** - The demand for cotton after the peak season is not too bad, and the short - term capital push may not lead to a unilateral trend due to the hedging pressure [15]. Eggs - **行情资讯** - Over the weekend, domestic egg prices were mostly stable or slightly increased. The laying hen inventory remained high, the proportion of small eggs gradually decreased, and the inventory pressure was not large under the rotation method. The demand support was limited, but the short - term replenishment at the low price stage may support a slight increase in egg prices [16]. - **策略观点** - The sentiment of culling laying hens is strong, and the far - month egg futures are strong. In the short term, the futures are strong, but in the medium term, pay attention to the upper pressure, with a short - term long and medium - term short strategy [17]. Pigs - **行情资讯** - Over the weekend, domestic pig prices generally rose. The demand did not increase significantly, but the slaughter volume at the end of the month decreased, and farmers were reluctant to sell, supporting the price increase. It is expected that pig prices will continue to be strong today [19]. - **策略观点** - The theoretical pig slaughter volume is still large, and the demand is tepid. It is recommended to short the near - month futures or conduct reverse spreads [20].

Core Viewpoint - The domestic non-ferrous metal market showed significant gains on November 28, with lead futures performing strongly, closing up 1.09% at 17,090.00 CNY/ton [1] Market Performance - The Shanghai market reported that Chihong Zn & Ge lead was priced between 17,000-17,060 CNY/ton, with a premium of 0-50 CNY/ton over the SHFE lead 2512 contract [1] Supply and Demand Dynamics - According to Nanhua Futures, the domestic smelting sector is experiencing mixed changes, with unresolved issues regarding primary lead raw materials and a continued decline in treatment charges (TC) [1] - In Hebei, the supply of recycled lead is regionally tight, and the profitability of recycled lead smelting has weakened, leading to a decrease in operational willingness, with current recycled lead finished product inventories at historical lows [1] - Demand remains stable, with SMM reporting that the weekly operating rate of lead-acid battery plants in Guangzhou is steady at 70.56%, and terminal demand in the lead market is showing stability, with battery plants purchasing on dips and a slight improvement in the spot trading atmosphere [1] Future Outlook - Southwest Futures indicates that the supply of lead concentrate is tight, and by-product revenues are supporting primary lead production. Strict regulations in northern regions are affecting the circulation of waste batteries, leading to slow growth in recycled lead output [1] - There is strong demand for energy storage batteries and a recovery in automotive battery replacement needs, although demand for electric bicycle batteries has shifted from strong to weak, with high dealer inventories [1] - Last week, social inventories of electrolytic lead increased by 2,800 tons, and the market is expected to experience fluctuations driven by supply disruptions and resilient demand, potentially leading to a wide-ranging oscillation pattern [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For the steel sector, due to a significant decline in steel mill margins and the end of the consumption peak, steel mills may cut production more than normal seasonal levels, potentially triggering a negative feedback loop. Recently, coking coal prices have also shown signs of weakness, weakening the cost support for steel. Technically, steel futures prices are oscillating at low levels, and the oscillation range is narrowing, hinting at a potential breakout [2]. - For the iron ore sector, as the off - season for consumption approaches, iron ore production is expected to decline along the seasonal trend, and steel mills' output reduction will suppress raw material prices. On the supply side, global shipments have rebounded from the peak, and port inventory is rising, which suppresses the futures prices. The slow destocking of steel also dampens market sentiment. Technically, the 01 contract price has broken through the middle - track of the Bollinger Bands but faces resistance from a dense trading area [4]. Summaries by Relevant Catalogs 1. Threaded Steel and Hot - Rolled Coils Supply and Demand - Last week, the apparent demand for threaded steel increased month - on - month, production rose, and overall inventory continued to decline. However, the inventory of hot - rolled coils remained significantly higher than the historical average, with greater inventory pressure [2]. - The 247 - steel - mill blast furnace operating rate was 82.81%, down 0.32 percentage points; the average daily hot metal output was 236.28 million tons, down 0.60 million tons (0.25%); the proportion of profitable steel mills was 37.66%, down 1.30 percentage points [3]. - The national building materials steel mill threaded steel production was 207.96 million tons, up 7.96 million tons (3.98%); hot - rolled coil production was 316.01 million tons, up 2.35 million tons (0.75%) [3]. - The five - major steel product social inventory was 1029.41 million tons, down 31.98 million tons (3.01%); threaded steel social inventory was 400.02 million tons, down 15.73 million tons (3.78%); hot - rolled coil social inventory was 324.09 million tons, down 8.91 million tons (2.68%) [3]. Price and Basis - The closing price of the threaded steel futures main contract was 3089 yuan/ton, up 32 yuan from the previous day (1.05%) and down 8 yuan from last week (- 0.26%); the closing price of the hot - rolled coil futures main contract was 3295 yuan/ton, up 25 yuan from the previous day (0.76%) and down 7 yuan from last week (- 0.21%) [3]. - The threaded steel main contract basis was 151 yuan/ton, down 12 yuan; the hot - rolled coil main contract basis was - 5 yuan/ton, down 5 yuan [3]. Operation Suggestion Maintain a wait - and - see approach, avoid chasing up or selling down. Wait patiently for a pullback before going long for medium - term trading [2]. 2. Iron Ore Supply and Demand - Last week, the sample steel mills' hot metal production decreased month - on - month, while the output of the five major steel products increased. As the off - season approaches, iron ore production is likely to decline seasonally, and steel mills' output reduction will suppress raw material prices [4]. - Global iron ore shipments have rebounded from the peak, and it is expected that the arrival volume will increase after some time. The continuous increase in port inventory suppresses futures prices, and the slow destocking of steel dampens market sentiment [4]. Price and Basis - The settlement price of the DCE iron ore futures main contract was 790.5 yuan/dry ton, up 5.0 yuan from the previous day (0.64%) and up 2.0 yuan from last week (0.25%) [4]. - The DCE iron ore futures 9 - 1 spread was - 52.5 yuan/dry ton, up 3.0 yuan; the 1 - 5 spread was 28 yuan/dry ton, down 3.0 yuan [4]. Operation Suggestion Maintain a wait - and - see approach. Wait patiently for a price pullback before entering the market to go long for medium - term trading [4]. 3. Industry News - Due to heavy snow at the Ganqimao Port on the 24th, the outbound transportation in the domestic direction stopped at around 14:00. The number of customs - cleared vehicles on the 24th is expected to be less than 1000 [6]. - From November 17th to 23rd, 2025, the global iron ore shipment volume was 3278.4 million tons, a month - on - month decrease of 238.0 million tons. The shipment volume from Australia and Brazil was 2637.4 million tons, a month - on - month decrease of 271.3 million tons [6]. - From November 17th to 23rd, 2025, the arrival volume of iron ore at 47 ports in China was 2939.5 million tons, a month - on - month increase of 569.6 million tons; at 45 ports, it was 2817.1 million tons, a month - on - month increase of 548.2 million tons; at six northern ports, it was 1438.3 million tons, a month - on - month increase of 397.0 million tons [6]. - Two coal mines in Linfen Ancient County stopped production on November 20th - 21st, with a total approved capacity of 2.4 million tons, mainly producing coking coal. The pre - shutdown daily output of raw coal was 10,000 tons, and the resumption time is yet to be determined [7]. - According to the China Iron and Steel Association, in mid - November, the social inventory of five major steel products in 21 cities was 8.71 million tons, a month - on - month decrease of 220,000 tons (2.5%), showing a continuous downward trend [7].

1. Report Information - Report Type: PTA Daily Report [1] - Date: November 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Futures Market: On the 17th, the closing price of PTA's main futures contract TA2601 was 4,692 yuan/ton, down 20 yuan/ton (0.42%), with a settlement price of 4,696 yuan/ton and a daily reduction of 6,523 lots. The TA2605 contract closed at 4,756 yuan/ton, down 18 yuan/ton, with a trading volume of 84,010 lots, an increase of 10,594 lots [6] - Market Outlook: Although PTA is theoretically in a de - stocking state, the decline in the crude oil market weakens cost support, and there is no tight supply in the PTA spot market. Therefore, the PTA market is expected to be weak [6] 3. Industry News - Crude Oil: Due to concerns about supply after a Ukrainian drone attack on an oil depot in a European country's energy center, international oil prices continued to rise. The settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.09 per barrel, up $1.40 (2.39%), trading between $58.71 - $60.65. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.39 per barrel, up $1.38 (2.19%), trading between $63.36 - $64.87 [7] - PX Market: The price of PX in the Chinese market was estimated at $829 - 831/ton, down $1/ton; in the South Korean market, it was estimated at $809 - 811/ton, down $1/ton. There was one deal heard during the day, with any January cargo sold at $830/ton. The cost - side single - sided driving force is insufficient due to the fluctuating international oil prices, and the market is waiting to see the operation progress of a PX plant in South China, leading to increased long - short game sentiment [7] - PTA Market: The price of PTA in the East China market was 4,622 yuan/ton, down 12 yuan/ton. The average daily negotiation basis was at a discount of 74 yuan/ton to the futures contract 2601, up 4 yuan/ton [7] 4. Data Overview - The report provides multiple data charts, including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis differences, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and inventory [11][13][17]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on November 18, 2025, including the weak - side shock of stock index futures, the wide - range shock of ten - year and thirty - year treasury bond futures, the weak - side shock of precious metal and base metal futures, and the strong - side shock of some energy and agricultural product futures [2][3]. - The report also provides macro - economic information and recent price trends of related commodities, which may have an impact on futures prices [8][10]. Summary by Relevant Catalogs Futures Market Outlook - **Stock Index Futures**: IF2512, IH2512, IC2512, and IM2512 are expected to have a weak - side shock on November 18, 2025, with specific resistance and support levels provided [2]. - **Treasury Bond Futures**: The ten - year T2512 and thirty - year TL2512 are expected to have a wide - range shock on November 18, 2025, with corresponding resistance and support levels [2]. - **Precious Metal Futures**: Gold (AU2512) and silver (AG2602) futures are expected to have a weak - side shock on November 18, 2025, and will test support levels [2][3]. - **Base Metal Futures**: Copper (CU2512), aluminum (AL2601), alumina (AO2601), and others are expected to have a weak - side shock on November 18, 2025, with support and resistance levels given [2][3]. - **Energy Futures**: Crude oil (SC2601) and fuel oil (FU2601) are expected to have a strong - side shock on November 18, 2025, and will attack resistance levels [3][5]. - **Agricultural Product Futures**: PTA (TA601), natural rubber (RU2601), and bean meal (M2601) are expected to have a strong - side shock on November 18, 2025, while PVC (V2601) and methanol (MA601) are expected to have a weak - side shock [3][7]. Macro - Information and Trading Tips - China - Germany high - level financial and economic dialogue promotes financial infrastructure connectivity [8]. - China protests against Japan's wrong remarks on Taiwan, and Premier Li Qiang has no arrangement to meet Japanese leaders during the G20 Summit [8]. - From January to October this year, China's national fiscal revenue was 18.65 trillion yuan, a year - on - year increase of 0.8%, and fiscal expenditure was 22.58 trillion yuan, a year - on - year increase of 2% [8]. - In October, the bank settlement and sales surplus was 177 billion US dollars, and cross - border capital inflows increased [9]. - China conducts a final review of anti - dumping and counter -vailing measures on imported n - propanol from the US [9]. - Fed officials have different views on interest rate cuts and economic trends [9]. - Japan's Q3 GDP contracted by 0.4% quarter - on - quarter, and the eurozone economy is expected to expand faster [10]. Commodity Futures Information - On November 17, most lithium carbonate futures contracts hit the daily limit, and the price may break through 150,000 - 200,000 yuan/ton in 2026 if demand grows strongly [10]. - On November 17, international precious metal futures generally fell, and oil futures also declined, with institutions predicting lower oil prices in 2026 [11][12]. - Indonesia plans to impose an export tax on gold products, and India signs a long - term LPG purchase contract with the US [13]. Futures Market Analysis and Outlook - **Stock Index Futures**: On November 17, most stock index futures contracts showed a downward trend, with increased short - term downward pressure [15][16]. - **Treasury Bond Futures**: On November 17, treasury bond futures closed higher, and the ten - year and thirty - year contracts are expected to have a wide - range shock on November 18 [36][40]. - **Precious Metal Futures**: On November 17, gold and silver futures contracts declined, with increased short - term downward pressure, but are expected to have a strong - side wide - range shock in November [43][49]. - **Base Metal Futures**: On November 17, copper, aluminum, and other base metal futures contracts showed a downward trend, with increased short - term downward pressure, and are expected to have a weak - side shock on November 18 [53][58]. - **Lithium Carbonate Futures**: On November 17, the lithium carbonate futures contract LC2601 hit the daily limit, and is expected to have a strong - side shock in November [65][66]. - **Building Material Futures**: On November 17, glass and soda ash futures contracts showed a downward trend, and are expected to have a weak - side shock in November [89][93]. - **Energy Futures**: On November 17, crude oil and fuel oil futures contracts showed a downward trend, and are expected to have a strong - side shock on November 18 [98][103]. - **Agricultural Product Futures**: On November 17, PTA, PVC, and methanol futures contracts showed a downward trend, while natural rubber and bean meal futures contracts showed an upward trend, and their trends on November 18 are predicted accordingly [104][111].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The spot price of mainstream delivery-grade 3.9-meter 30+ radiata pine in Shandong remained flat at 755 yuan/cubic meter compared to last week, while in Jiangsu it decreased by 10 yuan/cubic meter to 755 yuan/cubic meter. The price of 3.9-meter 40+ radiata pine in Shandong remained unchanged at 855 yuan/cubic meter, and the price of 5.9-meter 30+ radiata pine decreased by 5 yuan/cubic meter to 780 yuan/cubic meter. European spruce and fir in the Jiangsu market had low trading volume and were still in short supply [4]. - As of November 9, there were 11 vessels departing from New Zealand in November, with 10 bound for mainland China and 1 for Taiwan, China and South Korea with partial unloading. It is expected that about 11 vessels will arrive in November and 0 in December, with an estimated arrival volume of 1.37 million cubic meters in November [5][8]. - As of the week of November 7, the daily average shipment volume at Lanshan Port was 22,500 cubic meters (a week-on-week increase of 1,300 cubic meters), and at Taicang Port it was 11,000 cubic meters (a week-on-week decrease of 1,500 cubic meters). In terms of port inventory, Lanshan Port's inventory was about 1.2658 million cubic meters (a week-on-week increase of 5,000 cubic meters), Taicang Port's was about 346,400 cubic meters (a week-on-week increase of 42,400 cubic meters), Xinminzhou's was about 254,600 cubic meters (a week-on-week decrease of 55,600 cubic meters), and Jiangdu Port's was about 214,000 cubic meters (a week-on-week increase of 15,300 cubic meters). The total inventory of the four major ports was 2.0808 million cubic meters, an increase of 7,100 cubic meters from the previous week [6][13]. - As of the week of November 9, the Baltic Dry Index (BDI) was recorded at 2,125 points, an increase of 21 points (+1.0%) from the previous week. Its related sub - index, the Handysize Shipping Index (BHSI), was recorded at 819 points, an increase of 1.1% from the previous week. The Shanghai Containerized Freight Index (SCFI) was recorded at 1,451.38 points, an increase of 3.6% from the previous week. In terms of exchange rates, the US dollar index has recently remained around 99 - 100. The US dollar to RMB exchange rate was recorded at 7.098, a week-on-week decrease of 0.34%, and the US dollar to New Zealand dollar exchange rate decreased by 1.0% to 1.759 [6][50]. 3. Summary by Directory 3.1 Supply - As of November 9, 11 vessels departed from New Zealand in November, with 10 going to mainland China and 1 to Taiwan, China and South Korea with partial unloading. It is expected that about 11 vessels will arrive in November and 0 in December, with an estimated arrival volume of 1.37 million cubic meters in November [5][8] - A table shows the detailed information of New Zealand log vessel schedules, including departure time, load, current port, expected destination port, and expected arrival time [9] 3.2 Demand and Inventory - As of the week of November 7, the daily average shipment volume at Lanshan Port was 22,500 cubic meters (a week-on-week increase of 1,300 cubic meters), and at Taicang Port it was 11,000 cubic meters (a week-on-week decrease of 1,500 cubic meters). The total inventory of the four major ports (Lanshan, Taicang, Xinminzhou, and Jiangdu) was 2.0808 million cubic meters, an increase of 7,100 cubic meters from the previous week [6][13] - A table provides detailed inventory and shipment data of domestic main ports, including inventory and shipment volume at different time points and changes compared to the previous week and four weeks ago [13] 3.3 Market Trends - As of November 14, the closing price of the main contract LG2511 was 788.5 yuan/cubic meter, an increase of 0.4% from the previous week. The main contract on the futures market rebounded this week, while the fundamental supply - demand situation remained weak. The monthly spreads (in absolute value) tended to narrow. The 01 - 03 monthly spread was - 7 yuan/cubic meter, the 01 - 05 monthly spread was - 21.5 yuan/cubic meter, and the 03 - 05 monthly spread was - 14.5 yuan/cubic meter [18] 3.4 Other - As of the week of November 9, the Baltic Dry Index (BDI) was 2,125 points (+1.0% week-on-week), the Handysize Shipping Index (BHSI) was 819 points (+1.1% week-on-week), and the Shanghai Containerized Freight Index (SCFI) was 1,451.38 points (+3.6% week-on-week). The US dollar to RMB exchange rate was 7.098 (-0.34% week-on-week), and the US dollar to New Zealand dollar exchange rate decreased by 1.0% to 1.759 [6][50] - A table presents the changes in freight rates and exchange rates, including the Baltic freight index, container shipping index, and exchange rates between the US dollar and RMB, and the US dollar and New Zealand dollar, compared to the previous week and four weeks ago [49]

Group 1: General Information - The report is a PTA daily report dated November 14, 2025 [1][2] - The energy and chemical research team includes researchers for different products such as PTA, MEG, urea, etc [4] Group 2: Market Review and Operation Suggestions - On the 13th, the closing price of PTA's main futures contract TA2601 was 4,700 yuan/ton, up 30 yuan/ton (0.64%), with a settlement price of 4,644 yuan/ton and a daily reduction of 5,542 lots. The TA2605 contract closed at 4,754 yuan/ton, up 26 yuan/ton, with a trading volume of 99,774 lots, an increase of 4,801 lots [6] - With weak crude oil prices being bearish and India's BIS cancellation being bullish for the PTA market, the PTA market is expected to consolidate [6] Group 3: Industry News - OPEC reported that oil supply will meet demand in 2026. International oil prices ended a three - day rise and closed lower technically. On November 12, the settlement price of WTI crude oil December 2025 futures was $58.49/barrel, down $2.55/barrel (4.18%); Brent crude oil January 2026 futures settled at $62.71/barrel, down $2.45/barrel (3.76%) [7] - The assessed price of PX in the Chinese market was $824 - 826/ton, down $1/ton; in the South Korean market, it was $804 - 806/ton, down $1/ton. There was one transaction of any December shipment at $823/ton [7] - The PTA price in the East China market was 4,568 yuan/ton, down 23 yuan/ton. The average daily negotiation basis was at a discount of 77 yuan/ton to the futures 2601 contract, up 2 yuan/ton [7] Group 4: Data Overview - The report provides various data charts including PTA futures prices, international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA processing margins, etc [11][13][17]

Report Information - Report Date: November 12, 2025 [2] - Report Type: MEG Daily Report [1] Industry Investment Rating - Not provided Core View - The ethylene glycol market currently has fewer bullish supports, and the overall macro - market is cautious. It is expected that the ethylene glycol price will mainly show a weak trend [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: EG2601 closed at 3,875 yuan/ton, down 61 yuan, with a position of 362,650 contracts, an increase of 12,625 contracts; EG2605 closed at 3,966 yuan/ton, down 44 yuan, with a position of 41,893 contracts, an increase of 1,907 contracts. On the 11th, the main ethylene glycol futures contract opened at 3,954 yuan, with a high of 3,955 yuan, a low of 3,969 yuan, a settlement price of 3,921 yuan, and a close of 3,875 yuan, down 61 yuan from the previous trading day's settlement price. The total volume was 174,576 lots, and the position was 362,650 lots [7] 2. Industry News - Oil price: News of the potential end of the US government shutdown injected optimism into the market, boosting the demand expectation of the world's largest oil - consuming country and offsetting concerns about global supply growth. International oil prices continued to rise slightly. On November 10th, the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.13 per barrel, up $0.38 or 0.64% from the previous trading day, with a trading range of $59.41 - $60.48. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.06 per barrel, up $0.43 or 0.68% from the previous trading day, with a trading range of $63.32 - $64.34 [8] - Ethylene glycol market in Zhangjiagang: This week's spot negotiation price was 3,942 - 3,943 yuan/ton, down 57.5 yuan/ton from the previous working day. Next week's spot negotiation price was 3,941 - 3,943 yuan/ton, and the negotiation price for late November was 3,941 - 3,943 yuan/ton. The basis of this week's spot relative to EG2601 was at a premium of 67 - 68 yuan/ton, next week's spot basis relative to EG2601 was at a premium of 66 - 68 yuan/ton, and the basis for late November relative to EG2601 was at a premium of 66 - 68 yuan/ton [8] - Polyester market: The trading atmosphere of polyester filament cooled compared with the previous day. After the price increase of polyester factories today, the sales volume shrank, and the terminal demand weakened marginally and locally. The futures price of polyester staple fiber first rose and then fell, the price of staple fiber factories was stable, the price of traders decreased slightly, the downstream demand weakened, and the on - site trading was average [8] 3. Data Overview - The report provides multiple data charts, including MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), PTA - MEG price difference, MEG price, MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]