Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It presents market performance, fundamentals, and trading strategies for each sector, suggesting different approaches such as buying on dips, selling on rallies, or waiting and observing based on the specific market conditions [2][3][6]. Summary by Commodity Categories Precious Metals - **Gold**: Overnight, precious metal prices rebounded, with international gold prices rising over 1% to $3978 per ounce. The US political situation and economic data influenced the market. Domestic gold ETFs had an inflow of 1.1 tons. The trading strategy is to buy on support for gold and reduce long positions for silver [2]. - **Silver**: Inventories in various exchanges decreased. The trading strategy is to reduce long positions [2]. Base Metals - **Copper**: The price oscillated and stabilized. The supply of copper ore remained tight, and domestic demand was expected to improve. The trading strategy is to wait for buying opportunities on dips [3]. - **Aluminum**: The price of the electrolytic aluminum main contract decreased slightly. The supply increased, while the demand weakened. The price may be under pressure to correct [3]. - **Alumina**: The price of the main contract increased slightly. The supply decreased due to environmental protection measures, while the demand remained stable. The price is expected to oscillate weakly [4]. - **Zinc**: The price decreased slightly. The processing fees of zinc concentrate increased, but the terminal orders were weak. The trading strategy is to sell on rallies [4]. - **Lead**: The price increased slightly. The supply was marginally loose, but the lead concentrate was in tight balance. The price is expected to oscillate at a high level [4]. - **Industrial Silicon**: The price oscillated. The supply decreased, and the demand was supported. The price is expected to oscillate within a range [4]. - **Lithium Carbonate**: The price decreased slightly. The supply decreased, and the demand increased. The price may have short - term correction pressure but is supported by strong demand. The trading strategy is to wait and observe [5]. - **Polysilicon**: The price decreased slightly. The supply decreased, and the demand was affected by policies. The trading strategy is to buy on dips or consider selling put options [5]. - **Tin**: The price oscillated and stabilized. The supply was tight, and the demand improved. The trading strategy is to wait for buying opportunities on dips [5]. Black Industry - **Rebar**: The price decreased slightly. The supply and demand had limited contradictions, and the futures discount marginally shrank. The trading strategy is to wait and observe [6]. - **Iron Ore**: The price increased slightly. The supply increased, and the demand decreased. The trading strategy is to exit and wait and observe [6]. - **Coking Coal**: The price increased slightly. The supply and demand were neutral, and the futures premium was high. The trading strategy is to wait and observe [7]. Agricultural Products - **Soybean Meal**: US soybeans may enter an oscillation phase. The domestic market follows the cost - end and oscillates strongly. The medium - term trend depends on tariff policies and production [8]. - **Corn**: The futures price oscillates in a narrow range. The spot price is expected to be weak. The trading strategy is to expect the futures price to oscillate in a range [8]. - **Oils and Fats**: The price is weak and shows differentiation among varieties. The trading strategy is to be bearish and focus on reverse spreads [8]. - **Sugar**: The international price is weak, and the domestic price shows an internal - strong and external - weak pattern. The trading strategy is to sell short in the futures market and sell call options [8]. - **Cotton**: The international price decreased, and the domestic price oscillated narrowly. The trading strategy is to sell short on rallies [9]. - **Eggs**: The price is expected to oscillate strongly. The trading strategy is to expect the futures price to oscillate in a range [9]. - **Pigs**: The price is expected to be weak. The trading strategy is to expect the futures price to be weak [9]. - **Apples**: The price increased. The trading strategy is to wait and observe [9]. Energy Chemicals - **LLDPE**: The price decreased slightly. The supply pressure increased but at a slower pace, and the demand weakened. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [10]. - **PTA**: The supply pressure is large in the long - term, and the demand improved. The trading strategy is to take profit on long positions of PX and sell short on rallies for PTA [11]. - **Rubber**: The price decreased slightly. The supply is expected to increase, and the inventory is accumulating. The price is expected to oscillate at a low level [11]. - **PP**: The price decreased slightly. The supply increased, and the demand weakened. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [11]. - **MEG**: The supply pressure is large in the long - term, and the inventory is accumulating. The trading strategy is to sell short on rallies [12]. - **Crude Oil**: The price decreased. The supply pressure is increasing, and the demand is weakening. The price is expected to oscillate in the short - term, and short - selling can be considered if the Russian oil reduction is less than expected [12]. - **Styrene**: The price decreased slightly. The supply is expected to increase, and the demand is weak. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [12].

Report Summary 1. Report Industry Investment Rating - No investment rating information provided in the report. 2. Core View of the Report - The report focuses on the egg market, indicating it is in an adjustment phase, and provides detailed fundamental and trend - related data [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of egg2512 is 3,217 yuan/500 kilograms with a daily increase of 1.93, and trading volume increased by 208,649 with an open interest increase of 7,887. The closing price of egg2601 is 3,509 yuan/500 kilograms with a daily increase of 1.23, and trading volume increased by 69,827 with an open interest increase of 6,222 [1]. - **Spread Data**: The egg12 - 1 spread is - 168 (previous day: - 193), and the egg12 - 5 spread is - 292 (previous day: - 348) [1]. - **Spot Price Data**: The spot prices in Liaoning, Hebei, and Shanxi remained unchanged at 2.90 yuan/jin, 2.69 yuan/jin, and 2.80 yuan/jin respectively. The Hubei spot price rose from 3.24 yuan/jin to 3.29 yuan/jin. The corn spot price dropped from 2,176 yuan/ton to 2,154 yuan/ton, and the soybean meal spot price dropped from 3,050 yuan/ton to 3,030 yuan/ton. The Henan pig price dropped from 11.98 yuan/kg to 11.88 yuan/kg [1]. 3.2 Trend Intensity - The trend intensity is 0, with a range of [-2, 2], indicating a neutral view on the market [1].

Report Summary Industry Investment Rating No information provided. Core Views - The price of Shanghai lead may oscillate and decline due to weak downstream purchasing enthusiasm at high prices, improved supply tightness, and significant upward pressure on lead prices [1]. - Zinc prices lack continuous upward momentum due to weak domestic terminals and hawkish remarks on interest rate cuts by the Federal Reserve. However, in the medium - term, the zinc price may be supported as the mine end tightens in the fourth quarter, and there may be opportunities to go long after a short - term correction [1]. Summary by Directory Information - On November 3, 2025, the Jinpo Lead - Zinc Mine of Puding Derong Mining Co., Ltd., a wholly - owned subsidiary of Yunnan Luoping Zinc & Electricity Co., Ltd., obtained a new "Safety Production License" with a valid period from November 3, 2025, to November 2, 2028, and a permitted lead - zinc underground mining capacity of 200,000 tons/year. The mine has started preparations for resumption of production [1]. - On November 4, the [LME0 - 3 lead] was at a discount of $24.4 per ton with an open interest of 151,517 lots, an increase of 1,388 lots [1]. - Xingye Yinxi released its Q3 2025 report. From January to September 2025, the company produced 5,651.48 tons of tin ore (a 13.12% year - on - year decrease), 212.16 tons of silver ore (an 18.98% increase), 45,783.81 tons of zinc ore (a 1.92% increase), 13,991.67 tons of lead ore (a 2.61% increase), 1,832.67 tons of copper ore (an 18.83% decrease), 1,109.57 tons of antimony ore (a 9.83% decrease), 215,800 tons of iron ore (a 16.42% decrease), 124.57 tons of bismuth ore (an 18.33% increase), and 0.074 tons of gold ore (a 221.74% increase) [1]. - On November 4, the [LME0 - 3 zinc] was at a premium of $138.78 per ton with an open interest of 227,115 lots, an increase of 3,686 lots [1]. Investment Strategy - For lead, continue to hold previous short positions [1]. - For zinc, wait for opportunities to go long after a correction [1]. Transaction Volume and Open Interest - For lead, the trading volume of the active futures contract was 46,416 lots (a 42.05% increase), the open interest was 65,699 lots (a 0.59% decrease), and the volume - to - open - interest ratio was 0.71 (a 42.90% increase) [1]. - For zinc, the trading volume of the active futures contract was 100,837 lots (a 33.02% decrease), the open interest was 112,477 lots (a 3.80% decrease), and the volume - to - open - interest ratio was 0.90 (a 30.37% decrease) [1]. Inventory - The LME lead inventory was 208,600 tons with no change, and the Shanghai lead warrant inventory was 21,704 tons (a 0.27% increase) [1]. - The LME zinc inventory was 34,000 tons with no change, and the Shanghai zinc warrant inventory was 68,423 tons (a 0.33% increase) [1]. Lead and Zinc Price Analysis - For lead, the average price of SMM1 lead ingots was 17,325 yuan/ton (a 0.43% increase), the closing price of the futures main contract was 17,475 yuan/ton (a 0.34% increase), the Shanghai lead basis was - 150 yuan/ton (an increase of 15 yuan/ton), and the Shanghai - London lead price ratio was 8.65 (a 0.34% increase) [1]. - For zinc, the average price of SMM1 zinc ingots was 22,430 yuan/ton (a 0.36% decrease), the closing price of the futures main contract was 22,650 yuan/ton (a 0.09% decrease), the Shanghai zinc basis was - 220 yuan/ton (a decrease of 60 yuan/ton), and the Shanghai - London zinc price ratio was 7.36 (a 0.09% decrease) [1].

2025 年 11 月 6 日 LPG：需求改善有限，盘面估值偏高 丙烯：上游装置亏损，关注减产操作 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | PG2512 | 4,278 | 0.82% | 4,231 | -1.10% | | 期货价格 | PG2601 | 4,190 | 0.67% | 4,155 | -0.84% | | | PL2601 | 5,945 | -0.93% | 5,893 | -0.87% | | | PL2602 | 5,995 | -0.75% | 5,933 | -1.03% | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2512 | 111,556 | 16990 | 102,755 | -3626 | | 持仓&成交 | PG2601 | 25,648 | 10062 | 34,165 | 2548 ...

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Report Summary 1. Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - Both Shanghai rubber 2601 and synthetic rubber 2601 are expected to run weakly, with short - term and medium - term trends being oscillatory and weakly oscillatory respectively, and the intraday view also being weakly oscillatory [1][5][7] 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Performance**: On Wednesday night, the domestic Shanghai rubber futures 2601 contract maintained an oscillatory and stable trend, with the futures price slightly rising 0.57% to 14,905 yuan/ton, but the continued rise was blocked by the 5 - day moving average [5] - **Driving Logic**: After the meeting between the Chinese and US presidents in Busan, South Korea, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment was digested, the driving force of macro factors weakened, and the market showed profit - taking. After the rubber market returned to the market dominated by supply - demand fundamentals, the rubber price was under pressure. It is expected that on Thursday, the Shanghai rubber 2601 contract may maintain a weakly oscillatory trend [5] Synthetic Rubber (BR) - **Price Performance**: On Wednesday night, the domestic synthetic rubber futures 2601 contract showed an oscillatory and stable trend, with the futures price slightly rising 0.59% to 10,145 yuan/ton, but the continued rise was blocked by the 5 - day moving average [7] - **Driving Logic**: After the meeting between the Chinese and US presidents in Busan, South Korea, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment was digested, the driving force of macro factors weakened, and the market showed profit - taking. The market has shifted from "expectation - driven" to "reality - dominated", and investors' sentiment has become cautious. It is expected that on Thursday, the domestic synthetic rubber futures 2601 contract may maintain a weakly oscillatory trend [7]

Group 1: Report Investment Rating - There is no information about the investment rating of the hot-rolled coil industry in the report. Group 2: Core Viewpoints - On Wednesday, the HC2601 contract declined weakly. The State Council Tariff Commission adjusted the additional tariffs on imported goods originating from the United States. In terms of supply and demand, the weekly output of hot-rolled coils continued to increase slightly, with a capacity utilization rate of 82.65%. Terminal demand increased and inventory decreased. Overall, as the macro - level positive factors faded and the decline in furnace materials weakened cost support, the hot-rolled coil market remained sluggish. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were moving downward. Operationally, the market is expected to be oscillating with a downward bias, and attention should be paid to rhythm and risk control [3]. Group 3: Summary by Directory 1. Futures Market - The closing price of the HC main contract was 3,253 yuan/ton, down 12 yuan; the position volume was 1,373,091 lots, down 23,039 lots; the net position of the top 20 in the HC contract was - 77,490 lots, up 7,802 lots; the HC1 - 5 contract spread was - 7 yuan/ton, unchanged; the HC warehouse receipt at the Shanghai Futures Exchange was 130,301 tons, unchanged; the HC2601 - RB2601 contract spread was 229 yuan/ton, up 8 yuan [3]. 2. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,310 yuan/ton, down 40 yuan; in Guangzhou, it was 3,270 yuan/ton, down 10 yuan; in Wuhan, it was 3,360 yuan/ton, down 10 yuan; in Tianjin, it was 3,200 yuan/ton, down 10 yuan. The basis of the HC main contract was 57 yuan/ton, down 28 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 90 yuan/ton, down 10 yuan [3]. 3. Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 775 yuan/wet ton, down 10 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,590 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,210 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,910 yuan/ton, down 30 yuan. The inventory of iron ore at 45 ports was 145.3924 million tons, up 1.1859 million tons; the inventory of coke at sample coking plants was 374,400 tons, up 700 tons; the inventory of coke at sample steel mills was 6.2888 million tons, down 43,900 tons; the inventory of Hebei billets was 1.1957 million tons, down 103,900 tons [3]. 4. Industry Situation - The blast furnace operating rate of 247 steel mills was 81.73%, down 3 percentage points; the blast furnace capacity utilization rate was 88.59%, down 1.33 percentage points. The weekly output of hot - rolled coils at sample steel mills was 3.2356 million tons, up 11,000 tons; the capacity utilization rate of hot - rolled coils was 82.65%, up 0.28 percentage points. The inventory of hot - rolled coils at sample steel mills was 776,600 tons, up 3,100 tons; the social inventory of hot - rolled coils in 33 cities was 3.2893 million tons, down 86,400 tons. The monthly output of domestic crude steel was 73.49 million tons, down 3.88 million tons; the net export volume of steel was 9.92 million tons, up 910,000 tons [3]. 5. Downstream Situation - The monthly output of automobiles was 3.2758 million vehicles, up 460,400 vehicles; the monthly sales volume was 3.2264 million vehicles, up 369,800 vehicles. The monthly output of air conditioners was 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, up 674,400 units; the monthly output of household washing machines was 11.7849 million units, up 1.653 million units [3]. 6. Industry News - In late October 2025, key steel enterprises produced 19.99 million tons of crude steel, with an average daily output of 1.817 million tons, a daily - on - daily decrease of 9.8%; 19.18 million tons of pig iron, with an average daily output of 1.744 million tons, a daily - on - daily decrease of 5.8%; and 21.94 million tons of steel, with an average daily output of 1.995 million tons, a daily - on - daily increase of 0.9%. The State Council Tariff Commission adjusted the additional tariffs on imported goods originating from the United States, suspending the implementation of the 24% additional tariff rate on the United States for one year and retaining the 10% additional tariff rate [3]. 7. Key Points of Attention - The weekly output, in - plant inventory, and social inventory of hot - rolled coils on Thursday [3]

Report Summary 1) Report Industry Investment Ratings The report does not provide an overall industry investment rating. Instead, it offers specific investment suggestions for various futures contracts in different sectors. 2) Core Views - The A-share market is in a repricing adjustment after the quarterly report release, with trading sentiment being cold and the direction unclear [2]. - Bond interest rates are expected to have a lower fluctuation range, and investors can consider appropriate long - positions on 10 - year Treasury bonds on dips [2]. - Precious metals are under pressure from liquidity tightening and a stronger dollar, with gold and silver showing different short - term trends [2]. - The shipping index is expected to be volatile in the short term, and long positions on the 12 - contract are recommended on dips [2]. - The steel and iron ore markets have complex supply - demand situations, with different trading strategies for each contract [2]. - The energy and chemical sector has diverse trends, with some products like MEG expected to decline and others having different trading opportunities [2]. - The agricultural product market is affected by factors such as supply and demand and policy details, with different trading suggestions for each product [2]. - Special and new energy products also have their own price trends and corresponding trading strategies [2]. 3) Summary by Related Catalogs Financial Futures - **Stock Index Futures**: After the market's upward movement and profit - taking, there is a slight correction. It is recommended to wait and see as the direction is not clear [2]. - **Treasury Bond Futures**: The central bank's bond - buying scale is lower than expected. The 10 - year Treasury bond active bond 250016.IB may fluctuate between 1.75% - 1.8%. Long positions on dips and positive arbitrage strategies are suggested [2]. - **Precious Metals Futures**: Gold has short - term downward pressure but buying support. It can be bought on dips below 3900 dollars (900 yuan). Silver may fall to the previous low of 45 dollars (11000 yuan), and short - term observation is recommended [2]. Commodity Futures - **Shipping Futures**: The container shipping index (European line) is short - term volatile, and long positions on the 12 - contract are recommended on dips [2]. - **Steel and Iron Ore Futures**: For steel, a long - coal and short - coil strategy is recommended for the January 2026 contract. For iron ore, short positions are recommended on rallies for the 2601 contract, with a reference range of 760 - 810, and a 1 - 5 positive arbitrage is also suggested [2]. - **Energy and Chemical Futures**: Different products have different trends. For example, PX and PTA have limited rebound space, and short positions on rallies are recommended; MEG is expected to decline, and holding out - of - the - money call options and 1 - 5 reverse arbitrage are suggested [2]. - **Agricultural Product Futures**: Products like soybeans, corn, and palm oil have different price trends and trading strategies. For example, long positions in the 2601 soybean contract should be held cautiously, and the palm oil may test the 8500 - yuan support [2]. - **Special and New Energy Futures**: Glass offers short - long opportunities by observing the spot market; industrial silicon and polysilicon have price fluctuation ranges, and lithium carbonate is expected to be weak [2].

Report Overview - Date: November 5, 2025 - Publisher: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - Iron ore is expected to fluctuate at high levels [2][4] - Rebar and hot - rolled coil are likely to experience weak oscillations due to sector sentiment [2][7] - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations influenced by sector sentiment and supply - demand dynamics [2][11] - Coke and coking coal are predicted to fluctuate at high levels [2][14] - Logs are expected to have repeated oscillations [2][16] 3. Summary by Commodity Iron Ore - **Fundamentals**: The previous day's futures closing price was 775.5 yuan/ton, down 7 yuan or 0.89%. The positions increased by 12,824 hands. Spot prices of various iron ore types decreased by 2 yuan/ton, except for domestic ores which remained unchanged. The basis and some spreads changed slightly [4] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [5] - **Trend Intensity**: 0, indicating a neutral trend [5] Rebar and Hot - Rolled Coil - **Fundamentals**: The previous day's closing prices of RB2601 and HC2601 futures were 3,044 yuan/ton and 3,265 yuan/ton, down 44 yuan (-1.42%) and 34 yuan (-1.03%) respectively. Spot prices in major cities decreased. The basis increased, and some spreads changed [7] - **News**: In mid - October 2025, key steel enterprises' average daily production of crude steel decreased by 0.9%, pig iron by 1.3%, and steel increased by 0.8%. On October 30, steel production, inventory, and apparent demand data showed certain changes. Five departments supported commercial real estate REITs issuance. The 15th Five - Year Plan proposed directions for the steel industry. In September, China's steel exports increased while imports also rose slightly [8][9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [10] Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices of silicon - manganese in Inner Mongolia decreased by 30 yuan/ton. The basis and various spreads changed [11] - **News**: Zhengzhou Commodity Exchange adjusted the centralized cancellation date of ferrosilicon and urea in February 2026. There were price quotes and electricity price changes in the ferrosilicon and manganese - silicon markets. Some steel mills' procurement prices and quantities were announced [11][12][13] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Futures prices of coking coal and coke decreased. Some spot prices of coking coal increased, while others remained unchanged. Coke spot prices were mostly stable. The basis and spreads changed [14] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [15] - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [15] Logs - **Fundamentals**: Futures prices of different log contracts showed different degrees of decline. Trading volumes and positions also changed significantly. Spot prices of most log types were stable, with a small number showing slight decreases [17] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [19] - **Trend Intensity**: 0, indicating a neutral trend [19]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The methanol market continues to show a weak and volatile trend. The price of methanol is relatively high compared to upstream coal and downstream polyolefins, and the short - term upward driving force is limited due to high port inventory pressure and insufficient downstream restocking drive. The inventory turning point may occur around mid - November, and the subsequent driving force may come from possible supply reductions, such as the gas - restriction expectation in Iran. It is recommended to wait before going long on methanol, and the current trading strategy is to stay on the sidelines [1]. 3. Summary by Related Catalogs 3.1 Price and Basis - **Futures Prices**: MA01 dropped from 2180 yuan/ton on October 31st to 2143 yuan/ton on November 3rd, a decrease of 1.70%; MA05 decreased from 2260 yuan/ton to 2239 yuan/ton, a decrease of 0.93%; MA09 declined from 2240 yuan/ton to 2228 yuan/ton, a decrease of 0.54% [1]. - **Spot Prices**: Prices in most regions declined, with the largest drop in Taicang, from 2157.50 yuan/ton to 2097.50 yuan/ton, a decrease of 2.78%. Prices in Sichuan - Chongqing and Hubei remained unchanged [1]. - **Basis**: The basis of Taicang spot - MA decreased from - 22.50 yuan/ton to - 45.50 yuan/ton, a decrease of 23 yuan/ton [1]. 3.2 Raw Material Prices - **Coal Prices**: The prices of coal with different calorific values increased. The price of Ordos Q5500 increased by 3.14%, Datong Q5500 by 2.35%, and Yulin Q6000 by 1.59% [1]. - **Natural Gas Prices**: The industrial natural gas prices in Hohhot and Chongqing remained unchanged [1]. 3.3 Profit Situation - **Methanol Production Profit**: The profit of coal - based methanol decreased by 14.24% from 210.70 yuan/ton to 180.70 yuan/ton, while the profit of natural - gas - based methanol remained at - 1100 yuan/ton [1]. - **Downstream Profit**: The profit of Northwest MTO decreased by 666.67%, while the profit of East China MTO increased by 12.80%. The profits of most downstream products such as acetic acid, MTBE, formaldehyde, and erquying increased [1]. 3.4 Important Information - **Domestic**: The main methanol contract MA2601 weakened, opening at 2182 yuan/ton, closing at 2143 yuan/ton, down 59 yuan/ton, with trading volume of 1186632 lots and open interest of 1400566, showing increasing volume and open interest [1]. - **Foreign**: A 2.3 - million - ton methanol plant in a Middle - Eastern country is under maintenance, and the overall methanol plant operating load in this country is maintained at 74.45%. As of November 2nd, about 80,000 tons of methanol are scheduled to be shipped from this country in November [1].