Group 1: Overall Market Performance - On November 6, 2025, A-share major indices strengthened collectively, with the Shanghai Composite Index reclaiming the 4000-point mark, rising 0.97% to close at 4007.76; the Shenzhen Component Index rising 1.73% to 13452.42; the ChiNext Index rising 1.84% to 3224.62; and the STAR 50 Index rising 3.34% to 1436.86. The trading volume of the two markets reached 2055.2 billion yuan, an increase of 182.9 billion yuan from the previous day [1] - The CSI 300 Index was strong on November 6, closing at 4693.40, up 66.15 from the previous day [2] Group 2: Coal Futures - On November 6, the coke weighted index fluctuated within a range, closing at 1806.6, up 35.0 from the previous day. The third round of price increases for coke has been fully implemented, with an increase of 50 - 55 yuan/ton. The current iron - water production has dropped significantly, and subsequent复产 amplitude is limited [2][4] - On November 6, the coking coal weighted index fluctuated and consolidated, closing at 1305.2 yuan, up 27.9 from the previous day. The supply of coking coal remains tight, and the auction failure rate remains low. Some coal varieties have seen large price increases [3][4] Group 3: Sugar Futures - Affected by the expectation of a global sugar market surplus, the US sugar futures fluctuated slightly lower on Wednesday. The Zhengzhou sugar 2601 contract fluctuated and consolidated on Thursday due to a large short - term decline and technical factors. Czarnikow raised its forecast for the global sugar surplus in the 2025/26 season by 1.2 million tons to 8.7 million tons [4] Group 4: Rubber Futures - Affected by technical factors, the Shanghai rubber futures fluctuated and closed slightly higher at night. Most tire enterprises' device operations were stable this week, with narrow fluctuations in capacity utilization rates. The capacity utilization rate of semi - steel tire sample enterprises was 72.89%, a 0.77 - percentage - point increase; that of full - steel tire sample enterprises was 65.37%, a 0.03 - percentage - point increase [5] Group 5: Soybean Meal Futures - On November 6, the CBOT soybean futures closed lower, with the January soybean futures contract down 2.34% at 1108 cents per bushel. The US soybean harvest is nearing completion. In the domestic market, the M2601 main contract closed at 3068 yuan/ton on November 6, down 0.16%. The supply of imported soybeans is abundant, and the soybean meal supply is sufficient, limiting the upside space for prices [5] Group 6: Live Pig Futures - On November 6, the LH2601 main contract closed at 11940 yuan/ton, up 0.04%. The supply of live pigs in the fourth quarter is expected to be sufficient, and the "supply exceeds demand" pattern in the live pig market has not fundamentally changed [5] Group 7: Copper Futures - The main contract of Shanghai copper closed at 86320 yuan/ton on November 6, up 890 yuan or 1.04%. Macroeconomic data was stronger than expected. The supply of domestic electrolytic copper is tight due to maintenance, and the demand side has limited acceptance of high prices. The copper price has entered an adjustment period [5] Group 8: Iron Ore Futures - On November 6, the iron ore 2601 main contract fluctuated and closed up 0.65% at 777.5 yuan. The current iron ore shipping volume has decreased, and the domestic arrival volume has increased significantly. The iron ore price will fluctuate in the short term [5] Group 9: Asphalt Futures - On November 6, the asphalt 2601 main contract fluctuated and fell 2.05% to close at 3109 yuan. The asphalt capacity utilization rate has increased slightly, and the inventory is being depleted, but the downstream demand is weakening, and the price will fluctuate in the short term [5] Group 10: Log Futures - On November 6, the log 2601 contract opened at 777, with a low of 776.5, a high of 781, and closed at 779, with an increase of 89 lots in positions. The supply - demand relationship has no major contradictions, and the market is gradually depleting inventory [7] Group 11: Cotton Futures - On the night of November 6, the main contract of Zhengzhou cotton closed at 13585 yuan/ton. The cotton inventory increased by 17 lots compared with the previous day. The cotton purchase in Xinjiang is 80% complete [7] Group 12: Palm Oil Futures - On November 6, the palm oil futures price rebounded from the bottom, with some short - sellers taking profits. The main contract P2601 closed with a large positive line, up 1.65% from the previous day. From November 1 - 5, 2025, the palm oil yield in Malaysia increased by 5.12% month - on - month, the oil extraction rate increased by 0.32% month - on - month, and the production increased by 6.80% month - on - month [7] Group 13: Steel Futures - On November 6, rb2601 closed at 3037 yuan/ton, and hc2601 closed at 3256 yuan/ton. This week, the production, inventory, and apparent demand of the five major steel products all decreased. The apparent demand for finished products decreased significantly, and the hot - rolled inventory is still increasing [7] Group 14: Alumina Futures - On November 6, ao2601 closed at 2787 yuan/ton. The supply of alumina is sufficient, and the demand is stable. The cost support is limited. The market will continue to have a loose supply - demand pattern in the short term, and the price increase pressure is high [7] Group 15: Aluminum Futures - On November 6, al2512 closed at 21665 yuan/ton. The high aluminum price and environmental protection policies have suppressed demand, and the export demand for aluminum products has weakened. The aluminum price is at a high level, and the downstream is mainly depleting inventory. The short - term fundamental driving force for the aluminum price is limited [7]

Report Summary 1. Report Industry Investment Ratings - Steel: No specific overall industry investment rating is provided, but the strategy for steel is "oscillating weakly" [2] - Iron Ore: The strategy is "oscillating weakly" [4] - Coking Coal and Coke: Coking coal is expected to "oscillate", and coke is also expected to "oscillate" [6] - Thermal Coal: No specific investment strategy is provided [7] 2. Core Views - Steel market has low - price and high - volume trading, with steel prices rebounding slightly. However, due to weak real estate, potential weakening of domestic demand in infrastructure and consumer - related manufacturing in the fourth quarter, and the need to exchange external demand with low prices, further production cuts are needed for inventory reduction [1] - Iron ore prices are under downward pressure due to falling steel mill profitability, reduced iron - water production, and a significant increase in iron ore arrivals [3] - Driven by the sharp rise in thermal coal prices, coking coal and coke prices are oscillating and rebounding. The supply of coking coal and coke is tight, and the demand shows certain resilience [5][6] - Thermal coal prices continue to rise. The downstream non - power demand is strong, and prices are expected to be firm in the short term due to winter storage expectations and difficulty in inventory accumulation [7] 3. Summary by Related Catalogs Steel - **Market Analysis**: The closing price of the rebar futures main contract is 3037 yuan/ton, and that of the hot - rolled coil futures main contract is 3256 yuan/ton. The overall spot trading volume of steel is average, with the national building materials trading volume at 11.03 tons, showing an increase compared to the previous day and a good week - on - week performance [1] - **Supply and Demand Logic**: The weekly output of the five major steel products is 856.74 tons, a week - on - week decrease of 18.55 tons. All product outputs have declined. The real estate remains weak, and there is pressure on the domestic demand of infrastructure and consumer - related manufacturing in the fourth quarter. The inventory reduction of the five major steel products has slowed down [1] - **Strategy**: Unilateral trading is "oscillating weakly", and there are no strategies for inter - period, inter - variety, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: Iron ore futures prices are oscillating. The prices of mainstream imported iron ore varieties have risen slightly. The trading volume of national main - port iron ore is 115.4 tons, a 6.07% increase compared to the previous day, and the trading volume of forward - looking spot is 158.9 tons, a 6.00% increase. The daily average iron - water output of 247 steel mills is 234.22 tons, a decrease of 2.14 tons compared to the previous period, and the steel mill profitability rate is 39.83%, a 5.19% decrease [3] - **Supply and Demand Logic**: The apparent demand for steel has dropped significantly this week, and the steel mill profitability rate has further decreased. The iron ore arrival volume has increased significantly, and the iron - water output has decreased, resulting in reduced demand [3] - **Strategy**: Unilateral trading is "oscillating weakly", and there are no strategies for inter - period, inter - variety, spot - futures, and options trading [4] Coking Coal and Coke - **Market Analysis**: Affected by the rise in thermal coal prices and market sentiment, the coking coal and coke futures prices are oscillating and rebounding. The import volume of Mongolian coking coal has recovered, and the trading volume is average [5][6] - **Logic and Views**: For coking coal, the domestic supply recovery is slow, and imported coal is abundant, with a slightly loose overall situation but a lower inventory accumulation rate than last year. The demand is supported by the successful third - round price increase of coke. For coke, the supply is tight due to profit losses, and the demand shows certain resilience after the third - round price increase [6] - **Strategy**: Coking coal is expected to "oscillate", and coke is also expected to "oscillate". There are no strategies for inter - period, inter - variety, spot - futures, and options trading [6] Thermal Coal - **Market Analysis**: In the production areas, coal prices are rising, and the non - power demand is strong. At the ports, the trading volume of market coal is low, but traders are reluctant to sell due to rising coal mine prices and low port inventories. The price of imported coal is also rising [7] - **Demand and Logic**: In the short term, prices are oscillating and rising due to tight supply in production areas. In the long - term, the supply pattern is loose, but with the approaching of the winter heating season and strong non - power demand, attention should be paid to overall consumption and inventory replenishment [7] - **Strategy**: No specific strategy is provided [7]

Report Summary 1) Report Industry Investment Ratings - Not provided in the given content 2) Core Views of the Report - PX is expected to be relatively strong in the short - term due to overseas gasoline blending demand supporting the aromatics valuation. The domestic plant operating rate is at a new high, and attention should be paid to the impact of sanctions on short - flow plant operations. The cost - side aromatics gasoline blending demand supports a strong unilateral trend [11][12]. - PTA shows a strong - side oscillating market. The polyester load has rebounded more than expected, with fair rigid demand. The short - term operating rate has decreased, alleviating the inventory accumulation pressure in the first half of November. However, the future inventory accumulation pattern is clear, and the PTA processing fee should be shorted when it is above 300, with range - bound operations recommended [12]. - MEG has a large supply pressure, with the unilateral price hitting a new low. The operating rate of existing plants has increased, and the inventory at ports will accelerate accumulation from mid - November. The current price needs to test the cost line of coal - based plants, and the monthly spread should be shorted at high levels [13]. 3) Summary by Relevant Catalogs Market Dynamics - PX: On November 6, the PX price rose. The late - session physical goods for December were negotiated at 824/830 and January at 816/831, with no transactions. The PX valuation on that day was 826 dollars/ton, up 10 dollars from the previous day. Despite the weakening of crude oil prices, the Asian PX price increased due to tight supply fundamentals and positive sentiment in the downstream PTA market [3]. - PTA: A 1.1 - million - ton PTA plant in South China has stopped for maintenance, and the restart time is undetermined. The PTA load has been adjusted to 76.4% [8]. - MEG: As of November 6, the overall operating load of ethylene glycol in the Chinese mainland was 72.44% (down 3.76% from the previous period), and a 250,000 - ton/year MEG plant in Taiwan is planned to stop for maintenance at the end of this month [8]. - Polyester: A polyester chip plant has been under maintenance this week, and the domestic polyester load is around 91.5%. The overall theoretical operating load of domestic polyester industrial yarn is around 75%. The sales of direct - spun polyester staple fibers on November 6 were highly differentiated, and the sales of polyester yarn in Jiangsu and Zhejiang were partially strong [9]. Trend Intensity - PX trend intensity: 0 - PTA trend intensity: 0 - MEG trend intensity: - 1 [10] Futures and Spot Data | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6820 | 4688 | 3924 | 6244 | 460.4 | | Change | 170 | 88 | 10 | 68 | - 3.3 | | Change Rate | 2.56% | 1.91% | 0.26% | 1.10% | - 0.71% | | Month Spread | PX1 - 5 | PTA1 - 5 | MEG1 - 5 | PF12 - 1 | SC11 - 12 | | Yesterday's Closing Price | 14 | - 62 | - 80 | - 34 | 1 | | Previous Day's Closing Price | - 8 | - 60 | - 91 | - 34 | - 1.9 | | Change | 22 | - 2 | 11 | 0 | 2.9 | | Spot | PX CFR China (USD/ton) | PTA East China (CNY/ton) | MEG Spot | Naphtha MOPJ | Dated Brent (USD/barrel) | | Yesterday's Price | 826 | 4540 | 3978 | 575.75 | 63.66 | | Previous Day's Price | 816 | 4510 | 3982 | 577.5 | 64.56 | | Change | 10 | 30 | - 4 | - 1.75 | - 0.9 | | Spot Processing Fee | PX - Naphtha Spread | PTA Processing Fee | Staple Fiber Processing Fee | Bottle Chip Processing Fee | MOPJ Naphtha - Dubai Crude Spread | | Yesterday's Price | 239.83 | 120.05 | 273.44 | 78.76 | - 4.34 | | Previous Day's Price | 243.71 | 162.45 | 263.33 | 59.77 | - 4.34 | | Change | - 3.88 | - 42.39 | 10.11 | 18.99 | 0 | [2]

Report Summary 1. Report Industry Investment Rating - The trend strength of synthetic rubber is 0, indicating a neutral view. The range of trend strength is an integer within the [-2, 2] interval, where -2 means the most bearish and 2 means the most bullish [3]. 2. Core View - In the short term, the decline rate of butadiene rubber has slowed down. The decrease in butadiene rubber inventory and the improvement in spot trading have supported the price. In the medium term, the weak performance of butadiene has led to a downward shift in the dynamic valuation range of butadiene rubber. With the decline in the cost side, the processing profit of butadiene rubber has expanded significantly. Under the neutral background of butadiene rubber's own fundamentals, the futures price reflects the expectation of profit contraction. The macro - driving force has weakened, and butadiene rubber is expected to operate weakly. Attention should be paid to whether the supply - demand pattern of butadiene rubber will improve in the short term [4]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing price of the butadiene rubber main contract (01 contract) increased by 70 yuan/ton to 10,305 yuan/ton, the trading volume decreased by 4,704 lots to 128,144 lots, the open interest increased by 327 lots to 83,941 lots, and the trading volume decreased by 16,845 ten - thousand yuan to 653,280 ten - thousand yuan. The basis of Shandong butadiene rubber - futures main contract increased by 30 to - 5, and the monthly spread (BR12 - BR01) decreased by 10 to 80 [1]. - **Spot Market**: The prices of North China, East China, and South China butadiene rubber (private) increased by 50 - 100 yuan/ton. The market price of Shandong butadiene rubber (delivery product) increased by 100 yuan/ton to 10,300 yuan/ton. The price of Qilu styrene - butadiene rubber (model 1502) increased by 100 yuan/ton to 10,700 yuan/ton, and the price of Qilu styrene - butadiene rubber (model 1712) remained unchanged at 9,700 yuan/ton. The mainstream prices of butadiene in Jiangsu and Shandong increased by 150 yuan/ton and 125 yuan/ton respectively [1]. - **Fundamentals**: The butadiene rubber operating rate increased by 2.44 percentage points to 66.7364%, the theoretical full cost of butadiene rubber remained unchanged at 9,607 yuan/ton, and the profit of butadiene rubber remained unchanged at 593 yuan/ton [1]. 3.2 Industry News - As of November 5, 2025, the domestic butadiene rubber inventory was 2.93 million tons, a decrease of 0.16 million tons from the previous period, a month - on - month decrease of - 5.15%. During this period, the supply of raw material butadiene was sufficient, the negotiation center continued to decline, and the cost side continued to have a negative impact. The downstream pressured for lower prices, and some production enterprises were under maintenance, resulting in a decrease in both production enterprise and trading enterprise inventories [1]. - From October 23 - 29, 2025, the total inventory of domestic butadiene samples increased, with a month - on - month increase of 14.23%. Among them, the inventory of sample enterprises increased slightly by 1.47% from the previous week, and the inventory of sample ports increased significantly by 30.08% from the previous week. It is expected that the import volume from October to November will still be abundant [4].

多晶硅：消息面预期落空，盘面或大幅下跌 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 商 品 研 究 2025 年 11 月 07 日 工业硅：关注底部支撑 | 指标名称 | | | | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2601收盘价（元/吨） | 9,065 | 45 | -90 | 455 | | | | | Si2601成交量（手） | 228,497 | -47,699 | -92,494 | -164,205 | | | | | Si2601持仓量（手） | 236,855 | 4,006 | 9,091 | 29,878 | | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 53,395 | 40 | -1,555 | - | | | | | PS2601成交量（手） | 256,104 | 80,868 | 32,190 | - | | | | | PS260 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For PTA, the near - term TA partial device load reduction leads to a slight decline in start - up, while polyester load increases, inventory accumulates slightly, and the basis strengthens. PX domestic start - up recovers, and PXN expands. Considering the long - term low processing fees and improved terminal data, the processing fee center may gradually recover [2]. - For MEG, the near - term domestic oil - based restart and overseas device restart lead to a decline in port inventory at the beginning of the week, but the long - term pattern is bearish due to high inventory. However, there may be negative feedback on the supply side after the decline in coal - based benefits, and attention should be paid to coal - based cost support [3]. - For polyester staple fiber, the near - term restart of Fujian Shanli increases the start - up, but sales decline. The overall efficiency and start - up of the polyester yarn end have not improved significantly. With high exports and good spot efficiency, the overall inventory pressure is limited, and attention should be paid to the opportunity of expanding processing fees and warehouse receipts [3]. - For natural rubber and 20 - grade rubber, the national explicit inventory is stable at a relatively low level, and the Thai cup - rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [6]. Summary by Related Catalogs PTA - **Price and Index Changes**: From October 31 to November 6, 2025, the price of crude oil decreased by 0.1, PTA internal - market spot price increased by 35, and the PTA processing fee increased by 24. The basis was - 76, and the average daily trading basis was 2601(-76) [2]. - **Device Changes**: Shandong Weilian's 2.5 - million - ton device reduced its load [2]. MEG - **Price and Index Changes**: From October 31 to November 6, 2025, the MEG internal - market price decreased by 2, and the MEG coal - based profit decreased by 2. The basis was around +76 for 01 [3]. - **Device Changes**: Tongliao's 300,000 - ton device restarted [3]. Polyester Staple Fiber - **Price and Index Changes**: From October 31 to November 6, 2025, the price of 1.4D cotton - type staple fiber increased by 15, and the short - fiber profit decreased by 25. The spot price was around 6332, and the market basis was around - 10 for 12 [3]. - **Device Changes**: Fujian Shanli restarted, and the start - up increased to 96.8% [3]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From October 31 to November 6, 2025, the price of US - dollar Thai standard rubber increased by 20, and the price of Shanghai full - latex rubber increased by 195. The mixed - rubber price increased by 200 [6]. - **Key Indicators Changes**: The mixed - rubber to RU main contract spread increased by 5, and the US - dollar Thai standard rubber to NR main contract spread decreased by 66 [6]. Styrene - **Price Changes**: From October 31 to November 6, 2025, the price of pure benzene (CFR China) decreased by 10, and the price of styrene (Jiangsu) decreased by 160 [9]. - **Profit Changes**: The styrene domestic profit increased by 30, and the EPS domestic profit increased by 28 [9].

Report Information - Report Name: Goldtrust Futures Daily Journal - Report Date: November 7, 2025 - Report Institution: Goldtrust Futures Research Institute Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The short - term rise of urea futures is difficult to change the long - term supply - demand imbalance. Although the short - term futures price may maintain a narrow - range shock, the long - term price is likely to return to a weak consolidation state. Opportunities for short - term long positions can be grasped, and the follow - up market depends on the export quota policy [3][4]. - For A - share index futures, the market is expected to continue to oscillate upward at a high level [7]. - For gold, after more than a week of adjustment, there are signs of stabilization, and low - level buying for long positions can be considered [12]. - For iron ore, considering the possible short - term decline of hot metal and the approaching of the lower edge of the daily - level oscillation range, low - level long positions can be considered, but long - term supply is expected to be loose [15][16]. - For glass, pay attention to the long - position opportunities after the price stabilizes at a low level, and the subsequent driving force lies in policy - side stimulus and anti - involution policies [19][20]. - For eggs, as the supply of eggs will be seasonally tight, long - position opportunities can be grasped [22]. - For pulp, due to the stable supply and cautious purchasing attitude, it is expected to run weakly, and a low - level oscillation should be considered [25]. Summary by Related Catalogs Urea Futures - On November 6, the urea futures 2601 contract closed at 1,640 yuan/ton, with a 0.74% increase. The rise was mainly boosted by the spot end, strengthening the short - term bullish expectation [3]. - Currently, the agricultural demand for urea is in the final stage, while the industrial demand from compound fertilizer enterprises shows a phenomenon of following up on purchases when the price is low. However, in 2025, urea is in a capacity expansion cycle, with nearly 7 million tons of new capacity added throughout the year, and the supply is expected to be loose [3]. A - share Index Futures - The three major A - share indexes opened higher and moved higher in the morning and maintained an oscillating upward trend throughout the day. The trading volume of the Shanghai and Shenzhen stock markets was 2.06 trillion yuan, with the Shanghai Composite Index finally standing firmly above 4,000 points. The market is expected to continue to oscillate upward at a high level [7][8]. Gold - After more than a week of adjustment, gold shows signs of stabilization, and low - level buying for long positions can be considered [12]. Iron Ore - After the holiday, there is no actual improvement at the terminal, and hot metal may decline in the short term. Technically, it is approaching the lower edge of the daily - level oscillation range, so low - level long positions can be considered. In the long term, supply is expected to be loose with the commissioning of the Simandou project [15][16]. Glass - The daily melting volume of glass has little change, and the inventory has decreased this week. The subsequent driving force lies in policy - side stimulus and anti - involution policies for the supply side. Pay attention to the long - position opportunities after the price stabilizes at a low level [19][20]. Eggs - As the temperature drops, egg production in major laying - hen areas in the north will enter the winter off - season, and in the south, it will enter the early stage of the winter off - season. The monthly supply of commercial eggs will stop increasing and start to decline, and long - position opportunities can be grasped [22]. Pulp - The pulp price in Shandong has remained stable. The price increase of downstream paper enterprises has boosted the pulp price, and the futures have increased in position and price. However, the supply is still loose, and the purchasing attitude is cautious. It is expected to run weakly, and a low - level oscillation should be considered [25].

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - Coke and coking coal futures have declined due to the accelerated steel production cuts, but the spot market still has strong support. The market may be volatile and bullish after a period of correction and consolidation. Attention should be paid to the resilience of the spot market, the lag effect of the transfer from steel profits to raw material costs, and whether subsequent steel production data confirms the expectation of accelerated production cuts [9]. 3. Summary by Relevant Catalogs 3.1 Market Review - On November 5th, the main contracts 2601 of coke and coking coal futures turned to volatile recovery after 4 consecutive trading days of volatile decline. The closing prices of J2601 and JM2601 were 1753 yuan/ton and 1268.5 yuan/ton respectively, with daily declines of 0.03% and 0.47%. The trading volumes were 19,107 lots and 807,948 lots respectively, and the positions decreased by 391 lots and 737 lots respectively. The capital inflows were 0.05 billion yuan and 1.09 billion yuan respectively [5]. - In the black - series futures on November 5th, the long - short deviation degrees of RB2601, HC2601, SS2512, J2601, JM2601, and I2601 were - 2.68%, 0.37%, - 1.65%, 1.90%, 3.17%, and - 2.06% respectively [6]. - On November 5th, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1750 yuan/ton, with no change. The summary price of low - sulfur main coking coal in Tangshan was 1615 yuan/ton, with no change; in Linfen, it was 1600 yuan/ton, with no change; in Handan, it was 1580 yuan/ton, up 40 yuan/ton [7]. - On November 5th, the daily KDJ indicator of the coke 2601 contract continued to decline. The daily MACD red column of the coke 2601 contract narrowed for 5 consecutive trading days and was close to a dead cross; the daily MACD red column of the coking coal 2601 contract narrowed for 4 consecutive trading days [7]. 3.2 Market Outlook - Recently, the coke production of independent coking enterprises has significantly declined, and the coke inventories of ports and independent coking enterprises are generally low, leading to the successful third - round price increase of coke spot. The coal prices have generally risen due to the low - temperature weather in most parts of the north and the stricter coal mine safety production inspections. The coking coal port inventory is at a low level. Although coking coal imports have recovered, the year - on - year decline from January to September is still more than 6%, and the coking coal spot price has significantly increased [9]. 3.3 Industry News - As of now, Shanxi Province has fully completed the shutdown and elimination of 4.3 - meter coke ovens, with a cumulative shutdown and elimination of over 90 million tons of 4.3 - meter coke oven capacity and a cumulative reduction of 44.24 million tons of excess coking capacity [10]. - In the first 10 months of this year, the total issuance of local government bonds nationwide was approximately 9.1062 trillion yuan, a year - on - year increase of about 23%. The issuance of local government bonds accelerated significantly this year, mainly concentrated in the first half. Since July, the monthly issuance scale has declined month by month, and the issuance in October was about 560 billion yuan [10]. - On November 5, 2025, the People's Bank of China carried out a 700 - billion - yuan outright reverse repurchase operation with a term of 3 months (91 days) [10]. - Since November 10, 2025, the additional tariffs on some imported goods originating from the United States have been suspended. The additional 15% tariff on imported coking coal from the United States has been suspended, but the 3% import tariff and 10% additional tariff remain, bringing the current tariff on imported coking coal from the United States to 13%. As of September, China imported 2.9088 million tons of coking coal from the United States [10]. - Hengyuan Coal & Electricity plans to acquire 100% of the equity of Hongneng Coal Industry and Changsheng Energy held by Shaanxi Black Cat with its own funds of 439.86 million yuan and assume the creditor's rights of 1.137 billion yuan to the target companies. The acquisition may increase the company's resource reserves [10][11]. - Kailuan Co., Ltd. stated that its main business includes coal mining, raw coal washing and processing, coal product sales, coking, and the production and sales of coal - chemical products. In the reporting period, the operating cost rate increased by 15.27% compared with the second quarter. The profit in the third quarter decreased compared with the second quarter due to factors such as changes in coal mine geological conditions and the squeeze on profit margins in the coal - chemical business [11]. - In September, Indonesia's coke exports continued to recover, with both year - on - year and month - on - month growth rates exceeding 10%. In September, Indonesia's coke exports were 657,400 tons, a year - on - year increase of 10.62% and a month - on - month increase of 17.53% [11]. - Many Wall Street analysts believe that due to the high financing costs, the current liquidity shortage in the US money market may last until November, which may force the Federal Reserve to take emergency measures to enhance liquidity before officially stopping the balance - sheet reduction on December 1 [11]. 3.4 Data Overview - The report provides figures on the spot price index of metallurgical coke in major markets, the summary price of main coking coal in major markets, the production and capacity utilization rate of coking plants, the production and capacity utilization rate of steel mill coke, the national daily average hot - metal output, the coke inventory of ports/steel mills/coking plants, the profit per ton of independent coking plants, the production and operation rate of sample mines, the inventory of clean coal and raw coal in sample mines, the coking coal inventory of ports/coking plants/steel mills, the basis of Rizhao Port's quasi - first - grade coke and the January contract, and the basis of Linfen's low - sulfur main coking coal and the January contract, with data sources from Mysteel and the research and development department of Jianxin Futures [13][17][18][24][26][27].

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 6, 2025 [2] Industry Investment Rating - Not provided Core Views - For soda ash, the supply remains high, the开工 rate declines slightly, and inventory decreases marginally. The downstream market mainly replenishes inventory at low prices, and the glass market continues to face weak supply and demand. With the arrival of winter, there is insufficient driving force in the supply - demand aspect, and the pattern of oversupply may continue. The market is expected to fluctuate weakly [8]. - For glass, although the production limit in Shahe has been implemented, the actual situation is below expectations. Coupled with the arrival of the off - season, there is no new driving force in the market. The short - term bullish sentiment from the Shahe production halt has been digested. The price will mainly fluctuate in the near term, and if there is no new macro - level positive news, the downward trend is difficult to reverse [9]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - **Market Data**: On November 5, the main soda ash futures contract SA601 fluctuated strongly. The closing price was 1,195 yuan/ton, up 1 yuan/ton or 0.08%, with a daily reduction of 36,997 lots [7]. - **Fundamentals**: The enterprise production and sales tend to balance, and inventory fluctuates little. The weekly production increased by 17,000 tons to 757,600 tons, remaining at a high level. The soda ash plant maintenance is at a high level in the same period. In late October, the shipments of Chinese soda ash enterprises continued to recover, with a total shipment of 757,700 tons, a month - on - month increase of 2.53%. The production of float glass remained stable, but four coal - fired production lines in Shahe are planned to be shut down for cold repair, and the production of photovoltaic glass remained unchanged. The alkali plant inventory slightly decreased to 1.702 million tons, at a relatively low level in the past six months [8]. Glass - **Market Data**: The four coal - fired production lines in Shahe will be shut down in the short term. The photovoltaic glass market is in a weak balance, and the overall glass supply is at a high level for the year. After the holiday, the factory inventory remains high, and the inventory days have continued to rise. The real estate market has not shown a stabilizing trend, the completion data is weak, and the recovery of float glass demand may not be sustainable [9]. 2. Data Overview - The report provides multiple data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [11][12][15]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The domestic futures market on November 6, 2025, showed more rising contracts than falling ones. Some commodities like p-xylene, coking coal, and PTA had significant increases, while container shipping to Europe and asphalt declined [6][7]. - The market is influenced by various factors such as international policies (e.g., OPEC+ production decisions), supply - demand dynamics of different commodities, and macro - economic data (e.g., US employment data) [7][9][12]. 3. Summary by Commodity Copper - The copper market is in a tight supply - demand balance. Supply is affected by negative smelting processing fees, potential supply disruptions from the Indonesian copper mine accident, and planned smelter overhauls. Demand is somewhat suppressed by rising prices. The US employment data affects the macro - expectation, and the strong dollar restricts the upside of copper prices [9]. Lithium Carbonate - Supply is increasing as upstream production is active, with high开工 rates. Demand is strong, especially from the energy - storage battery sector, leading to significant inventory reduction. However, due to the uncertainty of official复产 news, caution is advised when chasing the rising price [11]. Crude Oil - OPEC+ plans to increase production in December, which will increase the supply pressure in the fourth quarter but relieve it in the first quarter of next year. The demand peak has ended, and the market is in a supply - surplus situation. Geopolitical factors such as US sanctions on Russian oil companies and the US - Venezuela situation also affect the market, and the price is expected to oscillate [12][13]. Asphalt - Supply has a slight decrease, with开工 rates at a relatively low level. Demand is affected by project construction in the north and price inquiries in the south. With the influence of crude oil price fluctuations and the release of low - price resources, the asphalt futures price is expected to be weakly oscillating [14]. PP - The downstream开工 rate is at a relatively low level, and the supply is affected by new capacity and reduced maintenance. The market lacks large - scale procurement, and with the influence of crude oil and the absence of anti - involution policies, the price is expected to be weakly oscillating [15][16]. Plastic - The开工 rate is at a neutral level, and the downstream开工 rate is relatively low. New capacity is added, and the demand in the peak season is not as expected. With the influence of crude oil and the lack of anti - involution policies, the price is expected to be weakly oscillating [17]. PVC - Supply is increasing with high开工 rates and new capacity. The export expectation is weakening, and the inventory is still high. The real - estate market is in adjustment, and with the end of maintenance and high futures warehouse receipts, the price is expected to be weakly oscillating [18]. Coking Coal - Supply is tightening due to production restrictions in Shanxi. The inventory is being transferred downstream. The demand from steel mills is affected by environmental protection, resulting in a tight - balance situation, and the price is expected to be in high - level consolidation [19][20]. Urea - Supply is increasing with high daily production. Demand is also increasing as the downstream replenishes at low prices. The market atmosphere is improving, and the price is expected to have a small - range rebound and narrow - range oscillation [21].