Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of copper is disturbed with smelting enterprises reducing production and the scrap copper policy being liberalized. In September, manufacturing production accelerated with the PMI rising to 49.8%, and the business climate continued to improve. The copper price is expected to remain strong due to inventory recovery, geopolitical disturbances, and the fermentation of the Grasberg Block Cave mine incident in Indonesia, despite the repeated US tariffs [2]. - The copper market in 2024 will have a slight surplus, while it will be in a tight balance in 2025 [20]. Summary by Relevant Catalogs Daily View - **Fundamentals**: The supply side is disturbed, and the PMI in September shows an improved business climate. It is considered neutral [2]. - **Basis**: The spot price is 86,675 with a basis of 775, indicating a premium over the futures price, which is bullish [2]. - **Inventory**: On October 10, copper inventory decreased by 75 to 139,400 tons, and the SHFE copper inventory increased by 14,656 tons to 109,690 tons compared to last week. It is considered neutral [2]. - **Market Trend**: The closing price is above the 20 - day moving average, and the 20 - day moving average is rising, which is bullish [2]. - **Main Position**: The main net position is long, and the long position is increasing, which is bullish [2]. Recent利多利空Analysis - **Likely Influencing Factors**: Global policy easing and the escalation of the trade war are the logical factors affecting the market, but specific bullish and bearish factors are not detailed [3]. Inventory - **Exchange Inventory**: The SHFE copper inventory increased by 14,656 tons to 109,690 tons compared to last week [2]. - **Bonded Area Inventory**: The bonded area inventory has rebounded from a low level [14]. Processing Fee - The processing fee has declined [16]. Supply - Demand Balance - **Overall Situation**: There will be a slight surplus in 2024 and a tight balance in 2025 [20]. - **China's Annual Supply - Demand Balance**: From 2018 - 2024, China's copper production, import, export, apparent consumption, actual consumption, and supply - demand balance are presented in the table. For example, in 2024, production is 12.06 million tons, import is 3.73 million tons, export is 0.46 million tons, apparent consumption is 15.34 million tons, actual consumption is 15.23 million tons, and the supply - demand balance is a surplus of 0.11 million tons [22].

Group 1: Report Information - Report Title: "Asphalt Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: October 13, 2025 [3] Group 2: Market Data Summary Futures Contracts - The closing prices of BU contracts on October 10, 2025, showed varying degrees of decline compared to previous days, with the BU01 contract dropping by 57 to 3248, and the BU11 contract down 47 to 3328 [4]. - The trading volume on October 10 was 323,321, an increase of 107,262 from the previous day and 47,323 from the previous week [4]. - The open interest on October 10 was 322,594, an increase of 2,486 from the previous day but a decrease of 71,983 from the previous week [4]. Spot Market - The market prices of asphalt in different regions showed different trends, with the Shandong market price remaining unchanged at 3490, the North China market price dropping by 30 to 3560, and the Northeast market price falling by 10 to 3800 [4]. - The basis and monthly spreads of asphalt also changed, with the Shandong basis (+80) increasing by 17 to 172, and the 10 - 11 monthly spread rising by 56 to 112 [4]. Crack Spreads and Profits - The asphalt - Brent crack spread on October 10 was 98, an increase of 51 from the previous day but a decrease of 42 from the previous week [4]. - The asphalt - Marrow profit on October 10 was 22, an increase of 46 from the previous day but a decrease of 38 from the previous week [4]. - The comprehensive profit of ordinary refineries on October 10 was 449, an increase of 36 from the previous day but a decrease of 88 from the previous week [4]. - The comprehensive profit of Marrow - type refineries on October 10 was 833, an increase of 39 from the previous day but a decrease of 25 from the previous week [4]. - The import profit from South Korea to East China on October 10 was - 225, a decrease of 2 from the previous day and 49 from the previous week [4]. - The import profit from Singapore to South China on October 10 was - 960, a decrease of 3 from the previous day and 13 from the previous week [4]. Related Commodity Prices - The price of Brent crude oil on October 10 was 65.2, a decrease of 1.0 from the previous day but an increase of 0.7 from the previous week [4]. - The market price of gasoline in Shandong on October 10 was 7433, a decrease of 25 from the previous day and 84 from the previous week [4]. - The market price of diesel in Shandong on October 10 was 3803, an increase of 60 from the previous day and 50 from the previous week [4]. - The market price of residue oil in Shandong on October 10 was 3743, a decrease of 10 from the previous day and 10 from the previous week [4].

Report Summary 1. Report Information - Research variety: Soybean (Bean 1) [1] - Report date: October 9, 2025 [1] - Report cycle: Daily report [1] - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core Viewpoint - Currently, domestic soybean prices are generally stable with a slight decline, while imported soybean prices are stabilizing and rising. Port inventory has decreased, and enterprise crushing profits have stabilized and rebounded. In the futures market, the price of the main contract (A2511) of Bean 1 futures showed a strong trend throughout the day. In the short term, in an atmosphere where the overall spot price of soybeans is rising steadily, the price of the main contract (A2511) of Bean 1 futures may continue to show a strong oscillatory trend [14]. 4. Summary by Directory 4.1 Futures Market - **Contract Quotes**: On October 9, 2025, the main contract (A2511) of DCE Bean 1 futures oscillated strongly throughout the day. The opening price was 3930 yuan/ton, the highest price was 3984 yuan/ton, the lowest price was 3930 yuan/ton, and the closing price was 3975 yuan/ton, up 46 yuan/ton or 1.17% from the previous day. The trading volume was 105,525 lots, the open interest was 137,560 lots, and the daily increase in positions was 951 lots [2]. - **Variety Prices**: The closing prices of contracts A2511, A2601, A2603, and A2605 were 3975 yuan/ton, 3973 yuan/ton, 3970 yuan/ton, and 4000 yuan/ton respectively, with increases of 46 yuan/ton (1.17%), 70 yuan/ton (1.79%), 67 yuan/ton (1.72%), and 65 yuan/ton (1.65%) respectively. The trading volumes were 105,525 lots, 56,116 lots, 5,614 lots, and 1,681 lots respectively, and the open interests were 137,560 lots, 136,282 lots, 34,333 lots, and 8,740 lots respectively. The daily increases in positions were 951 lots, 8816 lots, 168 lots, and 45 lots respectively [3]. 4.2 Spot Market - Today's Bean 1 basis was -15 yuan/ton, and the basis weakened. The total number of registered Bean 1 warehouse receipts was 7,290 lots, which was the same as the previous trading day [5]. 4.3 Influencing Factors - **Important Events**: According to Wind data, today's average quotation of domestic soybeans was 3971 yuan/ton, a slight increase of 0.05% from the previous observation day. Recently, the spot price of domestic soybeans has been generally stable with a slight decline. The port soybean inventory was 6.6094 million tons, an increase of 1.01% from the previous observation day. Recently, with the decrease in imported arrivals, the current port soybean inventory has generally decreased [8][9]. - **Industry News**: According to Wind data, today's near - month landed duty - paid prices of imported soybeans showed a stable and rising trend. The near - month landed duty - paid price of US Gulf soybeans was reported at 4568.05 yuan/ton, that of Brazilian soybeans was reported at 3975.71 yuan/ton, and that of Argentine soybeans was reported at 3792.05 yuan/ton. Recently, the decline in enterprise crushing profits has slowed down, and the crushing profits have rebounded [10]. 4.4 Market Outlook - In the short term, in an atmosphere where the overall spot price of soybeans is rising steadily, the price of the main contract (A2511) of Bean 1 futures may continue to show a strong oscillatory trend [14].

Report Industry Investment Rating - Not provided Core Viewpoints - On October 10, 2025, the urea futures market opened low and continued to decline, with the price falling below the key integer mark of 1,600 yuan/ton, and the trading volume increased significantly. The weakness in the spot market, affected by weather conditions, led to a decrease in demand and a drop in prices, which in turn dragged down the futures prices. Attention should be paid to the recovery of the spot market [1]. Summary by Relevant Catalogs Strategy Analysis - The futures market opened low and continued to decline on this day, and the trading sentiment in the spot market did not improve. During the holiday, upstream factories carried out many maintenance operations, resulting in a slight decrease in daily production, but the high supply pressure remained above 190,000 tons. Nationwide rainfall affected agricultural operations, reducing urea demand and delaying the farming season. Downstream factories were on holiday during the National Day, with a significant decline in the operating load of compound fertilizer factories compared to the same period last year. After the holiday, as factories resume production and the weather improves, terminal purchasing is expected to improve. The inventory in upstream factories increased by about 17% compared to last week [1]. Futures and Spot Market Quotes - Futures: The urea main contract 2601 opened at 1,612 yuan/ton, closed at 1,597 yuan/ton, with a decline of 1.36%. The trading volume was 338,864 lots, an increase of 28,175 lots. Among the top twenty long and short positions in the main contract, long positions increased by 10,163 lots, and short positions increased by 18,454 lots [2]. - Spot: The futures market declined significantly the previous day, and the trading sentiment in the spot market did not improve. The ex - factory prices of small - particle urea in Shandong, Henan, and Hebei were mostly in the range of 1,500 - 1,550 yuan/ton, with individual factories in Henan having even lower transaction prices, and factories in Hebei having higher quotes [1][5]. Warehouse Receipt Information - On October 10, 2025, the number of urea warehouse receipts was 7,017, remaining the same as the previous trading day [3]. Fundamental Tracking - Basis: The mainstream spot market quotes and the futures closing price both decreased today. Based on the Henan region, the basis weakened compared to the previous trading day, with the basis for the January contract at - 57 yuan/ton, a decrease of 18 yuan/ton [9]. - Supply: On October 10, 2025, the national daily urea production was 199,400 tons, remaining the same as the previous day, and the operating rate was 84.25% [11].

Report Date - The report is dated October 10, 2025 [1] Steel Industry Core View - Yesterday's upward movement in the steel futures market was a rebound driven by events and macro - optimistic sentiment, lacking fundamental support. With the core supply - demand contradiction unresolved, upward resistance is significant, and the market is expected to remain under pressure, but the impact of favorable macro - policies should be watched [3] Price Data - **Futures Prices**: On October 10, 2025, the closing price of the rebar 01 contract was 3103 yuan/ton, up from 3096 yuan/ton on October 9; the hot - rolled coil 01 contract closed at 3285 yuan/ton, down slightly from 3286 yuan/ton on October 9 [4] - **Spot Prices**: The aggregated rebar price in China on October 10 was 3262 yuan/ton, up from 3257 yuan/ton on October 9; the hot - rolled coil price in Shanghai remained at 3350 yuan/ton [7][9] - **Spread Data**: The rebar 01 - 05 month spread on October 10 was - 56 yuan/ton, up from - 63 yuan/ton on October 9; the hot - rolled coil 01 - 05 month spread remained at - 7 yuan/ton [4] Iron Ore Industry Core View - With the seasonal recovery of terminal demand, marginal improvement in fundamentals, and continuous supply - side disturbances, iron ore prices are expected to show an "easily rising and hard - falling" trend in the short term [19] Price Data - **Futures Prices**: On October 10, 2025, the closing price of the iron ore 01 contract was 795 yuan/ton, up 4.5 yuan from the previous day [20] - **Spot Prices**: The price of Rizhao PB powder on October 10 was 789 yuan/ton, up 5 yuan from the previous day [20] Fundamental Data - The daily average pig iron output on October 10 was 241.54 tons, down 0.27 tons from the previous week; the 45 - port ore handling volume was 327 tons, down 9.4 tons from the previous week [23] Coking Coal and Coke Industry Core View - In the fourth quarter, domestic coking coal mine production is restricted by policies. The winter storage this year is expected to be better than last year, providing phased support for coking coal and coke prices. However, the rebound height and sustainability of prices depend on the supply - demand balance of downstream steel [29] Price Data - **Futures Prices**: The coking coal 01 - 05 month spread on October 10 was - 98 yuan/ton, up 1 yuan from the previous day; the coke 01 - 05 month spread was - 152.5 yuan/ton, up 2.5 yuan from the previous day [33] - **Spot Prices**: The ex - factory price of Anze low - sulfur coking coal on October 10 was 1530 yuan/ton, unchanged from the previous day [34] Ferroalloy Industry Core View - The supply of ferroalloys is at a high level in the past five - year historical period, while demand has not improved significantly during the peak season. There is a prominent contradiction between high supply and weak demand. Cost factors and capital outflows also affect prices [43] Price Data - **Silicon Iron**: On October 10, 2025, the silicon iron basis in Ningxia was 94 yuan/ton, up 36 yuan from the previous day [44] - **Silicon Manganese**: The silicon manganese basis in Inner Mongolia on October 10 was 270 yuan/ton, up 8 yuan from the previous day [48] Soda Ash Industry Core View - Market sentiment fluctuations increase soda ash price volatility. With the second - phase ignition of Yuanxing, future supply pressure persists. The supply - demand pattern remains one of strong supply and weak demand, although exports have alleviated some domestic pressure [57] Price Data - **Futures Prices**: On October 10, 2025, the soda ash 05 contract closed at 1332 yuan/ton, down 12 yuan from the previous day [58] - **Spot Prices**: The heavy - soda market price in North China on October 10 was 1300 yuan/ton, unchanged from the previous day [61] Glass Industry Core View - High inventory in the upstream and mid - stream and weak real - world demand limit glass prices. The supply - demand pattern in the near - term is one of strong supply and weak demand. Attention should be paid to supply, cost, and inventory factors [85] Price Data - **Futures Prices**: On October 10, 2025, the glass 05 contract closed at 1334 yuan/ton, down 4 yuan from the previous day [86] - **Spot Prices**: The basis of the glass 05 contract in Shahe on October 10 was - 99 yuan/ton, up 10.8 yuan from the previous day [86]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The supply side of copper has disturbances with smelting enterprises reducing production and the scrap - copper policy being relaxed. In September, the manufacturing PMI rose to 49.8%, with the business climate continuing to improve. The copper price is expected to remain strong due to inventory recovery and geopolitical disturbances, such as the event at the Grasberg Block Cave mine in Indonesia [2]. 3. Summary by Relevant Catalogs Daily View - **Fundamentals**: Supply - side disturbances, smelting production cuts, relaxed scrap - copper policy, and improved manufacturing PMI in September. Overall, it is considered neutral [2]. - **Basis**: The spot price is 85750, with a basis of - 1000, indicating a discount to futures, which is bearish [2]. - **Inventory**: On October 9, copper inventory increased by 275 to 139475 tons, and the SHFE copper inventory decreased by 3745 tons to 95034 tons compared to last week. Overall, it is considered neutral [2]. - **Market Chart**: The closing price is above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [2]. - **Main Position**: The main net position is long, but the long position is decreasing, which is bullish [2]. - **Expectation**: Inventory is rising, geopolitical disturbances persist, and the copper price is expected to remain strong [2]. Recent利多利空Analysis - **Likely Influencing Factors**: Global policy easing and trade - war escalation are mentioned as logical factors, but no clear classification of bullish or bearish factors is given [3]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it is in a tight - balance state [21]. - The China annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024 [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily report on futures variety arbitrage data of Baocheng Futures on October 10, 2025, presenting the basis, inter - period, and inter - variety data of various futures products including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory Power Coal - Basis data from September 25 to October 9, 2025, shows that the basis on October 9 was - 102.4 yuan/ton, the same as September 30 and 29, while on September 26 it was - 100.4 yuan/ton, and on September 25 it was - 95.4 yuan/ton. The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads were all 0.0 [2] Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 25 to October 9, 2025, are presented. For example, the basis of INE crude oil on October 9 was 13.42 yuan/ton [7] - **Chemical Commodities**: - Basis data from September 25 to October 9, 2025, for rubber, methanol, PTA, LLDPE, V, and PP are provided. For instance, the basis of rubber on October 9 was - 765 yuan/ton [9] - Inter - period spreads (5 - month minus 1 - month, 9 - month minus 1 - month, 9 - month minus 5 - month) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month spread of rubber was - 35 yuan/ton [11] - Inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from September 25 to October 9, 2025, are shown. For example, on October 9, LLDPE - PVC was 2318 yuan/ton [11] Black Metals - **Inter - period Spreads**: 5 - month minus 1 - month, 9 - month(10) minus 1 - month, and 9 - month(10) minus 5 - month spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month spread of rebar was 58.0 yuan/ton [20] - **Inter - variety Spreads**: Spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 25 to October 9, 2025, are presented. For example, on October 9, rebar/iron ore was 3.92 [20] - **Basis Data**: Basis data from September 25 to October 9, 2025, for rebar, iron ore, coke, and coking coal are given. For example, the basis of rebar on October 9 was 154.0 yuan/ton [21] Non - ferrous Metals - **Domestic Market**: Basis data from September 25 to October 9, 2025, for copper, aluminum, zinc, lead, nickel, and tin in the domestic market are provided. For example, the basis of copper on October 9 was - 750 yuan/ton [30] - **London Market**: On October 9, 2025, LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are presented. For example, the LME spread of copper was (24.90) [34] Agricultural Products - **Basis Data**: Basis data from September 25 to October 9, 2025, for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., are provided. For example, the basis of soybeans No.1 on October 9 was - 15 yuan/ton [41] - **Inter - period Spreads**: 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 29 yuan/ton [41] - **Inter - variety Spreads**: Spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from September 25 to October 9, 2025, are shown. For example, on October 9, soybeans No.1/corn was 1.85 [41] Stock Index Futures - **Basis Data**: Basis data from September 25 to October 9, 2025, for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the basis of CSI 300 on October 9 was 20.28 [52] - **Inter - period Spreads**: The spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month minus the current - month spread of CSI 300 was - 8.8 [52]

1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No explicit core view is presented in the content. The report mainly provides a series of data on asphalt, including prices, trading volumes, open interests, basis, spreads, and profits. 3. Summary by Relevant Catalogs Price and Trading Volume Information - **Contract Prices**: The prices of various asphalt futures contracts (BU10 - BU03) showed fluctuations from September 10th to September 30th. For example, the BU10 contract price decreased from 3463 on 9/10 to 3440 on 9/30, with a daily change of -45 and a weekly change of 32 [4]. - **Trading Volume and Open Interest**: The trading volume on 9/30 was 229798, a decrease of 35312 from the previous day and 12721 from the previous week. The open interest on 9/30 was 316935, a decrease of 25400 from the previous day and 96907 from the previous week [4]. - **Market Prices**: Different regions had different asphalt market prices. For instance, the Shandong market price remained at 3500 from 9/24 - 9/30, while the Northeast market price decreased from 3830 on 9/24 to 3820 on 9/30 [4]. Basis and Monthly Spread - **Basis**: The Shandong basis (+80) was 126 on 9/30, with a daily increase of 42 and a weekly decrease of 42. The East China basis was 66 on 9/30, with a daily increase of 42 and a weekly increase of 38 [4]. - **Monthly Spread**: The 10 - 11 spread was 16 on 9/30, a decrease of 3 from the previous day and unchanged from the previous week. The 11 - 01 spread was 68 on 9/30, an increase of 4 from the previous day and a decrease of 22 from the previous week [4]. Spread and Profit - **Asphalt Spreads**: The asphalt Brent spread was 57 on 9/30, a decrease of 42 from the previous day and 115 from the previous week [4]. - **Profits**: The asphalt Ma Rui profit was -16 on 9/30, a decrease of 38 from the previous day and 104 from the previous week. The ordinary refinery comprehensive profit was 434 on 9/30, a decrease of 52 from the previous day and 107 from the previous week [4]. Other Related Data - **Crude Oil Price**: The Brent crude oil price was 66.3 on 9/30, an increase of 0.8 from the previous day and 2.1 from the previous week [4]. - **Gasoline and Diesel Prices**: The Shandong market price of gasoline was 7471 on 9/30, a decrease of 21 from the previous day and 12 from the previous week. The Shandong market price of diesel was 3733 on 9/30, a decrease of 50 from the previous day [4].

1. Report Industry Investment Ratings - Urea: ★★★ (more bullish) [1] - Methanol: ★★★ (more bullish) [1] - Pure Benzene: ★★★ (more bullish) [1] - Styrene: ★★★ (more bullish) [1] - Propylene: ★★★ (more bullish) [1] - Plastics: ★★★ (more bullish) [1] - PVC: ★★★ (more bullish) [1] - Caustic Soda: ★★★ (more bullish) [1] - PX: ★★★ (more bullish) [1] - PTA: ★★★ (more bullish) [1] - Ethylene Glycol: ★★★ (more bullish) [1] - Short - fiber: ★★★ (more bullish) [1] - Glass: ★★★ (more bullish) [1] - Soda Ash: ★★★ (more bullish) [1] - Bottle Chip: ★★★ (more bullish) [1] 2. Core Views - The chemical market shows complex trends with different product performances. Some products are affected by factors such as device maintenance, demand changes, and supply - demand imbalances [2][3][5]. - There are differences in the performance of the spot and futures markets, and the basis has changed in some products [2][3]. - The supply - demand relationship is a key factor affecting prices, with some products facing supply - demand contradictions [2][3][5] 3. Summary by Relevant Catalogs Olefins - Polyolefins - Propylene prices continued to rise due to early - started planned maintenance of a device in Dongying during the National Day holiday and the gradual recovery of some downstream demand. However, the futures price fell on the first trading day after the holiday, resulting in a divergence between the spot and futures markets and an enlarged basis [2]. - Polyolefins faced a situation of weak peak - season demand, mainly with rigid procurement. The large - scale release of new production capacity led to a significant increase in domestic output, resulting in prominent supply - demand contradictions. There was inventory accumulation during the holidays, and there was obvious pressure to reduce inventory after the holidays, causing price pressure [2] Pure Benzene - Styrene - During the National Day, the oil price dropped, and the pure benzene futures once fell below 5700 yuan/ton in the morning session and then rebounded with the oil price in the afternoon. The spot price in East China was weak, the shipment in Shandong was dull, and Sinopec's listed price remained stable. The device operation rate continued to rise, and the port inventory decreased. However, high imports and expected demand decline continued to drag down the market [3]. - The main contract of styrene futures closed slightly lower, with the overall center of gravity moving down along the 5 - day moving average. The oil price during the holiday was basically the same as before the holiday, having limited impact on the cost of styrene. The demand was weak during the peak season, and the supply increased significantly due to the expansion of production capacity. The inventory of styrene has been significantly higher year - on - year since this year and has shown a trend of oscillating inventory accumulation after June, suppressing the price [3] Polyester - During the holiday, the overseas oil price dropped, causing the prices of PX and PTA to weaken in the morning and then recover with the rebound of the oil price in the afternoon. The operation rate of PX continued to increase. Hengli Dalian's PTA carried out maintenance, and some East China devices reduced their loads due to reasons. In the short term, PX was under pressure, and the PTA link repaired its profit. However, in the future, the PX of Wushi Petrochemical plans to carry out maintenance, and the polyester load is expected to remain stable. The near - term supply - demand pattern of upstream raw materials is okay, and attention should be paid to terminal orders and raw material restocking. In mid - to late October, the downstream demand is expected to gradually weaken, and the supply - demand situation will still be under pressure in the long - term [5]. - The domestic operation rate of ethylene glycol increased significantly, and the port inventory accumulated significantly during the holiday, with a weak fundamental situation. The main futures price once approached the 4100 yuan/ton mark. In the medium - term, with the mass production of new devices and the weakening of future demand, the supply - demand situation will gradually weaken in the fourth quarter, and the 1 - 5 spread is under downward pressure [5]. - The new production capacity of short - fiber is limited, and the operation rate is at a high level. The terminal weaving and dyeing industries increased their operation rates, and the recovery of peak - season demand boosted the short - fiber industry. It is recommended to be long in the short - term, and attention should be paid to downstream orders and short - fiber inventory [5]. - The operation rate of bottle chips increased, but after the long holiday, with the cooling weather, the demand is expected to weaken. Overcapacity is a long - term pressure, and the processing margin is under continuous pressure [5] Coal Chemical Industry - The methanol futures price dropped significantly. During the holiday, the import volume remained high, and the port inventory continued to accumulate. The capacity utilization rate of domestic methanol devices increased. Before the holiday, inland olefin enterprises carried out centralized external procurement, and enterprises had sufficient pending orders, but the order execution was slowed down due to logistics restrictions, and the inventory of production enterprises increased slightly. Imports are expected to remain sufficient, and the port is expected to continue to accumulate inventory. The near - term situation is weak, while the far - month outlook is relatively strong. Attention should be paid to factors such as macro - sentiment and overseas device changes [6]. - During the National Day holiday, urea production enterprises significantly accumulated inventory, with high supply and great pressure on enterprise shipments. Affected by factors such as weather and logistics, the downstream demand was insufficient. Export orders were being shipped, and the port inventory decreased. Although India issued a new round of urea tenders, planning to import 2 million tons, the export window period may have ended, and the short - term boost to the market is limited. The pattern of loose domestic supply - demand of urea is difficult to change, and attention should be paid to possible policy adjustments and their impact on market sentiment [6] Chlor - Alkali Industry - The main contract of PVC dropped. During the holiday, the downstream demand weakened, the supply was at a high level, and the inventory increased significantly. After the end of maintenance and the release of new production capacity, the supply pressure was high. The downstream's intention to stock up was not high, and the industry continued the inventory - accumulation mode. The chlor - alkali integration still had profits, and the cost support was not obvious. PVC may show a weak - oscillating trend [7]. - The caustic soda futures dropped significantly. There was still the phenomenon of vehicle detention by downstream buyers, and the purchase price may be further reduced, with the inventory increasing compared with the previous period. There are small - scale maintenance plans for caustic soda in North China and East China in October, and the supply is still under high - pressure operation due to remaining profits. The liquid - caustic soda inventory of alumina plants in Shanxi and Henan is high, and the downstream profit is shrinking, with resistance to high prices. The weak - reality pattern continues, but the strong expectation of possible restocking demand before the future downstream alumina production cannot be falsified. It is recommended to wait and see [7] Soda Ash - Glass - The price of soda ash futures was weakly operating. Before the holiday, the inventory was mainly reduced, and it increased after the holiday. The rigid demand for heavy soda was stable. The production capacity of float glass and photovoltaic glass has been stable recently. The inventory of the photovoltaic industry has changed from decreasing to increasing, and it is expected that the ignition speed will slow down in the future, with limited incremental rigid demand for heavy soda. There are few maintenance plans in October, and the industry currently has little operating pressure, with high - pressure supply. The long - term pattern of supply - demand surplus remains unchanged, and opportunities to short at high prices should be sought, but caution should be exercised near the cost [8]. - The price of glass futures fluctuated narrowly. During the holiday, downstream enterprises had holidays, and the production and sales were insufficient, with seasonal inventory accumulation in the industry. Some regions raised their quoted prices. The daily melting volume was oscillating at a relatively high level. The processing orders improved but were still insufficient on a month - on - month basis, and some engineering orders increased. The situation of whether Shahe will centrally use Zhengkang's deep - processed gas should be continuously tracked. If the production - capacity reduction does not actually occur, the market may return to weak - reality trading, but with the current low valuation, the decline is expected to be limited. A low - buying strategy near the cost can be considered in the future [8]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures products of Baocheng Futures on October 9, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Related Catalogs Power Coal - The report shows the basis and inter - period spreads of power coal from September 24 to September 30, 2025. The basis on September 30 was - 102.4 yuan/ton, and all inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) were 0.0 [1][2] Energy Chemicals Energy Commodities - It provides the basis, price ratios, and other data of fuel oil, INE crude oil, and other energy commodities from September 24 to September 30, 2025. For example, the basis of INE crude oil on September 30 was 13.33 yuan/ton [7] Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 24 to September 30, 2025 are presented. For example, the basis of rubber on September 30 was - 730 yuan/ton [9] - **Inter - period Spreads**: Inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month inter - period spread of rubber was - 15 yuan/ton [11] - **Inter - commodity Spreads**: Inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 24 to September 30, 2025 are provided. For example, the LLDPE - PVC spread on September 30 was 2298 yuan/ton [11] Black Metals - **Inter - period Spreads**: Inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of rebar, iron ore, coke, and coking coal are shown. For example, the 5 - 1 month inter - period spread of rebar was 54.0 yuan/ton [20] - **Inter - commodity Spreads**: Inter - commodity spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 24 to September 30, 2025 are presented. For example, the rebar/iron ore ratio on September 30 was 3.95 [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from September 24 to September 30, 2025 are given. For example, the basis of rebar on September 30 was 138.0 yuan/ton [21] Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from September 24 to September 30, 2025 are provided. For example, the basis of copper on September 30 was 80 yuan/ton [28] London Market - Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on September 30, 2025 are presented. For example, the LME spread of copper was (42.98) [33] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from September 24 to September 30, 2025 are given. For example, the basis of soybeans No.1 on September 30 was 33 yuan/ton [38] - **Inter - period Spreads**: Inter - period spreads of various agricultural products are provided, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton. For example, the 5 - 1 month inter - period spread of soybeans No.1 was 32 yuan/ton [38] - **Inter - commodity Spreads**: Inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from September 24 to September 30, 2025 are presented. For example, the soybeans No.1/corn ratio on September 30 was 1.83 [38] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 24 to September 30, 2025 are provided. For example, the basis of CSI 300 on September 30 was 22.69 [50] - **Inter - period Spreads**: Inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next month - current month spread of CSI 300 was - 9.8 [50]