Oil Market - Oil prices declined on Tuesday, with WTI January contract closing down $1.55 at $55.27 per barrel, a drop of 2.73% [2][13] - Brent February contract closed down $1.64 at $58.92 per barrel, a decrease of 2.71% [2][13] - API reported a decrease in US crude oil inventory by 9.3 million barrels, while gasoline and distillate inventories increased by 4.8 million barrels and 2.5 million barrels, respectively [2][13] - The market expected a decrease of about 1.1 million barrels in crude oil inventory [2][13] - Geopolitical factors have not caused a significant supply shortage, and oil prices are expected to continue to seek a bottom amid increasing macro risks [2][13] Fuel Oil - The main contract for fuel oil on the Shanghai Futures Exchange fell by 1.5% to 2368 yuan/ton, while low-sulfur fuel oil dropped by 2.42% to 2909 yuan/ton [3][14] - The market remains under pressure due to ample supply, with expectations of reduced arbitrage volumes from Western markets to Singapore [3][14] - Downstream demand for marine fuel remains stable, but high-sulfur fuel oil cracking profits have declined, potentially boosting demand from Asian refineries [3][14] Asphalt - The main asphalt contract on the Shanghai Futures Exchange fell by 2.36% to 2894 yuan/ton [4][15] - Tensions between the US and Venezuela have raised concerns about future raw material shortages, keeping the market relatively firm [4][15] - Domestic demand for asphalt shows significant regional differences, with the North focusing on storage and the South on actual consumption [4][15] Rubber - The main rubber contract on the Shanghai Futures Exchange fell by 30 yuan/ton to 15170 yuan/ton, while NR rose by 25 yuan/ton to 12385 yuan/ton [5][16] - Weather improvements in overseas production areas have led to lower raw material inventories compared to previous years [5][16] - Limited demand support is expected, leading to wide fluctuations in rubber futures prices [5][16] PX, PTA, and MEG - TA605 closed at 4668 yuan/ton, down 0.6%, while EG2605 closed at 3788 yuan/ton, up 3.75% [6][17] - PX futures closed at 6744 yuan/ton, down 0.59%, with spot prices at $827/ton [6][17] - Domestic supply pressures are expected to increase as new ethylene glycol plants come online, while some existing plants are facing losses [6][17] Methanol - Methanol prices in Taicang were at 2103 yuan/ton, with CFR China prices between $244-$248/ton [7][18] - Domestic supply remains stable, but demand is expected to weaken due to reduced operating rates in downstream MTO plants [7][18] - Overall, methanol prices are anticipated to remain under pressure [7][18] Polyolefins - Main PP prices in East China ranged from 6120-6350 yuan/ton, with production margins for various methods showing negative values [8][19] - PE prices are reported at 7839 yuan/ton for HDPE and 8491 yuan/ton for LDPE [8][19] - The market is transitioning to a supply strong and demand weak scenario, with limited downside for futures prices [8][19] PVC - PVC prices in East China increased, with prices for different grades ranging from 4350-4600 yuan/ton [9][20] - Supply is expected to increase slightly due to some plants resuming operations, while demand is anticipated to slow down due to a decrease in real estate construction [9][20] - Overall, PVC prices are expected to trend towards a bottom [9][20] Urea - Urea futures prices showed wide fluctuations, with the January contract closing at 1630 yuan/ton [10][22] - The market is experiencing weak demand, with many regions showing a cautious purchasing sentiment [10][22] - Short-term market support is lacking, and there may be further price declines to reduce inventory [10][22] Soda Ash - Soda ash futures prices showed a firm trend, with the January contract closing at 1133 yuan/ton, up 1.52% [11][23] - Supply is slightly decreasing, while demand is expected to remain weak due to cautious sentiment in downstream industries [11][23] - The market is anticipated to maintain a strong but limited upward trend [11][23] Glass - Glass futures prices showed wide fluctuations, with the January contract closing at 946 yuan/ton [12][24] - The market is stable, with no significant changes in production lines, and demand remains cautious [12][24] - Short-term price trends are expected to continue fluctuating at the bottom [12][24]

Group 1: Report Overview - Report Date: November 11, 2025 [1] - Report Author: Xu Liang (Z0002220), Reviewed by Tang Yun (Z0002422) [2] Group 2: Sugar Market Core View - International ICE raw sugar rose to 14.26 cents/pound due to the expected end of the US government shutdown and high domestic prices in India suppressing exports, but there is a long - term pressure of a 2.8 million - ton global sugar surplus in the 2025/26 season. In the domestic market, new sugar quotes are firm and old sugar inventory clearance support the futures prices, but the expected increase in production, off - season consumption, and sufficient supply limit the upside. The market is watching the breakthrough of the 5,500 yuan/ton resistance level [3]. Price and Spread - Sugar futures prices: SR01 closed at 5,480 yuan/ton with a daily increase of 0.09% and a weekly decrease of 0.02%; SR03 at 5,442 yuan/ton (0.18% daily, - 0.24% weekly); SR05 at 5,411 yuan/ton (0.11% daily, - 0.37% weekly); SR07 at 5,410 yuan/ton (0.13% daily, - 0.4% weekly); SR09 at 5,404 yuan/ton (0.02% daily, - 0.57% weekly); SR11 at 5,470 yuan/ton (1.11% daily, 1.03% weekly); SB at 14.26 cents/pound (0.92% daily, 0.35% weekly); W at 409.3 (0.84% daily, 0.74% weekly) [4]. - Sugar price spreads: SR01 - 05 was 70 (up 10 daily, 4 weekly); SR05 - 09 was 2 (up 3 daily, 3 weekly); SR09 - 01 was - 72 (down 13 daily, 7 weekly); SR01 - 03 was 43 (up 6 daily, 4 weekly); SR03 - 05 was 27 (up 4 daily, 0 weekly); SR05 - 07 was 2 (0 daily, down 2 weekly); SR07 - 09 was 0 (up 3 daily, 5 weekly); SR09 - 11 was - 7 (down 5 daily, 71 weekly); SR11 - 01 was - 65 (down 8 daily, 64 weekly) [4]. Basis - Nanning - SR01 basis was 285 (down 18 daily, up 34 weekly); Nanning - SR03 was 328 (down 12 daily, up 38 weekly); Nanning - SR05 was 355 (down 8 daily, up 38 weekly); Nanning - SR07 was 357 (down 8 daily, up 36 weekly); Nanning - SR09 was 357 (down 5 daily, up 41 weekly); Nanning - SR11 was 350 (down 10 daily, down 30 weekly). Kunming - SR01 basis was 175 (down 18 daily, down 21 weekly); Kunming - SR03 was 218 (down 12 daily, down 17 weekly); Kunming - SR05 was 245 (down 8 daily, down 17 weekly); Kunming - SR07 was 247 (down 8 daily, down 19 weekly); Kunming - SR09 was 247 (down 5 daily, down 14 weekly); Kunming - SR11 was 240 (down 10 daily, down 85 weekly) [11]. Import Price and Profit - Brazilian import price: Quota - within was 3,947 yuan/ton (down 20 daily, 59 weekly), over - quota was 4,996 yuan/ton (down 26 daily, 77 weekly). Thai import price: Quota - within was 4,002 yuan/ton (down 21 daily, 69 weekly), over - quota was 5,068 yuan/ton (down 27 daily, 90 weekly) [14]. Group 3: Cotton Market Core View - In the short - term, market sentiment may improve due to China - US trade consultations. The new cotton production in southern Xinjiang is lower than expected, and the purchase price is relatively firm. However, the overall domestic new cotton production is still high, and downstream demand is mediocre. Cotton prices lack upward momentum and may fluctuate in the short - term. Attention should be paid to the hedging pressure around 13,600 - 13,800 yuan/ton and the subsequent new - season production determination [16]. Price and Spread - Cotton futures prices: Cotton 01 closed at 13,560 yuan/ton (down 20, - 0.15%); Cotton 05 at 13,560 yuan/ton (down 20, - 0.15%); Cotton 09 at 13,735 yuan/ton (down 20, - 0.15%); Cotton yarn 01 at 19,855 yuan/ton (down 10, - 0.05%); Cotton yarn 05 was 0 (down 19,860, - 100%); Cotton yarn 09 was 0 (0, - 100%) [17]. - Cotton price spreads: Cotton basis was 1,282 (up 18); Cotton 01 - 05 was 0 (0); Cotton 05 - 09 was - 175 (0); Cotton 09 - 01 was 175 (0); Cotton - yarn spread was 6,280 (up 15); Domestic - foreign cotton spread was 1,872 (up 100); Domestic - foreign yarn spread was - 616 (0) [17]. Group 4: Apple Market Core View - The ground trading of new - season late Fuji apples is coming to an end, mainly concentrated in Shandong and Shanxi. The cold - storage warehousing work is in the later stage. In Shandong's Qixia and Zhaoyuan, not all apples have been harvested, there are many buyers, and striped apples are on the market. In terms of warehousing progress, cold - storages in Gansu have started to sell, Shaanxi's warehousing is almost finished, and in Qixia's western towns in Shandong, a large amount of farmers' apples are still being warehoused [20]. Price and Spread - Apple futures prices: AP01 closed at 9,229 yuan/ton (0.76% daily, 4.15% weekly); AP03 at 9,132 yuan/ton (0.43% daily, 2.0% weekly); AP04 at 9,211 yuan/ton (0.29% daily, 1.69% weekly); AP05 at 9,289 yuan/ton (0.31% daily, 1.94% weekly); AP10 at 8,389 yuan/ton (0.35% daily, 2.08% weekly); AP11 at 8,875 yuan/ton (0.85% daily, 1.22% weekly); AP12 at 9,179 yuan/ton (0.75% daily, 4.09% weekly) [21]. - Apple price spreads: AP01 - 05 was - 101 (- 7.34% daily, - 72.70% weekly); AP05 - 10 was 900 (4.77% daily, - 18.18% weekly); AP10 - 01 was - 799 (6.53% daily, 9.45% weekly); Main - contract basis was - 352 (28.47% daily, 214.29% weekly) [22]. Group 5: Red Date Market Core View - New - season red dates are about to enter the concentrated harvest stage. The current new - season production is the core point of market game. There is indeed a production reduction in southern Xinjiang, but the reduction amplitude is difficult to determine. Affected by factors such as moisture and single - date weight, farmers' estimates of production are prone to偏差. In the short - term, red date prices fluctuate greatly under capital game. With the start of the purchase season and production reduction, the downside space may be limited. Attention should be paid to the subsequent commodity rate and purchase situation of new dates [26]. Price Spread - Red date futures spreads: Red date 01 - 05 spread, 05 - 09 spread, and 09 - 01 spread data are presented graphically, showing their historical trends from 2021 - 2025 [27][29].

Core Viewpoint - The report indicates that while styrene supply remains ample, demand is primarily rigid, influenced by upstream crude oil prices and limited growth in end-user orders [1] Supply Side - Domestic maintenance plans have been implemented, leading to a decrease in industry operating rates from high levels, resulting in production fluctuations [1] - The volume of imports arriving at ports has decreased month-on-month, alleviating short-term inventory pressure, but overall supply remains sufficient [1] Demand Side - The operating rates in downstream EPS and PS industries have slightly increased, providing some support to the market [1] - However, there is no significant increase in orders from end-user sectors such as home appliances, leading to limited market follow-up and low purchasing enthusiasm, with overall demand being primarily rigid [1] Inventory Situation - Recent port inventories have accumulated, indicating ongoing destocking pressure, which requires attention to marginal changes in supply and demand in the future [1]