央视网消息：中国物流与采购联合会11月5日公布10月份中国大宗商品价格指数。从指数运行情况看，连续六个月实现环比上升，且 涨幅较上月明显扩大。表明随着国家稳增长等一系列政策效能持续释放，以及国际贸易紧张局势有所缓和，企业信心进一步增强、大 宗商品市场景气水平继续回升。 10月份中国大宗商品价格指数为113.2点，环比上涨1.2%，连续六个月实现环比上升。在中国物流与采购联合会重点监测的50种大宗 商品中，10月价格环比上涨的大宗商品有16种。其中，电解铜、瓦楞纸和焦煤涨幅居前，较上月分别上涨6.9%、6%和6%。 分行业看，受全球新能源需求上升、传统生产旺季，以及印尼铜矿和冰岛铝冶炼厂事故推动，有色金属价格指数继续走高，环比上涨 3.5%；得益于建筑业有所回暖，矿产价格指数止跌反弹，环比上涨0.7%；受国际油价下行等输入性因素影响，能源价格指数和化工价 格指数有所回落，环比分别下跌1.3%和3.1%。 专家表示，10月国内高技术制造业、装备制造业和消费品行业快速增长，中美吉隆坡谈判释放积极信号，叠加美联储年内第二次降 息，企业预期乐观，生产经营保持扩张，大宗商品市场总体保持稳中向好态势。但当前全球经济不确定因 ...

中国物流与采购联合会今天公布10月份中国大宗商品价格指数。从指数运行情况看，连续六个月实现环 比上升，且涨幅较上月明显扩大。表明随着国家稳增长等一系列政策效能持续释放，以及国际贸易紧张 局势有所缓和，企业信心进一步增强、大宗商品市场景气水平继续回升。 10月份中国大宗商品价格指数为113.2点，环比上涨1.2%，连续六个月实现环比上升。在中国物流与采 购联合会重点监测的50种大宗商品中，10月价格环比上涨的大宗商品有16种。其中，电解铜、瓦楞纸和 焦煤涨幅居前，较上月分别上涨6.9%、6%和6%。 分行业看： 受全球新能源需求上升，传统生产旺季，以及印尼铜矿和冰岛铝冶炼厂事故推动，有色金属价格指数继 续走高，环比上涨3.5%； 得益于建筑业有所回暖，矿产价格指数止跌反弹，环比上涨0.7%； 受国际油价下行等输入性因素影响，能源价格指数和化工价格指数有所回落，环比分别下跌1.3%和 3.1%。 专家表示，10月国内高技术制造业、装备制造业和消费品行业快速增长，中美吉隆坡谈判释放积极信 号，叠加美联储年内第二次降息，企业预期乐观，生产经营保持扩张，大宗商品市场总体保持稳中向好 态势。但当前全球经济不确定因素仍然较 ...

Core Insights - The China Commodity Price Index (CBPI) for October 2025 is reported at 113.2 points, reflecting a month-on-month increase of 1.2% but a year-on-year decrease of 0.1% [2][7] - The index has shown a continuous month-on-month recovery for six months, indicating a positive trend in the commodity market driven by government policies and improved business confidence [2][7] Commodity Price Trends - The non-ferrous price index rose to 136.4 points, with a month-on-month increase of 3.5% and a year-on-year increase of 5.2% [4] - The mineral price index rebounded slightly to 70.9 points, with a month-on-month increase of 0.7% but a year-on-year decrease of 12.5% [4] - The agricultural product price index decreased to 94.8 points, with a month-on-month decline of 2% but a year-on-year increase of 2.1% [4] - The energy price index fell to 96.8 points, with a month-on-month decrease of 1.3% and a year-on-year decrease of 7.3% [4] - The black commodity price index continued to weaken at 77.8 points, with a month-on-month decrease of 1.5% and a year-on-year decrease of 8.3% [4] - The chemical price index accelerated its decline to 96.9 points, with a month-on-month decrease of 3.1% and a year-on-year decrease of 12.7% [5] Market Analysis - Analysts suggest that the overall commodity market is expected to maintain stability in the fourth quarter, supporting the annual economic development goals [7] - The positive signals from the US-China negotiations and the Federal Reserve's interest rate cuts have contributed to increased business confidence and expansion in production [7] - The demand for certain products, such as coking coal, has increased due to domestic supply constraints and seasonal factors [4][5]

Core Insights - The China Logistics and Purchasing Federation reported that the commodity price index for October increased for the sixth consecutive month, indicating a recovery in the commodity market driven by government policies and improved international trade conditions [1][2] Price Index Overview - The October commodity price index reached 113.2 points, with a month-on-month increase of 1.2% [1] - Among 50 monitored commodities, 16 saw price increases, with electrolytic copper, corrugated paper, and coking coal leading the gains at 6.9%, 6%, and 6% respectively [1] Sector Analysis - The non-ferrous metals price index rose by 3.5% due to increased global demand for renewable energy, traditional production peaks, and incidents in Indonesian copper mines and Icelandic aluminum smelters [2] - The mineral price index rebounded by 0.7% thanks to a recovery in the construction industry [2] - The energy and chemical price indices fell by 1.3% and 3.1% respectively, influenced by declining international oil prices [2] Market Outlook - Experts noted rapid growth in high-tech manufacturing, equipment manufacturing, and consumer goods sectors, alongside positive signals from US-China negotiations and the Federal Reserve's second interest rate cut of the year [2] - Despite the overall positive trend, uncertainties in the global economy persist, and some commodity prices remain low, indicating ongoing supply-demand imbalances [2]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The domestic cotton price is expected to remain under pressure in the short to medium term due to factors such as this year's cotton bumper harvest, low price expectations of farmers for seed cotton, weak downstream demand, and the influence of the macro - environment [2][3]. Summary by Directory Part I: Basic Data of Domestic and International Cotton Markets - **Weekly Data Overview**: As of October 07, the CRB commodity price index closed at 301.07 points, down 3.96 points from September 26. On September 30, the Wenhua Commodity Index was 162.02, down 1.78 points or 1.09% from September 26. The ICE cotton futures main December contract was at 64.39 cents/pound on September 30, down 1.94 cents/pound or 2.9% from September 26. The Zhengzhou cotton main 01 contract closed at 13,215 yuan/ton on September 30, down 190 yuan/ton from September 26, with positions increasing by 635 lots to 535,000 lots [2][10][33]. - **Imported Cotton CNF Quotes**: From September 26 to September 30, the prices of US E/MOTM and Brazilian M imported cotton increased slightly, with the 1% customs - cleared and sliding - scale tax prices also rising [9]. Part II: Basic Situation of the Domestic Market - **Textile Raw Material Trends**: On September 30, the prices of raw materials showed mixed trends compared to September 26. The prices of polyester staple fiber and CCI3128 increased slightly, while the prices of viscose remained unchanged, and the prices of Zhengzhou cotton main contract decreased [15]. - **Cotton Yarn Price Trends**: On September 30, the domestic yarn prices decreased compared to September 26, while the RMB - denominated prices of imported pure - cotton yarns increased slightly due to RMB depreciation. The price difference between domestic and imported yarns narrowed [18][20][23]. - **Comparison of Domestic Cotton Spot and Futures Prices with International Cotton Price Index**: On September 30, the domestic cotton spot price index CCI3128 was 15,283 yuan/ton. The difference between the spot price index and the sliding - scale tax - included foreign cotton price was 1,059 yuan/ton. The difference between the main contract and the FCIndexM (sliding - scale tax) widened [26]. Part III: Analysis of the Zhengzhou Cotton Market - **Zhengzhou Cotton Warehouse Receipts and Effective Forecasts**: As of September 30, the registered warehouse receipts of Zhengzhou cotton were 3,397 lots (146,000 tons), with 12 effective forecasts. The total of warehouse receipts and effective forecasts was 146,000 tons, down from 182,000 tons on September 26 [29]. - **Analysis of the Basis of Zhengzhou Cotton**: On September 30, the difference between the Zhengzhou cotton futures price and the CCI3128B index was - 1,563 yuan/ton, wider than on September 26 [30]. - **Analysis of Zhengzhou Cotton Prices**: The macro - environment shows that major economies are in an interest - rate cut cycle. During the National Day, the seed cotton purchase price stabilized. The current pure - cotton yarn market has average trading volume, and the spinning mills' profit situation has improved slightly. The domestic cotton price is expected to be under pressure in the short to medium term. Technically, the indicators of the Zhengzhou cotton main contract have weakened [31][32][34]. Part IV: Analysis of the International Market - **US Cotton Export Dynamics**: From September 12 - 18, US 2025/26 annual net signing of upland cotton decreased by 54% week - on - week, and shipments increased by 14%. The net signing of Pima cotton increased significantly week - on - week, and shipments of Pima cotton increased significantly compared to the previous week [40]. - **Analysis of ICE Cotton Futures**: On September 30, the ICE cotton futures main December contract was at 64.39 cents/pound, down 1.94 cents/pound or 2.9% from September 26. Technically, the KDJ indicator formed a dead cross and diverged downward, and the technical indicators weakened [44]. Part V: Operation Suggestions - For upstream cotton enterprises, calculate the lint cost based on the seed cotton purchase price and hedge on the futures market or consider buying put options to hedge risks [46]. - For downstream spinning mills, when the raw material price drops, consider selling out - of - the - money put options to reduce the lint purchase cost [46].

Core Insights - The China Commodity Price Index (CBPI) for September 2025 is reported at 111.9 points, reflecting a month-on-month increase of 0.2% and a year-on-year increase of 1.7%, indicating a stable overall operation in the commodity market [1][7] Price Index Overview - The non-ferrous price index rose to 131.8 points, with a month-on-month increase of 1.1% and a year-on-year increase of 5.7% [3] - The black metal price index decreased to 79.0 points, showing a month-on-month decline of 0.8% and a year-on-year increase of 0.7% [3] Price Changes by Commodity - Among 50 monitored commodities, 18 saw price increases in September, with notable rises in corrugated paper (6%), caustic soda (2.5%), and electrolytic copper (2.3%) [6] - Conversely, carbon lithium, urea, and corn starch experienced the largest declines, with month-on-month decreases of 5.5%, 4.3%, and 3.3% respectively [6] Sector Analysis - The mineral price index showed low volatility at 70.4 points, with a month-on-month decrease of 0.1% and a year-on-year decrease of 11.4% [8] - The energy price index slightly declined to 98.0 points, reflecting a month-on-month decrease of 0.7% and a year-on-year decrease of 5.4% [8] - The chemical price index continued its downward trend at 100.0 points, with a month-on-month decrease of 1.9% and a year-on-year decrease of 9.1% [8] Market Dynamics - Analysts noted that the recovery in demand during the peak season was generally below expectations, contributing to the fluctuations in the mineral price index [9] - The energy price index's decline was attributed to reduced gasoline demand post-summer and adverse weather affecting construction projects [9] - The chemical sector faced pressure from weak market demand and the introduction of new production capacities [9]

Core Insights - The China Commodity Price Index (CBPI) for August 2025 is reported at 111.7 points, reflecting a month-on-month increase of 0.3% and a year-on-year increase of 1.2% [1] - The index has shown a continuous month-on-month recovery for four consecutive months, indicating that policies aimed at expanding domestic demand and reducing competition are positively impacting production and business operations [1] Industry Analysis - The black goods price index has continued to rebound, reporting 79.7 points with a month-on-month increase of 2.2% and a year-on-year increase of 0.3% [1] - The energy price index has stopped its decline, reporting 98.7 points with a month-on-month increase of 2% but a year-on-year decrease of 8.4% [1] - The non-ferrous price index continues to rise, reporting 130.4 points with a month-on-month increase of 0.2% and a year-on-year increase of 6.4% [1] - The agricultural products price index has slightly decreased, reporting 97.1 points with a month-on-month decrease of 0.8% and a year-on-year increase of 1.4% [1] - The chemical price index continues to decline, reporting 101.9 points with a month-on-month decrease of 1% and a year-on-year decrease of 11% [1] - The mineral price index continues to fall, reporting 70.5 points with a month-on-month decrease of 1.6% and a year-on-year decrease of 12.6% [1] Commodity Price Movements - Among the 50 monitored commodities, 25 (50%) saw price increases while 25 (50%) experienced price declines in August compared to July [2] - The top three commodities with the highest price increases were coke, neodymium oxide, and lithium carbonate, with month-on-month increases of 20.1%, 19.1%, and 16.6% respectively [2] - The top three commodities with the largest price declines were apples, methanol, and urea, with month-on-month decreases of 4.6%, 3.6%, and 2.8% respectively [2] Market Outlook - The industry anticipates a stable development trend in the commodity market as the traditional production peak season approaches in September and October [2] - However, global economic uncertainties remain, and some commodity prices are still at low levels, indicating that businesses face significant operational pressures [2] - To solidify the foundation for economic recovery, there is a need for enhanced macroeconomic regulation and effective measures to unleash domestic demand potential [2]

Core Viewpoint - The China Logistics and Purchasing Federation reported that the commodity price index for August shows a continuous month-on-month increase for four consecutive months, indicating a stable growth trend in the commodity market and enhanced internal economic growth momentum [1][2]. Group 1: Commodity Price Index - The commodity price index for August is 111.7 points, reflecting a month-on-month increase of 0.3% [1]. - Among the 50 monitored commodities, 25 saw price increases in August, with notable rises in coke (20.1%), neodymium oxide (19.1%), and lithium carbonate (16.6%) [1]. - The black metal price index rose by 2.2%, while the non-ferrous metal price index increased by 0.2% [1]. Group 2: Sector Performance - The equipment manufacturing and high-tech manufacturing sectors continue to experience rapid growth, contributing to price recoveries in certain industries [1]. - The energy price index rebounded with a month-on-month increase of 2%, driven by peak summer energy demand and anti-involution policies [1]. - Conversely, the agricultural product price index decreased by 0.8%, and the chemical price index continued to decline by 1% [1]. Group 3: Market Outlook - According to industry experts, the ongoing effects of policies aimed at expanding domestic demand and countering involution are gradually enhancing corporate confidence and accelerating the transition of new and old growth drivers [2]. - The market demand is expected to continue expanding with the arrival of the traditional production peak in September and October, suggesting a stable and progressive development trend for the commodity market [2].

Group 1 - The core viewpoint is that the China Commodity Price Index has shown a month-on-month increase for three consecutive months, indicating optimistic expectations among enterprises and a stable recovery in the market [2] - In July, the overall Commodity Price Index reached 111.4 points, with a month-on-month increase of 0.5% [1] - The black commodity price index rebounded to 77.9 points, up 1.7% month-on-month, while the non-ferrous price index rose to 130.1 points, up 1.1% month-on-month [1] Group 2 - The agricultural price index fell to 97.9 points, down 0.2% month-on-month, and the energy price index decreased to 96.7 points, down 0.6% month-on-month [1] - The chemical price index experienced a decline to 102.9 points, down 1.4% month-on-month, and the mineral price index continued to drop to 71.7 points, down 2.7% month-on-month [1] - Among the 50 monitored commodities, 32 saw price increases while 18 experienced price declines in July [1] Group 3 - The overall outlook for the commodity market is expected to remain stable and positive, supported by government policies aimed at economic recovery and growth [2] - There are still external uncertainties and instabilities affecting global commodity prices, and some industries face challenges such as insufficient effective demand and increased operational pressures [2] - The commodity circulation industry plays a crucial role in stimulating domestic demand, stabilizing growth, and promoting development [2]

Group 1 - The China Logistics and Purchasing Federation reported that the commodity price index for July was 111.4 points, reflecting a month-on-month increase of 0.5% [1] - In July, the black commodity price index rebounded to 77.9 points, up 1.7% month-on-month, while the non-ferrous price index continued to rise to 130.1 points, up 1.1% [1] - The agricultural price index fell to 97.9 points, down 0.2% month-on-month, and the energy price index decreased slightly to 96.7 points, down 0.6% [1] - The chemical price index peaked and then fell to 102.9 points, down 1.4% month-on-month, and the mineral price index continued to decline to 71.7 points, down 2.7% [1] - Among the 50 monitored commodities, 32 saw price increases while 18 experienced price declines in July [1] Group 2 - The continuous month-on-month positive growth of the commodity price index for three consecutive months indicates optimistic expectations among enterprises and a stable recovery in the market [2] - The implementation of the "anti-involution" policy and macroeconomic counter-cyclical adjustment policies is expected to support a stable and positive outlook for the commodity market [2] - Despite the overall positive trend, challenges such as insufficient effective demand and increased operational pressures in certain industries remain [2] - The importance of the commodity circulation industry in stimulating domestic demand, stabilizing growth, and promoting development is emphasized for further economic recovery [2]