一德期货指出，供应减少，15.7万吨日融略宽松；四季度需求旺季存改善预期，去库驱动仍在；主流 1050—1090元，现货仍跟随盘面松动。短期下游订单一般，需求韧性尚可，终端接货环比改善仍不强， 跌后关注支撑，等待需求验证，然时间窗口收窄。关注历史高持仓风险。 中财期货表示，期货价格重心下移，市场偏于观望，部分中下游等待价格进一步探底，多数操作维持刚 需，经销商销售平平，预计短期玻璃价格或延续稳中偏弱整理。 建信期货分析称，随着沙河产线集中停产、下游积极采购的积极情绪消退，市场重回基本面交易。目前 旺季不旺，需求驱动不足。近期盘面价格震荡偏弱为主。中期市场方向仍由基本面主导，如果未有新的 市场预期刺激，预计盘面向下趋势难改。 11月21日，国内期市能化板块多数飘绿。其中，玻璃期货主力合约开盘报993.00元/吨，今日盘中低位震 荡运行；截至午间收盘，玻璃主力最高触及993.00元，下方探低967.00元，跌幅达2.11%。 目前来看，玻璃行情呈现震荡下行走势，盘面表现偏弱。对于玻璃后市行情将如何运行，相关机构观点 汇总如下： ...

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The palm oil market lacks driving forces, and short - term support levels should be monitored. The soybean oil market is stabilizing, and the price gap between soybean oil and palm oil is gradually narrowing [1]. - After the recent price decline due to increased production, the price of crude palm oil may recover in the first quarter of 2026, supported by the seasonal low - production period. Affin Hwang IB estimates the average price of crude palm oil to be between 4,200 - 4,350 ringgit per ton in 2025 and 4,350 - 4,450 ringgit per ton in 2026 [5]. - The market sentiment has improved in the short term, but the fundamentals remain cautious. The continued rebound of soybean prices depends on China's actual procurement volume and the export rhythm of US soybeans [6]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of the palm oil main contract was 8,590 yuan/ton (down 0.30% during the day session) and 8,630 yuan/ton (up 0.47% during the night session); the soybean oil main contract was 8,138 yuan/ton (up 0.37% during the day session) and 8,156 yuan/ton (up 0.22% during the night session); the rapeseed oil main contract was 9,407 yuan/ton (down 0.38% during the day session) and 9,438 yuan/ton (up 0.33% during the night session). The Malaysian palm oil main contract was 4,109 ringgit/ton (down 0.84% during the day session) and 4,122 ringgit/ton (up 0.34% during the night session), and the CBOT soybean oil main contract was 49.71 cents/pound (up 0.36%) [1]. - **Trading Volume and Open Interest**: The trading volume of the palm oil main contract was 546,167 lots (a decrease of 10,434 lots), and the open interest was 423,090 lots (an increase of 17,113 lots); the soybean oil main contract had a trading volume of 248,485 lots (a decrease of 33,875 lots) and an open interest of 482,137 lots (an increase of 1,482 lots); the rapeseed oil main contract had a trading volume of 142,702 lots (a decrease of 20,827 lots) and an open interest of 214,565 lots (an increase of 1,525 lots) [1]. - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 8,550 yuan/ton (a decrease of 20 yuan/ton); the price of first - grade soybean oil in Guangdong was 8,480 yuan/ton (a decrease of 40 yuan/ton); the price of fourth - grade imported rapeseed oil in Guangxi was 9,850 yuan/ton (a decrease of 20 yuan/ton); the FOB price of Malaysian palm oil was 1,035 US dollars/ton (an increase of 5 US dollars/ton) [1]. - **Basis**: The basis of palm oil in Guangdong was - 40 yuan/ton; the basis of soybean oil in Guangdong was 342 yuan/ton; the basis of rapeseed oil in Guangxi was 443 yuan/ton [1]. - **Price Spreads**: The spread between rapeseed oil and palm oil futures main contracts was 817 yuan/ton; the spread between soybean oil and palm oil futures main contracts was - 452 yuan/ton; the 1 - 5 spread of palm oil was - 106 yuan/ton; the 1 - 5 spread of soybean oil was 188 yuan/ton; the 1 - 5 spread of rapeseed oil was 345 yuan/ton [1]. 3.2 Macro and Industry News - The Tariff Policy Commission of the State Council announced that starting from 13:01 on November 10, 2025, it will adjust the additional tariff measures on imported goods originating from the United States. The 24% additional tariff rate on US goods will be suspended for another year, while the 10% additional tariff rate will be retained [2][6]. - Malaysia's palm oil production from October 1 - 31, 2025, is estimated to increase by 12.31% to 2.07 million tons, reaching an eight - year high. The estimated production for the 2025/26 season is 19.2 million tons, with an estimated range of 18.7 - 19.7 million tons. From January to September 2025, the cumulative production of Malaysian crude palm oil was 14.5 million tons, a year - on - year increase of only 0.3% [4]. - India's palm oil imports in October 2025 dropped to a five - year low due to increased domestic inventory, weak demand in the food industry, and a narrowing price gap with other oilseeds. The total import volume, including crude and refined palm oil, was 750,000 tons, lower than 980,000 tons in September [4]. - On Thursday, CBOT soybean futures closed slightly higher, with the benchmark contract up 1.2%. Analysts expect the US Department of Agriculture's export sales report to show that the net export sales volume of US soybeans for the 2025/26 season in the week ending October 30, 2025, will be between 400,000 and 2 million tons. Traders estimated that speculative funds net - bought 8,500 lots of soybeans on Wednesday [6]. 3.3 Trend Intensity The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0, indicating a neutral trend for both [7].

Core Viewpoint - Styrene futures experienced a sharp decline, with the main contract dropping to a low of 6257.00 yuan and closing at 6321.00 yuan, reflecting a decrease of 1.02% [1] Group 1: Market Analysis - The supply and demand dynamics for styrene lack upward momentum, with high inventory levels and limited demand growth [3] - Recent maintenance of major production facilities, including Tianjin Bohua and Sinopec Quanzhou, has led to a decrease in styrene production and capacity utilization [2][3] - Downstream operating rates have generally decreased, contributing to a narrow decline in consumption of EPS, PS, and ABS [2] Group 2: Price Trends - Styrene prices are expected to stabilize after a period of decline, with current market conditions indicating a potential for price recovery [4] - The current inventory levels at ports are high, but there has been significant inventory reduction recently, which may support price stabilization [4] - The cost side shows that OPEC+ plans to pause production increases in Q1 next year, which may counteract bearish pressures from December production increases [2]

Group 1 - The core viewpoint indicates that the PVC futures market is experiencing a downward trend, with the main contract reported at 4680.00 yuan/ton, reflecting a decline of 1.04% [1] - The spot market for PVC in Hangzhou is stable but weak, with prices for various types ranging from 4550 to 4760 yuan/ton, showing slight adjustments [1] - The overall profit margins for enterprises remain low, with valuation pressure being minimal in the short term, while production levels are at historical highs due to limited maintenance [1] Group 2 - Demand is under pressure due to low operating rates caused by high temperatures, leading to limited improvement in demand, while social inventory has slightly increased [1] - The outlook for November indicates continued pressure on the PVC market, with high inventory levels expected to result in weak price fluctuations [2]

9月中旬，纯苯期货开启了一轮受下游需求主导的季节性下跌行情。 纯苯下游通常提前备货，7月至9月中旬为下游开工率上行阶段，9月下旬开工率开始下行，需求转弱。 数据显示，1—9月纯苯下游需求同比增长8%；分产品来看，苯乙烯、己内酰胺、苯酚需求同比分别增 长17.3%、7.6%、2%，己二酸、苯胺需求同比分别下降3.8%、8.2%。 苯乙烯方面，5—7月生产利润尚可，6—8月生产企业月度开工率维持在77%~79%的高位区间。但是， 高开工率导致供应增长，8月以后苯乙烯生产利润持续下降，一度降至历史同期最低水平，库存压力也 持续增加。从利润维度来看，四季度开工率有下降空间。 己内酰胺方面，自7月以来开工率回升至较高水平，但生产利润持续下降，预计后续开工率继续下降的 概率较大。从最新数据来看，本周纯苯主力下游苯乙烯、己内酰胺、己二酸的开工率均环比下降。 综合近期行业的检修及复产计划来看，纯苯下游综合开工率将进一步下降，终端需求疲软。从纯苯装置 检修情况来看，11—12月的装置检修规模预计将从10月的21.36万吨回落至11万吨左右，纯苯开工率有 望先减后增。 我国是全球最大的纯苯消费国和进口国。从历年数据来看，我国纯苯 ...

Group 1: Report Overview - The report is a weekly report on non-ferrous metals by New Era Futures Research, dated October 24, 2025 [1] Group 2: Metal Price Movements - Copper: The futures price of CU2512 rose from 84,390 to 87,720, a weekly increase of 3,330 or 3.95%. The spot price of 1 copper in Shanghai increased from 84,850 to 86,400, up 1,550 or 1.83% [2] - Aluminum: The futures price of AL2512 increased from 20,910 to 21,225, a weekly rise of 315 or 1.51%. The spot price of A00 aluminum in Shanghai went up from 20,940 to 21,110, an increase of 170 or 0.81% [2] - Zinc: The futures price of ZN2512 climbed from 21,830 to 22,355, a weekly gain of 525 or 2.40%. The spot price of 0 zinc in Shanghai increased from 21,880 to 22,200, up 320 or 1.46% [2] - Lead: The futures price of PB2512 rose from 17,090 to 17,595, a weekly increase of 505 or 2.95%. The spot price of 1 lead ingot rose from 16,900 to 17,300, up 400 or 2.37% [2] - Nickel: The futures price of NI2512 increased from 121,330 to 122,150, a weekly gain of 820 or 0.68%. The spot price of 1 electrolytic nickel went up from 122,350 to 122,900, an increase of 550 or 0.45% [2] - Alumina: The futures price of AO2601 increased slightly from 2,800 to 2,810, a weekly rise of 10 or 0.36%. The spot price of alumina in Foshan decreased from 2,990 to 2,950, a decline of 40 or -1.34% [2] - Industrial Silicon: The futures price of SI2601 rose from 8,800 to 8,920, a weekly increase of 120 or 1.36%. The spot price of 553 silicon decreased from 9,500 to 9,400, a decline of 100 or -1.05% [2] - Lithium Carbonate: The futures price of LC2601 increased from 75,780 to 79,520, a weekly gain of 3,740 or 4.94%. The spot price of battery - grade lithium carbonate (99.5%) rose from 73,850 to 75,400, up 1,550 or 2.10% [2] - Polysilicon: The futures price of PS2601 decreased from 54,850 to 52,305, a weekly decline of 2,545 or -4.64%. The spot price of N - type polysilicon material increased from 52,800 to 52,980, up 180 or 0.34% [2] Group 3: Metal Inventory Changes - Copper: As of October 24, SHFE copper inventory was 104,800 tons, a decrease of 5,400 tons or -4.90% from last week. LME copper inventory was 136,400 tons, a decrease of 800 tons or -0.58% from last week. As of October 23, COMEX copper inventory was 347,500 tons, an increase of 2,800 tons or +0.81% from last week [13][14] - Zinc: As of October 24, LME zinc inventory was 37,600 tons, a decrease of 400 tons or -1.13% from last week. SHFE zinc inventory was 65,800 tons, a decrease of 1,500 tons or -2.23% from last week [23] - Aluminum: As of October 24, LME aluminum inventory was 473,100 tons, a decrease of 18,100 tons from last week. SHFE aluminum inventory was 118,200 tons, a decrease of 3,900 tons from last week. COMEX aluminum inventory was 7,422 tons, an increase of 761 tons from last week [40][41] Group 4: Processing Fees and Indexes - Copper Concentrate: As of October 23, the spot TC of copper concentrate was -40.70 dollars/ton, remaining unchanged weekly, and the tight supply expectation at the mine end still exists [17] - Lithium Spodumene Concentrate: As of October 24, the latest quote was 881 dollars/ton, a weekly increase of 35 dollars/ton [20] - Zinc Concentrate: As of October 24, the main port TC of zinc concentrate was 105 dollars/ton, remaining the same as on October 17 [24] Group 5: Demand - Side Analysis - Automobile: In August, automobile production and sales reached 2.815 million and 2.857 million units respectively, with a month - on - month increase of 8.7% and 10.1%, and a year - on - year increase of 13% and 16.4%. From January to August, automobile production and sales were 21.051 million and 21.128 million units respectively, with a year - on - year increase of 12.7% and 12.6%. In August, new energy vehicle production and sales were 1.391 million and 1.395 million units respectively, with a year - on - year increase of 27.4% and 26.8%, and new energy vehicle sales accounted for 48.8% of total vehicle sales [44] - Real Estate: From January to August, the floor area under construction of real estate development enterprises was 6.431 billion square meters, a year - on - year decrease of 9.3%. The new construction area was 398 million square meters, a decrease of 19.5% [46] - Power Generation: As of the end of August, the cumulative installed power generation capacity nationwide was 3.69 billion kilowatts, a year - on - year increase of 18.0%. Among them, solar power installed capacity was 1.12 billion kilowatts, a year - on - year increase of 48.5%, and wind power installed capacity was 580 million kilowatts, a year - on - year increase of 22.1% [48] Group 6: Strategy Recommendations Alumina and Aluminum - Short - term: Alumina is expected to run weakly and oscillatingly; Shanghai aluminum is expected to run strongly and oscillatingly [51] - Long - term: Terminal demand remains resilient. Considering the US dollar interest - rate cut rhythm and positive macro sentiment, Shanghai aluminum is expected to run strongly and oscillatingly [51] Polysilicon - Short - term: For polysilicon, policy influence continues to ferment, with short - term high - level range oscillation. For industrial silicon, as the wet season in the southwest ends and electricity prices rise, manufacturers will arrange production cuts at the end of the month, and the production cost of industrial silicon may increase. Attention should be paid to policy expectation guidance [55] - Long - term: The industry's over - supply pattern has not been reversed. Attention should be paid to the policy implementation rhythm and actual demand follow - up [55]

Report Industry Investment Rating No relevant content provided. Core Views Industrial Silicon - Supply - The low - electricity - price environment in the southwest region during the wet season is ending, and the growth rate of the ore - heating furnace operating rate in the southwest region is expected to slow down and decline. The furnace - opening growth rate in Xinjiang is also lower than expected, showing a slow - down trend. The overall operating rate of industrial silicon is expected to peak, and the supply - side pressure will gradually ease [4]. - Demand - The operating rate of the organic silicon industry has slowed down, with limited actual demand for industrial silicon. The demand from the recycled aluminum alloy sector remains stable, and the demand from the polysilicon sector is expected to increase steadily in the next two months [4]. - Market Outlook - If the supply - side operating rate enters the downward channel as expected and the downstream polysilicon demand improves substantially, the oversupply situation in the industrial silicon market will ease, and the industry may reach a key node for a price bottom - reversal [4]. Polysilicon - Market Logic - The short - term trading focus is on whether the October photovoltaic storage platform will be established, and then it will shift to the "November concentrated warehouse - receipt cancellation" expectation game. The market shows the characteristics of "increasing supply and stable demand" [9][10]. - Risk - The volatility of polysilicon futures is much higher than that of lithium carbonate and industrial silicon, with a relatively high overall risk level. Investors are advised to participate cautiously and control positions and hedge risks [10]. Summary by Directory I. Futures Data Industrial Silicon - The closing price of the industrial silicon main contract is 8705 yuan/ton, with a daily increase of 220 yuan and a daily increase rate of 2.59%. The trading volume is 172346 lots, with a daily increase of 66824 lots and a daily increase rate of 63.33%. The open interest is 76195 lots, with a daily decrease of 20359 lots and a daily decrease rate of 21.09% [12][13]. - The number of industrial silicon warehouse receipts is 48371 lots, with a daily decrease of 367 lots and a daily decrease rate of 0.75% [13]. Polysilicon - The closing price of the polysilicon main contract is 50760 yuan/ton, with a daily increase of 450 yuan and a daily increase rate of 0.89%. The trading volume is 86148 lots, with a daily decrease of 14344 lots and a daily decrease rate of 14.27%. The open interest is 45407 lots, with a daily decrease of 3609 lots and a daily decrease rate of 7.36% [37]. - The number of polysilicon futures warehouse receipts is 9220 lots, with a daily decrease of 80 lots and a daily decrease rate of 0.9% [37]. II. Spot Data Industrial Silicon - The price of 99 industrial silicon in Xinjiang is 8700 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.57%. The price of 421 industrial silicon in Tianjin is 9800 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.51% [21]. - The price of industrial silicon powder (553) is 9950 yuan/ton, with a daily decrease of 50 yuan and a daily decrease rate of 0.50% [21]. Polysilicon - The price of N - type polysilicon re - feeding material is 53 yuan/kg, with no daily change and a weekly increase of 0.25 yuan and a weekly increase rate of 0.47% [46]. - The price of N - type silicon wafers (G10 - 182, 130um) is 1.35 yuan/piece, with no daily or weekly change [46]. III. Basis and Warehouse Receipts Industrial Silicon - The total number of industrial silicon warehouse receipts is 48371 lots, with a decrease of 367 lots compared with the previous period and a decrease rate of 0.56% [36]. - The basis of the industrial silicon main contract in East China (553) and (421) shows certain seasonal characteristics [30][31][32]. Polysilicon - The basis of the polysilicon main contract is 2000 yuan/ton, with a daily decrease of 450 yuan and a daily decrease rate of 18.37%, and a weekly increase of 1915 yuan and a weekly increase rate of 2252.94% [56]. - The total number of polysilicon warehouse receipts is 9300 lots, with a decrease of 80 lots compared with the previous period [57].

Core Viewpoint - The recent surge in asphalt futures prices indicates a potential upward trend in the market, driven by various factors including supply and demand dynamics and geopolitical influences [1][2][3] Group 1: Price Movement - On October 23, asphalt futures experienced a rapid increase, reaching a peak of 3300.00 yuan, with a current price of 3280.00 yuan, reflecting a 2.40% increase [1] - Institutions predict that asphalt prices may continue to rise in the short term, with expectations of a strong market [2][3] Group 2: Supply and Demand Dynamics - The current social inventory rate for asphalt is 32.06%, a decrease of 0.58% week-on-week, while the total inventory level at domestic refineries is 29.81%, an increase of 0.47% [2] - The operating rate of domestic asphalt plants is at 36.58%, up by 0.42% week-on-week, indicating a slight increase in production capacity [2] - Weather conditions in northern regions are negatively impacting demand, while southern regions show limited consumption capacity despite favorable weather [2] Group 3: Cost Factors - International oil prices have shown signs of recovery, which is expected to support asphalt costs, alleviating some market pessimism [2][3] - The production capacity has been affected by several refineries undergoing maintenance, leading to a decrease in supply pressure [3] - Continuous reduction in both asphalt plant and social inventories has resulted in total stocks being at historically low levels, indicating an improvement in supply-demand balance [3]

Group 1: Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: October 14, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA and MEG), Peng Haozhou (Urea and Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core Viewpoints - Soda Ash: The equipment maintenance of soda ash enterprises is less than expected, and the supply remains at a high level. The downstream demand is weak, and the pattern of oversupply has not been effectively improved. The macro - sentiment is stable, and the futures price is expected to fluctuate weakly [8]. - Glass: The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 13, the price of the main soda ash futures contract SA601 continued to decline. The closing price was 1,247 yuan/ton, down 6 yuan/ton, a decrease of 0.47%, and the position decreased by 58,152 lots [7]. - The equipment maintenance of soda ash enterprises is less than expected, the supply is high, and the downstream demand is weak. The market is in an oversupply situation, and the price is expected to fluctuate weakly [8]. Glass - The fundamentals of float glass are in a weak balance, and the production of photovoltaic glass shows a downward trend. After the holiday, the supply pressure and inventory accumulation suppress the price rebound. The cost side may be disturbed, and the price is expected to fluctuate weakly in the short - term, but excessive short - selling is not recommended [9]. Group 5: Data Overview - The report provides data charts on the price trends of active contracts of soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda ash in Central China, and flat glass production [11][14][16]

Group 1: Report Overview - Report Name: "Caida Futures | Weekly Report on Live Pigs and Corn" [1][2] - Report Date: October 13, 2025 [2] - Researcher: Tian Jinlian [3] Group 2: Live Pig Market Market Performance - Futures: The LH2601 contract of live pig futures closed at 12,140 yuan/ton, down 4.78% from the previous week's settlement price [4] - Spot: The national average price of external ternary live pigs was 11.48 yuan/kg, down 1.03 yuan/kg week-on-week [4] - Profit: As of October 10, the breeding profit of self - breeding and self - raising live pigs was - 152.15 yuan/head, down 78.04 yuan/head week - on - week; the breeding profit of purchasing piglets was - 301.04 yuan/head, down 64.47 yuan/head week - on - week; the pig - grain ratio was 5.26, down 0.18 week - on - week [4] Market Analysis - Supply: Group farms continued to increase supply, and although some retail farmers had the psychology of delaying sales, the overall market supply did not decrease [4] - Demand: After the holiday, demand declined, and market transactions were weak [4] - Outlook: In the short term, the supply - demand imbalance is difficult to reverse, and the live pig market is expected to remain weak. Attention should be paid to the slaughter rhythm of farmers and the performance of secondary fattening [4] Group 3: Corn Market Market Performance - Futures: The C2511 contract of corn futures closed at 2,125 yuan/ton, down 1.02% from the previous week's settlement price; the C2601 contract closed at 2,125 yuan/ton, down 0.14% [5] - Spot: The national average price of corn was 2,308.43 yuan/ton, down 60.2 yuan/ton week - on - week [5] - Port: Prices at major ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all declined [5] Industrial Consumption - Deep - processing: From October 2 to October 8, 149 major corn deep - processing enterprises consumed 1.1927 million tons of corn, an increase of 31,700 tons week - on - week [6] - Starch: The processing volume of corn starch enterprises was 544,500 tons, an increase of 17,800 tons; the weekly output was 268,000 tons, an increase of 12,200 tons; the weekly operating rate was 51.81%, up from the previous week [6] - Alcohol: The operating rate of the DDGS industry was 54.96%, up 3.49 percentage points; the weekly production was 111,840 tons, an increase of 7,100 tons, or 6.78% [6] Inventory - Processing Enterprises: As of October 8, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.334 million tons, an increase of 14.64% [6] - Ports: As of October 10, the total corn inventory of four northern ports was about 700,000 tons, and the corn inventory in Guangdong Port was 320,000 tons [6] Market Analysis - Supply: New corn is gradually being listed, and the arrival volume of deep - processing enterprises has increased [7] - Demand: The operating rate of the industry is gradually increasing, and there is still an expectation of further improvement [7] - Outlook: In the short term, corn prices are still under pressure, and attention should be paid to the support level of 2,100 yuan/ton on the futures market [7]