Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to test OPEC's export price - support intention [3]. - For methanol, the port price is falling, the inventory is high and hard to deplete, supply is rising while demand is weakening. With the unfulfilled expectation of overseas winter production cuts, if the high - inventory issue persists, the market may decline. It's recommended to wait and see [4]. - For urea, supply and demand are both increasing, the market is in a relatively loose pattern with limited fundamental contradictions. The price has limited upside and downside, so it's advisable to wait and see [7]. - For rubber, when the price reaches the previous low, it's recommended to set a stop - loss and consider short - term long trading with a quick - in - quick - out approach. Partial position - building is suggested for the RU2601 long and RU2609 short hedge [12]. - For PVC, the fundamentals are poor with strong supply, weak demand, and a weak export outlook. There is a risk of inventory accumulation. It's recommended to look for short - selling opportunities on price rallies in the medium term [13]. - For pure benzene and styrene, the spot and futures prices are falling. The BZN spread has room to repair. The supply of pure benzene is ample, and the port inventory of styrene is decreasing. The price may stop falling in the short term [16][17]. - For polyethylene, the futures price is falling. The PE valuation has limited downside, but the high number of warehouse receipts suppresses the price. It's expected to maintain a low - level oscillation [20]. - For polypropylene, the futures price is falling. There is high supply pressure and the overall inventory pressure is high. The high number of warehouse receipts and the supply - surplus situation in the cost end suppress the price [23]. - For PX, the load is high, the downstream PTA has many maintenance operations, and the PXN is expected to face pressure in November. It's recommended to wait and see for now [26]. - For PTA, the supply is expected to decrease in November, and the demand may remain high. There is a risk of negative feedback due to low processing fees. It's recommended to pay attention to the opportunity of processing fee repair [28]. - For ethylene glycol, the supply is high, the port inventory is increasing, and it's expected to continue accumulating in the fourth quarter. It's recommended to short on rallies [30]. Summary by Commodity Crude Oil - **Market Information**: The INE main crude oil futures closed down 1.50 yuan/barrel, a 0.32% decline, at 463.70 yuan/barrel. Related refined oil futures also declined. The weekly oil product data of Fujairah Port showed changes in gasoline, diesel, fuel oil, and total refined oil inventories [2]. - **Strategy**: Maintain a low - buy and high - sell range strategy, but wait and see for now to test OPEC's export price - support intention [3]. Methanol - **Market Information**: The price in Taicang and Inner Mongolia remained stable, while that in southern Shandong decreased by 20. The 01 contract on the futures market increased by 26 yuan to 2141 yuan/ton, with a basis of - 59. The 1 - 5 spread changed by + 15 to - 95 [3]. - **Strategy**: The port price is falling, inventory is high, supply is rising, and demand is weakening. It's recommended to wait and see [4]. Urea - **Market Information**: The spot price in Shandong increased by 10, while those in Henan and Hubei remained stable. The 01 contract on the futures market increased by 3 yuan to 1633 yuan, with a basis of - 63. The 1 - 5 spread was - 2, at - 82 [6]. - **Strategy**: Supply and demand are both increasing, the market is in a relatively loose pattern. It's recommended to wait and see [7]. Rubber - **Market Information**: The rubber price has returned to near the starting point and shows signs of stabilization. There are different views on the rise and fall. As of October 30, 2025, the operating rates of full - steel and semi - steel tires in Shandong changed, and the inventory of tire factories increased slightly. The social inventory of natural rubber in China decreased in October [10]. - **Strategy**: When the price reaches the previous low, set a stop - loss and consider short - term long trading. Partial position - building is suggested for the RU2601 long and RU2609 short hedge [12]. PVC - **Market Information**: The PVC01 contract decreased by 32 yuan to 4638 yuan. The spot price of Changzhou SG - 5 was 4540 (- 20) yuan/ton, with a basis of - 98 (+ 12) yuan/ton. The 1 - 5 spread was - 301 (- 2) yuan/ton. The cost of calcium carbide decreased, and the overall operating rate increased [12]. - **Strategy**: The fundamentals are poor with strong supply, weak demand, and a weak export outlook. Look for short - selling opportunities on price rallies in the medium term [13]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene and styrene decreased. The BZN spread decreased, and the profit of non - integrated styrene plants decreased. The upstream operating rate decreased, and the port inventory of styrene decreased [16]. - **Strategy**: The BZN spread has room to repair. The supply of pure benzene is ample, and the port inventory of styrene is decreasing. The price may stop falling in the short term [17]. Polyethylene - **Market Information**: The main contract's closing price decreased by 65 yuan to 6814 yuan/ton, while the spot price remained unchanged. The upstream operating rate decreased, and the inventory decreased. The downstream average operating rate increased [19]. - **Strategy**: The PE valuation has limited downside, but the high number of warehouse receipts suppresses the price. It's expected to maintain a low - level oscillation [20]. Polypropylene - **Market Information**: The main contract's closing price decreased by 69 yuan to 6491 yuan/ton, and the spot price decreased by 50 yuan. The upstream operating rate increased, and the inventory decreased. The downstream average operating rate increased [21]. - **Strategy**: There is high supply pressure and the overall inventory pressure is high. The high number of warehouse receipts and the supply - surplus situation in the cost end suppress the price [23]. PX - **Market Information**: The PX01 contract decreased by 10 yuan to 6650 yuan. The PX CFR remained unchanged. The load in China increased, while that in Asia decreased. Some domestic and overseas plants had changes in operation status. The import from South Korea in October increased, and the inventory increased in September [25]. - **Strategy**: The PX load is high, the downstream PTA has many maintenance operations, and the PXN is expected to face pressure in November. It's recommended to wait and see for now [26]. PTA - **Market Information**: The PTA01 contract decreased by 4 yuan to 4600 yuan. The spot price in East China decreased. The PTA load decreased, and some plants had changes in operation status. The downstream load increased, and the social inventory increased slightly [27]. - **Strategy**: The supply is expected to decrease in November, and the demand may remain high. There is a risk of negative feedback due to low processing fees. Pay attention to the opportunity of processing fee repair [28]. Ethylene Glycol - **Market Information**: The EG01 contract increased by 13 yuan to 3914 yuan, while the spot price in East China decreased. The supply - side load increased, and the downstream load increased. The port inventory increased [29]. - **Strategy**: The supply is high, the port inventory is increasing, and it's expected to continue accumulating in the fourth quarter. It's recommended to short on rallies [30].