1. Report's Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The overall market shows a complex and diversified trend, with different commodities having their own supply - demand situations, price trends, and influencing factors. For most commodities, the short - term trend is mainly volatile, and investors need to pay attention to various influencing factors such as supply - demand changes, policy adjustments, and geopolitical situations [2][3] 3. Summary by Commodity Categories Energy Commodities - **Crude Oil**: API data shows an increase in US refined oil and crude oil inventories. External market oil prices fell more than 1% on Tuesday. Although the SPM - 3 of the Caspian Pipeline Consortium is expected to resume operation earlier than planned, the supply - demand surplus expansion determines that the oil price center has downward pressure [2] - **Fuel Oil and Low - Sulfur Fuel Oil**: High - sulfur fuel oil's feed demand was previously boosted by coking profits and quota shortages, but the early issuance of crude oil quotas may divert feed demand. Low - sulfur fuel oil is pressured by the weakening of refined oil cracking. The short - term supply pressure of both has been relieved, but the medium - term supply is still in a loose pattern [19] - **Asphalt**: The domestic asphalt market shows a regional differentiation in spot prices. The weekly shipment volume has been below 400,000 tons since the middle of the month, and the commercial inventory destocking rhythm has slowed down significantly. It is expected that BU will continue to be weak [20] Precious Metals - **Precious Metals**: Overnight, precious metals fluctuated with large intraday volatility. Silver's upward momentum slowed after hitting a record high, and gold broke through the previous high. Overall, precious metals should be treated as volatile, and chasing high prices should be cautious. Platinum has a supply gap this year, and palladium's supply - demand is expected to be in a tight balance, with platinum performing stronger than palladium [3] Base Metals - **Copper**: Overnight, LME copper fluctuated and closed down, approaching the short - term moving average. SHFE copper shows certain resilience in the previous trading intensive area of 88,300 - 88,500 yuan. Long positions can be held based on the MA5 moving average [4] - **Aluminum**: Overnight, SHFE aluminum fluctuated at a high level. The social inventory of aluminum ingots in major regions has increased slightly for two consecutive days, and the spot discount has slightly widened. The aluminum market's fundamental contradictions are limited, and the seasonal inventory performance is neutral. The casting aluminum - alloy and SHFE aluminum price gap may narrow at the end of the year [5] - **Alumina**: Overnight, alumina hit a new low since listing. The domestic operating capacity is at a historical high, the inventory and exchange warehouse receipts are rising, and the supply - surplus pattern is difficult to change. It will mainly operate weakly before large - scale production cuts [6] - **Zinc**: The domestic fundamentals show a decline in both supply and demand, while overseas zinc ingots are in short supply. LME zinc is operating at a high level, and the export window is open, pulling up the domestic market. The bottom support of zinc is strong, but consumption is restricted. SHFE zinc is expected to fluctuate in the range of 22,200 - 23,000 yuan/ton [7] - **Lead**: The LME lead inventory is at a high level, and the import window is open, transmitting the overseas surplus pressure to the domestic market. The domestic social inventory is at a low level of 35,000 tons, and the subsequent inventory accumulation pressure is limited. SHFE lead is expected to fluctuate in the range of 17,000 - 17,500 yuan/ton [8] - **Tin**: Overnight, LME tin closed down, and SHFE tin fluctuated with a positive line above 300,000 yuan. It is not recommended to chase high prices, and medium - and long - term short positions can be paired with hedging strategies [9] - **Industrial Silicon**: The industrial silicon market is driven down by the correction of polysilicon prices. The current supply - demand shows a double - weak pattern, and the price is expected to continue to fluctuate. The subsequent focus should be on the price trend of DMC [10] Ferrous Metals - **Steel (Thread and Hot - Rolled Coil)**: Night - session steel prices declined. Thread's apparent demand and production both decreased slightly, and inventory continued to decline. Hot - rolled coil's demand declined, production continued to rise, and inventory decreased slowly. The overall steel mills are in a loss state, and the supply pressure will gradually ease. The steel price is expected to continue the rebound trend with fluctuations [12] - **Iron Ore**: The iron ore market shows a relatively loose supply - demand situation. The global shipment is strong, the domestic arrival volume is high, and the port inventory is in an accumulating trend. The demand for iron ore has the possibility of further weakening. The market expects policy benefits, and the short - term trend is mainly volatile [13] - **Coke**: The intraday coke price fluctuated strongly. The market has certain expectations for downstream restocking. The carbon element supply is abundant, and the downstream demand has some resilience. The coke price is expected to maintain the rebound rhythm in the short term [14] - **Coking Coal**: The intraday coking coal price fluctuated strongly. The market may expect downstream restocking. The overall carbon element supply is abundant, and the downstream demand has some resilience. The coking coal price is expected to fluctuate strongly in the short term [15] - **Manganese Silicon**: The intraday manganese silicon price fluctuated. The spot price of manganese ore has increased due to the rebound of the futures market. The supply of silicon manganese is decreasing, and the inventory is slowly accumulating. The bottom support strength needs to be observed [16] - **Silicon Ferrosilicon**: The intraday silicon ferrosilicon price fluctuated. The market expects a decrease in power costs and semi - coke prices. The overall demand has some resilience. The supply of silicon ferrosilicon is decreasing, and the inventory is slightly decreasing. The bottom support strength needs to be observed [17] Chemical Commodities - **Urea**: The urea futures price continued to fluctuate upward. The production enterprises are continuously reducing inventory, and short - term exports relieve some supply - side pressure. The market is expected to continue to fluctuate within a certain range [21] - **Methanol**: The night - session methanol price fell slightly. The port inventory is expected to remain at a high level, and the production enterprises are accumulating inventory. The market is in a state of multi - empty game, and it is expected to continue to fluctuate within a certain range in the short term [22] - **Pure Benzene**: The pure benzene futures price continued to fluctuate at a low level. The weekly device operating rate decreased slightly, the domestic arrival volume is expected to be high, and the downstream demand decreased. The market is expected to continue the low - level fluctuation pattern [23] - **Styrene**: The cost side of styrene is under pressure due to the continuous inventory accumulation expectation of pure benzene. The supply - demand structure is stable, and it is expected to run weakly in the short term [24] - **Polypropylene, Plastic, and Propylene**: Propylene's chemical - downstream demand has some support, and the price has a slight upward trend. The overall supply of polyethylene changes little, and the downstream demand is weak. The supply of polypropylene is expected to increase slightly, and the short - term demand is weak [25] - **PVC and Caustic Soda**: PVC shows an oscillating trend. The export situation may improve, and the supply pressure may ease. It is expected to operate in a low - level range. Caustic soda shows an oscillating and weakening trend, with high supply pressure and insufficient downstream demand [26] - **PX and PTA**: The prices of PX and PTA are driven down by the decline in oil prices. PTA continues to reduce production, and the short - term demand impact is negative. PX is expected to be strong in the medium term, and PTA is expected to continue the cost - driven logic before the Spring Festival [27] - **Ethylene Glycol**: The weekly production of ethylene glycol decreased, and the supply has marginal improvement. The price is mainly volatile, but it is expected to continue to accumulate inventory around the Spring Festival, and the medium - term trend is weak [28] - **Short Fiber and Bottle Chip**: Short fiber has no new investment pressure, and the price mainly fluctuates with raw materials. Bottle chip demand weakens, and the production efficiency is still poor. The long - term pressure is over - capacity, and the price is mainly cost - driven [29] Agricultural Commodities - **Soybeans and Soybean Meal**: The South American soybean planting progress is different, with Brazil normal and Argentina slow. The domestic soybean supply is sufficient, the soybean meal inventory has risen to a high level, and the price is under pressure. The 05 contract has reached the upper edge of the oscillation range, and the upward breakthrough needs further observation [33] - **Soybean Oil and Palm Oil**: Palm oil is in a state of inventory accumulation, with supply reduction having marginal benefits. The price is expected to be in a range - bound state. Soybean oil is expected to be supported by the expected strong performance of US soybeans [34] - **Rapeseed and Rapeseed Oil**: The rapeseed price continues to oscillate at the bottom. Rapeseed meal demand is weak, and rapeseed oil is mainly in the process of inventory reduction. The short - term price is expected to oscillate within a range [35] - **Soybean No. 1**: Domestic soybeans show a sideways and slightly strong oscillation. High - protein soybeans have a tight supply, and US soybeans are expected to be strong. The short - term focus should be on the domestic spot market and policy guidance [36] - **Corn**: The spot price drives the corn futures to oscillate at a high level. The supply - demand mismatch still exists, and the short - term 01 contract should be observed, while the 03 and 05 contracts should wait for a callback [37] - **Hogs**: Hog futures fluctuate narrowly, and the spot price continues to decline slightly. The short - term supply and demand are both under pressure, and the medium - term price is likely to have a second bottom - testing [38] - **Eggs**: Egg futures rose sharply during the day and then fell back. The far - month contracts are not recommended to chase high prices, and the near - month contracts may oscillate weakly [39] - **Cotton**: US cotton prices fell slightly. The domestic cotton supply pressure is not large, and the new cotton sales progress is fast. After the breakthrough of Zhengzhou cotton, the industry can pay attention to hedging opportunities, and the operation should be temporarily observed [40] - **Sugar**: International sugar supply is relatively sufficient, and the US sugar price is under pressure. The domestic sugar production in the 25/26 season is expected to be relatively good, and the subsequent production situation should be concerned [41] - **Apples**: The apple futures price oscillates at a high level. The short - term price is strong due to the decrease in inventory, but the long - term far - month contracts may have inventory pressure. The focus should be on the inventory reduction situation [42] - **Wood**: The wood futures price oscillates. The low inventory provides certain support, and the operation should be temporarily observed [43] - **Pulp**: The pulp futures price rose sharply yesterday. The domestic port inventory is still at a high level, and the demand is weak. The medium - term trend is expected to be in the range - bound state, and the operation should be temporarily observed or short - term [44] Financial Futures - **Stock Index Futures**: The A - share market fell with reduced trading volume, and the index futures contracts all closed down. The short - term macro - liquidity factor is uncertain, and the strategy should be mainly observation and defense [45] - **Treasury Bond Futures**: Treasury bond futures oscillate and consolidate. The bond market sentiment is generally cautious, and the short - term bond market is difficult to break through the oscillating market. The long - end interest rate lacks the basis for a large - scale increase, and the yield curve may flatten slightly [46]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2025-12-03 俄罗斯海上原油量持续攀升，甲醇关注 12⽉的进⼝压⼒ 化工品近期的反弹开始略显迟疑。甲醇在海外限气的提振下，近期期 价反弹；同时前期较高的开工导致伊朗11月装船量再创历史新高，12月可 能出现非伊甲醇减量，伊朗货源依旧充足的情况，12月甲醇的进口压力依 旧较大。而烯烃端也没有实质性利好。资金换月和原油反弹短暂拉升了烯 烃价格，但生产企业仍以去库存为核心导向，通过下调出厂价、加大促销 力度等方式积极去库；需求端则以刚需为主，并未有投机性囤货举措。 原油：地缘溢价摇摆，供应压力延续 沥青：沥青期价大跌，测试2800重要支撑位 高硫燃油：燃油期价弱势震荡 低硫燃油：低硫燃油期价弱势震荡 甲醇：12月沿海卸货预期偏高，内地供需阶段性支撑，甲醇震荡整理 尿素：淡储推进暂缓，盘面震荡整理 乙二醇：国内供应阶段性见顶，但海外货源供应充裕 PX：供需双强，叠加市场预期偏强下利润持续扩张 PTA：现货市场氛围改善，基差偏强运行 短纤：下游维持观望居多，持续追涨意愿不强 瓶片：价格波动率收窄，成交氛围小幅回落 丙烯：PG带动，P ...

Report Information - Report Name: Crude Oil Daily [1] - Date: December 3, 2025 [2] Investment Rating - Not provided Core View - OPEC+ agreed to suspend production increases in Q1 next year, and the conflict between the US and Venezuela escalated, supporting oil prices. The Russia-Ukraine conflict continued to ease under US mediation, having a greater impact. There is still significant inventory accumulation pressure in Q4, so the main strategy for crude oil is a bearish outlook. Operations should focus on shorting on rebounds or reverse spreads [6] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: WTI opened at $58.96, closed at $59.51, with a high of $59.97, a low of $58.83, a gain of 1.64%, and a trading volume of 20.65 million lots. Brent opened at $62.69, closed at $63.33, with a high of $63.82, a low of $62.69, a gain of 1.52%, and a trading volume of 31.37 million lots. SC opened at 452 yuan/barrel, closed at 453.8 yuan/barrel, with a high of 450.1 yuan/barrel, a low of 450.1 yuan/barrel, a gain of 0.09%, and a trading volume of 6.58 million lots [6] - **Operation Suggestions**: Adopt a bearish strategy, short on rebounds or use reverse spreads [6] 2. Industry News - Diesel shipments from the Baltic Primorsk port in November increased by 39.3% compared to October [7] - Kremlin spokesman Peskov said that a series of important documents will be signed during Putin's visit to India [7] - Russian Deputy Prime Minister Novak said that OPEC+ countries' production lags behind their production targets by about 500,000 barrels per day [7] - Saudi Energy Minister said that OPEC+'s latest decision is the most important and transparent one in determining production levels [7] 3. Data Overview - The report presents multiple data charts including global high-frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [9][10][17]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - In the stock index market, although the recent market rotation has accelerated and risk appetite has decreased, policies still support the capital market, and technology growth remains the main market trend. The medium - and long - term strategy for indices is to go long on dips [4]. - In the bond market, the manufacturing PMI in November showed an overall improvement in manufacturing sentiment, but the service sector was weak, and the end - of - year social financing growth rate may remain weak. The supply - demand pattern of the bond market in the fourth quarter may improve, and the market will generally maintain a volatile trend [6]. - In the precious metals market, silver is in an accelerated upward phase, and attention should be paid to the resistance level of 14,500 yuan/kg. It is recommended to take profit in time if the price weakens. It is risky to open new long positions or short at high levels. Gold is in a breakthrough pattern at the end of a triangular convergence, and it is recommended to go long on dips [8]. - In the non - ferrous metals market, copper, aluminum, lead, and other metals are expected to have relatively strong short - term trends, while zinc is expected to fluctuate widely, and nickel is expected to fluctuate in the short term [11][13][15][18]. - In the black building materials market, steel demand has entered the off - season, and the inventory pressure of hot - rolled coils remains. Iron ore is expected to operate within a volatile range. Glass and soda ash are expected to maintain a volatile trend, and it is recommended to be bearish on soda ash in the short term [30][32][34][35]. - In the energy and chemical market, the short - term view on oil prices is not overly bearish, and a range strategy of buying low and selling high is maintained. Methanol is expected to turn to a volatile adjustment after the bullish factors are realized. Urea is expected to build a bottom through fluctuations [52][53][55]. - In the agricultural products market, for pigs, it is recommended to short near - month contracts or conduct reverse spreads. For eggs, a short - term long and medium - term short strategy is recommended. For soybeans and soybean meal, they are expected to fluctuate, and for palm oil, a strategy of buying on dips is recommended [75][77][80][83]. Summaries by Relevant Catalogs Stock Index - **Market Information**: Zheng Shanjie proposed to increase the proportion of residents' income in national income distribution and the proportion of labor remuneration in primary distribution. Five departments encouraged local governments to provide convenience and discounts in computing power, algorithms, and data. Morgan Stanley raised its production forecasts for Google's TPU in 2027 and 2028 [2]. - **Strategy View**: The policy support for the capital market remains unchanged, and technology growth is the main market trend. The medium - and long - term strategy for indices is to go long on dips [4]. Treasury Bonds - **Market Information**: On Tuesday, the main contracts of TL, T, TF, and TS declined. In November 2025, the number of new A - share accounts increased, and Trump seemed to favor Hassett as the Fed chairman. The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1458 billion yuan [5]. - **Strategy View**: The manufacturing PMI in November showed an overall improvement, but the service sector was weak. The end - of - year social financing growth rate may remain weak. The supply - demand pattern of the bond market in the fourth quarter may improve, and the market will generally maintain a volatile trend [6]. Precious Metals - **Market Information**: Shanghai gold fell 0.85%, and Shanghai silver rose 1.10%. US economic data was weaker than expected, increasing the market's expectation of a Fed rate cut. Trump's hint that Hassett would be the Fed chairman affected the price of silver [7][8]. - **Strategy View**: Silver is in an accelerated upward phase, and attention should be paid to the resistance level of 14,500 yuan/kg. Gold is in a breakthrough pattern at the end of a triangular convergence, and it is recommended to go long on dips [8]. Non - Ferrous Metals Copper - **Market Information**: The offshore RMB was strong, and the domestic equity market declined. The LME copper 3M contract fell 0.78%, and the Shanghai copper main contract closed at 88,590 yuan/ton [10]. - **Strategy View**: Geopolitical factors still pose headwinds, but the market is more focused on the Fed's interest - rate meeting. The supply of copper raw materials is tight, and copper prices are expected to remain strong in the short term [11]. Aluminum - **Market Information**: Aluminum prices rose and then fell. The LME aluminum closed down 0.85%, and the Shanghai aluminum main contract closed at 21,840 yuan/ton [12]. - **Strategy View**: The inventory of domestic and LME aluminum ingots is in a downward trend, and the price center of aluminum is expected to rise further [13]. Zinc - **Market Information**: The Shanghai zinc index rose 0.69%, and the LME zinc 3S rose 24. The domestic zinc ingot social inventory decreased slightly, but the total inventory increased [14][15]. - **Strategy View**: The zinc industry's weak fundamentals do not match the strong macro - sentiment expectations. Zinc prices are expected to fluctuate widely in the medium term [15]. Lead - **Market Information**: The Shanghai lead index rose 0.75%, and the LME lead 3S rose 22.5. The domestic lead ingot inventory decreased marginally [16]. - **Strategy View**: The lead market has no major contradictions. In the Fed's rate - cut cycle, lead prices are expected to be strong in the short term [16]. Nickel - **Market Information**: Nickel prices rebounded slightly. The Shanghai nickel main contract rose 0.17%. The prices of nickel ore and nickel iron were stable [17]. - **Strategy View**: The pressure of nickel oversupply remains large, but nickel prices may fluctuate in the short term. It is recommended to wait and see [18]. Tin - **Market Information**: The Shanghai tin main contract rose 0.35%. The supply of tin concentrate has improved, but the conflict in Congo (Kinshasa) has affected transportation. The demand in traditional fields is weak, but there is long - term demand in emerging fields [19]. - **Strategy View**: Although the current demand in the tin market is weak, supply disturbances are the determining factor for short - term prices. Tin prices are likely to fluctuate strongly in the short term. It is recommended to wait and see [20]. Carbonate Lithium - **Market Information**: The MMLC carbonate lithium spot index fell 0.95%, and the LC2605 contract fell 0.39% [21]. - **Strategy View**: The short - term supply - demand contradiction is expected to ease marginally, but the medium - term demand expectation is highly divergent. It is recommended to wait and see or use options [21]. Alumina - **Market Information**: The alumina index fell 0.22%. The Shandong spot price fell 5 dollars/ton, and the import profit and loss was 22 yuan/ton [22]. - **Strategy View**: Overseas ore shipments are expected to recover, and the alumina smelting capacity is in an over - supply situation. It is recommended to wait and see in the short term [23][24]. Stainless Steel - **Market Information**: The stainless steel main contract rose 0.16%. The spot prices in Foshan and Wuxi were stable. The raw material prices were stable, and the inventory decreased [25]. - **Strategy View**: The supply is high, the demand is improving marginally, but the cost pressure is high. Stainless steel prices are expected to fluctuate widely in the short term [25]. Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price fluctuated. The AD2601 contract fell 0.14%. The domestic inventory decreased [26]. - **Strategy View**: The cost of cast aluminum alloy is relatively stable, and the supply is affected by policies. If the inventory continues to decrease, the price is expected to rise [27]. Black Building Materials Steel - **Market Information**: The rebar main contract fell 0.03%, and the hot - rolled coil main contract fell 0.06%. The export of steel to South Korea will be affected by anti - dumping duties [29][30]. - **Strategy View**: The demand for steel has entered the off - season, and the inventory pressure of hot - rolled coils remains. It is necessary to pay attention to the implementation of production cuts and important meetings [30]. Iron Ore - **Market Information**: The iron ore main contract fell 0.06%. The spot price of PB powder in Qingdao Port was 797 yuan/wet ton [31]. - **Strategy View**: The overseas iron ore shipments were stable, the demand was weak, and the inventory increased. Iron ore prices are expected to operate within a volatile range [32]. Glass and Soda Ash - **Market Information**: The glass main contract fell 0.19%, and the soda ash main contract rose 0.60%. The glass inventory decreased, and the soda ash inventory decreased [33][35]. - **Strategy View**: The glass market is in a bottom - exploring stage, and prices are expected to fluctuate widely. The soda ash price is expected to be stable in the short term, but it is recommended to be bearish before the demand improves [34][35]. Manganese Silicon and Ferrosilicon - **Market Information**: The manganese silicon main contract fell 0.03%, and the ferrosilicon main contract fell 0.33%. The black market was weak, and the iron alloy was affected [36]. - **Strategy View**: The market sentiment has improved, and it is recommended to pay attention to the turning point of market sentiment. The iron alloy is affected by the weak coke market, but there is no need to be overly pessimistic [39]. Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon main contract fell 1.86%, and the polysilicon main contract fell 2.41%. The production of industrial silicon decreased, and the demand for polysilicon decreased [41][43]. - **Strategy View**: The industrial silicon market is in a weak supply - demand situation, and prices are easily affected by market sentiment. The polysilicon market has a weak supply - demand pattern, and it is recommended to short on rallies [42][44]. Energy and Chemicals Rubber - **Market Information**: Rubber prices fell, and the technical pattern was broken. The flood in Thailand receded, and the fundamentals of rubber were weak. The tire factory's operating rate was weak, and the inventory increased [46][48]. - **Strategy View**: It is recommended to wait and see or conduct short - term trading. A hedging strategy of buying RU2601 and selling RU2609 is recommended [50]. Crude Oil - **Market Information**: The INE main crude oil futures rose 0.09%, and the refined oil futures had different trends. The Chinese crude oil inventory increased, and the gasoline inventory decreased [51]. - **Strategy View**: Although the geopolitical premium has disappeared, it is not advisable to be overly bearish on oil prices in the short term. It is recommended to wait and see [52]. Methanol - **Market Information**: The methanol price in Taicang rose 14, and the 01 contract fell 4. The market stopped falling and stabilized [53]. - **Strategy View**: The potential bullish factors in Iran are being realized. The market is expected to turn to a volatile adjustment after the bullish factors are realized. It is recommended to wait and see on the single - side and pay attention to the positive spread opportunity [53]. Urea - **Market Information**: The urea spot price was stable, and the 01 contract rose 12. The market was in a bottom - building stage [54]. - **Strategy View**: The urea price is expected to gradually break out of the bottom range. It is recommended to go long on dips [55]. Pure Benzene and Styrene - **Market Information**: The price of pure benzene was stable, and the price of styrene futures rose. The supply of pure benzene was wide, and the inventory of styrene increased [56]. - **Strategy View**: The non - integrated profit of styrene is neutral to low, and there is room for valuation repair. It is recommended to go long on the non - integrated profit of styrene when the inventory reverses [57]. PVC - **Market Information**: The PVC01 contract rose 22, and the cost was stable. The supply was high, and the demand was weak [58]. - **Strategy View**: The domestic PVC market has a strong supply and weak demand. It is recommended to short on rallies [60]. Ethylene Glycol - **Market Information**: The EG01 contract fell 5, and the inventory increased. The domestic supply is expected to decrease in December, but the medium - term supply is still high [61]. - **Strategy View**: The supply - demand pattern of ethylene glycol is expected to be weak. It is recommended to short on rallies [62]. PTA - **Market Information**: The PTA01 contract fell 10, and the inventory decreased. The supply is expected to increase, and the demand is expected to be stable [63]. - **Strategy View**: The PTA processing fee has limited upward space. It is recommended to pay attention to the opportunity of going long on dips [64]. Para - Xylene - **Market Information**: The PX01 contract fell 18, and the inventory increased. The PX load is high, and the downstream demand is weak [65]. - **Strategy View**: The PX is expected to accumulate inventory slightly in December. It is recommended to pay attention to the opportunity of going long on dips [66]. Polyethylene PE - **Market Information**: The PE main contract rose 28, and the inventory decreased. The supply is limited, and the demand is in the off - season [67]. - **Strategy View**: The PE valuation has limited downward space. It is recommended to short the LL1 - 5 spread on rallies [68]. Polypropylene PP - **Market Information**: The PP main contract rose 13, and the inventory decreased. The supply pressure is high, and the demand is seasonal [69]. - **Strategy View**: The PP market has a weak supply - demand situation. It may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [72]. Agricultural Products Live Pigs - **Market Information**: The domestic pig price was weak, and the supply increased while the demand growth was limited [74]. - **Strategy View**: The supply pressure of live pigs remains, and the demand is weak. It is recommended to short near - month contracts or conduct reverse spreads [75]. Eggs - **Market Information**: The egg price was stable or fell, and the inventory increased slightly [76]. - **Strategy View**: The far - month egg price is strong, and the near - month price is affected by inventory and consumption. A short - term long and medium - term short strategy is recommended [77]. Soybean Meal - **Market Information**: The CBOT soybean price fluctuated, and the domestic soybean meal price decreased. The global soybean supply is expected to decrease, and the Brazilian soybean planting progress is good [79]. - **Strategy View**: The import cost of soybeans has a bottom support, and the soybean meal is expected to fluctuate [80]. Oils and Fats - **Market Information**: The export of Malaysian palm oil decreased, and the production was volatile. The domestic oil inventory decreased [81]. - **Strategy View**: The palm oil market may reverse if the Indonesian production decreases. It is recommended to try to go long on dips [83]. Sugar - **Market Information**: The Zhengzhou sugar futures price fell, and the spot price decreased. The production of sugar in India and Brazil increased [84]. - **Strategy View**: The global sugar supply is expected to be in surplus, and it is recommended to short on rallies [85]. Cotton - **Market Information**: The Zhengzhou cotton futures price rose, and the spot price increased. The global cotton production is expected to increase, and the domestic demand is stable [86][87]. - **Strategy View**: The Zhengzhou cotton is unlikely to have a unilateral trend, and the probability of a trend - following market is low [88].

Oil Market - Oil prices declined on Tuesday, with WTI January contract closing at $58.64 per barrel, down $0.68, a decrease of 1.15% [2][17] - Brent February contract closed at $62.45 per barrel, down $0.72, a decrease of 1.14% [2][17] - Russian oil product exports from Tuapse port are expected to increase to 1.123 million tons in December, a 21.4% increase from the initial plan of 895,000 tons per day in November [2][17] - OPEC+ members will begin annual oil production capacity assessments starting next year, which will inform production quotas for 2027 [2][17] - Despite cautious production increase plans from OPEC+, limited support for oil prices is anticipated, with expectations of continued price fluctuations [2][17] Fuel Oil - The main contract for fuel oil on the Shanghai Futures Exchange fell by 0.2% to 2469 yuan per ton, while low-sulfur fuel oil rose by 0.63% to 3035 yuan per ton [18][19] - The closure of the arbitrage window between East and West is expected to reduce the volume of low-sulfur fuel oil arriving in Singapore in December [18][19] - The high-sulfur fuel oil market is expected to face ample supply due to stable demand [18][19] Asphalt - The main asphalt contract on the Shanghai Futures Exchange dropped by 2.41% to 2916 yuan per ton [20] - November showed weak supply and demand characteristics, with total domestic asphalt supply expected at 2.53 million tons, a 15.2% decrease month-on-month [20] - Supply is expected to decrease further in December, but the decline may be limited due to low demand in northern regions [20] Rubber - The main rubber contract on the Shanghai Futures Exchange rose by 110 yuan per ton to 15360 yuan per ton [21] - Global natural rubber production is forecasted to increase by 2.7% in October to 1.496 million tons, while consumption is expected to decrease by 4.2% [21] - The rubber market is anticipated to remain volatile due to weak supply and demand fundamentals [21] PX, PTA, and MEG - TA601 closed at 4752 yuan per ton, down 0.21%, while EG2601 closed at 3877 yuan per ton, down 0.13% [22] - PX futures closed at 6912 yuan per ton, down 0.26%, with spot prices at $851 per ton [22] - Downstream demand is gradually weakening, with polyester production remaining resilient but lacking strong momentum [22] Methanol - Methanol prices showed slight fluctuations, with Taicang spot prices at 2132 yuan per ton [22] - Domestic production is expected to slightly decline in December, while import volumes are anticipated to decrease from high levels [22] - Overall, methanol prices are expected to remain strong in the short term, with a focus on strategies involving methanol and polyolefins [22] Polyolefins - Mainstream prices for polypropylene in East China range from 6320 to 6500 yuan per ton, with various production margins reported [23][24] - Supply is expected to increase as previously shut facilities resume operations, while downstream orders are anticipated to weaken [24] - The market is expected to experience bottom-side fluctuations if crude oil prices remain stable [24] PVC - PVC market prices in East China showed a slight upward trend, with various grades priced between 4480 and 4700 yuan per ton [25] - Supply is expected to grow as maintenance periods for enterprises are low, but demand from the real estate sector is anticipated to weaken [25] - PVC prices may trend towards the bottom due to improved basis and reduced export barriers [25] Urea - Urea futures prices remained stable, closing at 1687 yuan per ton, with slight fluctuations in the spot market [26] - Supply levels are gradually decreasing as some gas-based enterprises reduce output [26] - Demand remains supported by essential needs and reserve requirements, with expectations of continued price fluctuations [26] Soda Ash - Soda ash futures prices fluctuated, closing at 1183 yuan per ton, with stable spot market prices [27] - Supply is expected to increase as more facilities resume operations, while demand remains focused on low-price replenishment [27] - The market is expected to remain in a bottom range due to weak driving factors [27] Glass - Glass futures prices showed a slight decline, closing at 1034 yuan per ton, while the spot market remained firm [28] - The industry is experiencing frequent changes in production lines, with stable daily melting capacity [28] - Demand remains positive, but new driving factors are limited, leading to a slight market sentiment decline [28]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For crude oil, although geopolitical premiums have disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. Maintain a range - trading strategy of buying low and selling high, but currently wait for signs of OPEC's export price - support intention by observing price drops and export declines [3] - For methanol, with the potential bullish factors from Iranian plant shutdowns materializing, the market has stopped falling and stabilized. The short - term bottom may have emerged. Supply is expected to remain high, limiting further upside. Suggest waiting and observing for single - side trading and looking for positive spread trading opportunities in the inter - month spread [6] - For urea, the price is expected to gradually emerge from the bottom range. With supply at a relatively high level and demand improving, the downside is limited. Consider buying on dips [8][10] - For rubber, adopt a neutral stance, suggest waiting and observing or short - term quick - in - and - out trading. Hold the hedging position of buying RU2601 and selling RU2609 [14] - For PVC, the domestic supply - demand situation is weak, but short - term valuation is low and costs are rising. Adopt a strategy of shorting on rallies in the medium term [16] - For pure benzene and styrene, when the inventory reversal point appears, consider going long on non - integrated styrene profits [19] - For polyethylene, the long - term contradiction has shifted from cost - driven decline to production mismatch. Consider narrowing the LL1 - 5 spread on rallies [22] - For polypropylene, in the context of weak supply and demand, wait for the change in the cost - side supply - surplus pattern in the first quarter of next year, which may support the market [25] - For PX, expect a slight inventory build - up in December. Look for buying opportunities on dips [28] - For PTA, with supply and demand stabilizing, look for buying opportunities on dips based on expectations [29][30] - For ethylene glycol, the supply - demand outlook is weak in the medium term. Suggest shorting on rallies [31] Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 0.40 yuan/barrel, or 0.09%, to 453.80 yuan/barrel. High - sulfur fuel oil futures fell 5.00 yuan/ton, or 0.20%, to 2469.00 yuan/ton. Low - sulfur fuel oil futures rose 19.00 yuan/ton, or 0.63%, to 3035.00 yuan/ton. China's weekly crude oil data showed that crude oil arrival inventory increased by 0.30 million barrels to 207.78 million barrels, a 0.14% increase; gasoline commercial inventory decreased by 0.15 million barrels to 85.30 million barrels, a 0.18% decrease; diesel commercial inventory increased by 0.16 million barrels to 91.70 million barrels, a 0.17% increase; total refined oil commercial inventory increased by 0.01 million barrels to 176.99 million barrels, a 0.00% increase [2] - **Strategy View**: Maintain a range - trading strategy of buying low and selling high, but currently wait and observe, waiting for signs of OPEC's export price - support intention [3] Methanol - **Market Information**: Taicang price increased by 14, Lunan by 45, Inner Mongolia remained stable. The 01 - contract on the market fell 4 yuan to 2132 yuan/ton, with the basis at par. The 1 - 5 spread was - 4, reported at - 100 [5] - **Strategy View**: The short - term bottom may have emerged. Supply is expected to remain high, limiting further upside. Suggest waiting and observing for single - side trading and looking for positive spread trading opportunities in the inter - month spread [6] Urea - **Market Information**: Shandong, Henan, and Hubei spot prices remained stable. The 01 - contract on the market rose 12 yuan to 1687 yuan, with the basis at - 17. The 1 - 5 spread increased by 4 to - 65 [7] - **Strategy View**: The price is expected to gradually emerge from the bottom range. With supply at a relatively high level and demand improving, the downside is limited. Consider buying on dips [8][10] Rubber - **Market Information**: Rubber prices declined, with short - term technical breakdown. The flood in the main rubber - producing area in Thailand receded, reducing bullish factors. Exchange RU inventory warrants were low. The fundamental driving force of rubber weakened, temporarily following macro - fluctuations. Tire factory operating rates were weak, with inventory increasing [12][13] - **Strategy View**: Adopt a neutral stance, suggest waiting and observing or short - term quick - in - and - out trading. Hold the hedging position of buying RU2601 and selling RU2609 [14] PVC - **Market Information**: The PVC01 contract rose 22 yuan to 4575 yuan. The Changzhou SG - 5 spot price was 4510 (+20) yuan/ton, with the basis at - 65 (-2) yuan/ton. The 1 - 5 spread was - 278 (+1) yuan/ton. The cost side remained stable, and the overall operating rate was 80.2%, up 1.4%. Factory and social inventories increased [14] - **Strategy View**: The domestic supply - demand situation is weak, but short - term valuation is low and costs are rising. Adopt a strategy of shorting on rallies in the medium term [16] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was unchanged, with the basis widening. The spot price of styrene was unchanged, and the futures price rose, with the basis weakening. The upstream operating rate of pure benzene decreased, and the port inventory increased. The three - S weighted operating rate on the demand side increased slightly [18] - **Strategy View**: When the inventory reversal point appears, consider going long on non - integrated styrene profits [19] Polyethylene - **Market Information**: The closing price of the main contract rose 28 yuan/ton to 6831 yuan/ton. The spot price was unchanged. The upstream operating rate decreased slightly. Production enterprise and trader inventories decreased. The downstream average operating rate increased slightly [21] - **Strategy View**: The long - term contradiction has shifted from cost - driven decline to production mismatch. Consider narrowing the LL1 - 5 spread on rallies [22] Polypropylene - **Market Information**: The closing price of the main contract rose 13 yuan/ton to 6410 yuan/ton. The spot price was unchanged. The upstream operating rate increased. Production enterprise, trader, and port inventories decreased. The downstream average operating rate increased slightly [24] - **Strategy View**: In the context of weak supply and demand, wait for the change in the cost - side supply - surplus pattern in the first quarter of next year, which may support the market [25] PX - **Market Information**: The PX01 contract fell 18 yuan to 6912 yuan. PX CFR rose 2 dollars to 851 dollars. The basis was 32 yuan (+38). The 1 - 3 spread was - 32 yuan (-4). The PX load in China and Asia decreased. Some domestic and overseas plants had maintenance or load reduction. PTA load increased. November imports from South Korea decreased. Inventory increased at the end of October [27] - **Strategy View**: Expect a slight inventory build - up in December. Look for buying opportunities on dips [28] PTA - **Market Information**: The PTA01 contract rose 62 yuan to 4762 yuan. The East China spot price rose 75 yuan to 4710 yuan. The basis was - 33 yuan (+5). The 1 - 5 spread was - 62 yuan (-10). The PTA load increased. The downstream load increased slightly. Terminal load was mixed. Social inventory decreased in late November. Spot and futures processing fees changed [28] - **Strategy View**: With supply and demand stabilizing, look for buying opportunities on dips based on expectations [29][30] Ethylene Glycol - **Market Information**: The EG01 contract fell 3 yuan to 3882 yuan. The East China spot price rose 19 yuan to 3901 yuan. The basis was 4 yuan (unchanged). The 1 - 5 spread was - 98 yuan (-5). The supply - side load increased, with multiple domestic and overseas plant changes. The downstream load increased slightly. Terminal load was mixed. Import arrivals were expected, and port inventory increased [30] - **Strategy View**: The supply - demand outlook is weak in the medium term. Suggest shorting on rallies [31]

首席点评： 白银延续强势 1 ）国际新闻 股指： 美国三大指数上涨，上一交易日股指震荡回落，石油石化板块领涨，传媒板块领跌，市场成交额 1.61万亿元。 资金方面，12月01日融资余额增加102.08亿元至24667.08亿元。2025年12月，全球金融市场将迎来两大"政策风向标"： 美联储12月议息会议与中国中央经济工作会议，其中美联储议息策直接影响全球资本流向与风险偏好，而中央经济工 作会议作为"十五五"规划开局前的关键部署会议，将明确中国2026年经济政策框架与产业发展方向。在国内经济温和 复苏、全球流动性宽松预期升温的背景下，两大会议的政策共振，将影响12月A股节奏，更将为跨年行情与2026年投 资主线奠定基础。整体上我们认为在两大会议政策正式落地前，资金可能更偏谨慎，股市预计仍然偏震荡为主，资金 偏向防御性配置。待会议内容明确，积极政策信号与美联储降息形成共振，市场风险偏好有望再度提升。 品种观点 | | 偏空(可能性) | 偏多(可能性) | | --- | --- | --- | | 股指 (IH) | | 4 | | 股指 (IF) | | V | | 股指(IC) | | 1 | | 股指( ...

再创收盘历史新高 贵金属方面，市场对美联储本月降息预期升温的同时，也更加看好"鸽派"的白宫国家经济委员会主任哈 西特被提名为下任美联储主席的前景。外界预计，一旦哈西特出任美联储主席，美联储将在明年继续推 进宽松货币政策，国际金价周一上涨，并升至六周来的高位。截至收盘，纽约商品交易所明年2月交割 的黄金期价收于每盎司4274.8美元，涨幅为0.47%。 12月1日白银期价上涨 来源：南国今报 当地时间周一（12月1日），市场对美联储12月降息的预期仍在升温，同时，随着美日利息差收窄，大 量套息交易资金逐步平仓日本海外头寸，加剧全球风险资产价格下跌风险。此外，周一公布的最新数据 显示，美国11月供应管理协会制造业采购经理人指数（PMI）为48.2，低于预期，并连续第9个月陷入萎 缩区间，令市场谨慎看待美国经济基本面，投资者情绪受到打压，美国三大股指周一集体收跌。截至收 盘，道指跌0.90%，标普500指数跌0.53%，纳指跌0.38%。 12月1日国际金价升至六周来高位 此外，白银期价周一延续上周涨势，并再创收盘历史新高。截至收盘，纽约商品交易所明年3月交割的 白银期价收于每盎司59.142美元，涨幅为3.46% ...

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Polyolefins - The fundamentals of LLDPE and PP show a pattern of increasing supply and weak demand, with both cost support and inventory pressure coexisting [2]. Methanol - The supply of inland methanol increases with the restart of devices, but the profits of coal - and gas - based production are weak. The traditional downstream demand has a slight increase, and the winter fuel demand provides support. In ports, the reduction of imports due to Iranian gas restrictions strengthens the de - stocking expectation and supports prices [6]. Natural Rubber - The supply is expected to increase seasonally, and the inventory continues to accumulate. The terminal demand improvement is weak. The market is expected to fluctuate within the range of 15000 - 15500 [9]. Crude Oil - Geopolitical risks support oil prices in the short term, but the continuous increase in OPEC+ production and the record - high US crude oil production put pressure on the supply - demand pattern. Oil prices are expected to fluctuate within a range, with Brent crude oil likely to trade between 60 - 65 dollars per barrel [11]. Polyester Industry Chain - PX: The medium - term supply - demand expectation is good, but the short - term valuation drive is limited. - PTA: The supply - demand is expected to tighten in December but be relatively loose in Q1. The absolute price is relatively firm in the short term, but the rebound space is limited. - Ethylene glycol: It is expected to fluctuate within a range in December. - Short - fiber: The short - term price support is strong, but the absolute price drive is limited, and the processing fee is likely to be compressed. - Bottle - chip: The supply - demand is in a loose pattern, and the processing fee is expected to be squeezed [14]. Pure Benzene and Styrene - Pure benzene: The supply - demand is expected to be weak, and the price is under upward pressure. - Styrene: The supply - demand is in a tight - balance state, but the upward drive is insufficient [15]. Glass and Soda Ash - Soda ash: The supply - demand pattern is still bearish, and it is expected to fluctuate at the bottom. - Glass: The short - term spot market is strong, but the 01 contract may face pressure later [16]. PVC and Caustic Soda - Caustic soda: The demand is weak, and the price is expected to run weakly. - PVC: The supply - demand is in an oversupply pattern, and the price is expected to continue the bottom - range fluctuation [17]. LPG No overall view was provided in the LPG report, but price, inventory, and开工率 data were presented [18]. 3. Summaries by Related Catalogs Polyolefins - **Prices**: L2601, L2605, PP2601, and PP2605 had different price changes on December 1st compared to November 28th. Spot prices of some products also changed, with the price of华东PP拉丝现货 increasing by 0.32% and华北LLDPE现货 increasing by 0.30% [2]. - **Inventory**: PE and PP inventories decreased, with PE企业库存 decreasing by 9.80% and PP企业库存 decreasing by 8.00% [2]. - **开工率**: PE装置开工率 increased by 2.17%, while PP装置开工率 decreased by 0.18% [2]. Methanol - **Prices**: MA2601 and MA2605 prices changed slightly on December 1st compared to November 28th. Spot prices of some regions also had minor changes [5]. - **Inventory**: Methanol企业库存 increased by 4.19%, while甲醇港口库存 decreased by 7.83% [5]. - **开工率**: Some upstream and downstream开工率 of methanol changed, with the上游 - domestic企业开工率 decreasing by 0.67% and the下游 -外采MTO装置开工率 decreasing by 0.78% [6]. Natural Rubber - **Prices**: The price of云南国营全乳胶(SCRWF) in Shanghai decreased by 1.33%, and the price of泰标混合胶 increased by 0.34% [9]. - **Production and Consumption**: The production of some countries in September changed, with Thailand's production decreasing by 5.45%. The domestic tire production and export in October decreased [9]. - **Inventory**: The保税区库存 increased by 2.74% [9]. Crude Oil - **Prices**: Brent, WTI, and SC prices all increased on December 1st compared to November 28th [11]. - **Spreads**: Some price spreads such as Brent M1 - M3 and WTI M1 - M3 changed [11]. - **Refined Oil**: The prices and spreads of refined oil products also had different changes [11]. Polyester Industry Chain - **Prices**: Upstream prices such as Brent crude oil and CFR日本石脑油 changed. Downstream polyester product prices also had various changes, with POY150/48价格 decreasing by 0.1% [14]. - **Spreads**: PX - related spreads and PTA - related spreads changed, such as PX -原油 increasing by 1.9% [14]. - **开工率**: The开工率 of various links in the polyester industry chain changed, with the亚洲PX开工率 decreasing by 1.3% [14]. Pure Benzene and Styrene - **Prices**: Pure benzene and styrene prices changed, with纯苯华东现货 decreasing by 0.6% and苯乙烯华东现货 decreasing by 0.2% [15]. - **Spreads**: Related spreads such as EB - BZ现货价差 increased by 1.6% [15]. - **Inventory and开工率**: Pure benzene and styrene inventories and开工率 changed, with纯苯江苏港口库存 increasing by 36.6% and苯乙烯开工率 decreasing by 2.4% [15]. Glass and Soda Ash - **Prices**: Glass and soda ash prices in different regions and futures prices changed, with the华东报价 of glass increasing by 0.84% and the纯碱2605 increasing by 0.68% [16]. - **Supply and Demand**: The开工率 and production of soda ash decreased, and the浮法日熔量 and光伏日熔量 also decreased [16]. - **Inventory**: Glass and soda ash inventories decreased, with the玻璃厂库 decreasing by 1.49% and the纯碱厂库 decreasing by 3.47% [16]. PVC and Caustic Soda - **Prices**: The prices of PVC and caustic soda changed, with山东32%液碱折自价 decreasing by 2.7% [17]. - **Supply and Demand**: The开工率 of the chlor - alkali industry and downstream industries changed, with the烧碱行业开工率 decreasing by 0.7% [17]. - **Inventory**: The inventories of PVC and caustic soda changed, with the液碱华东厂库库存 increasing by 6.0% [17]. LPG - **Prices**: LPG futures and spot prices changed, with the主力 PG2601 decreasing by 1.59% and the华南现货(民用气) increasing by 1.81% [18]. - **Inventory**: LPG inventories decreased, with theLPG炼厂库容比 decreasing by 7.70% [18]. - **开工率**: The开工率 of upstream and downstream industries changed, with the上游 -主营炼厂开工率 decreasing by 1.26% [18].

1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The energy and chemical industry continues to experience weak and volatile trends, with olefins showing weakness and aromatics presenting a slightly stronger pattern [4]. - In December, the rebound space of the industry is expected to be limited under the weak fundamental outlook, and special attention should be paid to geopolitical disturbances [7]. 3. Summary by Relevant Catalogs 3.1 Market Overview - **Geopolitical Factors**: The situation in the Caribbean region remains tense. After the reduction of Russian oil output, the marginal positive impact of the Russia - Ukraine conflict has diminished. The OPEC+ production policy is set until the first quarter of next year, with limited short - term disturbances. The global crude oil inventory has been rising since the fourth quarter, and the situation of supply surplus is difficult to change [7]. - **Chemical Industry**: The chemical industry as a whole continues to fluctuate and consolidate. Most liquid chemicals have accumulated inventory this week. The reduction of disproportionation load will help reduce the supply of pure benzene [3]. 3.2 Variety Analysis - **Crude Oil**: Geopolitical premiums fluctuate, and supply pressure persists. The weak fundamental situation in December limits the rebound space, and attention should be paid to geopolitical disturbances [4][7]. - **Asphalt**: Asphalt profits continue to be compressed. The supply and demand are both weak, and the pressure of inventory accumulation is high [4][8]. - **High - Sulfur Fuel Oil**: The futures price of high - sulfur fuel oil shows a weak and volatile trend. The three major drivers supporting high - sulfur fuel oil are currently weak, and the demand is relatively weak [4][8]. - **Low - Sulfur Fuel Oil**: The futures price of low - sulfur fuel oil shows a weak and volatile trend. It is affected by factors such as the decline in shipping demand, substitution by green energy and high - sulfur fuel, but its current valuation is low and it follows the movement of crude oil [4][10]. - **Methanol**: The unloading at coastal areas fails to meet expectations, and the supply - demand situation in the inland provides phased support, so the upward trend of methanol continues [4]. - **Urea**: The progress of off - season storage slows down, and the futures market fluctuates and consolidates [4]. - **Ethylene Glycol**: The rebound height is limited under the pressure of supply and demand, and the price fluctuates widely [4]. - **PX**: The market anticipates a shortage of raw materials in the second quarter in advance, and short - term benefits remain strong [4]. - **PTA**: Supported by strong upstream costs and an improved supply - demand pattern, the price rises synchronously [4]. - **Short Fibers**: Downstream customers make moderate replenishments in stages, but the willingness to continuously chase price increases is not strong [4]. - **Bottle Chips**: The support from the cost side strengthens, and attention should be paid to the commissioning of new plants [4]. - **Propylene**: Driven by PG, PL fluctuates and rebounds [4]. - **PP**: Driven by propane but with limited fundamental support, attention should be paid to changes in maintenance [4]. - **Plastic**: The support from maintenance is limited, and the price fluctuates [4]. - **Styrene**: The inventory reduction continues in December, and market sentiment improves [4]. - **PVC**: There is a game between long and short positions, and PVC shows a weak rebound [4]. - **Caustic Soda**: The marginal cost decreases, and caustic soda fluctuates weakly [4]. 3.3 Variety Data Monitoring - **Inter - Period Spreads**: The report provides the latest values and changes of inter - period spreads for various varieties such as Brent, Dubai, PX, PTA, etc. [31]. - **Basis and Warehouse Receipts**: It shows the basis, changes in basis, and the number of warehouse receipts for different varieties including asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. [32]. - **Inter - Variety Spreads**: The report presents the latest values and changes of inter - variety spreads for different combinations such as 1 - month PP - 3MA, 1 - month TA - EG, etc. [33].