Group 1: General Information - The reports are from October 28, 2025, and cover multiple industries including oils and fats, meal, pork, corn, sugar, cotton, and eggs [1][2][4][7][10][12][14] Group 2: Industry Investment Ratings - No industry investment ratings are provided in the reports Group 3: Core Views Oils and Fats Industry - Palm oil may weaken in the short - term due to production growth, export slowdown, and potential inventory increase. After the MPOB report, it may rise supported by production and inventory decline and the Indonesian B50 topic. Domestic palm oil futures may follow the Malaysian trend. Soybean oil may rise in the short - term due to strong CBOT soybean and soybean oil, but its increase may be limited by sufficient supply and weak demand [1] Meal Industry - With Sino - US relations warming, the expectation of China purchasing US soybeans is increasing, and US soybean压榨 data is strong. Brazilian soybean exports to China remain high. Domestic soybean and meal inventories are high, but costs are strongly supported, so domestic meal is expected to trend strongly [2] Pork Industry - Recent pig price rebounds are due to secondary fattening. There is demand improvement, but 11 and 12 - month出栏量 will increase, and there may be new pressure around the Winter Solstice. Current arbitrage holding risks are high [4] Corn Industry - Northeast corn prices are stable overall, with some areas declining. In North China, farmers' selling enthusiasm decreases as prices fall. Corn is in the concentrated selling period, and the supply pressure keeps the market weak. Demand from deep - processing and feed enterprises is mainly for刚需 [7] Sugar Industry - Brazil's gasoline price cut dashed the expectation of a lower sugar - making ratio, and the sugar supply outlook is loose. As the Northern Hemisphere's crushing season begins, the market focuses on India and Thailand. Domestic sugar prices are near production costs, and the current bottom - shock weak pattern may continue [11] Cotton Industry - The downstream textile enterprises' profits and cash flows have recovered, and the rigid demand for cotton is resilient. New cotton costs have increased, but there is hedging pressure, and the short - term cotton price may fluctuate within a range [12] Egg Industry - Egg supply is sufficient due to high laying - hen inventory, restored egg - laying rate, and increased egg weight. Demand may first increase and then decrease this week. Egg prices may rise slightly first and then decline in the second half of the week due to supply - demand imbalance [15] Group 4: Summary by Industry Oils and Fats Industry - **Soybean Oil**: On October 27, the spot price in Jiangsu was 8480 yuan, up 30 yuan (0.36%) from October 24. The futures price of Y2601 was 8234 yuan, up 40 yuan (0.49%). The basis was 246 yuan, down 10 yuan (- 3.91%) [1] - **Palm Oil**: The spot price in Guangdong was 9030 yuan, up 30 yuan (0.33%). The futures price of P2601 was 9100 yuan, down 22 yuan (- 0.24%). The basis was - 70 yuan, up 52 yuan (42.62%) [1] - **Rapeseed Oil**: The spot price in Jiangsu was 10050 yuan, up 20 yuan (0.50%). The futures price of OI601 was 9748 yuan, down 13 yuan (- 0.13%). The basis was 302 yuan, up 63 yuan (26.36%) [1] Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 2960 yuan, unchanged. The futures price of M2601 was 2932 yuan, down 1 yuan (- 0.03%). The basis was 28 yuan, up 1 yuan (3.70%) [2] - **Rapeseed Meal**: The spot price in Jiangsu was 2410 yuan, down 10 yuan (- 0.41%). The futures price of RM2601 was 2335 yuan, up 10 yuan (0.43%). The basis was 75 yuan, down 20 yuan (- 21.05%) [2] Pork Industry - **Futures**: The main - contract basis was 120, up 345 (153.33%). The price of Live Pig 2511 was 12065 yuan/ton, up 575 yuan (5.00%); Live Pig 2601 was 12330 yuan/ton, up 155 yuan (1.27%) [4] - **Spot**: The spot price in Henan was 12450 yuan/ton, up 500 yuan; in Shandong was 12400 yuan/ton, up 400 yuan [4] Corn Industry - **Corn**: The price of Corn 2601 was 2112 yuan/ton, down 21 yuan (- 0.98%). The basis was 28 yuan, up 1 yuan (3.70%) [7] - **Corn Starch**: The price of Corn Starch 2601 was 2425 yuan/ton, down 16 yuan (- 0.66%). The basis was 85 yuan, up 16 yuan (23.19%) [7] Sugar Industry - **Futures**: The price of Sugar 2601 was 5445 yuan/ton, down 1 yuan (- 0.02%); Sugar 2605 was 5399 yuan/ton, up 1 yuan (0.02%) [11] - **Spot**: The spot price in Nanning was 5750 yuan/ton, unchanged; in Kunming was 5725 yuan/ton, down 5 yuan (- 0.09%) [11] Cotton Industry - **Futures**: The price of Cotton 2605 was 13575 yuan/ton, up 35 yuan (0.26%); Cotton 2601 was 13565 yuan/ton, up 25 yuan (0.18%) [12] - **Spot**: The Xinjiang arrival price of 3128B was 14690 yuan/ton, up 34 yuan (0.23%); the CC Index of 3128B was 14833 yuan/ton, up 30 yuan (0.20%) [12] Egg Industry - **Futures**: The price of Egg 11 contract was 2918 yuan/500KG, up 42 yuan (1.46%); Egg 01 contract was 3327 yuan/500KG, up 25 yuan (0.76%) [15] - **Spot**: The egg - producing area price was 3.02 yuan/jin, up 0.03 yuan (1.08%) [15]

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - Overall, macro - sentiment has improved, which has re - boosted market risk appetite. The release of a loose - money signal has strengthened the expectation of a rise in bond futures, while the weakening of risk aversion has increased the decline of precious metals. Different commodity sectors show various trends based on their respective fundamentals and market factors [3]. 3. Summary by Relevant Catalogs Financial Sector - **Stock Index Futures**: With the improvement of macro - sentiment, all stock index futures have risen. For trading, it is advisable to try to lightly sell put options at the support level or construct a bull call spread [3]. - **Treasury Bond Futures**: The expectation of loose money has strengthened, and bond futures are expected to rise, though short - term fluctuations may occur due to multiple factors. Trading strategies include buying on dips and considering positive arbitrage strategies [3]. - **Precious Metals**: The risk aversion has subsided. Gold has stronger upward - driving forces, and it is recommended to buy at low levels below $4000. Silver may face pressure if gold falls after a short - term correction [3]. - **Container Freight Index (European Line)**: The main EC contract is oscillating in the short term, and it is recommended to buy on dips for the December contract [3]. Black Sector - **Steel**: The apparent demand has recovered, and steel prices have strengthened following coal prices. Attention should be paid to the previous high pressure for long positions, and the arbitrage of long coking coal and short hot - rolled coil can be held [3]. - **Iron Ore**: Shipment and arrival have declined, port inventory has increased, and iron ore has rebounded steadily. Trading strategies include buying on dips and relevant arbitrage operations [3]. - **Coking Coal**: The price of origin coal is strong, and downstream replenishment demand has recovered. It is recommended to buy coking coal on dips and conduct relevant arbitrage [3]. - **Coke**: The first - round price increase was implemented before the festival, and the second - round increase has been officially implemented with expectations of further increases. Buy on dips and conduct relevant arbitrage [3]. Non - ferrous Sector - **Copper**: Sino - US preliminary consensus has led to a new high in copper prices. Attention should be paid to the support near 86,000 [3]. - **Alumina**: Although the spot trading is active, the short - term surplus situation is difficult to change, with the main contract operating in the range of 2,750 - 2,950 [3]. - **Aluminum**: The market is running strongly, and the spot discount has widened. The main contract range is 20,800 - 21,400 [3]. - **Aluminum Alloy**: The inventory has shown an inflection point, and the market is following the upward trend of aluminum prices. The main contract range is 20,200 - 20,800 [3]. - **Zinc**: The squeeze of LME zinc and macro - benefits have led to a slight increase in zinc prices. The main contract range is 21,800 - 22,800 [3]. - **Tin**: Supported by strong fundamentals, tin prices are rising. It is recommended to wait and see [3]. - **Nickel**: The market is oscillating, and the fundamentals are weak during the policy window period. The main contract range is 120,000 - 128,000 [3]. - **Stainless Steel**: The market is mainly oscillating, and the cost support is weak. The main contract range is 12,500 - 13,000 [3]. Energy and Chemical Sector - **Crude Oil**: The progress of the Sino - US trade agreement has alleviated market concerns about demand, and the short - term oil price is in a range. It is not advisable to chase high in the short term [3]. - **Urea**: The daily output is expected to increase gradually, and the supply is sufficient. The short - term improvement of the market is limited [3]. - **PX and PTA**: The cost center has risen, but the rebound space is limited under weak expectations. Attention should be paid to the pressure levels for long positions and relevant arbitrage operations [3]. - **Short - fiber**: The inventory pressure is not large, and the short - term support is strong. The trading strategy is similar to that of PTA [3]. - **Bottle Chip**: The supply - demand pattern of bottle chips remains loose, and the processing fee is expected to decline in the short term [3]. - **Ethanol**: The short - term supply has slightly decreased, but the long - term supply - demand structure is weak. Relevant trading strategies include selling out - of - the - money call options and conducting reverse arbitrage [3]. - **Caustic Soda**: The spot trading is okay, and the price is stable. It is recommended to be short in the short term [3]. - **PVC**: The downstream purchasing enthusiasm is low, and the market is oscillating. It is recommended to stop loss on short positions [3]. - **Pure Benzene**: The supply - demand is relatively loose, and the price drive is limited. It will follow the oscillations of styrene and oil prices in the short term [3]. - **Styrene**: The supply - demand expectation is weak, and the price may be under pressure. It is recommended to be short on the rebound of the December contract [3]. - **Synthetic Rubber**: The cost support is weakening, but the supply is tightening. It is recommended to wait and see [3]. - **LLDPE**: The cost has risen sharply, and the trading has improved. Attention should be paid to the inventory - reduction inflection point [3]. - **PP**: The price has risen sharply, the basis has weakened slightly, and the trading is good. It is recommended to wait and see [3]. - **Methanol**: The price is stable, and the trading is okay. Attention should be paid to the positive arbitrage opportunity of the March - May spread [3]. Agricultural Sector - **Meal**: The warming of Sino - US relations provides cost support for near - month soybeans. It is recommended to go long on the 2026 January contract [3]. - **Pig**: Secondary fattening has increased the difficulty of slaughterhouses' procurement, boosting pig prices. It is recommended to exit the March - July reverse arbitrage and wait and see [3]. - **Corn**: The supply pressure remains, and the market is oscillating weakly. Attention should be paid to the support near 2,100 [3]. - **Oil**: The market focuses on Sino - US negotiations, and the domestic soybean oil fundamentals are bearish. The main palm oil contract may test the support of 9,000 yuan [3]. - **Sugar**: The overseas supply is loose, and the overall trend is bearish, oscillating at the bottom near 5,400 [3]. - **Cotton**: The cost of new cotton is gradually solidified, and the market is oscillating in the range of 13,200 - 13,600 [3]. - **Egg**: The spot price has risen, and it is a rebound from an oversold situation. Attention should be paid to the inter - month reverse arbitrage opportunity [3]. - **Apple**: The apple trading in the eastern region is active, and the price of high - quality goods has increased significantly. The main contract may break through and stabilize above 9,000 points [3]. - **Jujube**: The market sentiment is weak, and the market is oscillating downward. Attention should be paid to the support in the range of 10,000 - 10,300 [3]. - **Soda Ash**: The market is strongly affected by large - factory production cuts. It is recommended to wait and see and look for short - selling opportunities on rebounds [3]. Special Commodity Sector - **Glass**: The trading volume has increased, and it is necessary to pay attention to the follow - up of the spot market. It is recommended to stop loss on previous short positions and monitor the spot market [3]. - **Rubber**: The raw material price has continued to rebound, and the rubber price has continued to rise. It is recommended to wait and see [3]. - **Industrial Silicon**: The main contract has changed, and the market is mainly oscillating. The price range is 8,500 - 9,500 yuan/ton [3]. New Energy Sector - **Polysilicon**: The main contract has changed, and positive news has stimulated the market to rise. The price is oscillating at a high level [3]. - **Lithium Carbonate**: The market remains strong, and the strong demand is gradually being realized. The main contract reference range is 80,000 - 84,000 yuan [3].

10月24日美国洲际交易所（ICE）棉花期货行情 品种 开盘价 最高价 最低价 收盘价 美棉花 64.11 64.37 63.81 64.17 0.17% 北京时间10月27日，美国洲际交易所（ICE）棉花期货价格震荡走高，今日开盘报64.50美分/磅，现报 64.90美分/磅，涨幅1.12%，盘中最高触及65.00美分/磅，最低下探64.42美分/磅。 更新时间： 棉花期货行情回顾： 【棉花市场消息速递】 调研显示，截止至10月23日，进口棉主要港口库存周环比增加0.97%，总库存32.19万吨，库存小幅增 加。 10月24日，郑商所棉花期货仓单3188张，环比上个交易日增加180张。 新疆棉花进入大面积采收阶段，收割进度超五成，进度相对快于去年同期，籽棉收购价格呈现先跌后涨 走势，轧花厂加工成本相对小幅回升。 ...

Report Industry Investment Ratings - No specific industry investment ratings are provided in the text. Core Views of the Report - The short - term outlook for the stock index is expected to be volatile. As the negative factors of trade frictions gradually ease, the stock index is expected to return to the upward channel. Even if short - term macro uncertainties increase, the adjustment space of the stock index is expected to be limited. The strategy is to go long on the stock index when opportunities arise [1]. - Different commodities have different trends. Some are expected to be volatile, some are expected to be strong, and some are influenced by multiple factors such as supply - demand, policies, and geopolitical situations [1]. Summary by Industry Macro - finance - **Stock Index**: Short - term volatility, expected to return to the upward channel later, with limited adjustment space. Strategy: go long when opportunities arise [1]. - **Treasury Bonds**: Volatile. Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - **Gold**: Short - term wide - range volatility. Geopolitical uncertainties and potential Fed rate cuts support the price, but the new round of Sino - US consultations limit the rise [1]. - **Silver**: Volatile in the short - term, and the physical situation in London needs to be monitored [1]. Non - ferrous Metals - **Copper**: Short - term price fluctuations are intensified, but with continuous supply disturbances and an increasing Fed rate - cut expectation, it is expected to be strong [1]. - **Alumina**: With production still profitable, domestic alumina production capacity continues to be released, and production and inventory are increasing. The spot price is under pressure, and cost support needs attention [1]. - **Zinc**: After a short - term rebound, the export window closes again. It is expected to fluctuate within a range, and changes in domestic and foreign inventories need attention [1]. - **Nickel**: Short - term volatility is mainly influenced by the macro situation and may be strong, but high inventory still suppresses the price. Suggestion: short - term low - buying within the range, and there is still pressure from long - term excess of primary nickel [1]. - **Stainless Steel**: The macro situation improves, and the trade friction eases. The stainless steel futures may rebound in the short - term. It is recommended to operate in the short - term and wait for short - selling opportunities at high prices [1]. - **Tin**: Although the short - term impact of the Indonesian ore ban is not significant, the supply risk is high, and there is demand support. It is recommended to pay attention to long - buying opportunities at low prices in the long - term [1]. Black Metals - **Rebar and Hot - rolled Coil**: The industrial driving force is unclear, and the futures valuation is low. Directional trading is not recommended [1]. - **Iron Ore**: The near - month contract is restricted by production cuts, but the commodity sentiment is good, and the far - month contract still has upward potential [1]. - **Silicon Manganese**: Direct demand is good, but supply is high, and inventory is at a high level. The price is under pressure and volatile [1]. - **Silicon Iron**: Short - term production profit is poor, but cost support is strengthening, and direct demand is good. The price is expected to be volatile and the downward space is limited [1]. - **Soda Ash**: Follows the glass market, with a large supply - surplus pressure, and the price is under pressure [1]. - **Coking Coal and Coke**: After the price rebounded to fill the gap, it reached a relatively high level. It may challenge previous highs, but the breakthrough is difficult. It may be in a wide - range volatile market if there is no new policy on "anti - involution" [1]. Agricultural Products - **Palm Oil**: Indonesia's plan to regulate exports is favorable for the far - month contract. The near - month contract lacks new drivers, and it is advisable to wait for the production area to reduce production and destock [1]. - **Soybean Oil**: The pressure from US soybean prices and the support from domestic de - stocking expectations coexist. There is a lack of new drivers, and it is advisable to wait and see [1]. - **Canola Oil**: The negotiation on Canadian canola anti - dumping may bring negative news. The domestic canola is in short supply, and the inventory is decreasing. It is advisable to wait and see for single - side trading, and the inter - month positive spread is expected to rise [1]. - **Cotton**: There is uncertainty in new - year cotton demand. The downside space of the futures is limited, but the basis and the futures may be under pressure due to high production [1]. - **Sugar**: In the short - term, sugar prices are seasonally strong due to typhoon impacts and the gap between old and new crops. In the medium - term, the rebound space is limited after new sugar is listed [1]. - **Corn**: The current stage still focuses on the selling pressure in November. The C01 contract is expected to be in low - level volatility [1]. - **Methanol**: The MO1 contract is expected to be volatile. It is recommended to wait and see or go long in the short - term, and pay attention to Sino - US trade negotiations and South American weather [1]. - **Paper Pulp**: The trading logic is related to the old warehouse receipts of the 11 - contract. With weak downstream demand, it is recommended to do a 11 - 1 reverse spread [1]. - **Logs**: The log fundamentals have declined, and the spot price is firm. It is advisable to wait and see after a sharp decline in the futures [1]. - **Live Pigs**: The spot price has stabilized, but the futures still have a premium. It is necessary to wait for changes in the slaughter volume and weight, and the short - term trend is volatile [1]. Energy and Chemicals - **Fuel Oil**: Influenced by US sanctions on Russia, geopolitical tensions, and the US attitude towards China's tariffs [1]. - **Bitumen**: Short - term supply - demand contradictions are not prominent, following the trend of crude oil. The "14th Five - Year Plan" construction demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient [1]. - **SBS Rubber**: Supported by strong raw material costs, decreasing intermediate inventory, and a positive commodity market atmosphere [1]. - **BR Rubber**: The cost support is weak, and the supply of synthetic rubber is loose. Attention should be paid to inventory de - stocking [1]. - **PTA**: The price rebounds slightly due to factors such as a decline in domestic production caused by equipment inspections [1]. - **Ethylene Glycol**: The port inventory in East China is low, the cost support is strengthening, and the polyester market has not declined significantly [1]. - **Short - fiber**: Factory equipment is gradually resuming operation, the basis is strengthening, and the price follows the cost [1]. - **Styrene**: The Asian benzene price is weak, the arbitrage window to the US is closed, and domestic styrene plant inspections are increasing [1]. - **Urea**: The export sentiment eases, and domestic demand is insufficient. There is an upper limit to the price, but there is support from "anti - involution" and cost [1]. - **PE**: The price is volatile and slightly strong due to a slight downward adjustment in the crude oil price center, weakened inspection efforts, and slowly increasing downstream demand [1]. - **PP**: The inspection support is limited, the downstream improvement is less than expected, and the price is volatile and weak [1]. - **PVC**: The supply pressure is large, there are many near - month warehouse receipts, and the price is volatile and weak [1]. - **LPG**: There are problems such as planned alumina production in Guangxi, decreasing inspection concentration, and difficult digestion of warehouse receipts. The international oil and gas fundamentals are loose, and the domestic fundamentals are also loose [1].

Report Summary 1. Investment Ratings The provided content does not mention any industry investment ratings. 2. Core Views - The stock market has seen rapid rotation of hot sectors recently, with reduced risk appetite and short - term uncertainty, but the long - term policy support for the capital market remains unchanged, suggesting a long - term strategy of buying on dips [4]. - The bond market may face short - term risk preference decline, which is conducive to its repair. In the fourth quarter, it is necessary to focus on the fundamentals and institutional allocation power. The overall situation may be volatile, and it may repair if the stock market cools down and the allocation power increases [7]. - For precious metals, the Fed's monetary policy is in the early stage of the easing cycle. It is recommended to maintain a long - position strategy, buying on dips [9]. - In the non - ferrous metals market, most metal prices are expected to be strong due to factors such as trade negotiation sentiment improvement and supply - side constraints [12][14]. - In the black building materials market, steel prices may be weak in the short term but have long - term upward potential. Iron ore prices will oscillate due to the tug - of - war between weak reality and macro expectations [33][36]. - In the energy and chemical market, different products have different trends. For example, rubber prices may turn neutral, and crude oil prices are recommended to be observed in the short term [54][56]. - In the agricultural products market, the prices of various products such as hogs, eggs, and grains are affected by supply and demand factors, and corresponding trading strategies are proposed [79][81]. 3. Summary by Category Macro - financial - **Stock Index** - **Market Information**: The Fourth Plenary Session of the 20th Central Committee put forward the main goals for economic and social development during the "15th Five - Year Plan" period. There will be economic and trade consultations between China and the US. The R & D of new - generation batteries is being promoted [2]. - **Strategy**: Short - term uncertainty exists, but long - term buying on dips is recommended [4]. - **Treasury Bond** - **Market Information**: Bond prices declined on Thursday. There will be China - US economic and trade consultations, and the central government held a symposium on the "15th Five - Year Plan" for central enterprises. The central bank conducted reverse repurchase operations with a net withdrawal of funds [5][6]. - **Strategy**: The short - term risk preference decline is beneficial to the bond market repair. The fourth - quarter situation may be volatile, and attention should be paid to the stock - bond seesaw effect [7]. - **Precious Metals** - **Market Information**: Gold and silver prices rose. The US will release September CPI data, and it is expected that the data may be lower than expected, which will support precious metal prices [8]. - **Strategy**: Maintain a long - position strategy and buy on dips [9]. Non - ferrous Metals - **Copper** - **Market Information**: Copper prices rose. LME copper inventory increased, while domestic warehouse receipts decreased. The import of copper spot was at a loss [11]. - **Strategy**: Due to potential supply tightening and improved trade negotiation sentiment, copper prices may remain strong [12]. - **Aluminum** - **Market Information**: Aluminum prices continued to rise. Domestic aluminum ingot and aluminum rod inventories decreased, and the external LME aluminum inventory also decreased [13]. - **Strategy**: With the easing of trade tensions and low domestic inventory, aluminum prices may rise further [14]. - **Zinc** - **Market Information**: Zinc prices rose. Domestic zinc ingot inventory increased, and overseas registered zinc warehouse receipts were at a low level [15]. - **Strategy**: The domestic zinc concentrate inventory decreased, and the overseas market had structural risks. Zinc prices are expected to be strong in the short term [17]. - **Lead** - **Market Information**: Lead prices rose. The lead ore port inventory increased, and the lead ingot social inventory decreased [18]. - **Strategy**: With the improvement of downstream demand and the reduction of inventory, lead prices are expected to be strong in the short term [18]. - **Nickel** - **Market Information**: Nickel prices fluctuated narrowly. The cost of nickel ore was stable, and the price of nickel iron was weak [19]. - **Strategy**: In the short term, it is recommended to wait and see, and consider buying on dips if the price drops significantly [20][21]. - **Tin** - **Market Information**: Tin prices declined slightly. The supply of tin ore was tight, and the demand from traditional industries was weak [22]. - **Strategy**: In the short term, tin prices may remain high and volatile, and it is recommended to wait and see [22]. - **Carbonate Lithium** - **Market Information**: The price of carbonate lithium rose, and the inventory decreased [23]. - **Strategy**: The downstream demand is strong, and the price may face pressure from supply recovery and hedging. It is necessary to pay attention to market changes [24]. - **Alumina** - **Market Information**: The price of alumina rose slightly. The overseas price decreased, and the inventory increased [25]. - **Strategy**: The ore price may be under pressure after the rainy season, and the production capacity of alumina is excessive. It is recommended to wait and see in the short term [26]. - **Stainless Steel** - **Market Information**: The price of stainless steel rose. The social inventory decreased slightly [27]. - **Strategy**: The market confidence has recovered, and the subsequent trend depends on the release of downstream demand [28]. - **Cast Aluminum Alloy** - **Market Information**: The price of cast aluminum alloy rebounded, and the inventory increased [29]. - **Strategy**: The cost supports the price, but the high warehouse receipts limit the upward space [30]. Black Building Materials - **Steel** - **Market Information**: The prices of rebar and hot - rolled coil fluctuated slightly. The inventory of rebar decreased, and the inventory of hot - rolled coil decreased marginally [32]. - **Strategy**: In the short term, steel prices are weak, but in the long term, they may rise due to the loosening of the macro environment [33]. - **Iron Ore** - **Market Information**: Iron ore prices rose. The overseas shipment increased, and the iron water output decreased [34][35]. - **Strategy**: The demand for iron ore is weakening, and the inventory is increasing. The price will oscillate due to the influence of macro expectations [36]. - **Glass and Soda Ash** - **Market Information**: Glass prices rose, and the inventory increased. Soda ash prices rose slightly, and the inventory also increased [37][38]. - **Strategy**: Glass prices are expected to be weak in the short term, and soda ash prices will continue to oscillate weakly [37][38]. - **Manganese Silicon and Ferrosilicon** - **Market Information**: The prices of manganese silicon and ferrosilicon rose slightly. The spot prices were higher than the futures prices [39]. - **Strategy**: The impact of trade frictions may ease. It is recommended to look for opportunities to rebound in the black sector [42][43]. - **Industrial Silicon and Polysilicon** - **Market Information**: Industrial silicon prices rose, and polysilicon prices also rose. The supply of industrial silicon increased, and the polysilicon supply may decrease in the future [44][47]. - **Strategy**: Industrial silicon prices will oscillate, and polysilicon prices will be affected by supply and policy expectations [45][48]. Energy and Chemical - **Rubber** - **Market Information**: Rubber prices rose due to typhoon and stock market factors. The demand is in a seasonal off - season [50]. - **Strategy**: It is recommended to gradually exit short - term long positions and adopt a neutral strategy [54]. - **Crude Oil** - **Market Information**: Crude oil and refined oil prices rose. The US crude oil inventory decreased, and the SPR inventory increased [55]. - **Strategy**: In the short term, it is recommended to wait and see and test OPEC's export price - support intention [56]. - **Methanol** - **Market Information**: Methanol prices rose. The port inventory increased slowly, and the domestic start - up rate decreased [57][58]. - **Strategy**: It is recommended to wait and see due to potential supply disturbances and high port inventory [58]. - **Urea** - **Market Information**: Urea prices rose slightly. The supply increased, and the demand also increased [59][60]. - **Strategy**: It is recommended to wait and see or look for long - position opportunities at low prices [60]. - **Pure Benzene and Styrene** - **Market Information**: Pure benzene prices decreased, and styrene prices increased. The supply of pure benzene was abundant, and the demand for styrene increased [61]. - **Strategy**: The price of styrene may stop falling in the short term due to inventory reduction and seasonal demand [62]. - **PVC** - **Market Information**: PVC prices rose. The production was high, and the demand was weak [63]. - **Strategy**: The supply is strong and the demand is weak. It is recommended to short on rallies in the medium term [64][65]. - **Ethylene Glycol** - **Market Information**: Ethylene glycol prices rose. The supply was high, and the inventory increased [66]. - **Strategy**: It is recommended to short on rallies due to expected inventory accumulation [67]. - **PTA** - **Market Information**: PTA prices rose. The supply increased slightly, and the demand remained stable [68]. - **Strategy**: It is recommended to wait and see due to weak processing fees and uncertain terminal demand [69]. - **Para - xylene** - **Market Information**: PX prices rose. The load was high, and the downstream demand was weak [70][71]. - **Strategy**: It is recommended to wait and see as there is no obvious driving force and it mainly follows the crude oil trend [72]. - **Polyethylene (PE)** - **Market Information**: PE prices rose. The inventory decreased, and the demand increased seasonally [73]. - **Strategy**: PE prices may remain low and oscillate due to high - level warehouse receipts and cost factors [74]. - **Polypropylene (PP)** - **Market Information**: PP prices rose. The supply pressure was high, and the demand rebounded seasonally [75]. - **Strategy**: The overall inventory pressure is high, and the cost supply surplus suppresses the price [76]. Agricultural Products - **Hogs** - **Market Information**: Hog prices fluctuated. The supply and demand were in a stalemate [78]. - **Strategy**: In the short term, hog prices may be strong, but in the medium term, it is recommended to short on rallies [79]. - **Eggs** - **Market Information**: Egg prices were stable with slight increases. The supply was normal, and the demand was average [80]. - **Strategy**: The spot price may have limited upward space, and it is recommended to wait and see [81]. - **Soybean Meal and Rapeseed Meal** - **Market Information**: Soybean meal prices rose. The domestic soybean inventory was high, and the import of US soybeans was uncertain [82]. - **Strategy**: In the short term, there is support, but in the medium term, it is recommended to short on rallies due to the expected abundant supply [84]. - **Oils and Fats** - **Market Information**: Oil prices fell. The palm oil production in Malaysia and Indonesia was high, and the supply pressure was large [85]. - **Strategy**: It is recommended to wait and see for a clearer production signal [86]. - **Sugar** - **Market Information**: Sugar prices rebounded. The production in Brazil is expected to increase, and the prices of domestic processing factories decreased [87]. - **Strategy**: It is recommended to short on rallies in the fourth quarter as the overall supply is expected to increase [89]. - **Cotton** - **Market Information**: Cotton prices rebounded. The new cotton purchase price increased, but the demand was weak [90]. - **Strategy**: The upward space of cotton prices is limited due to weak fundamentals [91].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's foreign exchange market maintained strong resilience and vitality in September, with cross - border capital flows remaining active and balanced, and supply and demand in the foreign exchange market being relatively balanced. The total scale of China's foreign - related payments and receipts in the first three quarters reached a record high [1]. - The prices of crude oil, precious metals, and stock indices showed different trends. Crude oil prices were difficult to reverse the downward trend; precious metals experienced significant adjustments at high levels; stock indices were about to enter a direction - selection stage [1][2][3][4]. 3. Summary by Relevant Catalogs 3.1当日主要新闻关注 - **International News**: As of October 21, the total debt of the US federal government exceeded $38 trillion for the first time, just over two months after reaching $37 trillion in mid - August [5]. - **Domestic News**: In September, the unemployment rate of the 16 - 24 age group in urban China was 17.7%, 7.2% for the 25 - 29 age group, and 3.9% for the 30 - 59 age group [6]. - **Industry News**: In the first three quarters, the total transport turnover, passenger volume, and cargo volume of the civil aviation industry were 1220.3 billion ton - kilometers, 580 million passengers, and 739,500 tons respectively, with year - on - year increases of 10.3%, 5.2%, and 14% [7]. 3.2外盘每日收益情况 - The S&P 500 index decreased by 0.53%, the European STOXX 50 index decreased by 0.47%, and the FTSE China A50 futures increased by 0.10%. ICE Brent crude oil increased by 4.36%, while London gold and silver decreased by 0.64% and 0.46% respectively. Other varieties also showed different degrees of increase or decrease [10]. 3.3主要品种早盘评论 - **Financial Products** - **Stock Indices**: After a high - level shock in September, stock indices were about to enter a direction - selection stage. The domestic liquidity environment was expected to remain loose, and external funds were also likely to flow in. The market style might return to value in the fourth quarter [4][11]. - **Treasury Bonds**: The central bank was expected to continue implementing a moderately loose monetary policy, and there might be reserve requirement ratio cuts and interest rate cuts in the fourth quarter, which would support the price of treasury bond futures [12][13]. - **Energy and Chemical Products** - **Crude Oil**: SC crude oil rose 1.65% at night, but the downward trend of oil prices was difficult to reverse [2][14]. - **Methanol**: Methanol prices fell 0.13% at night. The operating rate of domestic coal - to - olefin plants decreased, and coastal methanol inventories continued to rise. The methanol market fluctuated more due to various uncertainties [15]. - **Rubber**: Rubber prices fluctuated on Wednesday. Supply pressure might gradually emerge, and demand support was relatively limited. The market was expected to fluctuate and adjust in the short term [16]. - **Polyolefins**: Polyolefin futures rebounded slightly. After continuous declines, the market sentiment gradually stabilized [17]. - **Glass and Soda Ash**: Glass futures closed slightly up, and soda ash futures rebounded slightly. Both were in the process of inventory digestion, and the market was still cautious [18][19]. - **Metals** - **Precious Metals**: Gold and silver prices adjusted significantly at high levels. After a rapid rise, there were profit - taking positions, and the driving factors weakened, leading to sharp price adjustments [3][20]. - **Copper**: The supply of copper concentrates remained tight, and the smelting output continued to grow. The Indonesian mine accident might lead to a supply - demand gap in the global copper market, supporting copper prices in the long term [21]. - **Zinc**: Zinc prices rose at night. The smelting output was expected to continue to increase. Due to different inventory situations at home and abroad, domestic zinc prices might be weaker than foreign ones, and the overall price might fluctuate within a range [22]. - **Lithium Carbonate**: Supply increased, demand showed some growth, and inventory decreased. The futures price fluctuated and rose. It was expected to remain volatile in the short term, and the downward adjustment space was limited [23]. - **Black Metals** - **Coking Coal and Coke**: The double - coking futures oscillated at night. The steel price and demand showed some improvement, but the possibility of blast furnace production cuts due to shrinking profits could not be ignored. The short - term market was expected to oscillate at a high level [24][25]. - **Iron Ore**: Iron ore prices stabilized. The demand for iron ore was supported, and the global iron ore shipment decreased recently. The port inventory decreased rapidly. The market was expected to be strong and fluctuate upward [26]. - **Steel**: Steel prices were stable and improving. The supply pressure was gradually emerging, and the inventory continued to accumulate. The overall supply - demand contradiction was not significant. The market was expected to be bullish in the medium term [27]. - **Agricultural Products** - **Protein Meal**: Bean and rapeseed meal prices oscillated and rose at night. The US soybean export inspection volume was higher than expected, and the Brazilian soybean planting progress was good. The domestic market was expected to fluctuate weakly in the short term [28]. - **Oils and Fats**: Oils and fats prices were weak at night. The production and export of Malaysian palm oil increased, but the market was under pressure due to uncertainties in Sino - US trade [29]. - **Sugar**: Zhengzhou sugar prices were weak at night. The global sugar market entered the inventory accumulation stage, and the domestic sugar market was expected to fluctuate in the short term [30]. - **Cotton**: Zhengzhou cotton prices oscillated. The US cotton market was in a short - term oscillation. The domestic cotton market was under pressure from weak demand, but the price was supported by factors such as slow harvesting progress and rising purchase prices. It was expected to be strong and fluctuate in the short term [31]. - **Shipping Index** - **Container Shipping to Europe**: The EC index was strongly oscillating. Maersk's price increase in November indicated its intention to support prices. The market continued to bet on the year - end peak season, and the upward driving force was accumulating. The far - month contract was slowly recovering, and attention should be paid to the progress of the Israel - Palestine cease - fire negotiation [32].

Report Overview - Report Date: October 23, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Zhengzhou cotton rebounded. The spot cotton price index of grade 328 was 14,772 yuan/ton, up 44 yuan/ton from the previous trading day. The trading volume of pure cotton yarn remained stable, with a slight recovery in downstream consumption due to the recent significant temperature drop in the southern regions of the Yangtze River. The downstream enterprises still adopted a "buy-as-you-go" approach, and the scale of new orders was limited. The operating rate of spinning mills increased slightly but was still lower than the same period in previous years. The price of the pure cotton cloth market was stable and weak, and the fabric mills maintained a slight loss. In the domestic market, the purchase price of machine-picked cottonseed in Xinjiang moved closer to the high price, and the high price did not continue to rise significantly. As of October 16, the national new cotton picking progress was 58.8%, 4.7 percentage points higher than the same period last year. In September, China imported 100,000 tons of cotton, a month-on-month increase of 30,000 tons and a year-on-year decrease of 20,000 tons. The terminal demand in the industrial downstream showed a slight recovery, but the characteristic of a weak peak season still persisted. Domestic consumption performed better than exports, and the retail sales of textile and clothing in September increased by 4.7% year-on-year. The hedging pressure above the peak season of new cotton listing and processing still needed to be digested, and the short-term trading center slowly moved up, trading time for space [7][8]. 3. Summary by Section 3.1 Market Review and Operational Suggestions - Zhengzhou cotton rebounded. The prices of CF2601, CF2605, and CF2609 contracts increased by 0.30%, 0.11%, and 0.15% respectively. The latest cotton price index of grade 328 was 14,772 yuan/ton, up 44 yuan/ton from the previous trading day. The purchase price of machine-picked cottonseed in Xinjiang was between 6.35 - 6.5 yuan/kg, and the theoretical cost of current purchase was mostly above 14,600 yuan (delivered basis). As of October 16, the national new cotton picking progress was 58.8%, 4.7 percentage points higher than the same period last year. In September, China imported 100,000 tons of cotton, a month-on-month increase of 30,000 tons and a year-on-year decrease of 20,000 tons. The terminal demand in the industrial downstream showed a slight recovery, and the retail sales of textile and clothing in September increased by 4.7% year-on-year [7][8]. 3.2 Industry News - As of October 21, 2025, a total of 928 cotton processing enterprises across the country processed cotton and carried out notarized inspections in accordance with the requirements of the cotton quality inspection system reform plan. The cumulative inspection volume was 978,600 tons, an increase of 93,100 tons from the previous day. Among them, the inspection volume in Xinjiang was 969,100 tons, an increase of 92,200 tons from the previous day; the inspection volume in the inland areas was 7,400 tons [9]. 3.3 Data Overview - The report provides multiple charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume, etc. All data sources are from Wind and the Research and Development Department of Jianxin Futures [16][17][19]

Group 1: Market Information - The closing prices of CF01, CF05, and CF09 contracts were 13,535, 13,575, and 13,740 respectively, with the price of CF01 down 5, CF05 down 25, and CF09 down 30. The closing prices of CY01, CY05, and CY09 contracts were 19,760, 19,745, and 20,085 respectively, with the price of CY01 down 15, CY05 down 50, and CY09 unchanged [3]. - The CCIndex3128B spot price was 14,728 yuan/ton, up 49; the CY IndexC32S was 20,470 yuan/ton, up 30. The Cot A price was 75.65 cents/pound, and the FCY IndexC33S was 21,213 yuan/ton, up 13 [3]. - The 1 - 5 - month cotton spread was -40, up 20; the 5 - 9 - month spread was -165, up 5; the 9 - 1 - month spread was 205, down 25. The 1 - 5 - month棉纱 spread was 15, up 35; the 5 - 9 - month spread was -340, down 20,135; the 9 - 1 - month spread was 325, up 20,100 [3]. - The CY01 - CF01 spread was 6,225, down 10; the CY05 - CF05 spread was 6,170, down 25; the CY09 - CF09 spread was 6,345, up 20,115. The 1% tariff - based internal and external cotton spread was 1,317, down 218; the sliding - duty internal and external cotton spread was 493, down 120; the internal and external yarn spread was -743, up 17 [3]. Group 2: Market News and Views Cotton Market - As of October 15, the textile enterprises' in - stock cotton industrial inventory was 809,300 tons, a decrease of 36,200 tons from the end of last month. The available cotton inventory was 971,200 tons, a decrease of 61,100 tons from the end of last month. The yarn inventory of textile enterprises was 25.24 days, an increase of 0.39 days from the end of last month, and the grey fabric inventory was 31.43 days, an increase of 0.31 days from the end of last month [6]. - Since the new cotton acquisition started on September 26, 24 cotton acquisition and processing enterprises in Hutubi County had acquired 242,000 tons of seed cotton as of October 10, and the acquisition was expected to be completed by early December. As of mid - October, 35 cotton processing enterprises in Shaya County had acquired 215,000 tons of seed cotton, achieving the expected acquisition volume, with an average daily acquisition volume of over 20,000 tons [6]. - During the holiday, as new flowers entered the acquisition period, the market focus shifted to the opening price of new cotton. This year, the Xinjiang cotton output was high and the enthusiasm of ginning factories for acquisition was average, with no large - scale rush for acquisition. The acquisition price in some markets was around 6 yuan/kg. With the large - scale listing of new flowers, it was expected that there would be certain selling and hedging pressure on the futures market. The peak season performance of the demand side was average. Although the downstream demand had slightly improved, the improvement range was relatively limited, so the peak season performance this year was not expected to be very prominent, and the peak season demand was expected to have a relatively limited boosting effect on the market [7]. - The trading strategies were as follows: for unilateral trading, it was expected that the future trend of US cotton would mostly be volatile, and Zhengzhou cotton was also expected to show a volatile trend; for arbitrage and options, it was recommended to wait and see [8]. Cotton Yarn Industry - Last night, Zhengzhou cotton fluctuated steadily, the hedging pressure gradually emerged, and the cotton spot price was stable with a slight increase. However, due to the expectation of a bumper new cotton harvest, most spinning mills remained on the sidelines, mainly replenishing raw materials on a just - in - time basis. The trading volume in the pure cotton yarn market slightly recovered, with small orders selling well, but traders were still cautious in purchasing. Affected by Zhengzhou cotton, some manufacturers continued to adjust their quotes, and the pure cotton yarn price slightly recovered. However, due to the poor orders of weaving factories, the actual transaction price did not change much. There was little change in inventory, and the inventory of some spinning mills in the inland slightly increased. It was necessary to continue to pay attention to the trend of Zhengzhou cotton and downstream demand. In addition, factors such as the China - US presidential meeting and the Fed's possible interest rate cut at the end of the month might also have an impact on external demand [8]. - The current ex - works price of Xinjiang - produced combed compact siro - spun R/JC 50/50 50S was around 25,000 yuan/ton, and the ex - works price of high - grade ring - spun C32S was 21,200 - 21,300 yuan/ton. Real - order negotiations were available [10]. - Cotton weaving factories generally reported that the recent market was significantly worse than in September. Currently, they were in the inventory accumulation stage, and there were discounts on the actual transaction price of grey fabrics. The in - production orders were mainly for medium - and thick - type fabrics, but the profit was poor, and there were few sampling orders for thin - type fabrics. Since the new downstream orders were mainly small and urgent orders, and large orders were hard to find, weaving factories mainly purchased on a just - in - time basis [10]. Group 3: Options - On October 21, 2025, the closing price of CF601C13400.CZC was 247, up 32.1%; the closing price of CF601P13000.CZC was 45, down 29.7%; the closing price of CF601P12400.CZC was 15, down 42.3%. The 120 - day HV of cotton yesterday was 8.542, with the volatility slightly decreasing compared to the previous day. The implied volatility of CF601 - C - 13400 was 9.3%, the implied volatility of CF601 - P - 13000 was 10.9%, and the implied volatility of CF601 - P - 12400 was 13.9% [12]. - Yesterday, the PCR of the main contract of Zhengzhou cotton was 0.7255, and the volume PCR of the main contract was 0.6021. Today, the trading volume of both call and put options increased. The option trading strategy was to wait and see [13][14].

Group 1: Report General Information - Report Title: Cotton and Cotton Yarn Daily Report [2] - Date: October 21, 2024 [2] - Researchers: Wang Xizhen, Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 13,540 with a gain of 75, trading volume of 245,897 hands (down 43,834), and open interest of 593,229 (up 231) [3] - CY01 contract closed at 19,775 with a gain of 170, trading volume of 13,841 hands (up 161), and open interest of 23,282 (up 1,127) [3] Spot Market - CCIndex3128B price was 14,728 yuan/ton, up 49; CY IndexC32S was 20,470 yuan/ton, up 30 [3] - Cot A was 75.65 cents/pound, up 75.10; FCY IndexC33S was 21,200 yuan/ton, down 18 [3] Spreads - Cotton 1 - 5 month spread was -60, up 5;棉纱 1 - 5 month spread was -20, up 95 [3] - CY01 - CF01 spread was 6,235, up 95; 1% tariff内外棉价差 was 3,273, up 1,901 [3] Group 3: Market News and Views Cotton Market News - As of October 17, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 376,700 tons, accounting for 12% of the annual US cotton production forecast, 27% slower year - on - year [6] - In September 2025, cottonseed imports were about 75,177.17 tons, down 35.84% year - on - year, with an average import price of about $342.25/ton, down 10.91% year - on - year [6] - In September, total retail sales of consumer goods were 419.71 billion yuan, up 3.0% year - on - year. Retail sales of clothing, footwear, and textiles above the designated size were 123.1 billion yuan, up 4.7% year - on - year [7] Trading Logic - During the festival, as new cotton entered the acquisition period, the market focus shifted to the opening price of new cotton. This year, Xinjiang cotton production was high and ginning mills' acquisition enthusiasm was general, with no large - scale rush to buy [8] - The peak season demand in the market was average, and the improvement in downstream demand was limited, so the peak season performance was not expected to be outstanding [8] Trading Strategies - Unilateral: US cotton is expected to fluctuate, and Zhengzhou cotton is also expected to show a fluctuating trend [9] - Arbitrage: Wait and see [10] - Options: Wait and see [11] Cotton Yarn Industry News - Zhengzhou cotton prices continued to rise, but the cotton yarn market was affected by weak downstream demand. The trading volume was average, and spinners and traders were cautious [11] - The cotton fabric market in October was weaker than in September, with demand remaining sluggish. Winter orders were nearing completion, and spring orders were scarce [13] Group 4: Options Option Data - On October 21, 2025, CF601C13400.CZC closed at 247, up 32.1%, with an implied volatility of 9.3% [15] - CF601P13000.CZC closed at 45, down 29.7%, with an implied volatility of 10.9% [15] Volatility and Strategy - The 120 - day HV of cotton was 8.542, slightly lower than the previous day. The implied volatility of relevant options varied [15] - The PCR of the main Zhengzhou cotton contract's open interest was 0.7255, and the PCR of trading volume was 0.6021. Both call and put trading volumes increased [16] - Option strategy: Wait and see [17]

Group 1: General Information - Report industry: Cotton [1] - Report date: October 21, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Zhengzhou cotton rebounded. The latest 328 - grade cotton price index was 14,679 yuan/ton, unchanged from the previous trading day. The mainstream quoted price of 2025/26 northern Xinjiang machine - picked cotton was around 14,500 - 14,600 yuan. Some cotton merchants slightly lowered the basis after the rise of Zhengzhou cotton last week [7]. - The trading of pure cotton yarn changed little. Benefiting from the recent sharp cooling in the areas south of the Yangtze River, downstream consumption slightly recovered. Downstream enterprises still mainly purchased on a "use - as - you - go" basis, and the scale of new orders was limited. The opening rate of spinning mills slightly rebounded but was still lower than the same period of previous years. The price of the pure cotton cloth market was stable and weak, and fabric mills maintained a slight loss [7]. - In the overseas market, due to the 19 - day government shutdown in the US, the available reference data was limited, and the external market was mainly driven by the domestic market sentiment. In the domestic market, affected by the lower - than - expected increase in production in the main producing areas, the purchase price of seed cotton continued to rise steadily, supporting the rebound of the futures price. As of October 16, the national new cotton picking progress was 58.8%, 4.7 percentage points higher than the same period last year. In September, China imported 100,000 tons of cotton, a month - on - month increase of 30,000 tons and a year - on - year decrease of 20,000 tons. The downstream terminal demand slightly recovered, but the characteristic of "off - peak in peak season" still existed. Domestic consumption performed better than exports, with the retail sales of textile and clothing in September increasing by 4.7% year - on - year. The hedging pressure above during the peak period of new cotton listing and processing still needed to be consumed. In the short term, Zhengzhou cotton will mainly fluctuate in a wide range. Pay attention to the 1 - 5 reverse spread [8]. Group 3: Industry News - In September 2025, China imported 100,000 tons of cotton, a month - on - month increase of 30,000 tons and a year - on - year decrease of 20,000 tons. From January to September 2025, the cumulative import of cotton was 680,000 tons, a year - on - year decrease of 1.6 million tons [9]. - In September 2025, the income from clothing, footwear, and knitted textiles in China was 123.1 billion yuan, a year - on - year increase of 4.7%. From January to September 2025, the cumulative income from clothing, footwear, and knitted textiles in China was 1.0613 trillion yuan, a year - on - year increase of 3.1%, and the growth rate increased by 0.2 percentage points compared with the previous month [9]. Group 4: Data Overview - The report includes multiple data charts such as CF1 - 5 spread, CF5 - 9 spread, China cotton price index, cotton spot price, cotton futures price, cotton basis change, etc., with data sources from Wind and the Research and Development Department of Jianxin Futures [14][16][17]