1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - No information provided in the document. 3. Summary by Relevant Catalog 3.1 General Information - The report is the Maike Futures Basis Statistics Table dated March 27, 2026, at 9:00 [2]. - The settlement price is used for non - ferrous metal futures, and the closing price is used for other futures. The basis rate is the main contract basis rate, calculated as (spot price - main contract price) / main contract price. The historical maximum and minimum values of the basis rate are calculated based on samples from January 1, 2015, to the present. Data sources include iFinD, Wind, and Steel Union Data. Quotes marked with * are weekly updated data, and quotes marked with ** have differences between the spot and the benchmark delivery product [3]. 3.2 Futures Data - **Non - ferrous Metals**: - Copper (CU): The main contract basis rate is - 0.27%, with a decrease of - 0.69% compared to the previous day. The current - month basis is - 135, and the next - month basis is - 255. The spot price is 95325 [3]. - Aluminum (AL): The main contract basis rate is - 1.01%, with a decrease of - 0.63% compared to the previous day. The current - month basis is - 175, and the next - month basis is - 240. The spot price is 23510 [3]. - Zinc (ZN): The main contract basis rate is - 0.63%, with a decrease of - 0.46% compared to the previous day. The current - month basis is - 110, and the next - month basis is - 145. The spot price is 22985 [3]. - Lead (PB): The main contract basis rate is - 1.03%, with an increase of 0.06% compared to the previous day. The current - month basis is - 155, and the next - month basis is - 170. The spot price is 16300 [3]. - Tin (SN): The main contract basis rate is 0.08%, with a decrease of - 1.44% compared to the previous day. The current - month basis is 270, and the next - month basis is - 180. The spot price is 352800 [3]. - Nickel (NI): The main contract basis rate is 1.72%, with a decrease of - 0.12% compared to the previous day. The current - month basis is 2360, and the next - month basis is 2790. The spot price is 139350 [3]. - Industrial Silicon (SI): The main contract basis rate is 5.38%, with a decrease of - 0.55% compared to the previous day. The current - month basis is 510, and the next - month basis is 470. The spot price is 9200 [3]. - **Precious Metals**: - Gold (AU): The main contract basis rate is - 0.62%, with a decrease of - 0.67% compared to the previous day. The current - month basis is - 3.19, and the next - month basis is - 6.21. The spot price is 995.98 [3]. - Silver (AG): The main contract basis rate is - 1.03%, with a decrease of - 1.09% compared to the previous day. The current - month basis is - 227, and the next - month basis is - 180. The spot price is 17292 [3]. - **Black Industry**: - Rebar (RB): The main contract basis rate is 2.30%, with a decrease of - 0.51% compared to the previous day. The current - month basis is 72, and the next - month basis is 42. The spot price is 3200 [3]. - Hot - rolled Coil (HC): The main contract basis rate is - 0.76%, with a decrease of - 0.24% compared to the previous day. The current - month basis is - 25, and the next - month basis is - 33. The spot price is 3280 [3]. - Iron Ore (I): The main contract basis rate is 1.62%, with a decrease of - 3.36 compared to the previous day. The current - month basis is 13.2, and the next - month basis is 42.7. The spot price is 830.2 [3]. - Coke: The main contract basis rate is - 7.16%, with an increase of 1.35% compared to the previous day. The current - month basis is - 126.0, and the next - month basis is - 211.0. The spot price is 1635 [3]. - Coking Coal: The main contract basis rate is 0.90%, with an increase of 1.42% compared to the previous day. The current - month basis is 17.5, and the next - month basis is - 121.0. The spot price is 1247.5 [3]. - Steam Coal (ZC): The main contract basis rate is - 5.29%, with an increase of 0.50% compared to the previous day. The current - month basis is - 42.4, and the next - month basis is - 42.4. The spot price is 759.0 [3]. - Ferrosilicon (SF): The main contract basis rate is - 4.71%, with an increase of 2.32% compared to the previous day. The current - month basis is - 282, and the next - month basis is - 382. The spot price is 5700 [3]. - Silicomanganese (SM): The main contract basis rate is - 4.41%, with an increase of 0.85% compared to the previous day. The current - month basis is - 284, and the next - month basis is - 342. The spot price is 6150 [3]. - Stainless Steel: The main contract basis rate is 0.42%, with an increase of 1.38% compared to the previous day. The current - month basis is 60, and the next - month basis is 90. The spot price is 14450 [3]. - **Agricultural Products**: - Soybeans: The main contract basis rate is - 4.91%, with a decrease of - 0.37% compared to the previous day. The current - month basis is - 227, and the next - month basis is - 271. The spot price is 4400 [3]. - Soybean Meal (M): The main contract basis rate is 8.06%, with a decrease of - 0.74% compared to the previous day. The current - month basis is 238, and the next - month basis is 160. The spot price is 3190 [3]. - Rapeseed Meal (RM): The main contract basis rate is 9.64%, with a decrease of - 0.23% compared to the previous day. The current - month basis is 226, and the next - month basis is 148. The spot price is 2570 [3]. - Soybean Oil (Y): The main contract basis rate is 3.75%, with an increase of 0.59% compared to the previous day. The current - month basis is 382, and the next - month basis is 324. The spot price is 8970 [3]. - Rapeseed Oil (OI): The main contract basis rate is 5.18%, with a decrease of - 0.20% compared to the previous day. The current - month basis is 510, and the next - month basis is 612. The spot price is 10350 [3]. - Peanuts (PK): The main contract basis rate is 8.99%, with a decrease of - 1.0% compared to the previous day. The current - month basis is 832, and the next - month basis is 570. The spot price is 9000 [3]. - Palm Oil: The main contract basis rate is 0.37%, with a decrease of - 0.05% compared to the previous day. The current - month basis is 36, and the next - month basis is 40. The spot price is 9610 [3]. - Corn Starch (CS): The main contract basis rate is 4.88%, with a decrease of - 0.08% compared to the previous day. The current - month basis is 135, and the next - month basis is 125. The spot price is 2900 [3]. - Corn (C): The main contract basis rate is 1.01%, with no change compared to the previous day. The current - month basis is 24, and the next - month basis is - 5. The spot price is 2400 [3]. - Apples (AP): The main contract basis rate is 14.54%, with a decrease of - 184 compared to the previous day. The current - month basis is - 39, and the next - month basis is - 1446. The spot price is 8500 [3]. - Eggs (JD): The main contract basis rate is - 2.73%, with a decrease of - 312 compared to the previous day. The current - month basis is - 617, and the next - month basis is - 519. The spot price is 3200 [3]. - Hogs (LH): The main contract basis rate is - 3.41%, with a decrease of - 0.10% compared to the previous day. The current - month basis is - 335, and the next - month basis is - 3040. The spot price is 9500 [3]. - Cotton (CF): The main contract basis rate is 8.59%, with an increase of 1200 compared to the previous day. The current - month basis is 15420, and the next - month basis is 15900. The spot price is 16745 [3]. - Sugar (SR): The main contract basis rate is 0.31%, with a decrease of - 0.63% compared to the previous day. The current - month basis is 17, and the next - month basis is - 5. The spot price is 5480 [3]. - **Energy and Chemicals**: - Methanol (MA): The main contract basis rate is 2.12%, with an increase of 1.20% compared to the previous day. The current - month basis is 313, and the next - month basis is 408. The spot price is 3270 [3]. - Ethanol (EG): The main contract basis rate is - 1.05%, with an increase of 0.16% compared to the previous day. The current - month basis is 2028, and the next - month basis is 159. The spot price is 5005 [3]. - PTA (TA): The main contract basis rate is - 1.45%, with a decrease of - 0.05% compared to the previous day. The current - month basis is - 8, and the next - month basis is 2. The spot price is 6680 [3]. - Polypropylene: The main contract basis rate is 3.07%, with a decrease of - 0.55% compared to the previous day. The current - month basis is 280, and the next - month basis is 996. The spot price is 9400 [3]. - Styrene (EB): The main contract basis rate is 1.53%, with an increase of 2.57% compared to the previous day. The current - month basis is 154, and the next - month basis is 1150. The spot price is 10200 [3]. - Short - staple Fiber: The main contract basis rate is - 1.33%, with a decrease of - 1.21% compared to the previous day. The current - month basis is - 132, and the next - month basis is - 82. The spot price is 8150 [3]. - Plastic: The main contract basis rate is 1.52%, with an increase of 1.92% compared to the previous day. The current - month basis is 133, and the next - month basis is 268. The spot price is 8900 [3]. - PVC: The main contract basis rate is - 2.30%, with a decrease of - 0.85% compared to the previous day. The current - month basis is - 130, and the next - month basis is - 246. The spot price is 5520 [3]. - Rubber (RU): The main contract basis rate is - 0.97%, with a decrease of - 0.18% compared to the previous day. The current - month basis is - 205, and the next - month basis is - 160. The spot price is 16300 [3]. - 20 - number Rubber (NR): The main contract basis rate is 1.72%, with a decrease of - 0.21% compared to the previous day. The current - month basis is 235, and the next - month basis is - 30. The spot price is 13870 [3]. - Soda Ash (SA): The main contract basis rate is - 1.63%, with a decrease of - 0.02% compared to the previous day. The current - month basis is - 20, and the next - month basis is - 103. The spot price is 1361 [3]. - Urea (UR): The main contract basis rate is - 0.80%, with a decrease of - 0.64% compared to the previous day. The current - month basis is - 15, and the next - month basis is - 79. The spot price is 1860 [3]. - Bottle Chips (PR): The main contract basis rate is 3.84%, with an increase of 1.47% compared to the previous day. The current - month basis is 8104, and the next - month basis is 469. The spot price is 8415 [3]. - Pulp (SP): The main contract basis rate is 1.58%, with an increase of 1.32% compared to the previous day. The current - month basis is 82, and the next - month basis is - 5. The spot price is 5238 [3]. - Crude Oil (SC): The main contract basis rate is - 2.93%, with an increase of 3.77% compared to the previous day. The current - month basis is - 21.5, and the next - month basis is 28.3. The spot price is 711.6 [3]. - Fuel Oil (FU): The main contract basis rate is 9.95%, with an increase of 0.51% compared to the previous day. The current - month basis is 437, and the next - month basis is 821. The spot price is 4830 [3]. - Asphalt (BU): The main contract basis rate is - 4.69%, with a decrease of - 1.74% compared to the previous day. The current - month basis is - 213, and the next - month basis is 60. The spot price is 4330 [3]. - Low - sulfur Fuel Oil (LU): The main contract basis rate is 9.72%, with a decrease of - 6.1% compared to the previous day. The current - month basis is 492, and the next - month basis is 929. The spot price is 5558 [3]. - LPG (PG): The main contract basis rate is 10.04%, with an increase of 0.15% compared to the previous day. The current - month basis is 1590, and the next - month basis is 657. The spot price is 7198 [3]. - **Stock Index Futures**: - CSI 300 (IF): The main contract basis rate is 1.85%, with a decrease of - 0.11% compared to the previous day. The current - month basis is 24.3, and the next - month basis is 41.7. The spot price is 4477.5 [3]. - SSE 50 (IH): The main contract basis rate is 0.71%, with a decrease of - 0.34

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report The report elaborates on the demand and practice of energy risk management, emphasizing the importance of hedging in energy trading and providing multiple application cases and participation models [8][35]. 3. Summary According to the Directory 3.1 Energy Risk Management Demand - **Policy Support**: In October 2024, the "Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High - quality Development of the Futures Market" proposed to enhance the quality and efficiency of the commodity futures market in serving the real economy, expand the opening - up of the futures market, and support entities in risk management [9][10][11]. - **Necessity of Risk Management**: Energy industries face issues such as floating procurement costs and sales revenues, cost limitations in procurement, inventory, and sales management, contradictions between over - inventory in peak seasons and inventory reduction in off - seasons, and cyclical fluctuations in industry profits. Hedging can transfer price risks and reduce profit volatility [14][16][20]. - **Hedging Principles**: The futures and spot markets have the same supply - demand influencing factors, similar price trends, and price convergence on the delivery date. Holding opposite futures contracts to the spot position can hedge price risks. Basis affects the hedging effect [17][20]. - **Energy Hedging Tools**: Introduces various energy futures contracts, including crude oil (INE SC, Nymex WTI, ICE Brent), gasoline (RBOB, Mogas 92, etc.), fuel oil, and natural gas, detailing their contract specifications such as contract unit, minimum price change, contract months, trading time, and delivery method [24][25][27]. 3.2 Energy Risk Management Practice - **Application Cases** - **Refinery Locking Processing Profit Hedging**: A refinery sold a 3:2:1 crack spread futures contract in September and repurchased it in October, with a futures profit of $5.8 per barrel, plus the spot market crack profit [36][37][38]. - **Refinery Maintenance Hedging**: A refinery bought a 1:1 gasoline crack spread futures contract in January and sold it in March, with a futures profit of $14.2 per barrel, plus the spot market crack profit [39][40][41]. - **Crude Oil Trader Hedging**: Customer A hedged the price and exchange rate of 150,000 tons of imported crude oil. After hedging, the inventory loss was about $3.34 million, and the exchange rate hedging profit was about 17.95 million RMB, with a hedging cost of $23,520 [44][45]. - **Participation Modes** - **Direct Participation in Overseas Market Trading**: Use instant messaging tools, emails, and TAS or SMM for trading. Brent crude oil uses cash settlement and TAS trading for smooth position transfer and to avoid risks [48][49][51]. - **Participation through TRS**: Suitable for domestic qualified institutional investors, settled in RMB. The customer pays a margin or option premium at the beginning and obtains the profit and loss of the derivative contract linked to overseas underlying assets at the end. Compared with direct overseas market trading, there are differences in participation currency, exchange rate, access requirements, trading time, and margin call [52][55][57]. 3.3 Related Research Frameworks The report lists research frameworks for various futures products in China, including energy and chemicals, agricultural products, metals, macro - economy, equity index, national bond, exchange rate, and cross - border arbitrage [61][63][65].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The market is significantly affected by geopolitical conflicts, especially the situation in the Middle East, which has led to increased volatility in various commodity prices. - Different industries show different trends and characteristics under the influence of geopolitical factors, supply - demand relationships, and cost changes. 3. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: Although the market declined across the board, it showed resilience. The Middle East situation will cause short - term market fluctuations, but the trend of artificial intelligence may drive the stock index to rise in the medium term. It is recommended to go long at low levels while controlling risks [20][21]. - **Treasury Bond Futures**: The price of treasury bond futures fell on Monday. Due to factors such as inflation data and geopolitical events, it is recommended to maintain a bearish view in the short term and try to short TS and TF contracts at high levels [24][25]. Agricultural Products - **Protein Meal**: After the short - term bullish factors are fully reflected, the market shows a downward trend. It is recommended to be cautious due to the upcoming monthly supply - demand report and large fundamental pressure [27][28]. - **Sugar**: International sugar prices are expected to be strong, while domestic sugar prices are expected to be bottom - oscillating in the long - term and short - term strong due to factors such as production expectations and oil prices [30][31][32]. - **Oilseeds and Oils**: The Middle East geopolitical conflict is the focus. The market expects a reduction in production and inventory in February. It is recommended to be long in the short - term and consider reverse arbitrage opportunities [33][34][35]. - **Corn/Corn Starch**: The spot price in the production area is strong, and the futures price is expected to be high - oscillating. It is recommended to go long on the callback of the 05 contract [36][37]. - **Hogs**: The overall supply pressure is obvious, and the futures price is expected to oscillate. It is recommended to wait and see [39][40]. - **Peanuts**: The spot price is stable, and the futures price is bottom - oscillating. It is recommended to go long lightly at low levels [42][43]. - **Eggs**: The enthusiasm for culling hens has decreased, and the egg price has rebounded slightly. It is recommended to go short on the June contract [45][47]. - **Apples**: The inventory has decreased, and the price is relatively strong. It is recommended to wait and see due to the high price of the May contract [49][50]. - **Cotton - Cotton Yarn**: The cotton price has strong support below and is expected to be oscillating and strong. It is recommended to go long at low levels [52][54]. Ferrous Metals - **Steel**: Affected by geopolitical factors, the steel price continues to oscillate. It is recommended to maintain an oscillating view and consider shorting the coil - coal ratio and the coil - screw spread [56][57]. - **Coking Coal and Coke**: The price fluctuates greatly, and it is recommended to wait and see. The price is expected to follow the trend of oil and gas in the short term [58][59][60]. - **Iron Ore**: Supply disturbances have reappeared, and the ore price is oscillating. It is recommended to wait and see [61][62]. - **Ferroalloys**: The short - term driving force is strong, but the profit - loss ratio has decreased. It is recommended to take partial profit on long positions [63][64]. Non - Ferrous Metals - **Gold and Silver**: The risk sentiment has initially improved. The price is expected to oscillate in the near - term range. It is recommended to go long cautiously at low levels near the 20 - day moving average [66][67]. - **Platinum and Palladium**: The conflict has temporarily eased, and the price is oscillating. It is recommended to go long cautiously at low levels and wait for the opportunity to go long on the platinum - palladium spread at a low level [69][70]. - **Copper**: The conflict has eased, and the copper price has recovered. It is recommended to buy after the price stabilizes after the correction [71][72]. - **Alumina**: The increase in freight affects the ore end. It is recommended to go short at high levels [73][76]. - **Electrolytic Aluminum**: Affected by geopolitical conflicts, the price fluctuates widely. It is recommended to wait and see [76][77]. - **Cast Aluminum Alloy**: It oscillates widely with the aluminum price. It is recommended to wait and see [79]. - **Zinc**: Be vigilant about the impact of capital on the zinc price. It is recommended to hold long positions and buy at low levels [80][82]. - **Lead**: It oscillates in a range. It is recommended to buy at low levels and sell at high levels [83][85]. - **Nickel**: The market is dominated by macro factors. It is recommended to wait for the macro sentiment to stabilize before buying [86][88]. - **Stainless Steel**: Supported by cost, it follows the nickel price. It is recommended to wait for the macro sentiment to stabilize before buying [89][92]. - **Industrial Silicon**: It oscillates in a range. It is recommended to operate within the range [93][94]. - **Polysilicon**: The spill - over effect of the Iran event is limited, and the price is oscillating weakly. It is recommended to be cautious about going long and pay attention to the positive arbitrage opportunity [95][96]. - **Lithium Carbonate**: Affected by the macro environment, it oscillates at a high level. It is recommended to buy after the price stabilizes after the correction [97][99]. - **Tin**: Trump's remarks have alleviated the long - term war concerns, and the tin price is expected to oscillate. It is recommended to wait and see [100][101]. Shipping and Carbon Emissions - **Container Shipping**: The freight rate in the second half of March is becoming clearer. It is recommended to wait and see due to the large risk [102][103][105]. - **Dry Bulk Freight**: The short - term capacity allocation impacts other routes. It is necessary to pay attention to the development of the geopolitical conflict [105][107]. - **Carbon Emissions**: The domestic low - carbon policy continues, and the EU carbon price is affected by the regional situation. The domestic carbon price is expected to be oscillating and strong in the short - term, while the EU carbon price is expected to be oscillating at a low level [108][111][112]. Energy and Chemicals - **Crude Oil**: The market is trading on Trump's TACO. The price is expected to oscillate at a high level. It is recommended to wait and see [114][115]. - **Asphalt**: Affected by geopolitical conflicts, the cost fluctuates greatly. It is recommended to take profit on long positions of BU2606 and pay attention to geopolitical risks [117][118][119]. - **Fuel Oil**: The geopolitical risk fluctuates greatly. It is recommended to take profit on long positions of FU2605 and pay attention to short - term geopolitical fluctuations [120][121][122]. - **LPG**: It follows the oil price. It is expected to be oscillating weakly [123][124]. - **Natural Gas**: The geopolitical risk is repeated, and the price fluctuates violently. It is recommended to wait and see [125][126][127]. - **PX & PTA**: The PX maintenance season is coming, and some plants are reducing production preventively. The aromatics sector is expected to be driven upwards. It is recommended to be long while preventing the risk of a decline [129][130][131]. - **BZ & EB**: The refineries' preventive production cuts affect the supply of aromatic products. The aromatics sector is expected to be driven upwards. It is recommended to be long while preventing the risk of a decline [132][133]. - **Ethylene Glycol**: The Iranian plant has stopped production, and the Middle East import supply is affected. The supply - demand structure is expected to improve, and it is recommended to be long in a wide - range oscillation [134][135][136]. - **Short - Fiber**: It follows the cost and strengthens. It is recommended to be long while preventing the risk of a decline and consider shorting the processing fee at high levels [138][140]. - **Bottle Chips**: The factory load is gradually recovering. It is recommended to be long while preventing the risk of a decline [141]. - **Propylene**: The main raw material price has risen, and the supply - demand side is supported. It is recommended to pay attention to the Middle East situation and be long while preventing the risk of a decline [143][144]. - **Plastic PP**: The global PP weekly operating rate has declined. It is recommended to hold long positions in L and PP and short the spread between L2605 and PP2605 [145][146]. - **Caustic Soda**: The price fluctuates greatly. It is expected to be oscillating and strong in the short - term [149][150]. - **PVC**: It oscillates mainly. It is recommended to go long at low levels and not chase the high price [151][152]. - **Soda Ash**: The price fluctuates greatly. It is expected to be oscillating at a high level in the short - term [153][155]. - **Glass**: The price fluctuates greatly. It is recommended to short at high levels [156][157]. - **Methanol**: It oscillates in a wide range. It is recommended to hold positions cautiously [159][160]. - **Urea**: It follows the upward trend. It is recommended to hold positions cautiously and consider selling put options on the correction [161][162]. - **Pulp**: Pay attention to the impact of crude oil on the pulp transportation cost. It is recommended to operate cautiously within the range [164][168]. - **Logs**: The spot price is strong, and it is recommended to go long at low levels [169][171]. - **Offset Printing Paper**: High inventory suppresses the paper price. It is recommended to go short at high levels [172][173]. - **Natural Rubber and No. 20 Rubber**: The electricity consumption in the Thai rubber industry has decreased marginally. It is recommended to wait and see [175][176][177]. - **Butadiene Rubber**: The butadiene port inventory has increased. It is recommended to hold long positions in the BR 05 contract and short the spread between BR2605 and RU2605 [179][180].

Group 1 - WTI crude oil futures increased by 1.47% [1] - US natural gas futures rose by 1.34% [1]

Core Viewpoint - NYMEX January natural gas futures experienced a decline of approximately 2.79%, closing at $4.1130 per million British thermal units, with a cumulative drop exceeding 22.23% for the week [1] Group 1: Natural Gas Market - The NYMEX January natural gas futures closed at $4.1130 per million British thermal units [1] - The weekly decline for natural gas futures was over 22.23% [1] Group 2: Other Energy Commodities - NYMEX January gasoline futures settled at $1.7521 per gallon [1] - NYMEX January heating oil futures closed at $2.1980 per gallon [1]

Group 1 - On November 26, multiple energy futures prices experienced declines, with WTI January crude oil futures falling by $0.89, a decrease of over 1.51%, closing at $57.95 per barrel [1][2] - Brent January crude oil futures also dropped by $0.89, down more than 1.40%, ending at $62.48 per barrel [1][2] - Abu Dhabi Murban crude oil futures decreased by 1.80%, closing at $63.85 per barrel [1][2] Group 2 - NYMEX December natural gas futures fell approximately 2.75%, settling at $4.4240 per million British thermal units [1][2] - NYMEX December gasoline futures closed at $1.8572 per gallon [1][2] - NYMEX December heating oil futures ended at $2.3538 per gallon [1][2]

Group 1 - On November 12, various energy futures prices increased, with WTI December crude oil futures rising by $0.91, a 1.51% increase, closing at $61.04 per barrel [1][2] - Brent January crude oil futures also saw an increase, rising by $1.10, or 1.72%, to close at $65.16 per barrel [1][2] - Abu Dhabi Murban crude oil futures rose by 1.34%, closing at $67.27 per barrel [1][2] Group 2 - NYMEX December natural gas futures surged over 5.23%, closing at $4.5650 per million British thermal units [1][2] - NYMEX December gasoline futures closed at $2.0120 per gallon [1][2] - NYMEX December heating oil futures closed at $2.5757 per gallon [1][2]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report The report presents a comprehensive overview of the commodities market, including overnight and spot prices, important fundamental information on supply - demand, and details on capital flows and macro - economic data. It offers insights into the palm oil, soybean, and other related markets both internationally and domestically, as well as key economic indicators from the US and China [1][3][7]. 3. Summary by Relevant Catalogs 3.1 Overnight Market Quotes - The closing price of BMD Malaysian palm oil futures contract 01 was 4122.00, with a previous - day decline of 0.84% and an overnight increase of 0.32% [1]. - Brent crude oil contract 01 on ICE closed at 63.55, down 1.24% from the previous day and 0.86% overnight [1]. - NYMEX WTI crude oil contract 12 closed at 59.64, down 1.31% from the previous day and 0.83% overnight [1]. - CBOT soybean contract 01 closed at 1134.50, up 1.27% from the previous day and 0.58% overnight [1]. - The US dollar index was at 100.17, down 0.04% [1]. 3.2 Spot Market Quotes - For DCE palm oil 2601, the spot price in North China was 8740, with a basis of 100 and no change from the previous day [3]. - For DCE soybean oil 2601, the spot price in Shandong was 8350, with a basis of 204 and a decrease of 18 from the previous day [3]. - For DCE soybean meal 2601, the spot price in Shandong was 3030, with a basis of - 10 and an increase of 21 from the previous day [3]. 3.3 Important Fundamental Information 3.3.1 Production Areas Weather - In central Brazil, showers will be active until next week, which is beneficial for crops. In South Rio Grande do Sul/Paraná, there will be regional showers until Thursday, scattered showers on Friday, and regional showers on Saturday. Temperatures will be near to above normal from Wednesday to Thursday and near to below normal from Friday to Saturday [5]. 3.3.2 International Supply - Demand - MPOA estimates that Malaysia's palm oil production from October 1 - 31 increased by 12.31% to 2.07 million tons, reaching an eight - year high [7]. - India's palm oil imports in October dropped to a five - year low of 750,000 tons due to increased domestic inventory, weak food industry demand, and a narrowing price gap with other oilseeds [8]. - Analysts expect that as of the week ending October 30, US 2025/26 soybean export sales will net increase by 400,000 - 2 million tons, soybean meal by 50,000 - 450,000 tons, and soybean oil by 5,000 - 25,000 tons [9]. 3.3.3 Domestic Supply - Demand - On November 5, the total trading volume of soybean oil and palm oil was 12,300 tons, a decrease of 10,900 tons or 47% compared to the previous trading day [13]. - On November 5, the total trading volume of soybean meal at major domestic oil mills was 132,100 tons, an increase of 62,000 tons compared to the previous day [13]. 3.3.4 International Macroeconomic Data - The probability of the Fed cutting interest rates by 25 basis points in December is 62.5%, and the probability of keeping rates unchanged is 37.5% [14]. - The US ADP employment in October was 42,000, higher than the expected 28,000 [14]. 3.3.5 Domestic Macroeconomic News - On November 5, the US dollar/Chinese yuan exchange rate was 7.0901, up 16 points (yuan depreciation) [16]. - On November 5, the People's Bank of China conducted 65.5 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 492.2 billion yuan due to 557.7 billion yuan of 7 - day reverse repurchase maturities [16]. 3.4 Capital Flows - On November 5, 2025, the futures market had a net capital inflow of 4.605 billion yuan. Commodity futures had a net inflow of 132 million yuan, including 1.087 billion yuan for agricultural product futures, 937 million yuan for chemical futures, and 773 million yuan for black - series futures, while metal futures had a net outflow of 2.664 billion yuan. Stock index futures had a net inflow of 4.278 billion yuan, and treasury bond futures had a net outflow of 30 million yuan [20]. 3.5 Arbitrage Tracking No specific information provided in the given content.

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints The report presents a comprehensive overview of the agricultural and energy futures markets, including overnight and spot prices, important fundamental information, macro - economic news, and capital flow data. It also provides forecasts on the supply and demand of key agricultural products such as palm oil and soybeans. 3) Summary by Relevant Catalogs Overnight行情 - Overnight closing prices, previous day's and overnight percentage changes are given for various futures including palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil. For example, the closing price of BMD palm oil 01 is 4139.00 with a previous day's increase of 0.70% and an overnight decrease of 0.12% [1]. - Latest prices and percentage changes are provided for multiple currencies such as the US dollar index, Chinese yuan, Malaysian ringgit, etc. For instance, the US dollar index is at 100.20 with a 0.34% increase [1]. 现货行情 - Spot prices, basis, and basis changes for DCE palm oil 2601, DCE豆油 2601, and DCE豆粕 2601 in different regions are presented. For example, the spot price of DCE palm oil 2601 in North China is 8720 with a basis of 100 and no change in basis [3]. - CNF升贴水 and CNF报价 for imported soybeans from different regions are shown. The CNF升贴水 for Brazilian soybeans is 235 cents per bushel and the CNF报价 is 503 dollars per ton [5]. 重要基本面信息 - **产区天气**: Rainy weather has returned to central Brazil, which is beneficial for soybean crops. Different states in Brazil have different weather conditions and temperature trends [6]. - **国际供需** - MPOB月报前瞻: Malaysian palm oil inventory is expected to rise 3.5% to 2440000 tons in October, with production reaching 1940000 tons (up 5.6% from the previous month) and exports increasing 3.8% to 1480000 tons [8]. - StoneX: Reduced the US 2025 soybean yield forecast from 53.9 to 53.6 bushels per acre, and the production forecast to 4.303 billion bushels [8]. - S&P Global Commodity Insights: Predicted the 2025 US soybean average yield at 53.0 bushels per acre and production at 4.260 billion bushels [8]. - StoneX: Kept the forecasts for Brazil's 2025/26 soybean and summer corn harvests largely unchanged, with a 0.1% increase in the 2025/26 soybean production forecast [9]. - Imea: The soybean crushing profit in Mato Grosso state from October 27 - 31 was 502.44 Brazilian reals per ton [9]. - Deral: The soybean planting area in Parana state reached 79% of the expected area, with 93% of the evaluated area having good growth [9]. - EU: As of November 2, the 2025/26 palm oil, soybean, soybean meal, and rapeseed imports were 960000 tons, 3.81 million tons, 6.11 million tons, and 1.26 million tons respectively, all lower than the previous year [10][11]. - Kazakhstan: Exports of livestock feed meal in September 2025 reached a record high of 305000 tons, 2.5 times the previous year [11]. - Baltic Dry Index: Rose 13 points or 0.7% to 1958 points due to increased demand for Capesize vessels [11]. - **国内供需** - On November 4, soybean oil and palm oil total sales were 23200 tons, a 121% increase from the previous day [13]. - On November 4, the total soybean meal sales of major domestic oil mills were 70100 tons, a decrease of 34200 tons from the previous day. The national oil mill operating rate was 51.51%, a 2.37% decrease [13]. - As of November 4, the national soybean oil port inventory was 1199000 tons, a decrease of 35000 tons from October 28 [13]. - The average prices of piglets, live pigs, and pork in China changed compared to the previous week and the same period last year [13]. - On November 4, the "Agricultural Product Wholesale Price 200 Index" decreased by 0.13 points, and the "Vegetable Basket" product wholesale price index decreased by 0.16 points [14]. 宏观要闻 - **国际要闻** - The probability of the Fed cutting interest rates by 25 basis points in December is 70.1%, and the probability of keeping rates unchanged is 29.9% [17]. - The US Red Book commercial retail sales annual rate increased 5.7% in the week ending November 1 [17]. - The US Senate failed to pass the federal government's temporary appropriation bill on November 4, and the government "shutdown" is set to become the longest in history [18]. - The US API crude oil inventory in the week ending October 31 was 6.521 million barrels [18]. - The Reserve Bank of Australia kept the benchmark interest rate at 3.60% and is cautious about further easing [18]. - **国内要闻** - On November 4, the US dollar/Chinese yuan exchange rate was 7.0885, up 18 points [20]. - On November 4, the People's Bank of China conducted 117.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 357.8 billion yuan [20]. - On November 5, the People's Bank of China will conduct 700 billion yuan of 3 - month (91 - day) outright reverse repurchase operations [20]. 资金流向 On November 4, 2025, the futures market had a net capital outflow of 15.329 billion yuan, including a net outflow of 9.065 billion yuan in commodity futures and 6.369 billion yuan in stock index futures, and a net inflow of 0.01 billion yuan in treasury bond futures [23]. 套利跟踪 No specific content is provided in the given report.

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking [1][3][6][18][23][26] 3. Summary by Relevant Catalogs Overnight Market - The closing prices and percentage changes of various futures contracts such as palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil are presented, along with the latest prices and percentage changes of currency indices [1] Spot Market - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are provided [3] Important Fundamental Information 产区天气 - The future weather outlook for US soybean - producing states from November 5th to 9th shows that temperatures will be above normal and precipitation will be near or below the median [6] - In the US Midwest, sporadic showers may disrupt early - November harvesting or other field operations, with variable weather and limited precipitation [8] - In central Brazil, showers have restarted, and more extensive rainfall is expected this week, which may affect soybean crop germination and early growth [9] 进出口及产量数据 - AmSpec reported that Malaysia's palm oil exports in October increased by 4.31% month - on - month, while ITS reported a 5.19% increase [10] - Indonesia set the reference price for crude palm oil in November slightly higher than in October, with export taxes remaining unchanged [10] - The USDA may release several major agricultural reports in November, and analysts expect US soybean crushing volume in September to reach a record high [10][11] - The amount of soybean oil used to produce biofuels in the US in August decreased compared to July [11] - The soybean planting progress in Mato Grosso state is 76.13%, slightly lower than the historical average [12] - The rapeseed harvesting progress in Canada is high, and the export volume increased in the week ending October 26th, but decreased compared to the same period last year [12] - India's soybean meal exports in the 2024/25 fiscal year decreased by 11% [13] - The Baltic Dry Index declined, with different types of ships showing varying price trends [14] 国内供需 - On October 31st, the total trading volume of soybean oil and palm oil increased by 26% compared to the previous trading day [16] - The trading volume of soybean meal in major domestic oil mills increased, and the overall oil mill operating rate decreased [16] - The actual soybean crushing volume of oil mills in the 44th week was lower than expected [16] - The pig - raising profit improved, and the "Agricultural Product Wholesale Price 200 Index" and "Vegetable Basket Product Wholesale Price Index" increased on October 31st [16][17] Macro News International News - A Fed official believes that the Fed should not cut interest rates this week or in December [19] - Analysts' forecasts for oil prices remain largely unchanged, and OPEC+ may slightly increase its oil production target or pause production increases [19][20] Domestic News - On October 31st, the US dollar/Chinese yuan exchange rate was adjusted upwards, and the central bank achieved a net investment through reverse repurchase operations [22] - The Dalian Commodity Exchange will list option contracts for soybean meal and corn futures [22] Fund Flows - On October 31st, 2025, the futures market had a net capital outflow of 9.226 billion yuan, with commodity futures having a net outflow of 2.724 billion yuan and stock index futures having a net outflow of 6.722 billion yuan, while treasury bond futures had a net inflow of 140 million yuan [25] Arbitrage Tracking - No relevant information provided