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

Group 1 - WTI crude oil futures decreased by 0.72% as of 20:30 [1] - US natural gas futures increased by 5.75% [1]

Core Insights - WTI crude oil futures for November closed up by $0.82, a rise of 1.33%, settling at $62.55 per barrel [1] - Brent crude oil futures for December increased by $0.80, or 1.22%, ending at $66.25 per barrel [1] - Abu Dhabi Murban crude oil futures rose by $1.50, reaching $67.68 per barrel [1] - NYMEX natural gas futures for November fell over 4.17%, closing at $3.3330 per million British thermal units [1] - NYMEX gasoline futures for November settled at $1.9095 per gallon [1] - NYMEX heating oil futures for November closed at $2.2913 per gallon [1]

Group 1 - WTI crude oil futures increased by 2.24% as of 20:30 [1] - US natural gas futures rose by 0.31% [1]