隔夜，布伦特1月原油期货收涨0.21美元，涨幅超过0.33%，报63.34美元/桶。 （责任编辑：张海蛟） 中国经济网北京11月28日讯 今日，上海国际能源交易中心日间盘原油期货主力合约震荡收高，成交下 降，持仓减少。主力2601合约收报453.9元，涨1.98%或8.8元;成交量为65822手;持仓为33652手，日盘持 仓减少2359手。 ...

人民财讯11月28日电，国内期货市场收盘，集运欧线涨超6%，液化气、沪银涨超3%，丙烯涨超2%，原 油、棕榈油、燃料油、沪锡、国际铜、橡胶涨超1%。钯跌超2%，焦炭跌近2%。 （原标题：国内期货市场收盘 集运欧线涨超6%） ...

11月28日（周五）上午，芝商所官网发布多份通知表示，因CYRUSONE数据中心出现冷却问题， CME的商品期货和期权交易在暂停交易。 编辑 ｜瑜见 目前，包括原油、棕榈油、黄金等在内的诸多期货合约受到影响。在国内多个期货交易软件界面上，上 述多个合约的最后更新交易时间为北京时间上午10时48分。截至记者发稿，并没有得到更新和解决。 CyrusOne是一家总部位于美国得克萨斯州达拉斯的知名数据中心提供商，其在全球范围内拥有35个数 据中心。除了在美国的数据中心外，CyrusOne还在英国、德国、新加坡和荷兰等国家和地区设有数据 中心。 来源｜券商中国 芝商所官方网站，在北美中部时间20:40分（北京时间10时40分）开始陆续发出多份通知，指出芝商 所Globex期货与期权市场、EBS市场、BMD棕榈油期货等大宗商品衍生品等交易暂停，理由是"技术 原因"，预计该问题将在短期内得到解决。 芝商所 驻新加坡发言人在一封电子邮件声明中表示："由于CyrusOne数据中心的冷却系统出现问题， 我们的市场目前暂停交易。支持团队正在努力尽快解决问题，并将尽快向客户公布开盘前交易详情。" ...

资讯早间报 发布日期： 2025/11/28 隔夜夜盘市场走势 1. 国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.3%报4189.6美元/盎司， COMEX 白银期货涨 0.41%报 53.825 美元/盎司。受美联储降息预期持续升温、美 元走弱及工业需求分化驱动。 2. 美油主力合约涨 0.77%，报 59.10 美元/桶。布伦特原油主力合约涨 0.61%， 报 62.92 美元/桶。国际油价承压之际，欧佩克+或将确认 2026 年初暂停增产。 3. 伦敦基本金属多数下跌，LME 期铝跌 1.13%报 2831.50 美元/吨，LME 期锌跌 1.08%报 3022.00 美元/吨，LME 期锡跌 0.43%报 37925.00 美元/吨，LME 期铜跌 0.21%报 10930.00 美元/吨，LME 期镍跌 0.03%报 14840.00 美元/吨，LME 期铅涨 0.51%报 1983.50 美元/吨。 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on November 28, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][5][20][26][36][46] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis data for different contract spreads (May - January, September - January, September - May) from November 21 to November 27, 2025, are presented. For example, on November 27, the basis of May - January was 16 yuan/ton, and the basis of September - January was 6 yuan/ton [2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of energy commodities such as fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 21 to November 27, 2025, are provided. For example, on November 27, the basis of fuel oil was - 10.13 yuan/ton, and the ratio of INE crude oil to asphalt was 0.1475 [7] 3.2.2 Chemical Commodities - **Inter - period spreads**: The inter - period spreads (May - January, September - January, September - May) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the May - January inter - period spread of LLDPE was 56 yuan/ton [9] - **Inter - variety spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 21 to November 27, 2025, are presented. For example, on November 27, the LLDPE - PVC spread was 2214 yuan/ton [9] 3.3 Black Metals - **Inter - period spreads**: The inter - period spreads (May - January, September(10) - January, September(10) - May) of rebar, iron ore, coke, and coking coal are provided. For example, the May - January inter - period spread of rebar was 16 yuan/ton [19] - **Inter - variety spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 21 to November 27, 2025, are presented. For example, on November 27, the rebar/iron ore ratio was 3.88 [19] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 21 to November 27, 2025, are given. For example, on November 27, the basis of rebar was 127.0 yuan/ton [20] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 21 to November 27, 2025, are presented. For example, on November 27, the basis of copper was 30 yuan/ton [29] 3.4.2 London Market - On November 27, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are provided. For example, the LME spread of copper was 16.56, and the Shanghai - London ratio was 7.95 [32] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 21 to November 27, 2025, are given. For example, on November 27, the basis of soybeans No.1 was - 86 yuan/ton [36] - **Inter - period spreads**: The inter - period spreads (May - January, September - January, September - May) of various agricultural products are presented. For example, the May - January inter - period spread of soybeans No.1 was 51 yuan/ton [36] - **Inter - variety spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on November 27, 2025, are provided. For example, the ratio of soybeans No.1 to corn was 1.83 [36] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 21 to November 27, 2025, are presented. For example, on November 27, the basis of CSI 300 was 22.80 [47] - **Inter - period spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next month - current month spread of CSI 300 was - 152 [47]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

Report Summary 1) Report Industry Investment Rating - The investment rating for the energy and chemical (bottle chips) sector is "oscillation" [1] 2) Core View of the Report - The short - term price of bottle chips will fluctuate with raw materials, and the reference range for the main contract is 5600 - 5780 yuan/ton. A bullish trading strategy is recommended [1] 3) Summary by Relevant Catalogs Market Review - On Thursday night, the main price of bottle chips dropped by 20 yuan to 5640 yuan/ton. The price of East China water - grade bottle chips fell by 30 yuan to 5700 yuan/ton, and that in South China dropped by 30 yuan to 5740 yuan/ton. Long - position holdings decreased by 679 lots to 5.13 million lots, and short - position holdings decreased by 1850 lots to 4.79 million lots [1] Important Information - Supply and cost - profit: Domestic polyester bottle chip production was 33.22 million tons, a week - on - week increase of 0.08 million tons. The weekly average capacity utilization rate was 72.7%, a week - on - week increase of 0.1%. The production cost was 5295 yuan/ton, a week - on - week increase of 23 yuan/ton. The weekly production gross profit was - 154 yuan/ton, a week - on - week decrease of 25 yuan/ton [1] - In October 2025, China's polyester bottle chip exports were 52.31 million tons, an increase of 5.53 million tons from the previous month. The cumulative export volume in 2025 was 533.21 million tons [1] - Concerns about geopolitical instability and Western holiday - induced trading slump led to a slight increase in international oil prices. NYMEX crude futures were closed for the Western Thanksgiving holiday, and ICE Brent crude futures 01 contract rose 0.21 dollars/barrel to 63.34 dollars/barrel, a week - on - week increase of 0.33%. China INE crude futures 2601 contract rose 2.3 yuan to 445.1 yuan/ton and 6.5 yuan to 451.6 yuan/ton at night [1] - The end of the US government shutdown, hawkish remarks from Fed officials, and uncertainties about the December FOMC meeting suppressed the temporarily improved market sentiment [1] Market Logic - Last week, the supply of bottle chips changed little, and downstream factories mainly replenished inventory for rigid demand. The expected commissioning of new plants had little impact on the market. Cost support was average, and downstream demand remained for just - in - time replenishment. The increase in bottle chip exports in October and the relaxation of Indian policies were beneficial to polyester products, but had limited impact on bottle chips [1] Trading Strategy - A bullish trading strategy is recommended [1]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum needs strengthening, and it is expected that the monetary policy will remain loose. Treasury bond futures are under pressure and should be treated with caution [6]. - The domestic economy is stable, but the recovery momentum is weak. However, due to low asset valuations, economic resilience, and improved market sentiment, the volatility center of stock index futures is expected to gradually rise, and investors can choose the right time to go long [9]. - Given the complex global trade and financial environment, the trend of "de - globalization" and "de - dollarization", and the slowdown of the US labor market, precious metals are favored. But considering the large recent increase, it is advisable to wait and see for long - entry opportunities [11]. - For steel products like rebar and hot - rolled coil, due to weak demand in the real estate industry and high inventory, their prices are expected to remain weak in the medium - term. Investors can focus on short - selling opportunities at high levels [13]. - The supply - demand pattern of iron ore is weak, and its futures may face resistance in rebound. Investors can look for short - selling opportunities at high levels [15]. - Coke and coking coal futures may stop falling and stabilize. Investors can pay attention to long - entry opportunities at low levels [18]. - The overall surplus pressure of ferroalloys is weakening. After a decline, investors can consider long - entry opportunities when the spot loss expands [21]. - For crude oil, although the number of rigs has increased, the increase in US crude oil production is still a long - term task. The 28 - point new plan brings new changes to the Russia - Ukraine conflict. Investors can focus on long - entry opportunities for the main contract [23]. - For fuel oil, although there are some negative factors, investors can still focus on long - entry opportunities for the main contract [27]. - For polyolefins, considering the current situation of the downstream industry, investors can focus on short - selling opportunities [29]. - Synthetic rubber is expected to fluctuate. Pay attention to the raw material market and supply changes [32]. - Natural rubber may show range - bound fluctuations in the short - term. Investors can focus on long - entry opportunities [33]. - For PVC, the oversupply situation continues, but the downward space is limited. Pay attention to the supply - side changes [35]. - Urea prices are expected to decline slightly in the next period, but the downward space is limited [38]. - PX may fluctuate and adjust in the short - term. Pay attention to controlling positions, be vigilant about crude oil changes, and follow macro - policy changes [40]. - PTA may fluctuate in the short - term. Be cautious, control risks, and pay attention to oil price changes [41]. - Ethylene glycol may be under pressure in the short - term. Focus on port inventory and supply changes [42]. - Short - fiber may fluctuate with costs in the short - term. Control risks and pay attention to cost changes and macro - policy adjustments [44]. - Bottle chips are expected to fluctuate with the cost side. Control risks [45]. - For lithium carbonate, pay attention to consumption sustainability and the resumption progress of mines [46]. - Copper prices are expected to fluctuate at high levels [48]. - Aluminum prices may experience a phased correction [50]. - Zinc prices are expected to fluctuate within a range [52]. - Lead prices may show wide - range fluctuations [54]. - Tin prices are expected to rise due to tight supply and certain demand resilience [55]. - Nickel prices may fluctuate. The cost of nickel ore has support, but the consumption is weak [56]. - For soybean oil and soybean meal, investors can focus on long - entry opportunities in the low - cost support range [58]. - Palm oil may be considered for long - entry on pullbacks [60]. - For rapeseed meal and rapeseed oil, a long - biased strategy can be considered for rapeseed oil [63]. - Cotton prices are expected to be weak [67]. - Sugar prices are under pressure and may fluctuate [71]. - Apple prices are expected to be strong [73]. - For live pigs, after partially closing out short positions, the remaining short positions can be temporarily held. Pay attention to the marginal changes in consumption caused by subsequent cooling [76]. - For eggs, it is advisable to wait and see for the time being [78]. - For corn and starch, it is advisable to wait and see. Corn starch may follow the corn market [81]. 3. Summaries by Relevant Catalogs 3.1 Treasury Bonds - On the previous trading day, most treasury bond futures closed down. The central bank conducted 3564 billion yuan of 7 - day reverse repurchase operations, with a net investment of 564 billion yuan. The profit of industrial enterprises in October decreased year - on - year, while the cumulative profit from January to October increased year - on - year [5]. - The macro - economic recovery momentum needs strengthening, and the monetary policy is expected to remain loose. Treasury bond yields are at a relatively low level, and the market risk preference has increased. Treasury bond futures are under pressure [6]. 3.2 Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The National Development and Reform Commission arranged special treasury bonds for "two - major" construction projects in the past two years [8]. - The domestic economy is stable, but the recovery momentum is weak, and corporate profit growth is low. However, domestic asset valuations are low, and the economy has resilience. The market sentiment has improved, and the volatility center of stock index futures is expected to rise [9]. 3.3 Precious Metals - On the previous trading day, gold and silver futures both rose. The eurozone's economic and service industry sentiment indexes improved in November [11]. - The complex global environment and the slowdown of the US labor market are favorable for precious metals. But due to the large recent increase, it is better to wait and see [11]. 3.4 Rebar and Hot - Rolled Coil - On the previous trading day, rebar and hot - rolled coil futures fluctuated weakly. The spot prices of related products are given. In the medium - term, the demand for rebar is weak, and the supply is high, with high inventory. The price of hot - rolled coil is expected to follow a similar trend [13]. 3.5 Iron Ore - On the previous trading day, iron ore futures fluctuated. The spot prices of different types of iron ore are provided. Since October, the daily output of hot metal has declined, the import volume has increased year - on - year, and the port inventory has risen [15]. 3.6 Coke and Coking Coal - On the previous trading day, coke and coking coal futures fluctuated. The supply of coking coal is increasing, and the demand from downstream coke enterprises is weakening. The supply of coke is stable, but the demand from steel mills may decline [18]. 3.7 Ferroalloys - On the previous trading day, manganese - silicon and silicon - iron futures both fell. The supply of manganese ore has increased, and the cost of ferroalloys is rising. The output of ferroalloys is declining, and the overall surplus is easing [20]. 3.8 Crude Oil - On the previous trading day, INE crude oil opened and closed higher. The CFTC data shows that speculators reduced their net short positions in US crude oil futures and options. The number of US oil and gas rigs has increased for three consecutive weeks. The 28 - point new plan brings new changes to the Russia - Ukraine conflict [22]. 3.9 Fuel Oil - On the previous trading day, fuel oil fluctuated upward. The delivery time of ultra - low - sulfur fuel oil in Singapore is inconsistent. The inventory in Singapore has increased in November. There are some negative factors for fuel oil prices, but investors can still focus on long - entry opportunities [25]. 3.10 Polyolefins - On the previous trading day, the offer price of PP in Hangzhou moved down, and the price of LLDPE in Yuyao partially decreased. The average operating rate of the domestic polypropylene downstream industry has increased slightly, but the order performance in some traditional fields is weak [28]. 3.11 Synthetic Rubber - On the previous trading day, synthetic rubber futures rose. The price of butadiene is under pressure, the supply is relatively loose, and the demand from tire enterprises is weak. The social inventory has increased slightly [30]. 3.12 Natural Rubber - On the previous trading day, natural rubber futures rose. The supply is affected by weather, and the demand from some enterprises is weak. The inventory has increased slightly [33]. 3.13 PVC - On the previous trading day, PVC futures rose. The supply is increasing, the demand of downstream industries varies, and the cost and profit situation is complex. The social inventory has increased [35]. 3.14 Urea - On the previous trading day, urea futures rose. The supply has increased, the demand of downstream products varies, and the industry profit has increased slightly. The inventory is lower than expected [38]. 3.15 PX - On the previous trading day, PX futures fell. The PXN spread is relatively strong, the supply is slightly reduced, and the cost is affected by crude oil. It may fluctuate and adjust in the short - term [40]. 3.16 PTA - On the previous trading day, PTA futures fell. The supply has decreased, the demand of polyester is stable, and the processing fee has declined. It may fluctuate in the short - term [41]. 3.17 Ethylene Glycol - On the previous trading day, ethylene glycol futures fell. The supply has decreased slightly, the inventory accumulation has slowed down, and the demand support is limited. It may be under pressure in the short - term [42]. 3.18 Short - Fiber - On the previous trading day, short - fiber futures fell. The supply is at a relatively high level, the demand is stable, and the processing fee is adjusted. It may fluctuate with costs in the short - term [44]. 3.19 Bottle Chips - On the previous trading day, bottle - chip futures fell. The processing fee is adjusted, the supply load has decreased, the export has increased slightly, and it may follow the cost side to fluctuate [45]. 3.20 Lithium Carbonate - On the previous trading day, lithium carbonate futures fell. The supply is at a high level, the consumption in the energy - storage and power - battery sectors has improved, and the inventory has decreased [46]. 3.21 Copper - On the previous trading day, copper futures fell slightly. The economic data strengthens the market's expectation of an interest - rate cut in December, which is beneficial to copper prices. But the supply of copper concentrate is tight, and the demand is weak [47]. 3.22 Aluminum - On the previous trading day, aluminum futures fell, while alumina futures rose. The supply of bauxite is sufficient, the supply of alumina is in surplus, and the demand for electrolytic aluminum is seasonally weak. Aluminum prices may experience a phased correction [49]. 3.23 Zinc - On the previous trading day, zinc futures rose. The processing fee of zinc concentrate has declined, the demand is weak in the off - season, and the raw - material shortage provides support for zinc prices [51]. 3.24 Lead - On the previous trading day, lead futures rose. The supply of lead concentrate is tight, the production of recycled lead is growing slowly, and the demand varies in different sectors. The inventory has increased [53]. 3.25 Tin - On the previous trading day, tin futures fell. The supply of tin ore is tight, the demand shows certain resilience, and the inventory is decreasing. Tin prices are expected to rise [55]. 3.26 Nickel - On the previous trading day, nickel futures rose. The price of nickel ore is stable, the production of downstream nickel - iron plants is affected, and the consumption of stainless steel is weak. Nickel prices may fluctuate [56]. 3.27 Soybean Oil and Soybean Meal - On the previous trading day, soybean oil and soybean meal futures rose. The planting progress of Brazilian soybeans is slightly slower, the US soybean harvest is almost completed, and the demand is expected to improve. The inventory of oil and meal is high, but the demand is growing [57]. 3.28 Palm Oil - Malaysian palm oil rose for the second consecutive day due to production concerns. The export of Indonesian palm oil decreased in September, and the export of Malaysian palm oil from November 1 - 25 decreased compared with the previous month. The domestic inventory is at a medium level [59]. 3.29 Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed market was closed for Thanksgiving. The import of rapeseed oil and rapeseed meal in China in October showed different trends. The inventory of rapeseed, rapeseed meal, and rapeseed oil is at different levels [61]. 3.30 Cotton - On the previous trading day, domestic cotton futures rebounded. The USDA report increased the global and US cotton production and inventory forecasts. The domestic cotton production is high, and the demand is weak after the peak season [64]. 3.31 Sugar - On the previous trading day, sugar futures rebounded slightly. The number of sugar mills in Guangxi that have started crushing is less than last year, while the national new - sugar production has increased. The export of Brazilian sugar has increased, and the domestic import is expected to be high in the next two months [68]. 3.32 Apples - On the previous trading day, apple futures rose significantly due to favorable inventory data. The current inventory is at a low level in recent years, and the new - season apple production and quality have declined [72]. 3.33 Live Pigs - The national average price of live pigs decreased slightly. The supply pressure still exists, and the consumption change caused by subsequent cooling needs to be continuously monitored. Part of the short positions can be closed, and the remaining can be held temporarily [74]. 3.34 Eggs - On the previous trading day, the price of eggs in the main production areas rose, while that in the main sales areas remained unchanged. The egg - laying hen inventory is at a high level, and the supply has recovered. The consumption may be supported by cooling, and it is advisable to wait and see [77]. 3.35 Corn and Starch - On the previous trading day, corn futures closed flat, and corn - starch futures rose. The transportation of corn in the Northeast is affected, and the arrival volume at the northern port is low. The demand for corn is growing slightly, and corn - starch may follow the corn market [79].

Report Industry Investment Rating - Not provided in the document Core Views - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention [2]. - For methanol, with the potential bullish factors from Iranian plant shutdowns materializing, the market has stopped falling and stabilized. However, high supply will limit further upside, and the market is expected to turn to a sideways adjustment after the bullish factors are exhausted [3]. - For urea, the price is expected to gradually emerge from the bottom range. With supply remaining high and demand improving, the downside is limited, and it's recommended to consider buying on dips at low prices [5][7]. - For rubber, a bullish short - term trading approach is suggested, and partial positions can be established for the hedging strategy of buying RU2601 and selling RU2609 [8]. - For PVC, the domestic supply - demand situation is weak. Although the valuation has declined to a low level, it's still difficult to support the current supply - demand imbalance. Medium - term short - selling opportunities are worth attention [11]. - For pure benzene and styrene, the supply of styrene is under pressure, but the BZN spread has room for upward repair. The port inventory of styrene is high, and the price may stop falling periodically [15]. - For polyethylene, the PE valuation has limited downside, but high - level warehouse receipts suppress the market. With the arrival of the off - season, the long - term contradiction has shifted, and it's advisable to short the LL1 - 5 spread at high prices [18]. - For polypropylene, in a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation on the cost side changes in the first quarter of next year [20]. - For PX, it is expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [22]. - For PTA, with the stabilization and repair of processing fees, unexpected maintenance is expected to decrease. The load may remain high in the short term, but there is a risk of PXN valuation correction [24]. - For ethylene glycol, the supply - demand outlook is weak. The inventory build - up may slow down in the short term, but it's recommended to short on rallies in the medium term [27]. Summaries by Related Catalogs Crude Oil - **Market Quotes**: INE's main crude oil futures rose 4.80 yuan/barrel, or 1.08%, to 447.60 yuan/barrel. High - sulfur fuel oil rose 20.00 yuan/ton, or 0.82%, to 2471.00 yuan/ton, and low - sulfur fuel oil rose 30.00 yuan/ton, or 1.00%, to 3033.00 yuan/ton. The U.S. EIA weekly data showed that commercial crude oil inventories increased by 2.77 million barrels to 426.93 million barrels, a 0.65% increase [1][5][6]. - **Strategy**: A range - trading strategy of buying low and selling high is maintained, but short - term waiting and seeing is recommended [2]. Methanol - **Market Quotes**: The price in Taicang increased by 17, in Lunan by 15, and remained flat in Inner Mongolia. The 01 contract on the futures market rose 20 yuan to 2114 yuan/ton, with a basis of - 9. The 1 - 5 spread was + 13, at - 94 [2]. - **Strategy**: The market is expected to turn to a sideways adjustment after the bullish factors are exhausted, and waiting and seeing is recommended [3]. Urea - **Market Quotes**: The price in Shandong increased by 10, in Henan by 20, and remained stable in Hubei. The 01 contract on the futures market rose 14 yuan to 1668 yuan, with a basis of - 38. The 1 - 5 spread was + 5, at - 59 [5]. - **Strategy**: The price is expected to gradually emerge from the bottom range, and buying on dips at low prices is recommended [7]. Rubber - **Market Quotes**: Thailand is experiencing floods, and rubber prices have rebounded. The price of Thai standard mixed rubber is 14550 (+50) yuan, STR20 is reported at 1820 (0) dollars, and STR20 mixed is 1810 (0) dollars. The prices of butadiene in Jiangsu and Zhejiang and cis - polybutadiene in North China remained unchanged [7]. - **Strategy**: A bullish short - term trading approach is suggested, and partial positions can be established for the hedging strategy of buying RU2601 and selling RU2609 [8]. PVC - **Market Quotes**: The PVC01 contract rose 28 yuan to 4517 yuan. The spot price of Changzhou SG - 5 is 4450 (+10) yuan/ton, with a basis of - 67 (-18) yuan/ton. The 1 - 5 spread is - 281 (+12) yuan/ton. The cost side remained stable, the overall operating rate was 78.8%, a 0.3% increase, and downstream demand decreased [10]. - **Strategy**: The domestic supply - demand situation is weak, and medium - term short - selling opportunities are worth attention [11]. Pure Benzene and Styrene - **Market Quotes**: The spot price of pure benzene remained unchanged, and the futures price was also unchanged, with the basis widening. The spot price of styrene fell, and the futures price also declined, with the basis weakening. The BZN spread rose, and the non - integrated plant profit of styrene decreased. The supply side's operating rate declined, and the port inventory increased, while the demand side's overall operating rate rose [13][14]. - **Strategy**: The supply of styrene is under pressure, but the BZN spread has room for upward repair. The port inventory of styrene is high, and the price may stop falling periodically [15]. Polyethylene - **Market Quotes**: The main contract's closing price was 6699 yuan/ton, a decrease of 8 yuan/ton. The spot price remained unchanged, the basis strengthened, the upstream operating rate decreased slightly, and the inventory decreased. The downstream average operating rate increased slightly, and the LL1 - 5 spread narrowed [17]. - **Strategy**: The PE valuation has limited downside, but high - level warehouse receipts suppress the market. With the arrival of the off - season, the long - term contradiction has shifted, and it's advisable to short the LL1 - 5 spread at high prices [18]. Polypropylene - **Market Quotes**: The main contract's closing price was 6295 yuan/ton, an increase of 30 yuan/ton. The spot price remained unchanged, the basis weakened, the upstream operating rate increased, and the inventory decreased. The downstream average operating rate increased slightly, and the LL - PP spread narrowed [19]. - **Strategy**: In a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation on the cost side changes in the first quarter of next year [20]. PX - **Market Quotes**: The PX01 contract fell 56 yuan to 6718 yuan, and the PX CFR fell 3 dollars to 826 dollars. The basis increased, and the 1 - 3 spread decreased. The operating rate in China and Asia increased, some plants restarted, PTA's operating rate rose, and imports from South Korea to China increased. The inventory increased in September [21]. - **Strategy**: PX is expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [22]. PTA - **Market Quotes**: The PTA01 contract fell 56 yuan to 4632 yuan, and the East China spot price fell 25 yuan to 4610 yuan. The basis decreased, and the 1 - 5 spread decreased. The PTA operating rate increased, the downstream operating rate increased slightly, and the inventory decreased [23]. - **Strategy**: With the stabilization and repair of processing fees, unexpected maintenance is expected to decrease. The load may remain high in the short term, but there is a risk of PXN valuation correction [24]. Ethylene Glycol - **Market Quotes**: The EG01 contract fell 23 yuan to 3873 yuan, and the East China spot price fell 4 yuan to 3900 yuan. The basis decreased, and the 1 - 5 spread remained unchanged. The supply - side operating rate increased, the downstream operating rate increased slightly, and the port inventory remained flat [25]. - **Strategy**: The supply - demand outlook is weak. The inventory build - up may slow down in the short term, but it's recommended to short on rallies in the medium term [27].

Core Insights - The article highlights the growth and transformation of Haitong Futures over the past 20 years, emphasizing its role as a leading player in China's futures market and its commitment to serving the real economy [1][2][14] Group 1: Company Development - Haitong Futures was established in 2005 and has evolved from near bankruptcy to a top-tier futures company, marking a significant milestone in the Chinese futures market [1] - The company aims to become a "first-class domestic and internationally influential financial derivatives comprehensive service provider" [3] - As of October 2025, Haitong Futures has conducted over 200 "insurance + futures" and OTC options projects, covering 21 provinces and benefiting over 130,000 farmers [2] Group 2: Strategic Focus - Haitong Futures emphasizes compliance and risk management, having not experienced any major risk events in its 20 years of operation [2] - The company integrates ESG principles into its development strategy, focusing on social responsibility and sustainable growth [2] - The firm is committed to enhancing its service quality and efficiency through a customer-centric approach, utilizing technology to improve client interactions [5][6] Group 3: Business Collaboration - Haitong Futures actively collaborates with its parent company, Guotai Junan, to enhance service offerings and operational efficiency [3] - The company has established a comprehensive business system that combines spot and futures trading, both online and offline, to better serve its clients [7] Group 4: Innovation and Technology - The company has invested in digital transformation, launching AI applications and a unified account management platform to enhance customer experience [12] - Haitong Futures has developed a strong IT team that supports its digital initiatives and improves operational efficiency [12] Group 5: Research and Development - The research team at Haitong Futures provides tailored solutions and insights to clients, enhancing customer loyalty and engagement [13] - The firm has achieved recognition in the industry for its research capabilities, winning multiple awards for its research team [13] Group 6: Future Outlook - Haitong Futures is positioned to leverage new opportunities in the evolving futures market, driven by industry upgrades and regulatory changes [14] - The company aims to continue its growth trajectory by adhering to its core values of responsibility, innovation, and excellence [14]