Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On Tuesday (November 4), most domestic commodities declined, with industrial products mostly falling and agricultural products mostly weakening [1]. - The macro - positive expectations for black commodities have ended, and steel prices may face a correction risk as they return to the off - season fundamentals [1]. - Base metals are under pressure from the rebound of the US dollar index, and copper may enter a short - term adjustment. The price of lithium carbonate is volatile and affected by enterprise news [1]. - For energy and chemical products, although international oil prices only slightly rose, there may be short - term rebound momentum due to OPEC+'s decision to pause production increase in the first quarter of next year [1]. - In the case of oilseeds and oils, the price trends vary among different varieties, with some affected by macro news, supply - demand, and cost factors [1]. Group 3: Summary by Related Catalog Black Commodities - Macro利好预期结束，商品整体情绪降温，钢材需求持续性不明且幅度有限，螺纹热卷期货四连阴回吐上周涨幅 [1]. - 上周五大钢材品种库存环比降2.64%至1513.76万吨，但较去年同期增22.58%，产量环比增1.15%，表观需求环比增2.65%至916.4万吨创近半年高位 [1]. - 近期钢材供需结构转好，但宏观扰动结束，预计回归淡季基本面，价格有回调风险 [1]. Base Metals - 美联储官员表态分歧，缺乏关键数据指引，美元指数反弹压制金属市场 [1]. - 海外矿山中断，国内社库反弹，伦铜短期在1000美金上方压力大，随降息预期回落短期将调整 [1]. - 碳酸锂前期因需求上涨，近期复产预期提升，价格受消息影响波动大，需关注企业动态 [1]. Energy and Chemical Products - 欧美对俄石油制裁和地缘事件的风险溢价未能推动油价上行，国际油价仅微幅收涨，内盘原油系多数走弱 [1]. - 短期国际原油市场交易逻辑未变，利好是美国制裁政策和地缘局势不确定，利空是OPEC+增产立场及全球经济和需求欠佳 [1]. - OPEC+12月继续增产，但明年一季度暂停增产超市场预期，国际油价短期或有反弹动能 [1]. Oilseeds and Oils - 菜粕近月合约延续强势但上涨动能有限，部分远月合约回落；豆粕期货全线回落，观望美豆需求 [1]. - 棕榈油期货受马棕产量及库存增长预期打压维持弱势；豆油供强需弱但成本有支撑，维持震荡调整 [1]. - 菜油小幅收涨，短期国内菜油进入入库期，跟随油脂市场波动 [1]. Index Performance - The overall Guomao Commodity Index decreased by 0.91% from November 3rd to November 4th [1]. - The daily commodity index decreased by 1.03% [1]. - The Guomao Black Commodity Index decreased by 1.13% [1]. - The other commodity index increased by 0.27% [1].

Report Summary 1. Report Industry Investment Rating No information provided in the report about the industry investment rating. 2. Report Core View The report presents the basis data of various commodities as of October 31, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, aiming to show the price relationship between spot and futures of different commodities [2][3][4][5]. 3. Summary by Category Macro - IF: Spot price was 4641, down 69. Basis was 9, corresponding to the 2512 contract, with a basis deviation of 0.26 [2]. - IH: Spot price was 3012, down 35. Basis was - 4, corresponding to the 2512 contract, with a basis deviation of - 0.56 [2]. - IC: Spot price was 7331, down 55. Basis was 89, corresponding to the 2512 contract, with a basis deviation of 0.75 [2]. Black - For example, Shanghai's rebar spot price was 3230, unchanged. Basis was 124, corresponding to the 2601 contract, with a basis deviation of 0.48 [3]. - Tianjin Port's coke spot price was 1710, unchanged. Basis was - 67, corresponding to the 2601 contract, with a basis deviation of - 0.45 [3]. Energy - Chemical - Port methanol spot price was 2125, unchanged. Basis was - 55, corresponding to a third - party provided contract, with a basis deviation of - 0.88 [3]. - East China's PTA spot price was 4514, up 16. Basis was - 72, corresponding to a third - party provided contract, with a basis deviation of - 0.68 [3]. Non - Ferrous - Copper spot price was 87540, down 510. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of - 0.26 [4]. - Aluminum spot price was 21280, up 80. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of 0.27 [4]. Agricultural Products - Jiangsu's 43% soybean meal spot price was 2970, up 30. Basis was - 51, corresponding to the 2601 contract, with a basis deviation of - 0.21 [5]. - Jiangsu's first - grade soybean oil spot price was 8460, up 60. Basis was 332, corresponding to the 2601 contract, with a basis deviation of 0.25 [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View No explicit core view presented in the given content. The report mainly provides detailed data on the basis of various commodities. 3. Summary by Commodity Category Macro - On October 24, 2025, the spot price of IF was 4661 with a change of 55, the basis was 26 corresponding to the 2512 contract, and the basis deviation was 0.62 [2] - The spot price of IH was 3046 with a change of 19, the basis was -3 corresponding to the 2512 contract, and the basis deviation was -0.41 [2] - The spot price of IC was 7259 with a change of 116, the basis was 99 corresponding to the 2512 contract, and the basis deviation was 0.81 [2] Black - In Shanghai on October 24, 2025, the spot price of rebar was 3200 with a change of -20, the basis was 154 corresponding to the 2601 contract, and the basis deviation was 0.83 [3] - In Beijing, the spot price of rebar was 3190 with a change of 10, the basis was 144 corresponding to the 2601 contract, and the basis deviation was 0.12 [3] - In Shanghai, the spot price of hot - rolled coil was 3290 with no change, the basis was 40 corresponding to the 2601 contract, and the basis deviation was 0.63 [3] - In Shandong, the spot price of ore was 825 with a change of -6, the basis was 54, and the basis deviation was 0.46 [3] - At Tianjin Port, the spot price of coke was 1656 with no change, the basis was -102 corresponding to the 2601 contract, and the basis deviation was -0.64 [3] - For port warehouse receipts of coking coal, the spot price was 1617 with a change of 3, the basis was 369 corresponding to the 2601 contract, and the basis deviation was 0.80 [3] - At Qinhuangdao Port, the spot price of steam coal was 769 with a change of 2, the basis was -32 corresponding to the 2511 contract, and the basis deviation was -0.17 [3] - For low - price glass in Shahe, the spot price was 1104 with no change, the basis was 12 corresponding to the 2601 contract, and the basis deviation was 0.14 [3] - For low - price glass in Hubei, the spot price was 1070 with no change, the basis was -22 corresponding to the 2601 contract, and the basis deviation was 0.15 [3] - In Yinchuan, the spot price of ferrosilicon was 5600 with a change of 20, the basis was -62 corresponding to the 2601 contract, and the basis deviation was -0.58 [3] - In Inner Mongolia, the spot price of ferromanganese was 6050 with no change, the basis was 208 corresponding to the 2601 contract, and the basis deviation was 0.74 [3] Energy and Chemicals - For port methanol on October 24, 2025, the spot price was 2232 with no change, the basis was -40, and the basis deviation was -0.87 [3] - In Henan, the spot price of methanol was 2350 with no change, the basis was 78 corresponding to the 2601 contract, and the basis deviation was 0.40 [3] - In southern Shandong, the spot price of methanol was 2485 with no change, the basis was 213 corresponding to the 2601 contract, and the basis deviation was 0.55 [3] - In Hebei, the spot price of methanol was 2785 with no change, the basis was 513 corresponding to the 2601 contract, and the basis deviation was 0.97 [3] - In East China, the spot price of PTA was 4436 with a change of 13, the basis was -82, and the basis deviation was -0.83 [3] - In East China, the spot price of PP was 6575 with a change of 15, the basis was -87, and the basis deviation was -0.67 [3] - In North China, the spot price of LLDPE was 6910 with a change of -10, the basis was -59, and the basis deviation was -0.20 [3] - For high - end PVC, the spot price was 4625 with no change, the basis was -90, and the basis deviation was 0.64 [3] - For low - end PVC, the spot price was 4555 with no change, the basis was -160, and the basis deviation was 0.72 [3] - In East China, the spot price of asphalt was 3500 with no change, the basis was 201 corresponding to the 2601 contract, and the basis deviation was 0.22 [3] - In Shandong, the spot price of asphalt was 3350 with a change of 20, the basis was 131 corresponding to the 2601 contract, and the basis deviation was 0.09 [3] - In South China, the spot price of asphalt was 3500 with no change, the basis was 201 corresponding to the 2601 contract, and the basis deviation was 0.49 [3] - For domestic ethylene glycol, the spot price was 4172 with a change of -13, the basis was 95, and the basis deviation was 0.87 [3] - The spot price of soda ash was 1150 with no change, the basis was -79 corresponding to the 2601 contract, and the basis deviation was -0.57 [3] - In Shandong, the spot price of pulp was 4990 with a change of -10, the basis was -250 corresponding to the 2601 contract, and the basis deviation was -0.92 [3] - In East China, the spot price of staple fiber was 6180 with a change of 30, the basis was 40 corresponding to the 2512 contract, and the basis deviation was 0.49 [3] - The spot price of urea was 1490 with no change, the basis was -152 corresponding to the 2601 contract, and the basis deviation was -0.96 [3] - In Shanghai, the spot price of natural rubber was 14960 with a change of 80, the basis was -375 corresponding to the 2601 contract, and the basis deviation was 0.63 [3] - For whole latex natural rubber, the spot price was 14635 with a change of 90, the basis was -700 corresponding to the 2601 contract, and the basis deviation was 0.56 [3] - In Qingdao, the spot price of 20 - number rubber was 1855 with a change of 25, the basis was 707 corresponding to the 2512 contract, and the basis deviation was 0.96 [3] - The spot price of styrene was 6515 with a change of -45, the basis was -24 corresponding to the 2512 contract, and the basis deviation was -0.98 [3] Non - ferrous Metals - On October 24, 2025, the spot price of copper was 86475 with a change of 975, the basis was 10, and the basis deviation was -0.18 [4] - The spot price of international copper was 76775 with a change of 1080, the basis was -1385 corresponding to the 2511 contract, and the basis deviation was -0.76 [4] - The spot price of aluminum was 21110 with a change of 70, the basis was -30, and the basis deviation was -0.22 [4] - The spot price of zinc was 22190 with a change of 90, the basis was -60, and the basis deviation was -0.82 [4] - The spot price of lead was 17300 with a change of 175, the basis was -215, and the basis deviation was -0.43 [4] - The spot price of nickel was 122050 with a change of 750, the basis was 400, and the basis deviation was 0.76 [4] - The spot price of tin was 281900 with a change of 1900, the basis was -2400, and the basis deviation was -0.85 [4] Agricultural Products - In Jiangsu on October 24, 2025, the spot price of 43% soybean meal was 2910 with no change, the basis was -23 corresponding to the 2601 contract, and the basis deviation was -0.07 [5] - In Jiangsu, the spot price of first - grade soybean oil was 8440 with a change of 30, the basis was 246 corresponding to the 2601 contract, and the basis deviation was -0.10 [5] - The average spot price of 36% rapeseed meal in Guangdong was 2460 with a change of -10, the basis was 135 corresponding to the 2601 contract, and the basis deviation was 0.90 [5] - The market average spot price of rapeseed oil was 10283 with no change, the basis was 522 corresponding to the 2601 contract, and the basis deviation was 0.98 [5] - In Guangzhou, the spot price of 24° palm oil was 9050 with a change of 50, the basis was -72 corresponding to the 2601 contract, and the basis deviation was -0.88 [5] - The national spot price of cotton was 14555 with a change of -20, the basis was 1015 corresponding to the 2601 contract, and the basis deviation was 0.57 [5] - In Guangxi, the spot price of white sugar was 5750 with no change, the basis was 304 corresponding to the 2601 contract, and the basis deviation was 0.06 [5] - In Yunnan, the spot price of white sugar was 5830 with no change, the basis was 384 corresponding to the 2601 contract, and the basis deviation was 0.50 [5] - In Shijiazhuang, Hebei, the spot price of fresh eggs was 2960 with a change of 90, the basis was -126 corresponding to the 2512 contract, and the basis deviation was -0.47 [5] - In Dalian, Liaoning, the spot price of fresh eggs was 2890 with a change of 90, the basis was -196 corresponding to the 2512 contract, and the basis deviation was -0.54 [5] - In Dezhou, Shandong, the spot price of fresh eggs was 2750 with a change of 100, the basis was -336 corresponding to the 2512 contract, and the basis deviation was -0.68 [5] - In Shangqiu, Henan, the spot price of fresh eggs was 2800 with a change of 100, the basis was -286 corresponding to the 2512 contract, and the basis deviation was -0.70 [5] - In Bei'an, the spot price of soybeans was 4060 with no change, the basis was -44 corresponding to the 2601 contract, and the basis deviation was -0.80 [5] - In Jiamusi, the spot price of soybeans was 4140 with no change, the basis was 36 corresponding to the 2601 contract, and the basis deviation was -0.45 [5] - In Changchun, the spot price of corn was 2240 with no change, the basis was 107 corresponding to the 2601 contract, and the basis deviation was 0.47 [5] - In Weifang, the spot price of corn was 2360 with no change, the basis was 227 corresponding to the 2601 contract, and the basis deviation was 0.48 [5] - In Changchun, the spot price of starch was 2580 with no change, the basis was 109 corresponding to the 2601 contract, and the basis deviation was 0.12 [5] - In Weifang, the spot price of starch was 2605 with no change, the basis was 174 corresponding to the 2601 contract, and the basis deviation was 0.60 [5] - In Kaifeng, Henan, the spot price of live pigs was 11850 with a change of -80, the basis was -325 corresponding to the 2601 contract, and the basis deviation was -0.92 [5] - In Hebei, the spot price of red dates was 9600 with no change, the basis was -1150 corresponding to the 2601 contract, and the basis deviation was -0.55 [5] - In Shandong, the spot price of apples was 6400 with no change, the basis was -2450 corresponding to the 2601 contract, and the basis deviation was -0.98 [5]

Group 1 - Domestic futures main contracts showed mixed performance, with live hogs rising over 2% [1] - International copper and European shipping rates increased nearly 2% [1] - Egg prices, Shanghai copper, liquefied petroleum gas (LPG), low-sulfur fuel oil (LU), and fuel oil all rose over 1% [1] Group 2 - Red dates and Shanghai gold experienced declines of over 1% [1]

Group 1: Core Views - Overseas copper mine disturbances intensify, and domestic smelters cut production due to raw material shortages, increasing the expectation of supply tightness [4] - New copper demand from new energy vehicles, photovoltaics, and AI servers is significant. Coupled with power grid investment and automobile market policy stimulus, consumption potential supports copper prices [4] - Domestic social inventories are increasing, and LME and COMEX inventories are also at annual highs, suppressing the upward space for prices [4] - The continuous strengthening of copper prices has led to an increase in the fear of high prices among downstream users. Spot transactions are mainly for rigid demand, and the procurement and sales sentiment index is low [4] - In the short term, copper prices will remain oscillating and slightly strong. The main reasons are that the supply disturbances at the mine end remain unsolved, and the demand increment is clear, but inventory pressure and macro uncertainties limit the increase [5] Group 2: Copper Futures Market Data (Weekly) - The latest price of Shanghai Copper Main Contract is 87,720 yuan/ton, with a weekly increase of 3.95%. The position is 275,672 lots, with a weekly increase of 60,099 lots, and the trading volume is 174,100 lots [6] - The latest price of Shanghai Copper Index Weighted is 87,686 yuan/ton, with a weekly increase of 3.97%. The position is 544,945 lots, with a weekly decrease of 1,295 lots, and the trading volume is 192,281 lots [6] - The latest price of International Copper is 76,660 yuan/ton, with a weekly increase of 2.25%. The position is 4,541 lots, with a weekly increase of 43 lots, and the trading volume is 8,629 lots [6] - The latest price of LME Copper 3 - month is 10,817 US dollars/ton, with a weekly increase of 1.82%. The position is 239,014 lots, with a weekly decrease of 38,282 lots, and the trading volume is 24,037 lots [6] - The latest price of COMEX Copper is 508.55 US dollars/pound, with a weekly increase of 2.05%. The position is 133,167 lots, with a weekly decrease of 1,937 lots, and the trading volume is 45,662 lots [6] Group 3: Copper Spot Market Data (Weekly) - The latest price of Shanghai Non - ferrous 1 copper is 86,420 yuan/ton, with a weekly increase of 1,645 yuan and a weekly increase rate of 1.94% [10] - The latest price of Shanghai Wumaomao is 86,370 yuan/ton, with a weekly increase of 1,535 yuan and a weekly increase rate of 1.81% [10] - The latest price of Guangdong Nanchu is 86,420 yuan/ton, with a weekly increase of 1,510 yuan and a weekly increase rate of 1.78% [11] - The latest price of Yangtze Non - ferrous is 86,510 yuan/ton, with a weekly increase of 1,570 yuan and a weekly increase rate of 1.85% [11] - The latest price of Shanghai Non - ferrous premium/discount is 10 yuan/ton, with a weekly decrease of 45 yuan and a weekly decrease rate of 81.82% [11] - The latest price of Shanghai Wumaomao premium/discount is - 20 yuan/ton, with a weekly decrease of 65 yuan and a weekly decrease rate of 144.44% [11] - The latest price of Guangdong Nanchu premium/discount is 0 yuan/ton, with a weekly decrease of 55 yuan and a weekly decrease rate of 100% [11] - The latest price of Yangtze Non - ferrous premium/discount is 50 yuan/ton, with a weekly decrease of 65 yuan and a weekly decrease rate of 56.52% [11] - The latest price of LME Copper (spot/3 - month) premium/discount is - 11.55 US dollars/ton, with a weekly decrease of 0.39 US dollars and a weekly increase rate of 3.49% [11] - The latest price of LME Copper (3 - month/15 - month) premium/discount is 111.99 US dollars/ton, with a weekly decrease of 15.76 US dollars and a weekly decrease rate of 12.34% [11] Group 4: Advanced Copper Data (Weekly) - The latest copper import profit and loss is - 890.28 yuan/ton, with a weekly increase of 231.8 yuan and a weekly decrease rate of 20.66% [12] - The latest copper concentrate TC is - 42.2 US dollars/ton, with a weekly decrease of 1.5 US dollars and a weekly increase rate of 3.69% [12] - The latest copper - aluminum ratio is 4.0724, with a weekly increase of 0.0176 and a weekly increase rate of 0.43% [12] - The latest refined - scrap copper price difference is 3,365.96 yuan/ton, with a weekly increase of 370 yuan and a weekly increase rate of 12.35% [12] Group 5: Copper Inventory Data (Weekly) - The total Shanghai Copper warehouse receipts are 35,071 tons, with a weekly decrease of 7,778 tons and a weekly decrease rate of 18.15% [17] - The total International Copper warehouse receipts are 12,890 tons, with a weekly decrease of 1,628 tons and a weekly decrease rate of 11.21% [17] - The Shanghai Copper inventory is 104,792 tons, with a weekly decrease of 5,448 tons and a weekly decrease rate of 4.94% [17] - The LME Copper registered warehouse receipts are 126,150 tons, with a weekly decrease of 3,750 tons and a weekly decrease rate of 2.89% [17] - The LME Copper cancelled warehouse receipts are 10,775 tons, with a weekly increase of 3,225 tons and a weekly increase rate of 42.72% [20] - The LME Copper inventory is 136,925 tons, with a weekly decrease of 525 tons and a weekly decrease rate of 0.38% [20] - The COMEX Copper registered warehouse receipts are 150,958 tons, with a weekly decrease of 2,646 tons and a weekly decrease rate of 1.72% [20] - The COMEX Copper unregistered warehouse receipts are 196,540 tons, with a weekly increase of 5,492 tons and a weekly increase rate of 2.87% [20] - The COMEX Copper inventory is 347,498 tons, with a weekly increase of 2,846 tons and a weekly increase rate of 0.83% [20] - The copper mine port inventory is 46.8 million tons, with a weekly decrease of 4.1 million tons and a weekly decrease rate of 8.06% [20] - The social inventory is 41.82 million tons, with a weekly increase of 0.43 million tons and a weekly increase rate of 1.04% [20] Group 6: Copper Mid - stream Production Data (Monthly) - In August 2025, the monthly refined copper production was 1.301 million tons, with a year - on - year increase of 14.8%. The cumulative production was 11.125 million tons, with a year - on - year increase of 10% [23] - In August 2025, the monthly copper product production was 2.222 million tons, with a year - on - year increase of 9.8%. The cumulative production was 18.575 million tons, with a year - on - year increase of 9.6% [23] Group 7: Copper Mid - stream Capacity Utilization Data (Monthly) - In September 2025, the total annual capacity of refined copper rod was 15.84 million tons, and the capacity utilization rate was 65.23%, with a monthly increase of 2.21% and a year - on - year decrease of 0.85% [25] - In September 2025, the total annual capacity of scrap copper rod was 8.19 million tons, and the capacity utilization rate was 25.37%, with a monthly increase of 0.56% and a year - on - year increase of 1.53% [25] - In September 2025, the total annual capacity of copper plate and strip was 3.59 million tons, and the capacity utilization rate was 66.24%, with a monthly increase of 1.52% and a year - on - year decrease of 6.95% [25] - In September 2025, the total annual capacity of copper rod was 2.2865 million tons, and the capacity utilization rate was 50.9%, with a monthly increase of 1.04% and a year - on - year decrease of 1.52% [25] - In September 2025, the total annual capacity of copper tube was 2.783 million tons, and the capacity utilization rate was 59.44%, with a monthly decrease of 3.11% and a year - on - year decrease of 1.58% [25] Group 8: Copper Element Import Data (Monthly) - In September 2025, the monthly import of copper concentrate was 2.59 million tons, with a year - on - year increase of 7%. The cumulative import was 22.66674 million tons, with a year - on - year increase of 8% [29] - In September 2025, the monthly import of anode copper was 50,135 tons, with a year - on - year decrease of 33%. The cumulative import was 578,772 tons, with a year - on - year decrease of 15% [29] - In September 2025, the monthly import of cathode copper was 331,885 tons, with a year - on - year increase of 3%. The cumulative import was 2,537,977 tons, with a year - on - year decrease of 4% [29] - In September 2025, the monthly import of scrap copper was 184,080 tons, with a year - on - year increase of 15%. The cumulative import was 1,698,922 tons, with a year - on - year increase of 2% [29] - In September 2025, the monthly import of copper products was 490,000 tons, with a year - on - year increase of 1.4%. The cumulative import was 4,020,000 tons, with a year - on - year decrease of 1.7% [29]

Group 1 - The Shanghai Futures Exchange released data on precious and non-ferrous metal warehouse receipts on October 22 [1] - International copper futures warehouse receipts remained stable at 12,965 tons, while copper futures warehouse receipts decreased by 1,125 tons to 36,553 tons [1] - Aluminum futures warehouse receipts decreased by 2,127 tons to 67,270 tons, and zinc futures warehouse receipts decreased by 1,059 tons to 65,209 tons [1] Group 2 - Lead futures warehouse receipts decreased by 3,156 tons to 24,977 tons, while nickel futures warehouse receipts decreased slightly by 73 tons to 26,953 tons [1] - Tin futures warehouse receipts increased by 65 tons to 5,600 tons, and alumina futures warehouse receipts remained stable at 220,361 tons [1] - Gold futures warehouse receipts increased by 450 kilograms to 87,015 kilograms, while silver futures warehouse receipts decreased significantly by 57,674 kilograms to 691,688 kilograms [1]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report The report presents the basis data of various futures varieties on October 20, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products. It shows the spot price, spot price change, basis, basis - corresponding contract, and basis deviation degree of each variety [2][3][4][5]. 3. Summary by Category Macro - The spot price of IF on October 20, 2025, was 4538, with a change of 24, a basis of 31, a basis - corresponding contract of 2512, and a basis deviation degree of 0.76 [2]. - The spot price of IH was 2975, with a change of 7, a basis of 4, a basis - corresponding contract of 2512, and a basis deviation degree of 0.44 [2]. - The spot price of IC was 7070, with a change of 54, a basis of 160, a basis - corresponding contract of 2512, and a basis deviation degree of 0.96 [2]. Black - For Shanghai's rebar, the spot price on October 20, 2025, was 3200, with no change, a basis of 155, a basis - corresponding contract of 2601, and a basis deviation degree of 0.84 [3]. - Beijing's rebar had a spot price of 3190, a change of - 10, a basis of 145, a basis - corresponding contract of 2601, and a basis deviation degree of 0.14 [3]. - Shanghai's hot - rolled coil had a spot price of 3270, no change, a basis of 55, a basis - corresponding contract of 2601, and a basis deviation degree of 0.80 [3]. - Shandong's iron ore had a spot price of 824, no change, a basis of 57, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.46 [3]. - Tianjin Port's coke had a spot price of 1656, no change, a basis of - 54, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.40 [3]. - Port - warehouse receipt coking coal had a spot price of 1600, a change of 72, a basis of 312, a basis - corresponding contract of 2601, and a basis deviation degree of 0.32 [3]. - Qinhuangdao Port's thermal coal had a spot price of 753, a change of 9, a basis of - 48, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.26 [3]. - Shahe's low - price glass had a spot price of 1135, a change of - 15, a basis of 44, a basis - corresponding contract of 2601, and a basis deviation degree of 0.36 [3]. - Hubei's low - price glass had a spot price of 1090, a change of - 20, a basis of - 1, a basis - corresponding contract of 2601, and a basis deviation degree of 0.28 [3]. - Yinchuan's ferrosilicon had a spot price of 5530, no change, a basis of - 26, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.34 [3]. - Inner Mongolia's ferromanganese had a spot price of 6050, no change, a basis of 262, a basis - corresponding contract of 2601, and a basis deviation degree of 0.91 [3]. Energy - Chemical - Port methanol had a spot price of 2256, no change, a basis of - 10, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.59 [3]. - Henan methanol had a spot price of 2350, no change, a basis of 84, a basis - corresponding contract of 2601, and a basis deviation degree of 0.47 [3]. - Lunan methanol had a spot price of 2500, no change, a basis of 234, a basis - corresponding contract of 2601, and a basis deviation degree of 0.70 [3]. - Hebei methanol had a spot price of 2630, no change, a basis of 364, a basis - corresponding contract of 2601, and a basis deviation degree of 0.86 [3]. - East China PTA had a spot price of 4299, a change of - 18, a basis of - 85, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.88 [3]. - East China PP had a spot price of 6490, a change of 20, a basis of - 75, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.59 [3]. - North China LLDPE had a spot price of 6840, a change of 10, a basis of - 39, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.10 [3]. - High - end PVC had a spot price of 4630, a change of 15, a basis of - 90, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.65 [3]. - Low - end PVC had a spot price of 4560, a change of 45, a basis of - 160, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.72 [3]. - East China asphalt had a spot price of 3550, no change, a basis of 409, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [3]. - Shandong asphalt had a spot price of 3330, a change of - 30, a basis of 269, a basis - corresponding contract of 2601, and a basis deviation degree of 0.72 [3]. - South China asphalt had a spot price of 3500, no change, a basis of 359, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [3]. - Inner - market ethylene glycol had a spot price of 4077, no change, a basis of 74, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.70 [3]. - Soda ash had a spot price of 1130, a change of 10, a basis of - 89, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.67 [3]. - Shandong pulp had a spot price of 4960, a change of 10, a basis of - 196, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.74 [3]. - East China short - fiber had a spot price of 6075, a change of - 25, a basis of 47, a basis - corresponding contract of 2512, and a basis deviation degree of 0.56 [3]. - Urea had a spot price of 1490, no change, a basis of - 110, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.88 [3]. - Shanghai natural rubber had a spot price of 14510, a change of 30, a basis of - 300, a basis - corresponding contract of 2601, and a basis deviation degree of 0.74 [3]. - Whole - latex natural rubber had a spot price of 13810, a change of 115, a basis of - 1000, a basis - corresponding contract of 2601, and a basis deviation degree of 0.04 [3]. - Qingdao 20 - number rubber had a spot price of 1825, a change of 10, a basis of 773, a basis - corresponding contract of 2512, and a basis deviation degree of 1.00 [3]. - Styrene had a spot price of 6370, a change of - 115, a basis of 5, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.90 [3]. Non - Ferrous - Copper had a spot price of 85650, a change of 875, a basis of 75, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.30 [4]. - International copper had a spot price of 75790, a change of 710, a basis of - 80, a basis - corresponding contract of 2511, and a basis deviation degree of 0.69 [4]. - Aluminum had a spot price of 20930, a change of - 20, a basis of 10, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.45 [4]. - Zinc had a spot price of 21870, a change of 20, a basis of - 40, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.60 [4]. - Lead had a spot price of 16925, a change of 25, a basis of - 200, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.31 [4]. - Nickel had a spot price of 121300, a change of - 250, a basis of 400, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.78 [4]. - Tin had a spot price of 280000, a change of - 1000, a basis of 660, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.35 [4]. Agricultural Products - 43% Jiangsu soybean meal had a spot price of 2870, no change, a basis of - 25, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.08 [5]. - Jiangsu first - grade soybean oil had a spot price of 8540, a change of 50, a basis of 242, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.12 [5]. - Guangdong average - price 36% rapeseed meal had a spot price of 2480, a change of 40, a basis of 130, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [5]. - Market average - price rapeseed oil had a spot price of 10420, a change of 77, a basis of 502, a basis - corresponding contract of 2601, and a basis deviation degree of 1.00 [5]. - Guangzhou 24° palm oil had a spot price of 9290, a change of 80, a basis of - 28, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.75 [5]. - National cotton had a spot price of 14480, a change of 45, a basis of 1015, a basis - corresponding contract of 2601, and a basis deviation degree of 0.58 [5]. - Guangxi white sugar had a spot price of 5770, a change of - 20, a basis of 342, a basis - corresponding contract of 2601, and a basis deviation degree of 0.26 [5]. - Yunnan white sugar had a spot price of 5840, a change of - 20, a basis of 412, a basis - corresponding contract of 2601, and a basis deviation degree of 0.58 [5]. - Hebei Shijiazhuang fresh eggs had a spot price of 2890, a change of - 110, a basis of 120, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.05 [5]. - Liaoning Dalian fresh eggs had a spot price of 2820, a change of - 110, a basis of 50, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.16 [5]. - Shandong Dezhou fresh eggs had a spot price of 2750, a change of - 100, a basis of - 20, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.24 [5]. - Henan Shangqiu fresh eggs had a spot price of 2800, a change of - 100, a basis of 30, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.36 [5]. - Bei'an soybeans had a spot price of 4050, no change, a basis of - 36, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.78 [5]. - Jiamusi soybeans had a spot price of 4120, no change, a basis of 34, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.45 [5]. - Changchun corn had a spot price of 2240, no change, a basis of 102, a basis - corresponding contract of 2601, and a basis deviation degree of 0.44 [5]. - Weifang corn had a spot price of 2360, no change, a basis of 222, a basis - corresponding contract of 2601, and a basis deviation degree of 0.45 [5]. - Changchun starch had a spot price of 2580, no change, a basis of 170, a basis - corresponding contract of 2511, and a basis deviation degree of 0.67 [5]. - Weifang starch had a spot price of 2605, no change, a basis of 225, a basis - corresponding contract of 2511, and a basis deviation degree of 0.88 [5]. - Henan Kaifeng pigs had a spot price of 11400, a change of 160, a basis of - 755, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.94 [5]. - Hebei jujubes had a spot price of 9600, no change, a basis of - 1785, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.84 [5]. - Shandong apples had a spot price of 6400, a change of - 1000, a basis of - 2465, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.98 [5].

Core Viewpoint - Domestic futures main contracts showed mixed performance on October 20, with significant movements in various commodities [1] Group 1: Price Movements - Live pig prices increased by over 3% [1] - Coking coal prices rose by more than 2% [1] - Other commodities such as coke, apples, international copper, Shanghai copper, and industrial silicon saw increases of over 1% [1] Group 2: Declines in Prices - Shanghai silver prices fell by more than 3% [1] - Prices of polysilicon, pure benzene, and styrene dropped nearly 2% [1]

Core Viewpoint - Domestic futures main contracts showed mixed performance, with significant gains in certain commodities while others experienced declines [1] Group 1: Price Movements - Live pig prices increased by over 3% [1] - Coking coal prices rose by more than 2% [1] - Other commodities such as coke, apples, international copper, Shanghai copper, and industrial silicon saw increases of over 1% [1] Group 2: Declines - Shanghai silver prices fell by more than 3% [1] - Prices for polysilicon, pure benzene, and styrene dropped nearly 2% [1]

Market Overview - The A-share market opened significantly lower, with the Shanghai Composite Index down 2.49%, the Shenzhen Component down 3.88%, and the ChiNext Index down 4.44% [2][3] - The Hong Kong market also saw declines, with the Hang Seng Index down 2.5% and the Hang Seng Tech Index down 2.43% [5][6] Stock Performance - Weiqi New Materials (688585) resumed trading and hit the daily limit down, falling 20% [2][4] - Major tech stocks in Hong Kong, such as Bilibili and SenseTime, dropped over 5%, while financial stocks like China Pacific Insurance and Guotai Junan International fell by 6% [5][6] Commodity Market - Coking coal futures saw a significant drop, with the main contract down 3% to 1129 CNY per ton [8] - Copper futures also experienced a decline, with domestic copper down 2.07% to 85040 CNY per ton, and international copper down 2% to 75600 CNY per ton [9] Currency Exchange - The central parity rate of the RMB against the USD was reported at 7.1007, an increase of 41 basis points from the previous trading day [9]