Group 1: Report Information - Report Date: November 4, 2025 [2][18] - Research Team: Research Center's Energy and Chemicals Team [2][18] Group 2: Futures Market Data Futures Contracts - EC2512: Closing price 1851.7, up 2.64%, trading volume 18824, open interest 29320, change in open interest -2045 [2][18] - EC2602: Closing price 1592.2, up 2.48%, trading volume 5040, open interest 18781, change in open interest 326 [2][18] - EC2604: Closing price 1184.4, up 2.01%, trading volume 2233, open interest 14507, change in open interest -403 [2][18] - EC2606: Closing price 1400.8, up 1.54%, trading volume 274, open interest 1490, change in open interest -31 [2][18] - EC2608: Closing price 1483.5, up 0.84%, trading volume 102, open interest 1342, change in open interest -10 [2][18] - EC2610: Closing price 1139.3, up 0.64%, trading volume 176, open interest 1266, change in open interest -14 [2][18] Month Spreads - EC2512 - 2504: Previous day 667.3, change 24.4 compared to the day before the previous day [2][18] - EC2512 - 2602: Previous day 259.5, change 9.1 compared to the day before the previous day [2][18] - EC2502 - 2604: Previous day 407.8, change 15.3 compared to the day before the previous day [2][18] Group 3: Spot Market Data Spot Indicators - Spot (Tetanar): On November 3, 2025, at 1208.71 points, down 74.92% from the previous period, up 15.11% from two periods ago [2][18] - SCF (Europe Line): On October 31, 2025, at 1344 dollars/TEU, up 7.87% from the previous period, up 8.82% from two periods ago [2][18] - CCFI: On October 31, 2025, at 1323.81 points, up 2.37% from the previous period, up 1.99% from two periods ago [2][18] - NCFI: On October 31, 2025, at 965.62 points, up 17.43% from the previous period, up 2.38% from two periods ago [2][18] Group 4: Recent Quotes and News Recent European Line Quotes - This week, downstream is booking space for early November (week 45). In early November, PA dropped to $1700 - 1900, GEMIN to $2100 - 2200, OA to $2250, with an average of about $2050 (equivalent to 1430 points on the disk) [19] News - On October 31, Israel attacked Gaza for the third consecutive night, and the cease - fire agreement was under pressure. The XSI - C index was delayed by three working days [4][20] Group 5: Market Analysis and Suggestions Market Analysis - The overall market is oscillating, waiting for the next driving force. MSK's opening of cabins today may determine the price increase in mid - November [2][18] Investment Suggestions - Due to the positive factors such as long - term contract signing from November to December, it is recommended to adopt a buy - on - dips strategy. Wait for this week to continue trading on PA price cuts or MSK's flat price [2][18] - The valuation of the EC2512 contract is moderately high, and subsequent contracts will mainly follow its trend. The valuation of the EC2602 contract is difficult to anchor with high uncertainty. The EC2604 contract is a off - season contract, and it is recommended to adopt a sell - on - rallies strategy considering the greater supply pressure next year, the off - season in April, and potential resumption of flights [2][18]