Iran's Foreign Minister Proposes a 'Two-Day Plan' to Resume US-Iran Talks

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1. National Energy Administration: Actively implement measures to increase coal production and ensure supply, and introduce policies to stabilize coal output.

2. The Shanghai International Energy Exchange adjusts the daily price limit and trading margin requirements for crude oil and low-sulfur fuel oil futures contracts.

3. The Shanghai Futures Exchange adjusts the daily price limit and trading margin requirements for fuel oil and petroleum asphalt futures contracts.

4. The Party Committee of the China Securities Regulatory Commission conveys and implements the spirit of the Fifth Plenary Session of the 20th Central Committee. The meeting requires fully stabilizing the market and market expectations, and continuously enhancing the resilience and confidence of the capital market.

5. Dalian Commodity Exchange announces that, after review, the outbound handling fee for live hog and egg contracts will be adjusted to 0 RMB per ton effective November 1.

6. The Yichun Municipal Ecological Environment Bureau issued an approval decision on the environmental impact assessment document for the Jianxiawo lithium mine mining project.

7. Central Bank: Continue implementing a moderately loose monetary policy to maintain ample liquidity

8. Netanyahu urges Trump to strike Iran immediately after the midterm elections

9. Iran's Foreign Minister reveals the "two-day plan": U.S. compliance is required to restart Iran-U.S. negotiations

1. According to The Washington Post, U.S. Vice President Vance has sent a letter to Iran’s top hardline leaders, expressing willingness to meet with them in person to discuss negotiated solutions to end the war.

2. The Party Committee of the China Securities Regulatory Commission conveys and implements the spirit of the Fifth Plenary Session of the 20th Central Committee. The meeting requires fully stabilizing the market and market expectations, and continuously enhancing the resilience and confidence of the capital market.

3. According to a press conference held today by the National Energy Administration, as reported by CCTV News, it is expected that during the 15th Five-Year Plan period, annual新增 electricity consumption for computing power will exceed 100 billion kWh, reaching approximately 800 billion kWh by 2030, accounting for about 6% of total societal electricity consumption.

4. According to data from the Shanghai Shipping Exchange, as of October 30, the Shanghai Export Container Freight Index (composite index) SCFI stood at 3,687.35 points, an increase of 6.01 points compared to the previous period. The China Export Container Freight Index (composite index) CCFI stood at 1,881.82 points, up 0.3% compared to the previous period.

5. According to Reuters: An official familiar with the negotiations said that Qatari mediators returned to Tehran on Friday to continue pushing for a U.S.-Iran agreement, with the mediation talks having been coordinated with the U.S. side.

6. On October 30, 2026, Pan Gongsheng, Secretary of the Party Committee and Governor of the People’s Bank of China, presided over a Party Committee meeting. The meeting emphasized continuing to implement a moderately loose monetary policy, comprehensively using various monetary policy tools to maintain adequate liquidity.

7. Zhu Hexin, Party Secretary and Director of the State Administration of Foreign Exchange, presided over a Party committee meeting. The meeting required thorough implementation of the requirements of the 15th Five-Year Plan, maintaining stability in the foreign exchange market and national economic and financial security, severely cracking down on illegal cross-border financial activities, and enhancing the management and operational capabilities of foreign exchange reserves.

8. Fed's Barr: Gradually adjusting rates is a viable approach. Significant cost pressures are hitting U.S. businesses. The Fed’s policy direction is “clear,” the issue is timing.

9. The National Bureau of Statistics' Center for Survey of Service Industries and the China Federation of Logistics and Purchasing released China's Purchasing Managers' Index for October. Data shows that the manufacturing sector's activity level has slightly declined, with the Manufacturing PMI returning to contraction territory; however, new growth drivers continue to expand, highlighting their supportive role in manufacturing. China's Manufacturing PMI for October stood at 49.3%, a decrease of 0.8 percentage points from the previous month, falling below the 50% threshold.

10. On November 1 local time, Iranian Foreign Minister Alireza Alaghzadeh, in an interview with the media, stated that Iran’s delegation visit to Qatar is a continuation of ongoing communications between Iran and mediators such as Qatar and Pakistan. Alaghzadeh noted that one of the proposals put forward by Qatar was to “reduce the seven-day deadline to five days or even less.” Currently, Iran has agreed to a “two-day plan”: on day one, the United States will take a series of (compliance) measures; on day two, the Strait of Hormuz will be reopened and maritime traffic will return to its previous state. Only after the United States fulfills its related commitments and the Strait of Hormuz is reopened will the path be opened for Iran and the United States to resume negotiations.

11. According to Axios, citing an Israeli source and a U.S. source, President Trump had an candid phone conversation with Israeli Prime Minister Netanyahu on Saturday, discussing the progress of U.S.-Iran negotiations and when to quickly resume hostilities. The sources said Netanyahu is urging Trump to strike Iran immediately after Tuesday’s midterm elections. However, Trump currently wants to continue the negotiations, a strategy that concerns Netanyahu.

1. International precious metals futures closed sharply lower; COMEX gold futures fell 3.63% to $3,884.90 per ounce, down 3.07% for the week and 7.21% in October; COMEX silver futures fell 6.20% to $49.13 per ounce, down 8.92% for the week and 18.87% in October.

2. The main contract for U.S. crude oil closed up 0.93% at $102.95 per barrel, down 0.31% for the week and up 13.86% in October; the main contract for Brent crude rose 2.35% to $113.40 per barrel, down 2.84% for the week and up 15.68% in October.

3. All base metals in London ended lower: LME aluminum fell 0.52% to $3,062.5/ton, up 0.62% for the week; LME lead fell 0.55% to $1,904.5/ton, down 0.16% for the week; LME zinc fell 1.49% to $3,825.0/ton, up 2.18% for the week; LME copper fell 1.58% to $14,130/ton, down 1.34% for the week; LME nickel fell 2.03% to $15,220/ton, down 3.96% for the week; LME tin fell 2.53% to $48,440/ton, down 4.11% for the week.

1. According to Mysteel, the total inventory of imported iron ore at 45 ports nationwide is 164.67 million tons, an increase of 0.32 million tons环比; the daily discharge volume is 3.09 million tons, a decrease of 0.06 million tons; the number of vessels at port is 110, a decrease of 8. The total inventory of imported iron ore at 47 ports nationwide is 172.89 million tons, an increase of 0.14 million tons环比; the daily discharge volume is 3.19 million tons, a decrease of 0.09 million tons.

2. According to Mysteel’s survey of 247 steel mills, the blast furnace utilization rate is 80.03%, a decrease of 0.43 percentage points week-over-week and 1.72 percentage points year-over-year; the blast furnace ironmaking capacity utilization rate is 87.06%, a decrease of 0.39 percentage points week-over-week and 1.54 percentage points year-over-year; the daily average pig iron output is 2.3187 million tons, a decrease of 0.043 million tons week-over-week and 0.449 million tons year-over-year.

3. According to Xinhua News, Deputy Director Tan Hongjiang of the Power Department of the National Energy Administration stated at a press conference held by the National Energy Administration on October 30: “We will take multiple measures and proactively plan all aspects of energy and power supply to ensure winter peak demand.” The National Energy Administration is actively implementing measures to increase coal production and ensure supply, strengthening analysis and assessment of national coal supply conditions, introducing policies to stabilize coal production, reinforcing long-term contracts for power coal, activating reserve coal mine capacity, conducting on-site supervision, and encouraging coal imports.

1. As October draws to a close, JiuLong issues an unexpected price increase notice. On October 29, JiuLong Paper’s production bases in Dongguan, Taicang, Quanzhou, Chongqing, and other locations announced that, starting in early November, they will raise prices for corrugated paper and recycled kraft paper by 30–50 yuan per ton.

2. The Association of Natural Rubber Producing Countries (ANRPC) released the September 2026 statistical report on natural rubber, forecasting a 0.6% increase in global natural rubber production in 2026, rising from 14.953 million tons in 2025 to 15.039 million tons.

3. The Shanghai International Energy Exchange announces that, starting from the closing settlement on Tuesday, November 3, 2026, the daily price limit for crude oil futures contracts SC2612 and SC2701, as well as low-sulfur fuel oil futures contracts LU2612 and LU2701, will be set at 18%, the margin requirement for hedging positions will be 19%, and the margin requirement for general positions will be 20%.

4. The Shanghai Futures Exchange announces that, starting from the closing settlement on Tuesday, November 3, 2026, the daily price limit for the fuel oil futures contracts FU2612 and FU2701 will be 18%, the margin requirement for hedging positions will be 19%, and the margin requirement for general positions will be 20%. For the petroleum asphalt futures contracts BU2611, BU2612, and BU2701, the daily price limit will be 14%, the margin requirement for hedging positions will be 15%, and the margin requirement for general positions will be 16%.

5. Dalian Commodity Exchange is soliciting public comments on proposed amendments to the delivery quality standards for liquefied petroleum gas.

6. The Zhengzhou Commodity Exchange announces that, after careful consideration, it has designated Sichuan Agricultural Fertilizer Co., Ltd. and Aipu Holding Group Co., Ltd. as additional urea delivery warehouse pickup points; the related procedures will take effect as of the date of this announcement.

7. The Libyan National Oil Company stated that armed groups closed valves on the oil pipeline between the Hamada and Zawiya refineries.

8. According to Interfax: Russia plans to extend the diesel export ban until the end of January, with certain exceptions.

9. Seven OPEC+ oil-producing countries held their monthly meeting, during which Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability. These countries reviewed global market conditions and prospects in a video conference and decided to maintain the production quota for December 2026, as set for September 2026.

1. Data released by Indonesia’s Ministry of Trade on Friday showed that the country’s refined tin exports in September amounted to 3,970.25 metric tons, a 18.04% decrease from 4,844.21 metric tons in the same period last year and a 17.36% decline from 4,804.30 metric tons exported in August.

2. Indonesia’s Ministry of Energy and Mineral Resources (ESDM) will consider global nickel market supply and demand, as well as domestic smelters’ ore requirements, when establishing the 2027 Work Plan and Budget (RKAB) nickel mining quotas to maintain market stability. It is reported that the revised 2026 nickel mining quota in Indonesia has reached approximately 290 million to 300 million tons, higher than the initial target of 260 million to 270 million tons set at the beginning of the year.

3. Over the past two weeks, copper concentrate shipments from Mongolia’s Oyu Tolgoi mine to China have decreased by approximately 70%, with daily cross-border truck convoys dropping from the usual 12–13 batches to about 4, involving the Mongolia Gashun-Suhaite–China Ganqimaojiu border crossing.

4. SHFE approves the registration of "Dongfang Hope" alumina by Dongfang Hope (Sanmenxia) Aluminum Co., Ltd., with a registered production capacity of 2.2 million tons.

5. According to the Silicon Industry Division, most large and medium-sized enterprises have adopted strategies of maintaining operations or shifting production schedules, deferring substantial large-scale furnace shutdowns until the end of October to early November.

6. The Yichun Municipal Ecological Environment Bureau issued an approval decision on the environmental impact assessment documents for the Jianxiawo lithium mine mining project. This project is a new construction initiative aimed at mining the Zhenkouli-Jianxiawo lithium deposit in Yifeng and Fengxin counties, Jiangxi Province. The designed recovery rate for lithium ore is 98%, with a designed utilizable ore resource volume of 513.525 million tons and an annual mining output of 30 million tons, with a planned service life of 18 years.

7. SHFE: This week, copper inventories decreased by 9,744 tons, aluminum inventories decreased by 21,840 tons, zinc inventories decreased by 2,224 tons, lead inventories decreased by 776 tons, nickel inventories increased by 1,041 tons, tin inventories decreased by 298 tons, and natural rubber inventories decreased by 2,088 tons.

8. According to Mysteel’s research, Factory A in Guangxi has recently initiated maintenance on one of its production lines, affecting an annual capacity of approximately 500,000 tons; Factory B in Guangxi, having met its annual production target, has reduced its current operating capacity to approximately 1,000,000 tons per year, compared to its normal operating capacity of about 2,300,000 tons per year; Factory C in Guangxi, due to factors such as its own costs, continues to operate one production line at reduced capacity, affecting approximately 1,000,000 tons per year.

9. According to SMM, as of October 30, the strike at Teck’s Highland Valley Copper (HVC) mine in Canada continues, with no settlement agreement yet announced by either party. Teck previously confirmed that the mine has been operating at reduced capacity during the strike.

10. According to Mysteel, as of October 30, the average cash cost for polysilicon (N-type dense material) last week was RMB 33.2 per kilogram, the production cost was RMB 41.7 per kilogram, and the full cost was RMB 45 per kilogram.

11. According to foreign media, Chile’s National Statistics Institute (INE) stated on Friday that copper production in Chile, the world’s largest copper producer, fell 15.1% year-over-year in September to 387,870 tons.

12. Vale CFO: Nickel costs are expected to decline in the fourth quarter and return to levels roughly comparable to those in the second quarter.

13. The Chilean Copper Commission (Cochilco) significantly lowered its forecast for this year’s copper production due to operational disruptions and declining ore grades, while simultaneously raising its price forecast. Part of Chile’s Ministry of Mining, Cochilco now expects a 8.4% decline in copper production to 4.94 million tons by 2026. Alongside the reduced production outlook, Cochilco raised its forecast for this year’s average copper price from $5.95 per pound to $6.18, and substantially increased its 2027 price forecast from $5.10 to $5.95 per pound.

1. Low inventory combined with raw material shortages pushes asphalt to lead the energy and chemical sector again.

Everbright Futures noted that on Friday, asphalt became the most elastic product within the energy and chemical sector. The main 2701 contract rose as much as nearly 5% during the day. Over this period, asphalt has been relatively stronger within the energy and chemical sector, with its fundamental support stemming from sustained supply contraction. Amid the broader energy and chemical sector’s movement in tandem with crude oil, asphalt’s inventory buffer is extremely thin, making any marginal cost increase likely to be transmitted to futures prices through basis adjustment—this is the key structural reason for its outperformance relative to other energy and chemical products. Looking ahead, asphalt’s strength fundamentally results from the叠加 of rigid supply contraction, low inventories, and raw material risks, rather than any trend-driven improvement in demand. Production rates for road-grade, construction, and modified asphalt remain below historical averages, and the suppressive effect of high prices on downstream purchasing intent is real. This suggests that asphalt may continue to trade in a relatively strong, range-bound manner in the short term, driven by crude oil and geopolitical sentiment; however, should there be marginal improvements in raw material arrivals or if November production schedules materialize as expected, the current premium built on supply deficits could face repricing.

2. The panic over inventory peaks has eased, with Apple rebounding sharply.

Huawen Futures noted that market panic over peak inventory levels has eased, with apple futures prices first declining then rising; by close, the main AP2701 contract was priced at RMB 5,887 per ton, up RMB 363 per ton, or 6.57% day-over-day. Nationwide, new-crop apple inventory progress is expected to be about 10% slower year-over-year by late October. According to information from Yimutian, the Ministry of Agriculture and Rural Affairs’ “Brief Report on Apple Production Conditions 2026” (October 2026 edition) shows national cold storage inventory progress at 68.3%, slower than 75.1% during the same period in 2025; storage utilization rates were 62% in Shandong, 71% in Shaanxi, and 58% in Gansu, reflecting a widespread farmer strategy of “staggered inventory entry and opportunistic sales.” The easing of panic over peak inventory levels has partially relieved supply pressure due to slower-than-last-year入库 progress. Coupled with the onset of the Double 11 stocking window, demand in consumption regions may see marginal improvement. Additionally, after prolonged declines, apple prices have approached the cost line of new-crop production, triggering technical cover positions as short sellers took profits. However, the overall new-crop bumper harvest trend remains unchanged, and the medium-term supply-demand surplus is unlikely to shift; thus, prices may still face selling pressure following any rebound.

1. At 9:45 on November 2, China's October RatingDog Manufacturing PMI;

2. November 2, 23:00, U.S. October ISM Manufacturing PMI;

3. November 3 at 4:00, USDA Oilseeds Crush Report;

4. TBA, November 3, 2026 U.S. midterm elections;

5. At 23:30 on November 4, the EIA crude oil inventory for the week ending October 30 in the United States;

6. On November 5 at 21:30, the U.S. initial jobless claims for the week ending October 31;

7. On November 5 at 21:30, the USDA released the weekly agricultural exports sales report;

8. On November 6 at 21:30, the U.S. non-farm payroll employment and unemployment rate for October, seasonally adjusted;

9. TBA, China's official foreign exchange and gold reserves as of October 7.