I. Key Points

1. Nov 4: The Democratic Party won the U.S. midterm elections. Market expectations suggest that tensions between the U.S. and Iran will ease, reducing concerns over supply risks and leading to a decline in international crude oil prices. NYMEX WTI crude oil futures (December contract) fell by $7.97/bbl to $88.12, down -8.29% on a day-on-day basis; ICE Brent crude oil futures (January contract) dropped by $8.98/bbl to $94.62, down -8.67%. China INE crude oil futures (2612 contract) fell by 18.7 yuan to 676.2 yuan/bbl during the day session, and dropped by another 47.8 yuan to 628.4 yuan/bbl in the night session.

2. Yesterday, the domestic MMA market showed slight weakness. Buying sentiment was poor, with some holders loosening their offers. Downstream users made limited purchases, with transactions primarily based on actual demand negotiations. The domestic MMA market is expected to remain sluggish in the short term.

3. Yesterday, the domestic butyl acrylate market traded sideways at high levels. Propylene prices fluctuated within a narrow range with a slight pullback. Upstream raw materials n-butanol and acrylic acid remained stable at high levels within a narrow range. Cost pressure for butyl acrylate continued at elevated levels. Holders maintained high offers, while downstream users purchased according to rigid demand, keeping transaction focus at high levels. With crude oil prices dropping sharply, n-butanol is expected to trade weakly today, reducing cost support. The butyl acrylate market is likely to consolidate at lower levels. Future attention should be paid to changes in market supply and raw material prices.

II. Price Table

Unit: RMB/ton

III. Market Outlook

Yesterday, prices for butyl acrylate and MMA consolidated sideways, while styrene continued its downward trend, indicating weakening support from upstream raw materials. Quotations from acrylic emulsion producers remained stable, with downstream procurement mainly focused on replenishing rigid demand, keeping transaction focus steady. In the short term, raw material markets may continue to show slight weakness, with expectations of easing cost pressure for emulsions. Producers are likely to maintain stable prices to facilitate sales, while end-users purchase according to orders. The acrylic emulsion market is expected to remain stable within a narrow range. Future attention should be paid to dynamics in raw materials such as butyl acrylate, MMA, and styrene, as well as downstream markets.