Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The price of domestic thermal coal has stabilized recently, but the optimistic atmosphere in the coal market has not reversed. The price of thermal coal is expected to slow down its upward trend and may maintain a high - level volatile operation [4] Group 3: Summary According to the Directory 1. Main Variety Price Market Driving Logic - Commodity Futures Black Sector (Thermal Coal Spot) 1.1 Core Logic - **Supply**: Although the import volume of foreign - trade coal is stable, more coal mines stop production after completing their production targets at the end of the month. With the central safety production inspection team to be stationed in the main production areas in November, there is an expectation of supply contraction at the end of the year, which supports the coal price [4] - **Demand**: In the north, many places have entered winter due to continuous cooling. In southern coastal cities, the demand declined in the off - season after the cooling in October, but the coal inventory of coastal power plants is low, and there is still restocking demand, which supports the coal market [4] - **Inventory**: As of October 31, the total coal inventory of 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 80,000 tons and 2.729 million tons lower than the same period last year. The potential restocking demand of downstream users supports the port coal price [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For gold, the short - term, medium - term, and intraday views are respectively "oscillation", "oscillation", and "oscillation with a slight upward bias", with a reference view of "wait - and - see". The core logic is the easing of Sino - US trade relations and the Fed's hawkish stance. For copper, the short - term, medium - term, and intraday views are "rise", "rise", and "oscillation with a slight upward bias" respectively, with a reference view of "long - term bullish". The core logic is macro - economic easing, mine - end production cuts, and a rapid increase in capital attention [1]. 3. Summary by Variety Gold (AU) - **View**: Intraday view is "oscillation with a slight upward bias", medium - term view is "oscillation", and the reference view is "wait - and - see" [1][3]. - **Logic**: Yesterday, the gold price weakened again. The main contract price of Shanghai gold futures dropped from around 920 yuan to below 910 yuan. The short - term strengthening of the US dollar index has significantly pressured the gold price. After the Fed's October interest - rate meeting, the market's expectation of interest - rate cuts decreased, leading to a continuous strengthening of the US dollar index. The New York gold price fell below $4000 again, and the technical support at $3900 can be continuously monitored [3]. Copper (CU) - **View**: Intraday view is "oscillation with a slight upward bias", medium - term view is "rise", and the reference view is "long - term bullish" [1][4]. - **Logic**: Yesterday, the domestic macro - economic situation weakened, and the copper price decreased significantly with a reduction in positions. Short - term bulls had a strong willingness to close their positions. Overseas, after the Fed's October interest - rate meeting, LME copper prices dropped significantly. The Fed's hawkish stance and the cooling of interest - rate cut expectations led to a rebound in the US dollar index, which is negative for the copper price. In addition, the copper price has risen significantly since late September and is facing pressure at historical highs in the short term, so bulls have a strong willingness to close their positions. Technically, continuous attention should be paid to the support at the 85,000 - yuan mark [4].

Report Summary Report Industry Investment Rating - Not provided Core View - The domestic crude oil futures contract 2512 is expected to maintain a weak and volatile trend. After the positive sentiment from the macro factors was digested, the market showed profit - taking. Although the geopolitical conflict in South America boosted the international crude oil premium, as the geopolitical sentiment was gradually digested, the contract maintained a weak and volatile trend on Tuesday night, with the price slightly down 0.19% to 464.3 yuan/barrel, and is likely to continue this trend on Wednesday [5]. Summary by Related Content Time - period and Trend Description - For the crude oil 2512 contract, the short - term (within one week), medium - term (two weeks to one month), and intraday trends are all described as "weak and volatile", with an overall view of "weak operation" [1]. Price Calculation and Trend Definition - For varieties with night trading, the starting price is the night - trading closing price; for those without, it's the previous day's closing price. The ending price is the day - trading closing price for calculating the price change. A decline greater than 1% is considered a "drop", 0 - 1% a "weak and volatile" decline, 0 - 1% increase a "strong and volatile" rise, and an increase greater than 1% a "rise". The "strong/weak and volatile" definition only applies to the intraday view [2][3][4]. Market Driving Logic - After the meeting between Chinese and US leaders, the positive sentiment from the macro factors was digested, and the driving force of macro factors weakened, leading to profit - taking. The geopolitical conflict in South America boosted the international crude oil premium, which hedged geopolitical risks to some extent. As the geopolitical sentiment was digested, the domestic crude oil futures 2512 contract closed slightly lower on Tuesday night and is expected to maintain a weak and volatile trend on Wednesday [5].

Report Summary 1. Report Industry Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View of the Report - The iron ore 2601 contract is expected to show a weak - oscillating trend in the short - term, medium - term, and intraday periods. The core logic is that the supply - demand pattern of iron ore has weakened, leading to a weakening of the ore price. The high - valued ore price continues to be under pressure and weakens under the dominance of the real - world logic, and attention should be paid to the performance of steel [2][3]. 3. Summary by Related Content Variety View Reference - For the iron ore 2601 contract, the short - term, medium - term, and intraday trends are all described as weak - oscillating. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the weakening of the supply - demand pattern and the weak operation of the ore price [2]. Market Driving Logic - The supply - demand pattern of iron ore has weakened. Port inventories are rapidly accumulating, steel mill production is weakening, terminal consumption of ore is declining, and the industrial contradictions in the steel market remain unresolved, with the weak demand pattern difficult to change, which continues to drag down the ore price. At the same time, the arrival of ore at domestic ports has increased significantly, while the shipments of overseas miners have slightly declined from the high level, but the overall supply of foreign ore is still active. Coupled with the increase in domestic ore supply, the supply pressure of ore is relatively large. In summary, the supply of iron ore is high, while the demand continues to weaken, and the fundamentals of ore are not good [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday outlooks for rebar 2601 are oscillatory, oscillatory, and weakly oscillatory respectively. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the market sentiment is weak and steel prices are searching for a bottom weakly [2]. - The steel price is likely to continue its weak trend of searching for a bottom. The supply of rebar has increased, and although the demand has improved seasonally, the fundamentals have not improved. It is necessary to pay attention to the demand performance [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are oscillatory, oscillatory, and weakly oscillatory respectively. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the weak market sentiment and steel prices searching for a bottom weakly [2]. 3.2 Market Driving Logic - The market sentiment is weak, and the ferrous metals are declining. The supply - demand pattern of rebar has changed little. The output of construction steel mills has been increasing, and the rebar output has reached a high for the year, while the inventory level is high, increasing the supply pressure [3]. - The demand for rebar has improved seasonally, and high - frequency demand indicators have rebounded, but it is still at a low level in the same period in recent years. The downstream industries have not improved, and the demand will weaken at the end of the peak season [3]. - In the situation of both supply and demand increasing, the fundamentals of rebar have not improved, and steel prices are still under pressure. The relatively positive factor is cost support, and the subsequent trend is expected to continue the weak bottom - searching state [3].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - For both Shanghai rubber (RU) 2601 and synthetic rubber (BR) 2601, the short - term view is "shock", the medium - term and intraday views are "shock and weak", and the reference view is "weak operation". The weak supply - demand situation dominates, leading to a weak and volatile trend for both [1][5][7]. 3. Summary by Related Categories Shanghai Rubber (RU) - **Price and Performance**: On Tuesday night, the domestic Shanghai rubber futures 2601 contract maintained a shock - weak trend, with the futures price slightly down 0.77% to 14,845 yuan/ton. It is expected to maintain a shock - weak trend on Wednesday [5]. - **Driving Logic**: After the meeting between the Chinese and US presidents in Busan, South Korea, although there were positive developments in economic and trade tariffs, the overall results were slightly lower than market expectations. As the macro - long sentiment faded, the driving force of macro factors weakened, and the market saw profit - taking. The rubber market has returned to being dominated by supply - demand fundamentals, putting pressure on rubber prices [5]. Synthetic Rubber (BR) - **Price and Performance**: On Tuesday night, the domestic synthetic rubber futures 2601 contract showed a shock - weak trend, with the futures price slightly down 0.83% to 10,095 yuan/ton. It is expected to maintain a shock - weak trend on Wednesday [7]. - **Driving Logic**: Similar to Shanghai rubber, after the meeting between the Chinese and US presidents, the positive results in economic and trade tariffs were slightly lower than expectations. As the macro - long sentiment faded, the driving force of macro factors weakened, and the market entered a "reality - dominated" stage, with investors becoming more cautious [7].

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report 2. Core Viewpoints of the Report - The soybean market shows a pattern of strong overseas and weak domestic performance. Although the easing of Sino - US trade relations boosts the US soybean futures price to a 16 - month high and raises domestic import costs, the soybean meal futures price lacks the impetus to follow the increase. With some short - term funds taking profits and leaving the market, the soybean meal futures price turns into wide - range fluctuations. The soybean meal inventory of oil mills is at the highest level in 7 years, and the continuous losses in the breeding sector lead to weak demand, putting pressure on the spot price and keeping the soybean meal basis negative. Short - term sentiment and cost - driven market face industrial chain pressure, and there is a risk of high - level correction [5] - The palm oil performs the weakest in the oil market, with the market expecting the Malaysian palm oil inventory at the end of October to climb to a two - year high of 2.44 million tons, a year - on - year increase of nearly 30%, which exerts pressure on Malaysian palm oil. Domestically, although the weekly inventory of the three major edible oils has decreased slightly, the total inventory remains at a relatively high level, indicating that the pattern of loose supply remains unchanged. Currently, the market is dominated by pessimistic sentiment, and the pattern of strong meal and weak oil continues. The palm oil futures price will remain weak in the short term [7] 3. Summaries by Variety Soybean Meal (M) - **Time - frame Views**: The short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "oscillation with a weak bias", and the reference view is also "oscillation with a weak bias" [5][6] - **Core Logic**: The soybean market has an external - strong and internal - weak pattern. The rise in US soybean prices due to Sino - US trade relations and import costs fails to drive up domestic soybean meal prices effectively. High inventory, weak demand from the breeding sector, and negative basis all contribute to the weak performance. There is a risk of high - level correction [5] Palm Oil (P) - **Time - frame Views**: The short - term view is "weak", the medium - term view is "oscillation", the intraday view is "oscillation with a weak bias", and the reference view is "oscillation with a weak bias" [6][7] - **Core Logic**: The palm oil is the weakest in the oil market. High expected Malaysian inventory and relatively high domestic inventory, along with a pessimistic market sentiment and a strong - meal - weak - oil pattern, lead to its weak short - term performance [7]

Group 1: Report Investment Rating - There is no specific investment rating provided in the report. Group 2: Core View - The methanol 2601 contract is expected to run weakly, with short - term fluctuations, medium - term weak fluctuations, and weak fluctuations throughout the day [1][5]. Group 3: Summary by Core Logic - After the meeting between Chinese and US leaders, the overall results were slightly lower than market expectations. As the macro - positive sentiment faded, the driving force of macro factors weakened, and there was profit - taking in the market [5]. - The domestic methanol operating rate and weekly output remain at relatively high levels, external import pressure continues to increase, and the methanol inventory at ports in East and South China remains high [5]. - Although downstream demand is gradually improving, the olefin futures profit is not good, and the current situation of weak demand still needs to be improved [5]. - On Tuesday night, the domestic methanol futures 2601 contract showed a weakly fluctuating trend, with the futures price slightly down 0.33% to 2,114 yuan/ton. It is expected that on Wednesday, the contract will maintain a weakly fluctuating trend [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The TL2512 variety is expected to be volatile in the short - term, medium - term, and intraday, with a short - term weakening tendency. The core logic is that the short - term expectation of interest rate cuts has decreased, while the medium - and long - term expectation of monetary easing still exists [1]. - For the TL, T, TF, and TS varieties, the intraday view is weakly volatile, the medium - term view is volatile, and the overall reference view is volatile. The core logic is that the price and employment sub - indices of the October manufacturing PMI data were weak, along with weak inflation and credit data, indicating insufficient effective domestic demand. A moderately loose monetary environment is needed in the long - run to support the demand side, which strongly supports bond futures. However, it is relatively easy to achieve the annual growth target this year, so the possibility of an overall interest rate cut in the short - term is low, and the upward momentum of bond futures is limited. In general, bond futures will mainly move in a volatile range in the short - term [5]. Group 3: Summaries by Related Catalogs Variety Views Reference - Financial Futures Stock Index Sector - For the TL2512 variety, the short - term view is volatile, the medium - term view is volatile, the intraday view is weakly volatile, and the overall view is volatile. The core logic is the change in interest rate cut expectations [1]. Main Variety Price and Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is weakly volatile, the medium - term view is volatile, and the overall reference view is volatile. The driving logic is based on the weak economic data and the situation of achieving the annual growth target [5].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View Thanks to positive market sentiment and strong cost support, the price of rebar has rebounded from a recent low. However, there is no substantial improvement in the fundamentals under the situation of both supply and demand increasing, and the sustainability of the upward driving force is not strong. Once the market operation logic switches to the industrial side, the steel price is likely to be under pressure in the weak reality pattern. Attention should be paid to the demand performance [6]. 3. Summary by Related Content Price Trend in October - In October, the futures and spot prices of rebar showed a trend of first falling and then rising. The lowest price of the futures main contract dropped to 3,021 yuan/ton, and then rose to a maximum of 3,143 yuan/ton. The spot price of rebar mainly followed the futures trend, with a slightly lower price fluctuation range and a weakening basis [2]. - The rebound of rebar price at the end of October was mainly due to the short - term fermentation of positive factors, including a favorable macro - atmosphere (the release of the "15th Five - Year Plan" and the smooth progress of Sino - US trade tariff negotiations), production restrictions in Tangshan due to heavy pollution weather, and cost support from strong raw materials [2]. Supply Situation - The recent upward trend of ferrous metal prices is mainly driven by optimistic sentiment, and the industrial support is limited, with questionable sustainability. The supply and demand of rebar are both increasing. The production of construction steel mills has increased, and the production has reached a relatively high level, with high inventory and increasing supply pressure [3]. - As of the week ending October 31, the weekly output of rebar was 2.1259 million tons, an increase of 55,700 tons compared with the end of September. The increase in rebar production was mainly due to the increase in long - process steel mills, while the production of short - process steel mills was relatively stable and remained at a high level. It is expected that the production of short - process steel mills will maintain a high - level and stable operation in the future [3]. - Although the rebar inventory has decreased recently, the decline is limited, and the inventory level is still at a high level in recent years. The total inventory is 6.0252 million tons, with a slight increase of 270 tons compared with the previous period. The inventory pressure is relatively large [4]. Demand Situation - The demand for rebar has seasonally recovered, but the downstream industries have not improved. As of the week ending October 31, the weekly apparent demand for rebar was 232,190 tons, lower than the pre - holiday level and the lowest in the same period in the past five years. The total demand in October was 927,270 tons, significantly lower than the same period in previous years [5]. - The daily trading volume data is weaker. The average daily trading volume of construction steel by major national traders in October was 101,300 tons, with a month - on - month decrease of 1.13% and a year - on - year decrease of 16.51%. Although some downstream observation indicators such as cement and concrete have increased, the improvement in building material demand is limited and unsustainable due to poor project funds and the approaching off - season [5][6]. - Overall, during the "Silver October", the demand for rebar showed a seasonal improvement but was still at a low level in recent years. Considering the weak real - estate fundamentals and the decline in infrastructure investment growth, the demand for rebar is expected to weaken in the off - season, which will suppress the steel price [6].