Report Summary 1. Investment Rating The report does not provide an investment rating for the non-ferrous metals industry. 2. Core Views - **Copper**: Copper prices oscillated in the morning and weakened in the afternoon. After the October FOMC meeting, the Fed's hawkish stance reduced market expectations of a December rate cut, leading to a rebound in the US dollar index and putting pressure on copper prices. Technically, copper is at a historical high, facing significant pressure, and short - term long - position closing intentions are rising. On the industrial side, the social inventory of electrolytic copper increased slightly on Thursday, and downstream buyers showed a strong wait - and - see attitude. Attention should be paid to the support at the 10 - day moving average [6]. - **Aluminum**: Aluminum prices rose and then fell. They increased with rising positions in the morning, reaching a high of 21,400 yuan/ton, breaking the Monday high, and then declined with falling positions in the afternoon. Aluminum is more affected by domestic macro factors. Recently, the domestic anti - involution expectations have risen again, which is positive for aluminum prices. On the industrial side, the social inventory of electrolytic aluminum decreased slightly on Thursday, providing support for aluminum prices. Technically, attention should be paid to the support at the 5 - day moving average [7]. - **Nickel**: Shanghai nickel fluctuated within a narrow range. The non - ferrous metal market showed differentiation, and nickel lacked driving forces. The weakness in the industrial aspect made funds more inclined to short nickel to hedge long positions in non - ferrous metals. Technically, attention should be paid to the technical support at the 120,000 - yuan mark [8]. 3. Summary by Directory 3.1 Industry Dynamics - **Copper**: In the copper cable industry, automotive wiring harness orders are stable, and State Grid orders are mainly for essential needs, while new orders in other industries are under pressure. In terms of inventory, enterprises are cautious in procurement, and both raw material and finished product inventory ratios have decreased [10]. - **Aluminum**: Duan Shaofu, Deputy Secretary - General of the China Non - Ferrous Metals Industry Association, stated that the processing fees in the non - ferrous metal smelting industry are currently low, and "anti - involution" is crucial for high - quality development. The association proposed three measures: setting a production capacity "ceiling" for bulk metals like copper, lead, and zinc; enhancing concentration through mergers and acquisitions for strategic metals; and guiding enterprises to transform towards personalized and high - value - added products [11]. - **Nickel**: On October 31, the price of SMM1 electrolytic nickel was 120,500 - 123,400 yuan/ton, with an average price of 121,950 yuan/ton, a decrease of 250 yuan/ton from the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was 2,500 - 2,600 yuan/ton, with an average premium of 2,550 yuan/ton, an increase of 100 yuan/ton from the previous trading day. The spot premium of domestic mainstream brand electrowon nickel was - 200 - 300 yuan/ton [12]. 3.2 Related Charts - **Copper**: The report provides charts on copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [13][14][15]. - **Aluminum**: Charts include aluminum monthly spread, average aluminum premium, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum rod inventory [25][26][28]. - **Nickel**: Charts cover nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [37][39][40].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The main contract price of rebar oscillated downward with a daily decline of 0.48%, and both trading volume and open interest decreased. Supported by a positive macro - atmosphere and cost, the rebar price rebounded from recent lows. However, with both supply and demand increasing, the fundamentals have not improved substantially, and the upward driving force is weak. Once the market logic switches to the industrial side, steel prices will face pressure again. Attention should be paid to demand performance [4]. - The main contract price of hot - rolled coil oscillated weakly with a daily decline of 0.72%, and both trading volume and open interest decreased. The high - supply and high - inventory situation of hot - rolled coils remains unchanged, but demand is performing well. The industrial contradictions have not continued to accumulate, and the price has rebounded recently supported by positive market sentiment. However, demand concerns remain, and the fundamentals have not improved substantially. Be cautious of the market logic switching to the industrial side [4]. - The main contract price of iron ore oscillated at a high level with a daily decline of 0.56%, and both trading volume and open interest decreased. With improved market sentiment and a switch in the arbitrage logic, the iron ore price has returned to a high level. However, ore supply is high while demand continues to weaken, the fundamentals are poor, the upward driving force is weak, and the high valuation will continue to face pressure. Attention should be paid to the performance of steel [4]. Summary by Directory 1. Industry Dynamics - During the "15th Five - Year Plan" period, Lan Fo'an pointed out that a package of debt resolution plans will be further implemented, and the replacement of local government's existing implicit debts will be carried out. A unified long - term supervision system for local government debts will be established, and strict accountability will be imposed on illegal debt - raising and false debt resolution. The reform and transformation of local financing platforms will be accelerated, and the establishment or alienation of various financing platforms will be prohibited. The debt structure will be optimized, and a long - term government debt management mechanism suitable for high - quality development will be built. Support will be provided for high - level scientific and technological self - reliance and self - strength to promote the rapid development of new productive forces [6]. - Pan Gongsheng stated that globally, macro - prudential policy tools are already rich and still developing rapidly. Based on the assessment results of the macro - prudential monitoring and analysis framework, the policy toolkits in areas such as systemically important financial institutions, broad credit, real - estate finance, and cross - border capital flows should be continuously enriched and improved. Policy tools to deal with macro - economic and financial market fluctuations should be studied and reserved, and a management mechanism for creation, implementation, evaluation, feedback, and optimization should be established to make them more standardized [7]. - At the third - quarter information conference of the China Iron and Steel Association on October 31st, Vice - President and Secretary - General Jiang Wei said that in the first three quarters, China's steel exports increased year - on - year and imports decreased year - on - year. However, as the global trade environment tightens, the pressure and risks of steel exports are increasing [8]. 2. Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average are 3,200, 3,190, and 3,261 respectively, with changes of 0, - 10, and - 4. The spot prices of hot - rolled coils in Shanghai, Tianjin, and the national average are 3,330, 3,250, and 3,365 respectively, with changes of 0, - 10, and - 8. The price of Tangshan billet is 2,980 with a change of - 20, and the price of Zhangjiagang heavy scrap is 2,170 with a change of 10. The spread between hot - rolled coils and rebar is 130 with no change, and the spread between rebar and scrap is 1,030 with a change of - 10 [9]. - The price of 61.5% PB powder at Shandong ports is 803 with a change of - 2, the price of Tangshan iron concentrate is 827 with no change, the sea freight from Australia is 9.48 with a change of 0.13, the sea freight from Brazil is 23.11 with a change of 0.64, the SGX swap (current month) is 105.84 with a change of - 0.11, and the Platts Index (CFR, 62%) is 107.70 with a change of - 0.70 [9]. 3. Futures Market - The closing price of the rebar futures active contract is 3,106 with a decline of 0.48%, the highest price is 3,126, the lowest price is 3,097, the trading volume is 985,855 with a decrease of 455,123, and the open interest is 1,879,450 with a decrease of 15,466 [11]. - The closing price of the hot - rolled coil futures active contract is 3,308 with a decline of 0.72%, the highest price is 3,330, the lowest price is 3,302, the trading volume is 431,109 with a decrease of 183,385, and the open interest is 1,470,219 with a decrease of 3,067 [11]. - The closing price of the iron ore futures active contract is 800.0 with a decline of 0.56%, the highest price is 802.0, the lowest price is 792.0, the trading volume is 305,778 with a decrease of 20,095, and the open interest is 540,280 with a decrease of 11,268 [11]. 4. Related Charts - There are charts showing the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coils, the inventory of 45 ports of iron ore (including inventory changes, seasonal inventory), the inventory of 247 steel mills' iron ore, the production situation of steel mills (including blast furnace operating rate, capacity utilization rate, the operating rate of 87 independent electric furnaces, the proportion of profitable steel mills among 247 steel mills, the inventory of domestic mine iron concentrate, and the profit and loss situation of 75 building material independent electric arc furnace steel mills) [13][18][27] 5. Future Market Outlook - For rebar, both supply and demand are rising. The weekly output of rebar increased by 5.52 tons week - on - week, and the supply has reached a relatively high level this year with increasing inventory pressure. The demand has improved seasonally, with the weekly apparent demand increasing by 6.17 tons week - on - week and the daily high - frequency trading volume increasing. However, both supply and demand are still at low levels in recent years, and the downstream industry has not improved, so the improvement space is limited. Supported by a positive macro - atmosphere and cost, the rebar price has rebounded from recent lows, but the fundamentals have not improved substantially. Once the market logic switches to the industrial side, steel prices will face pressure again. Attention should be paid to demand performance [35]. - For hot - rolled coils, the supply - demand pattern has changed little. The weekly output of hot - rolled coils increased by 1.10 tons week - on - week and remains at a high level this year. The high - inventory situation has limited reduction, and supply pressure is still high, which continues to put pressure on prices. The demand is performing well, with the weekly apparent demand increasing week - on - week and remaining at a high level in the same period. However, the high - frequency trading volume is relatively weak, and the fundamentals of the main downstream cold - rolled products have not improved, so demand concerns remain. The positive factor is the marginal improvement of external demand, but it needs to be tracked after the price rebound. The high - supply and high - inventory situation remains unchanged, but the demand is good, and industrial contradictions have not continued to accumulate. The price has rebounded recently supported by positive market sentiment, but the fundamentals have not improved substantially. Be cautious of the market logic switching to the industrial side [36]. - For iron ore, the supply - demand pattern continues to weaken. Affected by production restrictions, the terminal demand for iron ore has been declining. This week, the average daily hot - metal output and the daily consumption of imported ore of sample steel mills decreased month - on - month, and the decline is expanding. Considering that the industrial contradictions in the steel market have not been alleviated and seasonal production - restriction disturbances occur frequently, the demand for iron ore is expected to continue to decline, which may drag down the ore price. Although the arrival of goods at domestic ports has dropped significantly, it is mainly due to short - term weather disturbances. Overseas miners' shipments remain at a high level, and according to the shipping schedule, the subsequent arrival of goods will bottom out and rebound. The domestic iron ore production is stable, and the ore supply remains high. With improved market sentiment and a switch in the arbitrage logic, the iron ore price has returned to a high level, but the supply is high while demand continues to weaken, the fundamentals are poor, the upward driving force is weak, and the high valuation will continue to face pressure. Attention should be paid to the performance of steel [37].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - The short - term, medium - term, and intraday views of crude oil 2512 are all weak. The market is expected to run weakly in a volatile manner. After the digestion of macro - positive sentiment and the weakening of previous driving factors, the crude oil market has returned to a situation dominated by supply - demand fundamentals, with both macro and industrial factors remaining weak [1][5]. 3. Summary by Relevant Content Price and Market Performance - On Thursday night, the domestic crude oil futures 2512 contract maintained a weakly volatile trend, with the futures price slightly down 0.24% to 461.4 yuan/barrel [5]. Market Driving Factors - After the meeting between the Chinese and US presidents in Busan, South Korea, the overall results were slightly lower than market expectations. As the macro - positive sentiment was digested, the driving force of macro factors weakened, leading to profit - taking in the market. After the weakening of previous macro - positive driving factors and geopolitical factors, the crude oil market has returned to a situation dominated by supply - demand fundamentals [5].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Report's Core View - Both Shanghai rubber (RU) 2601 and synthetic rubber (BR) 2601 are expected to run weakly, with short - term and medium - term trends being oscillatory and weakly oscillatory respectively, and intraday trends also being weakly oscillatory [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Performance**: On Thursday night, the domestic Shanghai rubber futures 2601 contract maintained a weakly oscillatory trend, with the futures price slightly down 0.48% to 15,420 yuan/ton [5]. - **Core Logic**: After the meeting between the Chinese and US presidents in Busan, South Korea, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment was digested, the driving force of macro factors weakened, and there was a profit - taking phenomenon in the market. It is expected that the Shanghai rubber 2601 contract may maintain a weakly oscillatory trend on Friday [5]. Synthetic Rubber (BR) - **Price Performance**: On Thursday night, the domestic synthetic rubber futures 2601 contract showed a weakly oscillatory trend, with the futures price slightly down 0.51% to 10,700 yuan/ton [7]. - **Core Logic**: Similar to Shanghai rubber, after the meeting between the Chinese and US presidents, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment was digested, the driving force of macro factors weakened, and the market shifted from "expectation - driven" to "reality - dominated", with investors becoming more cautious. It is expected that the domestic synthetic rubber futures 2601 contract may maintain a weakly oscillatory trend on Friday [7].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The methanol 2601 contract is expected to run weakly, with a short - term outlook of oscillation, a medium - term outlook of oscillation and weakening, and an intraday outlook of oscillation and weakening [1][5] - After the Sino - US leaders' meeting, the overall results were slightly lower than market expectations. As the macro - positive sentiment fades, the driving force of macro - factors weakens, and there is a profit - taking phenomenon in the market [5] - The domestic methanol operating rate and weekly output remain at relatively high levels, the external import pressure continues to increase, and the methanol inventories at ports in East and South China are high. Although downstream demand is gradually improving, the olefin futures profit is not good, and the weak demand situation still needs to be improved [5] - On Thursday night, the domestic methanol futures 2601 contract maintained an oscillating and weakening trend, with the futures price closing slightly lower by 1.16% to 2,207 yuan/ton. It is expected that on Friday, the contract may maintain an oscillating and weakening trend [5] 3. Summary by Related Content Time - cycle Views - Short - term (within a week): The methanol 2601 contract shows an oscillating trend [1] - Medium - term (two weeks to one month): The methanol 2601 contract shows an oscillating and weakening trend [1] - Intraday: The methanol 2601 contract shows an oscillating and weakening trend [1][5] Driving Logic - Macro - factor: After the Sino - US leaders' meeting, the overall results were slightly lower than market expectations. As the macro - positive sentiment fades, the driving force of macro - factors weakens, leading to profit - taking in the market [5] - Supply - side: The domestic methanol operating rate and weekly output remain at relatively high levels, and the external import pressure continues to increase, resulting in high methanol inventories at ports in East and South China [5] - Demand - side: Although downstream demand is gradually improving, the olefin futures profit is not good, and the weak demand situation still needs to be improved [5] Market Performance - On Thursday night, the domestic methanol futures 2601 contract maintained an oscillating and weakening trend, with the futures price closing slightly lower by 1.16% to 2,207 yuan/ton [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The supply - demand pattern of iron ore continues to weaken. Under the disturbance of production restrictions, the terminal demand for ore is declining. With the steel market's industrial contradictions unresolved and seasonal production - restriction disturbances frequent, ore demand is expected to continue to decline, which may drag down the ore price. Although the arrival of ore at domestic ports has dropped significantly due to short - term weather factors, overseas miners' shipments remain high, and subsequent arrivals are expected to recover. Ore supply remains high while demand is weakening, so the fundamentals of the ore are not good, and the high - valued ore price is prone to fall back. Attention should be paid to the performance of steel [2]. 3) Summary by Related Catalogs Inventory - 45 - port iron ore inventory is 14,542.48, with a week - on - week increase of 118.89, a monthly increase of 564.69, and a year - on - year decrease of 877.50 [1]. - 247 steel mills' imported ore inventory is 8,849.86, with a week - on - week decrease of 229.33, a monthly decrease of 1,186.93, and a year - on - year decrease of 148.04 [1]. Supply - 45 - port iron ore arrival volume is 2,029.10, with a week - on - week decrease of 490.30, a monthly decrease of 331.40, and a year - on - year decrease of 432.80. The significant drop in domestic port arrivals is mainly due to short - term weather factors, and overseas miners' shipments remain high, so subsequent arrivals are expected to recover [1][2]. - Global 19 - port iron ore shipment volume is 3,288.40, with a week - on - week decrease of 45.15, a monthly decrease of 186.99, and a year - on - year increase of 203.20 [1]. Demand - 247 steel mills' daily average hot metal production is 236.36, with a week - on - week decrease of 3.54, a monthly decrease of 5.45, and a year - on - year increase of 0.89. The daily average hot metal production and imported ore consumption of sample steel mills have decreased week - on - week, and the decline is expanding, indicating a clear weakening of demand [1][2]. - 247 steel mills' imported ore daily consumption is 291.62, with a week - on - week decrease of 4.84, a monthly decrease of 7.18, and a year - on - year increase of 1.07 [1]. - 45 - port daily average ore - clearing volume is 320.16, with a week - on - week increase of 7.51, a monthly decrease of 16.24, and a year - on - year increase of 0.04 [1]. - The weekly average of main - port iron ore transactions is 82.83, with a week - on - week decrease of 14.07, a monthly increase of 43.46, and a year - on - year decrease of 21.29 [1].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The supply - demand pattern of hot - rolled coils has little change. High supply and high inventory situations remain, but demand performs well. The industry contradictions are not continuously accumulating. Market sentiment supports a recent increase in hot - rolled coil prices. However, there are still demand concerns, and the fundamentals have no substantial improvement. Be cautious of the market operation logic switching to the industrial side, which may cause prices to decline. Attention should be paid to demand performance [1] Group 3: Summary by Related Catalogs Supply - Hot - rolled coil weekly production increased by 1.10 tons week - on - week, remaining at a high level for the year. Plate steel mills' production is stable, but supply pressure is still large due to limited high - level inventory reduction [1] Demand - Hot - rolled coil demand shows good performance, with weekly apparent demand increasing week - on - week and remaining at a high level compared to the same period. However, high - frequency transactions are relatively weak, and the fundamentals of the main downstream cold - rolled products have not improved, so demand concerns remain. The relative positive factor is the marginal improvement of external demand, but it needs to be tracked after the price increase [1] Inventory - The total inventory of hot - rolled coils is at a high level, with a week - on - week decrease of 8.33 tons. Factory inventory increased by 0.31 tons week - on - week, while social inventory decreased by 8.64 tons week - on - week. High - level inventory reduction is limited, and supply pressure remains large [1]

200 400 600 800 1,000 1,200 公司地址：浙江省杭州市求是路 8 号公元大厦南裙1-5楼。 咨询热线：400 618 1199 | | | 本周值 环比变化 上月末值 本月变化 同期值 同期变化 周度产量 212.59 5.52 207.02 5.57 243.22 -30.63 高炉产能利用率（%） 88.61 -1.33 90.65 -2.04 88.40 0.21 表观需求量 232.18 6.17 241.07 -8.89 240.68 -8.50 钢联建材成交周均值 10.79 0.73 10.11 0.68 11.67 -0.88 总库存 602.52 -19.59 602.25 0.27 437.27 165.25 厂内库存 171.71 -12.92 158.91 12.80 154.70 17.01 社会库存 430.81 -6.67 443.34 -12.53 282.57 148.24 螺纹钢周度数据（20251031） 螺纹钢供需两端持续回升，建筑钢厂生产积极，螺纹钢周产量 供给 需求 库存 150 200 250 300 350 400 01 02 03 04 ...

Report Summary - This is a futures research report by Baocheng Futures, presenting arbitrage data for various commodities on October 31, 2025. The report includes data on power coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. 1. Report Industry Investment Rating - Not provided in the report. 2. Report's Core View - Not provided in the report. 3. Summary by Relevant Catalogs 3.1 Power Coal - The report provides the basis and spread data for power coal from October 24 to October 30, 2025. The basis remained at -31.40 yuan/ton during this period, and the spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) were all 0.00 yuan/ton [1][2]. 3.2 Energy Chemicals - **Energy Commodities**: The report shows the basis and price ratio data for fuel oil, crude oil, and asphalt from October 24 to October 30, 2025. For example, on October 30, the basis for fuel oil was -75.56 yuan/ton, and the price ratio of crude oil to asphalt was 0.1406 [7]. - **Chemical Commodities**: - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from October 24 to October 30, 2025 are presented. For instance, on October 30, the basis for rubber was -600 yuan/ton, and for methanol was 4.5 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For example, the 5 - 1 month spread for rubber was 90 yuan/ton [10]. - **Inter - commodity Spreads**: The inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from October 24 to October 30, 2025 are given. On October 30, the LLDPE - PVC spread was 2211 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from October 24 to October 30, 2025 are shown. On October 30, the basis for rebar was 104.0 yuan/ton, and for iron ore was 4.5 yuan/ton [20]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread for rebar was 63 yuan/ton [19]. - **Inter - commodity Spreads**: The inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 24 to October 30, 2025 are presented. On October 30, the rebar/iron ore ratio was 3.88 [19]. 3.4 Non - Ferrous Metals - **Domestic Market**: The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 24 to October 30, 2025 are given. On October 30, the basis for copper was -30 yuan/ton, and for aluminum was 15 yuan/ton [29]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on October 30, 2025 are provided. For example, the LME spread for copper was (21.39) [32]. 3.5 Agricultural Products - **Basis**: The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 24 to October 30, 2025 are shown. On October 30, the basis for soybeans No.1 was -123 yuan/ton, and for soybeans No.2 was 338.16 yuan/ton [37]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for various agricultural products are provided. For example, the 5 - 1 month spread for soybeans No.1 was 41 yuan/ton [37]. - **Inter - commodity Spreads**: The inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on October 30, 2025 are presented. The soybeans No.1/corn ratio was 1.94 [37]. 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 24 to October 30, 2025 are given. On October 30, the basis for CSI 300 was 19.91 [49]. - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next month - current month spread for CSI 300 was -40.4 [51].

期货研究报告 宝城期货煤焦早报（2025 年 10 月 31 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2601 | 震荡 偏强 | 震荡 | 上涨 | 震荡思路 | 贸易利好支撑，焦煤高位运行 | | 焦炭 | 2601 | 震荡 偏强 | 震荡 | 震荡 偏强 | 震荡思路 | 市场氛围偏多，焦炭震荡上行 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 投资咨询业务资格：证监许可【2011】1778 号 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：上涨 中期观点：震荡 参考观点：震荡思路 核心逻辑：现货市场方面，甘其毛都口岸蒙 ...