Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - For coke, on October 15, the main contract closed at 1,642 yuan/ton, with an intraday increase of 0.34%. The position volume of the main contract at the close was 42,900 lots, a net increase of 422 lots from the previous trading day. The spot market prices of Rizhao Port and Qingdao Port showed different trends. Overall, the coke fundamentals changed little, and with the resurgence of Sino-US trade game disturbances, the coke futures are expected to fluctuate in the short term [3][28]. - For coking coal, on October 15, the main contract closed at 1,151 points, with an intraday increase of 1.01%. The position volume of the main contract at the close was 601,900 lots, a net decrease of 5,180 lots from the previous trading day. The latest quotation of Mongolian coal at Ganqimaodu Port decreased week-on-week. Overall, the supply of coking coal is strong while the demand is weak, with insufficient fundamental support. Coupled with the resurgence of US tariff pressure, the coking coal futures are expected to fluctuate in the short term [3][28]. 3. Summary by Relevant Catalogs Industry News - In September 2025, China's PPI decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared with the previous month, and remained flat month-on-month. The purchase price of industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared with the previous month, and increased by 0.1% month-on-month [5]. - On October 15, the price of coking coal in Linfen Anze market remained stable, with the ex-factory price of low-sulfur main coking clean coal A9, S0.5, V20, G85 being 1,530 yuan/ton (cash and tax included) [6]. Spot Market - Coke: The current price of Rizhao Port's quasi-first-class wet quenched coke flat price index is 1,520 yuan/ton, unchanged week-on-week, up 3.40% month-on-month, down 10.06% year-on-year, and down 21.65% compared with the same period. The ex-factory price of Qingdao Port's quasi-first-class wet quenched coke is 1,450 yuan/ton, up 0.69% week-on-week, down 0.68% month-on-month, down 10.49% year-on-year, and down 22.46% compared with the same period [7]. - Coking coal: The latest quotation of Mongolian coal at Ganqimaodu Port is 1,260 yuan/ton, down 1.56% week-on-week and month-on-month, up 6.78% year-on-year, and down 18.71% compared with the same period. The price of Australian coking coal at Jingtang Port is 1,530 yuan/ton, up 0.66% week-on-week, down 4.97% month-on-month, up 2.68% year-on-year, and down 17.74% compared with the same period. The price of Shanxi coking coal at Jingtang Port is 1,660 yuan/ton, unchanged week-on-week, down 2.92% month-on-month, up 8.50% year-on-year, and down 14.87% compared with the same period [7]. Futures Market - Coke: The closing price of the main contract was 1,642 yuan/ton, with a daily increase of 0.34%. The highest price was 1,655 yuan/ton, the lowest was 1,616.5 yuan/ton, the trading volume was 20,916 lots, a decrease of 1,933 lots from the previous trading day, and the position volume was 42,861 lots, an increase of 422 lots from the previous trading day [10]. - Coking coal: The closing price of the main contract was 1,151 yuan/ton, with a daily increase of 1.01%. The highest price was 1,164 yuan/ton, the lowest was 1,131.5 yuan/ton, the trading volume was 933,698 lots, a decrease of 34,344 lots from the previous trading day, and the position volume was 601,850 lots, a decrease of 5,180 lots from the previous trading day [10]. Relevant Charts - The report provides multiple charts showing the inventory of coke and coking coal in different regions and enterprises over the years, as well as the production situation of domestic steel mills, the procurement volume of Shanghai terminal wire rods, and the production and operation data of coal washing plants and coking plants [11][15][22]. Market Outlook - The outlook for coke and coking coal is consistent with the core views, expecting short - term fluctuations [28].

Report Industry Investment Rating No information provided Core View of the Report The report predicts that the pure benzene futures 2603 contract is likely to decline and difficult to rise, and may continue the weak oscillation pattern in the short term due to the US federal government's "shutdown", the significant decline in international crude oil prices, the expected increase in domestic and foreign pure benzene supply, and the weak downstream demand [4]. Summary by Relevant Catalog Supply Situation - External systemic risks have put pressure on crude oil prices, weakening the cost support for pure benzene and causing the price of the 2603 contract to decline [2]. - The US tariff war has changed the global petrochemical trade pattern. South Korea has shifted its export focus to Asia, especially China. China's pure benzene imports are expected to rise again in the short term [2]. - Domestic pure benzene supply is increasing. The output of petroleum benzene is rising steadily, and the overall supply pattern of pure benzene remains loose [3]. Demand Situation - The downstream demand for pure benzene is weak. The procurement demand from the largest consumer, styrene, has decreased, and other downstream industries are generally in a loss state, making it difficult to reverse the weak demand situation [3]. Inventory Situation - Due to the weak supply - demand situation, the domestic pure benzene inventory remains high. Although the inventory in East China ports has decreased, it is still at a relatively high level compared to the same period last year [3].

Report Summary Core View - The essence of futures trading is a long - term psychological and disciplinary battle, and the most important thing is to persevere, especially in the face of losses, doubts, and loneliness [2][3]. - Many traders fail due to "mid - course changes", while adhering to a proven trading system can lead to success [3]. - An effective trading system should be strictly followed, and emotional trading and poor execution can lead to losses [4]. - Persistence also means respecting "waiting", as most of the time in futures trading is unprofitable but crucial for eventual success [4]. - Persistence does not equal stubbornness; core principles should be adhered to while details can be optimized according to market changes [5]. Examples and Evidence - A senior trader adhered to a trend - tracking strategy despite a more than 40% account drawdown in 2020 and achieved doubled profits in 2021 when the agricultural product bull market started [3]. - In the three - year siege of Handan, the city's victory was due to will, organization, and discipline, which is similar to the requirements in futures trading [2][4]. Comparison and Analogy - The Handan Defense War is compared to futures trading, highlighting the importance of will, organization, and discipline in both scenarios [2][4]. - Traders' inconsistent actions in futures trading are likened to soldiers' desertion in a war, leading to failure [4].

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core View of the Report - The report predicts that the methanol 2601 contract of domestic methanol futures may maintain a weak and volatile trend on Wednesday, with bearish factors dominating [1][5]. Group 3: Summary According to the Directory Methanol 2601 Contract Outlook - In the short - term (within a week), medium - term (two weeks to a month), and intraday, the methanol 2601 contract is expected to be weak, with a reference view of weak operation [1]. Core Logic - After the market digested the event of sanctions on Iranian methanol vessels, the bullish driving force weakened. The domestic methanol operating rate and weekly output remain at relatively high levels, and the external import pressure continues to increase, with the annual import peak already reached. As a result, the methanol inventories at ports in East and South China before the festival are high. Although downstream demand is gradually improving, the olefin futures profit is poor, and the weak demand situation still needs to be improved. Affected by the medium - term downward trend, on Tuesday night, the domestic methanol futures 2601 contract closed slightly lower by 0.65% to 2,282 yuan/ton [5].

Report Summary 1) Industry Investment Rating - No industry investment rating is provided in the report. 2) Core Viewpoint - The steel price of rebar is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance. The industrial contradictions are accumulating, and the steel price is oscillating to find the bottom. The rebar 2601 is expected to be weak in the short - term and intraday, and oscillating in the medium - term, and attention should be paid to the pressure at the MA5 line [1][2]. 3) Summary by Related Contents a. Variety Viewpoint Reference - For rebar 2601, the short - term view is weakly oscillating, the medium - term view is oscillating, and the intraday view is weakly oscillating. The reference is to pay attention to the pressure at the MA5 line. The core logic is the accumulation of industrial contradictions and the steel price oscillating to find the bottom. The time - cycle definitions are: short - term is within one week, and medium - term is from two weeks to one month. The definitions of price trends are: for varieties with night trading, the starting price is the night - trading closing price, and for those without, it's the previous day's closing price, with the day - trading closing price as the end price; a decline greater than 1% is a fall, a decline of 0 - 1% is weakly oscillating, a rise of 0 - 1% is strongly oscillating, and a rise greater than 1% is an increase. The strong/weak oscillation only applies to intraday views [1]. b. Market Driving Logic - Rebar shows a pattern of weak supply and demand. The production of construction steel mills is weakening, with output continuously falling to a relatively low level, but inventory is high, and the motivation for production reduction during the peak season is not strong, so the positive effect on the supply side is limited. Meanwhile, affected by holidays, the demand is weak, the downstream situation has not improved, and the peak - season performance is expected to be poor. The weak demand is pressuring the steel price. Currently, the fundamentals of rebar are running weakly, industrial contradictions are continuously accumulating, and there is great pressure to reduce inventory under weak demand, so the steel price continues to be under pressure. The relatively positive factor is cost support [2].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The iron ore price is expected to continue its high - level oscillation before steel mills cut production, and the performance of key steel products should be closely monitored [2]. 3. Summary by Relevant Contents 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are expected to be oscillatory, while the intraday trend is expected to be oscillatory and slightly stronger. Attention should be paid to the support level at the MA60 line. The core logic is that the supply - demand pattern is weakly stable, and the iron ore price has fallen from its high level [1]. 3.2 Market Driving Logic - Market sentiment is weak, causing the over - valued iron ore price to fall under pressure. The supply - demand pattern of iron ore is weakly stable. The rigid demand for ore is relatively good, providing support for the price. However, the contradictions in the steel market are continuously accumulating, and the positive effects are weakening. - The arrival of ore at domestic ports has reached a new high, and the shipments from miners remain at a high level. Overseas ore suppliers are actively supplying under high prices, and domestic ore supply has also recovered, increasing the supply pressure. - In summary, the supply pressure of ore persists, and combined with the weakening market sentiment, the over - valued iron ore price has fallen under pressure. But the high - level rigid demand for ore continues to support the price, creating resistance to the downward movement [2].

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The overall view for bean meal, palm oil, and soybean oil in the short - term, medium - term, and intraday is "oscillating weakly". The core logics for these commodities are affected by multiple factors such as Sino - US relations, policies, production, exports, inventories, and cost support [5][6][7]. 3) Summary by Variety Bean Meal (M) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: With the US Treasury Secretary's statement that it is not certain to impose a 100% tariff on Chinese goods, market sentiment has fluctuated. The expectation of tightened domestic long - term soybean supply has cooled, weakening the support for the futures price of the 2601 contract of domestic bean meal. Also, factors like Sino - US relations, import arrival rhythm, oil mill start - up rhythm, and inventory pressure affect it [5][6]. Palm Oil (P) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7]. - **Core Logic**: The spill - over effect of the pressure on international oil prices on the oil market continues. Also, the weakening of the palm oil market industrial chain exerts obvious pressure. Macro - sentiment's influence on the oil market has significantly increased. Before the market sentiment recovers, the palm oil futures price will continue to be under pressure following the external market. Additionally, factors like biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals, inventories, and substitution demand play a role [6][7]. Soybean Oil (Not elaborated in detail in the core logic section like the above two, but listed in the summary table) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6]. - **Core Factors**: Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].

Report Summary 1. Report Industry Investment Rating - No specific investment rating is provided in the report [1][5] 2. Core View of the Report - The crude oil market is expected to be weak in the short - term, medium - term, and intraday, with a core logic of a weak macro and industrial environment, increased supply pressure, and the fading of "war premium" [1][5] 3. Summary According to Related Contents Price and Trend - The domestic crude oil futures 2512 contract closed 1.37% lower at 446.3 yuan/barrel on Tuesday night, and is expected to maintain a weak and volatile trend on Wednesday [5] Factors Affecting the Market - The macro - bearish sentiment has weakened due to Trump's signal of easing, but the macro and industrial factors in the crude oil market remain weak [5] - Eight OPEC+ oil - producing countries decided to increase production by 137,000 barrels per day in November, increasing the supply pressure in the oil market [5] - The Middle East geopolitical situation has shown signs of easing, and the "war premium" that previously supported oil prices has faded [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term view of TL2512 is to oscillate, the medium - term view is to oscillate, and the intraday view is to oscillate weakly. The overall view is to oscillate, as there are still long - and medium - term expectations for interest rate cuts, but the possibility of a comprehensive short - term interest rate cut is low [1]. - For TL, T, TF, and TS, the intraday view is to oscillate weakly, the medium - term view is to oscillate, and the reference view is to oscillate. The main logic is that although the tariff war has increased market risk - aversion sentiment, which is beneficial to treasury bond futures, the strong short - term domestic economic data reduces the necessity of a short - term comprehensive interest rate cut. There is still a lack of effective domestic demand, and the expectation of policy easing provides strong support. In general, treasury bond futures will mainly oscillate at the bottom in the short term [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2512, the short - term is "oscillate", the medium - term is "oscillate", the intraday is "oscillate weakly", and the overall view is "oscillate". The core logic is that long - and medium - term interest rate cut expectations remain, but the short - term possibility of a comprehensive interest rate cut is low [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is "oscillate weakly", the medium - term view is "oscillate", and the reference view is "oscillate". Treasury bond futures closed slightly higher yesterday. The tariff war has increased market risk - aversion sentiment, which is beneficial to treasury bond futures. However, the strong short - term domestic economic data reduces the necessity of a short - term comprehensive interest rate cut, and the implied interest rate cut expectation between the market interest rate and the policy interest rate is weak, resulting in insufficient upward momentum for treasury bond futures. There is still a problem of insufficient effective domestic demand, and the expectation of a loose policy provides strong support. In the short term, treasury bond futures will mainly oscillate at the bottom [5].

Report Industry Investment Rating - No information provided in the text Core Viewpoints of the Report - Both Shanghai rubber and synthetic rubber are expected to run weakly, with short - term, medium - term, and intraday trends being oscillatory and weak [1][5][7] Summary by Relevant Catalogs Shanghai Rubber (RU) - Short - term, medium - term, and intraday views: Oscillatory and weak; reference view: Weakly running [1][5] - Core logic: Although the macro - bearish sentiment has weakened due to Trump's signal, the macro and industrial factors in the rubber market remain weak. On Tuesday night, the 2601 contract of domestic Shanghai rubber futures continued the oscillatory and weak trend, with the price slightly down 0.30% to 14,810 yuan/ton. It is expected to maintain this trend on Wednesday [5] Synthetic Rubber (BR) - Short - term, medium - term, and intraday views: Oscillatory and weak; reference view: Weakly running [1][6][7] - Core logic: After Trump's signal, the macro - bearish sentiment has weakened, but the macro and industrial factors in the rubber market are still weak. On Tuesday night, the 2512 contract of domestic synthetic rubber futures declined under pressure, with the price slightly down 0.65% to 10,720 yuan/ton. It is expected to maintain an oscillatory and weak trend on Wednesday [7]