本周燃料油合约整体呈现震荡下跌态势,整体跟随国际原油波 动节奏。主要影响因素为成本端下行和基本面支撑两种力量的博弈。 国际原油价格下行对燃料油单边价格形成压制，但国内燃料油市场 供应偏紧、库存偏低的基本面格局仍为市场提供了一定支撑。 1期货市场 1.1 合约行情 本周燃料油主力合约 FU2601 收于 2622 元/吨,较前一交易周 结算价下跌 73 元/吨，跌幅为 2.71%。本周最高价为 2712 元/吨, 最低价为 2579 元/吨，成交量为 2257056 手，持仓量为 217297 手，增加 14374 手。 图 1：FU 燃油主力合约分时图 数据来源:国金期货博易云 研究品种:燃料油 成文日期：20251117 报告周期:周报 研究员：何宁（从业资格号：F0238922；投资咨询从业证书号：Z0001219) 然料油期货周报 核心观点： 研究咨询: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 1.2 品种价格 燃料油期货合约价格呈现近高远低的反向市场格局,整体 为近强远弱。FU2601 作为主力 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - In the short term, under the influence of the macro - sentiment, the non - ferrous metal sector has generally recovered. Coupled with the unchanged tight balance between supply and demand, the price of Shanghai tin is expected to maintain an oscillating and slightly stronger trend [8] Group 3: Summary According to Related Content Market Performance - Today, the Shanghai tin contract continued the recent rebound trend, showing a pattern of "gapping up and rising, and oscillating at a high level". After opening in the morning, it was driven by the warming macro - sentiment and the general rise of the non - ferrous metal sector. Then, restricted by the cautious purchasing attitude of downstream users, the market slightly declined to the daily low. In the afternoon, the game between bulls and bears intensified, and the price oscillated and consolidated in the high - level range, with the total trading volume of the day being a certain number of lots [2] - The total trading volume of Shanghai tin futures contracts was 72,954 lots, and the total open interest was 79,757 lots. Specific data for each contract, such as open price, high price, low price, closing price, settlement reference price, price change, trading volume, trading value, and open interest change, are detailed in the table [4] Technical Analysis - Today, the daily chart of the Shanghai tin 2512 contract showed a small positive line with a short upper shadow. This pattern reflects a multi - empty game situation where bulls dominated the day, but faced certain selling pressure at high levels, and the lower support was relatively strong. The closing price stood above the high of the previous trading day, continuing the upward channel trend since October 29 [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the fuel oil contracts showed an overall oscillating downward trend, following the international crude oil's fluctuation rhythm, and relatively underperforming compared to low-sulfur fuel oil. Although the international crude oil was briefly supported by factors such as the Russia-Ukraine geopolitical risks and rumors of EU sanctions against Russia, the expectation of inventory accumulation in the fourth quarter remained unchanged. The price oscillated weakly, providing limited guidance to the fuel oil market. The FU2601 contract is expected to maintain an overall range-bound pattern [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Quotes**: The main fuel oil contract FU2601 closed at 2,695 yuan/ton this week, down 50 yuan/ton or 1.82% from the previous trading week's settlement price. The highest price this week was 2,809 yuan/ton, and the lowest was 2,672 yuan/ton. The trading volume was 2,314,688 lots, and the open interest was 202,923 lots, an increase of 10,710 lots [3]. - **Variety Prices**: The fuel oil futures contract prices showed a backwardation market pattern of higher near-term and lower far-term prices. As the main contract, FU2601's liquidity continued to be concentrated, and the open interest of the FU2602 contract also showed a steady increasing trend [6]. 3.2 Spot Market - **Basis Data**: The fuel oil spot market performed poorly this week, and the current basis level was in the lower range of recent months. The fuel oil price was closely linked to crude oil, and the low-level consolidation of crude oil further restricted the upward elasticity of the basis [8]. - **Registered Warehouse Receipts**: The benchmark price of fuel oil decreased compared to the beginning of the month, but the specific data was not clearly provided in the text [11].

成文日期: 20251106 报告周期:日报 ：王建超（从业资格号：F3077383; 投资咨询从业证书号：Z0015736) 铜期货日报:美元指数回落,铜价继 1. 期货及现货市场 周三 LME 铜价反弹,当日（20251106 周四）沪铜继续反弹,主 力 2512 合约收盘在 86320 元/吨，较上一交易日收盘价上涨 650 元/ 吨，涨幅 0.76%；美元指数回落，铜价继续反弹。 美国 10 月 ADP 私人就业增长 4.2 万个为四个月最大增幅,同 时修正 9 月的数据由减少 3.2 万修正为减少 2.9 万。美国 ISM 非制 造业 PMI 指数 52.4, 上月为 50.0。数据整体大超预期激励市场情 绪。中美两国都落实了两国元首会晤成果,并宣布降低和暂停相关 关税。 周三美国金融市场修复了早前因美元流动性紧张引发的问题, 美元指数回落,会推动铜价反弹。过去几日,因为美联储在降息问 题上采取模糊策略导致美元指数持续走高，铜价回落。 美国联邦政府停摆进入第 36 天,打破美国历史上最长的停摆记 录。当地时间 11 月 5 日,参议院民主党领袖,致信特朗普,要求举 行两党会议,这标志着在经历了长期僵 ...

成文日期: 20251103 报告周期: 月报 研究品种:棕榈油 研究员：漆建华（从业资格号：F03099134；投资咨询从业证书号：Z0017731) 棕榈油期货月报 2.1 现货行情和基差数据 2.2 注册仓单 3 影响因素 3.1 供应端 3.2 需求端 目录 核心观点 1 期货市场 1.1 合约价格分析 1.2 品种行情分析 1.3 关联行情分析 2 现货市场、 4 行情展望 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 核心观点: 当月（202510）内外棕榈油期货市场皆下跌，现货随期货盘面 波动,印度和中国采购较差,且东南亚产地逐步进入减产季,马棕 油供需较弱或将继续打压价格,而印尼生物柴油政策或有支撑,需 关注政策转向。 1期货市场 1.1 合约价格分析 当月棕榈油期货 p2601 合约自国庆节后高开一路走弱,月内经 历日线十连阴，收于 8764 元/吨，月内跌 426 元/吨，跌幅 4.64%, 成交共 885 万手,月末持仓 39.3 万手,较上月末增仓 6.08 万手。 图：棕榈油 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - In the short - term, against the backdrop of a slight decline in spot prices, the price of the cotton CF2601 contract is likely to show a weak and oscillating trend [15] 3. Summary by Directory 3.1 Futures Market - **Contract行情**: On November 6, 2025, the main contract CF2601 of Zhengzhou Commodity Exchange's cotton futures opened at 13,600 yuan/ton, with an intraday high of 13,630 yuan/ton and a low of 13,555 yuan/ton, closing at 13,605 yuan/ton, up 70 yuan/ton or 0.52% from the previous trading day. The trading volume was 178,288 lots, and the open interest decreased by 1,553 lots to 579,138 lots [2] - **Variety price**: All 6 cotton futures contracts closed higher, and the variety's open interest was 944,677 lots, an increase of 1,307 lots from the previous trading day [5] - **Associated行情**: On the same day, the trading volume of cotton options reached 92,555 lots, and the total open interest was 497,857 lots, an increase of 4,327 lots from the previous trading day [7] 3.2 Spot Market - **Spot price tracking**: On November 6, the average arrival price of imported cotton was 74.07 cents/pound, unchanged from November 5. After conversion, the import cost was 12,763 yuan/ton under 1% tariff and 13,748 yuan/ton under sliding - scale duty [10] - **Registered warehouse receipts**: The cotton warehouse receipts on the Zhengzhou Commodity Exchange totaled 2,769 on the day, an increase of 17 from the previous trading day [11] 3.3 Influencing Factors - **Important events**: According to China Cotton Net, about one - third of textile and clothing exporters in India reported a more than 50% plunge in their turnover in the US market due to tariff policies. Around 85% of enterprises faced inventory overstock, and over 80% encountered a 3 - 6 - month extension of the credit cycle, resulting in "severe pressure on liquidity." Two - thirds of exporters had to offer up to 25% discounts to remain competitive in the US market [12] - **Industry information**: The domestic CC Index 3128B closed at 14,795 yuan/ton, down 7 yuan/ton from November 5. The arrival price of Xinjiang cotton at Shandong warehouses (grade 3128B) was 14,890 yuan/ton, down 15 yuan/ton from November 5. The National Cotton Basis Index CNCottonJ (CF2601) was reported at 960 yuan/ton, up 5 yuan/ton from November 5 [13]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - In October 2025, the domestic corn market showed a "rising first, then falling" oscillating trend. At the beginning of the month, due to continuous rainy weather, the harvest and listing progress of new - season corn was slower than expected, with tight market supply supporting the price. In the middle and late - month, as the weather cleared, the supply pressure emerged as new grain volume increased and downstream demand was cautious. The overall price center shifted down compared to September [3]. Summary by Directory 1. Futures Market 1.1 Contract Price Analysis - The opening price of the corn futures c2601 contract in October was 2,118 yuan/ton, with a maximum of 2,152 yuan/ton and a minimum of 2,094 yuan/ton. As of October 31, the closing price was 2,130 yuan/ton, the same as the previous month's closing price. The position was 931,100 lots, and the trading volume was 7,567,700 lots [4]. 1.2 Variety Market Analysis - In the monthly corn futures market, prices rose more than they fell. The total position was 1,772,414 lots, and the trading volume was 13,721,901 lots [8]. 1.3 Associated Market Analysis - In October, the trading volume of corn options was 2,203,616 lots, the total position was 233,188 lots, with a decrease of 130,217 lots. The total number of exercises in the month was 57,481 [10]. 2. Spot Market 2.1 Basis Data - The basis in domestic corn - producing areas first strengthened and then weakened. In the first half - month, continuous rainy weather led to tight spot supply and a strong spot price, while the futures price was relatively weak. In the second half - month, as the weather cleared, new grain volume increased, the spot price fell, and the basis narrowed [11]. 2.2 Registered Warehouse Receipts - The total number of corn futures warehouse receipts first remained stable and then increased, but the overall level was at a historical low. The low level in October supported the futures market, but the end - of - month increase indicated that spot pressure was being transmitted to the futures market [12]. 3. Influencing Factors 3.1 Industry Information - The National Bureau of Statistics and relevant institutions released the 2025/26 corn production forecast. Concerns about new - grain quality emerged due to rainy weather. Relevant institutions such as Sinograin signaled to enter the market for purchases. Imported grains continued to arrive at ports, affecting domestic prices. Market attention focused on the start - up of drying towers and farmers' selling attitudes, and logistics costs affected the grain circulation pattern [13][14]. 3.2 Technical Analysis - The corn futures c2601 contract showed a "bottom - hunting and rebounding" trend. After the National Day, the price fell to a new low due to supply pressure. In the middle and late - month, it bottomed out and rebounded as it fell below the planting cost and with policy support. The MACD indicator showed declining downward momentum and accumulating upward momentum [15]. 4. Market Outlook - Northeast and North China are about to enter the peak period of new - season corn listing. Farmers' selling willingness will be the key to the spot price. Downstream demand is weak, and it's difficult to drive price increases independently. In the short - term, the price of the corn C2601 contract is expected to oscillate and bottom out, with a possible narrowing of the fluctuation range. Future attention should be paid to farmers' selling attitudes, policy - based purchases, and the impact of weather on logistics [18].

Report Information - Report Name: Sugar Futures Daily Report - Date: November 7, 2025 - Report Cycle: Daily - Research Analyst: An Zhiyuan [1] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Views - On November 6, 2025, the glass futures market was active but prices were under pressure. The glass market is in a stage of game between "supply contraction expectations and weak demand reality." Short - term sentiment is boosted by cold - repair expectations in the Shahe area, but the medium - to - long - term fundamentals face triple pressure of over - capacity, high inventory, and weak terminal demand. Future trends will depend on policy implementation and inventory reduction speed [12]. 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On November 6, 2025, the glass FG2601 contract fluctuated throughout the day, closing with a small decline of about 0.45% at 1101 points. The trading volume was 1,741,879 lots, and the open interest was 1,707,110 lots, an increase of 18,149 lots from the previous day [2]. 3.1.2 Variety Prices - The prices of 12 glass futures contracts showed a mixed trend. Except for a small increase in the FG2511 contract, all other contracts had small declines. The total open interest of the variety was 2,149,502 lots, an increase of 36,742 lots from the previous day, with the open interest of the active FG2601 contract increasing by 18,149 lots [5]. 3.2 Spot Market 3.2.1 Basis Data - For the active glass FG2601 contract, the basis remained relatively stable at 27 yuan/ton on the day [7]. 3.2.2 Registered Warehouse Receipts - The total number of warehouse receipts today was 219, a decrease of 34 from the previous day [8]. 3.3 Influencing Factors 3.3.1 Industry News - This week, the average operating rate of the float glass industry decreased by 0.43% to 75.92%, and the average capacity utilization rate decreased by 0.2% to 80.42%. From October 31 to November 6, the national float glass output was 1.1261 million tons, a decrease of 0.25% month - on - month and an increase of 1.87% year - on - year. As of today, the national float glass daily output was 159,100 tons, the lowest in 15 weeks [9][10]. 3.3.2 Technical Analysis - The glass FG2601 contract showed a similar trend to soda ash, with a small - scale fluctuation today. It is still in a post - rebound oscillatory technical pattern. Today's K - line closed as a positive line, and the daily K - line was close to the middle track of the BOLL line, with the BOLL line showing a narrowing pattern [11]. 3.4 Market Outlook - On November 6, the main glass futures contract closed at 1,101 yuan/ton, a 0.45% decline from the previous trading day. The market was active but prices were under pressure. The glass market is in a game stage, and future trends depend on policy implementation and inventory reduction [12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report - In the short - term, under the weak trend of domestic and international sugar prices, the price of the main contract (SR601) of white sugar futures may continue to show a weak and volatile trend [16] 3. Summary According to the Catalog 3.1 Futures Market 3.1.1 Contract Market - On November 5, 2025, the price of the main contract (SR601) of Zhengzhou Commodity Exchange's white sugar futures showed a weak and volatile trend, closing at 5441 yuan/ton, down 47 yuan/ton or 0.86% from the previous day. The trading volume was 184,476 lots, the open interest was 367,492 lots, and the daily increase in positions was - 1330 lots. The total long positions of the Top20 members in the main contract (SR601) of white sugar futures were 250,486 lots with a long position difference of 2,705 lots, and the total short positions were 292,279 lots with a short position difference of 3,970 lots [2] - The closing prices, price changes, trading volumes, open interests, daily position changes and amplitudes of other contracts (SR511, SR603, SR605) are also provided [3] 3.1.3 Options Market - On this day, a total of 81,238 lots of white sugar options were traded, with 47,103 lots of call options and 34,135 lots of put options. The open interest of the variety was 306,152 lots, the open interest of call options was 194,706 lots, the open interest of put options was 111,446 lots, and the open interest PCR was 0.5724 [3] 3.2 Spot Market 3.2.1 Spot Quotation - According to Wind data, the domestic white sugar spot quotation on this day was 5,723 yuan/ton, down 29 yuan/ton from the previous observation day [7] 3.2.2 Registered Warehouse Receipts - The total number of registered warehouse receipts for white sugar futures on this day was 7,422, a decrease of 10 from the previous trading day [10] 3.3 Influencing Factors 3.3.1 External Market Quotes - On November 4, the opening price of the main contract of ICE raw sugar was 14.65 cents/pound, the highest price was 14.72 cents/pound, the lowest price was 14.13 cents/pound, and the closing price was 14.21 cents/pound, down 0.44 cents/pound or 3.00% from the previous day. The open interest was 478,904 lots, and the daily increase in positions was 3,720 lots [11] 3.3.2 Basis Data - The white sugar basis on this day was 299 yuan/ton, and the basis continued to strengthen [14] 3.4 Market Outlook - The domestic white sugar spot price has weakened again, and the price of the main contract of ICE white sugar futures has failed to rebound and turned down. On the futures market, the price of the main contract (SR601) of white sugar futures opened low and moved lower, showing a weak and volatile trend throughout the day [16]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - After continuous decline, the copper price temporarily stabilized at the important level of 85,000 yuan/ton and entered an oscillation phase [1][9] - The Fed's ambiguous stance on the December interest - rate cut led to the recent strengthening of the US dollar index, which suppressed the copper price. The market's expected probability of a 25 - basis - point interest rate cut by the Fed in December has risen from 60% to 73.9%, indicating a possible improvement in market risk appetite [2][9] - Whether the subsequent copper price will continue to decline depends on when the US federal government ends the shutdown and when the Fed changes its tone on the December interest - rate cut [9] 3. Summary by Relevant Catalogs 3.1 Market Performance of Copper Futures - On November 5, 2025 (Wednesday), the Shanghai copper futures stopped falling and oscillated. The main 2512 contract closed at 85,670 yuan/ton, down 70 yuan/ton or 0.08% from the previous trading day's closing price [1] - The LME copper price continued to decline on Tuesday. After the copper price touched the important 85,000 yuan/ton mark, it temporarily stopped falling and started to oscillate [1] - The trading volume of Shanghai copper futures contracts on November 5, 2025 was 280,003 lots (unilateral calculation), the turnover was 11.9605821 billion yuan (unilateral calculation), and the open interest was 557,645 lots (a decrease of 4,052 lots) [8] 3.2 Macro and Fundamental Analysis - The Fed's ambiguous strategy on the December interest - rate cut led to the recent strengthening of the US dollar, which was the main reason for the suppression of the copper price. However, the market's expected probability of a 25 - basis - point interest rate cut by the Fed in December has increased from 67% to 73.9%, and Goldman Sachs believes that a December interest - rate cut by the Fed is the baseline prediction [2] - The US federal government shutdown has entered its 36th day, creating the longest shutdown record in US history, which has triggered concerns about the liquidity of the US financial market, leading to a general decline in US stocks and commodities on Tuesday [2] 3.3 Market Conditions of the Spot Market - The atmosphere in the spot market on November 5, 2025 was acceptable. After the copper price fell, the market's purchasing sentiment improved, and the downstream enterprises' enthusiasm for bargain - hunting increased. The reduction in the circulation of the spot market seemed to support the spot premium [1] - The refined - scrap price difference of bright copper in some regions of China continued to decline. In Guangdong, it was 2,562 yuan/ton, and in Tianjin, it was 2,640 yuan/ton [1] 3.4 Market Outlook - The Fed's ambiguous strategy on the December interest - rate cut has led to the recent strengthening of the US dollar index, suppressing the copper price. After continuous decline, the copper price has temporarily stabilized at the 85,000 yuan/ton mark and entered an oscillation phase [9] - Whether the subsequent copper price will continue to decline requires close attention to when the US federal government ends the shutdown and when the Fed changes its tone on the December interest - rate cut [9] - The market's expected probability of a 25 - basis - point interest rate cut by the Fed in December rising from 60% to 73.9% means that there is a possibility of improvement in market risk appetite [9]