商 品 研 究 2025 年 10 月 24 日 研 究 所 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【国际原油】 WTI12 月原油期货收涨 3.29 美元/桶，涨幅 5.62%，报 61.79 美元/桶；布伦特 12 月原油期货 收涨 3.40 美元/桶，涨幅 5.43%，报 65.99 美元/桶；SC2512 原油期货收涨 15.80 元/桶，涨幅 3.48%， 报 469.80 元/桶。 1、墨西哥湾原油套利 | 目标市场 | 对比原油 | 套利状态（美 | 炼油配置 | 市场情况简要说明 | | --- | --- | --- | --- | --- | | 基准 | | 元/桶） | | | | WTI MEH | Arab Extra Light | -5.38（关闭） | FCC & HCU（裂 | | | | | | 化） | | | | | | | 所有轻质原油套利窗口均关 | | WTI MEH | Arab Light | -6.03（关闭） | FCC & HCU | 闭，表明将大西洋盆地（中 | | WTI MEH | Nemba（安 ...

2025 年 10 月 24 日 黄金：俄乌危机缓解 白银：震荡反弹 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 商 品 研 究 产 业 服 务 研 究 所 【基本面跟踪】 贵金属基本面数据 | 昨日收盘价 | | | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | 沪金2512 | | 952.56 | -4.17% | 934.72 | -1.56% | | 黄金T+D | | 948.84 | -3.86% | 931.99 | -1.59% | | Comex黄金2512 | | 4116.60 | -0.53% | - | | | 伦敦金现货 | | #N/A | #N/A | - | - | | 沪银2512 | | 11404 | -3.42% | 11331.00 | 0.04% | | 白银T+D | 价 格 | 11381 | -3.21% | 11324 | 0.15% | | Comex白银2512 | | 48.180 | 0.04% | - | - | ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - New cotton cost increase supports cotton futures prices [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2601 closed at 13,575 yuan/ton with a 0.30% daily increase and 13,585 yuan/ton in the night session with a 0.07% increase; CY2601 closed at 19,820 yuan/ton with a 0.30% daily increase and 19,850 yuan/ton in the night session with a 0.15% increase; ICE US cotton 12 closed at 64.02 cents/pound with a 0.58% increase [1] - **Spot Data**: Northern Xinjiang 3128 machine - picked cotton was at 14,712 yuan/ton, Southern Xinjiang 3128 machine - picked cotton was at 14,560 yuan/ton, and the 3128B index was at 14,784 yuan/ton [1] - **Spread Data**: CF1 - 5 spread was - 25 yuan/ton with a 15 - yuan change from the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton with no change [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was light, and spinning mills were less accepting of current cotton prices. Xinjiang machine - picked seed cotton purchase prices were approaching 6.5 yuan/kg, and hand - picked cotton prices were stable at around 7.1 yuan/kg [2] - **Domestic Cotton Textile Enterprises**: The pure - cotton yarn market showed off - season characteristics. Orders, except for seasonal varieties, did not improve significantly, and yarn prices had difficulty rising. Enterprises adopted a "buy - on - dips" strategy [2] - **US Cotton**: ICE cotton futures rose slightly due to a sharp increase in crude oil prices [2] 3.3 Trend Intensity - The cotton trend intensity was 0, indicating a neutral trend [4]

Group 1: Report Title and Core Views - The report is titled "LPG: Significant Cost Support, Macroeconomic Risks Still Exist; Propylene: Cost Support, Short - term Rebound from Low Levels" [2][3] - The core view is that LPG has significant cost support but still faces macro risks, while propylene is supported by cost and shows a short - term rebound from low levels [2][3] Group 2: Fundamental Data Futures Prices - PG2511 closed at 4,356 yesterday with a daily increase of 0.88%, and its night - session price remained unchanged; PG2512 closed at 4,236 yesterday with a daily increase of 1.49%, and its night - session price dropped 0.05% to 4,234; PL2601 closed at 6,154 yesterday with a daily increase of 1.15%, and its night - session price remained unchanged; PL2602 closed at 6,211 yesterday with a daily increase of 1.40%, and its night - session price rose 0.14% to 6,220 [3] Trading Volume and Open Interest - For PG2511, yesterday's trading volume was 17,245, a decrease of 897 from the previous day, and open interest was 16,040, a decrease of 5279; for PG2512, trading volume was 73,452, an increase of 6427, and open interest was 92,674, a decrease of 1563; for PL2601, trading volume was 10,211, an increase of 4587, and open interest was 10,340, a decrease of 332; for PL2602, trading volume was 5,167, an increase of 2542, and open interest was 5,207, a decrease of 117 [3] Spreads - The spread between Guangzhou domestic gas and PG11 contract was 44 yesterday, down from 82 the day before; the spread between Guangzhou imported gas and PG11 contract was 104, down from 142; the spread between Shandong propylene and PL01 contract was - 129, down from - 74; the spread between East China propylene and PL01 contract was - 54, down from - 9; the spread between South China propylene and PL01 contract was - 129, down from - 59 [3] Industrial Chain Data - This week, the PDH operating rate was 71.7%, up from 68.8% last week; the MTBE operating rate was 67.8%, up from 63.1%; the alkylation operating rate was 44.9%, slightly down from 45.1% [3] Group 3: Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0, with the trend intensity ranging from - 2 to 2 [6] Group 4: Market Information CP Paper Cargo Prices - On October 23, 2025, the November CP paper cargo price for propane was 461 dollars/ton, up 10 dollars/ton from the previous trading day; for butane, it was 458 dollars/ton, up 10 dollars/ton. The December CP paper cargo price for propane was 470 dollars/ton, up 10 dollars/ton [7] PDH Device Maintenance Plans - Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with an undetermined end - date; Ningbo Jinfa New Material Co., Ltd.'s PDH Phase I from September 29, 2025, to the end of October 2025 [8] LPG Factory Device Maintenance Plans - Many LPG factories have device maintenance plans, like Huaxing Petrochemical in Shandong starting a full - plant maintenance on October 22, 2024, until November 2025; Guangzhou Petrochemical having a rotational inspection from October 17, 2025, to early December 2025 [8]

2025 年 10 月 24 日 品 研 究 工业硅：关注仓单注册情况 多晶硅：关注现货成交价格 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2511收盘价（元/吨） | 8,705 | 220 | 100 | -95 | | | | Si2511成交量（手） | 172,346 | 66,824 | -37,242 | -325,864 | | | | Si2511持仓量（手） | 76,195 | -20,359 | -55,454 | -214,753 | | | 工业硅、多晶硅期货市场 | PS2511收盘价（元/吨） | 50,760 | 450 | -1,815 | - | | | | PS2511成交量（手） | 86,148 | -14,344 | -179,981 | - | | | | PS2511持仓量（手） | 45,407 | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report compares the core contents of the communiqués of the Fourth Plenary Session of the 20th CPC Central Committee and the Fifth Plenary Session of the 19th CPC Central Committee, covering aspects such as past achievements, development environment, guiding ideology, principles, main goals, and specific strategies for different fields [1] 3. Summaries According to Relevant Catalogs Past Achievements - The 2025 plenary session highly evaluated the great achievements in China's development during the "14th Five - Year Plan" period, with the economy, technology, and comprehensive national strength reaching new levels and a good start for the second - centenary goal. The 2020 plenary session highly evaluated the decisive achievements in building a moderately prosperous society in all respects [1] Development Environment - The "15th Five - Year Plan" period will face a complex and changing development environment with both strategic opportunities and risks. China's economy has a stable foundation, many advantages, strong resilience, and great potential, and the long - term positive trend remains unchanged. In 2020, China had shifted to a high - quality development stage with many advantages for continued development, but also faced problems such as unbalanced and insufficient development [1] Guiding Ideology - Both emphasize adhering to the Party's leadership, the new development concept, and the general keynote of making progress while maintaining stability. The 2025 session focuses on promoting high - quality development with reform and innovation as the driving force and meeting people's needs as the goal, and comprehensively and strictly governing the Party as the guarantee. The 2020 session emphasized deepening supply - side structural reform [1] Principles - Both stress adhering to the Party's overall leadership, the people - centered approach, high - quality development, and reform. The 2025 session also mentions the combination of an effective market and an active government, and coordinating development and security [1] Main Goals - In 2025, significant achievements are expected in high - quality development, reform, social civilization, ecological civilization, people's livelihood, and national governance. By 2035, China's economic, technological, and comprehensive national strength will be greatly enhanced, and basic socialist modernization will be achieved [1] Industry System - Both emphasize focusing on the real economy, building manufacturing, quality, and network powers. The 2025 session also mentions promoting digital China construction, developing strategic emerging industries, and optimizing traditional industries [1] Science and Technology - Both highlight the core position of innovation. The 2025 session focuses on seizing the opportunity of the technological revolution, promoting the integrated development of education, science and technology, and talents, and strengthening original innovation and key core technology research [1] Domestic Market - Both advocate expanding domestic demand and combining it with supply - side reform. The 2025 session emphasizes promoting consumption and investment through new demand and supply, and enhancing the internal dynamics of the domestic cycle [1] Economic System - Both stress improving the socialist market economic system, giving play to the market's decisive role and the government's role. The 2025 session also mentions establishing a modern fiscal and financial system and accelerating the transformation of government functions [1] Opening - up - Both advocate high - level opening - up. The 2025 session emphasizes expanding independent opening - up, promoting trade innovation, and high - quality construction of the Belt and Road Initiative [1] Rural Issues - Both prioritize solving "Three Rural Issues" and promoting rural revitalization. The 2025 session emphasizes promoting rural modernization, ensuring food security, and implementing rural construction actions [1] Regional Development - Both aim to optimize regional economic layout and promote coordinated development. The 2025 session focuses on leveraging the effects of relevant strategies and enhancing regional development coordination [1] Culture - Both adhere to the guiding position of Marxism in the ideological field and promote cultural development. The 2025 session emphasizes developing a new - era socialist culture with international influence [1] People's Livelihood - Both focus on improving people's livelihood and promoting common prosperity. The 2025 session emphasizes solving people's urgent problems, promoting high - quality employment, and improving the social security system [1] Green Development - Both uphold the concept of "lucid waters and lush mountains are invaluable assets" and promote green transformation. The 2025 session emphasizes carbon peaking and carbon neutrality and building a new energy system [1] National Security - Both adhere to the overall national security concept and strengthen national security construction. The 2025 session emphasizes integrating security into all fields of development and preventing various risks [1] National Defense - Both aim to modernize national defense and the military. The 2025 session focuses on accelerating the integration of mechanization, informatization, and intelligence, and improving combat capabilities [1] Party Building - Both emphasize the Party's overall leadership and strengthening Party building. The 2025 session focuses on enhancing the Party's leadership ability in economic and social development [1] National Reunification - Both aim to maintain the long - term prosperity and stability of Hong Kong and Macao, promote cross - strait relations, and achieve national reunification [1]

【正文】 【声明】 宏 观 及 期 指 点 评 2025 年 10 月 23 日 股指期货 IF2512 和 IH2512 小幅震荡下行 IC2512 和 IM2512 震荡下行 陶金峰 投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构成 具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行作 出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【行情前瞻要点】 10 月 23 日，股指期货主力合约 IF2512、IH2512、IC2512 和 IM2512 小幅低开；开盘后，IF2512 和 IH2512 小幅震荡下行；IC2509 和 IM2509 震荡下行。 预计日内 IF2512 大概率将偏弱震荡，并将下探支撑位 4498 和 4485 点，阻力位 4563 和 4578 点， 4578 点阻力较强。 预计日内 IH2512 大概率将偏弱震荡 ...

标:安安期货客户中的专业投资者，请勿同读、订阅或接收任何相关信息。本内容不拘成具体业务的排价，亦不应被视为任何投资、法律、会计或税务建议，且本公司不会因装放人以到 体内容而规具为客户。本内容的信息来源于公开资料，本公司对这些信息的准朝性、完整性及未来变更的可能往不作任何保证。请您根据自身的风险承受微力作出投资决定并自主承担 投资风险、不应凭借本内容进行具体操作、本公司不对目使用本内容而造成的损失承担任何责任、除非劳有说职。本公司拥有本内容的组织和/流英地相关知识产权。 法坚本公司事先 书面许可。任何单位或个人不得以任何方式复制、转载、引用、刊登、发表、发行、修改、翻译此报告的全部或部分内容。 | 有色及贵金属日度数据简报 | 2025/10/23 | 李先飞 | 王蓉 | 刘雨萱 | Z0012691 | Z0020476 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jix ...

Report Industry Investment Rating - Zinc investment rating: Range-bound [1] Core Viewpoints - The zinc market shows a range-bound trend, and the trend strength is neutral with a value of 0 [1][3] Summary by Relevant Catalogs Fundamental Tracking - **Price and Volume**: The closing price of Shanghai Zinc main contract was 22,000 yuan/ton, up 0.14%; the closing price of LME Zinc 3M electronic disk was 2,993.5 dollars/ton, up 0.59%. The trading volume of Shanghai Zinc main contract was 102,274 lots, down 6,247; the trading volume of LME Zinc was 11,953 lots, up 3,344. The open interest of Shanghai Zinc main contract was 132,692 lots, up 2,250; the open interest of LME Zinc was 221,589 lots, down 2,424 [1] - **Premium and Discount**: Shanghai 0 zinc premium was -55 yuan/ton, down 5; LME CASH - 3M premium was 299.34 dollars/ton, up 69.05. Guangdong 0 zinc premium was -90 yuan/ton, up 5; the import bill of lading premium was 135 dollars/ton, unchanged. Tianjin 0 zinc premium was -55 yuan/ton, down 5; the spot import profit and loss of zinc ingots was -5,420.07 yuan/ton, down 670.14 [1] - **Inventory**: Shanghai Zinc futures inventory was 65,209 tons, down 1,059; LME zinc inventory was 35,300 tons, down 1,975. The LME zinc cancelled warrants were 10,875 tons, down 1,975; the LME off - warrant (T + 3) was 11,606 tons, up 1,370 [1] - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,183 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 23,075 yuan/ton, down 40; the price of Shanghai Zamak - 3 zinc alloy was 22,525 yuan/ton, down 40. The price of zinc oxide ≥99.7% was 21,000 yuan/ton, down 100 [1] News - **Financial Market**: PrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors and failure to pay interest on time, which is a new sign of stress in the low - income consumer sector of the US economy. JPMorgan Chase CEO warned that there may be more problems in the credit field [2] - **Gold Market**: The price of gold suffered the largest single - day plunge since 2013 on Tuesday. The spot gold fell about 2.2% on Wednesday night Beijing time, and the decline narrowed in the New York尾盘, while gold futures turned slightly higher. The holdings of physical - supported gold ETFs reached a three - year high, and the market dominated by ETF funds is often volatile [2][3] Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis, the report predicts the trend of major futures contracts on October 23, 2025, and also gives the expected trend for the whole month of October 2025 for some futures contracts [2]. Summary by Relevant Catalogs Futures Market Outlook - **Stock Index Futures**: On October 23, 2025, it is expected to fluctuate and consolidate. IF2512 has resistance at 4592 and 4621 points, support at 4515 and 4498 points; IH2512 has resistance at 3019 and 3034 points, support at 2980 and 2972 points; IC2512 has resistance at 7054 and 7100 points, support at 6925 and 6871 points; IM2512 has resistance at 7211 and 7257 points, support at 7095 and 7059 points [2]. - **Treasury Bond Futures**: - **Ten - year Treasury Bond Futures T2512**: On October 23, 2025, it is likely to have a strong and wide - range fluctuation, with resistance at 108.26 and 108.32 yuan, support at 108.00 and 107.95 yuan [2][35]. - **Thirty - year Treasury Bond Futures TL2512**: On October 23, 2025, it is likely to have a strong and wide - range fluctuation, with resistance at 116.0 and 116.5 yuan, support at 115.2 and 115.0 yuan [2][39]. - **Precious Metal Futures**: - **Gold Futures AU2512**: On October 23, 2025, it is likely to have a weak and wide - range fluctuation, and will test the support levels of 925.0 and 917.9 yuan/gram, with resistance at 937.8 and 950.0 yuan/gram [2][42]. - **Silver Futures AG2512**: On October 23, 2025, it is likely to fluctuate weakly and will test the support levels of 11210 and 10937 yuan/kilogram, with resistance at 11404 and 11483 yuan/kilogram [3][50]. - **Base Metal Futures**: - **Copper Futures CU2512**: On October 23, 2025, it is likely to fluctuate and consolidate, with support at 85000 and 84300 yuan/ton, resistance at 85400 and 85600 yuan/ton [3][52]. - **Aluminum Futures AL2512**: On October 23, 2025, it is likely to fluctuate strongly, with resistance at 21200 and 21300 yuan/ton, support at 21080 and 21040 yuan/ton [3][59]. - **Alumina Futures AO2601**: On October 23, 2025, it is likely to fluctuate weakly and will test the support levels of 2800 and 2786 yuan/ton, with resistance at 2836 and 2856 yuan/ton [3][63]. - **Carbonate Lithium Futures LC2601**: On October 23, 2025, it is likely to fluctuate strongly and will attack the resistance levels of 77800 and 79200 yuan/ton, with support at 76700 and 76000 yuan/ton [3][68]. - **Building Material Futures**: - **Rebar Futures RB2601**: On October 23, 2025, it is likely to fluctuate and consolidate, with resistance at 3076 and 3090 yuan/ton, support at 3056 and 3034 yuan/ton [4][70]. - **Hot - rolled Coil Futures HC2601**: On October 23, 2025, it is likely to fluctuate and consolidate, with resistance at 3260 and 3280 yuan/ton, support at 3229 and 3204 yuan/ton [4][75]. - **Iron Ore Futures I2601**: On October 23, 2025, it is likely to have a wide - range fluctuation, with resistance at 778 and 780 yuan/ton, support at 767 and 762 yuan/ton [4][77]. - **Coking Coal Futures JM2601**: On October 23, 2025, it is likely to fluctuate strongly, with resistance at 1227 and 1239 yuan/ton, support at 1204 and 1187 yuan/ton [4][82]. - **Glass Futures FG601**: On October 23, 2025, it is likely to have a wide - range fluctuation, with support at 1072 and 1060 yuan/ton, resistance at 1101 and 1110 yuan/ton [4][85]. - **Soda Ash Futures SA601**: On October 23, 2025, it is likely to have a wide - range fluctuation, with resistance at 1230 and 1250 yuan/ton, support at 1200 and 1190 yuan/ton [4][89]. - **Energy Futures**: - **Crude Oil Futures SC2512**: On October 23, 2025, it is likely to fluctuate strongly and will attack the resistance levels of 453 and 459 yuan/barrel, with support at 445 and 441 yuan/barrel [4][93]. - **Fuel Oil Futures FU2601**: On October 23, 2025, it is likely to fluctuate strongly and will attack the resistance levels of 2720 and 2752 yuan/ton, support at 2680 and 2660 yuan/ton [4][97]. - **Chemical Futures**: - **PTA Futures TA601**: On October 23, 2025, it is likely to fluctuate strongly, with resistance at 4510 and 4530 yuan/ton, support at 4456 and 4434 yuan/ton [5][98]. - **PVC Futures V2601**: On October 23, 2025, it is likely to fluctuate strongly and will attack the resistance levels of 4750 and 4770 yuan/ton, support at 4688 and 4670 yuan/ton [7][100]. - **Methanol Futures MA601**: On October 23, 2025, it is likely to fluctuate and consolidate, with support at 2250 and 2233 yuan/ton, resistance at 2272 and 2281 yuan/ton [7][103]. - **Agricultural Futures**: - **Soybean Meal Futures M2601**: On October 23, 2025, it is likely to fluctuate strongly and will attack the resistance levels of 2915 and 2938 yuan/ton, support at 2878 and 2868 yuan/ton [7][105]. - **Palm Oil Futures P2601**: On October 23, 2025, it is likely to fluctuate weakly and will test the support levels of 9072 and 9000 yuan/ton, resistance at 9180 and 9200 yuan/ton [7][107]. - **Natural Rubber Futures RU2601**: On October 23, 2025, it is likely to fluctuate strongly and will attack the resistance levels of 15320 and 15500 yuan/ton, support at 15120 and 15050 yuan/ton [7][110]. Macro - news and Trading Tips - US President Trump expects to reach a good trade agreement with Chinese leaders during the APEC Economic Leaders' Meeting next week, but the meeting may be cancelled. The Chinese Foreign Ministry responds that the two leaders maintain close communication [8]. - Chinese Minister of Commerce Wang Wentao meets with Airbus CEO Guillaume Faury, emphasizing continued cooperation and solving Airbus' problems in China [8]. - The National Bureau of Statistics releases September unemployment data by age group, with the unemployment rate for 16 - 24 - year - olds at 17.7%, 25 - 29 - year - olds at 7.2%, and 30 - 59 - year - olds at 3.9% [8]. - Guangdong Province releases an action plan for AI - empowered high - quality development of the manufacturing industry, aiming to build a global "AI + Manufacturing" integration development demonstration area [8]. - As of October 21, the US federal government debt exceeds $38 trillion for the first time, just over two months after reaching $37 trillion in mid - August [9]. - The US government shutdown lasts for 22 days, becoming the second - longest in history, with a deadlock over expiring medical subsidies [9]. - Trump cancels a meeting with Putin in Budapest. The US sanctions Russia's largest oil producer [9]. - The EU approves the 19th round of sanctions against Russia, including a ban on importing Russian LNG [9]. - Japanese Prime Minister Kashiwa Sanae orders a new round of economic measures, with a scale possibly exceeding 13.9 trillion yen last year [9]. Commodity Futures - related Information - On October 22, WTI crude oil futures rose 3.74% to $59.38/barrel, Brent crude oil futures rose 4.94% to $64.35/barrel, driven by expected US sanctions on Russia and a decrease in US EIA crude oil inventory [10]. - On October 22, international precious metal futures generally rose. COMEX gold futures rose 0.18% to $4116.60/ounce, COMEX silver futures rose 1.00% to $48.18/ounce, supported by EU sanctions on Russia, Fed's relaxation of bank capital requirements, and US fiscal policy uncertainty [10]. - In September, global physical gold ETFs had the largest single - month inflow on record, driving the total inflow in Q3 to a record $26 billion. By the end of Q3, the total AUM of global gold ETFs increased to $472 billion, and the total holdings increased 6% to 3838 tons, only 2% lower than the historical peak [10]. - On October 22, most London base metals rose. LME zinc rose 1.05% to $3019.50/ton, LME aluminum rose 0.88% to $2805.50/ton, LME lead rose 0.50% to $1995.00/ton, LME copper rose 0.33% to $10658.50/ton, LME tin was flat at $35400.00/ton, and LME nickel fell 0.23% to $15140.00/ton [11]. - Vale's Q3 iron ore production was 94.4 million tons, a 3.8% year - on - year increase, the highest since Q4 2018 [12]. - On October 22, the on - shore RMB against the US dollar closed at 7.1245, down 74 basis points from the previous trading day, and the night - session closed at 7.1240. The central parity rate was 7.0954, down 24 basis points [12]. - On October 22, the US dollar index fell 0.06% to 98.91. Non - US currencies showed mixed performance. The offshore RMB against the US dollar rose 11 basis points to 7.1257 [12]. Futures Market Analysis and Outlook - **Stock Index Futures**: On October 22, the major stock index futures contracts showed different trends. IF2512 had a slight decline, IH2512 had a slight increase, IC2512 and IM2512 had slight declines. The short - term downward pressure on some contracts increased, and the upward momentum of some was weak [12][13][14]. - **Treasury Bond Futures**: On October 22, the 10 - year and 30 - year Treasury bond futures contracts had different trends. The short - term rebound momentum of the 10 - year contract weakened, and the 30 - year contract continued to rebound weakly [34][38]. - **Precious Metal Futures**: On October 22 and during the night - session, gold and silver futures contracts showed a weak trend, with increased short - term downward pressure [40][49]. - **Base Metal Futures**: On October 22, copper, aluminum, and other base metal futures contracts showed different trends, with some having weak upward momentum and some continuing to rebound [52][58]. - **Building Material Futures**: On October 22, rebar, hot - rolled coil, and other building material futures contracts generally rebounded, with increased short - term upward momentum [70][75]. - **Energy Futures**: On October 22, crude oil and fuel oil futures contracts showed a strong upward trend, with continued short - term upward momentum [93][97]. - **Chemical Futures**: On October 22, PTA, PVC, and other chemical futures contracts generally rebounded, with different short - term trends [97][100]. - **Agricultural Futures**: On October 22, soybean meal and palm oil futures contracts showed a downward trend, with increased short - term downward pressure, while natural rubber futures contracts fluctuated and consolidated [105][107][110].