国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：宏观情绪转承压，镍价低位震荡 | 2 | | --- | --- | | 不锈钢：宏观与现实共振施压，下方成本限制弹性 | 2 | | 碳酸锂：仓单大幅去化，给予上行驱动 | 4 | | 工业硅：上方空间有限 | 6 | | 多晶硅：本周自律会议密集，仓单小幅去化，市场情绪或改善 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 2025年10月14日 期货研究 商 品 研 究 2025 年 10 月 14 日 镍：宏观情绪转承压，镍价低位震荡 不锈钢：宏观与现实共振施压，下方成本限制弹性 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 121,410 | -770 | 310 | 10 | 560 ...

2025年10月14日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：产地驱动有限，关注下方支撑及宏观风险 | 2 | | --- | --- | | 豆油：区间运行，关注中美经贸关系 | 2 | | 豆粕：贸易情绪暂时稳定，震荡 | 4 | | 豆一：震荡 | 4 | | 玉米：关注新粮上市 | 6 | | 白糖：供应过剩预期，价格承压 | 7 | | 棉花：注意外部市场影响 | 8 | | 鸡蛋：现货弱势运行 | 10 | | 生猪：现货底部未现，关注收基差行情 | 11 | | 花生：关注产区天气 | 12 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 9,364 | -0.78% | 9,392 | 0.30% | | | 豆油主力 | 元/吨 | 8,268 | -0.41% | 8,302 | 0.41% | | | 菜油主力 | 元/吨 | ...

Report Summary 1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - Iron ore is expected to have wide - range fluctuations [2][4]. - For rebar and hot - rolled coil, due to weak current situation and weakening expectations, steel prices may experience a slight correction [2][7]. - Silicon iron and manganese silicon are likely to have wide - range oscillations [2][10]. - Coke and coking coal will have weak oscillations due to the repeated macro - expectations [2][14]. - Logs will fluctuate repeatedly [2][16]. 3. Summary by Related Catalogs Iron Ore - **Fundamentals**: Futures price (12601) closed at 804.5 yuan/ton, up 9.5 yuan or 1.19%. Spot prices of various imported ores decreased by 2 yuan/ton, while some domestic ores remained unchanged. The basis and some spreads changed [4]. - **News**: This year's first three quarters, China's goods trade imports and exports were 33.61 trillion yuan, up 4% year - on - year. In September, imports and exports were 4.04 trillion yuan, up 8% year - on - year [5]. - **Trend Intensity**: The trend intensity is 0, indicating a neutral view [5]. Rebar and Hot - Rolled Coil - **Fundamentals**: Futures prices of RB2601 and HC2601 decreased. Spot prices in major regions also declined. There were changes in trading volume, open interest, basis, and spreads [7]. - **News**: In October 2025, the US announced export controls on rare earths and other related items from China, imposing a 100% tariff. In August 2025, China's steel exports decreased slightly, while imports increased. According to the October 8th weekly data, steel production decreased, inventory increased, and apparent demand decreased [8][9]. - **Trend Intensity**: The trend intensity for both rebar and hot - rolled coil is 0, indicating a neutral view [9]. Silicon Iron and Manganese Silicon - **Fundamentals**: Futures prices of silicon iron and manganese silicon decreased. Spot prices of silicon manganese decreased by 30 yuan/ton, and there were changes in various spreads [10]. - **News**: On October 13th, the prices of silicon iron 72 in some regions decreased. Hebei Steel's 10 - month silicon iron and manganese silicon tenders decreased in quantity. Yunnan Kunsteel's silicon iron purchase price decreased [10][12]. - **Trend Intensity**: The trend intensity for both silicon iron and manganese silicon is 0, indicating a neutral view [13]. Coke and Coking Coal - **Fundamentals**: Futures prices of JM2601 and J2601 decreased. Spot prices of some coking coals decreased, while most coke prices remained unchanged. There were changes in basis and spreads [14]. - **News**: China responded to the US threat of imposing tariffs, stating that corresponding measures would be taken if the US persists [15]. - **Trend Intensity**: The trend intensity for both coke and coking coal is 0, indicating a neutral view [15]. Logs - **Fundamentals**: The closing prices, trading volumes, and open interests of different log contracts changed. Spot prices of some log varieties remained stable, while some had slight changes [17]. - **News**: This year's first three quarters, China's goods trade imports and exports were 33.61 trillion yuan, up 4% year - on - year. In September, imports and exports were 4.04 trillion yuan, up 8% year - on - year [19]. - **Trend Intensity**: The trend intensity for logs is 0, indicating a neutral view [19].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The risk appetite for crude oil has improved, and there may be a short - term continuation of the rebound [1] 3. Summary by Relevant Catalogs 3.1 International Crude Oil - WTI November crude oil futures rose $0.59 per barrel, or 1.00%, to $59.49 per barrel; Brent December crude oil futures rose $0.59 per barrel, or 0.94%, to $63.32 per barrel; SC2512 crude oil futures rose $0.10 per barrel, or 0.02%, to $453.80 per barrel [1] 3.2 Product Oil Arbitrage - **Gasoline**: Routes from Europe to New York and Mediterranean to New York are open, while routes from Europe to Mexico and Asia to Mexico are closed. The European ARA region has cost advantages in blending components, but the US RVO compliance cost needs to be considered. Mediterranean low - sulfur gasoline needs adjustment to meet US standards [2] - **Diesel**: Most routes are closed, mainly due to factors such as freight, sufficient local supply in Europe, and weak demand in the Mediterranean region. Only the route from South Korea to the US West Coast is open because of tight Asian supply and strong US demand [2] - **Aviation Fuel**: The route from the Arab Gulf to the Mediterranean is open due to a slight increase in demand during the Mediterranean summer tourist season, while the route from the Arab Gulf to Northwest Europe is closed because of slow demand recovery and uneconomical shipping distances [2] - **Fuel Oil**: Routes from Northwest Europe and USGC to Singapore are closed because of oversupply in the Singapore market, unfavorable East - West spreads, and high long - distance transportation costs [2] - **Naphtha**: The route from the USGC to Japan is open as US naphtha has a price advantage and Asian chemical demand is stable, while the route from the Arab Gulf to Japan is closed due to weak Asian petrochemical demand and compressed cracking profits [2][4] 3.3 Crude Oil Key Indicators - **Price Index**: The global energy price index is on an upward trend, driven by geopolitical factors [4] - **Term Structure**: The M1 - M2 crude oil spread shows near - month contango, indicating relatively sufficient market supply [4] - **Positioning**: NYMEX WTI fund net positions show long - position reduction due to macro - economic concerns, and NYMEX RBOB fund net positions have increased volatility because of uncertain gasoline demand after the summer driving season [4] - **Regional Spreads**: The Atlantic Basin crude oil spread difference has narrowed, and the Asian crude oil spread has weakened because of compressed Asian refinery profit margins and reduced procurement willingness [4] 3.4 Crude Oil Arbitrage - **USGC**: Most configurations are closed. Light - sweet crude oil processing profits are affected by narrowing product cracking spreads, and heavy crude oil processing economy is dragged down by fuel oil value [5] - **USAC**: The configuration using Saharan Blend for cracking is open as African light - sweet crude oil has a quality premium on the US East Coast [5] - **Northwest Europe**: Configurations using Eagle Ford and Azeri Light for cracking are open. US light crude oil has a significant cost advantage in the European market [5] - **Singapore**: The configuration using Murban for cracking is open. Middle - East light crude oil maintains marginal economic viability in the Asian market [5] - **China**: Configurations using Napo and Mars for coking are open. South American heavy crude oil has processing advantages in Asian coking units, and US Gulf of Mexico medium - sulfur crude oil has stable Asian demand [5] 3.5 Refining Margins - **USGC**: FCC&HCU with WTI MEH has above - average margins, and Coking with Mars has relatively high margins due to the structural advantage of processing heavy crude oil [6] - **USAC**: RFCC with Dated Brent has medium margins as East Coast refineries face competition from imported products [6] - **Northwest Europe**: Full - conversion with Dated Brent has low margins because of weak European diesel demand and intense competition in chemical products [6] - **Singapore**: The cracking configuration with Dubai has medium margins. Asian light - product demand supports profit margins, but fuel oil value is low [6] 3.6 Key Market News - Trump said he was willing to lift sanctions on Iran if they were willing to talk. World leaders participated in the signing ceremony of the Gaza peace agreement during the Sharm El - Sheikh Summit [9] - OPEC maintained its global crude oil demand growth forecasts for this year and next year and expected the market supply gap to narrow significantly in 2026. OPEC+ increased daily production by 630,000 barrels to 43.05 million barrels in September [9] - OPEC predicted that global oil demand would increase by 1.3 million barrels per day in 2025 and 1.38 million barrels per day in 2026 [9] - OPEC's September crude oil production increased by 524,000 barrels per day to 28.44 million barrels per day. Production in most member countries increased, while Nigeria's production decreased [9] 3.7 Trend Intensity - The crude oil trend intensity is 1, indicating a neutral - to - slightly - strong trend [8]

2025 年 10 月 14 日 集运指数（欧线）：或震荡偏强 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | EC2510 | 1,129.4 | 0.35% | 4,774 | 16,148 | -2,204 | 0.30 | | 0.35 | | 期货 | EC2512 | 1,562.5 | -2.65% | 24,678 | 28,771 | 715 | 0.86 | | 1.12 | | | EC2602 | 1,359.9 | -0.40% | 5,747 | 9,376 | -392 | 0.61 | | 0.73 | | | EC2512 - EC2604 | 4 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On October 13, 2025, the implied volatility of stock index options opened high and trended lower, with a rise in bearish sentiment. It is advisable to consider buying put options for protection [1] 3. Summary by Related Catalogs 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index decreased by 7.65, 22.86, and 14.06 respectively. The trading volumes of the Shanghai Composite 50 ETF, Huatai-PineBridge 300 ETF, and Southern 500 ETF were 5.38 billion, 9.66 billion, and 3.87 billion hands respectively [2] - **Option Market Statistics**: The trading volume and open interest of most options increased. For example, the trading volume of Shanghai Composite 50 Index options increased by 7,823 to 64,550, and the open interest increased by 775 to 77,244 [2] 3.2 Option Volatility Statistics - **Near - Month Options**: The ATM - IV of most options increased. For instance, the ATM - IV of Shanghai Composite 50 Index options increased by 0.38% to 15.63%, and the ATM - IV of CSI 1000 Index options increased by 1.87% to 21.65% [5] - **Next - Month Options**: The ATM - IV of most options also increased. For example, the ATM - IV of Shanghai Composite 50 Index options increased by 0.53% to 17.69%, and the ATM - IV of CSI 300 Index options increased by 1.28% to 19.04% [5] 3.3 Option Indicator Data Statistics - **PCR and Skew**: The VL - PCR and OI - PCR of most options showed different degrees of change, and the skew also changed. For example, the VL - PCR of Shanghai Composite 50 Index options was 70.39%, and the skew of near - month options decreased by 2.84% to - 0.20% [2][5] 3.4 Option Charts - **Volatility Charts**: For various options such as Shanghai Composite 50 Index options, CSI 300 Index options, and Shanghai Composite 50ETF options, there are charts showing the volatility trends of the main contracts, including ATM - IV and 20HV [9][11][13] - **PCR and Skew Charts**: There are also charts showing the PCR and skew trends of the main contracts and all contracts of various options [9][14][17] - **Volatility Cone and Term Structure Charts**: There are charts presenting the volatility cone and term structure of various options [9][15][18]

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。 | 2025/10/13 | 有色及贵金属日度数据简报 | 王蒙 | 李先飞 | 刘雨萱 | Z0012691 | Z0020476 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jix ...

国泰若安斯货 信息汇总及行情频测 当前市场主流预期,100%的关税难以落地,最终回到TACO交易,只 是时间问题。这种情况下，如果前期科技资产的仓位已经获得显著的 浮盈,短期可以适当降低部分恒科仓位,观望,并选择更好时机以更 低成本再介入恒生科技。 但如果贸易战恶化的形式比市场当前主流预期更严峻。参考19年贸易 战经验,部分形成产业趋势的科技板块即便在关税冲击下短期暴跌, 也能在市场波动率下降、风险偏好企稳阶段重拾涨势,占优全年。因 此,这种情况下仍然推荐港股把握科技(ai/创新药/自主可控) +红利 的杠铃策略,择机抄底科技资产。 短期美股因情绪导致的波动可能难以避免,但情绪层面的冲击会明显 小于四月，不会跌那么狠。短期可以适当降低部分美股仓位，观望, 并选择更好的时机更低成本再介入美股科技资产。 潜在风险在于,相较于今年4月,美股的位置更高,本身就存在资金盘 活获利了解的压力,可能对于利空更加敏感。 受周末贸易战升温影响,周一国债或全线高开,但持续性堪忧。亦有 可能出现4月7日前后跳空高开再回落的走势。仍然维持底部震荡偏空 观点。 贸易摩擦用升级 风险信息汇总及后续展望 有色金属价格几乎全部承压,其中金融 ...

Report Investment Rating - The trend strength of the Container Shipping Index (European Line) is -1, indicating a weak outlook [16]. Core Viewpoints - The Container Shipping Index (European Line) is expected to remain weak in the short - term, and investors can look for buying opportunities during pullbacks [1]. - The market trading of the index is mainly influenced by three factors: the fundamental situation of the European Line, the expectation of route resumption, and the escalation of Sino - US tariffs [10]. Summary by Directory 1. Fundamental Tracking - **Futures Data**: EC2510 closed at 1,121.1 with a 0.77% daily increase; EC2512 closed at 1,571.0 with a 3.04% daily decrease; EC2602 closed at 1,338.0 with a 5.17% daily decrease [1]. - **Freight Rate Index**: The SCFIS European route index dropped 6.6% week - on - week to 1,046.50 points; the SCFIS US West route index dropped 4.8% week - on - week to 876.82 points. The SCFI European route index rose 10.0% bi - weekly to $1,068/TEU; the SCFI US West route index rose 0.5% bi - weekly to $1,468/FEU [1]. - **Spot Freight**: Different carriers' spot freight rates for the Shanghai - Rotterdam route range from $1,800 - $2,220/40'GP and $1,080 - $1,605/20'GP [1]. - **Exchange Rates**: The US dollar index was 98.84, and the US dollar to offshore RMB exchange rate was 7.12 [1]. 2. Shipping Capacity - **October**: The weekly average shipping capacity was revised down from 26.5 to 25.7 million TEU/week due to many postponed sailings on the FE4 route. The spot market will mainly handle cargoes for weeks 43 and 44 next week, corresponding to shipping capacities of 29 and 33.5 million TEU respectively [11]. - **November**: The weekly average shipping capacity is currently 30.7 million TEU/week (excluding pending voyages), a 19% month - on - month increase and an 8.9% year - on - year increase. There are some changes in the suspension plans of different alliances [11]. - **December**: There are 6 pending and 3 empty voyages, with a weekly average shipping capacity of 29.5 million TEU/week (excluding pending voyages), and there is room for significant revision [11]. 3. Spot Freight Forecast - In mid - to late October, the reduction of empty voyages by the PA Alliance eased the pressure on shipowners to attract cargo after the holiday, but the demand did not improve significantly. The SCFIS European route index on October 13 is expected to decline slightly or fluctuate. For week 43, except for the Gemini Alliance, other shipping companies may see their quotes fall further [12]. 4. Contract Analysis - **2510 Contract**: It is expected to oscillate narrowly around 1100 points [12]. - **2512 Contract**: Due to the escalation of trade frictions and the uncertainty of the trade war, it is recommended to treat it with a wide - range oscillation mindset (1400 - 1800 points), and look for unilateral low - buying opportunities next week [13]. - **2602 Contract**: There is a divergence on whether to resume routes in February. It is recommended to look for low - buying opportunities and enter a long 02 - short 04 spread position with a light position [14]. 5. Impact of Counter - measures - China's counter - measures against the US USTR port surcharges are expected to have limited impact on the European Line's operating costs and supply. It may squeeze the living space of US - bound shipping companies in the long - term and increase the US - bound freight rates [15].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints of the Report Based on macro - fundamental and technical analyses, the report predicts the trends of various futures contracts on October 13, 2025. Stock index futures are expected to oscillate weakly; ten - year and thirty - year treasury bond futures are likely to oscillate strongly; gold and silver futures are predicted to oscillate strongly; while copper, tin, polysilicon, coking coal, glass, crude oil, fuel oil, and natural rubber futures are expected to oscillate weakly [1][2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Forecast - **Stock Index Futures**: IF2512, IH2512, IC2512, and IM2512 are expected to oscillate weakly. Resistance and support levels are provided for each contract [2]. - **Treasury Bond Futures**: The ten - year T2512 and thirty - year TL2512 are likely to oscillate strongly, with specific resistance and support levels [2]. - **Precious Metal Futures**: Gold (AU2512) and silver (AG2512) futures are expected to oscillate strongly, with resistance and support levels given [2][3]. - **Base Metal Futures**: Copper (CU2511), aluminum (AL2511), alumina (AO2601), zinc (ZN2511), nickel (NI2511), and tin (SN2511) futures are expected to oscillate weakly, with corresponding resistance and support levels [3][4]. - **Other Commodity Futures**: Polysilicon (PS2511), lithium carbonate (LC2511), rebar (RB2601), hot - rolled coil (HC2601), iron ore (I2601), coking coal (JM2601), glass (FG601), soda ash (SA601), crude oil (SC2511), fuel oil (FU2601), PTA (TA601), PVC (V2601), soybean meal (M2601), soybean oil (Y2601), palm oil (P2601), and natural rubber (RU2601) futures are expected to oscillate weakly, with resistance and support levels provided. Methanol (MA601) is expected to have a wide - range oscillation [6][7][8]. 3.2 Macro - news and Trading Tips - China will impose a special port fee on US - related ships starting from October 14 in response to the US's 301 investigation restrictions on China's shipbuilding and other industries [9]. - Chinese Vice - Premier He Lifeng met with executives of well - known multinational companies, stating that China will continue to expand high - level opening - up [9]. - Vice - Premier Zhang Guoqing investigated the development of specialized and sophisticated enterprises with unique features in Zhejiang [9]. - The Ministry of Commerce responded to US tariff threats, stating that China is opposed to tariff wars and will take corresponding measures if the US persists [10][11]. - The market regulatory authority launched an investigation into Qualcomm for its illegal acquisition of Autotalks [11][12]. - The central bank announced the liquidity injection in September, with SLF, MLF, short - term reverse repurchase, and buy - out reverse repurchase having net injections, while PSL had a net withdrawal [11]. 3.3 Commodity Futures - related Information - The Shanghai Futures Exchange adjusted the daily price limit and margin ratios for nickel, tin, butadiene rubber, natural rubber, pulp, and offset printing paper futures contracts starting from the settlement on October 14 [15]. - The Shanghai International Energy Exchange adjusted the daily price limit and margin ratios for 20 - gauge rubber and container freight index (European line) futures contracts starting from the settlement on October 14 [16]. - On October 10, international precious metal futures generally rose, with COMEX gold rising 1.58% and COMEX silver rising 0.76%. International oil prices fell, with WTI crude oil falling 5.32% and Brent crude oil falling 4.8%. London base metals fell across the board [16][17]. 3.4 Futures Market Analysis and Forecast - **Stock Index Futures**: On October 10, IF2512, IH2512, IC2512, and IM2512 all opened slightly lower, rebounded but faced resistance and then declined. Short - term downward pressure increased. In the future, they are expected to have a weakly wide - range oscillation in October 2025 [18][19][20]. - **Treasury Bond Futures**: On October 10, ten - year and thirty - year treasury bond futures closed lower. The ten - year T2512 and thirty - year TL2512 are expected to oscillate strongly on October 13 [40][44]. - **Gold Futures**: On October 10, the gold futures AU2512 opened slightly higher, then declined. In the night session, it opened slightly higher and oscillated upwards. It is expected to oscillate strongly in October 2025 and reach new highs [48]. - **Silver Futures**: On October 10, the silver futures AG2512 opened with a gap up, then declined. It is expected to oscillate strongly in October 2025 and reach new highs [53]. - **Copper Futures**: On October 10, the copper futures CU2511 opened higher, then declined. It is expected to oscillate weakly on October 13 [60]. - **Aluminum Futures**: On October 10, the aluminum futures AL2511 opened slightly higher, then declined slightly. It is expected to have a wide - range oscillation in October 2025 and oscillate weakly on October 13 [65]. - **Alumina Futures**: On October 10, the alumina futures AO2601 opened slightly higher, then declined. It is expected to have a weakly wide - range oscillation in October 2025 and oscillate weakly on October 13 [71]. - **Zinc Futures**: On October 10, the zinc futures ZN2511 opened slightly higher, then declined slightly. It is expected to have a wide - range oscillation in October 2025 and oscillate weakly on October 13 [75]. - **Nickel Futures**: On October 10, the nickel futures NI2511 opened slightly lower, then declined. It is expected to have a wide - range oscillation in October 2025 and oscillate weakly on October 13 [80]. - **Tin Futures**: On October 10, the tin futures SN2511 opened slightly higher, then declined slightly. It is expected to have a strongly wide - range oscillation in October 2025 and oscillate weakly on October 13 [84]. - **Polysilicon Futures**: On October 10, the polysilicon futures PS2511 opened slightly lower, then declined. It is expected to oscillate weakly on October 13 [89]. - **Lithium Carbonate Futures**: On October 10, the lithium carbonate futures LC2511 opened slightly lower, then declined. It is expected to have a weakly wide - range oscillation in October 2025 and oscillate weakly on October 13 [89][90]. - **Rebar Futures**: On October 10, the rebar futures RB2601 opened slightly higher, then declined slightly. It is expected to have a wide - range oscillation in October 2025 and oscillate weakly on October 13 [94]. - **Hot - rolled Coil Futures**: On October 10, the hot - rolled coil futures HC2601 opened slightly higher, then declined slightly. It is expected to oscillate weakly on October 13 [99]. - **Iron Ore Futures**: On October 10, the iron ore futures I2601 opened slightly higher, then had a strong oscillation. It is expected to have a wide - range oscillation in October 2025 and oscillate weakly on October 13 [102]. - **Coking Coal Futures**: On October 10, the coking coal futures JM2601 opened slightly higher, then declined slightly. It is expected to have a wide - range oscillation in October 2025 and oscillate weakly on October 13 [106]. - **Glass Futures**: On October 10, the glass futures FG601 opened slightly higher, then declined. It is expected to have a weakly wide - range oscillation in October 2025 and oscillate weakly on October 13 [109]. - **Soda Ash Futures**: On October 10, the soda ash futures SA601 opened slightly higher, then declined. It is expected to have a weakly wide - range oscillation in October 2025 and oscillate weakly on October 13 [112]. - **Crude Oil Futures**: On October 10, the crude oil futures SC2511 opened flat, then declined. It is expected to oscillate weakly in October 2025 and on October 13 [115]. - **Fuel Oil Futures**: On October 10, the fuel oil futures FU2601 opened slightly lower, then declined. It is expected to oscillate weakly on October 13 [119]. - **PTA Futures**: On October 10, the PTA futures TA601 opened slightly lower, then declined. It is expected to oscillate weakly on October 13 [119][120]. - **PVC Futures**: On October 10, the PVC futures V2601 opened slightly higher, then declined. It is expected to oscillate weakly on October 13 [123]. - **Methanol Futures**: On October 10, the methanol futures MA601 opened flat, then oscillated upwards. It is expected to have a wide - range oscillation on October 13 [125]. - **Soybean Meal Futures**: On October 10, the soybean meal futures M2601 opened slightly higher, then declined slightly. It is expected to oscillate weakly on October 13 [127]. - **Soybean Oil Futures**: On October 10, the soybean oil futures Y2601 opened slightly lower, then declined slightly. It is expected to oscillate weakly on October 13 [129]. - **Palm Oil Futures**: On October 10, the palm oil futures P2601 opened flat, then declined. It is expected to oscillate weakly on October 13 [132]. - **Natural Rubber Futures**: On October 10, the natural rubber futures RU2601 opened slightly higher, then declined. It is expected to oscillate weakly on October 13 [135].