Report Industry Investment Rating - No information provided Core View of the Report - In the context of China's mild economic recovery and the increasing expectation of global liquidity easing, the policy resonance of the Fed's December interest rate meeting and China's Central Economic Work Conference will affect the A-share market rhythm in December and lay the foundation for the cross-year market and investment themes in 2026. Before the official implementation of the policies of the two meetings, funds may be more cautious, and the stock market is expected to remain volatile, with funds favoring defensive allocations. Once the meeting contents are clear and the positive policy signals resonate with the Fed's interest rate cuts, market risk appetite is expected to rise again [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts decreased compared to the day before, with declines ranging from -0.25% to -0.30%. The trading volume and open interest of each contract varied, and the open interest of all contracts increased [1] - **IH Contracts**: The previous day's closing prices of IH contracts also decreased, with declines ranging from -0.35% to -0.41%. The trading volume and open interest showed different trends, and the open interest of most contracts increased [1] - **IC Contracts**: The previous day's closing prices of IC contracts dropped, with declines from -0.35% to -0.42%. The trading volume and open interest changed, and the open interest of all contracts increased [1] - **IM Contracts**: The previous day's closing prices of IM contracts decreased, with declines ranging from -0.53% to -0.58%. The trading volume and open interest varied, and the open interest of all contracts increased [1] - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM contracts had different values compared to the previous values, with some spreads widening and some remaining the same [1] 2. Stock Index Spot Market - **Stock Indexes**: The previous day's values of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 indexes decreased compared to the day before, with declines of -0.51%, -0.52%, -0.62%, and -0.89% respectively. The trading volume and total trading amount also changed [1] - **Industry Indexes**: Different industries in the Shanghai - Shenzhen 300 industry index showed different trends, with the raw materials industry rising by 0.85% and other industries such as energy, industry, and optional consumption showing declines [1] 3. Basis between Futures and Spot - The basis between futures and spot of IF, IH, IC, and IM contracts all decreased compared to the day before, indicating changes in the relationship between futures and spot prices [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all decreased, with declines ranging from -0.51% to -1.12% [1] - **Overseas Indexes**: The Hang Seng Index decreased by -1.28%, the DAX Index decreased by -0.07%, the S&P 500 Index increased by 0.30%, and the Nikkei 225 Index remained unchanged [1] 5. Macroeconomic Information - The US ADP employment data in November showed a decrease of 32,000 private - sector jobs, the largest decline since March 2023, far below market expectations. The probability of the Fed cutting interest rates by 25 basis points in December is close to 90% [2] - Chinese Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic economic cycle. Relevant measures should be taken in urbanization planning, population citizenization, urban renewal, and breaking the urban - rural dual structure [2] - The US President signed a law regarding US - Taiwan relations, and China urged the US to stop official exchanges with Taiwan and not send wrong signals to "Taiwan independence" forces [2] - The State Council approved the "Yangtze River Delta Territorial Space Planning (2023 - 2035)", which aims to support Shanghai in playing a leading role and promote the construction of a world - class city cluster [2] - From January to November this year, consumer goods trade - in drove related commodity sales of over 2.5 trillion yuan, benefiting over 360 million people. From January to October, China's service trade imports and exports totaled 6.58443 trillion yuan, a year - on - year increase of 7.5%, and the service trade deficit decreased by 269.39 billion yuan year - on - year [2] 6. Industry Information - The Ministry of Culture and Tourism and the Civil Aviation Administration issued an action plan for the integrated development of culture, tourism, and civil aviation, including 15 specific measures [2] - As the fourth batch of 69 billion yuan of national subsidy funds is further consumed, more than 20 cities across the country have suspended or adjusted automobile trade - in subsidy activities [2] - In November, the retail sales of the national passenger car market were 2.263 million units, a year - on - year decrease of 7%. Among them, the retail sales of the new - energy vehicle market were 1.354 million units, a year - on - year increase of 7%, and the penetration rate of the new - energy vehicle market was 59.8% [2] - In November, China's logistics industry prosperity index was 50.9%, up 0.2 percentage points from the previous month. Energy logistics demand slowed down, while logistics demand in the industrial manufacturing and consumer sectors showed positive and stable trends respectively [2]

数据来源：wind，申万期货研究所 | | 1、据粮油市场报，11月报告中USDA未调整美豆压榨数量，由于新的工厂开始投产，10月份美国大 | | --- | --- | | | 豆压榨量创下纪录，达到2.2765亿蒲式耳，环比增长15%，同比增长14%，但市场更担心的2026年 | | | 美国生物柴油合规义务量以及进口原料能否获得全额补贴，还存在不确定性。12月USDA报告中压 | | 行业 | 榨可能维持不变，因此本次报告美豆供需调整比较少，结转库存也将变动不大。2、根据一项调 | | 信息 | 查，由于11月出口下降，马来西亚的棕榈油库存激增至六年多以来的最高水平。来自11份种植园 | | | 高管、贸易商和分析师估算的中值显示，库存较上月猛增10%至271万吨。这是自2019年4月以来的 | | | 最高水平，比一年前增加了47%。 | | | 蛋白粕：夜盘豆菜粕偏强运行，usda供需报告下调25/26年度美豆单产预估至53蒲式耳/蒲,由此美 | | | 豆产量下降至42.53亿蒲，最终美豆期末库存预估为2.9亿蒲，9月报告预估为3亿蒲，产量和库存 | | | 均下降从数据上看为利多。但由于此前市场 ...

申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） 免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、完整性、时效性或可靠性不作任何 保证，也不保证所包含的信息和建议不会发生任何变更。市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中 的观点、结论和建议仅供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决策与本公司 无关。 本报告所涵括的信息仅供交流研讨，投资者应合 ...

Report Summary - **Report Title**: 20251203 Shenwan Futures Non-ferrous Metals Basis Daily Report [1] - **Analyst**: Li Ye [4] - **从业资格号**: F0285557 [4] - **交易咨询号**: Z0002369 [4] - **Email**: liye@sywgqh.com.cn [4] - **Phone**: 021 - 50586241 [4] Industry Investment Rating - No information provided Core Views - **Copper**: Night session copper prices closed lower. Concentrate supply remains tight, smelting profit is at the break - even point, and although smelting output decreased month - on - month, it still shows high growth overall. Power investment is stable, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market remains weak. Supply disruptions in the copper mine lead to a global supply - demand gap. Attention should be paid to changes in the US dollar, copper smelting output and downstream demand [2] - **Zinc**: Night session zinc prices closed lower. Zinc concentrate processing fees declined, concentrate supply is in a stage of tightness, and smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market remains weak. The overall supply - demand difference of zinc is not obvious. It is recommended to pay attention to changes in the US dollar, smelting output and downstream demand [2] Data Summary | Variety | Domestic Previous - Day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - Day LME 3 - Month Futures Closing Price (US dollars/ton) | LME Spot Premium (CASH - 3M, US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 88,870 | 65 | 11,145 | 69.18 | 159,425 | 0 | | Aluminum | 21,600 | - 60 | 2,864 | - 30.13 | 537,900 | - 1,150 | | Zinc | 22,385 | 85 | 3,056 | 250.98 | 52,025 | 275 | | Nickel | 116,730 | - 2,870 | 14,740 | - 194.81 | 254,364 | - 396 | | Lead | 17,055 | - 55 | 1,994 | - 42.45 | 260,875 | - 2,300 | | Tin | 304,060 | 7,330 | 38,840 | 92.00 | 3,160 | 0 | [2]

| 五、宏观信息 | | | --- | --- | | 中俄举行战略安全磋商，就涉及两国战略安全利益的重大问题全面、深入沟通，达成新的共识，增进了战略互信。双方就涉日本问题进行战略对表，达成高度 | 共识，一致认为要坚定维护用生命和鲜血换来的二战胜利成果，坚决抵制任何为殖民侵略历史翻案的错误言行，坚决反击法西斯主义、日本军国主义卷土重来 | | 的图谋。双方就乌克兰危机深入交换意见。 | | | 日中友好议员联盟、日本经济团体联合会等日本部分组织已向中方传达希望近期访华的意愿。外交部发言人林剑在例行记者会上表示，注意到日本国内有很多 | | | 有识之士对高市早苗错误涉台言论引发的恶劣影响和严重后果深感忧虑。希望日本相关团体在日国内多发挥积极作用。 | | | 国家发改委主任郑栅洁发表署名文章指出，"十五五"规划建议将建设现代化产业体系这一任务摆在12个领域首位，关键是优化提升传统产业，培育壮大新兴 | | | 产业和未来产业，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展。 | | | 宏观信息 | 市场监管总局制定出台《市场监督管理信用修复管理办法》，为经营主体重塑信用提供规范统一、高效 ...

Report Summary 1. Investment Ratings - Copper: Likely to be bullish [2] - Zinc: Likely to trade in a range [2] 2. Core Views - **Copper**: Night trading saw copper prices close higher. Concentrate supply remains tight, with smelting profit at the break - even point, yet smelting output continues to grow strongly. Grid investment shows positive growth, while power source investment slows; auto production and sales are growing, home appliance production scheduling is negative, and the real estate sector remains weak. Supply disruptions in mines have led to a global copper supply - demand gap, providing long - term support for copper prices. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - **Zinc**: Night trading saw zinc prices close higher. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are generally at a high level. Infrastructure investment growth has slowed, auto production and sales are growing, home appliance production is negative, and the real estate sector remains weak. Overall, the difference in zinc supply and demand is not significant, and prices are likely to trade in a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. 3. Other Key Data | **Commodity** | **Domestic Previous - day Futures Closing Price (yuan/ton)** | **Domestic Basis (yuan/ton)** | **Previous - day LME 3 - month Futures Closing Price (USD/ton)** | **LME Spot Premium (USD/ton)** | **LME Inventory (tons)** | **LME Inventory Daily Change (tons)** | | --- | --- | --- | --- | --- | --- | --- | | Copper | 89,210 | 50 | 11,233 | 69.10 | 159,425 | 2,250 | | Aluminum | 21,600 | - 60 | 2,888 | - 27.51 | 539,050 | - 2,000 | | Zinc | 22,385 | 65 | 3,091 | 268.39 | 51,750 | 950 | | Nickel | 116,730 | - 3,020 | 14,875 | - 201.94 | 254,760 | - 690 | | Lead | 17,055 | - 55 | 2,000 | - 41.63 | 263,175 | - 1,000 | | Tin | 304,060 | 1,110 | 39,240 | 150.00 | 3,160 | 35 | [2]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - Copper prices may be on the stronger side, and zinc prices may fluctuate within a certain range [2] - For copper, night - time prices closed up 1.5%. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow strongly. Global copper supply - demand may turn into a deficit due to mine supply disruptions, which will support copper prices in the long - term [2] - For zinc, night - time prices closed up. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. The overall supply - demand difference of zinc is not obvious, so it may fluctuate within a certain range [2] Group 3: Summary by Related Catalog Copper - Market performance: Night - time copper prices closed up 1.5%, with a domestic previous - day futures closing price of 87,470 yuan/ton, a domestic basis of 65 yuan/ton, a previous - day LME 3 - month contract closing price of 11,176 dollars/ton, an LME spot premium of 44.69 dollars/ton, LME inventory of 157,175 tons, and a daily increase of 675 tons [2] - Supply - demand situation: Concentrate supply is tight, smelting profits are at the break - even point, but smelting output is growing. Grid investment is in positive growth, power supply investment is slowing down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market is weak. Mine supply disruptions lead to a potential supply - demand deficit [2] Zinc - Market performance: Night - time zinc prices closed up, with a domestic previous - day futures closing price of 22,385 yuan/ton, a domestic basis of 45 yuan/ton, a previous - day LME 3 - month contract closing price of 3,051 dollars/ton, an LME spot premium of 224.43 dollars/ton, LME inventory of 50,800 tons, and a daily increase of 875 tons [2] - Supply - demand situation: Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, but smelting output is growing. Galvanized sheet inventory is at a high level. Infrastructure investment growth is slowing down, automobile production and sales are growing, home appliance production is in negative growth, and the real estate market is weak. Overall supply - demand difference is not obvious [2] Other Metals - Aluminum: Domestic previous - day futures closing price is 21,600 yuan/ton, domestic basis is - 60 yuan/ton, previous - day LME 3 - month contract closing price is 2,865 dollars/ton, LME spot premium is - 25.95 dollars/ton, LME inventory is 541,050 tons, and daily change is - 675 tons [2] - Nickel: Domestic previous - day futures closing price is 116,730 yuan/ton, domestic basis is - 3,110 yuan/ton, previous - day LME 3 - month contract closing price is 14,820 dollars/ton, LME spot premium is - 196.77 dollars/ton, LME inventory is 255,450 tons, and daily change is 930 tons [2] - Lead: Domestic previous - day futures closing price is 17,055 yuan/ton, domestic basis is - 65 yuan/ton, previous - day LME 3 - month contract closing price is 1,981 dollars/ton, LME spot premium is - 41.94 dollars/ton, LME inventory is 264,175 tons, and daily change is - 800 tons [2] - Tin: Domestic previous - day futures closing price is 304,060 yuan/ton, domestic basis is 1,110 yuan/ton, previous - day LME 3 - month contract closing price is 39,300 dollars/ton, LME spot premium is 123.00 dollars/ton, LME inventory is 3,125 tons, and daily change is 0 tons [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Polyolefin futures rebounded slightly. On the spot side, linear LL prices from Sinopec and PetroChina remained stable, while some拉丝 PP prices from PetroChina were lowered by 50. Fundamentally, the overall operating rate of the downstream demand side is at a high level, with demand steadily released. However, market sentiment is still affected by the weakness of crude oil and commodities as a whole. In the short term, the valuation of polyolefins themselves is at a low level. Future focus should be on marginal consumption, as well as supply and production scheduling levels [2]. Group 3: Summary by Relevant Catalog Futures Market - **Prices and Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 6789, 6857, and 6882 respectively, with increases of 90, 94, and 78, and涨幅 of 1.34%, 1.39%, and 1.15% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6409, 6490, and 6504 respectively, with increases of 114, 97, and 69, and涨幅 of 1.81%, 1.52%, and 1.07% respectively [2]. - **Trading Volume and Open Interest**: The trading volumes for LL in January, May, and September contracts were 330099, 121195, and 1335 respectively, and the open interests were 457393, 242365, and 4066 respectively, with open interest changes of -38333, 9803, and -168 respectively. For PP, the trading volumes for January, May, and September contracts were 424635, 142549, and 5677 respectively, and the open interests were 506658, 269109, and 15202 respectively, with open interest changes of -50595, 5562, and 2948 respectively [2]. - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were -68, -25, and 93 respectively, compared to previous values of -64, -41, and 105. For PP, the current spreads of January - May, May - September, and September - January were -81, -14, and 95 respectively, compared to previous values of -98, -42, and 140 [2]. Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2139 yuan/ton, 6025 yuan/ton, 584 dollars/ton, 5600 yuan/ton, 6150 yuan/ton, and 8700 yuan/ton respectively, with previous values of 2118 yuan/ton, 6050 yuan/ton, 574 dollars/ton, 5600 yuan/ton, 6140 yuan/ton, and 8700 yuan/ton [2]. - **Midstream**: The current price ranges in the East China, North China, and South China markets for LL were 6850 - 7250 yuan/ton, 6700 - 7000 yuan/ton, and 6950 - 7250 yuan/ton respectively, compared to previous ranges of 6900 - 7350 yuan/ton, 6700 - 7000 and 8100 - 8250 yuan/ton, and 7000 - 7350 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 6250 - 6400 yuan/ton, 6150 - 6300 yuan/ton, and 6300 - 6500 yuan/ton respectively, compared to previous ranges of 6250 - 6450 yuan/ton, 6150 - 6350 yuan/ton, and 6350 - 6550 yuan/ton [2]. News - On Friday (November 28), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $58.55 per barrel, down $0.10 or 0.17% from the previous trading day, with a trading range of $58.27 - $59.64. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.2 per barrel, down $0.14 or 0.22% from the previous trading day, with a trading range of $63.05 - $63.76 [2]

报告日期：2025 年 12 月 1 日 申银万国期货研究所 首席点评：黄金原油双反弹 国家统计局发布数据显示，11 月份我国制造业 PMI 为 49.2%，比上月上升 0.2 个 百分点；非制造业 PMI 为 49.5%，比上月下降 0.6 个百分点；综合 PMI 产出指数 为 49.7%，比上月下降 0.3 个百分点，我国经济景气水平总体平稳。中国宏观经 济论坛（CMF）发布年度报告认为，2025 年中国经济奋力寻求突破，基本实现预 期发展目标。展望 2026 年，中国经济发展面临三大新机遇——"十五五"规划 的开启和适度超前布局将打开全新增长空间、更加积极的财政政策和宽松的货币 政策蓄势待发、微观市场主体将在宏观经济回暖基础上进发新的活力。《报告》 建议，设定 2026 年经济社会发展目标时宜审慎乐观，以"十五五"开启为契机， 设定跨周期区间组合目标。 重点品种：股指、铜、原油 股指：美国三大指数上涨，上一交易日股指上涨为主，农林牧渔板块领涨， 银行板块领跌，市场成交额 1.60 万亿元。资金方面，11 月 27 日融资余额 增加 27.51 亿元至 24550.16 亿元。十五五规划仍然聚焦科技自立， ...

Report Summary 1. Report Industry Investment Rating | Variety | Rating | | --- | --- | | (IH) Index Futures | Bullish | | Index Futures (IF) | Bullish | | Index Futures (IC) | Bullish | | Index Futures (IM) | Bullish | | Treasury Bonds (TL) | Bullish | | Treasury Bonds (T) | Bullish | | Crude Oil | Bearish | | Methanol | Bearish | | Rubber | Bullish | | Rebar | Bullish | | Hot Rolled Coil | Bullish | | Iron Ore | Bullish | | Coking Coal | Bearish | | Coke | Bearish | | Manganese Silicon | Bearish | | Ferrosilicon | Bearish | | Copper | Bullish | | Aluminum | Bullish | | Lithium Carbonate | Bullish | | Apple | Bearish | | Corn | Bullish | | Soda Ash | Bearish | | Glass | Bearish | | Container Shipping to Europe | Bearish | [5] 2. Core Views - The 14th Five-Year Plan still focuses on technological self-reliance, and the technology sector is expected to be a long-term direction. The market style may return to balance, but large-cap value may dominate in the short term. In the face of economic pressure, incremental policies are expected to be introduced, and a long-term and steady bull market is expected to continue [2][11]. - For coking coal and coke, the short-term market may correct, and attention should be paid to changes in coking coal supply and hot metal production [2][20]. - The downward trend of crude oil is difficult to reverse, although the SC night session rose 1.46%. The market has mixed expectations for the restart of the Ukraine peace process [3][13]. 3. Summary by Catalog 3.1 Daily Main News - **International News**: Russian President Putin stated that the US delegation will visit Moscow next week. Russia generally agrees to use the US list for resolving the Ukraine issue as the basis for future negotiations. If the Ukrainian armed forces withdraw, Russia will stop military operations; otherwise, it will use military means [1][6]. - **Domestic News**: Premier Li Qiang chaired an executive meeting of the State Council, which focused on promoting high-quality development, advancing provincial-level overall planning of basic medical insurance, and reviewing relevant regulations [7]. - **Industry News**: The National Development and Reform Commission is promoting the expansion of infrastructure REITs to urban renewal facilities, hotels, stadiums, and commercial office facilities. It also warned about the risks in the humanoid robot industry [8]. 3.2 Daily Returns of Overseas Markets | Variety | Unit | 11/26 | 11/27 | Change | Change Rate | | --- | --- | --- | --- | --- | --- | | S&P 500 | Points | 6,812.61 | 6,812.61 | 0.00 | 0.00% | | European STOXX50 | Points | 4,798.02 | 4,788.10 | -9.92 | -0.21% | | FTSE China A50 Futures | Points | 15,063.00 | 15,068.00 | 5.00 | 0.03% | | US Dollar Index | Points | 99.59 | 99.55 | -0.04 | -0.04% | | ICE Brent Crude Oil Continuous | USD/Barrel | 63.07 | 63.39 | 0.32 | 0.51% | | London Gold Spot | USD/Ounce | 4,162.57 | 4,156.88 | -5.68 | -0.14% | | London Silver | USD/Ounce | 53.33 | 53.37 | 0.05 | 0.09% | | LME Aluminum | USD/Ton | 2,864.00 | 2,831.50 | -32.50 | -1.13% | | LME Copper | USD/Ton | 10,953.00 | 10,930.00 | -23.00 | -0.21% | | LME Zinc | USD/Ton | 3,055.00 | 3,022.00 | -33.00 | -1.08% | | LME Nickel | USD/Ton | 14,845.00 | 14,840.00 | -5.00 | -0.03% | | ICE No. 11 Sugar | Cents/Pound | 15.12 | 15.12 | 0 | 0.00% | | ICE No. 2 Cotton | Cents/Pound | 64.61 | 64.61 | 0.00 | 0.00% | | CBOT Soybeans | Cents/Bushel | 1,132.25 | 1,132.25 | 0.00 | 0.00% | | CBOT Soybean Meal Current Month Continuous | USD/Short Ton | 320.70 | 320.70 | 0.00 | 0.00% | | CBOT Soybean Oil Current Month Continuous | Cents/Pound | 51.05 | 51.05 | 0.00 | 0.00% | | CBOT Wheat Current Month Continuous | Cents/Bushel | 541.00 | 541.00 | 0.00 | 0.00% | | CBOT Corn Current Month Continuous | Cents/Bushel | 446.25 | 446.25 | 0.00 | 0.00% | [10] 3.3 Morning Comments on Major Varieties - **Financial**: Index futures may continue the long-term bull market, and treasury bond futures may weaken due to policy expectations and market risk preferences [11][12]. - **Energy and Chemicals**: Crude oil's downward trend is hard to change; methanol may oscillate weakly; rubber is expected to oscillate; polyolefins are weak but have low valuations; glass and soda ash are in the process of inventory digestion [13][14][15][16][17]. - **Metals**: Copper prices may be supported in the long term due to potential supply shortages; zinc prices may fluctuate within a range [18][19]. - **Black Metals**: Coking coal and coke may correct in the short term [20]. - **Agricultural Products**: Protein meal and oils are expected to be strong in the short term; sugar is expected to oscillate; cotton is expected to maintain an oscillating trend; container shipping to Europe may see its 02 contract center decline [21][22][23][24][25][26].