Report Industry Investment Ratings No specific investment ratings for the entire report industry are provided. Core Views - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [6][7] - **Stock Index Futures**: The risk of a significant decline is low, and it is advisable to take long positions opportunistically [9][10] - **Precious Metals**: Temporarily observe and wait for opportunities to go long [11][12] - **Rebar and Hot - Rolled Coils**: The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may follow a similar trend. Investors can focus on shorting opportunities at high levels during rebounds [13] - **Iron Ore**: The supply - demand pattern is weak. Investors can focus on shorting opportunities at high levels [15] - **Coking Coal and Coke**: May continue to correct in the short term. Investors can focus on buying opportunities during corrections [17] - **Ferroalloys**: After a decline, consider long positions at low levels when the spot falls into the loss - making range [19][20] - **Crude Oil**: In the short term, focus on shorting opportunities for the main contract [22][23] - **Fuel Oil**: Focus on shorting opportunities for the main contract [25][26] - **Polyolefins**: Temporarily observe [28] - **Synthetic Rubber**: Expected to fluctuate, with limited downside space. Pay attention to raw material prices and supply changes [29][31] - **Natural Rubber**: Focus on long - position opportunities [32][33] - **PVC**: Pay attention to supply - side changes [34][35] - **Urea**: The downward space is limited [36][37] - **PX**: May fluctuate and adjust in the short term, with support at the bottom. Consider trading within the range [38][39] - **PTA**: May fluctuate in the short term. Be cautious, control risks, and pay attention to oil price changes [40] - **Ethylene Glycol**: May be under pressure in the short term. Pay attention to port inventory and supply changes [41] - **Short - Fiber**: May fluctuate following the cost. Control risks and pay attention to cost changes and macro - policy adjustments [42] - **Bottle Chips**: Expected to fluctuate following the cost. Control risks [43] - **Lithium Carbonate**: Pay attention to the sustainability of consumption [44][45] - **Copper**: Expected to maintain high - level oscillations [46][47] - **Aluminum**: May experience a phased correction [48][50] - **Zinc**: Will continue to oscillate within a range [51][52] - **Lead**: Will operate within a range [53][54] - **Tin**: May oscillate strongly [55][56] - **Nickel**: May oscillate [57] - **Soybean Oil and Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [58][59] - **Palm Oil**: Consider going long during corrections [60][61] - **Rapeseed Meal and Oil**: Consider a bullish approach for rapeseed oil [63][64] - **Cotton**: Expected to be weak [65][67][68] - **Sugar**: Expected to be under pressure and operate with a weak oscillation [69][71][72] - **Apples**: Expected to operate strongly [73][76] - **Hogs**: Consider shorting on rebounds [77][78] - **Eggs**: Consider closing short positions gradually [79][82] - **Corn and Starch**: It is advisable to observe for corn and wait for the release of supply pressure; corn starch may follow the corn market [83][86] Summary by Category Treasury Bonds - **Market Performance**: The previous trading day saw all treasury bond futures close higher, with the 30 - year, 10 - year, 5 - year, and 2 - year contracts rising 0.06%, 0.03%, 0.03%, and 0.01% respectively [5] - **Open - Market Operations**: On November 18, the central bank conducted 4075 billion yuan of 7 - day reverse repurchase operations, with a net investment of 37 billion yuan [5] - **Policy News**: 12 departments including the Beijing Branch of the People's Bank of China issued a plan to support consumption infrastructure and the construction of the commercial circulation system [5] Stock Index Futures - **Market Performance**: The previous trading day saw mixed performance in stock index futures, with the CSI 300, SSE 50, CSI 500, and CSI 1000 futures down 0.41%, 0.23%, 0.85%, and 0.69% respectively [8][9] - **Economic Data**: In October, the unemployment rates of different age - groups in the labor force were announced, and the production and sales of new energy vehicles continued to grow [9] - **Market Outlook**: The domestic economy is stable, but the recovery momentum is weak. Asset valuations are low, and the market sentiment has warmed up. The risk of a significant decline is low [9] Precious Metals - **Market Performance**: The previous trading day saw gold and silver futures decline, with gold down 1.18% and silver down 1.96% [11] - **Positive Factors**: The complex global trade and financial environment, central bank gold - buying, and the expected Fed rate cuts are beneficial to precious metals [11] - **Negative Factors**: The recent sharp rise in precious metals has led to high prices and increased volatility [11] Rebar and Hot - Rolled Coils - **Market Performance**: The previous trading day saw a slight rebound in rebar and hot - rolled coil futures [13] - **Supply - Demand Analysis**: The demand for rebar is declining year - on - year, and the market is entering the off - season. Supply is affected by poor profitability, and inventory is high [13] - **Outlook**: The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may follow a similar trend [13] Iron Ore - **Market Performance**: The previous trading day saw iron ore futures oscillate [15] - **Supply - Demand Analysis**: The demand for iron ore has declined, but there was a recent increase in daily pig - iron output. Supply is abundant, and inventory is higher than last year [15] - **Outlook**: The supply - demand pattern is weak, and there may be resistance to rebounds [15] Coking Coal and Coke - **Market Performance**: The previous trading day saw a sharp decline in coking coal and coke futures [17] - **Supply - Demand Analysis**: Coking coal supply is slightly tight, and demand is weak. Coke supply has decreased, and demand may weaken [17] - **Outlook**: May continue to correct in the short term [17] Ferroalloys - **Market Performance**: The previous trading day saw manganese - silicon and silicon - iron futures decline [19] - **Supply - Demand Analysis**: Manganese ore supply has decreased, and costs have increased. Production is declining, and demand is weak, with inventory accumulating [19] - **Outlook**: After a decline, consider long positions at low levels when the spot falls into the loss - making range [19][20] Crude Oil - **Market Performance**: The previous trading day saw INE crude oil open high and close low [21] - **Industry News**: The CFTC report is suspended, the number of US oil and gas rigs has increased, and Russia has been attacked [21] - **Outlook**: There are concerns about oversupply, but the attack on Russia is beneficial to prices. In the short term, focus on shorting opportunities [22][23] Fuel Oil - **Market Performance**: Not specifically mentioned, but there is an analysis of supply and demand [24] - **Supply - Demand Analysis**: Singapore's fuel oil inventory is high, which is negative, while Russia's sanctions and reduced Sino - US trade frictions are positive [24][25] - **Outlook**: Focus on shorting opportunities [25][26] Polyolefins - **Market Performance**: The previous trading day saw a weak and volatile PP market in Hangzhou and a stable LLDPE market in Yuyao [27] - **Supply - Demand Analysis**: PP downstream demand has a mixed performance, with some industries seeing an increase and others remaining weak [27] - **Outlook**: Temporarily observe [28] Synthetic Rubber - **Market Performance**: The previous trading day saw the main synthetic rubber contract rise 0.91% [29] - **Supply - Demand Analysis**: Raw material prices have rebounded, production capacity utilization has increased, and inventory has increased [29][30] - **Outlook**: Expected to fluctuate, with limited downside space. Pay attention to raw material prices and supply changes [29][31] Natural Rubber - **Market Performance**: The previous trading day saw the main natural rubber contract rise 0.33% [32] - **Supply - Demand Analysis**: Supply is affected by weather, demand is weak, and inventory is accumulating [32] - **Outlook**: Focus on long - position opportunities [32][33] PVC - **Market Performance**: The previous trading day saw the main PVC contract decline 1.46% [34] - **Supply - Demand Analysis**: Supply exceeds demand, production capacity utilization has decreased, and inventory has decreased slightly [34][35] - **Outlook**: Pay attention to supply - side changes [34][35] Urea - **Market Performance**: The previous trading day saw the main urea contract rise 0.36% [36] - **Supply - Demand Analysis**: Supply is increasing, demand is weak, and inventory is at a certain level [36] - **Outlook**: The downward space is limited [36][37] PX - **Market Performance**: The previous trading day saw the main PX contract decline 0.53% [38] - **Supply - Demand Analysis**: Production capacity utilization has decreased, and imports have decreased slightly [38] - **Outlook**: May fluctuate and adjust in the short term, with support at the bottom. Consider trading within the range [38][39] PTA - **Market Performance**: The previous trading day saw the main PTA contract decline 0.55% [40] - **Supply - Demand Analysis**: Production capacity utilization has adjusted, demand is stable, and processing fees have decreased [40] - **Outlook**: May fluctuate in the short term. Be cautious, control risks, and pay attention to oil price changes [40] Ethylene Glycol - **Market Performance**: The previous trading day saw the main ethylene glycol contract decline 0.64% [41] - **Supply - Demand Analysis**: Production capacity utilization has decreased, inventory has increased, and demand is limited [41] - **Outlook**: May be under pressure in the short term. Pay attention to port inventory and supply changes [41] Short - Fiber - **Market Performance**: The previous trading day saw the main short - fiber contract decline 0.64% [42] - **Supply - Demand Analysis**: Production capacity utilization is high, demand is weak, and processing fees are at a certain level [42] - **Outlook**: May fluctuate following the cost. Control risks and pay attention to cost changes and macro - policy adjustments [42] Bottle Chips - **Market Performance**: The previous trading day saw the main bottle - chip contract decline 0.56% [43] - **Supply - Demand Analysis**: Production capacity utilization has decreased, export growth has slowed, and processing fees are at a certain level [43] - **Outlook**: Expected to fluctuate following the cost. Control risks [43] Lithium Carbonate - **Market Performance**: The previous trading day saw the main lithium carbonate contract rise 0.93% [44] - **Supply - Demand Analysis**: Supply is at a high level, and demand from the energy storage and power battery sectors is improving, with inventory decreasing [44][45] - **Outlook**: Pay attention to the sustainability of consumption [44][45] Copper - **Market Performance**: The previous trading day saw the main copper contract decline 0.03% [46] - **Supply - Demand Analysis**: Supply is affected by mine production problems, and demand is weak except for the copper - foil sector [46] - **Outlook**: Expected to maintain high - level oscillations [46][47] Aluminum - **Market Performance**: The previous trading day saw the main aluminum contract decline 0.16%, and the alumina contract decline 0.36% [48] - **Supply - Demand Analysis**: Alumina supply is abundant, and aluminum demand is weakening [48] - **Outlook**: May experience a phased correction [48][50] Zinc - **Market Performance**: The previous trading day saw the main zinc contract rise 0.11% [51] - **Supply - Demand Analysis**: Supply of zinc concentrate is tight, production has decreased, and demand is flat [51] - **Outlook**: Will continue to oscillate within a range [51][52] Lead - **Market Performance**: The previous trading day saw the main lead contract decline 0.49% [53] - **Supply - Demand Analysis**: Supply is affected by smelter maintenance, and demand is in the off - season [53] - **Outlook**: Will operate within a range [53][54] Tin - **Market Performance**: The previous trading day saw the main tin contract rise 0.68% [55] - **Supply - Demand Analysis**: Supply is tight, and demand has shown some resilience [55][56] - **Outlook**: May oscillate strongly [55][56] Nickel - **Market Performance**: The previous trading day saw the main nickel contract decline 0.02% [57] - **Supply - Demand Analysis**: Nickel ore prices are stable, production may be affected, and demand is weak [57] - **Outlook**: May oscillate [57] Soybean Oil and Meal - **Market Performance**: The previous trading day saw soybean meal down 0.33% and soybean oil up 0.60% [58] - **Supply - Demand Analysis**: Domestic soybean supply is abundant, oil - mill压榨 is in a loss, and demand for both products has some improvement [58][59] - **Outlook**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [58][59] Palm Oil - **Market Performance**: Malaysian palm oil futures rose, and exports decreased in November [60] - **Supply - Demand Analysis**: Malaysian inventory is at a high level but may decrease, and domestic inventory is at a medium level [60] - **Outlook**: Consider going long during corrections [60][61] Rapeseed Meal and Oil - **Market Performance**: Canadian rapeseed futures rose [62] - **Supply - Demand Analysis**: Chinese rapeseed imports have decreased, and inventory is at different levels [62][63] - **Outlook**: Consider a bullish approach for rapeseed oil [63][64] Cotton - **Market Performance**: The previous trading day saw domestic cotton futures decline, and overseas cotton rose [65] - **Supply - Demand Analysis**: Global and US cotton production and inventory have increased, and domestic supply pressure is high [65][67] - **Outlook**: Expected to be weak [65][67][68] Sugar - **Market Performance**: The previous trading day saw domestic and overseas sugar futures decline [69] - **Supply - Demand Analysis**: Brazil is in the seasonal production - reduction period, India has strong production - increase expectations, and domestic imports are expected to be high [69][71] - **Outlook**: Expected to be under pressure and operate with a weak oscillation [69][71][72] Apples - **Market Performance**: The previous trading day saw domestic apple futures oscillate at a high level [73] - **Supply - Demand Analysis**: Inventory is lower than last year, and quality is poor [73][74][75] - **Outlook**: Expected to operate strongly [73][76] Hogs - **Market Performance**: The previous trading day saw the main hog contract decline 1.16% [78] - **Supply - Demand Analysis**: Supply is abundant, and demand is affected by the season. Inventory and cost are at certain levels [77][78] - **Outlook**: Consider shorting on rebounds [77][78] Eggs - **Market Performance**: The previous trading day saw the main egg contract decline 0.87% [82] - **Supply - Demand Analysis**: Supply is at a high level, but there are signs of improvement. Demand is weak [79][80][82] - **Outlook**: Consider closing short positions gradually [79][82] Corn and Starch - **Market Performance**: The previous trading day saw the main corn contract decline 0.50% and the starch contract decline 0.96% [83] - **Supply - Demand Analysis**: Corn supply is abundant, and demand is growing slightly. Corn starch demand has improved, but inventory is high [83][84][86] - **Outlook**:

Group 1: Overall Investment Ratings and Core Views Investment Ratings The report does not explicitly provide an overall industry investment rating. Core Views - The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. The bond market, stock market, and various commodity markets show different trends and investment opportunities based on their respective fundamentals [6][9][13]. Group 2: Fixed - Income (Treasury Bonds) - **Market Performance**: On the previous trading day, treasury bond futures closed higher across the board. The 30 - year, 10 - year, 5 - year, and 2 - year主力 contracts rose by 0.33%, 0.09%, 0.05%, and 0.03% respectively. The central bank conducted 283 billion yuan of 7 - day reverse repurchase operations, with a net investment of 163.1 billion yuan on that day. From January to October, the national general public budget revenue increased by 0.8% year - on - year [5]. - **Outlook**: Treasury bond futures are expected to face some pressure, and a cautious approach is recommended [6][7]. Group 3: Equities (Stock Index Futures) - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300, SSE 50, CSI 500, and CSI 1000 index futures主力 contracts fell by 0.89%, 1.12%, 0.50%, and 0.26% respectively [8]. - **Outlook**: Although the domestic economic recovery momentum is weak and corporate profit growth is low, the valuation of domestic assets is low, and there is room for repair. The risk of a sharp decline in the stock index is small, and investors can consider going long at an appropriate time [9][10][11]. Group 4: Precious Metals - **Market Performance**: On the previous trading day, the gold主力 contract closed at 929.46, down 2.49%, and the silver主力 contract closed at 11,933, down 3.57%. Japan's Q3 GDP showed a decline, while the EU raised its GDP growth forecast for the eurozone in 2025 [12]. - **Outlook**: The global trade and financial environment is complex, which is beneficial to the allocation and hedging value of gold. However, the recent sharp rise in precious metals has led to high prices and increased volatility. It is advisable to wait and see for long - entry opportunities [13][14]. Group 5: Ferrous Metals (Rebar, Hot - Rolled Coil, Iron Ore, Coking Coal and Coke, Ferroalloys) Rebar and Hot - Rolled Coil - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The spot price of Tangshan billet was 2,980 yuan/ton, Shanghai rebar was 3,090 - 3,230 yuan/ton, and Shanghai hot - rolled coil was 3,270 - 3,290 yuan/ton [15][16]. - **Outlook**: In the medium term, the price of rebar is likely to remain weak due to the weak demand from the real estate industry and high inventory. The trend of hot - rolled coil is expected to be similar. Technically, there may be a short - term rebound, and investors can consider shorting at high positions during the rebound [16]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rebounded significantly. The spot price of PB powder was 790 yuan/ton, and that of Super Special powder was 680 yuan/ton [18]. - **Outlook**: The supply - demand pattern of the iron ore market is weak. Technically, the rebound may face resistance. Investors can consider shorting at high positions [18]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures rebounded slightly. The supply of coking coal is slightly tight, while the demand for high - priced coking coal has decreased. The fourth - round increase in the spot purchase price of coke has been implemented [20][21]. - **Outlook**: Technically, coking coal and coke futures may stop falling and rebound. Investors can consider buying on dips [21]. Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon主力 contract rose 0.73% to 5,792 yuan/ton, and the silicon - iron主力 contract rose 1.38% to 5,566 yuan/ton. The supply of manganese ore has decreased, and the cost of ferroalloys has increased. The production of ferroalloys has declined, and the demand is weak [23]. - **Outlook**: The over - supply situation of ferroalloys has eased. After a decline, investors can consider long - entry opportunities when the spot is in the loss - making range [24]. Group 6: Energy (Crude Oil, Fuel Oil) Crude Oil - **Market Performance**: On the previous trading day, INE crude oil fluctuated slightly and closed near the 5 - day moving average. The CFTC position report was suspended due to the US government shutdown. The number of US oil and gas rigs increased, and Russia was attacked, which affected the oil market [25]. - **Outlook**: Although the number of rigs has increased, the growth of US crude oil production is still uncertain. The attack on Russia is positive for oil prices, but there are still concerns about oversupply. It is advisable to wait and see [26][27]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil fluctuated downward. The expected supply of fuel oil is sufficient, but the sanctions on Russia and the reduction of Sino - US trade frictions have positive effects [28][29][30]. - **Outlook**: It is advisable to wait and see for the fuel oil主力 contract [31]. Group 7: Chemicals (Polyolefins, Synthetic Rubber, Natural Rubber, PVC, Urea, PX, PTA, Ethylene Glycol, Short - Fiber, Bottle - Chip, Lithium Carbonate) Polyolefins - **Market Performance**: In the previous trading day, the PP market in Hangzhou showed high - level loosening, and the LLDPE market in Yuyao adjusted. The average downstream industry start - up rate of domestic polypropylene increased slightly, and the demand for some packaging products increased [32]. - **Outlook**: Investors can pay attention to long - entry opportunities [33]. Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber主力 contract fell 0.14%. The price of raw material butadiene rebounded, and the capacity utilization rate of the high - cis butadiene rubber industry increased [34]. - **Outlook**: The price of synthetic rubber is expected to fluctuate widely with limited downward space. Pay attention to the raw material and supply situation [34]. Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber主力 contract rose 0.20%. The supply in domestic and overseas production areas is affected by weather, and the demand from some enterprises has decreased. Thailand's natural rubber exports decreased year - on - year [35]. - **Outlook**: Investors can pay attention to long - entry opportunities [35]. PVC - **Market Performance**: On the previous trading day, the PVC主力 contract fell 0.07%. The supply is still in excess, and the profit of the industrial chain has declined. The social inventory has decreased slightly [36]. - **Outlook**: Pay attention to the changes in exports and supply reduction after the festival [36]. Urea - **Market Performance**: On the previous trading day, the urea主力 contract rose 0.79%. The supply has increased, the agricultural demand is coming to an end, and the industrial demand is insufficient. The inventory situation is different from the previous week's expectation [37]. - **Outlook**: The urea market is expected to decline slightly in the next period, but the downward space is limited [37][38]. PX - **Market Performance**: On the previous trading day, the PX主力 contract fell 0.76%. The PXN spread is relatively stable, the supply has decreased slightly, and the cost is affected by the oil price [39]. - **Outlook**: In the short term, PX may fluctuate and adjust, with support at the bottom. Investors can participate in the range, pay attention to the oil price and macro - policies [39]. PTA - **Market Performance**: On the previous trading day, the PTA2601主力 contract fell 0.42%. The supply load has been adjusted, the demand of the polyester industry is relatively stable, and the processing fee has decreased [40][41]. - **Outlook**: In the short term, PTA may fluctuate. Investors should be cautious, control risks, and pay attention to the oil price [41]. Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol主力 contract rose 0.36%. The overall start - up load has decreased, the port inventory has increased, and the demand support is limited [42]. - **Outlook**: In the short term, ethylene glycol may be under pressure. Pay attention to port inventory and supply changes [42]. Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2602主力 contract fell 0.16%. The supply load is high, the demand has not changed much, and the cost drive has increased [43]. - **Outlook**: In the short term, short - fiber may fluctuate with the cost. Investors should control risks and pay attention to cost changes and macro - policy adjustments [44]. Bottle - Chip - **Market Performance**: On the previous trading day, the bottle - chip 2601主力 contract fell 0.24%. The processing fee has been adjusted, the supply load has decreased, the export growth has slowed down, but it is still at a high level [45]. - **Outlook**: In the future, bottle - chip is expected to fluctuate with the cost. Investors should control risks [45]. Lithium Carbonate - **Market Performance**: On the previous trading day, the主力 contract rose 9% to 95,200 yuan/ton. The supply is still at a high level, and the demand in the energy storage and power battery sectors has improved, and the inventory has decreased [46]. - **Outlook**: Pay attention to the sustainability of consumption [46]. Group 8: Non - Ferrous Metals (Copper, Aluminum, Zinc, Lead, Tin, Nickel) Copper - **Market Performance**: On the previous trading day, the Shanghai copper主力 contract closed at 86,320 yuan/ton, down 0.1%. The US government shutdown ended, and China's economic data in October was weak. The supply of copper concentrate is tight, and the terminal demand is affected by high raw material prices [47][48]. - **Outlook**: Copper prices are expected to remain high and fluctuate [48][49]. Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum主力 contract closed at 21,625 yuan/ton, down 0.48%, and the alumina主力 contract closed at 2,790 yuan/ton, down 0.36%. The supply of bauxite is stable, the supply of alumina is loose, and the demand is weakening [50]. - **Outlook**: There may be a phased correction [50][51]. Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc主力 contract closed at 22,390 yuan/ton, down 0.22%. The supply of zinc concentrate is tight, the production of refined zinc has decreased, and the demand is average [52][53]. - **Outlook**: Zinc prices are expected to fluctuate within a range [53][54]. Lead - **Market Performance**: On the previous trading day, the Shanghai lead主力 contract closed at 17,275 yuan/ton, down 0.86%. The supply of primary lead is affected by maintenance, the production of recycled lead is growing slowly, and the demand is in the off - season [55]. - **Outlook**: Lead prices are expected to run within a range [55][56]. Tin - **Market Performance**: On the previous trading day, the tin主力 contract fell 1.12% to 290,940 yuan/ton. The supply of tin ore is tight, and the demand shows some resilience in emerging fields [57]. - **Outlook**: Tin prices are expected to fluctuate strongly [57]. Nickel - **Market Performance**: On the previous trading day, the nickel主力 contract fell 0.71% to 116,990 yuan/ton. The price of nickel ore is stable, the production of nickel - iron is affected, and the demand is weak [58][59]. - **Outlook**: Nickel prices are expected to fluctuate [59]. Group 9: Agricultural Products (Soybean Oil and Meal, Palm Oil, Rapeseed Meal and Oil, Cotton, Sugar, Apple, Live Pigs, Eggs, Corn and Starch) Soybean Oil and Meal - **Market Performance**: On the previous trading day, the soybean meal main contract fell 1.23% to 3,043 yuan/ton, and the soybean oil main contract fell 0.14% to 8,282 yuan/ton. The Brazilian soybean planting progress is slower, and the US soybean production is slightly adjusted. The domestic soybean supply is relatively loose, and the inventory of soybean oil and meal has different trends [60]. - **Outlook**: For soybean meal, investors can consider exiting long positions when it continues to rise. For soybean oil, pay attention to long - entry opportunities at the low - cost support level [61]. Palm Oil - **Market Performance**: The Malaysian palm oil market is affected by the exchange rate and export data. The domestic palm oil imports have decreased, and the inventory is at a medium level. The catering industry shows growth [62]. - **Outlook**: Consider buying on dips [63]. Rapeseed Meal and Oil - **Market Performance**: The Canadian rapeseed market is affected by the US soybean market. The import of Canadian rapeseed has not restarted, and the inventory of rapeseed, meal, and oil in China has different trends [64]. - **Outlook**: For rapeseed oil, consider a long - biased strategy [65]. Cotton - **Market Performance**: The US Department of Agriculture raised the global and US cotton production and inventory forecasts. The domestic cotton production is expected to be high, and the demand is weak after the peak season [65][66]. - **Outlook**: Cotton prices are expected to run weakly [66][67]. Sugar - **Market Performance**: The Brazilian sugar production is in the seasonal decline period, while India has a strong production increase expectation. The domestic sugar production in the north has started, and the import volume is expected to be high in the fourth quarter [68][69][70][71]. - **Outlook**: Sugar prices are expected to fluctuate weakly [72]. Apple - **Market Performance**: The domestic apple futures are oscillating at a high level. The inventory is lower than last year, and the quality of this year's apples is poor [73]. - **Outlook**: Apple prices are expected to run strongly [74]. Live Pigs - **Market Performance**: The national average price of live pigs has decreased. The supply may increase in the second half of the month, and the demand is expected to be weak in the short term [75][77]. - **Outlook**: Consider shorting on rebounds and pay attention to changes in consumption [77]. Eggs - **Market Performance**: The price of eggs has decreased slightly. The egg - laying hen inventory is at a high level but may decline slightly in November. The consumption may be supported after the temperature drops [78]. - **Outlook**: Consider gradually closing short positions [79]. Corn and Starch - **Market Performance**: The corn主力 contract was flat, and the corn starch主力 contract fell 0.60%. The US corn production was adjusted downward, and the demand for corn shows a slight increase. The inventory of corn and starch has different trends [80][81]. - **Outlook**: It is advisable to wait and see for corn, and corn starch is expected to follow the corn market [82].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and it is expected that the monetary policy will remain loose. Treasury bond futures are under some pressure and should be treated with caution. The stock index has little risk of a sharp decline and can be bought at an appropriate time. For precious metals, it is advisable to wait and see for a long - term buying opportunity. For various commodities, different investment strategies are proposed based on their supply - demand fundamentals and market conditions [6][7][9] Summary by Related Catalogs Treasury Bonds - On the previous trading day, most treasury bond futures closed flat, with the 30 - year main contract rising 0.03% to 116.160 yuan, the 10 - year main contract flat at 108.415 yuan, the 5 - year main contract flat at 105.875 yuan, and the 2 - year main contract falling 0.01% to 102.454 yuan. The central bank carried out 2128 billion yuan of 7 - day reverse repurchase operations on November 14, with a net investment of 711 billion yuan. China's economic data shows a mixed picture. It is expected that treasury bond futures are under pressure and should be treated with caution [5][6] Stock Index - On the previous trading day, stock index futures showed mixed performance. The current domestic economic recovery momentum is weak, but asset valuations are low, and the market sentiment has warmed up. It is expected that the stock index has little risk of a sharp decline and can be bought at an appropriate time [7] Precious Metals - On the previous trading day, the gold main contract closed at 953.2 with a decline of 0.83%, and the silver main contract closed at 12,351 with a decline of 1.88%. The global trade and financial environment is complex, which is beneficial to the value of gold. However, the recent sharp rise in precious metals has led to high pricing and large fluctuations. It is advisable to wait and see for a long - term buying opportunity [9] Thread and Hot Roll - On the previous trading day, rebar and hot - rolled coil futures showed weak oscillations. In the medium term, the price of finished products is dominated by the industrial supply - demand logic. Rebar demand is still declining year - on - year, and the inventory pressure is obvious. The fundamental logic of hot - rolled coils is similar to that of rebar. Investors can focus on short - selling opportunities at high levels during rebounds [11][12] Iron Ore - On the previous trading day, iron ore futures oscillated. The national hot - metal daily output has been declining for five consecutive weeks, and the supply is expected to increase year - on - year. The port inventory has exceeded the level of the same period last year. The supply - demand pattern has weakened. Investors can focus on short - selling opportunities at high levels [14] Coking Coal and Coke - On the previous trading day, coking coal and coke futures declined slightly. The supply of coking coal is slightly tight, and the demand for coke may weaken. From a technical perspective, the futures have been falling after encountering resistance. Investors can focus on buying opportunities during pullbacks [16][17] Ferroalloys - On the previous trading day, the manganese - silicon main contract closed down 0.07% to 5748 yuan/ton, and the silicon - iron main contract closed down 0.18% to 5490 yuan/ton. The cost of ferroalloys is rising, the output is declining, and the demand is weak. After a decline, investors can consider long - term opportunities when the spot falls into the loss - making range again [19][20] Crude Oil - On the previous trading day, INE crude oil showed a slight oscillation with a slowdown in the decline. The Baker Hughes rig count has increased for two consecutive weeks, but the increase in US crude oil production is still a long - term task. Russia has been attacked again, which is beneficial to the oil price. There are still concerns about oversupply in the crude oil market. It is advisable to wait and see for the main crude oil contract [21][22][23] Fuel Oil - On the previous trading day, fuel oil oscillated upwards. The market expects sufficient supply, which is negative for the price. Russia's sanctions and the reduction of Sino - US trade frictions are positive. It is advisable to wait and see for the main fuel oil contract [24][25] Polyolefins - On the previous trading day, the Hangzhou PP market showed mixed price movements. The downstream demand for polypropylene has increased in some areas, but the traditional PP product orders are weak. Investors can focus on long - term opportunities [26][27] Synthetic Rubber - On the previous trading day, the synthetic rubber main contract rose 0.19%. It is expected that the price of cis - butadiene rubber will fluctuate widely with limited downward space. Attention should be paid to the raw material market and supply changes [28] Natural Rubber - On the previous trading day, the natural rubber main contract rose 0.46%. It is expected that the natural rubber market still has room to rise in the short term. Attention can be paid to long - term opportunities [30][31] PVC - On the previous trading day, the PVC main contract rose 0.72%. The current oversupply situation continues, and attention should be paid to supply - side changes [32] Urea - On the previous trading day, the urea main contract closed flat. It is expected that the urea market will decline slightly in the next period. The supply is increasing, and the demand is weak. The downside space is limited [33][34][35] PX - On the previous trading day, the PX main contract rose 0.77%. In the short term, the PX supply - demand structure has improved, and it may oscillate and adjust with support below. Interval trading can be considered [36] PTA - On the previous trading day, the PTA2601 main contract rose 1.21%. In the short term, the PTA processing fee is still low, and it may oscillate. Caution should be exercised, and attention should be paid to oil price changes [37][38] Ethylene Glycol - On the previous trading day, the ethylene glycol main contract rose 1.08%. In the short term, ethylene glycol may be under pressure, and attention should be paid to port inventory and supply changes [39] Short Fibers - On the previous trading day, the short - fiber 2602 main contract fell 0.71%. In the short term, short fibers may oscillate following the cost. Attention should be paid to cost changes and macro - policy adjustments [40] Bottle Chips - On the previous trading day, the bottle - chip 2601 main contract rose 1.34%. It is expected that bottle chips will oscillate following the cost in the future. Attention should be paid to risk control [41] Lithium Carbonate - On the previous trading day, the main lithium carbonate contract fell 1.13%. The supply is still high, and the demand is improving. Attention should be paid to the sustainability of consumption [42] Copper - On the previous trading day, the Shanghai copper main contract closed at 86680 yuan/ton with a decline of 0.64%. The copper price may oscillate at a high level [43][44][45] Aluminum - On the previous trading day, the Shanghai aluminum main contract closed at 21795 yuan/ton with a decline of 0.82%. Aluminum may have a phased correction [46][47] Zinc - On the previous trading day, the Shanghai zinc main contract closed at 22485 yuan/ton with a decline of 0.24%. The zinc price will continue to oscillate within a range [48][49] Lead - On the previous trading day, the Shanghai lead main contract closed at 17465 yuan/ton with a decline of 0.77%. The lead price will run within a range [50][51] Tin - On the previous trading day, the tin main contract fell 1.12%. The tin price is expected to oscillate strongly [52] Nickel - On the previous trading day, the nickel main contract fell 0.71%. The nickel price is expected to oscillate [53][54] Soybean Oil and Soybean Meal - On the previous trading day, the soybean meal main contract rose 0.98%, and the soybean oil main contract fell 0.34%. For soybean meal, attention can be paid to long - position exit opportunities when it continues to rise. For soybean oil, attention can be paid to long - term opportunities in the low - cost support range [55][56] Palm Oil - The Malaysian palm oil ended a four - week losing streak. Palm oil can be considered for long - term buying during pullbacks [57][58][59] Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed futures fell. For rapeseed meal, a strategy of buying near - term contracts and selling far - term contracts can be considered [60][62] Cotton - On the previous trading day, domestic cotton futures fell slightly. The USDA report raised the cotton production forecast, and the cotton price is expected to be weak [63][64] Sugar - On the previous trading day, Zhengzhou sugar futures fell. The sugar price is under pressure and is expected to oscillate weakly [65][67][68] Apples - On the previous trading day, domestic apple futures rose slightly. The apple price is expected to run strongly [69][70] Pigs - The national average price of pigs fell. In the second half of the month, the supply pressure may be gradually realized. Attention can be paid to short - selling opportunities during rebounds [71][73] Eggs - On the previous trading day, the main egg contract fell 0.26%. It is advisable to hold short positions [74][76] Corn and Starch - On the previous trading day, the corn main contract rose 0.23%, and the corn starch main contract rose 0.36%. Corn prices may face pressure, and it is advisable to wait and see. Corn starch may follow the corn market [77][78][79]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In October 2025, the macro - economic data continued to decline, and the recovery momentum needed to be strengthened. However, there were improvement signals in CPI and PPI, and the M1 growth rate remained high. The domestic economy's recovery was a long - term process, and the real estate market's transformation and adjustment also took time. The "Expand domestic demand, Anti - involution" policy would be an important long - term measure. The financial market was in a state of "weak reality, strong expectation", and the market sentiment was continuously improving. The macro - economy and asset prices in 2025 were expected to continue the upward repair trend [3][34]. Summary by Directory 1. Manufacturing PMI - In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity declined. The PMI of large, medium, and small enterprises all decreased and were below the critical point. Among the 5 classification indexes, the supplier delivery time index was at the critical point, while the production, new orders, raw material inventory, and employment indexes were all below the critical point [4]. - The non - manufacturing business activity index in October was 50.1%, up 0.1 percentage points from the previous month, rising to the expansion range. The construction industry business activity index was 49.1%, down 0.2 percentage points, and the service industry business activity index was 50.2%, up 0.1 percentage points. The decline in manufacturing PMI indicated insufficient demand and weak economic recovery momentum [7]. 2. CPI and PPI - In October 2025, the national CPI rose 0.2% year - on - year and 0.2% month - on - month. Food prices decreased year - on - year, while non - food prices increased. Other than food and tobacco, six of the seven major categories of prices increased year - on - year, and one decreased [8][9]. - The national PPI decreased 2.1% year - on - year in October, with the decline narrowing by 0.2 percentage points, and turned from flat to a 0.1% increase month - on - month. The purchase price of industrial producers also showed similar trends. The "Anti - involution" policy had achieved some results, and the PPI was expected to turn positive in 2026 [11][12]. 3. Import and Export - In October 2025, China's exports decreased 1.1% year - on - year, imports increased 1.0% year - on - year, and the trade surplus was $900.7 billion. Exports to the US decreased, while exports to ASEAN increased. Despite the poor performance in October, exports were expected to remain strong in 2025, and the real risk for foreign trade was the potential decline in global demand [14][16]. 4. Credit and Money Supply - At the end of October 2025, the stock of social financing scale was 437.72 trillion yuan, a year - on - year increase of 8.5%. The increment of social financing scale in the first ten months was 30.9 trillion yuan, more than the same period last year. The overall credit in October was weak, indicating insufficient credit confidence and demand from residents and enterprises. Although the issuance of government bonds slowed down, the M1 growth rate remained high, and the macro - liquidity improved [18][22]. 5. Industrial Production, Consumption, and Investment - In October, the added value of large - scale industries increased 4.9% year - on - year and 0.17% month - on - month. The total retail sales of consumer goods increased 2.9% year - on - year. Consumption growth continued to decline, and the growth rates of automobile, catering, and real - estate - related consumption were weak. From January to October, the national fixed - asset investment (excluding rural households) decreased 1.7% year - on - year, and the growth rates of manufacturing, infrastructure, and real - estate development investment continued to decline [23][26]. 6. Real Estate Market - From January to October, the sales area and sales volume of new commercial housing decreased year - on - year, and the decline continued to expand in October. The new construction, construction, and completion of real estate were at a low level. The inventory of commercial housing decreased slightly. The real estate market was still in the adjustment stage, but it was expected to stop falling and stabilize in the first half of 2026 [27][33]. 7. Summary and Outlook - In general, the macro - economic performance in October was weak, but there were improvement signals in inflation indicators and M1. The "Expand domestic demand, Anti - involution" policy was crucial. The financial market was in a state of "weak reality, strong expectation", and the macro - economy and asset prices were expected to continue the upward repair trend in 2025. It was necessary to track policy implementation, observe price recovery, and wait for positive macro - economic signals [34][35].

Report Summary 1. Investment Ratings The document does not mention any industry investment ratings. 2. Core Views - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [6][7]. - **Stock Index Futures**: Low risk of significant decline, consider taking long positions opportunistically [8][9]. - **Precious Metals**: Temporarily observe and wait for long - entry opportunities [10][11]. - **Rebar and Hot - Rolled Coils**: Prices may remain weak in the medium - term, investors can focus on short - selling opportunities at high levels during rebounds [12]. - **Iron Ore**: Market supply - demand pattern weakens, focus on short - selling opportunities at high levels [14]. - **Coking Coal and Coke**: Consider buying on dips [17]. - **Ferroalloys**: Short - term supply surplus may continue, consider long positions at low levels when spot falls into the loss range [20]. - **Crude Oil**: Temporarily observe the main contract [23]. - **Fuel Oil**: Temporarily observe the main contract [25]. - **Polyolefins**: Focus on long - entry opportunities [27]. - **Synthetic Rubber**: Expected to oscillate [30]. - **Natural Rubber**: Focus on long - entry opportunities [31]. - **PVC**: Focus on changes in the supply side [34]. - **Urea**: Limited downside space [36]. - **PX**: May oscillate and adjust, with support at the bottom, consider trading within the range [37]. - **PTA**: May oscillate, treat with caution and control risks [38]. - **Ethylene Glycol**: May face pressure in the short - term, focus on port inventory and supply changes [39]. - **Short Fibers**: May oscillate following costs, control risks [41]. - **Bottle Chips**: Expected to oscillate following the cost side, control risks [42]. - **Lithium Carbonate**: Pay attention to the sustainability of consumption [43]. - **Copper**: Expected to oscillate at high levels [44][45]. - **Aluminum**: Expected to run at high levels [46][47]. - **Zinc**: Adopt a high - selling and low - buying strategy [48][49]. - **Lead**: Expected to oscillate strongly [50][51]. - **Tin**: Expected to oscillate strongly [52][53]. - **Nickel**: Expected to oscillate [54]. - **Soybean Oil and Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [56]. - **Palm Oil**: Consider buying on dips [58]. - **Rapeseed Meal and Oil**: For rapeseed meal, consider a buy - near and sell - far strategy [61]. - **Cotton**: Expected to be weak in the short - term, with long - term benefits from the suspension of additional tariffs [63]. - **Sugar**: Expected to oscillate [68]. - **Apples**: Expected to run strongly [70]. - **Hogs**: Consider short - selling on rebounds, paying attention to consumption changes [72]. - **Eggs**: Hold short positions, pay attention to changes in elimination sentiment and short - term cost collapse [74]. - **Corn and Starch**: For corn, it is advisable to wait and see; corn starch may follow the corn market [76][77]. 3. Summary by Category Treasury Bonds - **Market Performance**: All treasury bond futures contracts closed lower in the previous trading day. The 30 - year main contract fell 0.26% to 116.130 yuan, the 10 - year main contract fell 0.10% to 108.410 yuan, the 5 - year main contract fell 0.08% to 105.885 yuan, and the 2 - year main contract fell 0.01% to 102.462 yuan [5]. - **Macro Data**: In the first ten months of 2025, the cumulative increase in social financing scale was 30.9 trillion yuan, 3.83 trillion yuan more than the same period last year. At the end of October, M2 balance was 335.13 trillion yuan, up 8.2% year - on - year; M1 balance was 112 trillion yuan, up 6.2% year - on - year; M0 balance was 13.55 trillion yuan, up 10.6% year - on - year [6]. - **Outlook**: The macro - economic recovery momentum needs to be strengthened, and the treasury bond futures are expected to face pressure [6]. Stock Index Futures - **Market Performance**: Stock index futures showed mixed performance in the previous trading day. The main contract of CSI 300 Index Futures (IF) rose 1.06%, the main contract of SSE 50 Index Futures (IH) rose 0.81%, the main contract of CSI 500 Index Futures (IC) rose 1.71%, and the main contract of CSI 1000 Index Futures (IM) rose 1.67% [8]. - **Outlook**: The domestic economic recovery momentum is weak, but asset valuations are low, and the risk of significant decline is small. Consider taking long positions opportunistically [8]. Precious Metals - **Market Performance**: Gold main contract closed at 961.22, up 1.63%, and closed at 956.96 at night; silver main contract closed at 12,588, up 4.27%, and closed at 12405 at night [10]. - **Factors**: The end of the US government shutdown, complex global trade and financial environment, central bank gold - buying, and possible Fed rate cuts are positive factors, but the recent sharp rise and high valuation suggest waiting for long - entry opportunities [10]. Rebar and Hot - Rolled Coils - **Market Performance**: Rebar and hot - rolled coil futures showed weak oscillations in the previous trading day. The spot price of Tangshan common carbon billet was 2940 yuan/ton, Shanghai rebar was 3060 - 3210 yuan/ton, and Shanghai hot - rolled coil was 3250 - 3270 yuan/ton [12]. - **Supply - Demand**: Long - term real estate decline affects rebar demand, but there is a slight improvement in the medium - term. Steel mill production has decreased, but inventory is higher than last year. Hot - rolled coils may follow the same trend [12]. Iron Ore - **Market Performance**: Iron ore futures oscillated in the previous trading day. PB powder port spot price was 781 yuan/ton, and Super Special powder was 680 yuan/ton [14]. - **Supply - Demand**: Iron ore demand has declined, supply has increased, and port inventory has risen, weakening the market pattern [14]. Coking Coal and Coke - **Market Performance**: Coking coal and coke futures oscillated in the previous trading day [16]. - **Supply - Demand**: Coking coal supply is slightly tight, and demand for high - price goods has decreased. Coke supply has decreased due to environmental protection and cost factors, and demand from steel mills has weakened [17]. Ferroalloys - **Market Performance**: Manganese silicon main contract fell 0.24% to 5756 yuan/ton, and silicon iron main contract rose 0.22% to 5506 yuan/ton [19]. - **Supply - Demand**: Manganese ore supply has changed, and the cost of ferroalloys has increased. Production is high, demand is weak, and supply is in surplus in the short - term [19][20]. Crude Oil - **Market Performance**: INE crude oil fell sharply in the previous trading day due to a pessimistic OPEC monthly report [21]. - **Factors**: OPEC predicts supply - demand balance in 2026, and the US government shutdown has affected data release. The purchase of crude oil by the US Energy Department provides some support [21][22]. Fuel Oil - **Market Performance**: Fuel oil fell sharply in the previous trading day, following the decline of crude oil [24]. - **Factors**: Market expects sufficient supply, sanctions on Russia and reduced Sino - US trade friction are positive, but the sharp fall in crude oil prices has an impact [25]. Polyolefins - **Market Performance**: Hangzhou PP market prices mostly fell, and the LLDPE price in Yuyao market was adjusted [26]. - **Supply - Demand**: Some enterprises had delayed production, and e - commerce orders increased temporarily, but new orders may be insufficient after the e - commerce event [26]. Synthetic Rubber - **Market Performance**: Synthetic rubber main contract rose 0.91%, and the price in Shandong was adjusted to 11300 yuan/ton [28]. - **Supply - Demand**: Raw material prices have fallen, supply is tight in some areas, and demand and inventory have changed [28][29]. Natural Rubber - **Market Performance**: Natural rubber main contract rose 0.56%, and 20 - type rubber main contract rose 0.12%. The Shanghai spot price was stable at around 14850 yuan/ton [30]. - **Supply - Demand**: Supply is affected by weather and factory procurement, demand has slightly increased, and inventory has decreased [30]. PVC - **Market Performance**: PVC main contract rose 0.02%, and the spot price was stable [32]. - **Supply - Demand**: Supply exceeds demand, and the price may have limited downward space and needs fundamental improvement [32]. Urea - **Market Performance**: Urea main contract rose 0.36%, and the price in Shandong Linyi was adjusted to 1580 yuan/ton [35]. - **Supply - Demand**: Supply has slightly increased, demand is affected by environmental protection and agricultural factors, and inventory is higher than expected [35]. PX - **Market Performance**: PX main contract rose 0.86%, and PXN spread was adjusted to 240 dollars/ton [37]. - **Supply - Demand**: Supply has slightly decreased, and the short - term supply - demand structure has improved [37]. PTA - **Market Performance**: PTA2601 main contract rose 0.64%, and the processing fee was adjusted to around 170 yuan/ton [38]. - **Supply - Demand**: Supply has changed due to plant operations, and demand from the polyester industry is stable [38]. Ethylene Glycol - **Market Performance**: Ethylene glycol main contract fell 0.77%, and the inventory in East China ports has increased [39]. - **Supply - Demand**: Supply has decreased slightly due to maintenance, but port arrivals have increased, and demand support is limited [39]. Short Fibers - **Market Performance**: Short fiber 2602 main contract fell 0.45%, and the processing fee was adjusted to around 1100 yuan/ton [40][41]. - **Supply - Demand**: Supply is at a relatively high level, demand has little change, and cost - driven factors are strengthening [41]. Bottle Chips - **Market Performance**: Bottle chip 2601 main contract fell 0.35%, and the processing fee was adjusted to around 420 yuan/ton [42]. - **Supply - Demand**: Supply has decreased, and export growth has slowed down, but it remains at a high level [42]. Lithium Carbonate - **Market Performance**: The main contract rose 1.39% to 87840 yuan/ton [43]. - **Supply - Demand**: Supply is at a high level, and demand from the energy storage and power battery sectors has improved, and inventory has decreased [43]. Copper - **Market Performance**: Shanghai copper main contract closed at 87400 yuan/ton, up 0.08% [44]. - **Supply - Demand**: Global copper mine supply is tight, production is affected, and demand is mixed. The price may oscillate at a high level [44]. Aluminum - **Market Performance**: Shanghai aluminum main contract closed at 22100 yuan/ton, up 0.5%; alumina main contract closed at 2834 yuan/ton, down 0.11% [46]. - **Supply - Demand**: Alumina supply is abundant, and aluminum production may be affected by the heating season. Demand is differentiated, and the price may run at a high level [46]. Zinc - **Market Performance**: Shanghai zinc main contract closed at 22635 yuan/ton, down 0.09% [48]. - **Supply - Demand**: Zinc concentrate processing fees are under pressure, demand is weak, and inventory is high. The price may oscillate within a range [48]. Lead - **Market Performance**: Shanghai lead main contract closed at 17585 yuan/ton, down 0.04% [50]. - **Supply - Demand**: Lead concentrate processing fees are under pressure, and demand has recovered, but high prices may affect production. Inventory has increased slightly [50]. Tin - **Market Performance**: The main contract fell 0.74% to 294500 yuan/ton [52]. - **Supply - Demand**: Supply is tight due to slow mine复产 and strict regulations in Indonesia. Demand shows some resilience, and the price may oscillate strongly [52][53]. Nickel - **Market Performance**: The main contract fell 0.66% to 118050 yuan/ton [54]. - **Supply - Demand**: Nickel ore price is stable, but downstream demand is weak, and inventory is relatively high. The price may oscillate [54]. Soybean Oil and Meal - **Market Performance**: Soybean meal main contract rose 0.59% to 3071 yuan/ton, and soybean oil main contract rose 0.60% to 8316 yuan/ton [55]. - **Supply - Demand**: Brazilian soybean planting progress is slow, and domestic soybean supply is abundant. Feed demand is expected to grow moderately [55][56]. Palm Oil - **Market Performance**: Malaysian palm oil reversed losses and closed slightly higher [57]. - **Supply - Demand**: Production in Malaysia and Indonesia is expected to increase, and exports in Malaysia have decreased. Domestic inventory is at a medium level [57]. Rapeseed Meal and Oil - **Market Performance**: Canadian rapeseed prices rose, and domestic rapeseed and related product prices changed [60]. - **Supply - Demand**: Domestic rapeseed inventory is at a low level, and rapeseed meal and oil inventories are at high levels [60]. Cotton - **Market Performance**: Domestic Zhengzhou cotton fell slightly, and international cotton prices were under seasonal pressure [62]. - **Supply - Demand**: Domestic cotton production is expected to be high, and textile exports are relatively stable. International cotton prices lack upward momentum [62][63]. Sugar - **Market Performance**: Zhengzhou sugar rose with increased positions, and international raw sugar fell [65]. - **Supply - Demand**: Brazilian sugar production is expected to increase, and domestic production and imports may put pressure on prices [65][67]. Apples - **Market Performance**: Domestic apple futures rose with increased positions [69]. - **Supply - Demand**: Late - maturing apple quality is poor, inventory is lower than last year, and prices are stable and firm [69]. Hogs - **Market Performance**: The national average price of hogs was 11.65 yuan/kg, down 0.10 yuan [71]. - **Supply - Demand**: Supply may increase in the second half of the month, and consumption improvement is limited [71][72]. Eggs - **Market Performance**: The average price of eggs in the main production areas was 2.96 yuan/jin, down 0.01 yuan, and in the main sales areas was 3.26 yuan/jin, unchanged [73]. - **Supply - Demand**: Egg production is at a high level, but supply may improve marginally, and demand may remain weak [73][74]. Corn and Starch - **Market Performance**: Corn main contract rose 0.37% to 2186 yuan/ton, and corn starch main contract rose 0.68% to 2507 yuan/ton [75]. - **Supply - Demand**: Corn supply is abundant, and demand is growing slightly. Corn starch may follow the corn market [76][77].

1. Report Industry Investment Ratings There is no information about industry investment ratings provided in the report. 2. Core Views of the Report - **Treasury Bonds**: Expect no trend - based market, maintain caution [6][7] - **Stock Index Futures**: Low risk of significant decline, consider buying at appropriate times [10][11] - **Precious Metals**: Short - term pricing is relatively full, take profit on previous long positions and then wait and see [12][13] - **Rebar and Hot - Rolled Coil**: The mid - term weakness of rebar prices is hard to change, and hot - rolled coil may follow the same trend. Look for high - level short - selling opportunities [14] - **Iron Ore**: The supply - demand pattern has weakened, and it may continue to be weak in the short term. Look for high - level short - selling opportunities [16] - **Coking Coal and Coke**: Look for opportunities to buy on dips [18] - **Ferroalloys**: In the short term, supply may be in excess. Consider low - level long - buying opportunities when the spot falls into the loss range again [20][21] - **Crude Oil**: The Baker Hughes rig count has increased, but the increase in US crude oil production is still a long - term task. OPEC's suspension of production increase supports oil prices. Temporarily wait and see [23][24] - **Fuel Oil**: Supply is expected to be sufficient, but there are also positive factors. Temporarily wait and see [25][27] - **Polyolefins**: Look for long - buying opportunities [28][29] - **Synthetic Rubber**: Expected to fluctuate [30][32] - **Natural Rubber**: Look for long - buying opportunities [33][34] - **PVC**: Pay attention to changes in the supply side [35][36] - **Urea**: The downside space is limited [37][38] - **Para - Xylene (PX)**: May fluctuate and adjust, with support below. Participate within the range and pay attention to crude oil changes [39][40] - **PTA**: May fluctuate. Be cautious, control risks, and pay attention to oil price changes [41] - **Ethylene Glycol**: May be under pressure in the short term. Pay attention to port inventory and supply changes [42][43] - **Short - Fiber**: May fluctuate following costs. Control risks and pay attention to cost changes and macro - policy adjustments [44] - **Bottle Chips**: Expected to fluctuate following the cost side. Control risks [45] - **Lithium Carbonate**: Pay attention to the sustainability of consumption [46][47] - **Copper**: Expected to fluctuate at a high level [48][49] - **Aluminum**: Expected to run at a high level [50][52] - **Zinc**: Adopt a high - selling and low - buying strategy [53][54] - **Lead**: Expected to fluctuate strongly [55][56] - **Nickel**: Expected to fluctuate strongly [58] - **Tin**: Expected to fluctuate [57] - **Soybean Oil and Soybean Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, look for long - buying opportunities in the low - cost support range [59][61] - **Palm Oil**: Consider buying on dips [62][63] - **Rapeseed Meal and Rapeseed Oil**: Consider a buy - near and sell - far strategy for rapeseed meal [64][65] - **Cotton**: Expected to run weakly [66][67] - **Sugar**: Expected to fluctuate [69][72] - **Apples**: Expected to run strongly [73][76] - **Hogs**: Consider short - selling on rebounds [77][78] - **Eggs**: Hold short positions [79][82] - **Corn and Starch**: For corn, wait and see; for corn starch, it may follow the corn market [83][85] 3. Summaries According to Relevant Catalogs Treasury Bonds - **Market Performance**: On the previous trading day, treasury bond futures closed up across the board. The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 130 billion yuan [5] - **Analysis**: Macroeconomic data is stable, but the recovery momentum is weak. Monetary policy is expected to be loose. Treasury bond yields are at a relatively low level. Expect no trend - based market [5][6] Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results [8] - **Analysis**: The domestic economy is stable, but the recovery momentum is weak. Corporate profit growth is low. However, asset valuations are low, and the economy has resilience. Market sentiment has warmed up, and the risk of significant decline is low [10] Precious Metals - **Market Performance**: On the previous trading day, the gold main contract closed down 0.33%, and the silver main contract closed up 1.62% [12] - **Analysis**: The global trade and financial environment is complex. The US labor market is slowing down, which is beneficial for precious metals. However, the recent increase has been large, and the pricing is relatively full [12] Rebar and Hot - Rolled Coil - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures showed weak fluctuations [14] - **Analysis**: In the long - term, the real estate industry is in a downward trend, and rebar demand is decreasing. In the medium - term, it is the traditional demand season, but inventory pressure is high [14] Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rebounded slightly [16] - **Analysis**: Iron ore demand is falling, supply is increasing, and port inventory has exceeded last year's level. The supply - demand pattern has weakened [16] Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures continued to correct [18] - **Analysis**: Coking coal supply is slightly tight, and demand is weak. Coke supply is decreasing, and demand from steel mills is also weakening [18] Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon main contract fell 0.41%, and the silicon - iron main contract fell 0.83% [20] - **Analysis**: Supply is in short - term excess, but costs are rising. Consider long - buying opportunities when the spot falls into the loss range [20][21] Crude Oil - **Market Performance**: On the previous trading day, INE crude oil oscillated upward [22] - **Analysis**: The increase in US crude oil production is difficult, Russian production is below the quota, and OPEC's suspension of production increase supports oil prices [22][23] Fuel Oil - **Market Performance**: On the previous trading day, fuel oil oscillated upward but was blocked by the 5 - day moving average [25] - **Analysis**: Long - term supply is abundant, and inventory is increasing. There are both positive and negative factors [25][26] Polyolefins - **Market Performance**: On the previous trading day, the PP market in Hangzhou mostly declined, and the LLDPE price in Yuyao fell [28] - **Analysis**: Terminal demand has increased due to e - commerce stockpiling, but new orders may decrease after the e - commerce event [28] Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber main contract rose 1.51% [30] - **Analysis**: Raw material prices have fallen, supply is tight in some areas, and demand has slightly increased. Expected to fluctuate [30][31] Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber main contract rose 0.56%, and the 20 - rubber main contract rose 0.12% [33] - **Analysis**: Supply is affected by typhoons, and demand from tire enterprises has slightly increased. Pay attention to production area conditions and demand expectations [33] PVC - **Market Performance**: On the previous trading day, the PVC main contract fell 0.22% [35] - **Analysis**: The supply - demand pattern is still oversupplied, but the downward space is limited. Pay attention to exports and supply reduction [35][36] Urea - **Market Performance**: On the previous trading day, the urea main contract rose 0.42% [37] - **Analysis**: Supply is increasing slightly, demand is affected by environmental protection, and profits are falling. Expected to decline slightly [37] Para - Xylene (PX) - **Market Performance**: On the previous trading day, the PX main contract fell 0.32% [39] - **Analysis**: Short - term supply - demand structure has improved, and it may oscillate and adjust with support below [39][40] PTA - **Market Performance**: On the previous trading day, the PTA2601 main contract fell 0.17% [41] - **Analysis**: Supply and demand are in a state of mismatch, processing fees are low, and it may oscillate [41] Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol main contract fell 0.77% [42] - **Analysis**: Supply is slightly reduced, inventory is increasing, and it may be under pressure in the short term [42][43] Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2512 main contract fell 0.13% [44] - **Analysis**: Supply is at a relatively high level, demand is stable, and it may oscillate following costs [44] Bottle Chips - **Market Performance**: On the previous trading day, the bottle chips 2601 main contract fell 0.35% [45] - **Analysis**: Raw material prices provide support, export growth is slowing down, and it may oscillate following the cost side [45] Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract fell 0.21% [46] - **Analysis**: Supply is at a high level, consumption is improving, and inventory is decreasing. Pay attention to consumption sustainability [46][47] Copper - **Market Performance**: On the previous trading day, the Shanghai copper main contract rose 0.78% [48] - **Analysis**: Global copper mine supply is tight, demand is mixed, and it may oscillate at a high level [48] Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum main contract rose 0.85%, and the alumina main contract fell 0.25% [50] - **Analysis**: Aluminum supply is in a complex situation, demand is differentiated, and it may run at a high level [50][51] Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc main contract rose 0.2% [53] - **Analysis**: Zinc concentrate processing fees are under pressure, demand is weak, and it may oscillate within a range [53] Lead - **Market Performance**: On the previous trading day, the Shanghai lead main contract rose 0.8% [55] - **Analysis**: Lead concentrate processing fees are under pressure, supply recovery is affected, and demand has recovered slightly. It may oscillate strongly [55] Nickel - **Market Performance**: On the previous trading day, the main contract rose 2.24% [58] - **Analysis**: Supply is tight, demand has some resilience, and it may oscillate strongly [58] Tin - **Market Performance**: On the previous trading day, the main contract fell 0.01% [57] - **Analysis**: Supply and demand are in a complex situation, and it may oscillate [57] Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, the soybean meal main contract rose 0.03%, and the soybean oil main contract rose 0.44% [59] - **Analysis**: Brazilian soybean planting progress is slow, oil factory压榨量 is falling, and inventory pressure is still large [59][61] Palm Oil - **Market Performance**: Malaysian palm oil fell after two days of gains [62] - **Analysis**: Malaysian palm oil exports are falling, inventory is at a high level, and it may decline seasonally. Consider buying on dips [62][63] Rapeseed Meal and Rapeseed Oil - **Market Performance**: Canadian rapeseed rose slightly [64] - **Analysis**: There is no news of resuming the import of Canadian rapeseed. Inventory levels of rapeseed, rapeseed meal, and rapeseed oil are different. Consider a buy - near and sell - far strategy for rapeseed meal [64][65] Cotton - **Market Performance**: Domestic Zheng cotton fell slightly, and international cotton fell 0.7% [66] - **Analysis**: China's cotton production is expected to be high, and international cotton is under seasonal pressure. It may run weakly [66][67] Sugar - **Market Performance**: Zheng sugar oscillated, and international raw sugar rebounded 2% [69] - **Analysis**: Brazilian sugar production is expected to increase, and China will face pressure from domestic and imported sugar. It may oscillate [69][72] Apples - **Market Performance**: Domestic apple futures oscillated at a high level [73] - **Analysis**: The opening price is higher than last year, inventory is lower, and the quality of late - maturing apples is poor. It may run strongly [73][76] Hogs - **Market Performance**: The national average hog price fell, and the main contract fell 0.55% [77][78] - **Analysis**: Supply pressure may increase in the second half of the month. Consider short - selling on rebounds [77][78] Eggs - **Market Performance**: The average price of eggs in the main producing areas fell, and the main contract fell 3.25% [79][82] - **Analysis**: Egg production is at a high level, but supply may improve marginally. Consumption may be weak. Hold short positions [79][82] Corn and Starch - **Market Performance**: Corn and corn starch main contracts rose slightly [83] - **Analysis**: New - season corn production is high, import may increase, and demand is slightly increasing. For corn, wait and see; for corn starch, it may follow the corn market [83][85]

Group 1: Overall Market Conditions - The current macro data remains stable, but the macro - economic recovery momentum still needs to be strengthened. It is expected that the monetary policy will remain loose. The market risk preference has significantly increased [6]. Group 2: Treasury Bonds - **Market Performance**: On the previous trading day, most treasury bond futures closed flat. The 30 - year main contract remained flat at 116.300 yuan, the 10 - year main contract fell 0.01% to 108.475 yuan, the 5 - year main contract remained flat at 105.935 yuan, and the 2 - year main contract remained flat at 102.462 yuan. The central bank conducted 4038 billion yuan of 7 - day reverse repurchase operations on November 11, with a net investment of 2863 billion yuan [5]. - **Investment Outlook**: It is expected that treasury bond futures will have no trend - based market and investors should remain cautious [7]. Group 3: Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300 stock index futures (IF) main contract fell 0.84%, the SSE 50 stock index futures (IH) main contract fell 0.58%, the CSI 500 stock index futures (IC) main contract fell 0.79%, and the CSI 1000 stock index futures (IM) main contract fell 0.30% [9]. - **Investment Outlook**: The risk of a significant decline in the stock index is not high, and investors can choose the right time to go long [10]. Group 4: Precious Metals - **Market Performance**: On the previous trading day, the gold main contract closed at 948.88, up 1.38%, and the night - session closed at 944.18; the silver main contract closed at 11,880, up 1.37%, and the night - session closed at 11921 [11]. - **Investment Outlook**: The current global trade and financial environment is complex. The "anti - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. However, the recent increase in precious metals has been large, and the pricing is relatively full. After taking profits on long positions, investors can wait and see [12]. Group 5: Steel Products (Rebar and Hot - Rolled Coil) - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures oscillated weakly. The spot price of Tangshan common carbon billet was 2940 yuan/ton, the spot price of Shanghai rebar was between 3060 - 3200 yuan/ton, and the Shanghai hot - roll was quoted between 3260 - 3280 yuan/ton [14]. - **Investment Outlook**: In the medium term, the price of rebar is likely to remain weak. The fundamentals of hot - rolled coils are similar to rebar. Investors can focus on short - selling opportunities at high levels during rebounds and pay attention to position management [14]. Group 6: Iron Ore - **Market Performance**: On the previous trading day, iron ore futures oscillated and consolidated. The port spot price of PB powder was 773 yuan/ton, and the spot price of Super Special powder was 673 yuan/ton [16]. - **Investment Outlook**: The supply - demand pattern of the iron ore market has weakened. Technically, it may continue to be weak in the short term. Investors can focus on short - selling opportunities at high levels and pay attention to position management [16]. Group 7: Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures corrected significantly [18]. - **Investment Outlook**: Investors can focus on buying opportunities during corrections and pay attention to position management [18]. Group 8: Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon main contract fell 0.41% to 5764 yuan/ton; the silicon - iron main contract fell 1.05% to 5488 yuan/ton [20]. - **Investment Outlook**: In the short term, the supply of ferroalloys may continue to be in excess. After a decline, investors can consider long - position opportunities when the spot falls into the loss - making range again [20]. Group 9: Crude Oil - **Market Performance**: On the previous trading day, INE crude oil oscillated slightly and closed below the 5 - day moving average [22]. - **Investment Outlook**: The Baker Hughes rig count has increased three times in a row, but the increase in US crude oil production is still a long - way off. Russia's oil production is below the quota, which is beneficial to the crude oil price. OPEC will suspend production increases next year, which supports the oil price. Investors can focus on long - position opportunities in the crude oil main contract [23]. Group 10: Fuel Oil - **Market Performance**: On the previous trading day, fuel oil oscillated downward with a weak trend [25]. - **Investment Outlook**: The market expects sufficient fuel oil supply, which is negative for the price. However, the sanctions on Russia and the reduction of Sino - US trade frictions are positive. Investors should temporarily wait and see [26]. Group 11: Polyolefins - **Market Performance**: On the previous trading day, the Hangzhou PP market reported a weak decline, and the Yuyao LLDPE price was slightly adjusted [28]. - **Investment Outlook**: It is expected that after the e - commerce activities end, the lack of new orders may affect the continuous improvement of subsequent production. Investors can focus on long - position opportunities [28]. Group 12: Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber main contract rose 0.39%, and the price in Shandong remained stable at 11000 yuan/ton [30]. - **Investment Outlook**: It is expected that the price of butadiene rubber will fluctuate widely in the next cycle, with limited downward space. The market should focus on the raw material market and supply - side changes [30]. Group 13: Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber main contract rose 0.33%, and the 20 - grade rubber main contract rose 0.37%. The Shanghai spot price remained stable at around 14850 yuan/ton [32]. - **Investment Outlook**: The market should focus on the weather conditions in the producing areas and demand expectations. Investors can focus on long - position opportunities [32]. Group 14: PVC - **Market Performance**: On the previous trading day, the PVC main contract fell 0.74%, and the spot price was adjusted down by 10 yuan/ton [34]. - **Investment Outlook**: The current oversupply situation of PVC continues, but the space for further significant decline may be limited. The market should focus on changes in the supply side [34]. Group 15: Urea - **Market Performance**: On the previous trading day, the urea main contract fell 1.26%, and the price in Shandong Linyi was adjusted down to 1570 yuan/ton [36]. - **Investment Outlook**: It is expected that the urea market will decline slightly in the next period, but the downward space is limited [36]. Group 16: p - Xylene (PX) - **Market Performance**: On the previous trading day, the PX main contract fell 0.62%. The PXN spread was adjusted to 240 US dollars/ton, and the short - flow profit remained stable [38]. - **Investment Outlook**: In the short term, the PX supply - demand structure has improved, and it may oscillate and adjust with support below. Investors can participate in the range, pay attention to controlling positions, be vigilant about crude oil changes, and focus on macro - policy changes [39]. Group 17: PTA - **Market Performance**: On the previous trading day, the PTA2601 main contract fell 0.51%. The PTA load was adjusted to 76.4%, and the polyester load was at 91.5% [40]. - **Investment Outlook**: In the short term, PTA may oscillate. Investors should view it cautiously, control risks, and pay attention to oil price changes [40]. Group 18: Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol main contract fell 1.55%. The overall ethylene glycol operating load was 72.44%, and the inventory in the East China main port increased [41]. - **Investment Outlook**: In the short term, ethylene glycol may be under pressure. The market should focus on port inventory and supply changes [42]. Group 19: Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2512 main contract fell 0.87%. The short - fiber device load rose to 97.5% [43]. - **Investment Outlook**: In the short term, short - fiber may oscillate with the cost. Investors should control risks and pay attention to cost changes and macro - policy adjustments [43]. Group 20: Bottle Chips - **Market Performance**: On the previous trading day, the bottle chips 2601 main contract fell 0.63%. The bottle chips processing fee was adjusted to 420 yuan/ton [44]. - **Investment Outlook**: Recently, the raw material price has support, the bottle chips load remains stable, and the export growth has slowed down. It is expected that the market will oscillate with the cost side [44]. Group 21: Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract rose 1.38% to 86540 yuan/ton [45]. - **Investment Outlook**: In the context of strong supply and demand, the social inventory of lithium carbonate is gradually decreasing. The market should focus on the sustainability of consumption [45]. Group 22: Copper - **Market Performance**: On the previous trading day, the Shanghai copper main contract closed at 86770 yuan/ton, up 0.08% [46]. - **Investment Outlook**: The global copper mine supply remains tight, but the current copper price is at a historical high. There is a risk of a phased correction. The market expects the price to oscillate at a high level [46]. Group 23: Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum main contract closed at 21740 yuan/ton, up 0.23%; the alumina main contract closed at 2826 yuan/ton, unchanged [48]. - **Investment Outlook**: The aluminum market has a relatively good fundamental situation, but there is a risk of a phased correction. The price is expected to run at a high level [48]. Group 24: Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc main contract closed at 22655 yuan/ton, down 0.29% [51]. - **Investment Outlook**: There is no strong macro - driving factor, and the fundamentals lack the power to drive a unilateral zinc price trend. It is expected to oscillate within a range, and investors can buy low and sell high [51]. Group 25: Lead - **Market Performance**: On the previous trading day, the Shanghai lead main contract closed at 17520 yuan/ton, up 0.17% [53]. - **Investment Outlook**: The domestic lead ingot inventory may increase, which will suppress the upward movement of the lead price. At the same time, there is cost support below. The lead price is expected to oscillate and adjust [53]. Group 26: Tin - **Market Performance**: On the previous trading day, the main contract rose 1.14% to 290700 yuan/ton [54]. - **Investment Outlook**: The supply is generally tight, and the demand shows certain resilience. The refined tin inventory is decreasing. It is expected that the tin price will oscillate strongly [54]. Group 27: Nickel - **Market Performance**: On the previous trading day, the main contract fell 0.25% to 119150 yuan/ton [55]. - **Investment Outlook**: The first - grade nickel market is in an oversupply situation. It is expected that the nickel price will oscillate [55]. Group 28: Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, the soybean meal main contract rose 0.10% to 3054 yuan/ton, and the soybean oil main contract rose 0.34% to 8238 yuan/ton [56]. - **Investment Outlook**: The soybean supply is relatively loose, and there is cost support at a low level. For soybean meal, investors can consider leaving long positions when it continues to rise; for soybean oil, they can consider long - position opportunities in the low - cost support range [57]. Group 29: Palm Oil - **Market Performance**: Malaysian palm oil rose for the second consecutive day, supported by the strength of Chicago soybean oil, but was pressured by weather concerns and weak November export data [58]. - **Investment Outlook**: Investors can consider buying on corrections [60]. Group 30: Rapeseed Meal and Rapeseed Oil - **Market Performance**: Canadian rapeseed was closed. In China, the inventory of rapeseed, rapeseed meal, and rapeseed oil is at different levels compared to the same period in the past seven years [61]. - **Investment Outlook**: Investors can consider buying near - term contracts and selling far - term contracts for rapeseed meal [62]. Group 31: Cotton - **Market Performance**: On the previous trading day, domestic Zhengzhou cotton fell slightly, and overnight, foreign cotton fell 0.4% due to seasonal harvesting pressure [63]. - **Investment Outlook**: In the short term, the international cotton price is restricted by seasonal acquisition pressure and lacks upward drivers. Domestically, the supply pressure is high. It is expected that the cotton price will be weak [64]. Group 32: Sugar - **Market Performance**: On the previous trading day, Zhengzhou sugar rebounded oscillatingly, and overnight, foreign raw sugar oscillated at a low level [66]. - **Investment Outlook**: Abroad, Brazil is in a seasonal production - reduction cycle, but India has strong production - increase expectations. Domestically, there will be pressure from both domestic and imported sugar in the future. The sugar price is expected to oscillate [69]. Group 33: Apples - **Market Performance**: On the previous trading day, domestic apple futures rebounded slightly. The opening price this year is higher than last year, and the inventory is lower than last year [71]. - **Investment Outlook**: The price is expected to run strongly [73]. Group 34: Hogs - **Market Performance**: Yesterday, the national average price of hogs was 11.87 yuan/kg, down 0.06 yuan. The main contract fell 1.80% to 11755 yuan/ton [74]. - **Investment Outlook**: In the second half of the month, the supply pressure may gradually materialize. The market should follow the marginal changes in the consumption side [75]. Group 35: Eggs - **Market Performance**: On the previous trading day, the average price of eggs in the main producing areas was 2.97 yuan/jin, down 0.03 yuan, and in the main selling areas was 3.26 yuan/jin, down 0.02 yuan. The main contract fell 0.94% to 3152 yuan/500kg [76]. - **Investment Outlook**: In November, the egg supply may remain at a high level, but the supply side may improve marginally. After a short - term boost in consumption, it may return to a weak expectation. Investors can consider adding short positions on rebounds [77]. Group 36: Corn and Corn Starch - **Market Performance**: On the previous trading day, the corn main contract rose 0.93% to 2177 yuan/ton, and the corn starch main contract rose 0.93% to 2490 yuan/ton [78]. - **Investment Outlook**: The new - season corn in the northern main producing areas has a good harvest, and there is pressure on the corn price. Corn starch may follow the corn market. It is advisable to wait and see [79].

Report Summary Investment Ratings The report does not mention any industry investment ratings. Core Views - **Treasury Bonds**: Difficult to have a trending market, maintain caution [6][7] - **Stock Index Futures**: Low risk of significant decline, consider going long at an appropriate time [9][10] - **Precious Metals**: Short - term pricing is relatively full, take profit on previous long positions and then wait and see [11][12] - **Rebar and Hot - Rolled Coils**: Prices may remain weak in the medium term, look for short - selling opportunities at high levels during rebounds [13] - **Iron Ore**: Market supply - demand pattern weakens, short - term may continue to be weak, look for short - selling opportunities at high levels [15] - **Coking Coal and Coke**: Look for buying opportunities on pullbacks [17] - **Ferroalloys**: May continue to have oversupply in the short term, consider long positions at low levels when spot falls into the loss range [19][20] - **Crude Oil**: Temporarily wait and see [22][23] - **Fuel Oil**: Look for short - selling opportunities [25][26] - **Polyolefins**: Look for long - buying opportunities [27][28] - **Synthetic Rubber**: Oscillate [29][30] - **Natural Rubber**: Look for long - buying opportunities [31][32] - **PVC**: Pay attention to supply - side changes [33][34] - **Urea**: Limited downside space [35][36] - **PX**: May oscillate and adjust, consider trading within the range [37][38] - **PTA**: May oscillate, be cautious and control risks [39] - **Ethylene Glycol**: May be under pressure in the short term, pay attention to port inventory and supply changes [40][41] - **Short - Fiber**: May oscillate following costs, control risks [42] - **Bottle Chips**: May oscillate following the cost side, control risks [43] - **Lithium Carbonate**: Pay attention to consumption sustainability [44] - **Copper**: High - level oscillation, beware of phased corrections [45][46] - **Aluminum**: Run at a high level, beware of phased corrections [47][48][49] - **Zinc**: Oscillate within a range, high - sell and low - buy [50][51] - **Lead**: Oscillate and adjust [52][53][54] - **Tin**: May oscillate and strengthen [55] - **Nickel**: May oscillate [56] - **Soybean Oil and Meal**: Consider exiting long positions on soybean meal rallies; look for long - buying opportunities for soybean oil at low - cost support levels [57][58][59] - **Palm Oil**: Consider buying on pullbacks [60][61][62] - **Rapeseed Meal and Oil**: Consider buying near - term contracts and selling far - term contracts for rapeseed meal [63][64] - **Cotton**: Expected to be weak, there is pressure above [65][66] - **Sugar**: Oscillate [67][68][70] - **Apples**: Run strongly [71][72][73] - **Hogs**: Consider short - selling on rebounds [74][75] - **Eggs**: Consider adding short positions on rebounds [76][77] - **Corn and Starch**: Corn may face supply pressure, wait and see; corn starch may follow corn's trend [78][79][80] Summary by Category Treasury Bonds - **Market Performance**: Most Treasury bond futures rose in the previous trading session. The 30 - year main contract rose 0.22% to 116.280 yuan, the 10 - year main contract rose 0.01% to 108.485 yuan, the 5 - year main contract rose 0.02% to 105.940 yuan, and the 2 - year main contract remained flat at 102.468 yuan [5] - **Open Market Operations**: On November 10, the central bank conducted 119.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 41.6 billion yuan [5] - **Policy and Outlook**: The State Council issued measures to promote private investment. The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. Treasury bond futures are expected to have no trending market [6] Stock Index Futures - **Market Performance**: Stock index futures showed mixed results in the previous trading session. The CSI 300 (IF) main contract rose 0.28%, the SSE 50 (IH) main contract rose 0.45%, the CSI 500 (IC) main contract rose 0.07%, and the CSI 1000 (IM) main contract rose 0.13% [8][9] - **Policy and Outlook**: The Asset Management Association of China drafted a guideline to regulate theme - investment funds. The domestic economy is stable but the recovery momentum is weak. Stock index futures are expected to have a low risk of significant decline [9] Precious Metals - **Market Performance**: In the previous trading session, the gold main contract closed at 935.98, up 1.60%, and the silver main contract closed at 11,719, up 2.05% [11] - **Industry Data**: In the first three quarters of 2025, domestic gold ETFs increased their positions by 79.015 tons, a year - on - year increase of 164.03%. By the end of September, the domestic gold ETF position was 193.749 tons [11] - **Outlook**: The global trade and financial environment is complex, which is beneficial for gold. However, the recent increase is large, and it is recommended to take profit on long positions and wait and see [11] Rebar and Hot - Rolled Coils - **Market Performance**: Rebar and hot - rolled coil futures showed weak oscillations in the previous trading session. Tangshan billet was priced at 2950 yuan/ton, Shanghai rebar was priced at 3060 - 3200 yuan/ton, and Shanghai hot - rolled coil was priced at 3250 - 3270 yuan/ton [13] - **Supply - Demand Analysis**: Rebar demand is still declining year - on - year, but there is a slight improvement in the medium - term. Supply is in an over - capacity situation, and inventory is higher than last year. Hot - rolled coils may follow a similar trend [13] - **Strategy**: Look for short - selling opportunities at high levels during rebounds [13] Iron Ore - **Market Performance**: Iron ore futures fell slightly in the previous trading session. PB powder was priced at 775 yuan/ton, and Super Special powder was priced at 675 yuan/ton [15] - **Supply - Demand Analysis**: Iron ore demand is falling, supply is increasing, and port inventory is rising. The supply - demand pattern is weakening [15] - **Strategy**: Look for short - selling opportunities at high levels [15] Coking Coal and Coke - **Market Performance**: Coking coal and coke futures pulled back slightly in the previous trading session [17] - **Supply - Demand Analysis**: Coking coal supply is slightly tight, and demand is improving. Coke supply is decreasing, and downstream acceptance of price increases is decreasing [17] - **Strategy**: Look for buying opportunities on pullbacks [17] Ferroalloys - **Market Performance**: Manganese silicon and silicon iron main contracts rose in the previous trading session [19] - **Supply - Demand Analysis**: Manganese ore supply is increasing, and iron alloy demand is weak. Supply is in a short - term over - supply situation [19] - **Strategy**: Consider long positions at low levels when spot falls into the loss range [19][20] Crude Oil - **Market Performance**: INE crude oil oscillated slightly in the previous trading session, closing below the 5 - day moving average [21] - **Industry News**: The number of US oil and gas rigs increased. An Indian company will comply with sanctions on Russia. OPEC will suspend production increases next year [21][22] - **Outlook and Strategy**: The increase in US crude oil production is difficult. Sanctions on Russia and OPEC's decision are beneficial for oil prices. Temporarily wait and see [22][23] Fuel Oil - **Market Performance**: Fuel oil oscillated slightly in the previous trading session, closing below the moving average [24] - **Supply - Demand Analysis**: Supply is sufficient, which is negative for prices. Sanctions on Russia and reduced Sino - US trade frictions are positive [25] - **Strategy**: Look for short - selling opportunities [26] Polyolefins - **Market Performance**: The Hangzhou PP market declined, and the Yuyao LLDPE market had partial price drops [27] - **Supply - Demand Analysis**: November maintenance will affect 41.6 tons. Social and factory inventories are low, but demand in the peak season is weak [27] - **Strategy**: Look for long - buying opportunities [28] Synthetic Rubber - **Market Performance**: The synthetic rubber main contract rose in the previous trading session [29] - **Supply - Demand Analysis**: Raw material prices fell, supply was tight in some areas, and demand and inventory improved [29] - **Outlook**: Oscillate [30] Natural Rubber - **Market Performance**: The natural rubber main contract rose in the previous trading session [31] - **Supply - Demand Analysis**: Typhoons affected production, but demand improved slightly. Inventory decreased, and Thai exports declined [31] - **Strategy**: Look for long - buying opportunities [32] PVC - **Market Performance**: The PVC main contract fell in the previous trading session, and the spot price decreased [33] - **Supply - Demand Analysis**: Supply is in an over - supply situation, and inventory is increasing. Demand is improving slightly [33][34] - **Strategy**: Pay attention to supply - side changes [34] Urea - **Market Performance**: The urea main contract fell in the previous trading session [35] - **Supply - Demand Analysis**: Supply is gradually recovering, demand is affected by environmental protection, and inventory is higher than expected [35] - **Outlook**: Limited downside space [36] PX - **Market Performance**: The PX main contract rose in the previous trading session [37] - **Supply - Demand Analysis**: PX load increased, and imports decreased. Supply is slightly reduced, and the PXN spread is strong [37][38] - **Outlook**: May oscillate and adjust, consider trading within the range [38] PTA - **Market Performance**: The PTA2601 main contract rose in the previous trading session [39] - **Supply - Demand Analysis**: PTA load adjusted, polyester load was stable, and processing fees decreased [39] - **Outlook**: May oscillate, be cautious and control risks [39] Ethylene Glycol - **Market Performance**: The ethylene glycol main contract rose in the previous trading session [40] - **Supply - Demand Analysis**: Supply decreased slightly, port inventory increased, and demand support was limited [40][41] - **Outlook**: May be under pressure in the short term, pay attention to inventory and supply changes [41] Short - Fiber - **Market Performance**: The short - fiber 2512 main contract rose in the previous trading session [42] - **Supply - Demand Analysis**: Short - fiber load increased, downstream demand was weak, and processing fees adjusted [42] - **Outlook**: May oscillate following costs, control risks [42] Bottle Chips - **Market Performance**: The bottle chips 2601 main contract rose in the previous trading session [43] - **Supply - Demand Analysis**: Bottle chips load decreased, export growth slowed, and processing fees adjusted [43] - **Outlook**: May oscillate following the cost side, control risks [43] Lithium Carbonate - **Market Performance**: The main contract rose 7.35% to 87,240 yuan/ton in the previous trading session [44] - **Supply - Demand Analysis**: Supply is at a high level, demand in the energy - storage and power - battery sectors is improving, and inventory is decreasing [44] - **Outlook**: Pay attention to consumption sustainability [44] Base Metals - **Copper**: The Shanghai copper main contract rose 0.2% to 86,500 yuan/ton. Supply is tight, demand is weak, and inventory increased. Be cautious of phased corrections [45] - **Aluminum**: The Shanghai aluminum main contract rose 0.12% to 21,675 yuan/ton. Supply is tight in the short term, demand is differentiated, and inventory increased slightly. Run at a high level, beware of corrections [47][48][49] - **Zinc**: The Shanghai zinc main contract rose 0.46% to 22,720 yuan/ton. Supply is under pressure, demand is weak, and inventory decreased. Oscillate within a range [50][51] - **Lead**: The Shanghai lead main contract rose 0.2% to 17,525 yuan/ton. Supply may be affected, demand is weak, and inventory increased. Oscillate and adjust [52][53][54] - **Tin**: The main contract rose 0.31% to 286,690 yuan/ton. Supply is tight, demand has some support, and inventory decreased. May oscillate and strengthen [55] - **Nickel**: The main contract was at 119,490 yuan/ton. Supply may be affected, demand is weak, and inventory is high. May oscillate [56] Agricultural Products - **Soybean Oil and Meal**: Soybean meal and oil main contracts rose in the previous trading session. Supply is abundant, demand has different trends. Consider different trading strategies for each [57][58][59] - **Palm Oil**: Malaysian palm oil was stable. Supply and demand factors are mixed. Consider buying on pullbacks [60][61][62] - **Rapeseed Meal and Oil**: Canola futures rose. Supply and demand and inventory vary. Consider buying near - term and selling far - term for rapeseed meal [63][64] - **Cotton**: Domestic cotton oscillated, and international cotton rose. Supply is under pressure, and demand is weak. Cotton prices are expected to be weak [65][66] - **Sugar**: Zhengzhou sugar rebounded, and international sugar rose. Supply is expected to increase, and prices may oscillate [67][68][70] - **Apples**: Apple futures rebounded. Inventory is lower than last year, but quality is poor. Prices may run strongly [71][72][73] - **Hogs**: Hog prices had mixed trends. Supply is increasing, and demand has limited growth. Consider short - selling on rebounds [74][75] - **Eggs**: Egg prices rose slightly. Supply is high, but may improve. Consider adding short positions on rebounds [76][77] - **Corn and Starch**: Corn and starch main contracts rose. Supply is under pressure, and demand has a slight increase. Corn may wait and see, and starch may follow corn [78][79][80]

Report Summary 1. Investment Ratings No investment ratings for the entire report are provided. 2. Core Views - The report analyzes multiple sectors including bonds, stocks, commodities, and agricultural products, providing short - term trend forecasts and investment strategies for each sector. Overall, it suggests different stances such as caution, opportunistic trading, and waiting and watching depending on the market conditions of each sector [6][9][12]. 3. Summary by Sector Bonds - **Treasury Bonds**: The previous trading day saw a decline in treasury bond futures. Given current macro data, economic recovery momentum, and market conditions, it is expected that there will be no trend - based market, and caution is advised [5][6]. Stocks - **Stock Index Futures**: The previous trading day had mixed performance. With the domestic economy stable but weak recovery momentum, it is expected that there is little risk of a sharp decline, and investors can choose the right time to go long [8][9]. Commodities - **Precious Metals**: Gold and silver had price increases in the previous trading day. Considering global economic trends, central bank actions, and market heat, it is recommended to take profits on long positions and then wait and watch [11]. - **Steel Products (Rebar and Hot - Rolled Coil)**: The previous trading day showed weak oscillations. In the medium - term, rebar prices are likely to remain weak due to supply - demand factors, and hot - rolled coil may follow a similar trend. Technically, there are signs of short - term stabilization, and investors can look for short - selling opportunities at high levels [13][14]. - **Iron Ore**: The previous trading day saw a sharp decline. The supply - demand situation has weakened, and the price is expected to remain weak in the short - term. Investors can look for short - selling opportunities at high levels [16]. - **Coking Coal and Coke**: The previous trading day had a slight correction. Technically, they may continue to be strong in the short - term, and investors can look for buying opportunities on pullbacks [18][19]. - **Ferroalloys**: The previous trading day had price declines. Supply is currently in excess, but there may be opportunities to go long at low levels considering cost and supply reduction expectations [21][22]. - **Crude Oil**: The previous trading day had a slight oscillation. Multiple factors affect the price, and it is recommended to wait and watch for the main contract [23][24][25]. - **Fuel Oil**: The previous trading day had a downward trend. Market supply expectations and external factors have different impacts on the price, and it is recommended to wait and watch for the main contract [26][27][28]. - **Polyolefins**: The previous trading day had different price trends in different markets. With the end of e - commerce activities, new orders may be insufficient, but there are still opportunities to go long [29][30]. - **Synthetic Rubber**: The previous trading day had a slight decline. It is expected to oscillate, with limited downward space, and attention should be paid to raw material and supply changes [31][32]. - **Natural Rubber**: The previous trading day had mixed performance. The price is expected to oscillate, and there are opportunities to go long [34][35]. - **PVC**: The previous trading day had a decline. The supply - demand imbalance persists, and attention should be paid to supply - side changes [36][37]. - **Urea**: The previous trading day had an increase. It is expected that the price will decline slightly in the next period, but the downward space is limited [38][39]. - **PX**: The previous trading day had an increase. The short - term supply - demand structure has improved, and it is expected to oscillate, and investors can participate within a range [40][41]. - **PTA**: The previous trading day had an increase. The short - term price is expected to oscillate, and investors should be cautious and pay attention to oil price changes [42]. - **Ethylene Glycol**: The previous trading day had an increase. The short - term supply is expected to decline slightly, but inventory may increase, and the price may be under pressure [43][44][45]. - **Short - Fiber**: The previous trading day had an increase. The short - term price is expected to oscillate following cost changes, and investors should pay attention to cost and policy adjustments [46]. - **Bottle Chips**: The previous trading day had an increase. The price is expected to oscillate following cost changes, and investors should control risks [47]. - **Lithium Carbonate**: The previous trading day had an increase. With high supply and improving demand, inventory is decreasing, and attention should be paid to consumption sustainability [48][49]. - **Copper**: The previous trading day had a slight decline. The price is expected to oscillate at a high level, and there is a risk of short - term correction [50][51]. - **Aluminum**: The previous trading day had mixed performance. The price is expected to run at a high level, but there is a risk of short - term correction [52][53][54]. - **Zinc**: The previous trading day had a decline. The price is expected to oscillate within a range, and a high - selling and low - buying strategy can be adopted [55][56]. - **Lead**: The previous trading day had an increase. The price is expected to oscillate and adjust [57][58]. - **Tin**: The previous trading day had an increase. The supply is tight, and the price is expected to oscillate with an upward bias [59]. - **Nickel**: The previous trading day had a decline. The market is in an oversupply situation, and the price is expected to oscillate [60]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day had different price trends. There are opportunities to exit long positions for soybean meal, and it is recommended to wait and watch for soybean oil [61][63]. - **Palm Oil**: The price has been falling. It is recommended to consider buying on pullbacks [64][65]. - **Rapeseed Meal and Rapeseed Oil**: The price of Canadian rapeseed increased. There are opportunities to buy near - term contracts and sell far - term contracts for rapeseed meal [66][67]. - **Cotton**: The previous trading day had a stable trend. The price is expected to face pressure at high levels [68][70][71]. - **Sugar**: The previous trading day had an oscillating rebound. The price has support at low levels [72][74][75]. - **Apples**: The previous trading day had an oscillating trend. It is recommended to wait and watch [76][77]. - **Pigs**: The previous trading day had a price increase. There are opportunities to short on rebounds [77][78]. - **Eggs**: The previous trading day had price increases. There are opportunities to add short positions on rebounds [79][80][81]. - **Corn and Corn Starch**: The previous trading day had price increases. It is recommended to wait and watch for corn, and corn starch may follow the corn market [82][83][84].

Report Industry Investment Ratings No relevant content provided. Core Views - For Treasury bonds, it is expected that there will be no trending market, and caution should be maintained [5][6]. - For stock index futures, the risk of a significant decline is low, and one can choose the right time to go long [7][8][9]. - For precious metals, the short - term pricing is relatively full. After taking profit on long positions, one can wait and see [10][11]. - For rebar and hot - rolled coils, the mid - term weakness of rebar prices may be difficult to change, and hot - rolled coils may follow the same trend. Investors can focus on shorting opportunities at high levels during rebounds [12][13]. - For iron ore, the supply - demand pattern has weakened. Investors can look for shorting opportunities at high levels [15]. - For coking coal and coke, the short - term strength may continue. Investors can pay attention to buying opportunities on pullbacks [17][18]. - For ferroalloys, the short - term supply may remain in excess. One can consider long positions at low levels when the spot falls into the loss range again [20][21]. - For crude oil, the main contract should be temporarily observed [22][23][24]. - For fuel oil, one can focus on shorting opportunities for the main contract [25][26][27]. - For polyolefins, one can focus on going long opportunities [28][29]. - For synthetic rubber, it is expected to move in a range [30]. - For natural rubber, one can pay attention to going long opportunities [31][32]. - For PVC, one should focus on changes in the supply side [33][34]. - For urea, the downside space is limited [34][36]. - For PX, it may be adjusted in a range. One should pay attention to changes in crude oil and macro - policies [37]. - For PTA, it may move in a range. One should be cautious, control risks, and pay attention to oil price changes [38]. - For ethylene glycol, it may be under pressure in the short term. One should focus on port inventory and supply changes [39]. - For short - fiber, it may follow the cost to move in a range. One should control risks and pay attention to cost changes and macro - policy adjustments [40][41]. - For bottle chips, it is expected to follow the cost to move in a range. One should control risks [42]. - For lithium carbonate, pay attention to the sustainability of consumption [43]. - For copper, it is in a stage of adjustment [44][45]. - For aluminum, it is expected to run at a high level [46][47]. - For zinc, it is expected to continue the range - bound pattern [48][49]. - For lead, one should be cautious when chasing long positions [50][51]. - For tin, it may move strongly in a range [52][53]. - For nickel, it may move in a range [54]. - For soybean oil and soybean meal, one can consider exiting long positions when soybean meal continues to rise. Soybean oil can be temporarily observed [55][56]. - For palm oil, one can consider going long on pullbacks [57][58]. - For rapeseed meal and rapeseed oil, one can consider the strategy of buying near - term contracts and selling far - term contracts for rapeseed meal [59][60][61]. - For cotton, the upside space of cotton prices is expected to be limited [62][63][64]. - For sugar, the downside has certain support [65][67][68]. - For apples, one should wait and see [69][70]. - For live pigs, one can consider shorting opportunities on rebounds [71][72]. - For eggs, one can continue to hold short positions and pay attention to adding short positions on rebounds [73][74][75]. - For corn and corn starch, it is advisable to wait and see for corn, and corn starch may follow the corn market [76][77][78]. Summary by Categories Treasury Bonds - On the previous trading day, most Treasury bond futures closed down. The central bank conducted 92.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 249.8 billion yuan. The macro - economic recovery momentum needs to be strengthened, and the Treasury bond yield is at a relatively low level [5]. Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The domestic economic recovery momentum is weak, but asset valuations are low, and the market sentiment has warmed up. The risk of a significant decline is low [7][8]. Precious Metals - On the previous trading day, gold and silver futures rose. The US labor market has slowed down, and the Fed is expected to cut interest rates. However, the recent increase has been large, and the pricing is relatively full [10]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. In the medium term, the demand for rebar is still declining year - on - year, and the inventory pressure is obvious. The fundamentals of hot - rolled coils are similar [12][13]. Iron Ore - On the previous trading day, iron ore futures rebounded slightly. The demand has declined, the supply is expected to increase year - on - year in the fourth quarter, and the port inventory has risen [15]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures rebounded significantly. The supply of coking coal is slightly tight, and the third - round increase in coke procurement prices has been implemented [17]. Ferroalloys - On the previous trading day, manganese silicon and silicon iron futures rose. The supply of manganese ore has increased slightly, and the cost has risen. The production of ferroalloys remains high, and the demand is weak [20]. Crude Oil - On the previous trading day, INE crude oil fluctuated slightly. The number of US oil and gas rigs has increased, and OPEC will suspend production increases next year [22][23]. Fuel Oil - On the previous trading day, fuel oil fluctuated slightly. The market expects sufficient supply, but there are also positive factors such as sanctions on Russia [25][26]. Polyolefins - On the previous trading day, the PP market in Hangzhou declined, and the LLDPE price in Yuyao partially fell. The supply is affected by maintenance, the inventory is low, and the demand is weak [28]. Synthetic Rubber - On the previous trading day, synthetic rubber futures rose. The cost is weak, the supply is affected by maintenance, and the demand from tire enterprises has declined [30]. Natural Rubber - On the previous trading day, natural rubber futures rose. The supply is affected by bad weather, the demand from tire enterprises has declined, and the inventory has decreased [31]. PVC - On the previous trading day, PVC futures fell slightly. The supply exceeds demand, and the cost and profit situation is complex. The demand in the north has entered the off - season [33]. Urea - On the previous trading day, urea futures rose. The supply has increased slightly, the demand is affected by the end of the autumn fertilizer season, and the profit has narrowed [34]. PX - On the previous trading day, PX futures rose. The short - term supply - demand structure has improved, the PXN spread is relatively strong, and the cost is affected by the fluctuating crude oil [37]. PTA - On the previous trading day, PTA futures rose. The supply load has been adjusted, the demand from polyester is stable, and the processing fee has declined [38]. Ethylene Glycol - On the previous trading day, ethylene glycol futures rose. The overall start - up load has decreased, the port inventory has increased, and the demand support is limited [39]. Short - Fiber - On the previous trading day, short - fiber futures rose. The supply remains at a high level, the demand has little change, and the cost drive has increased [40][41]. Bottle Chips - On the previous trading day, bottle chip futures rose. The processing fee has decreased, the supply load is stable, the export growth has slowed down, and it is mainly driven by cost [42]. Lithium Carbonate - On the previous trading day, lithium carbonate futures rose. The supply is at a high level, the demand from the energy storage and power battery sectors has improved, and the inventory has decreased [43]. Copper - On the previous trading day, copper futures fell. The overseas mine production is disturbed, the supply of copper concentrate is tight, and the high price suppresses consumption [44]. Aluminum - On the previous trading day, aluminum futures showed mixed performance. The supply of alumina is in excess, the electrolytic aluminum production may be affected by winter restrictions, and the consumption is under pressure [46]. Zinc - On the previous trading day, zinc futures rose. The supply of refined zinc is restricted, the demand is weak, and the inventory has decreased slightly [48]. Lead - On the previous trading day, lead futures fell. The production of primary lead is stable, the production of recycled lead recovers slowly, and the high price suppresses demand [50]. Tin - On the previous trading day, tin futures rose. The supply of tin ore is tight, the demand shows certain resilience, and the inventory has decreased [52][53]. Nickel - On the previous trading day, nickel futures rose. The market is worried about supply, the cost of nickel - iron plants is under pressure, the consumption is weak, and the inventory is at a relatively high level [54]. Soybean Oil and Soybean Meal - On the previous trading day, soybean oil and soybean meal futures rose. The trade sentiment is weak, the soybean supply is loose, the demand for soybean meal is expected to grow moderately, and the demand for soybean oil is suppressed [55][56]. Palm Oil - On the previous trading day, palm oil futures rose. The market is waiting for new data, the domestic import has decreased, and the inventory is at a medium level [57]. Rapeseed Meal and Rapeseed Oil - On the previous trading day, the price of rapeseed oil rose, and the price of rapeseed meal was stable. The Canadian rapeseed price has declined, and the domestic inventory of rapeseed and its products is at different levels [59][60]. Cotton - On the previous trading day, domestic cotton futures fluctuated slightly, and the overseas cotton price fell. The Sino - US trade relationship is favorable in the medium - long term, but the short - term is affected by harvest pressure [62][63]. Sugar - On the previous trading day, domestic sugar futures fluctuated, and the overseas sugar price rose. The Brazilian sugar production is expected to increase, and the global sugar supply may be in surplus [65]. Apples - On the previous trading day, domestic apple futures rebounded slightly. The opening price is higher than last year, the inventory is lower, and the quality of this year's apples is poor [69]. Live Pigs - On the previous trading day, the national average price of live pigs rose slightly. The supply is increasing, the demand is weak, and the cost is at a low level [71]. Eggs - On the previous trading day, the price of eggs was stable. The egg - laying hen inventory is at a high level, the supply is sufficient, and the consumption support is weak [73]. Corn and Corn Starch - On the previous trading day, corn and corn starch futures rose. The new - season corn harvest is almost complete, the supply pressure is high, the demand is growing slightly, and the inventory of corn starch is at a high level [76][77][78].