金信期货日刊-20251017

Group 1: Report Summary - The report is the daily journal of GOLDTRUST FUTURES CO., LTD, dated October 17, 2025 [1] - It provides analysis and trading suggestions for various futures products including coking coal, stock index futures, gold, iron ore, glass, eggs, and pulp [3][7][10] Group 2: Coking Coal Analysis - Coking coal prices rose 3.36% today due to supply - side disruptions and short - term demand support [3] - Supply - side factors include slow复产 in some areas due to safety inspections and accidents, and restrictions on Mongolian coal imports. Demand - side support comes from high pig iron production and steel mills' replenishment demand [4] - However, the fundamental contradiction of loose supply remains. Domestic coal mine production is high, Mongolian coal imports are increasing, and port inventories are high. Terminal steel consumption has concerns, and if finished product inventory problems worsen, coking coal demand will be suppressed [4] - In the short term, coking coal is expected to oscillate between 1100 - 1250 yuan/ton. Pay attention to over - production verification, Mongolian coal import recovery, and steel demand realization. There is a risk of price decline if the supply - demand situation remains loose [5] Group 3: Technical Analysis of Other Futures Stock Index Futures - The A - share market had a volatile day. The Shanghai Composite Index and the ChiNext Index closed slightly up. The market is expected to oscillate at a high level [8][9] Gold - Shanghai gold reached a new high with large fluctuations. Short - term chasing is not recommended, and low - buying is advisable [12] Iron Ore - After the holiday, the terminal situation has not improved, and pig iron production may decline. Technically, it is in a high - level wide - range oscillation, and high - selling and low - buying are recommended [15] Glass - Daily melting volume has little change, and inventory has been accumulating this week. The future driver depends on policy - side stimulus and anti - involution policies. After a continuous decline, pay attention to the right - side trading opportunity after stabilization [20][21] Eggs - The inventory of laying hens is increasing, and egg supply is sufficient, suppressing price rebounds. However, at current prices and costs, egg - chicken farming is expected to lose 16.90 yuan per chicken. Short - term long opportunities can be grasped [24] Pulp - Pulp prices in Shandong are stable. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories are high, and the pulp market is expected to be weak. Rebound - selling is recommended [28]