Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - Macroeconomic Outlook: The current macro - data remains stable, but the macro - economic recovery momentum needs to be strengthened. Monetary policy is expected to remain loose. The market risk preference has significantly increased [6]. - Overall Market: Different sectors show diverse trends. Some sectors are expected to have no clear trend, some may experience increased volatility, and others may face supply - demand imbalances affecting their prices. 3. Summary by Commodity Bonds - Performance: On the previous trading day, most Treasury bond futures closed down. The 30 - year and 10 - year main contracts fell by 0.14% and 0.06% respectively [5]. - Outlook: It is expected that there will be no trend - based market for Treasury bond futures, and caution should be maintained [6][7]. Stock Index Futures - Performance: On the previous trading day, stock index futures showed mixed results. The CSI 300 and SSE 50 futures rose, while the CSI 500 and CSI 1000 futures fell [8]. - Outlook: The market is expected to have increased volatility. Existing long positions can be gradually closed to take profits [10][11]. Precious Metals - Performance: Gold and silver futures rose on the previous trading day, with gold up 0.63% and silver up 0.43% [12]. - Outlook: The rise has been significant, and previous long positions can be appropriately closed for profit - taking [13][14]. Steel Products (Rebar, Hot - Rolled Coil) - Performance: Rebar and hot - rolled coil futures fluctuated weakly on the previous trading day [15]. - Outlook: The mid - term weakness of rebar prices may be difficult to change. The trend of hot - rolled coils may be similar. Investors can consider short - selling at high levels during rebounds, with attention to position management [16]. Iron Ore - Performance: Iron ore futures slightly corrected on the previous trading day [18]. - Outlook: The short - term supply - demand pattern supports prices, but it may weaken in the medium term. Investors can consider buying on dips, with light positions [18][19]. Coking Coal and Coke - Performance: Coking coal and coke futures rebounded significantly on the previous trading day [20]. - Outlook: They may continue to fluctuate in the short term. Investors can consider buying on dips, with light positions [21][22]. Ferroalloys - Performance: Manganese silicon futures fell 0.21%, and silicon iron futures rose 1.60% on the previous trading day [23]. - Outlook: In the short term, supply may remain in excess. After a decline, investors can consider long positions when the spot market falls into a loss zone [24]. Crude Oil - Performance: INE crude oil slightly rebounded on the previous trading day [25]. - Outlook: The CFTC data shows that US fund managers are bearish on the future of crude oil. The main contract should be temporarily observed [26][27]. Fuel Oil - Performance: Fuel oil fluctuated upward on the previous trading day, moving away from recent lows [28]. - Outlook: Singapore's fuel oil sales decreased in September, but the war in Ukraine supports prices. Investors can look for long - trading opportunities [29][30]. Synthetic Rubber - Performance: Synthetic rubber futures rose 3.05% on the previous trading day [31]. - Outlook: It is expected to operate in a fluctuating manner [32]. Natural Rubber - Performance: Natural rubber futures rose on the previous trading day, with the main contract up 0.27% and 20 - grade rubber up 1.90% [33]. - Outlook: After the holiday, rubber prices are expected to stabilize and rebound. Investors can look for long - trading opportunities [34][35]. PVC - Performance: PVC futures rose 1% on the previous trading day [36]. - Outlook: The current supply - demand imbalance persists, but the downward space may be limited. Attention should be paid to changes on the supply side [36][39]. Urea - Performance: Urea futures closed flat on the previous trading day [40]. - Outlook: The downward space is limited. Attention should be paid to exports and cost changes [40][42]. PX - Performance: PX futures rose 1.27% on the previous trading day [43]. - Outlook: In the short term, the supply - demand balance may loosen, and it may adjust weakly in a fluctuating manner. Attention should be paid to the PXN spread and macro - policies [43]. PTA - Performance: PTA futures rose 1% on the previous trading day [44]. - Outlook: It may operate in a fluctuating manner in the short term. Caution should be exercised, and attention should be paid to oil prices [45]. Ethylene Glycol - Performance: Ethylene glycol futures rose 1.01% on the previous trading day [46]. - Outlook: It may operate weakly in a fluctuating manner in the short term. Attention should be paid to port inventory and imports [46]. Short - Fiber - Performance: Short - fiber futures rose 0.86% on the previous trading day [47]. - Outlook: It may operate following cost fluctuations in the short term. Attention should be paid to costs and macro - policies [48][49]. Bottle Chips - Performance: Bottle - chip futures rose 0.9% on the previous trading day [50]. - Outlook: It is expected to operate following cost fluctuations. Risk control is necessary [50]. Lithium Carbonate - Performance: Lithium carbonate futures rose 2.52% on the previous trading day [51]. - Outlook: In the short term, it may return to a supply - demand surplus situation, and prices may weaken. Attention should be paid to consumption sustainability [51]. Copper - Performance: Shanghai copper futures fluctuated downward on the previous trading day [53]. - Outlook: The price is still affected by the复产 of Indonesian copper mines. The main contract should be temporarily observed [54][55]. Tin - Performance: Tin futures rose 0.53% on the previous trading day [56]. - Outlook: It may operate strongly in a fluctuating manner due to tight supply and certain demand support [56]. Nickel - Performance: Nickel futures fell 0.11% on the previous trading day [58]. - Outlook: It may operate in a fluctuating manner. The market is in an oversupply situation, with high - grade nickel ore still in short supply [59]. Soybean Oil and Soybean Meal - Performance: Soybean meal futures fell 0.24%, and soybean oil futures rose 0.15% on the previous trading day [61]. - Outlook: After adjustment, investors can consider call options on soybean meal. Soybean oil should be temporarily observed due to supply pressure [62][63]. Palm Oil - Performance: Malaysian palm oil futures closed higher on the previous trading day [64]. - Outlook: A callback - buying strategy can be considered [64]. Rapeseed Meal and Rapeseed Oil - Performance: Canadian rapeseed futures fell. In the domestic market, rapeseed meal and oil prices showed certain changes [65]. - Outlook: A callback - buying strategy can be considered for rapeseed oil [67]. Cotton - Performance: Domestic Zhengzhou cotton futures oscillated, and overseas cotton futures rebounded after hitting a low on the previous trading day [68]. - Outlook: Cotton prices are expected to remain under pressure due to factors such as trade frictions and harvest pressure [70][71]. Sugar - Performance: Zhengzhou sugar futures oscillated at a low level, and overseas sugar futures rebounded slightly on the previous trading day [72]. - Outlook: The market should be observed. The global sugar supply may be in surplus, and the domestic market has new sugar supply [74][75]. Apples - Performance: Domestic apple futures slightly fell on the previous trading day [76]. - Outlook: The market should be observed. The opening price of late - maturing apples is likely to be higher than last year [76][77]. Live Pigs - Performance: The national average price of live pigs rose, and the main futures contract fell 3.21% on the previous trading day [78][79]. - Outlook: The supply is expected to increase in the second half of the month. Existing short positions can be held, and short - selling on rebounds can be considered [79]. Eggs - Performance: The average price of eggs in the main production and sales areas rose, and the main futures contract fell 1.05% on the previous trading day [80][81]. - Outlook: The supply may increase in October, and consumption may be lower than expected. Existing short positions can be held, and short - selling on rebounds can be considered [81]. Corn and Corn Starch - Performance: Corn futures rose 0.67%, and corn starch futures fell 0.59% on the previous trading day [82]. - Outlook: Corn prices may continue to be under pressure. Corn starch may follow the corn market. Observation is recommended [83][84][85]
西南期货早间评论-20251017
Xi Nan Qi Huo·2025-10-17 06:39