Macroeconomic and Financial Analysis - Market concerns about trade tensions have eased, leading to an overall increase in global risk appetite. Domestically, economic growth has accelerated, and the softening of the US President's trade stance, along with the introduction of multiple industry stability - growth plans, has boosted domestic risk appetite. The short - term upward macro - drive has strengthened, and attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies [2]. - For assets: The stock index is expected to fluctuate in the short term, and it is advisable to be cautiously bullish. Treasury bonds are expected to fluctuate in the short term, and it is advisable to wait and see. In the commodity sector, the black metal market is expected to fluctuate in the short term, and it is advisable to wait and see; the non - ferrous metal market is expected to fluctuate in the short term, and it is advisable to be cautiously bullish; the energy and chemical market is expected to fluctuate in the short term, and it is advisable to wait and see; precious metals are expected to fluctuate strongly at a high level in the short term, and it is advisable to be bullish [2]. Stock Index - Driven by sectors such as coal and gas, airport shipping, and consumer electronics, the domestic stock market has risen. The acceleration of domestic economic growth, the softening of the US President's trade stance, and the introduction of multiple industry stability - growth plans have boosted domestic risk appetite. The short - term upward macro - drive has strengthened, and attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies. It is advisable to be cautiously bullish in the short term [3]. Precious Metals - The precious metals market declined on Monday. The main contract of Shanghai Gold closed at 970.32 yuan/gram, down 1.63%; the main contract of Shanghai Silver closed at 11742 yuan/kilogram, down 3.99%. Spot gold broke through the record high of last Friday, driven by the expectation of further US interest rate cuts and continuous hedging demand. It is expected to fluctuate strongly at a high level in the short term, and the medium - to - long - term upward trend remains unchanged. It is advisable for short - term bulls to continue holding or reducing positions on rallies, and to buy on dips in the medium - to - long - term [3]. Black Metals Steel - On Monday, the domestic steel market continued to be weak, and market trading volume remained low. The overall economic downward pressure is still large, and market risk - aversion sentiment has increased. The real demand for steel is still weak, but it improved slightly last week. The inventory of five major steel products decreased by 18.46 tons week - on - week, and apparent consumption increased by 139 tons. Supply is likely to decline further as steel mill profits narrow. There is no trending market in the steel market, with upward movement restricted by the supply - demand pattern and downward movement supported by costs. In the short term, the upward and downward space is limited [4]. Iron Ore - On Monday, the spot and futures prices of iron ore both weakened. The molten iron output has been declining for three consecutive weeks but remains at a high level of 240 tons. The logic of compressed steel mill profits continues, and molten iron output is expected to decline further. Steel mill raw material replenishment has temporarily ended. Global iron ore shipments increased by 126 tons this week, while arrivals decreased by 526.4 tons week - on - week. Port inventory increased by 253.77 tons last week. It is advisable to take a bearish view on iron ore prices in the later stage [5]. Silicon Manganese/Silicon Iron - On Monday, the spot and futures prices of silicon manganese and silicon iron rebounded slightly. The output of five major steel products has declined for two consecutive weeks, reducing the demand for ferroalloys. The price of silicon manganese 6517 in the northern market is 5600 - 5650 yuan/ton, and in the southern market is 5650 - 5700 yuan/ton. Manganese ore prices continue to be weak. The national capacity utilization rate of silicon manganese increased slightly, and daily output increased. The price of 72 - grade silicon iron in the main production area is 5100 - 5200 yuan/ton, and 75 - grade is 5800 - 6100 yuan/ton. The price of 75B silicon iron tendered by Hebei Steel in October decreased compared with the previous round. The silicon iron and silicon manganese futures prices are expected to continue to fluctuate within a range [6]. Soda Ash - On Monday, the main contract of soda ash was weak. Supply is in the capacity - release period, with plans for capacity release in the fourth quarter, maintaining a loose supply pattern. Although the anti - involution policy is clear, there is no clear industry document yet, and the price is dragged down by supply - side contradictions in the medium - to - long - term. It is advisable to take a bearish view in the medium - to - long - term [7]. Glass - On Monday, the main contract of glass fluctuated weakly. Glass production increased slightly, and the number of production lines remained stable. As the "Golden September and Silver October" period ends, downstream procurement has slowed down. Although there is some policy support, overall demand is difficult to increase significantly. It is advisable to conduct short - term range operations [7]. Non - Ferrous Metals and New Energy Copper - The US dollar declined last week due to dovish remarks from Powell, increased expectations of Fed rate cuts, and the alleviation of fiscal risk concerns in Japan and France. The suspension of Indonesia's second - largest copper mine has exacerbated the global copper shortage, supporting futures prices. However, the suspension is temporary, and production will resume in the middle of next year. Next year is a year of high copper supply, with an expected output growth rate of 5% (optimistic estimate) or 3% (neutral estimate), and the growth rate will fall below 2% after 2027. There is also a risk of the Panama copper mine restarting. Domestic refined copper de - stocking is less than expected, and social inventory is at a relatively high level. Domestic electrolytic copper production remains high, and demand is facing challenges. US copper inventory is high, restricting future import demand. Copper prices are expected to remain high and fluctuate [8]. Aluminum - On Monday, Shanghai aluminum fluctuated narrowly. The outer market is stronger than the inner market, resulting in a low internal - external price difference, which supports the inner market. Domestic aluminum fundamentals are not good, with slow de - stocking of social inventory and high aluminum rod inventory. London aluminum inventory has decreased recently, and overseas demand is not good. If institutions continue to withdraw aluminum from LME warehouses, it will support aluminum prices. Aluminum prices are expected to fluctuate within a range in the short term [9]. Tin - On the supply side, Indonesia has transferred six previously seized tin smelters to a state - owned enterprise, which plans to increase refined tin output. However, the crackdown on illegal tin mining and the adjustment of the mining approval cycle have exacerbated the global tin shortage in the short term. After the maintenance of large - scale smelters in Yunnan ended, the smelting start - up rate returned to over 50%. On the demand side, the start - up rate of tin solder remains low, and the improvement in downstream and terminal orders is limited. Traditional industries such as consumer electronics and home appliances have weak demand, and photovoltaic demand has declined. Tin prices are at a historical high, which suppresses physical demand. Weekly inventory decreased by 769 tons to 7017 tons. Tin prices are expected to remain high and fluctuate [10]. Lithium Carbonate - On Monday, the main contract of lithium carbonate rose 0.05%. The current supply and demand of lithium carbonate are both increasing, with strong demand in the peak season and continuous de - stocking of social inventory. The fundamentals are improving marginally, and the downward space is limited. The market is expected to fluctuate strongly, and attention should be paid to the upper pressure range [11]. Industrial Silicon - On Monday, the main contract of industrial silicon rose 0.88%. Weekly production reached a new high, but there was no inventory accumulation during the wet season. Attention should be paid to the resumption of production in the north. The 2511 contract faces the pressure of digesting warehouse receipts. The market is expected to fluctuate within a range, and attention should be paid to the cash - flow cost support of large manufacturers [11]. Polysilicon - On Monday, the main contract of polysilicon fell 3.66%. The number of warehouse receipts is increasing, and there will be concentrated cancellations in November, bringing selling pressure. The current situation of high supply and low demand continues. Attention should be paid to the implementation of storage purchase news and the support of spot prices [12][13]. Energy and Chemicals Crude Oil - Against the background of the easing of Sino - US tensions, oil prices declined slightly. The long - expected supply surplus is gradually emerging, and the tanker carrying capacity has reached a recent high. Oil prices will continue to test the lower support in the near future [14]. Asphalt - As oil prices continue to test the lower support, asphalt also has the risk of breaking through the support level. The basis remains low, and the actual shipping volume is low. The pressure of factory inventory accumulation continues, and social inventory is being depleted in the East China region. Profits have recovered slightly, and production has increased significantly, leading to an increase in supply pressure. In the later stage, oil prices will be affected by OPEC+ production increases, and asphalt may face challenges due to increased inventory pressure. Attention should be paid to the support of crude oil costs [14]. PX - Due to the continuous decline of crude oil prices and weak polyester demand, PX prices have followed the downward trend. Although the high start - up rate of PTA provides some demand support, PX is expected to continue to fluctuate weakly in October due to the overall decline of the polyester sector [14]. PTA - Driven by the decline of crude oil prices, the overall energy and chemical sector has declined. Downstream start - up rates are low, orders are scarce, and terminal start - up rates are below the historical average. PTA processing fees have declined, and port and factory inventories are accumulating. The basis has decreased, and short - term trading should focus on short - selling on rallies [15]. Ethylene Glycol - After breaking through the previous low, the port inventory of ethylene glycol has rebounded. With the expectation of new production capacity coming on - stream, ethylene glycol prices will remain low. Downstream start - up rates are weak, and both overseas and domestic demand are sluggish. In October, inventory will continue to accumulate, and prices will remain low. If oil prices continue to decline, there is still a risk of further decline [15]. Short - Fiber - Short - fiber has adjusted following the polyester sector and is expected to continue to fluctuate weakly in the near future. Terminal orders have increased seasonally but with limited amplitude. The increase in short - fiber start - up rates has led to limited inventory accumulation. Further inventory depletion depends on the continuous improvement of terminal orders. In the medium - term, short - selling on rallies may be considered [15]. Methanol - This week, methanol supply has decreased in the short term, and olefin demand remains high, leading to a slight reduction in inventory and an improvement in the short - term supply - demand structure. However, traditional downstream demand is weak, and there are plans for many plants to restart, increasing supply pressure. High inventory and external factors such as tariff upgrades restrict price increases. Methanol prices are expected to fluctuate in the short term [16]. PP - The supply growth rate of the PP market continues to be higher than demand, and inventory levels are high, putting pressure on the market. The decline of crude oil prices has weakened cost support, expanding the downward price space. Attention should be paid to the recovery of downstream demand [17]. LLDPE - This week, the supply of polyethylene has increased, and inventory has accumulated significantly, suppressing prices. Demand is divided, with the start - up rate and orders of agricultural film improving, but the overall downstream start - up rate is still slow to increase. The decline of crude oil prices has weakened cost support, and the polyethylene market will be under pressure in the short term [17]. Urea - The daily output of urea is between 18.1 - 19.1 tons. Industrial procurement is stable, and agricultural demand is recovering after rainfall. Exports are shrinking after the window period closes. The market is cautious, and purchases are mainly made at low prices. The short - term market may be stable after a period of stalemate, but there is still a risk of decline in the later stage [17]. Agricultural Products US Soybeans - The release of USDA reports has been postponed, and concerns about Sino - US soybean trade continue, making the export prospects of US soybeans unclear. However, domestic crushing consumption provides some support. The new - season harvest situation of US soybeans is unknown. The sowing of Brazilian soybeans is progressing smoothly, and the weather conditions in the core production areas of Argentina are good. The CBOT soybean market is expected to remain stable with narrow fluctuations. Attention should be paid to the dynamics of Sino - US soybean trade [18]. Soybean and Rapeseed Meal - Domestic downstream phased replenishment has increased, and soybean meal inventory has decreased significantly. As of October 17, 2025, soybean inventory in major oil mills increased slightly week - on - week and significantly year - on - year, while soybean meal inventory decreased week - on - week and increased year - on - year. Apparent consumption of soybean meal increased significantly. Currently, oil mill profits are generally in the red, increasing their willingness to support spot prices. Although the expected arrival of soybeans in the fourth quarter is sufficient, there may be a supply gap before the new - season South American soybeans are available in the first quarter of next year. After the short - term over - decline, soybean meal prices are expected to stabilize and fluctuate. Rapeseed meal supply is tight due to low factory start - up rates, and the market is in a state of weak supply and demand, with inventory decreasing slightly [19]. Soybean and Rapeseed Oil - Soybean oil has entered the peak season, but trading volume has not changed significantly. The inverted price difference between domestic and foreign soybean and palm oil provides some consumption expectations. The basis of first - grade soybean oil in Zhangjiagang has increased. For rapeseed oil, before the supply of Australian rapeseed and direct imports of Russian oil increases, the de - stocking market supports the stability of the spot basis. As of October 17, 2025, soybean oil commercial inventory decreased week - on - week and increased year - on - year, while rapeseed oil inventory decreased [20]. Palm Oil - A large amount of palm oil arrived in China last week, and the arrival is concentrated recently, leading to an increase in commercial inventory. Malaysian palm oil exports have increased at a slower rate. As of October 17, 2025, domestic palm oil commercial inventory increased week - on - week and year - on - year [20][21]. Corn - The bumper harvest of corn in the Northeast and North China has come onto the market. The harvest weather is not conducive to storage, and farmers are eager to sell due to profitable prices, causing a significant seasonal impact on the market. Currently, corn trading at the grassroots level and ports is light, and the willingness of channels and downstream feed mills to build long - term inventories is still weak. However, the current price is close to the planting cost, and high - quality corn is in short supply. As the temperature drops, farmers may be more reluctant to sell, which will slow down the price decline [21]. Pigs - After the festival, the process of reducing production and inventory has accelerated, and pig prices have fallen to a new low this year, resulting in widespread losses in breeding profits. Recently, the price difference between fat and lean pigs and some regional restocking have supported the market, increasing the reluctance of small - scale farmers to sell and pressuring the market. Large - scale farms plan to increase the pace of slaughter, but supply is expected to decrease in late October, which will stabilize the extreme downward risk of pig prices. The far - month futures are slightly at a premium. Unless there is a significant increase in demand beyond the seasonal norm, it is difficult for pig prices to recover significantly. Attention should be paid to the impact of extreme weather on pig farming in North China this year [22].
研究所晨会观点精萃-20251021
Dong Hai Qi Huo·2025-10-21 01:03