Report Industry Investment Ratings - Macro-finance: Long-term bullish on stock indices, recommended to buy on dips; neutral on treasury bonds, recommended to hold off [1][5] - Black building materials: Neutral on coking coal and rebar, recommended for range trading; neutral on glass, recommended to hold off [1][7][8] - Non-ferrous metals: Neutral on copper, recommended to hold long positions cautiously on dips without chasing highs; neutral on aluminum, recommended to build long positions on dips after pullbacks; neutral on nickel, recommended to hold off or short on rallies; neutral on tin, recommended for range trading; neutral on gold and silver, recommended for range trading [1][11][13] - Energy and chemicals: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins, recommended for range trading; bearish on soda ash 01 contract, recommended a short position [1][21][23] - Cotton textile industry chain: Neutral on cotton and cotton yarn, recommended for range trading; bearish on PTA, recommended for range trading; bullish on apples and jujubes, recommended for bullish range trading [1][34][35] - Agriculture and animal husbandry: Bearish on pigs and eggs, recommended to short on rallies; neutral on corn, recommended for range trading; neutral on soybean meal, recommended for range trading; bullish on oils, recommended to buy after corrections [1][38][44] Core Views of the Report The report provides investment strategies for various futures products based on fundamental and technical analyses. It considers factors such as supply and demand, macroeconomic conditions, policy expectations, and geopolitical events. Overall, the market is expected to be volatile, with different products showing different trends and investment opportunities [1][5][8]. Summary by Related Catalogs Macro-finance - Stock indices are expected to be volatile in the short term but bullish in the long term, supported by China's GDP growth, income growth, and policy expectations. Recommended to buy on dips [5]. - Treasury bonds are recommended to be held off, with the outcome of the Sino-US negotiation at the end of the month being the key factor affecting market risk appetite. Band trading can be considered if there is significant volatility in the next two weeks [5]. Black Building Materials - Coking coal and coke are expected to be volatile, with coking coal having long-term value due to supply constraints and inventory health. Coke prices are supported by demand from steel mills [7][8]. - Rebar is expected to be volatile at low levels, with limited downside due to low valuations and improving demand. A long position can be considered when RB2601 stabilizes around 3000 [8]. - Glass is recommended to be held off, as the market is weak due to environmental policies, inventory accumulation, and lack of demand. Wait for a reversal before considering a long position [9][10]. Non-ferrous Metals - Copper is expected to remain strong at high levels, supported by supply disruptions, interest rate cuts, and potential demand growth in the fourth quarter. Recommended to hold long positions cautiously on dips without chasing highs [11]. - Aluminum is expected to be volatile, with a recommendation to build long positions on dips after pullbacks. Pay attention to tariff developments and market sentiment [13]. - Nickel is expected to be in a surplus situation in the long term, with a recommendation to hold off or short on rallies. The new RKAB approval policy may bring uncertainty to the nickel ore market [18]. - Tin is expected to be volatile, with a recommendation for range trading. Pay attention to supply resumption and downstream demand recovery [18]. - Gold and silver are expected to be supported by interest rate cut expectations and safe-haven sentiment. Recommended to trade cautiously and build positions after sufficient price corrections [19][20]. Energy and Chemicals - PVC is expected to be volatile, with a focus on the 4600 - 4800 range for the 01 contract. Pay attention to macro data, export conditions, inventory, and raw material prices [21][22]. - Caustic soda is expected to be weakly volatile, with a focus on the 2450 resistance level for the 01 contract. Pay attention to downstream inventory replenishment and export conditions [23][24]. - Styrene is expected to be weakly volatile, with a focus on the 6600 resistance level. Pay attention to oil prices, pure benzene supply, macro data, and plant operations [24][25]. - Rubber is expected to be volatile, with a focus on the 14500 support level. Pay attention to raw material prices, inventory, and downstream demand [26][27]. - Urea is expected to be bottoming out and volatile, with a range of 1550 - 1650. Pay attention to compound fertilizer production, urea plant maintenance, export policies, and coal prices [28]. - Methanol is expected to be volatile, with a weak short-term market due to increased supply, stable traditional demand, and high inventory [30]. - Polyolefins are expected to be weakly volatile, with a focus on the 6800 support level for L2601 and the 6500 support level for PP2601. Pay attention to downstream demand, interest rate cuts, trade relations, and oil prices [30][31]. - Soda ash 01 contract is recommended for a short position, as the market is under pressure from oversupply and inventory accumulation [31][33]. Cotton Textile Industry Chain - Cotton and cotton yarn are expected to be volatile, with uncertainties in the Sino-US relationship. The 2025/26 and 2024/25 cotton supply and demand forecasts show a decrease in ending stocks [34][35]. - PTA is expected to be weakly volatile, with a focus on the 4350 - 4600 range. Pay attention to oil prices, supply and demand, and macroeconomic conditions [35]. - Apples are expected to be bullishly volatile, with high-quality fruits commanding higher prices. The expected increase in delivery costs due to quality decline may support prices [36]. - Jujubes are expected to be bullishly volatile. Pay attention to the progress of new-season orchard contracts in Xinjiang [37]. Agriculture and Animal Husbandry - Pigs are under pressure, with a recommendation to reduce short positions in the 11 contract, hold short positions in the 01, 03, and 05 contracts, and be cautious about bottom-fishing in the 07 and 09 contracts. Pay attention to secondary fattening and supply and demand dynamics [38][40]. - Eggs are expected to face resistance in rebounds. Partially close short positions in the 11 contract and wait for spot price guidance. Consider shorting the 12 and 01 contracts on rallies. Pay attention to chicken culling, weather, diseases, and environmental policies [40][41]. - Corn is expected to be range-trading, with a bearish view on the 11 contract. Consider shorting on rallies and pay attention to the 2120 - 2150 resistance level. Also, pay attention to the 1 - 5 reverse spread. Focus on policies and weather conditions [42]. - Soybean meal is expected to be trading at low levels, with limited upside due to harvest pressure and slow US soybean exports. Pay attention to Sino-US trade relations and post-October shipping purchases [43]. - Oils are expected to have limited corrections. Pay attention to the support levels of 8200 - 8250, 9200 - 9300, and 9800 - 9900 for the 01 contracts of soybean oil, palm oil, and rapeseed oil, respectively. Consider buying after corrections [44][50].
期货市场交易指引：2025年10月21日-20251021
Chang Jiang Qi Huo·2025-10-21 02:35