Variety Views Stock Index Futures - On October 22, the Shanghai Composite Index fluctuated and closed down 0.07% at 3,913.76; the Shenzhen Component Index fell 0.62% to 12,996.61; the ChiNext Index dropped 0.79% to 3,059.32. The trading volume of the two markets was 1.6679 trillion yuan, a decrease of 206 billion yuan from the previous day. The CSI 300 Index closed at 4,592.57, down 15.30 [1]. Coke and Coking Coal - On October 22, the coke weighted index fluctuated widely, closing at 1,735.0, up 17.7. The coking coal weighted index rebounded weakly, closing at 1,224.3 yuan, up 17.7. The port coke spot market price declined, with the Rizhao Port quasi - first - class metallurgical coke at 1,450 yuan/ton, down 30 yuan/ton. Many mainstream coke enterprises in Hebei, Shanxi, Shaanxi and other places initiated a second price increase of 50 - 55 yuan/ton, but steel mills haven't responded. Coke enterprises' production is stable, with low inventory. The increase in coking coal price has squeezed coke enterprises' profits. Some steel mills have poor arrivals due to production control, but the high daily pig iron output still supports coke demand [1]. - In the coking coal market, the price of lean clean coal in Changzhi increased by 60 yuan to 1,250 yuan/ton, while the price of Mongolian No. 5 raw coal at Ganqimaodu Port decreased by 15 yuan/ton to 1,100 yuan/ton. Due to over - production checks and safety inspections, the supply of coking coal is tightening, but downstream coke enterprises are cautious about purchasing high - priced resources, and the transaction price of some coal types has declined [2]. Zhengzhou Sugar - Affected by the expected increase in sugar production in Brazil's central - southern region in the 2026/27 season, the US sugar futures fell on Tuesday. The Zhengzhou sugar 2601 contract declined on Wednesday and slightly at night due to factors such as the fall of US sugar and the reduction of spot prices. Brazil's central - southern sugar production in the next season is estimated to be 43.2 million tons, higher than the current season's 41.42 million tons. Indonesia aims to produce 3 million tons of white sugar in 2026, up from 2.8 million tons this year [2]. Rubber - Due to short - term over - increase and technical factors, the Shanghai rubber futures fluctuated and closed slightly higher on Wednesday, and continued to rise slightly at night supported by the rebound of crude oil prices. As of October 19, 2025, the total inventory of natural rubber in Qingdao was 437,500 tons, a decrease of 18,600 tons (4.07%) from the previous period. The bonded area inventory decreased by 1.70% to 69,600 tons, and the general trade inventory decreased by 4.51% to 367,900 tons. The inbound and outbound rates of warehouses also changed [3]. Palm Oil - On October 22, after continuous small - scale fluctuations, the willingness of long - position holders to support the price weakened, and the palm oil futures deviated from the consolidation range and fell rapidly. The main contract P2601 closed with a negative line, at 9,164, down 1.40% from the previous day. Malaysia's palm oil production from October 1 - 20 increased by 10.77%, with different increases in different regions [4]. Soybean Meal - Internationally, on October 22, the CBOT soybean futures closed higher. Due to the US government shutdown, the USDA stopped updating key data. The market estimated that the US soybean harvest rate was 73% as of last Sunday, and the export sales volume as of October 16 was expected to be 60 - 200 million tons. Brazil's 2025/26 soybean production is predicted to reach 178.5 million tons. Domestically, the M2601 contract closed at 2,885 yuan/ton, down 0.14%. The supply of imported soybeans is abundant, the oil mills' operating rate is high, but downstream replenishment is weak, and the inventory reduction is slow. The short - term soybean meal price will fluctuate, and future attention should be paid to Sino - US trade and soybean arrivals [5]. Live Pigs - On October 22, the live pig futures price fluctuated. The LH2601 contract closed at 12,220 yuan/ton, down 0.12%. The increasing spread between standard and fat pigs has attracted second - fattening, which supports the short - term price. However, the supply pressure is high, and the terminal consumption is weak after the holidays. The short - term market is in a situation of strong supply and weak demand, and the rebound space may be limited. Attention should be paid to the slaughter rhythm and capacity control policies [6]. Shanghai Copper - The main contract of Shanghai copper fluctuated. The supply of copper concentrate is expected to be tight due to production disturbances at home and abroad, and refinery maintenance capacity increased in October. The downstream demand has some resilience, and the inventory shows a pattern of accumulation in China and reduction overseas. With uncertainties in Sino - US tariff negotiations and the strengthening of the US dollar index, the market has both long and short factors. Technically, pay attention to the support at 84,000 yuan/ton and the resistance at 86,000 yuan/ton [7]. Iron Ore - On October 22, the iron ore 2601 contract closed up 0.65% at 774 yuan. The iron ore shipment volume rebounded, and the domestic arrival volume declined from the high level. The pig iron output is still high but may decline as steel mills' profits shrink and the peak season ends. The short - term iron ore price will fluctuate [7]. Asphalt - On October 22, the asphalt 2601 contract rose 2.95% to 3,249 yuan. The asphalt capacity utilization rate increased slightly, and the shipment volume rebounded. However, due to cold air, the terminal project construction slowed down, and the demand peak season is approaching the end. The short - term asphalt price will fluctuate [7]. Cotton - On Wednesday night, the main contract of Zhengzhou cotton closed at 13,540 yuan/ton. The cotton inventory decreased by 14 lots. The price of machine - picked cotton was stable with a slight increase, and the opening rates of downstream spinning mills were stable [8]. Logs - On October 22, the 2511 log futures opened at 802, with a low of 786, a high of 803, and closed at 795, with an increase of 68 lots in positions. The price tested the previous low. The spot prices in Shandong and Jiangsu remained unchanged. The market is gradually reducing inventory, and attention should be paid to spot prices, import data, inventory changes and macro - market sentiment [8]. Steel - On October 22, the rb2601 contract closed at 3,068 yuan/ton, and the hc2601 at 3,247 yuan/ton. Independent electric arc furnace steel mills are in loss, and the supply is expected to shrink. Downstream demand is average, with better sales of low - priced resources. The firm coking coal market supports the steel price. The steel market supply and demand are balanced, and the price will continue to fluctuate [9]. Alumina - On October 22, the ao2601 contract closed at 2,829 yuan/ton. The domestic bauxite market has regional differences, but the price is stable due to balanced supply and demand. The supply surplus pressure is increasing due to high domestic production and open import window. Some high - cost enterprises are close to the break - even point, and large - scale production cuts may start in November. The electrolytic aluminum plants have high inventory and low procurement enthusiasm [9]. Shanghai Aluminum - On October 22, the al2512 contract closed at 21,045 yuan/ton. The spot market was average. Although the inventory decreased and holders wanted to support the price, the high and fluctuating Shanghai aluminum price suppressed downstream consumption. Enterprises maintained rigid demand procurement, and the spot premium declined. The weighted average full cost of Chinese electrolytic aluminum in October 2025 is expected to decline slightly, mainly due to the falling alumina price, but the decline is limited due to the increase in electricity and auxiliary material costs [10].
国新国证期货早报-20251023
Guo Xin Guo Zheng Qi Huo·2025-10-23 01:14