期货市场交易指引2025年10月27日-20251027

Report Industry Investment Ratings - Macro Finance: Long-term bullish on stock indices, hold a wait-and-see attitude towards treasury bonds [1][5] - Black Building Materials: Range trading for coking coal and rebar, sell call options for glass [1][7][8] - Non-ferrous Metals: Cautiously hold long positions in copper on dips, buy aluminum on dips after pullbacks, hold a wait-and-see attitude or short nickel on rallies, range trade tin, gold, and silver [1][10][12] - Energy and Chemicals: PVC, caustic soda, styrene, rubber, urea, methanol, and PTA are expected to fluctuate; short the 01 contract of soda ash [1][21][23][34] - Cotton Spinning Industry Chain: Cotton and cotton yarn are expected to fluctuate strongly; PTA is expected to fluctuate at a low level; apples are expected to fluctuate strongly; dates are expected to fluctuate [1][37][38][39] - Agriculture and Animal Husbandry: Short pigs on rallies, short eggs on rallies, corn is expected to fluctuate weakly, bean meal is expected to fluctuate at a low level, and oils are expected to have limited corrections [1][40][42][46] Core Views - The report provides investment strategies and market outlooks for various futures products, taking into account factors such as supply and demand, macroeconomic conditions, and policy changes [1][5][7] - It suggests specific trading strategies for each product, such as range trading, buying on dips, or selling call options [1][7][8] - The report also highlights key factors to watch for each product, including macro data, policy changes, and supply and demand dynamics [22][24][25] Summary by Category Macro Finance - Stock Indices: Expected to fluctuate strongly in the short term and be bullish in the long term. Consider buying on dips [1][5] - Treasury Bonds: Expected to fluctuate. Hold a wait-and-see attitude and pay attention to important financial policies [1][5] Black Building Materials - Coking Coal and Coke: Market sentiment is bullish, and prices are expected to be strong in the short term due to tight supply [6][7] - Rebar: Futures prices are expected to fluctuate at a low level. Consider buying the RB2601 contract near 3000 [7] - Glass: Fundamental conditions are deteriorating, and the market is expected to be weak. Consider selling call options on the 01 contract [8][9] Non-ferrous Metals - Copper: Prices are expected to fluctuate higher in the short term. Consider holding a small long position on dips and avoid chasing highs [10] - Aluminum: Prices are expected to fluctuate at a high level. Consider taking profits on long positions on rallies and pay attention to tariff developments [12] - Nickel: Supply is expected to be abundant in the long term. Hold a wait-and-see attitude or short on rallies [17] - Tin: Prices are expected to fluctuate. Range trade with reference to the 12 contract's range of 270,000 - 290,000 yuan/ton [18] - Gold and Silver: Prices are expected to have support in the medium term but are in a short-term adjustment. Range trade and pay attention to the Fed's interest rate decision [19][20] Energy and Chemicals - PVC: Expected to fluctuate. The 01 contract is temporarily watched in the range of 4600 - 4800 [21][22] - Caustic Soda: Expected to fluctuate weakly. The 01 contract is temporarily watched for resistance at 2450 [23][24] - Styrene: Expected to fluctuate. Watch the range of 6300 - 6700 [24][25] - Rubber: Expected to fluctuate. Watch for support at 15,000 [26][27] - Urea: Expected to fluctuate. The 01 contract's range is referenced at 1600 - 1700 [28][29] - Methanol: Expected to fluctuate. The 01 contract's operating range is referenced at 2230 - 2330 [30][31] - Polyolefins: Expected to fluctuate weakly. The L2601 contract is watched for support at 7000, and the PP2601 contract is watched for support at 6600 [31][32] - Soda Ash: Adopt a short strategy for the 01 contract [34][35][36] Cotton Spinning Industry Chain - Cotton and Cotton Yarn: Expected to fluctuate strongly due to positive factors such as production and trade negotiations [37] - PTA: Expected to fluctuate at a low level. Watch the range of 4400 - 4700 [37][38] - Apples: Prices are expected to be strong due to factors such as quality and delivery costs [38] - Dates: Expected to fluctuate. Pay attention to price changes after the new season's centralized listing [39] Agriculture and Animal Husbandry - Pigs: Prices are under pressure in the medium term. Adopt a short strategy for the 01, 03, and 05 contracts and be cautious about bottom-fishing for the 07 and 09 contracts [40][41][42] - Eggs: Prices are expected to rebound under pressure. Short on rallies for the 12 and 01 contracts and pay attention to factors such as culling and policies [42] - Corn: Expected to fluctuate weakly. Adopt a short strategy for the 11 contract and watch for the 1 - 5 reverse spread [43][44] - Bean Meal: Expected to fluctuate at a low level. Consider buying on dips for the M2601 contract and use options to hedge risks [44][45][46] - Oils: Expected to have limited corrections. Wait for the correction to end and then go long for the 01 contracts of soybean, palm, and rapeseed oils [46][51]