国新国证期货早报-20251029

Report Industry Investment Rating No relevant content provided. Core View of the Report On October 28, 2025, the A-share market and various futures markets showed different trends. The A-share market had a slight decline, while different futures varieties were affected by various factors such as supply and demand, policy, and international market trends [1]. Summary by Related Catalogs Stock Index Futures - On October 28, A-share major indices declined slightly, with the Shanghai Composite Index dropping 0.22% to 3988.22, the Shenzhen Component Index down 0.44% to 13430.10, and the ChiNext Index falling 0.15% to 3229.58. The trading volume of the two markets was 2147.9 billion yuan, a decrease of 192.3 billion yuan from the previous day [1]. - The CSI 300 Index encountered resistance and fluctuated on October 28, closing at 4691.97, a decrease of 24.05 [2]. Coke and Coking Coal - On October 28, the weighted index of coke fluctuated weakly, closing at 1772.0, a decrease of 16.2 [3]. - On October 28, the weighted index of coking coal was weak, closing at 1256.1 yuan, a decrease of 8.5 [4]. - The second round of coke price increase was fully implemented, but the weakening steel demand and potential negative feedback risk will restrict the short - term rebound of coal and coke prices. The inventory structure of coking coal has improved, and the spot market shows a tight supply pattern [5]. Zhengzhou Sugar - The expectation of increased global sugar supply put pressure on the futures price. The Zhengzhou sugar 2601 contract oscillated and rose on October 28 due to short - covering, and oscillated and sorted at night [5]. Rubber - Due to the expected decrease in US auto sales in October, the Shanghai rubber futures oscillated and adjusted slightly lower on October 28, and fluctuated slightly at night. The total inventory in Qingdao Port decreased last week [6]. Soybean Meal - On October 28, CBOT soybean futures oscillated strongly. Sino - US soybean trade is expected to resume. The US soybean harvest progress is normal, and the Brazilian soybean planting starts well. The domestic soybean meal inventory increased, and there is still inventory pressure [7]. Live Pigs - On October 28, live pig futures oscillated strongly. The widening price difference between standard and fat pigs attracted second - round fattening, and the terminal demand improved marginally, but the supply - exceeding - demand pattern remained unchanged, and the price rebound space was limited [8]. Palm Oil - On October 28, palm oil prices continued to decline, breaking through the 9000 mark. Indonesia's palm oil inventory decreased slightly in August, and its production is expected to increase by 10% in 2025 [9]. Shanghai Copper - The Shanghai copper main contract 2512 first rose and then declined on October 28. The downstream demand was weak, but the supply disturbances and low inventory provided long - term support. It is expected to oscillate at a high level in the short term [10]. Cotton - The main contract of Zhengzhou cotton closed at 13575 yuan/ton at night on October 28, and the inventory decreased by 17 lots [10]. Logs - The 2601 log contract on October 28 had an opening price of 789, a lowest price of 785, a highest price of 791.5, and a closing price of 786, with an increase of 28 lots in positions. The market has good expectations for Sino - US trade negotiations, and shipping prices have fallen. The spot market prices in Shandong and Jiangsu remained unchanged [10][12]. Iron Ore - On October 28, the iron ore 2601 main contract oscillated and rose, with a gain of 1.93% and a closing price of 792.5 yuan. The iron ore shipping volume rebounded slightly, the domestic arrival volume decreased significantly, and the iron ore price will oscillate in the short term [12]. Asphalt - On October 28, the asphalt 2601 main contract oscillated and closed down, with a decline of 0.79% and a closing price of 3279 yuan. The asphalt supply decreased, the inventory continued to decline, and the price will oscillate in the short term following the cost of crude oil [12].