国新国证期货早报-20251031

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On October 30, 2025, the A-share market and some futures markets showed various trends influenced by multiple factors such as supply - demand relationships, policy news, and international events [1][4][6]. Summary by Variety Stock Index Futures - On October 30, A - share major indices collectively declined. The Shanghai Composite Index fell 0.73% to 3986.90, the Shenzhen Component Index dropped 1.16% to 13532.13, and the ChiNext Index decreased 1.84% to 3263.02. The trading volume reached 24217 billion yuan, an increase of 1656 billion yuan from the previous day. The CSI 300 Index also adjusted, closing at 4709.91, a decrease of 37.93 [1]. Coke and Coking Coal - Coke: On October 30, the coke weighted index fluctuated and closed at 1814.9, a rise of 11.8. Supply tightened due to environmental protection and maintenance, while demand remained strong with high - level iron - making. A third round of price increases has started [2][4]. - Coking Coal: The coking coal weighted index fluctuated on October 30, closing at 1304.1 yuan, up 20.3. Supply was tight due to various factors, and the daily vehicle - passing number at the Mongolian coal 288 port recovered to over 1200 [3][4]. Zhengzhou Sugar - The US sugar stabilized and rose slightly on Wednesday after a large short - term decline. The Zhengzhou Sugar 2601 contract decreased slightly on Thursday due to long - position liquidation. India's sugar production in the 2025/26 season is expected to reach 3490 million tons, a 19% year - on - year increase [4]. Rubber - Shanghai rubber adjusted on October 30 due to factors like the previous day's large increase, a decline in tire factory operating rates, and the realization of Sino - US trade negotiation benefits. The night - session also closed slightly lower [5]. Soybean Meal - Internationally, US soybeans showed strength on October 30 due to positive export expectations. Domestically, the M2601 contract closed at 2994 yuan/ton, up 0.84%. Imported soybean supply was abundant, but the price lacked continuous upward momentum [6]. Live Pigs - The LH2601 contract closed at 11880 yuan/ton on October 30, down 2.5%. The market was oversupplied, and the entry of secondary fattening could only change the supply rhythm [7]. Palm Oil - On October 30, palm oil fluctuated slightly after breaking through the 9000 - integer mark. The import price of near - term palm oil showed an increased inversion [7]. Shanghai Copper - Copper prices first rose and then fell on October 30. The short - term trend was high - level volatility, while the long - term was supported by fundamentals [8]. Cotton - On Thursday night, the Zhengzhou cotton main contract closed at 13640 yuan/ton. Cotton inventory decreased, and the 24% reciprocal tariff was suspended for another year [8]. Logs - The 2601 log contract opened at 788, closed at 786, and decreased by 104 lots on October 30. The spot price in Shandong remained stable, while that in Jiangsu decreased [9]. Iron Ore - The iron ore 2601 contract rose 0.38% to 802.5 yuan on October 30. The price was in an oscillating trend affected by shipping volume, production, and macro - sentiment [11]. Asphalt - The asphalt 2601 contract fell 0.4% to 3254 yuan on October 30. The price followed the cost of crude oil and was in an oscillating state [11].