Report Industry Investment Ratings No relevant content provided. Core Views - The Treasury bond futures are expected to have no trend - like market, and caution is advised [5][6]. - The stock index futures are expected to have little risk of a sharp decline, and investors can choose the right time to go long [9][10]. - For precious metals, the short - term pricing is relatively full, and investors can take profits on long positions and then wait and see [11][12]. - The prices of rebar and hot - rolled coils are likely to remain weak in the medium - term, and investors can look for short - selling opportunities at high levels during rebounds [13][14]. - The supply - demand pattern of iron ore has weakened, and investors can look for short - selling opportunities at high levels [16]. - Coke and coking coal futures may continue to be strong in the short - term, and investors can look for buying opportunities during pullbacks [18][19]. - Ferroalloys may continue to have oversupply in the short - term, and investors can consider long positions at low levels when the spot falls into the loss zone again [21][22]. - For crude oil, the main contract should be temporarily observed [24][25]. - For fuel oil, investors can look for short - selling opportunities in the main contract [27][28]. - Polyolefins may rebound, and the main contract should be temporarily observed [29][30]. - Synthetic rubber is expected to fluctuate [31][33]. - For natural rubber, investors can look for long - buying opportunities [34][35]. - For PVC, investors should pay attention to changes in the supply side [36][37]. - The downside space of urea is limited [38]. - PX may fluctuate and adjust in the short - term, and investors can participate in the range, paying attention to crude oil changes and macro - policies [39]. - PTA may fluctuate in the short - term, and investors should be cautious, paying attention to oil price changes [40]. - Ethylene glycol may fluctuate weakly in the short - term, and investors should pay attention to port inventory and supply changes [41]. - Short - fiber may fluctuate following costs in the short - term, and investors should pay attention to cost changes and macro - policy adjustments [42]. - Bottle - grade chips may fluctuate following the cost side in the future, and investors should control risks [43]. - For lithium carbonate, investors should pay attention to the sustainability of consumption [44][45]. - Copper is in a stage of adjustment [46][47]. - Aluminum is expected to run at a high level [48][50]. - Zinc is expected to continue to fluctuate in a range [51][52]. - For lead, investors should be cautious about chasing long positions [53][54]. - Tin prices may fluctuate strongly [55]. - Nickel prices may fluctuate [56]. - For soybean meal, investors can consider exiting long positions when it continues to rise; for soybean oil, it is advisable to wait and see [57][58]. - Palm oil investors can consider buying on pullbacks [59][60]. - For rapeseed meal, investors can consider buying near - term contracts and selling far - term contracts [61][62]. - The upside space of cotton prices is expected to be limited [63][64]. - The sugar price has certain support at the bottom [66][68]. - Apples are expected to run strongly in the short - term [70][71]. - For live pigs, investors can consider short - selling on rebounds [71][72]. - For eggs, investors can continue to hold short positions and look for opportunities to add short positions on rebounds [73][76]. - For corn, it is advisable to wait and see; corn starch may follow the corn market [77][79]. Summary by Related Catalogs Treasury Bonds - Last trading day, most Treasury bond futures closed down. The central bank had net liquidity injections in October. The macro - economic recovery momentum needs strengthening, and the Treasury bond futures are expected to have no trend - like market [5]. Stock Index - Last trading day, stock index futures showed mixed performance. The A - share new account opening data in October 2025 decreased year - on - year but increased in the first 10 months. The domestic economic recovery momentum is weak, but the asset valuation is low and the market sentiment is warming up. It is expected to have little risk of a sharp decline [7][9]. Precious Metals - Last trading day, gold and silver futures closed down. The global trade and financial environment is complex, which is beneficial to precious metals, but the short - term rise is large, and the pricing is full [11]. Rebar and Hot - Rolled Coils - Last trading day, rebar and hot - rolled coil futures continued to correct. In the medium - term, the prices are dominated by industry supply - demand. The demand for rebar is still decreasing year - on - year, and the inventory pressure is obvious [13][14]. Iron Ore - Last trading day, iron ore futures continued to correct. The demand has declined, the supply is expected to increase, and the inventory has risen. The supply - demand pattern has weakened [16]. Coke and Coking Coal - Last trading day, coke and coking coal futures fell sharply. The supply of coking coal is slightly tight, and the demand for coke is normal. The futures may continue to be strong in the short - term [18][19]. Ferroalloys - Last trading day, manganese - silicon and silicon - iron futures closed down. The supply is still in excess in the short - term, and the cost is rising. There may be long - buying opportunities at low levels [21][22]. Crude Oil - Last trading day, INE crude oil rose and then fell. The Baker Hughes rig count increased, and OPEC will suspend production increases, which is expected to support oil prices [23][24]. Fuel Oil - Last trading day, fuel oil fluctuated downwards. The supply in Singapore has recovered, which is negative, but there are also positive factors such as sanctions on Russia [26][27]. Polyolefins - Last trading day, the PP market in Hangzhou and the LLDPE market in Yuyao had some price adjustments. The supply is affected by maintenance, the inventory is low, and the demand is in the peak season, so the market may rebound [29]. Synthetic Rubber - Last trading day, synthetic rubber futures closed down. The cost is weak, and the supply and demand are both affected. It is expected to fluctuate [31][33]. Natural Rubber - Last trading day, natural rubber futures closed down. The supply is affected by weather, and the demand and inventory are also changing. There may be long - buying opportunities [34][35]. PVC - Last trading day, PVC futures closed down. The supply is in excess, and the demand is weak. The price may have limited downward space and needs improvement in the fundamentals [36][37]. Urea - Last trading day, urea futures closed up. The supply is gradually recovering, the demand is affected by the season, and the profit is narrowing. The downside space is limited [38]. PX - Last trading day, PX futures closed down. The supply and demand structure has improved, and it may fluctuate and adjust in the short - term [39]. PTA - Last trading day, PTA futures closed down. The supply is affected by maintenance, the demand is relatively stable, and the processing fee is low. It may fluctuate in the short - term [40]. Ethylene Glycol - Last trading day, ethylene glycol futures closed down. The supply is increasing, the inventory may accumulate, and it may fluctuate weakly in the short - term [41]. Short - Fiber - Last trading day, short - fiber futures closed down. The supply is at a relatively high level, the demand is improving, and it may follow the cost to fluctuate [42]. Bottle - Grade Chips - Last trading day, bottle - grade chips futures closed down. The supply is increasing, the demand is slightly reduced, and it may follow the cost side to fluctuate [43]. Lithium Carbonate - Last trading day, lithium carbonate futures closed down. The supply is at a high level, and the demand in the energy - storage and power - battery sectors is improving. Attention should be paid to consumption sustainability [44][45]. Copper - Last trading day, copper futures closed down. The macro - data and the demand are not good, and the supply is also affected. It is in a stage of adjustment [46][47]. Aluminum - Last trading day, aluminum and alumina futures closed down. The supply of alumina is in excess, and the production of electrolytic aluminum may be affected by winter. The price may run at a high level [48][50]. Zinc - Last trading day, zinc futures closed down. The supply is affected by mining problems, and the demand is weak. It is expected to fluctuate in a range [51][52]. Lead - Last trading day, lead futures closed down. The supply of primary lead is increasing, and the demand is affected by high prices. Caution is needed when chasing long positions [53][54]. Tin - Last trading day, tin futures closed down. The supply is tight, and the demand has certain support. The price may fluctuate strongly [55]. Nickel - Last trading day, nickel futures closed down. The supply has concerns, and the demand is affected by the real - estate market. It may fluctuate [56]. Soybean Meal and Soybean Oil - Last trading day, soybean meal futures closed down, and soybean oil futures closed flat. The supply of soybeans is relatively loose, and the demand for soybean meal and soybean oil has different trends. Different strategies are suggested for them [57][58]. Palm Oil - The Malaysian palm oil rebounded. The inventory in China is at a medium level. Investors can consider buying on pullbacks [59][60]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed market is volatile. The import of rapeseed in China has decreased, and the inventory of rapeseed, rapeseed meal, and rapeseed oil is at different levels. Different strategies are suggested [61][62]. Cotton - Last trading day, domestic and foreign cotton futures fell. The Sino - US trade situation is favorable in the medium - long term, but the short - term price is affected by harvest pressure and domestic supply - demand [63][64]. Sugar - Last trading day, sugar futures rose and then fell. The global sugar supply is expected to be in excess, but the domestic supply pressure in the fourth quarter is not large, and the price has support at the bottom [66][68]. Apples - Last trading day, apple futures fell sharply. The quality of apples this year is poor, and the opening price is higher. It is expected to run strongly in the short - term [70][71]. Live Pigs - The price of live pigs is weakening. The supply is increasing, and investors can consider short - selling on rebounds [71][72]. Eggs - The price of eggs is stable. The supply is at a high level, and the demand is expected to be weak. Investors can continue to hold short positions and look for opportunities to add short positions on rebounds [73][76]. Corn and Corn Starch - Last trading day, corn and corn - starch futures closed down. The harvest pressure of corn continues, and the supply and demand of corn starch have different trends. Corn may be under pressure, and corn starch may follow the corn market [77][79].
西南期货早间评论-20251105
Xi Nan Qi Huo·2025-11-05 05:18