国泰君安期货商品研究晨报-20251106

Report Industry Investment Ratings No relevant content provided in the report. Core Viewpoints The report provides trend judgments and fundamental data for various commodities, including precious metals, base metals, energy chemicals, agricultural products, etc., and analyzes the impact of macro - economic and industry news on commodity prices. For example, gold is affected by government shutdown on liquidity, copper lacks clear driving forces and shows price fluctuations, etc. Summary by Commodity Precious Metals - Gold: Government shutdown continues to affect liquidity, with a trend intensity of 0. The price of Shanghai Gold 2512 closed at 912.26 yesterday, down 0.36%, and the night - session closed at 916.38, up 0.63% [5]. - Silver: Shows an oscillating rebound, with a trend intensity of - 1. The price of Shanghai Silver 2512 closed at 11276 yesterday, up 0.33%, and the night - session closed at 11381, up 1.58% [5]. Base Metals - Copper: Lacks clear driving forces, with price oscillations and a trend intensity of 0. The closing price of the Shanghai Copper main contract was 85670 yesterday, down 0.08%, and the night - session closed at 85900, up 0.27% [9]. - Zinc: Ranges within an interval, with a trend intensity of 0. The closing price of the Shanghai Zinc main contract was 22650 yesterday, down 0.09% [12]. - Lead: Overseas inventory reduction supports the price, with a trend intensity of 0. The closing price of the Shanghai Lead main contract was 17475 yesterday, up 0.34% [16]. - Tin: Attention should be paid to macro - impacts, with a trend intensity of 1. The closing price of the Shanghai Tin main contract was 282090 yesterday, down 0.58%, and the night - session closed at 282820, up 0.28% [19]. - Aluminum: Runs strongly, with a trend intensity of 0. The closing price of the Shanghai Aluminum main contract was 21395 yesterday, down 70 [23]. - Alumina: Bounces back from the bottom, with a trend intensity of 0. The closing price of the Shanghai Alumina main contract was 2772 yesterday, up 2 [23]. - Nickel: Accumulated inventory at the smelting end suppresses the price, while uncertainties at the ore end provide support, with a trend intensity of 0. The closing price of the Shanghai Nickel main contract was 120030 yesterday, up 330 [26]. - Stainless Steel: The steel price runs in a narrow range at a low level, with a trend intensity of 0. The closing price of the stainless - steel main contract was 12535 yesterday, down 10 [26]. Energy Chemicals - Carbonate Lithium: Oscillates weakly, with a trend intensity of 0. The closing price of the 2511 contract was 77800 yesterday, up 640 [30]. - Industrial Silicon: The warehouse receipts are cleared, and the market is strong, with a trend intensity of 1. The closing price of the Si2601 contract was 9020 yesterday, up 135 [34]. - Polysilicon: The market may correct as the news - based expectations are not met, with a trend intensity of - 1. The closing price of the PS2601 contract was 53355 yesterday, down 360 [34]. - Iron Ore: Repeats at a high level, with a trend intensity of 0. The closing price of the 12601 contract was 776.0 yesterday, up 0.5 [37]. - Rebar: Affected by the sector sentiment, it oscillates weakly, with a trend intensity of 0. The closing price of the RB2601 contract was 3024 yesterday, down 37 [40]. - Hot - Rolled Coil: Affected by the sector sentiment, it oscillates weakly, with a trend intensity of 0. The closing price of the HC2601 contract was 3253 yesterday, down 28 [40]. - Silicon Ferrosilicon: There is a game between long and short forces, with wide - range oscillations, and a trend intensity of 0. The closing price of the silicon ferrosilicon 2601 contract was 5560 yesterday, up 50 [44]. - Manganese Silicide: There is a game between long and short forces, with wide - range oscillations, and a trend intensity of 0. The closing price of the manganese silicide 2601 contract was 5776 yesterday, up 22 [44]. - Coke: Repeats at a high level, with a trend intensity of 0. The closing price of the J2601 contract was 1753 yesterday, up 24 [48]. - Coking Coal: Repeats at a high level, with a trend intensity of 0. The closing price of the JM2601 contract was 1268.5 yesterday, up 15.5 [48]. - Log: Oscillates repeatedly, with a trend intensity of 0. The closing price of the 2511 contract was 741 yesterday, up 0.1% [51]. - Para - Xylene: Aromatic blending oil supports the valuation, with a high - level oscillating market [54]. - PTA: The demand is acceptable, but there is still supply pressure, with a high - level oscillating market [54]. - MEG: The supply pressure is large, and the trend is weak [54].