Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It presents market performance, fundamentals, and trading strategies for each sector, suggesting different approaches such as buying on dips, selling on rallies, or waiting and observing based on the specific market conditions [2][3][6]. Summary by Commodity Categories Precious Metals - Gold: Overnight, precious metal prices rebounded, with international gold prices rising over 1% to $3978 per ounce. The US political situation and economic data influenced the market. Domestic gold ETFs had an inflow of 1.1 tons. The trading strategy is to buy on support for gold and reduce long positions for silver [2]. - Silver: Inventories in various exchanges decreased. The trading strategy is to reduce long positions [2]. Base Metals - Copper: The price oscillated and stabilized. The supply of copper ore remained tight, and domestic demand was expected to improve. The trading strategy is to wait for buying opportunities on dips [3]. - Aluminum: The price of the electrolytic aluminum main contract decreased slightly. The supply increased, while the demand weakened. The price may be under pressure to correct [3]. - Alumina: The price of the main contract increased slightly. The supply decreased due to environmental protection measures, while the demand remained stable. The price is expected to oscillate weakly [4]. - Zinc: The price decreased slightly. The processing fees of zinc concentrate increased, but the terminal orders were weak. The trading strategy is to sell on rallies [4]. - Lead: The price increased slightly. The supply was marginally loose, but the lead concentrate was in tight balance. The price is expected to oscillate at a high level [4]. - Industrial Silicon: The price oscillated. The supply decreased, and the demand was supported. The price is expected to oscillate within a range [4]. - Lithium Carbonate: The price decreased slightly. The supply decreased, and the demand increased. The price may have short - term correction pressure but is supported by strong demand. The trading strategy is to wait and observe [5]. - Polysilicon: The price decreased slightly. The supply decreased, and the demand was affected by policies. The trading strategy is to buy on dips or consider selling put options [5]. - Tin: The price oscillated and stabilized. The supply was tight, and the demand improved. The trading strategy is to wait for buying opportunities on dips [5]. Black Industry - Rebar: The price decreased slightly. The supply and demand had limited contradictions, and the futures discount marginally shrank. The trading strategy is to wait and observe [6]. - Iron Ore: The price increased slightly. The supply increased, and the demand decreased. The trading strategy is to exit and wait and observe [6]. - Coking Coal: The price increased slightly. The supply and demand were neutral, and the futures premium was high. The trading strategy is to wait and observe [7]. Agricultural Products - Soybean Meal: US soybeans may enter an oscillation phase. The domestic market follows the cost - end and oscillates strongly. The medium - term trend depends on tariff policies and production [8]. - Corn: The futures price oscillates in a narrow range. The spot price is expected to be weak. The trading strategy is to expect the futures price to oscillate in a range [8]. - Oils and Fats: The price is weak and shows differentiation among varieties. The trading strategy is to be bearish and focus on reverse spreads [8]. - Sugar: The international price is weak, and the domestic price shows an internal - strong and external - weak pattern. The trading strategy is to sell short in the futures market and sell call options [8]. - Cotton: The international price decreased, and the domestic price oscillated narrowly. The trading strategy is to sell short on rallies [9]. - Eggs: The price is expected to oscillate strongly. The trading strategy is to expect the futures price to oscillate in a range [9]. - Pigs: The price is expected to be weak. The trading strategy is to expect the futures price to be weak [9]. - Apples: The price increased. The trading strategy is to wait and observe [9]. Energy Chemicals - LLDPE: The price decreased slightly. The supply pressure increased but at a slower pace, and the demand weakened. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [10]. - PTA: The supply pressure is large in the long - term, and the demand improved. The trading strategy is to take profit on long positions of PX and sell short on rallies for PTA [11]. - Rubber: The price decreased slightly. The supply is expected to increase, and the inventory is accumulating. The price is expected to oscillate at a low level [11]. - PP: The price decreased slightly. The supply increased, and the demand weakened. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [11]. - MEG: The supply pressure is large in the long - term, and the inventory is accumulating. The trading strategy is to sell short on rallies [12]. - Crude Oil: The price decreased. The supply pressure is increasing, and the demand is weakening. The price is expected to oscillate in the short - term, and short - selling can be considered if the Russian oil reduction is less than expected [12]. - Styrene: The price decreased slightly. The supply is expected to increase, and the demand is weak. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [12].
商品期货早班车-20251106
Zhao Shang Qi Huo·2025-11-06 02:09