Group 1: Overall Market Performance - On November 6, 2025, A-share major indices strengthened collectively, with the Shanghai Composite Index reclaiming the 4000-point mark, rising 0.97% to close at 4007.76; the Shenzhen Component Index rising 1.73% to 13452.42; the ChiNext Index rising 1.84% to 3224.62; and the STAR 50 Index rising 3.34% to 1436.86. The trading volume of the two markets reached 2055.2 billion yuan, an increase of 182.9 billion yuan from the previous day [1] - The CSI 300 Index was strong on November 6, closing at 4693.40, up 66.15 from the previous day [2] Group 2: Coal Futures - On November 6, the coke weighted index fluctuated within a range, closing at 1806.6, up 35.0 from the previous day. The third round of price increases for coke has been fully implemented, with an increase of 50 - 55 yuan/ton. The current iron - water production has dropped significantly, and subsequent复产 amplitude is limited [2][4] - On November 6, the coking coal weighted index fluctuated and consolidated, closing at 1305.2 yuan, up 27.9 from the previous day. The supply of coking coal remains tight, and the auction failure rate remains low. Some coal varieties have seen large price increases [3][4] Group 3: Sugar Futures - Affected by the expectation of a global sugar market surplus, the US sugar futures fluctuated slightly lower on Wednesday. The Zhengzhou sugar 2601 contract fluctuated and consolidated on Thursday due to a large short - term decline and technical factors. Czarnikow raised its forecast for the global sugar surplus in the 2025/26 season by 1.2 million tons to 8.7 million tons [4] Group 4: Rubber Futures - Affected by technical factors, the Shanghai rubber futures fluctuated and closed slightly higher at night. Most tire enterprises' device operations were stable this week, with narrow fluctuations in capacity utilization rates. The capacity utilization rate of semi - steel tire sample enterprises was 72.89%, a 0.77 - percentage - point increase; that of full - steel tire sample enterprises was 65.37%, a 0.03 - percentage - point increase [5] Group 5: Soybean Meal Futures - On November 6, the CBOT soybean futures closed lower, with the January soybean futures contract down 2.34% at 1108 cents per bushel. The US soybean harvest is nearing completion. In the domestic market, the M2601 main contract closed at 3068 yuan/ton on November 6, down 0.16%. The supply of imported soybeans is abundant, and the soybean meal supply is sufficient, limiting the upside space for prices [5] Group 6: Live Pig Futures - On November 6, the LH2601 main contract closed at 11940 yuan/ton, up 0.04%. The supply of live pigs in the fourth quarter is expected to be sufficient, and the "supply exceeds demand" pattern in the live pig market has not fundamentally changed [5] Group 7: Copper Futures - The main contract of Shanghai copper closed at 86320 yuan/ton on November 6, up 890 yuan or 1.04%. Macroeconomic data was stronger than expected. The supply of domestic electrolytic copper is tight due to maintenance, and the demand side has limited acceptance of high prices. The copper price has entered an adjustment period [5] Group 8: Iron Ore Futures - On November 6, the iron ore 2601 main contract fluctuated and closed up 0.65% at 777.5 yuan. The current iron ore shipping volume has decreased, and the domestic arrival volume has increased significantly. The iron ore price will fluctuate in the short term [5] Group 9: Asphalt Futures - On November 6, the asphalt 2601 main contract fluctuated and fell 2.05% to close at 3109 yuan. The asphalt capacity utilization rate has increased slightly, and the inventory is being depleted, but the downstream demand is weakening, and the price will fluctuate in the short term [5] Group 10: Log Futures - On November 6, the log 2601 contract opened at 777, with a low of 776.5, a high of 781, and closed at 779, with an increase of 89 lots in positions. The supply - demand relationship has no major contradictions, and the market is gradually depleting inventory [7] Group 11: Cotton Futures - On the night of November 6, the main contract of Zhengzhou cotton closed at 13585 yuan/ton. The cotton inventory increased by 17 lots compared with the previous day. The cotton purchase in Xinjiang is 80% complete [7] Group 12: Palm Oil Futures - On November 6, the palm oil futures price rebounded from the bottom, with some short - sellers taking profits. The main contract P2601 closed with a large positive line, up 1.65% from the previous day. From November 1 - 5, 2025, the palm oil yield in Malaysia increased by 5.12% month - on - month, the oil extraction rate increased by 0.32% month - on - month, and the production increased by 6.80% month - on - month [7] Group 13: Steel Futures - On November 6, rb2601 closed at 3037 yuan/ton, and hc2601 closed at 3256 yuan/ton. This week, the production, inventory, and apparent demand of the five major steel products all decreased. The apparent demand for finished products decreased significantly, and the hot - rolled inventory is still increasing [7] Group 14: Alumina Futures - On November 6, ao2601 closed at 2787 yuan/ton. The supply of alumina is sufficient, and the demand is stable. The cost support is limited. The market will continue to have a loose supply - demand pattern in the short term, and the price increase pressure is high [7] Group 15: Aluminum Futures - On November 6, al2512 closed at 21665 yuan/ton. The high aluminum price and environmental protection policies have suppressed demand, and the export demand for aluminum products has weakened. The aluminum price is at a high level, and the downstream is mainly depleting inventory. The short - term fundamental driving force for the aluminum price is limited [7]
国新国证期货早报-20251107
Guo Xin Guo Zheng Qi Huo·2025-11-07 02:35