国新国证期货早报-20251110

Report Summary 1. Market Performance on November 7, 2025 - A-shares: The three major A-share indices declined slightly. The Shanghai Composite Index fell 0.25% to 3997.56, the Shenzhen Component Index dropped 0.36% to 13404.06, and the ChiNext Index decreased 0.51% to 3208.21. The trading volume in the Shanghai and Shenzhen stock markets was 1999.1 billion yuan, a decrease of 56.2 billion yuan from the previous day [1]. - Index Futures: The CSI 300 index fluctuated narrowly, closing at 4678.79, a decrease of 14.61 from the previous day [2]. 2. Commodity Futures 2.1 Coke and Coking Coal - Coke: The weighted coke index trended weakly, closing at 1785.9, a decrease of 12.2. The third round of price increases has been implemented, and there is an expectation of a fifth - round increase. Demand is stable with active replenishment from coke enterprises and most steel mills purchasing as needed [2][4]. - Coking Coal: The weighted coking coal index was weak, closing at 1283.5 yuan, a decrease of 15.1. Prices have reached new highs this year. Supply is tight due to production cuts in some mines, and inventories are at low levels [3][4]. 2.2 Zhengzhou Sugar - Global sugar supply surplus expectations continue to pressure sugar prices. The Zhengzhou sugar 2601 contract closed slightly higher at night due to bargain - hunting. Pakistan will start the sugar - cane crushing season on November 15, 2025, and the Northern Region government has raised the sugar - cane price [4]. 2.3 Rubber - Shanghai rubber closed slightly lower at night. As of October 7, the Shanghai Futures Exchange's natural rubber inventory increased by 135 tons, while the futures warehouse receipts decreased by 1930 tons. The EU has launched an anti - subsidy investigation on Chinese tires [5]. 2.4 Palm Oil - On November