Report Summary 1. Overnight Market Trends - International precious metal futures generally closed higher, with COMEX gold futures up 2.83% at $4123.40 per ounce and COMEX silver futures up 4.70% at $50.41 per ounce [5] - U.S. oil and Brent crude oil main contracts both rose 0.5%, at $60.05 and $63.95 per barrel respectively [6] - London base metals all rose, with LME copper up 1.47%, aluminum up 1.14%, tin up 1.00%, zinc up 0.95%, lead up 0.46%, and nickel up 0.27% [6] - As of the close on October 10 at 23:00, most domestic futures main contracts rose, with soda ash up nearly 2%, caustic soda and pulp up over 1%, and some falling, like rapeseed meal and glass down nearly 1% [6] 2. Important News Macro News - The State Council issued measures to support private investment, increasing support for eligible projects [9] - Fed's Daly said the U.S. economy may face weak demand, and tariff - related inflation is under control [9] - In October, new - energy passenger vehicle wholesale sales reached 1.621 million, up 18.5% year - on - year and 8.5% month - on - month, with cumulative sales from January to October at 12.058 million, up 29.9% [9] - China and the U.S. suspended relevant 301 investigation measures for one year starting from November 10, 2025 [10] Energy and Chemical Futures - As of November 10, 2025, Jiangsu's pure benzene port inventory was 113,000 tons, down 6.61% from the previous period and up 7.62% year - on - year [12] - As of November 10, 2025, domestic soda ash manufacturers' total inventory was 1.7062 million tons, down 0.47% from last Thursday [14] - Two Indian state - owned refineries bought 5 million barrels of crude oil from the spot market [14] - In September, Thailand's natural rubber production was 451,500 tons, down 5.45% from August and 1.78% year - on - year [14] - From November 10 at 24:00, domestic gasoline and diesel retail prices were raised by 125 and 120 yuan per ton respectively [15] Metal Futures - In October 2025, the overall operating rate of copper strip enterprises was 64.97%, down 1.05 percentage points month - on - month and 7.76 points year - on - year [17] - SMM's seven - region zinc ingot inventory was 159,600 tons, with a slight increase [18] - In the first three quarters of 2025, domestic gold ETFs added 79.015 tons, up 164.03% year - on - year, while gold consumption was 682.73 tons, down 7.95% [18] - The Shanghai Gold Exchange will waive trading fees for certain international board contracts from November 11, 2025, to the end of 2026 [19] Black - Series Futures - From November 3 to 9, 2025, China's 47 - port iron ore arrivals were 2.7693 million tons, down 544,800 tons from the previous period [21] - In October 2025, Mongolia's coal exports were 657,990 tons, down 26.52% month - on - month and 2.07% year - on - year [22] Agricultural Product Futures - As of November 7, 2025, the total commercial inventory of three major oils was 2.2047 million tons, down 5.16% from last week and up 8.52% year - on - year [24] - In the 2024 - 2025 season, China's soybean imports were 109.37 million tons, and exports were 80,000 tons [25] - Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% (AmSpec) and 12.28% (ITS) compared to the same period last month [27][28] - In October, Malaysia's palm oil inventory increased 4.44% month - on - month, and production increased 11.02% [29] - From November 3 - 9, the average purchase price of Xinjiang machine - picked cotton was 6.21 yuan/kg, down 0.1 yuan/kg from the previous week [30] 3. Financial Markets Finance - The Asset Management Association of China solicited opinions on guidelines for public fund thematic investment style management [33] - On Monday, A - shares showed a divergence, with the Shanghai Composite Index up 0.53%, Shenzhen Component Index up 0.18%, and ChiNext Index down 0.92%, and the trading volume was 2.19 trillion yuan [33] - The Hong Kong Hang Seng Index rose 1.55%, with southbound funds net buying HK$6654 million, and the cumulative net buying exceeded HK$5 trillion [33] - China Securities Index Company will release two new indices on November 11 [34] - Some people in Beijing, Shanghai, and Hangzhou were notified to pay additional taxes on overseas investment income [35] - TSMC's October revenue was NT$367.473 billion, up 16.9% year - on - year [36] Industry - Domestic refined oil prices were raised for the seventh time this year [38] - Market regulators issued compliance tips for the "Double 11" online promotion [38] - The National Development and Reform Commission and the National Energy Administration issued a joint document on new - energy power systems [38] - In October, the retail sales of passenger cars decreased by 0.8% year - on - year, while new - energy passenger vehicle wholesale sales increased by 18.5% [38] - As of October, Shenzhen's second - hand housing transactions showed a stable trend [39] Overseas - The U.S. and Thailand reached a trade framework agreement [40] - Switzerland is close to reaching an agreement with the U.S. to reduce tariffs to 15% [41] - Fed's Milan supported further interest - rate cuts [43] - San Francisco Fed President Daly said the U.S. economy may face demand decline [43] - U.S. container imports in October decreased by 7.5% year - on - year [43] - Japan's new government asked the central bank to postpone interest - rate hikes [43] - Japan plans to raise visa fees for foreign visitors in 2026 [44] International Stock Markets - U.S. stocks rose, with the Dow up 0.81%, S&P 500 up 1.54%, and Nasdaq up 2.27% [45] - European stocks rose, with the German DAX up 1.65%, French CAC40 up 1.32%, and UK FTSE 100 up 1.08% [47] - Goldman Sachs is bullish on Japanese and Indian stocks [47] - Vanguard increased its position in Tesla and Amazon in Q3 [47] Commodities - China's gold consumption in the first three quarters of 2025 decreased by 7.95% year - on - year, while ETFs added 79.015 tons [48] - The Shanghai Gold Exchange will waive trading fees for certain contracts and adjust the minimum redemption unit of "Bosera Gold ETF" [48] - International precious metal futures rose, and crude oil futures also rose [48] - London base metals all rose [50] Bonds - The domestic bond market strengthened, with the 30 - year Treasury futures up 0.22% [51] - The Ministry of Finance will issue up to 47.71 billion yuan of electronic savings bonds [51] - Hong Kong plans to issue multi - currency digital bonds again [52] - U.S. Treasury yields rose [52] Foreign Exchange - On Monday, the on - shore RMB against the U.S. dollar closed up 50 points at 7.1175 at 16:30 [54] - Three RMB exchange - rate indices reached new highs since April [54] - The U.S. dollar index rose 0.07% at the New York close [54] 4. Upcoming Events and Data Releases - Multiple economic data will be released on November 11, including Japan's September trade balance and UK's October unemployment rate [56] - There are also multiple events, such as central bank officials' speeches and industry forums [56]
冠通期货资讯早间报-20251111
Guan Tong Qi Huo·2025-11-11 01:30