金信期货日刊-20251112

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 11, the price of the coking coal futures 2601 contract plunged due to the resonance of negative factors including policy signals, supply - demand patterns, and technical aspects. The market may experience short - term adjustments, and the spot may maintain range - bound oscillations [3]. - A - share major indices opened higher in the morning, then declined and fluctuated. The ChiNext and STAR Market indices led the decline, suppressing the rebound space of the broader market. The market is expected to experience short - term high - level oscillations [6]. - Gold shows signs of moving upwards again after a period of adjustment, and low - buying and long - holding are recommended [11]. - Iron ore is in the process of bottom - seeking, with weak domestic demand support. Technically, it may enter a short - selling trend, and short - selling on rebounds is advisable [13]. - The glass market is undergoing an exit process. Technically, it has broken through support and is expected to be bearish with oscillations [17]. - As the temperature drops, the egg supply will enter a seasonal shortage, and long - buying opportunities should be grasped [21]. - The pulp futures market has shown an oscillatory rebound recently. Although the import volume decreased in October and port inventories declined, the supply is still abundant, and the social demand is weak [25]. 3. Summary by Related Catalogs Hot Focus - The coking coal futures price decline on November 11 was caused by the resonance of policy signals (National Development and Reform Commission's energy supply guarantee meeting), weak demand (low profitability of downstream steel mills, falling pig iron production, and low restocking enthusiasm), and technical factors (bearish moving - average arrangement and downward - running MACD). Investors should be vigilant about the fundamental pressure in the November off - season and focus on support levels and steel mills' winter - storage progress [3]. Technical Analysis - Stock Index Futures - A - share major indices opened high and then declined, with the ChiNext and STAR Market indices being the main decliners. The market volume shrank significantly compared to the previous day. The Shanghai Composite Index closed with a small negative line. The market is expected to oscillate at high levels in the short term [6]. Technical Analysis - Gold - After a period of adjustment, gold shows signs of upward movement again, and low - buying and long - holding are recommended [11]. Technical Analysis - Iron Ore - Iron ore is seeking a bottom, with weak domestic demand support. With the commissioning of the Simandou project, the expectation of supply surplus is intensifying. Technically, it has broken through important support and may enter a short - selling trend, so short - selling on rebounds is recommended [13]. Technical Analysis - Glass - The daily melting volume of glass has changed little, and the inventory has decreased this week. The future trend mainly depends on policy - side stimulus and anti - involution policies for the supply side. Technically, it has broken through support and is expected to be bearish with oscillations [17]. Technical Analysis - Eggs - As the temperature drops, egg production in major northern and southern laying - hen breeding areas will enter the off - season, and the supply will gradually become seasonally tight. Long - buying opportunities should be grasped [21]. Technical Analysis - Pulp - In October, the pulp import volume decreased month - on - month, and domestic port inventories showed a downward trend. However, the supply in the market is still abundant. Although the cultural - paper market has seen some tender invitations, social demand is weak, and paper mills' gross profit is declining. The futures market has shown an oscillatory rebound recently [25].