Report Summary 1. Overnight Night Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 2.62% at $4084.4 per ounce (weekly gain of 1.86%) and COMEX silver futures down 5.21% at $50.4 per ounce (weekly gain of 4.69%) [5] - U.S. oil and Brent crude oil futures rose, with the U.S. oil main contract up 2.15% at $59.95 per barrel (weekly gain of 0.18%) and the Brent crude oil main contract up 1.97% at $64.25 per barrel (weekly gain of 0.97%) [6] - London base metals fell across the board, with LME aluminum down 1.31%, zinc down 1.33%, tin down 1.00%, copper down 1.00%, nickel down 0.67%, and lead down 0.58% [6] - Domestic futures contracts mostly declined, with methanol and glass down over 1%, and caustic soda and rapeseed oil down nearly 1%. Coke, styrene (EB), and low-sulfur fuel oil (LU) rose [7] 2. Important News Macroeconomic News - The State Council executive meeting emphasized promoting the "Two Major" construction, optimizing project review, and leveraging various funds [10] - The People's Bank of China will conduct an 800 billion yuan six - month (182 - day) outright reverse repurchase operation [10] - In October, 313 out of 623 industrial products had year - on - year output growth, including increases in ten non - ferrous metals, ethylene, and new energy vehicles [11] - In October, industrial coal production was high, and oil and gas production increased steadily [11] - The overall national economy in October was stable, but faced challenges from the external environment and structural adjustments [12] - In October, industrial power generation increased by 7.9% year - on - year, with an accelerated growth rate [13] - The Ministry of Finance aims to expand effective investment and promote the construction of a unified market [13] Energy and Chemical Futures - The production and capacity utilization of corrugated paper and boxboard paper decreased due to equipment maintenance [15] - The total port inventory of xylene decreased, with a decline in East China ports [15] - The capacity utilization rate of China's refinery reforming units increased slightly [17] - The average weekly capacity utilization rate of domestic silicone DMC monomer plants increased [17] - Iran seized an oil tanker in the Persian Gulf [17] Metal Futures - Platinum and palladium futures will be listed on November 27, 2025 [19] - The inventory of lithium ore at ports and warehouses decreased [19] - The inventory of imported copper concentrate at 16 ports in China increased [19] - The weekly operating rate of recycled lead in four provinces decreased [19] Black - Series Futures - The national blast furnace operating rate changed little, while the electric furnace operating rate increased [23] - The purchase price of coke by Hebei steel mills increased [23] - The starting price of coking coal auction by Mongolia's ETT company decreased [24] - The inventory of imported iron ore at ports increased, and the daily port clearance volume also rose [24] - The inventory of imported iron ore of steel mills increased, and the daily consumption increased [26] - The third - round fifth - batch of central environmental protection inspections will start [26] - The total urban steel inventory decreased [26] Agricultural Product Futures - It is expected that the price of Malaysian palm oil futures will rise to 4300 - 4400 ringgit per metric ton in Q1 2026 [28] - The actual soybean crushing volume of oil mills in the 46th week was lower than expected, and the operating rate is expected to rise in the 47th week [28] - The planned shipment of Brazilian soybeans to China increased, and the shipped volume also rose [28] - The U.S. Department of Agriculture's November report showed a decrease in soybean yield, production, and ending inventory expectations [29] - The U.S. adjusted the scope of "reciprocal tariffs" for agricultural products [29] 3. Financial Markets Finance - At the end of Q3 2025, the balance of insurance funds reached 37.46 trillion yuan, with an increase in stock investment. Bank stocks were favored, and other industries were also adjusted [31] - Since November, nearly 770 companies have received institutional research, with a focus on the electronics and machinery sectors [31] - Last week, southbound funds had a net inflow of HK$247.73 billion, with Xiaomi Group - W receiving the highest net purchase [31] - The IPO review of technology companies has accelerated, and the overall IPO market has also seen a faster pace [33] - The A - share market is expected to have faster sector rotation and a more balanced style [33] - The domestic ETF market has developed rapidly in 2025, with the number and scale of new ETFs breaking records [33] Industry - AI will enable robots to "understand the world" in the next decade [34] - The substitution effect of second - hand housing for new housing is increasing [34] - The supply and demand of lithium carbonate in 2026 are expected to be basically balanced, but prices may rise if demand grows rapidly [35] - From January to October, railway passenger volume reached a record high [35] - The global clothing market size is expected to reach $1.84 trillion in 2025 [36] Overseas - The U.S. Treasury Secretary said that Trump's tariff subsidy plan needs congressional approval [37] - The U.S. Trade Representative will visit Europe for trade negotiations [37] - Trump bought at least $820 million in corporate and municipal bonds [37] - Samsung, Hyundai, and LG will invest a total of about $464 billion in South Korea in the next five years [37] - Japan's economic stimulus plan will exceed 17 trillion yen [38] International Stock Markets - Wall Street hedge funds reduced their holdings of U.S. "Magnificent Seven" stocks in Q3 and increased investment in other sectors [40] - Chinese institutions increased their holdings of U.S. stocks such as Alibaba, Pinduoduo, and Google in Q3 [40] - The Bill & Melinda Gates Foundation Trust sold 17 million shares of Microsoft in Q3 [40] - Saudi Arabia's PIF cleared its positions in more than a dozen U.S. stocks [41] Commodities - Russia's Novorossiysk port resumed oil loading operations on November 16 [42] Bonds - Bank of China issued dim - sum bonds for technology companies in Hong Kong, with high subscription rates [44] - Bond ETFs have continued to grow significantly this year, with a record - high scale [44] 4. Upcoming Economic Data and Events Economic Data - Japan's Q3 GDP preliminary value, UK's November Rightmove average house asking price index, and other data will be released [46] Events - There are central bank operations, speeches by central bank officials, and important international meetings scheduled [48]
冠通期货资讯早间报-20251117
Guan Tong Qi Huo·2025-11-17 05:12