Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report analyzes various financial and commodity markets, including financial derivatives (such as stock index futures, treasury bond futures), precious metals, shipping indices, non - ferrous metals, black metals, and agricultural products. It provides market conditions, news, and operation suggestions for each sector, with most sectors expected to experience fluctuating trends in the short - term [1][2][3] Summary by Directory Financial Derivatives Financial Futures - Stock Index Futures: A - share major indices showed mixed trends with reduced trading volume. The pro - cyclical sectors supported the market, while TMT sectors declined. The four major stock index futures contracts had different price movements, and the basis spreads fluctuated narrowly. It is recommended to wait for the market to stabilize and consider bearish option bull spreads in case of a significant decline [2][3][4] - Treasury Bond Futures: Treasury bond futures closed down across the board, and the yields of major interest - rate bonds mostly rose. The bond market is expected to be in a narrow - range fluctuation in the short - term, and a range - bound operation strategy is recommended [5][6] Precious Metals - Gold and Silver: The Fed's October meeting minutes dampened the expectation of a December interest - rate cut, and the risk of Japanese government bond sales affected the precious metals market. Gold and silver prices first rose and then fell. In the long - term, precious metals may enter a bull market, but in the short - term, market volatility may increase. It is recommended to buy on dips and consider a double - selling strategy for gold out - of - the - money options [7][9] Container Shipping Index (European Line) - The SCFIS European line index and the SCFI composite index both declined. The futures market is expected to maintain a volatile pattern in the short - term [12] Commodity Futures Non - Ferrous Metals - Copper: The copper market has a strong wait - and - see sentiment, and copper prices are fluctuating. The supply of copper ore is tight, and the downstream demand has strong resilience. It is expected that copper prices will fluctuate in the range of 85500 - 87500 [13][15][17] - Alumina: The alumina market has a loose supply - demand pattern, and the price is expected to continue to be weak and volatile. It is recommended to focus on the production reduction of high - cost enterprises [17][18][19] - Aluminum: Aluminum prices are adjusting downward after a previous rise. The market shows a pattern of strong macro - drive and weak fundamental support. It is recommended to focus on downstream start - up changes and inventory reduction [20][22] - Aluminum Alloy: The casting aluminum alloy market follows the adjustment of aluminum prices. The cost is strongly supported by the tight supply of scrap aluminum. The short - term price is expected to be relatively strong [23][24] - Zinc: The supply of zinc is expected to decrease, and the spot trading has improved. The short - term zinc price is expected to fluctuate, and the export of zinc may boost the domestic price [25][27][28] - Tin: The supply of tin is tight, and the guidance of NVIDIA's quarterly report exceeded expectations, so the tin price is running strongly. It is recommended to buy on dips [28][29][32] - Nickel: The nickel market is under macro - pressure, and the fundamental improvement is insufficient. The short - term price is expected to be weak and volatile [32][33][34] - Stainless Steel: The stainless - steel market has weak policy and macro - drive, and the supply - demand structure has not improved significantly. The short - term price is expected to be weak and volatile [35][37][38] - Lithium Carbonate: The lithium carbonate market is driven by strong capital sentiment, and the price is rising. The short - term price is expected to be strong, but there may be high - volatility intraday market conditions later [39][41][42] - Polysilicon: The polysilicon market maintains a pattern of both supply and demand decline, and each link has an expectation of inventory accumulation. The futures price is rising, and it is recommended to pay attention to the spot price support [43][44] - Industrial Silicon: The industrial silicon market has a pattern of both supply and demand decline, and there is an expectation of inventory accumulation. The futures price is rising, and it is recommended to try short - selling at high prices or use hedging strategies [44][47] Black Metals - Steel: The steel market has a low demand expectation, and the difference between hot - rolled and rebar spreads is expanding. The short - term price is expected to be weak, and it is not recommended to go long [47][48][50] - Iron Ore: The iron ore market is fluctuating. The supply is expected to increase, and the demand is weakening. The short - term price is expected to be in a high - level fluctuation, and it is recommended to wait and see [53][54][55] - Coking Coal: The coking coal market is showing a weak decline. The supply is expected to increase, and the demand for restocking is weakening. The short - term price is expected to be weak and volatile, and it is recommended to wait and see [56][60] - Coke: The coke market continues to decline. The fourth - round price increase has been fully implemented, but the supply and demand are under pressure. The short - term price is expected to be weak and volatile, and it is recommended to wait and see [61][66][67] Agricultural Products - Meal: The domestic soybean meal supply is loose, and the cost side lacks substantial benefits. The short - term price is expected to fluctuate widely, and it is recommended to pay attention to the dynamics of state - reserved soybeans [68][70]
广发早知道：汇总版-20251120
Guang Fa Qi Huo·2025-11-20 02:20