Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. Different commodities have different market trends and investment suggestions due to their own supply - demand relationships, cost factors, and external market environments [5]. Summary by Commodity Categories Fixed - Income - Treasury Bonds: The previous trading day saw a decline in treasury bond futures. With the current macro - economic situation and market conditions, there is still some pressure on treasury bond futures, and caution is advised [5]. - Stock Index Futures: The previous trading day showed mixed performance. Given the current domestic economic situation, market sentiment, and external factors, the risk of a significant decline is low, and investors can choose the right time to go long [7][8]. Precious Metals - Gold and Silver: The previous trading day witnessed price increases. Considering the global trade and financial environment, central bank actions, and the current price level, it is advisable to wait and see for a long - position opportunity [10]. Base Metals - Copper: The previous trading day had a slight increase. Affected by macro - economic factors and supply - demand relationships, copper prices are expected to fluctuate at a high level [47]. - Aluminum: The previous trading day had a slight decline. Alumina supply is relatively loose, and aluminum needs to beware of seasonal consumption pressure and profit - taking, with a possible phased correction [49]. - Zinc: The previous trading day remained flat. With tight supply of zinc concentrates and weak downstream demand, zinc prices are expected to fluctuate within a range [52]. - Lead: The previous trading day had a slight increase. Due to supply and demand factors, lead prices are expected to operate within a range [54]. - Tin: The previous trading day had a slight decline. With tight supply and certain demand support, tin prices are expected to fluctuate strongly [56]. - Nickel: The previous trading day had an increase. Facing supply - demand contradictions, nickel prices are expected to fluctuate [58]. Ferrous Metals - Rebar and Hot - Rolled Coil: The previous trading day had a slight decline. Considering supply - demand relationships and technical aspects, prices are expected to be weak in the medium - term, and investors can focus on short - selling opportunities at high levels during rebounds [12]. - Iron Ore: The previous trading day had a slight rebound. With a weak supply - demand pattern and technical resistance, investors can focus on short - selling opportunities at high levels [14]. - Coking Coal and Coke: The previous trading day had a significant decline. Based on supply - demand changes and technical analysis, there may be a short - term correction, and investors can focus on buying opportunities during the correction [16]. - Ferroalloys: The previous trading day had a decline. With high - level production decline, weak demand recovery, and cost support, investors can consider long - position opportunities at low levels [18]. Energy - Crude Oil: The previous trading day had an upward trend. Considering supply - demand factors and market news, there are concerns about supply surplus, and investors can focus on short - selling opportunities in the short - term [20][21]. - Fuel Oil: The previous trading day had a weak performance. With mixed supply - demand factors, investors can focus on short - selling opportunities [23][24]. Chemicals - Polyolefins: The previous trading day had a weak performance. With improved downstream demand in some areas, investors can focus on long - position opportunities [26]. - Synthetic Rubber: The previous trading day had an increase. It is expected to operate in a volatile manner, and attention should be paid to raw material prices and supply changes [28]. - Natural Rubber: The previous trading day had an increase. With supply and demand factors, there is still room for short - term price increases, and investors can focus on long - position opportunities [31]. - PVC: The previous trading day had a decline. With an oversupply situation, attention should be paid to supply - side changes [33]. - Urea: The previous trading day had a slight increase. It is expected that the market will decline slightly in the next period, but the downside space is limited [35]. - PX: The previous trading day had an increase. With improved short - term supply - demand structure, it is expected to fluctuate and adjust, and investors can participate in the range [37]. - PTA: The previous trading day had an increase. With low processing fees, low inventory, and cost factors, it is expected to operate in a volatile manner, and caution is needed [39]. - Ethylene Glycol: The previous trading day had a decline. With increased supply and inventory, it is expected to be under pressure in the short - term, and attention should be paid to inventory and supply changes [40]. - Short - Fiber: The previous trading day had an increase. With high - level supply, stable demand, and enhanced cost - driving, it is expected to fluctuate with costs [43]. - Bottle Chips: The previous trading day had an increase. With raw material price support and stable supply and demand, it is expected to follow cost fluctuations [44]. - Lithium Carbonate: The previous trading day had a significant increase. With strong supply and demand, inventory is being depleted, and attention should be paid to consumption sustainability [45]. Agricultural Products - Soybean Oil and Soybean Meal: The previous trading day had different performances. With sufficient soybean supply and improved demand for soybean oil, investors can focus on long - position opportunities for soybean oil and consider exiting long positions for soybean meal [59]. - Palm Oil: The previous trading day had an increase. Affected by supply - demand factors, investors can consider long - position opportunities during corrections [61]. - Rapeseed Meal and Rapeseed Oil: The previous trading day had a decline. With supply - demand and external factors, investors can consider a long - position strategy for rapeseed oil [63]. - Cotton: The previous trading day had a slight rebound. With increased global and US production and inventory, and domestic supply and demand factors, cotton prices are expected to be weak [66]. - Sugar: The previous trading day had a decline. With global production expectations and domestic supply pressure, sugar prices are expected to fluctuate weakly [70]. - Apples: The previous trading day had a high - level volatile operation. With current inventory and market conditions, apple prices are expected to operate strongly [74]. - Pigs: The previous trading day had a price increase. With sufficient supply and uncertain demand, investors can consider short - selling opportunities during rebounds [77]. - Eggs: The previous trading day had a price decline. With high - level supply and weak demand, investors can consider closing short positions gradually [79]. - Corn and Starch: The previous trading day had an increase. With new - season corn supply pressure and inventory factors, it is advisable to wait and see for corn, and starch may follow the corn market [81].
西南期货早间评论-20251120
Xi Nan Qi Huo·2025-11-20 02:52