广发期货日评-20251120

Report Summary 1. Report Industry Investment Ratings No specific overall industry investment ratings are provided in the report. Instead, it offers investment suggestions for various futures contracts in different sectors. 2. Core Viewpoints - The domestic stock index shows resilience, with overall volatility decreasing and waiting for stabilization. The A - share market is in a repricing adjustment, with short - term fluctuations and limited downside risks. [2] - The bond market may continue to fluctuate narrowly, with the 10 - year Treasury bond yield facing resistance around 1.8%. [2] - Precious metals are expected to find support at certain levels, with a suggestion to buy on dips. [2] - Different commodities in the black, non - ferrous, energy - chemical, and agricultural sectors have different price trends and corresponding investment strategies. [2] 3. Summary by Related Catalogs Financial Futures - Stock Index Futures: Domestic stock index futures are in a state of repricing adjustment. Short - term fluctuations are common, and it is recommended to wait and see. In case of a deep one - day decline, a bull spread of put options can be arranged. [2] - Treasury Bond Futures: The bond market may continue to fluctuate narrowly. For the TL2512 contract, the fluctuation range is expected to be between 115.9 - 116.7, and an interval operation strategy is recommended. [2] Precious Metals - Gold: It is expected to find support around $4000 (925 yuan). A strategy of buying on dips is recommended, and selling out - of - the - money put options is suggested. [2] - Silver: It follows the trend of gold and is expected to find support around $49 (11,800 yuan). A light - position trial long strategy on dips is recommended. [2] Black Commodities - Steel: The volume of rebar and hot - rolled coil is expected to increase, and the spread between them is expected to widen. Rebar and hot - rolled coil should respectively focus on the support levels of 3000 and 3200. [2] - Iron Ore: It is expected to fluctuate, with a reference range of 750 - 800, and a wait - and - see strategy is recommended. [2] - Coking Coal: It is viewed bearishly, with a reference range of 1100 - 1200. [2] - Coke: It is also viewed bearishly, with a reference range of 1600 - 1700. [2] Non - Ferrous Metals - Copper: The price is expected to fluctuate, with a reference range of 85,500 - 87,500. [2] - Aluminum: Different aluminum - related contracts have different expected price ranges. Some may have short - term downward space. [2] - Zinc: Supported by supply reduction expectations, with a reference range of 22,200 - 22,800, and long positions should be held. [2] - Tin: The price is expected to be strong, and long positions should be held. [2] Energy - Chemical Commodities - PX: It is expected to fluctuate at a high level in the short term. [2] - PTA: The medium - term supply - demand outlook is weak, and it is expected to fluctuate at a high level in the short term. A rolling reverse spread strategy for TA1 - 5 is recommended. [2] - Short - fiber: Similar to PTA, with a focus on reducing processing fees on rallies. [2] - Bottle - chip: The supply - demand pattern in November remains loose, and it follows the cost - end trend. [2] - Ethanol: There is short - term rigid demand support, but supply is high, and it is expected to fluctuate at a low level. [2] - Benzene: The supply - demand is relatively loose, and short - term waiting and seeing is recommended. [2] - Styrene: It may fluctuate and consolidate in the short term. [2] - LLDPE: The price changes little, and a wait - and - see strategy is recommended. [2] - PP: Due to unexpected maintenance, the downward space is limited, and short - position stop - profit is recommended. [2] - Methanol: The port market continues to weaken, and attention should be paid to the opportunity of narrowing MTO in the 05 contract. [2] - Caustic Soda: It is expected to be weak, and a bearish view is recommended. [2] - PVC: The supply - demand contradiction remains, and a bearish strategy is recommended. [2] - Soda Ash: The supply - demand pattern is weakening, and a strategy of shorting on rebounds is recommended. [2] - Glass: It is expected to be weak, and a bearish view is recommended. [2] - Natural Rubber: Supported by overseas raw materials, the price is rising, and a wait - and - see strategy is recommended. [2] - Synthetic Rubber: It is expected to face pressure at the upper level, and a mid - term strategy of shorting on rallies is recommended, with attention to the pressure around 10,800. [2] Agricultural Commodities - Soybean Meal: The domestic supply is loose, and attention should be paid to the support around 3000. [2] - Pig: There are signs of stabilization in the spot market, and a 3 - 7 reverse spread strategy should be held. [2] - Corn: It is expected to fluctuate in the range of 2100 - 2200. [2] - Edible Oils: The price is rising, and the P contract may reach 8900 in the short term. [2] - Sugar: Under the pressure of production increase, it is expected to be weak. [2] - Cotton: With a global bumper harvest and weak domestic downstream trading, it is expected to be weak. [2] - Egg: The supply is still loose, and short - position stop - profit should be gradually carried out on dips for the 2512 contract. [2] - Apple: It may fluctuate around 9500 in the short term. [2] - Jujube: It is expected to fluctuate at a low level, and attention should be paid to the support around 9000. [2]