期货技术分析周报：2025年第48周-20251123

Report Industry Investment Rating No specific industry investment rating was provided in the report. Core Viewpoints - The overall futures market is under pressure, with a dominant bearish sentiment. Most sectors and varieties show bearish signals, while only a few, such as polysilicon in the non - ferrous sector, rapeseed, and corn starch in the agricultural sector, show bullish signals [1]. - The domestic stock index futures market is under pressure. Except for the CSI 500 futures showing a volatile trend, the SSE 50, CSI 300, and CSI 1000 futures all show strong bearish signals. The treasury bond futures market is also weak, with 2 - year treasury bond futures being volatile and 5 - year, 10 - year, and 30 - year treasury bond futures generally bearish [2]. Summary by Directory 1. Non - ferrous and Precious Metals Sector - The precious metals sector is generally bearish. In the non - ferrous sector, polysilicon shows a bullish signal, while copper, lead, nickel, and others show bearish signals, and the rest are volatile [8]. - Lithium carbonate LC2601 is at risk of decline. The weekly K - line shows a weak reversal signal, and the daily line shows a significant pullback on Friday. It is expected to correct next week, with attention paid to the price range of 89,000 - 90,000 yuan/ton [12]. 2. Black and Shipping Sector - Coking coal, coke, and European container shipping show bearish signals, while the rest of the black series are volatile [20]. - Rebar RB2601 is at risk of decline. The daily line shows that after rising on Monday, it fell for three consecutive days. Currently, it is below the middle track of the Bollinger Band, facing short - term correction pressure, with support in the range of 2,950 - 3,000 yuan/ton [23]. 3. Energy and Chemical Sector - In the energy sector, low - sulfur fuel oil, asphalt, and LPG show bearish signals, and the rest are volatile. In the chemical sector, pure benzene, natural rubber, and others show bearish signals, and the rest are volatile [30]. - PTA2601 is generally volatile. The weekly line shows that the price center is flat, and the daily line shows that it lacks upward momentum. It is expected to be weakly volatile next week, with support in the range of 4,380 - 4,430 yuan/ton [33]. 4. Agricultural Sector - Rapeseed and corn starch show bullish signals, while palm oil, soybean meal, and others show bearish signals, and the rest are volatile [40]. - Sugar SR601 is at risk of short - term rebound. The weekly price hit a new low, but the OBV shows high - level volatility. The daily line shows continuous decline, and there is a certain rebound pressure in the short term, with resistance in the range of 5,500 - 5,530 yuan/ton [45]. 5. Stock Index Futures Sector - The CSI 500 futures show a volatile trend, while the SSE 50, CSI 300, and CSI 1000 futures show strong bearish signals [51]. - The IC CSI 500 futures are mainly in a corrective phase. The weekly K - line shows a significant decline, and the daily line shows a large decline on Friday. It is expected to rebound slightly at the beginning of next week but will face overall downward pressure, with support near the MA120 moving average [53]. 6. Treasury Bond Futures Sector - The 2 - year treasury bond futures are volatile, while the 5 - year, 10 - year, and 30 - year treasury bond futures show bearish signals [58]. - The T 10 - year treasury bond futures are weakly volatile. The weekly line shows a "reverse T" shape, with a significant reduction in positions, increasing the downward pressure. The daily line shows that it is above the MA60 moving average, but the short - term downward pressure increases [62].