Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report provides investment outlooks and trend analyses for various commodities in the futures market, including precious metals, base metals, energy, chemicals, agricultural products, etc. It assesses the market conditions, supply - demand relationships, and price trends of each commodity, and gives corresponding trading suggestions and risk warnings [2][4]. Summary by Related Catalogs Precious Metals - Gold: Inflation is moderately declining. Gold prices are affected by factors such as inflation and macro - news. The trend strength is 0 [2][5]. - Silver: It is in a high - level adjustment. The price shows a downward trend, and the trend strength is 0 [2][5]. - Platinum: Capital outflows lead to a retracement. The price drops significantly, and the trend strength is - 1 [2][29]. - Palladium: It follows platinum's retracement. The price also shows a decline, and the trend strength is - 1 [2][29]. Base Metals - Copper: Capital liquidation causes price corrections. The price experiences a decline, and the trend strength is - 1 [2][12]. - Zinc: It is in a range - bound oscillation. The price fluctuates within a certain range, and the trend strength is 0 [2][15]. - Lead: The decrease in LME inventory limits price declines. The price shows a slight decline, and the trend strength is 0 [2][19]. - Tin: Supply is disrupted again. The price drops, and the trend strength is 1 [2][22]. - Aluminum: It follows copper. The price movement is related to copper, and the trend strength is 0 [2][26]. - Alumina: It is in a sideways oscillation. The price remains relatively stable, and the trend strength is 0 [2][26]. - Cast Aluminum Alloy: It shows a slight decline. The price drops slightly, and the trend strength is 0 [2][26]. - Nickel: There is a game between capital and industrial forces, and attention should be paid to the emergence of structural opportunities. The price shows certain fluctuations, and the trend strength is 0 [2][33]. - Stainless Steel: The fundamentals restrict elasticity, but attention should be paid to Indonesian policy risks. The price is relatively stable, and the trend strength is 0 [2][33]. Energy and Chemicals - Crude Oil - related (implied in some products): Affects the prices of downstream products such as fuel oil and chemicals. For example, the price of fuel oil may be affected by crude oil price fluctuations [126]. - Fuel Oil: Night - session fluctuations increase, and it may maintain strength in the short term. The price shows certain fluctuations, and the trend strength is 0 [2][126]. - Low - Sulfur Fuel Oil: It is in a strong - side oscillation, and the spot high - low sulfur spread in the outer market is temporarily stable. The price shows a certain upward trend, and the trend strength is 0 [2][126]. - PTA: It is in a high - level oscillation market. The supply increases, and the demand is relatively stable. It is recommended to pay attention to position management before the holiday, and the trend strength is 0 [2][64][69]. - MEG: The upside space is limited, and there is still pressure in the medium term. The port inventory accumulates, and the trend is weak. The trend strength is 0 [2][64][70]. - LPG: The short - term supply is tight, and attention should be paid to the realization of downward drivers. The price shows certain fluctuations, and the trend strength is 0 [2][113]. - Propylene: The spot supply - demand tightens, and there is an expectation of a stop - falling rebound. The price shows a certain upward trend, and the trend strength is 0 [2][114]. - PVC: It is in a weak - side oscillation. The market has a high - production and high - inventory structure, and the rebound space is limited. The trend strength is 0 [2][122]. Agricultural Products - Soybean - related (Soybean, Soybean Meal, Soybean Oil): - Soybean Meal: Overnight US soybeans closed down, and Dalian soybean meal may follow the adjustment. The price shows a decline, and the trend strength is - 1 [2][159][160]. - Soybean Oil: The US soybean drive is not significant, and it is mainly operated within a range. The price shows certain fluctuations, and the trend strength is 0 [2][154]. - Soybean: It is in an oscillation. The price is relatively stable, and the trend strength is 0 [2][161]. - Corn: Attention should be paid to the spot market. The price shows a certain upward trend, and the trend strength is 0 [2][163]. - Sugar: It is in a range - bound arrangement. The price fluctuates within a certain range, and the trend strength is 0 [2][167]. - Cotton: The area expectation is undetermined, and the futures price corrects. The price shows a decline, and the trend strength is 0 [2][172]. - Eggs: They are in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][178]. - Hogs: Contradictions continue to accumulate, and they are strong in the short term. The price shows an upward trend, and the trend strength is 0 [2][181]. - Peanuts: Attention should be paid to oil mill acquisitions. The price shows certain fluctuations, and the trend strength is 0 [2][187]. - Palm Oil: It has a short - term rhythm rebound, but the height is limited. The price shows a certain upward trend, and the trend strength is 0 [2][154]. Others - Iron Ore: It is in a high - level repetition. The price shows certain fluctuations, and the trend strength is - 1 [2][45]. - Rebar: Macroeconomic support and industrial suppression coexist, and steel prices maintain a range - bound oscillation. The price is relatively stable, and the trend strength is 0 [2][47]. - Hot - Rolled Coil: Similar to rebar, with macroeconomic support and industrial suppression, and steel prices maintain a range - bound oscillation. The price is relatively stable, and the trend strength is 0 [2][47]. - Silicon Iron: Market information disrupts, and it has a wide - range oscillation. The price shows large fluctuations, and the trend strength is 0 [2][51]. - Manganese Silicon: Market information disrupts, and it has a wide - range oscillation. The price shows large fluctuations, and the trend strength is 0 [2][51]. - Coke: The fourth - round price cut starts, and it oscillates repeatedly. The price shows certain fluctuations, and the trend strength is 0 [2][56]. - Coking Coal: Year - end production cuts disrupt, and it oscillates repeatedly. The price shows certain fluctuations, and the trend strength is 0 [2][56]. - Log: It is in a low - level oscillation. The price is relatively stable, and the trend strength is 0 [2][60]. - Styrene: It is in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][107]. - Caustic Soda: Attention should be paid to the delivery pressure in January. The price shows certain fluctuations, and the trend strength is - 1 [2][83]. - Paper Pulp: It is in a weak - side oscillation. The price shows a decline, and the trend strength is - 1 [2][89]. - Glass: The original sheet price is stable. The price is relatively stable, and the trend strength is 0 [2][96]. - Methanol: It oscillates with support. The price shows certain fluctuations, and the trend strength is 0 [2][99]. - Urea: It runs in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][103]. - Short - Fiber: It is in a high - level oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][143]. - Bottle Chip: It is in a high - level oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][143]. - Offset Printing Paper: It is advisable to wait and see. The price is relatively stable, and the trend strength is 0 [2][146]. - Pure Benzene: It is in a short - term oscillation mainly. The price shows certain fluctuations, and the trend strength is 0 [2][151]. - Container Freight Index (European Line): Attention should be paid to the cabin - opening guidance. The price shows certain fluctuations, and the trend strength is 0 [2][128].
国泰君安期货商品研究晨报-20251230
Guo Tai Jun An Qi Huo·2025-12-30 01:34