1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, steel prices weakened this week due to the release of macro - sentiment and a weak supply - demand pattern in the steel market. Steel fundamentals are weak, and steel prices are expected to continue to fluctuate weakly. Iron ore prices also weakened, affected by macro - interference and concerns about the decline in hot metal production. The short - term iron ore price is also expected to fluctuate weakly [5][50][52]. 3. Summary According to the Directory 3.1 Report Summary - Market focus includes tariff adjustments on US - imported goods, 2000 billion yuan of new special bond quotas for provincial investment, the US government shutdown, and the decline of China's manufacturing PMI in October. Key data shows a decrease in steel exports in October, a decline in daily steel production in late October, and a decrease in steel inventories. The main view is that steel and iron ore prices are expected to fluctuate weakly [5]. 3.2 Multi - and Short - Focus 3.2.1 Multi - and Short - Factors Analysis (Rebar) - Bullish factors: domestic policy expectations remain, and steel production has decreased. Bearish factors: the decline of Sino - US manufacturing PMI, the impact of short - term dollar liquidity risks on the market, weakening steel demand, limited reduction in rebar inventory, and the re - accumulation of hot - rolled coil inventory [8]. 3.2.2 Multi - and Short - Factors Analysis (Iron Ore) - Bullish factors: domestic policy expectations remain, and the weekly shipment has decreased. Bearish factors: the decline of Sino - US manufacturing PMI, the impact of short - term dollar liquidity risks on the market, the continuous decline of hot metal production, and the continuous accumulation of port inventory [9]. 3.3 Data Analysis 3.3.1 Macro - In October, China's manufacturing PMI was 49%, a 0.8 - percentage - point decline from the previous month. The production and new order indices also decreased. The US ISM manufacturing PMI in October was 48.7, contracting for the eighth consecutive month, while the service PMI rose to 52.4. The US government shutdown may reduce the Q4 economic growth rate by up to 2 percentage points, and about 14 billion US dollars of economic losses may be irreparable. The suspension of fiscal expenditure has frozen about 70 billion US dollars of funds, increasing the risk aversion in the market and pressuring industrial products [10][11]. 3.3.2 Terminal - In October, the average monthly working hours of China's construction machinery products decreased by 9.03% year - on - year, and the monthly startup rate was 55%, a 10.1 - percentage - point decline year - on - year. From January to June 2025, China's shipbuilding completion volume decreased by 3.5% year - on - year, and new orders decreased by 18.2% year - on - year, while the order backlog increased by 36.7% year - on - year [17]. 3.3.3 (Rebar) Spot - The spot price of rebar decreased, and the basis widened [18]. 3.3.4 Profit - This week, the profitability rate of steel mills decreased by 5.19 percentage points to 39.83% [20]. 3.3.5 Production - The blast furnace operating rate of 247 steel mills nationwide increased by 1.38 percentage points to 83.13%, while the electric furnace operating rate decreased by 1.8 percentage points to 67.03%. The output of five building materials was 856.74 (- 18.55) million tons, rebar output was 208.54 (- 4.05) million tons, and hot - rolled coil output was 318.16 (- 5.4) million tons. Some steel mills in Tangshan and Shanxi have planned production cuts [22][26]. 3.3.6 Apparent Demand - The apparent demand for five building materials was 866.91 (- 49.51) million tons, rebar apparent demand was 218.52 (- 13.67) million tons, and hot - rolled coil apparent demand was 314.3 (- 17.59) million tons. Thailand has launched an anti - circumvention investigation on Chinese hot - rolled steel [29]. 3.3.7 Inventory - The total inventory of five building materials was 1503.57 (- 10.17) million tons, rebar total inventory was 592.54 (- 9.98) million tons, and hot - rolled coil total inventory was 410.45 (+ 3.86) million tons. The reduction of rebar inventory was slow, and hot - rolled coil inventory re - accumulated [32]. 3.3.8 Spread - The hot - rolled coil to rebar spread slightly widened [33]. 3.3.9 (Iron Ore) Spot - The spot price of iron ore decreased, and the basis widened [35]. 3.3.10 Import and Shipment - In October, China imported 111.309 million tons of iron ore, a 4.3% month - on - month decrease. From October 27 to November 2, the global iron ore shipment was 32.138 million tons, a 1.745 - million - ton decrease from the previous week [39]. 3.3.11 Arrival - From October 27 to November 2, the arrival volume of 47 ports in China was 33.141 million tons, a 12.298 - million - ton increase from the previous week [40]. 3.3.12 Hot Metal Production - This week, the average daily hot metal production of 247 steel mills nationwide was 2.3422 million tons, a 21,400 - ton decrease from the previous week [42]. 3.3.13 Port Inventory - This week, the total inventory of imported iron ore at 45 ports was 148.98383 million tons, a 3.5635 - million - ton increase. The average daily port clearance volume was 3.2093 million tons, a 7700 - ton increase from the previous week [46]. 3.3.14 Steel Mill Consumption and Inventory - This week, the total inventory of imported iron ore in steel mills was 90.0994 million tons, a 1.6008 - million - ton increase. The daily consumption was 2.887 million tons, a 29,200 - ton decrease. The inventory - to - consumption ratio was 31.21 days, a 0.86 - day increase [48]. 3.4后市研判 - Steel prices are expected to continue to fluctuate weakly due to weak fundamentals. Iron ore prices are also expected to fluctuate weakly in the short - term due to weak supply - demand and accumulated port inventory [50][52].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The overall shock - upward pattern of the non - ferrous sector remains unchanged. After key events, the macro focus has shifted from macro narratives to real - world demand, causing an adjustment. With the dollar index stabilizing after a rebound, non - ferrous metals have shown a warming trend again. [11] - In the short term, factors such as the strong dollar, high copper prices, and weak manufacturing data are negative for copper prices. In the long run, the supply of copper concentrates is tight, and domestic copper demand will enter a seasonal peak season, so the copper price center is expected to move up. [3][13] - Zinc shows a fluctuating rebound trend. The supply growth of zinc ingots is gradually realized, and the demand in the peak season is still relatively weak. [14] - The aluminum industry chain presents a complex situation. Aluminum shows a shock - strengthening trend, while alumina is weak, and the peak - season driving force of related sub - sectors is gradually weakening. [14] - Tin is in a state of range - bound shock. The supply of tin concentrates is tight, and the demand in traditional consumer electronics and other fields remains weak. [15] - Lead is in a state of shock - consolidation. The supply is gradually recovering, and the demand for lead - acid batteries has declined. [15] - Nickel and stainless steel are in a state of range - bound adjustment. The supply of nickel is relatively abundant, and the demand is weak. The stainless - steel market is in a weak shock situation. [15][16] Group 3: Summary by Directory First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro Logic**: After key events, the macro focus has shifted to real - world demand, causing an adjustment in non - ferrous metals. With the dollar index stabilizing after a rebound, non - ferrous metals have shown a warming trend. There are different economic trends in the US, China, and the Eurozone. [11] - **Non - ferrous Metals Strategy** - **Copper**: In the short term, factors such as the strong dollar, high copper prices, and weak manufacturing data are negative for copper prices. In the long run, due to supply constraints and seasonal demand peaks, copper prices are expected to rise. The recommended strategy is to buy on dips, with a support range of 84,000 - 85,000 yuan/ton and a pressure range of 89,000 - 90,000 yuan/ton. [3][13] - **Zinc**: Zinc shows a fluctuating rebound. The supply growth of zinc ingots is gradually realized, and the demand in the peak season is still relatively weak. The recommended strategy is to be bullish on dips, with a support range of 21,800 - 22,000 yuan/ton and a pressure range of 22,800 - 23,000 yuan/ton. [14] - **Aluminum Industry Chain**: Aluminum shows a shock - strengthening trend, alumina is weak, and the peak - season driving force of related sub - sectors is gradually weakening. The recommended strategy is to be bullish on aluminum, short alumina on highs, and be bullish on the aluminum industry chain. [14] - **Tin**: Tin is in a state of range - bound shock. The supply of tin concentrates is tight, and the demand in traditional consumer electronics and other fields remains weak. The recommended strategy is to wait and see or be slightly bullish, with a support range of 260,000 - 270,000 yuan/ton and a pressure range of 290,000 - 300,000 yuan/ton. [15] - **Lead**: Lead is in a state of shock - consolidation. The supply is gradually recovering, and the demand for lead - acid batteries has declined. The recommended strategy is to sell both call and put options, with a support range of 17,300 - 17,500 yuan/ton and a pressure range of 17,800 - 18,000 yuan/ton. [15] - **Nickel and Stainless Steel**: Nickel and stainless steel are in a state of range - bound adjustment. The supply of nickel is relatively abundant, and the demand is weak. The stainless - steel market is in a weak shock situation. The recommended strategy is to be slightly bullish on dips, with a support range of 118,000 - 120,000 yuan/ton for nickel and 12,500 - 12,600 yuan/ton for stainless steel, and a pressure range of 125,000 - 128,000 yuan/ton for nickel and 13,000 - 13,200 yuan/ton for stainless steel. [15][16] Second Part: Non - ferrous Metals Market Review - **Futures Closing Situation**: The closing prices and price changes of various non - ferrous metal futures are presented, such as copper at 86,320 yuan/ton with a 0.76% increase, and aluminum at 21,630 yuan/ton with a 1.10% increase. [16] Third Part: Non - ferrous Metals Position Analysis - **Position Analysis**: The net long - short strength comparison, net long - short position differences, and changes in net long and short positions of various non - ferrous metal futures are provided, along with the influencing factors. [19] Fourth Part: Non - ferrous Metals Spot Market - **Spot Prices**: The spot prices and price changes of various non - ferrous metals are given, such as the Yangtze River non - ferrous copper spot price at 85,990 yuan/ton with a 0.54% increase, and the Yangtze River non - ferrous 0 zinc spot average price at 22,510 yuan/ton with no change. [20] Fifth Part: Non - ferrous Metals Industry Chain - Relevant charts are provided to show the inventory changes, processing fees, and price trends of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel in the industry chain. [22][24][27] Sixth Part: Non - ferrous Metals Arbitrage - Relevant charts are provided to show the arbitrage - related data such as the ratio of domestic to foreign prices, basis, and price differences of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel. [46][48][51] Seventh Part: Non - ferrous Metals Options - Relevant charts are provided to show the historical volatility, implied volatility, trading volume, and open - interest ratio of options for copper, zinc, and aluminum. [64][66][68]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the market conditions, important news, logical analysis, and trading strategies of plastic L and PP on a daily basis. Overall, the market shows a weak trend, with prices mostly falling. The trading strategies mainly involve holding short - positions for the main contracts of L and PP, with appropriate adjustments to stop - loss points according to market changes. [1][5][8] Summary by Related Catalogs Market Conditions - **L Plastic**: The L2601 contract generally shows a downward trend, with prices fluctuating. The LLDPE market price mostly declines, and the trading atmosphere is weak. Downstream demand is not strong, and traders often reduce prices to sell goods. For example, on November 7, 2025, the L2601 contract closed at 6802 points, down 3 points or 0.04%, and the LLDPE market price continued to fall [1]. - **PP Polypropylene**: The PP2601 contract also mostly shows a downward trend. The PP market price is weak, and the cost support is weakened. Downstream procurement is cautious, and the market trading volume is limited. For example, on November 7, 2025, the PP2601 contract closed at 6459 points, down 12 points or 0.19%, and the domestic PP market was still weak [1]. Important News - **Industry - related Policies and Events**: The 7 - department "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve an average annual growth of over 5% in the industry's added value from 2025 to 2026. The US government shutdown has affected data supply, increasing the difficulty of decision - making for central banks [33][55]. - **Company - related News**: PetroChina Guangxi Petrochemical's 120 - million - ton/year ethylene plant was successfully put into operation, which will promote the development of the petrochemical industry in the southwest region. Zhonghua International focuses on the main business of chemical new materials, and its MIAK project has achieved certain results [8][15]. Logical Analysis - **Positive Factors**: In September, the domestic pipeline transportation industry's fixed - asset investment completion amount increased by 14.8% year - on - year, with continuous marginal growth for 8 months, which is beneficial to the polyolefin single - side. The EuroCoin index has strengthened for 6 consecutive months, which is also beneficial to the polyolefin single - side [49][30]. - **Negative Factors**: In October, the domestic manufacturing PMI declined to 49.0%, a year - on - year decline of 2.2%, which is negative for the rubber and plastic single - side. The domestic real estate prosperity index has declined for 6 consecutive months, which is negative for the polyolefin single - side [5][6]. Trading Strategies - **Single - side**: Most of the time, it is recommended to hold short - positions for the main 01 contracts of L and PP, and adjust the stop - loss points according to market changes. For example, on November 7, 2025, it was recommended to hold short - positions for the L main 01 contract, with the stop - loss point moved down to 6850 points [2]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see. - **Options**: Most of the time, it is recommended to wait and see.

Economic Indicators - The US services PMI rose to 52.4 in October, up from 50 in September, indicating economic expansion and surpassing market expectations of 50.8[2] - The services PMI corresponds to an annualized GDP growth rate of 1.2%[2] - The manufacturing PMI decreased to 48.7 in October from 49.1 in September, below the expected 49.5, indicating contraction[2] Employment and Inflation - ADP private sector employment increased by 42,000 in October, recovering from a loss of 29,000 in September, suggesting a slowdown in job losses[1] - The price index for services rose to 70, the highest since 2022, indicating persistent inflation pressures in the services sector[2] - Core inflation is beginning to stabilize due to tariff transmission and reduced labor supply[1] Federal Reserve Outlook - The Federal Reserve is expected to implement two rate cuts this year, with a potential pause in December, targeting a year-end federal funds rate around 3.8% (target range 3.75%-4%) [1] - Further rate cuts may occur next year, with a target federal funds rate of 3.25%-3.5% by year-end as economic growth stabilizes and inflation recedes[1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market for plastics L and PP has been showing a weak trend recently, with both futures and spot prices experiencing declines. The report provides daily market observations, important news, logical analyses, and trading strategies for these two products [2][3][4]. - Various factors, including domestic and international economic data, industry policies, and corporate news, influence the prices of plastics L and PP. These factors can be either positive or negative, and the report assesses their impact on the market [3][5][9]. 3. Summary by Relevant Catalogs Market Situation - **L Plastic**: The L2601 contract generally shows a downward trend, and the LLDPE market price is mostly weak, with prices in different regions fluctuating and some falling. Trade sentiment is often affected by futures trends, and downstream procurement is cautious [2][4][8]. - **PP Polypropylene**: The PP2601 contract also generally trends downward, and the domestic PP market is weak, with prices falling in parts. The futures trend impacts the spot market, and downstream procurement is limited [2][4][8]. Important News - **Industry - related Policies**: The government has introduced policies to support the development of the petrochemical and chemical industries, such as the "Work Plan for Stabilizing Growth in the Petrochemical and Chemical Industry (2025 - 2026)" [29]. - **Corporate News**: Many companies have made progress, such as Guangxi Petrochemical's successful commissioning of a new ethylene plant, and Liaoyang Petrochemical's successful start - up of a nylon 66 project [4][46]. - **Economic and Trade News**: Global economic and trade policies, such as US tariff policies and China's export control policies for rare earths, have an impact on the market [34][40][63]. Logical Analysis - **Positive Factors**: Some factors are favorable for the polyolefin market, such as an increase in domestic vehicle production, a rise in the US manufacturing PMI, and an increase in the profit - to - loss ratio of the domestic rubber and plastics industry [9][51]. - **Negative Factors**: Other factors are unfavorable, including a decline in the domestic manufacturing PMI, an increase in inventory, and a decrease in the international shipping freight index ratio [3][5][41]. Trading Strategies - **Single - side Trading**: For the most part, it is recommended to hold short positions in the L and PP main 01 contracts, with appropriate stop - loss settings. In some cases, there are suggestions to try short positions or hold long positions [3][5][9]. - **Arbitrage**: Generally, it is recommended to wait and see [3][5][9]. - **Options**: Usually, it is recommended to wait and see [3][5][9].

Group 1 - The total silver futures warehouse receipts in Shanghai reached 665,610 kilograms, with an increase of 6,759 kilograms compared to the previous day [1][2] - The main silver futures contract opened at 11,455 yuan per kilogram, peaked at 11,504 yuan, and closed at 11,238 yuan, reflecting a decrease of 1.33% [1] Group 2 - The U.S. manufacturing sector showed mixed signals with the October S&P Global Manufacturing PMI final reading at 52.5, above the expected 52.2, while the ISM Manufacturing PMI recorded at 48.7, below the expected 49.5 [2] - The ISM Manufacturing Index has declined for the eighth consecutive month, indicating ongoing contraction in manufacturing activity, with production and employment metrics also showing weakness [2][3] - The raw materials purchasing price index fell by 3.9 points to 58, marking the lowest level since the beginning of the year, with 12 manufacturing sectors experiencing contraction [3]

Core Insights - The global manufacturing PMI for October 2025 is reported at 49.7%, remaining stable and within the 49%-50% range for eight consecutive months, indicating a slow recovery in the global economy [1][2] - The average global manufacturing PMI for January to October 2025 is 49.6%, which is an increase of 0.3 percentage points compared to the same period last year, but still below the levels seen in 2019 [2] - Regional analysis shows that Asian and African manufacturing PMIs have slightly decreased but remain above 50%, while European manufacturing PMI has increased slightly but remains below 50%, and the Americas' PMI has decreased, indicating ongoing challenges in recovery [2][4] Global Manufacturing Overview - The global manufacturing sector continues to stabilize within a certain range, with a recovery pace slightly better than the previous year but still below pre-pandemic levels [2] - The International Monetary Fund (IMF) projects a global economic growth rate of 3.2% for 2025, which is an upward revision of 0.2 percentage points from July but still below the pre-pandemic average of 3.7% [4] Regional Manufacturing Insights Americas - The manufacturing PMI for the Americas in October 2025 is 48.8%, a slight decrease of 0.1 percentage points, indicating continued contraction in the region [5] - Major countries like the U.S. and Mexico show declines in their manufacturing PMIs, while Canada and Brazil have seen slight increases, but all remain below the 50% threshold [5] Europe - The European manufacturing PMI for October 2025 is 49.6%, an increase of 0.6 percentage points, indicating a slight improvement in recovery efforts [8] - Key countries such as Germany, the UK, France, and Italy show small increases in their PMIs, but all remain below 50%, suggesting that overall recovery in Europe is still weak [8] Africa - The manufacturing PMI for Africa is reported at 50.8%, a decrease of 0.6 percentage points, indicating a slowdown in growth [9] - Nigeria's manufacturing PMI has increased, while South Africa's has decreased below 50%, highlighting disparities in regional performance [9] Asia - The manufacturing PMI for Asia is 50.7%, a slight decrease of 0.2 percentage points, indicating continued but slowing expansion [10] - Countries like India show an increase in their PMIs, while China, Japan, and South Korea have seen declines, reflecting mixed performance across the region [10]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The stock market is in a state of volume - shrinking adjustment, with the view for November remaining volatile, waiting for the spring rally. The bond market curve continues to flatten, and it is expected to be volatile and slightly bullish. For stock index options, the decline persists, and a covered call strategy is recommended for defense [1][3][7] 3. Summary by Related Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - Yesterday, the equity market had a volume - shrinking adjustment, with some indexes like Beizheng 50 and Kechuang 200 falling over 2%. The market volume dropped below 2 trillion. Only the dividend index rose, and banks and consumer services performed well. The decline is related to the weak Asia - Pacific market. The view for November is volatile, and it is advisable to hold IM + dividend index [1][7] 3.1.2 Stock Index Options - The underlying market continued to decline yesterday, with small - and medium - cap stocks having a larger pullback. The option market's turnover increased by 2.24% to 93.16 billion yuan, and liquidity was basically flat. It is recommended to use a covered call strategy for defense [2][7] 3.1.3 Treasury Bond Futures - Yesterday, most treasury bond futures closed down, with the 30 - year contract up 0.03%, the 10 - year flat, and the 5 - year and 2 - year down 0.01%. The yield of major inter - bank interest - rate bonds mostly rose, and the curve flattened. It is expected to be volatile and slightly bullish, and different strategies are recommended for different trading purposes [3][8][9] 3.2 Economic Calendar - China's October SPGI manufacturing PMI was 50.6 (previous value 51.2, forecast 50.9), and the US October ISM manufacturing PMI was 48.7 (previous value 49.1, forecast 49.5). Other data such as the US October ADP employment change, China's October trade balance, and the US November Michigan consumer confidence index are yet to be released [10] 3.3 Important Information and News Tracking - On November 4, Fed Governor Cook said that each Fed meeting is real - time for monetary policy, and there is a possibility of a rate cut in December depending on new information. Recently, a draft for public comments on the performance comparison benchmark element library of public funds was issued. The central bank's net investment in open - market treasury bonds in October was 20 billion yuan, with 200 billion yuan in medium - term lending facilities and 400 billion yuan in repurchase agreements [11] 3.4 Derivatives Market Monitoring - The content only mentions the headings for stock index futures, stock index options, and treasury bond futures data, but no specific data summaries are provided [12][16][28]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - A - share third - quarter reports showed good overall performance, providing bottom support for the market. However, the decline in domestic manufacturing prosperity in October may suppress the subsequent market trend. There is a situation of "good news exhausted" after the Sino - US summit, and the RMB exchange - rate pressure restricts the loose monetary policy. It is recommended to wait and see for the moment [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - All major and secondary contracts of IF, IH, IC, and IM showed a downward trend. For example, the latest price of the IF main contract (2512) was 4589.0, down 41.2 from the previous period. The spreads between different varieties and different quarters also changed, with some widening and some narrowing. For instance, the IF - IH current - month contract spread was 1594.8, down 33.8 [2]. 3.2 Futures Position - The net positions of the top 20 in IF, IH, and IM decreased, while that of IC increased. The net position of the top 20 in IF was - 25,348.00, down 1949.0 [2]. 3.3 Spot Price - The spot prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all declined. For example, the Shanghai - Shenzhen 300 was 4618.70, down 34.7. The basis of the main contracts also changed, mostly showing a downward trend [2]. 3.4 Market Sentiment - A - share trading volume decreased to 19,383.95 billion yuan, a decrease of 1945.09 billion yuan. The margin trading balance increased by 83.61 billion yuan to 24,947.63 billion yuan. The north - bound trading volume decreased, and the reverse repurchase operation volume increased. The proportion of rising stocks decreased to 29.92%, down 35.03 percentage points [2]. 3.5 Wind Market Strength - Weakness Analysis - The overall A - share market, technical, and capital - related indicators all showed a downward trend. The overall A - share market was at 3.50, down 3.00 [2]. 3.6 Industry News - In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the non - manufacturing business activity index was 50.1%, up 0.1 percentage points. As of October 31, the total revenue of A - share listed companies in the first three quarters was 53.41 trillion yuan, a year - on - year increase of 1.20%, and the net profit attributable to the parent was 4.70 trillion yuan, a year - on - year increase of 5.34%. The profit growth rate in the third quarter reached 11.30%, up 10.19 percentage points from the second quarter [2]. 3.7 Key Events to Focus On - Upcoming events include the Australian central bank's interest - rate decision on November 4 at 11:30, the US ADP employment data for October on November 5 at 21:15, China's trade data for October on November 7 at 9:30, and China's CPI and PPI for October on November 9 at 9:30 [3].

1. Report Industry Investment Ratings The document does not provide industry investment ratings. 2. Report's Core View The report presents the market trends and outlooks for various commodities on November 4, 2025, including precious metals, base metals, energy, chemicals, agricultural products, and livestock. It also analyzes the fundamental data and macro - industry news of each commodity, and gives the trend strength ratings for each commodity. 3. Summary by Commodity Precious Metals - **Gold**: Attention should be paid to risks in US banks. The trend strength is 0. The price of Comex gold 2512 was 4013.70 with a 0.01% increase [2][5]. - **Silver**: It is expected to rebound in a volatile manner. The trend strength is 1. The price of Comex silver 2512 was 47.910 with a - 0.70% decrease [2][5]. Base Metals - **Copper**: A decrease in LME inventory restricts price decline. The trend strength is 0. The price of the Shanghai copper main contract was 87,300 with a 0.33% increase [2][9]. - **Zinc**: It is expected to run strongly. The trend strength is 0. The price of the Shanghai zinc main contract was 22,565 with a 0.94% increase [2][12]. - **Lead**: A continuous decrease in overseas inventory supports the price. The trend strength is 0. The price of the Shanghai lead main contract was 17,420 with a 0.17% increase [2][15]. - **Tin**: Attention should be paid to macro - impacts. The trend strength is 1. The price of the Shanghai tin main contract was 285,760 with a 0.65% increase [2][18]. - **Aluminum**: It is expected to fluctuate strongly. The trend strength is 1. The price of the Shanghai aluminum main contract was 21,600 with a 300 increase compared to T - 1 [2][22]. - **Alumina**: There is support at the bottom. The trend strength is 0. The price of the Shanghai alumina main contract was 2789 with a - 4 decrease compared to T - 1 [2][22]. - **Nickel**: Accumulated inventory at the smelting end suppresses the price, while uncertainties at the ore end provide support. The trend strength is 0. The price of the Shanghai nickel main contract was 120,950 with a 360 increase compared to T - 1 [2][26]. - **Stainless Steel**: The steel price is expected to fluctuate in a narrow range at a low level. The trend strength is 0. The price of the stainless - steel main contract was 12,630 with a - 25 decrease compared to T - 1 [2][26]. Energy and Chemicals - **Crude Oil - related**: - **LPG**: Demand improvement is limited, and the futures valuation is high [2][49]. - **Fuel Oil**: It is expected to fluctuate strongly, but weaker than low - sulfur fuel oil in the short term [2][53]. - **Low - Sulfur Fuel Oil**: There was a short - term adjustment in the night session, and the spot high - low sulfur spread in the overseas market continued to rise [2][53]. - **Chemicals**: - **PTA**: Demand is acceptable, but supply pressure still exists, and it is in a high - level volatile market [2][28]. - **MEG**: Supply pressure is large, and the trend is weak [2][28]. - **Rubber**: It is expected to fluctuate [2][30]. - **Synthetic Rubber**: The cost has collapsed, and it is running weakly [2][32]. - **Asphalt**: It fluctuates following crude oil [2][34]. - **LLDPE**: Unplanned maintenance has increased, and attention should be paid to import pressure [2][36]. - **PP**: It is expected to fluctuate in the medium term [2][37]. - **Caustic Soda**: Cost provides support, and it is in a volatile market [2][38]. - **Paper Pulp**: It is expected to fluctuate [2][40]. - **Glass**: The price of the original sheet is stable [2][42]. - **Methanol**: It is expected to run weakly [2][43]. - **Urea**: It is under pressure and fluctuating [2][45]. - **Styrene**: It is expected to fluctuate weakly [2][47]. - **Soda Ash**: There are few changes in the spot market [2][48]. Agricultural Products and Livestock - **Oils and Fats**: - **Palm Oil**: There is a lack of driving factors, and short - term support should be noted [2][61]. - **Soybean Oil**: The price of US soybeans has rebounded, and the spread between soybean oil and palm oil is expected to widen [2][61]. - **Grains and Oilseeds**: - **Soybean Meal**: US soybeans have reached a new high, and the domestic soybean meal may follow the rebound [2][63]. - **Soybean**: The start of state - reserve purchases has stabilized the market [2][63]. - **Corn**: It is expected to fluctuate [2][65]. - **Sugar and Cotton**: - **Sugar**: It is in a range - bound adjustment [2][66]. - **Cotton**: The impact of the price of seed cotton on cotton futures has weakened [2][67]. - **Livestock and Poultry**: - **Eggs**: They are expected to fluctuate and adjust [2][69]. - **Pigs**: The price center has further declined [2][70]. - **Peanuts**: Attention should be paid to the spot market [2][71].