Core Viewpoint - The gold market has experienced significant volatility, with a recent surge leading to a breakout above the 4200 mark, followed by a slight correction and potential for further gains towards 4300 [1][3][4]. Market Movement - After a period of consolidation, gold prices surged dramatically, breaking through the 4200 resistance level, followed by a minor adjustment of 30 dollars [3]. - The market is currently eyeing the 4300 resistance level, indicating a bullish sentiment [4]. Support and Resistance Levels - Key support levels are identified at 4180 and 4130, with potential for further declines if these levels are breached [5][7]. - The market is also focusing on the 4241 and 4300 levels for potential shorting opportunities [7]. Influencing Factors - Recent legislative actions in the U.S. Congress to end the government shutdown have contributed to market fluctuations, impacting gold prices [8]. - The absence of key economic data due to the government shutdown has created uncertainty, which may influence Federal Reserve interest rate expectations and subsequently benefit gold prices [9][10]. Upcoming Data - Attention is drawn to the upcoming U.S. October CPI data and unemployment claims, which could reveal the true state of the labor market and affect Federal Reserve policy expectations [10]. Investment Strategy - Emphasis is placed on the importance of timing in entering and exiting positions in the gold market, with a focus on maintaining low risk while maximizing profit opportunities [10]. - A recommendation is made to follow experienced traders to enhance accuracy and profitability in gold trading [10].

Group 1: Gold Futures Performance - On November 13, the main gold futures in Shanghai reported a price of 961.34 CNY per gram, with an increase of 1.57%. The opening price for the day was 947.60 CNY per gram, reaching a high of 963.96 CNY and a low of 945.96 CNY [1] Group 2: Macroeconomic News - According to ADP data, the average weekly reduction in private sector payrolls in the U.S. was 11,250 for the four weeks ending October 25. In total, 45,000 jobs were lost in October (excluding government employees), marking the largest monthly decline in employment since March 2023. The small business confidence index in the U.S. fell to a six-month low in October due to deteriorating profit conditions and declining economic optimism [1] Group 3: Institutional Perspectives - The risks associated with U.S. trade policies have largely been mitigated, leading to a decrease in market risk aversion. Looking ahead, expectations for a Federal Reserve interest rate cut have increased, highlighting the monetary attributes of gold. A short-term volatile market pattern is expected to persist. As of November 7, the weekly inventory of gold on the Shanghai Futures Exchange was 89,616 kilograms, an increase of 1,800 kilograms from the previous week [1]

转自：新华财经 新华财经北京11月13日电 周三（11月12日），国际金价震荡攀升，全天波幅113.25美元，收盘上涨 68.55美元，报收于4195.26美元，日涨幅1.66%。当日金价日K线呈现长阳线形态，表明短期仍处于反弹 之中，4200美元关口或有反复。 基本面看，美国政府结束停摆并重新开启，美联储降息预期升温，以及地缘和全球经贸局势仍存在不确 定性，这都给金价回升带来支撑。进一步分析来看，虽然美国政府停摆接近结束，但政府恢复正常可能 还需要一周甚至更长时间，其间积压的经济数据依然需要等待公布，成为判断美联储12月是否继续降息 的重要观察点。在前期鲍威尔"12月降息并非板上钉钉"言论的持续影响下，市场对美联储12月降息的押 注也仅是微幅从低点回升至不足七成的水平。但考虑到当前的政治经济局势，"并不十分确信的降息预 期"仍足以对金价形成支持。 不过，全球最大黄金ETF的持仓连续三周上涨，显示金价经过前期的回撤之后，低位支持显著，多头力 量增强。 编辑：吴郑思 （作者系北京黄金经济发展研究中心研究团队） 【黄金时间】是由新华财经与中国黄金报社共同打造的一档聚焦黄金珠宝市场的专题栏目，内容全面覆 盖黄金珠宝 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report The report presents a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, and non - ferrous metals. It indicates that most markets will maintain a volatile trend in the short term, influenced by factors such as supply - demand relationships, policy changes, and macro - economic conditions. For example, the stock index futures market will remain volatile due to sector rotation and capital flow; the agricultural product market shows different trends in different varieties, with some facing supply pressure and others having potential price increases; the black metal and non - ferrous metal markets are affected by factors like raw material costs, production capacity, and international policies [19][20][25]. 3. Summaries by Relevant Catalogs Financial Derivatives Stock Index Futures - Core View: The market is volatile due to sector rotation. Large - cap indexes are stronger than small - cap indexes, and the technology sector shows signs of stabilizing. The short - term market will remain volatile [19][20]. - Trading Strategy: High - low trading in a high - level range; IM/IC long 2512 + short ETF cash - and - carry arbitrage; bullish spread options at low prices [20]. Treasury Bond Futures - Core View: The bond market continues to fluctuate with an obvious stock - bond seesaw effect. The yield downward space is limited, and the 30Y Treasury yield may have a top range of 2.20 - 2.25% [22]. - Trading Strategy: Wait and see for single - side trading; hold short positions on the 30Y - 7Y term spread and try to go long on the T - contract inter - delivery spread [23]. Agricultural Products Protein Meal - Core View: The supply pressure is improving, and the domestic near - month price has support, but the far - month has pressure. Rapeseed meal is expected to fluctuate [25][26]. - Trading Strategy: Wait and see for single - side and arbitrage trading; sell wide - straddle options [26]. Sugar - Core View: International sugar production in major regions may be lower than expected, and the international price has a bottom - grinding trend. The domestic market is expected to fluctuate in the short term and may face downward pressure in the long term [30][31]. - Trading Strategy: Trade in the range for the domestic market; wait and see for arbitrage and options [32]. Oilseeds and Oils - Core View: The increase in oil prices is limited, and they will maintain a volatile trend. The palm oil inventory in Malaysia and China shows different trends, and the supply and demand of soybean oil and rapeseed oil also vary [33][34][35]. - Trading Strategy: Wait and see or trade in a high - low range; wait and see for arbitrage and options [35]. Corn/Corn Starch - Core View: The U.S. corn may fluctuate narrowly, and the domestic corn spot price is strong. The 01 contract is expected to fluctuate strongly, but the upward space is limited [37][38]. - Trading Strategy: Go long on the 12 - contract corn on dips; wait and see for the 01 contract; wait for dips for the 05 and 07 contracts [38]. Live Hogs - Core View: The supply pressure increases, and the overall inventory is high. The short - term price may still face pressure [39][40]. - Trading Strategy: Short a small amount; wait and see for arbitrage; sell wide - straddle options [40]. Peanuts - Core View: The peanut spot price is strong, and the short - term market is expected to fluctuate strongly. The new - season peanut quality is lower, and the oil mill's procurement is limited [42][43]. - Trading Strategy: The 01 contract fluctuates at the bottom, and the 05 contract can try to go long lightly; wait and see for arbitrage; sell pk601 - P - 7600 options [43]. Eggs - Core View: The demand improves slightly, and the egg price rebounds slightly. The current inventory of laying hens is high, and the short - term price increase space is limited [44][45][47]. - Trading Strategy: Wait and see in the short term and consider going long at low prices for far - month contracts; wait and see for arbitrage and options [47]. Apples - Core View: The new - season apple production decreases, and the cold - storage inventory is expected to be low. The market may fluctuate greatly when the new inventory data is released [48][49]. - Trading Strategy: Wait and see; wait and see for arbitrage and options [50]. Cotton - Cotton Yarn - Core View: The new cotton supply increases, and the demand enters the off - season. Considering the macro - economic situation, the short - term cotton price is expected to fluctuate slightly stronger [52]. - Trading Strategy: The U.S. cotton is expected to fluctuate, and the Zhengzhou cotton is expected to fluctuate slightly stronger; wait and see for arbitrage and options [53]. Black Metals Steel - Core View: The raw material cost is under pressure, and the steel price fluctuates in a range. The construction steel production decreases more, and the inventory is still decreasing. The hot - rolled coil performs better than the rebar [57]. - Trading Strategy: Maintain a range - bound trend; go long on the coil - rebar spread at low prices; wait and see for options [58]. Coking Coal and Coke - Core View: The market sentiment cools down, and the price fluctuates and adjusts. The short - term driving force is not obvious, and there may be an opportunity to go long after a pullback in the medium term [59][60]. - Trading Strategy: Wait and see in the short term; go long after a pullback in the medium term; hold a reverse spread for coking coal 1/5; wait and see for options [61]. Iron Ore - Core View: Adopt a bearish approach. The supply is at a high level, and the domestic demand is weak, so the ore price is expected to fluctuate bearishly [62][63]. - Trading Strategy: Go short; wait and see for arbitrage and options [63]. Ferroalloys - Core View: The cost provides some support, and the previous short positions can be reduced. The supply and demand of silicon iron and manganese silicon are weakening on the margin [64][65]. - Trading Strategy: Reduce previous short positions at low prices; wait and see for arbitrage; sell out - of - the - money straddle option combinations [65]. Non - Ferrous Metals Precious Metals - Core View: The short - term strong - side volatile pattern continues. The U.S. government is about to restart, and the market is worried about fiscal stimulus and the change of the Fed's dovish camp, increasing the attractiveness of precious metals [66][68][69]. - Trading Strategy: Hold long positions based on the 5 - day moving average; wait and see for arbitrage; hold collar call option strategies [69]. Copper - Core View: The short - term trend is volatile. The macro - economic situation is favorable, but the supply and demand situation is complex. The copper price is expected to fluctuate in a high - level range [70][71][72]. - Trading Strategy: Wait and see; the long - term trend is bullish, and a low - long strategy can be adopted; the ratio may rebound; wait and see for options [72]. Alumina - Core View: Pay attention to production cuts. The supply and demand are significantly surplus, and the price may rebound after substantial production cuts [73][74][76]. - Trading Strategy: The price fluctuates weakly at the bottom; wait and see for arbitrage and options [76]. Electrolytic Aluminum - Core View: The price is strong due to the resonance of macro - economic and micro - economic factors. The overseas supply - demand is tight, and the domestic demand has resilience [77][78][79]. - Trading Strategy: Maintain a strong trend; wait and see for arbitrage and options [79]. Cast Aluminum Alloy - Core View: The price fluctuates at a high level with the aluminum price. The cost provides support, but the demand is affected by the high price [80]. - Trading Strategy: The price moves strongly with the aluminum price; wait and see for arbitrage and options [80]. Zinc - Core View: Pay attention to the export volume. The supply may be eased, and the price fluctuates in a range. The upward space is limited [82][83]. - Trading Strategy: Trade in a range; hold the SHFE long - LME short arbitrage; wait and see for options [84]. Lead - Core View: Pay attention to the change of domestic social inventory. The supply is recovering, and the demand is weakening, so the price is under pressure [86][87]. - Trading Strategy: Try to short lightly at high prices; wait and see for arbitrage; sell out - of - the - money call options [87]. Nickel - Core View: The cost is loosening, and the price fluctuates weakly. The supply is abundant, and the market is pessimistic about the quota adjustment [88][89]. - Trading Strategy: Short on rebounds; wait and see for arbitrage; sell out - of - the - money call options [89]. Stainless Steel - Core View: The supply and demand are both weak, and the raw materials are under pressure. No specific trading strategy is provided in the given text [90].

11月12日，油气板块收涨1.36%。中国石油A股、H股股价双双上扬，其中H股股价创出2008年以来新 高。截至A股收盘，中国石油报9.94元/股，总市值达到1.82万亿元，位列A股公司总市值第7位。 基本面上，从中长期来看，国际油价迎来利好因素。一是"欧佩克+"（产油国联盟）自今年4月开始的持 续增产策略迎来了重要的逆转信号。11月2日，八国部长在视频会议上决定，自12月起增加每日13.7万 桶石油供应，同时宣布2026年1月至3月将不再逐月增产。 今年以来，"欧佩克+"的增产举措持续影响供需格局。东吴证券研究所能源化工行业首席分析师陈淑娴 此前在接受上证报记者采访时表示，"欧佩克+"生产策略的转变是今年原油供给端最大的变化。10月2 日，受"欧佩克+"增产消息预期的推动，国际油价曾一度跌至近4个月来的最低水平。 从三季报的数据来看，受此前国际油价承压的影响，"三桶油"的传统油气板块表现欠佳，但整体呈现出 较强韧性。数据显示，"三桶油"第三季度共实现归母净利润830.38亿元，相当于日赚9.23亿元。其中， 中国石油贡献了超过一半的利润。按照国际财务报告准则，中国石油第三季度归母净利润达到422.87亿 元 ...

Group 1 - The gold stocks collectively rose, with notable increases in companies such as China Gold International, which rose by 4.89% to HKD 143.6, and Jihai Resources, which increased by 4.38% to HKD 1.43 [2] - As of November 12, during the Asian trading session, international gold prices peaked at USD 4208.79 per ounce, recovering quickly after a brief pullback and testing the USD 4200 resistance level [2] - The anticipated release of delayed U.S. economic data due to the government shutdown is expected to highlight economic weakness, supporting market expectations for a 25 basis point rate cut by the Federal Reserve in December [2] Group 2 - UBS analysts indicate that the market is awaiting clearer signals regarding the government shutdown and the timing of U.S. data releases, suggesting that gold prices may stabilize temporarily before continuing to rise [3] - Citigroup's latest report predicts that in a bull market scenario, gold prices could reach USD 6000 by 2027, driven by a significant mismatch between global wealth and the physical gold market [3] - The current surge in gold prices is primarily driven by U.S. investors rather than central banks, with ETF inflows contributing significantly to the global increase in demand [3]

政府停摆落幕后，市场重心重新回归通胀与增长平衡。若即将公布的数据继续走弱，降息预期或进一步 强化，从而支撑金价；反之，若美联储官员发出鹰派信号，美元可能反弹，黄金短线承压。 美国拨款方案的通过暂时提振市场信心，但随之恢复的数据与美联储表态将成为新的波动源。金价在逼 近4200美元后企稳，多空力量仍在角力，市场正步入政策博弈与预期交织的新阶段。 近期多位美联储官员对未来政策方向看法不一。理事斯蒂芬·米兰认为当前政策偏紧，房价回落正在帮 助缓解通胀；而亚特兰大联储主席拉斐尔·博斯蒂克则重申，只有当通胀稳定回到2%目标后，才会考虑 降息。博斯蒂克同时宣布将于明年初卸任主席职务。此外，尼尔·卡什卡利、阿尔贝托·穆萨莱姆和贝丝· 哈马克等官员也将在稍后发表讲话，市场将密切关注其中的政策暗示。 美国众议院周三以222票对209票通过拨款方案，为总统唐纳德·特朗普签署铺平道路。此前该法案已获 参议院通过，标志着美国历史上持续时间最长的政府停摆正式结束。根据法案安排，政府将维持运作至 明年1月30日。停摆终结短暂提振风险情绪，但也意味着被暂停的经济数据即将恢复公布，市场对经济 放缓的担忧或再度升温。 黄金延续升势，受市场对美 ...

Group 1 - The market is experiencing fluctuations due to the end of the U.S. government shutdown and the outlook on Federal Reserve policies [1][2] - Gold prices reached a new high of $4,195 per ounce, supported by expectations of a rate cut by the Federal Reserve [1] - The U.S. House passed a funding bill, ending the longest government shutdown in history, which will keep the government operational until January 30 [1] Group 2 - Federal Reserve officials have expressed differing views on monetary policy, with some indicating a tight policy stance while others await clear signs of inflation returning to the 2% target before considering rate cuts [2] - The end of the government shutdown has improved market sentiment, but the resumption of economic data releases and Federal Reserve statements will dominate future market movements [2] - Gold prices are showing resilience near the $4,200 mark, indicating a tug-of-war between bullish and bearish forces in the market [2]

Group 1 - Gold stocks collectively surged, with notable increases in companies such as China Gold International (+4.89%), Zijin Mining (+4.38%), Lingbao Gold (+4.29%), Chifeng Jilong Gold (+2.45%), and Shandong Gold (+2.24%) [1] - On November 12, during the Asian trading session, international gold prices peaked at $4208.79 per ounce, recovering quickly after a brief pullback and breaking through the $4100 resistance level [1] - The market anticipates that upcoming economic data, delayed due to the government shutdown, will highlight the weakness of the U.S. economy, supporting expectations for a 25 basis point rate cut by the Federal Reserve in December [1] Group 2 - UBS analysts noted that there is a wait for clearer messages regarding the government shutdown and the release of U.S. data, with gold prices expected to stabilize temporarily before continuing to rise [2] - Citigroup's latest report predicts that in a bull market scenario, gold prices could reach $6000 by 2027, driven by a significant mismatch between global wealth and the small physical gold market [2] - The current surge in gold prices is primarily driven by U.S. investors rather than central banks, with ETF inflows contributing significantly to the global increase [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - International gold prices are strongly rising, while the A - share market is in a state of volatile consolidation with shrinking trading volume. The probability of a Fed rate cut in December is increasing, and the market is pricing in a 60% chance of a rate cut. The price of gold has reached 4200, and the oil price has dropped by more than 4%. The A - share market may still reach new highs in the short term, but there are risks of subsequent adjustments. In the medium - to - long - term, it is still cost - effective to buy on dips. The bond market is in a volatile rebound [2][3]. - Precious metals are rising significantly due to increased expectations of a rate cut. However, caution is needed as the prices are approaching historical highs. Copper prices are oscillating strongly, and the market is speculating that the Fed may accelerate its easing path after a possible leadership change. Aluminum prices are rising with capital support, while alumina continues to be weak. Cast aluminum is strong, zinc is oscillating, lead is following the upward trend of the outer market but with limited upside, tin is strongly oscillating, and industrial silicon is oscillating with marginal improvements in supply and demand. Lithium carbonate prices are oscillating widely, nickel is oscillating at a low level, and soda ash and glass are oscillating at a low level [4][6][8][11]. - Steel prices are oscillating and adjusting, iron ore prices are under pressure, and coking coal and coke prices are oscillating and adjusting. For agricultural products, soybean and rapeseed meal are oscillating and adjusting, and palm oil is oscillating [24][25][26][28]. 3. Summary by Related Catalogs 3.1 Main Variety Views 3.1.1 Macro - Overseas: Trump plans to sign a continuous appropriation bill, ending the government shutdown. The Bureau of Labor Statistics may release the September non - farm payroll data on Friday, and the October data may be permanently missing. Trump proposes a $2000 tax refund for families with an annual income of less than $100,000. The market's pricing of a December rate cut has risen to 60%. The U.S. bond yield is falling, the dollar index is oscillating, the gold price has soared to 4200, and the oil price has dropped by more than 4% [2]. - Domestic: The A - share market is in a wide - range oscillation, with more than 3500 stocks closing down and the trading volume dropping to 1.96 trillion. The Shanghai 50 and dividend - style stocks are outperforming the technology stocks. The insurance and energy equipment sectors are leading the gains. The market lacks macro and event catalysts in the short term, and there may still be new highs, but risks of subsequent adjustments should be watched out for. In the medium - to - long - term, it is still cost - effective to buy on dips. The bond market is in a volatile rebound, and it is expected to remain in a relatively strong oscillating pattern in the short term [3]. 3.1.2 Precious Metals - COMEX gold futures rose 2.07% to $4201.4 per ounce, and COMEX silver futures rose 4.90% to $53.23 per ounce, approaching the historical high again. The end of the U.S. government shutdown and the expected release of economic data are boosting the market's expectations of a Fed rate cut in December. There are concerns about a shortage of silver supply, but caution is needed as the prices are approaching historical highs [4][5]. 3.1.3 Copper - The Shanghai copper main contract is in a narrow - range oscillation, and the London copper has retreated slightly after reaching $11000. The spot market trading is dull, and downstream buyers are mainly making rigid - demand purchases. The market is speculating that the Fed may accelerate its easing path after a possible leadership change. China's cumulative imports of copper ore and concentrates from January to October increased by 7.5% year - on - year. Copper prices are expected to remain high and oscillate in the short term [6][7]. 3.1.4 Aluminum - The Shanghai aluminum main contract closed at 21880 yuan/ton, up 0.88%. The LME aluminum closed at $2886 per ton, up 0.23%. The macro - level expectation of a Fed rate cut is beneficial to the market sentiment. The domestic electrolytic aluminum production capacity is stable, and the supply of aluminum ingots may increase. Although it is the off - season for consumption, the consumption in the automotive and power sectors remains resilient. The inflow of funds is driving the aluminum price to continue rising [8][9][10]. 3.1.5 Alumina - The alumina futures main contract closed at 2821 yuan/ton, down 0.18%. The supply of alumina is abundant, the consumption is mainly for rigid demand, and the inventory is increasing. The market is still bearish, and the price continues to be weak. Attention should be paid to cost support and winter heating policies in the north [11]. 3.1.6 Cast Aluminum - The cast aluminum alloy futures main contract closed at 21245 yuan/ton, up 0.83%. Driven by the new high of Shanghai aluminum, the cast aluminum futures are rising rapidly. The raw material scrap aluminum is in short supply, and the cost support is strong. The market is dominated by bullish sentiment, and the price is strong [12]. 3.1.7 Zinc - The Shanghai zinc main contract is oscillating narrowly during the day and rising after a lower opening at night. The spot market trading is cold, and downstream buyers are cautious in purchasing due to high prices. The overall market sentiment may improve with the possible end of the U.S. government shutdown. The expected increase in zinc ingot exports and the possible reduction in smelter production are providing support to the price, but weak consumption and high inventory are limiting the upside. Zinc prices are expected to oscillate in the short term [13]. 3.1.8 Lead - The Shanghai lead main contract is rising after an intraday high - level pullback and oscillating at a high level at night. The LME lead has risen for five consecutive days, and the Shanghai lead is following the upward trend with continuous capital inflows. However, the fundamental support is weakening, and the supply - demand mismatch is being alleviated. The price is expected to remain strong in the short term, but the upside is limited [14][15]. 3.1.9 Tin - The Shanghai tin main contract is oscillating horizontally during the day and rising after a higher opening at night. The end of the U.S. government shutdown is improving market risk appetite, and the weakening dollar is beneficial to the rise of London tin, which in turn drives up the Shanghai tin price. The supply is strongly supported, and the global inventory is at a low level. The strong performance of the U.S. semiconductor sector is boosting demand expectations. Tin prices are expected to remain strong in the short term [16]. 3.1.10 Industrial Silicon - Industrial silicon is oscillating. The inventory of warehouse receipts is falling, mainly due to the reduction in production in the southwest region during the dry season. The supply is marginally shrinking, and the demand is showing marginal improvements. The price is expected to remain strong and oscillate in the short term [17][18]. 3.1.11 Lithium Carbonate - Lithium carbonate prices are oscillating widely, and the spot price is rising. The inventory is being depleted rapidly, and the supply growth is slowing down. However, there are strong expectations of an increase in imports, and the resilience of the power terminal is in question. The price is expected to oscillate widely due to the intense game between bulls and bears [19][20]. 3.1.12 Nickel - Nickel prices are oscillating weakly. The Fed may stop shrinking its balance sheet in early December, which may put pressure on the U.S. dollar index. The rainy season in the Philippines is affecting the shipment of nickel ore, providing cost support. The real - estate market is weak, and steel mills' production of stainless steel is flat. Although the fundamental situation is weak, the nickel price is at the bottom of the range, and low - buying opportunities can be considered [21]. 3.1.13 Soda Ash and Glass - The soda ash and glass main contracts are oscillating weakly. Some soda ash production facilities are planning to reduce production or undergo maintenance. The glass market has high inventory and weak demand, and the price may continue to decline, but attention should be paid to the risk of high positions [22][23]. 3.1.14 Steel - Steel futures are oscillating weakly. The spot market demand is weak due to the cold weather in the north. The production and apparent demand of steel are expected to remain weak. Steel prices are expected to oscillate and adjust [24]. 3.1.15 Iron Ore - Iron ore futures are oscillating. The supply pressure is increasing as the port inventory is rising, and the demand is weakening as the downstream is entering the off - season. The first shipment of iron ore from the Simandou project has little short - term impact on supply but may change the global supply pattern in the long term. Iron ore prices are expected to be under pressure [25]. 3.1.16 Coking Coal and Coke - Coking coal and coke futures are oscillating. Coke enterprises are proposing a fourth - round price increase, but steel mills have not responded. The supply tension is easing, and the demand expectation is weakening. The prices are expected to oscillate and adjust in the short term [26]. 3.1.17 Soybean and Rapeseed Meal - The soybean meal 01 contract rose 0.03%, and the rapeseed meal 01 contract fell 0.52%. The production of soybeans in South America is progressing steadily, and the production of Australian rapeseed is expected to remain at 630,000 tons. The market is paying attention to the purchase progress of U.S. soybeans and the USDA report after the government shutdown. The far - month basis trading of soybean meal has increased, and the prices are expected to oscillate and adjust in the short term [27][28][29]. 3.1.18 Palm Oil - The palm oil 01 contract fell 0.09%. The OPEC report indicates a possible oversupply in the oil market, and the international oil price has dropped significantly. The production and export of Malaysian palm oil are expected to decline in November, and the inventory may continue to increase. Palm oil prices are expected to oscillate in the short term [30][31]. 3.2 Metal Main Variety Trading Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts, including copper, aluminum, alumina, zinc, lead, nickel, tin, gold, and silver, in both the Shanghai Futures Exchange and the London Metal Exchange [32]. 3.3 Industrial Data Perspective - The report presents detailed industrial data for copper and nickel, including the prices of main contracts, warehouse receipts, inventory, spot premiums and discounts, and price ratios between different markets and varieties [33][35][36].