Group 1: Gold Market - Gold prices have continued to rise, reaching around $4,140, driven by expectations of a Federal Reserve rate cut by the end of the year [1][2] - Investors are closely monitoring upcoming speeches from Federal Reserve officials for insights into monetary policy direction [1][2] - Technical analysis indicates that gold may experience fluctuations within the range of $4,110 to $4,150, with potential support at $4,080 [3] Group 2: Silver Market - Silver prices have slightly retreated to around $51.10 after a five-day upward trend, influenced by a recovery in dollar demand [1][2] - The silver market faces key resistance between $50.02 and $51.07, with a potential breakout above $51.07 leading to further gains towards $54.49 [4] - Long-term bullish sentiment for silver is supported by supply-demand imbalances and industrial demand, despite short-term volatility risks due to potential profit-taking [4] Group 3: Platinum Market - Platinum prices attempted to break the $1,600 mark but failed to maintain upward momentum, ultimately retreating [1] - The platinum market is currently under pressure from a strong dollar and market risk aversion, with expected price fluctuations between $1,500 and $1,700 per ounce [5] - Long-term support for platinum remains due to supply shortages, although macroeconomic uncertainties and demand changes need to be monitored [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The cotton market is expected to remain volatile in the short term. International market sentiment is affected by the Fed's interest - rate cut expectations and the US government's opening time. The upcoming USDA monthly report on Friday is worth attention. In the domestic market, there are both long and short factors. Supply pressure is high, but there is support from cost and expected reduction in supply pressure over time and a possible decline in the inventory - to - sales ratio this year [1]. - The sugar market is also expected to be volatile. The export of Brazilian sugar in the first week of November decreased compared to the average daily export in November last year. The raw sugar market is driven by the recovery of commodities, and the domestic market is waiting for the start of the crushing season in Thailand and India. The domestic crushing is postponed, and the market is watching if the price can break through the 5,500 yuan/ton resistance level [1]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: On Tuesday, ICE US cotton fell 0.59% to 63.93 cents/pound, CF601 rose 0.04% to 13,560 yuan/ton, and the main - contract positions increased by 3,733 to 573,900. The 3128B cotton spot price index rose 5 yuan/ton to 14,445 yuan/ton [1]. - **Sugar**: In the first week of November, Brazil exported 685,700 tons of sugar and molasses, with an average daily export of 137,100 tons, a 23% decrease compared to the average daily export in November last year. Domestic sugar prices generally increased, and the raw sugar market slightly rose [1]. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 0, unchanged; the main - contract basis was 1,282, up 18; the Xinjiang spot price was 14,668, down 3, and the national spot price was 14,842, down 2 [2]. - **Sugar**: The 1 - 5 contract spread was 67, unchanged; the main - contract basis was 250, down 5; the Liuzhou spot price was 5,730, unchanged [2]. Market Information - **Cotton**: On November 11, the cotton futures warehouse receipts increased by 325 to 3,619, with 1,154 valid forecasts. The arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data were also provided [3]. - **Sugar**: On November 11, the sugar spot price in Liuzhou was unchanged at 5,730 yuan/ton, and the sugar futures warehouse receipts increased by 58 to 7,721, with 1,183 valid forecasts [4][5]. Chart Analysis - Multiple charts are provided for cotton and sugar, including the closing price, basis, contract spread, warehouse receipts, and effective forecasts of the main contracts over different time periods [7][9][11][13][16][17][19] Research Team Personnel Introduction - Zhang Xiaojin, the director of resource - product research at Everbright Futures Research Institute, focuses on the sugar industry [21]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for futures varieties such as urea and soda ash glass [22]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloys [23].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Copper prices showed a narrow - range overnight oscillation, with domestic spot refined copper imports remaining in a loss. The weak ADP employment data in the US boosted the Fed's interest - rate cut expectations. The market was still cautious, and copper might be short - term optimistic but overall in a high - level oscillation. Attention should be paid to overseas financial market performance and domestic inventory [1]. - Alumina, aluminum, and aluminum alloy all showed an oscillatingly stronger trend overnight. Alumina factory profits were continuously compressed, with sporadic production cuts in loss - making capacities. The electrolytic aluminum market was multi - faceted, with a short - term high - level adjustment rhythm. Attention should be paid to the potential for the market to recover during the mid - month northern heating season production restrictions [1][2]. - Nickel prices declined overnight. The nickel - iron - stainless steel industry chain was weak, and the new - energy industry chain had a slight decline in ternary precursors in November. With increasing inventory pressure on primary nickel, nickel prices might oscillate, and inventory conditions should be monitored [2]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Copper**: Overnight, both domestic and overseas copper prices oscillated narrowly. The US ADP employment data in October showed a decrease of 45,000 in private - sector employment, the largest decline in two and a half years. This boosted the Fed's interest - rate cut expectations. Domestically, the central bank emphasized policy balance. LME copper inventory decreased by 25 tons to 136,250 tons, Comex inventory increased by 3,925 tons to 341,677 tons, SHFE copper warehouse receipts decreased by 825 tons to 42,964 tons, and BC copper warehouse receipts remained at 10,135 tons. Downstream demand was restricted by high - price concerns. LME was soliciting opinions on new permanent rules. Short - term copper might be optimistic, but overall it would likely oscillate at a high level [1]. - **Aluminum**: Overnight, alumina, aluminum, and aluminum alloy all trended oscillatingly stronger. AO2601 closed at 2,826 yuan/ton with a 0.01% increase, AL2512 closed at 21,740 yuan/ton with a 0.23% increase, and AD2512 closed at 21,135 yuan/ton with a 0.31% increase. Alumina factory profits were compressed, with sporadic production cuts. The electrolytic aluminum market was multi - faceted, and the short - term would continue the high - level adjustment rhythm. Aluminum alloy followed the adjustment, and attention should be paid to the long - AD space after the spread narrowed [1][2]. - **Nickel**: Overnight, LME nickel fell 0.5% to $15,025 per ton, and SHFE nickel fell 0.25% to 119,150 yuan/ton. LME inventory decreased by 96 tons to 253,308 tons, and SHFE warehouse receipts decreased by 241 tons to 32,292 tons. The nickel - iron - stainless steel industry chain was weak, and the new - energy industry chain had a slight decline in ternary precursors in November. With increasing inventory pressure on primary nickel, nickel prices might oscillate, and inventory conditions should be monitored [2]. 2. Daily Data Monitoring - **Copper**: On November 11, 2025, the price of flat - water copper was 86,715 yuan/ton, up 225 yuan from the previous day. LME registered +注销 inventory remained unchanged at 136,275 tons, SHFE warehouse receipts decreased by 825 tons to 42,964 tons, and COMEX inventory increased by 2,663 tons to 337,749 tons. The domestic + bonded area social inventory increased by 0.3 million tons to 29.2 million tons [3]. - **Lead**: The average price of 1 lead in the Yangtze River was 17,350 yuan/ton, down 10 yuan. SHFE lead warehouse receipts increased by 574 tons to 23,769 tons, and the weekly inventory increased by 2,583 tons to 38,582 tons [3]. - **Aluminum**: On November 11, 2025, the Wuxi aluminum price was 21,620 yuan/ton, up 130 yuan; the Nanhai price was 21,490 yuan/ton, up 120 yuan. LME registered +注销 inventory remained unchanged at 547,225 tons, and SHFE warehouse receipts remained unchanged at 64,142 tons. The electrolytic aluminum social inventory increased by 0.5 million tons to 62.7 million tons, and the alumina social inventory increased by 3.2 million tons to 16.0 million tons [4]. - **Nickel**: On November 11, 2025, the price of Jinchuan nickel plates was 123,100 yuan/ton, up 100 yuan. LME registered +注销 inventory remained unchanged at 253,404 tons, SHFE nickel warehouse receipts decreased by 241 tons to 32,292 tons, and the weekly nickel inventory increased by 436 tons to 37,187 tons [4]. - **Zinc**: On November 11, 2025, the main - contract settlement price was 22,720 yuan/ton, up 0.5%. The LmeS3 price was $2,505.5 per ton, unchanged. The domestic spot price increased, and the inventory at SHFE increased by 793 tons to 6,268 tons [6]. - **Tin**: On November 11, 2025, the main - contract settlement price was 287,410 yuan/ton, up 0.6%. The LmeS3 price was $27,540 per ton, down 2.1%. The spot price increased, and the SHFE inventory increased by 73 tons to 5,992 tons [6]. 3. Chart Analysis - **Spot Premium**: Charts of copper, aluminum, nickel, zinc, lead, and tin spot premiums from 2019 - 2025 were presented, showing the historical trends of these premiums [8][10][15]. - **SHFE Near - Far Month Spread**: Charts of copper, aluminum, nickel, zinc, lead, and tin SHFE near - far month spreads from 2020 - 2025 were provided, demonstrating the historical trends of these spreads [16][19][23]. - **LME Inventory**: Charts of LME copper, aluminum, nickel, zinc, lead, and tin inventories from 2019 - 2025 were shown, indicating the historical inventory trends [25][27][29]. - **SHFE Inventory**: Charts of SHFE copper, aluminum, nickel, zinc, lead, and tin inventories from 2019 - 2025 were displayed, presenting the historical inventory trends [32][34][36]. - **Social Inventory**: Charts of copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel social inventories were presented, with time - span data from 2019 - 2025 for some and 2020 - 2025 for others, showing the historical social - inventory trends [38][40][42]. - **Smelting Profit**: Charts of copper concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate were provided, with data from 2019 - 2025, showing the historical trends of these smelting - related indicators [44][46][48]. 4. Introduction of the Non - ferrous Metals Team - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metals researcher, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and a top industrial - futures analyst in the futures and securities fields. He has over a decade of commodity - research experience, serves many leading spot enterprises, and has published dozens of professional articles. His team has won multiple industry awards [51]. - Wang Heng, a finance master from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research. He provides timely market and policy interpretations and has written many in - depth reports [51]. - Zhu Xi, a science master from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She focuses on the integration of non - ferrous metals and new energy and provides timely market and policy interpretations [52].

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1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report The report comprehensively presents the overnight and spot market conditions of multiple commodities, including palm oil, soybean, and their by - products. It also details important fundamental information such as weather in crop - producing areas, international and domestic supply - demand situations, and macro - economic news both globally and in China. Additionally, it shows the capital flow in the futures market and provides an arbitrage tracking overview. 3. Summary by Directory 3.1 Overnight Market Conditions - The closing prices and percentage changes of various futures contracts including BMD palm oil, ICE Brent crude, NYMEX WTI crude, CBOT soybeans, etc. are presented. For example, the closing price of BMD palm oil 01 is 4150.00, with a previous day's increase of 0.68% and an overnight increase of 0.27% [1]. - The latest prices and percentage changes of multiple currency pairs like the US dollar index, CNY/USD, MYR/USD, etc. are given. For instance, the US dollar index is at 99.44, down 0.12% [1]. 3.2 Spot Market Conditions - Spot prices, basis, and basis changes of DCE palm oil 2601, DCE豆油 2601, and DCE豆粕 2601 in different regions are provided. For example, for DCE palm oil 2601 in North China, the spot price is 8890, with a basis of 100 and no change in basis from the previous day [2]. - CNF premiums, premium changes, and CNF quotes for imported soybeans from different regions such as the US Gulf, US West, and Brazil are presented. For example, the CNF premium for US Gulf soybeans is 250 cents per bushel, and the CNF quote is 506 dollars per ton [4]. 3.3 Important Fundamental Information 3.3.1 Producing Area Weather - Brazil will continue to have rainfall this week with temperatures near normal. Different states have different weather patterns, and later in the week, southern Brazil may become drier [5]. - Argentina may have precipitation in the next two days, but the weather may turn drier later. If the temperature rises, the weather conditions for corn and soybeans may change significantly [5]. 3.3.2 International Supply - Demand - CIMB Securities predicts that Malaysia's palm oil inventory will increase by 4.0% month - on - month to 2.57 million tons in November due to a 10% month - on - month decline in exports, and production is expected to fall by 8.0% month - on - month to 1.88 million tons after peaking in October [7]. - SPPOMA data shows that from November 1 - 10, 2025, Malaysia's palm oil yield decreased by 4.14% month - on - month, the oil extraction rate decreased by 0.4% month - on - month, and production decreased by 2.16% month - on - month [7]. - As of November 10, Indonesia's biodiesel consumption this year has reached 12.25 million kiloliters, and the government has allocated 15.6 million kiloliters of FAME for biodiesel consumption in 2025 [7]. - Analysts' average prediction for the global 2025/26 soybean ending stocks in the USDA November report is 124.21 million tons, with a range of 122.5 - 126 million tons, compared to the USDA's September estimate of 123.99 million tons [7]. - Analysts' average prediction for the US 2025/26 soybean production is 4.266 billion bushels, with a range of 4.152 - 4.336 billion bushels; the average predicted yield is 53.1 bushels per acre, with a range of 51.7 - 54.0 bushels per acre; and the average predicted ending stocks are 304 million bushels, with a range of 187 - 494 million bushels [8]. - Anec expects Brazil's soybean exports in November to reach 4.26 million tons and soybean meal exports to reach 2.47 million tons, both higher than the previous week [8]. - Secex data shows that Brazil exported 1.1774562 million tons of soybeans in the first week of November, with an average daily export volume 75% higher than that of November last year [8]. - Imea data shows that the soybean crushing profit in Mato Grosso from November 3 - 7 was 459.16 Brazilian reals per ton, lower than the previous week [9]. - As of November 9, 2025/26, the EU's palm oil imports were 1.01 million tons, soybeans imports were 4.15 million tons, and rapeseed imports were 1.31 million tons, all lower than the same period last year [9]. - The EU is considering delaying the implementation of its zero - deforestation law by one year to December 2026 [9]. - Germany's rapeseed industry association predicts that the winter rapeseed planting area in 2026 will be between 1.1 - 1.15 million hectares, almost unchanged from 2025 [9]. - On Tuesday, the Baltic Dry Index fell slightly due to a decline in Capesize ship freight rates. The Capesize ship freight index decreased by 2.2%, while the Panamax ship freight index increased by 1.1% [10]. 3.3.3 Domestic Supply - Demand - On November 11, the total trading volume of soybean oil and palm oil was 40,000 tons, a 1% decrease from the previous day. The trading volume of soybean meal was 314,100 tons, an increase of 120,500 tons from the previous day. The overall oil mill operating rate was 53.51%, a 2.55% decrease from the previous day [12]. - From November 3 - 7, 2025, the average weekly price of lean - type white - striped pork in 16 provinces and municipalities was 16.04 yuan per kilogram, a 1.5% week - on - week decrease and a 27.9% year - on - year decrease [12]. - On November 11, the "Agricultural Product Wholesale Price 200 Index" was 125.57, a 0.01 - point decrease from the previous day, and the "Vegetable Basket" product wholesale price index was 127.67, a 0.01 - point increase from the previous day. The average price of pork in the national agricultural product wholesale market was 18.11 yuan per kilogram, a 0.1% decrease from the previous day [12]. 3.4 Macro - economic News 3.4.1 International News - The probability of the Fed cutting interest rates by 25 basis points in December is 67.6%, and the probability of keeping rates unchanged is 32.4%. By January next year, the probability of a cumulative 25 - basis - point cut is 53.2%, and the probability of a cumulative 50 - basis - point cut is 27.7% [14]. - ADP data shows different estimates of private - sector employment changes. One series shows a weekly decrease of 11,250 jobs in the four weeks ending October 25, while another series predicts an increase of 42,000 jobs in October [15]. - The US House Rules Committee will hold a meeting on November 11 (EST) to advance the government funding plan for a vote the next day [15]. - The year - on - year growth rate of US red - book commercial retail sales in the week ending November 3 was 5.9%, higher than the previous value of 5.7% [15]. - The US NFIB Small Business Optimism Index in October was 98.2, lower than the expected 98.5 and the previous value of 98.8 [15]. 3.4.2 Domestic News - On November 11, the US dollar/Chinese yuan exchange rate was 7.0866, with a 10 - point increase (yuan depreciation) [17]. - On November 11, the People's Bank of China conducted 403.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 286.3 billion yuan after 117.5 billion yuan of 7 - day reverse repurchases matured [17]. - The PBC's Q3 2025 monetary policy report proposes to implement a moderately loose monetary policy, maintain relatively loose social financing conditions, and improve the monetary policy framework [17]. - The US has suspended the implementation of the export control penetration rule from November 10, 2025, to November 9, 2026, which is an important measure to implement the consensus of the China - US Kuala Lumpur economic and trade consultations [17]. 3.5 Capital Flow - On November 11, 2025, the futures market had a net capital outflow of 2.554 billion yuan. Commodity futures had a net capital inflow of 5.118 billion yuan, including 795 million yuan in agricultural product futures, 463 million yuan in chemical futures, a net outflow of 622 million yuan in black - series futures, and 4.483 billion yuan in metal futures. Stock index futures had a net capital outflow of 7.44 billion yuan, and treasury bond futures had a net capital outflow of 356 million yuan [20]. 3.6 Arbitrage Tracking There is no specific information provided in the given text about arbitrage tracking.

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints - The weak performance of the US private - sector employment supports the precious metal prices. The probability of the Fed's interest - rate cut in December has increased due to factors such as the decrease in the number of private - sector employees in October. Geopolitical risks and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Shanghai Gold**: The closing price was 933.02 yuan/g, the trading volume was 63048.00, and the position volume was - 882.00. The spread between the near - month and far - month contracts was - 1.30, and the basis between the spot and futures was - 2.38 [1] - **Shanghai Silver**: The closing price was 11865.00 yuan/10g, the trading volume was 725114.00, and the position volume was 4243002.00. The spread between the near - month and far - month contracts was 40.00, and the basis between the spot and futures was - 15.00 [1] - **COMEX International Gold Futures**: The closing price was 4133.20 US dollars/ounce, the trading volume was 223800.00, and the position volume was 291850.00. The inventory was 37575139.58 troy ounces [1] - **London Gold Spot**: The price was 4123.30 US dollars/ounce, and the holdings of SPDR Gold ETF were 1041.78 tons, and iShare Gold ETF were 482.31 tons [1] - **COMEX International Silver Futures**: The closing price was 51.08 US dollars/ounce, the trading volume was 69857.00, and the position volume was 94353.00 [1] - **London Silver Spot**: The price was 51.24 US dollars/ounce [1] 3.2 Price Ratios - The price ratio of gold to silver: Shanghai gold spot/Shanghai silver spot was 79.87, New York gold/New York silver was 80.92, and London gold spot/London silver spot was 81.74 [1] 3.3 Other Commodity and Financial Market Data - **Crude Oil**: INE crude oil was 458.80 yuan/barrel, ICE Brent oil was 63.94 US dollars/barrel, and NYMEX crude oil was 60.05 US dollars/barrel [1] - **Copper**: Shanghai copper futures were 86630.00 yuan/ton, and LME spot copper was 10840.00 US dollars/ton [1] - **Steel and Iron Ore**: Shanghai rebar was 3044.00 yuan/ton, and Dalian iron ore was 763.00 yuan/ton [1] - **Interest Rates**: The inter - bank lending rate SHIBO was 1.32, and the 10 - year US Treasury nominal yield was 4.1300 [1] - **Exchange Rates**: The US dollar index was 99.4792, the US dollar to RMB central parity rate was 7.0866, and the euro to RMB central parity rate was 8.1986 [1] - **Stock Indexes**: The Shanghai Composite Index was 4018.5972, the S&P 500 was 6851.9700, the UK FTSE 100 was 9787.1500, etc. [1] 3.4 Important Information - According to ADP, the US private sector lost an average of 11250 jobs per week in the four weeks ending October 25th. The White House National Economic Council Director said that some US data for October may be lost forever [1] 3.5 Long - Short Logic - The Republican Party's agreement to vote on extending the ACA subsidies in December is expected to lead to some cash outflows from the US Treasury's general account. The decrease in private - sector employment in October has increased the probability of the Fed's interest - rate cut in December. Geopolitical risks, the expansion of fiscal deficits in many countries, and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3.6 Trading Strategy - It is advisable to go long when the price drops. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890, and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45, and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500, and the resistance level is around 12000 - 12500 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report provides market performance, fundamentals, and trading strategies for various commodity futures, including precious metals, base metals, black industries, agricultural products, and energy chemicals. The overall market situation is complex, with different commodities showing different trends and risks [2][3][4]. 3. Summary by Categories Precious Metals - **Gold**: Overnight prices rose slightly, with London gold at $4,125.67/oz. ADP data showed a decline in US private - sector jobs, and there were various inventory changes. Suggest buying at the lower support [2]. - **Silver**: Suggest reducing long positions [2]. Base Metals - **Copper**: Prices were oscillating strongly. The market priced in the US government reopening, and weak ADP data boosted the Fed's rate - cut expectation. Supply was tight, and short - term demand was weak. Treat it with an oscillating mindset in the short term [3]. - **Aluminum**: The main contract price decreased by 0.30%. Supply increased slightly, and demand decreased. In the traditional consumption off - season, prices are expected to oscillate strongly due to overseas supply concerns [3]. - **Alumina**: The main contract price decreased by 0.46%. Supply was stable, and demand was high. The market is in an oversupply situation, and the rebound space is limited [3]. - **Zinc**: The main contract price decreased by 0.11%. Supply was tight domestically but increased overseas. Consumption was in the off - season. Suggest selling short at high prices [4]. - **Lead**: The main contract price decreased by 0.06%. Supply was stable, and demand improved slightly. Suggest interval operation [4]. - **Industrial Silicon**: The main contract price decreased by 1.18%. Supply was supported by polysilicon, and demand was stable. The price is expected to oscillate between 8,600 - 9,400 yuan/ton, and consider buying at low prices [4]. - **Lithium Carbonate**: The main contract price decreased by 0.8%. Supply increased slightly, and demand increased significantly. It is expected to go into de - stocking in November. Suggest buying at low prices cautiously and consider selling put options [4]. - **Polycrystalline Silicon**: The main contract price decreased by 3.33%. Supply decreased, and demand was weak. The November storage platform progress is uncertain. Suggest waiting and seeing [5]. - **Tin**: Prices were oscillating strongly. The market priced in the US government reopening, and ADP data boosted the Fed's rate - cut expectation. Supply decreased, and demand was stable. Treat it with an oscillating mindset in the short term [5]. Black Industry - **Rebar**: The main contract price increased by 2 yuan/ton. Inventory decreased, and demand improved marginally. Supply decreased significantly. Suggest waiting and seeing, with a reference range of 2,990 - 3,040 yuan/ton [6]. - **Iron Ore**: The main contract price increased by 10 yuan/ton. Supply decreased, and demand was stable. Suggest waiting and seeing, with a reference range of 740 - 770 yuan/ton [6]. - **Coking Coal**: The main contract price decreased by 37.5 yuan/ton. Supply was stable, and demand was weak. Suggest waiting and seeing, with a reference range of 1,230 - 1,280 yuan/ton [7]. Agricultural Products - **Soybean Meal**: CBOT soybeans fell slightly. Supply was stable, and demand improved. The global inventory is expected to remain high. US soybeans are strong, and domestic ones are relatively strong. Short - term focus on the USDA report, and medium - term depends on tariff policies and production [7]. - **Corn**: Futures prices continued to rise. Inventory was low, and demand was strong. New production is expected to increase, and costs will decrease. Short - term prices are expected to oscillate strongly. Suggest waiting and seeing [7]. - **Sugar**: The 01 contract price decreased by 0.04%. Globally, supply is expected to be in surplus, and domestically, the market rebounded due to news. Suggest shorting in the futures market and selling call options [7]. - **Cotton**: US cotton prices fell, and domestic prices oscillated downwards. Supply increased, and demand was stable. Suggest waiting and seeing, with an interval strategy of 13,400 - 13,700 yuan/ton [7]. - **Palm Oil**: The Malaysian market rebounded slightly. Supply increased, and demand increased. Near - term inventory is accumulating, and long - term production is expected to decrease seasonally. Suggest a reverse spread strategy and focus on production and policies [8]. - **Eggs**: Futures prices were weak in the near - term and strong in the long - term. Supply decreased, and demand increased seasonally. After Double Eleven, prices are expected to oscillate in an interval [8]. - **Hogs**: Futures prices oscillated narrowly. Supply was abundant, and demand was expected to increase seasonally. Prices are expected to oscillate at a low level [8]. - **Apples**: The main contract price increased by 0.76%. Supply was affected by quality and timing, and demand was optimistic. Suggest waiting and seeing [8]. Energy Chemicals - **LLDPE**: Prices oscillated slightly. Supply pressure increased but at a slower pace, and demand decreased. In the short term, prices are expected to oscillate weakly, and in the long term, suggest shorting at high prices or reverse - spreading [9]. - **PTA**: PX supply was high, and PTA supply pressure was large. PX was in balance, and PTA was slightly de - stocking. Suggest taking profit on long positions and shorting processing fees in the long term [10]. - **Rubber**: The main contract price increased by 0.33%. Raw material prices were stable, and inventory increased. Suggest an oscillating operation [10]. - **PP**: Prices oscillated slightly. Supply increased, and demand decreased. In the short term, prices are expected to oscillate weakly, and in the long term, suggest shorting at high prices or reverse - spreading [10]. - **MEG**: Supply pressure was large, and inventory was at a medium - low level. Demand entered the off - season. Suggest shorting at high prices [10]. - **Crude Oil**: Prices rose. Supply faced risks from Russian oil and OPEC+ production, and demand was seasonally weak. Prices are expected to oscillate in the short term, and short at high prices if Russian oil reduction is less than 500,000 barrels/day [11]. - **Styrene**: Prices fell slightly. Supply and demand contradictions were large. In the short term, prices are expected to oscillate weakly, and in the long term, suggest shorting at high prices or reverse - spreading [11].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the medium - to - long - term, central bank gold purchases and growing investment demand will push up the price of precious metals. In the short term, precious metals are strengthening. For London gold, the resistance is at 4150, and the support is between 4000 - 4050. For silver, the support is between 49.5 - 50, and the resistance is at 52.5 [5] 3. Summary by Relevant Catalogs 3.1 Market Review - On Tuesday, precious metals remained strong. The potential end of the US government shutdown eases the current market liquidity shortage and supports the Fed's December rate - cut expectation. COMEX gold 2512 contract closed at $4133.2 per ounce, up 0.27%; US silver 2512 contract closed at $51.075 per ounce, up 1.52%. SHFE gold 2512 main contract closed at 948.88 yuan per gram, up 2.67%; SHFE silver 2512 contract closed at 11880 yuan per kilogram, up 3.2% [2] 3.2 Interest Rate Cut Expectation and Fund Holdings - Interest rate cut expectation slightly rebounded. According to CME "FedWatch" data, the probability of the Fed keeping the interest rate unchanged on December 11 is 32.4%, and the probability of a 25 - basis - point cut is 67.6%. For January 29, the probability of keeping the rate unchanged is 19.2%, the probability of a cumulative 25 - basis - point cut is 53.4%, and the probability of a cumulative 50 - basis - point cut is 27.7%. For March 19, the probability of keeping the rate unchanged is 13.6%, the probability of a cumulative 25 - basis - point cut is 41.4%, and the probability of a cumulative 50 - basis - point cut is 35.6%. SPDR Gold ETF holdings increased by 4.3 tons to 1046.36 tons, and iShares Silver ETF holdings remained at 15088.63 tons. SHFE silver inventory decreased by 18.2 tons to 591.9 tons, and SGX silver inventory decreased by 7.9 tons to 822.4 tons as of the week ending November 7 [3] 3.3 This Week's Focus - In terms of data, focus on the US CPI report on Thursday evening. In terms of events, on Wednesday, at 22:20, FOMC permanent voter and New York Fed President Williams will speak; at 23:00, 2026 FOMC voter and Philadelphia Fed President Paulson will speak on fintech; at 23:45, US Treasury Secretary Baisent will speak. On Friday, at 01:15, 2025 FOMC voter and St. Louis Fed President Musalem will speak on monetary policy; at 01:20, 2026 FOMC voter and Cleveland Fed President Hamark will participate in a fireside chat; at 23:05, 2025 FOMC voter and Kansas City Fed President Schmid will speak on economic outlook and monetary policy. On Saturday, at 03:30, 2026 FOMC voter and Dallas Fed President Logan will participate in a fireside chat [4] 3.4 Precious Metals Spot and Futures Price Table - SHFE gold main continuous contract is at 948.88 yuan per gram, up 12.9 yuan or 1.38%. SGX gold TD is at 946.5 yuan per gram, up 13.48 yuan or 1.44%. CME gold main contract is at $4133.2 per ounce, down $23.9 or 0.57%. SHFE silver main continuous contract is at 11880 yuan per kilogram, up 161 yuan or 1.37%. SGX silver TD is at 11865 yuan per kilogram, up 139 yuan or 1.19%. CME silver main contract is at $51.075 per ounce, up $0.67 or 1.33%. SHFE - TD gold is at 2.38 yuan per gram, down 0.58 yuan or 19.59%. SHFE - TD silver is at 15 yuan per kilogram, up 22 yuan or - 275%. CME gold - silver ratio is 80.9241, down 1.5499 or 1.88% [6][7] 3.5 Inventory and Position Table - SHFE gold inventory is 89616 kilograms, unchanged. CME gold inventory is 1168.7184 tons, down 4.7997 tons or 0.41%. SHFE gold position is 131045 lots, down 5612 lots or 4.11%. SPDR gold position is 1046.36 tons, up 4.3 tons or 0.41%. SHFE silver inventory is 591.884 tons, down 18.094 tons or 2.97%. CME silver inventory is 14884.8306 tons, down 17.0023 tons or 0.11%. SGX silver inventory is 822.42 tons, down 7.89 tons or 0.95%. SHFE silver position is 233702 lots, down 9515 lots or 3.91%. SLV silver position is 15088.632696 tons, unchanged [15] 3.6 Stock, Bond, and Commodity Summary - The US dollar index is at 99.4822, down 0.1411 or 0.14%. The US dollar against the Chinese yuan is at 7.12, down 0.0032 or 0.04%. The Dow Jones Industrial Average is at 47927.96 points, up 559.33 points or 1.18%. WTI crude oil spot is at $61.04 per barrel, up $0.91 or 1.51%. LmeS copper 03 is at $10840 per ton, down $34.5 or 0.32%. The 10 - year US Treasury yield is at 4.13%, up 0.02 or 0.49%. The 10 - year US real interest rate is at 1.84%, up 0.01 or 0.55%. The 10 - 2 - year US Treasury yield spread is at 0.55%, down 0.01 or 1.79% [21]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily views and strategies for various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. Each commodity has a specific outlook, such as price trends, influencing factors, and potential risks [2][5]. 3. Summary by Commodity Precious Metals - **Gold**: The ongoing government shutdown continues to impact liquidity. The trend strength is 0, indicating a neutral outlook [2][6]. - **Silver**: Expected to have an oscillating rebound. The trend strength is 0, suggesting a neutral stance [2][6]. Base Metals - **Copper**: Supported by the Fed's interest rate cut expectations. The trend strength is 1, indicating a slightly bullish outlook [2][11]. - **Zinc**: Expected to trade within a range. The trend strength is 0, suggesting a neutral view [2][14]. - **Lead**: Inventory increases significantly, limiting price increases. The trend strength is 0, indicating a neutral stance [2][17]. - **Tin**: Attention should be paid to macro - economic impacts. The trend strength is 1, showing a slightly bullish outlook [2][20]. - **Aluminum**: The price center is expected to move up. The trend strength is 1, indicating a slightly bullish view [2][23]. - **Alumina**: Expected to oscillate at the bottom. The trend strength is 0, suggesting a neutral stance [2][23]. - **Cast Aluminum Alloy**: Expected to follow the trend of electrolytic aluminum. The trend strength is 1, showing a slightly bullish outlook [2][23]. - **Nickel**: High inventory accumulation and risks in Indonesia are in a tug - of - war, with prices expected to oscillate at low levels. The trend strength is 0, indicating a neutral view [2][26]. - **Stainless Steel**: Lacks upward drivers, and the downside is also limited. The trend strength is 0, suggesting a neutral stance [2][26]. Energy - Related Commodities - **Carbonate Lithium**: Subsidies in Inner Mongolia are declining, energy storage installation in October decreased, and Australian ore production increased. The trend strength is - 1, indicating a slightly bearish outlook [2][31]. - **Industrial Silicon**: Attention should be paid to the bottom support. The trend strength is 0, suggesting a neutral view [2][34]. - **Polysilicon**: Entered a policy vacuum period, and the market is trading based on supply - demand logic. The trend strength is - 1, indicating a slightly bearish outlook [2][35]. - **Iron Ore**: The inventory accumulation pressure has materialized, and prices are falling from high levels. The trend strength is 0, suggesting a neutral stance [2][38]. - **Rebar**: Expected to have wide - range oscillations. The trend strength is 0, indicating a neutral view [2][41]. - **Hot - Rolled Coil**: Expected to have wide - range oscillations. The trend strength is 0, suggesting a neutral stance [2][42]. - **Silicon Ferrosilicon**: Affected by sector sentiment resonance, expected to have wide - range oscillations. The trend strength is 0, indicating a neutral view [2][46]. - **Manganese Silico - Manganese**: Supported by the sentiment of the ore end, expected to have wide - range oscillations. The trend strength is 0, suggesting a neutral stance [2][46]. - **Coke**: Expected to follow the downward trend. The trend strength is - 1, indicating a slightly bearish outlook [2][50]. - **Coking Coal**: Supply expectations are fluctuating, and valuations are declining. The trend strength is - 1, indicating a slightly bearish outlook [2][51]. Other Commodities - **Log**: Expected to oscillate repeatedly. The trend strength is not provided [2][53]. - **Para - Xylene**: Supported by aromatics blending for gasoline, expected to trade at high levels. No trend strength is provided [2][2]. - **PTA**: Demand is fair, but supply pressure remains, expected to trade at high levels. No trend strength is provided [2][2]. - **MEG**: Supply pressure is relatively large, with a downward trend. No trend strength is provided [2][2]. - **Rubber**: Expected to oscillate. No trend strength is provided [2][30]. - **Synthetic Rubber**: Supported in the short - term, expected to oscillate. No trend strength is provided [2][32]. - **Asphalt**: The situation in Venezuela has heated up again. No trend strength is provided [2][34]. - **LLDPE**: Profits in the monomer segment are compressed, and attention should be paid to import pressure. No trend strength is provided [2][36]. - **PP**: Expected to have a downward trend. No trend strength is provided [2][37]. - **Caustic Soda**: Expected to oscillate mainly. No trend strength is provided [2][38]. - **Pulp**: Expected to oscillate. No trend strength is provided [2][40]. - **Glass**: The price of the original sheet is stable. No trend strength is provided [2][42]. - **Methanol**: The driving force is downward, but the downside space is gradually narrowing. No trend strength is provided [2][43]. - **Urea**: Expected to trade within the valuation range, under short - term pressure. No trend strength is provided [2][45]. - **Styrene**: Expected to oscillate in the short - term. No trend strength is provided [2][47]. - **Soda Ash**: There are few changes in the spot market. No trend strength is provided [2][48]. - **LPG**: Demand improvement is limited, and the market valuation is high. No trend strength is provided [2][5]. - **Propylene**: Supply - demand gap narrows, with short - term support. No trend strength is provided [2][5]. - **PVC**: The trend still faces pressure. No trend strength is provided [2][5]. - **Fuel Oil**: Expected to oscillate, still weaker than low - sulfur fuel oil. No trend strength is provided [2][5]. - **Low - Sulfur Fuel Oil**: Strengthened in the night session, and the spot price spread between high - and low - sulfur oil rebounded slightly. No trend strength is provided [2][5]. - **Container Shipping Index (European Line)**: Expected to oscillate. No trend strength is provided [2][5]. - **Short - Fiber**: Peak - season demand continues, expected to oscillate with an upward bias. No trend strength is provided [2][5]. - **Bottle Chip**: Supported by upstream factors, expected to oscillate. No trend strength is provided [2][5]. - **Offset Printing Paper**: Expected to oscillate at low levels. No trend strength is provided [2][5]. - **Pure Benzene**: Expected to oscillate weakly. No trend strength is provided [2][5]. - **Palm Oil**: Temporarily stabilizes in the short - term, with limited rebound height. No trend strength is provided [2][5]. - **Soybean Oil**: U.S. soybeans stabilize, and the spread between soybean oil and palm oil is expected to widen. No trend strength is provided [2][5]. - **Soybean Meal**: Expected to oscillate. No trend strength is provided [2][5]. - **Soybean No. 1**: Expected to oscillate. No trend strength is provided [2][5]. - **Corn**: Expected to oscillate. No trend strength is provided [2][5]. - **Sugar**: Expected to trade within a range. No trend strength is provided [2][5]. - **Cotton**: Lacks upward drivers, and the price is expected to oscillate within a range. No trend strength is provided [2][5]. - **Eggs**: Expected to maintain an oscillating trend. No trend strength is provided [2][5]. - **Live Pigs**: The price spread between fat and lean pigs in the north is narrowing, and driving factors are emerging. No trend strength is provided [2][5]. - **Peanuts**: Attention should be paid to the spot market. No trend strength is provided [2][5].

Core Viewpoint - The precious metals market is currently experiencing volatility and may continue to consolidate due to a lack of strong driving forces, with gold prices facing resistance at $4150 per ounce [1]. Group 1: Market Analysis - Guotou Futures indicates that the recent ADP report shows a significant decline in U.S. employment, which has raised expectations for further interest rate cuts by the Federal Reserve [1]. - Everbright Futures notes that the gold-silver ratio has decreased to around 80.7, and the weak employment data has bolstered the Fed's rate cut expectations, leading to fluctuations in gold prices [2]. - Zhongliang Futures states that gold has broken previous highs and is in a phase of seeking subsequent peaks, with expectations that gold prices could reach $4500 to $4800 per ounce by Q1 2026 [3]. Group 2: Future Projections - Commerzbank analysts predict that the reopening of the U.S. government will lead to the release of economic data indicating a slowdown, which may prompt the Fed to implement more aggressive rate cuts, supporting gold prices until 2026 [3]. - FXStreet highlights that the weak employment data has reignited speculation about further Fed policy easing, providing support for gold prices, although the reopening of the government may exert pressure on gold [4].