1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View - The soybean meal market is affected by both the support of import costs and the pressure of domestic fundamentals, with high - level volatility of short - term futures prices intensifying [5]. - The palm oil market is suppressed by inventory pressure, weak demand, and the external market environment, and short - term futures prices will remain weak in the oil market [7]. 3. Summary by Relevant Catalogs 3.1 Soybean Meal (M) - **Market Conditions**: Short - term, medium - term, and intraday views are all "oscillating weakly". The core logic includes China's tariff policy on the US, import and arrival rhythm, oil mill start - up rhythm, and inventory pressure [5][6]. - **Driving Factors**: After China adjusted the tariff policy on the US, although the 10% additional tariff was cancelled, the 13% benchmark tariff was retained, weakening the cost support of US soybean futures on the domestic market. Domestic spot pressure has increased significantly, with high inventory, weak demand from the breeding end, and obvious pressure on spot prices [5]. 3.2 Palm Oil (P) - **Market Conditions**: Short - term view is "weak", medium - term and intraday views are "oscillating weakly". The core logic involves bio - diesel attributes, palm oil production and exports in Malaysia and Indonesia, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand [6][7]. - **Driving Factors**: It is expected that the Malaysian palm oil inventory at the end of October will increase by 3.5% month - on - month to 2.44 million tons, reaching a two - year high, and production may reach a seven - year high. Weak international crude oil prices and a stronger ringgit exchange rate have reduced the attractiveness and price competitiveness of palm oil. Demand is also weak, with India's palm oil imports in October dropping to a five - month low [7].

Core Viewpoint - Oil prices declined as investors weighed potential supply surplus and weak demand, with U.S. crude oil inventories rising significantly [1] Group 1: Oil Price Movement - U.S. crude oil main contract fell by 0.12% to $59.53 per barrel [1] - Brent crude oil main contract decreased by 0.08% to $63.47 per barrel [1] Group 2: Supply and Demand Factors - U.S. Energy Information Administration reported an increase of 5.202 million barrels in crude oil inventories, exceeding expectations [1] - U.S. crude oil production reached a historical high, intensifying market concerns about oversupply [1]

Report Industry Investment Ratings - The investment ratings for cotton, sugar, and pulp are all neutral [2][5][7] Core Views - **Cotton**: In the short term, the upper limit of the cotton futures market is under significant hedging pressure, and there is a possibility of a callback to test previous lows after cost solidification. In the long - term, the beginning inventory of the new year is low, consumption is resilient, and the current cotton price is undervalued. After the seasonal pressure, the cotton price can be optimistically viewed [2] - **Sugar**: Before the end of the year, the sugar market is expected to fluctuate. Next year, the situation is not optimistic, and there is a possibility of new lows [5] - **Pulp**: The fundamental improvement of the pulp market is insufficient, and the pulp price is likely to remain in the bottom - range fluctuation. Attention should be paid to the actual implementation of demand during the peak season in the fourth quarter [7] Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract yesterday was 13,600 yuan/ton, up 5 yuan/ton (+0.04%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 14,656 yuan/ton, down 18 yuan/ton; the national average price was 14,859 yuan/ton, down 1 yuan/ton [1] - US Cotton: From October 24 to 30, 2025, 202,500 tons of US 2025/26 cotton were graded and inspected, with 80.7% meeting the ICE cotton futures delivery requirements [1] Market Analysis - International: Sino - US negotiations have made progress, pushing up US cotton prices, but the amount of US cotton China will purchase is unclear. The US government shutdown has delayed key data release, and the short - term upside of the outer market is limited due to supply and demand pressure [2] - Domestic: The new cotton year starts with low inventory, but new cotton is being listed. The purchase price of seed cotton is rising, and the expected decline in production supports the post - holiday market. However, the short - term upside of cotton prices is limited due to hedging and weak demand [2] Strategy - Neutral. In the short term, there is a high hedging pressure on the market, and in the long - term, the cotton price can be optimistically viewed after seasonal pressure [2] Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract yesterday was 5499 yuan/ton, up 16 yuan/ton (+0.29%) from the previous day [2] - Spot: The spot price of sugar in Nanning, Guangxi was 5750 yuan/ton, unchanged; in Kunming, Yunnan, it was 5695 yuan/ton, down 15 yuan/ton [2] - New Sugar: On October 30, 2025, Yingmao Sugar Industry's Mengpeng Sugar Mill started production, and the new sugar is priced at 5700 yuan/ton, 710 yuan lower than the same period last year [3] Market Analysis - International: The global sugar market is in a bearish cycle due to oversupply from Brazil and India. Although the sugar - making ratio in Brazil has decreased recently, the long - term rebound of raw sugar is limited [4] - Domestic: The new sugar season in China is expected to have increased production, but the price is near the production cost, and the tightening of syrup control policies supports the price, limiting the downside [4] Strategy - Neutral. The market will fluctuate before the end of the year, and there may be new lows next year [5] Pulp Market News and Important Data - Futures: The closing price of the pulp 2601 contract yesterday was 5306 yuan/ton, up 94 yuan/ton (+1.80%) from the previous day [5] - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5500 yuan/ton, up 25 yuan/ton; the price of Russian softwood pulp was 5045 yuan/ton, up 55 yuan/ton [5] - Market: The price of imported wood pulp in the spot market is rising moderately, with different price increases in various regions and pulp types [5] Market Analysis - Supply: Overseas pulp mills' price increases, production cuts, and conversion plans have limited impact on the overall supply. Domestic imports have increased, and port inventories remain high [6] - Demand: Weak consumption in Europe and the United States and insufficient domestic demand are suppressing pulp prices. Despite new production capacity, effective demand is lacking, and paper mills' raw material procurement is cautious [6] Strategy - Neutral. The pulp price is likely to fluctuate at a low level, and attention should be paid to the peak - season demand in the fourth quarter [7]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The nickel market is facing a situation of high inventory and oversupply, and nickel prices are expected to remain in a low - level oscillation. The stainless - steel market is also under the dual pressure of high inventory and weak demand, and its price is expected to maintain a low - level oscillation [1][3]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On October 30, 2025, the main contract 2512 of Shanghai nickel opened at 121,770 yuan/ton and closed at 120,980 yuan/ton, a change of - 0.03% from the previous trading day's close. The trading volume was 99,113 (- 10,149) lots, and the open interest was 107,897 (- 1,789) lots. The main contract showed a volatile downward trend. The Fed's 25 - basis - point interest rate cut and Powell's cautious statement on the December rate cut led to a short - term rebound of the US dollar, pressuring commodities, and Shanghai nickel closed slightly lower in the late session [1]. - **Nickel Ore**: The mine side still has a strong attitude of holding prices, and the overall nickel ore price remains firm. The CIF tender price of 1.4% nickel ore from Indonesia's purchases in the Philippines was 49.5 - 50.5, down 1 dollar month - on - month. The FOB tender price of 1.4% nickel ore from the northern Philippine mine LNL was 43.5, unchanged month - on - month. The Surigao mining area in the Philippines is about to enter the rainy season, and the shipping is coming to an end; the northern mines are in the tender and shipping stage. The price of downstream nickel iron is under pressure, and iron plants are not willing to accept the high price of raw material nickel ore. The domestic trade benchmark price in Indonesia in November (phase one) is expected to fall by 0.12 - 0.18 dollars, and the current mainstream premium is + 26, with the premium range mostly between + 25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market was 123,700 yuan/ton, up 600 yuan/ton from the previous trading day. Spot trading was dull, and the spot premiums and discounts of each brand remained stable. Among them, the premium of Jinchuan nickel changed by 50 yuan/ton to 2,450 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 31,532 (99) tons, and the LME nickel inventory was 251,640 (- 66) tons [2]. - **Strategy** - The nickel market has high inventory and the oversupply pattern remains unchanged. It is expected that nickel prices will remain in a low - level oscillation. The recommended strategy is mainly range - bound operation for the single - side, and no operations are recommended for the inter - period, inter - variety, spot - futures, and options [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On October 30, 2025, the main contract 2512 of stainless steel opened at 12,805 yuan/ton and closed at 12,725 yuan/ton. The trading volume was 105,051 (+ 11,210) lots, and the open interest was 89,093 (- 4,171) lots. Similar to the trend of Shanghai nickel, the main contract showed a volatile weakening trend. Overseas, the rebound of the US dollar pressured commodities; domestically, although the adjustment of real - estate policies released certain positive signals, the demand transmission of stainless steel in the real - estate field was lagging, and it was difficult to boost market confidence in the short term [3]. - **Spot**: The price was basically stable, and trading was still difficult. The price of stainless steel in the Wuxi market was 13,000 (+ 100) yuan/ton, and that in the Foshan market was 13,000 (+ 50) yuan/ton. The premium and discount of 304/2B were 250 to 550 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron remained unchanged at 924.5 yuan/nickel point [3]. - **Strategy** - In the short term, stainless steel will still face the dual pressure of high inventory and weak demand, and it is expected to maintain a low - level oscillation. The single - side strategy is neutral, and no operations are recommended for the inter - period, inter - variety, spot - futures, and options [5].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The prices of most energy and chemical products are expected to be volatile. Specifically, the price of crude oil is expected to return to a volatile state due to OPEC+'s production increase plan and concerns about weak demand; the prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride are also expected to be volatile due to various factors such as supply and demand and cost [1][2][3][4][5] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, oil prices fluctuated weakly. The WTI December contract closed down $0.19 to $61.31 per barrel, a decline of 0.31%. The Brent December contract closed down $0.32 to $65.62 per barrel, a decline of 0.49%. The SC2512 closed at 464.9 yuan per barrel, down 3.5 yuan per barrel, a decline of 0.75%. OPEC+ tends to moderately increase production in December. Eight member countries have increased their production targets by a total of 2.7 million barrels per day through a series of monthly production increases, accounting for about 2.5% of global supply. The market's concern about weak demand continues to suppress oil prices, and it is expected that oil prices will return to a volatile state in the short term [1] - **Fuel Oil**: On Monday, the main fuel oil contract FU2601 on the Shanghai Futures Exchange closed up 1.28% at 2,842 yuan per ton; the main low-sulfur fuel oil contract LU2512 closed up 1.8% at 3,275 yuan per ton. Due to weak downstream demand and sufficient recent supply, the Asian low-sulfur market structure has weakened. The Asian high-sulfur market is expected to remain stable. In the short term, the absolute prices of FU and LU will rebound following the cost side, and attention should be paid to the fluctuations of oil prices under the influence of macro factors [2] - **Asphalt**: On Monday, the main asphalt contract BU2601 on the Shanghai Futures Exchange closed down 0.03% at 3,295 yuan per ton. From the perspective of refinery production schedules in early November, the supply pressure will be alleviated. In the short term, the absolute price of BU will rebound following the cost side, and attention should be paid to the fluctuations of oil prices under the influence of macro factors [2] - **Polyester**: TA601 closed at 4,616 yuan per ton yesterday, up 2.17%; EG2601 closed at 4,109 yuan per ton yesterday, up 0.78%. The production and sales of polyester yarn in Zhejiang and Jiangsu are generally good, with an average production and sales estimate of about 70%. The fundamentals of TA and EG have improved. In the short term, the prices of polyester products are expected to be volatile [2][3] - **Rubber**: On Monday, the main Shanghai rubber contract RU2601 rose 45 yuan per ton to 15,380 yuan per ton, and the main NR contract rose 35 yuan per ton to 12,540 yuan per ton. The inventory of natural rubber in Qingdao has decreased. Macroscopically, the Sino-US economic and trade negotiations have reached a preliminary consensus, and it is expected that rubber prices will be strongly volatile [3] - **Methanol**: On Monday, the spot price in Taicang was 2,230 yuan per ton. In the short term, the port supply is still relatively high, and the short-term rebound of crude oil has a positive impact on the valuation of chemicals. Therefore, the performance of methanol may tend to be volatile [4] - **Polyolefin**: On Monday, the mainstream price of East China拉丝 was 6,560 - 6,650 yuan per ton. In the short term, the production will remain high, and the marginal increase in demand will gradually decline. The short-term rebound of crude oil supports the valuation, but the fundamental driving force is weakening. It is expected that polyolefin prices will enter a volatile stage [4] - **Polyvinyl Chloride**: On Monday, the price of the PVC market in East China fluctuated slightly. The supply remains at a high level, the domestic demand has slowed down, and the export is expected to be weak. The price has a demand for phased repair, but the rebound height is limited under the suppression of high inventory [5] 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on October 28, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [6] 3.3 Market News - Market participants said that OPEC+ tends to moderately increase production in December to regain market share. Eight member countries have increased their production targets by a total of 2.7 million barrels per day through a series of monthly production increases, accounting for about 2.5% of global supply [10] - Morgan Stanley said that the fundamentals of the oil market are expected to return to balance from an oversupply state in the second half of next year [10] 3.4 Chart Analysis - **Main Contract Prices**: The report provides the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low-sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short fiber, LLDPE, polypropylene, PVC, methanol, rubber, synthetic rubber, European line container shipping, paraxylene, and bottle chips [12][13][14][15][16][18][19][20][22][23] - **Main Contract Basis**: The report provides the basis charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low-sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - number rubber, paraxylene, synthetic rubber, and bottle chips [24][26][30][32][33][36] - **Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various energy and chemical products, including fuel oil, asphalt, European line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [38][40][43][46][49][50][53] - **Inter - variety Spreads**: The report provides the spread charts of inter - variety contracts of various energy and chemical products, including crude oil internal and external markets, crude oil B - W spread, fuel oil high - low sulfur spread, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - number rubber spread [55][59][61][62] - **Production Profits**: The report provides the production profit charts of various energy and chemical products, including ethylene - based ethylene glycol cash flow, PP production profit, and LLDPE production profit [64][66] 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team of Everbright Futures, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, and their positions, educational backgrounds, honors, and work experiences [69][70][71][72]

Core View - The short - term geopolitical risks and inventory decline support a rebound, but the weak chemical demand and the global pattern of strong supply and weak demand remain unchanged. LPG is expected to remain weak in the medium - to - long term [3] - Port inventory decreased month - on - month, and the supply pressure was relieved in the short term [2] - Crude oil rebounded due to geopolitical risks, and the expected increase in Saudi CP drove up the cost of LPG [2] - The operating rate of PDH plants remained at a multi - year low, the polypropylene price fell below the 2023 low, and the profit loss of alkylation plants widened [2] - The propane inventory in the United States is at a historical high, the export volume from the Middle East has increased significantly, and the unexpected decline in Saudi CP reflects the abundant supply [2]

Core Viewpoint - The domestic melamine industry is experiencing a deep adjustment period characterized by supply-demand imbalance, leading to intensified market competition and declining prices since 2025 [1][2]. Supply and Demand Imbalance - The domestic melamine market ended the first half of 2025 with a downward trend, primarily driven by supply-demand imbalance. The production capacity reached 2.31 million tons in 2024 and is expected to increase to 2.6 million tons by the end of 2025, with an additional 940,000 tons of new capacity expected to come online in the following years [2]. - Demand remains weak, particularly from the construction sector, which accounts for nearly 60% of melamine consumption. The sales area of new commercial housing is projected to decline by 12.9% in 2024, and the consumption of melamine in the artificial board industry is expected to drop to 771,100 tons in 2025, a further decrease from 2024 [2]. Profit Margin Compression - The supply-demand pressure has directly impacted corporate profitability, with melamine prices dropping by 20% year-on-year in 2025. As of mid-October, the cash reference price for melamine was 5,084 yuan per ton, while production costs for companies using external urea ranged from 4,778 to 4,856 yuan, resulting in a profit margin of only 228 yuan, down 16 yuan from the previous week [3]. - The core reasons for the shrinking profit margins include persistent weak demand and limited support from raw material prices. The average price of urea in the third quarter of 2025 was 1,762 yuan, reflecting a 6.37% decline from the previous quarter and a 17.27% year-on-year drop [3]. Export Challenges - The export volume of melamine reached 427,300 tons in the first eight months of the year, a 6.2% increase year-on-year. However, the average export price fell by 166.3 USD, resulting in a situation where increased export volume did not translate into higher profits [4]. Industry Structural Adjustments - The industry is witnessing three major trends: increased concentration of enterprises, heightened regional concentration, and a shift towards green and high-end transformation. The market share of the top five melamine companies (CR5) rose from 38% in 2020 to 52% in 2025, indicating a 14 percentage point increase over five years [5]. - By the end of 2025, the total melamine production capacity in China is expected to reach 2.6 million tons, with five regions (Xinjiang, Shandong, Sichuan, Henan, and Shanxi) accounting for 77.5% of this capacity [5]. - The tightening of environmental regulations and the upgrading of downstream demand are driving the need for green and high-end transformation in the industry. The implementation of the new national standard for formaldehyde emissions in 2026 is expected to indirectly boost the demand for environmentally friendly melamine [5][6].

Report Industry Investment Rating No relevant content provided. Core View of the Report The ethylene glycol market is currently facing supply and inventory pressures, lacking bullish support. In the short term, it is expected to maintain a low-level oscillation pattern, with the upside limited by high inventory and weak demand, and the downside supported by cost differences. Attention should be paid to inventory inflection points and coal-based plant maintenance trends [1][2]. Summary According to Relevant Catalogs 1. Daily Market Summary - **Price and Basis**: The price of the ethylene glycol futures main contract decreased slightly from 4,061 yuan/ton on October 14th to 4,057 yuan/ton on October 15th, a decline of 0.1%. The East China spot price also weakened, and the basis narrowed from 69 yuan/ton to 63 yuan/ton, indicating a slight relief in futures discount pressure but still cautious market sentiment [1]. - **Position and Trading Volume**: The position of the main contract increased by 2,469 lots to 339,900 lots, while the trading volume dropped significantly by 25.66% (a decrease of 39,900 lots), showing intensified differences between long and short positions but decreased capital activity and increased market waiting sentiment [1]. - **Supply Side**: The overall ethylene glycol operating rate rose slightly from 70.5% to 71.04%, mainly due to a 0.9-percentage-point increase in the oil-based operating rate to 76.49%, while the coal-based operating rate remained unchanged at 62.95%. The profits of various ethylene-based production routes generally improved, but the coal-based profit decreased by 76 yuan/ton to 410.87 yuan/ton, and the profits of natural gas-based and associated gas-based production also decreased by 50 yuan/ton each. Cost pressure may suppress the release of non-oil-based production capacity [1]. - **Demand Side**: The polyester factory load remained stable at 89.42%, and the Jiangsu and Zhejiang loom load remained at 63.43%. Terminal demand did not show significant improvement, and downstream procurement was mainly for rigid demand. The gap between high polyester operating rates and low weaving loads persisted, and demand transmission was不畅 [2]. - **Inventory Side**: The inventory at the East China main port increased by 34,000 tons to 541,000 tons, reaching a recent high, while the Zhangjiagang inventory decreased by 13,000 tons to 165,000 tons, indicating concentrated port arrivals but uneven regional distribution and a marginal increase in overall inventory pressure [2]. 2. Industrial Chain Price Monitoring - **Futures and Spot Prices**: The main contract price of MEG futures decreased by 0.10%, and the trading volume decreased by 25.66%. The position increased by 0.73%. The East China spot price decreased by 0.24% [4]. - **Profit**: The profits of ethylene-based production routes generally increased, with the SD oxidation method increasing by 10.37%, the SHELL oxidation method increasing by 14.35%, etc. The coal-based profit decreased by 15.67%, the natural gas-based profit decreased by 3.13%, and the associated gas-based profit decreased by 12.25% [4]. - **Operating Rate**: The overall ethylene glycol operating rate increased by 0.77%, mainly due to a 1.20% increase in the oil-based operating rate. The coal-based, polyester, and Jiangsu and Zhejiang loom operating rates remained unchanged [4]. - **Inventory and Arrival Volume**: The East China main port inventory increased by 6.71%, while the Zhangjiagang inventory decreased by 7.30% [4]. 3. Industrial Dynamics and Interpretation - **October 15th Market**: In the morning, the negotiation focus of the East China US dollar market rebounded slightly, with November shipments negotiated in the range of 485 - 488 US dollars/ton, and no transactions were heard. In the afternoon, the market fluctuated little. The mainstream market focus moved down, the South China market seller quotes were lowered, and the market transactions were light. The overnight crude oil price decline dragged down market sentiment, and the spot basis narrowed slightly. The Shaanxi region's ethylene glycol market spot price remained stable [5]. 4. Industrial Chain Data Charts - The report includes charts such as the closing price and basis of the ethylene glycol main contract, ethylene glycol production profit, domestic ethylene glycol plant operating rate, downstream polyester plant operating rate, East China main port inventory statistics, and ethylene glycol industry total inventory [6][8][10].

Core Insights - The Federal Reserve's report indicates that overall economic activity in the U.S. has not changed significantly since the last report, with mixed growth across different regions [1] - Consumer spending, particularly in retail, has seen a slight decline, while demand for leisure and hotel services from international travelers has further decreased [1] - Middle and low-income households are increasingly seeking discounts and promotions due to rising prices and economic uncertainty [1] Economic Activity - Three regions reported slight to moderate growth, five regions reported no change, and four regions indicated a slight slowdown in economic activity [1] - Agricultural, energy, and transportation activities have generally declined across the 12 reporting districts [1] Labor Market and Costs - Demand for labor is generally weak across regions and industries, with rising prices reported during the reporting period [2] - Input costs are accelerating due to increased import costs and rising expenses in services such as insurance, healthcare, and technology solutions [2] - Many regions reported that tariffs have contributed to rising input costs [2] Future Outlook - Some regions noted an improvement in market sentiment, with a minority of respondents expecting demand to rebound in the next 6 to 12 months [1] - However, most respondents anticipate that increasing uncertainty will continue to weigh on economic activity [1] - Specific concerns were raised regarding the downward risks to economic growth posed by potential government shutdowns [1]

Group 1: Oil Market - WTI crude oil has dropped to $58.7 per barrel, the lowest price since May, while Brent crude is around $62 [3] - The International Energy Agency (IEA) forecasts a surplus of nearly 4 million barrels per day in global oil supply compared to demand next year, marking an unprecedented overproduction [3] - Trade tensions have led to decreased demand expectations for oil, causing further price declines [3] - Major oil executives from companies like Trafigura and Gunvor predict that oil prices are likely to continue falling, with gasoline and diesel demand potentially peaking [3] Group 2: Base Metals - Base metals are experiencing a collective decline, with LME copper down 2.24%, aluminum and nickel also falling, and zinc hitting a nearly eight-month low with a 2.63% drop [3] - The decline in metal prices is attributed to weak industrial demand and uncertainty in trade relations, leading to reduced factory orders for raw materials [3] Group 3: Gold Market - COMEX gold has risen by 0.73% to $4,138.7 per ounce, driven by safe-haven demand and expectations of interest rate cuts [4] - The ongoing trade tensions have prompted investors to convert cash into gold for protection, while lower interest rates make non-yielding gold more attractive [4] - Long-term forecasts suggest that gold prices could reach $5,000 per ounce, supported by continued buying from ETFs and central banks [4]