有色金属日报 2025-11-28 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 有色金属小组 王梓铧 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 五矿期货早报 | 有色金属 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 铜 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 地缘担忧有所回温，离岸人民币小幅贬值，铜价震荡下滑，昨日伦铜 3M 合约收跌 0.21%至 10930 美 元/吨，沪铜主力合约收至 87050 元/吨。LME 铜库存增加 675 至 157175 吨，注销仓单比例抬升， Cash/3 ...

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Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The market's expectation of the Fed's rate cut in December is still high, which supports the precious metal prices. However, the easing of geopolitical tensions and the neutral economic data in the US limit the upward movement of precious metal prices. The domestic silver inventory is at a near - decade low, causing the silver price to rise against the gold price. In the short - term, gold is expected to fluctuate in a high - level range, and silver may fluctuate strongly, but attention should be paid to inventory changes. In the long - term, due to factors such as the Fed's rate - cut cycle, geopolitical uncertainties, and the continuation of central bank gold purchases, the long - term center of gold prices is likely to move up, and long - term investors are advised to buy on dips [6] Group 3: Summary by Related Catalogs 1. Price Tracking - **Precious Metal Prices**: On November 27, 2025, London gold spot was at $4157.26/ounce, London silver spot at $53.42/ounce, COMEX gold at $4189.80/ounce, and COMEX silver at $53.97/ounce. Compared with November 26, the price of London gold spot increased by 0.2%, London silver spot by 2.9%, COMEX gold by 0.1%, and COMEX silver by 3.2%. The prices of domestic gold and silver futures also showed certain increases, with the Shanghai gold futures main contract rising 0.14% to 947.16 yuan/gram and the Shanghai silver futures main contract rising 3.35% to 12525 yuan/kilogram [3][5] - **Price Spreads and Ratios**: The gold TD - SHFE active price spread was - 1.6 yuan/gram on November 27, with a 15.9% increase compared to the previous day. The silver TD - SHFE active price spread was - 13 yuan/kilogram, a - 35.0% change. The gold and silver price ratios and spreads between domestic and foreign markets also had different degrees of changes [5] 2. Position Data - As of November 26, 2025, the gold ETF - SPDR was 1045.43 tons, with a 0.44% increase compared to November 25. The silver ETF - SLV was 15582.3342 tons, unchanged. The non - commercial long and short positions of COMEX gold and silver also had corresponding changes, with the non - commercial net long position of COMEX gold decreasing by 12.09% [5] 3. Inventory Data - On November 27, 2025, the SHFE gold inventory was 90423.00 kilograms, unchanged from the previous day, and the SHFE silver inventory was 546976.00 kilograms, a 2.97% increase. The COMEX gold and silver inventories also had slight changes [5] 4. Interest Rates, Exchange Rates, and Stock Market Data - On November 27, 2025, the US dollar/Chinese yuan central parity rate was 7.08, a - 0.02% change. The US dollar index was 99.59, a - 0.22% change. The yields of 2 - year and 10 - year US Treasury bonds, VIX, S&P 500, and NYWEX crude oil also had different degrees of changes [5] 5. Market Review - On November 27, the Shanghai gold futures main contract closed up 0.14% to 947.16 yuan/gram, and the Shanghai silver futures main contract closed up 3.35% to 12525 yuan/kilogram [5] 6. Influencing Factors Analysis and Short - Term Outlook - Although the US weekly initial jobless claims dropped to the lowest level since mid - April, the US economic beige book showed that the Trump administration shutdown had a negative impact on consumer purchases. The market's high expectation of the Fed's rate cut in December supports precious metal prices, but geopolitical tensions easing and neutral economic data limit the upward movement. The low domestic silver inventory has led to a rise in silver prices. In the short - term, gold may fluctuate in a high - level range, and silver may fluctuate strongly, but attention should be paid to inventory changes [6] 7. Medium - and Long - Term Viewpoints - In the medium - and long - term, the Fed is still in a rate - cut cycle, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, increasing the long - term risk of the US dollar's credit. The continuation of central bank gold purchases will likely drive up the long - term center of gold prices. Long - term investors are advised to buy on dips [6]

Group 1: Report Industry Investment Ratings - Crude oil: Cautiously bearish [1] - LPG: Cautiously bearish [1] - L: Bearish continuation [1] - PP: Bearish continuation [1] - PVC: Bearish consolidation [1] - PX/PTA: Cautiously bullish [3] - Ethylene glycol: Cautiously bearish [3] - Methanol: Cautiously bullish [3] - Urea: Cautiously bearish [3] - Natural gas: Cautiously bearish [6] - Asphalt: Cautiously bearish [6] - Glass: Bearish rebound [6] - Soda ash: Bearish consolidation [6] Group 2: Core Views of the Report - The geopolitical situation between Russia and Ukraine has eased, leading to a weakening of oil prices. The supply of crude oil is in surplus during the off - season, and the pressure on oil prices is increasing. For various energy - related products, their prices are affected by factors such as cost, supply, and demand [1][9]. - For different chemical products, their market conditions vary. Some products face supply - demand imbalances, while others are affected by cost fluctuations and macro - policies [1][23]. Group 3: Summaries According to Related Catalogs Crude Oil - **Market performance**: Overnight international oil prices rebounded. Brent rose 0.53%, and SC rose 0.52%. As of November 26, the US crude oil rig count decreased by 12 to 407 [7][8]. - **Basic logic**: In the off - season, crude oil supply is in surplus, and global crude oil inventories are accelerating the accumulation. The recent easing of the Russia - Ukraine geopolitical situation has also put downward pressure on oil prices [9]. - **Strategy recommendation**: Partially close short positions. Pay attention to the range of SC [445 - 455] [11]. LPG - **Market performance**: On November 27, the PG main contract closed at 4269 yuan/ton, up 0.23% month - on - month. The downstream chemical demand has certain resilience, and the inventory has improved [12][13]. - **Basic logic**: The price trend is anchored to the cost - end crude oil, and the oil price trend is downward. The downstream chemical demand has support, but the recent high basis indicates over - valuation of the futures price [14]. - **Strategy recommendation**: Do not chase the rise. Go short on rebounds. Pay attention to the range of PG [4250 - 4350] [15]. L - **Market performance**: The L2601 contract closed at 6699 yuan/ton. The basis strengthened, and the futures price was in a premium structure [17][18]. - **Basic logic**: Domestic production has seasonally recovered, and the supply is still sufficient. The downstream start - up rate has declined for 6 consecutive weeks, and the demand support is insufficient. The oil price may decline in the medium - term, and the cost support is weak [19]. - **Strategy recommendation**: Reduce short positions at low absolute prices. Wait for rebounds to go short in the long - term. Pay attention to the range of L [6650 - 6800] [19]. PP - **Market performance**: The PP2601 closed at 6265 yuan/ton. The basis weakened, and the futures price was in a premium structure [21][22]. - **Basic logic**: The cost - end is weak, and the upper - middle - stream inventory is at a high level. The internal and external demand support is insufficient, and there is a high pressure on inventory reduction in the future. The oil price may continue to decline in the medium - term [23]. - **Strategy recommendation**: Reduce short positions at low absolute prices. Wait for rebounds to go short in the long - term. Pay attention to the range of PP [6350 - 6500] [23]. PVC - **Market performance**: The V2601 closed at 4586 yuan/ton. The basis was repaired, and the number of warehouse receipts decreased from a high level [24][25]. - **Basic logic**: In the short - term, the trading returns to the weak fundamentals, and the social inventory remains high. However, the low valuation provides support, and the decline space of the futures price is limited. Pay attention to the rhythm of capital position transfer [26]. - **Strategy recommendation**: The industry should conduct hedging at high prices. Be cautious about short - selling and wait for positive drivers. Pay attention to the range of V [4400 - 4550] [26]. PTA - **Market performance**: The processing fee is generally low, and the supply - side pressure has been alleviated. The downstream demand is relatively good, but the cost - end PX may follow the decline of crude oil [27][28]. - **Basic logic**: The supply - side pressure is expected to ease due to low processing fees and high - intensity device maintenance. The downstream demand is relatively good, but there is an expectation of inventory accumulation in December [28]. - **Strategy recommendation**: Pay attention to the opportunity to go long on dips. Pay attention to the range of TA [4610 - 4680] [28]. Ethylene Glycol - **Market performance**: The domestic start - up load has continued to decline, and the overseas device load has slightly increased. The downstream demand is relatively good, but there is an expectation of inventory accumulation [29][30]. - **Basic logic**: The domestic start - up load is decreasing, and new device production and the recovery of maintenance devices will increase the supply pressure. The downstream demand is relatively good, but the weaving orders are slightly weakening [30]. - **Strategy recommendation**: Pay attention to the opportunity to go short on rebounds. Pay attention to the range of EG [3820 - 3880] [31]. Methanol - **Market performance**: The Taicang spot price has stabilized, and the port basis has slightly strengthened. The inventory has decreased but is still at a high level in the past five years [34]. - **Basic logic**: The domestic and overseas device loads have increased, and the supply pressure is large. The demand has improved month - on - month, and the cost - end has weak support. The fundamentals remain weak [34]. - **Strategy recommendation**: Close short positions at low valuations. Pay attention to the opportunity to go long on the 05 contract on dips [34]. Urea - **Market performance**: The spot price of small - particle urea in Shandong has stopped falling, and the basis has slightly strengthened. The supply pressure remains, and the demand is cold domestically and hot overseas [37][38]. - **Basic logic**: The supply pressure is still high before the gas - head enterprises' maintenance in December. The domestic agricultural demand is weak, but the fertilizer export is relatively good. The inventory has decreased slightly but is still at a high level [38][39]. - **Strategy recommendation**: Pay attention to the opportunity to go short on rebounds. Pay attention to the range of UR [1635 - 1675] [40]. Natural Gas - **Market performance**: On November 26, the NG main contract closed at 4.558 US dollars/million British thermal units, up 1.72% month - on - month [42][43]. - **Basic logic**: The recent easing of the Russia - Ukraine conflict has put downward pressure on gas prices, but the demand has entered the consumption peak season, providing certain support [44]. - **Strategy recommendation**: The demand has support, but the supply is sufficient, and the gas price is under pressure. Pay attention to the range of NG [4.565 - 4.800] [45]. Asphalt - **Market performance**: On November 27, the BU main contract closed at 3007 yuan/ton, down 1.18% month - on - month. The profit has decreased, and the inventory has decreased [47][48]. - **Basic logic**: The price is mainly affected by the cost - end crude oil. The supply is expected to decrease in December, and the demand has increased slightly this week [49]. - **Strategy recommendation**: Continue to hold short positions. Pay attention to the range of BU [2950 - 3050] [50]. Glass - **Market performance**: The FG2601 closed at 1053 yuan/ton. The cold - repair expectation provides support, but the demand is weak [52][53]. - **Basic logic**: The daily melting volume has decreased and remains at 15.82 tons. The demand support is insufficient due to the weak real - estate market [54]. - **Strategy recommendation**: Close short positions in the short - term. Wait for rebounds to go short in the long - term. Pay attention to the range of FG [990 - 1040] [54]. Soda Ash - **Market performance**: The demand has weakened, and the futures price is in a consolidation state [55]. - **Basic logic**: Some devices have been overhauled or reduced production, and the demand has decreased. The supply will remain in a loose pattern in the long - term [6]. - **Strategy recommendation**: Hold short positions on the 01 alkali - glass spread. Wait for rebounds to go short in the long - term [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - After recent continuous declines, the index is expected to stabilize in the short - term. Policy support for the capital market remains unchanged, and technology growth is still the market's main theme. The medium - to long - term approach for the index is to go long on dips [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The market is currently in a situation of weak domestic demand recovery and improved inflation expectations, maintaining an overall oscillatory trend. Attention should be paid to the linkage between stocks and bonds and the impact of liquidity [6]. - The expectation of the Fed's loose monetary policy has significantly rebounded, and the overseas interest - rate cut cycle will continue. It is recommended to go long on precious metals on dips [9]. - Most metal prices are expected to oscillate. Some metals have strong price support due to supply - demand relationships, while others may face downward pressure due to factors such as over - supply or weak demand [12][14][16]. - The demand for steel has officially entered the off - season, and the inventory pressure of hot - rolled coils remains. Steel prices are likely to continue weak oscillations in the short term, but there may be a marginal inflection point in demand later [33]. - The prices of most energy - chemical products are expected to oscillate. Some products may have short - term upward or downward trends due to factors such as supply - demand changes and cost fluctuations [54][55]. - The prices of most agricultural products are expected to oscillate. Some products may face downward pressure due to over - supply, while others may have short - term upward potential due to factors such as production reduction expectations [73][82]. Summary by Directory Macro - financial Stock Index - **Market Information**: There are over 150 humanoid robot enterprises in China, and the NDRC encourages the development of new energy storage and hydrogen energy technologies. OPEC+ may reach an agreement on a mechanism to evaluate member countries' maximum production capacity. JPMorgan Chase has upgraded the rating of A - shares to "overweight" [2]. - **Strategy Viewpoint**: After recent declines, the index is expected to stabilize in the short - term. The long - term approach is to go long on dips, with technology growth as the main theme [4]. Treasury Bonds - **Market Information**: On Thursday, the main contracts of TL, T, TF, and TS had positive changes. From January to October, the total profit of industrial enterprises above the designated size increased by 1.9% year - on - year. The NDRC has arranged special treasury bonds for "two major" construction projects. The central bank conducted a net injection of 564 billion yuan through reverse repurchase operations on Thursday [5]. - **Strategy Viewpoint**: In October, the economic data on both the supply and demand sides were weak. The growth rate of social financing may remain weak at the end of the year. The central bank is maintaining an attitude of protecting funds. The bond market is expected to oscillate in the fourth quarter [6]. Precious Metals - **Market Information**: Shanghai gold and silver futures rose, and COMEX gold and silver prices also had certain trends. The market is mainly concerned about the Fed's subsequent personnel changes and monetary policy expectations. The probability of a 25 - basis - point interest - rate cut by the Fed in December is 86.9% [7][8]. - **Strategy Viewpoint**: The expectation of the Fed's loose monetary policy has rebounded. It is recommended to go long on precious metals on dips [9]. Non - ferrous Metals Copper - **Market Information**: Geopolitical concerns have resurfaced, and the RMB has slightly depreciated. LME copper prices have declined, and domestic copper inventories have decreased. The import loss of domestic copper has widened [11]. - **Strategy Viewpoint**: The probability of an interest - rate cut by the Fed in December is high, but there are still uncertainties in the geopolitical situation. The supply of copper raw materials is tight, and the price support is strong. The reference range for the Shanghai copper main contract is 86,200 - 87,800 yuan/ton [12]. Aluminum - **Market Information**: Aluminum prices have corrected. Domestic aluminum ingot inventories have decreased, and LME aluminum inventories have also decreased [13]. - **Strategy Viewpoint**: The global visible inventory of aluminum ingots is relatively low, and the price support is strong. Although the downstream is entering the off - season, the inventory accumulation pressure is not large. The price may strengthen after adjustment. The reference range for the Shanghai aluminum main contract is 21,400 - 21,700 yuan/ton [14]. Zinc - **Market Information**: The Shanghai zinc index rose slightly. Domestic and LME zinc inventories have certain trends, and the import loss of zinc ingots is relatively large [15][16]. - **Strategy Viewpoint**: Zinc ore imports declined significantly in October, and the supply of zinc ore is tight during the winter stockpiling period of smelters. However, it is expected to loosen marginally after stockpiling. The zinc industry is still in an over - supply cycle, and zinc prices are expected to be weak in the short term [16]. Lead - **Market Information**: The Shanghai lead index declined. Domestic and LME lead inventories have certain trends, and the import profit of lead ingots is relatively small [17]. - **Strategy Viewpoint**: The supply of lead ingots is increasing, and the export of lead - acid batteries is declining. Lead prices are expected to decline at a slower pace in the short term [17]. Nickel - **Market Information**: Nickel prices oscillated narrowly. The prices of nickel ore and nickel pig iron have certain trends, and the supply of refined nickel raw materials is expected to increase [18]. - **Strategy Viewpoint**: The fundamentals of nickel are under pressure, and prices are expected to be under pressure in the short term. It is not recommended to chase short or bottom - fish. The reference range for Shanghai nickel prices is 113,000 - 118,000 yuan/ton [18]. Tin - **Market Information**: The Shanghai tin main contract rose. The production of tin smelters in Yunnan and Jiangxi is at a high level, and the demand in emerging fields provides support for tin prices. The inventory has increased slightly [20]. - **Strategy Viewpoint**: The short - term supply and demand of tin are in a tight balance. It is expected that tin prices will oscillate. It is recommended to wait and see. The reference range for the domestic main contract is 280,000 - 310,000 yuan/ton [21]. Carbonate Lithium - **Market Information**: The spot index of carbonate lithium declined. The price of the LC2605 contract also declined [22]. - **Strategy Viewpoint**: Domestic production has declined, and inventory has decreased. There are differences in the market's expectations for next year's demand. It is recommended to wait and see or use options. The reference range for the Guangzhou Futures Exchange's carbonate lithium 2605 contract is 91,200 - 99,600 yuan/ton [23]. Alumina - **Market Information**: The alumina index rose slightly. The price of overseas ore has declined, and the inventory of futures has decreased [24]. - **Strategy Viewpoint**: The supply of overseas ore is expected to increase, and the alumina smelting industry has an over - supply situation. It is recommended to wait and see in the short term. The reference range for the domestic main contract AO2601 is 2,600 - 2,900 yuan/ton [26]. Stainless Steel - **Market Information**: The stainless - steel main contract declined. The prices of spot and raw materials remained stable, and the inventory decreased [27]. - **Strategy Viewpoint**: The spot market price is stable, and the sales of 300 - series stainless steel are relatively good. However, the consumption in related fields is weak, and the inventory removal speed is slow. Stainless - steel prices are expected to oscillate [28]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fluctuated. The inventory of domestic aluminum alloy ingots decreased, and the inventory in factories increased [29]. - **Strategy Viewpoint**: The cost of cast aluminum alloy provides strong support, and the price is expected to follow the trend of aluminum prices in the short term [30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil futures declined. The prices of spot rebar and hot - rolled coil also decreased [32]. - **Strategy Viewpoint**: The supply and demand of rebar have both declined, and the inventory has been continuously removed. The production of hot - rolled coils has increased, and the inventory removal is slow. The export of steel to South Korea may be affected. Steel prices are expected to continue weak oscillations in the short term [33]. Iron Ore - **Market Information**: The iron - ore main contract rose slightly. The price of spot iron ore and the basis have certain trends [34]. - **Strategy Viewpoint**: The overseas shipment of iron ore has decreased, and the demand from steel mills has weakened. The inventory of iron ore is relatively high, and the price is expected to oscillate. If the molten iron output continues to decline, the ore price may decline in the short term [35]. Glass and Soda Ash - **Market Information**: The glass main contract rose slightly, and the inventory decreased. The soda - ash main contract rose slightly, and the inventory decreased [36][38]. - **Strategy Viewpoint**: The cold - repair expectation of glass production lines in December is increasing, and the supply is expected to shrink. The demand for glass is weak, and the price is expected to oscillate at the bottom. The supply of soda ash is in an over - supply situation, and the price is expected to remain weak [37][38]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese - silicon and ferrosilicon futures declined. The prices of spot manganese - silicon and ferrosilicon also decreased [39]. - **Strategy Viewpoint**: The risk appetite of the market has weakened, and the prices of ferrous alloys have declined. However, the expectation of an interest - rate cut by the Fed in December has rebounded. It is recommended to pay attention to the inflection point of market sentiment. For the black sector, it may be more cost - effective to look for opportunities to rebound [40][42]. Industrial Silicon and Polysilicon - **Market Information**: The price of industrial - silicon futures rose slightly, and the inventory decreased. The price of polysilicon futures declined, and the inventory increased [43][45]. - **Strategy Viewpoint**: The production of industrial silicon is declining, and the demand is relatively stable. The price is expected to oscillate. The production of polysilicon is declining, and the supply - demand pattern may improve marginally. The price is expected to oscillate in a wide range [44][46]. Energy and Chemicals Rubber - **Market Information**: Rubber prices rebounded. The flood in Thailand's rubber - producing areas is a positive factor, but the subsequent rainfall has decreased. The inventory of exchange - traded RU is low [48]. - **Strategy Viewpoint**: It is recommended to take a neutral approach and conduct short - term trading. It is recommended to partially build a hedging position by buying RU2601 and selling RU2609 [52]. Crude Oil - **Market Information**: The prices of crude - oil and refined - oil futures rose. The US EIA data shows that the inventory of crude oil and some refined oils has increased [53]. - **Strategy Viewpoint**: Although the geopolitical premium has disappeared, the supply of OPEC has not increased significantly. It is recommended to take a wait - and - see approach in the short term and adopt a low - buy and high - sell strategy [54]. Methanol - **Market Information**: The price of methanol futures rose, and the basis decreased. The price of spot methanol also increased [55]. - **Strategy Viewpoint**: The potential positive factors of Iran's plant shutdown have been realized, and the market has stopped falling and stabilized. The supply is expected to remain high, and the market is expected to oscillate after the positive factors are realized [55]. Urea - **Market Information**: The price of urea futures rose, and the basis decreased. The price of spot urea also increased [56]. - **Strategy Viewpoint**: The price of urea is expected to gradually emerge from the bottom range. The supply is relatively high, and the demand has improved. It is recommended to go long on dips at low prices [56]. Pure Benzene and Styrene - **Market Information**: The price of pure - benzene futures remained unchanged, and the basis increased. The price of styrene futures declined, and the basis decreased [57]. - **Strategy Viewpoint**: The supply of styrene is under pressure, and the BZN spread has room for upward repair. The price of styrene may stop falling temporarily [58]. PVC - **Market Information**: The price of PVC futures rose, and the basis decreased. The cost of PVC remained stable, and the inventory increased [59]. - **Strategy Viewpoint**: The supply of PVC is in an over - supply situation, and the demand is weak. It is recommended to go short on rallies in the medium term [60]. Ethylene Glycol - **Market Information**: The price of ethylene - glycol futures declined, and the basis decreased. The inventory of ethylene glycol remained unchanged [61]. - **Strategy Viewpoint**: The supply of ethylene glycol is expected to decline in December, and the inventory accumulation may slow down. It is recommended to go short on rallies in the medium term [62]. PTA - **Market Information**: The price of PTA futures declined, and the basis decreased. The inventory of PTA decreased [63]. - **Strategy Viewpoint**: The supply of PTA is expected to increase, and the demand is expected to remain high in the short term. The processing fee of PTA has limited upward space, and there is a risk of PXN valuation correction [64]. Para - Xylene - **Market Information**: The price of PX futures declined, and the basis increased. The inventory of PX increased [65]. - **Strategy Viewpoint**: The load of PX remains high, and the inventory is difficult to continuously remove. The valuation of PX is at a neutral level, and there is a risk of valuation correction [66]. Polyethylene (PE) - **Market Information**: The price of PE futures declined, and the basis increased. The inventory of PE decreased [67]. - **Strategy Viewpoint**: The price of crude oil may have bottomed out. The valuation of PE has limited downward space, but the high number of warehouse receipts suppresses the price. It is recommended to short the LL - 1 - 5 spread on rallies [68]. Polypropylene (PP) - **Market Information**: The price of PP futures rose, and the basis decreased. The inventory of PP decreased [69]. - **Strategy Viewpoint**: The supply of PP is under pressure, and the demand is seasonally oscillating. The inventory pressure is high. The price may be supported after the supply - over - supply situation changes in the first quarter of next year [70]. Agricultural Products Hogs - **Market Information**: The domestic hog price mainly declined. The market demand is increasing slowly, and the supply of hogs is abundant [72]. - **Strategy Viewpoint**: The theoretical supply of hogs is still large, and the demand is weak. It is recommended to short near - term contracts or conduct reverse - spread trading [73]. Eggs - **Market Information**: The national egg price was stable with some increases. The supply is stable, and the downstream digestion speed is average [74]. - **Strategy Viewpoint**: The egg - price futures have rebounded in advance, but the spot price has not followed up as expected. The short - term trend is expected to oscillate. It is recommended to conduct reverse - spread trading in the near - term and far - term contracts, and short on rallies in the medium term [75]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean market was closed due to a holiday. The domestic soybean - meal price was stable, and the inventory increased [76]. - **Strategy Viewpoint**: The global supply of soybeans has decreased, and the domestic soybean inventory is at a high level. The price of soybean meal is expected to oscillate [77]. Oils - **Market Information**: The export of Malaysian palm oil has decreased, and the production has increased. The domestic oil price rebounded [78]. - **Strategy Viewpoint**: The over - supply of palm oil may reverse in the fourth quarter and the first quarter of next year. It is recommended to try to go long on dips [79][80]. Sugar - **Market Information**: The Zhengzhou sugar futures price oscillated strongly. The global sugar supply is expected to be in surplus, and the domestic sugar price is at a relatively low level [81]. - **Strategy Viewpoint**: The global sugar supply - demand relationship has changed from shortage to surplus. It is recommended to short on rallies and close positions when the price falls [82]. Cotton - **Market Information**: The Zhengzhou cotton futures price oscillated narrowly. The downstream spinning - mill operating rate decreased, and the global cotton production increased [83]. - **Strategy Viewpoint**: The demand for cotton is not too bad after the peak season, and the market has digested the negative impact of high yields. The cotton price is expected to oscillate in the short term [84].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The European Central Bank's decision not to cut interest rates has a bearish impact on the US dollar index and is favorable for precious metals. With an increased expectation of a Fed rate cut in December, silver is expected to be moderately bullish in the medium term [1]. - Domestic methanol production is at a high level, downstream demand is slightly increasing, and port inventories are decreasing. The methanol 01 contract is expected to fluctuate in the short term, with support at the 2100 level [1]. - During the negotiation of next year's long - term agreements, the supply of lithium carbonate remains high, while demand in the power and energy storage markets is strong. It is expected to see significant inventory reduction in November [3]. - After the start of the safety production assessment in November, the supply support of coking coal has weakened, but the downward trend of coking coal futures needs further observation [4]. - The production and apparent demand of rebar have declined, and inventories have continued to decrease. Steel prices are expected to be slightly bullish in the short term, but the upside is limited [4]. - Pig prices are mainly stable. Although some producers try to raise prices, the large supply and weak downstream demand make it difficult for prices to rise [5]. - The implementation delay of the EU Deforestation - Free Act and the approaching of the palm oil production - reduction season support palm oil prices, but due to contract roll - over, it is recommended to wait and see [5]. - The supply of soybean meal is abundant, and the weak domestic aquaculture industry restricts demand growth. The 01 contract is expected to remain volatile in the short term [6]. - The economic data in October shows downward pressure, which is favorable for the bond market. However, due to the end - of - year period, the bond market is expected to be volatile [6]. - The potential resolution of the Russia - Ukraine conflict and the increased expectation of a Fed rate cut make gold bullish in the short term and may be volatile at a high level in the medium term [7]. - The decline in US drilling platforms and production, along with the uncertainty of the Russia - Ukraine peace plan, lead to an oil price rebound. The OPEC+ meeting is expected to maintain the current production level [8]. - The low polyester inventory and the decline in PTA load make the PTA supply - demand structure relatively good in the short term [8]. - The low tire operating rate and weak terminal demand, along with the strong raw material prices and expected increase in overseas shipments, make the natural rubber market expected to be volatile [10]. - The domestic soda ash market is stable, with production fluctuating and downstream enterprises purchasing on demand. The soda ash 01 contract is expected to fluctuate in the short term [10]. - The supply pressure of polypropylene is increasing, and the supply - demand imbalance makes its trend weak. The PP 01 contract is expected to fluctuate in the short term [11]. Summaries by Commodity Precious Metals - **Silver**: The European Central Bank's stance on interest rates and the increased Fed rate - cut expectation are favorable for silver, which is moderately bullish in the medium term [1]. - **Gold**: The potential resolution of the Russia - Ukraine conflict and the Fed rate - cut expectation make gold bullish in the short term and may be volatile at a high level in the medium term [7]. Chemicals - **Methanol**: The domestic methanol market has high production, increasing downstream demand, and decreasing inventories. The 01 contract is expected to fluctuate in the short term [1]. - **Carbonate Lithium**: During the negotiation of long - term agreements, high supply and strong demand lead to expected inventory reduction in November [3]. - **PTA**: Low polyester inventory and reduced PTA load make the supply - demand structure relatively good in the short term [8]. - **Rubber**: Low tire operating rate, weak terminal demand, strong raw material prices, and expected increase in overseas shipments make the market expected to be volatile [10]. - **Soda Ash**: The domestic market is stable, with production fluctuating and downstream enterprises purchasing on demand. The 01 contract is expected to fluctuate in the short term [10]. - **Polypropylene**: Supply pressure is increasing, and the supply - demand imbalance makes its trend weak. The 01 contract is expected to fluctuate in the short term [11]. Energy - **Crude Oil**: The decline in US production and the uncertainty of the Russia - Ukraine peace plan lead to a price rebound. The OPEC+ meeting is expected to maintain the current production level [8]. Metals - **Coking Coal**: After the safety production assessment, supply support has weakened, but the downward trend of futures needs further observation [4]. - **Rebar**: Production and demand have declined, and inventories have decreased. Steel prices are expected to be slightly bullish in the short term, with limited upside [4]. Agricultural Products - **Pig**: Prices are mainly stable, with producers trying to raise prices but facing difficulties due to large supply and weak demand [5]. - **Palm Oil**: The implementation delay of the EU Deforestation - Free Act and the approaching production - reduction season support prices, but due to contract roll - over, it is recommended to wait and see [5]. - **Soybean Meal**: Abundant supply and weak aquaculture demand restrict growth. The 01 contract is expected to remain volatile in the short term [6]. Bonds - **Long - term Treasury Bonds**: The economic data in October shows downward pressure, which is favorable for the bond market. However, due to the end - of - year period, the bond market is expected to be volatile [6].

Group 1 - Trump personally called Japanese Prime Minister Kishi to advise against escalating tensions with China, emphasizing the sensitivity of US-China-Japan relations [1][3] - Kishi's recent statements regarding Taiwan have strained Japan-China relations, prompting Trump's intervention to prevent further deterioration [1][5] - The US is focused on stabilizing its economic environment and reducing external conflicts, which is why Trump is urging Japan to adopt a more cautious approach [3][5] Group 2 - Kishi's hardline stance is partly aimed at solidifying her domestic political support and demonstrating alignment with US interests, but it risks becoming a burden for the US [5][7] - The US needs to maintain communication with China and avoid provoking conflicts, as Japan's aggressive actions could complicate US economic recovery efforts [5][7] - Trump's call signals that the US prioritizes its own interests over Japan's political sentiments, indicating that Japan must align with US strategies for stability [7]

Group 1: Key Points on the Ceasefire Agreement - The proposed "28-point" ceasefire agreement requires Ukraine to abandon territorial claims over Crimea, Luhansk, and Donetsk, crossing Ukraine's "strategic red line" [1] - The agreement has been modified to "19 points" due to Ukraine's constitutional constraints and the need for further negotiations [1] - Key provisions include the recognition of Crimea and other territories as Russian, and a phased lifting of sanctions against Russia [1] Group 2: Political and Economic Implications - The agreement's failure to address core disputes means the path to peace remains long and uncertain, with potential for increased geopolitical friction [2] - Trump may escalate economic and military sanctions to pressure negotiations, potentially impacting market risk appetite [2] - The U.S. and Europe are expected to contribute $1 trillion for Ukraine's reconstruction, with the U.S. receiving 50% of profits from investments [1] Group 3: Market Impact - Oil prices may have limited downward movement despite recent negotiation news, as substantial breakthroughs towards a ceasefire are lacking [3] - Future negotiations may lead to increased volatility in oil and gold prices due to geopolitical tensions [3] - The market's reaction to news regarding the Russia-Ukraine conflict may not meet expectations, posing additional risks [3]

Report Industry Investment Ratings No relevant content provided. Core Viewpoints - The report analyzes various commodities, including energy, metals, agricultural products, and financial derivatives, and provides insights into their market trends, supply - demand dynamics, and price forecasts [2][3][4] - Different commodities show different trends, such as some in range - bound oscillations, some facing supply - demand imbalances, and others affected by geopolitical and macro - economic factors [14][20][21] Commodity Summaries Energy - **Crude Oil**: Overnight international oil prices rebounded, but there is still a downward drive in the long - term. The market faces a greater inventory build - up expectation in Q4 and Q1 next year. The near - term risk is Russia's stance on the new peace plan [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: Overnight fuel oil prices rose due to cost - end increase. High - sulfur fuel oil may be supported by short - term supply disruptions, while low - sulfur fuel oil is expected to weaken as the gasoline - diesel spread narrows [21] - **Asphalt**: Recent shipments in East and South China improved, and inventory declined. The December production plan decreased, and demand will seasonally decline. The spot price is supported at 3000 yuan/ton, but there is medium - to - long - term pressure [22] Metals - **Copper**: Overnight, LME copper rose to $11,000, and SHFE copper followed. The probability of a US rate cut next month increased to 85%, boosting copper prices. Short - term trading should focus on volume [4] - **Aluminum**: Overnight, SHFE aluminum rose slightly. After the price correction last week, downstream restocked at low prices. The industry has limited contradictions, and the price is in high - level oscillations [5] - **Zinc**: The probability of a Fed rate cut in December increased to 84%, and the support at the bottom is strong due to the decline in TC. However, the domestic demand outlook is under pressure, and the price is expected to oscillate between 22,200 - 23,000 yuan/ton [8] - **Nickel & Stainless Steel**: SHFE nickel rebounded, but the market sentiment was cold. Stainless steel inventory decreased, but the cost support weakened. The fundamental situation is weak, and short - selling on rebounds is recommended [10] - **Tin**: Overnight, LME tin rose to $38,000, and SHFE tin followed with increased positions. The short - term probability of a further rise increased [11] Agricultural Products - **Soybean & Bean Meal**: The night - session of the Dalian soybean meal futures followed the US soybean trend and showed a stabilizing trend. The domestic soybean supply is sufficient, and the soybean meal inventory is at a high level. South American new - season soybeans are affected by La Nina [35] - **Corn**: The night - session of corn futures continued to correct. North port corn prices are firm, and farmers are reluctant to sell. The inventory of downstream industries is low, and the replenishment intention is increasing. The 01 contract of Dalian corn futures is technically strong, and short - selling on highs is recommended [39] - **Palm Oil & Soybean Oil**: The marginal negative factors for palm oil have eased, and the change in palm oil may trigger short - covering. Soybean oil is affected by US soybean exports and South American weather [36] Others - **Shipping Index (European Line)**: The near - month contract of the container shipping index (European line) is weak due to the weak spot market expectation. The 02 - month contract may have some recovery space if the cargo volume continues to recover. The far - month contract is under pressure from geopolitical factors [20] - **Urea**: The supply of urea is abundant, but the concentrated release of downstream demand has improved the trading atmosphere. However, the supply - surplus pattern is expected to continue [23] - **Methanol**: The near - month contract of methanol rose, and the spread strengthened. The overseas production reduction is being realized, and the port is expected to reduce inventory. It is recommended to go long unilaterally or do a positive spread [24] - **PVC & Caustic Soda**: PVC is in an oscillating trend. The export situation has improved, and the inventory has decreased, but the supply - demand situation is still high - supply and low - demand. Caustic soda is in a weak operation with high supply and low demand [28] - **Glass & Soda Ash**: The sales of glass in Shahe improved, and the price rose slightly. The production capacity may be further compressed. It is expected to oscillate strongly. Soda ash is in a supply - surplus situation in the long - term, and the strategy of long glass and short soda ash can be considered [32][34] - **Stock Index & Treasury Bond**: The stock index futures showed a differentiated trend, and the market is waiting for the resonance of geopolitical situation easing and Fed rate - cut expectation. Treasury bond futures closed down, and the market is worried about bond repayment risks [46][47]

Report Industry Investment Ratings - Crude Oil: Cautiously bearish [1] - LPG: Cautiously bearish [1] - L: Bearish continuation [1] - PP: Bearish continuation [1] - PVC: Bearish consolidation [1] - PX/PTA: Cautiously bullish [3] - Ethylene Glycol: Cautiously bearish [3] - Methanol: Bullish [3] - Urea: Cautiously bearish [3] - Natural Gas: Cautiously bearish [6] - Asphalt: Cautiously bearish [6] - Glass: Bearish rebound [6] - Soda Ash: Bearish consolidation [6] Report's Core Views - The market is affected by geopolitical factors such as the easing of the Russia-Ukraine conflict, and the prices of most energy and chemical products are under pressure. The supply and demand fundamentals of each product vary, and investors should pay attention to relevant factors and adopt corresponding strategies [1][3][6]. Summary by Relevant Catalogs Crude Oil - **Market Performance**: Overnight international oil prices rebounded, with WTI rising 1.21%, Brent rising 1.20%, and SC falling 1.03% [7][8]. - **Basic Logic**: The core driver is the oversupply of crude oil in the off - season, and the short - term driver is the easing of the Russia - Ukraine conflict [9]. - **Fundamentals**: As of the week of November 26, the number of US oil rigs decreased, and Mexico's oil production declined. OPEC expects an increase in global oil demand in 2025 and 2026. US crude oil inventories increased [10]. - **Strategy Recommendation**: For the medium - to - long - term, OPEC+ is expanding production, and the oil price is in a low - price range. Technically, the short - term rebound is weak. Partially close short positions. Pay attention to the range of SC at [440 - 450] [11]. LPG - **Market Performance**: On November 26, the PG main contract closed at 4259 yuan/ton, up 0.66% [12]. - **Basic Logic**: The price is anchored to the cost of crude oil, with the cost side bearish and the demand side having some resilience. The basis is high, and the price is under pressure [13]. - **Fundamentals**: Supply decreased slightly, demand from downstream chemical industries was relatively stable, and inventories increased [13]. - **Strategy Recommendation**: In the medium - to - long - term, the supply of upstream crude oil exceeds demand, and the price of LPG still has room to decline. Technically, the short - term rebound is under pressure. Do not chase the rise, and go short on rebounds. Pay attention to the range of PG at [4200 - 4300] [14]. L - **Market Performance**: The L01 contract closed at 6707 yuan/ton, down 0.8% [17]. - **Basic Logic**: The chemical sector rebounded, but the supply was under pressure, the demand was weak, and the cost support was insufficient [19]. - **Fundamentals**: Domestic production increased seasonally, the downstream start - up rate decreased, and the oil price was expected to decline in the medium term [19]. - **Strategy Recommendation**: Short - term, reduce short positions. Medium - to - long - term, wait for rebounds to go short. Pay attention to the range of L at [6750 - 6850] [19]. PP - **Market Performance**: The PP01 contract closed at 6265 yuan/ton, down 0.8% [21]. - **Basic Logic**: The fundamentals followed the cost side, with high inventory, weak demand, and the oil price still facing downward pressure [23]. - **Fundamentals**: The upstream and mid - stream inventories were high, the devices were restarting, and the external and internal demand was insufficient [23]. - **Strategy Recommendation**: At the low price level, reduce short positions in the short - term. Medium - to - long - term, wait for rebounds to go short. Pay attention to the range of PP at [6350 - 6500] [23]. PVC - **Market Performance**: The V01 contract closed at 4491 yuan/ton, down 0.1% [24]. - **Basic Logic**: The basis was repaired, the social inventory was high, the upward drive was insufficient, but the low valuation provided support [26]. - **Fundamentals**: The anti - dumping was unlikely to be implemented, and the export orders increased. The trading returned to the weak fundamentals [26]. - **Strategy Recommendation**: The market maintained a high premium. Industries should hedge at high prices. Be cautious about short - selling and wait for bullish drivers. Pay attention to the range of V at [4400 - 4550] [26]. PX/PTA - **Market Performance**: The TA05 contract closed at 4710 yuan/ton, down 34 yuan/ton [27]. - **Basic Logic**: The supply pressure was relieved, the demand was relatively good, but the cost was under pressure, and there was a risk of inventory accumulation in December [28]. - **Fundamentals**: Some devices were under maintenance, the downstream polyester and weaving start - up rates were high, and the PX price might follow the decline of crude oil [28]. - **Strategy Recommendation**: The valuation and processing fees were not high. Pay attention to the opportunity to go long on dips. Pay attention to the range of TA at [4650 - 4725] [28]. Ethylene Glycol - **Market Performance**: The EG05 contract closed at 3808 yuan/ton, down 14 yuan/ton [29]. - **Basic Logic**: The domestic start - up rate decreased, the new devices were put into production, the supply pressure increased, and the demand was relatively good but the orders were weakening [30]. - **Fundamentals**: The domestic and overseas device status changed, the inventory increased slightly, and the cost was under pressure [30]. - **Strategy Recommendation**: Pay attention to the opportunity to go short on rebounds. Pay attention to the range of EG at [3880 - 3930] [31]. Methanol - **Market Performance**: The main contract position decreased slightly [34]. - **Basic Logic**: The spot price in Taicang stabilized, the port basis strengthened, the inventory decreased but was still at a high level. The supply pressure was large, the demand improved, and the cost support was weak [34]. - **Fundamentals**: Domestic devices increased production, overseas devices maintained stability, downstream demand improved, and the inventory decreased [35]. - **Strategy Recommendation**: Close short positions at the low - valuation level. Pay attention to the opportunity to go long on the 05 contract on dips [34]. Urea - **Market Performance**: The UR01 contract closed at 1654 yuan/ton, down 11 yuan/ton [37]. - **Basic Logic**: The supply pressure remained, the demand was mixed, the social inventory was high, and the export had been priced in. Be vigilant about the downward risk [38]. - **Fundamentals**: The supply was high, the domestic demand was weak before the year, the export was good, the inventory decreased slightly, and the cost was supported [39]. - **Strategy Recommendation**: The fundamentals are weak. Pay attention to the opportunity to go short on rebounds. Pay attention to the range of UR at [1625 - 1655] [40]. Natural Gas - **Market Performance**: On November 25, the NG main contract closed at 4.481 US dollars per million British thermal units, down 4.09% [43]. - **Basic Logic**: The easing of the Russia - Ukraine conflict led to concerns about the return of Russian gas, putting pressure on the gas price. The demand entered the peak season, providing some support [44]. - **Fundamentals**: The number of US natural gas drilling platforms increased, China's natural gas production increased, and US natural gas inventories decreased [44]. - **Strategy Recommendation**: The demand is supported in the peak season, but the supply is sufficient, and the gas price is under pressure. Pay attention to the range of NG at [4.565 - 4.800] [45]. Asphalt - **Market Performance**: On November 26, the BU main contract closed at 3043 yuan/ton, up 0.81% [47]. - **Basic Logic**: The price is mainly anchored to crude oil. Affected by the easing of the Russia - Ukraine conflict and South American geopolitics, there is still room for price compression [48]. - **Fundamentals**: The production plan decreased in December, the demand increased slightly, and the inventory decreased [48]. - **Strategy Recommendation**: The valuation is returning to normal, the supply is sufficient, and the demand is in the off - season. Hold short positions. Pay attention to the range of BU at [2950 - 3050] [49]. Glass - **Market Performance**: The FG01 contract closed at 1037 yuan/ton, up 2.3% [51]. - **Basic Logic**: The cold - repair expectation provides support, but the supply is difficult to decline further, and the demand is weak [53]. - **Fundamentals**: The daily melting volume remained stable, the real - estate market was weak, and the deep - processing orders were at a low level [53]. - **Strategy Recommendation**: Close short positions in the short - term. Medium - to - long - term, go short on rebounds. Pay attention to the range of FG at [990 - 1040] [53]. Soda Ash - **Market Performance**: The SA01 contract closed at 1173 yuan/ton, down 0.8% [55]. - **Basic Logic**: The demand weakened, the supply was in a loose pattern in the medium - to - long - term, and the market was in a bearish consolidation [54]. - **Fundamentals**: Some devices were under maintenance or reduced production, the demand from the glass industry decreased, and the inventory was high [55]. - **Strategy Recommendation**: Hold short positions on the 01 alkali - glass spread. Be cautious about short - selling at the low price level. Medium - to - long - term, go short on rebounds [55].