Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Aluminum [5][6]. Core Views - The report highlights that industrial metal prices are expected to remain strong due to seasonal demand and supply disruptions, particularly for copper and aluminum [2][3]. - Energy metals like lithium and cobalt are projected to perform well, driven by strong demand in the energy storage market and supply constraints [3]. - Precious metals are anticipated to experience price fluctuations in the short term, but long-term trends remain bullish due to central bank gold purchases and weakening dollar credit [4]. Summary by Sections Industrial Metals - Copper prices are supported by macroeconomic sentiment and supply disruptions, with the SMM import copper concentrate index at $51.2/ton, down $0.6/ton month-on-month [2]. - Aluminum demand is robust, particularly from the automotive sector, with domestic aluminum ingot social inventory at approximately 618,000 tons, down 9,000 tons week-on-week [2]. - Key companies recommended include Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Lithium supply is increasing due to new production lines, while demand from the energy storage market is exceeding expectations, supporting strong prices [3]. - Cobalt prices are rising due to supply concerns from the Democratic Republic of Congo, with Chinese companies receiving fewer export quotas than expected [3]. - Recommended companies include Huayou Cobalt and Yichun Lithium [3]. Precious Metals - Gold prices are experiencing short-term volatility due to optimistic international conditions, but long-term outlook remains positive with central bank purchases [4]. - Silver prices are influenced by industrial demand and follow gold's price movements [4]. - Recommended companies include Western Gold and Shandong Gold [4].

Group 1 - The core viewpoint of the article highlights the significance of the recent US-China trade talks in Kuala Lumpur, marking the first face-to-face negotiations since summer, amidst ongoing trade tensions [1][3] - The background of the talks indicates a shift from a "trade war" to a "protracted struggle," with both nations maintaining opposing stances on trade policies, particularly regarding tariffs and technology restrictions [3][5] - The focus of the discussions revolves around three main issues: the deadlock on tariffs, the ongoing technology blockade, and the reshaping of supply chains, with both sides seeking to find common ground [5][6] Group 2 - The negotiation strategies employed by both parties reflect a blend of economic competition and diplomatic maneuvering, with the US aiming to exert pressure while China emphasizes mutual respect and cooperation [8][10] - The outlook for the talks suggests low expectations for immediate breakthroughs, but any small agreements in areas like agricultural procurement and renewable energy could be seen as positive progress [10][12] - The potential for future cooperation on global issues such as climate governance and public health is noted, indicating that the talks could serve as a platform for broader collaboration beyond trade [12][13]

Geopolitical Tensions - The U.S. is facing significant geopolitical challenges, particularly in Eastern Europe and the Middle East, which are straining its strategic resources and affecting its initiatives in the Asia-Pacific region [1] - The ongoing conflict between Israel and Hamas, along with Iran's activities, poses potential risks for regional stability, further complicating U.S. foreign policy [1] Economic Indicators - Despite showing economic growth, there is increasing skepticism regarding U.S. economic data, as evidenced by the simultaneous rise in the dollar, U.S. stocks, and gold prices, indicating underlying systemic instability [1] - The total U.S. national debt has surpassed $38 trillion, with interest payments nearing annual military spending, raising concerns about the sustainability of this debt-driven model [1] U.S.-China Relations - U.S. Treasury Secretary Janet Yellen's visit to China in April 2024 highlighted concerns over China's subsidies in electric vehicles and solar panels, which the U.S. believes distort global market competition [1][2] - Secretary of State Antony Blinken's discussions in China included sensitive topics like the Taiwan Strait and energy procurement from Russia, indicating a shift towards more direct U.S. intervention in bilateral relations [2] Legislative Developments - The U.S. Congress is advancing legislation, such as the "Unlimited Act," which could impose economic sanctions on Chinese companies involved with Russian military industries, expanding the scope of previous sanctions [2][3] Financial Isolation Measures - Following Yellen's visit, the U.S. Treasury is planning to isolate Chinese firms linked to Russian military support from the global financial system, reflecting a more systematic approach to sanctions [3] - China's response includes a significant reduction in U.S. Treasury holdings, dropping to $730.7 billion, the lowest since 2009, as a precaution against potential asset freezes [3] Gold Reserves and Strategy - China has been increasing its gold reserves, reaching 2,303 tons by September 2025, with a notable acceleration in purchasing rates compared to previous years [5][7] - The shift in China's reserve management strategy includes moving away from dollar reliance towards local currency trade and direct gold procurement, enhancing supply chain resilience [7] Energy and Material Supply Chains - U.S. pressure extends to energy imports, with calls for China to cease purchasing oil and gas from Russia and Iran, reflecting a broader strategy to limit Chinese access to critical materials [9] - The financial sanctions against Russia are designed to disrupt the flow of funds between Chinese and Russian banks, although the impact on China is mitigated by the high percentage of trade conducted in local currencies [9] Military and Industrial Developments - China's military industrial sector has significantly increased its domestic supply chain capabilities, achieving a 90% localization rate for key components, which enhances resilience against external sanctions [11] - The electric vehicle sector has also seen a complete localization of production, with exports rising dramatically, providing a buffer against international pressures [11] Global Gold Market Dynamics - The global demand for gold has surged, with central banks purchasing a total of 415 tons in the first half of 2025, contributing to rising international gold prices [11] - China's strategic increase in gold reserves and purchases has influenced global market trends, contrasting sharply with the risks associated with U.S. Treasury securities [10][12] Economic Pressures on the U.S. - The U.S. faces mounting economic pressures, with a national debt of $38 trillion and annual interest payments exceeding $1.2 trillion, prompting a cycle of borrowing [13] - China's reduction of U.S. debt holdings and the shift towards gold purchasing are indicative of a broader strategy to enhance financial independence and mitigate risks associated with U.S. economic policies [13]

gtaxinstitute@essence.com.cn 综合晨报 2025年10月24日 【原油】 隔夜国际油价连续第二个交易日反弹,布伦特12合约涨2.5%。俄乌地缘风险的急剧升温继续主导油 价反弹， 美国制裁的俄罗斯Rosneft和卢克石油在俄产能和炼能占比分别为46%、40%；周四欧盟正 式通过第19轮对俄制裁，涉及包括2家炼厂、1家国有贸易公司在内的4家中国企业，相关供应链风 险在中国购买俄油的贸易环节、卸港环节已有所显现。地缘风险带动油市短期震荡偏强,关注24- 27日中美马来会谈及后续俄美对话的进展。 (责金属) 隔夜金银反弹。美欧对俄执行新一轮制裁，中美即将举行新一轮贸易谈判，美国出动轰炸机飞越委 内瑞拉附近空域,全球局势不确定性强,风险情绪易产生摇摆。短期责金属可能进入阶段性高位震 荡，建议暂时观望等待参与机会。今晚关注美国9月CPI数据发布。 【铜】 隔夜沪铜增仓延续涨势，市场关注中美商务谈判形势。高金铜比提升同价多配韧性。昨日国内现铜 报85490元，上海升水10元，周内钢联社库减少5700至18.98万吨。暂时观望。 (铝) 原油带动商品普涨，沪铝延续震荡偏强。本周海外某铝厂因事故减产 ...

Report Industry Investment Ratings - No specific industry investment ratings are provided in the text. Core Views of the Report - The short - term outlook for the stock index is expected to be volatile. As the negative factors of trade frictions gradually ease, the stock index is expected to return to the upward channel. Even if short - term macro uncertainties increase, the adjustment space of the stock index is expected to be limited. The strategy is to go long on the stock index when opportunities arise [1]. - Different commodities have different trends. Some are expected to be volatile, some are expected to be strong, and some are influenced by multiple factors such as supply - demand, policies, and geopolitical situations [1]. Summary by Industry Macro - finance - **Stock Index**: Short - term volatility, expected to return to the upward channel later, with limited adjustment space. Strategy: go long when opportunities arise [1]. - **Treasury Bonds**: Volatile. Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - **Gold**: Short - term wide - range volatility. Geopolitical uncertainties and potential Fed rate cuts support the price, but the new round of Sino - US consultations limit the rise [1]. - **Silver**: Volatile in the short - term, and the physical situation in London needs to be monitored [1]. Non - ferrous Metals - **Copper**: Short - term price fluctuations are intensified, but with continuous supply disturbances and an increasing Fed rate - cut expectation, it is expected to be strong [1]. - **Alumina**: With production still profitable, domestic alumina production capacity continues to be released, and production and inventory are increasing. The spot price is under pressure, and cost support needs attention [1]. - **Zinc**: After a short - term rebound, the export window closes again. It is expected to fluctuate within a range, and changes in domestic and foreign inventories need attention [1]. - **Nickel**: Short - term volatility is mainly influenced by the macro situation and may be strong, but high inventory still suppresses the price. Suggestion: short - term low - buying within the range, and there is still pressure from long - term excess of primary nickel [1]. - **Stainless Steel**: The macro situation improves, and the trade friction eases. The stainless steel futures may rebound in the short - term. It is recommended to operate in the short - term and wait for short - selling opportunities at high prices [1]. - **Tin**: Although the short - term impact of the Indonesian ore ban is not significant, the supply risk is high, and there is demand support. It is recommended to pay attention to long - buying opportunities at low prices in the long - term [1]. Black Metals - **Rebar and Hot - rolled Coil**: The industrial driving force is unclear, and the futures valuation is low. Directional trading is not recommended [1]. - **Iron Ore**: The near - month contract is restricted by production cuts, but the commodity sentiment is good, and the far - month contract still has upward potential [1]. - **Silicon Manganese**: Direct demand is good, but supply is high, and inventory is at a high level. The price is under pressure and volatile [1]. - **Silicon Iron**: Short - term production profit is poor, but cost support is strengthening, and direct demand is good. The price is expected to be volatile and the downward space is limited [1]. - **Soda Ash**: Follows the glass market, with a large supply - surplus pressure, and the price is under pressure [1]. - **Coking Coal and Coke**: After the price rebounded to fill the gap, it reached a relatively high level. It may challenge previous highs, but the breakthrough is difficult. It may be in a wide - range volatile market if there is no new policy on "anti - involution" [1]. Agricultural Products - **Palm Oil**: Indonesia's plan to regulate exports is favorable for the far - month contract. The near - month contract lacks new drivers, and it is advisable to wait for the production area to reduce production and destock [1]. - **Soybean Oil**: The pressure from US soybean prices and the support from domestic de - stocking expectations coexist. There is a lack of new drivers, and it is advisable to wait and see [1]. - **Canola Oil**: The negotiation on Canadian canola anti - dumping may bring negative news. The domestic canola is in short supply, and the inventory is decreasing. It is advisable to wait and see for single - side trading, and the inter - month positive spread is expected to rise [1]. - **Cotton**: There is uncertainty in new - year cotton demand. The downside space of the futures is limited, but the basis and the futures may be under pressure due to high production [1]. - **Sugar**: In the short - term, sugar prices are seasonally strong due to typhoon impacts and the gap between old and new crops. In the medium - term, the rebound space is limited after new sugar is listed [1]. - **Corn**: The current stage still focuses on the selling pressure in November. The C01 contract is expected to be in low - level volatility [1]. - **Methanol**: The MO1 contract is expected to be volatile. It is recommended to wait and see or go long in the short - term, and pay attention to Sino - US trade negotiations and South American weather [1]. - **Paper Pulp**: The trading logic is related to the old warehouse receipts of the 11 - contract. With weak downstream demand, it is recommended to do a 11 - 1 reverse spread [1]. - **Logs**: The log fundamentals have declined, and the spot price is firm. It is advisable to wait and see after a sharp decline in the futures [1]. - **Live Pigs**: The spot price has stabilized, but the futures still have a premium. It is necessary to wait for changes in the slaughter volume and weight, and the short - term trend is volatile [1]. Energy and Chemicals - **Fuel Oil**: Influenced by US sanctions on Russia, geopolitical tensions, and the US attitude towards China's tariffs [1]. - **Bitumen**: Short - term supply - demand contradictions are not prominent, following the trend of crude oil. The "14th Five - Year Plan" construction demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient [1]. - **SBS Rubber**: Supported by strong raw material costs, decreasing intermediate inventory, and a positive commodity market atmosphere [1]. - **BR Rubber**: The cost support is weak, and the supply of synthetic rubber is loose. Attention should be paid to inventory de - stocking [1]. - **PTA**: The price rebounds slightly due to factors such as a decline in domestic production caused by equipment inspections [1]. - **Ethylene Glycol**: The port inventory in East China is low, the cost support is strengthening, and the polyester market has not declined significantly [1]. - **Short - fiber**: Factory equipment is gradually resuming operation, the basis is strengthening, and the price follows the cost [1]. - **Styrene**: The Asian benzene price is weak, the arbitrage window to the US is closed, and domestic styrene plant inspections are increasing [1]. - **Urea**: The export sentiment eases, and domestic demand is insufficient. There is an upper limit to the price, but there is support from "anti - involution" and cost [1]. - **PE**: The price is volatile and slightly strong due to a slight downward adjustment in the crude oil price center, weakened inspection efforts, and slowly increasing downstream demand [1]. - **PP**: The inspection support is limited, the downstream improvement is less than expected, and the price is volatile and weak [1]. - **PVC**: The supply pressure is large, there are many near - month warehouse receipts, and the price is volatile and weak [1]. - **LPG**: There are problems such as planned alumina production in Guangxi, decreasing inspection concentration, and difficult digestion of warehouse receipts. The international oil and gas fundamentals are loose, and the domestic fundamentals are also loose [1].

Core Viewpoint - The upcoming US-China trade negotiations are expected to focus on various issues, with rare earths being a central topic, while US soybean farmers are primarily concerned about soybean orders from China [1][4]. Group 1: Current Situation of US Soybean Farmers - US soybean farmers are facing significant challenges as China has not placed any orders for US soybeans, partly due to China's shift to alternative markets like Brazil and Argentina [3][6]. - The US government, under Secretary of Agriculture Tom Vilsack, has indicated that if China were to place soybean orders, it could create complications, suggesting a complex dynamic in the negotiations [4][6]. - Farmers are increasingly frustrated with reliance on government subsidies, which are seen as a temporary fix rather than a long-term solution to their market access issues [6][10]. Group 2: Market Dynamics and Alternatives - The entry of Argentina into the soybean market, particularly with its zero-tariff policy, has complicated US negotiations, as US farmers feel disadvantaged [3][7]. - The US government is actively seeking alternative markets to reduce dependence on China, but efforts to sell soybeans to countries like Japan, India, and the UK have not yielded significant results [9][10]. - The core issue remains that US farmers need access to the Chinese market, as no other market can match China's demand for soybeans [9][10]. Group 3: Government Response and Future Outlook - The US government's approach appears to prioritize reducing reliance on China rather than addressing the immediate needs of soybean farmers, leading to concerns about long-term market opportunities [10][12]. - Farmers are anxious about their unsold soybeans and the lack of effective government action to resolve the situation, highlighting a disconnect between farmer needs and government policy [12].

Core Viewpoint - Boeing has appointed Landon Loomis as the new President of Boeing China, effective immediately, succeeding Liu Qing who has retired [1][4]. Group 1: New Appointment - Landon Loomis will be based in Beijing and will oversee daily operations, strategy, partnerships, and high-level government relations for Boeing in China [1]. - Loomis has a background in international trade, having served as a trade officer at the U.S. Embassy in China for five years, focusing on the aviation sector [3]. - He joined Boeing in 2019 and has held various positions, including Vice President of Global Policy and President of Boeing Latin America and the Caribbean [3][4]. Group 2: Previous Leadership - Liu Qing, the former President of Boeing China, had a significant impact during his tenure, leading various collaborations with Chinese airlines and research institutions [6]. - Liu has over 20 years of experience in executive roles in China, including positions at Ford and Chrysler [4][6]. Group 3: Boeing's Historical Context in China - Boeing has a long history in China, dating back to 1916, with significant milestones including the first large-scale aircraft order in 1972 [8]. - The company has faced challenges in recent years, including trade tensions and quality issues, which have affected its performance in the Chinese market [8].

Core Viewpoint - Boeing has appointed Landon Loomis as the new President of Boeing China, effective immediately, succeeding Liu Qing who has retired [1][3]. Group 1: New Appointment - Landon Loomis will be based in Beijing and will oversee daily operations, strategy, partnerships, and high-level government relations for Boeing in China [1]. - Loomis has a background in trade, having served as a trade officer at the U.S. Embassy in China for five years, focusing on the aviation sector [3]. - He joined Boeing in 2019 and has held various positions, including Vice President of Global Policy and President of Boeing Latin America and the Caribbean [3]. Group 2: Previous Leadership - Liu Qing, the former President of Boeing China, had over 20 years of executive experience in China, including roles at Ford and Chrysler [4]. - During Liu's tenure, he led several collaborative projects with Chinese airlines and research institutions, focusing on technology development and talent training [6]. Group 3: Historical Context - Boeing's relationship with China dates back to 1916, with significant milestones including the first large-scale aircraft order in 1972 [8]. - Despite a history of strong cooperation, Boeing's performance in China has faced challenges in recent years due to trade tensions and quality issues [8]. - In 2025, Boeing planned to deliver 49 aircraft to China, but the outlook for the remaining deliveries has become uncertain due to tariff disputes [8].

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【铁矿石、玻璃、焦煤市场现状及走势分析】供应上，力拓与VALE为完成年度目标有冲量空间，天气 干扰减弱，港口到货或维持高位，铁矿石供应宽松。其主线是"供给宽松、需求低位、港口累库"，过剩 格局难改。若贸易摩擦升级，出口订单降、成材抛售、钢厂减产，矿价或探新低。不过10月下半月美联 储降息、国内重磅会议临近，宏观情绪或回暖，短线矿价有支撑。后续关注煤焦政策、钢厂利润与检 修、终端需求、宏观政策四条主线。 玻璃当前地区出货弱，市场降价氛围浓，现货维持弱势震荡。盘 面下行，冷修可能性增加，提前打贴水较危险。浮法玻璃行业开工率76.35%，产能利用率和周供应量 环比略增。旺季房地产竣工下行拖累需求，玻璃需求弱，企业库存连增。截至10月16日，全国样本企业 总库存6427.6万重箱，创7月下旬以来新高，抑制市场信心。短期震荡偏弱，关注宏观及减产政策。 宏 观政策预期推动，本周召开党的二十届四中全会，月底中央政治局会议临近，煤炭作为"反内卷"重点品 种，市场关注需求端政策。产业端供给担忧加剧，上周内蒙古矿难，陕西四季度加强安检，盘面提振有 限。市场核心矛盾是钢 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The international oil price rebounded sharply overnight, and the decline momentum of oil prices this week is expected to slow down. Precious metals are in a weak adjustment phase, and it is recommended to wait for a stable buying opportunity. Copper prices are expected to fluctuate temporarily, while aluminum prices are expected to test the previous high resistance. The prices of various industrial products and agricultural products are affected by factors such as supply and demand, geopolitical situation, and trade negotiations, showing different trends [2][3][4]. Summary by Category Energy - **Crude Oil**: Overnight, international oil prices rebounded sharply, with Brent's December contract rising 4.36%. The decline momentum of oil prices this week is expected to slow down in the absence of additional negative factors. The market is in an oversold rebound state, and attention should be paid to the breakthrough of the $65/barrel resistance level of Brent due to geopolitical fluctuations [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Overnight, fuel oil prices rose significantly following the cost - end. High - sulfur fuel oil is currently supported by geopolitical fluctuations, but the supply will be looser in the medium term. Low - sulfur fuel oil fundamentals are weak, but the cracking spread may be supported in the fourth quarter [22]. - **Liquefied Petroleum Gas**: The supply of liquefied petroleum gas increased slightly this week. The chemical demand is growing, while the combustion demand is weak. The fundamentals have improved marginally, and the price is boosted by the rebound of crude oil [24]. - **Bitumen**: The weekly asphalt production rate declined. The supply and demand are in a tight - balance state, and the price has rebounded from a low level due to the stop - falling of crude oil [23]. Metals - **Precious Metals**: Overnight, gold and silver continued their weak adjustment. They are in the process of repairing the overbought situation and may enter a high - level shock stage after the correction. It is recommended to wait and see [3]. - **Base Metals** - **Copper**: Overnight, copper prices fluctuated with a positive line. The short - term sharp decline of precious metals reflects the resilience of copper prices. The market is waiting for the Sino - US business meeting this week, and copper prices are expected to fluctuate temporarily [4]. - **Aluminum**: Overnight, Shanghai aluminum fluctuated strongly. An overseas aluminum plant reduced production by 200,000 tons due to an accident. The short - term aluminum price will continue to test the previous high resistance [5]. - **Zinc**: The LME zinc inventory is extremely low, and the overseas spot is tight, supporting the London zinc price to break through the $3,000 integer mark again. The domestic zinc price has strong support at 21,500 yuan/ton, and the short - term rebound height depends on zinc ingot exports and downstream consumption [8]. - **Nickel and Stainless Steel**: The Shanghai nickel price fluctuated narrowly. The downstream demand recovery is limited, and the social inventory has stopped falling and started to rise. The price of the nickel industry chain may be dragged down. Technically, the Shanghai nickel price is weak, and a short - selling strategy is recommended [10]. - **Tin**: Overnight, the tin price fluctuated with a negative line. The domestic tin concentrate import volume decreased by nearly 30% month - on - month in September. A short - selling strategy is recommended [11]. - **Manganese Silicon**: The price oscillated upward. The iron - water production remains high. The weekly output of silicon - manganese decreased slightly, and the inventory decreased slightly. Attention should be paid to the impact of external trade frictions [19]. - **Silicon Iron**: The price oscillated upward. The iron - water production remains high, and the overall demand is acceptable. The supply remains at a high level, and the inventory is continuously decreasing. Attention should be paid to the impact of external trade frictions [20]. Chemicals - **Carbonate Lithium**: The lithium price rebounded, and the market trading became active. The total market inventory decreased, and the futures price is expected to oscillate and rebound [12]. - **Industrial Silicon**: The industrial silicon futures continued to adjust. The supply - side pressure is increasing, and the short - term disk is expected to oscillate. The supply - demand contradiction is expected to be alleviated in November [13]. - **Polysilicon**: The polysilicon futures adjusted downward. The production reduction in November - December is uncertain. The price is expected to oscillate, and there may be an opportunity to bet on a rebound [14]. - **Pure Benzene**: The pure benzene price is expected to continue to rebound. The short - term oil price stop - falling provides rebound power, but the high import volume is the main pressure in the medium term [27]. - **Styrene**: The crude oil price increase may boost the cost and market sentiment of styrene, but the high inventory suppresses the price [28]. - **Polypropylene, Plastic, and Propylene**: The sharp increase in crude oil prices may boost olefin - chain products. The supply - demand contradiction of polypropylene may increase, and the price may remain at a low level for a long time [29]. - **PVC and Caustic Soda**: PVC shows an oscillating trend. The supply is expected to increase, and the weak reality pattern continues. Caustic soda oscillates narrowly, and short - selling should be cautious [30]. - **PX and PTA**: The sharp rebound in oil prices will provide rebound power for PX and PTA. The short - term price is expected to rebound, and the mid - term is expected to be in a contango state [31]. - **Ethylene Glycol**: The ethylene glycol price continued to rebound at night. The short - term price is expected to rebound, but there is a pressure of inventory accumulation in the medium term [32]. Building Materials - **Glass**: The glass price oscillated narrowly. The supply is increasing, the demand is weak, and the price is expected to be in the bottom - range [34]. - **Soda Ash**: The soda ash price oscillated. The supply is high, the demand is slightly reduced, and it is recommended to short at a high level after a rebound [36]. Agricultural Products - **Soybeans and Soybean Meal**: The soybean supply in the fourth quarter is sufficient, but it may be tight in the first quarter of next year if the Sino - US trade relationship deteriorates. The soybean meal price is expected to oscillate [37]. - **Soybean Oil and Palm Oil**: The domestic oil - meal ratio is in a callback state. The export demand of US soybeans is uncertain. It is recommended to look for opportunities where oil is stronger than meal in the medium - long term [38]. - **Rapeseed and Rapeseed Oil**: The short - term trend of rapeseed prices is not obvious. Attention should be paid to the Sino - US, Sino - Canadian, and US - Canadian trade relations [39]. - **Corn**: The corn futures price oscillated weakly. The supply is loose, and the price is expected to continue to be weak at the bottom [40]. - **Soybeans**: The domestic soybean supply is sufficient in the fourth quarter, but may be tight in the first quarter of next year. The soybean meal price is expected to oscillate [37]. - **Eggs**: The egg futures price showed an intraday upward - then - downward trend. The market is weak, and a short - selling strategy is recommended [42]. - **Cotton**: The US cotton price declined. The domestic cotton demand is general, and the short - term price is expected to oscillate [43]. - **Sugar**: The international sugar supply is sufficient, and the domestic sugar production in the 25/26 season is expected to be good. Attention should be paid to the weather and the growth of sugarcane [44]. - **Apples**: The apple futures price is strong. The cold - storage inventory may be higher than expected. It is recommended to wait and see [45]. - **Timber**: The timber price oscillated. The supply is low, the demand is supported, and a long - buying strategy is recommended [46]. - **Paper Pulp**: The paper pulp futures price increased. The port inventory is relatively high, and the demand is general. It is recommended to wait and see [47]. Livestock - **Pigs**: The live - pig spot price continued to rebound, and the futures price oscillated narrowly. The price is in a rebound cycle, but a short - selling strategy is recommended after the rebound [41]. Others - **Container Freight Index (European Line)**: The spot price of the container freight index (European line) is expected to rise. The short - term upward momentum of the futures price may weaken, but the overall trend is expected to be strong [21].