Core Insights - The Shanghai Futures Exchange's main copper contract closed down by 0.1% at 87,960.0 yuan per ton on October 30 [1] - There was a capital outflow of 888 million yuan during the day [1]

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年10月30日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：世界金属统计局（WBMS）公布的最新报告显示，2025年8月，全 球锌板产量为115.07万吨，消费量为117.17万吨，供应短缺2.1万吨。2025 年1-8月，全球锌板产量为908.85万吨，消费量为936.98万吨，供应短缺 28.13万吨。2025年8月，全球锌矿产量为106.96万吨。2025年1-8月，全球 锌矿产量为844.57万吨；偏多。 2、基差：现货22330，基差-100；中性。 3、库存：10月29日LME锌库存较上日减少50吨至35200吨，10月29日上期所 锌库存仓单较上日减少847吨至67424吨；偏多。 4、盘面：昨日沪锌震荡上涨走势，收20日均 ...

Core Viewpoint - The Shanghai Futures Exchange's primary aluminum futures contract closed up by 0.35% at 21,295.0 CNY per ton, indicating a positive market movement despite a significant outflow of funds during the trading day [1]. Group 1 - The primary aluminum futures contract on the Shanghai Futures Exchange experienced a price increase of 0.35% [1] - The closing price for the contract was reported at 21,295.0 CNY per ton [1] - There was a net outflow of funds amounting to 8.33 million CNY during the trading session [1]

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 29 日星期三 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 铁矿: 【行情复盘】 周二铁矿收涨。夜盘继续收涨。 | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、上周（10 月 20 日-10 月 26 日），10 个重点城市新建商品房成交（签约）面积 | | | | | 总计 169.26 万平方米，环比增长 3.3%，同比下降 25.2%。 | | | | | 2、从水利部规划计划司获悉，今年以来，水利部坚持稳中求进工作总基调，统筹 | | | | | 推进"硬投资"与"软建设"，加快推动水利基础设施建设。前三季度，全国水利 | | | | | 建设完成投资 8797.9 亿元。 | | | | | 3、据产业在线最新发布的三大白电排产报告显示，2025 年 11 月空冰洗排产合计总 | | 黑色建材 | 铁矿 | 震 荡 偏 | ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 29 日星期三 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 昨日焦煤主力合约 Jm2601 收于 1242.0，环比日盘开盘下跌 1.7%；焦炭主力合约 J2601 | | --- | --- | --- | --- | | | | | 收于 1747.5，环比日盘开盘下跌 1.80%。昨日夜盘，Jm2601 收于 1253.5，环比日盘收 盘上涨 0.93%；J2601 合约收于 1763.0，环比日盘收盘上涨 0.89%。 【重要资讯】 | | | | | 1、10 月 28 日，中共中央关于制定国民经济和社会发展第十五个五年规划的建议发布。 | | | | | 有关钢铁行业高质量发展方面，明确了发展方向与机遇。 | | | | | 2、11 月制造业用钢行业分化明显。钢结构企业原料库存月环比降 0.66% ...

格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 29 日星期三 研究员： 王子健 从业资格：F03087965 交易咨询资格：Z0019551 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 郑棉总成交 177346 手，持仓 908903 手。结算价 1 月 13565 元/吨，5 月 13580 元 /吨，9 月 13730 元/吨。 ICE12 月合约结算价 65.05 涨 49 点，3 月 66. ...

Core Insights - The 2025 Global Futures Traders Conference and the 19th National Futures (Options) Live Trading Competition will be held in Xi'an, serving as a high-end platform for industry exchanges and future outlooks [1] - Participants emphasize the importance of continuous learning and risk control as essential for long-term survival in the market [1][2] - The competition showcases diverse trading strategies, highlighting that there is no single best strategy, but rather one that evolves with market conditions [2] Group 1: Event Significance - The annual event has become a key platform for market participants to exchange ideas and insights [1] - The competition allows traders to validate their skills and break through cognitive limitations by competing with experts using various strategies [2] Group 2: Risk Management - Effective risk management is deemed the lifeline of futures trading, with principles such as dynamic position management, strict stop-loss execution, and timely profit-taking being emphasized [2] - The importance of establishing a trading system that coexists with market uncertainties is highlighted by industry experts [2] Group 3: Industry Engagement - Futures companies view the competition as an opportunity to observe market trends, understand client needs, and showcase their service capabilities [3] - The event serves as a platform for identifying potential trading talents and industry clients, driving service innovation and optimization [3][4] Group 4: Future Expectations - There is a desire for the award ceremony to address industry challenges and share practical case studies from award-winning participants [2][3] - The integration of technology, particularly AI in trading, is anticipated to enhance the industry's technological capabilities [4]

Core Viewpoint - The gold market has experienced significant price corrections following a substantial increase, with short-term adjustments creating a cautious atmosphere despite long-term bullish sentiment [1][2][4]. Price Movements - On October 28, the London spot gold price fell below $3,900 per ounce, marking a decline of nearly $500 per ounce since October 20 [2]. - The Shanghai gold futures market mirrored this trend, with the main contract dropping to around 900 yuan per gram [2][4]. - After reaching a peak of $4,381 per ounce on October 20, gold prices saw a record single-day drop of 6.3% on October 21, the largest in 12 years [3][4]. Market Sentiment and Speculation - A rumor circulated about a trader making a profit of 1.4 billion yuan from a 30 million yuan investment in gold futures, which was later debunked [3]. - Despite the outflow of funds from the gold futures market, the trading volume for gold and silver remains significant, with gold accounting for 17.27% and silver 8.61% of the domestic futures market [5]. Fund Flows - On October 27, there was a capital outflow of 1.72 billion yuan from precious metals, followed by an additional 7.7 billion yuan on October 28, with gold and silver seeing reductions of 5.5 billion yuan and 2.2 billion yuan, respectively [5]. - The total capital in precious metals currently stands at 138.32 billion yuan [5]. Institutional Outlook - Citigroup has revised its short-term price targets for gold and silver downwards, with gold expected to reach $3,800 per ounce and silver $42 per ounce due to changing global market conditions [6]. - The adjustments are influenced by trade negotiations led by the U.S. and a decrease in market uncertainty, which may exert downward pressure on gold prices [6]. Long-term Trends - Despite short-term corrections, many institutions maintain a bullish outlook on gold as a hedge against geopolitical and economic risks [7]. - The expectation of continued interest rate cuts by the Federal Reserve and ongoing central bank gold purchases are seen as supportive factors for gold prices [7]. - Historical data suggests that after a nine-week rise in gold prices, a typical correction could range from 20% to 40% over the following year, but the underlying bullish trend remains intact [7].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Nickel Market**: The nickel fundamentals are weak with inventory pressure, but the valuation is at a low level. It is expected that the nickel price will fluctuate at a low level. The recommended trading strategy is to wait and see [1]. - **Stainless Steel Market**: The fundamentals are loose, and the cost support is weakening. It is expected that the upside space for stainless steel is limited. The recommended trading strategy is to short on rallies [1]. 3. Summary by Related Catalogs Nickel Market - **Price and Volume**: On October 27, the main nickel contract on the Shanghai Futures Exchange fluctuated within a range. The trading volume was 129,533 lots (-15,670), and the open interest was 108,989 lots (-12,453). The LME nickel price fell 0.17%. The spot market trading was weak, and the basis premium narrowed [1]. - **Supply**: Nickel ore prices remained flat. Last week, the arrival volume of nickel ore decreased, and port inventories decreased. Nickel iron smelters' losses deepened. In October, domestic production increased, and Indonesian production increased. Nickel iron inventories decreased. In October, domestic electrolytic nickel production increased, and export profits decreased [1]. - **Demand**: Ternary battery production increased. Stainless steel mills' production increased. The demand for alloys and electroplating was stable [1]. - **Inventory**: Inventories on the Shanghai Futures Exchange increased, LME inventories increased, social inventories increased, and bonded area inventories decreased [1]. Stainless Steel Market - **Price and Volume**: On October 27, the main stainless steel contract fluctuated within a range. The trading volume was 158,384 lots (+20,953), and the open interest was 115,124 lots (-29,055). The spot market trading was weak, and the basis premium narrowed [1]. - **Supply**: In October, stainless steel production increased, and the production of the 300 - series decreased [1]. - **Demand**: Terminal demand was weak [1]. - **Cost**: The price of high - nickel pig iron and high - carbon ferrochrome decreased [1]. - **Inventory**: Inventories on the Shanghai Futures Exchange decreased. Last week, the social inventory of the 300 - series was 612,700 tons (-9,000) [1]. Industry News - Indonesia's nickel processing industry has shown significant expansion. By 2025, Indonesia's nickel production is expected to account for 67% of the global total, and this proportion is expected to rise to 75% from 2027 - 2028. There are 173 nickel processing projects in progress, including 134 using pyrometallurgical technology (RKEF) and 39 using hydrometallurgical technology (HPAL). 65 RKEF plants and 12 HPAL plants are in commercial operation [1].

研究所 吴金恒（期货从业资格号F03100418 期货投资咨询号Z0021125）,联系电话:010-82293229 娱与不锈钢日评20251028:成本支撑走弱,不锈钢连高法空 数据采源:SMM W | 交易日期(日) | 2025-10-24 | 较昨日变化 | 2025-10-27 | 2025-10-20 | 近两周走势 | 期货近月合约 | 收盘价 | 122060.00 | 121860.00 | 120710.00 | 200.00 | 2 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货连一合约 | 7 | 122400.00 | 122150.00 | 250.00 | 收盘价 | 120860.00 | 期货连二合约 | 收盘价 | 122560.00 | 122310.00 | 121100.00 | 250.00 | 2 | | | | | | | 122730.00 ...