Core Viewpoint - Indian state-owned oil company Hindustan Petroleum Corporation Limited (HPCL) has suspended the purchase of Russian crude oil amid escalating tensions with the United States and new sanctions on Russian oil exports [3][4]. Group 1: Company Actions - HPCL announced the suspension of Russian crude oil purchases following reports of its previous transactions involving nearly $280 million worth of Russian oil transported by sanctioned vessels [3]. - The company stated that it was unaware of the specific vessels used for transportation and their sanction status at the time of delivery, as the oil was sold on a delivered basis [4]. Group 2: Market Context - The suspension comes after the U.S. imposed new sanctions targeting major Russian oil producers, including Lukoil and Rosneft, which has influenced Indian refiners' purchasing decisions [3][4]. - Reliance Industries, India's largest private oil buyer, also decided to halt Russian crude oil purchases, indicating a potential shift in India's oil procurement strategy [4]. Group 3: Broader Implications - The decision by Indian refiners to pause Russian oil purchases may enhance the likelihood of a trade agreement between India and the U.S., as the two countries navigate their complex relationship [4]. - India, being one of the largest crude oil importers globally, relies on foreign suppliers for over 85% of its oil needs, traditionally sourcing from Middle Eastern countries but increasingly turning to discounted Russian oil since 2022 [4].

Report Industry Investment Rating No relevant information provided. Core View of the Report - For soybeans and soybean meal, the global soybean supply is expected to remain loose. With high domestic soybean and soybean meal inventories, the import of US soybeans may slow down the domestic de - stocking process and reduce the crushing profit margin. It is recommended to sell on rebounds [2][4]. - For palm oil, the high - yield in Malaysia and Indonesia suppresses the market. If the high - yield in Indonesia cannot be sustained, the inventory accumulation situation may reverse; otherwise, it will continue to be weak. It is recommended to view it as oscillating weakly before the export of Malaysian palm oil improves [8]. - For sugar, the tightening of syrup and premix import controls drives the rebound of Zhengzhou sugar prices. However, due to the negative data of sugarcane crushing and sugar production in Brazil and the expected increase in production in the Northern Hemisphere, it is advisable to wait for the rebound to weaken and then look for short - selling opportunities [10]. - For cotton, the demand during the peak consumption season is weak this year, and there is an expected bumper harvest in the new year. Although the recent increase in the purchase price of new cotton drives the rebound of Zhengzhou cotton, the upward space of cotton prices is relatively limited in the short term [13]. - For eggs, the spot price still has a rebound expectation but is limited by high supply. The futures market is in a state of bottom - building, and it is recommended to wait and see [17]. - For pigs, in the medium term, pig prices are likely to fall easily due to high supply pressure. In the short term, there may be a rebound, and it is recommended to gradually establish reverse - spread positions and short - sell after reaching the pressure level [19]. Summary by Related Catalogs Soybeans and Soybean Meal - **Market Information**: Overnight, CBOT soybeans rose as US officials said China would buy tens of millions of tons of soybeans. On Thursday, the domestic soybean meal spot price was stable, with the East China price at 2910 yuan/ton, the transaction volume at 145,000 tons, and the delivery volume at 196,400 tons. The inventory days of domestic feed enterprises increased by 0.03 days to 7.95 days last week. The soybean meal inventory of oil mills increased, and the soybean inventory decreased month - on - month. The total inventory was high and showed a slight de - stocking trend. MYSTEEL estimated that the domestic soybean crushing volume of oil mills this week would be 2.3392 million tons, compared with 2.3674 million tons last week. As of last Thursday, the soybean sowing rate in Brazil's 2025/26 season had reached 36%, and the rainfall in the main planting areas was at a neutral level [2]. - **Strategy**: The import cost of soybeans is mainly oscillating. With high domestic soybean and soybean meal inventories, the crushing profit is under pressure. It is recommended to sell on rebounds [4]. Palm Oil - **Market Information**: ITS and AMSPEC data showed that the export volume of Malaysian palm oil from October 1 - 10 increased by 9.86% - 19.37% compared with the same period last month, the export volume from October 1 - 15 increased by 12.3% - 16.2%, the export volume from October 1 - 20 increased by 3.4%, and the export volume from October 1 - 25 decreased by 0.4%. SPPOMA data showed that the palm oil production in Malaysia from October 1 - 15 increased by 6.86% month - on - month, the production from October 1 - 20 increased by 2.71%, and the production from October 1 - 25 increased by 1.63%. The high - yield in Malaysia and Indonesia suppresses the market, and there are rumors that Indonesia may suspend the implementation of B50 in 2026. The domestic spot basis is stable at a low level [5]. - **Strategy**: The high - yield in Malaysia and Indonesia suppresses the palm oil market. If the high - yield in Indonesia cannot be sustained, the inventory accumulation situation may reverse; otherwise, it will continue to be weak. It is recommended to view it as oscillating weakly before the export of Malaysian palm oil improves [8]. Sugar - **Market Information**: On Thursday, the price of Zhengzhou sugar futures oscillated weakly. The closing price of the January contract was 5472 yuan/ton, a decrease of 22 yuan/ton or 0.4% compared with the previous trading day. The spot prices of sugar in Guangxi, Yunnan, and processing plants were stable. The customs has tightened the import control of Thai syrup and premix, with the number of suspended enterprises increasing from 35 to 44, and the scope of suspension expanding [9]. - **Strategy**: The tightening of import controls drives the rebound of sugar prices. However, due to the negative data of sugar production in Brazil and the expected increase in production in the Northern Hemisphere, it is advisable to wait for the rebound to weaken and then look for short - selling opportunities [10]. Cotton - **Market Information**: On Thursday, the price of Zhengzhou cotton futures oscillated narrowly. The closing price of the January contract was 13,600 yuan/ton, a decrease of 20 yuan/ton or 0.15% compared with the previous trading day. The spot price of cotton increased slightly, and the basis was 1243 yuan/ton. The China - US economic and trade teams reached some consensus in the negotiations, including the cancellation of the 10% "fentanyl tariff" by the US on Chinese goods [12]. - **Strategy**: The demand during the peak consumption season is weak this year, and there is an expected bumper harvest in the new year. Although the recent increase in the purchase price of new cotton drives the rebound of Zhengzhou cotton, the upward space of cotton prices is relatively limited in the short term [13]. Eggs - **Market Information**: The national egg prices were mostly stable, with a few areas having narrow adjustments. The average price in the main production areas remained at 2.88 yuan/jin. The supply was relatively stable, and the market sales were average. It is expected that the national egg prices will mostly remain stable and a few areas may have narrow adjustments today [15][16]. - **Strategy**: The spot price still has a rebound expectation but is limited by high supply. The futures market is in a state of bottom - building, and it is recommended to wait and see [17]. Pigs - **Market Information**: Yesterday, domestic pig prices showed mixed trends with more price - falling areas. As the end of the month approaches, the enthusiasm of farmers for slaughter is not high, but the downstream's enthusiasm for purchasing decreases after the price increase. It is expected that pig prices will be stable with a weak trend today [18]. - **Strategy**: In the medium term, pig prices are likely to fall easily due to high supply pressure. In the short term, there may be a rebound. It is recommended to gradually establish reverse - spread positions and short - sell after reaching the pressure level [19].

Group 1 - The Federal Reserve's FOMC meeting was a key event this week, with a 25 basis point rate cut as expected, but the main focus was on Chairman Jerome Powell's comments regarding potential actions in December [1] - Powell's remarks dampened market expectations for another rate cut in December, leading to increased pessimism among investors regarding the likelihood of further cuts by year-end [1] - The strengthening of the US dollar and rising US Treasury yields were beneficiaries of the Fed's hawkish stance, with the dollar index (DXY) climbing back above 99 [1] Group 2 - The rebound in oil prices from last week's lows was influenced by US sanctions on Russian oil companies, raising concerns about the impact on crude imports from China and India [4] - Despite the recovery, speculation about OPEC+ potentially announcing further production increases in December limited the upside for oil prices [4] Group 3 - Over 83% of S&P 500 companies have reported earnings exceeding expectations during the ongoing Q3 earnings season, with a particular focus on technology giants expected to deliver robust earnings to support high valuations [6] Group 4 - The Bank of Japan and the European Central Bank are expected to maintain interest rates unchanged in their upcoming policy announcements, with the Japanese yen under pressure due to anticipated economic stimulus measures following the recent elections [7] - Japan's core CPI rose to 2.9%, above the 2% inflation target, which may lead the Bank of Japan to consider further rate hikes by year-end [7]

Core Viewpoint - Copper prices have declined in early Asian trading, retreating from record highs due to market concerns over supply disruptions [1] Group 1: Market Trends - LME three-month copper contracts fell by 1.0% to $11,071.00 per ton [1] - The market is closely analyzing the Federal Reserve's latest interest rate decision, which typically influences metal prices positively [1] Group 2: Demand and Supply Factors - Optimism regarding a potential trade agreement has been a key factor driving recent copper price increases [1] - Positive demand outlook and supply issues have been impacting price trends, although there are concerns that these disruptions may undermine confidence in the expected outcomes of developing projects [1]

Group 1: Trade Agreement Outcomes - The unexpected trade agreement reached during the summit includes a total investment plan of $350 billion from South Korea to the U.S., with $200 billion in cash investments and $150 billion allocated for shipbuilding cooperation under the "Make American Shipbuilding Great Again" initiative [3][4] - The agreement stipulates a reduction in automotive tariffs from 25% to 15%, aligning with the rates negotiated by Japan and the U.S. Other categories such as pharmaceuticals and wooden products will receive most-favored-nation treatment, while certain materials will be subject to zero tariffs [3][4] - Semiconductor tariffs will be set at a level not lower than that of Taiwan to ensure the competitiveness of South Korean companies [3][4] Group 2: Defense and Security Cooperation - The summit resulted in a new consensus on defense and security, with South Korea planning to enhance its defense capabilities through increased defense budgets and the development of its defense industry [4] - South Korea aims to initiate a nuclear-powered submarine project to improve maritime deterrence and strategic mobility, which was acknowledged by President Trump, who agreed to establish follow-up consultation mechanisms [4] - The strategic cooperation will focus on nuclear submarine propulsion systems, shipbuilding industries, and defense equipment [4] Group 3: Diplomatic Context and Reactions - The summit was marked by a high level of hospitality, with South Korea welcoming President Trump with a 21-gun salute and a special gold tie presented to him by President Yoon Suk-yeol, symbolizing the "golden future" of the Korea-U.S. alliance [5][6] - Despite the celebratory atmosphere, there were protests nearby, indicating some domestic dissent regarding the summit and its outcomes [6] - The timing of North Korea's missile test was interpreted by experts as a strategic move, coinciding with the summit, while also leaving room for future dialogue despite rejecting Trump's meeting proposal [7][8]

Group 1: Gold Market - The price of spot gold dropped by 2.7% to $4002.29 per ounce, reaching a three-week low, while December futures fell by 2.9% to $4019.70 per ounce [3] - Prior to this decline, gold prices had surged from $3800 to $4400 per ounce in the first three weeks of October, attracting many investors [3] - The drop in gold prices is linked to easing trade tensions, which reduced demand for safe-haven assets, as noted by High Ridge Futures' metal trading head [3] Group 2: Asian Stock Markets - Asian stock markets experienced a downturn, with the MSCI Asia-Pacific Index (excluding Japan) falling by 0.1% and the Nikkei Index declining by 0.2% after a previous 2.5% rise [5] - The South Korean Composite Stock Price Index dropped by 1.4% despite positive third-quarter economic growth data [5] - The gold sector in A-shares was also affected, with Shandong Gold's stock price falling by 3.2% on October 28, indicating increased selling pressure [5] Group 3: Federal Reserve and Interest Rates - The upcoming Federal Reserve interest rate decision is highly anticipated, with over 97% of the market expecting a 0.25 percentage point cut, and some advocating for a more aggressive 50 basis point reduction [7] - The yield on 10-year U.S. Treasury bonds remained stable at around 3.98% prior to the decision [7] Group 4: Oil and Currency Markets - The oil market saw a slight decline in prices due to OPEC+ production increase news [8] - The currency market remained stable, with the dollar index consolidating and the euro slightly rising to 1.1659 against the dollar [8] Group 5: Market Outlook - Despite recent market volatility, experts remain optimistic about gold's long-term potential, predicting it could reach $5000 per ounce [10] - Upcoming earnings reports from major technology companies may provide new momentum for the stock market [10]

Core Points - The trade agreement between the US and South Korea, which had faced delays due to disagreements over a $350 billion investment plan, is nearing completion following a meeting between President Trump and President Yoon Suk-yeol at the APEC summit [1][3][5] Group 1: Investment Details - South Korea plans to invest $200 billion in cash and $150 billion in shipbuilding cooperation as part of the $350 billion investment in the US [3][4] - The investment will be structured through a Special Purpose Company (SPC) to offset losses from one project with profits from another [3][4] - The South Korean government has implemented multiple safeguards to limit financial risks and protect the foreign exchange market, ensuring that only commercially viable projects receive investment [3][4] Group 2: Tariff Adjustments - The US will reduce tariffs on South Korean automobiles from 25% to 15%, while certain items like pharmaceuticals will receive most-favored-nation treatment and zero tariffs will apply to specific natural resources [4][5] - The agreement will align South Korea's semiconductor tariffs with those of Taiwan, but no additional openings in the agricultural market have been made [4][5] Group 3: Market Reactions and Public Sentiment - Following the announcement of the nearing agreement, the South Korean won appreciated by 0.9% against the US dollar, reflecting reduced concerns over the trade deal [5][6] - Public sentiment in South Korea is largely negative towards the US's investment demands, with 80.1% of respondents in a poll considering the $350 billion requirement unfair [6][8]

Core Points - The US and South Korea have reached an agreement on tariffs, with auto tariffs set to decrease to 15% from the previous 25% [2][5] - South Korea will invest $350 billion in the US, with $200 billion paid in installments and $150 billion allocated for shipbuilding [2][3] - A special purpose company will be established for US investment projects, focusing on commercially viable initiatives [2][6] Tariff Agreement - The US will maintain a 15% tariff on South Korean goods, while auto tariffs will be reduced to 15% [2] - The agreement aims to improve the trade environment for South Korean companies [2] Investment Details - South Korea's investment will be phased, rather than a one-time payment, with profits shared 50:50 before recovering initial investments [2][3] - The maximum annual funding provided to the US by South Korea is set at $20 billion [2] Bilateral Cooperation - The leaders of both countries expressed a commitment to expand economic cooperation centered around the shipbuilding industry [6] - South Korea aims to support US manufacturing revitalization through increased investments and imports [6] Defense and Security - Discussions included the importance of defense industrial cooperation, with South Korea requesting nuclear submarine fuel supplies [6] - The agreement is expected to alleviate some defense responsibilities for the US military in the region [6] Diplomatic Relations - South Korean President Lee Jae-myung awarded US President Trump the highest honor, the Order of Mugunghwa, highlighting the close relationship between the two leaders [7]

Group 1 - The core agreement between South Korea and the United States involves a reduction of automotive tariffs to 15%, down from the previous 25% [2] - The investment plan includes a total of $350 billion, with $200 billion to be paid in installments and $150 billion allocated for shipbuilding [2] - South Korea will set an annual funding limit of $20 billion for investments in the U.S., with profits shared on a 50:50 basis before recovering initial investments [2] Group 2 - The meeting between South Korean President Lee Jae-myung and U.S. President Trump emphasized expanding economic cooperation centered around the shipbuilding industry [6] - Trump acknowledged the importance of the shipbuilding sector and expressed confidence in the U.S. returning to a leading position in global shipbuilding [6] - Lee requested the supply of nuclear submarine fuel from the U.S., clarifying that South Korea does not intend to build submarines equipped with nuclear weapons [6][7]

Core Points - The core agreement between South Korea and the United States involves a reduction of automobile tariffs to 15% and a commitment from South Korea to invest $350 billion in the U.S. over time [3][5][6]. Group 1: Tariff Agreement - South Korea and the U.S. have reached an agreement where the automobile tariff will be reduced to 15%, down from the previous 25% [5][6]. - The U.S. will continue to impose a 15% tariff on South Korean goods overall [5]. Group 2: Investment Commitments - South Korea will invest $350 billion in the U.S., with $200 billion to be paid in installments and $150 billion allocated for shipbuilding [5][6]. - The investment will be phased rather than a one-time payment, and profits will be shared equally (50:50) before the initial investment is recouped [5][6]. Group 3: Bilateral Cooperation - The leaders of South Korea and the U.S. expressed a commitment to expand economic cooperation centered around the shipbuilding industry [11]. - Discussions included the importance of national security and the potential for the U.S. to supply nuclear submarine fuel to South Korea, which would allow South Korea to build conventional submarines [12]. Group 4: Diplomatic Relations - The meeting between South Korean President Lee Jae-myung and U.S. President Trump was described as very successful, with both leaders emphasizing the strengthening of the U.S.-South Korea alliance [9][11]. - President Trump was awarded South Korea's highest honor, the Order of Mugunghwa, highlighting the close relationship between the two leaders [12].