Industry Investment Rating - The investment rating for the cotton industry is bullish [1] Core Viewpoints - ICE US cotton futures have risen again, and the main 12 - contract is quoted at 64.56 cents, up 0.36 cents. Trade negotiations between China and the US have made progress. Xinjiang cotton is concentrated on the market, and commercial inventories are in a seasonal stocking period. The expectation of a new - cotton bumper harvest is gradually verified and digested. Downstream, textile enterprises' inventories are in a tight - balance state, and the growth of orders has slowed down. Overall, Zhengzhou cotton maintains a volatile trend [1] Summary by Relevant Catalogs Market Quotes - Zhengzhou cotton's total trading volume is 260,198 lots, with an open interest of 911,206 lots. The settlement prices of the January, May, and September contracts are 13,575 yuan/ton, 13,575 yuan/ton, and 13,730 yuan/ton respectively. The settlement price of the ICE December contract is 64.56 cents, up 36 points; the March contract is 66.07 cents, up 36 points; the May contract is 67.30 cents, up 35 points, and the trading volume is about 51,000 lots [1] Important Information - On October 24, the settlement price of the ICE December contract was 64.20 cents/pound, up 0.13 cents/pound from the previous day; the March contract was 65.71 cents/pound, up 0.04 cents/pound; the May contract was 66.95 cents/pound, up 0.03 cents/pound, and the total trading volume was about 30,000 lots [1] - On October 24, the settlement price of the January Zhengzhou cotton contract was 13,550 yuan/ton, down 10 yuan/ton from the previous day; the May contract was 13,550 yuan/ton, down 30 yuan/ton; the September contract was 13,720 yuan/ton, down 20 yuan/ton. The total trading volume was 310,939 lots, and the open interest was 914,852 lots [1] - On October 24, the China Cotton Price Index for Grade 3128B was 14,803 yuan/ton, up 19 yuan/ton from the previous day. The prices of Grade 2129B, Grade 2227B, and Grade 3128B Xinjiang machine - picked cotton had different changes. The registered warehouse receipts of Zhengzhou cotton decreased by 23 to 2,503, the effective forecasts increased by 203 to 685, and the total increased by 180 to 3,188 [1] Market Logic - ICE US cotton futures have risen again. Trade negotiations between China and the US have made progress. Xinjiang cotton is concentrated on the market, and commercial inventories are in a seasonal stocking period. The expectation of a new - cotton bumper harvest is gradually verified and digested. Downstream, textile enterprises' inventories are in a tight - balance state, and the growth of orders has slowed down. Overall, Zhengzhou cotton maintains a volatile trend [1] Trading Strategy - For the previous 01 contract, close the at - the - money straddle options, hold the put options and call options. For the 05 contract, hold the call options with an exercise price of 13,500 yuan/ton [1]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The optimistic expectation of a Sino-US trade agreement boosts global risk appetite. The progress of Sino-US trade negotiations and lower-than-expected US inflation in September lead to a weaker US dollar index and US bond yields, and an increase in global risk appetite. In China, economic growth has accelerated, and the good progress of trade negotiations has boosted market optimism. Policy stimulus expectations have also increased, enhancing domestic risk preference. The short - term macro - upward drive has strengthened, and attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies [3][4]. Summary by Relevant Catalogs Macro Finance - **Stock Index**: Driven by sectors such as semiconductor chips, the Apple industry chain, and small metals, the domestic stock market has risen significantly. With accelerating economic growth, good progress in Sino - US trade negotiations, and enhanced policy stimulus expectations, the short - term macro - upward drive has strengthened. Short - term trading should be cautiously bullish [4]. - **Treasury Bonds**: In the short term, they are in a volatile state, and it is advisable to wait and see cautiously [3]. - **Commodity Market** - **Black Metals**: Due to improved macro - expectations and production restrictions, the spot and futures prices of steel products continue to rebound. For iron ore, the decrease in iron water production and the significant decline in arrivals have led to price increases, and it is recommended to adopt a range - bound trading strategy. For silicon manganese and silicon iron, the spot prices are flat, and the futures prices are expected to continue to fluctuate within a range [5][6][7][8][9]. - **Non - ferrous Metals**: The overall macro - atmosphere is bullish, and non - ferrous metals are showing a strong trend. For copper, although the high inventory in the US restricts import demand, supply constraints support the price, and it is expected to remain strong. For aluminum, affected by the short - term warm macro - atmosphere, it has room to rise in the short term. For tin, the tight supply at the mine end provides support, but high prices suppress consumption, and the price is expected to remain high and volatile. For lithium carbonate, with both supply and demand increasing, it is expected to be volatile and strong in the short term [11][12]. - **Energy and Chemicals**: The market continues to focus on the impact of sanctions, and oil prices are stabilizing. For asphalt, although the price has rebounded and then stabilized, the inventory pressure may increase in the future. For PX, it is in a tight supply situation and is likely to fluctuate with crude oil, with relatively high short - selling risks. For PTA, the cost logic is the main driver, and short - selling on rallies is recommended in the short term. For ethylene glycol, it is expected to remain volatile in the near term. For short - fiber, it is expected to remain weakly volatile. For methanol, it is expected to be volatile in the short term due to high inventory. For PP, there may be a short - term price repair. For LLDPE, although there may be a short - term price repair, the supply surplus pattern remains. For urea, the price is expected to remain low and volatile [14][15][16][17]. - **Agricultural Products**: The high premium of large pigs has led to strong reluctance to sell among farmers, and pig prices may stabilize and rebound. For US soybeans, the export situation is not optimistic, and the market is waiting for the results of Sino - US trade negotiations. For soybean and rapeseed meal, the supply is sufficient, and the future trade situation will determine whether there is a supply gap. For palm oil, concerns about future demand have emerged, and domestic inventory has increased. For corn, the price is adjusting downward, but farmers' reluctance to sell may slow down the decline. For live pigs, short - term prices may continue to be strong and gradually stabilize [18][19][20][21][22].

Core Viewpoint - The international gold price is experiencing a significant decline, approaching the critical support level of $4000 per ounce, influenced by short-term market factors and profit-taking after a substantial price increase [1][4][5]. Price Movement - As of October 22, the London gold price fell by 1.79% to $4037.901 per ounce, with a low of $4023.59 during the trading session [1][2]. - COMEX gold futures also dropped by 2.1%, reaching $4051.0 per ounce, with a minimum of $4034.2 [2][3]. Market Analysis - The recent adjustment in gold prices is attributed to crowded trading conditions and geopolitical news disturbances, leading to profit-taking after a $1000 increase since September [4]. - Analysts suggest that the easing of geopolitical tensions and the stabilization of silver markets have contributed to the current price adjustments [3][4]. Future Outlook - Despite the short-term decline, there is optimism for a medium to long-term increase in gold prices due to central bank purchases and rising investment demand [3][4]. - The market is advised to closely monitor developments in US-China trade negotiations, as any positive outcomes could further influence gold prices [5].

Group 1: Fundamental Analysis - The core reason for the significant drop in gold prices is the progress in China-U.S. trade negotiations, which has led to a reduction in market risk aversion and a shift of investors towards riskier assets [2] - The rapid increase in gold prices prior has resulted in substantial profit-taking by investors, exacerbated by technical selling pressure due to optimistic trade sentiment [3] - Current market conditions show strong expectations for a Federal Reserve interest rate cut, with a 98% probability of a 25 basis point cut, but this expectation has already been priced in, providing limited support for gold prices [4] Group 2: Market and Macro Environment Changes - The U.S. 10-year Treasury yield has slightly increased, reflecting enhanced market risk appetite, while the U.S. dollar index has decreased slightly but failed to support gold prices [5] - Market focus is on the Federal Reserve's interest rate path and U.S. consumer confidence data, which will influence future gold price movements [6] Group 3: Future Price Trends and Investment Suggestions - Short-term factors such as progress in China-U.S. trade talks, strong global stock markets, and rising U.S. Treasury yields are likely to continue suppressing gold prices, leading institutions to lower long-term expectations [7] - Long-term factors such as geopolitical risks, inflation expectations, global central bank gold purchases, and the potential for a long-term decline in the U.S. dollar may still provide support for gold prices [8] Group 4: Technical Analysis - On the daily chart, gold has shifted from a consolidation phase to a bearish trend after breaking below the previous week's low, indicating a short-term market shift towards weakness [9] - Key resistance is identified at around 4070, where the 5-day and 20-day moving averages intersect, while support levels to watch are at 3971 and 3960 [9] - On the four-hour chart, the previous support zone of 4010-4000 has been broken, and the market should monitor whether this area will act as resistance moving forward [11]

Group 1 - The core viewpoint of the article is that the easing of tensions in US-China negotiations is positively impacting market sentiment, particularly in strategic resource commodities [3] - The market is experiencing a rebound in overall activity, driven by the positive signals from both US and Chinese officials regarding trade negotiations [3] - US Treasury Secretary indicated that China has "delayed" its export controls on rare earths, which is perceived as a significant development in the trade talks [3] Group 2 - Despite the lack of a signed final agreement, both sides are releasing reassuring signals, with the US expressing optimism about reaching a consensus [3] - The Chinese negotiating team remains cautious, acknowledging that key differences are unlikely to be resolved in the short term, while also noting that preliminary agreements have been formed on various topics [3]

Group 1 - The A-share market saw mixed performance last week, with major indices showing more declines than gains, while growth styles dominated, and the average daily trading volume across the market was 17,973 billion [1] - Key sectors that performed well included telecommunications, electronics, and power equipment, while agriculture, media, and automotive sectors lagged behind [1] Group 2 - The "14th Five-Year Plan" emphasizes technological leadership and boosting domestic demand, marking a critical period for foundational strengthening and comprehensive efforts [2] - Recent macroeconomic events include the 20th Central Committee's Fourth Plenary Session, which approved the guidelines for the "14th Five-Year Plan," focusing on advanced manufacturing and quality services [2] - The recent US inflation data showed a lower-than-expected increase, contributing to reduced inflation risk concerns, while China's economic growth in the first three quarters exceeded annual targets but still faces pressures from domestic and external demand [3] Group 3 - Investment strategies suggest focusing on potential beneficiaries of the "14th Five-Year Plan," with expectations for market upward movement due to reduced external disturbances and policy expectations [4] - The market is anticipated to experience fluctuations due to changes in trading sentiment and event impacts, but upcoming policy windows may provide good investment opportunities [4] - Long-term outlook remains positive for the stock market, supported by declining risk-free rates, ample liquidity, and improving profit expectations [5] Group 4 - Specific investment themes include focusing on advanced manufacturing, global competitiveness in Chinese manufacturing, and consumption promotion as key areas for structural economic transformation [5] - Emerging technologies and regional economic development strategies are highlighted as core investment themes to watch during the "14th Five-Year Plan" period [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The weekend Sino - US trade negotiation sent out mild signals, forming a preliminary consensus on relevant issues, which improved the market risk appetite. The US CPI in September was weaker than expected, strengthening the expectation of an interest rate cut in October. The "15th Five - Year Plan" suggestions in China boosted the market sentiment. Macro factors are generally favorable to copper prices. On the fundamental side, intensified disturbances in the mining end increased the expectation of copper ore shortage, supporting copper prices. Recently, the improvement in market risk appetite and the resonance of macro and micro factors jointly drove up the center of copper prices. Currently at the tail of risk pricing, copper prices are expected to be strong in the short - term. The strategy is to expect a volatile and upward trend, and recommend buying on dips [10]. 3. Summary According to the Directory 3.1 Part 01: Weekly Review - **Supply - side Data**: The spot TC of copper concentrate decreased from - 40.97 to - 42.7 dollars/ton, a decrease of 4.22%. The market was quiet, and attention should be paid to the long - term negotiation results in November. The refined - scrap copper price difference increased from 3123 to 3438 yuan/ton, a rise of 10.07%. The southern crude copper processing fee decreased from 1000 to 900 yuan/ton, a decrease of 10%. The refined copper rod operating rate decreased from 63% to 62%, a decrease of 1.52%. The recycled copper rod operating rate increased from 18% to 19%, a rise of 2.19%. The wire and cable operating rate increased from 62% to 62.4%, a rise of 0.69% [7]. - **Inventory Data**: Global visible inventory increased, mainly from the accumulation in COMEX and domestic inventories, while LME inventory decreased. The domestic electrolytic copper social inventory increased from 17.75 to 18.16 million tons, a rise of 2.31%. The bonded area inventory decreased from 9.77 to 9.28 million tons, a decrease of 5.02%. The total global inventory increased from 71.05 to 73.58 million tons, a rise of 3.57% [7]. - **Profit Data**: The smelting comprehensive profit (spot) decreased from - 3453 to - 4992 yuan/ton, a decrease of 44.56%. The smelting comprehensive profit (long - term) decreased from - 106 to - 1559 yuan/ton, a decrease of 1368.14%. The import profit increased from - 601 to - 581 yuan/ton, a rise of 3.30% [7]. 3.2 Part 02: Copper Industry Chain Analysis - **Price and Spread**: The report presents data on SMM1 electrolytic copper premium/discount, Shanghai copper month - to - three - month spread, sulfuric acid price, Shanghai copper main contract closing price, Shanghai - London ratio, and LME(0 - 3) premium/discount over multiple years [12][15][17]. - **Cost and Profit**: It shows the electrolytic copper comprehensive profit (including by - product sulfuric acid), spot copper import profit, feed - in processing spot export profit, and electrolytic copper comprehensive profit (long - term) over multiple years [19][20]. - **Supply**: Data on copper concentrate production in Chile and Peru, copper concentrate import volume, scrap copper import volume, crude copper import volume, electrolytic copper production, electrolytic copper import volume, and total electrolytic copper supply are provided, including monthly and cumulative data and their changes over multiple years [26][30]. - **Demand**: - **Copper Rod - Cable**: Information on the operating rate of refined copper rod production, copper rod wire raw material inventory, copper rod wire finished product inventory ratio, and the operating rate of wire and cable production (weekly, monthly) is given [31]. - **Cable Terminal - Power Grid**: Data on cumulative and monthly power grid investment completion amount, cumulative and monthly power source investment completion amount, and their changes over multiple years are presented [33]. - **Copper Tube - Air Conditioner**: Information on the monthly operating rate of copper tubes, copper tube raw material inventory ratio, copper tube finished product inventory, monthly household air - conditioner production, domestic sales, and export volume, and their changes over multiple years are provided [42]. - **Copper Plate - Strip**: Data on the monthly operating rate of copper plate - strip, copper plate - strip raw material inventory, and copper plate - strip raw material inventory ratio, and their changes over multiple years are presented [44]. - **Terminal - Automobile**: Information on monthly automobile production, new - energy automobile production, automobile sales, and new - energy automobile sales, and their changes over multiple years are provided [50]. - **Brass Rod - Real Estate**: Data on the monthly operating rate of brass rods, 30 - city commercial housing transaction area, cumulative and monthly housing completion area, and their changes over multiple years are presented [53]. - **Inventory**: Data on China's electrolytic copper social inventory, SHFE copper inventory warrants, COMEX electrolytic copper inventory, LME electrolytic copper inventory, global refined copper inventory, and LME cancelled warrants and their proportions over multiple years are provided [58]. 3.3 Part 03: Capital Position - The CFTC non - commercial long - position ratio is 32%, showing a strengthening trend recently. The LME investment fund net long - position is 36768.23 lots, with a weekly decrease of 1814.84 lots [69].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The price of cottonseed has slightly increased, and the price of Zhengzhou cotton futures has continued to be strong. In the short - term, the cotton price may fluctuate strongly. Attention should be paid to the progress of Sino - US trade negotiations [2]. - As Zhengzhou cotton rebounds, the price of pure cotton yarn has also slightly followed up, but the downstream demand restricts the follow - up range. The short - term price of cotton yarn is likely to remain stable. The upper limit of Zhengzhou cotton has hedging pressure, and the lower limit has cost support, so it is likely to fluctuate in the short term [3][40]. 3. Summary by Directory 3.1 First Part: Basic Data of Domestic and Foreign Cotton Markets - **One - week Data Overview**: As of October 24, the CRB commodity price index closed at 302.98 points, up 9.63 points from October 17. The ICE cotton futures main contract in December was at 64.18 cents/pound, down 0.11 cents/pound from October 17. Zhengzhou cotton's main 01 contract closed at 13,540 yuan/ton, up 205 yuan/ton from October 17, with an increase of 4,442 lots in positions to 591,000 lots. Spot prices of some cotton - related products also changed slightly [2][10][11]. - **Imported Cotton Quotations**: The CNF quotations of imported cotton from the US and Brazil at the main ports decreased. For example, the price of US E/MOTM decreased by 2.4 cents/pound, and that of Brazil M decreased by 2.1 cents/pound [9]. 3.2 Second Part: Domestic Market Basic Situation - **Textile Mainstream Raw Material Trends**: On October 24, the prices of raw materials showed mixed changes compared with October 17. The price of polyester staple fiber remained unchanged, viscose decreased by 26 yuan/ton, and the prices of CCI3128 and Zhengzhou cotton's main contract increased [14][15]. - **Cotton Yarn Price Trends**: On October 24, the prices of domestic and imported cotton yarns remained stable compared with October 17. The price difference between domestic and imported yarns decreased, and the price difference between domestic cotton spot and imported cotton (under sliding - scale duty) also decreased [18][21][24]. - **Comparison of Domestic and International Cotton Prices**: On October 24, the domestic cotton spot price index CCI3128 was 14,803 yuan/ton. The difference between the spot price index and the imported cotton price under sliding - scale duty decreased compared with October 17. The difference between Zhengzhou cotton and the imported cotton price under sliding - scale duty increased [27]. 3.3 Third Part: Zhengzhou Cotton Market Analysis - **Zhengzhou Cotton Warehouse Receipts and Effective Forecasts**: As of October 24, the registered warehouse receipts of Zhengzhou cotton were 2,653 lots (114,000 tons), with 183 effective forecasts, and the total of warehouse receipts and effective forecasts was 121,000 tons, down from 127,000 tons on October 17 [33]. - **Analysis of Zhengzhou Cotton's Futures - Spot Price Difference**: On October 24, the difference between Zhengzhou cotton's futures price and the CCI3128B index was - 1,432 yuan/ton, an increase from - 1,329 yuan/ton on October 17 [35]. - **Zhengzhou Cotton Price Analysis**: - **Macro - aspect**: The US core CPI growth rate slowed down in September, and the market expected the Fed to cut interest rates. China's GDP growth rate in the third quarter was the slowest this year, but incremental policies were expected to be introduced later [36]. - **Supply - side**: As of October 15, the national commercial cotton inventory increased. The cotton inspection volume was about 70,000 tons per day. The cotton picking progress in Xinjiang was about 67.9% as of October 20, 2.1 percentage points slower than the same period last year [37]. - **Downstream Market**: As of October 15, the textile enterprises' cotton inventory decreased, while the yarn and fabric inventories increased. The downstream demand was weak, and the spinning mills mainly adopted the strategies of selling at market prices and producing on demand [38]. - **Technical Analysis**: The technical indicators of Zhengzhou cotton's main contract turned strong, with the MACD green column turning red and the KDJ and DIFF - DEA indicators about to form golden crosses [42]. 3.4 Fourth Part: International Market Analysis - **US Cotton Export Dynamics**: From September 12 - 18, the net signing of US 2025/26 - year - old upland cotton decreased by 54% compared with the previous week, and the shipment increased by 14%. The net signing of Pima cotton increased significantly, and the shipment of Pima cotton increased compared with the previous week but decreased compared with the average of the recent four weeks [47]. - **ICE Cotton Futures Analysis**: On October 24, the ICE cotton futures main contract in December was at 64.18 cents/pound, down 0.11 cents/pound from October 17. The technical indicators turned strong, with the KDJ indicator about to form a golden cross [50]. 3.5 Fifth Part: Operation Suggestions - Upstream cotton enterprises can hedge risks by calculating the cost of lint cotton based on the purchase price of cottonseed and hedging on the futures market or buying put options [52]. - Downstream spinning mills can consider selling out - of - the - money put options to reduce the purchase cost of lint cotton when the raw material price drops [52].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Supply: USDA estimates the ending inventory of US soybeans in the 25/26 season to be 300 million bushels, and the expected yield of 53.5 bushels per acre may be revised down. Exports depend on Sino-US policies. As of the week of October 18, 2025, the planting rate of Brazilian soybeans in the 2025/26 season was 21.7%, up from 11.1% last week and 17.6% in the same period last year, with a five-year average of 27.7%. Recently, there has been dry weather in Brazilian soybean-producing areas, but its persistence is not strong, and the expected impact is limited. Domestic soybean meal is expected to start destocking in November, but the supply in the fourth quarter is still expected to be loose. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain [7][8]. - Demand: Livestock and poultry are expected to maintain high inventories in the short term, and the reduction of production capacity is not obvious, which supports the demand for soybean meal. However, the current breeding profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The downstream trading volume of soybean meal is normal, and the pick - up is good [8]. - Inventory: Domestic soybean and soybean meal inventories are at a high level compared to the same period in history, and the number of days of soybean meal inventory in feed enterprises has dropped to a low level [8]. - Overall: Before the Sino - US meeting, due to the hedging demand for policy uncertainty, short - covering led to a rebound, but the overall oscillating trend has not changed. Attention should be paid to the progress of Sino - US trade negotiations and changes in South American weather [8]. 3. Summary by Related Content 3.1 Basis and Spread Data - **Basis**: On October 24, 2025, the basis of the soybean meal main contract in Dalian was 87, up 25; in Tianjin, it was 67, up 25; in Rizhao, it was 87, up 45. The basis of 43% soybean meal spot in Zhangjiagang was 27, up 25; in Dongguan, it increased by 25; in Zhanjiang, it was 47, up 25; in Fangcheng, it was 27, up 15. The basis of rapeseed meal spot in Guangdong was 64. The M1 - 5 spread was 165, down 3, and the M1 - RM1 spread was 475, up 26 [6]. - **Spread**: The spot spread of soybean meal - rapeseed meal in Guangdong was 300, and the spread of the main contract was 608, up 9. The RM1 - 5 spread was 1.500, up 25, down 2 [7]. 3.2 Exchange Rate, Crushing Margin and Premium Data - The US dollar to RMB exchange rate was 7.0847, unchanged. The crushing margin of imported soybeans was - 231.00 yuan/ton [7]. - The CNF premium of Brazilian soybeans in different months in 2025 showed different trends, and the premium of Brazilian soybeans in some months was in the range of 210 - 420 cents per bushel [7]. 3.3 Inventory and Supply - Demand Data - **Inventory**: Domestic soybean and soybean meal inventories are at a high level compared to the same period in history, and the number of days of soybean meal inventory in feed enterprises has dropped to a low level [8]. - **Supply - demand**: In the supply side, the US soybean ending inventory and yield expectations may change, and the Brazilian soybean planting rate has increased, but the weather impact is limited. In the demand side, short - term livestock and poultry inventories are high, but breeding profits are in a loss state. The downstream trading volume of soybean meal is normal, and the pick - up is good [7][8].

Group 1: Report Overview - Report period: October 27 - 31, 2025 [1] - Report title: Weekly Report on Soybean Meal and Soybean Oil Futures [2] - Reported futures varieties: Soybean meal and soybean oil [2] Group 2: Soybean Meal Futures 1. Mid - term Market Analysis - Mid - term trend: The main soybean meal contract is in a wide - range oscillation phase. The high inventory and high operation rate of oil mills continuously suppress the spot price, and the poor downstream breeding profit leads to cautious procurement by feed enterprises, resulting in weak demand - side support. However, the cost - effectiveness of soybean meal becomes apparent after the price drops to a low level, and the expected monthly decline in soybean arrivals in the fourth quarter provides bottom support. [6] - Trend judgment logic: In the 42nd week, the actual soybean crushing volume of oil mills was 2.1662 million tons, the operation rate was 59.59%, and the soybean meal inventory was 976,200 tons. [6] - Mid - term strategy suggestion: Pay attention to the progress of Sino - US trade negotiations. [6] 2. Variety Trading Strategy - Last week's strategy review: The overall trend of soybean meal futures prices was in a downward channel, and the capital was slightly bearish. In the short term, M2601 may continue the oscillation and consolidation pattern, with an expected operating range of 2,800 - 3,000. [9] - This week's strategy suggestion: The overall trend of soybean meal futures prices is in an upward channel, and the capital is relatively bullish. In the short term, M2601 may be in a slightly stronger oscillation phase, with an expected operating range of 2,880 - 3,050. [10] 3. Relevant Data - Data includes: Weekly soybean meal production, weekly soybean meal inventory, apparent consumption, weekly inventory days, soybean meal basis, and oil - meal ratio. [18][22][25] Group 3: Soybean Oil Futures 1. Mid - term Market Analysis - Mid - term trend: The main soybean oil contract is in a wide - range oscillation phase. The sufficient arrival of domestic soybeans, high operation of oil mills, and high commercial inventory (although it decreased slightly week - on - week) combined with weak demand, but strong exports and potential benefits from US biodiesel policies make soybean oil relatively strong among oils and fats. [30] - Trend judgment logic: In the 42nd week, the actual soybean oil production of 125 oil mills was 41,160 tons, and the commercial inventory of soybean oil in key regions was 1.224 million tons. [30] - Mid - term strategy suggestion: Pay attention to Sino - US trade trends, the progress of US biodiesel, and the promotion rhythm of Indonesia's B50 policy. [30] 2. Variety Trading Strategy - Last week's strategy review: The overall trend of soybean oil futures prices was in a sideways phase, and the capital was slightly bearish. In the short term, Y2601 may be in a range - bound oscillation pattern. [33] - This week's strategy suggestion: The overall trend of soybean oil futures prices is in a sideways phase, and the capital is relatively bearish. In the short term, Y2601 may continue the range - bound oscillation pattern. [33] 3. Relevant Data - Data includes: Weekly soybean oil production, weekly soybean oil inventory, soybean oil basis, soybean oil trading volume, weekly soybean arrival volume, weekly soybean inventory, weekly soybean crushing volume, weekly soybean operation rate, weekly port inventory, and Brazilian premium. [43][47][50][55][58]