Report Summary 1. Industry Investment Ratings - **Black Industry**: Iron ore, coal coke, and rolled steel are rated as "Oscillating"; glass and soda ash are rated as "Adjusting" [2] - **Financial Industry**: Shanghai 50, CSI 300, and 2-year, 5-year treasury bonds are rated as "Oscillating"; CSI 500 and CSI 1000 are rated as "Rebounding"; 10-year treasury bond is rated as "Upward"; gold and silver are rated as "High-level Oscillating" [2][3][4] - **Light Industry**: Logs are rated as "Treated Bullishly"; pulp is rated as "Bottom Consolidation"; offset paper is rated as "Weak Oscillation" [5] - **Oil and Fats**: Soybean oil, palm oil, and rapeseed oil are rated as "Wide-range Oscillation" [5] - **Feedstuffs**: Soybean meal, rapeseed meal, soybean No. 2, and soybean No. 1 are rated as "Rebounding" [5][6] - **Agricultural Products**: Live pigs are rated as "Oscillating Bullishly" [6] - **Soft Commodities**: Rubber is rated as "Oscillating"; PX, MEG, PR, and PF are rated as "On the Sidelines"; PTA is rated as "Oscillating" [7] 2. Core Views - **Black Industry**: The iron ore market has an oversupply situation that is difficult to reverse, and the steel market's demand is weak. The coal coke market is affected by safety inspections and low steel mill profits. The glass market is weak with increasing inventory [2] - **Financial Industry**: The stock index market is in short-term consolidation with rising bullish sentiment, and the treasury bond market has a slight upward trend. The gold market is affected by central bank purchases, interest rate policies, and geopolitical risks [3][4] - **Light Industry**: The log market has improved demand and cost support, while the pulp market has weak demand and cost pressure [5] - **Oil and Fats**: The oil and fats market is affected by high inventory and uncertain demand, showing wide-range oscillation [5] - **Feedstuffs**: The feedstuffs market is affected by weather conditions and supply-demand relationships, with short-term rebound expectations [5][6] - **Agricultural Products**: The live pig market has sufficient supply and weak demand, with short-term weak oscillation [6] - **Soft Commodities**: The rubber market is affected by weather and demand, showing wide-range oscillation. The polyester market has supply-demand and cost uncertainties [7] 3. Summary by Categories Black Industry - **Iron Ore**: Supply is expected to remain high, and the market is in an oversupply situation. The price may hit a new low if negative feedback occurs. Four main lines should be closely monitored [2] - **Coal Coke**: The market is concerned about demand-side policies. Supply concerns have increased, and the low profit of steel mills may lead to production cuts [2] - **Rolled Steel**: The static valuation of rebar is low, and the demand is weak. The price stop-falling depends on production reduction and policy implementation [2] - **Glass**: The market is weak with increasing inventory. The possibility of cold repair is increasing, and the price may continue to oscillate weakly [2] Financial Industry - **Stock Index Futures/Options**: The market is in short-term consolidation with rising bullish sentiment. It is recommended to hold long positions [3][4] - **Treasury Bonds**: The yield of 10-year treasury bonds has increased slightly, and the market has a slight upward trend. It is recommended to hold long positions lightly [4] - **Gold and Silver**: The pricing mechanism of gold is changing, and it is affected by central bank purchases, interest rate policies, and geopolitical risks. It is expected to oscillate at a high level [3][4] Light Industry - **Logs**: The demand has improved, and the cost support has increased. The inventory has decreased, and the price is expected to be bullish [5] - **Pulp**: The cost support has weakened, and the demand is weak. The price is expected to consolidate at the bottom [5] - **Offset Paper**: The supply is stable, and the demand has not improved. The price is expected to oscillate weakly [5] Oil and Fats - **Soybean Oil, Palm Oil, and Rapeseed Oil**: The market is affected by high inventory and uncertain demand, showing wide-range oscillation. Attention should be paid to weather and production and sales changes [5] Feedstuffs - **Soybean Meal, Rapeseed Meal, Soybean No. 2, and Soybean No. 1**: The market is affected by weather conditions and supply-demand relationships, with short-term rebound expectations. Attention should be paid to weather and trade negotiations [5][6] Agricultural Products - **Live Pigs**: The supply is sufficient, and the demand is weak. The price is expected to oscillate weakly in the short term. Attention should be paid to the supply and demand situation [6] Soft Commodities - **Rubber**: The supply is affected by weather, and the demand has increased. The inventory has decreased, and the price is expected to oscillate widely [7] - **PX, PTA, MEG, PR, and PF**: The market has supply-demand and cost uncertainties. Attention should be paid to the price trends [7]

Core Insights - The U.S. Department of Justice executed a historic seizure of 127,271 bitcoins valued at $15 billion from a Cambodian scam group, marking a significant enforcement action in the cryptocurrency space [1][3][5] Group 1: Seizure Details - The seized bitcoins were controlled by Chen Zhi, founder of the Prince Group, which operated a large-scale scam empire in Cambodia [3][6] - This operation is described as the largest virtual asset seizure in history, challenging the notion of decentralization in cryptocurrency [5][8] - The U.S. Treasury has designated the Prince Group as a transnational criminal organization, imposing sanctions on 146 related targets [8] Group 2: Operational Structure of the Scam - The Prince Group's operations included various legitimate-seeming business fronts, such as real estate development and financial services, which were actually used for money laundering and fraudulent activities [6] - The scams, known as "pig butchering," involved building trust through social interactions before leading victims to invest in fake cryptocurrency schemes [6] Group 3: U.S. Strategy and Implications - The U.S. has established a strategic Bitcoin reserve mechanism, indicating that the seized bitcoins may be converted into national reserve assets [12] - Following this seizure, the U.S. now holds a total of 325,000 bitcoins, valued at approximately $36 billion, making it the largest sovereign holder of Bitcoin globally [12] - The U.S. and China exhibit contrasting approaches to cryptocurrency regulation, with the U.S. seeking to integrate Bitcoin into its financial system while China has declared Bitcoin trading illegal [14]

Core Viewpoint - The article discusses the recent incident involving Paxos, which minted 300 trillion PYUSD stablecoins, highlighting the ease with which stablecoins can be created and the potential risks associated with such actions in the cryptocurrency market [4][5][9]. Group 1: Incident Overview - On October 15, Paxos minted 300 trillion PYUSD stablecoins, which are pegged to the US dollar at a 1:1 ratio [4]. - This amount, when converted, is approximately 2130 trillion RMB, and Paxos later sent all of these tokens to inaccessible wallet addresses for destruction [5][6]. - Paxos explained that this was due to an internal technical error and assured that there were no security vulnerabilities and customer funds were safe [6][7]. Group 2: Implications of the Incident - The incident raises concerns about the lack of regulation and oversight in the stablecoin market, as Paxos was able to create and destroy such a large amount of currency without significant repercussions [10][11]. - The total value of the minted tokens exceeds twice the GDP of all countries combined, prompting questions about the potential consequences if larger stablecoin issuers like USDT or USDC were to engage in similar practices [11]. Group 3: Market Context - The article notes that the stablecoin market is growing rapidly, with emerging markets like Argentina, Mexico, and Turkey seeing stablecoin usage rates of 25%-30% in cross-border trade, significantly higher than the global average of 12%-18% [18]. - In 2024, the transaction volume of stablecoin cross-border payments is projected to reach between 26.7 trillion and 27.6 trillion USD, surpassing traditional payment systems like Visa and Mastercard [19][20]. Group 4: Technology and Security Concerns - The article emphasizes that while blockchain technology offers innovations, it should not be overly glorified, as risks remain significant in the cryptocurrency market [22][26]. - Recent events, including the seizure of 127,271 bitcoins valued at approximately 15 billion USD linked to a scam operation, illustrate vulnerabilities in the perceived security of cryptocurrencies [28][34].

Report Industry Investment Ratings - Iron ore: Oscillation [2] - Coking coal: Oscillation [2] - Rolled steel: Oscillation [2] - Rebar: Oscillation [2] - Glass: Adjustment [2] - Soda ash: Adjustment [2] - CSI 1000: Rebound [4] - 2-year Treasury bond: Oscillation [4] - 5-year Treasury bond: Oscillation [4] - 10-year Treasury bond: Upward [4] - Gold: Strong bias oscillation [4] - Silver: Strong bias oscillation [4] - Log: Strong bias treatment [5] - Pulp: Bottom consolidation [5] - Offset paper: Weak bias oscillation [5] - Soybean oil: Wide-range oscillation [5] - Palm oil: Wide-range oscillation [5] - Rapeseed oil: Wide-range oscillation [5] - Soybean meal: Oscillation bias short [8] - Rapeseed meal: Oscillation bias short [8] - Soybean No. 2: Oscillation bias short [8] - Soybean No. 1: Oscillation [8] - Live pigs: Oscillation bias strong [8] - Rubber: Oscillation [9] - PX: On the sidelines [9] - PTA: Oscillation [9] - MEG: On the sidelines [9] - PR: On the sidelines [9] - PF: On the sidelines [9] Core Views - The iron ore market continues to face an oversupply situation, but short-term prices are supported by macro sentiment. The coal and coke market is affected by macro policies and supply concerns, with the core contradiction being the low profit level of steel mills. The steel market has supply and demand contradictions and is expected to continue to oscillate and adjust. The glass market is weak, and short-term prices are expected to oscillate weakly. The financial market shows short-term rebounds and increased bullish sentiment, with suggestions to hold long positions in stock index futures. The precious metal market is expected to show strong bias oscillation due to various factors such as interest rate policies and geopolitical risks. The forestry product market has positive factors for logs, while pulp prices are expected to consolidate at the bottom. The oil and fat market is expected to continue wide-range oscillation, and the meal market is expected to oscillate with a short bias. The agricultural product market for live pigs is expected to oscillate weakly in the short term. The soft commodity market for rubber is expected to show wide-range oscillation, and the polyester market has different trends for each product [2][3][4][5][8][9]. Summaries by Related Catalogs Black Industry - Iron ore: Supply is expected to remain high, and the oversupply pattern is difficult to reverse. However, short-term prices are supported by macro sentiment. Four main lines should be closely monitored for potential price revaluation [2]. - Coking coal: Affected by macro policy expectations and supply concerns, the core contradiction is the low profit level of steel mills. The second round of coke price increases is difficult to implement [2]. - Rolled steel and rebar: Supply pressure is relatively large, and attention should be paid to the demand recovery in October. The high supply and continuous inventory accumulation of finished products bring pressure, and prices need to cooperate with rapid inventory reduction to stabilize [2]. - Glass: The spot market is weak, and the possibility of cold repair is increasing. The demand is dragged down by the real estate sector, and short-term prices are expected to oscillate weakly [2]. Financial Market - Stock index futures/options: The market shows short-term rebounds and increased bullish sentiment, with suggestions to hold long positions [4]. - Treasury bonds: The yield of 10-year Treasury bonds is down, and the market shows a small rebound. It is recommended to hold long positions in Treasury bonds with a light position [4]. - Precious metals: Gold and silver are expected to show strong bias oscillation due to factors such as interest rate policies, geopolitical risks, and physical demand [4]. Forestry Products - Logs: Spot prices are stable, costs are expected to rise, demand is marginally improved, and the delivery specifications are expected to be optimized. Overall, logs are treated with a strong bias [5]. - Pulp: Spot prices are stable, costs support is weakening, and demand is poor. Prices are expected to consolidate at the bottom [5]. Oil and Fat Market - Oil and fat: The market is affected by factors such as high inventory, production changes, and policy expectations. It is expected to continue wide-range oscillation, and attention should be paid to the sowing of Brazilian soybeans and the production and sales of palm oil [5]. - Meal: The market faces seasonal supply pressure and uncertain factors in South American soybean growth. It is expected to oscillate with a short bias, and attention should be paid to the sowing of Brazilian soybeans and the import and arrival of soybeans [8]. Agricultural Products - Live pigs: Supply is abundant, and demand is weak. The price of large pigs is relatively firm, while the price of standard pigs may be under pressure. Short-term prices are expected to oscillate weakly [8]. Soft Commodities - Rubber: Supply is affected by weather conditions, and demand is improving. Inventory is decreasing, and prices are expected to show wide-range oscillation [9]. - Polyester products: Each product has different trends. PX, MEG, PR, and PF are on the sidelines, PTA oscillates, and the market for polyester bottle chips rebounds weakly [9].

Core Insights - The "2026 Web3 Frontier Trends Summit" held in Guangzhou marks the official start of the Web3 traffic era, focusing on the theme of "Digital Civilization × Ecological Prosperity" [1] - The DOK protocol is positioned as a decentralized operation engine, facilitating the transformation of user data and identity into value within the Web3 ecosystem [2][3] Industry Trends - User demands in the Web3 space have evolved beyond traditional social interactions, emphasizing the need for secure digital identities and transparent data analysis [2] - The DOK protocol is seen as a significant milestone in the acceleration of Web3 social and data intelligence ecosystems, potentially driving future value growth [2] Technological Innovations - DOK introduces a new traffic aggregation method that unifies user traffic across various applications and communities, creating a closed-loop application scenario where "social and data equal value" [3] - The protocol incorporates an AI-driven sentiment tracking module to provide real-time market trend analysis and community intelligence for decision-making support [2] Ecosystem Collaboration - The summit attracted diverse ecosystem partners, including decentralized social platforms and blockchain data platforms, showcasing DOK's influence and openness in the industry [5] - DOK aims to build a global Web3 traffic ecosystem through a "four-dimensional collaboration matrix" involving technology, capital, community, and media [5] Future Goals - DOK has outlined a roadmap for the next three years, targeting service for hundreds of millions of users, supporting trillions in assets, and creating significant traffic entry points for Web3 integration into mainstream internet [5][7] - The company emphasizes the importance of long-term consensus and value sharing in the development of a decentralized ecosystem, moving from a speculative phase to a structured governance model [7]

Group 1 - The 2025 Hangzhou Future Life Carnival took place from October 17 to 19, showcasing new products, technologies, and ideas from around the world, emphasizing a deep dialogue between Hangzhou and the future [1] - Kevin Kelly, a renowned futurist and author, delivered a keynote speech on "The Possibilities of the Next 10,000 Days," discussing the impact of AI and advanced technologies on future lifestyles, including AI-generated films and the potential for China to produce top AI chips within five years [1] - The event featured innovative aerial delivery technology from Xunyi Technology, enabling drone delivery of food, and showcased personal flying vehicles from Ku Fei (Zhejiang) Aircraft Technology Co., Ltd., highlighting advancements in transportation [2] Group 2 - Various robots were presented, including the Robbyant-R1 from Ant Lingbo Technology and the AI TR4, demonstrating capabilities in both domestic and industrial applications, indicating a shift towards more intelligent and versatile robotic solutions [2] - The "Ageless Future" segment introduced technologies aimed at enhancing the quality of life for the elderly, such as care robots and smart mobility aids, showcasing the human-centric approach of future technologies [2] - The AI Experience Park featured a range of AI applications, from AI pets to smart fitness solutions, allowing attendees to engage with the practical applications of AI in everyday life [3]

Core Insights - Bitcoin is perceived as a tool for capital games, lacking intrinsic value and guarantees, driven by speculation and the actions of a few individuals [1] - The skepticism surrounding Bitcoin is rooted in its association with money laundering and the idea that it legitimizes illicit wealth [4][5] - The historical context of Bitcoin's emergence reveals a clash between new and old financial rules, with significant events shaping public perception and regulatory responses [12][24] Group 1: Bitcoin's Nature and Value - Bitcoin was created in 2008 by an anonymous entity known as "Satoshi Nakamoto," utilizing decentralized ledgers and proof-of-work mechanisms, with a capped supply of 21 million coins [6] - The lack of central bank backing and the absence of traditional monetary structures contribute to the debate over Bitcoin's value, with supporters emphasizing scarcity and network effects [18][19] - The argument that Bitcoin lacks value often stems from traditional financial perspectives that require backing by real assets or state credit [18] Group 2: Regulatory and Market Dynamics - The U.S. government has shown a keen interest in Bitcoin, viewing it as a dual tool for both capital acquisition and money laundering [4][5] - Historical incidents, such as the shutdown of the Silk Road and the Mt. Gox exchange collapse, have fueled skepticism and led to increased regulatory scrutiny [12] - The evolution of regulatory frameworks reflects a growing recognition of Bitcoin's role in both legitimate and illicit financial activities, with ongoing efforts to balance innovation and risk [21][22] Group 3: Market Behavior and Investor Sentiment - The volatility of Bitcoin prices is influenced by speculative behavior, with significant price movements often linked to broader market narratives and investor psychology [17][19] - Different market participants, including early adopters, speculators, miners, and regulators, contribute to a complex ecosystem where motivations and actions intersect [20] - The narrative surrounding Bitcoin as a "digital gold" has emerged, positioning it as a store of value rather than a traditional currency, complicating its role in everyday transactions [19] Group 4: Historical Context and Future Implications - The historical trajectory of Bitcoin highlights the ongoing tension between compliance and criminality, with regulatory bodies adapting to the evolving landscape of virtual assets [21] - The contrasting approaches of different countries towards Bitcoin regulation reveal varying attitudes towards risk and innovation, shaping the future of digital currencies [22] - The personal experiences of individuals interacting with Bitcoin reflect broader societal trends and the impact of regulatory changes on investment behavior [23][24]

有人还在说，比特币是价值储藏工具，是数字黄金。可问题是，黄金不会被查封。2021年全球加密货币总市值最高时超过2.9万亿美元，现在剩不到1.1万亿 （数据来自CoinMarketCap）。比特币从最高点69000美元跌到现在27000多美元。你告诉我这是"抗通胀"的资产？过去两年美联储加息十几次，比特币的价 格曲线几乎和纳斯达克同步跌，所谓的独立性，根本不存在。 更可怕的是心理层面的崩塌。你仔细想，那些炒币的人为什么敢梭哈？因为他们信那句"我的币在链上，没人能动"。现在美国这一刀下去，信仰没了。下一 次谁还敢大额持币？一旦市场恐慌蔓延，比特币的价格支撑会直接塌。币圈没有央行，没有托底机制，一旦主力跑路，小散根本接不住。 这事还有个细节特别讽刺。太子集团的比特币大部分是通过场外交易（OTC）流入的，也就是说，不走交易所、不留痕。结果美国还是能把钱包链路查到。 这说明一个事，所谓的"匿名"其实是伪命题。区块链上的每一笔转账都是公开的，只要你动钱，就能被追踪。隐私？安全？全靠自我安慰。 我先说结论，比特币这事，离崩盘真不远了。理由？它最引以为傲的"去中心化"和"无法监管"，现在全暴露了。你不是说没人能查到你的币、没 ...

Core Insights - The U.S. Department of Justice seized a staggering $15 billion worth of Bitcoin from a Cambodian fraud group, highlighting the scale of financial crime and its implications for global security [2][26]. Group 1: Fraud Group Overview - The fraud group, known as the "Prince Group," was led by Chen Zhi, a 38-year-old from Fujian, who initially made money through unauthorized game servers before relocating to Cambodia to evade Chinese law enforcement [5][7]. - Chen Zhi established connections with the Cambodian government, becoming an advisor to former Prime Minister Hun Sen, which provided a protective layer for his operations [7][19]. - The group expanded its operations to target American citizens, resulting in over $10 billion in fraud losses in 2024 alone [9][12]. Group 2: Operational Tactics - The group utilized advanced technology, including SpaceX's Starlink, to facilitate their operations, demonstrating the intersection of technology and crime [12][14]. - They registered multiple companies in Taiwan, exploiting lax regulatory environments to launder money while maintaining a facade of legitimate business activities [16][21]. - The group’s operations were sophisticated, with a focus on English-speaking employees to specifically target American victims [12][19]. Group 3: Regulatory and Financial Implications - The U.S. government's seizure of assets was partly motivated by a need for funds amid a government shutdown, illustrating the financial pressures influencing law enforcement actions [25]. - The incident has raised questions about the security of cryptocurrencies, as the U.S. Department of Justice was able to trace and seize Bitcoin, contradicting claims of decentralization and anonymity [29][31]. - Following the seizure, Bitcoin's value dropped significantly, prompting central banks worldwide to increase gold purchases as a safer asset [31][35]. Group 4: Ongoing Challenges - Despite the seizure, the underlying issues of fraud and cybercrime remain prevalent, with ongoing operations in regions like Cambodia and Myanmar [35][37]. - The regulatory environment in Taiwan has been criticized for its ineffectiveness in combating money laundering and fraud, raising concerns about the adequacy of global financial regulations [21][37].

Report Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: Rebound [2] - Rolled steel (rebar and wire rod): Volatile [2] - Glass: Adjustment [2] - Soda ash: Adjustment [2] - CSI 300 Index Futures/Options: Volatile [4] - SSE 50 Index Futures/Options: Volatile [2] - CSI 500 Index Futures/Options: Decline [4] - CSI 1000 Index Futures/Options: Decline [4] - 2 - year Treasury bonds: Volatile [4] - 5 - year Treasury bonds: Volatile [4] - 10 - year Treasury bonds: Upward [4] - Gold: High - level operation [4] - Silver: High - level operation [4] - Logs: Range - bound [6] - Pulp: Consolidation [6] - Offset paper: Volatile [6] - Soybean oil: Wide - range volatility [6] - Palm oil: Wide - range volatility [6] - Rapeseed oil: Wide - range volatility [6] - Soybean meal: Volatile with a bearish bias [6] - Rapeseed meal: Volatile with a bearish bias [6] - Soybean No. 2: Volatile with a bearish bias [6][7] - Soybean No. 1: Volatile [6] - Live pigs: Volatile with a slightly bullish bias [7] - Rubber: Volatile [7] - PX: Wait - and - see [7] - PTA: Volatile [7][9] - MEG: Wait - and - see [9] - PR: Wait - and - see [9] - PF: Volatile with a bearish bias [9] Core Views - The iron ore market has an oversupply situation, but short - term price support exists due to potential macro - sentiment improvement. The market should closely monitor four main lines for potential price re - pricing [2]. - The coking coal and coke market is affected by macro - policy expectations and supply concerns. The core contradiction lies in the low profit of steel mills [2]. - The steel market has supply - demand contradictions and is expected to continue volatile adjustment. The fourth - plenary session of the 20th CPC Central Committee is expected to have limited short - term impact [2]. - The glass market has no significant improvement in the short - term supply - demand pattern, and it is expected to be under pressure. Attention should be paid to peak - season demand repair and capacity policies [2]. - The stock index market has seen a significant decline, and it is recommended to reduce risk appetite and lower long - positions in stock index futures [4]. - The Treasury bond market shows a slight upward trend, and it is suggested to hold long - positions in Treasury bonds lightly [4]. - The gold market is expected to operate at a high level, with its pricing mechanism shifting and influenced by factors such as central bank gold purchases, geopolitical risks, and interest - rate policies [4]. - The log market is expected to be range - bound, with stable spot prices and cost - side support [6]. - The pulp market is expected to be at the bottom, with cost support weakening and demand improvement yet to be verified [6]. - The offset paper market is expected to be volatile, with stable supply and potential demand improvement [6]. - The oil and fat market is expected to continue wide - range volatility, affected by factors such as inventory, production, and demand [6]. - The meal market is expected to be volatile with a bearish bias, due to increased supply and weakening post - festival demand [6]. - The live pig market is expected to be volatile in the short - term, with sufficient supply and fluctuating demand [7]. - The rubber market is expected to be in wide - range volatility, affected by weather, production, and demand factors [7]. - The PX, PTA, MEG, PR, and PF markets are affected by factors such as oil prices, supply - demand, and cost, with different trends and wait - and - see or volatile - bearish outlooks [7][9] Summary by Categories Black Industry - **Iron ore**: Supply is expected to remain high, and the oversupply pattern is hard to reverse. Trade friction may cause price drops, but short - term support exists due to macro - factors. Four main lines should be monitored [2]. - **Coking coal and coke**: Macro - policy expectations are high, and supply concerns have emerged after a coal mine accident. The core problem is the low profit of steel mills [2]. - **Rolled steel (rebar and wire rod)**: Supply pressure is relatively large, and demand recovery in October needs attention. The market is expected to continue volatile adjustment [2]. - **Glass**: The short - term supply - demand pattern is not improved, with inventory accumulation. It is expected to be under pressure, and attention should be paid to policies [2]. - **Soda ash**: Similar to glass, it is expected to be adjusted, and the marginal improvement in the peak season should be noted [2]. Financial Market - **Stock index futures/options**: The market has declined significantly. It is recommended to reduce risk and lower long - positions [4]. - **Treasury bonds**: The market shows a slight upward trend, and long - positions can be held lightly [4]. - **Gold and silver**: They are expected to operate at high levels, influenced by central bank purchases, geopolitical risks, and interest - rate policies [4]. Light Industry and Agricultural Products - **Logs**: Spot prices are stable, with cost support. It is expected to be range - bound [6]. - **Pulp**: Cost support weakens, and demand improvement is yet to be verified. It is expected to be at the bottom [6]. - **Offset paper**: Supply is stable, and demand may improve. It is expected to be volatile [6]. - **Oils and fats**: They are expected to continue wide - range volatility, affected by inventory, production, and demand [6]. - **Meals**: They are expected to be volatile with a bearish bias, due to increased supply and weakening post - festival demand [6]. - **Live pigs**: Supply is sufficient, and demand may decline. It is expected to be volatile in the short - term [7]. Soft Commodities and Chemicals - **Rubber**: Production is affected by weather, and demand is weak in the short - term. It is expected to be in wide - range volatility [7]. - **PX, PTA, MEG, PR, PF**: They are affected by oil prices, supply - demand, and cost, with different trends and wait - and - see or volatile - bearish outlooks [7][9]