Core Viewpoint - Domestic commodity futures night trading opened with mixed results, indicating varied market sentiment and potential investment opportunities in different sectors [1] Group 1: Commodity Performance - Shanghai gold increased by 1.18% [1] - Shanghai silver rose by 1.76% [1] - Shanghai copper saw a gain of 0.37% [1] - Iron ore experienced a rise of 0.45% [1] - Coking coal increased slightly by 0.12% [1] - Glass prices went up by 0.38% [1] - Crude oil declined by 0.53% [1] - Rubber prices increased by 0.62% [1]

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Report's Core View - The report provides short - term, medium - term, and intraday views on gold and copper futures, suggesting a short - term strong view for gold and a long - term strong view for copper [1]. 3) Summary by Relevant Catalog Gold (AU) - **View Summary**: Short - term is strong, medium - term is oscillating, intraday is oscillating and biased towards strength, with a short - term bullish view [1]. - **Driving Logic**: The US Senate reached an agreement to end the federal government shutdown, causing the US dollar index to fall and gold prices to rise. Gold prices rose sharply in October and then pulled back, and recently precious metals have regained their upward momentum. The gold - silver ratio has been declining, and the market may be trading inflation. Attention should be paid to the pressure at the October high [3]. Copper (CU) - **View Summary**: Short - term is strong, medium - term is strong, intraday is oscillating and biased towards strength, with a long - term bullish view [1]. - **Driving Logic**: The US Senate reached an agreement to end the federal government shutdown, increasing market risk appetite. In the medium - to long - term, macro - easing and supply contraction expectations will continue to support copper prices. Short - term attention should be paid to the long - short game at the $11,000 level of LME copper [4].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The overall view of the agricultural products futures in the commodity market is that most varieties are in a state of oscillation. The short - term and medium - term trends of soybean meal, soybean oil, and palm oil are mainly oscillatory, with different intraday trends of oscillatory weakness or strength [5][6]. 3. Summary by Variety Soybean Meal (M) - **Viewpoints**: The intraday view is oscillatory weakness, the medium - term view is oscillation, and the reference view is oscillatory weakness [5]. - **Core Logic**: The soybean market continues the high - level oscillation pattern. On one hand, the domestic soybean meal inventory has significantly decreased to 969,000 tons, a nearly 20% decrease compared to the previous period, which eases the supply pressure and supports the price. On the other hand, feed enterprises are cautious in purchasing, mainly fulfilling contracts, the spot price has difficulty rising, and the weakening of rapeseed meal drags down the market. The CBOT soybeans lack a clear direction in the international market, waiting for China's procurement demand and USDA report guidance. Short - term funds enter and exit frequently, increasing the volatility of futures prices at high levels [5]. Palm Oil (P) - **Viewpoints**: The intraday view is oscillatory strength, the medium - term view is oscillation, and the reference view is oscillatory strength [7]. - **Core Logic**: After the bearish expectations of the Malaysian palm oil report are fulfilled, the pressure on the rebound of palm oil futures prices is reduced. The end of the US government shutdown and the expected implementation of the bio - diesel policy inject optimistic sentiment into the market. The palm oil price gradually stops falling and stabilizes, and is expected to run with short - term oscillatory strength [7]. Other Varieties (Soybean Oil and Palm Oil in 2601 Contract) - **Soybean Oil 2601**: The short - term, medium - term, and intraday views are all oscillatory, with an intraday and reference view of oscillatory strength. The influencing factors include Sino - US relations, US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6]. - **Palm 2601**: The short - term, medium - term, and intraday views are all oscillatory, with an intraday and reference view of oscillatory strength. The influencing factors include the bio - diesel attribute, Malaysian palm oil production and exports, Indonesian exports, the tariff policies of major producing countries, domestic arrival and inventory, and substitution demand [6].

Group 1 - The core point of the article highlights the performance of various domestic commodity futures in the night session on November 11, with low sulfur fuel oil (LU) rising nearly 2% and iron ore and fuel oil increasing over 1% [1] - Coking coal experienced a decline of over 2%, while coking coke fell nearly 2%, and both ethylene glycol (EG) and rapeseed meal dropped more than 1% [1]

Core Insights - Precious metals continue to strengthen, with silver leading the gains at over 3% and gold rising by 2.67% due to favorable market sentiment following the U.S. Senate's approval of a temporary funding bill [2] - The three major oils (rapeseed oil, palm oil, and soybean oil) are experiencing a rebound, supported by declining commercial inventories and tight supply expectations [3] - Double焦 (coke and coking coal) prices have dropped over 3%, influenced by government energy supply meetings and declining steel mill profitability [4] - Multi-crystalline silicon has seen a decline of over 2%, with production expectations decreasing in both silicon and downstream silicon wafer sectors [6] Precious Metals - Silver futures on the domestic market rose by 3.20%, while gold futures increased by 2.67% [2] - The market sentiment is buoyed by liquidity expectations following the U.S. government's funding approval, despite potential bearish fundamentals from economic conditions [2] Oilseeds - The main contracts for rapeseed oil increased by over 2%, while palm oil rose by over 1% [3] - Domestic commercial inventories of the three major oils have decreased by 100,000 tons week-on-week and 150,000 tons month-on-month, indicating tightening supply [3] Double焦 and Multi-crystalline Silicon - Double焦 prices fell over 3%, with the market affected by government directives on energy supply and declining steel production profitability [4] - Multi-crystalline silicon prices dropped over 2%, with production cuts expected in both upstream and downstream sectors, leading to a low-level consolidation phase [6]

Core Viewpoint - The domestic commodity futures market experienced mixed results on November 11, with significant gains in some sectors and notable declines in others [1] Group 1: Price Movements - Silver futures rose over 3%, while gold and rapeseed oil increased by more than 2% [1] - Other commodities such as peanuts, lithium carbonate, apples, and palm oil saw gains exceeding 1% [1] - In contrast, coking coal and coke fell by more than 3%, and polysilicon dropped over 2% [1] Group 2: Declining Commodities - The shipping index for Europe, glass, live pigs, urea, and styrene all experienced declines greater than 1% [1]

Group 1 - Domestic commodity futures closed mixed on November 11, with silver rising over 3% and gold and rapeseed oil increasing over 2% [1] - Other commodities such as peanuts, lithium carbonate, apples, and palm oil saw gains of over 1% [1] - On the downside, coking coal and coke fell over 3%, while polysilicon dropped over 2% [1] Group 2 - The shipping index for Europe, glass, live pigs, urea, and styrene all experienced declines of over 1% [1]

1. Report Industry Investment Ratings There is no information about industry investment ratings in the provided content. 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It presents market performance, fundamentals, and trading strategies for each sector [2][3][5]. - Different commodities have different market conditions, with some facing supply - demand imbalances, price fluctuations, and varying degrees of risk. The trading strategies range from buying at support levels, waiting for buying opportunities, to short - selling or taking a wait - and - see approach [2][3][5]. 3. Summary by Related Catalogs Precious Metals - **Gold**: Market performance showed prices rising and then falling on Friday, with London gold reaching $4000/oz. Fundamentals included changes in key mineral lists, employment data, and inventory changes. The trading strategy is to buy at the lower support level [2]. - **Silver**: Market performance was part of the precious metals' overall movement. Fundamentals involved inventory changes. The trading strategy is to reduce long positions [2]. Base Metals - **Copper**: Market performance was a Friday price oscillation. Fundamentals had supply tightness and macro - economic factors. The trading strategy is to wait for buying opportunities due to unclear short - term macro - drivers and poor current demand [3]. - **Electrolytic Aluminum**: Market performance had the Friday closing price down 0.18%. Fundamentals included high - load production on the supply side and a slight drop in demand. The price is expected to be oscillating and slightly stronger [3]. - **Alumina**: Market performance had the Friday closing price down 0.14%. Fundamentals showed a stable supply and high - load demand from electrolytic aluminum plants. The price is expected to be oscillating and slightly weaker [3]. - **Metallic Silicon**: Market performance had the 01 contract up 1.71%. Fundamentals involved a decrease in furnace - opening numbers and inventory reduction. The price is expected to be in the range of 8600 - 9400 yuan/ton, and the strategy is to wait and see [4]. - **Lithium Carbonate**: Market performance had the LC2601 up 2.24%. Fundamentals included supply and demand changes. The trading strategy is to buy on dips cautiously and consider selling put options [4]. - **Polycrystalline Silicon**: Market performance had the 01 contract up 1.71%. Fundamentals involved a decline in production and inventory accumulation. The trading strategy is to buy on dips with a light position [4]. - **Tin**: Market performance was price oscillation. Fundamentals included tight supply and inventory accumulation. The trading strategy is to take an oscillating view [4]. Black Industry - **Rebar**: Market performance had the 2601 contract down 10 yuan/ton. Fundamentals showed weak supply - demand and structural differentiation. The trading strategy is to wait and see and try to long the 01 contract rebar - to - iron ore ratio [5]. - **Iron Ore**: Market performance had the 2601 contract down 5 yuan/ton. Fundamentals showed a marginal deterioration in supply - demand. The trading strategy is to short the 2601 contract and long the 01 contract rebar - to - iron ore ratio [5]. - **Coking Coal**: Market performance had the 2601 contract down 32 yuan/ton. Fundamentals included a decline in iron - water production and inventory changes. The trading strategy is to hold short positions [5]. Agricultural Products - **Soybean Meal**: Market performance had CBOT soybeans rising on Friday. Fundamentals included supply and demand changes. The trading strategy is that US soybeans will oscillate, and the domestic market is relatively strong in the short - term [6]. - **Corn**: Market performance was price oscillation. Fundamentals involved inventory and production expectations. The price is expected to oscillate in a range [6]. - **Sugar**: Market performance had ICE raw sugar down 2.01% and Zhengzhou sugar down 0.47%. Fundamentals included global supply surplus and domestic policy impacts. The trading strategy is to short in the futures market and sell call options [7]. - **Cotton**: Market performance had US cotton prices falling. Fundamentals included international and domestic market conditions. The trading strategy is to wait and see within the 13400 - 13800 yuan/ton range [7]. - **Palm Oil**: Market performance had the Malaysian market falling. Fundamentals included supply and demand changes. The trading strategy is that the P contract is weak, and the structure is suitable for reverse spreads [7]. - **Eggs**: Market performance was price oscillation. Fundamentals involved supply and demand changes. The price is expected to fall after the Double Eleven promotion [7]. - **Hogs**: Market performance was price oscillation. Fundamentals included supply and demand changes. The price is expected to oscillate at a low level [7]. - **Apples**: Market performance had the main contract down 2.14%. Fundamentals included production and inventory factors. The trading strategy is to wait and see [7][8]. Energy Chemicals - **LLDPE**: Market performance was minor oscillation. Fundamentals involved supply and demand changes. The short - term price is expected to be oscillating and slightly weaker, and long - term, it is advisable to short at high prices [8]. - **PVC**: Market performance had the V01 down 0.3%. Fundamentals included supply increase and demand problems. The trading strategy is to short [8]. - **PTA**: Market performance involved price changes. Fundamentals included supply and demand changes. The trading strategy is to take profit on long positions and short the processing margin in the far - month contracts [8]. - **Rubber**: Market performance had the RU2601 up 0.3%. Fundamentals included raw material prices and tire production. The trading strategy is to trade in a range - bound manner [9]. - **Glass**: Market performance had the FG01 down 1%. Fundamentals included production line shutdowns and inventory changes. The trading strategy is to close out previous reverse spreads [9]. - **PP**: Market performance was minor oscillation. Fundamentals involved supply and demand changes. The short - term price is expected to be oscillating and slightly weaker, and long - term, it is advisable to short at high prices [9]. - **MEG**: Market performance involved price and basis changes. Fundamentals included supply and demand changes. The trading strategy is to short at high prices for the 01 contract [9]. - **Crude Oil**: Market performance was price decline. Fundamentals included supply and demand changes. The price is expected to oscillate in the short - term, and it can be shorted at high prices if Russian oil reduction is less than 500,000 barrels per day [10]. - **Styrene**: Market performance was minor oscillation. Fundamentals included supply and demand changes. The short - term price is expected to be oscillating and slightly weaker, and long - term, it is advisable to short at high prices [10]. - **Soda Ash**: Market performance had the sa01 up 0.3%. Fundamentals included supply - demand balance. The trading strategy is to wait and see [10].

Core Viewpoint - Domestic commodity futures opened mixed, with some contracts experiencing significant declines while others saw slight increases [1] Group 1: Price Movements - The main contract for coking coal fell by over 2% [1] - Asphalt, coking coal, rapeseed meal, and glass all dropped by more than 1% [1] - Crude oil and aluminum oxide increased by nearly 1% [1]

Group 1: Financial Data Release - In November, the People's Bank of China is expected to release financial statistics for October, including social financing scale, M2, and new RMB loans, with anticipated figures of 16,500 million yuan for social financing and 4,700 million yuan for new loans, both lower than previous values [1] - The M2 balance is projected to grow by 8.0% year-on-year, a decrease from the previous growth rate of 8.4% [1] - A decline in these financial metrics may slightly suppress the rise of commodity futures and stock index futures, while supporting the increase in government bond futures [1] Group 2: Oil Market Reports - OPEC is set to release its monthly oil market report, which will be closely monitored for its impact on oil and related commodity futures prices [2] - The EIA will announce the weekly change in U.S. crude oil inventories, with a previous increase of 5.202 million barrels; further increases may hinder the rise in oil and related commodity futures prices [4] Group 3: U.S. Economic Indicators - The U.S. Labor Department will publish the October CPI, with expectations of a year-on-year increase of 3.0%, consistent with the previous value [3] - The core CPI is also expected to rise by 3.0% year-on-year, with a month-on-month increase of 0.2% [3] - If the U.S. government continues its shutdown, the release of the CPI data may be delayed [3] Group 4: Domestic Economic Performance - A press conference will be held to discuss the national economic performance for October, with expectations of a 5.5% year-on-year increase in industrial value added, down from 6.5% [5] - Retail sales are projected to grow by 2.8% year-on-year, slightly lower than the previous 3.0% [5] - The urban fixed asset investment for January to October is expected to decline by 0.8%, compared to a 0.5% drop for January to September [5]