1. Report Industry Investment Ratings - The report does not provide overall industry investment ratings. 2. Core Views - The report analyzes various commodity futures including base metals, black industries, agricultural products, and energy chemicals, providing market performance, fundamentals, and trading strategies for each category [1][3][5]. 3. Summary by Category Base Metals - **Copper**: Market traded Fed rate - cut expectation decline and Sino - US leaders' meeting利好落地. Supply may ease slightly, demand has spot discounts. Short - term dollar strength suppresses price, but upward trend remains. Suggest buying on dips [1]. - **Aluminum**: Price rose 0.26% on Friday. Supply has increased production capacity, demand's weekly开工率 decreased. Macro environment is warm, but in traditional off - season and high price limits downstream acceptance. Expected to be oscillatingly strong, focus on de - stocking [1]. - **Alumina**: Price fell 0.82% on Friday. Supply decreased due to pollution control, demand has high - load production. Market is in surplus, price may be oscillatingly weak, watch environmental restrictions [1]. - **Lithium Carbonate**: Price of LC2601 fell 3.14% on Friday. Supply decreased last week, imports declined in September. Demand for related materials increased in October, expected to de - stock. Strong reality supports price, but there's profit - taking pressure. Suggest waiting and considering double - selling [1]. - **Tin**: Market traded Fed rate - cut expectation decline and Sino - US leaders' meeting利好落地. Supply is lower than expected, demand is supported in the short - term. Inventory is at a historical low. Price is expected to be oscillatingly strong [2]. Black Industries - **Rebar**: Price of 2601 contract fell 20 yuan/ton. Supply - demand contradiction is limited, structural differentiation is significant. Macro sentiment improved last week, price may weaken marginally. Suggest taking profit on long positions [3]. - **Iron Ore**: Price of 2601 contract rose 2.5 yuan/ton. Supply - demand is neutral and deteriorating. Macro sentiment improved last week, price may weaken marginally. Suggest taking profit on long positions and short - selling for aggressive investors [3]. - **Coking Coal**: Price of 2601 contract fell 12.5 yuan/ton. Supply - demand is affected by production decline and price increase. Futures are over - valued. Suggest waiting and short - selling for aggressive investors [3]. Agricultural Products - **Soybean Meal**: CBOT soybeans continued to rise on Friday, trading on optimistic trade expectations. US soybeans may have a slight reduction, South America has an increasing production expectation. US soybeans are short - term strong, domestic market follows the cost side [4][5]. - **Corn**: Futures price oscillated narrowly, spot price varied regionally. Inventory needs building, but new grain is coming. Price is expected to be oscillatingly weak [5]. - **Oils and Fats**: Malaysian palm oil market is weak. Supply in Malaysia increased in October, exports also rose. Near - term inventory is accumulating, long - term has a production decline expectation. Oils are weak and differentiated, suggest reverse arbitrage [5]. - **Sugar**: ICE raw sugar fell 3.67% last week, Zhengzhou sugar rose 0.68%. Internationally, production is increasing, domestically, policy news boosted the price. Suggest short - selling futures and selling call options [5]. - **Cotton**: US cotton futures rebounded on Friday. International policy changes and Japanese import data are positive. Domestically, Xinjiang's cotton purchase is nearly over. Suggest waiting and using interval strategies [5]. - **Eggs**: Futures price oscillated narrowly, spot price fell slightly. Supply pressure eases, demand recovers seasonally. Price is expected to be oscillatingly strong [5]. - **Hogs**: Futures price is weak, spot price fell. Supply is increasing, demand may increase seasonally, but supply pressure is still large. Price is expected to be weak [6]. - **Apples**: Price is stable in Shandong. Storage in Gansu is not optimistic, in Shaanxi, purchase is affected by disease. High - quality apples are in high demand. Suggest waiting [6]. Energy Chemicals - **LLDPE**: Market oscillated slightly on Friday. Supply pressure eases, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [7]. - **PVC**: Price of V01 fell 1.3%. High inventory suppresses price, supply increased, demand's开工率 rose slightly, exports increased. Suggest short - selling or reverse arbitrage [7]. - **PTA**: PX supply is high, PTA has some supply - side adjustments. Polyester demand is good, PX is expected to be strong, PTA has long - term supply pressure. Suggest long - PX and short - PTA processing fees [7][8]. - **Rubber**: Price of RU2601 fell 2.65%. Raw material prices are stable, downstream观望. Production capacity utilization decreased, inventory is turning to accumulation. Suggest band - trading [8]. - **Glass**: Price of FG01 fell 1.1%. Supply will increase, inventory is accumulating, demand is weak. Suggest short - selling or reverse arbitrage [8]. - **PP**: Market oscillated slightly on Friday. Supply is increasing, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [8]. - **MEG**: Supply is at a high level, inventory is low. Polyester demand is good, but overall supply - demand is in accumulation. Suggest short - selling on highs [9]. - **Crude Oil**: Price oscillated downwards this week. Supply pressure is increasing, demand is seasonally weak. Price is expected to be oscillating, short - selling on highs if Russian oil reduction is less than 500,000 barrels per day [9]. - **Styrene**: Market oscillated slightly on Friday. Supply's inventory is at a normal to high level, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [9]. - **Soda Ash**: Price of sa01 fell 2.1%. Supply is in high - production season, inventory is balanced. Suggest waiting [9].