Report Summary 1. Report Information - Report Title: Commodity Quantitative CTA Weekly Tracking [1] - Author: Guotou Futures Research Institute, Financial Engineering Group - Date: December 30, 2025 - Focus: Colored Metals Sector Cross-Sectional Momentum Reversal [2] 2. Core View - The proportion of long and short positions in commodities has changed little this week. The factor intensity of the colored metals and precious metals sectors has slightly declined, while that of the agricultural products sector has slightly increased. Currently, the cross-sectionally stronger sectors are colored metals and black metals, and the weaker one is agricultural products [3]. - In terms of strategy net worth, different factors have different trends in different periods, and the comprehensive signals vary among different commodities [5][10][13][15]. 3. Key Points by Category 3.1 Commodity Sector Analysis - **Colored Metals**: The short - term momentum of the colored metals sector continues to rise, with a certain reversal in the term structure. Copper and alumina are weak in the cross - section. The time - series momentum of gold rises slightly, and the silver position shows a marginal decline [3]. - **Black Metals**: The time - series momentum of the black metals sector shows a marginal recovery, the cross - sectional differentiation narrows, and the positions of coking coal and coke remain high [3]. - **Energy and Chemicals**: The short - cycle momentum factor of the energy and chemicals sector recovers, and soda ash is in the cross - sectionally short end [3]. - **Agricultural Products**: The cross - sectional differentiation of oilseeds and meals narrows, the overall time - series momentum recovers, but the position does not change significantly [3]. 3.2 Factor Performance and Strategy Net Worth - **Factor Performance Table 1**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Supply | 0.02 | 0.02 | | Demand | - 0.03 | - 0.31 | | Inventory | 0.05 | 0.51 | | Spread | 0.00 | 0.00 | | Aggregate of Major Categories | 0.04 | 0.05 | [4] - **Strategy Net Worth 1**: Last week, the supply factor strengthened by 0.02%, the demand factor weakened by 0.03%, the inventory factor increased by 0.05%, and the synthetic factor increased by 0.04%. This week, the comprehensive signal is long. In terms of fundamental factors, the supply side turns neutral, the demand side is long, the inventory side is long but with weakened intensity, and the spread side is neutral [5]. - **Factor Performance Table 2**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Pinduoduo | 0.00 | 0.79 | | Demand | 0.00 | 1.12 | | Inventory | 0.03 | - 0.49 | | Spread | - 0.03 | 0.25 | | Profit | - 0.40 | 1.62 | | Aggregate of Major Categories | - 0.26 | 0.79 | [8] - **Strategy Net Worth 2**: Last week, the inventory factor strengthened by 0.03%, the spread factor weakened by 0.03%, the profit factor decreased by 0.40%, and the synthetic factor decreased by 0.26%. This week, the comprehensive signal is long. The supply side turns long, the demand side is long, the inventory side continues to be long, and the profit side continues to be short [15]. - **Factor Performance Table 3**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Singh | 0.00 | - 0.37 | | Inventory | 0.00 | 0.08 | | Spread | - 0.09 | - 0.09 | | Aggregate of Major Categories | - 0.04 | - 0.09 | [10] - **Strategy Net Worth 3**: Last week, the spread factor declined. The comprehensive factor weakened by 0.04%, and this week the comprehensive signal turns long [10]. - **Factor Performance Table 4 (Iron Ore)**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Supply | - 0.22 | 0.55 | | Demand | - 1.54 | - 1.12 | | Inventory | 1.47 | 0.77 | | Spread | 1.76 | 1.02 | | Aggregate of Major Categories | 0.27 | 0.59 | [13] - **Strategy Net Worth 4 (Iron Ore)**: Last week, the supply factor decreased by 0.22%, the demand factor weakened by 1.54%, the inventory factor increased by 1.47%, the spread factor strengthened by 1.02%, and the synthetic factor increased by 0.27%. This week, the comprehensive signal turns from long to short. The supply side turns long but the signal remains neutral, the demand side's long feedback continues to weaken and the signal remains neutral, the inventory side turns long and the signal remains neutral, and the spread side's signal turns long [13]. - **Factor Performance Table 5 (Aluminum)**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Supply | 0.09 | | | Aggregate of Major Categories | - 0.04 | - 0.09 | [13] - **Strategy Net Worth 5 (Aluminum)**: Last week, the supply factor increased by 0.09%, the comprehensive factor weakened by 0.04%, and this week the comprehensive signal turns long. The supply side turns long, the demand side's long feedback continues to weaken, the inventory side turns long, and the spread side's signal turns long [13] 3.3 Sector Momentum and Other Indicators | Sector | Momentum Time - Series | Momentum Cross - Section | Term Structure | Position | | --- | --- | --- | --- | --- | | Black Metals | 0.21 | - 0.29 | - 0.85 | 1.25 | | Colored Metals | 0.06 | 0.93 | - 2.2 | - 0.64 | | Energy and Chemicals | 0.37 | 0.57 | - 0.02 | 0.16 | | Agricultural Products | - 0.45 | 0.69 | 0.93 | 1.37 | | Stock Index | 0.31 | - 0.1 | - 0.32 | 0.48 | | Other | 0 | | | 0.05 | [6]

国技期货 商品量化CTA周度跟踪 国投期货研究院 金融工程组 2025/12/23 有色截面动量分化 商品本周多头占比小幅上升,主要表现 贵金属因子强度维持高位,农产品板块 小幅下降。目前,截面偏强的板块是贵 金属和有色,黑色和能源也位于中性以 上区间,截面偏弱的是农产品。具体来 看,黄金时序动量小幅上升,白银的持 仓量边际上升幅度更大,持续处于偏强 区间,截面两端分化扩大。有色板块短 周期动量回升,期限结构分化收窄,截 面上铜和锡均偏强。黑色板块,时序动 量显示边际回落,铁矿和螺纹持仓量维 持中性,焦煤焦炭持仓量仍然位于高位 。能化板块短周期动量因子回升,纯碱 处于截面偏空端。农产品方面,油粕截 面分化收窄,虽然时序动量层面下行趋 势边际减弱,但持仓量处于近期低位。 玻 寶 策略净值方面,上周供给因子上行 1.51%,需求因子走强1.62%,库存因子 走弱0.13%,价差因子走高0.29%,利润 因子走强0.21%，合成因子上行1.38%， 本周综合信号空头。基本面因子上,浮 法玻璃企业开工环比持平,供给端中 性;二线城市商品房成交数量增多,需 求端中性偏多;河北、湖北浮法玻璃企 业小幅累库,库存端多头强度 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core Viewpoints - The proportion of long and short positions in commodities remained basically unchanged this week. The strength of the precious metals factor remained high, while that of the non-ferrous and agricultural product sectors decreased. The precious metals sector was relatively strong, and the agricultural product and chemical sectors were relatively weak [2]. - The differentiation within the agricultural product sector widened, with the cross - section differentiation of oil and meal products increasing, and the marginal decline in the positions of soybean oil and sugar [2]. 3. Summary by Related Catalogs Commodity Overall Situation - The cross - sectionally strong sector was precious metals, and the weak ones were agricultural products and chemicals. Gold's time - series momentum increased, and although the marginal position of silver decreased, it remained above the neutral range, with the cross - section differentiation at both ends widening [2]. - In the non - ferrous sector, the short - cycle momentum decreased marginally, the cross - section momentum differentiation narrowed, and zinc was relatively strong in the cross - section [2]. - In the black sector, the term structure showed narrowing differentiation, the positions of iron ore and rebar remained at low levels, and the short - cycle momentum increased slightly [2]. - In the energy and chemical sector, the short - cycle momentum factor rebounded, and soda ash was at the short end of the cross - section [2]. Factor Returns and Signals - **Methanol**: The demand factor weakened by 0.07%, the inventory factor increased by 0.12%, and the synthetic factor strengthened by 0.05%. This week, the comprehensive signal was long. The supply side was neutral to long, the demand side was neutral, the inventory side turned long, and the spread side was neutral [3][4]. - **General Situation (First Table)**: The supply factor had a weekly return of 0.00% and a monthly return of 0.56%; the demand factor had a weekly return of - 0.07% and a monthly return of - 0.88%; the inventory factor had a weekly return of 0.12% and a monthly return of 1.45%; the spread factor had a weekly return of 0.00% and a monthly return of 0.00%; the cumulative return of major categories was 0.05% for the week and 0.50% for the month [3]. - **General Situation (Second Table)**: The supply factor had a weekly return of - 0.46% and a monthly return of - 0.36%; the demand factor had a weekly return of - 0.49% and a monthly return of - 0.49%; the inventory factor had a weekly return of 0.00% and a monthly return of - 0.21%; the spread factor had a weekly return of 0.00% and a monthly return of - 0.26%; the profit factor had a weekly return of 1.07% and a monthly return of 1.82%; the cumulative return of major categories was - 0.32% for the week and - 0.36% for the month [7]. - **General Situation (Third Table)**: The supply factor decreased by 0.08% last week, the inventory factor increased by 0.67%, and the comprehensive factor strengthened by 0.2%. This week, the comprehensive signal changed from short to neutral [10][13]. - **Iron Ore**: The comprehensive signal changed from short to neutral. The supply side's long feedback further weakened, the demand side's long feedback strengthened, the inventory side's short signal strength increased, and the spread side's short feedback strengthened [13]. - **Aluminum**: The demand factor strengthened by 0.38 last week, the inventory factor decreased by 0.13%, the spread factor strengthened by 0.45%, the synthetic factor increased by 0.18%, and this week, the comprehensive signal remained short [13]. - **Float Glass**: The supply factor decreased by 0.46% last week, the demand factor weakened by 0.49%, the profit factor strengthened by 1.07%, the synthetic factor decreased by 0.32%, and this week, the comprehensive signal was short. The supply side was neutral, the inventory side's long strength increased, the spread side was short, and the profit side continued to be short [15]. Sector Momentum and Other Indicators | Sector | Momentum Time - Series | Momentum Cross - Section | Term Structure | Position | | --- | --- | --- | --- | --- | | Black | 0 | 0.09 | 0 | - 0.08 | | Non - ferrous | 0.05 | - 0.21 | 0.52 | 1.13 | | Energy and Chemical | - 0.02 | 0.18 | 0.37 | 0.69 | | Agricultural Product | 0.13 | 0.35 | 0.41 | - 0.19 | | Stock Index | - 0.71 | 0.46 | - 0.63 | 1.06 | | Precious Metals | 0.12 | | | 0.88 | [5]

国投期货 策略净值方面,需求因子走弱0.07%,库 存因子走高0.12%, 合成因子走强 0.05%,本周综合信号多头。基本面因子 上,进口甲醇到港量减少,供给端中性 偏多;甲醇制烯烃企业产能利用率下 降,酷酸装置开工有所提升,需求端中 性;上周甲醇港口以及内地均呈现去 库,库存端转为多头;甲醇区域价差因 子多头强度走弱,价差端中性。 | | | 动量时序 动量截面 期限结构 持仓量 | | | | --- | --- | --- | --- | --- | | 黑色板块 | 0 | 0. 09 | 0 | -0.08 | | 有色板駅 | 0. 05 | -0. 21 | 0. 52 | 1.13 | | 能化板块 | -0. 02 | 0.18 | 0. 37 | 0. 69 | | 农产品板块 | 0.13 | 0. 35 | 0. 41 | -0. 19 | | 股指板块 | -0. 71 | 0. 46 | -0. 63 | 1. 06 | | 员金屋板块 | 0.12 - | | | 0. 88 | 商品量化CTA周度跟踪 国投期货研究院 金融工程组 2025/12/16 农产品板块内部分化扩大 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - This week, the proportion of long positions in commodities decreased slightly. The factor strength of the black and chemical sectors declined, while that of the non - ferrous sector increased slightly. The non - ferrous sector is relatively strong in cross - section, and the chemical and agricultural product sectors are relatively weak [3]. - For the CTA strategy, the signals vary across different commodities. For example, the comprehensive signal for methanol is short, for glass is long, for iron ore changes from long to short, and for lead remains short [3][9][11]. 3. Summary by Commodity Categories Commodities in General - This week, the proportion of long positions in commodities decreased slightly. The factor strength of the black and chemical sectors declined, while that of the non - ferrous sector increased slightly. The non - ferrous sector is relatively strong in cross - section, and the chemical and agricultural product sectors are relatively weak [3]. - In terms of strategy net value, the demand factor weakened by 0.01%, the inventory factor increased by 0.36%, and the synthetic factor strengthened by 0.01%. The comprehensive signal this week is short [3]. Black Sector - The short - cycle momentum of the black sector decreased. The term structure shows narrowing differentiation. The positions of coking coal and coke remained low, and the short - cycle momentum of iron ore reversed and declined [3]. - In terms of strategy net value, last week the inventory factor decreased by 0.39%, the profit factor strengthened by 0.74%, and this week the comprehensive signal is long [9]. Non - Ferrous Sector - The short - cycle momentum of the non - ferrous sector increased marginally, and the cross - section momentum differentiation narrowed. Copper and zinc are relatively strong, and tin is relatively weak in cross - section [3]. - The time - series momentum of gold declined, the position of silver remained high, and the cross - section differentiation at both ends widened [3]. Energy and Chemical Sector - The long - cycle momentum factor of the energy and chemical sector decreased, and ethylene glycol is at the short end in cross - section [3]. Agricultural Product Sector - The cross - section differentiation of oil and meal narrowed, and the position of soybean oil decreased marginally [3]. Glass - In terms of strategy net value, last week the inventory factor decreased by 0.39%, the profit factor strengthened by 0.74%, and this week the comprehensive signal is long. The production of float glass enterprises, the transaction area of commercial housing in 30 large - and medium - sized Chinese cities, and the continuous destocking of float glass enterprises all release long signals. The spot price of glass is neutral, and the profit of glass remains short [9]. Iron Ore - In terms of strategy net value, last week the supply factor decreased by 0.22%, the comprehensive factor weakened by 0.04%, and this week the comprehensive signal changes from long to short. The cumulative year - on - year decline of iron ore production has narrowed, the port daily dredging volume has decreased, the inventory of port iron ore and trade ore has accumulated, and the spot price center has moved down [11]. Lead - In terms of strategy net value, last week the supply factor increased by 0.02%, the demand factor weakened by 0.46%, the inventory factor decreased by 0.5%, the spread factor weakened by 0.33%, the synthetic factor decreased by 0.32%, and this week the comprehensive signal remains short. The profit of recycled lead has recovered, the inventory of lead has decreased, the position of the main contract of Shanghai lead has decreased, and the spread of lead has moved down [11].

国投期货 商品量化CTA周度跟踪 国投期货研究院 金融工程组 2025/11/25 | 黑色动周期动量回升 | | --- | 商品本周维持空头信号主导,主要表现 为能化板块因子强度下降,黑色和农产 品板块有所回升。目前,截面偏强的板 块是有色,截面偏弱的是能源。具体来 看,黄金时序动量下降,白银的持仓量 变化不大,截面两端分化收窄。有色板 量 (1) 块持仓量因子边际上升,截面动量分化 收窄,截面上锡偏强,氧化铝偏弱。黑 CTA 色板块,焦煤焦炭持仓量维持低位,但 是短周期动量时序回升。能源板块短周 期动量因子回落,化工板块处于截面偏 强端。农产品方面,油粕截面分化扩收 窄,豆油长周期动量低于豆粕。 | | 上周收益(%) | 当月收益(%) | | --- | --- | --- | | 供給 | -0.02 | 1.86 | | 需求 | 0.03 | -1.00 | | 库存 | 0.38 | 0.27 | | 价差 | 0.00 | 0.00 | | 大类累加 | 0.26 | 0.15 | 用 醇 策略净值方面,上周供给因子走弱0. 02%,需求因子走高0.03%,库存因子走 强0.38%, 合成 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the proportion of short positions in commodities has rebounded, mainly due to the decline in the factor strength of the precious metals and non - ferrous sectors, while the black sector has recovered. The black sector is relatively strong in cross - section, while the non - ferrous and agricultural sectors are relatively weak [3]. - The comprehensive signals of methanol, float glass, iron ore, and lead have different trends this week, with methanol and float glass showing long signals, iron ore showing a short signal, and lead maintaining a short signal [5][8][11]. 3. Summary by Related Content Commodity Market Overview - In the precious metals sector, the time - series momentum of gold has declined, and the trading volume of silver has decreased significantly, with an expanding divergence at both ends of the cross - section. In the non - ferrous sector, the position factor has decreased marginally, the cross - section momentum divergence has narrowed, and lead is relatively weak in the cross - section. In the black sector, the positions of iron ore and rebar have decreased slightly, but the short - term momentum time - series has recovered, and rebar is relatively strong in the cross - section. In the energy sector, the short - term momentum factor has declined, and the chemical sector is at the relatively strong end of the cross - section. In the agricultural products sector, the cross - section divergence of oil and meal has narrowed, and the overall long - term momentum has stabilized slightly [3]. Strategy Net Value and Fundamental Factors - **Methanol**: Last week, the supply factor increased by 0.57%, the demand factor decreased by 0.40%, the inventory factor strengthened by 0.58%, and the synthetic factor increased by 0.45%. This week, the comprehensive signal has turned long. In terms of fundamental factors, the supply side has turned neutral, the demand side has weakened from a long signal to neutral, the inventory side is long, and the spread side is slightly bearish [5]. - **Float Glass**: Last week, the profit factor increased by 0.05%, the spread factor weakened by 0.36%, and the synthetic factor decreased by 0.26%. This week, the comprehensive signal is long. The supply side is neutral, the demand side is slightly bearish, the inventory side is long, and the spread side has weakened significantly from a long signal to neutral [8]. - **Iron Ore**: Last week, the supply factor decreased by 0.2%, the inventory factor strengthened by 0.3%, and the comprehensive factor increased by 0.06%. This week, the comprehensive signal has turned short. The supply side remains bearish, the demand side has turned bearish, the inventory side has turned neutral, and the spread side remains neutral [11]. - **Lead**: Last week, the supply factor decreased by 0.18%, the demand factor weakened by 0.17%, the inventory factor decreased by 0.16%, the spread factor weakened by 0.07%, and the synthetic factor decreased by 0.14%. This week, the comprehensive signal remains short. The supply side has turned neutral, the inventory side remains bearish, and the spread side remains bearish [11].

Report Information - Title: Commodity Quantitative CTA Weekly Tracking [1] - Author: Research Institute of Guotou Futures, Financial Engineering Group - Date: November 11, 2025 Industry Investment Rating - Not provided Core View - This week, the proportion of long positions in commodities has rebounded. The factor strength of the black sector has declined, while those of the precious metal and non - ferrous sectors have increased. Currently, the non - ferrous and precious metal sectors are relatively strong in cross - section, and the black and energy sectors are relatively weak. [3] Summary by Commodity Sector Overall Commodity - The proportion of long positions in commodities has rebounded this week, with the black sector's factor strength decreasing and the precious metal and non - ferrous sectors' increasing. The non - ferrous and precious metal sectors are cross - sectionally strong, while the black and energy sectors are weak. [3] Precious Metals - The time - series momentum of gold has marginally rebounded, and the trading volume of silver has increased significantly. The cross - sectional divergence has narrowed. [3] Non - Ferrous Metals - The position factor of the non - ferrous sector has marginally rebounded, and the long - term momentum continues to rise. Lithium carbonate is strong and nickel is weak in cross - section. There is a divergence between long - and short - cycle momentum. [2][3] Black Metals - The positions of iron ore and rebar have decreased, reflecting poor market demand after the realization of positive news. Coking coal is relatively strong in cross - section. [3] Energy - The short - cycle momentum factor of the energy sector has declined, and the chemical industry sector is in the cross - sectionally short end. [3] Agricultural Products - The cross - sectional divergence of oil and meal has narrowed. The short - cycle momentum of soybean oil has marginally increased, and the momentum of soybean meal has remained unchanged. [3][9] Summary by Commodity Variety Methanol - Last week, the supply factor increased by 0.33%, and the synthetic factor strengthened by 0.21%. This week, the comprehensive signal is short. Fundamentally, the supply side is short, the demand side is long, the inventory side is short, and the spread side is neutral to short. [4] Float Glass - Last week, the inventory factor increased by 0.38%, the spread factor weakened by 0.19%, and the synthetic factor decreased by 0.14%. This week, the comprehensive signal is long. Fundamentally, the supply side is neutral, the demand side is neutral, the inventory side has turned neutral from strong short, the spread side is long, and the profit side is neutral to long. [7] Iron Ore - Last week, the supply factor decreased by 0.99%, and the comprehensive factor weakened by 0.2%. This week, the comprehensive signal has turned neutral. The supply side has turned from long to short, the demand side has turned to short feedback, the inventory side has turned to long, and the spread side has strengthened the long feedback. [7] Lead - Last week, the supply factor decreased by 0.07%, the demand factor weakened by 0.07%, the spread factor decreased by 0.06%, and the synthetic factor weakened by 0.05%. This week, the comprehensive signal remains short. The supply side's short feedback has weakened but remains short, the inventory side has turned to short, and the spread side remains short. [7]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the proportion of short positions in commodities has rebounded, mainly due to the decline in the factor strength of the black sector and the recovery in the agricultural products sector. Currently, the relatively strong sectors in the cross - section are non - ferrous metals and agricultural products, while the relatively weak ones are black metals and energy [3]. - The comprehensive signal for methanol this week is short, while for iron ore, it has turned to long, and for lead, it remains short, and for glass, it is long [4][13][15]. 3. Summary by Related Content Commodity Sector Analysis - **Black Sector**: The short - cycle momentum has declined. The positions of iron ore and rebar have decreased, indicating a cautious sentiment after the positive news is realized. Coking coal is relatively strong in the cross - section [3]. - **Non - ferrous Sector**: The position factor has marginally recovered, the long - cycle momentum continues to rise. Copper is relatively strong and alumina is relatively weak in the cross - section [3]. - **Energy and Chemical Sector**: The short - cycle momentum cross - section differentiation has expanded, and the chemical sector is at the short end of the cross - section [3]. - **Agricultural Products Sector**: There is a reversal in the cross - section. The short - cycle momentum of soybean oil has marginally decreased, while that of soybean meal has increased, and soybean meal is relatively strong in the short - term cross - section [3]. - **Precious Metals Sector**: The marginal time - series momentum of gold has recovered, the decline in the position of silver is small, and the differentiation at both ends of the cross - section has narrowed [3]. Strategy Net Value and Factor Analysis - **Methanol**: Last week, the supply factor increased by 0.98%, the demand factor decreased by 0.64%, the inventory factor decreased by 0.48%, and the synthetic factor weakened by 0.62%. The comprehensive signal this week is short. In terms of fundamental factors, the supply side is more bearish, the demand side is neutral to bearish, the inventory side is neutral, and the spread side is neutral [3][4]. - **Iron Ore**: Last week, the supply factor increased by 0.49%, the demand factor strengthened by 0.47%, the spread factor decreased by 0.09%, and the synthetic factor strengthened by 0.2%. The comprehensive signal this week is long. The supply side's bullish feedback has weakened, the demand side has turned to bullish feedback, the inventory side has turned to bullish feedback, and the spread side's bullish feedback has weakened [13]. - **Lead**: Last week, the supply factor increased by 0.49%, the demand factor strengthened by 0.47%, the spread factor decreased by 0.09%, and the synthetic factor strengthened by 0.2%. The comprehensive signal this week remains short. The supply side signal remains bearish, the inventory side signal remains neutral, and the spread side signal turns bearish [13]. - **Glass**: Last week, the inventory factor decreased by 0.05%, the spread factor weakened by 0.05%, and the synthetic factor decreased by 0.04%. The comprehensive signal this week is long. The supply side is neutral to bearish, the demand side is bullish, the inventory side remains bearish, and the spread side is bullish [15].

Report Overview - Report Title: Commodity Quantitative CTA Weekly Tracking [1] - Report Date: November 4, 2025 [2] - Report Author: Guotou Futures Research Institute, Financial Engineering Group [2] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the proportion of short positions in commodities has rebounded, mainly due to the decline in the factor strength of the black sector and the rebound in agricultural products. Currently, the sectors with relatively strong cross - section are non - ferrous metals and agricultural products, while the relatively weak ones are black and energy sectors [3]. - The short - term momentum of the black sector has declined, with a decrease in the positions of iron ore and rebar, indicating a more cautious sentiment after the realization of positive factors [3]. - The cross - section of agricultural products has reversed, with the short - term momentum of soybean oil slightly decreasing and that of soybean meal increasing, and soybean meal is relatively strong in the short - term cross - section [3]. Summary by Related Content Commodity Market Conditions - **Sector Performance**: The cross - section of non - ferrous and agricultural sectors is strong, while the black and energy sectors are weak. Gold's time - series momentum has marginally rebounded, and the decline in silver's positions is small. In the non - ferrous sector, the position factor has marginally rebounded, and the long - term momentum continues to rise, with copper being strong and alumina being weak. In the black sector, coking coal is relatively strong in the cross - section. The short - term momentum cross - section of the energy - chemical sector has expanded, and the chemical sector is on the short side of the cross - section [3]. - **Factor Performance**: The supply factor increased by 0.98% last week, the demand factor decreased by 0.64%, the inventory factor decreased by 0.48%, and the synthetic factor weakened by 0.62%. This week, the comprehensive signal is short [4]. Specific Commodity Analysis Methanol - **Strategy Net Value**: Last week, the inventory factor decreased by 0.05%, the spread factor weakened by 0.05%, and the synthetic factor decreased by 0.04%. This week, the comprehensive signal is long [15]. - **Fundamental Factors**: The supply side is neutral to short, the demand side is long, the inventory side is short, and the spread side is long [15]. Iron Ore - **Strategy Net Value**: The supply factor increased by 0.49%, the demand factor strengthened by 0.47%, the spread factor decreased by 0.09%, and the synthetic factor strengthened by 0.2%. This week, the comprehensive signal remains short [13]. - **Fundamental Factors**: The supply side signal remains long, the demand side signal turns neutral, the inventory side signal remains neutral, and the spread side signal remains neutral [13]. Glass - **Strategy Net Value**: The supply factor increased slightly, the demand factor is long, the inventory factor is short, and the spread factor is long. This week, the comprehensive signal is long [15]. - **Fundamental Factors**: The supply side is neutral to short, the demand side is long, the inventory side is short, and the spread side is long [15].