Report Overview - Report date: October 29, 2025 [3] - Data sources: Wind, Guantong Research and Consulting Department [5] Market Summary - As of the close on October 29, most domestic futures main contracts rose. Container shipping to Europe (FEU) rose over 5%, coking coal rose over 3%, eggs rose over 2%, and coke, iron ore, and silver rose nearly 2%. In terms of declines, rapeseed oil fell over 2%, palm oil and fuel oil fell over 1%. The main contract of CSI 300 Index Futures (IF) rose 1.23%, the main contract of SSE 50 Index Futures (IH) rose 0.39%, the main contract of CSI 500 Index Futures (IC) rose 2.12%, and the main contract of CSI 1000 Index Futures (IM) rose 1.42%. The main contract of 2-year Treasury Bond Futures (TS) rose 0.10%, the main contract of 5-year Treasury Bond Futures (TF) rose 0.16%, the main contract of 10-year Treasury Bond Futures (T) rose 0.13%, and the main contract of 30-year Treasury Bond Futures (TL) fell 0.27% [6][7] - As of 15:22 on October 29, in terms of capital inflows to domestic futures main contracts, CSI 500 2512 had an inflow of 3.241 billion, coking coal 2601 had an inflow of 1.618 billion, and Shanghai copper 2512 had an inflow of 1.149 billion. In terms of outflows, Shanghai gold 2512 had an outflow of 1.571 billion, CSI 1000 2512 had an outflow of 976 million, and Shanghai silver 2512 had an outflow of 504 million [7] Commodity Analysis Copper - Shanghai copper opened low and moved high, rising during the day. The market is optimistic about the Fed's potential 25-basis-point rate cut and the US-China trade agreement, which boosts copper prices. Supply shortages due to mine accidents and potential production cuts in November support copper prices. However, downstream demand is weak due to high prices, and social copper inventories are increasing [9] Lithium Carbonate - Lithium carbonate opened flat, had a V-shaped intraday trend, and closed in the green. The average price of battery-grade lithium carbonate was 79,150 yuan/ton, up 650 yuan/ton from the previous trading day; the average price of industrial-grade lithium carbonate was 76,950 yuan/ton, also up 650 yuan/ton. Rising ore costs support prices. Supply is growing moderately, and demand is strong, especially from the energy storage battery sector. However, potential new energy vehicle purchase taxes and unclear resumption time of CATL may limit price increases [11] Coking Coal - Coking coal opened low and moved high, with a strong intraday oscillation. The third round of price increases by coke enterprises is expected to be implemented on the 31st. Supply is short due to political factors in Mongolia and domestic production controls. Demand is weak as coke enterprises are in the red and steel mills are reducing production. Although prices are rising, the market will fluctuate widely as the supply-demand tightness eases [12][13] Urea - Urea opened low and moved low, with a strong oscillation. Spot market transactions are sluggish, and domestic demand is weak. Production is slightly increasing, and cost support is strong. Agricultural demand is ongoing, and factory inventories are gradually decreasing. However, the supply-demand pattern remains loose, and prices will oscillate at a low level in the short term [14]