1. Report Industry Investment Ratings - No relevant information provided 2. Core Views of the Report - The Fed is expected to cut interest rates for the third consecutive time, and the short - term volatility of precious metals will increase. Silver is oscillating upward, but beware of short - term reverse fluctuations after the rate cut is realized [1] - The domestic soda ash market is generally stable, with weak demand and high inventory. It is expected to operate weakly in the short term [2] - Coking coal is greatly affected by supply disturbances. The downstream maintains rigid - demand procurement, with limited upward and downward space [4] - The supply - demand contradiction in the steel market is not obvious recently. The inventory is decreasing, and the short - term steel price may oscillate, but the upside is limited due to weak demand in the off - season [4] - The supply - demand of ferrosilicon is weak. Although the cost supports the price bottom, the upward space of the futures price is limited [5] - The national hog price is mainly stable. It is expected to oscillate within a range, and wait for short - selling opportunities [5] - Palm oil may oscillate in the short term, and attention should be paid to the implementation of the MPOB report's production - cut expectation [6] - The domestic soybean meal market is expected to oscillate weakly in the short term. Pay attention to relevant policies and import news [6][7] - The long - term treasury bond oscillates downward, but the downside is limited [7] - Gold has insufficient upward momentum and may oscillate at a high level in the medium term [7] - Methanol is expected to oscillate weakly in the short term under the background of high inventory, stable supply and weak demand [8] - Ethylene glycol is expected to oscillate in the short term due to increased supply, rising inventory and weak downstream demand [9] - Copper will maintain a high - level oscillation pattern before the Fed's interest - rate decision. The medium - and long - term supply is tight, limiting the price correction space [9][10] - Crude oil is under pressure from supply - demand surplus, and should be treated with a weak - oscillation mindset [10] - PTA may rise after a decline, but be cautious when chasing high prices [11] - Natural rubber is expected to oscillate weakly due to insufficient demand [12] 3. Summaries According to Different Commodities Precious Metals - **Silver**: The Fed may cut interest rates tonight. Silver is oscillating upward, and beware of short - term reverse fluctuations after the rate cut [1] - **Gold**: The dot plot of Fed officials and the future Fed chairperson are the keys to the medium - and long - term trend. Gold has insufficient upward momentum and may oscillate at a high level in the medium term [7] Chemicals - **Soda Ash**: The national mainstream price is 1258 yuan/ton, with a weak price recently. The supply - demand is stable, but the high inventory is difficult to resolve. It is expected to operate weakly in the short term [2] - **Methanol**: The production in the northwest is decreasing, the price in the Jiangsu market is falling, the inventory is decreasing, and it is expected to oscillate weakly in the short term [8] - **Ethylene Glycol**: The price is falling, the supply is increasing, the inventory is rising, and the downstream is weak. It is expected to oscillate in the short term [9] - **PTA**: The polyester inventory is low, the load is expected to be stable, but the demand is expected to weaken. PTA may rise after a decline, and be cautious when chasing high prices [11] Energy - **Crude Oil**: The global supply is increasing, and the supply - demand surplus pressures the price. It is expected to oscillate weakly [10] Metals - **Coking Coal**: The downstream maintains rigid - demand procurement, with limited upward and downward space [4] - **Steel (Rebar)**: The supply - demand contradiction is not obvious, the inventory is decreasing, and the short - term price may oscillate, but the upside is limited [4] - **Ferrosilicon**: The supply - demand is weak, and the upward space of the futures price is limited [5] - **Copper**: It will maintain a high - level oscillation pattern before the Fed's interest - rate decision. The medium - and long - term supply is tight, limiting the price correction space [9][10] Agricultural Products - **Palm Oil**: The production in Malaysia may decline slightly in November, and it is expected to oscillate in the short term [6] - **Soybean Meal**: The domestic market price is falling, the demand is limited, and it is expected to oscillate weakly in the short term [6][7] - **Hog**: The price is mainly stable, expected to oscillate within a range. Wait for short - selling opportunities [5] - **Natural Rubber**: The raw material is resistant to price drops, but the demand is insufficient. It is expected to oscillate weakly [12]