Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the content. 2. Core Views - **Commodities Market**: The commodities market shows a mixed performance. Some commodities like crude oil face short - term geopolitical - driven price boosts but long - term inventory build - up risks. Precious metals are influenced by economic data and interest - rate expectations. Base metals are affected by supply and demand fundamentals, as well as macroeconomic factors. Energy and chemical products also have their own supply - demand dynamics and price trends [1][2][3]. - **Agricultural Products and Livestock**: Agricultural products' prices are affected by factors such as planting progress, weather conditions, and supply - demand balance. Livestock prices are related to production cycles and consumption seasons [35][40]. - **Financial Markets**: The stock and bond markets are influenced by macroeconomic data, central bank policies, and international market trends. The stock market shows sector rotation, while the bond market has a structured differentiation [47][48]. 3. Summary by Commodity Categories Energy - **Crude Oil**: Geopolitical tensions boost short - term prices, but large inventory build - up is expected in the long - term. Consider shorting on price rebounds [1]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Fuel oil follows crude oil cost - end fluctuations. High - sulfur fuel oil's supply is affected by geopolitical risks and mid - term supply is expected to be loose. Low - sulfur fuel oil's supply pressure may ease [21]. - **Asphalt**: The domestic asphalt market has regional price differences. Demand is weak, and commercial inventory de - stocking slows. It is expected to remain weak [22]. Precious Metals - **Precious Metals**: Overnight, precious metals fluctuated strongly. Silver reached a new high, while gold should be cautiously traded before breaking through the previous high. Platinum has a supply gap, and palladium is in a tight - balanced supply - demand situation. Consider buying on dips [2]. Base Metals - **Copper**: Overnight, copper prices rose. The market is driven by long - term bullish sentiment. Supply is tight, and short - term long positions can be held. Monitor spot premium changes [3]. - **Aluminum**: Overnight, aluminum prices oscillated at a high level. The fundamentals have limited contradictions, and it will test the previous high [4]. - **Zinc**: Zinc output is expected to decline, and the export window is open. The bottom is well - supported, but the consumption is in the off - season, and the rebound height is limited [7]. - **Lead**: Lead prices are expected to oscillate in the range of 1.7 - 1.73 yuan/ton. Supply and demand factors have different impacts on the price [8]. - **Nickel & Stainless Steel**: Nickel prices face resistance in the rebound. Stainless steel inventory pressure rises. High - level shorting is more reasonable [9]. - **Tin**: Tin prices have high volatility. Supply and demand factors attract capital. Be cautious when chasing high prices [10]. - **Carbonate Lithium**: The price fluctuates violently at a high level. The market has large differences, and the fundamentals are strong [11]. - **Industrial Silicon**: It continues to oscillate. Supply and demand are both weak, and track capital sentiment [12]. - **Polysilicon**: The market has a contradiction between trading warrants and positions. The fundamentals are weak, and beware of price corrections [13]. Steel and Iron Ore - **Steel (Thread & Hot - Rolled Coil)**: Steel prices oscillate narrowly. Demand and supply are both weak, and pay attention to environmental protection policies and macro - policies [14]. - **Iron Ore**: The supply is abundant, and the demand is weakening. The market is expected to oscillate [15]. - **Coke**: The price rebounds. The supply of carbon elements is abundant, and the demand has some resilience. The price is likely to continue to rebound [16]. - **Coking Coal**: The price rebounds. The supply of carbon elements is abundant, and the price is likely to be strong in the short - term [17]. - **Manganese Silicon**: The price rises and then falls. Supply declines, and observe the bottom support [18]. - **Silicon Iron**: The price rebounds. Supply declines, and observe the bottom support [19]. Chemicals - **Urea**: The price rises slightly. Production enterprises are de - stocking, and the price is expected to fluctuate within a range [23]. - **Methanol**: The price rises sharply at night. The market has a multi - short game, and the high - level rise is restricted [24]. - **Pure Benzene**: The price oscillates weakly. The current supply pressure is large, but future supply may improve [25]. - **Styrene**: The price rebounds slightly, but the short - side pressure still exists [26]. - **Polypropylene, Plastic & Propylene**: The prices are weak. Supply may increase slightly, and demand is in the off - season [27]. - **PVC & Caustic Soda**: PVC may run in a low - level range. Caustic soda is weak, and pay attention to profit changes [28]. - **PX & PTA**: PX is expected to be strong in the medium - term, and PTA follows the cost - driven logic [29]. - **Ethylene Glycol**: The supply improves marginally, but it is expected to accumulate inventory in the medium - term [30]. - **Short - Fiber & Bottle - Chip**: Short - fiber has no new investment pressure, and bottle - chip has over - capacity problems [31]. Agricultural Products - **Soybean & Soybean Meal**: Brazilian soybean planting is normal, while Argentine planting is slow. Domestic soybean supply is sufficient, and soybean meal supply is loose [35]. - **Soybean Oil & Palm Oil**: Soybean oil is supported by domestic factors, and palm oil has supply - demand dynamics and price trends affected by multiple factors [36]. - **Rapeseed Meal & Rapeseed Oil**: Rapeseed supply eases, and the prices are expected to oscillate [37]. - **Soybean (Domestic)**: Domestic soybeans oscillate strongly. Pay attention to US soybean sales and South American weather [38]. - **Corn**: Corn prices are affected by supply - demand mismatch and policy factors. Short - term high - level oscillation, and limited medium - term rebound [39]. - **Cotton**: US cotton exports decline, and domestic cotton supply pressure is not large. Pay attention to commercial inventory and sales progress [42]. - **Sugar**: International sugar supply is sufficient, and domestic sugar production expectations are good [43]. - **Apple**: Apple prices oscillate at a high level. Pay attention to inventory reduction [44]. - **Timber**: The price oscillates. Low inventory supports the price [45]. - **Pulp**: The price rises slightly. Supply is loose, and demand is weak. It may oscillate in a range [46]. Livestock and Eggs - **Pig**: Pig prices continue to adjust weakly. A second bottom - testing is likely in the first half of next year [40]. - **Egg**: Egg futures have a differentiated trend. Do not chase the high price of far - month contracts [41]. Financial Instruments - **Stock Index**: A - shares rise unilaterally, and the futures index rises. Short - term macro - liquidity is uncertain, and adopt a wait - and - see strategy [47]. - **Treasury Bond**: Treasury bond futures oscillate. Participate in the rebound of some oversold varieties [48]. Shipping - **Container Shipping Index (European Line)**: The index drops, and the 12 - contract is expected to be weak. The 02 - contract's trend depends on spot performance, and far - month contracts are bearish [20].