1. Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. 2. Core Views of the Report The report provides a comprehensive analysis of various commodity futures markets, including basic metals, black industries, agricultural products, and energy chemicals. It presents market performance, fundamental factors, and trading strategies for each commodity. Overall, the market conditions are complex and diverse, with different commodities facing different supply - demand situations and price trends. 3. Summary by Related Catalogs Basic Metals - **Copper**: Market price continued to weaken significantly yesterday. The supply of copper ore remains tight, and the downstream demand needs to be boosted. The recommended strategy is to wait for opportunities to buy on dips [1]. - **Aluminum**: The closing price of the electrolytic aluminum main contract decreased by 0.62% compared to the previous trading day. The smelters maintain high - load production, and the weekly aluminum product start - up rate decreased slightly [1]. - **Alumina**: The closing price of the main contract decreased by 0.68% compared to the previous trading day. Affected by pollution warnings, some northern plants stopped production. The market is expected to be in an oversupply situation, and the price is expected to be weak and volatile [1]. - **Zinc**: The closing price of the Shanghai zinc 2511 contract increased by 0.44% compared to the previous trading day. The zinc concentrate processing fee increased significantly, but the import ore loss expanded. The consumption is in the off - season, and the recommended strategy is to sell on rallies [1]. - **Lead**: The closing price of the Shanghai lead 2511 contract remained unchanged compared to the previous trading day. The supply side is marginally loose, and the demand side has mixed factors. The lead price is expected to oscillate at a high level, and the recommended strategy is to operate within a range [1][2]. - **Industrial Silicon**: The main 01 contract price decreased by 2.79%. The supply side is gradually reducing production, and the demand side is relatively balanced. The price is expected to operate in the range of 8600 - 9400, and the recommended strategy is to wait and see [2]. - **Lithium Carbonate**: The LC2601 contract price decreased by 4.52%. The supply is expected to decrease slightly in November, and the demand is strong. The price is expected to have short - term correction pressure but is supported by demand, and the recommended strategy is to wait and see [2]. - **Polycrystalline Silicon**: The main 01 contract price decreased by 4.19%. The supply is expected to decline in November, and the downstream demand is weak. The recommended strategy is to try to buy on dips or consider selling put options [2]. - **Tin**: The price oscillated weakly. The supply of tin ore remains tight, and the domestic demand needs to be boosted. The recommended strategy is to wait for opportunities to buy on dips [2][3]. Black Industry - **Rebar**: The main 2601 contract price decreased. The building material inventory decreased, and the supply - demand contradiction is limited. The recommended strategy is to wait and see, with the RB01 reference range of 2980 - 3050 [4]. - **Iron Ore**: The main 2601 contract price decreased. The supply - demand situation is neutral and deteriorating. The recommended strategy is to hold short positions, with the I01 reference range of 750 - 780 [4]. - **Coking Coal**: The main 2601 contract price decreased. The steel mill profit has deteriorated, and the supply - side inventory is differentiated. The recommended strategy is to wait and see, with the JM01 reference range of 1230 - 1280 [4]. Agricultural Products Market - **Soybean Meal**: The overnight CBOT soybean price fell. The supply side has a slight reduction in US soybeans and an expected increase in South American soybeans. The demand side has improved export expectations. The US soybeans may enter an oscillation phase, and the domestic market is also expected to be volatile [5][6]. - **Corn**: The futures price oscillated narrowly, and the spot price mostly rose. The new crop is expected to increase in production, and the price is expected to be weak. The futures price is expected to oscillate weakly [6]. - **Oils and Fats**: The Malaysian palm oil market rebounded slightly. The supply in Malaysia is higher than expected, and the export is expected to increase. The oils and fats market is weak and differentiated, and the recommended strategy is to focus on reverse spreads [6]. - **Sugar**: The Zhengzhou sugar 01 contract price decreased. The international market is expected to increase in production, and the domestic market has a short - term rebound. The recommended strategy is to sell short in the futures market and sell call options [6]. - **Cotton**: The overnight US cotton price fell. The international and domestic cotton markets have different situations. The recommended strategy is to sell short on rallies, with the strategy range of 13400 - 13700 [6]. - **Eggs**: The futures price oscillated narrowly, and the spot price was stable. The supply pressure is relieved, and the demand is seasonally increasing. The egg price is expected to oscillate strongly, and the futures price is expected to oscillate within a range [6]. - **Pigs**: The futures price was weak, and the spot price fell. The supply is increasing, and the demand is seasonally increasing. The price is expected to be weak, and the futures price is also expected to be weak [6][7]. - **Apples**: The main contract price decreased. The cold - storage situation in Gansu is not optimistic, and the apple disease in Shaanxi affects the market. The trading in Shandong is active. The recommended strategy is to wait and see [7]. Energy Chemical - **LLDPE**: The main contract price continued to decline slightly. The supply pressure is increasing but at a slower pace, and the demand is weakening. The short - term price is expected to be weak and volatile, and the medium - long - term strategy is to sell short on rallies or do reverse spreads [8]. - **PTA**: The PX price is at a high level, and the PTA supply pressure is large in the long - term. The recommended strategy is to take profit on long PX positions and sell short the PTA processing fee on rallies in the far - month contracts [8]. - **Rubber**: The RU2601 contract price decreased. The rainy season in Thailand is about to end, and the inventory is expected to increase. The price is under short - term pressure [8][9]. - **PP**: The main contract price continued to decline slightly. The supply is increasing, and the demand is weakening. The short - term price is expected to be weak and volatile, and the medium - long - term strategy is to sell short on rallies or do reverse spreads [9]. - **MEG**: The supply pressure is large in the long - term, and the inventory is accumulating. The recommended strategy is to sell short on rallies for the 01 contract [9]. - **Crude Oil**: The price is oscillating. The supply pressure is increasing, and the demand is seasonally weakening. The price is expected to oscillate in the short - term, and if the Russian oil reduction is less than 500,000 barrels per day, it can be sold short on rallies [9]. - **Styrene**: The main contract price continued to decline slightly. The supply - demand contradiction is large, and the price is expected to be weak and volatile in the short - term. The medium - long - term strategy is to sell short on rallies or do reverse spreads [9][10].