Report Industry Investment Ratings - **Macro Finance**: Index futures - medium to long - term bullish, buy on dips; Treasury bonds - range - bound [1][5] - **Black Building Materials**: Coking coal - short - term trading; Rebar - range trading; Glass - sell on rallies [1][8][9] - **Non - ferrous Metals**: Copper - range trading; Aluminum - strengthen observation; Nickel - observe or sell on rallies; Tin - range trading; Gold - range trading; Silver - hold long positions, be cautious on new positions; Lithium carbonate - bullish range - bound [1][11][12] - **Energy Chemicals**: PVC - range trading at low levels; Caustic soda - temporary observation; Soda ash - temporary observation; Styrene - range trading; Rubber - range trading; Urea - range trading; Methanol - range trading; Polyolefins - bearish range - bound [1][18][20] - **Cotton Textile Industry Chain**: Cotton and cotton yarn - bullish range - bound; PTA - bullish range - upward; Apple - bearish range - bound; Jujube - bearish range - bound [1][26][28] - **Agricultural and Livestock**: Hogs - short - term short on rallies for near - month contracts, cautiously bullish for far - month contracts; Eggs - range - bound; Corn - short - term cautious on chasing highs, hedging on rallies for grain - holding entities; Soybean meal - bullish on dips for near - month contracts, bearish for far - month contracts; Oils - close long positions gradually [1][32][35] Core Views - The market is affected by various factors such as central bank policies, geopolitical events, and supply - demand relationships. Different futures varieties show different trends and investment suggestions based on their specific fundamentals and market conditions [5][8][11] Summary by Categories Macro Finance - **Index Futures**: Due to factors like the Fed chair controversy, central bank policies, and geopolitical events, the market has a fast - rotating main line. After the end of recent positive and negative meeting supports, index futures may range - bound. Medium to long - term, they are bullish, and investors can buy on dips [5] - **Treasury Bonds**: With the upcoming release of China's loan prime rate and the need to monitor the end - of - year fluctuations in the liability side of broad - based funds, treasury bonds are expected to range - bound [5] Black Building Materials - **Coking Coal**: There is a game between strong bearish realities (high imported Mongolian coal inventory, weak demand) and weak marginal supports. The short - term balance of power between bulls and bears suggests short - term trading [8] - **Rebar**: After the major meetings, the market is in a policy vacuum. Although there are expectations of weakening steel exports next year, the short - term supply - demand contradiction is not significant, so range trading is recommended [9] - **Glass**: With factors such as stable supply at the end of the year, weak demand, and the fermentation of supply - increase expectations for soda ash, the glass market is expected to be weak before the Spring Festival, and selling on rallies is advised [10] Non - ferrous Metals - **Copper**: The global copper concentrate supply remains tight, but factors like year - end capital tightness and high copper prices suppressing demand limit the upside. Copper is expected to range - bound at high levels [11] - **Aluminum**: Although the macro - atmosphere is good and LME aluminum breaks through the resistance level, the fundamentals are still weak. Aluminum is expected to range - bound at high levels, and strengthening observation is recommended [12] - **Nickel**: The long - term supply surplus continues. With the uncertainty of the new RKAB policy on nickel ore supply, it is advisable to observe or sell on rallies [14] - **Tin**: The supply of tin concentrate is tight, and the downstream consumption is weak. Tin prices are expected to be bullish range - bound, and attention should be paid to supply resumption and downstream demand [14] - **Silver and Gold**: Due to factors such as the rise in the US unemployment rate, the Fed's interest rate cut, and concerns about the US economy, the medium - term price centers of silver and gold move up. Hold long positions for silver and trade in ranges for gold [16] - **Lithium Carbonate**: With strong downstream demand and the continuation of the de - stocking trend, and the risk of Yichun's mining permits, lithium carbonate prices are expected to be bullish range - bound [18] Energy Chemicals - **PVC**: With weak domestic demand, high inventory, and uncertain export growth, PVC is expected to range - bound at low levels, and attention should be paid to policies and cost factors [18] - **Caustic Soda**: Affected by factors such as high inventory, alumina production cuts, and winter high -开工 of chlor - alkali enterprises, it is recommended to observe temporarily [20] - **Styrene**: Due to factors such as the geopolitical situation of crude oil, the accumulation of pure benzene inventory, and the limited rebound space of styrene, it is expected to range - bound, and attention should be paid to the price of pure benzene and crude oil [20] - **Rubber**: With the end of the domestic production season, the overseas peak - production season, high inventory in Qingdao ports, and weak tire production, rubber is expected to range - bound [22] - **Urea**: With the decrease in the start - up rate, the weakening of agricultural demand, and the increase in industrial demand, urea is expected to range - bound weakly [23] - **Methanol**: With the recovery of domestic supply, the high - level and narrow - range fluctuation of methanol - to - olefins start - up rate, and the weak traditional demand, methanol is expected to range - bound, and attention should be paid to Iran's situation [25] - **Polyolefins**: With strong supply and weak demand, PE is expected to be bearish range - bound, and PP is expected to range - bound within a certain range [25] - **Soda Ash**: With supply surplus, rising costs, and the reduction of supply contraction, it is recommended to observe temporarily [26] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: According to the USDA report, the global cotton supply - demand situation has changed slightly. With stable consumption and policy expectations, cotton and cotton yarn are expected to be bullish range - bound [26] - **PTA**: Affected by the geopolitical situation of crude oil and the supply - demand de - stocking, PTA is expected to rise in a range [28] - **Apple and Jujube**: With stable market prices, slow inventory movement, and weak trading atmosphere, apple and jujube are expected to be bearish range - bound [28][30] Agricultural and Livestock - **Hogs**: In the short - term, the pig price is affected by factors such as consumption changes and the slaughter rhythm. In the long - term, it is affected by capacity reduction. Near - month contracts can be shorted on rallies, and far - month contracts are cautiously bullish [32] - **Eggs**: In the short - term, the egg price is range - bound. In the medium - term, the supply pressure eases marginally. In the long - term, the capacity clearance takes time, and attention should be paid to external factors [33] - **Corn**: In the short - term, there is selling pressure, and it is necessary to be cautious on chasing highs. In the long - term, the demand recovers, but the supply - demand pattern is relatively loose, and attention should be paid to policies and weather [34] - **Soybean Meal**: Near - month contracts are bullish on dips, and far - month contracts are bearish. Spot enterprises can price basis contracts or transfer positions [35] - **Oils**: In the short - term, oils have a sign of stopping falling, and long positions should be closed gradually. In the long - term, they may turn bullish [40]

Report Industry Investment Ratings No specific investment ratings for the industry are provided in the report. Core Views of the Report The report offers insights and analyses on various commodities in the futures market, covering precious metals, base metals, energy, agricultural products, and more. It presents the current market trends, fundamental data, and macro and industry news for each commodity, along with corresponding trend intensities and trading suggestions. Summary by Commodity Category Precious Metals - **Gold**: Inflation is moderately declining, with a trend intensity of 0 [6]. - **Silver**: Reached a new high, with a trend intensity of 0 [6]. - **Platinum**: Domestic and international markets resonate, and the bullish sentiment remains unabated, with a trend intensity of 1 [26][28]. - **Palladium**: The climbing pace has slowed, with an upward trend in oscillations, and a trend intensity of 1 [26][28]. Base Metals - **Copper**: The price rose as the US dollar declined, with a trend intensity of 1 [10][12]. - **Zinc**: Narrow - range fluctuations, with a trend intensity of 0 [13][15]. - **Lead**: Reduced inventory supports the price, with a trend intensity of 0 [16]. - **Tin**: Supply has encountered new disruptions, with a trend intensity of 1 [18][22]. - **Aluminum**: Range - bound oscillations, with a trend intensity of 1; Alumina had a slight rebound, with a trend intensity of 0; Cast aluminum alloy follows the trend of electrolytic aluminum, with a trend intensity of 0 [23][25]. - **Nickel**: The fundamental contradictions have not changed significantly, and concerns about Indonesian policies have increased, with a trend intensity of 0 [30][34]. - **Stainless Steel**: The fundamentals show weak supply and demand, and the news of Indonesian nickel mines has caused disturbances, with a trend intensity of 0 [30][34]. Energy and Chemicals - **Crude Oil - Related**: Not specifically mentioned in a comprehensive way, but some related commodities like fuel oil and asphalt are covered. - **Fuel Oil**: The night - session price rose, and short - term volatility increased, with a trend intensity of 1 [139]. - **Low - Sulfur Fuel Oil**: Mainly followed the upward trend, and the spot price spread between high - and low - sulfur fuels rebounded slightly, with a trend intensity of 1 [139]. - **Asphalt**: The spot price had a narrow - range adjustment, remaining stable despite the oil price trend, with a trend intensity of 1 [80][89]. - **Chemicals**: - **PTA**: Do not chase the high price, and it is in a high - level oscillating market, with a trend intensity of 0 [63][70]. - **MEG**: The trend is relatively weak, with a trend intensity of 0 [63][70]. - **LLDPE**: Some full - density products have been redirected, and the valuation support is limited, with a trend intensity of 0 [94][96]. - **PP**: The PDH profit has been compressed again, and the trend is weakly oscillating, with a trend intensity of 0 [97][99]. - **Caustic Soda**: A short - term rebound, and attention should be paid to inventory changes, with a trend intensity of 0 [100][102]. - **Methanol**: Oscillations are supported, with a trend intensity of 0 [112][115]. - **Urea**: Oscillating, with a trend intensity of 0 [116][119]. - **Styrene**: Short - term oscillations, with a trend intensity of 0 [120]. - **Soda Ash**: The spot market has changed little, with a trend intensity of 0 [124][125]. - **LPG**: The external cost is relatively strong, with a trend intensity of 0 [127][132]. - **Propylene**: There are expectations of supply - demand tightening, and the short - term trend is supported, with a trend intensity of 0 [128][132]. - **PVC**: A short - term rebound, but the upward space may be limited, with a trend intensity of 0 [136][137]. Agricultural Products - **Palm Oil**: The production cut is gradually being realized, and there is a short - term rebound, with a trend intensity of 1 [168][174]. - **Soybean Oil**: The price of US soybeans rebounded, and it is recommended to conduct range - bound operations, with a trend intensity of 0 [168][174]. - **Soybean Meal**: The US soybeans rose overnight, and the Dalian soybean meal may rebound and oscillate, with a trend intensity of +1 [175][177]. - **Soybean**: Oscillating, with a trend intensity of 0 [175][177]. - **Corn**: Attention should be paid to the spot market, with a trend intensity of 0 [178][181]. - **Sugar**: There is an expectation of a weak basis, with a trend intensity of 0 [182][185]. - **Cotton**: The futures price is oscillating strongly, and attention should be paid to downstream pre - holiday stocking, with a trend intensity of 0 [187][191]. - **Eggs**: Oscillating and adjusting, with a trend intensity of 0 [193]. - **Hogs**: Hold the reverse spread, with a trend intensity of - 1 [195][200]. - **Peanuts**: Attention should be paid to the purchases of oil mills, with a trend intensity of 0 [202][204]. Others - **Logs**: Low - level oscillations, with a trend intensity of 0 [59][62]. - **Synthetic Rubber**: The oscillation center has moved up, with a trend intensity of 0 [77][79]. - **Paper Pulp**: Oscillating, with a trend intensity of 0 [104][106]. - **Glass**: The raw sheet price is stable, with a trend intensity of 0 [109][110]. - **Ferroalloys**: - **Silicon Iron**: The sector and fundamentals resonate, and the trend is strongly oscillating, with a trend intensity of 0 [50][54]. - **Manganese Silicon**: The long and short sentiments are intertwined, and the trend is widely oscillating, with a trend intensity of 0 [50][54]. - **Coke and Coking Coal**: Wide - range oscillations, with a trend intensity of 0 for both [55][58]. - **Container Freight Index (European Line)**: Near - term contracts should focus on the opening guidance, while far - term contracts should focus on the progress of the Gaza peace talks, with a trend intensity of 0 [141][155]. - **Short Fibre**: Short - term follow - up of raw materials, with compressed processing fees, with a trend intensity of 0 [157][158]. - **Bottle Chips**: Short - term follow - up of raw materials, with a trend intensity of 0 [157][158]. - **Offset Printing Paper**: It is recommended to wait and see, with a trend intensity of 0 [160]. - **Pure Benzene**: Short - term oscillations, with a trend intensity of 0 [165][166].

1. Report's Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Gold: Inflation is moderately declining [2][4]. - Silver: Reached a new high [2][4]. - Copper: Weakening spot market restricts price increases [2][8]. - Zinc: Trading in a sideways range [2][11]. - Lead: Reduced inventory supports prices [2][14]. - Tin: Supply is disrupted again [2][16]. - Aluminum: Trading in a range [2][21]. - Alumina: Continuing to decline [2][21]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2][21]. - Platinum: ETF holdings are increasing marginally, and the price center is moving upwards [2][23]. - Palladium: Resumed its upward momentum after a slight retreat [2][23]. - Nickel: Fundamental contradictions have not changed significantly, and Indonesian policies have increased concerns [2][27]. - Stainless steel: Both supply and demand in the fundamentals are weak, and news about Indonesian nickel mines has caused disturbances [2][27]. 3. Summaries Based on Relevant Catalogs Gold and Silver - **Fundamental Data**: Gold T+D closed at 975.82 with a 0.12% daily increase; Comex gold 2602 closed at 4368.70 with a 0.11% increase.沪银2602 closed at 15376 with a -0.93% decrease; Comex silver 2602 closed at 67.395 with a 2.97% increase [4]. - **Trading Volume and Open Interest**:沪金2602 trading volume was 328,878, an increase of 87,762; open interest was 189,662, a decrease of 7,090.沪银2602 trading volume was 1,904,227, an increase of 332,489; open interest was 337,467, a decrease of 25,935 [4]. - **Inventory**: 沪金 inventory was 91,716 kg, unchanged;沪银 inventory was 899,636 kg, a decrease of 12,528 kg [4]. - **Spread**: Gold T+D to AU2602 spread was -4.08, unchanged; 白银T+D to AG2602 spread was 58, an increase of 1 [4]. - **Trend Intensity**: Gold trend intensity is 0; silver trend intensity is 0 [6]. Copper - **Fundamental Data**: 沪铜主力合约 closed at 93,180 with a 0.63% daily increase; 伦铜3M电子盘 closed at 11,871 with a 1.22% increase [8]. - **Trading Volume and Open Interest**: 沪铜指数 trading volume was 314,112, an increase of 25,585; open interest was 631,942, an increase of 9,906. 伦铜3M电子盘 trading volume was 19,401, a decrease of 11,963; open interest was 342,000, a decrease of 2,759 [8]. - **Inventory**: 沪铜 inventory was 45,739, an increase of 1,089; 伦铜 inventory was 160,400, a decrease of 3,875 [8]. - **Spread**: LME copper cash-to -3M spread was 4.73, an increase of 18.62; 现货对期货近月价差 was -160, a decrease of 20 [8]. - **Trend Intensity**: Copper trend intensity is 0 [10]. Zinc - **Fundamental Data**: 沪锌主力收盘价 was 23,075 with a 0.17% daily increase; 伦锌3M电子盘收盘价 was 3,078 with a 0.65% increase [11]. - **Trading Volume and Open Interest**: 沪锌主力成交量 was 88,361, an increase of 2,041; open interest was 86,365, an increase of 2,640. 伦锌成交量 was 8,494, a decrease of 14,475; open interest was 227,461, an increase of 449 [11]. - **Inventory**: 沪锌期货库存 was 45,178, a decrease of 771; LME zinc inventory was 99,900, an increase of 500 [11]. - **Trend Intensity**: Zinc trend intensity is 0 [13]. Lead - **Fundamental Data**: 沪铅主力收盘价 was 16,880 with a 0.57% daily increase; 伦铅3M电子盘收盘价 was 1,984.5 with a 1.25% increase [14]. - **Trading Volume and Open Interest**: 沪铅主力成交量 was 56,461, an increase of 25,238; open interest was 62,177, an increase of 6,505. 伦铅成交量 was 5,862, a decrease of 6,084; open interest was 176,668, a decrease of 415 [14]. - **Inventory**: 沪铅期货库存 was 14,187, a decrease of 842; LME lead inventory was 258,625, a decrease of 3,500 [14]. - **Trend Intensity**: Lead trend intensity is 0 [14]. Tin - **Fundamental Data**: 沪锡主力合约 closed at 343,040 with a 2.59% daily increase; 伦锡3M电子盘 closed at 42,975 with a 0.13% increase [16]. - **Trading Volume and Open Interest**: 沪锡主力合约 trading volume was 240,305, a decrease of 3,224; open interest was 33,801, a decrease of 107. 伦锡3M电子盘 trading volume was 180, a decrease of 9; open interest was 13,988, an increase of 53 [16]. - **Inventory**: 沪锡 inventory was 7,844, an increase of 242; 伦锡 inventory was 4,645, an increase of 220 [16]. - **Spread**: SMM 1 tin ingot price was 329,900, an increase of 9,900; 现货对期货主力价差 was 3,020, a decrease of 1,780 [16]. - **Trend Intensity**: Tin trend intensity is 1 [20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: 沪铝主力合约收盘价 was 22,185; 沪氧化铝主力合约收盘价 was 2,500; 铝合金主力合约收盘价 was 21,235 [21]. - **Trading Volume and Open Interest**: 沪铝主力合约成交量 was 225,621; 沪氧化铝主力合约成交量 was 198,046; 铝合金主力合约成交量 was 4,335 [21]. - **Inventory**: 国内铝锭社会库存 was 56.10 million tons; 上期所铝锭仓单 was 7.62 million tons [21]. - **Trend Intensity**: Aluminum trend intensity is 1; alumina trend intensity is -1; cast aluminum alloy trend intensity is 0 [22]. Platinum and Palladium - **Fundamental Data**: 铂金期货2606 closed at 533.55 with a -1.67% decrease; 钯金期货2606 closed at 480.20 with a 0.76% increase [23]. - **Trading Volume and Open Interest**: 广铂 trading volume was 153,911, a decrease of 948; open interest was 38,087, an increase of 2,123. 广钯 trading volume was 108,461, an increase of 38,341; open interest was 15,221, an increase of 1,371 [23]. - **ETF Holdings**: Platinum ETF holdings (ounces) were 3,239,006, an increase of 17,641; palladium ETF holdings (ounces) were 1,126,738, an increase of 162 [23]. - **Trend Intensity**: Platinum trend intensity is 1; palladium trend intensity is 1 [25]. Nickel and Stainless Steel - **Fundamental Data**: 沪镍主力（收盘价） was 117,180; 不锈钢主力（收盘价） was 12,720 [27]. - **Trading Volume and Open Interest**: 沪镍主力（成交量） was 210,637; 不锈钢主力（成交量） was 388,060 [27]. - **Industry News**: Indonesian policies and regulations have an impact on the nickel market, such as the takeover of a nickel mine by the Indonesian forestry working group and sanctions on mining companies [27][28]. - **Trend Intensity**: Nickel trend intensity is 0; stainless steel trend intensity is 0 [31].

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The report focuses on the fundamentals of precious metals, including price, trading volume, position, ETF holdings, inventory, and spreads. It also covers macro - and industry - related news [1][4]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Fundamental Data - **Price**: Yesterday, the closing prices of various gold and silver products showed different trends. For example, Comex gold 2602 had a 0.11% increase, while Shanghai gold 2602 had a - 0.06% decrease. Comex silver 2602 rose by 2.97%, and Shanghai silver 2602 fell by 0.93% [1]. - **Trading Volume and Position**: The trading volume and position of different gold and silver contracts also changed compared to the previous day. For instance, the trading volume of Shanghai gold 2602 increased by 87,762, and its position decreased by 7,090 [1]. - **ETF Holdings**: The SPDR gold ETF holdings remained unchanged at 1,052.54, and the SLV silver ETF holdings (the day before yesterday) increased by 48 to 16,066.24 [1]. - **Inventory**: The inventory of gold and silver in different markets also had changes. For example, the inventory of Comex gold (in troy ounces, the day before yesterday) increased by 78,815 to 36,070,160, and the inventory of Shanghai silver decreased by 12,528 to 899,636 [1]. - **Spreads**: The spreads between different gold and silver contracts and products also changed. For example, the spread between gold T + D and AU2602 remained unchanged at - 4.08, and the spread between silver T + D and AG2602 increased by 1 to 58 [1]. 3.2 Macro and Industry News - The competition for the Fed Chairmanship is intensifying. Waller is reported to have performed "excellently" in the interview and has the support of corporate executives, while Wall Street is lobbying for Warsh, and Trump may shift his focus to the job market [1][4]. - Fed's "third - in - command" Williams said there is no urgent need for further interest - rate cuts, and the November CPI data is somewhat distorted [4]. - The Bank of Japan raised interest rates by 25 basis points as expected and said it would continue to raise rates if the economic and price outlook is achieved. The yen fell more than 1% during trading, and traders bet that the next rate hike may be in September next year [4]. - The Ukrainian delegation held a series of meetings with the US and Europe from Friday to Sunday, and the US envoy said the meetings were "productive." Zelensky said the US proposed a tri - party meeting between Ukraine, Russia, and the US [4]. - The US intercepted a third oil tanker near Venezuelan waters [4]. - The State Council executive meeting emphasized taking proactive measures to ensure a good start for the "15th Five - Year Plan" [4]. - The Cyberspace Administration and the China Securities Regulatory Commission jointly took action to deal with accounts spreading rumors and providing illegal stock - recommendation services [4]. 3.3 Trend Intensity - The trend intensity of gold is 0, and that of silver is also 0. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3].

"有人认为，一个人与总统合作良好、是亲密朋友，就不适合担任这一职务——我认为总统不会认同这种观点，"他说道。 来自特朗普顾问团队的阻力或许可以解释本月初的一段小插曲，当时原定于12月初举行的候选人面试突然被取消。知情人士透 露，至少就沃什而言，这些面试后来又被重新安排，并于上周举行。 在预测市场中，随着特朗普阵营内部对哈塞特候选资格的疑虑日益加深，沃什当选下任美联储主席的概率已经超过了哈塞特。 在预测平台Kalshi上，沃什获得提名的概率约为46%，而哈塞特约为39%。就在上周，哈塞特获得提名的概率高达77%，而沃什 则低至10%。 美国国家经济委员会主任凯文·哈塞特（Kevin Hassett）作为美联储主席职位的最终候选人之一，于周二表态支持央行独立性。 眼下，美国总统特朗普显然已进入挑选鲍威尔继任者的最后阶段——鲍威尔的美联储主席第二任期即将结束。哈塞特在接受美 国消费者新闻与商业频道（CNBC）采访时，拒绝直接回应自身的候选资格，但表示凝聚共识是该职位的重要职责之一。 "美联储的独立性至关重要，联邦公开市场委员会（FOMC）其他成员的意见也同样重要，"他表示，"因此，推动利率调整的关 键在于，基于事实 ...