Group 1 - On November 10, the Shanghai gold spot price was quoted at 928.10 CNY per gram, showing a discount of 7.88 CNY compared to the futures main price of 935.98 CNY per gram [1] - The Shanghai gold futures closed at 935.98 CNY per gram, with a daily increase of 2.00% and a trading volume of 320,688 contracts [1] - The U.S. Senate advanced a federal government temporary funding bill, which received the necessary 60 votes to move forward, potentially ending a record 40-day government shutdown [1] Group 2 - As of last Friday, the Shanghai gold price increased by 0.32% over the week, while the Shanghai silver price rose by 0.65% during the same period [2] - The People's Bank of China maintained its gold purchases, with gold reserves reported at 74.09 million ounces at the end of October, an increase of 30,000 ounces from the previous month [2] - The U.S. consumer confidence index for November fell to 50.3, below the previous value of 53.6 and the expected value of 53.2 [2]

Report Industry Investment Rating - No information provided in the content Core Viewpoints - The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking. It covers various commodities such as soybeans, palm oil, and crude oil, as well as international and domestic economic and political events that may impact the market. Summary by Relevant Catalogs Overnight行情 - Overnight closing prices and percentage changes are reported for various futures contracts, including palm oil, Brent crude, and soybeans. Currency exchange rates and their percentage changes are also provided [1]. Spot行情 - Spot prices, basis, and basis changes for DCE palm oil, DCE豆油, and DCE豆粕 are presented for different regions [2]. Important Fundamental Information 产区天气 - Rain is expected in central and southern Brazil this week, which is beneficial for soybean crops. In Argentina, soybean sowing is expected to accelerate this month, but long - term weather may turn dry [5]. 国际供需 - Sabah in Malaysia is the biggest beneficiary of the oil palm replanting financing incentive plan, receiving 61 million Malaysian ringgit in grants. The US EPA will decide on small refineries' exemption applications. Brazilian soybean sowing progress and Canadian rapeseed export data are also reported [7][8]. 国内供需 - On November 7, the total trading volume of soybean oil and palm oil decreased. The trading volume of soybean meal increased, and the oil mill's operating rate decreased. China's soybean and edible vegetable oil import data are provided, along with pig - raising profits and agricultural product price indices [11][12]. Macro要闻 国际要闻 - The US Senate failed to pass a motion on a federal employee appropriation bill, and the government "shutdown" persists. US consumer confidence and inflation expectations are reported [15]. 国内要闻 - The US dollar/Chinese yuan exchange rate decreased, and the central bank conducted reverse repurchase operations with a net withdrawal of funds. China's CPI and foreign trade data are reported, and the import qualification of US soybean enterprises is restored [17][18]. 资金流向 - On November 7, 2025, the futures market had a net capital outflow of 1.017 billion yuan, with different flows in commodity, stock index, and bond futures [21]. 套利跟踪 - No specific information provided in the content

Core Insights - The initial value of the one-year inflation expectation for November from the University of Michigan is 4.7%, compared to a forecast of 4.6% and a previous value of 4.6% [1] - The initial value for the five to ten-year inflation expectation is 3.6%, with a forecast of 3.8% and a previous value of 3.9% [1] Summary by Category - **One-Year Inflation Expectation** - Current initial value: 4.7% - Forecast: 4.6% - Previous value: 4.6% [1] - **Five to Ten-Year Inflation Expectation** - Current initial value: 3.6% - Forecast: 3.8% - Previous value: 3.9% [1]

Economic Events and Data Summary - Key focus on China's October trade balance and foreign exchange reserves, which are pending release [1] - U.S. Federal Reserve officials, including Musalem and Williams, are scheduled to speak, indicating potential insights into monetary policy [1] - Germany's September adjusted trade balance and the UK's October Halifax adjusted house price index will be released, providing insights into European economic conditions [1] - France's September trade balance data will be available, contributing to the understanding of the Eurozone's trade dynamics [1] - Switzerland's October consumer confidence index is set to be published, which may reflect consumer sentiment in the region [1] - Canada will report October employment numbers, which are crucial for assessing labor market conditions [1] - The U.S. will release preliminary data on November's one-year inflation expectations and the University of Michigan's consumer confidence index, both of which are key indicators for economic outlook [1] - Upcoming data on U.S. oil drilling activity will be released, which can impact energy sector dynamics [1] - Federal Reserve Governor Milan is scheduled to discuss stablecoins and monetary policy, highlighting ongoing discussions in the financial sector [1]

Group 1 - The final value of the one-year inflation expectation in the US for October is 4.6%, matching the forecast and the previous value [1]

Group 1 - The initial value of the one-year inflation expectation in the United States for October is 4.6%, which is lower than the forecast of 4.7% and the previous value of 4.7% [1]

Core Insights - The U.S. non-farm payroll report for September has not been released due to the government shutdown, with the ADP employment number showing a decrease of 32,000, the largest drop since March 2023, against an expectation of a 50,000 increase and a previous value of 54,000 [1] - Market participants are increasing bets on two further interest rate cuts by the Federal Reserve within the year [1] - The Bank of Japan's monetary policy meeting summary indicated that two members proposed a rate hike [1] - China's official manufacturing PMI for September rose to 49.8 [1] - The Bank of Canada’s meeting minutes suggest that inflation risks have diminished, shifting the policy focus towards addressing economic weakness [1] Upcoming Events & Indicators - On October 6, OpenAI will hold the 2025 Developer Conference in San Francisco [2] - On October 8, the Reserve Bank of New Zealand will announce its interest rate decision, and Federal Reserve Governor Barr will speak [2] - On October 9, the Federal Reserve will release the minutes from its monetary policy meeting, and the European Central Bank will publish the September monetary policy meeting minutes [2] - On October 10, the U.S. will report the preliminary one-year inflation expectations for October and the preliminary consumer confidence index from the University of Michigan [2]

Core Insights - The final value of the one-year inflation expectation in the U.S. for September is 4.7%, which is lower than the estimated 4.8% and the previous value of 4.8% [1] Summary by Category - **Inflation Data** - The one-year inflation expectation for September stands at 4.7% [1] - The forecasted inflation rate was 4.8% [1] - The previous inflation rate was also 4.8% [1]

Group 1 - The Federal Reserve lowered the federal funds rate by 25 basis points to 4.25%, aligning with market expectations, with a previous rate of 4.50% [2] - Most Federal Reserve officials anticipate at least three more rate cuts by the end of the year, with only one official advocating for a 50 basis point cut [2] - The Bank of England maintained its interest rate at 4%, consistent with market expectations, while the Bank of Japan kept its benchmark rate unchanged at 0.5% for the fifth consecutive time [2] Group 2 - Upcoming key events include the release of manufacturing PMI for multiple countries on September 23, initial jobless claims for the week ending September 20, and the final value of Q2 real GDP and core PCE price index on September 25 [3] - On September 26, the U.S. will release the year-on-year core PCE price index for August, along with the final consumer sentiment index from the University of Michigan for September [3] - Several Federal Reserve officials, including Bowman and Williams, are scheduled to speak on monetary policy and economic outlook on September 26 [3]

Core Insights - The initial value of the one-year inflation rate expectation in the United States for September is 4.8%, which matches the previous value and slightly exceeds the forecast of 4.7% [1] Summary by Category - **Inflation Rate Expectations** - The one-year inflation rate expectation for September stands at 4.8% [1] - This figure is consistent with the previous month's value of 4.8% [1] - The forecasted expectation was slightly lower at 4.7% [1]