Core Viewpoint - International spot gold rebounded on Wednesday, supported by a weaker dollar and bargain hunting, as investors focused on the upcoming U.S. inflation data for September, which will provide clues for the Federal Reserve's interest rate path [1] Group 1 - Gold momentum trading experienced a collapse and reversal, indicating a technical repositioning in the market after breaking the $4000 level, suggesting a need for a correction [1] - There is skepticism about whether the worst daily volatility has been seen, as further bargain buying may still occur [1]

Core Viewpoint - Gold prices rebounded on Wednesday, supported by a weaker dollar and bargain buying, as investors focus on the upcoming U.S. inflation data set to be released on Friday, which will provide clues for the Federal Reserve's interest rate path [1] Group 1 - The rebound in gold prices is attributed to a softening dollar and increased buying interest at lower price levels [1] - Investors are particularly attentive to the U.S. Consumer Price Index (CPI) data for September, which is expected to influence the Federal Reserve's decisions regarding interest rate cuts [1] - StoneX senior analyst Matt Simpson noted a significant shift in gold trading momentum, indicating a technical repositioning in the market after surpassing the $4000 mark, suggesting a potential need for a market correction [1]

格隆汇10月21日｜金价在亚洲早盘时段小幅走高，这可能是受逢低买盘兴趣提振，其近期的价格下跌并 未持续太久。现货黄金上涨0.1%，报每盎司4,361.27美元。IG的Chris Beauchamp表示，似乎仍有"大量 资金愿意搭上黄金这趟列车"。这位首席市场分析师表示，看来该贵金属的"高原反应只是昙花一现"。 Beauchamp补充说，对于那些等待"真正回调"的人来说，这可能算不上什么安慰。 ...

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoints - Overnight, CBOT soybeans rose significantly, and DCE soybean meal may rebound; DCE soybeans are expected to fluctuate in a rebound [1]. - The trend strength of soybean meal is +1, and that of soybeans is 0 (only referring to the price fluctuations of the main - contract futures on the day - session of the reporting day) [3]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Futures Prices** - DCE soybeans 2511 closed at 3999 yuan/ton during the day - session, down 23 yuan (-0.57%), and 3995 yuan/ton at night - session, down 18 yuan (-0.45%) [1]. - DCE soybean meal 2601 closed at 3113 yuan/ton during the day - session, down 33 yuan (-1.05%), and 3105 yuan/ton at night - session, down 23 yuan (-0.74%) [1]. - CBOT soybeans 11 closed at 1055 cents/bushel, up 19.5 cents (+1.88%) [1]. - CBOT soybean meal 12 closed at 293.8 dollars/short - ton, down 3.2 dollars (-1.08%) [1]. - **Spot Basis** - In Shandong, the spot basis of soybean meal has different ranges and changes for different months, mostly remaining flat or with minor adjustments [1]. - In East China, the spot basis of soybean meal also shows different levels for different months, remaining mostly flat [1]. - In South China, the spot basis of soybean meal varies by region and month, with some prices down 10 yuan compared to the previous day [1]. - **Industrial Data** - The trading volume of soybean meal was 13.8 million tons per day on the previous trading day, compared with 9.55 million tons two trading days ago [1]. - The inventory of soybean meal was 97.4 million tons per week on the previous trading week, compared with 96.09 million tons two trading weeks ago [1]. [Macro and Industry News] - On August 21, 2025, CBOT soybean futures closed higher, with the benchmark contract up 1.9%, driven by short - covering and bargain - hunting. However, the good growth of the US soybean crop and the heavy supply outlook still overshadow the market [3]. - The results of the third - day of the Midwest crop inspection showed that the soybean yield potential in Illinois and western Iowa was above average. Traders are waiting for the report of the fourth - day inspection [3]. - The USDA's weekly export sales report showed that for the week ending August 14, 2025, the net sales of US soybeans in the 2024/25 season decreased by 5,700 tons, while the net sales in the 2025/26 season were 1,142,600 tons, exceeding market expectations [3].

Core Viewpoint - The article discusses the risks associated with the decline of palm oil futures, highlighting the tension between high inventory levels and buying interest at lower prices [1] Group 1: Inventory Pressure - High inventory levels are creating downward pressure on palm oil futures, raising concerns about potential price declines [1] - The current inventory situation is significantly impacting market sentiment and pricing dynamics [1] Group 2: Buying Interest - There is a notable interest in buying palm oil futures at lower price points, which may provide some support against further declines [1] - Market participants are weighing the potential for price recovery against the backdrop of high inventory [1]

Core Viewpoint - Global stock markets are approaching record highs, with some analysts predicting that buying on dips will support further market increases [1] Group 1: Market Performance - The MSCI Global Index is just 0.5% away from its record closing high of 887.72 points set on February 18 [1] - The index has rebounded 19% from its low in April following President Trump's announcement of increased tariffs [1] Group 2: Investor Sentiment - Many investors may feel they missed the opportunity and are looking for potential pullback opportunities to deploy cash [1] - Analysts forecast an 11% increase in the MSCI Global Index over the next 12 months [1] Group 3: Strategic Adjustments - Strategists are beginning to increase allocations to major markets [1]

Core Viewpoint - Spot gold prices have reversed from a decline to an increase, driven by bargain buying, as Federal Reserve officials are set to speak, raising questions about the sustainability of the gold price increase [1] Group 1 - Spot gold prices have stopped falling and are now rising due to increased buying interest [1] - The upcoming statements from Federal Reserve officials may influence market sentiment and gold prices [1] - The potential for sustained increases in gold prices remains uncertain [1]

Group 1 - International gold prices experienced significant fluctuations, with a peak of $3167.74 per ounce on April 3, followed by a drop below $3100, marking one of the most volatile trading days since 2025, with a price swing of nearly $110 per ounce [1][3] - As of April 4, spot gold was reported at $3099.44 per ounce, down 0.48%, while COMEX gold futures were at $3116.7 per ounce, down 0.14% [1] - The increase in gold prices this year has been approximately 20%, with COMEX gold rising over $500 per ounce since 2025 [4] Group 2 - The recent volatility in gold prices is attributed to the implementation of U.S. tariffs, which initially spurred safe-haven buying, pushing prices to historical highs, followed by profit-taking that led to a sharp decline [3] - The upcoming U.S. non-farm payroll report and comments from Federal Reserve Chairman Jerome Powell are expected to influence short-term gold price movements [3] - Domestic gold jewelry prices remained stable around 960 yuan per gram due to the Qingming Festival holiday, with several brands reporting prices exceeding this threshold [4] Group 3 - UBS Wealth Management's recent outlook suggests that if tariff-related or geopolitical risks increase, gold prices could potentially reach $3500 per ounce [4] - The Shanghai Gold Exchange has issued a notice urging members to enhance risk prevention measures due to increased market volatility and uncertainty [6]