Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on October 30, with sugar and cotton futures declining while cocoa and coffee futures experienced gains [1] Group 1: Futures Performance - Raw sugar futures fell by 1.18%, closing at 14.25 cents per pound [1] - Cotton futures decreased by 1.39%, ending at 65.09 cents per pound [1] - Cocoa futures rose by 0.48%, reaching $6073.00 per ton [1] - Coffee futures increased by 0.41%, closing at 392.30 cents per pound [1]

Core Viewpoint - The domestic futures night market opened with significant declines in several commodities, while soybean futures showed an increase [1] Group 1: Commodity Performance - Methanol, aluminum oxide, copper, glass, coking coal, and caustic soda all fell by over 1% [1] - Soybean futures (specifically soybean No. 2) rose by over 1% [1]

Core Viewpoint - The Intercontinental Exchange (ICE) saw a broad increase in agricultural futures, indicating a positive trend in commodity markets [1] Group 1: Sugar Futures - Raw sugar futures rose by 0.42%, closing at 14.43 cents per pound [1] Group 2: Cotton Futures - Cotton futures increased by 1.38%, closing at 65.95 cents per pound [1] Group 3: Cocoa Futures - Cocoa futures experienced a rise of 0.80%, closing at $6050.00 per ton [1] Group 4: Coffee Futures - Coffee futures climbed by 1.06%, closing at 392.00 cents per pound [1]

Group 1 - The recent significant pullback in gold prices is occurring against the backdrop of anticipated interest rate cuts by the Federal Reserve, suggesting that investors may be missing a "discounted buying" opportunity [1] - Ryan McIntyre from Sprott emphasizes that while price corrections are inevitable, the long-term growth logic for gold remains unchanged due to the erosion of global trust systems, driving the market towards independent assets not tied to any institution [1] - Current gold prices have seen a decline of nearly 9% since reaching a historical closing high of $4359.4 on October 20, yet there is still a year-to-date increase of approximately 51% [1] Group 2 - The CME FedWatch indicates a high probability of a 25 basis point rate cut by the Federal Reserve, which could extend the bullish narrative for gold as lower interest rates favor non-yielding assets [2] - Historical trends support market expectations for further rate cuts, with gold prices previously rebounding after initial declines following rate cuts [2] - Structural factors supporting gold prices include high fiscal debt, central bank gold purchases, policy uncertainty, and the correlation with U.S. equities, positioning gold as a hedge against extreme losses [2] Group 3 - Aakash Doshi suggests that the probability of gold prices rising to $5000 is higher than falling to $3000, indicating that the gold market has undergone a repricing [3] - McIntyre advises investors lacking exposure to gradually build positions in gold to mitigate timing risks, recommending a target weight of 10% for gold in investment portfolios [3] - Broader strategic views suggest that the allocation of gold (including physical and ETFs) should be maintained within a range of 5% to 20% [3]

Core Viewpoint - The article emphasizes the risks and regulatory challenges associated with spot trading, particularly in commodities like precious metals and oil, highlighting the prevalence of illegal futures trading disguised as spot trading [2][3]. Group 1: Understanding Illegal Futures Trading - Many spot trading violations stem from activities that are essentially illegal futures trading, which can be identified based on specific regulations issued by the State Council [2]. - Key characteristics of illegal futures trading include standardized contracts, centralized trading, and a lack of intention for physical delivery [3]. Group 2: Warning Against Violations and Scams - Investors should be cautious of fraudulent trading and fake platforms that manipulate data and create false market conditions to lure investors into frequent trading, leading to significant financial losses [4]. - Market manipulation and betting models are prevalent in some illegal platforms, where the platform's profits come from investors' losses, creating incentives for price manipulation [4]. Group 3: Regulatory Dynamics and Legal Protections - The government has been continuously cleaning up the spot trading market since 2011, with increasing regulatory measures and law enforcement actions [7]. - Judicial protections have been strengthened, with courts ruling illegal spot trading as void and supporting investor compensation in various cases [7]. Group 4: Identifying and Preventing Violations - Investors must verify the qualifications of trading entities, ensuring they are approved by the China Securities Regulatory Commission [8]. - It is crucial to be wary of marketing tactics that promise guaranteed returns and to ensure that funds are transferred to regulated accounts [8].

1. Report Industry Investment Rating - No specific industry - wide investment rating is provided in the report. 2. Core Viewpoints of the Report - The market shows significant differentiation across various sectors. The non - ferrous and precious metals sector has a mixed situation, with precious metals showing callback risks and some non - ferrous metals having bullish signals. The black and shipping sector has some products with bearish signals and others in a volatile state. The energy and chemical sector is generally strong, but also has internal differentiation. The agricultural products sector is also divided, with some products bullish, some volatile, and some bearish [1][2][3][4]. 3. Summary by Directory 3.1. Non - ferrous and Precious Metals Sector - **Technical Indicator Signal Summary**: Precious metals like gold and silver show callback risks, while non - ferrous metals such as cast aluminum alloy, copper, nickel, and stainless steel show bullish signals. Most other non - ferrous metals are in a volatile state. Lithium carbonate LC2601 has been rising this week, with support from the MA60 moving average, but some indicators are overbought [9][10][11]. - **Weekly Pivot Analysis**: The non - ferrous metals sector is generally strong, with prices of some bullish products approaching the resistance level R1, and attention should be paid to R2 and R3. Precious metals like gold and silver have a callback trend, and attention should be paid to the support at S1 and S2 [16]. 3.2. Black and Shipping Sector - **Technical Indicator Signal Summary**: Rebar and iron ore show bearish signals, the European line shows a bearish signal, shipping is mainly in a volatile state, and other products are also volatile [18][19]. - **Weekly Pivot Analysis**: Iron ore is bearish, with prices approaching the key support levels S1 and S2. If there is heavy - volume decline, it may fall to S3. Most other products such as hot - rolled coils, wires, and coking coal are in a volatile state, and the European line shipping is also volatile with intense long - short competition [25]. 3.3. Energy and Chemical Sector - **Technical Indicator Signal Summary**: Energy products such as crude oil, fuel oil, asphalt, and LPG show bullish signals, and low - sulfur fuel oil shows a volatile signal. Chemical products such as PTA, p - xylene, etc. show bullish signals, while methanol, PVC, etc. show bearish signals, and most other products are volatile [29][30][31]. - **Weekly Pivot Analysis**: The energy sector is strong, with prices of some products breaking through the pivot point and approaching R1, and the upside space can reach R2. The chemical sector is internally differentiated, with some products bullish and some bearish, and overall, attention should be paid to price fluctuations around the pivot point [35]. 3.4. Agricultural Products Sector - **Technical Indicator Signal Summary**: Soybean No. 2, soybean meal, soybean oil, cotton yarn, and eggs show bullish signals, rapeseed meal, peanuts, and red dates show bearish signals, and most other products are volatile. Soybean meal M2601 rose slightly this week, and if it breaks through the MA60 moving average with heavy volume, there may be a rebound trend [40][42][45]. - **Weekly Pivot Analysis**: Products with bullish ratings are above the pivot point and testing the R1 resistance. Most other products are in a volatile pattern, and rapeseed meal, peanuts, and red dates are under pressure below the pivot point and testing the S1 support [48].

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures closed mostly lower on October 24, with significant declines in raw sugar and coffee futures prices [1] Group 1: Futures Performance - Raw sugar futures fell by 2.09%, closing at 14.97 cents per pound [1] - Coffee futures decreased by 2.46%, ending at 400.05 cents per pound [1] - Cocoa futures experienced a slight decline of 0.11%, closing at $6,332.00 per ton [1] - Cotton futures saw a minor increase of 0.17%, closing at 64.18 cents per pound [1]

Core Insights - The article discusses the future outlook of the palm oil market, focusing on supply, demand, and regulatory dynamics leading up to 2025 [1][2]. Group 1: Climate Challenges and Regulatory Impact - Dr. Kian Pang Tan highlighted the dual challenges posed by climate change and the EU Deforestation Regulation (EUDR), predicting a 1% year-on-year decline in palm oil production in Indonesia and Malaysia due to aging trees, slow replanting, and increased pest issues [2]. - Extreme weather events, including droughts and floods, are further affecting harvesting progress, with forecasts indicating regional rainfall variability due to a weak La Niña phenomenon [2]. - The postponement of the EUDR implementation to the end of 2026 has led to mixed reactions within the industry and created confusion in market pricing mechanisms [2]. - However, the CEPA agreement between Indonesia and the EU, along with potential tariff exemptions from the U.S., may significantly boost export volumes in the coming years [2]. Group 2: Market Dynamics and Supply Outlook - Issabelle Cheah from UOB Kay Hian Futures noted that Malaysian palm oil production peaked in August and is now entering a seasonal decline, with October inventories expected to reach a peak [6]. - In China, strong soybean crushing has led to an increase in vegetable oil inventories to 2.4 million tons, with palm oil stocks rising to an 18-month high, indicating an oversupply situation [6]. - Indian port inventories have also reached a 20-month high, limiting import profits and expected to suppress purchasing demand during the festive season [6]. - The biodiesel program in Indonesia remains a key driver for domestic palm oil demand, with the potential implementation of the B45 policy expected to add an additional 1.9 million kiloliters of demand, equivalent to 1.7 million tons of CPO usage [6]. - The U.S. EPA's ruling on small refinery exemptions (SRE) could also significantly impact soybean oil demand [6]. Group 3: BMD's Strategic Positioning - Brandon Chia from the Malaysian Derivatives Exchange (BMD) discussed the strategy to establish BMD as a global pricing center for edible oils, noting that the FCPO contract has become the most liquid palm oil trading tool globally, accounting for 97% of global futures trading volume [5]. - The FCPO contract serves as a price benchmark for sustainable palm oil trading, with all physical deliveries required to meet MSPO certification [5]. - New products introduced include USD-denominated used cooking oil futures (FUCO) and soybean oil futures (FSOY) authorized by the Dalian Commodity Exchange, providing market participants with additional risk management tools and supporting the transition to renewable energy [5].

Group 1 - The core point of the article is that the Dalian Commodity Exchange reported that the number of live pig futures warehouse receipts remained unchanged at 111 contracts as of October 23 [1] Group 2 - The report indicates that there was no week-on-week change in the live pig futures warehouse receipts [1]

Group 1 - The main contract for late indica rice futures remains unchanged at 2535.00 yuan/ton as of the report date [1] Group 2 - According to foreign media forecasts, U.S. corn net export sales for the 2025/26 marketing year are expected to be between 800,000 to 2,000,000 tons as of the week ending October 16, 2025 [2] - The Brazilian National Association of Grain Exporters (ANEC) anticipates that Brazil's corn exports for October will reach 6.57 million tons, an increase from the previous week's estimate of 6.46 million tons [2] - As of the week ending October 17, the deliverable inventory of corn at CBOT was reported at 15.067 million bushels, a 23.80% increase from the previous week’s 12.17 million bushels, but a 37.27% decrease from the same period last year when it was 24.019 million bushels [2] - The Executive Director of the International Sugar Organization (ISO) stated that U.S. government subsidies to corn growers distort U.S. corn ethanol export prices, impacting market competition [2]