Core Viewpoint - Liaoning Hongsheng Tongda Metal Co., Ltd. has been established with a registered capital of 100 million RMB, focusing on various metal and energy-related industries [1] Company Summary - The legal representative of the company is Zhang Bo [1] - The registered capital of the company is 100 million RMB [1] - The business scope includes: - Ferrous alloy smelting - Common non-ferrous metal smelting - Non-ferrous metal alloy manufacturing - Sales of high-performance non-ferrous metals and alloy materials - Sales of metal ores - Sales of coal and coal products - Sales of metal materials - Sales of high-quality special steel materials - Manufacturing and sales of new energy prime mover equipment - Research and development of key technologies for waste heat power generation - Research and development of technologies for utilizing waste heat, pressure, and gas - Technical services, development, consulting, exchange, transfer, and promotion [1]

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PTA、乙二醇、苯乙烯、纯苯、短纤、瓶片、烧碱、PVC、LLDPE、PP、 甲醇、合成橡胶、橡胶、玻璃纯碱 2025 年 11 月 11 日星期二 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@gf.com.cn 陈尚宇（投资咨询资 ...

Core Insights - The company has reported a significant increase in the prices of antimony and bismuth, which may positively impact its performance in the future [2] Group 1: Company Performance - The company currently produces several rare metals including bismuth, antimony, tellurium, arsenic, and selenium [2] - In the first half of 2025, the revenue from zinc, antimony, bismuth, and selenium reached 447 million yuan, with a gross profit margin of 47.82%, which is higher than the overall smelting gross profit margin of the company [2] - Future price fluctuations of rare metals such as antimony and bismuth may have a certain impact on the company's performance [2]

Report Industry Investment Ratings - **Bullish**: None - **Bearish**: Palm oil, Rapeseed oil, Soybean meal, Paper pulp - **Neutral (Oscillating)**: Stock index, Treasury bond, Gold, Copper, Aluminum, Alumina, Zinc, Nickel, Stainless steel, Tin, Polysilicon, Lithium carbonate, Iron ore, Manganese silicon, Soda ash, Coking coal, Coke, Cotton, Sugar, Corn, Crude oil, Fuel oil, Asphalt, Natural rubber, Synthetic rubber, PTA, Ethylene glycol, Short - fiber, Styrene, Urea, PE, PP, PVC, Caustic soda, PG, Container shipping European line Core Views - Short - term, market sentiment may shift from optimism to caution, and the stock index may enter an oscillating phase to accumulate momentum for the next upward movement, with strong support below due to policy and liquidity [1]. - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest - rate risk warnings suppress the upside [1]. - Precious metals are under short - term pressure due to tight dollar liquidity [1]. - Copper price is expected to have limited downside, while aluminum price oscillates, and alumina has a weak fundamental situation [1]. - Zinc price is expected to stay high, but chasing high should be cautious; nickel and stainless - steel prices are affected by macro factors and have different trends [1]. - Tin has long - term buying opportunities at low prices; polysilicon, lithium carbonate, and other commodities have their own oscillating or directional trends based on supply - demand and macro factors [1]. - Some agricultural products like palm oil, rapeseed oil, etc. face bearish factors, while others like sugar and cotton have complex supply - demand situations [1]. - Energy - chemical products' prices are affected by factors such as supply - demand, policies, and cost, showing various trends [1]. Summary by Related Catalogs Stock Index - Short - term, with the release of positive factors, the stock index may oscillate to accumulate momentum for the next upward movement, and there is strong support below due to policy and liquidity [1]. Treasury Bond - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest - rate risk warnings suppress the upside [1]. Gold - Precious metals are under short - term pressure due to tight dollar liquidity [1]. Copper - Macro - positive sentiment is digested, and copper price may decline, but the downside is limited [1]. Aluminum - Recent industrial drivers are limited, and with the digestion of macro - positives, aluminum price oscillates [1]. Alumina - Domestic alumina production capacity is continuously released, with both production and inventory increasing, and the fundamental situation is weak, putting pressure on the spot price [1]. Zinc - Market risk aversion rises, LME zinc inventory is decreasing, and zinc price is strong, but domestic over - supply requires caution when chasing high [1]. Nickel - Short - term, nickel price may be dominated by macro factors and oscillate weakly, with high inventory pressure; long - term, primary nickel over - supply persists [1]. Stainless Steel - Macro sentiment weakens, and stainless - steel futures are under pressure; short - term operations are recommended, and opportunities for selling hedges at high prices should be noted [1]. Tin - Long - term, there are opportunities to go long at low prices due to the unrepaired raw - material end and good new - quality demand expectations [1]. Polysilicon - Northwest production capacity is recovering, production in November is decreasing, and there are expectations of capacity reduction and increased terminal installation [1]. Lithium Carbonate - There are concerns about potential weakening of industrial demand in the off - season, and attention should be paid to upward pressure after the realization of macro sentiment [1]. Iron Ore - Near - month production is restricted, and far - month has upward potential [1]. Manganese Silicon - Direct demand is good, but high supply and inventory pressure limit price rebound [1]. Soda Ash - It follows glass, but supply - demand is average, and there is strong upward resistance [1]. Coking Coal and Coke - Coking coal is testing support, and coke has a complex situation; short - term, single - side operations should be observed, and long - term, low - buying is recommended [1]. Palm Oil - Short - term, it faces seasonal production increase and weak exports; from November, there may be a phased rebound if exports improve [1]. Rapeseed Oil - Sino - Canadian relations and Canadian harvest put pressure on the price [1]. Cotton - Uncertainty in cotton demand exists due to the contradiction between Xinjiang's capacity expansion and reduced spinning profit; the downside is limited, but new - crop base and price may be under pressure [1]. Sugar - Short - term, there is seasonal upward momentum, but new - sugar listing may limit the rebound space [1]. Corn - Futures and spot face selling pressure, and the price may oscillate and bottom out [1]. Soybean Meal - Domestic soybean purchase and processing profit is poor, and the price may rebound to repair the profit, but supply expectations limit the rebound height [1]. Paper Pulp - The 11 - contract has pressure, and an 11 - 1 reverse spread is recommended [1]. Log - The fundamental situation has declined, and it is recommended to wait and see [1]. Live Pig - Short - term, futures follow the spot and turn weak [1]. Crude Oil and Fuel Oil - OPEC+ continues to increase production slightly, geopolitical hype cools down, and market sentiment eases [1]. Asphalt - Short - term supply - demand is not prominent, and the "14th Five - Year Plan" demand may be false; supply is sufficient, and profit is high [1]. Natural Rubber - Supported by raw - material cost, mid - stream inventory decreases, and the market atmosphere is positive [1]. Synthetic Rubber - Cost support weakens, supply is loose, and the price is adjusted downwards [1]. PTA and Short - fiber - The "anti - involution" policy drives the price up, and short - fiber follows the cost [1]. Ethylene Glycol - It follows the decline of crude oil, but cost support strengthens, and polyester demand is stable [1]. Styrene - Asian benzene price is weak, and styrene profit declines, with more device overhauls [1]. Urea - Export is weak, and there is cost support [1]. PE and PP - Supply pressure is high, and downstream improvement is less than expected [1]. PVC - Supply pressure is large, and cost support strengthens [1]. Caustic Soda - Production plans increase, over - concentration of overhauls decreases, and there is a risk of short - squeeze [1]. PG - International oil and gas supply is loose, and domestic spot is stable [1]. Container Shipping European Line - Macro - positive sentiment is digested, and November's shipping capacity supply is relatively loose [1].

格隆汇11月4日丨宝武镁业(002182.SZ)近日接受特定对象调研时表示，锶是一种银白色带黄色光泽的碱 土金属，是碱土金属(除铍外)中丰度最小的元素，在自然界以化合态存在。锶可以加入到铝、镁等金属 中制成合金，能提高合金的强度、硬度和耐腐蚀性另外，在一些金属材料的加工过程中，加入少量的锶 可以起到细化晶粒的作用。目前公司拥有 3000 吨/年金属锶产能，年产量约2500吨左右。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A - share market showed a shrinking - volume rebound on Monday, with pro - cyclical sectors performing well. The four major stock index futures contracts had narrow - range fluctuations, and the basis of the main contracts was adjusted. Domestic policy is expected to support the PMI index, while overseas, there are differences among Fed officials on interest rate cuts. Different futures varieties have different market trends and investment suggestions based on their respective fundamentals and news[3][4][5]. 3. Summaries by Relevant Catalogs Financial Derivatives - Financial Futures 3.1.1. Stock Index Futures - **Market Conditions**: On Monday, A - share major indices opened lower and closed higher with shrinking volume. The Shanghai Composite Index rose 0.55% to 3976.52 points. Pro - cyclical sectors such as forestry, oil and gas, and coal performed well, while industrial sectors such as precious metals, basic metals, and automobiles declined. The four major stock index futures contracts all had narrow - range fluctuations, with IF2512 and IH2512 down 0.04% and 0.00% respectively, IC2512 down 0.34%, and IM2512 up 0.01%. The basis of the four major contracts was adjusted[3][4]. - **News**: China's October S&P manufacturing PMI was 50.6, showing a slowdown in the expansion. Overseas, US Treasury Secretary suggested interest rate cuts if inflation drops. The probability of the Fed cutting interest rates by 25 basis points in December has dropped to about 63%[4][5]. - **Investment Suggestions**: Try to sell out - of - the - money put options at the support level or construct a bull call spread with put options to capture the subsequent upside space[5]. 3.1.2. Treasury Futures - **Market Performance**: Treasury futures closed mostly lower, with the 30 - year main contract down 0.11%, the 10 - year main contract up 0.01%, the 5 - year main contract down 0.01%, and the 2 - year main contract down 0.03%. The yields of major inter - bank interest - rate bonds were mixed[6]. - **Funding**: The central bank conducted 783 billion yuan of 7 - day reverse repurchase operations on November 3, with a net withdrawal of 259 billion yuan. The inter - bank market funds were loose, and short - term interest rates are expected to remain low[6][7]. - **Investment Suggestions**: In November, the bond market may enter a waiting stage. It is recommended to go long on dips for the 10 - year Treasury bond active bond 250016.IB in the range of 1.75% - 1.85%. Pay attention to the positive arbitrage strategy opportunities due to the rise of IRR[7]. Financial Derivatives - Precious Metals - **Market Review**: There are differences among Fed officials on interest rate cuts. The US October ISM manufacturing PMI was 48.7, lower than expected. The US government shutdown has affected the economy, and the gold tax policy has led to price adjustments by some enterprises. The precious metals market continued to fluctuate in a narrow range[8][9]. - **Outlook**: In the short term, the precious metals market will enter an oscillation stage with falling volatility. The international gold price may operate in the range of 3995 - 4070 US dollars (910 - 935 yuan), and it is recommended to conduct volatility operations or sell out - of - the - money gold put options at high prices. Silver prices will oscillate in the range of 47 - 50 US dollars (11000 - 11700 yuan)[9][11]. - **Funding**: The recent rise and fall of gold and silver prices have led to an outflow of ETF funds, and investors' short - term attitudes tend to be cautious[11]. Financial Derivatives - Container Shipping Index (European Line) - **Spot Quotations**: As of November 4, the freight quotations for Shanghai - Europe basic ports in the next 6 weeks varied among different shipping companies[12]. - **Container Shipping Index**: As of November 3, the SCFIS European line index was 1208.71 points, down 7.92% month - on - month; the US - West route index was 1267.15 points, up 14.43% month - on - month. As of October 31, the SCFI composite index was 1550.7 points, up 10% month - on - month[12]. - **Fundamentals**: As of November 4, the global container shipping capacity exceeded 33.35 million TEU, a year - on - year increase of 7.34%. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7[12]. - **Logic and Suggestions**: The market is expected to oscillate, and it is recommended to go long on the December contract on dips[13]. Commodity Futures - Non - ferrous Metals 3.4.1. Copper - **Spot**: As of November 3, the average price of SMM electrolytic copper was 86840 yuan/ton, down 730 yuan/ton from the previous trading day. The downstream procurement volume increased slightly as copper prices declined[13]. - **Macro**: The Fed cut interest rates by 25BP in October, but the subsequent rate - cut rhythm may slow down. The US - China economic and trade consultation reached a consensus, and the US Supreme Court will hear the Trump tariff case[14]. - **Supply**: The copper concentrate spot TC was at a low level. In October, the SMM Chinese electrolytic copper output decreased by 2.94 million tons month - on - month, and it is expected to decrease by 0.4 million tons in November[14][15]. - **Demand**: The downstream demand for copper has strong resilience. Although there is a fear of high prices, more purchase orders will be released when prices fall[15]. - **Inventory**: LME copper inventories decreased, while domestic social inventories and COMEX copper inventories increased[16]. - **Logic and Suggestions**: After the positive expectations of interest rate cuts and tariffs are fulfilled, the short - term driving force is weak. The main contract should focus on the support level of 86000 - 86500 yuan/ton, and the short - term view is oscillation[17]. 3.4.2. Alumina - **Spot**: On November 3, the SMM alumina spot prices in different regions showed different trends, with a general loosening of prices due to a gradually loose supply pattern and stable demand from the electrolytic aluminum industry[17]. - **Supply**: In October 2025, China's metallurgical - grade alumina output increased month - on - month and year - on - year. The operating capacity decreased slightly, and it is expected that the supply surplus pattern will continue in November, but the situation may improve[18]. - **Inventory**: Alumina inventories in ports, factories, and electrolytic aluminum plants all increased in October, and the total registered volume of alumina warehouse receipts also increased[18]. - **Logic and Suggestions**: The alumina price is expected to maintain a weak oscillation, with the main contract reference range of 2750 - 2900 yuan/ton. It is necessary to pay attention to the supply recovery progress of Guinea bauxite and other factors[19][20]. 3.4.3. Aluminum - **Spot**: On November 3, the SMM A00 aluminum spot average price was 21440 yuan/ton, up 160 yuan/ton from the previous day[20]. - **Supply**: In September 2025, domestic electrolytic aluminum production increased slightly year - on - year but decreased month - on - month. The aluminum - water ratio increased, and it is expected that the daily output of aluminum ingots will continue to increase slightly in October[20]. - **Demand**: Downstream industries entered the traditional peak season, but the weekly start - up rate of processing products declined[20]. - **Inventory**: Domestic social aluminum ingot inventories increased slightly, while LME inventories decreased[21]. - **Logic and Suggestions**: The aluminum price is expected to fluctuate widely in the short term, with the main contract reference range of 20800 - 21600 yuan/ton. Pay attention to the subsequent inventory changes and LME de - stocking intensity[22]. 3.4.4. Aluminum Alloy - **Spot**: On November 3, the SMM aluminum alloy ADC12 spot average price was 21400 yuan/ton, up 100 yuan/ton from the previous day[23]. - **Supply**: In September, domestic recycled aluminum alloy ingot production increased, and it is expected that the start - up rate will remain flat in October[23]. - **Demand**: The demand showed a mild recovery, but the terminal demand transmission was not smooth, and high prices inhibited downstream procurement[23][24]. - **Inventory**: Social inventories increased slightly, and the total registered volume of casting aluminum alloy warehouse receipts increased[24]. - **Logic and Suggestions**: The ADC12 price is expected to maintain a strong - side oscillation, with the main contract reference range of 20400 - 21000 yuan/ton. Consider participating in the long AD01 and short AL01 arbitrage when the spread is above 550[25]. 3.4.5. Zinc - **Spot**: On November 3, the SMM 0 zinc ingot average price was 22350 yuan/ton, up 70 yuan/ton from the previous day. Downstream procurement was mainly for rigid demand[25]. - **Supply**: The zinc ore processing fee decreased, and the smelting profit was compressed, which limited the subsequent output increase. The supply of the zinc industry chain has changed from loose to tight[26]. - **Demand**: The demand did not exceed expectations, with domestic demand stronger than overseas. The inventory of the three primary processing industries showed a decrease in raw material inventory and an increase in finished - product inventory[27]. - **Inventory**: Domestic social inventories and LME inventories both decreased[27]. - **Logic and Suggestions**: The zinc price is expected to oscillate strongly in the short term, with the main contract reference range of 22300 - 23000 yuan/ton[28]. 3.4.6. Tin - **Spot**: On November 3, the SMM 1 tin price was 285400 yuan/ton, up 1000 yuan/ton from the previous day. The market trading was light[28]. - **Supply**: In September, domestic tin ore imports decreased month - on - month, and the tin ingot import volume returned to normal. The tin ingot export volume increased[29][30]. - **Demand and Inventory**: In September, the solder start - up rate increased slightly, but the demand in traditional consumer electronics and other fields was weak. LME inventories decreased, while social inventories decreased slightly[31]. - **Logic and Suggestions**: The tin price is expected to oscillate widely. Adopt the strategy of buying on dips and pay attention to the supply recovery in Myanmar in the fourth quarter[32]. 3.4.7. Nickel - **Spot**: As of November 3, the SMM1 electrolytic nickel average price was 122000 yuan/ton, up 50 yuan/ton from the previous day[32]. - **Supply**: The refined nickel production was at a high level, and the monthly production was expected to continue to increase slightly[33]. - **Demand**: The demand from electroplating and stainless steel was general, while the demand from alloys was relatively good. The demand for nickel sulfate was supported in the short term but faced challenges in the medium term[33]. - **Inventory**: Both domestic and overseas inventories increased[33]. - **Logic and Suggestions**: The nickel price is expected to oscillate in the range of 118000 - 126000 yuan/ton, and pay attention to macro - expectations and Indonesian industrial policies[34][35]. 3.4.8. Stainless Steel - **Spot**: As of November 3, the prices of 304 cold - rolled stainless steel in Wuxi and Foshan decreased, and the basis decreased[35]. - **Raw Materials**: The nickel ore price was firm, while the nickel - iron price decreased, and the cost support of raw materials declined[35]. - **Supply**: In September and October, domestic stainless steel production increased[36]. - **Inventory**: Social inventories decreased slightly, and the number of warehouse receipts decreased[36]. - **Logic and Suggestions**: The stainless - steel price is expected to oscillate weakly, with the main contract reference range of 12500 - 13000 yuan/ton. Pay attention to macro - expectations and steel - mill supply[37][38]. 3.4.9. Lithium Carbonate - **Spot**: As of November 3, the SMM battery - grade lithium carbonate spot average price was 81000 yuan/ton, up 450 yuan/ton from the previous day. The market spot circulation was tight, but most downstream enterprises still chose to wait and see[38]. - **Supply**: In October, the lithium carbonate production increased, but the weekly production decreased slightly recently, mainly due to the decline in lithium - spodumene - extracted lithium carbonate production[39]. - **Demand**: The demand was generally optimistic, with an expected increase in the production of lithium - iron and ternary materials. Pay attention to the marginal change in downstream orders after November[39]. - **Inventory**: The overall inventory decreased in all links last week[40]. - **Logic and Suggestions**: The lithium carbonate price is expected to oscillate widely, with the main contract reference range of 80000 - 85000 yuan/ton[41][42]. Commodity Futures - Black Metals 3.5.1. Steel - **Spot**: The spot price of steel was weak, with the rebar basis strengthening and the hot - rolled coil basis weakening[42]. - **Cost and Profit**: The cost of iron elements had weak support, while the cost of carbon elements had support. The profit ranking was billet > hot - rolled coil > rebar > cold - rolled coil[42]. - **Supply**: From January to September, the iron - element output increased by 5% year - on - year. In October, the increase narrowed. Affected by environmental protection restrictions in Tangshan, the molten iron output decreased, but the five - major steel products output increased slightly[42]. - **Demand**: The domestic demand expectation was still weak, while the export remained at a high level. The apparent demand of the five - major steel products increased, and the inventory pressure was relieved[42][43]. - **Inventory**: The inventory of the five - major steel products decreased, and it is expected that the inventory center will continue to decline month - on - month[43]. - **Viewpoint and Suggestions**: The steel price is expected to oscillate in the range of 3000 - 3200 yuan/ton for rebar and 3200 - 3400 yuan/ton for hot - rolled coils. Consider holding the long - coking - coal and short - hot - rolled - coil arbitrage[44][45]. 3.5.2. Iron Ore - **Spot**: As of November 3, the prices of mainstream iron ore powders were stable or decreased[46]. - **Futures**: As of November 3, the iron ore futures prices decreased, and the 1 - 5 spread weakened[46]. - **Basis**: The best - delivery product was Carajás fines, and the basis of different iron ore varieties was calculated[46]. - **Demand**: As of October 30, the daily molten iron output, blast - furnace operating rate, and other indicators decreased, and the steel - mill profitability declined[46]. - **Supply**: As of November 3, the global iron ore shipment decreased week - on - week, while the arrival volume at 45 ports increased significantly[47]. - **Inventory**: As of October 30, the port inventory increased, the daily port - clearing volume increased, and the steel - mill iron - ore inventory decreased[47]. - **Viewpoint and Suggestions**: The iron ore price is expected to be weak. Consider shorting the 2601 contract on rallies, with the reference range of 760 - 810 yuan/ton, and recommend the 1 - 5 positive arbitrage[48]. 3.5.3. Coking Coal - **Futures and Spot**: As of November 3, the coking coal futures prices oscillated and declined, while the spot prices in Shanxi and Mongolia were strong[49]. - **Supply**: As of October 30, the production capacity utilization rate of sample coal mines in Fenwei increased slightly, while that in Ganglian decreased slightly. The coal inventories in mines decreased[49][50][51]. - **Demand**: As of October 30, the coke production of coking plants and steel mills increased slightly, while the molten iron output decreased[51]. - **Inventory**: As of October 30, the total coking - coal inventory decreased slightly, with mines, ports, and washing plants de - stocking, and coking plants and steel mills increasing inventory[52]. - **Viewpoint and Suggestions**: The coking - coal price is expected to

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For Treasury bonds, it is expected that there will be no trending market, and caution should be maintained [5][6]. - For stock index futures, the risk of a significant decline is low, and one can choose the right time to go long [8][9]. - For precious metals, the short - term pricing is relatively full. After taking profits on long positions, one can wait and see [11][12]. - For rebar and hot - rolled coils, the prices may remain weak in the medium term. Investors can look for short - selling opportunities at high levels during rebounds and manage their positions carefully [13]. - For iron ore, the supply - demand pattern has weakened. Investors can look for short - selling opportunities at high levels and manage their positions carefully [15]. - For coking coal and coke, the futures may continue to be strong in the short term. Investors can look for buying opportunities during pullbacks and manage their positions carefully [17]. - For ferroalloys, there may be short - term supply surplus. One can consider long positions at low levels when the spot falls into the loss range again [20]. - For crude oil, investors can focus on long - buying opportunities for the main contract [21][22]. - For fuel oil, investors can focus on long - buying opportunities for the main contract [24][25]. - For polyolefins, investors can focus on short - selling opportunities [26][27]. - For synthetic rubber, it is expected to fluctuate [28][29]. - For natural rubber, one can focus on long - buying opportunities [30][31]. - For PVC, one should focus on changes in the supply side [32][33]. - For urea, the downside space is limited [34][35]. - For p - xylene (PX), in the short term, it may fluctuate and adjust. One can participate within the range, control positions, and be vigilant about crude oil changes [36]. - For PTA, in the short term, it may fluctuate. One should view it with caution, control risks, and pay attention to oil price changes [37]. - For ethylene glycol, in the short term, it may fluctuate. One can participate within the range and pay attention to port inventory and import changes [39]. - For short - fiber, in the short term, it may fluctuate following the cost. One should control risks and pay attention to cost changes and macro - policy adjustments [40]. - For bottle chips, in the future, it is expected to fluctuate following the cost. One should control risks [41][42]. - For lithium carbonate, pay attention to the sustainability of consumption [43]. - For copper, it may enter a sideways consolidation phase after the previous rise [44][45]. - For aluminum, it may maintain a high - level oscillation [45][46]. - For zinc, it is expected to continue to oscillate [47][48]. - For lead, be cautious about chasing long positions [48][49]. - For tin, it is expected to oscillate and strengthen [50]. - For nickel, it is expected to oscillate [52]. - For soybean oil and soybean meal, one can consider long - buying opportunities for soybean meal at the support level after adjustment, and temporarily wait and see for soybean oil [53][55]. - For palm oil, one can consider buying on pullbacks [56][57]. - For rapeseed meal and rapeseed oil, one can consider buying rapeseed oil on pullbacks [58][60]. - For cotton, the upside space of cotton prices is expected to be limited [63][64]. - For sugar, there is certain support below the price [65][68]. - For apples, it is expected to run strongly [69][70]. - For live pigs, one can consider short - selling opportunities on rebounds [71][73]. - For eggs, one can continue to hold short positions and look for opportunities to add short positions on rebounds [74][75]. - For corn and starch, it is advisable to wait and see for corn, and starch may follow the corn market [77][78]. Summaries by Related Catalogs Treasury Bonds - On the previous trading day, Treasury bond futures closed with mixed performance. The central bank conducted 355.1 billion yuan of 7 - day reverse repurchase operations, with a net investment of 187.1 billion yuan. China's October official manufacturing PMI declined, while the non - manufacturing PMI rose slightly. The macro - economic recovery momentum needs to be strengthened, and the Treasury bond yield is at a relatively low level [5]. Stock Index Futures - On the previous trading day, stock index futures showed mixed trends. The CSRC and the Asset Management Association of China issued relevant guidelines and rules for public - offering funds. The domestic economy is stable, but the recovery momentum is weak, and corporate profit growth is low. However, domestic asset valuations are low, and the market sentiment has warmed up. It is expected that the risk of a significant decline is low, and one can choose the right time to go long [7][8]. Precious Metals - On the previous trading day, gold and silver futures rose. The eurozone's October CPI and core CPI data were released. The government issued a tax policy on gold. The global trade and financial environment is complex, and the trends of "de - globalization" and "de - dollarization" are favorable for precious metals. However, the recent increase has been large, and the short - term pricing is relatively full [10][11]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures slightly corrected. In the medium term, the demand for rebar is still declining year - on - year, but there is a slight improvement in the traditional peak season. The supply side has over - capacity, and the weekly output of rebar has declined. The inventory is higher than last year, and the price may remain weak. The trend of hot - rolled coils may be similar to that of rebar. Investors can look for short - selling opportunities at high levels during rebounds [13]. Iron Ore - On the previous trading day, iron ore futures slightly corrected. The national hot - metal daily output has decreased, the supply of iron ore is expected to increase year - on - year in the fourth quarter, and the port inventory has risen. The supply - demand pattern has weakened, and investors can look for short - selling opportunities at high levels [15]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures slightly declined. The supply of coking coal is slightly tight, and the demand is fair. The third - round price increase of coke procurement has started but has not been fully implemented. The supply of coke has decreased, and it is uncertain whether steel mills will accept the price increase. The futures may continue to be strong in the short term, and investors can look for buying opportunities during pullbacks [17]. Ferroalloys - On the previous trading day, manganese - silicon and silicon - iron futures declined. The supply of manganese ore has increased slightly, and the cost of ferroalloys has risen. The output of ferroalloys remains high, and the demand is weak, with short - term supply surplus. One can consider long positions at low levels when the spot falls into the loss range again [19][20]. Crude Oil - On the previous trading day, INE crude oil fluctuated within a range. The CFTC持仓 report was suspended. The number of US oil and gas rigs decreased. The proportion of Russian crude oil in HPCL's supply has decreased. It is expected that it is difficult for US crude oil production to increase significantly, and market attention has shifted to the OPEC meeting. Investors can focus on long - buying opportunities [21][22]. Fuel Oil - On the previous trading day, fuel oil slightly oscillated. The supply of Singapore fuel oil has recovered, which is negative for prices. Russia being sanctioned and the reduction of Sino - US trade frictions are positive for prices. Investors can focus on long - buying opportunities [23][24][25]. Polyolefins - On the previous trading day, the price of polyolefins declined. In November, the impact of maintenance is expected to be 416,000 tons, and the inventory is low year - on - year. November is the peak season for demand. There is support from maintenance and inventory, and the market is expected to rebound. Investors can focus on short - selling opportunities [26][27]. Synthetic Rubber - On the previous trading day, synthetic rubber futures declined. The cost is weak, the supply has decreased slightly, the demand has declined, and the inventory is expected to decrease. It is expected to oscillate [28][29]. Natural Rubber - On the previous trading day, natural rubber futures declined. The supply in overseas and domestic production areas has been affected by weather, and the demand has declined. The inventory has decreased. One should focus on long - buying opportunities [30][31]. PVC - On the previous trading day, PVC futures declined. The supply is in excess, but the downward space is limited. The production capacity utilization rate has increased, the pre - sales have increased, and the inventory has decreased slightly. One should focus on changes in the supply side [32][33]. Urea - On the previous trading day, urea futures declined. The supply has increased slightly, the demand is affected by the end of autumn fertilizer orders, the cost is stable, and the profit has narrowed. The inventory is lower than expected. The downside space is limited [34][35]. p - Xylene (PX) - On the previous trading day, PX futures declined. The PX load has increased, and the import has decreased. The short - term supply - demand structure has improved, and it may fluctuate and adjust [36]. PTA - On the previous trading day, PTA futures declined. The supply load has decreased slightly, and the demand is stable. The processing fee has slightly recovered, and the inventory is low. In the short term, it may fluctuate, and one should pay attention to oil price changes [37]. Ethylene Glycol - On the previous trading day, ethylene glycol futures declined. The supply load has increased, the port inventory has decreased, and the demand support is limited. In the short term, it may fluctuate, and one should pay attention to port inventory and import changes [38][39]. Short - Fiber - On the previous trading day, short - fiber futures declined. The supply load has decreased, the demand has improved slightly, and the processing fee has adjusted. In the short term, it may fluctuate following the cost, and one should pay attention to cost changes and macro - policy adjustments [40]. Bottle Chips - On the previous trading day, bottle - chip futures declined. The processing fee has decreased, the supply load has increased, and the export growth has slowed down. It is expected to fluctuate following the cost [41][42]. Lithium Carbonate - On the previous trading day, lithium carbonate futures declined. The supply is at a high level, and the consumption in the energy - storage and power - battery sectors has improved. The inventory has decreased, and one should pay attention to the sustainability of consumption [43]. Copper - On the previous trading day, copper futures declined. The Sino - US summit has ended, and the Fed has cut interest rates, but the overall progress is not as optimistic as expected. The supply of copper concentrate is tight, and high copper prices have suppressed consumption. The inventory has increased slightly. It may enter a sideways consolidation phase [44][45]. Aluminum - On the previous trading day, aluminum futures rose, and alumina futures declined. The supply of bauxite in the north has not recovered, and the alumina market is in excess supply. The production of electrolytic aluminum may be affected by winter restrictions, and the consumption is expected to decline. The inventory has increased slightly. It may maintain a high - level oscillation [45][46]. Zinc - On the previous trading day, zinc futures declined. The production of zinc mines is restricted, and the processing fee is under pressure. The demand is weak, and the inventory has decreased slightly. It is expected to continue to oscillate [47][48]. Lead - On the previous trading day, lead futures declined. The production of primary lead is stable, and the production of recycled lead has recovered slowly. High lead prices have suppressed demand, and the inventory has decreased. One should be cautious about chasing long positions [48][49]. Tin - On the previous trading day, tin futures rose. The supply of tin ore is tight, and the demand has certain resilience. The inventory has decreased. It is expected to oscillate and strengthen [50]. Nickel - On the previous trading day, nickel futures rose. The Fed has cut interest rates, and the Sino - US talks have released positive signals. The supply of nickel ore is expected to be affected by policy changes, and the downstream demand is weak. The inventory is relatively stable but at a high level. It is expected to oscillate [51][52]. Soybean Oil and Soybean Meal - On the previous trading day, soybean - meal futures rose, and soybean - oil futures declined. Sino - US trade friction is expected to improve, and Brazilian soybean sowing is progressing smoothly. The soybean - crushing volume remains high, the inventory of soybean meal has decreased, and the inventory of soybean oil is still under pressure. The consumption of soybean oil is affected, and the demand for soybean meal is expected to increase slightly. One can consider long - buying opportunities for soybean meal at the support level after adjustment, and temporarily wait and see for soybean oil [53][55]. Palm Oil - On the previous trading day, palm - oil futures declined. Malaysian palm - oil exports have increased, and China's palm - oil imports have decreased. The inventory is at a medium level. One can consider buying on pullbacks [56][57]. Rapeseed Meal and Rapeseed Oil - On the previous trading day, rapeseed - meal and rapeseed - oil futures were affected by the price of other oils. Sino - US trade negotiations have certain results. The import of rapeseed and rapeseed meal has decreased, and the import of rapeseed oil has increased. The inventory of rapeseed has decreased, and the inventory of rapeseed meal and rapeseed oil is at a high level. One can consider buying rapeseed oil on pullbacks [58][60]. Cotton - On the previous trading day, cotton futures oscillated. Sino - US leaders have met, and textile and clothing exports have shown a stable performance. The domestic cotton harvest is earlier, and the planting area and output have increased. The cotton price is expected to have limited upside space [61][63][64]. Sugar - On the previous trading day, sugar futures declined. Brazil's sugar production has slightly exceeded expectations, and the global sugar supply is expected to be in surplus. China's sugar import has increased year - on - year. The northern region has started sugar production, and the southern region will start in December. There is certain support below the price [65][68]. Apples - On the previous trading day, apple futures oscillated at a high level. The opening price of late - maturing apples is higher than last year, and the quality is poor. It is expected to run strongly [69][70]. Live Pigs - On the previous trading day, live - pig futures declined. The pig price is expected to decline weakly. The supply is expected to increase in the second half of the month, and one can consider short - selling opportunities on rebounds [71][73]. Eggs - On the previous trading day, egg futures declined. The cost of eggs has increased slightly, and the profit is low. The egg - laying hen inventory is at a high level, and the supply is expected to increase. The consumption is weak after the festival. One can continue to hold short positions and look for opportunities to add short positions on rebounds [74][75]. Corn and Starch - On the previous trading day, corn and starch futures rose. The price of corn is affected by the price of soybeans. The new - season corn harvest is almost completed, and the inventory of the northern port is expected to increase. The demand for corn is growing slightly, and the price may be under pressure. The demand for starch has improved slightly, and it may follow the corn market [76][77][78].

Core Viewpoint - The European Central Bank has maintained its three key interest rates unchanged, with the deposit rate at 2.0%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.4% [1] Economic News - The Eurozone's GDP for Q3 showed a year-on-year increase of 1.3% and a quarter-on-quarter increase of 0.2%, outperforming market expectations. However, there is a growing divergence in performance among member countries, with France's GDP growing by 0.5% quarter-on-quarter, marking the fastest growth rate in 2023, while Germany's GDP remained flat, continuing a 14-quarter period of low performance [5] Domestic News - The consensus from the recent China-U.S. economic talks revealed that the U.S. will cancel the 10% tariff on Chinese goods related to fentanyl and will continue to suspend the 24% tariff for another year. Additionally, the U.S. will pause the implementation of export control rules and investigations related to maritime and logistics for one year, while China will adjust or suspend corresponding countermeasures [6] Industry News - A total of 500 billion yuan in new policy financial tools have been fully deployed, significantly supporting key areas and projects, with an expected total investment boost of over 7 trillion yuan. The focus of these tools includes technological innovation, expanding consumption, and stabilizing foreign trade [7] Commodity Insights Precious Metals - Recent declines in gold and silver prices have been followed by a rebound. The Federal Reserve is expected to cut rates by 25 basis points this week and end quantitative tightening by December 1. However, market expectations for a December rate cut have cooled following hawkish comments from Powell. Geopolitical risks have eased, and central banks are increasing gold reserves amid rising distrust in the financial system, reinforcing gold's status as a safe-haven asset [2][17] Copper - Copper prices fell in the overnight market, with tight supply of concentrates and smelting profits at breakeven. However, smelting output continues to grow. Data from the National Bureau of Statistics indicates positive growth in power grid investment, while real estate remains weak. A mining accident in Indonesia is likely to create a global copper supply gap, supporting prices in the long term [3][18] Oil - The SC night market saw a decline of 0.24%. The International Energy Agency reported that the daily oil supply from nine OPEC countries with quotas in September was 23.87 million barrels, an increase of 760,000 barrels from August, exceeding their target by 940,000 barrels. Saudi Arabia's daily oil supply was 9.98 million barrels, also up from August, aligning with targets [12] Financial Markets - The U.S. stock indices fell, with the Shanghai Composite Index dropping below 4000 points. The market's trading volume was 2.46 trillion yuan. The financing balance increased by 11.587 billion yuan, indicating a potential for continued liquidity in the domestic market [10]

Group 1: Inventory Changes - Copper inventory decreased by 400 tons to 134,950 tons, a change of -0.30% [1] - Aluminum inventory decreased by 700 tons to 224,175 tons, a change of -0.31% [1] - Zinc inventory decreased by 300 tons to 34,900 tons, a change of -0.85% [1] - Tin inventory decreased by 40 tons to 2,790 tons, a change of -1.41% [1] - Aluminum alloy inventory remained unchanged at 1,500 tons [1] Group 2: Registered and Cancelled Warehouse Receipts - Registered copper warehouse receipts increased by 100 tons to 120,725 tons, while cancelled receipts decreased by 3.07% to 14,225 tons [2] - Registered aluminum warehouse receipts decreased by 3,225 tons to 404,675 tons, with cancelled receipts at 54,850 tons, a decrease of 5.55% [2] - Registered zinc warehouse receipts increased by 150 tons to 28,775 tons, while cancelled receipts decreased by 6.84% to 6,125 tons [2] - Registered tin warehouse receipts decreased by 0 tons to 2,665 tons, with cancelled receipts at 125 tons, a decrease of 24.24% [2] Group 3: Location-Specific Inventory Changes - In Kaohsiung, copper inventory decreased by 400 tons to 53,475 tons, with registered receipts at 49,575 tons [4] - In Rotterdam, aluminum inventory remained unchanged at 3,575 tons, with registered receipts at 2,450 tons [5] - In Singapore, zinc inventory decreased by 450 tons to 31,900 tons, with registered receipts at 25,800 tons [9] - In various locations, tin inventory changes were noted, with the highest cancellation rate in Kaohsiung at 0% [11]

Report Industry Investment Ratings - Not provided in the content Core Views of the Report - With the gradual alleviation of unfavorable factors from trade frictions, stock indices may return to an upward channel. Even if short - term macro uncertainties increase, the adjustment space of stock indices is expected to be limited due to policy support and abundant macro - liquidity. It is advisable to go long on stock indices when opportunities arise [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term warning on interest - rate risks suppresses the upward space [1] - The initial consensus between China and the US has improved market risk appetite, suppressing precious - metal prices. However, the upcoming Fed rate cut and the ongoing US government shutdown will still support the gold price. Short - term gold prices are expected to fluctuate [1] - The significant decline in the London lease rate has led to the shock adjustment of silver [1] - The recent improvement in macro sentiment and the limited industrial - side drive have led to the slightly stronger and volatile operation of aluminum prices [1] - In the context of continued production profits, domestic alumina production capacity is continuously released, with both production and inventory increasing. The weak fundamentals are pressuring the spot price, and recent attention should be paid to cost support [1] - The recent strengthening of the LME zinc 0 - 3 spread has increased the risk of a short squeeze, strengthening the expectation of zinc exports and driving up the domestic zinc price. Short - term Shanghai zinc is expected to maintain high - level volatility [1] - The alleviation of Sino - US trade frictions has lifted market risk appetite. Attention should be paid to the progress of the Sino - US high - level meeting in South Korea at the end of the month. The Fed rate cut will boost the non - ferrous sector. The implementation of Indonesia's RKAB new policy requires attention to the quota approval in 2026 in the fourth quarter, and be vigilant against mine - end disturbances [1] - The alleviation of Sino - US trade frictions has increased market risk appetite. Attention should be paid to the progress of the Sino - US high - level meeting in South Korea at the end of the month. The stainless - steel futures are expected to rebound in the short term, and short - term operations are recommended, waiting for opportunities to sell on rallies in the medium and long term [1] - The improvement in macro sentiment and the rebound of the semiconductor sector have led to the short - term strong and volatile operation of tin prices under the influence of macro sentiment. Medium - and long - term, opportunities to go long on dips are recommended [1] - The Southwest's industrial - silicon production is weaker than in previous years, and the impact of the dry season is weakened. Polysilicon production is expected to decline in November, and the market sentiment has faded due to the long - term non - implementation of the anti - involution policy [1] - The traditional peak season for new energy vehicles is approaching, and the energy - storage demand is strong. Although the supply - side production schedule has increased, the overall demand is large [1] - The industrial drive of rebar and hot - rolled coils is unclear, and their futures valuations are low. Directional trading is not recommended [1] - Near - month iron ore is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for far - month contracts [1] - The direct demand for ferromanganese - silicon is good, but the supply is high, and the inventory is at a high level, so the price is under pressure and fluctuating [1] - The supply and demand of glass are supported, and short - term sentiment is dominant. The price decline is limited, and the price fluctuation is strengthening [1] - Following glass, the supply of soda - ash is in excess, and the price is under pressure [1] - Supported by supply - side positive news and strong fundamentals, coking coal is challenging the previous high of the "anti - involution" trade, but the inconsistency of supply and demand among black - sector varieties may not have changed, and there are signs of stagflation in thermal coal in recent days. Whether coking - coal futures can break through successfully is highly uncertain, and it is advisable to wait and see [1] - Similar to coking coal, the coke futures are at a premium. Industrial customers can consider selling some spot on rallies [1] - Indonesia's expected implementation of B50 next year provides support. Currently, the high inventory in Malaysia in September and the expected inventory accumulation in October are pressuring the palm - oil futures. It is advisable to wait and see for the production - area's production cut and inventory reduction cycle [1] - With the upcoming Sino - US leaders' meeting, the negotiation result may bring new guidance. Currently, with the expected reduction of raw - material supply in the fourth quarter and the oil mills' expected reduction of operating rates to support prices, the expected inventory reduction of soybean oil supports the futures. With multiple factors intertwined and a lack of new drivers, it is advisable to wait and see [1] - The expected improvement in Sino - Canadian relations is pressuring the rapeseed - oil futures. Domestic rapeseed is still in short supply, and the rapeseed - oil inventory is continuously decreasing from a high level. It is advisable to wait and see for unilateral trading [1] - The expansion of Xinjiang's cotton - spinning capacity and the reduction of spinning profits have led to great uncertainty in the new - year's cotton demand. The current futures price has fully priced in the selling pressure of new crops, and the downside space is limited, but the new - crop basis and futures price may continue to be under pressure due to the record - high production [1] - Typhoons around the National Day have had an adverse impact on sugar - cane harvesting and production in South China. There is seasonal upward momentum for sugar prices in the short term, but the expected supply increase after the new - sugar listing will limit the rebound space [1] - The corn inventory in the north and south ports is low, and the short - term supply from production areas has decreased, so the price in the north port is firm. The futures and spot prices are expected to face selling pressure later, and the futures price is expected to fluctuate and bottom out, but the expected high enthusiasm of traders to build inventories will limit the downside space [1] - Under the expectation of Sino - US negotiations, the US futures market has risen strongly. With high policy uncertainty, domestic short - selling funds have reduced positions to avoid risks. The domestic purchase - ship profit is still poor, and the domestic futures valuation is low. The futures price is expected to continue to rebound in the short term, and attention should be paid to Sino - US policies and South American weather [1] - The trading logic of pulp is related to the old - warehouse receipts of the November contract. With weak downstream demand, the futures price is under pressure, and a November - January reverse spread is recommended [1] - The fundamentals of logs have declined, but the spot price is firm. After a sharp decline in the futures price, the risk - return ratio of short - selling is low, and it is advisable to wait and see [1] - The live - hog spot price has stabilized recently due to secondary fattening and increased slaughter volume with the cooling weather. Although the futures price is at a premium to the spot price, changes in the slaughter volume and weight need to be awaited, and the short - term price is expected to fluctuate [1] - OPEC+ may continue to maintain a small - scale production increase in November, short - term geopolitical speculation has cooled down, and the US attitude towards tariffs on China has softened [1] - The short - term supply - demand contradiction of fuel oil is not prominent and follows crude oil. The expected "14th Five - Year Plan" rush - work demand is likely to be falsified, and the supply of Marey crude oil is sufficient [1] - The raw - material cost of natural rubber provides strong support, the mid - stream inventory is continuously decreasing, and the commodity - market atmosphere is positive [1] - The decline in crude oil prices has weakened the cost support of butadiene for synthetic rubber. The supply of synthetic rubber is abundant, and the high - level production and inventory have not been the main constraints, and the mainstream supply price has been continuously reduced [1] - The news of the PTA industry's planned "anti - involution" policy has pushed up the PTA price. Overseas device failures and the decline in the operating rate of some domestic reforming devices, as well as the rotation inspection of large domestic PTA devices, have led to a decline in PTA production [1] - The decline in crude oil prices has led to a decline in ethylene - glycol prices, while the rise in coal prices has slightly strengthened the cost support of domestic ethylene - glycol. The "Golden September and Silver October" of the polyester industry is coming to an end, and there has been no significant decline in domestic demand [1] - The news of the PTA industry's planned "anti - involution" policy has pushed up the PTA price, and the basis of short - fiber has strengthened. The short - fiber price continues to closely follow the cost [1] - The Asian benzene price remains weak, the operating rates of STDP and reforming devices have declined, the arbitrage window from Northeast Asia to the US remains closed, the profit of domestic styrene has decreased, the styrene device maintenance has gradually increased, and the crude - oil price has continued to decline [1] - The export sentiment of urea has eased, and the domestic demand is insufficient, so the upside space is limited, but there is support from the anti - involution policy and the cost side [1] - The center of the crude - oil market price has slightly declined, the maintenance intensity has weakened, the downstream demand has slowly increased, and the PE price is fluctuating slightly stronger [1] - The maintenance support for PP is limited, the downstream improvement is less than expected, and the futures price is returning to fundamentals and fluctuating weakly [1] - The PVC futures price is returning to fundamentals, the maintenance has decreased compared with the previous period, the supply pressure is large, and there are many near - month warehouse receipts, so the futures price is fluctuating weakly [1] - There are many planned alumina projects in Guangxi, the subsequent maintenance concentration will decline, and the warehouse - receipt digestion is difficult, with the high - concentration caustic - soda price in an inverted state [1] - The international oil and gas fundamentals are continuously loose, the CP/FEI prices are weakening, the PG futures price has repaired its valuation, but the C3/C4 spot prices are still under pressure, and the domestic fundamentals are continuously loose [1] - The container - shipping European line is gradually entering the contract - changing rhythm. The freight rate is approaching the full - cost line, and it is expected to stop falling and stabilize [1] Summaries by Relevant Catalogs Stock Indices - With the alleviation of trade - friction factors and policy support, stock indices may rise, and it is advisable to go long on dips [1] Bonds - Asset shortage and weak economy are beneficial to bond futures, but short - term interest - rate risks suppress the upward space [1] Precious Metals - Gold is affected by both market - sentiment suppression and fundamental support, and short - term gold prices are expected to fluctuate. Silver is adjusting due to the decline in the London lease rate [1] Non - Ferrous Metals - Copper prices are expected to remain strong, aluminum prices are fluctuating slightly stronger, alumina fundamentals are weak, zinc prices are expected to remain high and volatile, and nickel prices are affected by supply and macro factors. The industry is also affected by Sino - US relations and Indonesian policies [1] Black Metals - Rebar and hot - rolled coils lack clear industrial drive, iron - ore near - month contracts are restricted by production cuts, ferromanganese - silicon is under supply - side pressure, glass is supported by supply and demand, soda - ash follows glass, coking coal and coke face uncertainties in supply - demand consistency [1] Agricultural Products - Palm oil, soybean oil, and rapeseed oil are affected by international policies, inventory, and Sino - foreign relations. Cotton demand is uncertain, sugar has short - term seasonal support, and corn prices are affected by inventory and supply - demand expectations [1] Energy and Chemicals - Crude oil, fuel oil, natural rubber, synthetic rubber, PTA, ethylene - glycol, short - fiber, benzene, urea, PE, PP, PVC, alumina, and SLPG are affected by factors such as supply - demand, policies, and raw - material prices [1] Others - Container - shipping European - line freight rates are expected to stop falling and stabilize, pulp trading is related to old warehouse receipts, logs' spot price is firm, live - hog prices are expected to fluctuate, and the market sentiment of various commodities is affected by Sino - US relations and international policies [1]