Core Viewpoint - In October, Zhengzhou Commodity Exchange (ZCE) identified and processed 15 cases of abnormal trading behavior, indicating increased regulatory scrutiny in the market [1] Summary by Categories Abnormal Trading Behavior - ZCE processed a total of 15 cases of abnormal trading behavior in October, which included 12 instances of self-dealing and 3 cases of frequent order cancellations [1] Regulatory Actions - ZCE has issued regulatory warnings to clients who met the criteria for abnormal trading behavior through their member units, reflecting a proactive approach to market regulation [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts decline, indicating a bearish trend in the agricultural commodities market [1] Group 1: Price Movements - Raw sugar futures fell by 3.00%, closing at 14.21 cents per pound [1] - Cotton futures decreased by 0.81%, ending at 65.15 cents per pound [1] - Cocoa futures experienced a slight increase of 0.41%, reaching $6,586.00 per ton [1] - Coffee futures dropped by 0.25%, closing at 405.65 cents per pound [1]

Core Viewpoint - The Zhengzhou Commodity Exchange has announced an adjustment to the cancellation date for silicon iron and urea products in February 2026 due to insufficient trading days [1] Group 1 - The cancellation date for silicon iron and urea products in February 2026 will now be set to the last trading day of that month [1] - This decision is based on the 2026 holiday schedule, which results in fewer than 15 trading days in February [1] - Future occurrences of similar situations will follow this announcement without further notice [1]

Core Viewpoint - The recent fluctuations in gold prices are seen as a technical correction rather than a trend reversal, with analysts maintaining a long-term optimistic outlook on gold as a valuable asset in uncertain macroeconomic conditions [1][3][9]. Market Performance - Since 2025, international gold prices have consistently broken historical highs, leading to a surge in gold bar sales in China, with consumption reaching 264.24 tons in the first half of the year, a 23.69% increase year-on-year [2]. - As of October 31, the London gold spot price hovered around $4,000 per ounce, down approximately 8% from its monthly peak [3]. - The Chicago Mercantile Exchange reported that the gold futures market in October exhibited healthier performance compared to previous periods, with significant trading activity and new positions being established despite volatility [6][7]. Investor Behavior - Retail investors are increasingly returning to the gold market, with trading volumes for micro gold contracts and one-ounce futures contracts more than doubling [7]. - The current market dynamics show a rare phenomenon where both the stock market and gold prices are rising simultaneously, attracting diverse market participants [7]. Economic Factors - Analysts attribute the recent gold price adjustments to several factors, including a rapid previous increase in prices, rising dollar rates, and easing geopolitical tensions [3][4]. - The Federal Reserve's recent policy decisions, including a 25 basis point rate cut, have influenced market sentiment, although a hawkish tone from the Fed has tempered expectations for ongoing monetary easing [4][5]. Long-term Outlook - Analysts believe that while short-term risks exist, the long-term outlook for gold remains positive, with the potential for gold to serve as a hedge against inflation and economic uncertainty [9][10]. - The role of gold in asset allocation is evolving, with it increasingly seen as a substitute for sovereign debt in risk management strategies [8][10].

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]

CME FedWatch显示，美联储周三大概率再降息25个基点。Money Metals Exchange CEO Stefan Gleason称，在通 胀仍偏高之际降息将"延续黄金多头叙事"，利率下行有利于无息资产黄金。Gleason表示，"全球仍然美元敞口过 高而黄金敞口不足"，待泡沫性情绪消化后，黄金以各法币计价仍有望续升。 历史经验亦在强化市场预期。美联储今年9月17日首次降息25个基点后，黄金短暂回调，随后于10月20日创下 4398美元盘中新高。市场预期年内仍有一次降息，甚至2026年或有小幅续降。Doshi称，支撑金价的结构性因 素，高财政债务、央行购金、政策不确定性、美股债高相关性，仍然存在，黄金仍是应对"左尾风险"(极端亏损) 的对冲与配置资产。 Doshi进一步指出，金价升至5000美元的概率"高于回落至3000美元"，且"黄金市场已完成重定价"。他认为，尤 其在西方国家，黄金作为流动性替代资产仍严重配置不足。McIntyre建议缺乏敞口的投资者"分批建仓"，避免择 时风险，并将实体黄金作为长期战略配置，建议组合中黄金目标权重可设定为10%，并定期再平衡。更广泛策 略观点认为，黄金(含现货 ...

华通铂银、华通白银到底正规吗？今天给大家仔细说说！ 认清非法期货交易 许多现货违规案件的核心问题，是 名为现货，实为非法期货 。如何判断？主要依据国务院发布的 《国 务院关于清理整顿各类交易场所切实防范金融风险的决定》（国发〔2011〕38号，简称38号文） 和 《国务院办公厅关于清理整顿各类交易场所的实施意见》（国办发〔2012〕37号，简称37号文） 。根 据38号文的规定，未经国务院相关金融管理部门批准，任何交易场所不得采取 集中交易方式 进行交 易，也不得将权益拆分为均等份额公开发行。 具体认定中，如果一项交易同时具备以下特征，就很可能被认定为非法期货交易： 1. 标准化合约 ：除 价格条款外，合约的其他条款，如标的物、交易时间、数量等均由交易平台预先规定。 2. 集中交易 ： 由平台通过集合竞价、连续竞价、电子撮合、匿名交易、做市商等一种或多种方式，为众多买方和卖方 提供交易匹配服务。例如，上海长江联合金属交易中心的"长江油"、"长江银"合约交易，就因具有这些 特征并被法院认定为非法期货交易。 3. 不以实物交割为目的 ：交易者主要通过 对冲平仓 （买入后卖 出，或卖出后买入）来了结头寸、获取差价， ...

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].