2025 年 12 月 18 日星期四 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 17 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 20 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 21 | | 免责声明 | | 23 | 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.63%报 112.140 元， 10 年期主力合约涨 0.10%报 108.005 元，5 年期主力合约涨 0.06%报 105.840 元，2 年 期主力合约涨 0.01%报 102.434 元。 公开市场方面，央行公告称，12 月 17 日以固定利率、数量 ...

2025 年 12 月 12 日星期五 重庆市江北区金沙门路 32 号 23 层； 023-63638617 上海市浦东新区世纪大道 210 号 10 楼 1001； 1 市场有风险 投资需谨慎 地址： 电话： | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 17 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 21 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 4 市场有风险 投资需谨慎 当前宏观数据保持平稳，但宏观经济复苏动能仍待加强，预计货币政策将保持宽 松。当前的国债收益率处在相对低位；中国经济呈现平稳复苏态势，核心通胀持续回 升，内需政策有发力空间；市场风险偏好明显提升。因此，预计国债期货仍有一定压 力，保持谨慎。 小结：预计仍有一定压力，保持谨慎。 股指： 上一交易日，股指期货涨跌不一，沪深 300 ...

2025 年 12 月 10 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-63638617 上海市浦东新区世纪大道 210 号 10 楼 1001； 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 17 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 20 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.45%报 112.590 元， 10 年期主力合约涨 0.12%报 107.980 元，5 年期主力合约涨 0.07%报 105.785 元，2 年 期主力合约涨 0.02%报 102.430 元。 公开市场方面，央行公告称，12 月 9 日以固定利率、数量招标方式开展了 1173 亿 ...

2025 年 12 月 4 日星期四 重庆市江北区金沙门路 32 号 23 层； 023-63638617 上海市浦东新区世纪大道 210 号 10 楼 1001； 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 18 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 21 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 国债： 上一交易日，国债期货收盘多数上涨，30 年期主力合约跌 0.26%报 113.610 元， 10 年期主力合约涨 0.06%报 108.040 元，5 年期主力合约涨 0.07%报 105.850 元，2 年 期主力合约涨 0.03%报 102.420 元。 公开市场方面，央行公告称，12 月 3 日以固定利率、数量招标方式开展了 793 亿 元 ...

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [6][7] - **Stock Index Futures**: Expected that the volatility center will gradually move up, consider going long at an appropriate time [9][10] - **Precious Metals**: Expected to continue the upward trend, temporarily observe and wait for opportunities to go long [11][12] - **Rebar and Hot - Rolled Coils**: Rebar prices may remain weak in the medium term, and hot - rolled coils may follow a similar trend. Look for opportunities to go short at high levels during rebounds [13] - **Iron Ore**: The supply - demand pattern is weak. Look for opportunities to go short at high levels [15] - **Coking Coal and Coke**: Look for opportunities to go long at low levels [18] - **Ferroalloys**: Consider long positions at low levels after the spot loss widens [21] - **Crude Oil**: Focus on opportunities to go long [24] - **Fuel Oil**: Focus on opportunities to go long [27] - **Polyolefins**: Focus on opportunities to go long [29] - **Synthetic Rubber**: Expected to oscillate [32] - **Natural Rubber**: Consider opportunities to go long [34] - **PVC**: Focus on supply - side changes [38] - **Urea**: The downside space is limited [39] - **Para - Xylene (PX)**: May oscillate and adjust in the short term, control positions and pay attention to crude oil and macro - policy changes [40] - **PTA**: May oscillate in the short term, be cautious and pay attention to oil price changes [41] - **Ethylene Glycol**: May face pressure in the short term, pay attention to port inventory and supply changes [42] - **Short - Fiber**: May oscillate following costs in the short term, control risks and pay attention to cost and macro - policy changes [44] - **Bottle Chips**: Expected to oscillate following the cost side, control risks [45] - **Lithium Carbonate**: Pay attention to consumption sustainability and mine restart progress [46] - **Copper**: May run strongly in the short term, beware of callback risks after hitting new highs [48][49] - **Aluminum**: In a phase of adjustment in the short term, the price has resilience in the medium - long term [50][51][52] - **Zinc**: Likely to continue the range - bound oscillation pattern [53][54] - **Lead**: Likely to run weakly [55][56] - **Tin**: May oscillate strongly [58] - **Nickel**: May oscillate [59] - **Soybean Oil and Soybean Meal**: Consider long positions in the low - cost support range [61] - **Palm Oil**: Consider going long on pullbacks [63] - **Rapeseed Meal and Rapeseed Oil**: Consider a long - biased approach for rapeseed oil [66] - **Cotton**: The upside space is expected to be limited [69] - **Sugar**: May oscillate [74] - **Apples**: Expected to run strongly [75][76] - **Pigs**: Consider holding the remaining short positions temporarily [79] - **Eggs**: Consider temporary observation [81] - **Corn and Starch**: It is advisable to observe and wait for the release of supply pressure after transportation recovers. Corn starch may follow the corn market [83][84] 3. Summaries by Related Catalogs Treasury Bonds - **Market Performance**: On the previous trading day, most treasury bond futures closed higher, with the 30 - year contract down 0.08% at 114.370 yuan, and others rising [5] - **Policy and Macroeconomy**: The central bank conducted 107.6 billion yuan of 7 - day reverse repurchase operations on December 1st, with a net withdrawal of 231.1 billion yuan. The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose [5][6] Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results [8] - **Policy and Market**: The CSRC is promoting the pilot of commercial real - estate investment trust funds (REITs). The domestic economic recovery momentum is weak, but asset valuations are low, and market sentiment has warmed up [8][9] Precious Metals - **Market Performance**: On the previous trading day, gold and silver futures rose, with gold up 0.98% and silver up 4.33% [11] - **Market Factors**: The complex global trade and financial environment, central bank gold - buying, and the expected Fed rate cuts are favorable for precious metals [11] Rebar and Hot - Rolled Coils - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. Spot prices are at certain levels [13] - **Supply - Demand Analysis**: Rebar demand is declining year - on - year, and the market is entering the off - season. Supply capacity is in surplus, and inventory pressure is high. Hot - rolled coils have a similar situation [13] Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rose slightly [15] - **Supply - Demand Analysis**: Since October, iron ore supply has increased year - on - year, and demand has declined. Port inventory has exceeded last year's level [15] Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures rebounded significantly [17] - **Supply - Demand Analysis**: Coking coal supply is increasing, and demand is weakening. Coke supply is stable, but demand may decline due to potential steel - mill production cuts [18] Ferroalloys - **Market Performance**: On the previous trading day, manganese - silicon and silicon - iron futures rose [20] - **Supply - Demand and Cost**: Manganese ore supply has recovered, and the cost of ferroalloys is rising. Production is declining, and demand is weak, but the overall surplus is easing [20][21] Crude Oil - **Market Performance**: On the previous trading day, INE crude oil oscillated upward [22] - **Market News**: OPEC's suspension of production increase boosts market confidence. There are also news about Russia - US negotiations and the increase in US oil and gas rigs [22][23] Fuel Oil - **Market Performance**: On the previous trading day, fuel oil oscillated upward and stood above the 5 - day moving average [25] - **Market Factors**: The deepening of the Asian fuel oil spot discount and the slow progress of the US 28 - point plan are favorable for fuel oil prices [26] Polyolefins - **Market Performance**: On the previous trading day, the PP market in Hangzhou and the LLDPE market in Yuyao showed certain price movements [28] - **Market Analysis**: The average operating rate of domestic polypropylene downstream industries has increased. Different PP product industries show different trends [28] Synthetic Rubber - **Market Performance**: On the previous trading day, synthetic rubber futures fell 1.01% [30] - **Supply - Demand and Market**: Raw material prices are under pressure, supply is relatively loose, and demand from tire enterprises is weak [30][31] Natural Rubber - **Market Performance**: On the previous trading day, natural rubber futures fell [33] - **Supply - Demand and Market**: Supply is affected by weather and high overseas raw material prices. Demand is affected by enterprise maintenance, and inventory is slightly increasing [33] PVC - **Market Performance**: On the previous trading day, PVC futures rose 0.11% [35] - **Supply - Demand and Cost**: Supply is increasing, demand shows different trends in different industries, and costs are affected by raw material prices. The overall supply - demand pattern is still oversupplied [35] Urea - **Market Performance**: On the previous trading day, urea futures fell 0.18% [38] - **Supply - Demand and Cost**: Supply is increasing, demand from downstream products shows different trends, and costs and profits are affected by coal prices [38] Para - Xylene (PX) - **Market Performance**: On the previous trading day, PX futures rose 2.21% [40] - **Supply - Demand and Market**: PX supply is slightly decreasing, and the PXN spread is relatively strong. Attention should be paid to crude oil and macro - policy changes [40] PTA - **Market Performance**: On the previous trading day, PTA2601 futures rose 1.93% [41] - **Supply - Demand and Cost**: Supply is increasing, demand from polyester is relatively stable, and processing fees are declining. It may oscillate in the short term [41] Ethylene Glycol - **Market Performance**: On the previous trading day, ethylene glycol futures rose 0.28% [42] - **Supply - Demand and Market**: Supply is increasing, inventory is rising, and demand from downstream polyester is slightly decreasing [42] Short - Fiber - **Market Performance**: On the previous trading day, short - fiber futures rose 1.42% [43] - **Supply - Demand and Market**: Supply is at a relatively high level, demand changes little, and it may oscillate following costs [43][44] Bottle Chips - **Market Performance**: On the previous trading day, bottle - chip futures rose 1.23% [45] - **Supply - Demand and Market**: Supply is at a certain level, export is increasing, and it may oscillate following the cost side [45] Lithium Carbonate - **Market Performance**: On the previous trading day, lithium carbonate futures rose 0.56% [46] - **Supply - Demand and Market**: Supply is at a high level, consumption in the energy - storage and power - battery sectors is improving, and inventory is decreasing [46] Copper - **Market Performance**: On the previous trading day, Shanghai copper futures rose 0.62% [47] - **Supply - Demand and Market**: The supply of copper ore is growing slowly, and demand is affected by high prices and substitution. The price may be supported in the short term but is restricted by consumption [48] Aluminum - **Market Performance**: On the previous trading day, Shanghai aluminum and alumina futures rose [50] - **Supply - Demand and Market**: The supply of domestic bauxite is tight, but imports are increasing. Supply and demand are in a state of oversupply, and the price may adjust in the short term [50] Zinc - **Market Performance**: On the previous trading day, Shanghai zinc futures rose 0.98% [53] - **Supply - Demand and Market**: Zinc concentrate supply is tight, demand is in the off - season, and the price may oscillate in a range [53] Lead - **Market Performance**: On the previous trading day, Shanghai lead futures rose 0.64% [55] - **Supply - Demand and Market**: The supply of lead concentrate is slightly easing, demand from the battery market is weak, and the price may run weakly [55] Tin - **Market Performance**: On the previous trading day, tin futures fell 0.27% [57] - **Supply - Demand and Market**: Supply is tight, and demand shows some resilience. The price may oscillate strongly [57][58] Nickel - **Market Performance**: On the previous trading day, nickel futures rose 0.26% [59] - **Supply - Demand and Market**: Nickel ore prices are stable, demand from the stainless - steel market is weak, and the price may oscillate [59] Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, soybean meal futures fell 0.36%, and soybean oil futures rose 0.61% [60] - **Supply - Demand and Market**: Brazilian soybean planting is slightly slower, and domestic supply is relatively loose. Demand for soybean meal is growing moderately, and demand for soybean oil is slightly improving [60][61] Palm Oil - **Market Performance**: Malaysian palm oil futures fell [62] - **Supply - Demand and Market**: Indonesian production concerns are alleviated, and exports are declining. Domestic imports are increasing, and inventory is accumulating [62] Rapeseed Meal and Rapeseed Oil - **Market Performance**: Rapeseed futures fell [64] - **Supply - Demand and Market**: Attention is focused on the Canadian crop report. Domestic imports show different trends, and inventory is in a state of destocking [64][65] Cotton - **Market Performance**: On the previous trading day, domestic cotton futures rebounded, and overseas cotton futures fell slightly [67] - **Supply - Demand and Market**: The USDA has raised the global and US cotton production and inventory forecasts. Domestic production is high, and demand is weak [67][68] Sugar - **Market Performance**: On the previous trading day, Zhengzhou sugar futures oscillated, and overseas raw - sugar futures fell 3% [70] - **Supply - Demand and Market**: Brazilian sugar production has exceeded expectations, and domestic production and imports are increasing, putting pressure on sugar prices [70][73] Apples - **Market Performance**: On the previous trading day, domestic apple futures oscillated [75] - **Supply - Demand and Market**: Inventory is decreasing, and new - season production and quality are declining, so the price is expected to be strong [75] Pigs - **Market Performance**: The national average pig price rose on the previous day [77] - **Supply - Demand and Market**: Supply is affected by enterprise sales and farmers' sentiment, and demand is affected by pickling. Attention should be paid to changes in sales and slaughter in December [77][78] Eggs - **Market Performance**: On the previous trading day, the average egg price in the main production and sales areas rose [80] - **Supply - Demand and Market**: Egg production is at a high level, and demand may increase seasonally. The price may be affected by supply and demand changes [80] Corn and Starch - **Market Performance**: On the previous trading day, corn and corn starch futures fell [82] - **Supply - Demand and Market**: North - port corn arrivals are affected by transportation, and demand shows certain trends. Corn starch supply is increasing, and inventory is at a high level [82][83]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [6][7]. - **Stock Index Futures**: The volatility center is expected to gradually move up, and investors can choose the right time to go long [9][10]. - **Precious Metals**: Temporarily wait and observe, and wait for opportunities to go long [11][12]. - **Rebar and Hot - Rolled Coils**: The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may follow a similar trend. Investors can focus on shorting opportunities at high levels during rebounds [12]. - **Iron Ore**: The supply - demand pattern is weak, and investors can focus on shorting opportunities at high levels [14]. - **Coking Coal and Coke**: May continue to correct in the short term, and investors can focus on buying opportunities during corrections [16]. - **Ferroalloys**: The overall surplus pressure is weakening. After a decline, investors can consider low - level opportunities when the spot falls into the loss range again [19]. - **Crude Oil**: Focus on short - term long - buying opportunities for the main contract [22]. - **Fuel Oil**: Temporarily wait and observe for the main contract [25]. - **Polyolefins**: Focus on long - buying opportunities [27]. - **Synthetic Rubber**: Expected to have a wide - range consolidation with limited downward space, and pay attention to raw material prices and supply changes [28]. - **Natural Rubber**: Focus on long - buying opportunities [32]. - **PVC**: Pay attention to changes on the supply side [36]. - **Urea**: The downward space is limited [38]. - **PX**: May have an oscillatory adjustment in the short term, control positions, and be vigilant about crude oil changes [39]. - **PTA**: May oscillate in the short term, be cautious, control risks, and pay attention to oil price changes [40]. - **Ethylene Glycol**: May be under pressure in the short term, and pay attention to port inventory and supply changes [41]. - **Short - Fiber**: May oscillate following costs in the short term, control risks, and pay attention to cost changes and macro - policy adjustments [43]. - **Bottle Chips**: Expected to oscillate following the cost side, and control risks [44]. - **Lithium Carbonate**: Pay attention to consumption sustainability and mine restart progress [45]. - **Copper**: Expected to have a high - level oscillation [48]. - **Aluminum**: Expected to have a phased correction [50]. - **Zinc**: Expected to oscillate within a range [52]. - **Lead**: Expected to have a wide - range oscillation [54]. - **Tin**: The price is expected to rise [55]. - **Nickel**: Expected to oscillate [56]. - **Soybean Oil and Soybean Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long - buying opportunities in the low - cost support range [58]. - **Palm Oil**: Consider buying on corrections [60]. - **Rapeseed Meal and Rapeseed Oil**: Consider a bullish approach for rapeseed oil [63]. - **Cotton**: The price is expected to be weak [67][68]. - **Sugar**: The price is expected to be under pressure and oscillate weakly [72][73]. - **Apples**: The price is expected to be strong [75]. - **Hogs**: Consider short - selling opportunities on rebounds and follow consumption changes [78]. - **Eggs**: Consider closing short positions and then temporarily wait and observe [82]. - **Corn and Starch**: For corn, it is advisable to wait and observe; corn starch may follow the corn market [85][86]. 3. Summary by Related Catalogs Treasury Bonds - **Market Performance**: On the previous trading day, most treasury bond futures closed down. The 30 - year main contract fell 0.31% to 115.570 yuan, the 10 - year main contract fell 0.04% to 108.430 yuan, the 5 - year main contract fell 0.06% to 105.855 yuan, and the 2 - year main contract remained flat at 102.460 yuan [5]. - **Policy and News**: The central bank conducted 375 billion yuan of 7 - day reverse repurchase operations on November 21, with a net investment of 162.2 billion yuan. The National Development and Reform Commission issued a notice on the management measures for central budget - inner investment in rural revitalization [5]. Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300 index futures (IF) main contract fell 0.13%, the SSE 50 index futures (IH) main contract fell 0.20%, the CSI 500 index futures (IC) main contract rose 0.55%, and the CSI 1000 index futures (IM) main contract rose 0.84% [8]. - **Industry Situation**: As of the end of October, the national cumulative installed power generation capacity was 3.75 billion kilowatts, a year - on - year increase of 17.3%. The domestic economic recovery momentum is not strong, but the valuation of domestic assets is low, and the market sentiment has warmed up recently [9]. Precious Metals - **Market Performance**: On the previous trading day, the gold main contract closed at 930.32, up 0.36%, and the night - session closed at 938.68; the silver main contract closed at 11,808, up 1.10%, and the night - session closed at 11,975 [11]. - **Industry Situation**: The global trade and financial environment is complex. The "anti - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. The slowdown of the US labor market and the expected Fed rate cuts are also beneficial to precious metals [11]. Rebar and Hot - Rolled Coils - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The spot price of Tangshan common carbon billet was 2,980 yuan/ton, the spot price of Shanghai rebar was between 3,090 - 3,250 yuan/ton, and the Shanghai hot - rolled coil was quoted at 3,270 - 3,290 yuan/ton [12]. - **Industry Situation**: In the medium term, the price of finished products is dominated by industrial supply - demand logic. The demand for rebar is declining year - on - year, and the market will enter the off - season. The supply side has over - capacity, and the inventory pressure is obvious [12]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures oscillated and consolidated. The spot price of PB powder at the port was 795 yuan/ton, and the spot price of Super Special powder was 675 yuan/ton [14]. - **Industry Situation**: Since October, the daily output of hot metal has declined, the import volume of iron ore has increased year - on - year, and the port inventory has continued to rise [14]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures continued to be weak [16]. - **Industry Situation**: For coking coal, the impact of safety inspections on production is weakening, and the supply has increased. For coke, the fourth - round increase in the spot purchase price has been implemented, but the demand from steel mills may weaken [16]. Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon main contract rose 0.50% to 5,630 yuan/ton, and the silicon - iron main contract rose 0.04% to 5,456 yuan/ton [18]. - **Industry Situation**: The supply of manganese ore from Gabon has decreased, and the port inventory has decreased slightly. The cost of ferroalloys has increased, and the output has decreased. The overall surplus pressure has weakened [18][19]. Crude Oil - **Market Performance**: On the previous trading day, INE crude oil rebounded after hitting a low [20]. - **Industry Situation**: The number of active oil and gas rigs in the US has increased for three consecutive weeks. The "28 - point" new plan has brought new changes to the Russia - Ukraine conflict [20][21]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil rebounded after hitting a low and closed below the moving average group [23]. - **Industry Situation**: The narrowing of the Asian fuel oil spot discount and the new plan for the Russia - Ukraine conflict are negative for fuel oil prices [24]. Polyolefins - **Market Performance**: On the previous trading day, the Hangzhou PP market oscillated downward, and the Yuyao LLDPE market had partial price drops [26]. - **Industry Situation**: The average start - up rate of the domestic polypropylene downstream industry has increased. The demand for modified PP and PP non - woven fabrics is strong, while the demand for traditional PP products is weak [26]. Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber main contract fell 0.81%. The price in Shandong was adjusted down to 11,200 yuan/ton, and the basis was stable [28]. - **Industry Situation**: The international oil price is low, the supply of butadiene is loose, and the supply of synthetic rubber is also loose. The demand from tire enterprises is weak, and the inventory has increased [29]. Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber main contract fell 0.10%, and the 20 - rubber main contract fell 0.53%. The Shanghai spot price was stable at around 14,800 yuan/ton, and the basis was stable [31]. - **Industry Situation**: The supply of natural rubber is affected by weather, and the demand from some enterprises has decreased. The inventory has increased slightly [31]. PVC - **Market Performance**: On the previous trading day, the PVC main contract rose 0.47%, and the spot price increased by 10 - 20 yuan/ton. The basis was stable [33]. - **Industry Situation**: The supply of PVC exceeds demand, but the downward space is limited. The supply has increased this week, and the demand is mixed. The cost and profit have changed [33]. Urea - **Market Performance**: On the previous trading day, the urea main contract fell 1.15%. The price in Shandong Linyi was adjusted down by 10 yuan/ton, and the basis slightly widened [37]. - **Industry Situation**: The total production of urea has increased, the start - up rate has slightly decreased, and the demand from downstream products has changed differently. The inventory of urea enterprises is lower than expected [37]. PX - **Market Performance**: On the previous trading day, the PX main contract fell 0.06%. The PXN spread was adjusted to 260 US dollars/ton, and the short - process profit was stable [39]. - **Industry Situation**: The PX load has increased, and the import volume has decreased. The short - term PXN spread is strong, and the supply has decreased slightly. The cost side is oscillating, and there is a lack of driving force [39]. PTA - **Market Performance**: On the previous trading day, the PTA2601 main contract rose 0.04% [40]. - **Industry Situation**: The PTA load has decreased, the polyester load is stable, and the processing fee has declined. The cost side is weak, and the raw material PX price support is limited [40]. Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol main contract rose 1.68% [41]. - **Industry Situation**: The overall start - up load of ethylene glycol has decreased, the port inventory is stable, and the demand from the downstream polyester industry is weak [41]. Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2602 main contract rose 0.91% [42]. - **Industry Situation**: The short - fiber supply is at a relatively high level, the demand has not changed much, and the cost drive has increased [43]. Bottle Chips - **Market Performance**: On the previous trading day, the bottle chips 2601 main contract rose 0.28% [44]. - **Industry Situation**: The raw material price support is limited, the bottle chips load is stable, the export growth rate has slowed down, and the supply - demand contradiction is not obvious. The main logic lies in the cost side [44]. Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract fell 2.88% to 90,480 yuan/ton [45]. - **Industry Situation**: The production of lithium carbonate is at a high level, and the demand from the energy storage and power battery sectors has improved. The social inventory is gradually decreasing [45]. Copper - **Market Performance**: On the previous trading day, the Shanghai copper main contract closed at 86,040 yuan/ton, unchanged [46]. - **Industry Situation**: The supply of copper concentrate is tight, the smelting profit is poor, and the demand from the real economy is weak. The global liquidity is loose, which provides support for copper prices [47]. Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum main contract closed at 21,405 yuan/ton, up 0.12%; the alumina main contract closed at 2,733 yuan/ton, up 0.07% [49]. - **Industry Situation**: The supply of bauxite is sufficient, the alumina supply is in surplus, and the electrolytic aluminum production is stable. The demand is seasonally weak, and the aluminum price may be under pressure in the short term [49]. Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc main contract closed at 22,320 yuan/ton, down 0.13% [51]. - **Industry Situation**: The processing fee of zinc concentrate has declined rapidly, and some smelting enterprises are in losses. The demand is in the off - season, and the inventory has increased [51]. Lead - **Market Performance**: On the previous trading day, the Shanghai lead main contract closed at 17,065 yuan/ton, down 0.58% [53]. - **Industry Situation**: The supply of lead concentrate is tight, the production of secondary lead is growing slowly, and the demand from the battery sector is mixed. The inventory has increased [53]. Tin - **Market Performance**: On the previous trading day, the main contract rose 0.05% to 294,380 yuan/ton [55]. - **Industry Situation**: The supply of tin ore is tight, the production of smelters is affected, and the demand has certain resilience. The refined tin inventory is decreasing [55]. Nickel - **Market Performance**: On the previous trading day, the main contract rose 0.69% to 116,100 yuan/ton [56]. - **Industry Situation**: The price of nickel ore is stable, the production of nickel - iron plants is affected, and the demand from the stainless steel sector is weak. The inventory is relatively high, and the market is in surplus [56]. Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, the soybean meal main contract fell 0.20% to 3,011 yuan/ton, and the soybean oil main contract fell 0.46% to 8,168 yuan/ton [57]. - **Industry Situation**: The Brazilian soybean planting progress is slightly slower, and the US soybean harvest is basically completed. The soybean supply is relatively loose, and the demand for soybean oil has improved slightly [57][58]. Palm Oil - **Market Performance**: The Malaysian palm oil has fallen for three consecutive days. The export volume from November 1 - 20 decreased compared with the previous month. The domestic palm oil inventory is at a medium level in the past 7 years [59]. - **Industry Situation**: The price of palm oil may be affected by the exchange rate and demand. The production may decline seasonally, and the inventory may decrease [59]. Rapeseed Meal and Rapeseed Oil - **Market Performance**: The Canadian rapeseed rose slightly. The price of rapeseed oil is affected by the crude oil price. The domestic import of rapeseed meal and rapeseed oil has changed [61][62]. - **Industry Situation**: The inventory of rapeseed in China is at a low level in the past 7 years, and the inventory of rapeseed meal and rapeseed oil is at a relatively high level [62]. Cotton - **Market Performance**: On the previous trading day, domestic Zhengzhou cotton oscillated higher, and the overnight external cotton rebounded slightly [64]. - **Industry Situation**: The USDA has raised the global and US cotton production and inventory forecasts. The domestic cotton production is high, and the downstream demand is weak [64][67]. Sugar - **Market Performance**: On the previous trading day, Zhengzhou sugar rebounded slightly, and the overnight external raw sugar

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. Different commodities have different market trends and investment suggestions due to their own supply - demand relationships, cost factors, and external market environments [5]. Summary by Commodity Categories Fixed - Income - **Treasury Bonds**: The previous trading day saw a decline in treasury bond futures. With the current macro - economic situation and market conditions, there is still some pressure on treasury bond futures, and caution is advised [5]. - **Stock Index Futures**: The previous trading day showed mixed performance. Given the current domestic economic situation, market sentiment, and external factors, the risk of a significant decline is low, and investors can choose the right time to go long [7][8]. Precious Metals - **Gold and Silver**: The previous trading day witnessed price increases. Considering the global trade and financial environment, central bank actions, and the current price level, it is advisable to wait and see for a long - position opportunity [10]. Base Metals - **Copper**: The previous trading day had a slight increase. Affected by macro - economic factors and supply - demand relationships, copper prices are expected to fluctuate at a high level [47]. - **Aluminum**: The previous trading day had a slight decline. Alumina supply is relatively loose, and aluminum needs to beware of seasonal consumption pressure and profit - taking, with a possible phased correction [49]. - **Zinc**: The previous trading day remained flat. With tight supply of zinc concentrates and weak downstream demand, zinc prices are expected to fluctuate within a range [52]. - **Lead**: The previous trading day had a slight increase. Due to supply and demand factors, lead prices are expected to operate within a range [54]. - **Tin**: The previous trading day had a slight decline. With tight supply and certain demand support, tin prices are expected to fluctuate strongly [56]. - **Nickel**: The previous trading day had an increase. Facing supply - demand contradictions, nickel prices are expected to fluctuate [58]. Ferrous Metals - **Rebar and Hot - Rolled Coil**: The previous trading day had a slight decline. Considering supply - demand relationships and technical aspects, prices are expected to be weak in the medium - term, and investors can focus on short - selling opportunities at high levels during rebounds [12]. - **Iron Ore**: The previous trading day had a slight rebound. With a weak supply - demand pattern and technical resistance, investors can focus on short - selling opportunities at high levels [14]. - **Coking Coal and Coke**: The previous trading day had a significant decline. Based on supply - demand changes and technical analysis, there may be a short - term correction, and investors can focus on buying opportunities during the correction [16]. - **Ferroalloys**: The previous trading day had a decline. With high - level production decline, weak demand recovery, and cost support, investors can consider long - position opportunities at low levels [18]. Energy - **Crude Oil**: The previous trading day had an upward trend. Considering supply - demand factors and market news, there are concerns about supply surplus, and investors can focus on short - selling opportunities in the short - term [20][21]. - **Fuel Oil**: The previous trading day had a weak performance. With mixed supply - demand factors, investors can focus on short - selling opportunities [23][24]. Chemicals - **Polyolefins**: The previous trading day had a weak performance. With improved downstream demand in some areas, investors can focus on long - position opportunities [26]. - **Synthetic Rubber**: The previous trading day had an increase. It is expected to operate in a volatile manner, and attention should be paid to raw material prices and supply changes [28]. - **Natural Rubber**: The previous trading day had an increase. With supply and demand factors, there is still room for short - term price increases, and investors can focus on long - position opportunities [31]. - **PVC**: The previous trading day had a decline. With an oversupply situation, attention should be paid to supply - side changes [33]. - **Urea**: The previous trading day had a slight increase. It is expected that the market will decline slightly in the next period, but the downside space is limited [35]. - **PX**: The previous trading day had an increase. With improved short - term supply - demand structure, it is expected to fluctuate and adjust, and investors can participate in the range [37]. - **PTA**: The previous trading day had an increase. With low processing fees, low inventory, and cost factors, it is expected to operate in a volatile manner, and caution is needed [39]. - **Ethylene Glycol**: The previous trading day had a decline. With increased supply and inventory, it is expected to be under pressure in the short - term, and attention should be paid to inventory and supply changes [40]. - **Short - Fiber**: The previous trading day had an increase. With high - level supply, stable demand, and enhanced cost - driving, it is expected to fluctuate with costs [43]. - **Bottle Chips**: The previous trading day had an increase. With raw material price support and stable supply and demand, it is expected to follow cost fluctuations [44]. - **Lithium Carbonate**: The previous trading day had a significant increase. With strong supply and demand, inventory is being depleted, and attention should be paid to consumption sustainability [45]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day had different performances. With sufficient soybean supply and improved demand for soybean oil, investors can focus on long - position opportunities for soybean oil and consider exiting long positions for soybean meal [59]. - **Palm Oil**: The previous trading day had an increase. Affected by supply - demand factors, investors can consider long - position opportunities during corrections [61]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day had a decline. With supply - demand and external factors, investors can consider a long - position strategy for rapeseed oil [63]. - **Cotton**: The previous trading day had a slight rebound. With increased global and US production and inventory, and domestic supply and demand factors, cotton prices are expected to be weak [66]. - **Sugar**: The previous trading day had a decline. With global production expectations and domestic supply pressure, sugar prices are expected to fluctuate weakly [70]. - **Apples**: The previous trading day had a high - level volatile operation. With current inventory and market conditions, apple prices are expected to operate strongly [74]. - **Pigs**: The previous trading day had a price increase. With sufficient supply and uncertain demand, investors can consider short - selling opportunities during rebounds [77]. - **Eggs**: The previous trading day had a price decline. With high - level supply and weak demand, investors can consider closing short positions gradually [79]. - **Corn and Starch**: The previous trading day had an increase. With new - season corn supply pressure and inventory factors, it is advisable to wait and see for corn, and starch may follow the corn market [81].

Report Industry Investment Ratings No specific investment ratings for the entire report industry are provided. Core Views - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [6][7] - **Stock Index Futures**: The risk of a significant decline is low, and it is advisable to take long positions opportunistically [9][10] - **Precious Metals**: Temporarily observe and wait for opportunities to go long [11][12] - **Rebar and Hot - Rolled Coils**: The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may follow a similar trend. Investors can focus on shorting opportunities at high levels during rebounds [13] - **Iron Ore**: The supply - demand pattern is weak. Investors can focus on shorting opportunities at high levels [15] - **Coking Coal and Coke**: May continue to correct in the short term. Investors can focus on buying opportunities during corrections [17] - **Ferroalloys**: After a decline, consider long positions at low levels when the spot falls into the loss - making range [19][20] - **Crude Oil**: In the short term, focus on shorting opportunities for the main contract [22][23] - **Fuel Oil**: Focus on shorting opportunities for the main contract [25][26] - **Polyolefins**: Temporarily observe [28] - **Synthetic Rubber**: Expected to fluctuate, with limited downside space. Pay attention to raw material prices and supply changes [29][31] - **Natural Rubber**: Focus on long - position opportunities [32][33] - **PVC**: Pay attention to supply - side changes [34][35] - **Urea**: The downward space is limited [36][37] - **PX**: May fluctuate and adjust in the short term, with support at the bottom. Consider trading within the range [38][39] - **PTA**: May fluctuate in the short term. Be cautious, control risks, and pay attention to oil price changes [40] - **Ethylene Glycol**: May be under pressure in the short term. Pay attention to port inventory and supply changes [41] - **Short - Fiber**: May fluctuate following the cost. Control risks and pay attention to cost changes and macro - policy adjustments [42] - **Bottle Chips**: Expected to fluctuate following the cost. Control risks [43] - **Lithium Carbonate**: Pay attention to the sustainability of consumption [44][45] - **Copper**: Expected to maintain high - level oscillations [46][47] - **Aluminum**: May experience a phased correction [48][50] - **Zinc**: Will continue to oscillate within a range [51][52] - **Lead**: Will operate within a range [53][54] - **Tin**: May oscillate strongly [55][56] - **Nickel**: May oscillate [57] - **Soybean Oil and Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [58][59] - **Palm Oil**: Consider going long during corrections [60][61] - **Rapeseed Meal and Oil**: Consider a bullish approach for rapeseed oil [63][64] - **Cotton**: Expected to be weak [65][67][68] - **Sugar**: Expected to be under pressure and operate with a weak oscillation [69][71][72] - **Apples**: Expected to operate strongly [73][76] - **Hogs**: Consider shorting on rebounds [77][78] - **Eggs**: Consider closing short positions gradually [79][82] - **Corn and Starch**: It is advisable to observe for corn and wait for the release of supply pressure; corn starch may follow the corn market [83][86] Summary by Category Treasury Bonds - **Market Performance**: The previous trading day saw all treasury bond futures close higher, with the 30 - year, 10 - year, 5 - year, and 2 - year contracts rising 0.06%, 0.03%, 0.03%, and 0.01% respectively [5] - **Open - Market Operations**: On November 18, the central bank conducted 4075 billion yuan of 7 - day reverse repurchase operations, with a net investment of 37 billion yuan [5] - **Policy News**: 12 departments including the Beijing Branch of the People's Bank of China issued a plan to support consumption infrastructure and the construction of the commercial circulation system [5] Stock Index Futures - **Market Performance**: The previous trading day saw mixed performance in stock index futures, with the CSI 300, SSE 50, CSI 500, and CSI 1000 futures down 0.41%, 0.23%, 0.85%, and 0.69% respectively [8][9] - **Economic Data**: In October, the unemployment rates of different age - groups in the labor force were announced, and the production and sales of new energy vehicles continued to grow [9] - **Market Outlook**: The domestic economy is stable, but the recovery momentum is weak. Asset valuations are low, and the market sentiment has warmed up. The risk of a significant decline is low [9] Precious Metals - **Market Performance**: The previous trading day saw gold and silver futures decline, with gold down 1.18% and silver down 1.96% [11] - **Positive Factors**: The complex global trade and financial environment, central bank gold - buying, and the expected Fed rate cuts are beneficial to precious metals [11] - **Negative Factors**: The recent sharp rise in precious metals has led to high prices and increased volatility [11] Rebar and Hot - Rolled Coils - **Market Performance**: The previous trading day saw a slight rebound in rebar and hot - rolled coil futures [13] - **Supply - Demand Analysis**: The demand for rebar is declining year - on - year, and the market is entering the off - season. Supply is affected by poor profitability, and inventory is high [13] - **Outlook**: The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may follow a similar trend [13] Iron Ore - **Market Performance**: The previous trading day saw iron ore futures oscillate [15] - **Supply - Demand Analysis**: The demand for iron ore has declined, but there was a recent increase in daily pig - iron output. Supply is abundant, and inventory is higher than last year [15] - **Outlook**: The supply - demand pattern is weak, and there may be resistance to rebounds [15] Coking Coal and Coke - **Market Performance**: The previous trading day saw a sharp decline in coking coal and coke futures [17] - **Supply - Demand Analysis**: Coking coal supply is slightly tight, and demand is weak. Coke supply has decreased, and demand may weaken [17] - **Outlook**: May continue to correct in the short term [17] Ferroalloys - **Market Performance**: The previous trading day saw manganese - silicon and silicon - iron futures decline [19] - **Supply - Demand Analysis**: Manganese ore supply has decreased, and costs have increased. Production is declining, and demand is weak, with inventory accumulating [19] - **Outlook**: After a decline, consider long positions at low levels when the spot falls into the loss - making range [19][20] Crude Oil - **Market Performance**: The previous trading day saw INE crude oil open high and close low [21] - **Industry News**: The CFTC report is suspended, the number of US oil and gas rigs has increased, and Russia has been attacked [21] - **Outlook**: There are concerns about oversupply, but the attack on Russia is beneficial to prices. In the short term, focus on shorting opportunities [22][23] Fuel Oil - **Market Performance**: Not specifically mentioned, but there is an analysis of supply and demand [24] - **Supply - Demand Analysis**: Singapore's fuel oil inventory is high, which is negative, while Russia's sanctions and reduced Sino - US trade frictions are positive [24][25] - **Outlook**: Focus on shorting opportunities [25][26] Polyolefins - **Market Performance**: The previous trading day saw a weak and volatile PP market in Hangzhou and a stable LLDPE market in Yuyao [27] - **Supply - Demand Analysis**: PP downstream demand has a mixed performance, with some industries seeing an increase and others remaining weak [27] - **Outlook**: Temporarily observe [28] Synthetic Rubber - **Market Performance**: The previous trading day saw the main synthetic rubber contract rise 0.91% [29] - **Supply - Demand Analysis**: Raw material prices have rebounded, production capacity utilization has increased, and inventory has increased [29][30] - **Outlook**: Expected to fluctuate, with limited downside space. Pay attention to raw material prices and supply changes [29][31] Natural Rubber - **Market Performance**: The previous trading day saw the main natural rubber contract rise 0.33% [32] - **Supply - Demand Analysis**: Supply is affected by weather, demand is weak, and inventory is accumulating [32] - **Outlook**: Focus on long - position opportunities [32][33] PVC - **Market Performance**: The previous trading day saw the main PVC contract decline 1.46% [34] - **Supply - Demand Analysis**: Supply exceeds demand, production capacity utilization has decreased, and inventory has decreased slightly [34][35] - **Outlook**: Pay attention to supply - side changes [34][35] Urea - **Market Performance**: The previous trading day saw the main urea contract rise 0.36% [36] - **Supply - Demand Analysis**: Supply is increasing, demand is weak, and inventory is at a certain level [36] - **Outlook**: The downward space is limited [36][37] PX - **Market Performance**: The previous trading day saw the main PX contract decline 0.53% [38] - **Supply - Demand Analysis**: Production capacity utilization has decreased, and imports have decreased slightly [38] - **Outlook**: May fluctuate and adjust in the short term, with support at the bottom. Consider trading within the range [38][39] PTA - **Market Performance**: The previous trading day saw the main PTA contract decline 0.55% [40] - **Supply - Demand Analysis**: Production capacity utilization has adjusted, demand is stable, and processing fees have decreased [40] - **Outlook**: May fluctuate in the short term. Be cautious, control risks, and pay attention to oil price changes [40] Ethylene Glycol - **Market Performance**: The previous trading day saw the main ethylene glycol contract decline 0.64% [41] - **Supply - Demand Analysis**: Production capacity utilization has decreased, inventory has increased, and demand is limited [41] - **Outlook**: May be under pressure in the short term. Pay attention to port inventory and supply changes [41] Short - Fiber - **Market Performance**: The previous trading day saw the main short - fiber contract decline 0.64% [42] - **Supply - Demand Analysis**: Production capacity utilization is high, demand is weak, and processing fees are at a certain level [42] - **Outlook**: May fluctuate following the cost. Control risks and pay attention to cost changes and macro - policy adjustments [42] Bottle Chips - **Market Performance**: The previous trading day saw the main bottle - chip contract decline 0.56% [43] - **Supply - Demand Analysis**: Production capacity utilization has decreased, export growth has slowed, and processing fees are at a certain level [43] - **Outlook**: Expected to fluctuate following the cost. Control risks [43] Lithium Carbonate - **Market Performance**: The previous trading day saw the main lithium carbonate contract rise 0.93% [44] - **Supply - Demand Analysis**: Supply is at a high level, and demand from the energy storage and power battery sectors is improving, with inventory decreasing [44][45] - **Outlook**: Pay attention to the sustainability of consumption [44][45] Copper - **Market Performance**: The previous trading day saw the main copper contract decline 0.03% [46] - **Supply - Demand Analysis**: Supply is affected by mine production problems, and demand is weak except for the copper - foil sector [46] - **Outlook**: Expected to maintain high - level oscillations [46][47] Aluminum - **Market Performance**: The previous trading day saw the main aluminum contract decline 0.16%, and the alumina contract decline 0.36% [48] - **Supply - Demand Analysis**: Alumina supply is abundant, and aluminum demand is weakening [48] - **Outlook**: May experience a phased correction [48][50] Zinc - **Market Performance**: The previous trading day saw the main zinc contract rise 0.11% [51] - **Supply - Demand Analysis**: Supply of zinc concentrate is tight, production has decreased, and demand is flat [51] - **Outlook**: Will continue to oscillate within a range [51][52] Lead - **Market Performance**: The previous trading day saw the main lead contract decline 0.49% [53] - **Supply - Demand Analysis**: Supply is affected by smelter maintenance, and demand is in the off - season [53] - **Outlook**: Will operate within a range [53][54] Tin - **Market Performance**: The previous trading day saw the main tin contract rise 0.68% [55] - **Supply - Demand Analysis**: Supply is tight, and demand has shown some resilience [55][56] - **Outlook**: May oscillate strongly [55][56] Nickel - **Market Performance**: The previous trading day saw the main nickel contract decline 0.02% [57] - **Supply - Demand Analysis**: Nickel ore prices are stable, production may be affected, and demand is weak [57] - **Outlook**: May oscillate [57] Soybean Oil and Meal - **Market Performance**: The previous trading day saw soybean meal down 0.33% and soybean oil up 0.60% [58] - **Supply - Demand Analysis**: Domestic soybean supply is abundant, oil - mill压榨 is in a loss, and demand for both products has some improvement [58][59] - **Outlook**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [58][59] Palm Oil - **Market Performance**: Malaysian palm oil futures rose, and exports decreased in November [60] - **Supply - Demand Analysis**: Malaysian inventory is at a high level but may decrease, and domestic inventory is at a medium level [60] - **Outlook**: Consider going long during corrections [60][61] Rapeseed Meal and Oil - **Market Performance**: Canadian rapeseed futures rose [62] - **Supply - Demand Analysis**: Chinese rapeseed imports have decreased, and inventory is at different levels [62][63] - **Outlook**: Consider a bullish approach for rapeseed oil [63][64] Cotton - **Market Performance**: The previous trading day saw domestic cotton futures decline, and overseas cotton rose [65] - **Supply - Demand Analysis**: Global and US cotton production and inventory have increased, and domestic supply pressure is high [65][67] - **Outlook**: Expected to be weak [65][67][68] Sugar - **Market Performance**: The previous trading day saw domestic and overseas sugar futures decline [69] - **Supply - Demand Analysis**: Brazil is in the seasonal production - reduction period, India has strong production - increase expectations, and domestic imports are expected to be high [69][71] - **Outlook**: Expected to be under pressure and operate with a weak oscillation [69][71][72] Apples - **Market Performance**: The previous trading day saw domestic apple futures oscillate at a high level [73] - **Supply - Demand Analysis**: Inventory is lower than last year, and quality is poor [73][74][75] - **Outlook**: Expected to operate strongly [73][76] Hogs - **Market Performance**: The previous trading day saw the main hog contract decline 1.16% [78] - **Supply - Demand Analysis**: Supply is abundant, and demand is affected by the season. Inventory and cost are at certain levels [77][78] - **Outlook**: Consider shorting on rebounds [77][78] Eggs - **Market Performance**: The previous trading day saw the main egg contract decline 0.87% [82] - **Supply - Demand Analysis**: Supply is at a high level, but there are signs of improvement. Demand is weak [79][80][82] - **Outlook**: Consider closing short positions gradually [79][82] Corn and Starch - **Market Performance**: The previous trading day saw the main corn contract decline 0.50% and the starch contract decline 0.96% [83] - **Supply - Demand Analysis**: Corn supply is abundant, and demand is growing slightly. Corn starch demand has improved, but inventory is high [83][84][86] - **Outlook**:

Group 1: Overall Investment Ratings and Core Views Investment Ratings The report does not explicitly provide an overall industry investment rating. Core Views - The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. The bond market, stock market, and various commodity markets show different trends and investment opportunities based on their respective fundamentals [6][9][13]. Group 2: Fixed - Income (Treasury Bonds) - **Market Performance**: On the previous trading day, treasury bond futures closed higher across the board. The 30 - year, 10 - year, 5 - year, and 2 - year主力 contracts rose by 0.33%, 0.09%, 0.05%, and 0.03% respectively. The central bank conducted 283 billion yuan of 7 - day reverse repurchase operations, with a net investment of 163.1 billion yuan on that day. From January to October, the national general public budget revenue increased by 0.8% year - on - year [5]. - **Outlook**: Treasury bond futures are expected to face some pressure, and a cautious approach is recommended [6][7]. Group 3: Equities (Stock Index Futures) - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300, SSE 50, CSI 500, and CSI 1000 index futures主力 contracts fell by 0.89%, 1.12%, 0.50%, and 0.26% respectively [8]. - **Outlook**: Although the domestic economic recovery momentum is weak and corporate profit growth is low, the valuation of domestic assets is low, and there is room for repair. The risk of a sharp decline in the stock index is small, and investors can consider going long at an appropriate time [9][10][11]. Group 4: Precious Metals - **Market Performance**: On the previous trading day, the gold主力 contract closed at 929.46, down 2.49%, and the silver主力 contract closed at 11,933, down 3.57%. Japan's Q3 GDP showed a decline, while the EU raised its GDP growth forecast for the eurozone in 2025 [12]. - **Outlook**: The global trade and financial environment is complex, which is beneficial to the allocation and hedging value of gold. However, the recent sharp rise in precious metals has led to high prices and increased volatility. It is advisable to wait and see for long - entry opportunities [13][14]. Group 5: Ferrous Metals (Rebar, Hot - Rolled Coil, Iron Ore, Coking Coal and Coke, Ferroalloys) Rebar and Hot - Rolled Coil - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The spot price of Tangshan billet was 2,980 yuan/ton, Shanghai rebar was 3,090 - 3,230 yuan/ton, and Shanghai hot - rolled coil was 3,270 - 3,290 yuan/ton [15][16]. - **Outlook**: In the medium term, the price of rebar is likely to remain weak due to the weak demand from the real estate industry and high inventory. The trend of hot - rolled coil is expected to be similar. Technically, there may be a short - term rebound, and investors can consider shorting at high positions during the rebound [16]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rebounded significantly. The spot price of PB powder was 790 yuan/ton, and that of Super Special powder was 680 yuan/ton [18]. - **Outlook**: The supply - demand pattern of the iron ore market is weak. Technically, the rebound may face resistance. Investors can consider shorting at high positions [18]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures rebounded slightly. The supply of coking coal is slightly tight, while the demand for high - priced coking coal has decreased. The fourth - round increase in the spot purchase price of coke has been implemented [20][21]. - **Outlook**: Technically, coking coal and coke futures may stop falling and rebound. Investors can consider buying on dips [21]. Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon主力 contract rose 0.73% to 5,792 yuan/ton, and the silicon - iron主力 contract rose 1.38% to 5,566 yuan/ton. The supply of manganese ore has decreased, and the cost of ferroalloys has increased. The production of ferroalloys has declined, and the demand is weak [23]. - **Outlook**: The over - supply situation of ferroalloys has eased. After a decline, investors can consider long - entry opportunities when the spot is in the loss - making range [24]. Group 6: Energy (Crude Oil, Fuel Oil) Crude Oil - **Market Performance**: On the previous trading day, INE crude oil fluctuated slightly and closed near the 5 - day moving average. The CFTC position report was suspended due to the US government shutdown. The number of US oil and gas rigs increased, and Russia was attacked, which affected the oil market [25]. - **Outlook**: Although the number of rigs has increased, the growth of US crude oil production is still uncertain. The attack on Russia is positive for oil prices, but there are still concerns about oversupply. It is advisable to wait and see [26][27]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil fluctuated downward. The expected supply of fuel oil is sufficient, but the sanctions on Russia and the reduction of Sino - US trade frictions have positive effects [28][29][30]. - **Outlook**: It is advisable to wait and see for the fuel oil主力 contract [31]. Group 7: Chemicals (Polyolefins, Synthetic Rubber, Natural Rubber, PVC, Urea, PX, PTA, Ethylene Glycol, Short - Fiber, Bottle - Chip, Lithium Carbonate) Polyolefins - **Market Performance**: In the previous trading day, the PP market in Hangzhou showed high - level loosening, and the LLDPE market in Yuyao adjusted. The average downstream industry start - up rate of domestic polypropylene increased slightly, and the demand for some packaging products increased [32]. - **Outlook**: Investors can pay attention to long - entry opportunities [33]. Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber主力 contract fell 0.14%. The price of raw material butadiene rebounded, and the capacity utilization rate of the high - cis butadiene rubber industry increased [34]. - **Outlook**: The price of synthetic rubber is expected to fluctuate widely with limited downward space. Pay attention to the raw material and supply situation [34]. Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber主力 contract rose 0.20%. The supply in domestic and overseas production areas is affected by weather, and the demand from some enterprises has decreased. Thailand's natural rubber exports decreased year - on - year [35]. - **Outlook**: Investors can pay attention to long - entry opportunities [35]. PVC - **Market Performance**: On the previous trading day, the PVC主力 contract fell 0.07%. The supply is still in excess, and the profit of the industrial chain has declined. The social inventory has decreased slightly [36]. - **Outlook**: Pay attention to the changes in exports and supply reduction after the festival [36]. Urea - **Market Performance**: On the previous trading day, the urea主力 contract rose 0.79%. The supply has increased, the agricultural demand is coming to an end, and the industrial demand is insufficient. The inventory situation is different from the previous week's expectation [37]. - **Outlook**: The urea market is expected to decline slightly in the next period, but the downward space is limited [37][38]. PX - **Market Performance**: On the previous trading day, the PX主力 contract fell 0.76%. The PXN spread is relatively stable, the supply has decreased slightly, and the cost is affected by the oil price [39]. - **Outlook**: In the short term, PX may fluctuate and adjust, with support at the bottom. Investors can participate in the range, pay attention to the oil price and macro - policies [39]. PTA - **Market Performance**: On the previous trading day, the PTA2601主力 contract fell 0.42%. The supply load has been adjusted, the demand of the polyester industry is relatively stable, and the processing fee has decreased [40][41]. - **Outlook**: In the short term, PTA may fluctuate. Investors should be cautious, control risks, and pay attention to the oil price [41]. Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol主力 contract rose 0.36%. The overall start - up load has decreased, the port inventory has increased, and the demand support is limited [42]. - **Outlook**: In the short term, ethylene glycol may be under pressure. Pay attention to port inventory and supply changes [42]. Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2602主力 contract fell 0.16%. The supply load is high, the demand has not changed much, and the cost drive has increased [43]. - **Outlook**: In the short term, short - fiber may fluctuate with the cost. Investors should control risks and pay attention to cost changes and macro - policy adjustments [44]. Bottle - Chip - **Market Performance**: On the previous trading day, the bottle - chip 2601主力 contract fell 0.24%. The processing fee has been adjusted, the supply load has decreased, the export growth has slowed down, but it is still at a high level [45]. - **Outlook**: In the future, bottle - chip is expected to fluctuate with the cost. Investors should control risks [45]. Lithium Carbonate - **Market Performance**: On the previous trading day, the主力 contract rose 9% to 95,200 yuan/ton. The supply is still at a high level, and the demand in the energy storage and power battery sectors has improved, and the inventory has decreased [46]. - **Outlook**: Pay attention to the sustainability of consumption [46]. Group 8: Non - Ferrous Metals (Copper, Aluminum, Zinc, Lead, Tin, Nickel) Copper - **Market Performance**: On the previous trading day, the Shanghai copper主力 contract closed at 86,320 yuan/ton, down 0.1%. The US government shutdown ended, and China's economic data in October was weak. The supply of copper concentrate is tight, and the terminal demand is affected by high raw material prices [47][48]. - **Outlook**: Copper prices are expected to remain high and fluctuate [48][49]. Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum主力 contract closed at 21,625 yuan/ton, down 0.48%, and the alumina主力 contract closed at 2,790 yuan/ton, down 0.36%. The supply of bauxite is stable, the supply of alumina is loose, and the demand is weakening [50]. - **Outlook**: There may be a phased correction [50][51]. Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc主力 contract closed at 22,390 yuan/ton, down 0.22%. The supply of zinc concentrate is tight, the production of refined zinc has decreased, and the demand is average [52][53]. - **Outlook**: Zinc prices are expected to fluctuate within a range [53][54]. Lead - **Market Performance**: On the previous trading day, the Shanghai lead主力 contract closed at 17,275 yuan/ton, down 0.86%. The supply of primary lead is affected by maintenance, the production of recycled lead is growing slowly, and the demand is in the off - season [55]. - **Outlook**: Lead prices are expected to run within a range [55][56]. Tin - **Market Performance**: On the previous trading day, the tin主力 contract fell 1.12% to 290,940 yuan/ton. The supply of tin ore is tight, and the demand shows some resilience in emerging fields [57]. - **Outlook**: Tin prices are expected to fluctuate strongly [57]. Nickel - **Market Performance**: On the previous trading day, the nickel主力 contract fell 0.71% to 116,990 yuan/ton. The price of nickel ore is stable, the production of nickel - iron is affected, and the demand is weak [58][59]. - **Outlook**: Nickel prices are expected to fluctuate [59]. Group 9: Agricultural Products (Soybean Oil and Meal, Palm Oil, Rapeseed Meal and Oil, Cotton, Sugar, Apple, Live Pigs, Eggs, Corn and Starch) Soybean Oil and Meal - **Market Performance**: On the previous trading day, the soybean meal main contract fell 1.23% to 3,043 yuan/ton, and the soybean oil main contract fell 0.14% to 8,282 yuan/ton. The Brazilian soybean planting progress is slower, and the US soybean production is slightly adjusted. The domestic soybean supply is relatively loose, and the inventory of soybean oil and meal has different trends [60]. - **Outlook**: For soybean meal, investors can consider exiting long positions when it continues to rise. For soybean oil, pay attention to long - entry opportunities at the low - cost support level [61]. Palm Oil - **Market Performance**: The Malaysian palm oil market is affected by the exchange rate and export data. The domestic palm oil imports have decreased, and the inventory is at a medium level. The catering industry shows growth [62]. - **Outlook**: Consider buying on dips [63]. Rapeseed Meal and Oil - **Market Performance**: The Canadian rapeseed market is affected by the US soybean market. The import of Canadian rapeseed has not restarted, and the inventory of rapeseed, meal, and oil in China has different trends [64]. - **Outlook**: For rapeseed oil, consider a long - biased strategy [65]. Cotton - **Market Performance**: The US Department of Agriculture raised the global and US cotton production and inventory forecasts. The domestic cotton production is expected to be high, and the demand is weak after the peak season [65][66]. - **Outlook**: Cotton prices are expected to run weakly [66][67]. Sugar - **Market Performance**: The Brazilian sugar production is in the seasonal decline period, while India has a strong production increase expectation. The domestic sugar production in the north has started, and the import volume is expected to be high in the fourth quarter [68][69][70][71]. - **Outlook**: Sugar prices are expected to fluctuate weakly [72]. Apple - **Market Performance**: The domestic apple futures are oscillating at a high level. The inventory is lower than last year, and the quality of this year's apples is poor [73]. - **Outlook**: Apple prices are expected to run strongly [74]. Live Pigs - **Market Performance**: The national average price of live pigs has decreased. The supply may increase in the second half of the month, and the demand is expected to be weak in the short term [75][77]. - **Outlook**: Consider shorting on rebounds and pay attention to changes in consumption [77]. Eggs - **Market Performance**: The price of eggs has decreased slightly. The egg - laying hen inventory is at a high level but may decline slightly in November. The consumption may be supported after the temperature drops [78]. - **Outlook**: Consider gradually closing short positions [79]. Corn and Starch - **Market Performance**: The corn主力 contract was flat, and the corn starch主力 contract fell 0.60%. The US corn production was adjusted downward, and the demand for corn shows a slight increase. The inventory of corn and starch has different trends [80][81]. - **Outlook**: It is advisable to wait and see for corn, and corn starch is expected to follow the corn market [82].

1. Report Industry Investment Ratings There is no information about industry investment ratings provided in the report. 2. Core Views of the Report - **Treasury Bonds**: Expect no trend - based market, maintain caution [6][7] - **Stock Index Futures**: Low risk of significant decline, consider buying at appropriate times [10][11] - **Precious Metals**: Short - term pricing is relatively full, take profit on previous long positions and then wait and see [12][13] - **Rebar and Hot - Rolled Coil**: The mid - term weakness of rebar prices is hard to change, and hot - rolled coil may follow the same trend. Look for high - level short - selling opportunities [14] - **Iron Ore**: The supply - demand pattern has weakened, and it may continue to be weak in the short term. Look for high - level short - selling opportunities [16] - **Coking Coal and Coke**: Look for opportunities to buy on dips [18] - **Ferroalloys**: In the short term, supply may be in excess. Consider low - level long - buying opportunities when the spot falls into the loss range again [20][21] - **Crude Oil**: The Baker Hughes rig count has increased, but the increase in US crude oil production is still a long - term task. OPEC's suspension of production increase supports oil prices. Temporarily wait and see [23][24] - **Fuel Oil**: Supply is expected to be sufficient, but there are also positive factors. Temporarily wait and see [25][27] - **Polyolefins**: Look for long - buying opportunities [28][29] - **Synthetic Rubber**: Expected to fluctuate [30][32] - **Natural Rubber**: Look for long - buying opportunities [33][34] - **PVC**: Pay attention to changes in the supply side [35][36] - **Urea**: The downside space is limited [37][38] - **Para - Xylene (PX)**: May fluctuate and adjust, with support below. Participate within the range and pay attention to crude oil changes [39][40] - **PTA**: May fluctuate. Be cautious, control risks, and pay attention to oil price changes [41] - **Ethylene Glycol**: May be under pressure in the short term. Pay attention to port inventory and supply changes [42][43] - **Short - Fiber**: May fluctuate following costs. Control risks and pay attention to cost changes and macro - policy adjustments [44] - **Bottle Chips**: Expected to fluctuate following the cost side. Control risks [45] - **Lithium Carbonate**: Pay attention to the sustainability of consumption [46][47] - **Copper**: Expected to fluctuate at a high level [48][49] - **Aluminum**: Expected to run at a high level [50][52] - **Zinc**: Adopt a high - selling and low - buying strategy [53][54] - **Lead**: Expected to fluctuate strongly [55][56] - **Nickel**: Expected to fluctuate strongly [58] - **Tin**: Expected to fluctuate [57] - **Soybean Oil and Soybean Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, look for long - buying opportunities in the low - cost support range [59][61] - **Palm Oil**: Consider buying on dips [62][63] - **Rapeseed Meal and Rapeseed Oil**: Consider a buy - near and sell - far strategy for rapeseed meal [64][65] - **Cotton**: Expected to run weakly [66][67] - **Sugar**: Expected to fluctuate [69][72] - **Apples**: Expected to run strongly [73][76] - **Hogs**: Consider short - selling on rebounds [77][78] - **Eggs**: Hold short positions [79][82] - **Corn and Starch**: For corn, wait and see; for corn starch, it may follow the corn market [83][85] 3. Summaries According to Relevant Catalogs Treasury Bonds - **Market Performance**: On the previous trading day, treasury bond futures closed up across the board. The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 130 billion yuan [5] - **Analysis**: Macroeconomic data is stable, but the recovery momentum is weak. Monetary policy is expected to be loose. Treasury bond yields are at a relatively low level. Expect no trend - based market [5][6] Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results [8] - **Analysis**: The domestic economy is stable, but the recovery momentum is weak. Corporate profit growth is low. However, asset valuations are low, and the economy has resilience. Market sentiment has warmed up, and the risk of significant decline is low [10] Precious Metals - **Market Performance**: On the previous trading day, the gold main contract closed down 0.33%, and the silver main contract closed up 1.62% [12] - **Analysis**: The global trade and financial environment is complex. The US labor market is slowing down, which is beneficial for precious metals. However, the recent increase has been large, and the pricing is relatively full [12] Rebar and Hot - Rolled Coil - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures showed weak fluctuations [14] - **Analysis**: In the long - term, the real estate industry is in a downward trend, and rebar demand is decreasing. In the medium - term, it is the traditional demand season, but inventory pressure is high [14] Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rebounded slightly [16] - **Analysis**: Iron ore demand is falling, supply is increasing, and port inventory has exceeded last year's level. The supply - demand pattern has weakened [16] Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures continued to correct [18] - **Analysis**: Coking coal supply is slightly tight, and demand is weak. Coke supply is decreasing, and demand from steel mills is also weakening [18] Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon main contract fell 0.41%, and the silicon - iron main contract fell 0.83% [20] - **Analysis**: Supply is in short - term excess, but costs are rising. Consider long - buying opportunities when the spot falls into the loss range [20][21] Crude Oil - **Market Performance**: On the previous trading day, INE crude oil oscillated upward [22] - **Analysis**: The increase in US crude oil production is difficult, Russian production is below the quota, and OPEC's suspension of production increase supports oil prices [22][23] Fuel Oil - **Market Performance**: On the previous trading day, fuel oil oscillated upward but was blocked by the 5 - day moving average [25] - **Analysis**: Long - term supply is abundant, and inventory is increasing. There are both positive and negative factors [25][26] Polyolefins - **Market Performance**: On the previous trading day, the PP market in Hangzhou mostly declined, and the LLDPE price in Yuyao fell [28] - **Analysis**: Terminal demand has increased due to e - commerce stockpiling, but new orders may decrease after the e - commerce event [28] Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber main contract rose 1.51% [30] - **Analysis**: Raw material prices have fallen, supply is tight in some areas, and demand has slightly increased. Expected to fluctuate [30][31] Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber main contract rose 0.56%, and the 20 - rubber main contract rose 0.12% [33] - **Analysis**: Supply is affected by typhoons, and demand from tire enterprises has slightly increased. Pay attention to production area conditions and demand expectations [33] PVC - **Market Performance**: On the previous trading day, the PVC main contract fell 0.22% [35] - **Analysis**: The supply - demand pattern is still oversupplied, but the downward space is limited. Pay attention to exports and supply reduction [35][36] Urea - **Market Performance**: On the previous trading day, the urea main contract rose 0.42% [37] - **Analysis**: Supply is increasing slightly, demand is affected by environmental protection, and profits are falling. Expected to decline slightly [37] Para - Xylene (PX) - **Market Performance**: On the previous trading day, the PX main contract fell 0.32% [39] - **Analysis**: Short - term supply - demand structure has improved, and it may oscillate and adjust with support below [39][40] PTA - **Market Performance**: On the previous trading day, the PTA2601 main contract fell 0.17% [41] - **Analysis**: Supply and demand are in a state of mismatch, processing fees are low, and it may oscillate [41] Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol main contract fell 0.77% [42] - **Analysis**: Supply is slightly reduced, inventory is increasing, and it may be under pressure in the short term [42][43] Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2512 main contract fell 0.13% [44] - **Analysis**: Supply is at a relatively high level, demand is stable, and it may oscillate following costs [44] Bottle Chips - **Market Performance**: On the previous trading day, the bottle chips 2601 main contract fell 0.35% [45] - **Analysis**: Raw material prices provide support, export growth is slowing down, and it may oscillate following the cost side [45] Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract fell 0.21% [46] - **Analysis**: Supply is at a high level, consumption is improving, and inventory is decreasing. Pay attention to consumption sustainability [46][47] Copper - **Market Performance**: On the previous trading day, the Shanghai copper main contract rose 0.78% [48] - **Analysis**: Global copper mine supply is tight, demand is mixed, and it may oscillate at a high level [48] Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum main contract rose 0.85%, and the alumina main contract fell 0.25% [50] - **Analysis**: Aluminum supply is in a complex situation, demand is differentiated, and it may run at a high level [50][51] Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc main contract rose 0.2% [53] - **Analysis**: Zinc concentrate processing fees are under pressure, demand is weak, and it may oscillate within a range [53] Lead - **Market Performance**: On the previous trading day, the Shanghai lead main contract rose 0.8% [55] - **Analysis**: Lead concentrate processing fees are under pressure, supply recovery is affected, and demand has recovered slightly. It may oscillate strongly [55] Nickel - **Market Performance**: On the previous trading day, the main contract rose 2.24% [58] - **Analysis**: Supply is tight, demand has some resilience, and it may oscillate strongly [58] Tin - **Market Performance**: On the previous trading day, the main contract fell 0.01% [57] - **Analysis**: Supply and demand are in a complex situation, and it may oscillate [57] Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, the soybean meal main contract rose 0.03%, and the soybean oil main contract rose 0.44% [59] - **Analysis**: Brazilian soybean planting progress is slow, oil factory压榨量 is falling, and inventory pressure is still large [59][61] Palm Oil - **Market Performance**: Malaysian palm oil fell after two days of gains [62] - **Analysis**: Malaysian palm oil exports are falling, inventory is at a high level, and it may decline seasonally. Consider buying on dips [62][63] Rapeseed Meal and Rapeseed Oil - **Market Performance**: Canadian rapeseed rose slightly [64] - **Analysis**: There is no news of resuming the import of Canadian rapeseed. Inventory levels of rapeseed, rapeseed meal, and rapeseed oil are different. Consider a buy - near and sell - far strategy for rapeseed meal [64][65] Cotton - **Market Performance**: Domestic Zheng cotton fell slightly, and international cotton fell 0.7% [66] - **Analysis**: China's cotton production is expected to be high, and international cotton is under seasonal pressure. It may run weakly [66][67] Sugar - **Market Performance**: Zheng sugar oscillated, and international raw sugar rebounded 2% [69] - **Analysis**: Brazilian sugar production is expected to increase, and China will face pressure from domestic and imported sugar. It may oscillate [69][72] Apples - **Market Performance**: Domestic apple futures oscillated at a high level [73] - **Analysis**: The opening price is higher than last year, inventory is lower, and the quality of late - maturing apples is poor. It may run strongly [73][76] Hogs - **Market Performance**: The national average hog price fell, and the main contract fell 0.55% [77][78] - **Analysis**: Supply pressure may increase in the second half of the month. Consider short - selling on rebounds [77][78] Eggs - **Market Performance**: The average price of eggs in the main producing areas fell, and the main contract fell 3.25% [79][82] - **Analysis**: Egg production is at a high level, but supply may improve marginally. Consumption may be weak. Hold short positions [79][82] Corn and Starch - **Market Performance**: Corn and corn starch main contracts rose slightly [83] - **Analysis**: New - season corn production is high, import may increase, and demand is slightly increasing. For corn, wait and see; for corn starch, it may follow the corn market [83][85]