投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2025-12-10 贵⾦属震荡偏强，银价展现韧性 1）美国总统特朗普可能调整关税以降低部分商品价格。特朗普表 示，将是否支持立即大幅降息作为挑选新任美联储主席的试金石。 2）ADP周度就业报告：截至11月22日的4周内，私人部门雇主平均每 周增加4750个就业岗位。 3）美国11月NFIB小型企业信心指数为99，前值98.2。 4）日本央行行长植田和男：日本金融体系总体上是稳定的。实现中 长期财政可持续性是政府的职责；确实密切关注日本银行对日本以外 非银行金融机构的风险敞口；汇率应遵循基本面，汇率变动将如何影 响通胀前景，是一个非常重要的问题，若通胀快速加速将调整政策。 相信经济将在第四季度恢复正增长，并在之后持续保持；由于预计核 心通胀率将逐步收敛至2%，因此一直在缓慢调整宽松力度。 价格逻辑： 周二金银价格偏强震荡，银价高位呈现韧性，市场消息面清淡，市场 等待议息会议落地。短期来看，12月FOMC会议降息25BP的预期交易相 对充分，靴子落地后或有调整压力，但幅度可能有限。月内贵金属方 向预计延续震荡向上。一方面，流动性宽松预 ...

1. Report Industry Investment Rating - Gold: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Silver: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] 2. Core View of the Report - Today, precious metals continued to adjust. The delayed - released September non - farm payrolls in the US increased by 119,000, exceeding expectations and the previous value, but the unemployment rate rose slightly by 0.1 percentage points to 4.4%. The weekly initial jobless claims were 223,000, lower than expected and remaining at a low level, showing employment resilience. However, the October non - farm and OPI data won't be released, and the November data will be postponed to mid - November, meaning there will be a lack of key data reference before the next Fed meeting. Fed officials' recent statements have significant differences, and the market's bets on a December rate cut have been fluctuating. On Friday, the New York Fed President's statement that there is still room for interest rate adjustment increased the implied probability of a rate cut in the interest rate market to around 70%. Geopolitically, the US proposed a 28 - point Ukraine peace plan, which was opposed by some European allies, and multi - party games will continue. The strong Nvidia earnings last week supported the US stocks, but then the US stocks sharply corrected, and there are still concerns about the bubble. Short - term market news is complex, and precious metals are in high - level oscillations. Attention should be paid to the directional breakthrough in the technical aspect [1] 3. Summary According to Related Catalogs 3.1 Russia - Ukraine Conflict - US and Ukrainian representatives said the Geneva talks "made progress", and Rubio said Trump was satisfied with the talks report. Zelensky stated that the US peace plan is expected to incorporate Ukraine's core interests. Europe put forward a counter - proposal to the 28 - point plan, including the US providing NATO Article 5 - style protection, Ukraine not using military means to recover occupied territories, territorial negotiations based on the current military contact line, and allowing Ukraine to join NATO with NATO's consensus. US and Ukrainian officials are discussing Zelensky's visit to the US this week. US Treasury Secretary Bessent said Trump is pressuring Russia to end the conflict and is confident that the Russia - Ukraine peace process is advancing. Trump thinks November 27 is a suitable deadline for Ukraine to accept the peace agreement terms [2] 3.2 Fed - Williams believes there is still room for a rate cut in the near term. Collins thinks there is a reason to be cautious about a December rate cut and expects further rate cuts in the future. Milan will support a 25 - basis - point rate cut if his vote is decisive. Logan believes the Fed needs to "temporarily keep interest rates unchanged" when inflation is still high and the labor market is generally balanced [2]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The dovish signal from New York Fed President Williams last Friday increased the market's expectation of a December interest - rate cut from less than 40% to over 70%, boosting the stock and precious - metal markets. However, there are significant differences within the Fed, which brings uncertainty to the market. Currently, the high - level US dollar index exerts pressure on gold and silver, but due to the potential for interest - rate cuts, the downside space for precious metals is limited. This week, the release of economic data may provide more clues for the Fed's policy path, and gold and silver will seek a breakthrough direction in volatility [9]. 3. Summary by Relevant Catalogs Market Review - Precious metals: London gold traded around $4060, and London silver around $50. Driven by the overseas market, Shanghai gold closed down 0.52% at 930.32 yuan/gram, and Shanghai silver's main contract closed down (the percentage is missing in the text) at 11,808 yuan/kilogram [3]. - US dollar index: It fluctuated slightly at a high level, currently trading around 100.17 [4]. - US Treasury yields: The 10 - year US Treasury yield was horizontally consolidated, currently trading around 4.067% [5]. - RMB exchange rate: The RMB weakened slightly against the US dollar, currently trading around 7.106 [6]. Important Information - US macro data: The preliminary November 2025 S&P Global Manufacturing PMI was 51.9 (4 - month low), the Services PMI was 55 (4 - month high), and the Composite PMI was 54.8 (4 - month high). The final November 2025 University of Michigan Consumer Confidence Index was 51 (expected 50.5, previous 50.3), and the one - year inflation rate expectation was 4.5% (previous 4.70%) [7]. - Fed views: Williams believes the Fed can cut rates "soon" without harming the inflation target; Collins is cautious about a December rate cut but expects further cuts; Milan would support a 25 - basis - point rate cut if his vote is decisive; Logan thinks the Fed should "keep interest rates unchanged for the time being" [7]. - Fed observation: The probability of a 25 - basis - point rate cut in December is 69.4%, and the probability of keeping rates unchanged is 30.6%. By January next year, the probability of a cumulative 25 - basis - point rate cut is 56.9%, the probability of keeping rates unchanged is 20.8%, and the probability of a cumulative 50 - basis - point rate cut is 22.3% [7]. Logical Analysis Williams' dovish remarks raised the market's expectation of a December rate cut, but the internal differences in the Fed still bring uncertainty. The high - level US dollar index pressures gold and silver, but the potential for interest - rate cuts limits their downside. This week's economic data may provide more clues for the Fed's policy, and gold and silver will seek a direction in volatility [9]. Trading Strategies - Single - side: Conservative investors should wait on the sidelines until the market direction is clear. Aggressive investors can cautiously try to go long at lows near the 20 - day moving average [10]. - Arbitrage: Wait and see [11]. - Options: Wait and see [12]. Data Reference The report provides multiple sets of data charts, including the relationship between the US dollar index and precious metals, real yields and precious metals, domestic and foreign futures trends, futures - spot trends, internal - external price differences, ETF holdings, futures trading volume, futures inventory, trading volume, TD data, and Treasury yields and break - even inflation rates, to help analyze the precious - metals market [15][17][18][20][23][26][30][38][43][44][47][50][55].

Report Summary 1) Report Industry Investment Rating - Gold and silver are rated ★★★, indicating a clearer long/short trend and a relatively appropriate current investment opportunity [1]. 2) Core View of the Report - Overnight, precious metals fluctuated with sharp intraday movements. The Fed's October meeting minutes showed significant differences among officials, and the market's expectation of a December interest rate cut dropped below 40%. The market is waiting for the belatedly released September non - farm payroll data to weigh the economic and monetary policy outlook. However, the October data will not be released, the November data is postponed, and the Fed's December meeting resolution still faces a dilemma of lacking data support. Precious metals are oscillating at high levels, waiting for new drivers and technical directional guidance [1]. 3) Other Key Information - It is reported that the US and Russia secretly drafted a 28 - point peace negotiation framework, which requires Ukraine to cede territory, disarm, and restrict weapons. The discussion of this framework hardly consulted Ukraine or Europe. White House officials expect Russia and Ukraine to reach a framework agreement before the end of November, but Ukraine opposes the agreement [2]. - The US authorities canceled the October non - farm payroll report, and the November report is rescheduled to be released on December 16th. That is, the Fed will lack the latest non - farm data reference during its December interest rate meeting. Milan said there is a "possibility" of further reducing its balance sheet in the future. Trump's joke about the Treasury Secretary insinuated Powell. The Fed's October meeting minutes showed that officials had significant differences: during the October interest rate cut, several people opposed the cut, and some others were in favor of a cut but also accepted keeping the interest rate unchanged. Several people thought that the interest rate should be cut again in December, and many people thought it should remain unchanged [2].

Core Insights - The conference held in Shanghai focused on exploring a credible collaborative model for the allocation of bulk commodity resources, emphasizing the importance of credit construction and collaborative innovation in the bulk commodity market [1] Group 1: Conference Highlights - The event was supported by the Shanghai Municipal Commission of Commerce and aimed to showcase significant practical achievements in building an integrated collaborative system of "registration + storage + finance" for bulk commodities [1] - Liu Min, Deputy Director of the Shanghai Municipal Commission of Commerce, highlighted the high proportion of bulk commodities in both domestic and foreign trade, underlining their importance for supply chain security and enhancing urban core functions [1] Group 2: Registration System Expansion - The national bulk commodity warehouse receipt registration center (全仓登) expanded its registration scope by adding six non-ferrous metal varieties, including aluminum, lead, zinc, tin, nickel, and silver, bringing the total registered varieties to 13 with over 12.1 million tons of registered warehouse receipts and inventory [2] - The center awarded licenses to major domestic logistics groups for the first batch of cooperative warehouses, establishing a credible warehousing network to ensure the safety and ownership of goods corresponding to electronic warehouse receipts [2] Group 3: Financial Collaboration - A strategic cooperation agreement was signed between the national bulk commodity warehouse receipt registration center and the Shanghai Clearing House to explore a safe and efficient clearing model for warehouse receipt transfers [3] - Major banks, including Industrial and Commercial Bank of China, Bank of Communications, Shanghai Pudong Development Bank, and Jiangsu Bank, signed agreements to expand financing scenarios for warehouse receipt pledges, thereby broadening financing channels for industry chain enterprises [3] Group 4: Future Directions - The establishment of a trade, finance, and data infrastructure centered on warehouse receipt registration is viewed as a key measure for upgrading the bulk commodity market [4] - The national bulk commodity warehouse receipt registration center aims to create a credible trading environment for bulk commodities, facilitating Shanghai's development as a global resource allocation hub and supporting the construction of a unified national market [4]

Group 1 - Domestic commodities mostly declined on October 31, with lithium carbonate dropping over 3%, and other commodities like 20 rubber, methanol, and silicon iron falling over 2% [1][5] - The China Securities Commodity Futures Price Index closed at 1474.01 points, down 3.29 points or 0.22% from the previous trading day [1] - The main contract for polysilicon rose by 2.73%, driven by positive rumors regarding "storage" initiatives, reaching a two-month high [2] Group 2 - Precious metals, including gold and silver, recorded gains of over 1%, influenced by overseas market conditions and ongoing uncertainties in the U.S. economy [3] - The market for polysilicon is expected to see a supply contraction in November, further supporting price increases despite weak demand [2] - Other commodities like soybean meal, No. 2 yellow soybeans, and corn showed slight increases, contrasting with the overall market trend [4]

1. Report Industry Investment Ratings No information provided in the content. 2. Core Views of the Report - For most commodities, the market shows various trends and risks, and different trading strategies are recommended according to the specific situation of each commodity [5][7][9] - Some commodities have experienced significant price changes, and investors are advised to take corresponding profit - taking or risk - control measures [8][10] 3. Summary by Commodity Treasury Bonds - Previous trading day: Treasury bond futures opened low and closed higher across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising 0.34%, 0.11%, 0.10%, and 0.02% respectively [5] - Market situation: The central bank conducted 91 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 91 billion yuan. The IMF slightly raised the global economic growth forecast for this year. The macro - economy has stable data but weak recovery momentum, and monetary policy is expected to remain loose [5][6] - Strategy: It is expected that there will be no trend - based market, and caution should be maintained [6] Stock Index Futures - Previous trading day: Stock index futures showed mixed performance, with the main contracts of IF, IH, IC, and IM falling by 1.14%, 0.09%, 2.93%, and 2.16% respectively [7] - Market situation: The domestic economy is stable but has weak recovery momentum, and corporate profit growth is at a low level. However, domestic asset valuations are low, and the economy has sufficient resilience. Market sentiment has warmed up, and incremental funds have entered the market [7] - Strategy: It is expected that volatility will increase, and existing long positions can be gradually liquidated for profit [8] Precious Metals - Previous trading day: The closing price of the gold main contract was 938.98, up 1.23%, and the night - session closing price was 949.76; the closing price of the silver main contract was 11,533, up 0.02%, and the night - session closing price was 11,732 [9] - Market situation: The global trade and financial environment is complex. The trends of "anti - globalization" and "de - dollarization" are beneficial to the allocation and hedging value of gold. Central bank gold purchases and the expected Fed rate cuts also support precious metals. However, the recent increase has been significant [9] - Strategy: Previous long positions can be appropriately liquidated for profit [10] Rebar and Hot - Rolled Coils - Previous trading day: Rebar and hot - rolled coil futures oscillated weakly. The spot price of Tangshan billet was 2,940 yuan/ton, Shanghai rebar was 3,050 - 3,220 yuan/ton, and Shanghai hot - rolled coils were 3,270 - 3,290 yuan/ton [11] - Market situation: In the medium term, prices are determined by supply - demand. Rebar demand is declining year - on - year, but there is a slight improvement in the traditional peak season. Supply capacity is still excessive, and recent output has declined. Rebar inventory is higher than last year. The fundamentals of hot - rolled coils are similar to rebar [11][12] - Strategy: The medium - term weakness of rebar prices is difficult to change. Investors can consider shorting at high levels during rebounds and pay attention to position management [12] Iron Ore - Previous trading day: Iron ore futures corrected significantly. The spot price of PB fines was 778 yuan/ton, and that of Super Special fines was 700 yuan/ton [14] - Market situation: National pig iron production supports demand. Supply has increased since the second quarter, but imports and domestic production are still down year - on - year. Port inventory is lower than last year. In the short term, supply - demand supports prices, but may weaken in the medium term [14] - Strategy: Investors can consider buying on dips and pay attention to position management [14] Coking Coal and Coke - Previous trading day: Coking coal and coke futures oscillated weakly. Coking coal supply pressure is not significant, and demand shows some improvement. Coke prices have been adjusted, and the first - round increase is gradually taking effect [16][17] - Market situation: Coking coal production is normal, and demand for replenishment exists. Coke production and demand are relatively stable [16][17] - Strategy: Investors can consider buying on dips and pay attention to position management [17] Ferroalloys - Previous trading day: The manganese - silicon main contract fell 0.14% to 5,738 yuan/ton, and the silicon - iron main contract fell 0.44% to 5,378 yuan/ton. Spot prices also declined [19] - Market situation: Manganese ore shipments from Gabon decreased, and Australian ore supply increased. Port manganese ore inventory decreased slightly, and prices stabilized at a low level. Ferroalloy production costs increased, but demand was weak, and supply was excessive in the short term [19][20] - Strategy: In the short term, supply may remain excessive. After a decline, investors can consider long positions when the spot market falls into a loss - making range [20] Crude Oil - Previous trading day: INE crude oil oscillated downward due to the expected signing of a Middle - East peace agreement [21] - Market situation: CFTC data shows that US fund managers are bearish on crude oil. US oil and gas rig counts decreased. The Russia - Ukraine war continues to support prices, but the expected peace agreement in the Middle East is negative for prices [21][22] - Strategy: Temporarily hold off on trading the main crude oil contract [23] Fuel Oil - Previous trading day: Fuel oil oscillated downward following crude oil. The spot spreads of Asian ultra - low - sulfur and high - sulfur fuel oils declined. Singapore high - sulfur fuel oil inventory is high, and there is a shortage of medium - sulfur fuel oil [24] - Market situation: The Russia - Ukraine war supports prices, but the easing of Middle - East geopolitical risks leads to a decline in crude oil and fuel oil [24] - Strategy: Expand the price spread between high - and low - sulfur fuel oils for the main fuel oil contract [25] Synthetic Rubber - Previous trading day: The synthetic rubber main contract fell 1.42%. The mainstream price in Shandong decreased to 11,000 yuan/ton, and the basis was stable [26] - Market situation: The raw material side is bearish, and private supply is expected to increase. The utilization rate of high - cis butadiene rubber production capacity is high, demand is better than expected, and inventory shows different trends [26] - Strategy: It is expected to oscillate [27] Natural Rubber - Previous trading day: The main contracts of natural rubber and 20 - grade rubber fell 0.97% and 0.79% respectively. The Shanghai spot price was stable at around 14,300 yuan/ton, and the basis widened [28] - Market situation: Affected by Sino - US trade frictions, the overall sentiment is bearish. Supply disturbances have slowed down, and demand from tire factories has decreased during the holiday. After the holiday, supply disturbances are uncertain, and demand may recover [28] - Strategy: Pay attention to long - position opportunities [29] PVC - Previous trading day: The PVC main contract fell 0.43%. Spot prices decreased by 10 - 20 yuan/ton, and the basis was stable [30] - Market situation: The oversupply situation persists, but the downward space may be limited. After the holiday, focus on exports and supply reduction. Supply capacity utilization decreased, demand from downstream industries was weak, and inventory increased [30] - Strategy: Pay attention to changes on the supply side [30] Urea - Previous trading day: The urea main contract fell 0.50%. The price in Shandong Linyi was stable at 1,520 yuan/ton, and the basis was stable [31] - Market situation: After the holiday, focus on exports and cost changes. Supply has increased, and demand from downstream products has fluctuated slightly. Inventory is higher than expected [31] - Strategy: The downward space is limited [32] PX - Previous trading day: The PX main contract fell 1.58%. The PXN spread was adjusted to 220 US dollars/ton, and the PX - MX spread was 100 US dollars/ton [33] - Market situation: PX load increased, and some devices are under maintenance. Imports increased in August. In the short term, supply - demand is looser, and the cost side is weak, but the PXN spread is relatively strong [33] - Strategy: PX may adjust weakly in the short term. Pay attention to position management, external crude oil changes, and macro - policy changes [33] PTA - Previous trading day: The PTA2601 main contract fell 1.6%. Supply decreased due to some device shutdowns, and demand increased as polyester load rose. Processing fees were under pressure [34][35] - Market situation: In the short term, processing fees may improve, and inventory is low, but demand improvement is limited, and external crude oil prices are weak [35] - Strategy: PTA may oscillate. Be cautious, control risks, and pay attention to oil price changes [35] Ethylene Glycol - Previous trading day: The ethylene glycol main contract fell 1.24%. Supply increased as some devices restarted, and inventory increased. Demand improvement was limited, and the cost of crude oil was weak [36] - Market situation: In the short term, it may oscillate weakly. Pay attention to port inventory and import changes [36] - Strategy: Follow cost changes and pay attention to risk control and macro - policy adjustments [38] Short Fibers - Previous trading day: The short - fiber 2512 main contract fell 1.24%. Supply was at a relatively high level, and demand improved slightly. Cost support was weak [37][38] - Market situation: In the short term, it may oscillate following cost changes. Pay attention to cost changes and macro - policy adjustments [38] - Strategy: Follow cost changes and pay attention to risk control and macro - policy adjustments [38] Bottle Chips - Previous trading day: The bottle - chip 2512 main contract fell 1.17%. Supply increased, and demand from the downstream soft - drink industry decreased slightly, but exports remained high [39] - Market situation: In the short term, it is expected to oscillate following cost changes. Pay attention to risk control [39] - Strategy: Follow cost changes and pay attention to risk control [39] Lithium Carbonate - Previous trading day: The main contract rose 0.5% to 72,680 yuan/ton. Supply is at a high level, and demand from the energy - storage and power - battery sectors has improved. Inventory is gradually decreasing but remains high [40] - Market situation: In the short term, it may return to a supply - surplus situation, and prices may weaken. Pay attention to the sustainability of consumption [40][41] - Strategy: Pay attention to the sustainability of consumption [41] Copper - Previous trading day: Shanghai copper opened high and closed low due to uncertainties in US tariffs on China. The spot price increased, but downstream buying was weak [43] - Market situation: The closure of an Indonesian copper mine supports prices. Goldman Sachs' price forecast is lower than expected. Sino - US negotiations bring uncertainties [43] - Strategy: Temporarily hold off on trading the Shanghai copper main contract [44] Tin - Previous trading day: The main contract fell 0.76% to 280,000 yuan/ton. The supply from the mine end is tight, and demand shows some resilience. Inventory is decreasing [45] - Market situation: It is expected to oscillate strongly. Pay attention to the risk of accelerated mine resumption and lower - than - expected consumption [45][46] - Strategy: It is expected to oscillate strongly. Pay attention to the risk of accelerated mine resumption and lower - than - expected consumption [45][46] Nickel - Previous trading day: The main contract fell 0.17% to 120,870 yuan/ton. Concerns about supply resurfaced, but the price of high - grade nickel ore is supported. Stainless - steel consumption is weak, and inventory is relatively high [48] - Market situation: It is expected to oscillate. Pay attention to the risk of significant improvement in macro - policies [48][49] - Strategy: It is expected to oscillate. Pay attention to the risk of significant improvement in macro - policies [48][49] Soybean Oil and Soybean Meal - Previous trading day: The main contracts of soybean meal and soybean oil fell 1.16% and 0.51% respectively. The spot prices were stable. US and Brazilian soybean production is progressing smoothly, and there are concerns about US soybean exports [50] - Market situation: Domestic soybean supply is abundant, and the profit of oil mills has declined. Demand for soybean meal may increase slightly, and soybean oil consumption is under pressure [50][51] - Strategy: Consider long - position opportunities for soybean meal call options after adjustment. Temporarily hold off on trading soybean oil [51] Palm Oil - Previous trading day: Malaysian palm oil fell for the third consecutive day. Inventory in September increased, and exports in October showed an increase. Chinese imports increased in August, and inventory is at a medium level [52] - Market situation: Consider a long - position strategy on dips [53] - Strategy: Consider a long - position strategy on dips [53] Rapeseed Meal and Rapeseed Oil - Previous trading day: Canadian rapeseed prices rose. China has purchased a large amount of Australian rapeseed. Domestic imports of rapeseed, rapeseed meal, and rapeseed oil increased in August. Inventory is at different levels [54][55] - Market situation: Consider a long - position strategy on dips for rapeseed oil [56] - Strategy: Consider a long - position strategy on dips for rapeseed oil [56] Cotton - Previous trading day: Domestic cotton oscillated, and the outer - market cotton rebounded. US cotton production is expected to increase, and there are concerns about Sino - US trade frictions. Domestic cotton production is expected to increase significantly [57][58] - Market situation: Cotton prices are expected to remain under pressure. The domestic - foreign price difference is large, and there is hedging pressure [58] - Strategy: Cotton prices are expected to remain under pressure [59] Sugar - Previous trading day: Zhengzhou sugar fell to a new low, and the outer - market sugar rebounded. Brazilian sugar production increased in September, and the global sugar supply is expected to be in surplus in the new season. Chinese imports increased [60] - Market situation: Consider a wait - and - see strategy. The short - term price may have support [61][62] - Strategy: Consider a wait - and - see strategy [62] Apples - Previous trading day: Domestic apple futures fell slightly. Early - maturing apples had different price trends, and late - maturing apples are about to be listed. The national apple production is expected to increase slightly [63] - Market situation: Consider a wait - and - see strategy. The opening price of late - maturing apples is likely to be higher than last year [63][64] - Strategy: Consider a wait - and - see strategy [64] Live Pigs - Previous trading day: The national average price of live pigs rose to 10.89 yuan/kg. The supply in the north has increased, and the price has stabilized and rebounded. The supply in the south has increased, and the price is stable. The inventory of sows has decreased slightly [65] - Market situation: Consider holding existing short positions and using reverse - arbitrage strategies. Pay attention to the supply rhythm and the entry of second - fattening pigs [65][66] - Strategy: Consider holding existing short positions and using reverse - arbitrage strategies. Pay attention to the supply rhythm and the entry of second - fattening pigs [65][66] Eggs - Previous trading day: The average price of eggs in the main production areas was stable, and that in the main sales areas decreased slightly. The cost is high, and the inventory of laying hens is at a high level. The consumption after the holiday is weak [67] - Market situation: Consider holding existing short positions and adding short positions on rebounds. Pay attention to the change in the culling sentiment and cost collapse [67][68] - Strategy: Consider holding existing short positions and adding short positions on rebounds. Pay attention to the change in the culling sentiment and cost collapse [67][68] Corn and Corn Starch - Previous trading day: The main contracts of corn and corn starch fell. US corn harvesting is progressing smoothly. Domestic demand for corn is slightly increasing, and the inventory of corn starch is at a high level [69][70] - Market situation: Corn prices are expected to remain under pressure. Consider a wait - and - see strategy. Corn starch may follow the corn market [70][71] - Strategy: Corn prices are expected to remain under pressure. Consider a wait - and - see strategy. Corn starch may follow the corn market [70][71]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures market was boosted by brokerage stocks, with the index fluctuating upwards. The bond market was cautious due to the strong stock market and concerns about the new regulations on fund sales fees. The precious metals market continued to rise strongly due to the ongoing fermentation of the US government shutdown crisis. The shipping index (European line) showed a weak and volatile trend, and it was recommended to go long on the 12 and 02 contracts. The copper price remained high due to supply concerns. The alumina market was in a pattern of high supply, high inventory, and weak demand, with a downward - pressured price. The aluminum market was supported by the peak - season effect and inventory inflection point, with the price expected to fluctuate within a certain range. The zinc market was expected to remain volatile under the background of supply and demand. The tin price rose significantly at night due to Indonesia's crackdown on illegal tin mines. The nickel market was expected to maintain an interval shock. The stainless steel market was mainly in a short - term shock adjustment, and the lithium carbonate market was expected to fluctuate and sort out. The steel market's inventory pressure was not large, and the iron ore market was in a balanced and tight pattern but was dragged down by the weak finished products. The coking coal and coke markets were expected to fall after the peak due to the end of pre - holiday replenishment. The粕 market had supply pressure in the near - term, and the pig market was in a situation of loose supply and demand with a weak adjustment of the spot price before the National Day [2][5][8][12][13][19][22][25][32][36][39][42][46][49][51][56][63][64][67] Summary by Directory Financial Futures Stock Index Futures - **Market Situation**: On Monday, A - share major indexes fluctuated upwards and closed higher. The Shanghai Composite Index rose 0.90%, the Shenzhen Component Index rose 2.05%, and the ChiNext Index rose 2.74%. The four major stock index futures contracts also rose, and the basis spread of the main contracts was repaired to some extent [2][3] - **News**: Domestically, the Politburo meeting studied the 15th Five - Year Plan, and the National Development and Reform Commission supported enterprises to participate in the "Artificial Intelligence +" action. Overseas, South Korea and the US reached an agreement on exchange - rate issues [3][4] - **Funding**: On September 29, the trading volume of the A - share market increased slightly, with a total turnover of 2.16 trillion yuan. The central bank conducted a net investment of 481 billion yuan through reverse repurchase operations [4] - **Operation Suggestion**: After the Fed cut interest rates as expected, the market digested the expectation and turned to shock. It was recommended to lightly short the put option of MO2511 with an exercise price near 6800 to collect the premium [4] Treasury Futures - **Market Performance**: Treasury futures closed lower across the board. The 30 - year main contract fell 0.47%, the 10 - year main contract fell 0.01%, the 5 - year main contract fell 0.04%, and the 2 - year main contract fell 0.02% [5] - **Funding**: The inter - bank market's capital was generally stable on Monday, but there were structural contradictions at the end of the quarter. The central bank's continuous net investment of reverse repurchase made the cross - quarter funds generally stable [7] - **Operation Suggestion**: Due to the strong stock market and concerns about the new regulations on fund sales fees, the bond market sentiment was cautious. It was recommended to wait and see in the short - term and pay attention to economic data [7] Precious Metals - **Market Review**: The US government shutdown crisis continued to ferment, and the US and the Democratic Party had differences on the temporary spending bill. The US Bureau of Labor Statistics announced an emergency plan in case of a government shutdown [8] - **Market Performance**: Overnight, precious metals continued to rise strongly. The international gold price broke through the $3800 mark, and the international silver price also rose [10] - **Outlook**: In the fourth quarter, the Fed's policy and political situation in Europe and the US would drive the price of precious metals to new highs. It was recommended to buy wide - straddle options before the National Day and buy out - of - the - money call options later. For silver, it was recommended to buy on dips [11] Shipping Index (European Line) - **Spot Quotation**: As of September 30, the freight quotes for Shanghai - European basic ports of different shipping companies were provided. As of September 29, the SCFIS European line index and the SCFI composite index both declined [12] - **Logic**: The futures market was weakly volatile. Only CMA announced the price for November, and it was recommended to go long on the 12 and 02 contracts [13] Non - ferrous Metals Copper - **Spot**: As of September 29, the average price of SMM electrolytic copper and SMM Guangdong electrolytic copper decreased. The trading was quiet [13] - **Macro**: The Fed cut interest rates by 25BP in September, and the "dot plot" predicted two more interest rate cuts within the year [14] - **Supply**: The Grasberg mine accident increased supply concerns. The spot TC of copper concentrate was at a low level, and the domestic electrolytic copper production was expected to decline in September [16] - **Demand**: The operating rate of copper rod production increased. The demand in the fourth quarter might weaken marginally, but the overall demand was resilient [17] - **Inventory**: LME copper inventory decreased, while COMEX copper and domestic social inventory increased [18] - **Logic**: The copper price was expected to benefit from potential interest rate cuts. The supply was expected to tighten in the fourth quarter, and the demand was resilient. It was recommended to hold long positions [19] Alumina - **Spot**: On September 29, the spot prices of alumina in various regions decreased. The supply pattern was gradually loosening, and the inventory continued to accumulate [19] - **Supply**: In August, the production of metallurgical - grade alumina in China increased. The operating capacity was expected to continue to increase slightly in September [20][21] - **Inventory**: As of September 25, the port inventory decreased, the factory inventory of electrolytic aluminum increased, and the total registered quantity of alumina warehouse receipts increased [21] - **Logic**: The alumina market was in a pattern of high supply, high inventory, and weak demand. The price was expected to be under pressure, and the main contract was expected to fluctuate between 2850 - 3150 yuan/ton [22] Aluminum - **Spot**: On September 26, the average price of SMM A00 aluminum decreased, and the premium also decreased [23] - **Supply**: In August, the domestic electrolytic aluminum production increased, and the proportion of molten aluminum increased [23] - **Demand**: The downstream industries were in the transition from the off - season to the peak season, and the operating rate generally increased [23] - **Inventory**: As of September 25, the domestic mainstream consumption area's electrolytic aluminum ingot inventory decreased, and the LME aluminum inventory remained unchanged on September 29 [24] - **Logic**: The Fed's interest rate cut brought uncertainty, but the domestic macro - environment was warm. The supply was high, the cost support was weakened, and the demand was in the peak season. The inventory inflection point appeared, and the price was expected to fluctuate between 20,600 - 21,000 yuan/ton [25] Aluminum Alloy - **Spot**: On September 29, the average price of SMM aluminum alloy ADC12 remained unchanged [27] - **Supply**: In August, the production of recycled aluminum alloy ingots decreased, and the operating rate decreased. It was expected to increase slightly in September [27] - **Demand**: In August, the terminal demand for cast aluminum alloy was weak, but it showed a marginal improvement in the transition period. It was expected to recover moderately in September [27] - **Inventory**: As of September 25, the social inventory of aluminum alloy increased slightly [28] - **Logic**: The price of cast aluminum alloy futures fluctuated with the aluminum price. The supply was still tight, the cost support was significant, and the demand recovered moderately. The price was expected to remain high and volatile, and the main contract was expected to operate between 20200 - 20600 yuan/ton [29] Zinc - **Spot**: On September 29, the average price of SMM 0 zinc ingot decreased, and some downstream enterprises replenished inventory at low prices [30] - **Supply**: The supply of zinc ore was loose, and the domestic zinc ingot production increased significantly since June. It was expected that the cumulative production from January to September would increase by more than 9% year - on - year [31] - **Demand**: The operating rate of primary processing industries was in line with the peak - season performance, but the overall demand was still weak [32] - **Inventory**: Both domestic social inventory and LME inventory decreased [32] - **Logic**: The supply was loose, and the demand was not outstanding. The zinc price was expected to remain volatile, and the main contract was expected to operate between 21500 - 22500 yuan/ton [33] Tin - **Spot**: On September 29, the price of SMM 1 tin decreased, and the trading was light [33] - **Supply**: In August, the domestic tin ore import volume decreased slightly, and the import volume from Myanmar increased. The tin ingot import volume decreased [34] - **Demand and Inventory**: In August, the operating rate of the solder industry increased, but the overall demand was still weak. The inventory decreased [35] - **Logic**: The supply of tin ore was tight, and the demand was weak. After Indonesia's crackdown on illegal tin mines, the tin price rose at night. The price was expected to operate between 265000 - 285000 yuan/ton [36] Nickel - **Spot**: As of September 29, the average price of SMM1 electrolytic nickel and imported nickel decreased [36] - **Supply**: In August, the domestic refined nickel production increased, and the monthly production was expected to increase slightly [37] - **Demand**: The demand for electroplating and alloy was stable, the demand for stainless steel was general, and the demand for nickel sulfate was supported in the peak season but had limited sustainability [38] - **Inventory**: Overseas inventory remained high, domestic social inventory was stable, and bonded area inventory decreased [38] - **Logic**: The nickel market was in an interval shock. The Fed's interest rate cut and Indonesian mining policies were factors to be concerned about. The price was expected to operate between 120000 - 125000 yuan/ton [39] Stainless Steel - **Spot**: As of September 29, the price of Wuxi Hongwang 304 cold - rolled stainless steel decreased, and the basis decreased [40] - **Raw Materials**: The price of nickel ore was firm, the price of nickel iron was stable, and the price of ferrochrome increased [40][42] - **Supply**: In August, the domestic stainless steel production increased, and the production in September was expected to continue to increase, mainly in the 300 - series [41] - **Inventory**: The social inventory decreased slowly, and the warehouse receipt quantity decreased [41] - **Logic**: The stainless steel market was in a short - term shock adjustment. The raw material price was firm, but the peak - season demand was not obvious. The main contract was expected to operate between 12600 - 13200 yuan/ton [42] Lithium Carbonate - **Spot**: As of September 29, the average price of battery - grade and industrial - grade lithium carbonate and lithium hydroxide decreased. The trading was light before the holiday [44] - **Supply**: In August, the production of lithium carbonate increased, and the weekly production continued to increase slightly in the recent period, mainly from new projects and lithium spodumene processing [44] - **Demand**: The demand was robust and optimistic, and the orders in September and October were expected to increase [45] - **Inventory**: The whole - link inventory continued to decrease, with the upstream smelter reducing inventory and the downstream replenishing inventory [45] - **Logic**: The supply path was clear, and the demand in the peak season provided support. The price was expected to fluctuate and sort out, and the main contract price was expected to be in the range of 70,000 - 75,000 yuan [46] Black Metals Steel - **Spot**: The spot price of steel decreased. The basis of rebar was 234 yuan, and the basis of hot - rolled coil was - 42 yuan [46] - **Cost and Profit**: The cost of steel had support, and the profit decreased significantly from the high level. The profit order was billet > hot - rolled coil > rebar > cold - rolled coil [47] - **Supply**: From January to August, the iron element production increased by 2800 tons year - on - year, and it was expected to increase by 3700 tons in the first nine months. The rebar production decreased, and the hot - rolled coil production remained high [47][48] - **Demand**: From January to August, the apparent demand for five major steel products was basically flat year - on - year. The export increment was not expected to be large. The apparent demand in August - September decreased, and the inventory of rebar decreased while that of hot - rolled coil increased [48] - **Inventory**: Since August, the inventory has increased significantly. It was expected that the inventory center would continue to rise [48] - **View**: The steel price was expected to fluctuate within a range, with the rebar fluctuating between 3100 - 3350 yuan and the hot - rolled coil between 3300 - 3500 yuan [49] Iron Ore - **Spot**: As of September 29, the price of mainstream iron ore powder decreased [49] - **Futures**: The iron ore 2601 contract closed lower, and the 1 - 5 spread weakened [49] - **Basis**: The basis of different iron ore varieties was provided [49] - **Demand**: As of September 25, the daily average pig iron output, blast furnace operating rate, and iron - making capacity utilization rate increased, and the daily consumption of imported ore also increased [49] - **Supply**: Last week, the global iron ore shipment decreased, and the arrival volume at 45 ports increased [50] - **Inventory**: The port inventory increased, the daily average port clearance volume decreased, and the steel mill's imported ore inventory increased [50] - **View**: The iron ore market was in a balanced and tight pattern but was dragged down by the weak finished products. It was recommended to short the iron ore 2601 contract on rallies, with the range of 750 - 830 yuan [51] Coking Coal - **Futures and Spot**: The coking coal 2601 contract closed lower, and the 1 - 5 spread weakened. The spot price of coking coal was strong, and the Mongolian coal price followed the futures to rise and then fall [52] - **Supply**: This week, the main - producing area coal mines continued to resume production, and the Mongolian coal price increased. The port was closed for 7 days during the National Day holiday [56] - **Demand**: The pig iron output continued to rise, and the coking plant's operation was stable, with the downstream replenishment demand increasing [56] - **Inventory**: The coal mine and port inventory decreased, while the port, coal - washing plant, coking plant, and steel mill inventory increased [55] - **View**: It was recommended to short the coking coal 2601 contract on rallies, with the range of 1150 - 1300 yuan [56] Coke - **Futures and Spot**: The coke 2601 contract closed lower, and the 1 - 5 spread remained unchanged. The mainstream coking enterprises proposed a price increase, which was accepted by some steel mills and would be implemented on October 1 [58] - **Profit**: The average national profit per ton of coke was - 34 yuan/ton [59] - **Supply**: Due to the rise in coking coal prices, some coking enterprises suffered losses, and the operation rate decreased [63] - **Demand**: The steel mill continued to resume production, and the pig iron output continued to rise slightly [61] - **Inventory**: The coking plant and port inventory decreased, while the steel mill inventory increased [62] - **View**: It was recommended to short the coke 2601 contract on rallies, with the range of 1550 - 1750 yuan [63] Agricultural Products Meal - **Spot Market**: On September 29, the domestic soybean meal spot price was stable, and the vegetable meal price increased by 0 - 10 yuan/ton. The transaction volume of soybean meal increased, and the opening rate of oil mills decreased [64] - **Fundamentals**: The US soybean export sales and drought situation, Argentina's export tax policy, China's purchase of Argentine soybeans, and the EU's oilseed import situation were reported [64][65] - **Outlook**: The domestic soybean meal supply was abundant, and the near - term price was under

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report 2. Core Viewpoints of the Report - The market's expectation of multiple interest rate cuts by the Fed within this year has been further consolidated due to the mild rebound of the US CPI in August, the disappointing non - farm payroll data in August, and the significant annual downward revision of previous data, which highlights the fragility of the US labor market. In the short term, the expectation of the exhaustion of positive factors and the continuous concern about the medium - term "stagflation - like" risk may intensify the long - short game of precious metals near historical highs and amplify their volatility [8][10] 3. Summary by Relevant Catalogs Market Review - In the precious metals market, during the day, the outer - market precious metals fluctuated narrowly near historical highs, with London gold trading around $3641 and London silver around $42.2. Driven by the outer - market, Shanghai gold closed up 0.1% at 831.6 yuan/gram, and the main Shanghai silver contract closed up 0.88% at 10,017 yuan/kilogram [3] - The US dollar index was consolidating at a low level, trading around 97.56 [4] - The 10 - year US Treasury yield rebounded slightly, trading around 4.07% [5] - The RMB exchange rate against the US dollar was consolidating at a high level, trading around 7.123 [6] Important Information - US macro: The preliminary value of the one - year inflation rate expectation in September in the US was 4.8% (expected 4.7%, previous value 4.80%), and the preliminary value of the University of Michigan consumer confidence index in September was 55.4 (expected 58, previous value 58.2) [7] - Trump administration dynamics: On the 12th, Trump urged the US Court of Appeals to approve the dismissal of Fed Governor Cook again. Trump also said that his patience with Russian President Putin was "rapidly running out" and threatened to impose new economic sanctions on Moscow because the efforts to mediate the Russia - Ukraine cease - fire negotiations had been blocked [7] - Fed observation: The probability of the Fed cutting interest rates by 25 basis points this week is 96.4%, and the probability of a 50 - basis - point cut is 3.6%. The probability of a cumulative 25 - basis - point cut in October is 16.0%, a cumulative 50 - basis - point cut is 81.0%, and a cumulative 75 - basis - point cut is 3.0%. The market is betting on interest rate cuts in September, October, and December this year [7] Logical Analysis - The mild rebound of the US CPI in August, combined with the disappointing non - farm payroll data and the significant downward revision of previous data, highlights the fragility of the US labor market, further consolidating the market's expectation of multiple interest rate cuts by the Fed within this year. In the short term, the expectation of the exhaustion of positive factors and the concern about the medium - term "stagflation - like" risk may intensify the long - short game of precious metals near historical highs and amplify their volatility [8][10] Trading Strategies - Unilateral: Conservative investors can consider waiting and seeing for the time being; aggressive investors can consider going long on dips against the 5 - day moving average, paying attention to setting exit points and position management [11] - Arbitrage: Wait and see [12] - Options: Wait and see for the time being [13] Data Reference - The report provides multiple sets of data charts, including the relationship between the US dollar index and precious metals, the relationship between real yields and precious metals, the relationship between domestic and foreign futures prices, the relationship between futures and spot prices, the domestic - foreign price difference, the gold - silver ratio, ETF holdings, futures trading volume, futures inventory, TD data, and the relationship between Treasury yields and the break - even inflation rate [15][17][21]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The report provides a comprehensive analysis of various financial derivatives and commodity futures, including market conditions, news, and operation suggestions for each category [1]. - Different sectors show diverse trends. For example, in the stock index futures market, major indices declined, while in the precious metals market, prices continued to rise due to weak US employment data and increased expectations of interest rate cuts [2][7]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: Major indices opened higher and then declined. The Shanghai Composite Index fell 1.16%, and most sectors adjusted. The four major stock index futures contracts also declined, and the basis of the main contracts decreased. It is recommended to wait and see [2][3][4]. - **Treasury Bond Futures**: The bond market sentiment improved as the stock market fell. Treasury bond futures rose across the board, and the yields of major interest - rate bonds generally declined. It is recommended to use interval operations and pay attention to the basis convergence strategy of the TL contract [5][6]. Precious Metals - Gold and silver prices continued to rise. Weak US employment data strengthened the expectation of interest rate cuts, and the decline in US Treasury yields increased the demand for precious metals. Gold reached a record high of $3559.02 per ounce, and silver closed at $41.19 per ounce. It is expected that gold may rise above $3600, and silver may quickly rise above $42, but caution is needed [7][8][9]. Container Shipping on European Routes - The spot price of container shipping continued to decline, and the futures market was expected to fluctuate. The 12 - 10 month - spread arbitrage strategy can be considered [10][11]. Commodity Futures Non - ferrous Metals - **Copper**: The center of copper price has risen due to the improvement of interest rate cut expectations. However, the upside space is limited, and it is expected to fluctuate. The main contract is recommended to operate in the range of 79000 - 81000 yuan/ton [12][13][16]. - **Alumina**: The market presents a pattern of "high supply, high inventory, and weak demand". The price is expected to fluctuate weakly, and it is recommended to consider short - selling at high prices in the medium term. The main contract is expected to operate in the range of 2900 - 3200 yuan/ton [17][18]. - **Aluminum**: The price is expected to fluctuate widely in the range of 20400 - 21000 yuan/ton. It is necessary to pay attention to the pressure level of 21000 yuan/ton and the actual start of peak - season demand [19][20][21]. - **Zinc**: The refined zinc output is higher than expected, and the domestic inventory continues to accumulate. The price is expected to fluctuate in the range of 21500 - 23000 yuan/ton [23][24][26]. - **Tin**: The supply remains tight, and the price fluctuates at a high level. It is recommended to wait and see, and the price is expected to fluctuate in the range of 265000 - 285000 yuan/ton [26][27][29]. - **Nickel**: The price is expected to adjust in the range of 118000 - 126000 yuan/ton. It is necessary to pay attention to macro - expectations and import/export conditions [29][30][31]. - **Stainless Steel**: The price is expected to fluctuate in the range of 12600 - 13400 yuan/ton. It is necessary to pay attention to raw material dynamics and the realization of peak - season demand [32][33][35]. - **Lithium Carbonate**: The market is in a tight - balance state. The price is expected to fluctuate widely after the price center moves down, and it is recommended to wait and see. The main contract is expected to operate in the range of 70000 - 75000 yuan/ton [36][37][38]. Ferrous Metals - **Steel**: The apparent demand for rebar declined, and the steel price maintained a weak downward trend. It is recommended to sell out - of - the - money put options and consider going long on the ratio of steel to iron ore [39][40]. - **Iron Ore**: The global shipment volume increased, and the 45 - port arrival volume rose. The price is expected to fluctuate in the range of 750 - 810 yuan/ton, and it is recommended to go long on iron ore and short on coking coal [41][42][43]. - **Coking Coal**: The price fluctuated weakly. It is recommended to hold short positions and go long on iron ore and short on coking coal [44][46]. - **Coke**: The seventh round of price increase by mainstream coking plants was implemented, but the eighth round was blocked. It is recommended to hold short positions and go long on iron ore and short on coke [47][48][49]. Agricultural Products - **Meal Products**: Sino - US trade has not made substantial progress, and the domestic bullish expectation remains unchanged. It is recommended to wait for the market to stabilize and then go long on the dips [50][52]. - **Hogs**: The supply - demand contradiction in the market is limited. It is recommended to operate cautiously and pay attention to the support levels of 13500 for the 11 - contract and 13800 for the 01 - contract [53][54]. - **Corn**: The short - term market will fluctuate and adjust, and the medium - term trend is weak. It is recommended to go short on the rallies [55][56].