Futures tracking the Dow Jones Industrial Average were flat. S&P 500 futures were up 0.2%, and contracts tied to the Nasdaq added 0.6%, putting the tech-heavy index on course to snap a five-day losing streak. Gold futures rose 2.5% to $4,440 an ounce and silver futures jumped 6.5% to $75.60 an ounce following Saturday's attack on Venezuela. Wall Street is worried that the raid could upend the long-standing global order and make it easier for China and Russia to justify sovereignty violations of their own. S ...

Cryptocurrency Market - Bitcoin is currently held just under $92,000, with traders considering various economic factors including labor data and central bank expectations [1] - The crypto market shows strong resilience, supported by renewed whale accumulation, with ETH whales adding over 450,000 ETH since mid-November [1] - A significant rate cut probability of 93% this month is contributing to buying pressure, with a potential move above $96,000 possibly accelerating Bitcoin's momentum towards $100,000 [1] Asian Markets - Japan's Nikkei 225 fell approximately 1.5%, erasing gains made earlier in the week, while the MSCI Asia Pacific index outside Japan slipped about 0.1% but is on track for a modest weekly gain of around 0.5% [3][4] - Household spending in Japan decreased at the fastest rate in nearly two years in October due to inflationary pressures [4] - The yield on 10-year Japanese government bonds reached 1.94%, the highest since mid-2007, indicating solid demand in recent auctions as investors capitalize on lower bond prices [4] Chinese Markets - Chinese markets displayed mixed results, with the Shanghai Composite down 0.02% and the SZSE Component up about 0.17% [5] - The China A50 index decreased by 0.17%, while DJ Shanghai saw a slight increase of 0.12%, and Hong Kong's Hang Seng index fell by approximately 0.40% [5] European and US Markets - European futures indicated a slightly firmer tone, with DAX futures up about 0.79%, FTSE 100 futures gaining 0.19%, and Euro Stoxx 50 futures adding roughly 0.41% [6] - US stock futures were mixed, with Dow futures down 0.07% and S&P 500 futures up 0.11% [6] - Recent US labor data showed initial jobless claims dropped to the lowest level in over three years, although the Thanksgiving holiday may have influenced the figures [7] Cryptocurrency Prices - Current prices include Bitcoin at $92,387 (down 1.2%), Ether at $3,174 (down 1.1%), and XRP at $2.09 (down 4.6%) [8] - The total cryptocurrency market capitalization stands at $3.22 trillion, reflecting a decrease of 1.3% [8]

Market Disruption - CME Group markets halted due to a cooling issue at CyrusOne data centers [1] - The support team is working to resolve the issue in the near term [1] - The halt affected U S Standard & Poor's 500 Index and Nasdaq futures trading, as well as foreign exchange products [1]

Group 1 - The S&P 500 index mini futures declined by 0.59% [1] - The Nasdaq futures fell by 0.84% [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Futures market conditions during the 2025 National Day holiday varied across different sectors. Some commodities showed price increases due to factors like supply disruptions, geopolitical events, and market sentiment, while others faced downward pressure from factors such as supply - demand imbalances and macroeconomic uncertainties [2][4][9] - Different commodities have different risk levels and corresponding operation strategies based on their specific fundamentals, including factors like supply, demand, inventory, and policy expectations [4][5][6] Summary by Category Financial Futures Index Futures - **Risk Level**: ★★ - **Fundamentals**: The US government shutdown, delayed non - farm data, and changes in global political situations affected the market. Domestic holiday travel and movie consumption showed certain trends [4] - **Operation Strategy**: Focus on IF, IC, IM boosted by the 14th Five - Year Plan [4] Treasury Bonds - **Risk Level**: ★★ - **Fundamentals**: The 10 - year treasury bond rate oscillated around 1.8%, with limited capital gain space. Short - end coupon strategies were relatively stable, but there were risks of increased capital fluctuations in the fourth quarter [5] - **Operation Strategy**: Control duration, prioritize dumbbell - shaped allocation, defend at the short - end, and wait for higher odds for long - end trading [5] Precious Metals Gold - **Risk Level**: ★★ - **Fundamentals**: Delayed non - farm data, lower - than - expected ADP employment data, and the US government shutdown risk drove up the risk - aversion sentiment. There were differences in the market's expectation of the year - end interest rate cut, and the US economic data showed a downward trend [6] - **Operation Strategy**: Hold existing long positions and build new long positions on dips after the holiday [6] Silver - **Risk Level**: ★★ - **Fundamentals**: Similar to gold, and there was still room for the gold - silver ratio to repair during the interest rate cut process [7][8] - **Operation Strategy**: Hold existing long positions, and be cautious about opening new positions [8] Non - ferrous Metals Copper - **Risk Level**: ★★★ - **Fundamentals**: Supply was affected by mine accidents and domestic smelter overhauls. Terminal consumption was weak but had potential for improvement. Inventories were at a low level, and domestic policies might be strengthened [9] - **Operation Strategy**: Hold long positions on dips [9] Aluminum - **Risk Level**: ★★ - **Fundamentals**: The Fed cut interest rates as expected, and there was room for domestic LPR adjustment. Alumina supply was generally loose, while electrolytic aluminum supply was stable with limited growth. Demand entered the peak season, and inventory decreased [11] - **Operation Strategy**: Hold long positions and consider the arbitrage strategy of going long on AD and short on AL [12] Nickel - **Risk Level**: ★★ - **Fundamentals**: Indonesia adjusted the RKAB cycle, which brought uncertainty to the nickel ore supply. Nickel remained in an oversupply situation, and the downstream stainless - steel market was weak [13] - **Operation Strategy**: Observe or hold short positions moderately on rallies [13] Tin - **Risk Level**: ★★ - **Fundamentals**: Supply was tightened due to the closure of illegal tin mines in Indonesia. The semiconductor industry was recovering, and inventories were decreasing [15] - **Operation Strategy**: Hold long positions moderately on dips [14][15] Black Building Materials Steel - **Risk Level**: ★★ - **Fundamentals**: During the holiday, steel billet prices were stable, and iron ore futures rose slightly. The current situation was weak in the industry but strong in the macro - aspect, and attention should be paid to the inventory increase after the holiday [16] - **Operation Strategy**: Observe or conduct short - term trading, and pay attention to the support around 3000 for RB2601 [16] Iron Ore - **Risk Level**: ★★ - **Fundamentals**: Steel mills' profitability was at a relatively high level, and short - term negative feedback was unlikely. The key was whether steel demand could support the high iron - making water output [18] - **Operation Strategy**: Observe or conduct short - term trading [18] Glass - **Risk Level**: ★★ - **Fundamentals**: Market sentiment was boosted by news and price increases of some manufacturers. Supply was stable, demand was in the peak season, and inventories were decreasing [20] - **Operation Strategy**: Maintain the long strategy for the 01 contract, hold existing long positions, and open new long positions on dips, paying attention to the support at 1160 - 1200 [22] Coking Coal and Coke - **Risk Level**: ★★ - **Fundamentals**: Some coal mines in Shanxi had short - term production suspensions, and Mongolian coal imports were expected to increase after the holiday. The first round of coke price increase was implemented, but the second round failed [23] - **Operation Strategy**: Wait and pay attention to the new round of industrial inventory transfer after the holiday [23] Energy and Chemicals Crude Oil - **Risk Level**: ★★ - **Fundamentals**: Geopolitical disturbances did not have a substantial impact on supply. The "supply increase and demand decrease" situation persisted, and prices were under pressure during the holiday [25] - **Operation Strategy**: Consider the market as weak and oscillating [25] PVC - **Risk Level**: ★ - **Fundamentals**: Cost was at a low - profit level, supply was high, and demand was affected by the real - estate market and export policies [27] - **Operation Strategy**: No specific strategy provided in the text Caustic Soda - **Risk Level**: ★ - **Fundamentals**: Focus on post - holiday inventory accumulation. Supply was affected by upstream inventory and liquid chlorine, and demand was increasing marginally [28] - **Operation Strategy**: Consider the market as oscillating, and pay attention to the range of 2450 - 2650 for the 01 contract [28] Urea - **Risk Level**: ★★ - **Fundamentals**: Supply increased, agricultural demand was scattered, and inventory was accumulating. The supply - demand pattern of compound fertilizers improved slightly [31] - **Operation Strategy**: Observe the support at 1600 - 1630 for the 01 contract and the positive arbitrage opportunity after the 1 - 5 spread weakens further [31] Methanol - **Risk Level**: ★★ - **Fundamentals**: Supply increased, the demand of the main downstream (methanol - to - olefins) was strong, and inventories were decreasing [33] - **Operation Strategy**: Conduct range trading, and pay attention to the range of 2330 - 2450 for the 01 contract [33] Soda Ash - **Risk Level**: ★ - **Fundamentals**: Supply was abundant, downstream demand was weak, and upstream faced inventory accumulation pressure after the holiday [35] - **Operation Strategy**: Without policy support, the market may weaken PTA - **Risk Level**: ★★★ - **Fundamentals**: The market changed little during the holiday. After - holiday maintenance of some devices and slow recovery of downstream weaving affected the inventory situation. Cost - end oil prices declined [36] - **Operation Strategy**: The price may oscillate between 4500 - 4800, and producers should conduct hedging on rallies in the fourth quarter [36] Agricultural Products Cotton and Cotton Yarn - **Risk Level**: ★★ - **Fundamentals**: Cotton purchase prices were stable during the holiday. Due to the US government shutdown, US cotton data was suspended, and price fluctuations were small [39] - **Operation Strategy**: Conduct selling hedging on rallies [39] Live Pigs - **Risk Level**: ★★ - **Fundamentals**: Pig prices declined during the holiday due to oversupply. In the long - term, supply will increase before May next year, and prices will be under pressure [40] - **Operation Strategy**: The futures market is expected to open lower. Adopt a long - term short - selling strategy for 11, 01, 03, 05 contracts, be cautious about bottom - fishing for 07, 09 contracts, and pay attention to the arbitrage of going long on 05 and short on 03 [41] Corn - **Risk Level**: ★ - **Fundamentals**: New - season corn prices declined due to concerns about quality and increased supply. Demand was weak in the short - term but had potential for recovery in the long - term [43] - **Operation Strategy**: Adopt a short - selling strategy on the futures market, and wait for rallies to enter short positions [43] Eggs - **Risk Level**: ★★★ - **Fundamentals**: Egg prices were weak during the holiday. Supply growth slowed down, but there was still pressure. There was replenishment demand after the holiday, but prices were under pressure in the long - term [45] - **Operation Strategy**: Hold short positions for the 11 - month contract. Be cautious about short - selling the 12 and 01 contracts, and wait for rallies to enter short positions [46] Meal - **Risk Level**: ★★ - **Fundamentals**: CBOT soybeans rose slightly during the holiday. Domestic soybean supply was expected to be loose in the fourth quarter, and soybean meal inventory was increasing. Prices were expected to rise slightly in November [48] - **Operation Strategy**: Hold long positions on dips and reduce positions on rallies for M2601, and pay attention to the support at 2900 - 2930 [48] Oils - **Risk Level**: ★★★ - **Fundamentals**: Palm oil and soybean oil prices rose slightly during the holiday. Malaysian palm oil exports were strong, and there was a possibility of inventory reduction. Domestic oil inventories were high in the short - term [50] - **Operation Strategy**: Adopt a long - buying strategy on dips for 01 contracts of palm, soybean, and rapeseed oils, and pay attention to the positive arbitrage of the rapeseed - soybean oil price spread [50]

Core Viewpoint - The US government has entered its first shutdown in nearly seven years, leading to significant declines in stock futures, particularly affecting market sentiment across major indices [1] Group 1: Market Reaction - Dow futures dropped by 230 points, indicating a negative market response to the government shutdown [1] - S&P 500 futures fell by 50 points, reflecting widespread unease among investors [1] - Nasdaq futures experienced a sharper decline, plummeting over 180 points, highlighting increased volatility in tech stocks [1]

Group 1 - The core viewpoint indicates that gold prices experienced fluctuations, with a significant drop followed by a recovery, suggesting potential bullish momentum if key support levels hold [1][2]. - The analysis highlights critical price levels for gold, including support at 3280 and resistance at 3345, with expectations for further movements towards 3365 and possibly 3400 if the 3345 resistance is broken [2]. - The commentary on crude oil and stock indices suggests a cautious approach, with recommendations to take profits on long positions and consider shorting at higher levels, particularly for the S&P 500 [5]. Group 2 - The trading strategy emphasizes a high-low trading approach, advising against chasing prices in either direction and suggesting profit-taking on successful trades [2]. - The commentary on gold and other commodities indicates a bullish outlook, with expectations for continued upward movement in gold prices and other sectors [8].

Group 1 - Major stock index futures in Europe and the US are showing positive trends, with Nasdaq futures up by 1% [1] - Dow Jones and S&P 500 index futures have increased by approximately 0.7% [1] - European stock index futures are also rising, with the Euro Stoxx 50 index futures up by 1.7% and Germany's DAX index futures increasing by the same percentage [1] Group 2 - The UK FTSE 100 index futures have seen a rise of 0.4% [1]

Group 1 - S&P 500 futures increased by 0.02% [1] - Nasdaq futures rose by 0.07% [1]

Core Points - S&P 500 futures extended early gains by 0.69% while Nasdaq futures rose by 0.75% [1]