2025 12 28 1 12 2 3 LPR LPR 12 T2603 1 2026 11 2 12 4000 MLF 1000 3 GDP 4.3% 3.3% Z0016413 gaoxiang@nawaa.com 4 20 2011 1290 2025 12 28 1. 1.1 T2603 108.28 0.19% TF2603 106.03 0.1% TS2603 102.546 0.06% TL2603 112.85 0.5% 0.8bp 1.84% 7bp 1.29% 1.1 111.20 111.40 111.60 111.80 112.00 112.20 112.40 112.60 112.80 113.00 107.70 107.80 107.90 108.00 108.10 108.20 108.30 108.40 T2603.CFE TL2603.CFE(RHS) iFind 1.2 2 105.75 105.80 105.85 105.90 105.95 106.00 106.05 102.40 102.42 102.44 102.46 102.48 102.50 102.52 102 ...

欢迎关注微信公众号 【每日精选观点】 品种 合约 观点 铜 CU2602 层荡偏强 農荡偏弱 聚丙烯 PP2605 焦煤 ိဳ JM2605 豆粕 层荡偏强 M2605 日银 震荡偏强 AG2602 (全品种日评) 板块 品种 主力合约 操作建议 点评 短期利空出尽,指数连续反弹,宽基ETF近期亦明 IF2603 显回流,下方空间有限。当前波动率有回升迹象, IH2603 股指 机器人概念引领盘面,股指连续收涨 IC2603 人民币汇率显著升高,核心资产有望趁势上行。可 尝试在沪深300指数上执行牛市价差策略。 IM2603 10年期品种相对稳定,利率上限预期仍不会大幅 偏离1.85%,T2603关注107.6-107.8附近支撑 T2603 性,30年目前来看,活跃券2.28%附近或为阶段 TF2603 期债走势分化,可跨年资金利率上行 国债 顶部,TL合约底部或逐渐明晰。短期关注央行 TS2603 MLF投放和月未国债买卖情况。单边策略上,逢回 TI 2603 调或可适当做多T合约品种。期现策略上,日内可 载 融 适当参与2603合约正套和基差做阔策略。 后续关注美国经济货币政策的变化和新一年市场资 产配 ...

更多精彩内容请关注格林大华期货官方微信 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 26 日星期五 Morning session notice Morning session notice 早盘提示 早盘提示 ，须注明出处为格林大华期货有限公司。 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周四国债期货主力合约多数大致平开，全天多数横向窄幅波动，TL 品种震荡回落， 截至收盘 30 年期国债期货主力合约 TL2603 下跌 0.24%，10 年期 T2603 下跌 0.02%， 5 年期 TF2603 下跌 0.03%，2 年期 TS2603 下跌 0.02%。 【重要资讯】 | | | | | 1、公开市场：周四央行开展了 1771 亿元 7 天期逆回购操作，当天有 883 亿元逆回 购到期，周四央行还开展 ...

广发期货EDP 投资咨询业务资格: 证监许可【2011】1292号 2025年12月23日 | | | | 【每日精选观点】 | | | --- | --- | --- | --- | --- | | | 品种 | 合约 | 观点 | | | | 倶 本乙烯 | NI2602 EB2602 | 農荡偏強 農荡偏強 | | | | 焦煤 | JM2605 | 荒荡偏多 | | | | 棕榈油 | P2605 | 短期偏强 | | | | 白银 | AU2602 | 逢低多 | | | | | | 【全品种日评】 | | | 板块 | 品种 | 主力合约 | 点评 | 操作建议 | | | 股指 | IF2603 IH2603 | 股指高开高走,科技板块领涨 | 日央行加息落地,短期利空出尽,指数连续反弹, 宽基ETF近期亦明显回流,下方空间有限。当前主 | | | | IC2603 | | 线未明,成交量尚不足支撑上行突破,波动率处于 | | | | IM2603 | | 低位,判断走势偏向区间震荡,以谨慎观望为主。 | | | | | | 短期行情更多可能为年末冲业绩的交易诉求主导, | | | | | | ...

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily views and evaluations of various futures contracts, covering multiple sectors such as finance, metals, energy, chemicals, and agricultural products, and gives corresponding operation suggestions based on market conditions [3]. 3. Summary by Relevant Catalogs 3.1 Daily Selected Views - NI2601 is expected to be weakly volatile [3]. - L2601 (LLDPE) is expected to be weakly volatile [3]. - rb2501 (coking coal) is expected to rebound from the bottom [3]. - M2605 (soybean meal) is expected to be weakly volatile [3]. 3.2 Full - Variety Daily Reviews 3.2.1 Financial Futures - **Stock Index Futures**: Due to weak economic data in November, the stock index continued to trade in a shrinking - volume range. There is no clear upward trend, and the market lacks a dominant theme. It is advisable to be cautious about the risk of chasing highs in the trading range and appropriately lay out bull spreads at low levels [3]. - **Treasury Bond Futures**: The bond market is still insensitive to economic data. In the absence of allocation demand, ultra - long bonds are weak. The upper limit of the 10 - year yield is not expected to deviate significantly from 1.85%. T2603 should pay attention to the support around 107.6. In the short term, it is advisable to wait and see, and consider the market as a narrow - range fluctuation. For the spot - futures strategy, pay attention to the positive arbitrage and basis widening opportunities of the 2603 contract [3]. - **Precious Metal Futures**: Gold needs to build momentum to break through the previous high. Pay attention to the impact of US economic data and Fed officials' statements on market sentiment. Buy gold below $4,300. Silver may enter the overbought zone, so it is recommended to wait and see. For platinum and palladium, operate based on the external market, buy on dips, or use out - of - the - money call options instead of long positions, and control positions [3]. 3.2.2 Commodity Futures Metals - **Steel and Iron Ore**: Iron ore is expected to be weakly volatile in the range of 730 - 780. Consider the opportunity to expand the ratio of rebar to iron ore as iron water production drops. Go long on the January rebar - to - iron ore ratio [3]. - **Coking Coal and Coke**: Coking coal is expected to trade in the range of 1,000 - 1,150, and consider a 1 - 5 reverse spread. Coke is expected to trade in the range of 1,450 - 1,600, and consider a 1 - 5 reverse spread [3]. - **Non - ferrous Metals**: For copper, hold long - term long positions and pay attention to the support at 90,000 - 91,000. For aluminum, the main contract is expected to trade in the range of 21,700 - 22,400, and go long on dips. For zinc, pay attention to the support at 23,000 - 23,200 and continue to hold the cross - market reverse arbitrage. For tin, hold previous long positions and buy on dips. For nickel, the main contract is expected to trade in the range of 110,000 - 118,000. For stainless steel, the main contract is expected to trade in the range of 12,200 - 12,800 [3]. Energy and Chemicals - **Petrochemicals**: PX is expected to be volatile at a high level in the short term. PTA is expected to be volatile at a high level in the short term, and pay attention to the low - level positive spread opportunity for TA5 - 9. For short - fiber, the processing fee is mainly compressed, and the operation is the same as PTA. For bottle - grade polyester, the inventory decline supports the processing fee, and pay attention to the device restart and production progress. For ethanol, sell EG2605 - C - 4100 to obtain time value [3]. - **Other Chemicals**: For natural rubber, the price is expected to trade in a range, and it is advisable to wait and see. For synthetic rubber, due to the strengthening of the cost side, BR has risen strongly, and sell BR2602 - C - 11200 at high prices [3]. Agricultural Products - **Grains and Oils**: For soybeans and soybean meal, the US soybeans have no bright spots, and pay attention to China's soybean customs clearance policy. For corn, the arrival volume has increased slightly, and the price is expected to be volatile and adjust. For edible oils, the US biodiesel blending quota is undecided, which may be negative for the oil market. The main contract of palm oil may test the support at 8,200 - 8,300 [3]. - **Livestock and Poultry Products**: For pigs, the market is in a bottom - grinding phase. For eggs, pay attention to the support at the previous low. For apples, the price is expected to be volatile around 9,500 in the short term. For dates, high - sell and low - buy due to supply pressure and weak demand [3]. - **Cash Crops**: For sugar, the price is expected to be weakly volatile. For cotton, the price is expected to be strongly volatile, and pay attention to the resistance around 14,050 - 14,100 [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Fed's decision to cut interest rates by 25bp and its dovish stance have improved short - term global liquidity expectations, but the market has not formed an upward force. The Central Economic Working Conference in China has set the tone for a loose fiscal and monetary policy in 2026, which stabilizes confidence. Different futures varieties show various trends and investment opportunities based on their own fundamentals and market conditions [3] Summary by Relevant Catalog Daily Selected Views - For SN2601, the market is expected to be strong; for V2601, there is still an expectation of over - supply, and the price continues to seek the bottom; for rb2505, the market is expected to be weakly volatile; for O1605, the market is expected to be strongly volatile [3] Full - Variety Daily Reviews Financial - **Stock Index**: After the Fed's interest - rate cut and the Central Economic Working Conference in China, the A - share market showed a pattern of rising and then falling. The market trading sentiment is not high, and it is necessary to be cautious about the risk of chasing high in the volatile range. It is advisable to appropriately lay out a bull spread at low prices. The expectation of a loose monetary policy at the end of the year may rise again, and the 10 - year Treasury bond interest rate may decline towards 1.75%, with a downward space of about 6BP. In terms of strategies, one can participate in going long on the T contract on dips and try to go long on the TL contract with a light position. Also, pay attention to the positive arbitrage opportunity of the 2603 contract [3] - **Treasury Bonds**: After the Central Economic Working Conference, the expectation of a loose monetary policy has risen. In the short - term, the expectation of a loose monetary policy in the market may improve. One can participate in going long on the T contract on dips and try to go long on the TL contract with a light position. For the spot - futures strategy, pay attention to the positive arbitrage opportunity of the 2603 contract [3] - **Precious Metals**: The short - term gold price is approaching the previous high, and it is mainly recommended to buy on dips. The silver market may enter the over - bought range, and it is necessary to be cautious about chasing high and reduce long positions in a timely manner. The platinum - palladium market follows the fluctuations of gold and silver, and it is recommended to maintain a low - buying strategy [3] - **Container Shipping Index (European Line)**: The EC main contract fluctuates upward, and it is expected to fluctuate in the short - term [3] Metals - **Steel**: Negative feedback affects the steel price to be weak. Pay attention to the decline opportunity of the January rebar - iron ore ratio. For the hot - rolled coil, close the January hot - rolled coil - rebar spread position [3] - **Iron Ore**: With the decline of hot - metal production and the increase of port inventory, the iron ore market turns weakly volatile, and it is viewed as bearish in the range of 730 - 780 [3] - **Coking Coal**: The price - cut range of local coal prices expands, and the Mongolian coal price drops. The futures price shows a weak decline, and it is viewed as bearish in the range of 950 - 1100. One can go long on coke and short on coking coal [3] - **Coke**: The second round of price cuts for coke in December has started, and the port trading price has led the decline. It is viewed as bearish in the range of 1450 - 1600. One can go long on coke and short on coking coal [3] - **Copper**: The Fed cuts interest rates by 25bp. Pay attention to the structural risk of overseas inventory. Hold long positions in the long - term, and the main contract should pay attention to the support at 90000 - 91000 [3] - **Alumina**: Market pessimism spreads, and there is no obvious marginal change in the short - term fundamentals. The main contract operates in the range of 2400 - 2700. Short - term traders can lay out long positions on dips to bet on an emotional rebound [3] - **Aluminum**: The social inventory continues to decline weekly, and the macro - fundamentals resonate, making the market run strongly. The main contract operates in the range of 21700 - 22400. Buy on dips [3] - **Aluminum Alloy**: The futures price rebounds slightly following the aluminum price, and the aluminum - alloy - aluminum price spread expands to 1000. The main contract operates in the range of 20700 - 21400. Conduct an arbitrage of going long on AD03 and short on AL03 [3] - **Zinc**: The US dollar is weakly running. Inventory depletion and the decline of TC boost the zinc price. The main contract should pay attention to the support at 23000 - 23200. Continue to hold the cross - market reverse arbitrage [3] - **Tin**: The fundamentals are strong, and the tin price fluctuates at a high level. Pay attention to the US interest - rate decision. Hold the previous long positions, and adopt a low - buying strategy on dips [3] - **Nickel**: After the macro - factors are settled, the upward space of the price is limited, and the market continues to decline. The main contract operates in the range of 116000 - 120000 [3] - **Stainless Steel**: The market fluctuates and declines slightly. The supply pressure eases slightly, but the inventory depletion is insufficient. The main contract operates in the range of 12400 - 12800 [3] - **Industrial Silicon**: The coking coal futures price continues to decline, and the industrial silicon price fluctuates. The main contract operates in the range of 8000 - 8800 [3] New Energy - **Polysilicon**: The inventory increases slightly, and the polysilicon futures price continues to rise. It fluctuates at a high level, and the main contract operates in the range of 50000 - 60000 [3] - **Lithium Carbonate**: Affected by news and strong capital, the market rise expands. It fluctuates strongly, and it is advisable to wait and see [3] Chemicals - **PX**: The medium - term supply - demand expectation is tight, and the PX price has support at a low level. Treat it as a short - term high - level fluctuation [3] - **PTA**: The supply - demand expectation is strong in the near - term and weak in the long - term, and the driving force is limited. The PTA price mainly fluctuates at a high level in the short - term. Pay attention to the low - level positive arbitrage opportunity of TA5 - 9 [3] - **Short - Fiber**: The supply - demand expectation is weak, and it follows the raw material price fluctuation. The unilateral strategy is the same as that of PTA, and try to reduce the processing margin on the futures price when it is high [3] - **Bottle - Chip**: In December, the supply - demand pattern of bottle - chips remains loose, and it follows the raw material price fluctuation. The processing margin is expected to be squeezed. The unilateral strategy is the same as that of PTA. The processing margin of the main contract is expected to fluctuate in the range of 300 - 450 yuan/ton, and it is recommended to reduce the processing margin in the short - term [3] - **Ethanol**: The cost side drops, dragging the EG price to decline in a fluctuating manner. Wait and see [3] - **Benzene**: The port inventory continues to accumulate, and the supply - demand is weak in the near - term and strong in the long - term. The short - term driving force of BZ2603 is weak, and it may follow the fluctuations of styrene and oil prices [3] - **Styrene**: The supply - demand is in a tight balance, and there is certain support at the bottom. The EB01 fluctuates and consolidates at a low level in the short - term [3] - **LLDPE**: The upstream reduces the price to sell goods, and the transaction improves. Wait and see [3] - **PP**: The spot price is stable, and the basis strengthens slightly. Pay attention to the expansion of PDH profit [3] - **Methanol**: The near - term basis is firm, and the transaction is okay. Try to reduce the MTO margin of the 05 contract [3] - **Caustic Soda**: The supply - demand still has pressure, and it continues to run weakly. Treat it bearishly [3] - **PVC**: The contradiction of oversupply has not improved, and the market further weakens. Treat it bearishly [3] - **Soda Ash**: The production is at a high level, and the oversupply is prominent. The market continues to weaken. Hold short positions [3] - **Glass**: The production - sales ratio declines, and the spot price in some regions weakens. The market continues to explore the bottom. Treat it bearishly [3] - **Natural Rubber**: Pay attention to the geopolitical conflict between Thailand and Cambodia. Wait and see [3] - **Synthetic Rubber**: After the interest - rate cut, the BR price rises, but the supply in the upper and middle reaches is abundant. It is expected that there is pressure above. Adopt a short - selling strategy on rallies for BR2602, and pay attention to the pressure around 10800 [3] Agricultural Products - **Soybean Meal and Rapeseed Meal**: The US soybean market has no bright spots. Pay attention to the domestic soybean customs - clearance policy. The market is strong in the near - term and weak in the long - term [3] - **Pig**: The demand for curing bacon provides support. Pay attention to the epidemic situation. It is in a bottom - grinding market [3] - **Corn**: The increase in supply is limited, and the market fluctuates. It adjusts in a fluctuating manner [3] - **Edible Oil**: The soybean oil price follows the rapeseed oil price to rise. The palm oil price has support at 8000. The P main contract tests the support at 8000 [3] - **Sugar**: The domestic sugar - pressing progress is good. It fluctuates at the bottom [3] - **Cotton**: The purchase of Xinjiang seed cotton is over. Pay attention to the pressure situation around 14000 [3] - **Egg**: The sales at high prices slow down, and the supply is still abundant. It fluctuates weakly. Pay attention to the support strength at the previous low [3] - **Apple**: Traders mainly make inquiries, and the sales of apples slow down. It may fluctuate around 9500 in the short - term [3] - **Jujube**: There is supply pressure, and the market fluctuates at a low level. It runs at a low level [3]

Report Summary 1) Report Industry Investment Rating No investment rating for the industry is provided in the report. 2) Core Viewpoints - The short - term trading opportunities for A - share index futures are limited due to low trading volume and volatility [2]. - The current interest rate is approaching the high level before the end of September, and the allocation value of bonds within 10 years is relatively improved. The 30 - year bonds may be oversold under emotional drive. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees [2]. - Gold is in a consolidation phase near $4200, and it is advisable to be cautious about chasing long positions unilaterally. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits [2]. - The container shipping index is expected to fluctuate in the short - term [2]. - For steel, it is recommended to focus on the long - rebar and short - iron ore arbitrage. Iron ore is in high - level consolidation, and coking coal and coke are also in a consolidation state [2]. - Copper prices are rising again, and aluminum prices are rising with increased positions. Different trading strategies are recommended for various non - ferrous metals [2][3]. - For new energy and chemical products, different products have different market trends and corresponding trading suggestions, such as PX having strong support in the medium - term, while PTA's rebound space is limited [3]. - In the energy and chemical industry, different products have different market situations, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. - In the agricultural products market, different products have different trends, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3]. 3) Summary by Related Catalogs Financial Sector - **Stock Index Futures**: A - share index futures have low trading volume and volatility, and the short - term trading space is limited. The dividend sector is firm, and the index futures are trading weakly [2]. - **Treasury Bonds**: The current interest rate is approaching the high level before the end of September. The 30 - year bonds are relatively weak, and the short - term market driver may come from the policy expectation difference. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees. The positive arbitrage strategy for the 2603 contract is recommended for the spot - futures strategy [2]. - **Precious Metals**: Gold is in a consolidation phase near $4200, and it is advisable to sell out - of - the - money put options to earn time value. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits. Platinum and palladium should be traded with a short - term high - selling and low - buying strategy, and the long - platinum and short - palladium hedge should take profits at high levels [2]. Black Sector - **Steel**: Steel mills are reducing production. It is recommended to focus on the long - rebar and short - iron ore arbitrage and narrow the spread between hot - rolled coil and rebar [2]. - **Iron Ore**: The shipment is increasing, the arrival is decreasing, and the port inventory is increasing. It is in high - level consolidation, with the range from 750 to 820 [2]. - **Coking Coal**: The price reduction range of coal in the production area is expanding, and the price of Mongolian coal is stable. The futures price is falling again, with the range from 1050 to 1150, and the 1 - 5 reverse spread is recommended [2]. - **Coke**: The first round of price cuts in December has been implemented, and the port trading price is falling. It is in a consolidation state, with the range from 1550 to 1700, and the 1 - 5 reverse spread is recommended [2]. Non - Ferrous Sector - **Copper**: The LME cancelled warehouse receipts are increasing significantly, and copper prices are rising again. The short - term decline space is limited [2]. - **Aluminum**: Aluminum prices are rising with increased positions. Different trading strategies are recommended for aluminum, waste aluminum, and aluminum alloy, with corresponding price ranges [2][3]. - **Other Non - Ferrous Metals**: For zinc, supply reduction and interest - rate cut expectations provide support, but the spot trading is dull [4]. For other non - ferrous metals such as tin, nickel, and stainless steel, different market trends and trading suggestions are provided [3]. New Energy and Chemical Sector - **New Energy**: Different new energy products such as polysilicon and lithium carbonate have different market trends and corresponding trading suggestions, such as polysilicon futures rising while the spot price is stable [3]. - **Chemical Products**: Different chemical products have different market situations, such as PX having strong support in the medium - term, while PTA's rebound space is limited. Different trading strategies are recommended for each product [3]. Energy and Chemical Sector - Different energy and chemical products such as LLDPE, PP, and methanol have different market trends and corresponding trading suggestions, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. Agricultural Products Sector - Different agricultural products such as palm oil, sugar, and cotton have different market trends and corresponding trading suggestions, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3].

投资咨询业务资格: 证监许可【2011】1292号 2025年12月2日 产品用货号 | 板块 | 品种 | 主力合约 | 点评 | 欢迎关注微信公众号 操作建议 | | --- | --- | --- | --- | --- | | | | IF2512 | | 临近12月美联储议息会议,美元指数近期见顶回 落,继续降息仍是大概率情景,A股主要指数亦有 | | | | IH2512 | | 反弹,但量能尚不支持突破。短期可轻仓卖出12 | | | 股指 | IC2512 | 顺周期表现强势,股指全线上涨 | 月看跌期权。波动率仍处于低位,盘面尚未显现对 | | | | IM2512 | | 12月政策会议的预期定价,逢回调亦可分阶段缓 | | | | | | 慢建仓牛市价差,布局春季行情。 | | | | | | 短期,可能打破债市震荡的增量信息将落地,今日 关注11月初公布的央行10月买债规模,如果出现 | | | | T2603 TF2603 | | 超预期利多期债可能有波段反弹,反之难摆脱震荡 | | 金融 | 国债 | TS2603 | 资金转松,期债略有反弹 | 。单边策略上建议减少左侧操作,等待 ...

Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Viewpoints - The domestic stock index is resilient, with overall volatility decreasing and waiting for stabilization. The A - share market is in a repricing adjustment in Q4, with limited downside risks and a structural recovery in the technology sector. The index has initially stabilized but with shrinking trading volume, so it is recommended to wait and see, and one can try to lightly sell put options at support levels [3]. - The short - term weak market sentiment in the bond market may continue. Potential drivers to break the oscillation include the implementation of new regulations on bond fund redemption fees, the announcement of the central bank's bond - buying scale at the end of the month, and the release of November economic data. It is recommended to wait and see for the unilateral strategy and pay attention to the cash - and - carry strategy for the 2603 contract [3]. - Gold prices have broken through the previous resistance and are expected to rise further above $4200. Silver follows gold's fluctuations and is relatively strong due to tight inventories. For platinum and palladium futures, on the first trading day, it is advisable to cautiously go long on PT2606 around 405 yuan, with the upper resistance around 425 yuan [3]. 3. Summary by Related Catalogs Financial Sector - **Stock Index**: TMT has a structural recovery, and the index has stabilized with shrinking volume. It is recommended to wait and see and consider lightly selling put options at support levels [3]. - **Treasury Bonds**: Multiple negative factors have led to a decline in bond futures. The short - term weak sentiment may continue. Wait and see for the unilateral strategy and pay attention to the cash - and - carry strategy for the 2603 contract [3]. - **Precious Metals**: Gold prices are expected to rise further, silver is relatively strong, and for platinum and palladium futures, there are specific trading suggestions [3]. - **Shipping Index (European Line)**: The short - term trend is weak [3]. Black Sector - **Steel**: The raw materials are weak, and steel prices maintain an oscillating trend. Close short positions and pay attention to support levels [3]. - **Iron Ore**: It oscillates within the range of 750 - 820 [3]. - **Coking Coal**: It is viewed as oscillating and bearish, with a range of 1050 - 1150, and consider the 1 - 5 reverse spread [3]. - **Coke**: It is viewed as oscillating and bearish, with a range of 1550 - 1700, and consider the 1 - 5 reverse spread [3]. Non - ferrous Sector - **Copper**: The main contract is expected to trade between 85500 - 87500 [3]. - **Aluminum Oxide**: The main contract is expected to run between 2700 - 2850 [3]. - **Aluminum**: It is expected to oscillate in the short - term, with the main contract in the range of 21300 - 21800 [3]. - **Aluminum Alloy**: The main contract is expected to run between 20500 - 21000 [3]. - **Zinc**: The main contract is expected to trade between 22200 - 22800 [3]. - **Tin**: The previous long positions can be held, and the strategy is to go long on dips [3]. - **Nickel**: The main contract is expected to trade between 116000 - 120000 [3]. - **Stainless Steel**: The main contract is expected to oscillate narrowly between 12300 - 12700 [3]. - **Industrial Silicon**: The price is expected to oscillate between 8500 - 9500 yuan/ton [3]. New Energy Sector - **Polysilicon**: It is in a high - level oscillation, with a range of 50000 - 58000 yuan/ton, and cautious trading is recommended [3]. - **Lithium Carbonate**: The intraday volatility has increased significantly, and it is advisable to wait and see [3]. Chemical Sector - **PX**: It is expected to oscillate at a high level in the short - term [3]. - **PTA**: It is expected to oscillate at a high level in the short - term, and the monthly spread can be positively arbitraged at low levels [3]. - **Short - fiber**: The supply - demand outlook is weak, and the processing fee is expected to be compressed. The trading strategy is similar to that of PTA [3]. - **Bottle Chip**: The supply - demand is loose in November, and the processing fee is expected to decline. It is recommended to shrink the processing fee [3]. - **Ethanol**: It is expected to oscillate at a low level, and the 1 - 5 spread can be reverse - arbitraged at high levels [3]. - **Pure Benzene**: The supply - demand outlook is weak, and the rebound is under pressure [3]. - **Styrene**: It may oscillate and consolidate in the short - term [3]. - **LLDPE**: Wait and see due to weak overall trading [3]. - **PP**: There are many unexpected maintenance events, and the downside space is limited. Close short positions [3]. - **Methanol**: The port market is strong, and the MTO spread of the 05 contract is expected to narrow [3]. - **Caustic Soda**: It is expected to run weakly [3]. - **PVC**: The supply - demand contradiction remains, and it oscillates at the bottom. The strategy is to short on rebounds [3]. - **Soda Ash**: The supply - demand pattern is weakening, and hold short positions [3]. - **Glass**: The cold - repair of Hubei production lines has driven a rebound. Close previous short positions and pay attention to the sustainability of production and sales [3]. - **Natural Rubber**: The short - term driving force is limited, and it oscillates. Wait and see [3]. - **Synthetic Rubber**: The upside is under pressure. The medium - term strategy is to short on rebounds, and consider the spread of long RU2601 and short BR2601 [3]. Agricultural Sector - **Meal**: It oscillates narrowly, waiting for new trading themes [3]. - **Hog**: There is still supply pressure. Hold the inter - month reverse spread [3]. - **Corn**: The spot market shows regional differentiation, and the price has fallen after rising. It oscillates narrowly [3]. - **Oilseeds**: It has rebounded slightly, and pay attention to the risk of subsequent pullbacks. The P main contract may test the support at 8200 in the short - term [3]. - **Sugar**: The prospect of increased production exerts pressure, and it oscillates at the bottom [3]. - **Cotton**: The US cotton export data is positive, and it oscillates with an upward bias [3]. - **Egg**: The capacity reduction is slow, and the supply is still loose. Close previous short positions and wait and see in the short - term [3]. - **Apple**: The demand for stored apples is average, and it may run weakly around 9500 in the short - term [3]. - **Jujube**: The prices in the production areas have weakened, and it oscillates at a low level [3].