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2025-10-31 Friday

2025-11-04

20:47:10

[Caixin Futures: Divergent Trends in Agricultural Product Markets] ⑴ The ample supply of palm oil continues, with Indonesia's palm oil production projected to increase by 10% in 2025. ⑵ Coupled with the weakening of crude oil prices, palm oil futures maintained a narrow range of fluctuation between 8760-8840 yuan. ⑶ The spot price of 24-degree palm oil in Guangzhou fell by 70 yuan to 8620 yuan/ton, with futures trading at a slight premium to spot. ⑷ In the short term, short positions can be initiated at the upper limit of the range, as the declining volume indicates a continued downward trend. ⑸ The trading data shows that some long positions are concentrated on bottom-fishing; short positions near 8850 yuan should be monitored for a profit-taking range of 8500-8600 yuan. ⑹ Improved expectations for US soybean exports have pushed US soybean prices back to previous highs. ⑺ Rising import costs have driven up domestic soybean meal futures prices, with ample soybean supply expected in the fourth quarter. ⑻ However, a supply gap may emerge in the first quarter of next year, and inventory pressure will gradually ease from November onwards. (9) Given rising costs and easing supply pressure, a small long position in soybean meal can be considered. (10) Corn futures have risen sharply, with China Grain Reserves Corporation (Sinograin) purchasing 250,000 tons in the past two days to alleviate supply pressure. (11) However, seasonal selling pressure remains, and downstream feed mills and deep-processing enterprises are reluctant to purchase grain. (12) Maintaining a just-in-time purchasing strategy is recommended, but demand is weak, and the short-term supply easing situation remains unchanged. (13) Short selling is still recommended, as the increase in hog supply is the main long-term contradiction. (14) Theoretical slaughter volume will increase significantly in October, and the supply easing situation may deepen further. (15) The enthusiasm for secondary fattening has weakened, and the decline in spot prices has squeezed the price bubble. (16) Short selling can be considered at opportune times, as the number of newly laying hens in the egg market is not high. (17) Farmers' enthusiasm for culling old hens remains high; attention should be paid to the progress of the production inflection point. (18) In the short term, a wait-and-see approach is recommended.

20:46:25

[Caixin Futures: Divergent Trends in the Energy and Chemical Sector] ⑴ The Trump administration recently canceled the summit in Budapest and imposed sanctions on Russian oil companies, while the EU formally passed its 19th round of sanctions against Russia. ⑵ This may lead to countries like India reducing their purchases of Russian oil. ⑶ The macro environment is bullish, but considering that OPEC+ may implement a slight production increase at its meeting this Sunday, sentiment has shifted towards neutral to bullish. ⑷ The US and EU announced a new round of sanctions against Russia, with the US sanctions against Russia's two largest oil companies triggering a strong reaction. ⑸ Expectations of reduced supply of high-sulfur fuel oil remain, and prices have rebounded following crude oil. ⑹ OPEC+ may implement a slight production increase at its meeting this Sunday, but with positive macroeconomic expectations, the downside for fuel oil may be limited. ⑺ Market sentiment in Shahe has improved recently, with inventories declining and some downstream companies restocking. ⑻ Some manufacturers are selling well, and market transactions are acceptable; glass supply is gradually turning positive year-on-year. ⑼ However, demand is still declining significantly year-on-year, facing considerable pressure, but short-term gains are influenced by easing trade tensions and stronger commodity sentiment. (10) The market showed resilience, and the downside potential for glass futures may be limited. (11) A slightly bullish outlook is recommended, as the domestic soda ash market remained stable with prices fluctuating within a narrow range. (12) Total inventory of domestic soda ash producers was 1.702 million tons this week, an increase of 9,600 tons from Monday. (13) The soda ash operating rate remained stable at 87.44%, but production from the Alashan Phase II plant may be delayed. (14) Short-term coal costs have constrained the decline, and a slightly bullish outlook is recommended. (15) Prices of liquid soda ash and liquid chlorine in Shandong rose, with chlor-alkali profits reaching 627 yuan/ton. (16) Supply is expected to increase next week, and downstream purchasing prices are expected to decline further. (17) Supply remains ample, while downstream deliveries have increased slightly. (18) However, there is no peak season restocking demand for non-aluminum products, inventories are high, and there are no signs of improvement in fundamentals. 18. The market is expected to fluctuate with a slightly weak bias. The spot price in Taicang fell by 33 yuan to 2157 yuan, and the price in the northern Inner Mongolia region fell by 15 yuan to 2005 yuan. 20. The main methanol contract broke down again, significantly dragging down the spot trading atmosphere.

20:45:00

[Caixin Futures: Divergent Trends in Precious Metals and Non-ferrous Metals] ⑴ Market optimism faded, and funds returned to fundamental trading logic. ⑵ Weaker-than-expected earnings reports from US tech stocks triggered a decline, with funds flowing back into gold ETFs, increasing holdings by 4.3 tons. ⑶ New York gold support is at $3940, and resistance is at $4070; domestic gold support is at 900 yuan, and resistance is at 926 yuan. ⑷ The support range for the AU2512 contract has shifted down to 904-910 yuan, with a short-term trading range of 915-926 yuan. ⑸ Trading recommendations: Reduce leverage, strictly control risk, and adopt a defensive buy-on-dips strategy. ⑹ The Fed cut interest rates as expected, but Powell's remarks were hawkish, stating that a December rate cut is "not a certainty." ⑺ Copper prices fell as a result, but domestic and international copper mine disturbances continued, with supply expected to be tight. ⑻ Amid escalating geopolitical tensions, Shanghai copper still has support; maintain a buy-on-dips strategy. (9) Shanghai zinc prices retreated slightly due to hawkish comments, while LME inventory levels remained low. (10) Domestic social inventories decreased slightly but remained high, with export opportunities open and demand stable. (11) Fundamentals are gradually moving towards a tight balance, and Shanghai zinc prices may stabilize and fluctuate. (12) Overall alumina supply and demand remain relatively loose, and the pressure of oversupply has not eased. (13) The rebound is weak given high inventory levels; caution is advised when bottom-fishing. (14) Risks of mining disruptions should be guarded against before the Guinea elections. (15) Aluminum prices were suppressed by hawkish comments, but the overall macroeconomic environment is favorable. (16) Tight scrap aluminum supply and firm prices suggest continued high-level fluctuations in Shanghai aluminum. (17) The strategy is mainly to buy on dips, while lithium carbonate futures remain relatively strong. (18) Strong downstream demand supports prices, and the destocking trend continues. (19) However, the rise is more of a temporary supply-demand mismatch, and the high supply pressure remains unchanged. (20) Excessive optimism about the upside potential of the market is not advisable; attention should be paid to demand and inventory trends.

20:43:38

[Caixin Futures: Divergent Trends in the Ferrous Metals Sector] ⑴ Pig iron production declined due to environmental regulations, but the lifting of production restrictions in Tangshan may boost output. ⑵ Cost support remains in the short term, but the room for improvement in construction material demand is limited, and the peak demand season may have already arrived. ⑶ Overall, the supply and demand drivers for steel are weak, suppressing the upside potential of the market; short-term fluctuations are expected. ⑷ In terms of funding, both long and short positions in the top 20 rebar 01 contract decreased, with roughly equal magnitude. ⑸ Both long and short positions in the hot-rolled coil 01 contract increased, with short positions increasing slightly more, resulting in a slightly bearish change in open interest. ⑹ Iron ore port inventories continued to rise, indicating a weakening of supply and demand, but pig iron production disruptions persist. ⑺ Steel mills maintain a low inventory strategy, and restocking expectations support short-term high-level fluctuations. ⑻ Iron ore shipments are expected to remain high in November, and pig iron production still has room to decline. ⑼ The medium-term weak expectation pattern remains unchanged, and there is a risk of valuation decline; shorting is recommended on opportune occasions. ⑽ Coking coal supply remains tight due to safety inspections, environmental protection, and underground factors. (11) Downstream buyers are actively purchasing, and low coal mine inventories support stronger spot prices. (12) Macroeconomic disturbances have triggered some profit-taking, increasing market volatility, but the adjustment range is limited. (13) Strategically, maintain a buy-on-dips approach, avoiding chasing highs; short positions have been reduced more significantly. (14) Coking coal production is suppressed by environmental maintenance, and rising costs are driving expectations of a third round of price increases. (15) Steel demand is nearing its peak, and rising raw material prices may compress steel mill profits. (16) Coking plant profit improvement has limited room; a long coal, short coking coal strategy can be maintained. (17) Manganese silicon plant inventories continue to increase; supply and demand drivers are weak, but expectations of reduced manganese ore supply are rising. (18) The battle between bulls and bears intensifies; awaiting a breakout from the month-long trading range. (19) Funding has increased long positions more significantly, with a generally positive change in open interest.

20:32:06

Canada's seasonally adjusted GDP growth rate for August

Previous : 0.90% Forecast : -

Published Value -0.30%

Previous

20:30:03

Canada's seasonally adjusted GDP growth rate for August

Previous : 0.20% Forecast : 0%

美元
加元 金银

Published Value -0.30%

Previous

20:00:38

[US Repo Rates Surge to 4.25%, Halloween Liquidity Alarm Sounds] ⑴ The general guarantee rate surged 19 basis points to 4.25% on Halloween, reflecting settlement pressure caused by a $58 billion outflow. ⑵ The opening bid price was 25 basis points higher than the upper limit of the 3.75%-4.00% interest rate corridor, continuing the recent upward trend in overnight rates. ⑶ The Federal Reserve's repo facility offered a 4.00% execution rate at 20:30 Beijing time and 01:30 the following day, with a liquidity quota of $500 billion. ⑷ Yesterday's two operations only raised $6.2 billion, and although the execution rate was better than the market level, it failed to effectively attract demand. ⑸ Month-end fund allocation drove increased demand for reverse repo operations, and this pattern may continue today. ⑹ The 20-year bond premium remained stable, despite new bond settlement pressure, showing the resilience of demand for certain bonds. (7) Auction announcements for 3-year, 10-year, and 30-year bonds will be released on November 5th, and hedging demand may boost buying in these maturities. (8) Federal funds futures pricing indicates a 68% probability of a 25 basis point rate cut at the December meeting, down 7 percentage points from yesterday. (9) The auction stop rates for 1-month and 2-month Treasury bills were 3.910% and 3.890%, respectively, with short-term rates remaining relatively stable. (10) The 0x3 overnight index swap rate was 3.759%, 48.1 basis points lower than the 10-day average SOFR, implying a 92% probability of another rate cut.

20:00:22

South Africa's trade balance for September - including regions

Previous : 39.70 Forecast : 125

Published Value 217.60

Previous

20:00:03

Brazil's unemployment rate in September - National Household Sample Survey

Previous : 5.60% Forecast : 5.50%

Published Value 5.60%

Previous

19:57:07

[US Treasury Yields Hold Above 4.10%, Central Bank Policy Divergence Exacerbates Market Volatility] ⑴ The benchmark 10-year US Treasury yield remained above 4.10%, with near-record levels of corporate bond issuance intensifying supply and demand pressures. ⑵ Federal Reserve Chairman Powell explicitly stated that a December rate cut is not a given, and Wednesday's rate cut was purely a risk management measure. ⑶ Disagreements have emerged within the European Central Bank regarding its December policy meeting; the newly released three-year forecast will be a key factor in decision-making. ⑷ Trading strategies favor selling on rallies, with the 4% psychological level becoming a significant resistance level; the 10-year yield range is expected to be 4.08%-4.12%. ⑸ Friday's government shutdown delayed the release of the employment cost index and personal income and spending reports, amplifying market volatility due to the data vacuum. ⑹ The European bond market faces structural challenges; the lifting of debt restrictions in Germany may trigger a bond issuance frenzy, testing market resilience. ⑺ Several hawkish Federal Reserve officials will speak, and their policy stances may further reinforce expectations of persistently high interest rates. (8) Although core PCE inflation is projected to remain at 2.9%, tariffs could push inflation to 3.1% by the end of 2025. (9) The ECB significantly upgraded its economic assessment in its statement, removing its cautious description of the economic situation, demonstrating a hawkish shift. (10) Market liquidity is facing a test, with over $40 billion in investment-grade corporate bond issuance in a single day exhausting buyers' capacity to absorb the supply.

19:44:13

India's M3 money supply for the week ending October 13

Previous : 9.90% Forecast : -

Published Value 9.20%

Previous

19:36:07

Brazil's total debt as a proportion of GDP in September

Previous : 77.50% Forecast : -

Published Value 78.10%

Previous

19:31:59

Brazil's net debt as a proportion of GDP in September

Previous : 64.20% Forecast : -

Published Value 64.80%

Previous

19:31:53

Brazil's total debt as a proportion of GDP in September

Previous : 77.50% Forecast : -

Published Value 78.20%

Previous

19:31:35

Brazil's nominal budget balance for September

Previous : -915.16 Forecast : -860.74

Published Value -1021.85

Previous

19:31:26

Brazil had a basic budget surplus in September

Previous : -172.55 Forecast : -172.20

Published Value -174.52

Previous

19:30:58

The year-on-year growth rate of bank loans in India for the week ending October 13

Previous : 11.40% Forecast : -

Published Value 11.50%

Previous

19:30:57

India's foreign exchange reserves for the week ending October 20

Previous : 7025.70 Forecast : -

Published Value 6953.60

Previous

19:30:57

India's annual rate of deposit growth for the week ending October 13

Previous : 9.90% Forecast : -

Published Value 9.50%

Previous

19:29:30

[State Council Executive Meeting: Measures Deployed to Accelerate the Cultivation and Opening of Application Scenarios and Promote Large-Scale Application of New Scenarios] Li Qiang chaired an executive meeting of the State Council, which pointed out that application scenarios are the bridge connecting technology and industry, and bridging R&D and the market, playing a crucial guiding role in promoting the large-scale commercial application of new technologies and products. The meeting emphasized the need to fully leverage my country's advantages of a super-large market and abundant application scenarios, focusing on supply and demand matching, prioritizing the development of new fields and tracks, high-value niche scenarios, and cross-regional and cross-domain integrated scenarios, targeting the forefront of industrial development and the needs of major technological breakthroughs. It stressed the importance of opening up scenario resources, conducting pilot-scale testing and innovation, and exploring business models to promote the formation of a complete closed loop from technological breakthroughs to industrial applications. The meeting also called for cultivating more new scenarios through reform and innovation, advancing "hardware construction" such as infrastructure and platforms, providing "software support" such as laws, regulations, and policies, strengthening inter-departmental collaboration, improving regulatory mechanisms, and creating a favorable innovation ecosystem. (CCTV News)

19:09:55

[EUR/USD Technical Analysis] Observing the 30-minute candlestick chart, the EUR/USD pair quickly entered a downtrend after forming a temporary high at 1.1665, accompanied by a series of long-bodied bearish candlesticks. Subsequently, a lower shadow appeared near 1.1577, indicating that buying pressure was beginning to emerge. The pair then rebounded briefly but encountered strong resistance near 1.1600, suggesting that 1.1600 has become a key short-term resistance level and a "threshold" that bulls must overcome to recover. After failing to break through effectively, the price retested the lows, reaching 1.1546, before finding support above 1.1554 and gradually entering a horizontal channel consolidation between 1.1560 and 1.1580. The MACD indicator (26,12,9) shows that DIFF is -0.0002 and DEA is -0.0003, still below the zero axis, but the two lines are beginning to converge. The MACD histogram has gradually turned from the previous green negative bars to slightly red bars, reflecting the weakening of the bearish momentum and the possible momentum replenishment. This is a typical "slowing down" signal. The Relative Strength Index (RSI) (14) is around 48.4785. It is in the oversold zone below 50 but significantly above 30, which is a neutral to slightly weak state. This indicates that the current situation is not a panic sell-off, but rather a slow war of attrition where the bears control the pace at low levels and force the bulls to give up their rebound chips. In summary, the 1.1546-1.1554 area forms the recent static support zone, and 1.1600 is the static resistance line above. As long as there is no volume breakout above 1.1600, the trend is still defined as a consolidation market dominated by downward pressure, rather than a complete reversal.

18:41:41

The soybean crushing volume of major oil mills across China as of October 31

Previous : 236.62 Forecast : -

Published Value 225.34

Previous

18:41:31

The operating rates of soybean crushing at major oil mills across China as of October 31

Previous : 65.13% Forecast : -

Published Value 61.99%

Previous

18:39:49

India's federal fiscal deficit in September - local currency INR

Previous : 59815.30 Forecast : -

Published Value 57312.30

Previous

18:29:31

[ECB Survey: Inflation Expectations Slightly Upward, Economic Growth Outlook Remains Fragile] ⑴ The ECB's fourth-quarter survey of professional forecasters shows that the overall HICP inflation expectation for 2025 has been revised upward by 0.1 percentage point to 2.1%. ⑵ Inflation expectations for 2026 and 2027 remain unchanged at 1.8% and 2.0% respectively, with long-term inflation expectations remaining stable at the 2.0% target level. ⑶ Core inflation expectations have also been revised upward, with the HICPX expectation rising by 0.1 percentage point to 2.4% in 2025, and remaining unchanged at 2.0% in subsequent years. ⑷ Real GDP growth expectations for 2025 have been revised upward by 0.1 percentage point to 1.2%, remaining at 1.1% in 2026 and 1.4% in 2027. ⑸ Trump's tariff rhetoric has had a negative impact on near-term economic growth expectations, but its direct impact on inflation is relatively limited. ⑹ The unemployment rate is expected to remain stable at 6.3% in both 2025 and 2026, slightly decreasing to 6.2% in 2027 and remaining there in the long term. (7) Interest rate path projections indicate that the deposit facility rate will fall to 1.9% in the first quarter of 2026, subsequently gradually rising to 2.25% by 2030. (8) The euro/dollar exchange rate is projected to steadily appreciate from 1.18 in the fourth quarter of 2025 to 1.20 in 2030. (9) Oil price projections have been slightly revised downwards, expected to remain in the $64-$68 per barrel range throughout the forecast period. (10) Nominal wage growth is projected to gradually slow from 4.5% in 2024 to 3.5% in 2025, and then stabilize at around 2.8% in the long term.

18:27:14

China's weekly rapeseed meal inventory as of October 31

Previous : 0.78 Forecast : -

Published Value 0.71

Previous

18:27:04

China's weekly soybean meal inventory as of October 31

Previous : 96.31 Forecast : -

Published Value 100.44

Previous

18:26:26

The preliminary reading of Italy's CPI excluding tobacco for October

Previous : 121.70 Forecast : -

Published Value 115.80

Previous

18:24:56

The preliminary annual rate of Italy's CPI excluding tobacco in October

Previous : 1.40% Forecast : -

Published Value 1.80%

Previous

18:14:37

Preliminary reading of the eurozone's harmonized CPI monthly rate for October

Previous : 0.10% Forecast : 0.10%

Published Value 0.20%

Previous

18:14:21

Preliminary reading of the Eurozone's core harmonized CPI monthly rate for October

Previous : 0.10% Forecast : -

Published Value 0.20%

Previous

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Real-Time Popular Commodities

Instrument Current Price Change

XAU

3997.41

-3.75

(-0.09%)

XAG

47.961

-0.098

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CONC

60.15

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