Iron Ore: The black series collectively rise and then fall back. Iron ore is easy to fall but hard to rise.

Logic and perspective:

Yesterday, the heads of China and the United States had a video meeting, and the whole process showed a little dovish signal. Black commodities in early trading were slightly stronger. In the afternoon, with the sharp correction of thread and hot-rolled coil, coking coal and coke, iron ore showed an inverted V pattern throughout the day. At the close, iron ore futures closed at 540 yuan/ton, an increase of 1 yuan/ton from the previous trading day. In terms of spot, the price of imported iron ore at Caofeidian Port fluctuated throughout the day; PB fines was 595 yuan/ton, an increase of 2 yuan/ton from the previous day; SSF was 380 yuan/ton, an increase of 5 yuan/ton from the previous day. In terms of transactions, a total of 923,000 tons of iron ore in major ports nationwide were traded, a decrease of 4.3% from the previous day, and a total of 1.06 million tons of forward spot transactions (9 transactions) were traded, an increase of 79.7% from the previous day. In terms of basis, PB fines was around RMB 130/ton, and SSF was around RMB 30/ton. The overall change was little.

On the whole, due to the country's strict control over the real estate industry, steel consumption has experienced a cliff-like decline since the third quarter. With the rapid decline in steel prices, the profits of the long-term process are rapidly compressed until they fall near the cost of the steel plant, and even losses occur, resulting in extremely bearish raw material prices. At present, the iron ore is not driven by a little bit of bullishness, but is frequently falling. However, since iron ore has fallen below US$80 and has strong support, further decline requires greater accumulation of contradictions. Therefore, in the short term, there is an interval trend, ranging from 500 yuan/ton to 600 yuan/ton.

Strategies:

Unilateral: go short when prices hit high levels

Arbitrage: None

Spot-Futures Arbitrage: None

Options: None

Inter-period: None

Cross-species: None

Concerns and risks:

1. The implementation strength and scope of the crude steel production restriction policy.

2. Risk of rising sea freight, etc.

Rubber: Port inventory continues to be destocked.

On November 16, the most-active RU contract closed at 14,695 (+155) yuan/ton, the price of mixed rubber reported 12,975 (+50) yuan/ton, and the basis of most-active contract stood at -745 yuan/ton (+145); the open interest of top 20 actively traded long positions was 62,649 (-2,981) lots, the short position was 82,889 (-3,242) lots, and the net short position was 20,240 (-261) lots.

On November 16, the most-active NR contract closed at 11,700 (+85) yuan/ton, the STR in Qingdao Free Trade Zone reported 1,792.5 (+17.5) US dollars/ton, the SMR stood at 1,790 (+25) US dollars/ton, and the SIR figure was 1,770 (+60) US dollars/ton. The basis of most-active contract reported -385 (+303) yuan/ton.

As of November 12: the total inventory of domestic exchanges was 307,325 (+9,869) tons, and the amount of warehouse receipts of exchanges was 253,940 (+11,690) tons.

Raw materials: Sheet rubber 53 (-0.83), cup lump 48.75 (+0.5), latex 53 (+0.5), RSS3 57.35 (-0.2).

As of November 11, the operating rate of domestic all-steel tire factories was 64% (+3%), and the operating rate of semi-steel tire factories was 60% (+3.52%).

Opinion: The latest port inventory data continued to decline, mainly due to insipid arrivals, while the increase in downstream purchases made the inventory further decline. At present, we have not seen the turning point of accumulated inventory, and we will focus on the situation of arrival at ports in the future. According to the current shipping situation, the postponement of the shipping schedule continues. It is expected that it will take a long time for concentrated arrivals at ports, and the inflection point of the accumulated inventory will be postponed, which will continue to support domestic rubber prices. The reopening of Yunnan Mohan Port yesterday will cause some short-term spot prices to loosen, and the overall impact is expected to be small. The tire factory operating rate has continued to rise recently, mainly in preparation for the peak domestic terminal sales at the end of the year. At the same time, due to the transfer of part of the pre-finished product inventory to the distributor, the pressure on the finished product inventory of the tire factory has slowed down. The increase in the purchase of downstream raw materials has brought support for rubber prices, making rubber prices expected to continue to fluctuate at high levels.

Strategy: Cautiously bullish

Risks: production may increase substantially, inventory may continue to accumulate, and demand may decrease substantially, etc.

Crude oil: API crude oil inventories increased slightly, while gasoline inventories fell sharply.

There are still big differences within the White House on releasing reserves to curb inflation. We mentioned in this week's weekly report that although releasing of reserves can curb oil prices, it has a short-term effect and is of little help to the current structural tightness of the US refined oil market. To improve the current gasoline shortage, refineries need to further increase the operating rate or increase the net gasoline imports. At present, the White House is considering ways to control oil prices, including releasing strategic reserves, adjusting the renewable energy policy (RINS), and prohibiting the export of crude oil and refined oil products. But no matter what kind of policy tool, there are certain side effects. This is also the biggest reason why Biden's policy has been unresolved on the issue of releasing reserves in the near future. However, the current inflation problem has already produced greater political pressure on the Biden administration. We believe that the introduction of relevant policies in the future is still a high probability event.

Strategy: Neutral, go long of diesel crack spread (Gasoil-Brent）

Risk: The United States releases strategic reserves.

Copper: The US economic data is improving, and the US dollar is strong and copper prices are falling.

Spot: According to SMM, yesterday was the first day after the rolling over. In the morning market, Standard-Grade Copper began to offer a premium of 600 yuan/ton, a premium of 800 yuan/ton for High-Grade Copper, and a premium of 450-500 yuan/ton for Hydro-Copper and Low-Quality Copper. However, the market was holding a wait-and-see attitude, and trade recipients and downstream were waiting for price cuts after the stalemate. However, the response of the holders surprised the market. After 9:30, as the market price rebounded from a low level, the quotation instantly surpassed the premium of 650-670 yuan/ton, and jumped directly to the premium of 700 yuan/ton. After being sold out in an instant with a premium of 750 yuan/ton in the early days of the market, the High-Grade CopperPeru slab stabilized at around a premium of 800 yuan/ton. Guixi Copper offered a high premium of 850 yuan/ton. Hydro-Copperfollowed the general market trend and rose sharply to around a premium of 550 yuan/ton. At its peak, it once exceeded 600 yuan/ton.

View:

Copper prices showed a downward trend as a whole yesterday. On the macro level, after Germany suspended approval of the Beixi No. 2 project, which was regarded by Russia as an important condition for increasing the supply of natural gas to Europe, Dutch natural gas futures rose by 11%. The speech by Democratic Leader Steny Hoyer of the US House of Representatives lowered the market's expectations of the Biden administration's release of strategic oil reserves. However, the International Energy Agency (IEA) expects that the increase in crude oil production will help ease global oil supply tensions. International crude oil continued to fluctuate, with U.S. oil falling and Brent oil rebounding. St. Louis Federal Reserve Chairman Brad gave a hawkish speech, arguing that the Fed should speed up Taper in order to combat inflation, not by the middle of next year, but by the first quarter of next year to end bond purchases. On the same day, San Francisco Fed President Daly continued to insist that inflation is temporary, saying that patience is the best way to deal with the current high inflation. U.S. retail sales grew faster than expected in October, setting the fastest month-on-month growth rate in seven months. Industrial output in October and the confidence of home builders in November were also better than expected. The positive economic data in the United States eased investors' demand for safe-haven, precious metals gold and silver closed down, and gold, which hit a five-month high during the session, turned down. As the US dollar strengthened, some base metals such as London Copper fell.

Domestically, leaders of China and the United States held video meetings on Sino-US relations and related issues, and exchanged views on Sino-US relations and issues of mutual concern. The capitals of the two countries believe that the meeting was frank, constructive, substantive, and fruitful, which is conducive to enhancing mutual understanding between the two sides, increasing the positive expectations of the international community on Sino-US relations, and sending strong signals to China, the United States and the world.

On the whole, the US economic data is improving, and the dollar is strengthening and copper prices are falling. Unilaterally, we maintain the judgment that the market will fluctuate widely and there are downside risks.

Strategies:

1. Unilateral: neutral

2. Inter-market: postpone

3. Inter-period: postpone

4. Options: postpone

Focus point:

1. The Fed's monetary policy orientation

2. The trend of the US dollar index

3. Policy risks may increase.

PTA: TA processing fees rebounded from a low level.

1. PX processing fees continue to be low.

(1) The third production line of Zhejiang Petrochemical PX still has not significantly increased the load. India OMPL started to overhaul. Asia's PX accumulated inventory rate in November-December was not large; The low level near PX processing fee of US$140-150/ton has been basically compressed in place.

2. PTA processing fees rebounded from a low level.

Currently, there are not many PTA overhauls. In the context of terminal negative feedback, the early PTA processing fee continued to be held at around 450. However, it has rebounded from a low level recently.

3. The production and sales of filaments have fallen.

(1) Filament production and sales fell back to 35%. (2) The dual control policy still exists in Jiangsu and Zhejiang, and the terminal load is under pressure. Poor performance of terminal orders.

Balance sheet outlook: PTA will gradually enter the inventory accumulation cycle from November to December.

Strategic recommendations:

(1) Unilateral: PTA and PX processing fees are basically compressed in place, and the correction of crude oil benchmarks is expected to be limited. It is recommended that on unilateral prices, taking a wait-and-see attitude.

(2) Intertemporal: For the 1-5 spread, adopt a reverse arbitrage strategy.

Risks: Potential overhauls of PTA factories under the background of low processing fees; the load situation of Zhejiang Petrochemical PX; the maintenance time of polyester reduced load.

铁矿：黑色集体冲高回落，铁矿易跌难涨

逻辑和观点：

昨日，中美双方首脑视频会谈，整个过程略显鸽派，早盘黑色商品略显强势，午后随着成材以及双焦的大幅回调，铁矿全天走出倒V图形。至收盘，铁矿石期货收540元/吨，较上一交易日上涨1元/吨，现货方面，曹妃甸港进口铁矿全天价格涨跌互现， PB粉595元/吨，较前日上涨2元/吨，超特粉380元/吨，较前日上涨5元/吨，市场交投情绪较为一般，成交尚可。成交方面，全国主港铁矿累计成交92.3万吨，环比下降4.3%，远期现货累计成交106万吨（9笔），环比上涨79.7%。基差方面，PB粉130元/吨附近，超特粉30元/吨附近，整体变化不大。

整体来看，由于国家对地产行业的严厉管控，导致三季度以来，钢材消费出现断崖式下跌。随着钢价的快速下跌，长流程利润快速压缩，直至钢厂成本附近，甚至出现亏损，极大的利空原料价格。目前，铁矿没有一点点利多驱动，反而是频繁向下。但由于铁矿已跌至80美金之下（连铁折算交割品），具有强支撑，进一步下跌需要更大的矛盾积累，所以短期看呈现区间走势，500元/吨-600元/吨之间。

策略：

单边：逢高做空

套利：无

期现：无

期权：无

跨品种：无

关注及风险点：

粗钢压产政策的落地力度和幅度，海运费上涨风险等。

橡胶：港口库存延续去化

16号，RU主力收盘14695（+155）元/吨，混合胶报价12975元/吨（+50），主力合约基差-745元/吨（+145）；前二十主力多头持仓62649（-2981），空头持仓82889（-3242），净空持仓20240（-261）。

16号，NR主力收盘价11700（+85）元/吨，青岛保税区泰国标胶1792.5（+17.5）美元/吨，马来西亚标胶1790美元/吨（+25），印尼标胶1770（+60）美元/吨。主力合约基差-385（+303）元/吨。

截至11月12日：交易所总库存307325（+9869），交易所仓单253940（+11690）。

原料：生胶片53（-0.83），杯胶48.75（+0.5），胶水53（+0.5），烟片57.35（-0.2）。

截止11月11日，国内全钢胎开工率为64%（+3%），国内半钢胎开工率为60%(+3.52%）。

观点：最新的港口库存数据继续下降，主要是到港量一般，而下游拿货增加使得库存进一步下降。目前尚未看到累库拐点，后期重点关注到港情况，按照目前了解的船运情况，船期推迟还在继续，预计要出现集中到港还需要较长时间，累库拐点将延续，对于国内胶价持续产生支撑。昨日云南磨憨口岸重新开放，将使得指标胶重新进入国内，短期现货价格或有一定的松动，预计总体影响不大。近期轮胎厂开工率持续回升，主要为年底国内终端销售高峰做准备，同时，因前期成品库存部分转移到经销商，轮胎厂成品库存压力有所减缓，下游原料采购增加带来胶价支撑。胶价有望延续偏强震荡。

策略：谨慎偏多

风险：产量大幅增加，库存大幅累积，需求示弱等。

原油：API原油库存小幅增加，汽油库存大幅下降

白宫内部对于抛储抑制通胀仍有较大分歧，我们在本周的周报中提及，抛储虽然可以抑制油价，但效果偏短期，且治标不治本，对于当前美国成品油市场的结构性偏紧帮助不大，要改善当前的汽油偏紧需要炼厂进一步提高开工率或者提高汽油净进口量，目前白宫考虑调控油价的手段包括释放战略储备、调整可再生能源政策 （RINS）、禁止原油成品油出口等方式，但不管哪种政策工具，都存在一定的副作用，这也是近期拜登政策在抛储这一问题上悬而未决的最大原因，但目前通胀问题对于拜登政府已经产生了较大的政治压力，我们认为未来相关政策出台仍旧是大概率事件

策略：中性，做多柴油裂解价差（Gasoil-Brent）

风险：美国释放战略储备

铜：美国经济数据向好，美元走强铜价下挫

现货方面：据SMM讯，昨日为换月后的首日，早市持货商始报于升水600元/吨，好铜升水800元/吨，湿法铜及差铜升水450-500元/吨，然而市场处于驻足观望中，贸易收货者及下游均在等待僵持后的放松降价，然而持货商的反应令市场惊诧，9点半后，随着盘面的低位回升，报价瞬间越过升水650-670元/吨，直接跳涨至升水700元/吨，大江大板可报至升水720-750元/吨区间。好铜秘鲁大板在盘初升水750元/吨被秒收后，托底升水770元/吨，稳定于升水800元/吨附近，贵溪铜高高在上于升水850元/吨。湿法铜随波逐流，大涨于升水550元/吨附近，最高时一度超过升水600元/吨。

观点：

昨日铜价整体呈下行态势。宏观方面，在德国暂停被俄罗斯视为增加对欧天然气供应重要条件的北溪二号项目审批后，荷兰天然气期货一度大涨11%。美国众议院民主党领袖Steny Hoyer的讲话降低了市场对拜登政府释放战略油储的预期，但国际能源署（IEA）预计原油产量增长将有助于缓和全球供油紧张，国际原油继续涨跌各异，美油回落、布油反弹。圣路易斯联储主席布拉德发表鹰派讲话，认为美联储应为对抗通胀加快速度Taper，不是明年中、而是明年一季度就结束购债。同日，旧金山联储主席戴利则继续坚持通胀是暂时的，表示耐心是应对目前高通胀最好的办法。美国10月零售销售超预期增长、创七个月最快环比增速，10月工业产出和11月住房建筑商信心也均优于预期，美国经济数据向好缓和投资者的避险需求，贵金属金银均收跌，盘中创五个月新高的黄金转跌。美元走强之际，伦铜等部分基础金属下挫。

国内方面，中美领导人就中美关系和相关问题进行视频会晤，就中美关系和双方共同关心的问题交换意见。两国元首都认为，此次会晤是坦率、建设性、实质性和富有成效的，有利于增进双方相互了解，增加国际社会对中美关系的正面预期，向中美两国和世界发出了强有力信号。

整体看来，美国经济数据向好，美元走强铜价下挫，单边上维持宽幅震荡并存在下行风险的判断。

策略：

1. 单边：中性 2. 跨市：暂缓 3. 跨期：暂缓；4. 期权：暂缓

关注点：

1. 美联储货币政策导向 2.美元指数走势 3.政策风险加剧

PTA：TA加工费低位反弹

一、PX加工费低位盘整

（1）浙石化PX第三条线仍未明显提负，福海创80万吨停车至年底，福建联合85万吨11.10停车2个月，印度OMPL兑现检修。亚洲PX11-12月累库速率不大， PX加工费140-150美元/吨附近低位基本已压缩到位。

二、PTA加工费低位反弹

（1）目前PTA检修量级不多，终端负反馈背景下，前期PTA加工费持续压在450附近。近日低位反弹。

三、长丝产销回落

（1）长丝产销回落至35%。（2）江浙地区双控政策仍存，终端负荷受压；终端订单表现不佳。

平衡表展望：PTA11-12月持续逐步进入累库周期。

策略建议：（1）单边：PTA及PX加工费基本压缩到位，原油基准预期回调有限，单边价格观望。（2）跨期套利：累库预期背景下，1-5价差反套。

风险：低加工费背景下PTA工厂的潜在检修可能，浙石化PX提负进展，聚酯低负荷的持续时长