This report is provided by MacroTerms.com

Data as of: 2026-10-20 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Generated: 2026-10-20 07:38:51 · Benchmark settle: 2026-10-16
Body, Best Trade and charts share the same settlement snapshot; intraday live prices are not part of conclusions

[Morning Brief] Commodity Market Under Pressure and Diverging, Shorts Dominate Black and Nonferrous Metals: 2026-10-20

Longs actively exiting combined with shorts adding positions; coking coal main contract settled at 1441, down 5.55% on the day and breaking below the lower band. In the next session, if it breaks below pivot S1 at 1370.67, look lower to 1340; if it holds above 1425.33, the bearish view is invalidated. Fundamentals demand suppression and international discount transmission; SHFE aluminum settled at 23015, down 0.93% on the day and approaching the lower edge of the range. In the next session, if it breaks below pivot S1 at 22891.67, look lower to 22500; if it recovers above 23076.67, the view is invalidated. USD high-range fluctuation and post-holiday position adjustment; SHFE gold open-interest growth slowed, night session closed at 895.22. In the next session, if it breaks below S1 support at 897.57, it will test the prior low of 881.82; if it holds above 906.75, the view is invalidated.