This report is provided by MacroTerms.com

Data as of: 2026-10-31 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Generated: 2026-10-31 07:22:09 · Benchmark settle: 2026-10-30
Body, Best Trade and charts share the same settlement snapshot; intraday live prices are not part of conclusions

2026-10-31 China Futures Morning Report: Precious Metals Plummet Overnight, Shanghai Gold and Silver Both Break Below Pivot Points

1. Strong dollar and declining US manufacturing PMI expectations prompt long liquidation in precious metals -> Shanghai gold overnight close at 831.5, breaking below the next pivot S1 at 850.61, targeting the 20-day low of 854.72; a recovery back above R1 at 863.85 would invalidate the bearish outlook.
2. Silver sentiment enters the fear zone with significant main position outflow -> short positions in Shanghai silver actively increase -> Shanghai silver overnight close at 11533, breaking below the next pivot S1 at 11894.33, targeting the 20-day low of 12057; a recovery back above R1 at 12454.33 would invalidate the bearish outlook.
3. Oil geopolitical premium and energy sector overnight rally -> active long additions in the chemical chain -> Methanol overnight close at 3597, stabilizing above the next pivot R1 at 3560, targeting the 20-day high of 3558; a break below S1 at 3398 would signal a weakening trend.