This report is provided by MacroTerms.com

Data as of: 2026-11-06 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Generated: 2026-11-06 07:24:01 · Benchmark settle: 2026-11-05
Body, Best Trade and charts share the same settlement snapshot; intraday live prices are not part of conclusions

China Futures Morning Brief 2026-11-06: Precious Metals Oscillate at Highs, Black Commodities Short Covering, Petrochemicals Deep Correction

1. The US dollar index fell for two consecutive days and gold expectations were lowered amid highs, leading to a reduction in positions and rise in Shanghai gold (short covering) → Night session closed at 881.56, above the next pivot S1 872.73; holding above R1 896.65 would extend bullish momentum, targeting 912.
2. Black commodity positions decreased significantly but prices rebounded → Rebar futures reduced positions and rose (short covering) → Night session closed at 3045, below the next pivot R1 3056.67; holding above R1 would target 3080, breaking below S1 3017.67 would turn weak and target 2988.
3. Oil and petrochemicals stabilized after deep correction → Night session SC crude oil closed at 639.8, up 0.22% from settlement; PTA closed at 6040, down 0.59% from settlement; Methanol closed at 3175, down 1.82% from settlement; the sector remains at lows within the 20-day range, and a rebound requires stabilizing above each respective R1 to be confirmed.