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

2026-10-20 Morning Report: Black Series Divergence Intensifies, Precious Metals Night Session Rebounds, Crude Oil Geopolitical Premium Dominates

Driver: Escalating geopolitical conflict lifts crude oil risk premium, transmitting to raw material costs in the black series; iron ore and coking coal/coke rebounded in the night session but short-covering dominated the day session, while rebar and hot-rolled coil inventory pressure persists; if 3057 support breaks, look to 3020, and if 3087 holds, repair to 3120. Driver: Precious metals corrected sharply in the day session before stabilizing in the night session following international markets; gold may repair to 915 if it holds 906.75, and look to 885 if it breaks 897.57; silver is more volatile, look to 13600 if it breaks 13859, and target 14400 if it holds 14109. Driver: Lithium carbonate inventories continue to destock with marginal demand improvement; look to 10800 if it holds 103420, and retest 94000 if it breaks 96280; short-term long-position accumulation is evident.