This report is provided by MacroTerms.com

Data as of: 2026-10-11 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Generated: 2026-10-11 07:06:21 · Benchmark settle: 2026-10-09
Body, Best Trade and charts share the same settlement snapshot; intraday live prices are not part of conclusions

2026-10-11 China Futures Morning Report: Coking Coal & Coke Lead, Chemicals Diverge, Precious Metals & Nonferrous Metals Range at Highs

**Core views**: ① Coking coal and coke hit limit-up-level gains in the day session (JM +4.3%, J +2.98%) and continued to strengthen in the night session (JM +3.39%, J +2.94%), driven by supply-contraction expectations → top-20 seats increased net longs in both (JM +2529 lots, J +404 lots) → coking coal upside target 1574 (R1), coke upside target 2051.67 (R1); invalidated below S1. ② Precious metals strengthened in domestic-external resonance: SHFE gold settled at 899.1 and closed the night session at 908.48, +1.04% vs settlement; SHFE silver settled at 14515 and closed the night session at 14840, +2.24% vs settlement; GC 4216.3 overnight +1.43%, SI 61.048 +2.73% → safe-haven demand and rate-cut expectations resonate → SHFE gold holds above 900 with upside target 916.63 (R1); SHFE silver breaks above 14911.67 (R1) with upside target 15200. ③ Chemicals show intensifying divergence: methanol settled at 3321, +6.04% in the day session, with open interest in the main contract up by 2.351 billion yuan as prices rose on added positions; ethylene glycol settled at 5254, -4.16% in the day session; PTA 6704, -0.3% → driven by cost-end differences → hold methanol longs; treat EG/PTA as biased to the downside.