This report is provided by MacroTerms.com

Data as of: 2026-10-15 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Generated: 2026-10-15 07:06:36 · Benchmark settle: 2026-10-14
Body, Best Trade and charts share the same settlement snapshot; intraday live prices are not part of conclusions

2026-10-15 China Futures Morning Report: Precious Metals Plunge, Chemicals Move Against Trend, Black Complex Diverges as Coking Coal Momentum Fades

【Three Core Views】①With a strong US dollar and longs cutting positions ahead of CPI, Shanghai silver night session plunged 6.27% versus settlement to 13525, breaking below the 20-day low of 14203 and opening downside space; next target is the night-session low of 13483, invalidation if it reclaims 14000.②Geopolitical premium in crude supports polyester chain costs; SC night session closed at 729.5, -2.28% versus settlement, giving back gains but still +4.42% over 5 days; within chemicals, PP +1% and EG +3.3% confirm intra-chain rotation, PTA processing fee at 236 yuan/ton sits at the 13th percentile with room to expand.③Black complex divergence intensifies: coking coal +6.04% over 5 days leads gains, but night session closed at 1477, -4.86% versus settlement, momentum fading; the coil-rebar spread at 164 yuan is at the 2nd percentile, limiting HRC downside, while rebar mill margin at 995 yuan is at the 77th percentile, reflecting still-decent finished-steel profits.