This report is provided by MacroTerms.com

Data as of: 2026-10-23 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
Generated: 2026-10-23 07:15:21 · Benchmark settle: 2026-10-22
Body, Best Trade and charts share the same settlement snapshot; intraday live prices are not part of conclusions

2026-10-23 China Futures Morning Brief: Precious Metals and Black Commodities Under Pressure, Crude Oil Relatively Strong

A stronger US dollar combined with a decline in international gold and silver prices pushed Shanghai Gold overnight settlement down 1.87%, moving toward the next pivot S1 at 873.84. A rebound and stabilization above R1 at 891.08 would invalidate the bearish outlook. For the black commodities complex, falling inventory and increased open interest coincided, with Rebar settlement down 0.68% and net short positions from the top 20 seats expanding. A break below the next pivot S1 at 3046.33 targets 3016.71, while holding above R1 at 3076.33 would support a recovery expectation. Crude oil overnight remained relatively firm, while Copper and Zinc overnight weakened. For SC, the next pivot at 706.77 and R1 at 729.13 form a key bull-bear divide. The risk of breakouts in precious metals and black commodities remains the primary source of volatility today.