研发部2019年理财11月报

兴证期货研发部 2019 年理财 11 月报 目录 股指期货 ........................................................................................................................................................ 2 震荡偏强 ......................................................................................................................................................... 2 有色金属·铜 ................................................................................................................................................. 12 成本支撑，铜价走强的概率较大 ............................................................................................................... 12 螺纹钢&铁矿石 ............................................................................................................................................ 25 取暖季开启、需求韧性钢价易涨难跌 ....................................................................................................... 25 焦煤&焦炭 ................................................................................................................................................... 38 看空远月焦煤，关注钢材利润天花板 ....................................................................................................... 38 原油 ............................................................................................................................................................. 48 供需两端偏利好，油价震荡上行概率大 ................................................................................................... 48 甲醇 ............................................................................................................................................................. 67 甲醇中线预期转差，逢反弹抛空对待 ....................................................................................................... 67 PP&L ............................................................................................................................................................. 76 震荡格局延续，原油博弈或成转机 ........................................................................................................... 76 PTA&MEG ..................................................................................................................................................... 88 供增需减预期继续压制价格 ....................................................................................................................... 88 豆类油脂 .................................................................................................................................................... 101 利多逐步消化，油脂偏强震荡 ................................................................................................................. 101 白糖 ........................................................................................................................................................... 113 向上突破，短多长空 ................................................................................................................................. 113 分析师承诺 .......................................