Domestic Futures Market Opened Early

The domestic futures market opened early. Most commodity futures fell, coke and fuel oil fell by more than 4%, coking coal and stainless steel fell by more than 3%, iron ore and soda ash fell by more than 2%, palm oil and soybean oil fell by more than 1%, and soybean oil and staple fiber fell slightly; Rapeseed meal and corn rose slightly.
In the first half of December, the spot price of eggs fluctuated and weakened, but remained above 5 yuan/kg, at a historical high in the same period. However, there was no obvious support for egg futures. The futures prices fell continuously last week, making the basis a new high over the same period.
At present, the supply around the country is relatively stable, with little short-term change. The demand terminal is still weak, the market trading atmosphere is flat, and the prices of substitutes such as pigs and vegetables are weak, with persistent negative effects. Affected by this, all contracts of egg futures have fallen by more than half. In the middle and late December, it is difficult to change the trend of spot prices after the Spring Festival in the market due to the stronger stock. Therefore, the egg futures are expected to maintain the short trend, and each contract has a falling space of 100-200 yuan/500kg. At the same time, strong support is expected to exist in the front and bottom.