Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The copper price will maintain a high - level oscillation in the short term, with an upward trend in the medium and long term, and attention should be paid to the risk of increased short - term price fluctuations due to mixed macro news [5] Group 3: Summary by Related Catalogs Market Review - After the National Day holiday, the main contract of Shanghai copper opened higher and prices rose. Since the new round of Sino - US trade conflicts fermented, the market's expectation of economic downturn increased, and the copper price was still weak last week, ending the decline and maintaining an oscillating trend at the end of the week [4] Supply and Demand - Mine - end disturbances continue to ferment, and the processing fee for imported copper concentrates continues to decline slightly. Codelco raised the long - term premium for electrolytic copper in Europe in 2026 to $325/ton, a record high. The weekly operating rate of major domestic refined copper rod enterprises was 62.5%, a month - on - month increase of 19.06 percentage points, and that of copper cable enterprises was 61.91%, a month - on - month increase of 3.38 percentage points. SMM expects the operating rate of refined copper rod enterprises to rise to 66.26% this week, a month - on - month increase of 3.76 percentage points. The real estate continues to drag down the market, and the production schedules of photovoltaic and air - conditioning have dropped significantly. The main support for the later market comes from wire and cable and automobiles, and the peak - season demand remains to be verified [4] Macroeconomics - US Treasury Secretary Bessent hinted that the US may extend the suspension of additional tariffs on Chinese goods in exchange for China delaying the implementation of the rare - earth export control plan, and President Trump is ready to meet with Chinese leaders soon, so there is an expectation of easing Sino - US trade conflicts. The overall expectation of interest - rate cuts by the Federal Reserve has increased. In September 2025, China's industrial producer price index decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points from the previous month, and remaining flat month - on - month [4]

Group 1: Core Viewpoints - The epic bull market of gold and silver experienced its first significant correction last Friday, and market divergence has significantly increased [2]. - The easing of Sino - US trade tensions, the potential de - escalation of the Russia - Ukraine conflict, and the possible Fed rate cut in October (already priced in by the market) have led to a decline in gold and silver prices [2][4]. - The silver shortage in the London market has started to ease, prompting some investors to take profits [4]. - In the long run, the bullish fundamentals of gold and silver have not reversed, but in the short term, there will be an oscillation and consolidation period to digest profit - taking and short - term negative factors [4]. Group 2: Reasons for Market Changes Sino - US Trade Relations - Trump's latest statement on Sino - US trade negotiations shows a willingness to reach an agreement, with a possible further extension of the tariff suspension period, reducing market risk aversion [2]. Geopolitical Situation - After the cease - fire in the Palestine - Israel conflict, the Russia - Ukraine conflict shows signs of de - escalation, further weakening market risk aversion [2]. Fed Policy - Fed Chairman Powell hinted at a 25 - basis - point rate cut this month and a possible halt to balance - sheet reduction in the coming months, but the market has already priced this in [4]. Market Supply - The previous historical silver shortage in the London market has started to ease [4].

Group 1: Report General Information - Report Title: "Caida Futures | Weekly Report on Rebar and Iron Ore" [1] - Report Date: October 20, 2025 [2] - Report Core Theme: "Supply - demand margin gradually weakens, and rebar and iron ore continue the adjustment trend" [3] Group 2: Rebar Analysis Futures - This week, the rebar 01 contract maintained an adjustment trend driven by the increase in short - position main force. As of Friday, it closed at 3037 yuan/ton, down 66 yuan from last week, with a weekly decline of 2.13% [5] Spot - This week, the prices of mainstream rebar regions were generally lowered, and the overall trading volume slightly weakened. As of Friday, the national average rebar quotation was lowered by 48 yuan to 3215 yuan/ton, with different price drops in various regions [5] Fundamental Supply - The blast furnace operating rate of 247 domestic steel mills was 84.27%, unchanged from last week and up 2.59% year - on - year; the blast furnace ironmaking capacity utilization rate was 90.33%, down 0.22% from last week and up 2.34% year - on - year. The average operating rate of 90 electric furnace steel mills was 68.85%, up 1.79% from last week and down 0.73% year - on - year; the average electric furnace capacity utilization rate was 53.2%, up 2.13% from last week and up 1.32% year - on - year. The weekly rebar output decreased by 2.24 tons to 201.16 tons, still at a low level compared with the same period [5] Short - flow steel mills - Currently, the estimated cost of electric furnaces in East China is 3213 yuan, down 22 yuan from last week. The rebar electric furnace profit is a loss of 323 yuan, and the loss margin has widened by 38 yuan compared with last week. The operating rate and capacity utilization rate of electric furnaces in the country continued to rise this week, with some steel mills having electric furnace overhauls and some resuming production [5] Long - flow steel mills - Currently, the estimated cost of crude steel in East China is 2900 yuan, down 23 yuan from last week. The rebar blast furnace profit is a loss of 10 yuan, down 37 yuan from last week. This week, the domestic blast furnace capacity utilization rate continued to slightly decrease, and the long - flow steel mill profit continued to slightly shrink [8] Demand - This week, the building materials trading volume continued to slightly decrease, while the apparent consumption of rebar began to slightly increase. The 5 - day average trading volume of building materials decreased by 0.79 tons to 9.70 tons, and the apparent consumption of rebar increased by 73.74 tons to 219.75 tons. In absolute terms, the apparent consumption of rebar remained at a low level compared with the same period [8] Inventory - This week, the inventories of five major steel products and rebar began to slightly reduce. As of Friday, the total rebar inventory decreased by 18.59 tons to 641.05 tons, still at a low level compared with the same period. Among them, the social rebar inventory decreased by 10.89 tons to 456.41 tons, and the factory inventory decreased by 7.7 tons to 184.64 tons [8] Basis - As of Friday, the lowest warehouse receipt quotation for rebar in Tianjin was 3170 yuan/ton, with a premium of 133 yuan over the rebar 01 contract, a contraction of 14 yuan compared with last week. Currently, the rebar basis is above the average, and it is expected that the rebar basis will continue to contract in the future [8] Comprehensive Judgment - Affected by steel mill overhauls, the short - term rebar output decreased slightly; the rebar inventory began to slightly decline, and the apparent consumption of rebar slowly increased, but the speculative demand was still weak. Attention should be paid to whether there are signs of marginal weakening in delivery warehouse receipts and foreign capital positions, and whether the trade - war tariff increases continue to escalate, which may put pressure on the market [8] Group 3: Iron Ore Analysis Futures - This week, the iron ore 01 contract maintained an adjustment trend driven by the increase in short - position main force. As of Friday, it closed at 771.0 yuan/ton, down 24.0 yuan/ton from last week, with a weekly decline of 3.02% [8] Spot - This week, the prices of mainstream imported ore varieties were generally slightly lowered, and the prices of domestic iron concentrates began to stabilize and decline, with the overall trading volume improving. As of Friday, the prices of various iron ore varieties at different ports decreased to varying degrees [8] Fundamental Supply - As of the 13th, the total shipment volume of Australian and Brazilian iron ore was 2731.0 tons, a decrease of 94.9 tons compared with last week. The shipment volume from Australia was 1916.3 tons, a decrease of 63.6 tons, and the volume shipped from Australia to China was 1584.5 tons, a decrease of 76.7 tons. The shipment volume from Brazil was 814.7 tons, a decrease of 31.3 tons. In absolute terms, the current shipment volume of Australian and Brazilian iron ore remained at a medium - high level compared with the same period. The total arrival volume at 45 ports was 3045.8 tons, an increase of 437.1 tons compared with last week; the total arrival volume at six northern ports was 1423.5 tons, a decrease of 28.1 tons [10] Demand - Currently, the daily average ore removal volume at 45 ports is 315.72 tons, a decrease of 11.28 tons compared with last week. In absolute terms, it remained at a medium - high level compared with the same period; the weekly average trading volume of iron ore port spot was 115.4 tons, an increase of 45.8 tons compared with last week, and it has recovered to the average level of the same period. The daily average hot - metal output of 247 steel mills was 240.95 tons, a decrease of 0.59 tons compared with last week and an increase of 6.59 tons compared with last year. In absolute terms, it has recovered to a medium - high level compared with the same period; the daily consumption of imported ore by 247 steel mills was 297.35 tons, a decrease of 0.96 tons compared with last week, and in absolute terms, it remained at a medium - high level compared with the same period [10] Inventory - As of the 17th, the iron ore inventory at 45 ports continued to slightly increase, currently at 14278.27 tons, an increase of 253.77 tons compared with last week. In absolute terms, it remained at a medium - high level compared with the same period; the imported iron ore inventory of 247 steel mills was 8982.73 tons, a decrease of 63.47 tons compared with last week, and in absolute terms, it remained at a relatively low level compared with the same period [10] Basis - As of Friday, the Newman powder at Rizhao Port was the optimal delivery product at 821 yuan/ton, with a premium of 50 yuan over the iron ore 01 contract, an expansion of 15 yuan compared with last week. Currently, the iron ore basis is above the average level. Based on seasonal trends and the basis regression cycle, it is expected that the space for the iron ore basis to continue to expand is limited, and the probability of contraction is relatively high [10] Comprehensive Judgment - In the short term, the shipment volume of imported ore continued to slightly decline, and it is expected that the arrival volume will slightly increase next week, and the port inventory still faces certain pressure. On the demand side, the short - term daily average hot - metal output continued to decline, and the steel mill's daily consumption slightly decreased. In the short term, steel mills continue to adopt a digestion strategy, and the marginal weakening of iron ore supply - demand puts pressure on the market [10]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The overall price of live pigs has shifted downwards, and although there is short - term support, the possibility of a significant rebound is small, and prices remain suppressed in the short term [5] - Corn prices are suppressed by seasonal supply pressure, and the futures market is in short - term bottom - range oscillation [8] Summary by Related Catalogs Live Pigs - Futures: The LH2601 contract of live pig futures closed at 11,670 yuan/ton last week, down 4.46% from the previous week's settlement price [5] - Spot: The national average market price of external ternary live pigs was 11.27 yuan/kg, a week - on - week decrease of 0.21 yuan/kg [5] - Profit: As of October 17, the self - breeding and self - raising profit was - 244.7 yuan/head, a week - on - week decrease of 92.55 yuan/head; the profit from purchasing piglets was - 375.29 yuan/head, a week - on - week decrease of 74.25 yuan/head; the pig - grain ratio was 4.95, a week - on - week decrease of 0.31 [5] - Market trend: The national live pig spot market first declined and then rose last week. Although there is support from secondary fattening and farmers' resistance to low prices, the supply of live pigs is abundant, and the demand from slaughterhouses has not increased, so prices remain under pressure [5] Corn - Futures: The C2601 contract of corn futures first declined and then rose last week, closing at 2,117 yuan/ton, down 0.38% from the previous week's settlement price [6] - Spot: The national average spot price of corn was 2,263.14 yuan/ton, a week - on - week decrease of 40.98 yuan/ton. Prices at various ports also showed a downward trend [6] - Industrial consumption: From October 9 to October 15, 2025, 149 major corn deep - processing enterprises consumed 122.31 million tons of corn, a week - on - week increase of 3.04 million tons. The processing volume of corn starch enterprises and the output of corn starch increased, with the weekly operating rate rising to 56.74%. The operating rate of the DDGS industry decreased to 53.19%, and the output decreased by 3.22% [7] - Inventory: As of October 15, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.462 billion tons, an increase of 5.48%. As of October 17, the total corn inventory in the four northern ports was about 820,000 tons, and the corn inventory in Guangdong ports was 387,000 tons [7] - Market trend: The national corn spot market continued to decline last week. In the Northeast production area, the market price stabilized due to the start of reserve grain rotation purchases in some areas; in North China, the purchase price was weak. With the new - season corn entering the concentrated harvest stage, although there is demand for enterprise replenishment, prices are still suppressed [8]

Group 1: Report Overview - Report Title: "Caida Futures | Coking Coal and Coke Weekly Report 2025 - 10 - 20" [1] - Core View: With the arrival of cooling and snowfall, the prices of coking coal and coke futures fluctuated strongly. Last week, the supply and demand of coking coal both increased, while the supply and demand of coke both decreased. The coking coal 2601 contract and the coke 2601 contract both showed a fluctuating and strengthening trend in the short - term, and attention should be paid to the pressure of the 20 - day moving average [4][5][8] Group 2: Futures and Spot Market Quotes - Coking Coal: Last week, the coking coal 2601 contract closed at 1179 on Friday, with a weekly increase of 1.55%. The mainstream spot market prices in major regions showed a strong trend [4] - Coke: Last week, the coke 2601 contract closed at 1676 on Friday, with a weekly increase of 0.57%. The mainstream spot market prices in major regions remained stable for the time being [4] Group 3: Fundamental Analysis - Coking Coal Supply - The utilization rate of the approved production capacity of 523 coking coal mines nationwide was 87.3%, a month - on - month increase of 5.4%. The utilization rate of the production capacity of 314 independent coal washing plants was 35.8%, a month - on - month increase of 0.5%. The daily output of clean coal was 261,000 tons, a month - on - month increase of 4,000 tons. The overall supply of coking coal increased slightly [4] - The production enthusiasm of coking coal mines and coal washing plants was high, and the downstream transportation was active. The clean coal inventory increased, but the increase was not large [4] Demand - The blast furnace operating rate of downstream steel mills remained at a high level, and the high rigid demand for coke supported the demand for coking coal [5] - Affected by factors such as the arrival of snowfall and the expectation of winter storage, the price of coking coal continued to rise. However, due to the poor profitability of coking and steel enterprises, they were resistant to high - priced coal and mainly purchased on demand [5] - The overall trend of online coking coal auctions was still upward [5] Summary - Last week, the supply and demand of coking coal both increased. The coking coal 2601 contract fluctuated strongly last week, and short - term attention should be paid to the pressure of the 20 - day moving average [5] Group 4: Fundamental Analysis - Coke Supply - The utilization rate of the production capacity of all - sample independent coking enterprises nationwide was 74.24%, a month - on - month decrease of 0.94%. The daily output was 652,900 tons, a month - on - month decrease of 83,000 tons [7] - The profit per ton of coke for 30 sample coking enterprises was - 13 yuan/ton, a month - on - month decrease of 22 yuan/ton. The increase in coking coal prices compressed the profits of coking enterprises, and the supply of coke decreased slightly [7] - The spot price of coke at ports remained stable, the market trading atmosphere was average, the enthusiasm of traders for shipping to ports was average, and the inventory fluctuated little [7] Demand - The blast furnace operating rate of 247 steel mills remained at a relatively high level, and the rigid demand for coke replenishment was good. However, the profitability of steel mills continued to decline, and the inventory of steel products accumulated, which inhibited the replenishment demand for coke [7] Summary - Last week, the supply and demand of coke both decreased. The coke 2601 contract fluctuated strongly last week, and short - term attention should be paid to the pressure of the 20 - day moving average [8] Group 5: Arbitrage - Last week, the coking coal - to - coke ratio dropped significantly, with an average value of 1.43. It is currently at a relatively high level in the same period in the past five years. Attention should be paid to the range of 1.35 - 1.55 [8] Group 6: Inventory Data Coking Coal Inventory - Port inventory was 2.7271 billion tons, a week - on - week decrease of 222,800 tons [9] - All - sample independent coking plant inventory was 9.9737 billion tons, a week - on - week increase of 383,100 tons [9] - 247 sample steel mill inventory was 7.8832 billion tons, a week - on - week increase of 71,900 tons [9] - Total inventory was 20.584 billion tons, a week - on - week increase of 232,200 tons [9] Coke Inventory - Port inventory was 1.9515 billion tons, a week - on - week increase of 6,000 tons [9] - All - sample independent coking plant inventory was 572,900 tons, a week - on - week decrease of 65,500 tons [9] - 247 sample steel mill inventory was 6.3944 billion tons, a week - on - week decrease of 113,800 tons [9] - Total inventory was 8.9188 billion tons, a week - on - week decrease of 178,700 tons [9]

财达期货｜股指期货周报 财达期货｜股指期货周报 2025-10-20 研究员 姓名：李津文 从业资格号： F0244287 Z0012495 高位调整，量能缩减 行情回顾: 上周四个股指期货品种走势以向下调整为主基调，其中中证 500 和中证 1000 调整幅度相对较大。四个股指期货品种基差走势 有所分化，全部主力合约合约仍保持期货贴水模式。期指主力合约 期货-现货基差，IH 收于-4.77，IF 收于-29.03，IC 收于-152.87， IM 收于-164.68。 投资咨询号： 上周 A 股市场整体呈现高位调整走势，之前强势的指数有较大 幅度调整。当前沪指月线运行至压力位置面临方向的选择，周线冲 高放量是调整的信号，如果不能维持强势市场，调整的概率在逐步 增大，需要高度重视。截至 10 月 17 日，板块已经出现了轮动，航 空、煤炭和贵金属等板块在本周表现强势的特征，周内有所拉升。 另外，市场在这个位置横向运动了 8 周，没有特殊事件的影响和资 金的强势拉升，这个位置短期不具备突破的能力，需要进一步观察 后期市场的表现。 综合分析： 宏观方面，9 月出口再次超出市场预期，PPI 延续上行，但是 政府债拖 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The supply - demand margins of both rebar and iron ore are gradually weakening, putting significant pressure on the futures market. For rebar, the demand has declined, and the inventory has increased, while for iron ore, the short - term supply and demand situation has also shown signs of weakening [3][5][8][9]. 3. Summary by Related Catalogs Rebar - **Futures**: The rebar 01 contract maintained a narrow - range consolidation driven by the reduction of long - position main players. As of Friday, it closed at 3103 yuan/ton, down 11 yuan or 0.35% from last week [5]. - **Spot**: The mainstream rebar prices in most regions decreased slightly, and the overall trading weakened. The national average rebar price dropped 25 yuan to 3263 yuan/ton [5]. - **Fundamentals - Supply**: The blast furnace operating rate of 247 domestic steel mills was 84.27%, down 0.02% week - on - week; the blast furnace iron - making capacity utilization rate was 90.55%, down 0.10% week - on - week. The average operating rate of 90 electric - arc furnace steel mills was 67.06%, up 1.19% week - on - week. The rebar weekly output decreased by 3.62 tons to 203.4 tons, still at a low level year - on - year [5]. - **Fundamentals - Demand**: The 5 - day average building materials trading volume decreased by 0.16 tons to 10.49 tons week - on - week, and the rebar apparent consumption decreased by 95.06 tons to 146.01 tons, remaining at a low level in the same period [6]. - **Fundamentals - Inventory**: The inventory of five major steel products and rebar increased significantly. As of Friday, the total rebar inventory increased by 57.39 tons to 659.64 tons, still at a low level in the same period [8]. - **Fundamentals - Basis**: As of Friday, the lowest warehouse - receipt price of rebar in Shanghai was 3250 yuan/ton, with a premium of 147 yuan over the rebar 01 contract, 1 yuan wider than last week. The rebar basis is expected to shrink in the future [8]. - **Comprehensive Judgment**: During the National Day, the decline in rebar apparent consumption and the increase in inventory were more significant than in previous years, and the supply - demand margin of rebar has weakened [8]. Iron Ore - **Futures**: The iron ore 01 contract maintained a relatively strong consolidation driven by the increase of long - position main players. As of Friday, it closed at 795.0 yuan/ton, up 5.0 yuan/ton or 0.63% from last week [8]. - **Spot**: The prices of mainstream imported ore varieties increased slightly, and the price of domestic iron concentrate remained stable. The overall trading was average [8]. - **Fundamentals - Supply**: As of the 6th, the total shipment of Australian and Brazilian iron ore was 2825.9 tons, down 38.1 tons week - on - week. The 45 - port arrival volume was 2608.7 tons, up 248.2 tons week - on - week [8][9]. - **Fundamentals - Demand**: The daily average port clearance volume of 45 ports was 327.0 tons, down 9.4 tons week - on - week. The daily consumption of imported ore by 247 steel mills was 299.14 tons, up 0.33 tons week - on - week [9]. - **Fundamentals - Inventory**: As of the 9th, the 45 - port iron ore inventory continued to increase slightly to 14024.50 tons, while the imported iron ore inventory of 247 steel mills decreased by 990.6 tons to 9046.19 tons [9]. - **Fundamentals - Basis**: As of Friday, the optimal delivery product, Newman powder at Qingdao Port, was 830 yuan/ton, with a premium of 35 yuan over the iron ore 01 contract, 3 yuan narrower than last week. The iron ore basis is expected to shrink in the future [9]. - **Comprehensive Judgment**: The short - term shipment of imported ore continues to decline slightly, and the arrival volume is expected to increase slightly next week. The supply - demand margin of iron ore has weakened, putting pressure on the market [9].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The market is facing risks and adjustments are inevitable. The post - holiday market liquidity has quickly recovered, and margin funds have replenished. The release of the "15th Five - Year Plan" in the second half of October may lead to the growth track regaining the upper hand [2][4] Group 3: Summary of Each Section Market Review - Last week, the four stock index futures varieties showed an upward - trending oscillation. The basis of most contracts remained in the futures discount mode. The basis of the main contracts were: IH at 0.95, IF at - 24.63, IC at - 132.22, and IM at - 193.42 [2] - The A - share market showed an oscillatory consolidation trend last week. In September, the three major A - share indices all closed up, showing a pattern of Shenzhen being stronger than Shanghai. The Shanghai Composite Index rose slightly by 0.64%, the Shenzhen Component Index rose by 6.54%, the ChiNext Index soared by 12.04%, and the Science and Technology Innovation 50 Index soared by 11.48%. Among the 31 Shenwan primary industries, 13 rose, accounting for 42%. Power equipment led the gains with a cumulative increase of over 21%, followed by non - ferrous metals and electronics with cumulative increases of over 10%. Defense industry, banking, non - banking finance, and beauty care had the largest declines, all falling by over 5% [2] Comprehensive Analysis - In September 2025, China's Manufacturing Purchasing Managers' Index (PMI) was 49.8%, up 0.4 percentage points from the previous month, indicating continuous improvement in manufacturing prosperity [4] - Overseas, the reciprocal tariffs initiated by US President Trump since April have had a negative impact on the global supply chain, and trade disputes will continue in October [4] - After the holiday, market liquidity quickly recovered, and margin funds replenished. The release of the "15th Five - Year Plan" in the second half of October may trigger market speculation around the plan, and the growth track may regain the upper hand [4]

Group 1: Report Overview - Report Name: "Caida Futures | Weekly Report on Live Pigs and Corn" [1][2] - Report Date: October 13, 2025 [2] - Researcher: Tian Jinlian [3] Group 2: Live Pig Market Market Performance - Futures: The LH2601 contract of live pig futures closed at 12,140 yuan/ton, down 4.78% from the previous week's settlement price [4] - Spot: The national average price of external ternary live pigs was 11.48 yuan/kg, down 1.03 yuan/kg week-on-week [4] - Profit: As of October 10, the breeding profit of self - breeding and self - raising live pigs was - 152.15 yuan/head, down 78.04 yuan/head week - on - week; the breeding profit of purchasing piglets was - 301.04 yuan/head, down 64.47 yuan/head week - on - week; the pig - grain ratio was 5.26, down 0.18 week - on - week [4] Market Analysis - Supply: Group farms continued to increase supply, and although some retail farmers had the psychology of delaying sales, the overall market supply did not decrease [4] - Demand: After the holiday, demand declined, and market transactions were weak [4] - Outlook: In the short term, the supply - demand imbalance is difficult to reverse, and the live pig market is expected to remain weak. Attention should be paid to the slaughter rhythm of farmers and the performance of secondary fattening [4] Group 3: Corn Market Market Performance - Futures: The C2511 contract of corn futures closed at 2,125 yuan/ton, down 1.02% from the previous week's settlement price; the C2601 contract closed at 2,125 yuan/ton, down 0.14% [5] - Spot: The national average price of corn was 2,308.43 yuan/ton, down 60.2 yuan/ton week - on - week [5] - Port: Prices at major ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all declined [5] Industrial Consumption - Deep - processing: From October 2 to October 8, 149 major corn deep - processing enterprises consumed 1.1927 million tons of corn, an increase of 31,700 tons week - on - week [6] - Starch: The processing volume of corn starch enterprises was 544,500 tons, an increase of 17,800 tons; the weekly output was 268,000 tons, an increase of 12,200 tons; the weekly operating rate was 51.81%, up from the previous week [6] - Alcohol: The operating rate of the DDGS industry was 54.96%, up 3.49 percentage points; the weekly production was 111,840 tons, an increase of 7,100 tons, or 6.78% [6] Inventory - Processing Enterprises: As of October 8, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.334 million tons, an increase of 14.64% [6] - Ports: As of October 10, the total corn inventory of four northern ports was about 700,000 tons, and the corn inventory in Guangdong Port was 320,000 tons [6] Market Analysis - Supply: New corn is gradually being listed, and the arrival volume of deep - processing enterprises has increased [7] - Demand: The operating rate of the industry is gradually increasing, and there is still an expectation of further improvement [7] - Outlook: In the short term, corn prices are still under pressure, and attention should be paid to the support level of 2,100 yuan/ton on the futures market [7]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint - In the short - term, copper prices are mainly oscillating weakly due to the enhanced market expectation of an economic downturn caused by Sino - US trade conflicts, although the fundamentals still support copper prices in the medium - term as domestic demand expectations during the "Golden September and Silver October" period are rising while domestic production is expected to decline slightly [6]. 3. Section Summaries 3.1 Market Review - During the National Day holiday, LME copper rose about 5% compared to before the holiday, driven by macro factors such as a 32,000 - person drop in ADP employment data, which strengthened the market's expectation of two Fed rate cuts within the year, and supply - side factors like the shutdown of the Grasberg copper mine and the fermentation of copper mine disruptions. The Shanghai copper main contract rose 4% on the first trading day after the holiday but weakened slightly on the 10th, closing at 85,910 yuan/ton. However, on the Friday night session, copper prices dropped significantly due to Trump's mention of imposing a 100% tariff on China, and are currently at the level of 83,000 yuan/ton [4]. 3.2 Supply and Demand - Supply: The Grasberg mine's output in Q4 2025 is nearly zero, about 200,000 tons less than the original guidance, and its 2026 output may drop about 35% from the original plan. Codelco in Chile had a significant year - on - year decline in August output, BHP's copper mine production disruptions increased, and Teck Resources lowered the production target of its large - scale mines. China's refined copper production in September was 1.121 million tons, a 4.31% month - on - month decrease, and is expected to decline 3.43% month - on - month in October. The China Nonferrous Metals Industry Association has proposed to strictly control the expansion of copper smelting capacity, and there may be a global copper mine supply gap in Q4 [4]. - Demand: After the holiday, the State Grid released some orders, and the resumption of work after the holiday is expected to further improve the downstream operating level, but high copper prices have a certain impact on market activity [4]. - Inventory: Global inventories have started to rise slightly. SMM expects an increase in imported and domestic copper supplies, and high copper prices will suppress downstream purchasing sentiment, so inventories are expected to increase this week [4]. 3.3 Macroeconomic Factors - On October 10th, the US announced a 100% tariff on China in response to China's export controls on rare earths and other related items and imposed export controls on all key software, which intensified market concerns about the global economic outlook and led to an increase in risk - aversion sentiment [5].