Group 1: Report Industry Investment Ratings - No relevant information provided Group 2: Core Views of the Report Copper - Copper pricing will return to macro trading. Without a clear recession expectation in the US, medium - and long - term supply - demand contradictions provide bottom support. In the short term, copper prices will fluctuate strongly under a loose background. The main contract is expected to range between 80,000 - 82,000 [1] Aluminum - For alumina, in the short term, the main contract will fluctuate between 2,900 - 3,200 yuan/ton. In the medium term, if cost support weakens and demand does not improve significantly, prices may decline. For aluminum, in the short term, prices will maintain a strong - side fluctuation, with the main contract ranging from 20,600 - 21,400 yuan/ton. If demand improvement fails to meet expectations, prices may fall [3] Aluminum Alloy - As the "Golden September and Silver October" consumption season approaches, spot prices are expected to remain firm, the inventory accumulation rate will slow down, and the price difference between aluminum alloy and aluminum is expected to narrow further. The short - term main contract is expected to operate in the range of 20,200 - 20,800 yuan/ton [4] Zinc - Due to the expected supply surplus, the upside space for Shanghai zinc is limited. In the short term, prices may rise driven by the macro environment, but the fundamental support for continuous upward movement is insufficient. The price is expected to fluctuate, with the main contract ranging from 21,800 - 22,800 [7] Tin - Supply remains tight, and with the strengthening of the US interest - rate cut expectation, tin prices are expected to continue to fluctuate at a high level. The operating range is expected to be between 265,000 - 285,000 [9] Nickel - Macro sentiment is strengthening, costs are supported, and there are no obvious short - term supply - demand contradictions, but the inventory reduction pace has slowed down. In the medium term, the supply surplus will limit the upside space. The main contract is expected to fluctuate in a strong - side range of 120,000 - 125,000 [11] Stainless Steel - The macro environment is improving, raw material prices are firm, and inventory pressure is easing. However, the peak - season demand has not been significantly released. In the short term, the price will fluctuate within a range, with the main contract operating between 12,800 - 13,400 [13] Lithium Carbonate - Affected by positive policy information, the market sentiment is strong. The supply - demand relationship is in a tight balance. In the short term, the main contract is expected to fluctuate strongly, with the price center ranging from 70,000 - 75,000 [14] Group 3: Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price increased by 0.22% to 81,120 yuan/ton; SMM 1 electrolytic copper premium decreased by 5 yuan/ton to 75 yuan/ton. Other copper - related prices and premiums also showed different changes [1] Fundamental Data - In August, electrolytic copper production was 117.15 million tons, a month - on - month decrease of 0.24%. In July, electrolytic copper imports were 29.69 million tons, a month - on - month decrease of 1.20% [1] Aluminum Price and Spread - SMM A00 aluminum price remained unchanged at 20,950 yuan/ton; alumina prices in different regions decreased slightly [3] Fundamental Data - In August, alumina production was 773.82 million tons, a month - on - month increase of 1.15%. Electrolytic aluminum production was 373.26 million tons, a month - on - month increase of 0.30% [3] Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in different regions remained unchanged. The price difference between refined and scrap aluminum in different regions increased [4] Fundamental Data - In August, the production of recycled aluminum alloy ingots was 61.50 million tons, a month - on - month decrease of 1.60%. The production of primary aluminum alloy ingots was 27.10 million tons, a month - on - month increase of 1.88% [4] Zinc Price and Spread - SMM 0 zinc ingot price remained unchanged at 22,230 yuan/ton. The import loss was 3,294 yuan/ton, a decrease of 9.09 yuan/ton [7] Fundamental Data - In August, refined zinc production was 62.62 million tons, a month - on - month increase of 3.88%. In July, refined zinc imports were 1.79 million tons, a month - on - month decrease of 50.35% [7] Tin Spot Price and Basis - SMM 1 tin price decreased by 0.33% to 272,400 yuan/ton; LME 0 - 3 premium decreased by 277.36% to - 132.00 US dollars/ton [9] Fundamental Data - In July, tin ore imports were 10,278 tons, a month - on - month decrease of 13.71%. SMM refined tin production was 15,940 tons, a month - on - month increase of 15.42% [9] Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.49% to 123,600 yuan/ton; the import loss decreased by 18.32% to 1,507 yuan/ton [11] Supply - Demand and Inventory - In August, China's refined nickel production was 32,200 tons, a month - on - month increase of 1.26%. Refined nickel imports were 17,536 tons, a month - on - month decrease of 8.46% [11] Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.38% to 13,200 yuan/ton; the futures - spot price difference increased by 14.29% to 400 yuan/ton [13] Fundamental Data - In August, China's 300 - series stainless - steel crude - steel production (43 companies) was 171.33 million tons, a month - on - month decrease of 3.83%. Stainless - steel imports were 7.30 million tons, a month - on - month decrease of 33.30% [13] Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price increased by 0.55% to 72,850 yuan/ton; SMM industrial - grade lithium carbonate average price increased by 0.57% to 70,600 yuan/ton [14] Fundamental Data - In August, lithium carbonate production was 85,240 tons, a month - on - month increase of 4.55%. Lithium carbonate demand was 104,023 tons, a month - on - month increase of 8.25% [14]

Group 1: Report Industry Investment Ratings - No information provided in the given reports. Group 2: Core Views of the Reports 粕类产业 - Domestic two - meal decline space is limited, and the cost support expectation of meal products in the fourth quarter is still strong. It is expected that 01 will operate in the range of 3000 - 3100 [1]. 生猪产业 - The slaughter volume of the breeding end has increased, and the spot pressure has been continuously realized. The short - term rebound of the futures price does not rule out the possibility of subsequent decline, and it is expected that the futures and spot prices will continue to bottom out [3]. 油脂 industry - Palm oil futures are expected to gradually rise to around 4500 ringgit and maintain a strong consolidation. Domestic palm oil futures are expected to follow the upward trend. For soybean oil, the supply in the United States supports the market, and the domestic soybean oil inventory has increased. The spot basis quotation may rise with the reduction of soybean supply [7]. 玉米 industry - In the short term, the market supply and demand are loose, and the futures price fluctuates weakly; in the medium term, it maintains a weak situation, and short - selling should be cautious [8]. 白糖 industry - The raw sugar price is expected to maintain a bottom - oscillating pattern. The domestic spot pressure still exists. The futures price is expected to stabilize around 5500 in the short term, but the rebound space is limited, and the idea of selling high is still maintained later [12]. cotton industry - In the short term, domestic cotton prices may fluctuate within a range, and will be under pressure after the new cotton is listed in the long term [14]. egg industry - The demand may drive up the egg price to the annual high, but the supply side may suppress the increase. After the replenishment of traders ends next week, the egg price in some areas may decline slightly [18]. Group 3: Summaries According to Relevant Catalogs 粕类产业 - **豆粕**: The current price in Jiangsu is 3030 yuan, unchanged from the previous value; the futures price of M2601 is 3041 yuan, down 1 yuan; the basis is - 11 yuan, up 1 yuan; the spot basis in Jiangsu is m2601 - 90; the Brazilian 11 - month shipping schedule's disk import profit is 7 yuan, up 13 yuan [1]. - **菜粕**: The current price in Jiangsu is 2620 yuan, up 20 yuan; the futures price of RM2601 is 2518 yuan, up 14 yuan; the basis is 102 yuan, up 6 yuan; the Canadian 11 - month shipping schedule's disk import profit is 866 yuan, up 103 yuan [1]. - **Soybean**: The current price of Harbin soybeans is 3980 yuan, unchanged; the futures price of the main soybean contract is 3924 yuan, down 15 yuan; the basis is 56 yuan, up 15 yuan; the current price of imported soybeans in Jiangsu is 3900 yuan, unchanged; the futures price of the main soybean - 2 contract is 3729 yuan, up 1 yuan; the basis is 171 yuan, down 1 yuan [1]. - **Spreads**: The 01 - 05 spread of soybean meal is 239 yuan, up 1 yuan; the 01 - 05 spread of rapeseed meal is 121 yuan, up 10 yuan; the spot oil - meal ratio is 2.86, up 0.017; the main contract oil - meal ratio is 2.77, up 0.015; the spot soybean - rapeseed meal spread is 410 yuan, down 20 yuan; the 2601 spread is 523 yuan, down 15 yuan [1]. 生猪 industry - **Futures indicators**: The main contract basis is - 550 yuan, down 105 yuan; the price of live - hog 2511 is 13160 yuan/ton, down 115 yuan; the price of live - hog 2601 is 13680 yuan/ton, down 65 yuan; the 11 - 1 spread is - 520 yuan, down 50 yuan; the main contract position is 84857, up 3795 [3]. - **Spot prices**: The prices in Henan, Shandong, Liaoning, Guangdong, Hunan, and Hebei have all decreased to varying degrees [3]. - **Spot indicators**: The daily slaughter volume of sample points is 149204, up 1122; the weekly white - strip price is 20.10 yuan, unchanged; the weekly piglet price is 26.00 yuan/kg, unchanged; the weekly sow price is 32.51 yuan, unchanged; the weekly slaughter weight is 128.32 kg, up 0.1 kg; the weekly self - breeding profit is 17 yuan/head, down 35.8 yuan; the weekly purchased - piglet breeding profit is - 162 yuan, down 35.7 yuan; the monthly fertile sow inventory is 40420000 heads, down 10000 heads [3]. 油脂 industry - **Soybean oil**: The futures price of Y2601 is 8122 yuan, up 46 yuan; the basis is 238 yuan, up 4 yuan; the spot basis in Jiangsu in September is 01 + 210; the warehouse receipt is 24544, unchanged [7]. - **Palm oil**: The current price of 24 - degree palm oil in Guangdong is 9400 yuan, up 80 yuan; the futures price of P2601 is 9252 yuan, up 78 yuan; the basis is 148 yuan, up 2 yuan; the spot basis in Guangdong in September is 01 + 20; the disk import cost in Guangzhou Port in September is 9679.8 yuan, up 39.2 yuan; the disk import profit is - 428 yuan, up 39 yuan; the warehouse receipt is 1570, unchanged [7]. - **Rapeseed oil**: The current price of Grade 4 rapeseed oil in Jiangsu is 10060 yuan, up 120 yuan; the futures price of Ol601 is 9586 yuan, up 75 yuan; the basis is 474 yuan, up 45 yuan; the spot basis in Jiangsu in September is 01 + 200; the warehouse receipt is 8202, unchanged [7]. - **Spreads**: The 01 - 05 spread of soybean oil is 296 yuan, down 4 yuan; the 01 - 05 spread of palm oil is 230 yuan, down 18 yuan; the 01 - 05 spread of rapeseed oil is 467 yuan, up 78 yuan; the spot soybean - palm oil spread is - 740 yuan, down 30 yuan; the 2601 soybean - palm oil spread is - 1064 yuan, down 18 yuan; the spot rapeseed - soybean oil spread is 1400 yuan, up 70 yuan; the 2601 rapeseed - soybean oil spread is 1635 yuan, up 111 yuan [7]. 玉米 industry - **Corn**: The price of corn 2511 at Jinzhou Port's flat - hatch price is 2166 yuan/ton, down 1 yuan; the basis is 144 yuan, up 1 yuan; the 11 - 3 spread is - 2 yuan, up 3 yuan; the Shekou bulk grain price is 2420 yuan/ton, unchanged; the north - south trade profit is 39 yuan, unchanged; the CIF price is 1941 yuan, down 2 yuan; the import profit is 479 yuan, up 2 yuan; the number of remaining vehicles at Shandong deep - processing enterprises in the morning is 1003, up 379; the position is 1573720, up 2703; the warehouse receipt is 43975, up 232 [8]. - **Corn starch**: The price of corn starch 2511 is 2443 yuan, unchanged; the spot price in Changchun is 2560 yuan, unchanged; the spot price in Weifang is 2800 yuan, unchanged; the basis is 117 yuan, unchanged; the 11 - 3 spread is - 32 yuan, up 10 yuan; the starch - corn futures spread is 277 yuan, up 1 yuan; the Shandong starch profit is - 33 yuan, up 3 yuan; the position is 335166, up 8120; the warehouse receipt is 9217, down 21 [8]. 白糖 industry - **Futures market**: The price of sugar 2601 is 5547 yuan/ton, down 2 yuan; the price of sugar 2605 is 5525 yuan/ton, down 2 yuan; the ICE raw sugar main contract is 15.88 cents/pound, down 0.08 cents; the 1 - 5 spread is 23 yuan/ton, unchanged; the main contract position is 385623, up 4016; the warehouse receipt is 11268, down 57; the effective forecast is 0, unchanged [12]. - **Spot market**: The price in Nanning is 5890 yuan/ton, unchanged; the price in Kunming is 5865 yuan/ton, up 10 yuan; the Nanning basis is 366 yuan, up 2 yuan; the Kunming basis is 341 yuan, up 12 yuan; the imported Brazilian sugar (within quota) is 4418 yuan, up 20 yuan; the imported Brazilian sugar (out - of - quota) is 5611 yuan, up 26 yuan; the price difference between imported Brazilian sugar (within quota) and Nanning is - 1472 yuan, up 20 yuan; the price difference between imported Brazilian sugar (out - of - quota) and Nanning is - 279 yuan, up 26 yuan [12]. - **Industry situation**: The cumulative national sugar production is 1116.21 million tons, up 119.89 million tons; the cumulative national sugar sales is 1000.00 million tons, up 114.00 million tons; the cumulative sugar production in Guangxi is 646.50 million tons, up 28.36 million tons; the monthly sugar sales in Guangxi is 26.02 million tons, down 9.69 million tons; the cumulative national sugar sales rate is 89.60%, up 0.66%; the cumulative sugar sales rate in Guangxi is 89.04%, up 0.62%; the national industrial inventory is 116.00 million tons, up 5.78 million tons; the sugar industrial inventory in Guangxi is 70.87 million tons, down 1.61 million tons; the sugar industrial inventory in Yunnan is 33.65 million tons, up 7.07 million tons; the sugar import is 13.00 million tons, up 8.00 million tons [12]. cotton industry - **Futures market**: The price of cotton 2605 is 13860 yuan/ton, up 10 yuan; the price of cotton 2601 is 13882 yuan/ton, up 10 yuan; the ICE US cotton main contract is 67.67 cents/pound, up 0.85 cents; the 5 - 1 spread is - 35 yuan/ton, unchanged; the main contract position is 492631, down 5664; the warehouse receipt is 4759, down 140; the effective forecast is 12, up 10 [14]. - **Spot market**: The arrival price of Xinjiang 3128B cotton is 15214 yuan, up 47 yuan; the CC Index 3128B is 15300 yuan, up 51 yuan; the FC Index M 1% is 13388 yuan/ton, unchanged; the difference between 3128B and the 01 contract is 1354 yuan, up 37 yuan; the difference between 3128B and the 05 contract is 1319 yuan, up 37 yuan; the difference between CC Index 3128B and FC Index M 1% is 1912 yuan, up 51 yuan [14]. - **Industry situation**: The industrial inventory is 148.17 million tons, down 33.85 million tons; the industrial inventory is 89.23 million tons, down 3.19 million tons; the import volume is 5.00 million tons, up 2.00 million tons; the bonded area inventory is 29.10 million tons, up 0.20 million tons; the year - on - year inventory of the textile industry is - 0.20%, down 1.00%; the yarn inventory days is 26.58 days, down 0.65 days; the grey fabric inventory days is 33.87 days, down 1.31 days; the cotton outbound shipping volume is 53.46 million tons, up 9.86 million tons; the immediate processing profit of spinning enterprises C32s is - 2055.00 yuan/ton, down 36.10 yuan; the retail sales of clothing, shoes, hats, and knitted textiles is 1045.00 billion yuan, up 83.70 billion yuan; the year - on - year monthly retail sales of clothing, shoes, hats, and knitted textiles is 3.10%, up 1.30%; the export value of textile yarns, fabrics, and products is 123.93 billion US dollars, up 7.89 billion US dollars; the year - on - year monthly export value of textile yarns, fabrics, and products is 1.43%, up 0.91%; the export value of clothing and clothing accessories is 141.46 billion US dollars, down 10.16 billion US dollars; the year - on - year export value of clothing and clothing accessories is - 10.08%, down 9.47% [14]. egg industry - **Futures indicators**: The price of the egg 11 contract is 3113 yuan/500KG, down 30 yuan; the price of the egg 10 contract is 3090 yuan/500KG, down 36 yuan; the 11 - 10 spread is 23 yuan, up 6 yuan [17]. - **Spot indicators**: The egg - producing area price is 3.76 yuan/jin, up 0.10 yuan; the basis is 130 yuan/500KG, up 130 yuan; the egg - chick price is 2.60 yuan/feather, down 0.40 yuan; the culled - hen price is 4.61 yuan/jin, down 0.01 yuan; the egg - feed ratio is 2.50, up 0.07; the breeding profit is - 17.89 yuan/feather, up 4.71 yuan [17].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports present a comprehensive analysis of various financial products including stock index futures, treasury bond futures, precious metals, and container shipping. They offer daily updates on price differentials, historical percentile rankings, and price movements, which can assist investors in understanding market trends and making investment decisions. 3. Summary by Report Type Stock Index Futures Spread Daily Report - **Price Differentials**: Provides price differentials for various stock index futures contracts such as IF, IH, IC, and IM, including spot - futures spreads and inter - period spreads. For example, the IF spot - futures spread is 2.78, and the IF inter - period spread (next month - current month) is - 9.40 [1]. - **Historical Percentiles**: Presents historical 1 - year and all - time percentiles for each spread, which helps investors assess the relative position of current spreads in historical data. For instance, the historical 1 - year percentile of the IF spot - futures spread is 69.60% [1]. - **Cross - Variety Ratios**: Offers ratios between different stock index futures, like IC/IF, IC/IH, and IF/IH, along with their historical percentiles [1]. Treasury Bond Futures Spread Daily Report - **Basis and IRR**: Reports the basis and implied repo rate (IRR) for different treasury bond futures contracts (TS, TF, T, TL). For example, the TS basis on September 16, 2025, is 1.5336, with an IRR change of - 0.0395 [2]. - **Inter - Period Spreads**: Provides inter - period spreads for different contracts, such as the TS inter - period spread (current quarter - next quarter) of 0.0660 on September 16, 2025 [2]. - **Cross - Variety Spreads**: Presents cross - variety spreads between different treasury bond futures, like TS - TF, TS - T, etc. For example, the TS - TF spread on September 16, 2025, is - 3.3810 [2]. Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Reports domestic and foreign futures closing prices, spot prices, and their changes for gold and silver. For example, the AU2510 contract price increased by 10.48 (1.26%) on September 16, 2025, compared to the previous day [5]. - **Basis and Ratios**: Provides basis values and ratios between different precious metal products, along with their historical percentiles. For instance, the gold TD - Shanghai gold main contract basis is - 3.98, with a historical 1 - year percentile of 16.00% [5]. - **Interest Rates, Exchange Rates, and Inventories**: Reports interest rates, exchange rates, and inventory data for precious metals. For example, the 10 - year US Treasury yield decreased by 0.01 ( - 0.2%) [5]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes and Indexes**: Reports spot quotes for Shanghai - Europe shipping routes and various shipping indexes, including their changes. For example, the SCFIS (European route) decreased by 116.2 ( - 7.47%) from September 8 to September 15 [7]. - **Futures Prices and Basis**: Provides futures prices and basis values for container shipping futures contracts. For example, the EC2602 contract price increased by 55.2 (3.64%) from September 15 to September 16, and the basis (main contract) decreased by 155.8 ( - 125.18%) [7]. - **Fundamental Data**: Reports fundamental data such as global container shipping capacity supply, port - related indicators, and overseas economic data. For example, the global container shipping capacity supply remained unchanged at 3305.11 million TEU on September 17 compared to the previous day [7].

1. Steel Industry Report Industry Investment Rating Not provided Core View The steel market is currently influenced by weak steel demand and expectations of a contraction in coal supply. The seasonal recovery of apparent demand in the later period will lead to a convergence of the supply - demand gap and a moderate inventory accumulation pressure. However, the apparent demand in the fourth quarter is not expected to exceed the current production level, and the demand outlook remains weak. Supported by the high - level production of steel mills from September to October and the supply - side expectations of coal, raw material prices are resilient, which supports steel prices. With the influence of coking coal and pre - National Day restocking, prices are expected to repair upwards, and short - term long positions can be attempted. Pay attention to the seasonal repair of apparent demand. The upper pressure levels for rebar are around 3350 yuan/ton, and for hot - rolled coils around 3500 yuan/ton [1]. Summary of Related Contents Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions showed varying degrees of increase. For example, rebar spot in the South China region increased by 40 yuan/ton, and the 05 contract of hot - rolled coils increased by 36 yuan/ton [1]. Cost and Profit - Steel billet and slab prices changed, with steel billet prices increasing by 20 yuan/ton. The cost of steel production fluctuated, and the profit of hot - rolled coils in different regions decreased, while the profit of rebar in the South China region increased by 11 yuan/ton [1]. Production and Inventory - The daily average pig iron output increased by 5.1% to 240.6 tons, and the production of the five major steel products decreased by 0.4% to 857.2 tons. The inventory of the five major steel products increased by 0.9% to 1514.6 tons [1]. Transaction and Demand - The building materials trading volume increased by 1.0%, and the apparent demand for the five major steel products increased by 1.9%. However, the apparent demand for rebar decreased by 2.0%, while that for hot - rolled coils increased by 6.8% [1]. 2. Iron Ore Industry Report Industry Investment Rating Not provided Core View As of the previous day's close, the iron ore 2601 contract showed a volatile upward trend. On the supply side, the global iron ore shipping volume rebounded significantly, while the arrival volume at 45 ports decreased. On the demand side, after the end of major events, the pig iron output rebounded significantly last week, and the restocking demand of steel mills increased. The fundamentals improved slightly, but were still insufficient in the peak season. The raw materials were stronger than the finished products. In terms of inventory, the port inventory increased slightly, the port clearance volume increased month - on - month, and the inventory of imported ores of 247 steel mills increased month - on - month. Looking ahead, due to the still high profitability of steel mills, the pig iron output in September will remain at a relatively high level, and the low port inventory year - on - year supports iron ore prices. The iron ore market is currently in a tight - balanced pattern. It is recommended to take a long position on the iron ore 2601 contract at low prices and engage in arbitrage by going long on iron ore and short on hot - rolled coils [4]. Summary of Related Contents Iron Ore Prices and Spreads - The warehouse receipt costs of different iron ore varieties increased, while the 01 contract basis of various varieties decreased significantly. The 5 - 9 spread increased by 11.4%, and the 9 - 1 spread decreased by 5.1% [4]. Supply and Demand - The 45 - port arrival volume decreased by 3.5%, and the global shipping volume increased by 29.6%. The daily average pig iron output of 247 steel mills increased by 5.1%, and the port clearance volume increased by 4.2%. The monthly production of pig iron and crude steel decreased [4]. Inventory - The 45 - port inventory decreased by 0.3%, the inventory of imported ores of 247 steel mills increased by 0.6%, and the available days of inventory of 64 steel mills decreased by 4.8% [4]. 3. Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View As of the previous day's close, the coke and coking coal futures showed a strong rebound. For coke, the second - round price cut by steel mills on the spot market has been implemented, but the third - round price cut is difficult. The supply side has resumed production rapidly, and the demand side is still supported by the rebound of iron - making water. The overall inventory is slightly increasing. For coking coal, the spot auction price is stable with a weak trend, and the downstream purchase intention has recovered. The overall inventory is slightly decreasing. It is recommended to take a long position on the coke 2601 contract at low prices (range reference: 1650 - 1800), take a long position on the coking coal 2601 contract at low prices (range reference: 1070 - 1300), and engage in arbitrage by going long on coking coal and short on coke, while paying attention to risks due to large market fluctuations [6]. Summary of Related Contents Prices and Spreads - Coke and coking coal futures prices increased, with the 01 contract of coke increasing by 2.8% and the 01 contract of coking coal increasing by 4.5%. The basis and spreads of different contracts changed [6]. Supply and Demand - The daily average output of all - sample coking plants increased by 3.8%, and the daily average output of 247 steel mills increased by 5.1%. The iron - making water output increased, and the demand for coke and coking coal was supported [6]. Inventory - The total coke inventory increased by 1.2%, and the coking coal inventory of different sectors changed, with some sectors de - stocking and some sectors slightly increasing inventory [6].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Viewpoints - The market may pre - price the Fed's probability of restarting interest rate cuts during the September interest rate meeting this week [2]. - The technology sector in stock index futures has regained strength, and funds are rotating among sectors [2]. - Treasury bond futures first declined and then rose, with an increasing expectation of central bank bond - buying [2]. - The Fed's decision may intensify market divergence and increase short - term volatility [2]. - The main contract of the container shipping index is weakly volatile [2]. - Coal supply contraction expectations have resurfaced, driving up steel prices [2]. - Iron ore prices are supported by factors such as resumed shipments, increased hot metal production, and restocking demand [2]. - The prices of some energy and chemical products are affected by factors such as supply - demand patterns, production maintenance, and inventory changes [2]. - The prices of some agricultural products are influenced by factors like supply, demand, and market sentiment [2]. - Some special and new - energy commodities are affected by factors such as cost, macro - environment, and industry meetings [2]. Summary by Related Catalogs Stock Index Futures - The technology mainline in stock index futures has regained strength, and funds are rotating among sectors. If volatility continues to decline, a double - buying strategy for options can be attempted [2]. Treasury Bond Futures - Treasury bond futures first declined and then rose, with an increasing expectation of central bank bond - buying. A unilateral strategy suggests investors wait and see, and pay short - term attention to changes in the capital market, the equity market, and fundamentals [2]. Precious Metals - Before the Fed's decision, the expectation of easing has been rising, and the US dollar index has fallen to the lowest point of the year. For gold, it is recommended to wait and see and then buy on dips after the decision. An option double - buying strategy at the strike price of 840 can be tried. Silver has high elasticity above $42, but volatility may rise and then fall after the decision. It is recommended to sell out - of - the - money put options on rallies [2]. Container Shipping Index (European Line) - The main contract is weakly volatile, and a spread arbitrage between December and October can be considered [2]. Steel and Related Products - Coal supply contraction expectations have resurfaced, and coking coal has driven up steel prices. It is recommended to go long on steel in the short term. For iron ore, go long on the 2601 contract at dips, with a reference range of 780 - 850, and short hot - rolled coils. For coking coal, go long on the 2601 contract at dips, with a reference range of 1150 - 1300, and short coke. For coke, go long on the 2601 contract at dips, with a reference range of 1650 - 1800, and short coke [2]. Energy and Chemical Products - For crude oil, it is recommended to mainly wait and see unilaterally. For urea, wait and see unilaterally, with a short - term support level of 1630 - 1650 yuan/ton. For PX, it is expected to oscillate between 6600 - 6900 in the short term. For PTA, it is expected to oscillate between 4600 - 4800 in the short term and conduct a rolling reverse spread between TA1 and TA5. For short - fiber, it has no obvious short - term driver and follows raw materials. For bottle - grade polyester chips, its demand may decline in September, and the processing fee is expected to fluctuate between 350 - 500 yuan/ton. For ethylene glycol, wait and see unilaterally and conduct a 1 - 5 reverse spread. For caustic soda, wait and see. For PVC, wait and see. For pure benzene, it follows styrene and oil prices in the short term. For styrene, conduct a rolling low - buying strategy and pay attention to the pressure around 7200, and widen the spread between EB11 and BZ11 at a low level. For synthetic rubber, its price is expected to fluctuate between 11400 - 12500. For LLDPE, it will oscillate between 7150 - 7450 in the short term. For PP, it is slightly bullish. For methanol, conduct range - bound operations between 2350 - 2550 [2]. Agricultural Products - For soybeans and related products, operate the 01 contract in the range of 3000 - 3100. For live pigs, the market is in a weakly volatile pattern. For corn, be cautious about short - selling. For palm oil, soybean oil, and rapeseed oil, observe whether the main contract of palm oil can stabilize above 9500. For sugar, pay attention to the pressure level around 5700 - 5750. For cotton, wait and see unilaterally. For eggs, reduce previous short positions and control positions. For apples, the main contract runs around 8300. For red dates, pay attention to the support at 10700. For soda ash, wait and see [2]. Special and New - Energy Commodities - For glass, wait and see and pay attention to the sentiment of the spot market during the peak season. For rubber, it is in a high - level oscillation due to positive macro - sentiment. For industrial silicon, it is strongly volatile, with the main price fluctuation range expected to be between 8000 - 9500 yuan/ton. For polysilicon, wait and see. For lithium carbonate, the main contract is expected to run between 70,000 - 75,000 [2].

Group 1: Report Industry Investment Ratings - There is no information about the report industry investment ratings in the provided content. Group 2: Core Views of the Report - This week, the market may price in the probability of the Fed restarting interest rate cuts ahead of the September FOMC meeting. Volatility may increase after the Fed's decision [2]. - The technology sector has regained strength in the stock index futures market, with funds rotating among sectors. If volatility continues to decline, a long straddle options strategy can be considered [2]. - The 10 - year Treasury bond yield has initially stabilized around 1.8%. The central bank's bond - buying expectations have increased, and the bond futures market has first declined and then risen. Traders are advised to wait and see and focus on the capital, equity market, and fundamentals in the short term [2]. - Pre - Fed decision, the loose expectation has caused the US dollar index to fall to its lowest point this year. Gold and silver prices have fluctuated. After the decision, silver volatility may rise and then fall [2]. - The main container shipping index (European line) has shown weak and volatile performance, and a 12 - 10 spread arbitrage strategy can be considered [2]. - Coal supply contraction expectations have resurfaced, and coking coal has driven up steel prices. Iron ore, coking coal, and coke prices are expected to be strong, supported by factors such as increased shipments, rising pig iron production, and replenishment demand [2]. - In the energy and chemical sector, the prices of various products are affected by factors such as supply - demand balance, seasonal maintenance, and macro - environment. Different trading strategies are recommended for each product [2]. - In the agricultural products sector, the prices of products such as corn, soybeans, and livestock are affected by factors such as supply, demand, and seasonal factors, and corresponding trading suggestions are provided [2]. - In the special and new energy product sectors, the prices of products such as glass, rubber, and industrial silicon are affected by factors such as market sentiment and cost, and different trading stances are recommended [2]. Group 3: Summaries by Related Catalogs Stock Index Futures - The technology sector has regained strength, and funds are rotating among sectors. If volatility declines, a long straddle options strategy can be tried [2]. Treasury Futures - The 10 - year Treasury bond yield has stabilized around 1.8%. The central bank's bond - buying expectations have increased. Traders are advised to wait and see and focus on short - term market changes [2]. Precious Metals - Pre - Fed decision, the US dollar index has fallen, and gold and silver prices have fluctuated. Silver has high elasticity above $42, but volatility may rise and then fall after the decision. Different options strategies are recommended for gold and silver [2]. Container Shipping Index (European Line) - The main index has shown weak and volatile performance, and a 12 - 10 spread arbitrage strategy can be considered [2]. Black Metals - Coal supply contraction expectations have resurfaced. Coking coal, iron ore, and coke prices are expected to be strong. Specific ranges for long - buying and spread - trading strategies are provided [2]. Energy and Chemical - Different products have different supply - demand situations. For example, PX and PTA are expected to have different short - term supply - demand conditions. Various trading strategies such as waiting and seeing, range - trading, and spread - trading are recommended for each product [2]. Agricultural Products - The prices of products such as corn, soybeans, and livestock are affected by supply, demand, and seasonal factors. Different trading suggestions are provided for each product, such as waiting and seeing, range - trading, and position - adjustment [2]. Special and New Energy Products - Products such as glass, rubber, and industrial silicon are affected by market sentiment and cost. Different stances such as waiting and seeing and range - trading are recommended [2].

Group 1: Stock Index Futures Spread Daily Report Core Data - **Price - Spot Spread**: For example, the price - spot spread of IH is 2.78, with a change of 2.99 compared to the previous day, and its historical 1 - year and all - time percentiles are 69.60% and 73.20% respectively [1]. - **Inter - period Spread**: Such as the spread between the next - month and current - month contracts of IF is - 9.40, changing by - 1.40 from the previous day, with 1 - year and all - time percentiles of 36.00% and 38.30% [1]. - **Cross - variety Ratio**: The ratio of IC/IF is 1.5863, changing by 0.0151, and its 1 - year and all - time percentiles are 99.50% and 96.20% [1]. Group 2: Treasury Bond Futures Spread Daily Report Core Data - **Basis**: On September 16, 2025, the basis of TS is 1.5336, changing by - 0.0395 compared to the previous day, and its percentile since listing is 22.80% [2]. - **Inter - period Spread**: For example, the spread between the current - quarter and next - quarter contracts of TS is 0.0660, changing by 0.0060, with a percentile of 38.70% since listing [2]. - **Cross - variety Spread**: The spread of TS - TF is - 3.3810, changing by - 0.1020, and its percentile since listing is 9.80% [2]. Group 3: Precious Metals Spot - Futures Daily Report Core Data - **Futures Closing Price**: The AU2510 contract closed at 842.08 yuan/gram on September 16, 2025, up 10.48 yuan or 1.26% from the previous day [5]. - **Spot Price**: The price of London Gold on September 16, 2025, was 3689.59 dollars/ounce, up 10.70 dollars or 0.29% from the previous day [5]. - **Basis**: The basis of Gold TD - Shanghai Gold main contract is - 3.98, changing by - 0.41, and its 1 - year percentile is 16.00% [5]. - **Ratio**: The ratio of COMEX gold/silver is 86.93, changing by 0.81 or 0.94% [5]. - **Interest Rate and Exchange Rate**: The 10 - year US Treasury yield on September 16, 2025, was 4.04%, down 0.01% from the previous day [5]. - **Inventory and Position**: The inventory of Shanghai Futures Exchange gold on September 16, 2025, was 53226 kg, unchanged from the previous day [5]. Group 4: Container Shipping Industry Spot - Futures Daily Report Core Data - **Spot Quotation**: On September 12, 2025, the freight rate of MAERSK from Shanghai to Europe was 1705 dollars/FEU, down 81 dollars or 4.54% from September 11 [7]. - **Container Shipping Index**: The SCFIS (European route) settlement price index on September 15, 2025, was 1440.24, down 116.2 or 7.47% from September 8 [7]. - **Futures Price and Basis**: The EC2602 contract closed at 1572.1 on September 16, 2025, up 55.2 or 3.64% from September 15, and the basis of the main contract was - 31.4, down 155.8 or 125.18% [7]. - **Fundamental Data**: The global container shipping capacity supply on September 17, 2025, was 3305.11 million TEU, unchanged from September 16 [7]. - **Overseas Economy**: The Eurozone's composite PMI in August 2025 was 51.00, up 0.10 or 0.20% from July [7].

Report Industry Investment Rating - Not provided Core Viewpoints - The report provides a daily tracking of the positions of stock index futures, including changes in total positions and positions of the top 20 seats for IF, IH, IC, and IM [1]. Summary by Relevant Catalogs IF - Total position significantly increased on September 16, with a rise of 9133 hands, while the position of the main contract 2509 decreased by 7317 hands [1][3]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 44361 hands. CITIC Futures had the largest long - position increase, adding 2178 hands, and Guotou Futures had the largest long - position decrease, reducing 560 hands [4]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 48350 hands. CITIC Futures had the largest short - position increase, adding 1824 hands, and Guotou Futures had the largest short - position decrease, reducing 1194 hands [6]. IH - Total position slightly increased on September 16, with a rise of 2226 hands, while the position of the main contract 2509 decreased by 5633 hands [1][9]. - Among the top 20 long - position seats, CITIC Futures ranked first with a total position of 10163 hands. Haitong Futures had the largest long - position increase, adding 572 hands, and Guotai Junan Futures had the largest long - position decrease, reducing 1340 hands [10]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 15581 hands. Haitong Futures had the largest short - position increase, adding 830 hands, and Guotai Junan Futures had the largest short - position decrease, reducing 950 hands [11]. IC - Total position significantly increased on September 16, with a rise of 13259 hands, while the position of the main contract 2509 decreased by 1404 hands [1][15]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 39767 hands. CITIC Futures had the largest long - position increase, adding 2773 hands, and CITIC Construction Investment Futures had the largest long - position decrease, reducing 215 hands [16]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 42790 hands. Haitong Futures had the largest short - position increase, adding 3191 hands, and Guotou Futures had the largest short - position decrease, reducing 79 hands [18]. IM - Total position substantially increased on September 16, with a rise of 23224 hands, while the position of the main contract 2509 decreased by 3668 hands [1][22]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 52172 hands. CITIC Futures had the largest long - position increase, adding 5878 hands, and China Merchants Futures had the largest long - position decrease, reducing 154 hands [23]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 75338 hands. Guotai Junan Futures had the largest short - position increase, adding 5167 hands, and Guotou Futures had the largest short - position decrease, reducing 264 hands [25].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Report Core View - The report presents the latest price data and related indicators for various commodities and financial products on September 17, 2025, including futures prices, spot prices, basis, basis rates, and historical quantiles. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF51)**: The futures price is 78, the spot price of 72 silicon iron qualified blocks in Inner Mongolia - Tianjin warehouse receipts is 5778, with a basis of 66.30% and a basis rate of 1.37% [1]. - **Silicon Manganese (SM601)**: The futures price is 5944, the spot price of 6517 silicon manganese in Inner Mongolia - Hubei warehouse receipts is 6000, with a basis rate of 0.94% [1]. - **Rebar (RB2601)**: The futures price is 3270, the spot price of HRB400 20mm in Shanghai is 3166, with a basis of 28 and a basis rate of 29.20% [1]. - **Hot - Rolled Coil (HC2601)**: Not fully detailed in the given part. - **Iron Ore (12601)**: The futures price is 846, with a daily increase of 5.28% and a historical quantile of 36.40%. The spot price of 62.5% Brazilian mixed powder at Rizhao Port is 804, with a change of - 5.75% [1]. - **Coke (J2601)**: The futures price has a change of 13.24%, and the spot price of quasi - first - grade metallurgical coke at Rizhao Port is not fully presented [1]. - **Coking Coal (JM2601)**: The futures price is 1150, with a change of - 91. The spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1241, with a change of 10.80% [1]. Non - Ferrous Metals - **Copper (CU2510)**: The futures price is 81120, the spot price of SMM electrolytic copper average is 80880, with a historical quantile of 70.41% [1]. - **Aluminum (AL2510)**: The futures price is 20975, the spot price of SMM A00 aluminum average is 20950, with a change of - 25 (- 0.12%) and a historical quantile of 48.75% [1]. - **Alumina (AO2601)**: The futures price is 2979, the spot price of SMM alumina index average is 3056, with a change of 2.58% and a historical quantile of 49.77% [1]. - **Zinc (ZN2510)**: The futures price is 22160, the spot price of SMM 1 zinc ingot average is 22255, with a change of - 65 (- 0.43%) and a historical quantile of 32.29% [1]. - **Tin (SN2510)**: The futures price is 272730, the spot price of SMM 1 tin average is 272400, with a change of - 330 (- 0.12%) and a historical quantile of 37.70% [1]. - **Nickel (NI2510)**: The futures price is 122800, the spot price of SMM 1 imported nickel average is 122610, with a change of 190 (0.15%) and a historical quantile of 67.50% [1]. - **Stainless Steel (SS2511)**: The futures price is 13370, the spot price of 304/2B stainless steel at Wuxi Hongwang is 12970, with a change of 400 (3.08%) and a historical quantile of 78.32% [1]. Chemicals and Energy - **Carbonate Lithium (LC2511)**: The futures price is 72850, the spot price of SMM battery - grade carbonate lithium average is 73180, with a change of - 330 (- 0.45%) and a historical quantile of 49.11% [1]. - **Industrial Silicon (SI2511)**: The futures price has a change of 4.32%, and the spot price of SMM industrial silicon average is not fully detailed [1]. - **PTA (TA601)**: The futures price is 4688, the spot price of PTA in the East China market is 4600, with a change of - 88 (- 1.88%) and a historical quantile of 20.10% [1]. - **Ethylene Glycol (EG2601)**: The futures price is 4355, the spot price of ethylene glycol in the East China market is 4272, with a change of 83 (1.94%) and a historical quantile of 87.40% [1]. - **Polypropylene (PP2601)**: The futures price is 6970, the spot price of polypropylene in Zhejiang is 6870, with a change of 5.80% and a historical quantile of 19.10% [1]. Agricultural Products - **Soybean Meal (M2601)**: The futures price is 3041, the spot price of soybean meal in Jiangsu Zhangjiagang is 2970, with a basis of - 71 and a historical quantile of 25.10% [1]. - **Soybean Oil (V2601)**: The futures price is 8418, the spot price of soybean oil in Jiangsu Zhangjiagang is 8560, with a basis of 142 and a basis rate of 1.69%, and a historical quantile of 27.30% [1]. - **Palm Oil (P2601)**: The futures price is 9460, the spot price of palm oil at Huangpu Port is 9482, with a change of - 22 (- 0.23%) and a historical quantile of 13.70% [1]. - **Rapeseed Meal (RM601)**: The futures price is 2518, the spot price of rapeseed meal in Guangdong Zhanjiang is 2600, with a basis of 82 and a historical quantile of 3.26% [1]. - **Rapeseed Oil (Ol601)**: The futures price is 10053, the spot price of rapeseed oil in Jiangsu Nantong is 10220, with a basis of 167 and a basis rate of 1.66%, and a historical quantile of 62.60% [1]. - **Corn (C2511)**: The futures price is 2310, the spot price of corn at Jinzhou Port is 2166, with a basis of 144 and a basis rate of 6.65%, and a historical quantile of 96.10% [1]. - **Corn Starch (CS2511)**: The futures price is 2443, the spot price of corn starch in Jilin Changchun is 2600, with a basis of 157 and a basis rate of 6.43%, and a historical quantile of 75.40% [1]. - **Live Hogs (LH251)**: The futures price is 13160, the spot price of live hogs in Henan is 13300, with a basis of 140 and a basis rate of 1.06%, and a historical quantile of 43.80% [1]. - **Eggs (JD2511)**: The futures price is 3113, the spot price of eggs in Hebei Shijiazhuang is 557, with a change of 17.89% and a historical quantile of 67.90% [1]. - **Cotton (CF601)**: The futures price is 13895, the spot price of cotton in Xinjiang is 15214, with a basis of 1319 and a basis rate of 9.49%, and a historical quantile of 88.00% [1]. - **Sugar (SR601)**: The futures price is 5547, the spot price of sugar at Liuzhou Station is 5970, with a basis of 423 and a basis rate of 7.63%, and a historical quantile of 76.70% [1]. - **Apples (AP601)**: The futures price is 8600, the spot price of apples is 8269, with a change of 4.00% and a historical quantile of 34.00% [1]. - **Red Dates (CJ601)**: The futures price is 10805, the spot price of red dates in Hebei is 8300, with a change of - 2318% and a historical quantile of 9.00% [1]. Financial Products - **Stock Index Futures**: - **IF2509.CFE**: The futures price is 4516.8, the spot price is 4523.3, with a basis of - 6.5, a basis rate of - 0.14%, and a historical quantile of 44.90% [1]. - **IH2509.CFE**: The futures price is 2950.6, the spot price is 2947.8, with a basis of 2.8, a basis rate of 0.09%, and a historical quantile of 73.20% [1]. - **IC2509.CFE**: The futures price is 7165.2, the spot price is 7191.0, with a basis of - 25.8, a basis rate of - 0.36%, and a historical quantile of 45.80% [1]. - **IM2509.CFE**: The futures price is 7483.6, the spot price is 7462.0, with a basis of - 21.6, a basis rate of - 0.20%, and a historical quantile of 92.00% [1]. - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2512)**: The futures price is 102.41, with a conversion factor of 0.9765, a basis of - 0.04, a basis rate of - 0.04%, and a historical quantile of 15.70% [1]. - **5 - year Treasury Bond (TF2512)**: The futures price is 105.78, with a conversion factor of 0.9405, a basis of 0.00, a basis rate of 0.00%, and a historical quantile of 26.50% [1]. - **10 - year Treasury Bond (T2512)**: The futures price is 108.01, with a conversion factor of 0.9757, a basis of 0.29, a basis rate of 0.27%, and a historical quantile of 52.60% [1]. - **30 - year Treasury Bond (TL2512)**: The futures price is 130.76, with a conversion factor of 1.1271, a basis of 0.56, a basis rate of 0.48%, and a historical quantile of 80.10% [1].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report Copper - The pricing of copper will return to macro trading. Without a clear recession expectation in the US, the medium - and long - term supply - demand contradiction provides bottom support. In the short term, copper prices will fluctuate strongly under the background of loose trading. The main contract is expected to be in the range of 80,000 - 82,000 [1]. Aluminum - For alumina, in the short term, the main contract will fluctuate in the range of 2,900 - 3,200 yuan/ton. In the medium term, if the cost support moves down and demand does not improve significantly, prices still have downward pressure. For aluminum, in the short term, prices will maintain a strong - side shock, with the main contract reference range of 20,600 - 21,400 yuan/ton. If subsequent demand improvement falls short of expectations, aluminum prices still face the risk of rising and then falling [3]. Aluminum Alloy - With the arrival of the "Golden September and Silver October" consumption season, it is expected that the spot price will remain firm, the inventory accumulation rate will slow down, and the price difference between aluminum alloy and aluminum is expected to further converge. The short - term main contract is expected to operate in the range of 20,200 - 20,800 yuan/ton [4]. Zinc - Against the background of improved interest - rate cut expectations, non - ferrous metals prices are generally strong, while zinc shows relatively weak performance due to the expectation of loose supply. In the short term, zinc prices may rise driven by the macro - economy, but the fundamentals lack the elasticity to support continuous upward movement. The main contract is expected to be in the range of 21,800 - 22,800 [7]. Tin - The supply side remains tight, and combined with the strengthening of the US interest - rate cut expectation, it is expected that tin prices will continue to fluctuate at a high level. The subsequent operation range is expected to be 265,000 - 285,000. If the supply recovers smoothly, the strategy of shorting on rallies is recommended [9]. Nickel - The macro - sentiment is strong, the cost has support, there is no obvious short - term supply - demand contradiction, but the de - stocking rhythm has slowed down. In the medium term, the loose supply restricts the upward space of prices. The main contract is expected to fluctuate strongly in the range of 120,000 - 125,000 [11]. Stainless Steel - The macro - environment improves, raw material prices are firm, and cost support is strengthened, and the inventory pressure eases. However, the current peak - season demand has not been effectively realized, and the fundamentals are still restricted by weak spot demand. The short - term main contract is expected to fluctuate in the range of 12,800 - 13,400 [13]. Lithium Carbonate - The fundamentals maintain a tight balance. Policy window period boosts macro - expectations, and strong demand provides support for prices. In the short term, the main contract is expected to fluctuate strongly, with the price center of reference in the range of 70,000 - 75,000 [14]. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 81,120 yuan/ton, up 0.22% [1]. - SMM 1 electrolytic copper premium is 75 yuan/ton, down 5 yuan/ton [1]. Fundamental Data - In August, electrolytic copper production was 117.15 million tons, down 0.24% month - on - month [1]. - In July, electrolytic copper imports were 29.69 million tons, down 1.20% month - on - month [1]. Aluminum Price and Spread - SMM A00 aluminum price is 20,950 yuan/ton, unchanged from the previous day [3]. - Alumina (Shandong) average price is 2,970 yuan/ton, down 0.34% [3]. Fundamental Data - In August, alumina production was 773.82 million tons, up 1.15% month - on - month [3]. - In August, electrolytic aluminum production was 373.26 million tons, up 0.30% month - on - month [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price is 21,050 yuan/ton, unchanged from the previous day [4]. - The scrap price difference of Foshan crushed primary aluminum increased by 6.98% [4]. Fundamental Data - In August, the production of recycled aluminum alloy ingots was 61.50 million tons, down 1.60% month - on - month [4]. - In August, the production of primary aluminum alloy ingots was 27.10 million tons, up 1.88% month - on - month [4]. Zinc Price and Spread - SMM 0 zinc ingot price is 22,230 yuan/ton, unchanged from the previous day [7]. - The import loss is 3,294 yuan/ton, down 9.09 yuan/ton [7]. Fundamental Data - In August, refined zinc production was 62.62 million tons, up 3.88% month - on - month [7]. - In July, refined zinc imports were 1.79 million tons, down 50.35% month - on - month [7]. Tin Spot Price and Basis - SMM 1 tin price is 272,400 yuan/ton, down 0.33% [9]. - LME 0 - 3 premium is - 132.00 US dollars/ton, down 277.36% [9]. Fundamental Data - In July, tin ore imports were 10,278 tons, down 13.71% month - on - month [9]. - In July, SMM refined tin production was 15,940 tons, up 15.42% month - on - month [9]. Nickel Price and Basis - SMM 1 electrolytic nickel price is 123,600 yuan/ton, up 0.49% [11]. - The futures import loss is - 1,507 yuan/ton, up 18.32% [11]. Fundamental Data - China's refined nickel production in August was 32,200 tons, up 1.26% month - on - month [11]. - Refined nickel imports in August were 17,536 tons, down 8.46% month - on - month [11]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 13,200 yuan/ton, down 0.38% [13]. - The futures - spot price difference is 400 yuan/ton, up 14.29% [13]. Fundamental Data - China's 300 - series stainless - steel crude steel production (43 companies) in August was 171.33 million tons, down 3.83% month - on - month [13]. - In August, stainless - steel imports were 7.30 million tons, down 33.30% month - on - month [13]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price is 72,850 yuan/ton, up 0.55% [14]. - The basis (SMM battery - grade lithium carbonate as the benchmark) is 72,850 yuan/ton, up 0.55% [14]. Fundamental Data - In August, lithium carbonate production was 85,240 tons, up 4.55% month - on - month [14]. - In July, lithium carbonate imports were 13,845 tons, down 21.77% month - on - month [14].