Report Investment Rating No relevant content provided. Core View This week, the supply - demand structure of the iron ore market was adjusted, but the price remained in a volatile pattern. On the supply side, the shipment volume of mainstream mines remained at a relatively high level of 21.119 million tons. The capacity utilization rate of domestic mines was 57.88%, showing a slight decline, indicating a slight tightening of domestic ore supply, while the supply of imported ore was still relatively abundant. On the demand side, the steel mills significantly increased their production cuts, with the national daily average hot metal output dropping to 2.2884 million tons, a decrease of 112,900 tons week - on - week, but the daily average port clearance volume remained at a relatively high level, reflecting that the spot circulation did not slow down significantly [1]. Summary by Directory 1. Futures Market 1.1 Contract Price During the week, the iron ore futures price first declined and then rose. On the first trading day of "Golden September", iron ore had a large decline, and then recovered the decline in the next four trading days. The weekly K - line of the main contract closed slightly up by 2 yuan/ton [2]. 1.2 Variety Market During the week, the I2601 contract of iron ore opened at 787 yuan/ton, closed at 789.5 yuan/ton, with a maximum price of 796.5 yuan/ton and a minimum price of 761.0 yuan/ton. The entire variety contract was in a volatile and slightly stronger state, with a large amplitude between the minimum and maximum prices. The trading volume and open interest increased further week - on - week compared to the previous week [4]. 1.3 Related Market From the observation of the Dalian Commodity Exchange's iron ore option market, for the I2510 option contract, the exercise price was between 800 and 880 points. The call option with the largest trading volume and open interest was at 820 points, and the put option's trading volume and open interest were concentrated in the 780 - point put contract. This shows that iron ore market traders are more optimistic about the price of 820 points for calls and 780 points for puts [5]. 2. Spot Market 2.1 Spot Market The total global iron ore shipment volume was 35.5677 million tons, an increase of 2.4093 million tons from the previous week. Among them, the shipment volume from Australia was 18.9459 million tons, a week - on - week decrease of 502,400 tons, and the shipment volume from other regions increased by 992,200 tons to 6.5463 million tons. As of September 5, the total inventory of imported iron ore at 47 ports across the country was 144.2572 million tons, an increase of 377,000 tons from the previous week. The total imported inventory of 247 steel mills decreased by 673,200 tons week - on - week, and the inventory consumption ratio was 31.85 days, an increase of 1.43 days week - on - week. The national daily average hot metal output was 2.2884 million tons, a decrease of 112,900 tons from the previous week. Affected by the tightening of environmental protection policies in the northern region, the production cut of steel mills was the largest in the past two months. At the same time, the output of some steel mills also decreased due to equipment maintenance and raw material supply problems [6]. 2.2 Basis Data According to Wind data, the spot price of PB powder (61.5%) at Tianjin Port was 800 yuan/ton, a week - on - week increase of 3 yuan/ton. The basis between Tianjin fine ore (61.5%) and the futures main contract was 10.5 yuan/ton, an increase of 1 yuan/ton week - on - week [6]. 2.3 Registered Warehouse Receipts According to the data of the Dalian Commodity Exchange, there were 1,900 registered warehouse receipts of iron ore this week, the same as the previous week [7]. 3. Influencing Factors 3.1 Industry News The industrial utilization rate of domestic miners decreased by 2.10% week - on - week to 60.55%, and the daily average output of iron concentrate decreased by 13,300 tons week - on - week [7]. 3.2 Technical Analysis The daily K - line of the main I2601 contract of iron ore is running above the middle track of the BOLL, indicating a bullish state [8]. 4. Market Outlook This week, the iron ore market showed a volatile upward trend, with both futures and spot prices strengthening simultaneously. The tight balance of supply and demand in the fundamentals supports the price, but there is an increasing supply - side pressure and demand - side resilience. Technically, it shows a short - term strength, but the risk of over - bought correction should be vigilant. The macro - economic easing expectation and the steel mills' replenishment demand are the main driving forces, while the high port inventory and the pressure of steel inventory accumulation are potential constraints [9].

报告周期: 日报 成文日期: 20250909 研究品种: 沪锡 研究员：曹柏泉 期货咨询证号 (F03122015&Z0019820) 浪潮期货日报 1. 期货市场 1.1 合约行情 今日沪锡 2510 合约开盘价为 271000 元/吨，盘中最高触及 271510 元/吨，最低下探至 268640 元/吨，最终收盘报于 269620 元 /吨。 今日沪锡主力合约 2510 成交量为 47484 手。 □ 沪锡2510(sn2510) 269720 69790 71110 71000 71510 68640 43990 -587 24160 仓差 性质 1.2 品种价格 图 2：沪锡合约行情数据 | 交割月份 | 削結算 | 今开盤 | 醫宗份 | 磨喉 | 收盘价 | 得為參 考价 | 涨跌1 | 涨跌2 | 成交手 | 成交额 | 持仓手/变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名称:锡 | | | | | | | | | | | | | | 2509 | 270 ...

1. Report Information - The report is a daily report on live hog futures, dated September 3, 2025, and the researcher is Qi Jianhua [1] 2. Futures Market 2.1 Contract Quotes - On September 3, 2025, the live hog lh2511 futures contract opened high and closed low, closing at 13,550 points, down 0.15% from the previous day, with a trading volume of 19,400 lots and an open interest of 73,600 lots [2] 2.2 Variety Prices - The prices of live hog futures contracts showed mixed performance throughout the day, with a total open interest of 180,527 lots, an increase of 384 lots from the previous trading day [4] 2.3 Related Quotes - The daily trading volume of live hog options was 5,004 lots, with a total open interest of 30,284 lots, an increase of 440 lots, and the total number of exercises on the day was 0 [7] 3. Spot Market 3.1 Basis Data - The live hog basis today was 315 yuan/ton, down 40 yuan/ton from the previous trading day, indicating a slight convergence [8] 3.2 Registered Warehouse Receipts - The registered warehouse receipts of live hogs were 430 lots, with no change from the previous day [9][10] 4. Influencing Factors 4.1 Industry News - The national benchmark price of live hogs was 13.85 yuan/kg, down 0.14% day-on-day, still at a four-year low; the price in Deyang, Sichuan was 13.6 yuan/kg, and in Harbin, Heilongjiang was 13.4 yuan/kg, with a regional price difference of only 0.2 yuan/kg [10] 4.2 Technical Analysis - The short, medium, and long-term moving averages of the live hog lh2511 futures contract showed a typical short position arrangement, and the deviation values increased step by step. The short-term was oversold, but the trend remained unchanged [11] 5. Market Outlook - The current situation of "strong supply and average demand" in the live hog spot market remains unchanged, and the price is mainly in a narrow range of fluctuating downward. On the futures market, the price of the live hog lh2511 contract is running below the 20-day moving average and is still in a downward channel. Indicators show that the short side is dominant. If the market sentiment remains pessimistic, the price may weaken further in the short term [12]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View In August 2025, hot-rolled coil futures rose significantly compared to the previous month and then slightly corrected this month. Overall, the spot price of the hot-rolled coil market reached a high and then declined. The supply and demand situation was relatively healthy. Although the inventory increased slightly, the pressure was not too great. The demand for hot-rolled coils in finished products was better than that of building materials, mainly because the terminal demand for plates in industries such as home appliances, automobiles, and ships was relatively strong, which could drive up the demand for hot-rolled coils [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Price**: The main contract of hot-rolled coil futures reached a high at the beginning of August and then declined, closing with a negative line. The main contract HC2601 dropped 51 points. After a short-term rapid increase, the price fell and finally closed at 3,346 yuan/ton, a 1.5% decline from the July price [3]. - **Variety Market**: There are 12 listed contracts for hot-rolled coil futures. Except for the 2509 contract, the price spreads between other contracts have narrowed. The far-month contracts had relatively large fluctuations in price changes, with a decline ranging from 28 to 64 points. The trading volume of the main contract HC2601 was 1,166,633 lots, a month-on-month increase of approximately 696,000 lots [6][7]. - **Related Market**: In August, the price of hot-rolled coils declined following the decline in raw material prices. There were signs of a marginal weakening of coking coal and coke, and market confidence was insufficient, resulting in an overall decline in the black sector prices in August [9]. 3.2 Spot Market - **Basis Data**: According to Wind data, in August, the closing price of the active contract hot-rolled coil HC2601 futures was 3,346 yuan/ton, the price of Shanghai hot-rolled coil Q235B 4.75mm was 3,380 yuan/ton, and the basis between Shanghai hot-rolled coil futures and spot was 34 yuan/ton, a month-on-month increase of 14 yuan/ton [10]. - **Registered Warehouse Receipts**: In August, the number of registered warehouse receipts for hot-rolled coils decreased significantly compared to July, from a maximum of 80,166 lots to 25,059 lots as of August 29. The decrease from the beginning to the end of the month was 32,112 lots. According to the Wande Warehouse Receipt Daily Report, among the 18 warehouses, the largest changes were concentrated in Jiangsu warehouses, while the other warehouses were relatively stable [11]. 3.3 Influencing Factors - **Industry News**: WIND data shows that the overall supply of the domestic hot-rolled coil market remained at a relatively high level in August. From a weekly perspective, the weekly output of hot-rolled coils fluctuated around 3.2 million tons, without significant increases or decreases, indicating that steel mills maintained a relatively stable production rhythm for this product. In addition, the supply of other major plate categories, such as cold-rolled coils and medium-thick plates, was also at a high level year-on-year, reflecting that the production side of the entire plate sector remained strong in August. However, affected by the seasonal off-peak demand in August, the actual downstream procurement demand cooled down, and the supply side also made small adjustments according to the demand changes, ultimately showing a slight month-on-month decline. The overall supply and demand relationship was relatively well-matched. In terms of inventory, the hot-rolled coil inventory increased slightly in August. Considering the changes in supply and demand during the same period, although the supply remained high but then declined slightly, and the demand was in the off-peak season but did not shrink significantly, the gap between the two was relatively limited, and no obvious supply-demand imbalance occurred. The slight increase in inventory was more of a normal fluctuation due to seasonal factors and did not cause significant pressure on the market [12]. - **Technical Analysis**: The HC2601 contract of hot-rolled coil futures had a similar trend to related industrial varieties such as rebar. From the disk, the HC2601 contract was running below the 10-day moving average and close to the lower track of the BOLL, indicating a weak state [13][14]. 3.4 Market Outlook In August 2025, the hot-rolled coil plate market showed the fundamental characteristics of "high supply, weakening demand resilience, and inventory accumulation", with prices fluctuating downward and both the futures and spot markets weakening synchronously. The short-term supply-demand contradiction and cost support are in intensified competition. It is expected that the price will continue to fluctuate and seek a bottom in September. Attention should be paid to the fulfillment of the peak demand season and the implementation of policy production restrictions [16].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The rapeseed meal market is currently at a game point between "high inventory, weak reality" and "production cut, strong expectation." In the short term, it is necessary to closely monitor the USDA report's tone on US soybeans, and the price of the rm2601 contract may continue to fluctuate. In the medium term, it is necessary to pay attention to whether the supply gap expectation in the fourth quarter can be realized, and be vigilant about the impact of market sentiment fluctuations and unexpected news on prices [13] Summary by Related Catalogs 1. Futures Market 1.1 Contract Quotes - On September 8, 2025, the rm2601 contract of rapeseed meal futures opened higher and fluctuated and adjusted, rising 0.24% from the previous day to close at 2542 points. The full - day trading volume was 371,400 lots, and the open interest was 393,500 lots [2] 1.2 Variety Prices - All contracts of rapeseed meal futures had different price changes throughout the day. The total open interest of the variety was 491,406 lots, an increase of 1,810 lots from the previous trading day [4] 1.3 Related Quotes - The total trading volume of rapeseed meal options throughout the day was 77,516 lots, the total open interest was 140,720 lots, with an increase of 4,741 lots in open interest, and the total number of exercises on the day was 0 lots [6] 2. Spot Market 2.1 Basis Data - On September 8, the benchmark price of rapeseed meal was 2,638.33 yuan/ton, and the basis of rapeseed meal was 96.33 yuan/ton [8] 2.2 Registered Warehouse Receipts - According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, the newly registered warehouse receipts of rapeseed meal increased by 3,642 compared with the previous trading day, and the total number of warehouse receipts was 10,403 [9] 3. Influencing Factors 3.1 Industry News - China's imports of rapeseed and its products are highly dependent on Canada. From March to August 2025, China imposed anti - dumping measures on Canadian rapeseed meal and rapeseed, resulting in a decrease in imports. The shortage of raw materials for coastal oil mills led to a sharp year - on - year decline in the production of rapeseed meal from Canadian rapeseed crushing, and there was also a significant decline in the import market, which supported the price of rapeseed meal. Rapeseed meal is mainly used in aquaculture feed production. As the temperature gradually drops in September, the demand for rapeseed meal in aquaculture will gradually decline, but it is still in the peak season of aquaculture, with a certain rigid demand for rapeseed meal [11] 3.2 Technical Analysis - From the daily K - line chart, the price of rapeseed meal futures showed a fluctuating trend on the day, and the price fluctuated between the 5 - day moving average and the 20 - day moving average throughout the day. The high point position above and the 20 - day moving average suppressed the price. Attention should be paid to whether it can break through effectively [12] 4. Market Outlook - The rapeseed meal market is at a game point between "high inventory, weak reality" and "production cut, strong expectation." In the short term, closely monitor the USDA report's tone on US soybeans, and the price of the rm2601 contract may continue to fluctuate. In the medium term, pay attention to whether the supply gap expectation in the fourth quarter can be realized, and be vigilant about the impact of market sentiment fluctuations and unexpected news on prices [13]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - During the week from September 1st to 5th, 2025, the price of industrial silicon in the futures market fluctuated upward, while the spot market remained stable. The main contract of industrial silicon futures showed a trend of first falling and then rising, with relatively sharp fluctuations and a significant increase in trading volume, indicating intense competition between long and short positions [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Price**: The price of industrial silicon futures fluctuated during the week, showing a pattern of two down - days and three up - days. By the end of the week, the main contract (si2511) rose 450 points, closing at 8,820 points, with a maximum of 8,920 points and a minimum of 8,270 points. The trading volume was 1,916,401 lots, which was higher than the average level in the past period, in line with the characteristics of an adjustment and correction market [3]. - **Variety Market**: Among the industrial silicon futures contracts, the price of the industrial silicon (si2608) contract was the highest and remained relatively stable, while the price of the industrial silicon (si2509) contract was the lowest [6]. 3.2 Spot Market - **Spot Market Conditions**: The spot price of industrial silicon fluctuated slightly this week. As of September 5th, the price of East China oxygen - containing 553 silicon remained at 11,800 yuan/ton, the price of East China non - oxygen - containing 553 silicon remained at 11,500 yuan/ton, the price of East China 421 silicon remained at 12,200 yuan/ton, the price of East China organic silicon - used 421 silicon remained at 12,800 yuan/ton, the price of 99 silicon (Xinjiang) remained at 10,950 yuan/ton, and the price difference between 421 and 553 was 400 yuan/ton [7]. - **Basis Data**: The spot price in East China remained stable during the week, while the futures price rose slightly. The basis was positive and narrowed, with a basis of 130 yuan/ton during the week [8]. 3.3 Influencing Factors - **Latest News**: On the supply side, the production of industrial silicon is expected to decline in September. Although the current silicon price has fallen below the lowest cost line in the southwestern region during the wet season, some enterprises have locked in the selling price through selling hedging, so there is no obvious production cut for the time being. However, after the delivery of hedging orders, silicon factories will cut production due to the inability to accept long - term low prices. In terms of regions, although there is a resumption of production in Xinjiang, the overall resumption rhythm and capacity release are limited; Yunnan and Sichuan are struggling near the cost line, and production enthusiasm is affected [10]. - **Technical Analysis**: Currently, the cumulative main buying of industrial silicon is greater than the main selling, and the main buying has been strong for two consecutive days, indicating strong buyer sentiment. However, from a longer - term and overall supply - demand perspective, industrial silicon still faces significant upward pressure. Whether this rebound can continue depends on changes in the fundamentals and the subsequent sustainability of funds [11]. 3.4 Market Outlook - Overall, the spot price of industrial silicon remained stable this week without significant fluctuations. However, market feedback shows that the spot trading activity is not high, and traders and downstream enterprises are cautious in purchasing, mainly for rigid demand, with strong market wait - and - see sentiment [13][14].

报告周期:周报 成文日期: 20250908 研究员：漆建华（从业资格号：F03099134;投资咨询从业证书号：Z0017731) 相互用 - The Free 核心观点： 当周（20250901-0905）菜粕价格呈现震荡上行态势。ICE油菜 籽期货触及五个月新低,丰产预期和需求担忧打压价格,市场关注 产区新季菜籽产量预估及出口前景。菜粕现货报价小涨,贸易商仍 有挺价心态,但供应方面,菜粕供应宽松,预计菜粕将延续震荡走 势。 1期货市场 1.1 合约价格 当周菜粕期货价格整体呈现震荡态势。截至周五,主力合约菜 粕 2601（rm2601）收盘至 2550点，最高价2556点，最低价 2488 点,持仓 396574 手,较上周减少 17596 手,成交量 164.95 万手, 较上周减少 22.51 万手。 数据来源:国金期货行情软件 1.2 品种行情 图 2： 菜粕期货行情表 | 合约代码 | 周开盘 | 最高价 | 曽低价 | 周收盘 | 涨跌1 | 涨跌2 | 持仓量 | 持仓变化 | 结算价 | 成交量(手) | 成交额(亿元) | | --- | --- | --- | --- | --- | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - This week (20250901 - 0905), the white sugar futures showed a weak trend, with continuous inflow of market funds and an increase in positions. The domestic white sugar price continued to be weak, and the weak operation of the external ICE raw sugar provided weak support for the white sugar futures price. The price of the main contract (SR601) of white sugar futures showed a unilateral downward trend along the 5 - day moving average [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: This week (20250901 - 0905), the main contract (SR601) of Zhengzhou Commodity Exchange's white sugar futures showed a unilateral downward trend. The opening price was 5600 yuan/ton, the highest price was 5624 yuan/ton, the lowest price was 5509 yuan/ton, and the closing price was 5523 yuan/ton, a decrease of 77 yuan/ton or 1.38% from last week. The trading volume was 928,164 lots, the position was 374,355 lots, and the weekly increase in positions was 16,584 lots [3]. - **Option Market**: This week, the total trading volume of the white sugar option variety was 316,073 lots, and the variety's position was 228,635 lots, a net increase of 35,289 lots compared to the previous period [5]. 3.2 Spot Market - **Spot Quotation**: As of this Friday, the spot quotation of white sugar in Nanning warehouses was 5,880 yuan/ton. The white sugar spot price showed a volatile and weak trend throughout the week, breaking through the previous low [9]. - **Registered Warehouse Receipts**: As of this Friday, the total number of registered warehouse receipts for white sugar futures was 12,476, compared with 13,916 last Friday, a decrease of 1,440 this week [10]. 3.3 Influencing Factors - **Industry News**: According to Wind data, this week, the opening price of the main contract of ICE raw sugar futures was 16.34 cents/pound, the highest price was 16.52 cents/pound, the lowest price was 15.51 cents/pound, and the closing price was 15.58 cents/pound, a decrease of 0.79 cents/pound or 4.83% from last week. The position was 324,300 lots, and the position decreased by 24,880 lots this week. The price of the main contract of ICE raw sugar futures is approaching the previous low, and the future price of ICE raw sugar may face a certain directional choice, which may bring some disturbing effects on the domestic white sugar futures price [13]. - **Basis Data**: As of this Friday, the white sugar basis was 453 yuan/ton, compared with 406 yuan/ton last Friday. The basis increased by 47 yuan/ton this week, showing a strengthening trend overall [15]. 3.4 Market Outlook - Currently, the spot price of white sugar in Nanning warehouses in China continues to operate in a volatile and weak manner, and the price of ICE white sugar futures is weak, approaching the previous low. On the futures market, the price of the main contract (SR601) of white sugar futures showed a weak operation this week. Technically, the 5 - day and 20 - day moving averages formed a death cross. In the short term, in the context of the weak trend of domestic and foreign white sugar prices, the price of the main contract (SR601) of white sugar futures may continue to show a volatile and weak trend [18].

成文日期: 20250906 报告周期:周报 研究员：王建超（从业资格号：F3077383;投资咨询从业证书号：Z0015736) 黄金期货周报:黄金本周突破上行 核心观点: 2 基本面 8 月 29 日周五晚上美国 PCE 数据符合市场预期,强化了美联储 9 月份降息的预期,金价上涨。当周黄金持续上行,突破了 4 个月多 月的横盘．目前上行趋势明显。9 月 5 日美国劳工部公布的 8 月非农 和失业率数据,支撑美联储降息。关注下周公布的美国 CPI 和 PPI 数据。 1 盘面情况 8 月 29 日上周五晚上，美国 PCE 数据符合市场预期，强化了美 联储 9 月份降息的预期,金价开始一周的上扬。沪金 2510 期货当周 收盘在 815.6 元/克,较上周收盘价上涨 30.48 元/克,涨幅 3.88%。 黄金一直在盯着 9 月 18 日美联储降息, 和能够影响到是否降息的关 键美国数据/事件,包括 9 月 5 日已经公布的美国 8 月非农数据。以 及９月９日下周二美国 2025年非农就业基准变动初值,下周公布的 美国 8 月 CPI 和 PPI 数据、以及 9 月 11 日当周初请失业人数。 研究咨询: ...

成文日期: 20250906 报告周期:周报 研究品种:纯矿 研究员：何宁（从业资格号:F0238922;投资咨询从业证书号:Z0001219) 纯碱期货周报：现货偏弱，期价波动加大 核心观点: 当周（20250901-0905）纯碱期货价格震荡运行。基本面上供应 过剩压力持续，下游浮法玻璃、光伏玻璃产线冷修计划进一步削弱纯 碱需求，多空双方博弈持续。 1 期货市场 1.1 合约价格 当周（20250901-0905）纯碱 2601（SA601）周开盘价 1296 元 /吨，最高价 1311 元/吨，最低价 1255 元/吨,收盘价 1302 元/吨, 涨６元/吨,周涨幅0.46%。 图 1：纯碱 2601（SA601）周线图 1.2 品种行情 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 图 2：2025-09-01--2025-09-05 纯碱期货各合约行情图 型 导出EXCEL ■ 导出TXT ■ 打印 | 合约代码 | 問題 | 最高价 | 爵唯扮 | 周收盘 | 涨跌1 | 涨跌2 | 持仓量 ...