Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - During the week of 20250908 - 0912, rapeseed meal futures prices showed a high - level oscillating trend, while spot prices oscillated upward. Traders were still reluctant to sell, and downstream buyers mainly made purchases based on rigid demand. The oil mill operation rate was low, and the inventory of pressed rapeseed meal decreased. The market continued to focus on the future China - Canada trade relationship and the supply of rapeseed raw materials [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Price**: The rapeseed meal futures prices oscillated throughout the week. By Friday, the main contract, rapeseed meal 2601 (rm2601), closed at 2531 points, with a maximum of 2572 points and a minimum of 2522 points. The position was 402,900 lots, an increase of 6326 lots from the previous week, and the trading volume was 1.575 million lots, a decrease of 74,500 lots from the previous week [3]. - **Variety Market**: In the weekly rapeseed meal futures market, each contract had different price movements. The total position of the variety was 658,940 lots, and the trading volume was 1,972,034 lots [4][6]. - **Related Market**: The rapeseed meal options had a trading volume of 268,227 lots and a total position of 147,556 lots during the week, with an increase of 11,577 lots in the position. The total number of exercised options was 0 [6]. 3.2 Spot Market - **Spot Market Condition**: Rapeseed meal spot prices rose slightly during the week, remaining stable with an upward trend. The market supply was relatively stable, and demand was also steady. The benchmark price of rapeseed meal was 2638.33 yuan/ton on September 8 and 2665.00 yuan/ton on September 12 [9]. - **Basis Data**: The rapeseed meal basis showed a strengthening trend during the week, mainly due to relatively stable market supply and demand, which provided some support for spot prices. The basis price of the rapeseed meal rm2601 contract fluctuated between 96.33 yuan/ton and 134 yuan/ton [10]. - **Registered Warehouse Receipts**: According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, as of Friday, the total rapeseed meal warehouse receipts were 10,383, with a cumulative increase of 3622 during the week [10]. 3.3 Influencing Factors - **Latest News**: The peak season for aquaculture in September had not completely ended, so there was still some demand for rapeseed meal. However, as the season changed, the demand for rapeseed meal in aquaculture gradually decreased. In addition, due to the weakening price difference between rapeseed meal and soybean meal, the cost - effectiveness advantage of rapeseed meal diminished, and some downstream enterprises might reduce their rapeseed meal purchases and switch to soybean meal [11]. - **Technical Analysis**: The rapeseed meal rm2601 contract oscillated during the week. It rose at the beginning of the week, then maintained a high - level oscillation, and the price declined on Friday, indicating a fierce game between long and short forces in the market. The 5 - day moving average began to turn downward, suggesting a short - term weakening of the price. Attention should be paid to the support of the 60 - day moving average for the price [12]. 3.4 Market Outlook With the listing and supply of new - season rapeseed and the possibility of improved trade relations between China, Canada, and Australia, rapeseed meal prices may face certain pressure. However, since the subsequent supply of rapeseed and rapeseed meal is expected to decline, the overall supply - demand relationship in the rapeseed meal market is expected to change little. In the short term, the price of the rapeseed meal rm2601 futures contract may continue to oscillate at a high level [14].

Report Overview - Report Date: September 12, 2025 [1] - Report Cycle: Daily - Research Variety: Shanghai Aluminum Futures - Researcher: Cao Baiquan 1. Investment Rating - No investment rating is provided in the report. 2. Core View - In the short term, aluminum prices may continue to break through upwards and then fluctuate. The market is focusing on the results of the Federal Reserve's interest rate meeting next week. If a rate cut is implemented, it may further boost non - ferrous metal prices [14] 3. Summary by Section 3.1 Futures Market - **Contract Market**: On September 12, 2025, the Shanghai Aluminum al2510 contract showed an oscillating upward trend throughout the day, with significant fluctuations during the day session and a positive closing line. The daily trading volume was 165,717 lots, and the open interest was 209,277 lots [2] - **Variety Price**: The total open interest of 12 Shanghai Aluminum futures contracts was 611,039 lots, an increase of 41,680 lots from the previous trading day. The open interest of the active contract al2510 increased by 4,695 lots, indicating capital inflow during the upward movement [5] 3.2 Spot Market - On September 12, 2025, the basis of the main contract Shanghai Aluminum al2510 weakened. The spot aluminum price in East China was 21,020 yuan/ton, and the closing price of the futures main contract was 21,120 yuan/ton, with a basis of - 100 yuan/ton [7] 3.3 Influencing Factors - **Macro Information**: The global macro - environment has shown positive changes recently, providing upward momentum for the non - ferrous metal market. Weak US economic data has increased market bets on the Fed's rate - cut amplitude. Tensions in the Middle East have raised risk - aversion sentiment, and the strong performance of gold has also driven the non - ferrous metal sector. The fluctuating US dollar index has caused short - term disturbances to dollar - denominated commodities [8] - **Fundamental Information**: Domestic electrolytic aluminum supply is rigid, with high operating rates in major production areas and capacity approaching the limit. The rainy season in Guinea has affected bauxite mining and transportation, leading to a decline in shipments, but high port inventories in China ensure sufficient overall supply. Downstream demand is showing signs of improvement with the arrival of the traditional consumption peak season, more active purchasing by downstream players, a slight increase in orders for aluminum processing plants, and a slight recovery in processing fees for some aluminum products [9] - **Technical Analysis**: The Shanghai Aluminum 2510 contract showed an increase in open interest and price on the daily chart, breaking through the upper limit of the trading range. The MACD formed a golden cross, the green bars continued to expand, trading volume increased, and long - position funds were active [10]

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View During the week of 20250908 - 20250912, the jujube futures maintained a high - level shock and had a weak adjustment [2]. 3. Summary by Directory 3.1 Futures Market - **Main Contract Price**: The jujube futures mainly fluctuated during the week, breaking below the middle track of the Bollinger Bands to find support below. The trading volume decreased while the open interest remained unchanged. The CJ2601 contract of jujube futures opened at 10,960 yuan, closed at 11,155 yuan, up 155 yuan or 1.41%. The highest price was 11,285 yuan, and the lowest was 10,850 yuan. The open interest was 133,000 lots, an increase of 2,343 lots compared with last week. The trading volume was 558,000 lots, a decrease of 161,000 lots compared with last week [3]. - **Sub - main Contract Price**: The CJ2605 sub - main contract of jujube futures mainly fluctuated and had a rebound during the week. The trading volume decreased while the open interest increased. The contract opened at 11,090 yuan, closed at 11,290 yuan, up 150 yuan or 1.35%. The highest price was 11,420 yuan, and the lowest was 11,000 yuan. The open interest was 49,154 lots, an increase of 3,097 lots compared with last week. The trading volume was 83,574 lots [5]. 3.2 Market Outlook The jujube futures broke below the middle track of the Bollinger Bands and rebounded slightly, and the market weakened. Currently, the jujube inventory is high, and the consumption boost is not obvious. With the upcoming listing of new - season jujubes, the support for jujube prices has weakened. The market is under pressure due to high inventory, a large number of registered warehouse receipts facing significant delivery pressure, and considerable price pressure from the new jujube listing. The jujube market may maintain a weak trend. It is advisable to use options to hedge market risks [8].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - During the week from September 8 - 12, 2025, the PTA price in the futures market showed an oscillating correction, and the TA spot price was mainly adjusted oscillatingly affected by international oil prices. The operating rate of TA factories rebounded to around 75%, with an expected increase in supply. The current main contradiction in the market is the insufficient demand for crude oil, and the weak rebound momentum of crude oil may affect the rebound of TA prices [1]. Summary by Directory 1. Futures Market 1.1 Contract Price - Due to weak energy prices and technical support, international oil prices were weak, failing to support futures prices. The PTA main 01 contract fell 0.51%, with the highest price reaching 4712 yuan/ton and the lowest dropping to 4620 yuan/ton, finally closing at 4648 yuan/ton. The trading volume of the PTA main 01 contract continued to decline, and market enthusiasm continued to weaken [2]. 1.2 Variety Market - The weekly PTA futures market continued to show a situation where far - month contracts were relatively strong, with far - month prices remaining relatively stable above 4700 yuan/ton. The price of TA2510 was relatively low, indicating weak spot prices. With high inventory levels and weak international energy, near - month contracts may continue to be weak [4]. 2. Spot Market 2.1 Spot Market Conditions - The PTA spot market in East China showed range - bound oscillations. The decline of TA spot prices slowed down. The negotiation atmosphere in the PTA spot market was cautious, with few actual purchases from the polyester end. The basis was weakly operating, and the offer of main port goods was about 75 yuan/ton lower than the futures TA2601. The spot negotiation price was between 4580 - 4630 yuan/ton [6][7]. 2.2 Basis Data - The spot price remained weak, with a negative and relatively weak basis, and the futures price was at a premium. High PTA inventory and insufficient cost support from international oil prices led to a relatively pessimistic spot market. Far - month contracts had price premiums due to higher energy demand in the cold season [8]. 2.3 Registered Warehouse Receipts - The number of registered PTA warehouse receipts continued to decline, and the decline accelerated. As of September 12, it dropped to 9893 lots. Besides seasonal factors, the continuous decrease in warehouse receipts reflected insufficient hedging motivation and increased warehouse receipt cancellation [10]. 3. Influencing Factors 3.1 Fundamental Influencing Factors - Although TA inventory was being reduced, the supply of TA rebounded, and the future inventory reduction efficiency might decrease. With insufficient energy cost support and weak demand, crude oil prices oscillated weakly, and the upward momentum of energy was insufficient, which might suppress the rebound of TA prices. The operating rate of factories rebounded, and supply might increase after the maintenance in some areas was completed [12]. 3.2 Technical Analysis - The buying power on the weekly K - line was insufficient, and the trading volume shrank, indicating weak follow - up. The main 01 contract might continue to oscillate and consolidate, with weakened technical support. The main risk was the insufficient support of energy prices, which might drive the TA market down [13]. 4. Market Outlook - Entering the "Golden September and Silver October" period, the expected influence on the TA market was expanding. In the short term, the price would mainly fluctuate with energy, and in the long term, it might trade based on the interest - rate cut logic. With the increasing probability of the Fed's interest - rate cut, market expectations might gradually improve. However, due to weak overseas energy prices and insufficient technical support, TA still faced adjustment pressure. With weak crude oil prices and high inventory levels, the PTA futures market was expected to continue to oscillate [15][17].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View This week, the SHFE tin 2510 contract experienced a tug - of - war between bulls and bears in a complex market environment, with significant price fluctuations. Positive macro data spurred active capital inflows, driving up the price [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: The price of the SHFE tin 2510 contract showed a pattern of first declining and then rising. In the first half of the week, it fluctuated downward due to macro - economic data and market sentiment. In the second half, with marginal improvement in macro sentiment and supply - side tightness, bullish forces strengthened, leading to a strong rebound and an overall price increase. The price fluctuated sharply, and the battle between bulls and bears was intense [3]. - **Variety Price**: The report provides detailed price data for multiple SHFE tin contracts, including opening, high, low, closing prices, trading volume, open interest, and other information. For example, the sn2510 contract had a weekly opening price of 273,340, a high of 274,900, a low of 268,010, and a closing price of 273,950 [6]. 3.2 Spot Market - **Registered Warehouse Receipts**: On September 12, the SHFE tin futures warehouse receipts were 7,326 tons, a decrease of 178 tons from the previous trading day. The cumulative decrease in SHFE tin futures warehouse receipts in the past week was 71 tons [7]. 3.3 Influencing Factors - **Industry Aspect**: On the supply side, tin ore mining in production areas such as Yunnan in China has been continuously restricted, and some smelters continued their maintenance in September, constraining the output of concentrates and supporting the spot price. On the demand side, the traditional electronic solder field was weak due to the drag of the real estate and infrastructure sectors, with lackluster demand growth for SHFE tin. The lack of demand led to light trading in the spot market and limited upward momentum for the spot price [8]. - **Macro Factors**: The year - on - year growth rate of the US PPI in August unexpectedly slowed to 2.6%, and the core PPI decreased by 0.1% month - on - month. This strengthened the market's expectation of a Fed rate cut in September, weakening the US dollar index and providing some support for the US - dollar - denominated SHFE tin price [9]. 3.4 Market Outlook Given the rigid constraints on raw materials and maintenance plans, the smelter operating rate has dropped significantly, and there are no signs of substantial improvement in the short term. Under the situation of weak supply and demand, the tin price is likely to continue to fluctuate in a high - level range [10].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - During the week of September 8 - 12, 2025, the red date futures maintained a high - level oscillation and underwent a weak adjustment [2]. 3. Summary by Directory 3.1 Futures Market - **Main Contract Price**: The red date futures mainly oscillated during the week, breaking below the middle track of the Bollinger Bands to find lower support. Trading volume decreased while open interest remained unchanged. The CJ2601 contract of red date futures opened at 10,960 yuan and closed at 11,155 yuan, up 155 yuan or 1.41%. The highest price was 11,285 yuan and the lowest was 10,850 yuan. Open interest was 133,000 lots, an increase of 2,343 lots from the previous week. Trading volume was 558,000 lots, a decrease of 161,000 lots from the previous week [3]. - **Sub - main Contract Price**: The CJ2605 sub - main contract of red date futures mainly oscillated and rebounded during the week. Trading volume decreased while open interest increased. The contract opened at 11,090 yuan and closed at 11,290 yuan, up 150 yuan or 1.35%. The highest price was 11,420 yuan and the lowest was 11,000 yuan. Open interest was 49,154 lots, an increase of 3,097 lots from the previous week. Trading volume was 83,574 lots [5]. 3.2 Market Outlook - The red date futures broke below the middle track of the Bollinger Bands and then rebounded, with the market turning weak. Currently, red date inventories are high and consumption boost is not obvious. With the upcoming listing of new - season red dates, price support for red dates has weakened. The market is under pressure due to high inventories, a large number of registered warehouse receipts facing significant delivery pressure, and considerable price pressure from the new - season red dates. Red date futures may maintain a weak market. It is advisable to use options to hedge market risks [8].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Last week, Treasury bond futures showed an overall volatile pattern. The long - end was mainly dragged down by fund redemption pressure and the siphon effect of the stock market, while the short - end was relatively resilient supported by a stable capital market. This week, the market is expected to fluctuate and recover. Policy expectations and loose capital will lead to sentiment repair. The elasticity of 30 - year ultra - long - end Treasury bond futures may significantly increase, and the 10 - year contract is expected to stabilize in a range [2][14] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Price - The main contract of the five - year Treasury bond (TF2512) opened lower and moved higher on September 8 (Monday), closing with a positive line on the daily K - line. It then closed with negative lines for two consecutive trading days, a long positive line on Thursday, and continued the upward trend on Friday. This week, the trading volume continued to increase, and the daily K - line MACD indicator continued to run with a golden cross below the zero axis [3] 3.1.2 Variety Market - Among the 12 Treasury bond futures contracts, the two - year Treasury bond contracts (TS2509, TS2512, TS2603) had drops of 0.002 yuan, 0.014 yuan, and 0.056 yuan respectively. The 30 - year Treasury bond contracts (TL2509, TL2512, TL2603) had drops of 1.26 yuan, 1.08 yuan, and 1.07 yuan respectively, showing an overall downward market pattern [6] 3.2 Spot Market - The central bank's reverse repurchase operations this week: On September 8, it conducted 191.5 billion yuan of reverse repurchases, with a net injection of 8.8 billion yuan after offsetting the due 182.7 billion yuan. On September 12, it conducted 230 billion yuan of reverse repurchases (the specific due amount was not clearly mentioned). The total net injection for the week was 196.1 billion yuan after conducting 1264.5 billion yuan of reverse repurchases and offsetting the due 1068.4 billion yuan [8][9] 3.3 Influencing Factors 3.3.1 Important Events - On September 12, 2025, the Ministry of Finance announced the second re - issuance of the 2025 ultra - long - term special Treasury bonds, with an issuance scale of 82 billion yuan, a term of 30 years, and a fixed coupon rate. The re - issuance will use a competitive bidding method, with the bidding time from 10:35 to 11:35 on September 19, and no additional bids from Class A members [10] 3.3.2 Technical Analysis - From the trend of the five - year Treasury bond (TF2512) contract this week, the market closed with positive lines on three trading days and negative lines on two trading days, indicating that market investors have some differences in profit - taking from Treasury bond futures trading at this position. The continuous rise of the stock market index has attracted more investors, forming a seesaw effect with Treasury bond trading. The issuance of 82 billion yuan of 30 - year Treasury bonds on September 19 may expand the supply, and it is necessary to pay attention to whether the market will break the current trend and form a new directional trend [11] 3.4 Market Outlook - This week, the market is expected to fluctuate and recover. Policy expectations such as the central bank's bond - buying news and loose capital will lead to sentiment repair. The elasticity of 30 - year ultra - long - end Treasury bond futures may significantly increase, and the 10 - year contract is expected to stabilize in a range [14]

Group 1: Report Core View - During the week from September 8 to 12, 2025, the price of industrial silicon in the futures market fluctuated widely, while the spot price showed a sideways and slightly stronger consolidation. The main contract si2511 in the futures market fluctuated around 8,200 - 8,800 yuan/ton during the week, showing a slightly stronger oscillatory trend, and downstream industries of industrial silicon continued to replenish stocks on dips [2] Group 2: Futures Market 2.1 Contract Price - The price of industrial silicon futures showed a weak oscillatory trend within a range during the week, with a pattern of three up - days and two down - days. As of the weekend, the main contract of industrial silicon (si2511) dropped 75 points, closing at 8,745 points, with a maximum of 8,795 points and a minimum of 8,215 points. The position was 278,000 lots, and the trading volume decreased compared to the average level of the past period, which is in line with the characteristics of an adjustment and correction market [3] 2.2 Variety Market - In the weekly market of industrial silicon futures, the contract price of industrial silicon (si2608) was the highest and remained relatively stable, while the price of industrial silicon (si2510) was the lowest [6] Group 3: Spot Market 3.1 Spot Market Conditions - This week, the spot price of industrial silicon showed a sideways and slightly stronger consolidation. As of last Friday, the price of East China oxygen - passing 553 was in the range of 9,100 - 9,300 yuan/ton, up 100 yuan/ton week - on - week; the price of 421 was in the range of 9,400 - 9,600 yuan/ton, up 100 yuan/ton week - on - week; the price of 3303 silicon was in the range of 10,200 - 10,400 yuan/ton, remaining flat week - on - week [8] 3.2 Registered Warehouse Receipts - According to the data of the Guangzhou Futures Exchange, the number of registered warehouse receipts for industrial silicon this week was 49,998 lots, an increase of 26 lots compared to last week. The short - term market is in a wait - and - see equilibrium state [9] Group 4: Influencing Factors 4.1 Latest News - In the second half of the week, the market was affected by market rumors related to energy consumption on the supply side of industrial silicon. The market trend was strong, and the quotes of silicon holders were adjusted upwards accordingly. Downstream industries mainly focused on inventory digestion and replenishing stocks as needed [10] 4.2 Technical Analysis - From the K - line chart of the futures main contract, the main contract of industrial silicon showed a wide - range consolidation this week. From the weekly K - line chart, it first declined and then rose during the week. Policy expectations will continue to ferment next week, but the fundamentals are under pressure, and it is expected to maintain an oscillatory pattern [11] Group 5: Market Outlook - Looking forward to the future, the current fundamentals of the industry are relatively loose, and the subsequent policy situation still needs to be observed. The demand side is also affected by supply - side policies, and the overall industry inventory is relatively high. Although there are disturbances in the market news, there is a lack of clear policy drivers, and the upside space of the market is currently limited. It is expected to mainly maintain an oscillatory trend within a range [13]

Report Industry Investment Rating - Not provided Core Viewpoints - During the week of September 8 - 12, 2025, the PTA price in the futures market showed an oscillatory correction. The TA spot price was mainly adjusted oscillatory under the influence of international oil prices. The operating rate of TA factories rebounded to around 75%. There is an expected increase in supply. The current main market contradiction is the insufficient demand for crude oil, and the weak rebound momentum of crude oil may affect the rebound of TA prices [1] Summary by Directory 1. Futures Market 1.1 Contract Price - Due to weak energy prices and technical support, international oil prices are weak, making it difficult to support futures prices. The PTA main 01 contract fell 0.51%, with the highest price reaching 4,712 yuan/ton and the lowest dropping to 4,620 yuan/ton, finally closing at 4,648 yuan/ton. The trading volume of the PTA main 01 contract last week was 2,692,505 lots, and the trading volume continued to decline, with the market enthusiasm weakening [2] 1.2 Variety Market - The weekly PTA futures market continued to show a situation where far - month contracts were relatively strong. The price fluctuations of far - month contracts remained relatively stable, above 4,700 yuan/ton. The price of TA2510 was relatively low, indicating that the spot price was relatively weak, and market pessimism still existed. With a relatively high absolute inventory level and large fundamental market pressure, in the context of weak international energy, near - month contracts may continue to follow the spot to stay weak [4] 2. Spot Market 2.1 Spot Market - The PTA market in East China showed a range - bound trend. The decline rate of TA spot slowed down as international oil prices rebounded over the weekend. The negotiation atmosphere in the PTA spot market was cautious, with few actual purchases from the polyester end. The basis was running weakly. The offer of main port goods for this week and next week was at a discount of about 75 yuan/ton to the futures TA2601. The spot negotiation price was between 4,580 - 4,630 yuan/ton. The average basis in major domestic production areas remained around - 80 yuan/ton, and actual procurement was still weak [6][7] 2.2 Basis Data - The spot price remained weak this week, with a negative and relatively weak basis. The futures price was at a premium, and the spot market was relatively pessimistic. On one hand, the absolute inventory level of PTA was still high, and the spot pressure was large. On the other hand, the technical support of international oil prices was insufficient, resulting in insufficient cost support. The far - month contracts had relatively high energy demand in the cold season, promoting price premiums [8] 2.3 Registered Warehouse Receipts - According to Zhengzhou Commodity Exchange data, the number of registered PTA warehouse receipts continued to decline last week, and the decline accelerated. As of September 12, it dropped to 9,893 lots. In addition to seasonal factors, the continuous decrease in warehouse receipts reflects that the current futures - spot price difference and delivery cost are not sufficient to stimulate hedging motivation, and the cancellation of warehouse receipts has increased [10] 3. Influencing Factors 3.1 Fundamental Influencing Factors - TA inventory has been reduced, but the supply of TA has rebounded, and the efficiency of future inventory reduction may decrease. With insufficient energy cost support and weak demand, crude oil prices are oscillating weakly. In the current weak supply - demand cycle, the upward momentum of energy in the future is insufficient, which may suppress the rebound of TA prices. The operating rate of factories has rebounded, and there may be an increase in supply after the maintenance in some production areas is completed [12] 3.2 Technical Analysis - On the weekly K - line, the buying power is insufficient, the trading volume is shrinking, and the follow - up momentum is weak, which may continue the oscillatory and weak state. The current main 01 contract may continue to oscillate and consolidate, accumulating market momentum, and the technical support has weakened. The main risk is the insufficient support of energy prices, which may drive the TA market to weaken [13] 4. Market Outlook - Entering the "Golden September and Silver October" period, the expected influence on the TA market is gradually expanding. In the short - term, the price will mainly fluctuate with energy. In the long - term, the market may trade based on the logic of interest rate cuts. The probability of the Fed cutting interest rates is increasing, which may gradually improve market expectations. Overseas energy prices are weak, and technically, the support is still weak, so there is still pressure for TA to follow and adjust. Currently, crude oil is relatively weak, and without cost support, it is difficult for TA to achieve a continuous rebound. Considering the uncertainty of crude oil prices and the relatively high inventory level of TA, it is expected that the PTA futures market will continue to oscillate [15][17]

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The macro - expected interest rate cut and low overseas inventory support the zinc price, while high domestic supply and weak demand suppress it. In the short term, zinc prices are likely to continue to fluctuate within a range [8][9]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 10, 2025, the main contract of Shanghai zinc (ZN2510) fluctuated slightly up, closing at 22,215 yuan/ton, with a trading volume of 83,700 lots and an open interest of 103,100 lots. The spot price weakened, and the basis changed from +55 yuan/ton the previous day to - 115 yuan/ton. With the continuous increase in domestic social inventory and the unfulfilled expectation of the downstream consumption peak season, the zinc price may fluctuate within a range in the short term [2]. - **Variety Price**: There are 12 contracts of Shanghai zinc futures, with a total open interest of 221,749 lots, a decrease of 3,963 lots compared to the previous trading day. The open interest of the active contract zn2510 decreased by 5,145 lots [4]. 3.2 Spot Market - **Basis Data**: The basis (spot - futures) on the day was - 115 yuan/ton, and the previous day's basis was +55 yuan/ton [6]. 3.3 Influencing Factors - **Supply - side**: In August, domestic refined zinc production was 626,200 tons, a year - on - year increase of 28.7%. Although some smelters will conduct maintenance in September, the production is expected to remain above 600,000 tons. The domestic zinc concentrate processing fee (TC) remains at a high level of 3,600 yuan/ton, and smelters have high enthusiasm for production [7]. - **Demand - side**: The traditional "Golden September" peak season has not shown obvious improvement. The galvanizing start - up rate in North China increased by 5 percentage points to 65% month - on - month, but the terminal orders are insufficient, and the market price of galvanized sheets has weakened steadily [7].