1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The current Shanghai tin market is in a situation where macro factors are mixed. The long - term logic of tight supply and demand remains unchanged, but in the short term, due to weak demand before the National Day holiday, profit - taking by funds, and risk - aversion sentiment from trade frictions, the upside potential of prices is limited [11] 3. Summary by Related Catalogs 3.1 Variety Price - The total trading volume of 12 Shanghai tin futures contracts is 84,373 lots, and the total open interest of Shanghai tin contracts is 52,516 lots. Among them, the open interest of the Shanghai tin contract 2511 is 46,590 lots [6][7] - The closing price of the Shanghai tin 2511 contract today is 272,410 yuan/ton, the mainstream market quotation on the day is 271,400 yuan/ton, and the basis is - 1,010 yuan/ton [8] 3.2 Influencing Factors - Supply side: The long - term logic of tight global tin ore supply remains unchanged, but in the short term, the tin inventory on the London Metal Exchange (LME) has slightly accumulated. On September 26, the inventory increased by 35 tons to 2,775 tons compared with the previous day. The inventory change has put some pressure on the spot price and weakened the premium power on the spot side [10] - Demand side: As the National Day holiday approaches, downstream enterprises' stockpiling is coming to an end. The demand in traditional industries such as tin - plated sheets is approaching saturation, and the "new quality requirements" driven by AI and new energy have not yet formed short - term upward - pulling power. The light trading in the spot market has made it difficult for the spot price to rise and keep up with the fluctuating futures price [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The gold market is still digesting the previous interest - rate cut by the Fed. The probability of a 25 - basis - point rate cut in October has slightly decreased after Fed officials' communication with the market, causing the gold price to move sideways at a high level or show a weak trend recently [8]. - The current gold trend is still very strong. The RSI indicator shows that the over - bought level of the outer - market gold monthly line has reached the highest in nearly 50 years. There is a short - term risk of over - bought correction, but in the long term, it indicates a continuous bullish momentum [8]. 3. Section Summaries 3.1 Outer - market and SHFE Futures Market Situation - On Wednesday, COMEX gold futures fluctuated at a high level. On Thursday (20250925), SHFE gold fell from a high. The main 2512 contract closed at 854.72 yuan/gram, down 5.28 yuan/gram or 0.61% from the previous trading day's closing price. Fed officials' continuous and intensive speeches and communication with the market have led to gold maintaining a high - level oscillation [1]. - The trading data of SHFE gold futures contracts of different delivery months on 20250925 are presented, including pre - settlement, opening price, high, low, closing price, settlement reference price, price changes, trading volume, turnover, and open interest and its changes. The total trading volume is 408,591 lots, and the total turnover is 34,987,381.12 ten - thousand yuan. The total open interest is 461,083 lots, with a decrease of 2,067 lots [6]. 3.2 Macro and Fundamental Analysis - San Francisco Fed President Daly supports the Fed's interest - rate policy decision last week and believes further rate cuts may be necessary. Chicago Fed President Goolsbee warns against excessive early rate cuts and says the US job market remains stable and solid [8]. - After the Fed officials' communication with the market, the market's expectation of a 25 - basis - point rate cut in October has slightly decreased, resulting in the recent high - level sideways or weak trend of the gold price. The market is still digesting the Fed's rate cut last week [8]. 3.3 Market Outlook - The gold market currently focuses on the Fed's rate - cut move in October. The market is closely watching financial market data related to rate cuts and officials' speeches, especially the US PCE price index on Friday. An unexpected rise in inflation will boost the US dollar and suppress the gold price [9].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On September 25, the manganese silicon futures main contract closed higher. The fundamentals show characteristics of "high supply and weak demand." Steel mills' pre - holiday stockpiling supports short - term demand, but terminal building material demand is weak, inventory pressure remains, and with the resumption of production in Guizhou, the risk of medium - to - long - term supply surplus intensifies. Technically, the price is oscillating in the range of 5,800 - 6,000 yuan/ton, with balanced long - and short - term forces. In the short term, it lacks an independent driver and is likely to follow the fluctuations of the black sector. Attention should be paid to the policy expectations of important meetings in October and the demand callback risk after steel mills finish restocking [14]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 25, the manganese silicon SM2601 contract showed a volatile downward trend. The daily session opened at 5,916 yuan/ton, with a high of 5,954 yuan/ton, a low of 5,856 yuan/ton, and a closing price of 5,938 yuan/ton, up 28 yuan/ton from the previous trading day. The trading volume was 219,803 lots, and the open interest was 332,429 lots [2]. - **Variety Price**: The 12 futures contracts showed a normal market pattern of lower near - term and higher far - term prices. The open interest of the variety was 510,416 lots, a decrease of 18,713 lots from the previous trading day. Among them, the open interest of the active contract manganese silicon SM2601 decreased by 1,344 lots [2]. - **Related Market**: On September 25, the manganese silicon options market fluctuated greatly. The open interest of call options for the main contract was 27,339 contracts, and that of put options was 23,120 contracts, with an open interest PCR of 0.846 [5]. 3.2 Spot Market - **Basis Data**: On September 25, the basis of the active contract manganese silicon 2601 was - 88 yuan/ton, which widened compared with the previous day, mainly because the increase in the spot price on that day was less than that of the futures price [7]. - **Registered Warehouse Receipts**: On September 25, the total number of registered warehouse receipts for manganese silicon was 59,475, a decrease of 539 from the previous trading day [8]. 3.3 Influencing Factors - **Industry Information**: On September 25, the manganese ore market oscillated. In Tianjin Port, semi - carbonate was traded at 34 - 34.5 yuan/ton degree, South African high - iron ore was about 30 yuan/ton degree, and Gabonese ore was about 40 yuan/ton degree. Low - price supplies were hard to find. The price of Australian lump ore was in the range of 39.5 - 41.5 yuan/ton degree, with firm quotes and pending transactions. In Qinzhou Port, the spot price of manganese ore was consolidating. The available inventory of semi - carbonate was low, with a price around 36.5 yuan/ton degree, Australian seeds at 35.5 - 36 yuan/ton degree, Australian lump ore at 39 - 41 yuan/ton degree, and South African high - iron ore at 30.5 yuan/ton degree [9]. - **Technical Analysis**: On September 25, the main contract 2601 of manganese silicon closed with a small positive line with a long lower shadow, indicating short - term support below but also obvious upward resistance. The price has been running in the range of 5,800 - 6,000 yuan/ton in the past half - month, currently at the central position, and a strong driver is needed for a breakthrough [11].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report On September 25, 2025, the main contract of iron ore futures rose slightly by 0.25%. The current fundamentals show a pattern of weak supply and demand. Stable steel - mill production supports demand, but accumulated contradictions and high inventory in the downstream steel market suppress the upward space. Coupled with the lack of clear trend guidance in technical aspects, the short - term price is expected to maintain wide - range fluctuations [11]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract行情**: On September 25, 2025, the iron ore i2601 contract fluctuated. It adjusted to a minimum of 799.5 points, reached a maximum of 808 points, and closed at 805.5 points. The trading volume was 191,200 lots, a decrease of 11,200 lots from the previous trading day, and the open interest was 529,700 lots, a decrease of 9,319 lots from the previous trading day [2]. - **Variety Price**: The 12 contracts of iron ore futures showed a backwardation market pattern with near - term strength and far - term weakness. All contracts generally rose throughout the day, with an increase ranging from 1.5 to 4.5 points. The total open interest of the variety was 848,687 lots, a decrease of 8,028 lots from the previous trading day, and the i2601 contract had the largest decrease in open interest, with a reduction of 9,319 lots [3]. 3.2 Spot Market - **Basis Data**: In the past 5 trading days, the basis of the main contract iron ore i2601 fluctuated slightly, with a maximum of 27.2 yuan/ton, a minimum of 24.8 yuan/ton, and 25 yuan/ton on the day [7]. - **Registered Warehouse Receipts**: In the past 5 trading days, the registered warehouse receipts fluctuated slightly, with a maximum of 2,000 lots, a minimum of 1,700 lots, and 2,000 lots on the day [8]. 3.3 Influencing Factors - **Industry News**: In the Shandong market, the spot price of imported iron ore rose slightly, but the trading volume was low. Traders' enthusiasm for quoting was average, and steel mills replenished inventory as needed, with a general market trading atmosphere. In the Tianjin market, the price of imported iron ore fluctuated slightly. The price difference between PB powder and lump ore shrank by 10 yuan/wet ton to 132 yuan/wet ton. Steel mills' procurement sentiment was cautious, and they mainly purchased on dips [9]. - **Supply Side**: The sinter production of 54 steel mills nationwide decreased, but the total inventory of imported sinter powder increased month - on - month, indicating overall stable supply. The inventory at Shandong ports increased slightly, and the port throughput decreased due to seasonal factors. However, the medium - grade powder resources at Tianjin Port decreased, and high - grade powder was supplemented, showing a differentiated supply structure [10].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The mudslide accident at the GBC mine in the Grasberg copper mine in Indonesia has a significant impact on global copper supply, and the impact on the copper industry chain has just begun [7] Group 3: Summary by Directory 1. Event Review and Background - On September 8, a mudslide occurred at the GBC mine in the Grasberg copper mine in Indonesia, causing 2 deaths and 5 missing, and the mine has been shut down since the accident [1] - The Grasberg copper mine in Indonesia is the world's third - largest copper mine, with a copper production of 816,500 metric tons in 2024, accounting for 3.55% of the global copper production of 23 million tons [1] - In 2024, the daily output of copper concentrate at the Grasberg mine was 208,365 tons, with the GBC mine accounting for 64% (about 133,800 tons), the DMLZ mine accounting for 32% (about 64,900 tons), and the Big Gossan mine accounting for 4% (about 8,000 tons) [1] - The Grasberg copper mine is an important asset of Freeport - McMoRan, an international mining company. The Indonesian subsidiary PT Freeport Indonesia holds 48.76% of the Grasberg underground mine, and the rest is held by Indonesian state - owned enterprises [2][3] 2. Production Impact Analysis - After the accident on September 8, all mining operations in the Grasberg mine in Indonesia stopped. The investigation is expected to be completed by the end of 2025 [4] - The impact on Freeport Indonesia's third - quarter sales is not significant. After the accident, the estimated third - quarter copper sales decreased by about 4% compared to July, but it is still estimated to be 433,592 tons due to inventory [4] - The DMLZ and Big Gossan mines are expected to restart in mid - fourth quarter of 2025 (November). The GBC mine will start phased restart and capacity increase in the first half of 2026 [5] - Freeport Indonesia's copper sales in the fourth quarter of 2025 will be negligible, estimated at 20,184 metric tons [5] - The GBC mine's PB2 and PB3 production blocks will restart and increase production in the first half of 2026, PB1S of PB1C will start in the second half of 2026, and the rest of PB1C will restart in 2027 [5] - In the phased restart scenario, the estimated copper production in 2026 is 501,220 tons, which is 61.3% of the 2024 production [6] 3. Market Outlook - After Freeport announced force majeure at the Grasberg copper mine in Indonesia, copper prices on the LME and SHFE rose significantly. The impact of this accident on the global copper supply will be large and long - lasting [7]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The copper price is under pressure due to high inventory levels across major exchanges, combined with factors such as uncertain US interest rates, subdued downstream procurement, and overall macro - economic pressures in China, resulting in a lackluster performance of copper prices recently [1][2][9]. 3. Section - by - Section Summary 3.1 Futures and Spot Market - On Monday, LME copper prices showed a strong - side oscillation. On Tuesday (20250923), Shanghai copper (SHFE) had a weak performance. The main 2511 contract closed at 79,920 yuan/ton, down 240 yuan/ton or 0.30% from the previous trading day [1]. - The spot market atmosphere was ordinary, with no signs of tightness in the circulation end. Downstream pre - holiday stocking was nearly finished, and consumer enthusiasm was poor. The refined - scrap copper price spread in major Chinese markets continued to rise, with 1,590 yuan/ton in Guangdong and 1,546 yuan/ton in Tianjin [1]. 3.2 Macro and Fundamental Aspects - Overseas financial markets are focusing on the possibility of two Fed rate cuts by the end of 2025, creating a moderately loose financial environment. Fed officials are communicating with the market about 'aggressive rate cuts' and 'cautious rate cuts' to guide market expectations [2]. - The 8 - day National Day and Mid - Autumn Festival holiday usually prompts downstream enterprises to replenish stocks in advance. However, price increases and uncertain US interest rates have curbed procurement in the Chinese market, and the procurement is almost over [2]. - The increasing COMEX electrolytic copper inventory is suppressing the upward momentum of US copper prices, and the overall macro - economic pressure in China is also weighing on SHFE copper prices [2]. 3.3 Market Outlook The increasing copper inventories in COMEX and SHFE delivery warehouses, despite a slight decline in LME electrolytic copper inventory, have led to insufficient upward momentum for copper prices. Recently, the copper price trend has become more cautious due to fundamental factors [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week, the futures market was affected by rising raw material prices, causing finished products to follow suit, but the increase was weak due to lack of demand improvement and negative trading sentiment [2] - According to Steel Union data, the blast furnace operating rate rose 0.15% to 83.98% week - on - week, while the steel mill profitability dropped 1.30% to 58.87%. The production profit of hot - rolled coils was relatively good, so steel mills would adjust production. The weekly output of hot - rolled coils in China increased by 1.35 million tons to 3.2649 billion tons, and the total inventory of five major products decreased by 1.78 million tons to 15.1974 billion tons. The inventory of hot - rolled coils increased by 4.67 million tons, and demand decreased by 4.34 million tons to 3.2182 billion tons, suppressing the rise of spot prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Price**: The hot - rolled coil futures price showed a state of rising first, then falling, and finally closing slightly higher. The upward trend was difficult, indicating weak market bullish sentiment [3] - **Variety Market**: As of September 19, the opening price of the HC2601 main contract of hot - rolled coils was 3361 yuan/ton, the closing price was 3374 yuan/ton, the highest price was 3417 yuan/ton, the lowest was 3339 yuan/ton, and it rose 10 yuan/ton this week [6] 3.2 Spot Market - **Spot Market Conditions**: The average price of Q235B 4.75mm hot - rolled coils in major Chinese cities was 3407 yuan/ton, down 3 yuan/ton week - on - week. The spot profit was 150 yuan/ton, up 26 yuan/ton. The weekly average trading volume decreased 6.1% week - on - week, but Friday's restocking led to a high - volume trading day [7] - **Basis Data**: The basis between Shanghai hot - rolled coil spot and the futures main contract was 46 yuan/ton, and the regional price difference between East China and North China narrowed by 10 yuan/ton to 60 yuan/ton, with weak motivation for northern steel to move south [10] 3.3 Influencing Factors - **Industry News**: The spokesperson of the Ministry of Industry and Information Technology said that it would continue to promote supply - side structural reform in the steel industry and ban new production capacity, with a neutral short - term impact on the market [11] - **Technical Analysis**: For the HC2601 contract, the daily MACD indicator showed that the upward momentum was weakening, the RSI (14 - day) entered the neutral range, and the Bollinger Bands formed a current trading range of 3350 - 3400 yuan/ton [12] 3.4 Market Outlook - From September 15 - 19, the hot - rolled coil futures main contract showed a state of "range - bound trading and long - short game". The core contradiction was the imbalance between high supply and weak demand. In the short term, the hot - rolled coil futures may maintain range - bound trading, and attention should be paid to pre - holiday restocking progress and marginal improvement signals in manufacturing demand [13]

Group 1: Report Overview - Report Date: September 23, 2025 [1] - Report Cycle: Daily [1] - Research Variety: Live Pigs [1] - Researcher: Qi Jianhua [1] Group 2: Futures Market 2.1 Contract Market - The lh2511 contract of live pigs showed a volatile and weak trend throughout the day on September 23, 2025, closing at 12,665 points, down 1.48% from the previous day, with a trading volume of 44,700 lots and an open interest of 93,500 lots [2] 2.2 Variety Price - All contracts of live pig futures generally declined, and the total open interest of the variety was 249,995 lots, an increase of 2,354 lots from the previous trading day [4] 2.3 Related Market - The total trading volume of live pig options was 16,057 lots, the total open interest was 54,341 lots, an increase of 1,481 lots, and the total number of exercised options was 0 [7] Group 3: Spot Market 3.1 Basis Data - Yesterday's live pig basis was 275 yuan/ton, and today's basis is 340 yuan/ton, an increase of 65 yuan/ton from the previous trading day, indicating a slight expansion of the basis [8][9] 3.2 Registered Warehouse Receipts - The number of registered warehouse receipts for live pigs decreased by 1 lot compared to the previous trading day [10][11] Group 4: Influencing Factors 4.1 Industry News - From September 8 - 14, 2025, the average purchase price of live pigs by designated slaughtering enterprises was 14.67 yuan/kg, a month - on - month decrease of 1.4% and a year - on - year decrease of 28.0%. The average ex - factory price of白条肉 was 18.94 yuan/kg, a month - on - month decrease of 1.2% and a year - on - year decrease of 27.7% [12] 4.2 Technical Analysis - The current short - term trend of the lh2511 contract of live pigs continues, with moving averages in a short - term arrangement and significant price pressure [13] Group 5: Market Outlook - The supply pressure in the live pig market has not been substantially alleviated, and the support of pre - holiday stocking for prices is less than expected, causing the price rebound to be blocked. In the futures market, the lh2511 contract is in a downward trend, dominated by short - term bears, with significant suppression from moving averages. In the short term, the price of the lh2511 contract may still show a volatile and weak trend [15]

Report Summary 1. Report Information - Research Variety: Self-powdered sugar - Report Type: Daily Report - Date: September 23, 2025 - Researcher: Chen Falin [1] 2. Core View - The domestic spot price of white sugar in Nanning warehouse continues to be weak, and the main contract of the foreign ICE raw sugar futures shows a weak trend, providing limited support for the white sugar futures price. In the short term, the price of the main white sugar futures contract (SR601) may continue to fluctuate weakly [16]. 3. Section Summaries 3.1 Futures Market - **Contract Market**: On September 23, 2025, the main contract of Zhengzhou Commodity Exchange's white sugar futures (SR601) fluctuated weakly throughout the day, closing at 5,444 yuan/ton, down 17 yuan/ton or 0.31% from the previous day. The trading volume was 222,211 lots, and the open interest was 474,011 lots, with an increase of 17,181 lots. The total long positions of the Top20 members in the main contract (SR601) were 290,664 lots, with a long position difference of 9,326 lots, while the total short positions were 367,312 lots, with a short position difference of 17,733 lots [2]. - **Variety Prices**: Different contracts showed different price changes. SR511 rose 0.18%, SR601 fell 0.31%, SR603 fell 0.48%, and SR605 fell 0.57% [3]. - **Options Market**: The total trading volume of white sugar options was 94,954 lots, with 53,697 lots for call options and 41,257 lots for put options. The open interest was 294,905 lots, with 189,011 lots for call options and 105,894 lots for put options. The open interest PCR was 0.5603 [3]. 3.2 Spot Market - **Spot Quotes**: The spot price of white sugar in Nanning warehouse was 5,780 yuan/ton, down 20 yuan/ton from the previous observation day [7]. - **Registered Warehouse Receipts**: The total number of registered warehouse receipts for white sugar futures was 10,022, a decrease of 293 from the previous trading day [11]. 3.3 Influencing Factors - **External Market Quotes**: On September 22, the main contract of ICE raw sugar opened at 16.15 cents/pound, reached a high of 16.29 cents/pound, a low of 15.84 cents/pound, and closed at 15.85 cents/pound, down 0.29 cents/pound or 1.80% from the previous day. The open interest was 454,796 lots, with an increase of 2,782 lots [12]. - **Basis Data**: The basis of white sugar was 456 yuan/ton, showing a slight strengthening [13].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The mudslide accident at the GBC mine in Indonesia's Grasberg copper mine has had a significant impact on the global copper supply, and the impact on the copper industry chain has just begun [7] 3. Summary by Relevant Catalogs 1) Event Review and Background Statement - On September 8, a mudslide occurred at the GBC mine of Indonesia's Grasberg copper mine, resulting in two deaths and five missing. The mine has been shut down since the accident [1] - The Grasberg copper mine is the world's third - largest copper mine, with a copper production of 816,500 metric tons in 2024, accounting for 3.55% of the global copper production of 23 million tons [1] - The Grasberg copper mine has three underground mining areas in operation. In 2024, the daily production of copper concentrate was 208,365 tons, with the GBC area accounting for 64% [1] - The Grasberg copper mine is an important asset of Freeport - McMoRan, an international mining company headquartered in Phoenix, Arizona, USA [2] - Freeport - McMoRan's Indonesian subsidiary, PT Freeport Indonesia, holds 48.76% of the Grasberg underground mine, and the remaining equity is held by Indonesian state - owned enterprises [3] 2) Production Impact Analysis - After the accident on September 8, all mining operations in the Grasberg mining area stopped. The investigation is expected to be completed by the end of 2025 [4] - Freeport Indonesia's third - quarter sales were not significantly affected. After the accident, the estimated third - quarter copper sales decreased by about 4% compared to the July estimate, but copper concentrate inventory can temporarily make up for it [4] - The DMLZ and Big Gossan mines are expected to restart operations in mid - Q4 2025, while the phased restart and capacity increase of the GBC mine will begin in the first half of 2026 [5] - The company believes that copper sales in Q4 2025 will be negligible, at 44.5 million pounds (20,184 metric tons) [5] - The GBC mining area will restart and increase production in phases. It will not return to the pre - incident estimated level until 2027 [5] - In the scenario of phased restart and capacity increase, Freeport Indonesia estimates that copper production in 2026 will be 65% of 1.7 billion pounds, i.e., 501,220 tons, which is 61.3% of the 2024 production [6] 3) Market Outlook - Affected by the announcement of force majeure at the Grasberg copper mine, the copper prices on the LME and SHFE rose significantly last night. The impact of this accident on the global copper supply will be large and will not disappear quickly [7]