Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The corn starch futures market is expected to continue its oscillating trend. The 5 - day and 10 - day moving averages of the corn starch cs2509 contract have formed a golden cross. Although the inventory of corn starch enterprises has decreased this week, it remains at a high level compared to the same period, and the demand for corn starch has not improved [10][12]. 3. Summary by Relevant Catalogs Market Overview and Market Review - **Market Overall Performance**: On July 24, 2025, the corn starch futures cs2509 contract mainly oscillated. The closing price was 2,669 yuan/ton, down 6 yuan/ton from the previous trading day. The trading volume was 85,663 lots, a decrease of 29,021 lots compared to the previous trading day, and the open interest at the close was 201,000 lots, a decrease of 7,081 lots from the previous trading day [2]. - **Futures Market Data**: The report provides data on multiple corn starch futures contracts, including the latest price, price change, trading volume, open interest change, etc. For example, the starch weighted contract had a latest price of 2,647 yuan/ton, a decrease of 7 yuan/ton, and a trading volume of 296,724 lots [5]. - **Spot Market Data**: On July 24, 2025, the spot prices of corn starch in some domestic regions were as follows: 2,690 yuan/ton in Heilongjiang, 2,800 yuan/ton in Liaoning, 2,740 yuan/ton in Jilin, 2,960 yuan/ton in Hebei, and 2,870 yuan/ton in Shandong, with no price changes [6][7]. Influence Factor Analysis - **Important Information and Event Review**: The corn starch inventory has been decreasing recently. As of July 23, the total starch inventory of national corn starch enterprises was 1.311 million tons, a decrease of 35,000 tons from the previous week, a weekly decrease of 2.60%, a monthly increase of 0.15%, and an annual - on - annual increase of 19.40%. The report also provides data on registered warehouse receipts, with a total decrease of 1,100 lots on July 24 compared to the previous day [7][9].

Report Information - Report Date: July 25, 2025 [1] - Report Cycle: Daily Report [1] - Analyst: Dai Xiaohong, with Futures Practitioner Certificate No. F0266663 and Investment Consulting Practitioner Certificate No. Z0000213 [1] 1. Futures Market 1.1 Contract Quotes - On July 24, 2025, the stainless steel ss2509 futures contract fluctuated sideways with large intraday volatility, rising after an early - morning decline, closing up about 0.27% at 12,935 points. The overnight position decreased continuously and then increased with the price rise before the close. The daily trading volume was 144,000 lots, a decrease of 81,700 lots from the previous trading day [2] 1.2 Variety Prices - The prices of 12 stainless - steel futures contracts showed a normal market pattern of lower near - term and higher far - term prices. All contracts were strong throughout the day, with near - term contracts stronger than far - term ones. The active contract ss2509 had a position of 120,000 lots, a decrease of 2,051 lots (1.71% decrease). The main - contract funds left the market, while the position of the secondary main contract increased by 3,095 lots [5] 1.3 Related Quotes - On the same day, Shanghai nickel prices mostly rose, and nickel ore prices were firm. Some ferronickel production capacity shifted to nickel ice again, and it was expected that the supply of ferronickel and the amount flowing back to China would shrink. The domestic ferronickel price rebounded to around 908 yuan per nickel point [7] 2. Spot Market 2.1 Basis Data - In the past 10 trading days, the basis of the active stainless - steel contract ss2509 changed significantly, with a maximum of 280 yuan/ton, a minimum of 25 yuan/ton, and 95 yuan/ton on the day, widening by 35 yuan/ton from the previous day. In the spot market, taking 304 stainless - steel cold - rolled coil plate with rough edges as an example, the prices in Foshan Yongjin, Wuxi Yongjin, Zibo Hongwang, and Shanghai Hongwang were 12,700 yuan/ton, 12,600 yuan/ton, 12,550 yuan/ton, and 12,700 yuan/ton respectively [11] 2.2 Registered Warehouse Receipts - The registered warehouse receipts of stainless steel on the Shanghai Futures Exchange were 103,354 tons, a decrease of 61 tons. Although the registered warehouse receipts of stainless steel on the Shanghai Futures Exchange have been decreasing recently, they are still at a historical high [11] 3. Influencing Factors - According to Mysteel statistics, on July 24, 2025, the total social inventory of stainless steel in the mainstream markets across the country was 1,118,586 tons, a week - on - week decrease of 2.54%. For the 300 - series stainless steel, the total inventory was 669,941 tons, a week - on - week decrease of 2.55%. The market arrivals were normal this week. With the increase in spot prices following the mill's list prices, the resource digestion speed accelerated slightly, and the shipments were mainly for on - demand procurement and the delivery of some previous processing orders. Therefore, the national stainless - steel social inventory decreased this period [12] 4. Market Outlook - The strong sideways fluctuation on the previous day, combined with the gradual increase over several trading days, may accumulate bullish energy in market sentiment and risk preference. Before new spot data is released, the moving - average system may support traders' bullish sentiment and push prices higher, but the variability of sentiment should be noted [14]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - The soybean oil futures market is in a weak state, with intensified competition between international cost support and loose domestic supply - demand. Short - term market volatility is increased by US soybean产区 weather disturbances and the approaching tariff negotiation deadline on August 1st, but high domestic inventory and weak palm oil exports limit the upward momentum. In the medium term, soybean oil is expected to maintain a pattern of bottom - building through oscillations [10]. 3. Summary by Directory 3.1 Market Overall Performance - On July 22, 2025, the soybean oil futures market showed a downward trend. The main contract y2509 closed at 8,076 yuan/ton, down 48 yuan/ton or - 0.59% from the previous day. The trading volume was 297,000 lots, and the open interest was 521,000 lots. In the spot market, the average price of soybean oil in Jiangsu was 8,230 yuan/ton, down 30 yuan/ton from the previous day. The trading volume in the futures market shrank by 5.4% month - on - month, and the open interest decreased, indicating strong market wait - and - see sentiment. The spot market price also declined, with positive basis but light trading [3]. 3.2 Macro and Fundamental Analysis - Internationally, the soybean oil market is significantly affected by weather disturbances in US soybean - growing areas and the approaching tariff negotiation deadline. The US soybean good - to - excellent rate dropped to 68% due to continuous high - temperature pressure in the Midwest. Although rainfall in some areas has alleviated the drought, high - temperature risks remain in the next two weeks, supporting the cost side of the external market. With the August 1st tariff negotiation deadline approaching, the EU has prepared counter - measures, and the market is worried about trade frictions affecting the global soybean supply chain. - Domestically, the supply is loose, with continuous accumulation of soybean oil inventory and high pressure on oil mills to prompt delivery. Southern high - temperature weather suppresses catering consumption, and slow terminal pick - up of goods depresses the spot basis. The sentiment in the international oil market has cooled down. From July 1 - 20, Malaysian palm oil exports decreased by 3.5% - 7.3% month - on - month, while production increased by 6.19%, weakening the supply - demand situation and indirectly dragging down soybean oil. However, biodiesel policies still provide support, as the US biodiesel tax credit policy continues to limit the downside space of oils [8][9]. 3.3 Conclusion and Outlook - The soybean oil futures contract y2509 continues to be weak. In the short term, weather disturbances in US soybean - growing areas and the tariff negotiation deadline on August 1st increase market volatility and raise the risk premium of the external market. But high domestic inventory and weak palm oil exports limit the upward momentum. In the medium term, attention should be paid to the sustainability of weather speculation, the implementation of trade policies, and the resilience of biodiesel demand. It is expected that soybean oil will maintain a pattern of bottom - building through oscillations [10].

Market Overview and Market Review 1.1 Overall Performance of the Market on the Day - The lithium carbonate futures market showed a downward trend on July 23, 2025. The main contract 2509 closed at 69,380 yuan/ton, down 2,940 yuan/ton from the previous day's settlement price, a decline of 4.07%. The trading volume was 1.3341 million lots, and the open interest was 362,000 lots. The futures price lagged behind the spot market [2]. 1.2 Spot Market Data - The prices in the main lithium carbonate spot markets rose significantly overall [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The apple market is currently in a state of light trading. The short - term apple price is expected to remain stable, and in the short - term, the price will show a slightly stronger oscillatory trend. The new - season apple bagging quantity is slightly lower than the previous season, and the early - maturing apple purchase price in the northwest region is higher than the same period last year, which may support the opening price of late - maturing Red Fuji. However, it is currently the off - season for apple consumption, and weak demand may limit the upside potential of the market [7][9][13]. 3. Summary According to the Directory 3.1 Futures Market - **Contract Quotes**: On July 23, 2025, the apple futures market showed a slight increase. The closing price of the main apple futures contract AP2510 was 7,956 yuan/ton, up 58 yuan/ton from the previous day, with a change of +0.73%. The trading volume was 46,397 lots, a decrease of 4,132 lots from the previous trading day, and the open interest was 91,030 lots, a decrease of 1,666 lots from the previous trading day [2]. - **Futures Market Data**: Besides the AP2510 contract, the closing price of the AP2601 contract was 7,817 yuan/ton, up 38 yuan/ton, with a change of +0.49%. The trading volume was 2,718 lots, and the open interest was 9,817 lots, a decrease of 117 lots from the previous day [4][5]. - **Spot Market Data**: On July 23, the prices in the main apple spot markets showed an overall oscillatory upward trend [6]. 3.2 Influencing Factors - **Industry Events**: Recently, due to the impact of seasonal fruits and a decline in exports and e - commerce sales, the early - maturing apples in production areas such as Dali and Wanrong are being normally purchased at stable prices. The overall apple market remains in a state of light trading. The inventory trading is concentrated in the Shandong production area, with slow sales, but the low remaining inventory and high preserved fruit prices provide bottom - line support [7]. 3.3 Technical Analysis - **Price Position**: On July 23, the closing price of the AP2510 futures was 7,956 yuan/ton, which was at the mid - to - high level of the price range in the past 30 days, indicating short - term price oscillation [12]. - **K - line Pattern**: On July 23, the K - line closed as a positive line. Combined with the K - lines of the previous few days, it formed an oscillatory upward pattern [12]. 3.4 Market Outlook - The new - season apple bagging quantity is slightly lower than the previous season, and the early - maturing apple purchase price in the northwest region is higher than the same period last year, which may support the opening price of late - maturing Red Fuji. Currently, it is the off - season for apple consumption, and weak demand may limit the upside potential of the market. In the short - term, the price will show a slightly stronger oscillatory trend [9][13].

Group 1 - Copper Futures Quotes - The latest price of Shanghai Copper Weighted is 79,700, with a daily increase of 440 and a gain of 0.56%, and an open interest of 511,930 with a daily decrease of 1,420 [8] - The latest price of Shanghai Copper Main - Continuous is 79,740, with a daily increase of 480 and a gain of 0.61%, and an open interest of 166,726 with a daily increase of 9,780 [8] - The latest price of Shanghai Copper 2508 is 79,670, with a daily increase of 440 and a gain of 0.56%, and an open interest of 121,286 with a daily decrease of 16,331 [8] - The latest price of Shanghai Copper 2509 is 79,740, with a daily increase of 480 and a gain of 0.61%, and an open interest of 166,726 with a daily increase of 9,780 [8] - The latest price of Shanghai Copper 2510 is 79,770, with a daily increase of 380 and a gain of 0.48%, and an open interest of 83,373 with a daily increase of 3,768 [8] - The latest price of Shanghai Copper 2511 is 79,730, with a daily increase of 290 and a gain of 0.37%, and an open interest of 37,797 with a daily increase of 317 [8] - The latest price of Shanghai Copper 2512 is 79,680, with a daily increase of 480 and a gain of 0.61%, and an open interest of 37,003 with a daily increase of 508 [8] - The latest price of Shanghai Copper 2601 is 79,590, with a daily increase of 490 and a gain of 0.62%, and an open interest of 21,614 with a daily increase of 358 [8] - The latest price of Shanghai Copper 2602 is 79,570, with a daily increase of 430 and a gain of 0.54%, and an open interest of 19,433 with a daily increase of 50 [8]

Group 1: Market Data of Gold Futures Contracts - The latest price of Shanghai Gold Weighted is 785.82 [5] - The latest price of Shanghai Gold Main Continuous Contract is 784.84, with a trading volume of 215,395, a gain of 5.00 (0.64%), an open - interest of 216,722, and a daily increase in open - interest of 5,483 [5] - The latest price of Shanghai Gold 2508 is 782.50, with a trading volume of 25,775, a gain of 4.84 (0.62%), an open - interest of 42,972, and a daily decrease in open - interest of 2,523 [5] - The latest price of Shanghai Gold 2509 is 783.46, with a trading volume of 2,046, a gain of 5.00 (0.64%), an open - interest of 8,691, and a daily increase in open - interest of 403 [5] - The latest price of Shanghai Gold 2510 is 784.84, with a trading volume of 215,395, a gain of 5.00 (0.64%), an open - interest of 216,722, and a daily increase in open - interest of 5,483 [5] - The data of Shanghai Gold 2511 is incomplete [5] - The latest price of Shanghai Gold 2512 is 786.72 [5]

Report Summary 1. Report Information - Research variety: Soda ash - Report cycle: Daily report - Date of composition: July 23, 2025 [1] 2. Futures Market 2.1 Contract Quotes - On July 23, 2025, the soda ash futures faced pressure and pulled back. The opening price of Soda Ash 2509 (SA509) was 1376 yuan/ton, the highest price was 1394 yuan/ton, the lowest price was 1300 yuan/ton, and the closing price was 1338 yuan/ton, up 9 yuan/ton or 0.68% from the previous trading day's settlement price. The trading volume was 3.307 billion hands, an increase of 197 million hands from the previous day, and the open interest was 1.037 billion hands, a decrease of 37.3 million hands from the previous day [2] 2.2 Variety Prices - The report provides the opening and highest prices of Soda Ash 2508, Soda Ash 2509, and Soda Ash 2601 contracts on July 23, 2025 [5] 3. Spot Market - The report presents the domestic soda ash price summary table on July 23, 2025, showing price changes compared to July 22, 2025 [6] 4. Influencing Factors 4.1 Policy - related - Policy expectations such as the steady - growth plan for the building materials industry and the "city - specific policies" in the real estate sector, combined with low inventory, have driven market sentiment up [7] 4.2 Fundamental Analysis - Supply side: The weekly output was 568,800 tons, a month - on - month increase of 0.61%. However, summer maintenance led to supply contraction, and the release progress of new capacity from Yuanxing was slower than expected. - Demand side: The daily melting volume of float glass was 168,000 tons, a month - on - month increase of 0.76%, and the rigid demand for heavy soda ash procurement increased [8] 4.3 Technical Analysis - The price of the Soda Ash 2509 (SA509) contract deviated from the 5 - day moving average today, and there may be a need for technical repair. However, the trend indicator still maintained a bullish signal, indicating that the short - term trend is still upward, but the repair demand may cause the price to pull back to some extent [9] 5. Market Outlook - The current soda ash futures price may be supported by policies and maintenance factors and remain in a relatively strong state. In the long run, Yuanxing's second - phase 2.8 million - ton capacity is expected to be put into production in August, which will increase market supply, and the soda ash futures price may face valuation pressure. In addition, if the inventory inflection point appears, that is, the inventory starts to rise, it may also lead to a price pullback. Traders need to beware of the short - selling risk brought about by the accelerated release of Yuanxing's capacity or the increase in inventory [12]

Market Overview and Market Review Market Overall Performance - On July 22, 2025, the main continuous contract of DCE soybean No. 1 futures continued its rebound and upward trend. The opening price was 4,204 yuan/ton, the highest price was 4,238 yuan/ton, the lowest price was 4,184 yuan/ton, and the closing price was 4,232 yuan/ton, up 56 yuan/ton or 1.34% from the previous day. The trading volume was 146,103 lots, the open interest was 181,087 lots, and the daily increase in open interest was 8,089 lots [2]. Futures Market Data - The report provides detailed futures market data for different contracts of soybean No. 1, including opening price, highest price, lowest price, closing price, previous settlement price, settlement price, price change, trading volume, open interest, change in open interest, and trading value. The total trading volume of soybean No. 1 futures was 189,592 lots, the total open interest was 309,914 lots, and the total trading value was 795,149.28 million yuan [2]. Spot Market Data - According to Wind data, the average price of domestic soybeans on the day was 4,017 yuan/ton, a month-on-month decrease of 0.25%. In recent days, the spot price of soybeans has been stable with a slight decline. The soybean inventory at major ports was 6.7453 million tons, a month-on-month increase of 1.29%. As imported soybeans arrive at ports successively, the soybean inventory at ports continues to accumulate [4]. Influencing Factor Analysis Important News and Event Reviews - The import price of near - month soybeans showed a weakening trend. The near - month landed duty - paid price of US Gulf soybeans was 4,907.94 yuan/ton, that of Brazilian soybeans was 3,927.66 yuan/ton, and that of Argentine soybeans was 3,799.66 yuan/ton [9]. Associated Data Tracking - The basis of soybean No. 1 on the day was - 212 yuan/ton. The total open interest of soybean No. 1 options was 60,222 contracts, including 40,687 call option contracts and 19,535 put option contracts. The put - to - call ratio of open interest was 0.4801 [12]. Core View - The spot price of domestic soybeans is stable with a slight decline, the port inventory is increasing, and the import price of near - month soybeans is weakening. The soybean No. 1 futures market is showing a rebound and upward trend, and the market sentiment is relatively warm, continuing to be dominated by a volatile and strong trend [4][9][13]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - No information provided 3. Summary by Relevant Catalog - **Shanghai Gold Futures Contracts Information** - **沪金加权**: Latest price is 794.00 [6] - **沪金主连**: Latest price is 792.90, with a trading volume of 286,794, a rise of 7.10 (0.90% increase), an open interest of 222,386, and a daily increase in open interest of 5,664. The opening price is 788.50, the highest is 794.00, and the lowest is 787.60 [6] - **沪金2508**: Latest price is 790.30, with a trading volume of 24,723, a rise of 7.16 (0.91% increase), an open interest of 41,076, and a daily decrease in open interest of 1,896. The opening price is 786.50, the highest is 791.34, and the lowest is 785.08 [6] - **沪金2509**: Latest price is 791.66 [6] - **沪金2510 M**: Similar to 沪金主连, latest price is 792.90, with a trading volume of 286,794, a rise of 7.10 (0.90% increase), an open interest of 222,386, and a daily increase in open interest of 5,664. The opening price is 788.50, the highest is 794.00, and the lowest is 787.60 [6] - **沪金2512**: Latest price is 795.08, with a trading volume of 45,092, a rise of 7.42 (0.94% increase), an open interest of 111,896, and a daily increase in open interest of 6,926. The opening price is 790.62, the highest is 795.88, and the lowest is 789.42 [6] - **SA Ancos**: Value is 0 [6]