1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The current contradiction between "strong expectation" and "weak reality" in the market is prominent. With the cooling of market risk appetite on the macro - front, nickel surplus and high LME inventories suppress the upside space. It is expected that the nickel price will maintain a weak and narrow - range oscillating trend [8] 3. Summary According to the Table of Contents 3.1 Market Overview and Market Review 3.1.1 Overall Market Performance on the Day - On September 10, 2025, the non - ferrous metal sector in the domestic futures market showed a mixed trend. The main contract 2510 of Shanghai nickel opened at 120,500 yuan/ton, with the highest reaching 120,940 yuan/ton and the lowest hitting 120,150 yuan/ton. It closed at 120,850 yuan/ton with a trading volume of 75,006 lots and a trading value of 9.038 billion yuan. The market trading was rather light [2] 3.1.2 Futures Market Data | Contract Name | Closing Price | Change | Increase/Decrease (%) | Trading Volume | Amplitude (%) | Open Interest | Daily Increase in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Nickel 2510 | 12,085 | - 90 | - 0.07 | 75,006 | 0.65 | 81,612 | 775 | | Shanghai Nickel 2511 | 12,099 | - 120 | - 0.10 | 28,058 | 0.62 | 66,233 | 3,807 | [5] 3.1.3 Spot Market Data - On September 10, the average spot price of electrolytic nickel was 121,550 yuan/ton; the average spot price of Jinchuan nickel was 122,650 yuan/ton; the average spot price of imported nickel was 120,750 yuan/ton. The average transaction prices all decreased by 350 yuan/ton compared with the previous day [6] 3.2 Analysis of Influencing Factors 3.2.1 News - Sino - US economic data are in a confrontation. China's CPI and PPI both declined in August, indicating economic growth pressure, while the US PPI and CPI are about to reveal the "interest - rate card". The metal market is under pressure and oscillating with the ebb of risk appetite, and funds are waiting for the next storm point [6] 3.2.2 Supply - The global nickel market continues to face the pressure of oversupply. The supply of nickel intermediate products from Indonesia and ore from the Philippines is abundant, and the new domestic refined nickel production capacity is steadily released, jointly creating the main supply pressure. As of September 10, LME nickel inventories continued to rise, increasing by 3,024 tons to 221,094 tons; the Shanghai nickel futures inventory was 22,304 tons, decreasing by 295 tons from the previous trading day but still remaining at a high level [6] 3.2.3 Demand - The demand side is weak. The stainless - steel market has light trading, and the downstream purchasing willingness is low. The new - energy field has a rigid demand for high - purity nickel sulfate, but the demand from industries such as electroplating and alloys is still insufficient [7]

12 390561 2601 4976 3.1 产业资讯 国内新增产能集中释放,虽然几内亚雨季使铝土矿出港量下滑, 可能对 9 月供应产生阶段性扰动,但从同比数据看,发运量仍处高 位。另外,市场预期四季度还有 600 万吨新产能集中投产,供应压 力在未来一段时间内仍将持续。 3.2 技术分析 从 K 线形态来看, 近期价格在一定区间内震荡, 上方面临一定 压力位，下有一定支撑位。从技术指标分析，小时图 MACD 有底背 离信号，但价格尚未突破 20 日均线压制，显示短期多空力量较为胶 8 2: 氧化铝期货目行情表 20250910 | 交割月份 | 前结算 | 今州暨 | 居高价 | 层低价 | 收盘价 | 结算参考价 | 涨跌1 | 涨跌2 | 成交手 | 成交領 | 持仓手/变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名称:氢化铝 | | | | | | | | | | | | | | 2509 | 2908 | 2894 | 2894 | 2860 | 2874 | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The soybean oil futures market experienced a significant decline, with the main contract showing a notable drop and a significant reduction in open interest, indicating a growing sentiment of capital leaving the market. The sudden negative news regarding the US biodiesel policy and the high inventory levels at domestic ports jointly pressured the market. Despite the support from the high premium of the spot market, the fundamental bearish situation remains difficult to change. In the short term, the market lacks effective positive drivers, and it is expected that the futures price will maintain a weak and volatile trend. Attention should be paid to the guidance of the MPOB and USDA reports and the actual performance of pre - holiday stocking demand [10]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 10, 2025, the soybean oil futures market showed a downward trend. The main contract y2601 closed at 8,256 yuan/ton, down 162 yuan/ton from the previous trading day, with a change rate of - 1.92%. The trading volume was 448,885 lots, and the open interest was 611,919 lots, a decrease of 19,824 lots [2]. - **Variety Price**: The total trading volume of soybean oil contracts was 512,750 lots, and the total open interest was 858,927 lots, a decrease of 21,352 lots from the previous day [4]. - **Related Market**: The soybean oil options traded 34,460 lots throughout the day, with an open interest of 87,808 lots, an increase of 2,445 lots, and 0 lots exercised [7]. 3.2 Spot Market The spot price of first - grade soybean oil in Zhangjiagang on the day was 8,510 yuan/ton, the settlement price of the main contract y2601 was 8,322 yuan/ton, and the basis was 188 yuan/ton [8]. 3.3 Influencing Factors On September 9, commodity funds net - sold 1,000 lots of CBOT soybean futures contracts, 3,500 lots of corn futures contracts, 1,000 lots of wheat futures contracts, net - bought 4,000 lots of soybean meal futures contracts, and net - sold 5,500 lots of soybean oil futures contracts [9].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The merger of two major copper mining companies boosts copper prices, and the demand for copper is expected to grow rapidly due to the dual - drive of global green energy transformation and data center construction, while the supply of copper mines is limited [1][2] - The Grasberg copper mine accident in Indonesia and the potential supply interruption may further exacerbate the copper concentrate supply gap and support copper prices [3] - The Fed's approaching interest rate cut in September and the long - term strong trend of copper have made the market focus on when copper will break the sideways trend [11] Summary by Relevant Catalogs 1. Futures and Spot Markets - On Tuesday, LME copper prices were strong. On Wednesday, September 10, 2025, SHFE copper rose slightly. The main 2510 contract closed at 79,790 yuan/ton, up 140 yuan/ton or 0.18% from the previous day's closing price [1] - The spot market atmosphere is average, with relaxed spot circulation, active shipments by traders, and downstream price - pressing purchases. The spot premium continues to decline, and the refined - scrap price difference of bright copper in major Chinese markets has fallen [1] 2. Macro and Fundamentals - Anglo American and Canada's Teck Resources announced a merger on the 9th. If approved by regulatory authorities, it will be the largest global mining merger in more than a decade, with a combined market value of over $53 billion [2] - Driven by global green energy transformation and data center construction, the demand for copper is expected to grow rapidly, but the supply of copper mines is limited. Chinese mining companies are extending into the copper field, and Barrick Gold is investing in two copper projects and changing its name [2] - The Grasberg copper mine accident in Indonesia has 7 miners trapped underground. The mine has suspended operations for rescue. The 2023 copper production of the Grasberg mining area accounted for 2.5% of the global copper output. If the mine is shut down for more than a week or a month, it will exacerbate the copper concentrate supply gap [3] 3. Market Outlook - The temporary supply interruption of the large - scale Grasberg copper mine in Indonesia will have a certain impact on copper prices. The Fed's approaching interest rate cut in September and the long - term strong trend of copper have made the market focus on when copper will break the sideways trend [11]

Report Summary 1. Report Information - Research Variety: Sugar [1] - Report Cycle: Daily Report - Written Date: September 10, 2025 - Researcher: Chen Falin (Qualification Number: F0262120; Investment Consulting Certificate Number: Z0015995) [1] 2. Investment Rating - No investment rating provided in the report. 3. Core View - In the short - term, given the stable domestic sugar spot price and the rebound of the outer - market ICE raw sugar, the price of the main sugar futures contract (SR601) is expected to show a volatile and slightly strong trend [17]. 4. Section Summaries 4.1 Futures Market - **Contract Market**: On September 10, 2025, the main sugar futures contract (SR601) on the Zhengzhou Commodity Exchange showed a volatile and slightly strong trend, closing at 5,535 yuan/ton, up 14 yuan/ton or 0.25% from the previous day, with a trading volume of 196,283 lots, an open interest of 389,187 lots, and a daily increase of 581 lots. The total long - position of the Top20 members in the main contract (SR601) was 242,548 lots with a long - position difference of 4,210 lots, and the total short - position was 297,629 lots with a short - position difference of 1,534 lots [2]. - **Option Market**: The total trading volume of sugar options was 64,307 lots, with a call trading volume of 42,322 lots and a put trading volume of 21,985 lots. The open interest of the variety was 246,901 lots, with a call open interest of 161,139 lots and a put open interest of 85,762 lots. The open - interest PCR was 0.5322 [5]. 4.2 Spot Market - **Spot Quotation**: The spot price of sugar in Nanning warehouses was 5,880 yuan/ton, unchanged from the previous observation day [7]. - **Registered Warehouse Receipts**: The total number of registered sugar futures warehouse receipts was 11,772, a decrease of 205 from the previous trading day [11]. 4.3 Influencing Factors - **Industry News**: According to Wind data, on September 9, the opening price of the ICE raw sugar main contract was 15.65 cents/pound, the highest price was 15.92 cents/pound, the lowest price was 15.62 cents/pound, and the closing price was 15.84 cents/pound, up 0.21 cents/pound or 1.34% from the previous day, with an open interest of 286,293 lots and a daily decrease of 22,382 lots [12]. - **Basis Data**: The sugar basis was 255 yuan/ton, showing a significant decline [15]. 4.4 Market Outlook - The decline of the main sugar futures contract (SR601) price has slowed down. Today's closing price stood above the 5 - day moving average, and the price trend was strong throughout the day. In the short - term, the price of the main sugar futures contract (SR601) is expected to show a volatile and slightly strong trend [17].

Report Summary 1. Report Information - Report Date: September 10, 2025 [1] - Report Cycle: Daily - Research Variety: Live Hogs - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core Viewpoints - The current supply - demand pattern in the live hog market remains loose, with weak upward momentum in the spot market prices. The market focuses on the slaughter rhythm of large - scale farms, the selling intensity of secondary fattening hogs, and the effects of policy regulation. - The moving averages on the futures market show a bearish arrangement, indicating that the downward momentum has not subsided. In the short term, the price of the lh2511 contract is expected to show a weak and oscillating trend at a low level. [15] 4. Summary by Section 4.1 Futures Market - **Contract Quotes**: On September 10, 2025, the lh2511 contract of live hog futures showed an upward trend throughout the day, closing at 13,315 points, up 0.64% from the previous day. The daily trading volume was 32,600 lots, and the open interest was 75,700 lots. [2] - **Variety Prices**: All contracts of live hog futures rose. The total open interest of the variety was 194,143 lots, a decrease of 1,362 lots from the previous trading day. [4] - **Related Quotes**: The daily trading volume of live hog options was 10,649 lots, and the total open interest was 35,378 lots, an increase of 679 lots. The total number of exercised options on the day was 0 lots. [7] 4.2 Spot Market - **Basis Data**: Today's live hog basis was 280 yuan/ton, compared with 490 yuan/ton yesterday, a decrease of 210 yuan/ton from the previous trading day, indicating a slight convergence of the basis. [8][9] - **Registered Warehouse Receipts**: The number of registered warehouse receipts for live hogs remained unchanged from the previous day, with a total of 428 lots. [10] 4.3 Influencing Factors - **Industry News**: The Ministry of Commerce has implemented anti - dumping measures on imported pork from the EU since September 10, which will increase the cost of imported pork, reduce external supply pressure, and may support the domestic live hog market. [12] - **Technical Analysis**: The short - term moving averages such as the 5 - day and 10 - day moving averages of the lh2511 contract of live hog futures show a significant downward slope, indicating strong downward momentum in the near - term price. The long - term moving averages such as the 60 - day moving average also show signs of turning downward. [13]

Group 1: Investment Rating - No investment rating information provided Group 2: Core View - The fundamentals show a situation of weak supply and demand, but there are still strong expectations on the demand side. Although the market has declined today, the downside space is limited. Considering the approaching Fed rate cut and demand expectations, it may maintain a range-bound operation in the short term [10] Group 3: Summary of Related Catalogs 1. Futures Market - The table shows the daily quotes of Shanghai lead futures on September 10, 2025, including details of different delivery months such as previous settlement price, today's opening price, highest price, lowest price, closing price, settlement reference price, price changes, trading volume, trading amount, and open interest/change. The total trading volume is 66,980 lots, the total trading amount is 564,208.60, and the total open interest is 89,999 lots with an increase of 3,876 lots [5] 2. Spot Market - Today's spot price is 16,700 yuan/ton, and the previous trading day's spot price was 16,750 yuan/ton. Today's basis is -95 yuan/ton, and the previous trading day's basis was -180 yuan/ton [7] 3. Influencing Factors - **Macroeconomic**: In August, China's CPI decreased by 0.4% year-on-year and PPI decreased by 2.9% year-on-year. The US non - farm payrolls were revised down by 911,000 [9] - **Supply Side**: For primary lead, smelters in Henan and Inner Mongolia started maintenance, offsetting the increase from the resumption of production of a smelter in Liaoning. For secondary lead, the raw material supply remained tight, smelters were still in a loss state, and the scale of production cuts expanded [9] - **Demand Side**: Recently, the consumption performance of lead - acid batteries was not prominent, and the seasonal consumption in the traditional peak season did not materialize. However, the implementation of new national standards in September and the effectiveness of anti - dumping sanctions tariffs in the Middle East in September may have a certain impact on the export of starting lead - acid batteries [9] 4. Market Outlook - The fundamentals show weak supply and demand, but there are strong expectations on the demand side. The market may maintain a range - bound operation in the short term [10]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The current stainless steel market presents a dual - factor game pattern of "strengthened cost support and suppression from loose supply - demand". Technically, the narrow - range oscillation pattern remains unchanged. In the short term, the price may maintain range - bound fluctuations, and a breakthrough requires a substantial recovery in demand or a signal of supply - side contraction [11] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On September 9, 2025, the stainless steel ss2511 futures contract oscillated strongly. It reached the lowest point of 12,880 at the opening and then rose to the highest point of 12,980, closing at 12,950. The trading volume was large at the opening and when reaching the highest point, and the open interest increased slightly throughout the day, with a trading volume of 109,512 lots [2] 3.1.2 Variety Prices - The prices of 12 stainless steel futures contracts show a normal market pattern with near - term contracts lower and far - term contracts higher. Near - term contracts have a larger price increase, while far - term contracts have a smaller increase. The total open interest of the variety is 287,952 lots, a decrease of 1,557 lots from the previous trading day. The open interest of the active contract ss2511 is 123,179 lots, an increase of 5,300 lots, and the open interest of the second - main contract ss2510 decreased by 9,541 lots [4] 3.2 Spot Market 3.2.1 Basis Data - In the past 10 trading days, the basis of the active contract ss2511 has changed significantly, with a maximum of 275 yuan/ton, a minimum of 120 yuan/ton, and 130 yuan/ton on the day. In the spot market, taking the 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 are 12,950 yuan/ton, 13,100 yuan/ton, 12,800 yuan/ton, and 12,950 yuan/ton respectively [7] 3.2.2 Registered Warehouse Receipts - In the past 10 trading days, the registered warehouse receipts have slightly increased, with a maximum of 100,431 tons and a minimum of 98,534 tons. On the day, it was 98,534 tons, a decrease of 422 tons from the previous day [8] 3.3 Influencing Factors - The fundamentals of Shanghai nickel have support but no obvious decisive dominance. The first - phase benchmark price of nickel ore in September has decreased. Although there has been some rainfall in the main mining areas in the Philippines recently, the overall production and shipment have not been significantly affected, and the domestic arrival inventory remains at a high level. The trend of ferronickel is also strong, with a recent transaction at 955 yuan/nickel point in a southern factory, and the bottom support is strong. The profit has been repaired under continuous price corrections. The stainless steel spot prices are basically flat. The anti - dumping duty on South Korea's stainless steel thick plates from China has been implemented, and there are still disturbances in exports to the EU. Entering the traditional consumption peak season of "Golden September", the short - term consumption growth rate is slightly faster, and the price is relatively firm due to cost support [9][10] 3.4 Market Outlook - On September 9, the closing price of the stainless steel futures main contract was 12,950 yuan/ton. The current market is in a game between strengthened cost support and loose supply - demand. Technically, the narrow - range oscillation pattern remains unchanged. In the short term, the price may maintain range - bound fluctuations, and a breakthrough requires a substantial recovery in demand or a signal of supply - side contraction [11]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - The current urea market is supported by exports, with port inventories accumulating but expected to drive down social inventories. Domestic demand is weak, and the medium - and long - term supply - demand pattern is loose. Future prices are mainly driven by export effectiveness and domestic demand recovery speed, and there is still medium - and long - term supply pressure [10] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Market - On September 10, 2025, the price of the main urea futures contract fluctuated and declined, closing at 1669 yuan/ton, with a maximum of 1692 yuan/ton and a minimum of 1668 yuan/ton. The trading volume was 169,000 lots, a decrease of 13,000 lots from the previous day, and the open interest was 283,000 lots, an increase of 15,000 lots from the previous day [2] 3.1.2 Variety Price - The latest price of urea2509 was 1613 yuan/ton, down 12 yuan or 0.74%, with an open interest of 4753 lots and a trading volume of 89 lots. The latest price of urea2510 was 1633 yuan/ton, down 17 yuan or 1.03%, with an open interest of 12959 lots and a trading volume of 2029 lots. The latest price of urea2601 M was 1669 yuan/ton, down 17 yuan or 1.01%, with an open interest of 283349 lots and a trading volume of 168507 lots [6] 3.2 Spot Market 3.2.1 Spot Price and Basis Data - The overall urea spot prices in major domestic regions remained stable, with slight differences in some areas due to demand. Representative factory quotes were: Henan Xinlianxin in Central China at 1720 yuan/ton (basis 51 yuan/ton), Ningxia Petrochemical in Northwest China at 1530 yuan/ton (basis - 139 yuan/ton), Ruixing Group in East China at 1650 yuan/ton (basis - 19 yuan/ton), and Hualu Hengsheng in North China at 1660 yuan/ton (basis - 9 yuan/ton) [7] 3.3 Influencing Factors 3.3.1 Industry Information - Export policy is a key factor affecting urea prices. Attention should be paid to the large - scale urea import tender of India's NFL (with a record - high bid volume) and its final procurement result. In September, as an important window for urea export, the accelerating port collection speed has led to a continuous increase in port inventories. The export volume in August and September is expected to be considerable, which may lead to a decline in social inventories. The superimposed effect of accelerated exports and the seasonal recovery of domestic demand also needs to be observed [8][9] 3.4 Market Outlook - The current urea market is supported by exports, with port inventories accumulating but expected to drive down social inventories. Domestic demand is weak, and the effectiveness of manufacturers' price cuts to attract orders is limited. Agricultural autumn fertilizer demand starts slowly, and industrial demand is restricted. On the supply side, production is at a high level, the operating rate will rise, and with new production capacity, the medium - and long - term supply - demand pattern is loose. Attention should be paid to the resonance point of export growth and the seasonal recovery of domestic demand. Future prices are mainly driven by export effectiveness and the recovery speed of domestic demand, but medium - and long - term supply pressure remains [10] 3.5 Demand and Supply 3.5.1 Demand - Domestic urea manufacturers have lowered prices to attract orders, but overall trading is light. Agricultural autumn fertilizer demand is gradually starting, and industrial downstream (compound fertilizers, melamine) mainly makes rigid - demand purchases. Due to previous important events, the operations of the panel and compound fertilizer industries were restricted, resulting in weak overall industrial demand [12] 3.5.2 Supply - The operating rate of the urea industry is expected to rise. Against the background of high production levels, with the release of new production capacity, the medium - and long - term market supply - demand pattern remains loose [12]

Report Summary 1. Report Information - Research Variety: Shanghai Aluminum [1] - Report Cycle: Daily - Date: September 10, 2025 2. Investment Rating - Not provided 3. Core View - The electrolytic aluminum market is currently in a stage of game between macro - expectations and fundamental reality. The expectation of the Fed's interest rate cut provides macro - benefits, but the degree of fundamental demand recovery still needs to be verified. Aluminum prices are expected to remain in a high - level shock in the short term [11] 4. Section Summaries 4.1 Futures Market - **Contract行情**: On September 10, 2025, the Shanghai Aluminum al2510 contract maintained a volatile trend throughout the day, with a trading volume of 93,249 lots and an open interest of 196,440 lots [2] - **Variety Price**: The total open interest of 12 Shanghai Aluminum futures contracts was 542,337 lots, an increase of 7,282 lots from the previous trading day. The open interest of the active contract al2510 increased by 2,246 lots [2] 4.2 Spot Market - On September 10, 2025, the basis of the main contract Shanghai Aluminum al2510 weakened. The spot aluminum price in East China was 20,750 yuan/ton, the closing price of the futures main contract was 20,790 yuan/ton, and the basis was - 40 yuan/ton [5] 4.3 Influencing Factors - **Macro News**: The recent global macro - environment shows a mixed situation. US non - farm payrolls growth unexpectedly cooled in August, with only 22,000 new jobs added. The June employment data was revised down to negative growth, and the unemployment rate rose to a new high since 2021 [6] - **Fundamental News**: The supply of electrolytic aluminum remains high and stable, and the production capacity is approaching the policy ceiling. The demand side is on the verge of the traditional "Golden September and Silver October" consumption season, showing signs of marginal improvement. The operating rate of downstream processing enterprises has rebounded, but they are still resistant to high - priced aluminum and their purchasing attitude is cautious. As of September 10, 2025, the electrolytic aluminum inventory is at a relatively low level in the same period of the past five years, providing some support for aluminum prices [7] - **Technical Analysis**: The daily line of the Shanghai Aluminum 2510 contract fluctuates above the short - term moving average and is still in a box. The MACD yellow and white lines are glued, the trading volume is shrinking, and the long - short game of funds is intense [8]