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]

1 期货市场 矿石期货日报 1.1 合约行情 当日(20250911)，期货品种铁矿石 i2601 合约震荡调整, 最低 跌至 791.5 点，最高触及 809 点，收盘收于 795.5 点，跌幅 0.81%。 成交量为36.51万手，较前一交易日增加3.06万手，持仓量为53.90 万手，较前一交易日减少 5590 手。 图 1：铁矿石 i2601 分时图 1.2 品种价格 铁矿石期货 12 个合约，价格呈现近强远弱的反向市场格局。全 天各合约普遍调整，幅度在 3 到 9.5 点之间。品种持仓量 852781 手, 较上一交易日减少 3584 手,其中铁矿石 2601 合约持仓量减少最多, 减少 5590 手。 图 2：铁矿石期货日行情表 数据来源:同花顺期货通行情软件 成文日期：20250912 报告周期:日度 研究分析师：安致远（期货从业资格证号：F03143832；投资咨询证书号：Z0022799) 2 现货市场 2.1 基差数据 据同花顺期货通行情数据，近 5 个交易日，主力合约铁矿石 i2601，基差小幅震荡，最大 30 元/吨，最小 27 元/吨，当日为 30 元 /吨。 2.2 注册仓单 近 ...

Report Summary 1. Report Information - Research variety: Beans - Report cycle: Daily - Date of report: September 4, 2025 - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - Currently, domestic soybean prices fluctuate, recent imported soybean prices trend weakly, port inventory accumulation slows, and enterprise crushing profits weaken again. The price of the main soybean futures contract A2511 oscillates around the 5 - day moving average, and the short - term bearish power on the disk weakens. The price of the A2511 contract may continue to fluctuate around the 5 - day moving average [15]. 4. Summary by Directory 4.1 Futures Market - **Contract行情**: On September 4, 2025, the main continuous contract of DCE soybean futures oscillated strongly. The opening price was 3951 yuan/ton, the highest was 3982 yuan/ton, the lowest was 3951 yuan/ton, and the closing price was 3965 yuan/ton, up 1 yuan/ton or 0.03% from the previous day. The trading volume was 101,673 lots, the open interest was 199,022 lots, and the daily increase in positions was - 6675 lots [2]. - **Variety price**: Different contracts have different closing prices, price changes, and trading volumes. For example, the A2509 contract closed at 4056 yuan/ton, down 31 yuan/ton or 0.76%; the A2511 contract closed at 3965 yuan/ton, up 1 yuan/ton or 0.03% [3]. 4.2 Spot Market - The basis of soybean No. 1 today is 95 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No. 1 today are 8510 lots, a decrease of 64 lots compared with the previous trading day [5]. 4.3 Influencing Factors - **Important events**: The average domestic soybean price today is 4039 yuan/ton, a month - on - month decrease of 0.81%. The prices have fluctuated in recent days. The soybean inventory in major ports today is 6.7903 million tons, a month - on - month decrease of 0.76%, and the inventory accumulation speed has slowed [8][10]. - **Industry information**: The recent arrival - at - port duty - paid prices of imported soybeans are generally weak. The recent arrival - at - port duty - paid price of US Gulf soybeans is 4583.97 yuan/ton, that of Brazilian soybeans is 3993.74 yuan/ton, and that of Argentine soybeans is 3852.45 yuan/ton. The enterprise crushing profit has continued to decline from a high level and has weakened again [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of the soybean meal m2601 contract is expected to mainly fluctuate within a range in the short term, as the approaching US soybean harvest season clarifies production expectations, and concerns about the uncertainty of US soybean export prospects lead to a continued decline in overnight CBOT soybean futures. Domestically, the high volume of imported soybean crushing results in a situation where the production of soybean meal exceeds the提货 quantity of terminal feed and breeding enterprises, weakening the price - holding intention of oil mills [12]. 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On September 4, 2025, the soybean meal m2601 contract showed a weak oscillating trend, with the price rising first and then falling. It closed at 3048 yuan/ton, a decrease of 9 yuan/ton or 0.20% from the previous day. The daily trading volume was 956,943 lots, and the open interest was 2,043,281 lots [2]. 3.1.2 Variety Prices - On the same day, the prices of all soybean meal futures contracts declined. The total open interest of the variety contracts was 4,203,542 lots, an increase of 20,034 lots from the previous trading day [3]. 3.2 Spot Market 3.2.1 Spot Quotes - On September 4, 2025, the spot quotes of soybean meal in some domestic regions were stable with a slight decline. For example, the price in Rizhao decreased by 10 yuan to 2990 yuan, while the prices in Zhangjiagang, Tianjin, and Dongguan remained unchanged at 2990 yuan, 3060 yuan, and 2960 yuan respectively, all with a protein content of 43% [7][8]. 3.2.2 Registered Warehouse Receipts - The total number of soybean meal registered warehouse receipts increased by 3,750 lots to 19,375 lots. The warehouse receipts at Nantong Cargill increased from 0 to 3,750 lots, while those at other warehouses remained unchanged [9]. 3.3 Influencing Factors 3.3.1 Industry News - The import cost of soybeans decreased today. The import cost of US soybeans was 4544 yuan/ton, a decrease of 34 yuan/ton from the previous day, reaching a more than three - week low. The import cost of Brazilian soybeans was 3904 yuan/ton, a decrease of 29 yuan/ton, hitting a four - week low. The import cost of Argentine soybeans was 3774 yuan/ton, a decrease of 17 yuan/ton, refreshing a more than three - week low. - As of the week ending August 27, Argentine farmers sold 656,300 tons of 2024/2025 soybeans, bringing the cumulative sales volume to 3,053,870 tons [9]. 3.4 Market Outlook - With the approaching US soybean harvest season and the uncertainty of US soybean export prospects, the overnight CBOT soybean futures continued to decline. Domestically, the high crushing volume of imported soybeans and the situation where the production of soybean meal exceeds the demand of terminal enterprises weaken the oil mills' price - holding intention. The price of the m2601 contract is expected to mainly fluctuate within a range in the short term [12].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - During the week from September 1st to September 5th, 2025, the price of Shanghai lead futures generally maintained a high - level range operation [2]. Group 3: Summary by Directory 1. Futures Market 1.1 Contract Price - The price of Shanghai lead futures fluctuated repeatedly around the upper part of the range during the week. As of the weekend, the weekly closing price of the main contract Shanghai lead 2510 (pb2510) reached 16,900 points, with a maximum price of 16,950 and a minimum price of 16,780. The position was 49,426 lots, an increase of about 244 lots compared with the previous week [3]. 1.2 Variety Market - In the weekly market of Shanghai lead futures, the contract price of Shanghai lead (pb2509) was the lowest, the price change ranges of Shanghai lead (pb2601) and Shanghai lead (pb2603) were the smallest, the contract price of Shanghai lead (pb2608) was the highest, and the price change range of Shanghai lead (pb2606) was the largest [5]. 1.3 Related Market - From the observation of the Shanghai lead option market, among the contracts with the exercise price between 14,800 and 17,000 points, the call option at 17,000 points had the largest trading volume and open interest [6]. 2. Spot Market 2.1 Basis Data - The spot price on Friday was 16,675 yuan/ton, and the spot price last Friday was 16,650 yuan/ton. The basis on Friday was - 225 yuan/ton, and the basis last Friday was - 230 yuan/ton. The weekly basis narrowed [9]. 3. Influencing Factors 3.1 Latest News - Macroeconomically, in China, the retail industry index reached an 8 - month high in September. Overseas, the US non - farm payrolls data in August fell far short of expectations, increasing the market's expectation of the Fed's interest rate cut this year. Trump exempted key commodities such as gold from tariffs. Fundamentally, on the supply side, for primary lead, smelters in Henan, Inner Mongolia and other regions started maintenance, offsetting the increase from the resumption of production of smelters in Liaoning; for recycled lead, the raw material supply remained tight, smelters were still in a loss state, and the scale of smelter production cuts expanded. On the demand side, the recent consumption of lead - acid batteries was not prominent, and the seasonal consumption in the traditional peak season did not materialize. However, the new national standard will be implemented in September, and the anti - dumping sanctions tariffs in the Middle East will take effect in September, which may have a certain impact on the export of starting lead - acid batteries [10]. 4. Market Outlook - Macroeconomically, the expectation of the Fed's interest rate cut has increased again. Fundamentally, the supply is still in short supply, and on the demand side, the peak season has not materialized yet, but there is still a strong expectation. In the short term, due to the strong macro and fundamental expectations, the price will run strongly [11].

Report Overview - Research Variety: Shanghai Silver Futures [1] - Report Date: September 8, 2025 - Report Cycle: Weekly - Researcher: Cao Baiquan [1] 1. Futures Market 1.1 Contract Price - The Shanghai Silver futures price showed a strong trend during the week. The closing price of the main contract, Shanghai Silver 2510, was 9,812 yuan/kg on Friday afternoon at 3 p.m., with a maximum price of 9,965 yuan/kg and a minimum price of 9,385 yuan/kg [2] 1.2 Variety Market - The report provides a detailed table of the Shanghai Silver futures market, including contract details such as opening price, high price, low price, closing price, change, open interest, and trading volume for different delivery months from ag2509 to ag2608. The total trading volume for all contracts was 6,022,014, and the total trading value was 88.29 billion yuan [5] 1.3 Related Market - In the Shanghai Silver options market, the call option contracts with strike prices between 9,800 yuan/kg and 10,000 yuan/kg had the highest trading volume and open interest at the 10,000 yuan/kg strike price [6] 2. Spot Market 2.1 Spot Market Conditions - According to Wind data, the basis of the active contract, Shanghai Silver 2510, remained relatively stable over the past five trading days, with a maximum of -21 yuan/kg and a minimum of -44 yuan/kg. The basis on Friday was -24 yuan/kg [8] 3. Influencing Factors 3.1 Important Events - US President Trump stated on Friday that "substantial" tariffs on semiconductors are imminent. He also mentioned discussing tariff issues with some technology leaders at a dinner and reiterated plans to impose tariffs on companies not entering the US [9] 3.2 Macroeconomic Analysis - Geopolitical tensions are high, with the Russia-Ukraine war continuing, the Israel-Houthi conflict expanding, and US military operations near Venezuela. Market expectations for a Fed rate cut in September are rising, but Fed Chair Powell signaled a cautious approach. US economic data shows an increase in initial jobless claims to 237,000 and a decline in the ISM output index to 47.8 [10] 4. Market Outlook - Silver prices strengthened this week. Lower-than-expected US non-farm payrolls in August, rising unemployment, and expectations of a Fed rate cut drove up precious metal prices. Geopolitical tensions and China's central bank gold purchases also supported the upward trend [11]

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

Report Summary 1. Report Information - Research Variety: Shanghai Tin (Sn) [1] - Report Cycle: Daily [1] - Date: September 9, 2025 [1] 2. Investment Rating - Not provided in the report 3. Core View - In the short term, with persistent supply - side disturbances and strong demand, the positive basis of the Shanghai Tin 2510 contract is expected to be maintained. The spot price will support the futures price, and the Shanghai Tin futures price may seek upward opportunities in fluctuations [10] 4. Section Summaries 4.1 Futures Market - **Contract行情**: The opening price of the Shanghai Tin 2510 contract was 271,000 yuan/ton, with a high of 271,510 yuan/ton, a low of 268,640 yuan/ton, and a closing price of 269,620 yuan/ton. The trading volume was 47,484 lots [2] - **Variety Price**: There are 12 Shanghai Tin futures contracts. The total trading volume was 64,268 lots, and the total open interest was 57,674 lots. The open interest of the 2510 contract was 28,206 lots [5][6] 4.2 Spot Market - **Basis Data**: The closing price of the Shanghai Tin 2510 contract was 271,000 yuan/ton. The quoted price of 1 tin on the Yangtze River Non - ferrous Metals Network was in the range of 269,500 - 271,500 yuan/ton, with an average price of 270,500 yuan/ton and a basis of 500 yuan/ton [7] 4.3 Influence Factors - **Industry News**: On the supply side, tin production in some major producing countries like Myanmar has declined due to geological and policy factors, and domestic tin mines are restricted by environmental policies and lower ore grades, intensifying supply shortage concerns. On the demand side, downstream electronics companies have more orders and strong demand for tin [9]

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

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