Report Industry Investment Rating - No relevant content provided Core Viewpoints - The rapeseed meal market is currently at a game point between "high inventory, weak reality" and "production cut, strong expectation." In the short term, it is necessary to closely monitor the USDA report's tone on US soybeans, and the price of the rm2601 contract may continue to fluctuate. In the medium term, it is necessary to pay attention to whether the supply gap expectation in the fourth quarter can be realized, and be vigilant about the impact of market sentiment fluctuations and unexpected news on prices [13] Summary by Related Catalogs 1. Futures Market 1.1 Contract Quotes - On September 8, 2025, the rm2601 contract of rapeseed meal futures opened higher and fluctuated and adjusted, rising 0.24% from the previous day to close at 2542 points. The full - day trading volume was 371,400 lots, and the open interest was 393,500 lots [2] 1.2 Variety Prices - All contracts of rapeseed meal futures had different price changes throughout the day. The total open interest of the variety was 491,406 lots, an increase of 1,810 lots from the previous trading day [4] 1.3 Related Quotes - The total trading volume of rapeseed meal options throughout the day was 77,516 lots, the total open interest was 140,720 lots, with an increase of 4,741 lots in open interest, and the total number of exercises on the day was 0 lots [6] 2. Spot Market 2.1 Basis Data - On September 8, the benchmark price of rapeseed meal was 2,638.33 yuan/ton, and the basis of rapeseed meal was 96.33 yuan/ton [8] 2.2 Registered Warehouse Receipts - According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, the newly registered warehouse receipts of rapeseed meal increased by 3,642 compared with the previous trading day, and the total number of warehouse receipts was 10,403 [9] 3. Influencing Factors 3.1 Industry News - China's imports of rapeseed and its products are highly dependent on Canada. From March to August 2025, China imposed anti - dumping measures on Canadian rapeseed meal and rapeseed, resulting in a decrease in imports. The shortage of raw materials for coastal oil mills led to a sharp year - on - year decline in the production of rapeseed meal from Canadian rapeseed crushing, and there was also a significant decline in the import market, which supported the price of rapeseed meal. Rapeseed meal is mainly used in aquaculture feed production. As the temperature gradually drops in September, the demand for rapeseed meal in aquaculture will gradually decline, but it is still in the peak season of aquaculture, with a certain rigid demand for rapeseed meal [11] 3.2 Technical Analysis - From the daily K - line chart, the price of rapeseed meal futures showed a fluctuating trend on the day, and the price fluctuated between the 5 - day moving average and the 20 - day moving average throughout the day. The high point position above and the 20 - day moving average suppressed the price. Attention should be paid to whether it can break through effectively [12] 4. Market Outlook - The rapeseed meal market is at a game point between "high inventory, weak reality" and "production cut, strong expectation." In the short term, closely monitor the USDA report's tone on US soybeans, and the price of the rm2601 contract may continue to fluctuate. In the medium term, pay attention to whether the supply gap expectation in the fourth quarter can be realized, and be vigilant about the impact of market sentiment fluctuations and unexpected news on prices [13]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - During the week from September 1st to 5th, 2025, the price of industrial silicon in the futures market fluctuated upward, while the spot market remained stable. The main contract of industrial silicon futures showed a trend of first falling and then rising, with relatively sharp fluctuations and a significant increase in trading volume, indicating intense competition between long and short positions [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Price**: The price of industrial silicon futures fluctuated during the week, showing a pattern of two down - days and three up - days. By the end of the week, the main contract (si2511) rose 450 points, closing at 8,820 points, with a maximum of 8,920 points and a minimum of 8,270 points. The trading volume was 1,916,401 lots, which was higher than the average level in the past period, in line with the characteristics of an adjustment and correction market [3]. - **Variety Market**: Among the industrial silicon futures contracts, the price of the industrial silicon (si2608) contract was the highest and remained relatively stable, while the price of the industrial silicon (si2509) contract was the lowest [6]. 3.2 Spot Market - **Spot Market Conditions**: The spot price of industrial silicon fluctuated slightly this week. As of September 5th, the price of East China oxygen - containing 553 silicon remained at 11,800 yuan/ton, the price of East China non - oxygen - containing 553 silicon remained at 11,500 yuan/ton, the price of East China 421 silicon remained at 12,200 yuan/ton, the price of East China organic silicon - used 421 silicon remained at 12,800 yuan/ton, the price of 99 silicon (Xinjiang) remained at 10,950 yuan/ton, and the price difference between 421 and 553 was 400 yuan/ton [7]. - **Basis Data**: The spot price in East China remained stable during the week, while the futures price rose slightly. The basis was positive and narrowed, with a basis of 130 yuan/ton during the week [8]. 3.3 Influencing Factors - **Latest News**: On the supply side, the production of industrial silicon is expected to decline in September. Although the current silicon price has fallen below the lowest cost line in the southwestern region during the wet season, some enterprises have locked in the selling price through selling hedging, so there is no obvious production cut for the time being. However, after the delivery of hedging orders, silicon factories will cut production due to the inability to accept long - term low prices. In terms of regions, although there is a resumption of production in Xinjiang, the overall resumption rhythm and capacity release are limited; Yunnan and Sichuan are struggling near the cost line, and production enthusiasm is affected [10]. - **Technical Analysis**: Currently, the cumulative main buying of industrial silicon is greater than the main selling, and the main buying has been strong for two consecutive days, indicating strong buyer sentiment. However, from a longer - term and overall supply - demand perspective, industrial silicon still faces significant upward pressure. Whether this rebound can continue depends on changes in the fundamentals and the subsequent sustainability of funds [11]. 3.4 Market Outlook - Overall, the spot price of industrial silicon remained stable this week without significant fluctuations. However, market feedback shows that the spot trading activity is not high, and traders and downstream enterprises are cautious in purchasing, mainly for rigid demand, with strong market wait - and - see sentiment [13][14].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - During the week of 20250901 - 0905, rapeseed meal prices showed a volatile upward trend. ICE canola futures hit a five - month low due to abundant harvest expectations and demand concerns. The market is focused on the new - season canola production forecast and export prospects in the producing areas. Rapeseed meal spot quotes rose slightly, and traders still had a price - holding mentality. However, the supply of rapeseed meal is loose, and it is expected to continue the volatile trend. [2] 3. Summary by Directory 3.1 Futures Market - **Contract Price**: The rapeseed meal futures price showed a volatile trend during the week. As of Friday, the main contract rapeseed meal 2601 (rm2601) closed at 2550 points, with a maximum of 2556 points and a minimum of 2488 points. The position was 396,574 lots, a decrease of 17,596 lots from last week, and the trading volume was 1.6495 million lots, a decrease of 225,100 lots from last week. [3] - **Variety Market**: In the weekly rapeseed meal futures market, each contract had different price changes. The total position of the variety was 646,488 lots, and the trading volume was 2,030,963 lots. [5] - **Related Market**: Rapeseed meal options had a trading volume of 253,751 lots and a total position of 135,979 lots during the week, with an increase of 6,254 lots in the position. The total number of exercises during the week was 0 lots. [7] 3.2 Spot Market - **Spot Market Conditions**: During the week, the rapeseed meal spot price showed an overall upward trend. The expected reduction in supply and the seasonal growth in demand were the main factors driving the price increase. The futures market's upward expectation also had a positive impact on the spot price. The rapeseed meal benchmark price was 2601.67 yuan/ton on September 1 and 2638.33 yuan/ton on September 5. [9] - **Basis Data**: The rapeseed meal basis showed a strengthening trend during the week, mainly affected by the strong demand in the spot market, the expected tight supply, and the upward trend in the futures market. The basis price of the rapeseed meal rm2601 contract fluctuated between 88.33 yuan/ton and 123.33 yuan/ton. [10] - **Registered Warehouse Receipts**: According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, as of Friday, the total rapeseed meal warehouse receipts were 6761, with a cumulative increase of 351 during the week. [11] 3.3 Influencing Factors - **Latest News**: The policy of the Ministry of Commerce imposing high tariffs on Canadian canola has had a profound impact on the rapeseed meal market. This policy not only restricts the import of Canadian canola but also leads to a shortage of domestic canola supply, thereby driving up the rapeseed meal price. In early September, the overall domestic rapeseed meal supply was in a loose state but there was an expectation of tightening in the long - term. On the one hand, the crushing rhythm of coastal oil mills slowed down, and the supply of canola raw materials decreased relatively. On the other hand, although the rapeseed meal inventory has recovered, the overall inventory level is still at a low level. In September, aquaculture is in the peak season, and rapeseed meal, as an important component of aquaculture feed, has a seasonal increase in demand, which supports the rapeseed meal price to a certain extent and promotes its increase. [12] - **Technical Analysis**: During the week, the rapeseed meal rm2601 contract showed an overall volatile upward trend. The K - line pattern closed with 4 positive days during the week, indicating strong long - side power in the market. The price successively broke through the 5 - day, 10 - day, and 20 - day moving averages. As of Friday, the closing price stood above the 20 - day moving average, and the short - term moving average system was in a long - side arrangement. Attention should be paid to the pressure formed by the previous price high. [13][14] 3.4 Market Outlook - Overall, the price of the rapeseed meal futures rm2601 contract showed an upward trend during the week. The K - line pattern and technical indicators both showed that the market was in a long - side trend. In the short term, market sentiment is optimistic, and capital is flowing in. The future price is expected to show a volatile and strengthening trend. Attention should be paid to the possible callback risk in the market and the impact of external factors such as the US soybean market and the domestic oil mill crushing volume on the rapeseed meal futures price. [16]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - This week (20250901 - 0905), the white sugar futures showed a weak trend, with continuous inflow of market funds and an increase in positions. The domestic white sugar price continued to be weak, and the weak operation of the external ICE raw sugar provided weak support for the white sugar futures price. The price of the main contract (SR601) of white sugar futures showed a unilateral downward trend along the 5 - day moving average [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: This week (20250901 - 0905), the main contract (SR601) of Zhengzhou Commodity Exchange's white sugar futures showed a unilateral downward trend. The opening price was 5600 yuan/ton, the highest price was 5624 yuan/ton, the lowest price was 5509 yuan/ton, and the closing price was 5523 yuan/ton, a decrease of 77 yuan/ton or 1.38% from last week. The trading volume was 928,164 lots, the position was 374,355 lots, and the weekly increase in positions was 16,584 lots [3]. - **Option Market**: This week, the total trading volume of the white sugar option variety was 316,073 lots, and the variety's position was 228,635 lots, a net increase of 35,289 lots compared to the previous period [5]. 3.2 Spot Market - **Spot Quotation**: As of this Friday, the spot quotation of white sugar in Nanning warehouses was 5,880 yuan/ton. The white sugar spot price showed a volatile and weak trend throughout the week, breaking through the previous low [9]. - **Registered Warehouse Receipts**: As of this Friday, the total number of registered warehouse receipts for white sugar futures was 12,476, compared with 13,916 last Friday, a decrease of 1,440 this week [10]. 3.3 Influencing Factors - **Industry News**: According to Wind data, this week, the opening price of the main contract of ICE raw sugar futures was 16.34 cents/pound, the highest price was 16.52 cents/pound, the lowest price was 15.51 cents/pound, and the closing price was 15.58 cents/pound, a decrease of 0.79 cents/pound or 4.83% from last week. The position was 324,300 lots, and the position decreased by 24,880 lots this week. The price of the main contract of ICE raw sugar futures is approaching the previous low, and the future price of ICE raw sugar may face a certain directional choice, which may bring some disturbing effects on the domestic white sugar futures price [13]. - **Basis Data**: As of this Friday, the white sugar basis was 453 yuan/ton, compared with 406 yuan/ton last Friday. The basis increased by 47 yuan/ton this week, showing a strengthening trend overall [15]. 3.4 Market Outlook - Currently, the spot price of white sugar in Nanning warehouses in China continues to operate in a volatile and weak manner, and the price of ICE white sugar futures is weak, approaching the previous low. On the futures market, the price of the main contract (SR601) of white sugar futures showed a weak operation this week. Technically, the 5 - day and 20 - day moving averages formed a death cross. In the short term, in the context of the weak trend of domestic and foreign white sugar prices, the price of the main contract (SR601) of white sugar futures may continue to show a volatile and weak trend [18].

成文日期: 20250906 报告周期:周报 研究员：王建超（从业资格号：F3077383;投资咨询从业证书号：Z0015736) 黄金期货周报:黄金本周突破上行 核心观点: 2 基本面 8 月 29 日周五晚上美国 PCE 数据符合市场预期,强化了美联储 9 月份降息的预期,金价上涨。当周黄金持续上行,突破了 4 个月多 月的横盘．目前上行趋势明显。9 月 5 日美国劳工部公布的 8 月非农 和失业率数据,支撑美联储降息。关注下周公布的美国 CPI 和 PPI 数据。 1 盘面情况 8 月 29 日上周五晚上，美国 PCE 数据符合市场预期，强化了美 联储 9 月份降息的预期,金价开始一周的上扬。沪金 2510 期货当周 收盘在 815.6 元/克,较上周收盘价上涨 30.48 元/克,涨幅 3.88%。 黄金一直在盯着 9 月 18 日美联储降息, 和能够影响到是否降息的关 键美国数据/事件,包括 9 月 5 日已经公布的美国 8 月非农数据。以 及９月９日下周二美国 2025年非农就业基准变动初值,下周公布的 美国 8 月 CPI 和 PPI 数据、以及 9 月 11 日当周初请失业人数。 研究咨询: ...

成文日期: 20250906 报告周期:周报 研究品种:纯矿 研究员：何宁（从业资格号:F0238922;投资咨询从业证书号:Z0001219) 纯碱期货周报：现货偏弱，期价波动加大 核心观点: 当周（20250901-0905）纯碱期货价格震荡运行。基本面上供应 过剩压力持续，下游浮法玻璃、光伏玻璃产线冷修计划进一步削弱纯 碱需求，多空双方博弈持续。 1 期货市场 1.1 合约价格 当周（20250901-0905）纯碱 2601（SA601）周开盘价 1296 元 /吨，最高价 1311 元/吨，最低价 1255 元/吨,收盘价 1302 元/吨, 涨６元/吨,周涨幅0.46%。 图 1：纯碱 2601（SA601）周线图 1.2 品种行情 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 图 2：2025-09-01--2025-09-05 纯碱期货各合约行情图 型 导出EXCEL ■ 导出TXT ■ 打印 | 合约代码 | 問題 | 最高价 | 爵唯扮 | 周收盘 | 涨跌1 | 涨跌2 | 持仓量 ...

报告周期:月报 成文日期: 20250906 王建超（从业资格号：F3077383; 投资咨询从业证书号：Z0015736） 货8月报:美联储9月降息黄金已经 1反应、意价年来 联营主权 上海 核心观点： 当下美联储 9 月降息 25 个基点概率 90%、降息 50 个基点概率 10%。黄金结束 4个多月的横盘，转入上行趋势行情。 1 期货市场及现货市场回顾 8月黄金市场继续在横盘。市场围绕着美联储降息和特朗普施压 美联储两个核心事件展开。8月特朗普继续施压美联储,要求其马上 大幅降息,8月8日美联储理事库格勒正式辞职,特朗普任命米兰短 期接替库格勒的位置到26年1月结束。另外美联储理事库克因办理 房屋抵押贷款提供不实信息,特朗普要罢免库克,为此双方闹上法 庭、而９月４日美国司法部已对库克展开刑事调查,并发出传票。 市场目前紧盯美联储 9 月份降息。8 月 22 日鲍威尔在杰克逊霍尔全 球央行行长年会上称对美联储降息持开放态度,引发市场赞同美联 វេ 9 月降息的预期；8 月 29 日美国公布的 PEC 经济数据符合市场预 期,市场认为美联储9月降息的概率继续增大;9月5日美国劳工部 公布的 8 月非农数据低 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - Optimistic macro expectations, low inventories, and consumer recovery have led to an upward trend in copper prices. With the approaching likely Fed rate cut on September 18 and the expected 'Golden September and Silver October' consumption peak season in China, copper prices are expected to continue rising in the near - term [1][2][9]. 3. Summary by Directory 3.1 Futures and Spot Markets - On Tuesday, LME copper prices rose significantly. On September 3, 2025, Shanghai copper first rose and then fell. The main 2510 contract closed at 80,700 yuan/ton, up 450 yuan/ton or 0.56% from the previous trading day. - The average price of 1 electrolytic copper in the Shanghai Metals Market was 80,500 yuan/ton, up 360 yuan/ton from the previous trading day. It was at a premium of 90 - 300 yuan/ton to the SHFE 2509 contract. The supply of imported and domestic copper in the spot market has increased, but the high price has suppressed downstream purchasing sentiment [1]. 3.2 Macro and Fundamentals - The start time of LME's Asian trading on Wednesday was postponed by 90 minutes, and the reason is unknown. - The lack of confidence in the copper market was due to weak downstream consumption. However, with the approaching Fed rate cut on September 18 and the expected consumption peak season in China, copper prices started to rise. - China's manufacturing PMI in August was 49.4, up 0.1 from the previous month, indicating a continued recovery of the economy and providing some support for copper demand. - The recent rise in gold prices has also boosted copper prices [2]. 3.3 Market Outlook - Although the Shanghai copper main contract once broke through the 80,000 yuan/ton mark, the overall trend was a bit sluggish. After the price soared, long - position holders were more willing to reduce their positions, resulting in a long upper shadow on the K - line. - Given the low spot inventory and the expected consumption peak season, with the approaching Fed rate cut on September 18, copper prices may have formed an upward trend in the near - term [9].

Report Summary 1. Report Information - Research Variety: Caustic Soda [1] - Report Cycle: Daily [1] - Date: August 28, 2025 [1] 2. Market Conditions 2.1 Futures Market - **Contract Quotes**: The main caustic soda contract, Caustic Soda 2601, fluctuated on August 28, 2025, closing at 2,692 yuan/ton, down 10 yuan/ton or 0.37% from the previous settlement price. Trading volume decreased by 63,000 lots to 366,000 lots, and open interest decreased by 7,343 lots to 113,000 lots [2]. - **Variety Prices**: Among the 12 caustic soda futures contracts, only the Caustic Soda 2607 contract rose slightly by 0.18%, while the rest declined. The total open interest of the variety was 261,700 lots, a decrease of 12,871 lots from the previous trading day. The open interest of the active contract, Caustic Soda 2601, decreased by 7,343 lots, with 98.92 million yuan of funds flowing out [5]. - **Related Quotes**: The put options of the main caustic soda contract SH601 performed better than the call options today, with relatively low overall trading volume [7]. 2.2 Spot Market - In Shandong, the prices of 32% caustic soda remained mostly stable, with some companies with low inventories and good sales slightly increasing prices. The mainstream transaction prices of 32% ion - membrane caustic soda were 870 - 930 yuan/ton in southwestern Shandong, 840 - 890 yuan/ton in central and eastern Shandong, and 880 - 900 yuan/ton in northern Shandong. The mainstream transaction price of 50% ion - membrane caustic soda in central and eastern Shandong was 1,340 - 1,380 yuan/ton [8][9]. 3. Influencing Factors 3.1 Industry News - As of August 28, 2025, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above was 379,600 wet tons, a 4.25% decrease from the previous period and a 28.84% increase year - on - year. The capacity utilization ratio of the national liquid caustic soda sample enterprises this week was 21.73%, a 0.65% decrease from the previous period. The capacity utilization ratios in the northwest, north, and southwest regions increased, while those in the central, eastern, southern, and northeastern regions decreased [10][11]. 3.2 Technical Analysis - The main caustic soda SH601 contract closed with a small negative line today, supported by the 10 - day moving average below [12]. 4. Market Outlook - Today, the main caustic soda futures contract, Caustic Soda 2601, continued to fluctuate weakly, while the spot price remained stable. This week, the inventory of sample enterprises continued to decline, with a 4.25% decrease from the previous period. Orders outside Shandong will be suspended due to a major event on September 3, and non - aluminum downstream industries are resisting high - priced goods, resulting in slower overall sales. In the eastern region, supply is tight due to equipment maintenance, which supports prices. Future price trends will depend on inventory changes and downstream procurement rhythms [14].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The market during the week revolved around the expectations of Powell's speech at the Jackson Hole central bank symposium, and gold continued to fluctuate [1]. 3. Summary by Sections 3.1 Disk Situation - Gold fluctuated throughout the week, with the market moving in response to Powell's speech at the central bank symposium on Friday night. The Shanghai Gold main contract 2510 opened at 775.92 yuan/gram, reached a high of 777.84 yuan/gram, a low of 770.38 yuan/gram, and closed at 773.40 yuan/gram, showing a slight weekly decline of 2.4 yuan/gram (compared to the closing price of the last trading day of the previous week), a decrease of 0.31%. Gold prices were suppressed by the hawkish expectations of Powell's speech on Friday [2]. - The report also provides detailed trading data for different delivery months of gold futures contracts, including opening prices, high and low prices, closing prices, price changes, trading volumes, and trading amounts [3]. 3.2 Fundamental Analysis - The gold market during the week was influenced by Fed Chair Powell's speech at the Jackson Hole global central bank symposium and the conflict between Trump and the Fed. Trump called for Fed Governor Cook to resign, aiming to push for more pro - Trump individuals to enter the Fed and to pressure the Fed to start cutting interest rates earlier [8][9]. - The entire market in August has revolved around the Fed's interest - rate cut expectations. When events or data support a September rate cut, gold prices rise; when they are unfavorable, gold prices are suppressed [9]. - The market also paid attention to the meeting between some European leaders, Ukrainian President Zelensky, and Trump in the US to discuss a cease - fire in the Russia - Ukraine conflict. However, there were few meaningful results from these talks, suggesting that the war may continue for some time [9]. - Before Powell's speech on Friday, three Fed officials communicated with the market, creating an atmosphere that Powell's speech would be hawkish. But after Powell's speech, the market rallied, with risk assets, gold, Bitcoin, and US Treasuries rising, and the US dollar index falling sharply. The Fed later guided the market, stating that a September rate cut is possible but not the start of a new rate - cut cycle, and there is no consensus within the Fed on a September rate cut [10]. 3.3 Market Outlook - The market will continue to focus on the Fed's potential September interest - rate cut. Fed officials are interacting with the market to keep it rational and stable. As the rate - cut date approaches, gold prices are expected to become more volatile [11][12].