Group 1: Report Core View - During the week from September 8 to 12, 2025, the price of industrial silicon in the futures market fluctuated widely, while the spot price showed a sideways and slightly stronger consolidation. The main contract si2511 in the futures market fluctuated around 8,200 - 8,800 yuan/ton during the week, showing a slightly stronger oscillatory trend, and downstream industries of industrial silicon continued to replenish stocks on dips [2] Group 2: Futures Market 2.1 Contract Price - The price of industrial silicon futures showed a weak oscillatory trend within a range during the week, with a pattern of three up - days and two down - days. As of the weekend, the main contract of industrial silicon (si2511) dropped 75 points, closing at 8,745 points, with a maximum of 8,795 points and a minimum of 8,215 points. The position was 278,000 lots, and the trading volume decreased compared to the average level of the past period, which is in line with the characteristics of an adjustment and correction market [3] 2.2 Variety Market - In the weekly market of industrial silicon futures, the contract price of industrial silicon (si2608) was the highest and remained relatively stable, while the price of industrial silicon (si2510) was the lowest [6] Group 3: Spot Market 3.1 Spot Market Conditions - This week, the spot price of industrial silicon showed a sideways and slightly stronger consolidation. As of last Friday, the price of East China oxygen - passing 553 was in the range of 9,100 - 9,300 yuan/ton, up 100 yuan/ton week - on - week; the price of 421 was in the range of 9,400 - 9,600 yuan/ton, up 100 yuan/ton week - on - week; the price of 3303 silicon was in the range of 10,200 - 10,400 yuan/ton, remaining flat week - on - week [8] 3.2 Registered Warehouse Receipts - According to the data of the Guangzhou Futures Exchange, the number of registered warehouse receipts for industrial silicon this week was 49,998 lots, an increase of 26 lots compared to last week. The short - term market is in a wait - and - see equilibrium state [9] Group 4: Influencing Factors 4.1 Latest News - In the second half of the week, the market was affected by market rumors related to energy consumption on the supply side of industrial silicon. The market trend was strong, and the quotes of silicon holders were adjusted upwards accordingly. Downstream industries mainly focused on inventory digestion and replenishing stocks as needed [10] 4.2 Technical Analysis - From the K - line chart of the futures main contract, the main contract of industrial silicon showed a wide - range consolidation this week. From the weekly K - line chart, it first declined and then rose during the week. Policy expectations will continue to ferment next week, but the fundamentals are under pressure, and it is expected to maintain an oscillatory pattern [11] Group 5: Market Outlook - Looking forward to the future, the current fundamentals of the industry are relatively loose, and the subsequent policy situation still needs to be observed. The demand side is also affected by supply - side policies, and the overall industry inventory is relatively high. Although there are disturbances in the market news, there is a lack of clear policy drivers, and the upside space of the market is currently limited. It is expected to mainly maintain an oscillatory trend within a range [13]

Report Industry Investment Rating - Not provided Core Viewpoints - During the week of September 8 - 12, 2025, the PTA price in the futures market showed an oscillatory correction. The TA spot price was mainly adjusted oscillatory under the influence of international oil prices. The operating rate of TA factories rebounded to around 75%. There is an expected increase in supply. The current main market contradiction is the insufficient demand for crude oil, and the weak rebound momentum of crude oil may affect the rebound of TA prices [1] Summary by Directory 1. Futures Market 1.1 Contract Price - Due to weak energy prices and technical support, international oil prices are weak, making it difficult to support futures prices. The PTA main 01 contract fell 0.51%, with the highest price reaching 4,712 yuan/ton and the lowest dropping to 4,620 yuan/ton, finally closing at 4,648 yuan/ton. The trading volume of the PTA main 01 contract last week was 2,692,505 lots, and the trading volume continued to decline, with the market enthusiasm weakening [2] 1.2 Variety Market - The weekly PTA futures market continued to show a situation where far - month contracts were relatively strong. The price fluctuations of far - month contracts remained relatively stable, above 4,700 yuan/ton. The price of TA2510 was relatively low, indicating that the spot price was relatively weak, and market pessimism still existed. With a relatively high absolute inventory level and large fundamental market pressure, in the context of weak international energy, near - month contracts may continue to follow the spot to stay weak [4] 2. Spot Market 2.1 Spot Market - The PTA market in East China showed a range - bound trend. The decline rate of TA spot slowed down as international oil prices rebounded over the weekend. The negotiation atmosphere in the PTA spot market was cautious, with few actual purchases from the polyester end. The basis was running weakly. The offer of main port goods for this week and next week was at a discount of about 75 yuan/ton to the futures TA2601. The spot negotiation price was between 4,580 - 4,630 yuan/ton. The average basis in major domestic production areas remained around - 80 yuan/ton, and actual procurement was still weak [6][7] 2.2 Basis Data - The spot price remained weak this week, with a negative and relatively weak basis. The futures price was at a premium, and the spot market was relatively pessimistic. On one hand, the absolute inventory level of PTA was still high, and the spot pressure was large. On the other hand, the technical support of international oil prices was insufficient, resulting in insufficient cost support. The far - month contracts had relatively high energy demand in the cold season, promoting price premiums [8] 2.3 Registered Warehouse Receipts - According to Zhengzhou Commodity Exchange data, the number of registered PTA warehouse receipts continued to decline last week, and the decline accelerated. As of September 12, it dropped to 9,893 lots. In addition to seasonal factors, the continuous decrease in warehouse receipts reflects that the current futures - spot price difference and delivery cost are not sufficient to stimulate hedging motivation, and the cancellation of warehouse receipts has increased [10] 3. Influencing Factors 3.1 Fundamental Influencing Factors - TA inventory has been reduced, but the supply of TA has rebounded, and the efficiency of future inventory reduction may decrease. With insufficient energy cost support and weak demand, crude oil prices are oscillating weakly. In the current weak supply - demand cycle, the upward momentum of energy in the future is insufficient, which may suppress the rebound of TA prices. The operating rate of factories has rebounded, and there may be an increase in supply after the maintenance in some production areas is completed [12] 3.2 Technical Analysis - On the weekly K - line, the buying power is insufficient, the trading volume is shrinking, and the follow - up momentum is weak, which may continue the oscillatory and weak state. The current main 01 contract may continue to oscillate and consolidate, accumulating market momentum, and the technical support has weakened. The main risk is the insufficient support of energy prices, which may drive the TA market to weaken [13] 4. Market Outlook - Entering the "Golden September and Silver October" period, the expected influence on the TA market is gradually expanding. In the short - term, the price will mainly fluctuate with energy. In the long - term, the market may trade based on the logic of interest rate cuts. The probability of the Fed cutting interest rates is increasing, which may gradually improve market expectations. Overseas energy prices are weak, and technically, the support is still weak, so there is still pressure for TA to follow and adjust. Currently, crude oil is relatively weak, and without cost support, it is difficult for TA to achieve a continuous rebound. Considering the uncertainty of crude oil prices and the relatively high inventory level of TA, it is expected that the PTA futures market will continue to oscillate [15][17]

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The macro - expected interest rate cut and low overseas inventory support the zinc price, while high domestic supply and weak demand suppress it. In the short term, zinc prices are likely to continue to fluctuate within a range [8][9]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 10, 2025, the main contract of Shanghai zinc (ZN2510) fluctuated slightly up, closing at 22,215 yuan/ton, with a trading volume of 83,700 lots and an open interest of 103,100 lots. The spot price weakened, and the basis changed from +55 yuan/ton the previous day to - 115 yuan/ton. With the continuous increase in domestic social inventory and the unfulfilled expectation of the downstream consumption peak season, the zinc price may fluctuate within a range in the short term [2]. - **Variety Price**: There are 12 contracts of Shanghai zinc futures, with a total open interest of 221,749 lots, a decrease of 3,963 lots compared to the previous trading day. The open interest of the active contract zn2510 decreased by 5,145 lots [4]. 3.2 Spot Market - **Basis Data**: The basis (spot - futures) on the day was - 115 yuan/ton, and the previous day's basis was +55 yuan/ton [6]. 3.3 Influencing Factors - **Supply - side**: In August, domestic refined zinc production was 626,200 tons, a year - on - year increase of 28.7%. Although some smelters will conduct maintenance in September, the production is expected to remain above 600,000 tons. The domestic zinc concentrate processing fee (TC) remains at a high level of 3,600 yuan/ton, and smelters have high enthusiasm for production [7]. - **Demand - side**: The traditional "Golden September" peak season has not shown obvious improvement. The galvanizing start - up rate in North China increased by 5 percentage points to 65% month - on - month, but the terminal orders are insufficient, and the market price of galvanized sheets has weakened steadily [7].

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]