Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week (July 21 - July 25, 2025), alumina futures showed a significant upward trend, and the alumina market continued its strong pattern with increased market activity. The active trading in the spot market drove up the alumina price substantially [2]. - In the short - term, alumina will fluctuate, and capital games will intensify. It is easy to be affected by the decline of market sentiment and inventory increase, leading to sharp drops. However, considering the increased supply and ore - end interference factors compared to the first half of the year and the "anti - involution" and "stable growth" policies as the main themes in the second half of the year, a relatively strong outlook is maintained [19]. Summary by Relevant Catalogs 1. Market Overview and Market Review 1.1 Overall Market Performance - This week (July 21 - July 25, 2025), the main alumina contract rose following the macro - sentiment of the commodity market. The daily line was above the moving average, and the weekly line was among the moving averages. The alumina 2509 contract closed at 3,428 yuan/ton, a week - on - week increase of 1.27%. The trading volume was 910,000 lots, and the open interest was 190,000 lots [2]. 2. Analysis of Influencing Factors 2.1 This Week's Fundamental Data Tracking and Interpretation - **Macro**: Domestically, the trading focus is on "anti - involution + stable growth". The reversal of macro - sentiment, combined with term - positive arbitrage to lock in inventories and downstream speculative restocking, forms a typical characteristic of speculating on expectations during the off - season. The medium - term sustainability of the market depends on whether the expectations can be realized, specifically the actual implementation of "anti - involution + stable growth" policies in China and whether the strong overseas macro - reality can continue [6]. - **Commodity Logic**: Currently, the commodity sentiment is cooling in the short - term. The current position can be regarded as a policy bottom, and the market bottom requires more clues of macro and fundamental improvement. Domestically, it focuses on whether M1 and social financing continue to rise and the decline rate of manufacturing investment growth. Overseas, it focuses on whether container shipments and US consumption data weaken after August 1st and the degree of the weakening. August - September is a transition period from the policy bottom to the market bottom, and major asset classes, including commodities, may show a pattern of intra - commodity differentiation and mainly fluctuate [9]. - **Fundamentals**: - The political power in Guinea is becoming more volatile, and the bauxite mining rights may be used as a means of political game and tax increase. Attention should be paid to the risks brought by black - swan events in the ore end in the second half of the year [9]. - The current supply in the spot market is tight, and the spot transaction price is still rising. The spot price is at a premium mainly due to factors such as the previous supply of long - term contracts, partial over - sales, and recent maintenance of alumina plants in some regions. The available spot in the market is still relatively limited. Calculated based on the Australian FOB price of $380 on July 25, the current theoretical import price of alumina is about 3,350 yuan [9][10]. - On Friday, the alumina warehouse receipts increased slightly but remained at a low level. The alumina warehouse receipts increased by 2,109 tons to 9,031 tons, showing a slight selling pressure. However, it is necessary to track whether the increase continues. The total warehouse receipts are still at a very low level. It is expected that about 50,000 tons of warehouse receipts may be gradually formed in Xinjiang by the end of July or early August. The inventory in alumina plants is still low, the profit of electrolytic aluminum is good, and the willingness to support the price in the spot market is strong. In addition, alumina spot sales are mainly long - term contracts, so the available supply for the futures market may be limited [13]. - The market sentiment changes rapidly, and "anti - involution + stable growth" remains the main theme. On Friday night, the exchange's position limit led to the decline of market sentiment. A series of varieties led by coking coal dropped from the daily limit to near the daily limit. Alumina was affected by the sentiment decline and the increase in futures inventory, and its premium was reversed, resulting in a sharp drop. The short - term market sentiment changes greatly, and risk control should be noted [14]. - The operating capacity of alumina is still rising, and the inventory in alumina plants has increased slightly. The operating capacity of alumina is 94.95 million tons, an increase of 1.1 million tons compared with last week. The operating capacity of electrolytic aluminum is about 44.2 million tons, still in an oversupply stage. The total alumina inventory is increasing (the latest weekly inventory is 4.047 million tons, an increase of 58,000 tons), but the inventory increase mainly occurs in the raw material inventory of electrolytic aluminum plants and the in - transit link. The inventory in alumina plants increased by 10,000 tons to 60,000 tons, still at a low level. In terms of imports, about 100,000 tons of imported alumina is expected to enter the domestic market in August, mainly from Indonesia, and the ports of arrival are concentrated in Liaoning and Guangxi [16]. 3. Conclusion and Outlook - Alumina will fluctuate in the short - term, and capital games will intensify. Attention should be paid to risk control. On Friday night, the exchange's position limit led to the decline of market sentiment, and alumina was prone to sharp drops due to the decline of market sentiment and inventory increase. In the future, supply and ore - end interference factors will increase compared to the first half of the year, and the "anti - involution" and "stable growth" policies will remain the main themes in the second half of the year, so a relatively strong outlook should be maintained [19].

Report Overview - Report Date: July 28, 2025 - Research Variety: Shanghai Tin Futures - Researcher: Cao Baiquan - Report Source: Wave Futures Daily [1] 1. Investment Rating - There is no investment rating provided in the report. 2. Core View - The price of the Shanghai Tin main contract is expected to fluctuate within a range in the short - term due to the continued tight supply of tin ore in the domestic market and weak overall demand during the consumption off - season [7]. 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Market - The opening price of the Shanghai Tin main contract 2508 was 271,350 yuan/ton, reaching an intraday high of 272,000 yuan/ton and a low of 266,800 yuan/ton. It closed at 267,700 yuan/ton, down 1.27% from the previous day. The daily settlement price was 268,550 yuan/ton, with a trading volume of 36,620 lots and an open interest of 6,528 lots [2]. 3.1.2 Variety Price - Presented price information for multiple Shanghai Tin futures contracts, including the latest price, price change, trading volume, etc. For example, the latest price of the Shanghai Tin main contract was 267,880 yuan/ton, down 3,430 yuan [5]. 3.2 Influencing Factors - On the industrial side, the tight supply of tin ore and low LME tin ingot inventory support prices. However, the expected acceleration of the resumption of tin ore supply in Myanmar and weak demand limit the ability to accept high prices. Last week, tin ingot inventory increased significantly by 230 tons to 9,958 tons [6]. 3.3 Market Outlook - In the short - term, although there is an expectation of the resumption of tin mines in Wa State, Myanmar, the actual output release still takes time, and the shortage of raw materials for domestic smelters is difficult to fundamentally change. The demand side is still in the consumption off - season with weak overall demand. The price of the Shanghai Tin main contract is expected to fluctuate within a range [7].

Report Overview - Report Title: Weekly Report on Shanghai Copper Futures - Report Period: July 21 - July 25, 2025 Report Industry Investment Rating - Not provided Core Viewpoints - This week, the price of Shanghai copper futures increased compared to last week. The domestic "anti - involution" policy expectation and the overseas tariff implementation formed a long - short hedge, intensifying market sentiment fluctuations. The price rose and then fell, inventory differentiation intensified, and the global visible inventory increased by 0.3 million tons to 49.9 million tons, showing hidden surplus pressure. Terminal consumption was suppressed by high - temperature and rainy weather, and the spot discount widened to - 65 yuan/ton. It is expected that the price will mainly fluctuate within a range [2]. Summary by Directory 1. Futures Market 1.1 Contract Price - The price of Shanghai copper futures rose and then fell this week. As of Friday's close, the main contract 2509 rose 810 yuan/ton to 79,250 yuan/ton, a gain of + 1.03%. The highest price was 80,140 yuan/ton, and the lowest price was 78,530 yuan/ton. The position was about 181,000 lots, an increase of about 39,000 lots compared to last week. The trading volume doubled, indicating high market activity [3]. 1.2 Variety Market - In the weekly market of Shanghai copper futures, the price of the 2510 contract was the highest, and all contracts had gains. The overall contract price difference narrowed. The price of the 2602 contract was the lowest, 120 yuan/ton lower than the main contract, and the price difference was relatively stable [6]. 2. Spot Market 2.1 Spot Market Conditions - The weekly average price of Shanghai 0 electrolytic copper was 79,450 yuan/ton, a 1.07% increase from last week, but the discount widened to - 65 yuan/ton, highlighting the spot liquidity pressure. In the Guangdong and Tianjin markets, the discounts also weakened (Guangdong - 80 yuan/ton, Tianjin - 105 yuan/ton), and downstream procurement was mainly for rigid demand [7]. 2.2 Downstream Demand - For cables, the State Grid's tender was delayed, the enterprise's operating rate decreased by 2.1% month - on - month, and the inventory of refined copper rod enterprises increased to 15 days. In the new energy sector, the copper demand for photovoltaic brackets increased by 5% month - on - month, but the monthly increase was only 0.6 million tons, which was difficult to offset the decline in the real estate chain [7]. 2.3 Basis Data - The Shanghai spot premium/discount decreased from + 20 yuan/ton to - 65 yuan/ton this week. The weakening basis reflected the pressure on the spot market [7]. 3. Influencing Factors 3.1 Latest News - Fed policy: The US CPI in June increased by 0.3% month - on - month, and the expectation of interest rate cuts was postponed to September. The US dollar index rebounded to 102.5, suppressing the financial attribute of copper prices. Domestic policy: The "anti - involution" policy of the Ministry of Industry and Information Technology boosted market sentiment, but the lag in the arrival of power grid investment funds restricted the release of demand. Mine - end disturbances: The OB mine in Chile reduced production due to tailings failure, and the domestic spot TC stabilized at - 43 US dollars/ton, intensifying the inversion of smelter profits. Traditional sectors dragged down: The air - conditioning production plan decreased by 10% month - on - month, the power grid investment growth rate slowed down to 19.8%, and the infrastructure capital arrival rate was low [8]. 4. Market Outlook - In the short term, copper prices may fluctuate weakly. Due to the pressure of spot inventory accumulation and the risk - aversion sentiment before the implementation of tariff policies, copper prices may test the support level. In the medium term, there are potential rebound opportunities. If the mine - end disturbances exceed expectations or the new energy demand explodes, it may trigger a phased rebound [9].

1. 期货市场 研究品种: 沪锡 成文日期: 20250725 研究员：曹柏泉 期货咨询证号（F03122015&Z0019820) 报告周期: 日报 浪潮期货日报 1.1 合约行情 今日沪锡主力合约 2508 呈现较为显著的价格波动与市场动态 变化。从开盘来看,以 272370 元/吨的价格开始交易,开盘后市场 多空力量开始博弈。早盘阶段，价格一度上扬，最高触及 272750 元 /吨,显示多头力量在短期内强势推动。但随后空头力量逐渐发力, 价格出现回落,盘中最低下探至 269030 元/吨, 最终收盘价为 271630 元/吨，结算价为 270950 元/吨。今日沪锡主力合约 2508 成 交量为66936手,持仓量为11350手。 图 1：沪锡合约 2508 分时图 数据来源:国金期货-同花顺期货通 | 名称 | 最新价 涨跌 | दो में | | | 卖量 成交量 开盘价 昨收价 最高价 最低价 持仓量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 户锡主力 | 271630.00 -2040.00 | 2.00 | 1.00 ...

成文日期: 20250728 研究品种:股指期 研究分析师：武吟秋 期货咨询证号（F03087154&Z0018989) 报告周期:周度 股指期货周报 1. 市场概述与行情回顾 A 股主要指数沪指上周继续保持震荡上行态势,周中一度突破 3600 点整数关口。期指方面，本周四大期指整体上行，IF、IH 主力合约 分别累计上涨 1.84%、1.08%； IC、IM 主力合约分别累计上涨 3.59%、3.00%。从前 20 席位持仓变化来看，本周 IF 净持仓空头 上升 2657 手、IH 浄持仓空头上升 815 手、IC 净持仓空头上升 5682 手、 IM 净持仓空头上升 5576 手。 图 1：IF 主力合约日 K 图 研究热线：028 6130 3163 邮箱：institute@gjgh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 来源：国金期货文华财经赢顺 WH6 客户端 沪深 300 指数：本周收盘价 4127.16 点，较上一周收盘价上 o 涨了 68.61 点。 研究热线：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4 ...

Group 1: Report Overview - Report Date: July 24, 2025 [1] - Report Cycle: Daily [1] - Researcher: Qi Jianhua [1] Group 2: Futures Market 2.1 Contract Quotes - On July 24, 2025, the daily K - line of the continuous main contract of DCE's soybean No.1 futures closed with a long lower shadow, with the price hitting the bottom and rebounding during the session. The opening price was 4,214 yuan/ton, the highest price was 4,230 yuan/ton, the lowest price was 4,184 yuan/ton, the closing price was 4,224 yuan/ton, down 5 yuan/ton or - 0.12% from the previous day. The trading volume was 124,496 lots, the open interest was 177,614 lots, and the daily increase in open interest was - 3,513 lots [2] 2.2 Variety Prices - Different contracts of soybean No.1 showed various price movements. For example, contract a2509 had an opening price of 4,214 yuan/ton, a closing price of 4,224 yuan/ton, and a decrease of 23 yuan compared to the previous settlement price. The total trading volume of all soybean No.1 contracts was 178,803 lots, the total open interest was 309,488 lots, and the total trading value was 747,497.46 million yuan [3] Group 3: Spot Market - Today, the basis of soybean No.1 was - 204 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No.1 were 14,302 lots, a decrease of 220 lots compared to the previous day, and the registered warehouse receipts have continued to decline recently [5] Group 4: Influencing Factors 4.1 Important Events - According to Wind data, today's average price of domestic soybeans was 4,012 yuan/ton, a slight increase of 0.05% compared to the previous day, and the spot price of soybeans has stabilized and rebounded. The soybean inventory at major ports was 6.7567 million tons, a decrease of 1.24% compared to the previous day. With the arrival of imported soybeans, the inventory accumulation at ports has slowed down slightly [8][10] 4.2 Industry News - In terms of imported soybeans, according to Wind data, the recent - month landed duty - paid price of imported soybeans was stable with a slight increase. The recent - month landed duty - paid price of US Gulf soybeans was 4,896.37 yuan/ton, that of Brazilian soybeans was 3,938.83 yuan/ton, and that of Argentine soybeans was 3,789.98 yuan/ton. Today, the rebound of enterprise crushing profit has weakened, showing a stable - to - decreasing trend [11]

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

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

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

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