1. Report Industry Investment Rating - No information is provided regarding the industry investment rating in the given report. 2. Report's Core View - After the end of macro - event influence, nickel prices return to the fundamental logic. With high inventories and a pattern of oversupply remaining unchanged, nickel prices are expected to remain in low - level fluctuations. Stainless steel prices show signs of stopping decline and rebounding due to nine - week consecutive inventory drops and rising material costs, and subsequent consumption peak - season demand needs to be monitored [1][3][5]. 3. Summary by Relevant Catalogs Nickel Variety Market Analysis - On September 18, 2025, the Shanghai nickel main contract 2510 opened at 121,690 yuan/ton and closed at 120,940 yuan/ton, a change of - 0.89% compared to the previous trading day's close. The trading volume was 81,612 (- 9,122) lots, and the open interest was 55,044 (- 3,785) lots. Due to the approaching Fed interest - rate decision, the main contract fluctuated slightly around the previous trading - day's settlement price at night. After the Fed's interest - rate cut did not exceed market expectations, the price of the main contract fluctuated downward during the day, and the market focus returned to the fundamental logic of cost support and marginal changes in demand [1]. - The nickel - ore market remained calm with stable prices. Philippine mines had firm quotes. The downstream nickel - iron price was temporarily stable, domestic iron plants' profits remained in the red, and nickel - ore procurement was cautious. In Indonesia, the supply remained loose, and the Wedabay incident had little impact. The September (Phase II) domestic trade benchmark price increased by 0.2 - 0.3 dollars, and the current domestic trade premium was +24, with a premium range of +23 - 24 [1]. - Jinchuan Group's sales price in the Shanghai market was 123,890 yuan/ton, up 140 yuan/ton from the previous trading day. The spot price was basically stable, and the spot premiums and discounts of each brand did not change. The premium of Jinchuan nickel remained at 2,200 yuan/ton, the premium of imported nickel remained at 300 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse - receipt volume was 25,866 (- 275) tons, and the LME nickel inventory was 228,450 (- 18) tons [2]. Strategy - It is recommended to mainly conduct range operations for single - side trading, and there are no recommendations for inter - period, inter - variety, spot - futures, and options trading [3]. Stainless Steel Variety Market Analysis - On September 18, 2025, the stainless - steel main contract 2511 opened at 12,920 yuan/ton and closed at 12,875 yuan/ton. The trading volume was 175,834 (+ 5,708) lots, and the open interest was 132,228 (- 4,171) lots. Similar to the trend of Shanghai nickel, due to the approaching Fed interest - rate decision, the main contract fluctuated slightly around the previous trading - day's settlement price at night. After the Fed's interest - rate cut did not exceed market expectations, the price of the main contract fluctuated downward during the day, and the market focus returned to the fundamental logic of cost support and marginal changes in demand [3]. - Downstream buyers remained on the sidelines, and spot trading was light. The price remained stable. The expected pre - National Day holiday stocking demand offset the impact of the decline in the futures market. The stainless - steel price in the Wuxi market was 13,250 (+ 0) yuan/ton, and in the Foshan market, it was 13,250 (+ 0) yuan/ton. The premium and discount of 304/2B were 315 to 615 yuan/ton. According to SMM data, the ex - factory tax - inclusive average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 954.5 yuan/nickel point [3]. Strategy - A neutral stance is recommended for single - side trading, and there are no recommendations for inter - period, inter - variety, spot - futures, and options trading [5].

市场要闻与重要数据 农产品日报 | 2025-09-19 棉价偏弱整理，郑糖创阶段新低 棉花观点 期货方面，昨日收盘棉花2601合约13765元/吨，较前一日变动-125元/吨，幅度-0.90%。现货方面，3128B棉新疆到 厂价15249元/吨，较前一日变动+23元/吨，现货基差CF01+1484，较前一日变动+148；3128B棉全国均价15319元/ 吨，较前一日变动+9元/吨，现货基差CF01+1554，较前一日变动+134。 近期市场资讯，据海关统计数据，2025年8月我国棉花进口量7万吨，环比（5万吨）增加2万吨，增幅40.0%；同比 （15万吨）减少8万吨，减幅51.6%。据USDA,截至9月11日一周，美国本年度陆地棉净签约42207吨，装运27329吨。 当周中国签约陆地棉998吨，未装运陆地棉。 市场分析 昨日郑棉期价震荡下跌。国际方面，9月USDA供需报告调增全球棉花产量、消费量和贸易量，期初库存和期末库 存继续调减，全球库存创四年低点。不过此次美棉供需数据基本没有变化，仅产量微增，消费量、进出口量和期 末库存均无变化。整体来看，美棉新年度供需预期有望较此前改善，将对美棉形成较强支撑，但 ...

Report Summary 1. Report Industry Investment Rating - For both the粕类 and玉米 sectors, the overall strategy is rated as neutral [3] 2. Core Views - The adjustment in this report is slightly higher than market expectations, with the price of US soybeans declining. Attention should be focused on the changes in the new - season US soybeans. In the Chinese market, the strengthening of Brazilian soybean premiums has increased import costs, supporting domestic soybean prices. However, the domestic soybean supply remains abundant, and downstream inventories are high. Attention should also be paid to Sino - US policy changes [2] - For corn, on the supply side, the remaining old - crop corn with traders is limited, and its price is firm. New - crop corn is gradually coming onto the market, and traders are trying to buy at lower prices. But due to the acquisition needs of deep - processing enterprises, the price of new - crop corn in Heilongjiang has slightly increased. On the demand side, feed enterprises mainly use their existing inventories and are cautious about purchasing new - crop corn, while deep - processing enterprises also hope to buy at lower prices. Attention should be paid to the listing and acquisition of new - crop corn [4][5] 3. Summary by Related Catalogs Market News and Important Data (粕类) - **Futures**: The closing price of the bean粕2601 contract was 2993 yuan/ton, down 9 yuan/ton (- 0.30%) from the previous day; the closing price of the菜粕2601 contract was 2470 yuan/ton, up 10 yuan/ton (+ 0.41%) [1] - **Spot**: In Tianjin, the spot price of bean粕 was 2980 yuan/ton, down 30 yuan/ton; in Jiangsu, it was 2910 yuan/ton, down 10 yuan/ton; in Guangdong, it was 2930 yuan/ton, down 10 yuan/ton. In Fujian, the spot price of菜粕 was 2620 yuan/ton, unchanged [1] - **Market Information**: Brazil's National Association of Grain Exporters expects soybean exports in September 2025 to be 753 million tons, higher than the previous estimate and last year's figure. From January to September 2025, exports are expected to reach 9563 million tons, and from October to December, 1600 million tons [1] Market News and Important Data (Corn) - **Futures**: The closing price of the corn2511 contract was 2177 yuan/ton, up 16 yuan/ton (+ 0.74%); the closing price of the corn starch2511 contract was 2471 yuan/ton, up 18 yuan/ton (+ 0.73%) [3] - **Spot**: In Liaoning, the spot price of corn was 2150 yuan/ton, unchanged; in Jilin, the spot price of corn starch was 2570 yuan/ton, unchanged [3] - **Market Information**: Canada's 2025 wheat production is expected to be 3660 million tons, a 1.9% year - on - year increase, with an increase in both yield per acre and harvested area [3] Market Analysis - For soybeans, the US soybean price decline is due to the report adjustment. In China, higher import costs support domestic prices, but supply is abundant and downstream inventories are high [2] - For corn, the supply is in a state of transition from old - crop to new - crop, and the demand side is cautious, waiting for better prices [4][5] Strategy - The strategy for both sectors is neutral [3]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][5] Core Views - For soybeans, the new season soybeans in Northeast China are about to be mass - listed next week, but the recovery of terminal demand is slow. The market is in a wait - and - see state, and the short - term price shows a slightly weak trend [2] - For peanuts, the peanut futures fluctuated upward yesterday. The quality of peanuts in Henan is affected by continuous rainfall, and the demand side prefers peanuts from Hebei and Liaoning. The overall oil mill startup rate is low, and the market is waiting and watching, paying attention to the weather in Henan and the listing progress in Northeast China [4] Summary by Related Content Soybean Market Analysis - **Futures**: The closing price of the bean one 2511 contract yesterday was 3904.00 yuan/ton, a change of +9.00 yuan/ton from the previous day, with a change amplitude of +0.23% [1] - **Spot**: The edible bean spot basis was A11 + 316, a change of - 9 from the previous day, with a change amplitude of 32.14%. The market transactions in Northeast China are dull, and new grain purchases are small. The prices of some regions are stable compared with the previous day [1] Peanut Market Analysis - **Futures**: The closing price of the peanut 2510 contract yesterday was 7858.00 yuan/ton, a change of +36.00 yuan/ton from the previous day, with a change amplitude of +0.46% [3] - **Spot**: The average spot price of peanuts was 8300.00 yuan/ton, with a change of +0.00 yuan/ton from the previous day. The spot basis was PK10 + 342.00, a change of - 36.00 from the previous day, with a change amplitude of - 9.52%. The national average price of common peanuts dropped by 0.03 yuan/jin. The oil mill's purchase volume is small due to weather, and the startup rate is low [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report The bond market is under pressure due to the strong stock market, rising risk appetite, increased expectations of the Fed cutting interest rates before the end of the year, and rising global trade uncertainties. Overall, the bond market oscillates between the expectations of stabilizing growth and monetary easing. Short - term attention should be paid to policy signals at the end of the month [3]. Summary According to the Directory I. Interest Rate Pricing Tracking Indicators - Price indicators show that China's CPI (monthly) has a 0.00% month - on - month change and a - 0.40% year - on - year change, while China's PPI (monthly) has a 0.00% month - on - month change and a - 2.90% year - on - year change [9]. - Economic indicators (monthly update) include a social financing scale of 433.66 trillion yuan, an increase of 2.40 trillion yuan month - on - month (+0.56%), an M2 year - on - year growth of 8.80% with no month - on - month change, and a manufacturing PMI of 49.40%, up 0.10% month - on - month (+0.20%) [10]. - Economic indicators (daily update) cover various aspects such as the US dollar index, the US dollar against the offshore RMB, SHIBOR 7 - day, DR007, R007, and others, with corresponding numerical values and changes [11]. II. Overview of the Treasury Bond and Treasury Bond Futures Market No specific content other than referring to figures about the closing price trend, price change rate, precipitation funds trend, position ratio, net position ratio, long - short position ratio, spread between national development bonds and treasury bonds, and treasury bond issuance situation of treasury bond futures is provided [15][16][20][26]. III. Overview of the Money Market Liquidity The money market is mainly reflected through figures on the Shibor interest rate trend, the maturity yield trend of inter - bank certificates of deposit (AAA), the transaction statistics of inter - bank pledged repurchase, and local government bond issuance [29][35]. IV. Spread Overview The spread overview is presented through figures on the inter - period spread trend of treasury bond futures and the term spread of spot bonds and cross - variety spreads of futures [33][37][38]. V. Two - year Treasury Bond Futures The two - year treasury bond futures are analyzed through figures on the implied interest rate of the main contract and the treasury bond maturity yield, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [40][43][50]. VI. Five - year Treasury Bond Futures The five - year treasury bond futures are analyzed through figures on the implied interest rate of the main contract and the treasury bond maturity yield, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [52][56]. VII. Ten - year Treasury Bond Futures The ten - year treasury bond futures are analyzed through figures on the implied yield of the main contract and the treasury bond maturity yield, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [59][61]. VIII. Thirty - year Treasury Bond Futures The thirty - year treasury bond futures are analyzed through figures on the implied yield of the main contract and the treasury bond maturity yield, the IRR of the TL main contract and the funding rate, and the three - year basis and net basis trends of the TL main contract [66][72]. Market Analysis - **Macro - level**: In July, the Politburo meeting proposed a series of policy guidelines. On August 1, 2025, the Ministry of Finance and the State Taxation Administration announced that starting from August 8, 2025, VAT will be levied on the interest income of newly issued treasury bonds, local government bonds, and financial bonds. The China - US joint statement on the Stockholm economic and trade talks suspended the implementation of a 24% tariff for 90 days starting from August 12, 2025. The Ninth Plenary Session of the State Council emphasized measures to stabilize the real estate market. In August, the CPI decreased by 0.4% year - on - year [1]. - **Funding - level**: At the end of August, M2 increased by 8.8% year - on - year, M1 rebounded to 6% year - on - year, and the gap between them narrowed continuously. In the first eight months, RMB loans increased by 13.46 trillion yuan, and the cumulative social financing increment was 26.56 trillion yuan. The government bond financing ratio was high, and the deposit increased by 8.6% year - on - year. On September 18, 2025, the central bank conducted a 487 - billion - yuan 7 - day reverse repurchase operation at a fixed rate of 1.4%. The main term repurchase rates have recently rebounded [2]. - **Market - level**: On September 18, 2025, the closing prices of TS, TF, T, and TL were 102.41 yuan, 105.82 yuan, 108.08 yuan, and 115.62 yuan respectively, with price changes of - 0.04%, - 0.05%, - 0.05%, and - 0.17% respectively. The average net basis of TS, TF, T, and TL was 0.011 yuan, 0.027 yuan, - 0.047 yuan, and 0.138 yuan respectively [2]. Strategy - **Single - side trading**: As the repurchase rate rebounds, the price of treasury bond futures oscillates [4]. - **Arbitrage**: Pay attention to the decline of the 2512 basis [4]. - **Hedging**: There is medium - term adjustment pressure, and short - position traders can use far - month contracts for appropriate hedging [4].

Report Industry Investment Rating - The report provides a cautious and bullish rating for both gold and silver, and suggests shorting the gold-silver ratio at high levels while pausing on options [8][9] Core Viewpoints - After the Fed's interest rate cut, gold prices are expected to oscillate, but the financial attribute premium remains, so it's advisable to buy on dips. Silver's financial attribute premium is weakened, but its industrial attribute provides support, and the gold-silver ratio is expected to narrow. Both are likely to maintain an oscillating pattern in the short term [8] Market Analysis - US initial jobless claims last week dropped to 231,000, the largest decline in nearly four years, but continuing claims remained above 1.9 million, indicating some pressure in the labor market. The US government is promoting a $5 billion mineral investment fund [1] Futures Quotes and Volumes - On September 18, 2025, the Shanghai Gold main contract opened at 835.34 yuan/gram and closed at 824.10 yuan/gram, down 1.31% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The Shanghai Silver main contract opened at 9,924.00 yuan/kg and closed at 9,835.00 yuan/kg, down 0.72% from the previous trading day. The trading volume was 646,031 lots, and the open interest was 395,854 lots [2] US Treasury Yield and Spread Monitoring - On September 18, 2025, the US 10-year Treasury yield closed at 4.101%, unchanged from the previous trading day. The 10-year to 2-year spread was 0.544%, down 0.21 BP from the previous trading day [3] Position and Volume Changes on the SHFE - On September 18, 2025, on the Au2508 contract, long positions changed by 129 lots, and short positions changed by 176 lots. The total trading volume of gold contracts on the previous trading day was 485,609 lots, a change of 32.56% from the previous trading day. On the Ag2508 contract, long positions changed by 2 lots, and short positions changed by -2 lots. The total trading volume of silver contracts on the previous trading day was 1,305,261 lots, a change of 0.13% from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF position was 975.66 tons, down 4.29 tons from the previous trading day. The silver ETF position was 15,205.14 tons, up 15.53 tons from the previous trading day [5] Precious Metal Arbitrage Tracking - On September 18, 2025, the domestic gold premium was -8.58 yuan/gram, and the domestic silver premium was -823.15 yuan/kg. The ratio of the main gold and silver contracts on the SHFE was about 83.79, down 0.60% from the previous trading day, and the overseas gold-silver ratio was 88.92, a change of 2.72% from the previous trading day [6] Fundamental Analysis - On September 18, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 49,462 kg, down 13.44% from the previous trading day. The trading volume of silver was 547,182 kg, down 26.90% from the previous trading day. The gold delivery volume was 11,776 kg, and the silver delivery volume was 10,320 kg [7] Strategy Recommendations - Gold: Cautiously bullish, buy on dips, with the Au2512 contract oscillating between 815 yuan/gram and 850 yuan/gram [8] - Silver: Cautiously bullish, with the Ag2512 contract oscillating between 9,800 yuan/kg and 10,050 yuan/kg [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: Pause [9]

Group 1: Report Industry Investment Rating - Investment rating for both the pig and egg markets: Cautiously bearish [3][5] Group 2: Report's Core View - For the pig market, the short - term supply - demand pattern is characterized by strong supply and weak demand due to the reduced weight - based slaughter of group factories during the festival. In the long - term, attention should be paid to the culling of sows and policy changes [2] - For the egg market, the short - term consumption demand is strong due to the double festivals, but the impact of cold - stored eggs entering the market should be monitored [4] Group 3: Summary by Related Catalogs Pig Market Market News and Key Data - Futures: The closing price of the live pig 2511 contract was 12,830 yuan/ton, a change of - 170 yuan/ton (- 1.31%) from the previous trading day [1] - Spot: In Henan, the price of outer ternary live pigs was 12.88 yuan/kg (- 0.06 yuan/kg); in Jiangsu, it was 13.10 yuan/kg (- 0.11 yuan/kg); in Sichuan, it was 12.56 yuan/kg (- 0.10 yuan/kg) [1] - Agricultural product wholesale prices: On September 18, the "Agricultural Product Wholesale Price 200 Index" rose 0.03 points, and the "Vegetable Basket" product wholesale price index rose 0.04 points. The average wholesale price of pork was 19.55 yuan/kg (- 0.9%); beef was 65.97 yuan/kg (+ 1.1%); mutton was 61.09 yuan/kg (+ 0.5%); eggs were 8.40 yuan/kg (+ 1.6%); white - striped chickens were 17.55 yuan/kg (+ 1.0%) [1] Market Analysis - The short - term supply - demand pattern is difficult to change, but long - term attention should be paid to the culling of sows and policy changes [2] Strategy - Cautiously bearish [3] Egg Market Market News and Key Data - Futures: The closing price of the egg 2511 contract was 3,132 yuan/500 kilograms, a change of + 16 yuan (+ 0.51%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.53 yuan/jin (- 0.07); in Shandong, it was 3.85 yuan/jin (unchanged); in Hebei, it was 3.42 yuan/jin (- 0.11) [3] - Inventory: On September 18, 2025, the production - link inventory was 0.5 days (unchanged), and the circulation - link inventory was 0.97 days, an increase of 0.23 days (31.08%) [3] Market Analysis - After the egg price increase, the terminal consumption and sales are smooth, and the overall demand is still strong due to the festival. However, attention should be paid to the impact of cold - stored eggs entering the market [4] Strategy - Cautiously bearish [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that oil prices will experience short - term range - bound fluctuations and a medium - term bearish configuration. The issuance of China's third - batch of refined oil export quotas, along with factors such as the situation of local refineries and the future of sensitive oil, are important factors affecting the oil market. The type of oil absorbed by SPR in the future is a core factor influencing oil price trends [3][4]. 3. Summary by Section Market News and Important Data - New York Mercantile Exchange's October - delivery light crude oil futures dropped 48 cents to $63.57 per barrel, a 0.75% decline; November - delivery London Brent crude oil futures fell 51 cents to $67.44 per barrel, also a 0.75% decline. SC crude oil's main contract closed down 1.51% at 489 yuan per barrel [1]. - The number of initial jobless claims in the US for the week ending September 13 was 231,000, lower than the expected 240,000, and the previous value was revised from 263,000 to 264,000 [2]. - The EU is formulating measures to accelerate the phased - out of Russian natural gas. Analysts expect the global natural gas market to turn into a supply surplus in the second half of next year, reducing the risk of supply pressure and price spikes in Europe [2]. - US President Trump stated that further oil price cuts are needed, claiming that if oil prices are lowered, the Russia - Ukraine conflict will end [2]. - French President Macron said that UN sanctions on Iran will be restored [2]. - China's cumulative new energy vehicle sales have exceeded 40 million, with production and sales ranking first globally for 10 consecutive years, contributing to global carbon reduction goals [2]. Investment Logic - China issued the third - batch of refined oil export quotas, totaling 8.395 million tons, with a cumulative total of 40.195 million tons for the three batches. The total is basically the same as last year but slightly lower than the market expectation of 9 million tons. The refined oil export quotas have remained stable in the past three years, and the total crude oil import quota has also been stable. However, the proportion of private large - scale refining quotas has been increasing, while that of local refineries has been decreasing. Factors such as quota shortages, a decline in the consumption tax deduction ratio, and the peak of gasoline and diesel demand are squeezing the survival space of local refineries. The reduced ability of local refineries to absorb sensitive oil has led to some inventory backlog, which has contributed to the increase in China's crude oil inventory since the beginning of the year. In the short term, policies are suppressing the operating rate of local refineries, and the future of sensitive oil is uncertain. Although China's storage tank space is relatively abundant (with a current storage rate of about 65%), it may flow into the SPR, which is a core factor for future oil price trends [3]. Strategy - Short - term: Oil prices will fluctuate within a range. - Medium - term: Bearish configuration [4].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 01 - 05 reverse spread; Cross - variety: None [3] Core View - The supply of PE is expected to increase due to device restarts, while the PP device production profit has shrunk significantly, leading to a decline in PP开工. The downstream demand is in the seasonal improvement stage of "Golden September", but the demand fulfillment rate is slow and the support is limited. The cost support has weakened as oil prices are under pressure and the external propane has corrected [2] Summary According to Related Catalogs 1. Polyolefin Basis Structure - Figures include the plastic futures main contract trend, LL East China - main contract basis, polypropylene futures main contract trend, and PP East China - main contract basis [8][11] 2. Production Profit and Operating Rate - PE开工 rate is 80.4% (+2.3%), PP开工 rate is 74.9% (-1.9%). PE oil - based production profit is 219.0 yuan/ton (+48.1), PP oil - based production profit is - 411.0 yuan/ton (+48.1), PDH - made PP production profit is - 247.5 yuan/ton (+55.5) [1] 3. Polyolefin Non - standard Price Difference - Figures show HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, PP homopolymer injection molding - drawn wire East China [27][35][38] 4. Polyolefin Import and Export Profit - LL import profit is - 81.1 yuan/ton (+11.0), PP import profit is - 471.1 yuan/ton (+11.0), PP export profit is 27.7 US dollars/ton (-1.4) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate is 26.8% (+2.6%), PE downstream packaging film operating rate is 51.8% (+0.5%), PP downstream woven operating rate is 43.6% (+0.5%), PP downstream BOPP film operating rate is 61.4% (-0.1%) [1] 6. Polyolefin Inventory - Figures show PE oil - based enterprise inventory, PE coal - chemical enterprise inventory, PE trader inventory, PE port inventory, PP oil - based enterprise inventory, PP coal - chemical enterprise inventory, PP trader inventory, PP port inventory [75][78][83]

Report Summary 1. Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy:暂缓 (No English equivalent provided in the context, this is a placeholder) [4] 2. Core View - Some companies report a slight recovery in downstream lead - battery demand, while raw material supply remains relatively tight. Multiple smelters are under maintenance in September, and the Fed's interest rate cut in September has been implemented. The lead price is currently in a shock pattern, with an expected fluctuation range of 16,960 yuan/ton to 17,320 yuan/ton. Enterprises with hedging needs are advised to conduct corresponding buy or sell hedging within this range [4]. 3. Summary by Relevant Catalogs Market News and Important Data - **Spot**: On September 18, 2025, the LME lead spot premium was -$46.43/ton. The SMM 1 lead ingot spot price changed by 25 yuan/ton to 16,975 yuan/ton. SMM Shanghai lead spot premium changed by 0 yuan/ton to -15.00 yuan/ton, SMM Guangdong lead changed by 25 yuan/ton to 16,975 yuan/ton, SMM Henan lead changed by 50 yuan/ton to 17,000 yuan/ton, and SMM Tianjin lead premium changed by 25 yuan/ton to 17,000 yuan/ton. The lead concentrate - scrap spread remained unchanged at -100 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1]. - **Futures**: On September 18, 2025, the main contract of Shanghai lead opened at 17,095 yuan/ton, closed at 17,145 yuan/ton, up 45 yuan/ton from the previous trading day. The trading volume was 39,143 lots, down 5,815 lots from the previous day, and the position was 39,036 lots, down 3,159 lots. The intraday price fluctuated, with a high of 17,170 yuan/ton and a low of 17,055 yuan/ton. In the night session, it opened at 17,180 yuan/ton, closed at 17,145 yuan/ton, up 0.09% from the afternoon close. The SMM 1 lead price rose 25 yuan/ton. In Henan, smelters mainly shipped long - term orders, with few spot offers. In Hunan, delivery brand lead smelters offered at a discount of 30 - 0 yuan/ton to SMM 1 lead, and non - delivery brand lead smelters offered at a discount of 60 - 30 yuan/ton. In Anhui and Jiangxi, holders offered at a premium of 50 - 100 yuan/ton to SMM 1 lead. Due to pre - holiday inventory replenishment by downstream battery enterprises, the trading volume in some areas was acceptable [2]. - **Inventory**: On September 18, 2025, the total SMM lead ingot inventory was 68,000 tons, down 130 tons from the previous week. As of September 18, the LME lead inventory was 222,675 tons, down 2,675 tons from the previous trading day [3].