Report Information - Report Title: Nickel Daily Report [1] - Date: September 26, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The net surplus pressure of pure nickel still exists, but at the current position, it is also difficult to decline significantly due to the support of nickel ore and cost. Recently, the prices of NPI and nickel sulfate are relatively strong. Continue to pay attention to the supply-side news from Indonesia. The reference for the bottom support of Shanghai nickel has been slightly raised to the 120,000 level [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Data**: The main contract of Shanghai nickel (2511) rose 1.08% to 122,990 compared to the previous day. The average premium of Jinchuan nickel decreased by 20 to 2,300. The average price of domestic electrowon nickel was reported at -100 - 200. The average price of 8 - 12% high-nickel pig iron decreased by 0.5 to 955 yuan/nickel point, and the average price of battery-grade nickel sulfate increased by 50 to 28,200 yuan/ton [7]. - **Supply and Demand Analysis**: Indonesia will start the 2026 approval work in October. The adjustment of the RKAB approval cycle may still disrupt the supply of the ore end at the beginning of next year. Some smelters may stock up on nickel ore in advance in the fourth quarter. It is expected that the price of nickel ore will not decline significantly this year and may rise slightly. NPI remains strong due to cost support and the expectation of demand recovery, but the improvement space for the stainless steel terminal is limited, and the subsequent upward space may be restricted. The demand for stockpiling before the double festivals supports the price of nickel salts to remain strong [7]. 3.2 Industry News - **Congo's Cobalt Export Ban**: The Democratic Republic of the Congo is considering extending the cobalt export ban for at least two months. The decision is to allow the cobalt price to recover further and to have more time to implement the quota framework. The decision needs to be approved by the presidential palace. If the ban is extended, it is expected to drive up the MHP cobalt coefficient and keep the smelting enterprises' inventory below the safety level [8][10] - **Indonesia's Mining Crackdown**: Indonesia's forest law enforcement task force will conduct a centralized crackdown on illegal mines. The country is a major producer of coal, nickel, tin, and copper, as well as the largest exporter of palm oil [10] - **FPX Nickel's Sustainability Initiatives**: FPX Nickel has joined the Mining Association of Canada (MAC) and the United Nations Global Compact, demonstrating its commitment to responsible mineral exploration and project development [10]

Industry Investment Rating - No information provided Core Viewpoints - The aluminum industry chain generally strengthened due to the sharp rise in copper prices. Shanghai aluminum opened slightly higher and moved upward, but the main contract 2511 closed down 0.39% at 20,765. The spread between October and November changed from flat to a slight discount of -5, and the far - month maintained a slight contango structure. The import window was closed, and the spot import loss fluctuated around -1,500 yuan/ton [8]. - The production of domestic bauxite in the north has not resumed, and the probability of resuming production this year is low. There is upward pressure on the price of northern bauxite, but the spot price of downstream alumina is falling, and the willingness to suppress prices is increasing. The price of imported bauxite has little short - term change. Attention should be paid to the changes in the mining rights policy before the election in Guinea [8]. - Alumina rose 1.66% during the day. The disturbance news from the Boke mine in Guinea was more of an emotional stimulus, and the substantial impact was temporarily limited. The low - cost support of alumina was prominent [8]. - The trend of cast aluminum alloy continued to follow Shanghai aluminum. With the peak season and the tight supply of scrap aluminum raw materials, attention should be paid to the strategy of going long AD and short AL [8]. - The operating capacity of electrolytic aluminum remained at a high level. On Thursday, the social inventory of aluminum ingots decreased by 2.1 to 61.7 tons compared with last Thursday. With the decline in the absolute price and the pre - holiday stocking demand of aluminum processing enterprises, the previous inventory accumulation pressure began to ease. Shanghai aluminum returned to the previous oscillation range, and the support below continued to focus on the 20,500 level [8]. Section Summaries 1. Market Review and Operation Suggestions - The price of Shanghai aluminum fluctuated, with the main contract 2511 closing down 0.39%. The import window was closed, and the spot import loss fluctuated around -1,500 yuan/ton [8]. - The production situation of domestic bauxite in the north and the price trends of bauxite and alumina were analyzed, and attention was paid to the mining rights policy in Guinea [8]. - Alumina rose during the day, and its low - cost support was prominent. The trend of cast aluminum alloy followed Shanghai aluminum, and a trading strategy was proposed [8]. - The operating capacity of electrolytic aluminum remained high, the social inventory of aluminum ingots decreased, and the support level of Shanghai aluminum was pointed out [8]. 2. Industry News - Emirates Global Aluminium (EGA) is preparing for a potential IPO, with an estimated valuation of $10 - 15 billion. The IPO will test international investors' attitude towards Middle Eastern aluminum assets and consolidate the UAE's position in the aluminum supply chain [9][10]. - In 2025, the demand for aluminum cans in Japan remained at about 2.091 billion cans, the same as the previous year and remaining at the 2 - billion - can level for 10 consecutive years [10]. - On September 22, 2025, the standard warehouse receipt generation business of cast aluminum alloy futures was officially launched, with a total registration volume of 3,878 tons on the first day [10].

Report Overview - Report Title: Zinc Futures Daily Report [1] - Date: September 26, 2025 [2] Industry Investment Rating - No investment rating information is provided in the report. Core View - The zinc price in the short - term will maintain a range - bound movement, with a reference range of 21,800 - 22,500 yuan/ton. Traders should pay attention to position control before the holiday due to the adjustment of the price limit and margin ratio of copper, aluminum, zinc, and lead futures contracts starting from the close of trading on September 29, 2025 [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc (ZN2511) closed at 22,045 yuan/ton, up 130 yuan or 0.59%, with reduced positions. The trading volume increased while the open interest decreased by 10,581 lots to 131,286 lots. The Shanghai - London ratio was 7.49, and the exchange - excluded ratio was 1.02. The 0 - 3 spread was 59.64 (+16.48) [7]. - **Consumption and Inventory**: In the peak consumption season, overall consumption was not ideal. The operating rate in the primary consumption sector increased month - on - month but was weaker than the same period last year. Due to typhoon weather in South China, logistics were restricted. Inventory in Shanghai and Tianjin decreased due to downstream pick - up. The seven - region social inventory decreased by 0.66 million tons to 15.04 million tons this week [7]. - **Spot Market**: The spot premium of Shanghai zinc remained stable. Most downstream enterprises completed price - fixing and stockpiling before the holiday, resulting in light trading. Shanghai quoted a discount of 30 yuan/ton to the October contract, Tianjin quoted at par with Shanghai, and Guangdong quoted a discount of 70 yuan/ton to the November contract [7]. 2. Industry News - **0 Zinc Prices and Quotes**: On September 25, 2025, the mainstream transaction price of 0 zinc was 21,880 - 21,965 yuan/ton, with different quotes for different brands and regions. For example, in the Shanghai market, ordinary domestic brands quoted a discount of 30 yuan/ton to the 2510 contract, and high - end brands like Shuangyan quoted a premium of 130 yuan/ton to the 2510 contract [8]. - **Regional Market Quotes**: In the Ningbo market, the mainstream brand 0 zinc was traded at 21,880 - 21,995 yuan/ton, quoting a discount of 25 yuan/ton to the 2510 contract and a premium of 30 yuan/ton to the Shanghai spot. In the Tianjin market, 0 zinc was traded at 21,880 - 22,010 yuan/ton, and in the Guangdong market, 0 zinc was traded at 21,810 - 21,965 yuan/ton, with different quotes for different brands and contracts [8][9]. 3. Data Overview - The report provides charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, but no specific data analysis is presented in the given text [11][15].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 9 月 26 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 数据来源：上期所、大商所网站，建信期货研究发展部 1.1 现货市场动态与技术面走势： 现货市场：9 月 25 日，主要铁矿石外盘报价环比前一交易日以持平为主，青 岛港主要品位铁矿石价格较前一交易日持平。 技术面：铁矿石 2601 合约日线 KDJ 指标走势分化，J 值调头回升，K 值、D 值继续下行；铁矿石 2601 日线 MACD 指标绿柱自昨日死叉后有所放大。 1.2 后市展望： | | | | | | 表1：9月25日钢材、铁矿期货主力合约价格、成 ...

Report Information - Report Type: Steel Daily Report [1] - Date: September 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - After a significant rebound, the increase of rebar and hot-rolled coil futures has narrowed. Considering the expected anti-involution policies and the structural nature of steel production cuts, the raw material side is expected to provide support. It is predicted that the steel market will experience a secondary rebound after a period of consolidation from late September to early October. Attention should be paid to the recovery rhythm of finished product profits and the market changes brought about by the willingness of steel mills and coking plants to replenish raw material inventories [9]. 3. Summary by Directory 3.1 Market Review - **Futures Market**: On September 25, the main contracts of rebar and hot-rolled coil futures fluctuated within a range, with closing prices slightly higher than the previous day. The RB2601 contract closed at 3167 yuan/ton, up 0.32%; the HC2601 contract closed at 3358 yuan/ton, up 0.24%; the SS2511 contract closed at 12930 yuan/ton, up 0.19% [5]. - **Spot Market**: On September 25, the price of rebar in the Xi'an market increased by 10 yuan/ton, while prices in other major rebar markets remained basically stable. Prices in major hot-rolled coil markets were also stable [7]. - **Technical Indicators**: The daily KDJ indicator of the rebar 2601 contract formed a death cross, and that of the hot-rolled coil 2601 contract continued to decline. The daily MACD red bars of both the rebar 2601 and hot-rolled coil 2601 contracts have been narrowing for 3 consecutive trading days [7]. 3.2 Future Outlook - **Supply and Demand**: As of this week, the weekly output of the five major steel products rebounded after three consecutive weeks of decline, demand reached a new low since early March and rebounded for three consecutive weeks, and the social inventory of the five major steel products declined from a new high since late April [8]. - **Raw Material Market**: As of last week, the iron ore inventory of 247 steel mills rebounded after three consecutive weeks of decline, and the inventory of imported sintered powder ore of 64 sample steel mills significantly rebounded after reaching a new low since late June, indicating that steel mills have replenished their stocks. The shipping volume of iron ore from Australia and Brazil significantly declined to a new low since late February, and the decline in the arrival volume was relatively small. Considering the lag effect of shipping volume on arrival volume, the recent significant decline in shipping volume will be reflected in the arrival volume in the next few weeks. The profit per ton of coke has been profitable for five consecutive weeks, and the spot price of coke turned up again on September 24. The coke inventories of coking plants and steel mills are generally low, and there is limited room for the spot price of coke to decline in the future. It is unlikely that domestic coal mines will significantly increase production after approaching the completion of long-term contract tasks [9]. 3.3 Industry News - **Domestic News**: In 2025, the country plans to start the renovation of 25,000 urban old communities. From January to August, 21,700 urban old communities have started renovation. From January to August, the national railway completed a freight volume of 3.467 billion tons, a year-on-year increase of 2.6%. The national railway fixed asset investment completed 504.1 billion yuan, a year-on-year increase of 5.6%. In mid-September, key steel enterprises produced 20.73 million tons of crude steel, with an average daily output of 2.073 million tons, a daily output decrease of 0.6% month-on-month; 19.1 million tons of pig iron, with an average daily output of 1.91 million tons, a daily output increase of 0.7% month-on-month; 20.61 million tons of steel, with an average daily output of 2.061 million tons, a daily output increase of 5.4% month-on-month. At the end of mid-September, the steel inventory of key steel enterprises was 15.29 million tons, a decrease of 530,000 tons from the previous ten days, a decrease of 3.4%. The world's largest coal-fired power carbon capture demonstration project in Huaneng Gansu Zhengning Power Plant was officially put into operation, with an annual carbon dioxide capture capacity of 1.5 million tons [10]. - **International News**: In August 2025, the crude steel output of 70 countries included in the World Steel Association's statistics was 145 million tons, a year-on-year increase of 0.3%. BHP recently approved an investment of A$1.4 billion to upgrade its infrastructure in Port Hedland, Western Australia. From January to July 2025, Russian coal companies had a net loss of 225 billion rubles, much higher than the loss of 3.1 billion rubles in the same period last year. India's coal demand is expected to increase to about 1.6 billion tons by 2030 [11]. 3.4 Data Overview - The report provides various data charts, including the weekly output of the five major steel products, steel mill inventory, social inventory,开工率 and utilization rate of blast furnaces and electric furnaces, national daily average pig iron output, apparent consumption of the five major steel products, and the basis between Shanghai rebar and hot-rolled coil spot and January contracts [15][16][21][26][28][35].

Group 1: Report General Information - Report Name: Asphalt Daily Report [1] - Report Date: September 26, 2025 [2] Group 2: Investment Rating - There is no information about the industry investment rating in the provided content. Group 3: Core Viewpoints - The asphalt market shows a situation of weak supply and demand, and it is expected to operate in a volatile and weak manner, with a bearish outlook [6]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: For BU2511, the opening price was 3412 yuan/ton, the closing price was 3440 yuan/ton, the highest was 3447 yuan/ton, the lowest was 3401 yuan/ton, the increase was 1.30%, and the trading volume was 17.54 million lots. For BU2512, the opening price was 3353 yuan/ton, the closing price was 3385 yuan/ton, the highest was 3392 yuan/ton, the lowest was 3346 yuan/ton, the increase was 1.17%, and the trading volume was 5.38 million lots [6]. - **Spot Market**: Domestic major regional asphalt spot prices remained stable. The rebound of crude oil and asphalt futures had limited positive impact on the asphalt spot market, and the spot market remained cautious. The expected switch of Haisheng Petrochemical to produce residual oil and the production reduction plans of some refineries might cut supply, but the asphalt production switch plans of Jiangsu Xinhai Petrochemical and Shandong Shengxing Petrochemical were implemented, and Jincheng Petrochemical and Dongming Petrochemical, which had already switched production, continued to operate stably. It was expected that the operating load rate of asphalt plants would continue to rise. In terms of demand, the weather in the northern and central markets was favorable, and with the drive of project rush - work, there was some resilience in demand, while the demand in the southern region was affected by typhoon weather. Overall, demand remained stable [6]. 2. Industry News - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3450 - 3720 yuan/ton, remaining stable compared with the previous working day. Terminal demand was steadily released, and refinery supply continued to be abundant. However, near the end of the month, the circulation of some brand asphalt spot resources decreased, which supported the asphalt price. Today, the quotes of refineries and traders in Shandong region remained stable [7]. - **South China Market**: The mainstream transaction price of 70A grade asphalt was 3450 - 3550 yuan/ton, remaining stable compared with the previous working day. Today, the local storage areas in Foshan and Maoming gradually resumed shipping, but the market demand had not fully recovered, and the quotes of social warehouses remained stable. Although Maoming Petrochemical had completed this month's plan, with abundant social warehouse resources, there was no support for the asphalt price to rise [7]. 3. Data Overview - The report presents multiple data charts including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from wind and the research and development department of Jianxin Futures [14][16][18][24].

Group 1: General Information - Reported industry: Cotton [1] - Report date: September 26, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton showed a weak and volatile trend. The latest 328 - grade cotton price index was 15,083 yuan/ton, up 21 yuan/ton from the previous trading day. The sales basis of 2024/25 northern Xinjiang machine - picked cotton was mostly above CF01 + 1500, and the pre - sale basis of 2025/26 northern Xinjiang double 29 cotton was mostly above CF01 + 900 [7] - The pure cotton yarn market was average, with the peak season underperforming expectations and weaker than previous years. Downstream demand was mainly for rigid procurement, and spinning mills sold at market prices. Cotton yarn prices were generally stable with a slow downward trend. The all - cotton grey fabric market maintained shipments, and grey fabric prices were stable. Overseas, U.S. cotton had a slightly lower good - to - excellent rate, an increased drought coverage in cotton - growing areas, and improved weekly export data, but overall it was in a weak and volatile range. Domestically, the purchase price of cottonseed was generally stable, but new cotton acquisition was slow due to local hail and rainfall in northern Xinjiang. Demand - side inventory was still decreasing steadily, but overall demand was weaker than the same period last year. In the short term, with limited new cotton supply, it would be weak under the pressure of a potential bumper harvest after the festival [8] Group 3: Industry News - According to the latest survey by the China Cotton Association, the estimated total cotton output in China in 2025 will reach 7.216 million tons, a year - on - year increase of 8.3%, the highest since 2013. Xinjiang's cotton output is expected to be about 6.911 million tons, a year - on - year increase of 9.2%, accounting for 95.8% of the national total [9] Group 4: Data Overview - The report includes various data charts such as China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, USD - CNY exchange rate, and USD - Indian rupee exchange rate [17][18][20]

纯碱、玻璃日报 日期 2025 年 9 月 26 日 行业 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Report Information - Report Date: September 26, 2025 [2] - Industry: Oils and Fats [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - Not provided Core View - In the short - term, the 01 contract is expected to fluctuate within a range, while the 05 contract should be traded with a strategy of low - buying and rolling long. In the long - term, the trend of oils and fats is bullish due to favorable biodiesel policies. Attention should be paid to China - US negotiations and biofuel policies [8] Summary by Sections 1. Market Review and Operational Suggestions - Market Review: In the East China market, the spot price of Grade 3 rapeseed oil is OI2601 + 250, and from October to November it is OI2601 + 260. The price of Grade 1 rapeseed oil in October is OI2601 + 360, and from November to December it is OI2601 + 380. The basis price of Grade 1 soybean oil in the East China market is 01 + 220 from December to January, 01 + 240 from December to February, 01 + 200 from January to March, and 05 + 250 from April to July. In the Guangdong market, palm oil quotes from traders are stable, with 18 - degree palm oil priced at 01 + 140 in Guangzhou warehouse and 01 + 120 in Dongguan warehouse, 24 - degree and 28 - degree palm oil at 01 - 40 in Dongguan warehouse [7] - Operational Suggestions: Argentina has resumed tariffs as the $7 billion registration quota for agricultural tax exemptions has been used up. In July, Indonesia's palm oil inventory increased by 1.5% month - on - month to 2.57 million tons due to increased production and slower exports. In 2026, Indonesia's palm oil exports to the EU are expected to grow. Malaysia's high - frequency data shows a decline in production but favorable export data. Rapeseed oil continues to reduce inventory in the short term, with concentrated supply and rising basis prices. Domestic oils and fats supply is sufficient this year but may be in short supply in the first quarter of next year. The 01 contract is expected to fluctuate within a range, and the 05 contract should be traded with a low - buying and rolling long strategy [8] 2. Industry News - From September 1 - 20, 2025, Malaysia's palm oil production decreased by 4.26% month - on - month, with a decline of 8.23% in Peninsular Malaysia, an increase of 0.73% in Sabah, an increase of 7.63% in Sarawak, and an increase of 2.64% in East Malaysia [9] - From September 1 - 25, 2025, Malaysia's palm oil exports were 1.185422 million tons, an increase of 11.3% compared to 1.065005 million tons from August 1 - 25 [9] 3. Data Overview - The report presents data on the spot prices of East China's Grade 3 rapeseed oil, Grade 4 soybean oil, and South China's 24 - degree palm oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and the price spreads of palm oil contracts. It also includes the exchange rates of the US dollar against the Chinese yuan and the Malaysian ringgit [11][13][14][21][26][27]

Industry Investment Rating - No information provided Core Viewpoints - The pulp market is undergoing short - term fluctuations. The external market quotations show a mixed trend, the supply - side tightening needs to be reflected in shipments, port inventories are at a high level, and downstream paper mills still aim to reduce costs and increase efficiency. The market is expected to continue its low - level volatile adjustment [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5268 yuan/ton, and the closing price was 5314 yuan/ton, a rise of 0.87%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5000 - 6600 yuan/ton, remaining stable compared to the previous trading day. The quotation of Shandong Silver Star was 5600 - 5620 yuan/ton [7] - Chile's Arauco Company announced its new September wood pulp export quotations: softwood pulp Silver Star was 700 US dollars/ton, down 20 US dollars/ton from last month; natural pulp Venus was 590 US dollars/ton, unchanged from last month; hardwood pulp Star was 520 US dollars/ton, up 20 US dollars/ton from last month [8] - In August, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 10.3% year - on - year, with softwood pulp up 5% and hardwood pulp up 14.7%. China's total pulp imports in August were 2.653 million tons, a decrease of 7.9% month - on - month and 5.6% year - on - year. As of September 25, 2025, the weekly pulp inventory in major regions and ports decreased by 3.84% month - on - month [8] - In the downstream cultural paper market, affected by typhoon weather, the operation of individual production lines in South China declined, and the production of some downstream enterprises stagnated. The trading in the base paper market weakened, showing a weak and volatile trend [8] 2. Industry News - On September 25, the PM71 paper machine at Shanying's Suzhou base was successfully started. After the successful start of the PM72 at the same base, this is another major milestone achieved by Voith and Shanying. The dual - machine operation of PM71&72 at the Suzhou base marks a key step in Shanying's layout in the high - end corrugated base paper market [9] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][24][30]