Report Summary - Report Date: September 26, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The previous logic of soybean shortage has loosened due to Argentina's suspension of export taxes on soybeans and their by - products, and some domestic oil mills have started to actively purchase Argentine soybeans, shaking the shortage logic for the fourth quarter. With sufficient purchases for September and October, the supply until the end of November is generally worry - free. However, the potential supply reduction from December to January needs to closely track Argentine soybean purchases, Argentine policy continuity, and the progress of Sino - US negotiations. - The market is currently affected by Argentina's policy change and high inventory, leading to a significant price decline. Before the National Day, there is a lack of potential bullish factors, and the technical trend is weak. The market is expected to experience low - level fluctuations after a rapid decline [6]. 3. Summary by Directory 3.1 Market Review - **Contract Performance**: - For the Soybean Meal 2601 contract, the previous settlement price was 2922, the opening price was 2958, the highest price was 2976, the lowest price was 2951, the closing price was 2967, with a rise of 45 and a gain of 1.54%. The trading volume was 1,262,657, the open interest was 1,937,464, and the open interest decreased by 97,619. - For the Soybean Meal 2509 contract, the previous settlement price was 2851, the opening price was 2858, the highest price was 2875, the lowest price was 2858, the closing price was 2870, with a rise of 19 and a gain of 0.67%. The trading volume was 13,790, the open interest was 43,222, and the open interest increased by 4,295. - For the Soybean Meal 2511 contract, the previous settlement price was 2895, the opening price was 2929, the highest price was 2950, the lowest price was 2922, the closing price was 2940, with a rise of 45 and a gain of 1.55%. The trading volume was 75,971, the open interest was 479,636, and the open interest decreased by 17,194 [6]. - **External Market and Policy Impact**: The US soybean futures contract fluctuated, with the main contract at 1015 cents. Argentina suspended export taxes on all grains and by - products such as soybean oil and soybean meal. After the tax reduction, the CIF price of Argentine soybeans in China is 30 - 50 dollars/ton lower than that of the US. Some domestic oil mills have started to purchase Argentine soybeans, and there have been orders for Argentine soybean meal since mid - to - late August [6]. 3.2 Industry News - Argentina's government announced on Monday that it would suspend export taxes on all grains and by - products such as soybean oil and soybean meal until October 31 or until the total export volume reaches 7 billion dollars. Previously, the export tax on Argentine soybeans was 26%, and that on soybean oil and soybean meal was 24.5% [6][7]. - Since Argentina temporarily cancelled export taxes on soybeans and grain by - products this week, Chinese buyers have purchased about 20 ships (about 1.3 million tons) of Argentine soybeans, an increase from the previously reported 10 - 15 ships. In August 2025, the national industrial feed production was 29.36 million tons, a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. Among them, the year - on - year growth rates of formula feed, concentrated feed, and additive premixed feed were 3.4%, 8.3%, and 7.9% respectively [18]. 3.3 Data Overview - The report provides multiple data charts, including the spread between Soybean Meal 1 - 5 contracts, the spread between Soybean Meal 5 - 9 contracts, the central parity rate of the US dollar against the RMB, the exchange rate of the US dollar against the Brazilian real, the ex - factory price of soybean meal, and the basis of the Soybean Meal 01 contract. The data sources are Wind and the Research Center of CCB Futures [11][13][14]

Report Information - Report Title: Polyolefin Daily Report [1] - Date: September 26, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - No investment rating information provided Core View - Futures prices opened higher, fluctuated, and slightly increased. Traders tentatively raised prices, and some spot prices slightly increased. Downstream buyers stocked up at low prices, and actual transactions were negotiated on a case - by - case basis. Near the double festivals, there was still some support from increased packaging demand, but market confidence was insufficient, and there was no large - scale restocking. Demand drive was limited, the market rebound was weak, and prices fluctuated weakly at low levels [6] Summary by Directory 1. Market Review and Outlook - Plastic 2601 (L2601) opened higher, fluctuated during the session, and closed up at 7,169 yuan/ton, up 31 yuan/ton (0.43%), with a trading volume of 167,000 lots and a decrease in positions by 9,915 to 561,860 lots. PP2601 closed at 6,898 yuan/ton, up 28 yuan (0.41%), with a decrease in positions by 8,467 to 628,037 lots [5][6] 2. Industry News - On September 25, 2025, the inventory level of major producers was 615,000 tons, a decrease of 15,000 tons (2.38%) from the previous working day, compared with 690,000 tons in the same period last year. PE market prices showed mixed trends. The price of linear LLDPE in North China was 7,090 - 7,350 yuan/ton, in East China was 7,150 - 7,650 yuan/ton, and in South China was 7,250 - 7,700 yuan/ton. The mainstream price of propylene in Shandong market was 6,450 - 6,520 yuan/ton, unchanged from the previous working day. PDH device start - stop news was concentrated, and market sentiment was cautious. PP market was generally stable with minor fluctuations. Downstream factories were cautious in purchasing, suppressing the upward space of actual transactions [7] 3. Data Overview - The report provides multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [13][15][16]

Group 1: General Information - Report Type: Crude Oil Daily Report [1] - Date: September 26, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - WTI Main Contract: Opened at $63.64, closed at $64.81, with a high of $65.05, a low of $63.25, a daily increase of 2.21%, and a trading volume of 26.19 million barrels [6] - Brent Main Contract: Opened at $67.17, closed at $68.26, with a high of $68.51, a low of $66.79, a daily increase of 1.93%, and a trading volume of 39.14 million barrels [6] - SC Main Contract: Opened at 486.3 yuan/barrel, closed at 490.6 yuan/barrel, with a high of 491.3 yuan/barrel, a low of 485.8 yuan/barrel, a daily increase of 1.72%, and a trading volume of 8.26 million barrels [6] - Core View: Due to continuous attacks on Russian energy facilities by Ukraine, overnight oil prices rose. EIA data showed that US crude oil and gasoline inventories declined simultaneously, and the pace of crude oil destocking slowed after net imports returned to normal. EIA and IEA raised their global crude oil supply forecasts in their monthly reports, with the expected pace of inventory accumulation accelerating. Oil prices will remain under pressure in the medium term, and a short - selling strategy is recommended. The restart of the Ceyhan pipeline may further pressure the supply side, so short on rallies [6] Group 3: Industry News - The European Commission will propose a plan to increase tariffs on Russian oil imports in due course [9] - The Russian Ministry of Economic Development expects Brent crude oil prices to reach $70 per barrel from 2026 to 2027 [9] - Oil exports through the Iraq - Turkey pipeline are about to resume [9] - Saudi Arabia's oil export value in July decreased by 0.7% year - on - year, while non - oil exports increased by 30.4% [9] Group 4: Data Overview - Data includes global high - frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [10][11][14][20]

Report Information - Report Name: Pig Daily Report [1] - Date: September 26, 2025 [2] Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The overall supply - demand situation of live pigs is loose, with prices likely to remain weak. On the spot side, although demand has increased, the continuous increase is not obvious, and the supply pressure is relatively large. In the futures market, the supply of live pigs before the Spring Festival is expected to increase slightly, and the 2511 and 2601 contracts are mainly dragged down by the weak spot market [9]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 25th, the main 2511 contract of live pigs opened flat, then rose and then fell and fluctuated lower, closing with a negative line. The highest was 12,760 yuan/ton, the lowest was 12,665 yuan/ton, and the closing price was 12,685 yuan/ton, down 0.12% from the previous day. The total open interest of the index decreased by 536 lots to 247,350 lots [8]. - **Spot Market**: On the 25th, the average price of ternary pigs nationwide was 12.56 yuan/kg, down 0.09 yuan/kg from the previous day [8]. - **Supply - side**: In September, the planned sales volume of sample breeding enterprises was 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual output in August, with a daily average increase of 7.39%. The slaughter weight increased slightly, and long - term pre - Spring Festival slaughter may continue to increase slightly [9]. - **Demand - side**: The price difference between fat and standard pigs widened slightly, and the fattening cost was still low. Currently, secondary fattening is mainly in a wait - and - see state. Although the weather has turned cooler, the demand increase is not obvious, and the sales of white - striped pigs are slow. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have slightly increased. On September 25th, the slaughter volume of sample slaughtering enterprises was 143,600 heads, a decrease of 11,400 heads from the previous day, a week - on - week decrease of 6,000 heads, and a month - on - month increase of 3,400 heads [9]. 3.2 Industry News - As of September 18th, the average profit per self - breeding and self - raising live pig was 7.7 yuan/head, a week - on - week decrease of 46 yuan/head; the average profit per purchased piglet for breeding was - 246.6 yuan/head, a week - on - week decrease of 70.8 yuan/head [10][11]. 3.3 Data Overview - On the week of September 18th, the average market sales price of 15kg piglets was 358 yuan/head, a decrease of 36 yuan/head from the previous week [14]. - On the week of September 18th, the price difference between 150 - kg fat pigs and standard pigs was 0.16 yuan/jin, a week - on - week increase of 0.03 yuan/jin [14]. - The cost of fattening from 110 kg to 140 kg was 12.71 yuan/kg, a decrease of 0.47 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 12.94 yuan/kg, a decrease of 0.58 yuan/kg from the previous week [14]. - On the week of September 18th, the operating rate of slaughtering enterprises was 31.77%, an increase of 0.37 percentage points from the previous week and 2.22 percentage points year - on - year, with the weekly operating rate fluctuating in the range of 31.54 - 31.80 [14]. - As of the week of September 18th, the average slaughter weight of live pigs nationwide was 128.45 kg, an increase of 0.13 kg or 0.10% from the previous week [14].

Group 1: Report Overview - Report Title: Sugar Daily Report [1] - Report Date: September 26, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Quotes and Operation Suggestions - Futures Market Quotes: SR601 closed at 5485 yuan/ton, up 2 yuan or 0.04%, with a position of 431,349 contracts, a decrease of 7,657 contracts; SR605 closed at 5454 yuan/ton, up 8 yuan or 0.15%, with a position of 64,361 contracts, an increase of 388 contracts; ICE US Sugar 11 Oct closed at 15.60 cents/pound, down 0.06 cents or 0.38%, with a position of 78,572 contracts, a decrease of 19,602 contracts; ICE US Sugar 11 Mar closed at 16.12 cents/pound, down 0.03 cents or 0.19%, with a position of 465,280 contracts, an increase of 3,310 contracts [7] - Market Trends: On Wednesday, the New York raw sugar futures fluctuated weakly. The London ICE white sugar futures' December contract closed down 0.9% to $458.70 per ton. The fundamentals of the sugar market have not changed much in the short term. The recent rebound in crude oil prices has slightly supported sugar prices. The raw sugar price is at a low level, and it is difficult to continue to decline, but there is also a lack of clear upward drivers. Yesterday, the main contract of Zhengzhou sugar futures rose first and then fell. The 01 contract closed at 5485 yuan/ton, up 2 yuan or 0.04%, with a reduction of 7,657 contracts. The spot prices in domestic producing areas remained unchanged. The price of Nanning sugar was 5860 yuan, and the price of Kunming sugar was 5720 yuan. Today, the night session of Zhengzhou sugar futures rose sharply, and the day session fell sharply. The main reason is that the market confirmed that Typhoon "Hagupit" had little impact on the main sugarcane areas in Guangxi and did not cause natural disasters, so the bullish sentiment dissipated. After the market, it is worth noting that the speculative short positions remained unchanged and the positions were large [7][8] Group 3: Industry News - Global Sugar Supply and Demand: Broker and analysis firm StoneX said in a report on Tuesday that the global sugar market is expected to have a surplus of 2.77 million tons in the 2025/26 season starting in October. Global sugar production is estimated at 197.5 million tons, while consumption is expected to be 194.7 million tons. StoneX said that improved crop harvests in Brazil, India, and Thailand will be sufficient to offset the expected decline in production in Europe. Earlier on Tuesday, the broker released a detailed forecast for Brazil's new crushing season, expecting an increase in sugar production in Brazil due to the expected return to normal weather conditions and an increase in newly planted sugarcane [11] - Brazilian Sugar Export: Brazilian shipping agency Williams released data showing that as of the week ending September 24, the number of vessels waiting to load sugar at Brazilian ports was 76, down from 85 in the previous week. The quantity of sugar waiting to be loaded at ports was 3.1039 million tons, down from 3.2827 million tons in the previous week. Among the total sugar waiting to be exported in the week, the quantity of high-grade raw sugar (VHP) was 2.8642 million tons. According to Williams' data, the quantity of sugar waiting to be exported at Santos Port was 2.1394 million tons, and the quantity at Paranagua Port was 0.5647 million tons [11] - China's Dairy and Beverage Production: Data released by the National Bureau of Statistics showed that China's dairy product output in August 2025 was 2.555 million tons, a year-on-year decrease of 1.3%. From January to August 2025, China's cumulative dairy product output was 19.134 million tons, a year-on-year decrease of 1%. In addition, China's beverage output in August 2025 was 17.758 million tons, a year-on-year increase of 0.5%. From January to August 2025, China's cumulative beverage output was 128.761 million tons, a year-on-year increase of 2.5% [11] Group 4: Data Overview - Trading Volume and Position of Top 20 Seats in Zhengzhou Sugar Futures: The report provides the trading volume, long position, and short position data of the top 20 seats in the main contract of Zhengzhou sugar futures, including the changes in these data [22] - Other Data Charts: The report also includes charts of spot price trends, basis, spreads, Brazilian raw sugar import profits, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, etc. [13][15][19]

Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: September 25, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - Domestic processing fees lack upward momentum, with local quotes showing a narrow decline but no downward trend [7]. - Although smelters' comprehensive profits have shrunk, they remain at a relatively high level. More smelters are undergoing maintenance in September, and the output is expected to decline by 1 - 20,000 tons month - on - month, with the monthly output expected to be around 600,000 tons. The supply side generally remains loose [7]. - Thanks to the resumption of previously shut - down and reduced - production facilities, the operating rates of galvanizing and zinc oxide have slightly increased. However, overall consumption is not ideal during the peak consumption season. The operating rate in the primary consumption sector has increased month - on - month but is weaker than the same period last year. Social inventories decreased slightly on Monday [7]. - There is still some bargain - hunting replenishment by downstream enterprises when zinc prices fall, but most of the previous price - fixing has been completed, and the spot premium has limited upward momentum. Zinc prices are expected to fluctuate between 21,800 - 22,500 yuan [7]. Group 4: Market Review - **Futures Market Quotes**: - For the contract "2510" of Shanghai Zinc, the opening price was 21,930 yuan/ton, the closing price was 21,845 yuan/ton, the highest was 21,980 yuan/ton, the lowest was 21,830 yuan/ton, the change was - 100 yuan/ton, the change rate was - 0.46%, the trading volume was 2,510, and the open interest was 42,441 with a decrease of 5,600 [7]. - For the contract "2511" of Shanghai Zinc, the opening price was 21,895 yuan/ton, the closing price was 21,860 yuan/ton, the highest was 21,985 yuan/ton, the lowest was 21,860 yuan/ton, the change was - 95 yuan/ton, the change rate was - 0.43%, the trading volume was 2,511, and the open interest was 141,867 with an increase of 1,495 [7]. - For the contract "2512" of Shanghai Zinc, the opening price was 21,905 yuan/ton, the closing price was 21,875 yuan/ton, the highest was 21,990 yuan/ton, the lowest was 21,870 yuan/ton, the change was - 80 yuan/ton, the change rate was - 0.36%, the trading volume was 2,512, and the open interest was 49,776 with an increase of 5,966 [7]. Group 5: Industry News - On September 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 21,920 - 22,035 yuan/ton, that of Shuangyan was between 22,050 - 22,165 yuan/ton, and that of 1 zinc was between 21,850 - 21,965 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 21,890 - 21,995 yuan/ton. The regular brands in Ningbo were quoted at a discount of 25 yuan/ton to the "2510" contract and a premium of 30 yuan/ton to Shanghai spot [8]. - In the Tianjin market, 0 zinc ingots were mainly traded between 21,890 - 22,010 yuan/ton, and 1 zinc ingots were traded around 21,800 - 21,920 yuan/ton. The price of Huludao zinc was 22,580 yuan/ton [8]. - In the Guangdong market, 0 zinc was mainly traded between 21,845 - 21,995 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the "2511" contract and at par with Shanghai spot [8]. Group 6: Data Overview - The report mentions data on the weekly inventory of SMM's seven - region zinc ingots (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE's inter - month spread, but specific data values are not provided [13][15]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. Considering the steel mill's resumption rhythm and restocking demand before the National Day holiday, it is expected that the iron ore price may fluctuate strongly in the near future [7][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook - **Market Review**: On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. The spot market showed that on September 24, the main iron ore outer - market quotes were flat compared to the previous trading day, and the prices of main - grade iron ore at Qingdao Port were mostly flat compared to the previous day. Technically, the daily KDJ indicator of the iron ore 2601 contract continued to decline, and the daily MACD indicator formed a death cross [7][9] - **Future Outlook**: Recently, the shipments from Australia and Brazil decreased, while the arrivals increased. The total shipments from Australia and Brazil in the past four weeks increased by 3.56% compared to the previous four weeks. Considering the shipping time, the future arrivals are expected to further recover, showing a pattern of being low first and then high. On the demand side, last week, the molten iron output, blast furnace start - up rate, and blast furnace capacity utilization rate rebounded again, with obvious demand recovery after the September 3rd restrictions. However, the continuous decline in the profitability of downstream steel enterprises will limit the growth space of demand. In terms of inventory, as the National Day holiday in October approaches, steel mills have started the restocking process, which will support the iron ore demand before the holiday [10][11] 3.2 Industry News - **Anti - Dumping News**: On September 23, South Korea decided to impose temporary anti - dumping duties on carbon steel and alloy steel hot - rolled coils from China and Japan. From September 19, India decided to impose a 5 - year anti - dumping duty on cold - rolled non - oriented electrical steel from China [12] - **Policy News**: Six ministries including the Ministry of Industry and Information Technology jointly issued the "Work Plan for Stable Growth of the Building Materials Industry (2025 - 2026)", aiming to make the building materials industry recover and improve profitability from 2025 - 2026, and increase the scale of green building materials and advanced inorganic non - metallic materials industries. The green building materials' operating income is expected to exceed 30 billion yuan in 2026. Five key tasks are deployed, including strengthening industry management, enhancing industrial technological innovation, expanding effective investment, expanding consumer demand, and deepening opening - up and cooperation [12][13] 3.3 Data Overview - The report provides multiple data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder at Qingdao Port, the basis between iron ore spot and January contract at Qingdao Port, the shipments from Brazil and Australia, the arrivals at 45 ports, the capacity utilization rate of domestic mines, the trading volume at main ports, the inventory available days of steel mills' iron ore, the inventory of imported sintered powder ore, the inventory and dispatch volume of port iron ore, the cost of molten iron in sample steel mills, the start - up rate and capacity utilization rate of blast furnaces and electric furnaces, the daily average molten iron output nationwide, the apparent consumption of five major steel products, the weekly output of five major steel products, and the inventory of five major steel products in steel mills [15][20][24]

Report Information - Report Name: Copper Futures Daily Report [2] - Date: September 25, 2025 [3] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] Investment Rating - Not provided Core View - The Shanghai copper price is expected to fluctuate strongly before the holiday. The high copper price suppresses downstream pre - holiday stocking sentiment, but the weak US dollar in the Fed's interest - rate cut cycle and China's potential pre - holiday restocking expectations provide strong support for the price. Considering the release of the US non - farm payroll data in September during the holiday, it is recommended to control positions before the holiday [11] Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper price fluctuated narrowly. Fed Chair Powell's remarks on balancing inflation concerns and a weakening job market led to a rise in the US dollar index, putting pressure on copper prices. However, the sharp rise in the A - share market increased investors' risk appetite. The spot copper price rose by 35 to 80045, and the spot premium remained flat at 55. The downstream stocking sentiment was weak approaching the holiday, and the premium was under pressure. The price structure remained near par. [11] 2. Industry News - Southern Copper plans to keep its copper production in the country stable in 2025 and is betting on capacity expansion in the next decade through multi - billion - dollar new projects. The company's CFO expects this year's copper production to be roughly the same as last year's 414,000 tons, and the production of molybdenum and silver will also remain stable. The company operates two major mines in Peru, which produced 13,400 tons of molybdenum and 177.2 tons of silver last year [12] - The Ministry of Natural Resources and the Standardization Administration of China issued the "Three - Year Action Plan for the Standard System and Standard Development to Support the New Round of Mineral Exploration Breakthrough Strategic Action (2025 - 2027)". In 2025, a collaborative promotion mechanism for geological and mineral standardization work will be initially established, and 20 - 25 important and urgently needed standards for mineral exploration breakthrough will be developed and released. In 2026, another 20 - 25 such standards will be developed and released, and in 2027, 30 - 35 standards will be developed and released [12]

Report Information - Report Title: Carbonate Lithium Futures Daily Report [1] - Date: September 25, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Industry Investment Rating - Not provided in the report Core View - The carbonate lithium futures continued a weak and volatile trend. The market sentiment gradually weakened as the expected production cuts on the supply side near the end of the month were not realized. The futures market maintained a contango structure, with futures prices lower than spot prices. The spot price of electric carbon remained stable, while the prices of Australian ore and mica decreased with the downward movement of the futures market. The production losses of salt plants using purchased lithium spodumene and lithium mica improved slightly. Although salt plants were currently operating at a loss, it did not affect their production enthusiasm. As the industry's peak demand season was approaching, the pre - National Day stocking by downstream material factories was nearing completion, and the support from the spot market was gradually weakening. Overall, the pressure on the futures market increased due to the continuous high production of carbonate lithium, combined with the approaching end of spot stocking. However, considering the expected increase in new energy vehicle production and sales this year due to the subsidy reduction next year and the unexpected performance of the energy storage sector, the demand for carbonate lithium was expected to increase rapidly, and the downward adjustment space for carbonate lithium was limited. Attention should be paid to the support level of around 72,000 for the main contract [9]. Summary by Directory 1. Market Review and Operation Suggestions - The carbonate lithium futures continued a weak and volatile trend. The expected production cuts on the supply side were not realized, and the market sentiment weakened. The futures market was in a contango structure, with futures prices lower than spot prices. The spot price of electric carbon was stable, and the prices of Australian ore and mica decreased. The production losses of salt plants improved slightly, but it did not affect production enthusiasm. The pre - National Day stocking by downstream material factories was nearing completion, and the spot - market support was weakening. The pressure on the futures market increased due to high production and approaching end of stocking, but the downward adjustment space was limited. Attention should be paid to the support level of around 72,000 for the main contract [9]. 2. Industry News - On September 23, Australian mining company Anson Resources signed a battery - grade carbonate lithium purchase agreement with South Korean LG Energy Solution. LG will purchase up to 4,000 dry metric tons of battery - grade carbonate lithium annually from Anson's project in the Paradox Basin, Utah, USA, starting in 2028, accounting for about 40% of the project's initial annual production capacity of about 10,000 tons. The initial term of the agreement is five years, with a possible five - year extension [12]. - In August 2025, China's lithium spodumene import volume was 619,200 tons, a 17.5% decrease from the previous month. Imports from Australia were 212,000 tons, a 50.5% decrease from the previous month and a 30.7% decrease from the same period last year; from South Africa were 56,000 tons, a 46.8% decrease from the previous month; from Zimbabwe were 118,000 tons, an 83.9% increase from the previous month; from Nigeria were 105,000 tons, a 9.5% decrease from the previous month; and from Mali were 73,000 tons. From January to August, China's lithium spodumene import volume was 4.865 million tons, including 2.445 million tons from Australia, 655,000 tons from South Africa, and 696,000 tons from Zimbabwe. The import volume in July soared and returned to the average level of the previous months in August [12][13].

Report Information - Reported Industry: Fats and Oils [1] - Date: September 25, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Market Review and Operation Suggestions Market Review - East China converted third - grade rapeseed oil: Spot price is OI2601 + 250, from October to November it's OI2601 + 260. East China converted first - grade rapeseed oil: In October it's OI2601 + 360, from November to December it's OI2601 + 380. - East China market first - grade soybean oil basis price: From December to January it's 01+220, from December to February it's 01+240, from January to March it's 01+200, from April to July it's 05+250. - Guangdong traders' palm oil quotes are temporarily stable: 18 - degree is 01+140 (Guangzhou warehouse), 18 - degree is 01+120 (Dongguan warehouse), 24 - degree is 01 - 40 (Dongguan warehouse), 28 - degree is 01 - 40 (Dongguan warehouse) [7] Core Viewpoints - The Argentine government temporarily cancelled tariffs on soybeans and their derivatives until October 31 or until export volume reaches $7 billion. The fats and oils market rebounded after a sharp decline. Argentina may increase soybean exports to China by 2 - 4 million tons after the tax cut, advancing supply. Domestic fats and oils supply is sufficient this year, but there may be a temporary shortage in Q1 next year. - Near - term rapeseed oil inventory continues to decline, with concentrated supply. Traders are holding prices, and the basis quote is rising. Monitor China - Canada trade and rapeseed supply. - For the 01 contract, it has both upside pressure and downside support, so expect range - bound trading. For the 05 contract, consider low - buying and rolling long positions. In the long - term, fats and oils are bullish due to biodiesel policies. Monitor China - US negotiations and biofuel policies [8] 2. Industry News - SPPOMA data shows that from September 1 - 20, Malaysia's palm oil production decreased by 7.89% month - on - month, with FFB yield down 6.57% and OER down 0.25% month - on - month. - ITS data shows that Malaysia's palm oil exports from September 1 - 20 were 1,010,032 tons, an 8.7% increase from August 1 - 20. Exports to China were 30,400 tons, lower than 40,800 tons in the same period last month. - SGS data shows that Malaysia's palm oil exports from September 1 - 20 were 559,829 tons, a 16.1% decrease from August 1 - 20 [9] 3. Data Overview - The report presents various data charts including spot prices of East China third - grade rapeseed oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, and basis changes of palm oil, soybean oil, and rapeseed oil, as well as price spreads and exchange rates [11][13][14][21][26][27]