Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On September 18, 2025, the soybean oil futures continuously declined with a drop of 1.64%. Multiple unfavorable factors led to the decline, and the subsequent trend should be treated with a volatile and bearish outlook [3][4]. - The stock index futures are expected to continue high - level volatile adjustment in the short term [7]. - Gold is expected to be adjusted for some time after closing with a mid -阴线 due to the so - called "buy on rumor, sell on news" effect after the Fed's normal 25 - basis - point rate cut [11][12]. - Iron ore may be supported by restocking. Technically, it is in a high - level wide - range volatile range and should be treated with a volatile mindset [15][16]. - Glass continues to adjust today, and attention should be paid to the support level of the lower platform. The downstream deep - processing orders' recovery is insufficient, and attention should be paid to the restocking situation approaching the peak season [19][20]. - High inventory of soybean oil suppresses the price increase space, and it should be treated with a volatile and bearish outlook [23]. - Pulp in Shandong maintains stable prices, with port inventory starting to decline slightly. It is expected to be boosted before the Mid - Autumn Festival peak season but has not improved yet. It is maintained at a low - level volatile view, and high - selling and low - buying within the range can be considered [27]. Group 3: Summary by Directory Soybean Oil - Supply side: The domestic soybean arrival volume remains high, the oil mill operating rate is at a high level in recent years, and the actual crushing volume last week reached 2.3039 million tons. The soybean supply is sufficient, leading to increased soybean oil output. The port soybean inventory has increased to 9.661 million tons, and the soybean oil commercial inventory has continuously increased, reaching 1.2513 million tons as of September 5, a month - on - month increase of 12,500 tons [4]. - Demand side: There is not much new demand currently. Although some groups have started small - package stocking, the external sales of bulk oil have decreased, and it is not yet the time for the concentrated release of Mid - Autumn Festival and National Day stocking demand, so the demand side has insufficient support for prices [4]. - International market: The US soybean futures have been running weakly, weakening the support for domestic soybean oil [4]. Stock Index Futures - Market performance: The three major A - share indexes opened lower in the morning, rose rapidly, then fell back at noon, and suddenly dived in the afternoon. The Shanghai Composite Index closed with a mid -阴线 [7][8]. - News: The Fed announced its first 25 - basis - point rate cut in 2025 as expected, and the securities trading stamp duty in August increased by 226% year - on - year [7]. Gold - The Fed's normal 25 - basis - point rate cut, in line with market expectations, led to a general decline in the commodity market, and gold closed with a mid -阴线 [12]. Iron Ore - Supply side: The shipping is stable. Recently, steel mills show signs of gradually resuming production, and the hot metal is expected to remain at a high level [16]. - Demand side: Approaching the National Day in the middle and late period, steel mills' restocking may support the raw materials [15][16]. Glass - Supply side: The daily melting is basically stable, and the factory inventory has slightly declined [20]. - Demand side: The recovery of downstream deep - processing orders is insufficient, and attention should be paid to the restocking situation approaching the peak season [20]. Pulp - Market situation: The pulp price in Shandong today remains stable, and the port inventory starts to decline slightly, remaining at a medium - to - high level. It is expected to be boosted before the Mid - Autumn Festival peak season but has not improved yet [27].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The decline of soybean oil futures on September 17, 2025, was due to multiple factors, and the subsequent trend should be treated with a bias towards a downward oscillation [3][4]. - The A - share market is expected to continue high - level oscillation in the short term [7]. - For gold, it is recommended to wait for the result of the Fed's September interest - rate decision before making a decision [11]. - Iron ore should be treated with an oscillation mindset as the start of restocking may support raw materials [13]. - Glass can be considered from a low - buying perspective [17]. - Pulp is expected to maintain a low - level oscillation, and high - selling and low - buying within the range can be considered [24]. 3. Summary by Related Catalogs Soybean Oil - Supply: The current domestic soybean arrival volume remains high, the oil mill operating rate is at a high level in recent years, and last week's actual crushing volume reached 2.3039 million tons. The soybean inventory at ports increased to 9.661 million tons, and the commercial inventory of soybean oil also continued to accumulate, reaching 1.2513 million tons as of September 5, a month - on - month increase of 12,500 tons [4]. - Demand: There is not much new demand currently. Although some groups have started small - package stockpiling, the external sales of bulk oil have decreased, and the concentrated release of stocking demand for the Mid - Autumn Festival and National Day has not yet arrived [4]. - International Market: The continuous weak operation of US soybean futures has weakened the support for domestic soybean oil [4]. - Inventory: On September 12, the domestic commercial inventory of soybean oil was 1.26 million tons, a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons. High inventory suppresses the price increase space [21]. A - share Market - Market Performance: The three major A - share indices opened lower and oscillated in the morning on September 18, 2025, and started to recover after 10:30. The Shenzhen Component Index and the ChiNext Index performed stronger than the Shanghai Composite Index [8]. - News: The Ministry of Commerce and eight other departments issued "Several Policy Measures to Expand Service Consumption", and the market awaited the result of the Fed's September interest - rate decision at 0:00 on September 18 [7]. - Outlook: The market is expected to continue high - level oscillation in the short term [7]. Gold - Market Condition: Gold oscillated after reaching a new high, and the market was waiting for the result of the Fed's September interest - rate decision [11]. - Recommendation: Wait for the news to land before making a decision [11]. Iron Ore - Supply: The shipment is stable, and steel mills are showing signs of gradual resumption of production. The molten iron is expected to maintain a high - level operation [14]. - Demand: As the National Day approaches in the middle and late period, steel mills' restocking may support raw materials [13][14]. - Outlook: It is still in a high - level wide - range oscillation range and should be treated with an oscillation mindset [13]. Glass - Supply: The daily melting is basically stable, and the factory inventory has decreased slightly [18]. - Demand: The recovery of downstream deep - processing orders is not sufficient, and attention should be paid to the restocking situation near the peak season [18]. - Outlook: After a small adjustment today, it can be considered from a low - buying perspective [17]. Pulp - Price: The pulp price in Shandong area remained stable today [24]. - Inventory: The port inventory started to decrease slightly and remained at a medium - high level [24]. - Outlook: There is expected to be a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. It is expected to maintain a low - level oscillation, and high - selling and low - buying within the range can be considered [24].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The double - offset paper market shows a pattern of supply - demand weakness. The spot price in Shandong is stable, downstream demand is weak, and the industry profit has narrowed below the cost line. It is expected to remain volatile in the short term, with attention to device operation and pulp price changes [8]. - The pulp market also has a supply - demand weakness. The price of silver leaf pulp in Shandong is stable with a downward trend, the industry's operating rate is low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, suggesting a high - selling and low - buying strategy [13]. - For both pulp and double - offset paper, the long - position main force has reduced positions, which is bearish [16]. 3. Summary by Related Catalogs Double - Offset Paper - **Supply and Inventory**: Some停产 enterprises have resumed production this week, and the capacity utilization rate has increased month - on - month. However, downstream consumption has not improved, and users mainly make rigid - demand purchases. Traders mostly follow a just - in - time inventory strategy. Enterprise inventory has slightly increased compared to last week, and on - site inventory has continued a small rebound, remaining at a high level in recent years [2]. - **Price and Market Outlook**: The spot price of double - offset paper in Shandong remains stable today. With weak supply and demand, the shut - down factories have not resumed production on a large scale. The industry profit has continued to narrow below the cost line. In the short term, it is expected to remain volatile, and future focus should be on device operation and pulp price changes [8]. Pulp - **Price and Market Outlook**: The price of silver leaf pulp in Shandong is stable with a downward trend today. With weak supply and demand, the industry's operating rate remains low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, and a high - selling and low - buying strategy is recommended [13]. - **Main Force Trend**: The long - position main force in the pulp market has reduced positions, which is bearish [16].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The overall carbon element supply remains abundant, with an expectation of a gradual recovery in downstream hot metal. The market sentiment still anticipates coal over - production inspections. For various commodities, there are different trends and investment suggestions, including seizing opportunities in the volatile and upward - trending markets [5][6]. 3) Summary by Related Catalogs A. Coking Coal and Coke - On September 16, 2025, coking coal futures rose for the fourth consecutive day, with a gain of 5.84% and closing at 1,240 yuan. From a fundamental perspective, stricter safety inspections in Shanxi may limit production release, but steel mill profits have limited recovery, hot metal production is at a medium - low level, coke demand is insufficient, and coking plant inventories are high with low procurement willingness. From a news perspective, supply - side disturbances at coal mines may last until around National Day, but downstream procurement of coking coal and coke has slowed, and speculative demand has weakened. The prices of coke and coking coal are still greatly affected by the "anti - involution" policy expectations, with high volatility. One should seize the opportunities in the volatile and upward - trending markets [3][4][6]. B. Stock Index Futures - The ChiNext market closed with a small阳线 with a lower shadow. In terms of news, the results of the China - US economic and trade talks in Madrid were announced, reaching a basic framework consensus. Since the "14th Five - Year Plan", China's grain output has reached a new level, with a per - capita possession of 500 kilograms. It is expected that the market will continue to fluctuate upward in the short term [9]. C. Gold - The US non - farm payroll data for August still fell short of expectations, and there is a high probability of a Fed rate cut in September, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and the price is expected to continue rising in the short term [13]. D. Iron Ore - The supply - side shipments are stable. Recently, steel mills have shown signs of gradual resumption of production, and hot metal is expected to remain at a high level. As the National Day approaches in the middle and late period, the start of restocking by steel mills may support raw materials. Technically, it is still in a high - level wide - range shock range, and a shock - based approach should be adopted [16][17]. E. Glass - Technically, it rebounded strongly today. The daily melting volume is basically stable, factory inventories have slightly declined, but the recovery of downstream deep - processing orders is still insufficient. One should pay attention to the restocking situation approaching the peak season and continue to view it from a low - buying perspective [20][21]. F. Alumina - As of August, the weighted average full cost of China's alumina industry was 2,852.79 yuan per ton, an increase of about 7.85 yuan per ton from the previous month. With the "anti - involution" trend emerging and market sentiment improving, it should be treated with a volatile and upward - trending view [24]. G. Pulp - Today, the pulp price in Shandong remained stable, and port inventories started to slightly decline but remained at a medium - high level. Before the Mid - Autumn Festival peak season, there are expected positive factors for pulp, but there has been no improvement yet. A low - level shock view is maintained, and one can consider high - selling and low - buying within the range [27].

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The overall carbon element supply remains abundant, and there is an expectation of a gradual recovery in downstream hot metal. The prices of coking coal and coke are still significantly affected by the expectation of the "anti - involution" policy, with high volatility. One should seize the opportunities of the oscillating upward trend [2][3][4]. - The stock index futures are expected to continue to oscillate upward in the short term [7]. - The price of gold is expected to continue rising in the short term [11]. - The iron ore market may be supported by the start of restocking, and it should be treated with an oscillating mindset [14]. - The glass market should be viewed from a low - buying perspective as it rebounded strongly today [18]. - The palm oil market should be treated with an oscillating downward view due to high inventory pressure and lack of demand [22]. - The pulp market is expected to remain in low - level oscillations, and one can consider high - selling and low - buying within the range [25]. 3. Summary by Relevant Catalogs Hot Focus - On September 15, 2025, coking coal futures rose for the third consecutive day, with a gain of 4.40%, closing at 1,187 yuan. The tightening of safety inspections in Shanxi may limit production release, but steel mill profits have limited recovery, hot metal production is at a medium - low level, coke demand is insufficient, and coking plant inventories are high, resulting in low procurement willingness. Coal mine supply disturbances may last until around National Day, but downstream procurement of coking coal and coke has slowed down, and speculative demand has weakened [2][3]. Technical Analysis - Stock Index Futures - The stock index futures reached a new high in this round of rebound after rising and then falling. The National Bureau of Statistics reported that the added value of industrial enterprises above designated size increased by 5.2% year - on - year in August. The Ministry of Commerce launched anti - dumping investigations on analog chips and anti - discrimination investigations on integrated circuits. It is expected to continue to oscillate upward in the short term [7]. Technical Analysis - Gold - The short - term trend of gold is upward. The US non - farm payroll data in August was still below expectations, and the probability of the Fed cutting interest rates in September is relatively high, which is beneficial to gold. The weekly adjustment is relatively sufficient [11][12]. Technical Analysis - Iron Ore - The start of restocking may support the raw material. Technically, it is still in a high - level wide - range oscillation range. The supply side has stable shipments, steel mills are showing signs of复产, hot metal is expected to remain at a high level, and steel mills may restock before National Day [14][15]. Technical Analysis - Glass - Technically, the glass market rebounded strongly today. The daily melting volume is basically stable, factory inventories have declined slightly, but the recovery of downstream deep - processing orders is insufficient. Attention should be paid to restocking before the peak season [18][19]. Technical Analysis - Palm Oil - The recent cumulative increase in the oil market is large. With the overall increase in inventory pressure and lack of demand, the market's motivation to continue chasing up has decreased, and the pressure of profit - taking has increased. It should be treated with an oscillating downward view [22]. Technical Analysis - Pulp - The pulp price in Shandong remained stable today, and port inventories started to decline slightly, remaining at a medium - high level. There is an expected boost before the Mid - Autumn Festival peak season, but there is no sign of improvement yet. It is expected to remain in low - level oscillations, and one can consider high - selling and low - buying within the range [25].

金信期货日刊 本刊由金信期货研究院撰写 2025/09/15 GOLDTRUST FUTURES CO.，LTD ibaotu.com 热点聚焦 焦煤盘面升水，价格受"反内卷"政策预期扰动仍大 2025年9月12日，焦煤期货连续第二日上涨，涨幅达0.88% ，收于1144元。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 从基本面来看，山西安检趋严或许会阶段性限制产量释放，但目前钢厂利润修复有限，铁水产量处 于中低位，焦炭刚需不足，而且焦化厂库存高企，采购意愿低迷。 从消息面来说，煤矿供应端扰动或持续至十一前后，但双焦下游采购节奏放缓，投机需求有所弱化。 整体来看，碳元素供应依然充裕，下游铁水有逐渐恢复的预期，受事件影响短期降幅较大，市场情 绪对煤炭查超产仍有预期。 焦炭盘面升水，焦煤盘面升水，价格受"反内卷"政策预期扰动仍大，波动率较大。把握震荡偏多 的机会。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRU ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the price of crude oil will fluctuate in a weak trend, and in the long term, the global crude oil market will face a situation of oversupply [3] - The price of PX will mainly fluctuate, and the supply - demand pattern of PTA is strong in the near term and weak in the long term, limiting its price rebound space [3] - The price of MEG will fluctuate and adjust in the short term, and there is a risk of supply - demand gap under low inventory [4] - The price rebound space of BZ and EB is limited [4] Summary by Related Catalogs Crude Oil - OPEC+ decided to increase the oil production cap of 8 major oil - producing countries by 137,000 barrels per day in October compared to September [3] - The market is concerned about the upcoming 19th round of EU sanctions on Russia and Trump's secondary tariffs on countries importing Russian oil [3] - After the peak energy demand season ends, the price will fluctuate in a weak trend in the short term, and there will be an oversupply situation in the long - term global crude oil market [3] PX & PTA - Domestic PX weekly average capacity utilization rate is 84.63%, unchanged from last week, and the Asian PX weekly average capacity utilization rate is 74.45% (+0.36%) [8] - The PX - naphtha spread remains at around $235 per ton [8] - Fuguida Chemical's 700,000 - ton PX device will start maintenance next week and restart in November [3][8] - South Korea's major petrochemical companies plan to cut naphtha cracking capacity, which will affect Asian PX production. China's PX import dependence is 19.9%, with 40% from South Korea [8] - PTA device changes are frequent, with two 2.5 - million - ton devices restarted, and the overall load is 74.95% (+4.3%) [3] - PTA processing fees have weakened to 129 yuan per ton, at a low level in recent years [3] - There is an expectation of a 3 - million - ton/year new PTA device being put into production in the fourth quarter, and the supply - demand pattern is strong in the near term and weak in the long term [3] MEG - The MEG operating rate continues to rise, and port arrivals are scarce in early September. Port inventories will decline in the next two weeks and are at a historical low [4] - There is an expectation of inventory accumulation in the far - month, suppressing the valuation of the 2601 contract [4] - In the short term, pay attention to the supply - demand gap risk under low MEG inventory [4] - The price of MEG is expected to fluctuate and adjust in the short term [4] BZ & EB - The pure benzene operating rate remains high, with new domestic capacities concentrated in August - September, and the supply pressure is large, with high port inventories and possible further inventory accumulation [4] - The downstream operating rate of benzene has weakened again, and the overall profit is still poor [4] - The BZN has weakened and then stabilized [4] - The styrene operating rate is 74.98% (down 4.76% from last week), and new capacities will be gradually released from September - October, with supply expected to increase [4] - The 3S operating rate has rebounded slightly, but the downstream finished product inventory is high, and the procurement enthusiasm is limited [4] - The port inventory of styrene is slowly being depleted, and the price rebound space is limited [4] Polyester Industry - The weekly average capacity utilization rate of the domestic polyester industry is 87.9%, up 0.57% from last week [26] - The comprehensive operating rate of chemical fiber weaving in Jiangsu and Zhejiang is 62.42% (unchanged from last week), and the average order days are 14.55 days (up 0.66 days from last week), with a slight inventory accumulation in factories [26] - The terminal weaving market lacks overall driving force, downstream demand has not improved significantly, and the market is still in the recovery stage [26] Pure Benzene and Styrene - The pure benzene operating rate is 79.29% (down 0.14% from last week), and the styrene operating rate is 74.98% (down 4.76% from last week), with BZN dropping to around $120 per ton [34] - Among the downstream 3S, the PS operating rate is 61.9% (+0.9), the EPS operating rate is 61% (-8.48), and the ABS operating rate is 70% (+1.0), with the ABS inventory pressure being large [34] - In the "Golden September and Silver October" peak season, the downstream demand has improved month - on - month, and the styrene port inventory has started to decline [34]

Group 1: Report Overview - Report date: September 12, 2025 [1] - Report issuer: GOLDTRUST FUTURES CO., LTD [2] Group 2: Hotspot Focus - Coking Coal - Price movement: On September 11, 2025, coking coal futures closed up 26.0 yuan, a 2.33% increase, at 1141 yuan [2] - Fundamental situation: Tighter safety inspections in Shanxi may limit production release, but steel mill profits have limited recovery, hot metal production is at a medium - low level, coke demand is insufficient, and coking plants have high inventories and low procurement willingness [2] - News situation: Coal mine supply disruptions may last until around National Day, downstream procurement of coking coal and coke has slowed, and speculative demand has weakened. Overall, carbon element supply is still abundant, with an expected recovery in downstream hot metal [3] - Investment suggestion: Coking coal and coke prices are greatly disturbed by the "anti - involution" policy expectations, with high volatility. Seize the opportunity of an oscillating upward trend [3] Group 3: Technical Analysis - Stock Index Futures - Market situation: Consumption policies continue to take effect, with the core CPI up 0.9% year - on - year in August. Six departments are jointly rectifying the "black public relations" and "口水战" chaos in the auto industry. The A - share market opened slightly lower and then rose rapidly, closing with a large positive line [7][8] - Investment suggestion: It is expected that the market will continue to oscillate upward in the short term [7] Group 4: Technical Analysis - Gold - Market situation: The US non - farm payrolls data in August still fell short of expectations, increasing the probability of a Fed rate cut in September, which is positive for gold. The weekly adjustment is relatively sufficient [12] - Investment suggestion: Gold prices are expected to continue rising in the short term [12] Group 5: Technical Analysis - Iron Ore - Market situation: Supply shipments are stable. Steel mills are showing signs of resuming production, and hot metal is expected to remain at a high level. As the National Day approaches in the middle and late months, steel mills may start restocking [16] - Investment suggestion: Restocking may support raw materials. Technically, it is still in a high - level wide - range oscillation range, and pay attention to the breakthrough situation [15] Group 6: Technical Analysis - Glass - Market situation: Daily melting is basically stable, factory inventories continue to accumulate, and the recovery of downstream deep - processing orders is insufficient. Pay attention to restocking as the peak season approaches [20] - Investment suggestion: Technically, it had a narrow - range consolidation today. It can be viewed with a low - buying strategy [19] Group 7: Technical Analysis - Palm Oil - Market situation: The oil market has had a large cumulative increase recently. With rising inventory pressure and lack of demand support, the motivation for further chasing up has declined, and the pressure for profit - taking has increased [23] - Investment suggestion: Treat it with an oscillating downward view [23] Group 8: Technical Analysis - Pulp - Market situation: Pulp prices in Shandong remained stable today. Port inventories started to decline slightly and are at a medium - high level. There are expectations of a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet [26] - Investment suggestion: Maintain the view of low - level oscillation and suggest short - term long positions [26]

Report Industry Investment Rating - Not provided Core Viewpoints - For double - offset paper, with weak fundamentals and low prices, it is recommended to view it as oscillating weakly. For pulp futures, a short - selling approach on rallies is suggested [6][15] - The short - side main force has increased positions in pulp, and the long - side main force has reduced positions in double - offset paper, both being bearish signals [18] Summary by Related Catalogs Double - Offset Paper Fundamental Analysis - **Price**: The average price of double - offset paper enterprises was weakly sorted. The tax - included average price of 70g double - offset paper was 4,785.7 yuan/ton, with a month - on - month decrease of 1.2% [3] - **Supply**: The output was 195,000 tons, a decrease of 10,000 tons or 4.9% from the previous period. The capacity utilization rate was 52.9%, down 2.7% from the previous period. Although the industry's profitability was low and there was some production switching, new installations led to an incremental supply [4] - **Cost**: The prices of softwood pulp and hardwood pulp were flat, providing limited cost support [5] - **Demand**: Dealers were cautious about stockpiling, social orders of downstream printing factories were average, and overall demand was mainly for essential needs [5] - **Strategy**: As some suspended production enterprises have not fully resumed production, the industry's profitability is under pressure. It is expected that the supply increase next week will be limited [6] Supply - Demand Analysis of Double - Offset Paper - Some suspended production enterprises resumed work this week, the capacity utilization rate increased month - on - month, but downstream consumption was not boosted. User purchases were mainly for essential needs, and dealers mostly followed a just - in - time inventory strategy. Enterprise inventories increased slightly, and on - site inventories continued to rebound slightly and were at a high level in recent years [8] Pulp Futures Fundamental Analysis - The spot price of silver leaf pulp in Shandong remained stable. With weak supply and demand, the industry's operating rate was low, and the support at the 5000 - point level was weakening [15]

Report Summary 1. Report Industry Investment Ratings - No investment ratings for industries are provided in the report. 2. Core Views - On September 10, 2025, the main contract of soybean oil futures dropped by 1.92% to 8256 yuan/ton. The decline was due to multiple factors including strong expectations of international soybean harvest, increased domestic soybean arrivals, high oil - mill operating rates leading to rising inventories, weak demand in the traditional off - season, enhanced substitution by palm oil, and market sentiment. Investors should monitor international soybean market trends, domestic demand changes, and policy adjustments to seize short - selling opportunities [3]. - For stock index futures, with a doji candlestick on the chart, and considering news such as an 8 - month CPI decline of 0.4% year - on - year, a PPI decline of 2.9% year - on - year, and tightened account - opening conditions for mainland residents by the world's largest online brokerage, the market is expected to remain in high - level oscillations in the short term [6]. - For gold futures, as the US August non - farm payroll data was below expectations and there is a high probability of a Fed rate cut in September, which is positive for gold. With sufficient weekly - line adjustments, the price is expected to continue rising in the short term [11]. - For iron ore futures, with stable supply shipments, signs of steel mills'复产, high - level operation of hot metal, and approaching National Day, steel mills' restocking may support raw materials. Technically, it is in a high - level wide - range oscillation range, and investors should watch for breakthroughs [14][15]. - For glass futures, daily melting is stable, factory inventories are accumulating, and downstream deep - processing orders' recovery is insufficient. Technically, it continued to adjust today, and a low - buying strategy can be adopted [18][19]. - For palm oil futures, due to large cumulative gains in the recent oil market, increased inventory pressure, and lack of demand support, the market's upward momentum has weakened, and profit - taking pressure has increased. It should be treated with a bearish and oscillatory view [22]. - For pulp futures, the pulp price in Shandong remained stable today, and port inventories started to decline slightly but remained at a medium - to - high level. There are expectations of a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. It is expected to remain in low - level oscillations, and short - term long positions are recommended [25]. 3. Summaries by Related Catalogs Hot Focus - Soybean Oil - On September 10, 2025, the main contract of soybean oil futures fell 1.92% to 8256 yuan/ton. Supply - side factors include strong international soybean harvest expectations, increased domestic soybean arrivals, and high oil - mill operating rates leading to rising inventories. Demand - side factors include weak demand in the traditional off - season, enhanced substitution by palm oil, and market sentiment. Investors should adjust strategies based on market and policy changes [3]. Technical Analysis - Stock Index Futures - The market closed with a doji candlestick. News includes an 8 - month CPI decline of 0.4% year - on - year, a PPI decline of 2.9% year - on - year, and tightened account - opening conditions for mainland residents by the world's largest online brokerage. It is expected to oscillate at high levels in the short term [6]. Technical Analysis - Gold - The US August non - farm payroll data was below expectations, and there is a high probability of a Fed rate cut in September, which is positive for gold. After sufficient weekly - line adjustments, the price is expected to rise in the short term [11]. Technical Analysis - Iron Ore - Supply shipments are stable. Steel mills are showing signs of复产, and hot metal is expected to operate at a high level. With the approaching National Day, steel mills' restocking may support raw materials. Technically, it is in a high - level wide - range oscillation range, and breakthroughs should be watched [14][15]. Technical Analysis - Glass - Daily melting is stable, factory inventories are accumulating, and downstream deep - processing orders' recovery is insufficient. Technically, it continued to adjust today, and a low - buying strategy can be adopted [18][19]. Technical Analysis - Palm Oil - Due to large cumulative gains in the recent oil market, increased inventory pressure, and lack of demand support, the market's upward momentum has weakened, and profit - taking pressure has increased. It should be treated with a bearish and oscillatory view [22]. Technical Analysis - Pulp - The pulp price in Shandong remained stable today, and port inventories started to decline slightly but remained at a medium - to - high level. There are expectations of a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet. It is expected to remain in low - level oscillations, and short - term long positions are recommended [25].