Group 1: Report's Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The price of raw sugar lacks the momentum to rebound due to the overall suppression of increased production, although the market's concerns have eased as the decline in the sugar - making ratio is relatively large. The domestic spot price continues to decline, with average trading volume, and the downstream demand is in a seasonal downturn. It is expected that the sugar sales progress will slow down later. However, the cost support for the futures price is gradually emerging, and the price is expected to fluctuate mainly [2]. Group 3: Summary by Directory Futures Market - The closing price of the main futures contract for sugar is 5457 yuan/ton, with a month - on - month increase of 31; the main contract position is 420,072 lots, with a month - on - month increase of 2776. The number of warehouse receipts is 8196, with a month - on - month decrease of 117; the net long position of the top 20 futures holders is - 72,687 lots, with a month - on - month decrease of 1619. The total forecast of effective warehouse receipts is 0, with no month - on - month change [2]. Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4166 yuan/ton, with a month - on - month decrease of 29; that of Thai sugar is 4223 yuan/ton, with a month - on - month decrease of 29. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5282 yuan/ton, with a month - on - month decrease of 37; that of Thai sugar is 5356 yuan/ton. The spot price of white sugar in Kunming is 5730 yuan/ton, with no change; in Nanning, it is 5750 yuan/ton, with a month - on - month decrease of 20; in Liuzhou, it is 5800 yuan/ton, with a month - on - month decrease of 10 [2]. Upstream Situation - The national sugar - crop planting area is 1480 thousand hectares, with an increase of 60 thousand hectares. The planting area of sugar - cane in Guangxi is 835.09 thousand hectares, with a decrease of 12.86 thousand hectares [2]. Industry Situation - The cumulative national sugar production is 1116.21 million tons, with an increase of 5.49 million tons; the cumulative national sugar sales volume is 811.38 million tons, with an increase of 86.92 million tons. The national sugar sales rate is 72.69%, with an increase of 7.47 percentage points. The monthly import volume of sugar is 550,000 tons, with a decrease of 280,000 tons. The total monthly sugar exports from Brazil are 324.58 million tons, with a decrease of 49.82 million tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1367 yuan/ton, with an increase of 4; outside the quota (50% tariff), it is 251 yuan/ton, with an increase of 12. The price difference between imported Thai sugar and Liuzhou sugar within the quota is 1310 yuan/ton, with an increase of 4; outside the quota (50% tariff), it is 177 yuan/ton, with an increase of 12 [2]. Downstream Situation - The monthly output of refined sugar is 45.41 million tons, with an increase of 4.41 million tons; the monthly output of soft drinks is 1775.8 million tons, with a decrease of 20.8 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar is 9.82%, with an increase of 1.97 percentage points; that of at - the - money put options is also 9.82%, with an increase of 1.97 percentage points. The 20 - day historical volatility of sugar is 8.15%, with an increase of 0.01 percentage points; the 60 - day historical volatility is 7.17%, with a decrease of 0.01 percentage points [2]. Industry News - According to the National Bureau of Statistics, in September 2025, China's refined sugar output was 539,000 tons, a year - on - year increase of 35.4%. From January to September 2025, the cumulative output of refined sugar was 1.0984 billion tons, a year - on - year increase of 10.8%. The ICE raw sugar futures closed lower on Wednesday, hitting the lowest level since June. The market expects the sugar production in the central - southern region of Brazil in the 2026/27 season to increase. The most actively traded March raw sugar futures on ICE fell 0.14 cents, or 0.90%, to settle at 15.10 cents per pound. According to the Brazilian Sugarcane Industry Association Unica, in the second half of September 2025, the central - southern region of Brazil crushed 40.86 million tons of sugarcane, a year - on - year increase of 5.18%; the sugar production was 3.14 million tons, a year - on - year increase of 10.76%, and the sugar - making ratio was 51.17%, higher than 47.73% in the same period of the previous year [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soda ash, supply is expected to be ample and demand to decline, making it difficult for prices to rise. It's recommended to short - term buy the soda ash main contract on dips [2]. - For glass, it's expected to continue weak and volatile. It's also recommended to short - term buy the glass main contract on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Soda ash main contract closing price is 1235 yuan/ton, up 12 yuan; glass main contract closing price is 1108 yuan/ton, up 14 yuan [2]. - Soda ash and glass price difference is 127 yuan/ton, down 2 yuan; soda ash main contract open interest is 1392523 lots, up 2060 lots; glass main contract open interest is 1658907 lots, down 891 lots [2]. - Soda ash top 20 net open interest is - 243380, down 1363; glass top 20 net open interest is - 197772, up 8605 [2]. - Soda ash exchange warehouse receipts are 9984 tons, down 218 tons; glass exchange warehouse receipts are 455 tons, unchanged [2]. - Soda ash basis is - 55 yuan/ton, up 14 yuan; glass basis is - 56 yuan/ton, down 14 yuan [2]. - The spread between January and May glass contracts is - 148, down 1; the spread between January and May soda ash contracts is - 83, up 2 [2]. 3.2 Spot Market - North China heavy soda ash price is 1155 yuan/ton, up 5 yuan; Central China heavy soda ash price is 1300 yuan/ton, unchanged [2]. - East China light soda ash price is 1250 yuan/ton, unchanged; Central China light soda ash price is 1145 yuan/ton, unchanged [2]. - Shahe glass sheet price is 1056 yuan/ton, down 16 yuan; Central China glass sheet price is 1150 yuan/ton, unchanged [2]. - Soda ash plant operating rate is 84.93%, down 3.48%; float glass enterprise operating rate is 76.35%, up 0.34% [2]. 3.3 Industry Situation - Glass in - production capacity is 16.12 million tons/year, up 0.05 million tons; glass in - production line number is 226, up 1 [2]. - Soda ash enterprise inventory is 171.07 million tons, up 1.02 million tons; glass enterprise inventory is 6427.6 million heavy boxes, up 145.2 million heavy boxes [2]. 3.4 Downstream Situation - Cumulative real estate new construction area is 453990000 square meters, up 55979900 square meters; cumulative real estate completion area is 311290000 square meters, up 34354600 square meters [2]. - Glass downstream procurement maintains rigid demand, buying on dips. Most enterprises' production and sales are poor, and market demand is relatively weak [2]. 3.5 Industry News - Total inventory of float glass sample enterprises is 666130000 heavy boxes, up 23370000 heavy boxes or 3.64% week - on - week, increasing for 3 weeks after the holiday, reaching a 3 - month high, with the year - on - year increase expanding to 16.99%, and inventory days reaching 28.3 days, up 1 day [2]. - The central government arranges 500 billion yuan from local government debt balance limits to local governments. For soda ash, domestic operating rate is declining, but it is at a relatively high level and shows an upward trend. After the summer centralized maintenance, industry operating load is gradually increasing, and soda ash output is continuously rising. For glass, the number of cold - repaired production lines is unchanged, and overall output remains at the bottom [2]. 3.6 Viewpoint Summary - Soda ash: Supply is expected to be loose, demand will decrease, and prices are unlikely to rise. Today's price bottomed out and rebounded due to stabilized market sentiment. Focus on market trading opportunities after the Fed cuts interest rates [2]. - Glass: Supply and demand remain at the bottom. Real estate is still sluggish. If the central bank cuts interest rates, it will support real estate demand; otherwise, it will continue to drag down glass demand. The market will fluctuate around demand, and the overall de - stocking trend remains unchanged [2].

1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Report's Core View - In the main grey - jujube producing areas in Xinjiang, the process of orchard contracting is progressing rapidly. Some areas are in the process of jujube picking, and the picking time is slightly earlier than last year. The mainstream price is 6.50 - 8.00 yuan/kg with high - quality products commanding higher prices. Given the large carry - over inventory of old crops, the supply - side pressure is expected to gradually emerge, and the probability of jujube prices continuing to decline increases. Attention should be paid to the mainstream purchase price and quality of new jujubes. [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the futures main contract for jujubes is 11,165 yuan/ton, down 100 yuan; the main contract's open interest is down 2,275 hands. The net long position of the top 20 futures holders is - 11,201 hands, down 5,837 hands. The number of warehouse receipts and the effective warehouse receipt forecast are both 0, with no change. [2] 3.2现货市场 - The prices of jujube in various regions are mostly stable, with only the special - grade jujube price in Hebei slightly down 0.01 yuan/kg to 10.69 yuan/kg. The prices of other grades and regions remain unchanged. [2] 3.3 Upstream Market - The annual jujube output is 606.9 million tons, an increase of 318.7 million tons, and the planting area is 199.3 million hectares, a decrease of 4.1 million hectares. [2] 3.4 Industry Situation - The national jujube inventory is 2,283,671 tons, a decrease of 158 tons. The monthly jujube export volume decreased by 81,222 kg, and the cumulative monthly export volume is 23,548,402 kg. [2] 3.5 Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni is - 2,981.06 tons, and the cumulative quarterly production volume is 36,480.43 tons, with a year - on - year decrease of 34.59%. [2] 3.6 Industry News - In Hebei's Cui'erzhuang market, 5 trucks of jujubes arrived, and the prices are stable. In Guangdong's Ruyifang market, 5 trucks of jujubes arrived, with prices weakly stable. Some suppliers with average - quality goods offered small discounts, and customers were selective in purchasing. [2]

碳酸锂产业日报 2025/10/23 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | 主力合约收盘价（日，元/吨） | 79,940.00 | +2820.00↑ 前20名净持仓（日，手） | -177,549.00 | -17641.00↓ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约持仓量（日，手） | 419,147.00 | +65916.00↑ 近远月合约价差（日，元/吨） | -100.00 | +840.00↑ | 广期所仓单（日，手/吨） | 28,759.00 | -260.00↓ | | | | | 电池级碳酸锂平均价（日，元/吨） | 74,800.00 | +450.00↑ 工业级碳酸锂平均价（日，万元/吨） | 72,550.00 | +450.00↑ | 现货市场 | -5,140.00 | -2370.00↓ ...

望。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) 36 主力合约持仓量:苹果(日,手) 期货前20名持仓:净买单量:苹果(日,手) 2844 | 8830 4242 | | 123339 | -5181 | | 现货市场 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, 山东沂源苹果现货价格(纸袋75#以上)(日, | | | 2.3 | 0 | | | 0 | 5 | | | | | | 元/斤) 陕西洛川苹果现货价格(纸袋70 ...

| 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12765 | 55 11-12月合约价差:不锈钢(日,元/吨) | -20 | 0 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8406 | 2293 主力合约持仓量:不锈钢(日,手) | 166411 | -13119 | | | 仓单数量:不锈钢(日,吨) | 74376 | 0 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13550 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9250 | 0 | | | SS主力合约基差(日,元/吨) | 785 | 0 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.17 | -0.03 | | | 进口数量:精炼镍及合金(月,吨) | 28570.87 | 4144.03 进口数量:镍铁(月,万吨) | 108 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The overall supply scale of polysilicon remains large, with some companies reducing production but the amplitude falling short of expectations, leading to continued accumulation of social inventory. The number of operating companies has increased, further intensifying supply - side pressure. Demand is relatively weak, with the downstream photovoltaic industry chain having low demand. Component tender prices are continuously falling, causing delays in centralized projects and a reduction in the demand for polysilicon from silicon wafers. Although N - type silicon materials maintain a certain premium due to the increasing penetration rate of TOPCon battery technology, the price of ordinary materials is approaching the cost line, and the overall industry gross profit margin is narrowing. High inventory will exert significant downward pressure on prices next week if supply pressure continues to increase. With the expectation of the conference, polysilicon prices have risen and the increase is expected to last for some time. The operation suggestion is to buy on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of polysilicon is 50,760 yuan/ton, up 450 yuan; the main contract position is 45,407 lots, down 3,609 lots; the spread between November - December of polysilicon is - 2,395 yuan, down 35 yuan; the spread between polysilicon and industrial silicon is 42,055 yuan/ton, up 230 yuan [2] 3.2 Spot Market - The spot price of polysilicon is 53,000 yuan/ton, up 200 yuan; the basis of polysilicon is 2,285 yuan/ton, down 175 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.51 US dollars/kg, down 0.02 US dollars; the average price of cauliflower - type polysilicon is 30 yuan/kg, unchanged; the average price of dense - type polysilicon is 36 yuan/kg, unchanged; the average price of re - feed polysilicon is 34.8 yuan/kg, unchanged [2] 3.3 Upstream Situation - The closing price of the main contract of industrial silicon is 8,705 yuan/ton, up 220 yuan; the spot price of industrial silicon is 9,350 yuan/ton, unchanged; the monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons; the monthly import volume of industrial silicon is 1,337.59 tons, up 1,220.14 tons; the monthly output of industrial silicon is 402,800 tons, up 36,000 tons; the total social inventory of industrial silicon is 552,000 tons, up 10,000 tons [2] 3.4 Industry Situation - The monthly output of polysilicon is 130,000 tons, up 5,000 tons; the monthly import volume of polysilicon is 1,292 tons, up 286 tons; the weekly spot price of imported polysilicon materials in China is 6.9 US dollars/kg, up 0.01 US dollars; the monthly average import price of polysilicon in China is 2.62 US dollars/ton, down 0.25 US dollars [2] 3.5 Downstream Situation - The monthly output of solar cells is 69,857,000 kilowatts, up 3,475,000 kilowatts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W; the monthly export volume of photovoltaic modules is 129,531,290 units, down 19,491,370 units; the monthly import volume of photovoltaic modules is 14,733,770 units, down 6,706,520 units; the monthly average import price of photovoltaic modules is 0.3 US dollars/unit, up 0.06 US dollars/unit; the weekly comprehensive price index (SPI) of the photovoltaic industry for polysilicon is 32.82, unchanged [2] 3.6 Industry News - According to the Silicon Industry Association, there are 11 polysilicon companies in operation this week. Based on the production plans of polysilicon companies in the fourth quarter, some production capacities in the southwest region are expected to gradually undergo maintenance and production cuts after entering the dry season in November. It is expected that October will be the peak production month of the year, and production will gradually decline from November to December. It is estimated that the annual domestic polysilicon output in 2025 will be about 1.34 million tons, a significant year - on - year decrease of 27.3% [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The total demand for industrial silicon from the three major downstream industries remains negative, and the industry inventory is still at a high level. Although the number of standard warehouse receipts has decreased, inventory digestion still faces certain pressure. Today, industrial silicon has risen, mainly due to the news of production cuts in the dry season. It is recommended to strategically place long positions on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8,705 yuan/ton, up 220 yuan; the position of the main contract is 76,195 lots, down 20,359 lots; the net position of the top 20 is -38,491 lots, down 1,652 lots; the warehouse receipts of GZEE are 48,371 lots, down 367 lots; the closing price of the December contract for industrial silicon is -370 yuan/ton, down 5 yuan; the spread between the November - December contracts for industrial silicon is -370 yuan, down 5 yuan [2] 3.2 Spot Market - The average price of oxygen - blown 553 silicon is 9,350 yuan/ton, unchanged; the average price of 421 silicon is 9,650 yuan/ton, unchanged; the basis of the Si main contract is 645 yuan/ton, down 220 yuan; the DMC spot price is 11,275 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,980 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 1,337.59 tons, an increase of 1,220.14 tons; the monthly export volume of industrial silicon is 76,642.01 tons, an increase of 2,635.83 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 21,000 yuan/ton, an increase of 100 yuan; the overseas market price of photovoltaic - grade polysilicon is 15.85 US dollars/kg, an increase of 0.1 US dollars; the weekly average spot price of photovoltaic - grade polysilicon is 6.51 US dollars/kg, a decrease of 0.02 US dollars; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.36%, a decrease of 1.16 percentage points; the monthly output of aluminum alloy is 1.635 million tons, an increase of 99,000 tons; the monthly export volume of aluminum alloy is 29,063.7 tons, an increase of 4,154.82 tons [2] 3.6 Industry News - According to the Silicon Industry Branch, there are 11 polysilicon enterprises in production this week. Based on the production plans of polysilicon enterprises in the fourth quarter, some production capacities in the southwest region are expected to gradually undergo maintenance and production cuts after entering the dry season in November. It is expected that October will be the peak production month of the year, and production will gradually decline from November to December. It is estimated that the annual domestic polysilicon production in 2025 will be about 1.34 million tons, a significant year - on - year decrease of 27.3% [2] 3.7 Viewpoint Summary - On the supply side, the spot price of industrial silicon in the market has mainly declined this week. Sichuan and Yunnan are transitioning from the wet season to the dry season in October, with rising production costs for manufacturers and accelerated implementation of production cut plans. Some enterprises that have exhausted their raw materials have chosen to stop production. Some small factories in Gansu and Ningxia have completed raw material reserves and are observing the market, ready to start production at any time. Currently, some factories in Xinjiang are actively engaged in production, and some are conducting transactions with futures - cash merchants, locking in profits in advance through forward contracts. On the demand side, the downstream of industrial silicon is mainly concentrated in the organic silicon, polysilicon, and aluminum alloy sectors. For organic silicon, the inventory is lower than the historical average. The production profit of organic silicon has slightly rebounded but is still in the loss range. The comprehensive operating rate has decreased month - on - month and is lower than the historical average, having a negative impact on the demand for industrial silicon. In the polysilicon segment, the inventory is as high as 275,000 tons, higher than the historical average. Silicon wafers and solar cells are in a loss state, and only components are profitable. For aluminum alloy, the overall inventory has slightly decreased, the price has remained flat, the operating situation of the aluminum alloy industry is stable, but the demand is average, and the pull on industrial silicon is limited. Overall, the total demand for industrial silicon from the three major downstream industries is still negative. The industry inventory is still at a high level. Although the number of standard warehouse receipts has decreased, inventory digestion still faces certain pressure [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The U.S. government shutdown has lasted for three weeks, becoming the second-longest shutdown in history. The two parties remain deadlocked over the upcoming expiration of medical subsidies, and the total U.S. federal government debt has exceeded $38 trillion, providing potential safe-haven support [2]. - The market's expectation of loose policies from Japan's new political party has strengthened, pushing the U.S. dollar to continue to strengthen in the short term, which may continue to suppress the gold price [2]. - Looking ahead, there are many uncertainties in the macro - environment. The London gold price still has strong buying support at the $4000 mark, but subsequent correction risks should be guarded against. The short - term trend of gold and silver will mainly be wide - range fluctuations. Attention should be paid to the U.S. CPI data released on Friday. If the CPI is stronger than expected, it may weaken the expectation of interest rate cuts and lead to a further correction in the gold price. The trading range for the SHFE Gold 2512 contract is 900 - 1000 yuan/gram, and for the SHFE Silver 2512 contract is 11000 - 11600 yuan/kilogram [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the SHFE Gold main contract was 942.28 yuan/gram, a decrease of 10.28 yuan; the closing price of the SHFE Silver main contract was 11467 yuan/kilogram, an increase of 63 yuan [2]. - The main contract positions of SHFE Gold were 189131 lots, a decrease of 3672 lots; the main contract positions of SHFE Silver were 377229 lots, a decrease of 9004 lots [2]. - The net positions of the top 20 holders of the SHFE Gold main contract were 109168 lots, a decrease of 1528 lots; the net positions of the top 20 holders of the SHFE Silver main contract were 97767 lots, an increase of 135 lots [2]. - The warehouse receipt quantity of gold was 87015 kilograms, unchanged; the warehouse receipt quantity of silver was 663366 kilograms, a decrease of 28322 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network was 938 yuan/gram, a decrease of 5.5 yuan; the spot price of silver was 11360 yuan/kilogram, an increase of 57 yuan [2]. - The basis of the SHFE Gold main contract was - 4.28 yuan/gram, an increase of 4.78 yuan; the basis of the SHFE Silver main contract was - 107 yuan/kilogram, a decrease of 6 yuan [2]. 3.3 Supply - Demand Situation - The gold ETF holdings were 1052.37 tons, a decrease of 6.29 tons; the silver ETF holdings were 15597.61 tons, a decrease of 79.03 tons [2]. - The non - commercial net positions of gold in CFTC were 266749 contracts, an increase of 339 contracts; the non - commercial net positions of silver in CTFC were 52276 contracts, an increase of 738 contracts [2]. - The total supply of gold in the quarter was 1313.01 tons, an increase of 54.84 tons; the total annual supply of silver was 987.8 million troy ounces, a decrease of 21.4 million troy ounces [2]. - The total demand for gold in the quarter was 1313.01 tons, an increase of 54.83 tons; the global total annual demand for silver was 1195 million ounces, a decrease of 47.4 million ounces [2]. 3.4 Option Market - The 20 - day historical volatility of gold was 33.48%, an increase of 5.33 percentage points; the 40 - day historical volatility of gold was 24.5%, an increase of 3.17 percentage points [2]. - The implied volatility of at - the - money call options for gold was 31.86%, a decrease of 2.53 percentage points; the implied volatility of at - the - money put options for gold was 31.86%, a decrease of 2.53 percentage points [2]. 3.5 Industry News - As of October 21, the total U.S. federal government debt exceeded $38 trillion for the first time, just over two months after reaching $37 trillion in mid - August [2]. - The U.S. government shutdown has lasted for 22 days, becoming the second - longest shutdown in history. The two parties are deadlocked over medical subsidies, and it may last until November [2]. - U.S. President Trump cancelled his meeting with Russian President Putin in Budapest. The U.S. has imposed sanctions on Russia's largest oil producer [2]. - India and the U.S. are about to reach a trade agreement, potentially reducing the tariff on Indian goods exported to the U.S. from about 50% to 15% - 16% [2]. - There are signs of a缓和 in international trade relations, and there are rumors that senior Chinese and U.S. leaders will hold tariff negotiations in Malaysia [2].

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不 做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状 明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | 集运指数（欧线）期货日报 | | | | | 2025/10/23 | | --- | --- | --- | --- | --- | --- | --- | | 项目类别 数据指标 | 最新 环比 最新 | | | 数据指标 | | 环比 | | EC主力收盘价 | 1793.100 1582 | | 18.9↑ EC次主力收盘价 | | | +17.80↑ | | 期货盘面 EC2512-EC2602价差 | | 211.10 | +5.70↑ EC2512-EC2604价差 | | 621.30 | +4.40↑ | | EC合约基差 | -652.72 | | -4.80↓ | | | | | 期货持仓头寸（手） EC主力持仓量 | 28914 | | -94↓ | | | | | SCFIS（欧线） ...