Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For soda ash, supply is expected to be ample, demand to decline, and prices to have limited upside potential. However, if there is an interest - rate cut expectation, prices may rebound slightly. It is recommended to buy soda ash futures contracts on dips in the short - term [2]. - For glass, it is expected to stop falling and stabilize. If the central bank cuts interest rates, it will support real - estate demand; otherwise, real - estate may continue to drag down glass demand. It is recommended to buy glass futures contracts on dips in the short - term [2]. Summary by Relevant Catalogs Futures Market - Soda ash主力合约收盘价is 1219 yuan/ton (up 10), glass主力合约收盘价is 1091 yuan/ton (down 4), and the price difference between soda ash and glass is 128 yuan/ton (up 14) [2]. - Soda ash主力合约持仓量is 1369450 lots (down 36196), glass主力合约持仓量is 1624204 lots (up 65583) [2]. - Soda ash前20名净持仓is - 267165 (up 2374), glass前20名净持仓is - 196704 (up 40447) [2]. - Soda ash交易所仓单is 10773 tons (up 1490), glass交易所仓单is 455 tons (unchanged) [2]. - Soda ash基差is - 73 yuan/ton (down 1), glass基差is - 19 yuan/ton (down 12) [2]. - The price difference between January and May glass contracts is - 140 (down 4), and that of soda ash contracts is - 85 (unchanged) [2]. Spot Market - North China heavy soda ash price is 1162 yuan/ton (up 2), 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 price is 1112 yuan/ton (down 4), Central China glass price is 1180 yuan/ton (down 20) [2]. Industry Situation - Soda ash装置开工率is 84.93% (down 3.48), float glass企业开工率is 76.35% (up 0.34) [2]. - Glass在产产能is 16.12 million tons/year (up 0.05), glass在产生产线条数is 226 (up 1) [2]. - Soda ash企业库存is 171.07 million tons (up 1.02), glass企业库存is 6427.6 million heavy boxes (up 145.2) [2]. Downstream Situation - Real - estate新开工面积累计值is 39801.01 million square meters (up 4595.01), real - estate竣工面积累计值is 27693.54 million square meters (up 2659.54) [2]. Industry News - Hunan Lengshuijiang Jinfuyuan's soda ash plant is shut down, with a light soda ash quote of 1400 yuan/ton [2]. - Jiangsu Kunshan Jingang's soda ash plant is operating normally, with a light soda ash ex - factory quote of 1200 - 1250 yuan/ton [2]. - Hubei Shuanghuan's soda ash plant has restarted and is in the production - increasing stage, with a light soda ash quote of 1160 yuan/ton [2]. - Henan Haohua Junhua's soda ash plant is operating stably with stable prices [2]. - Inner Mongolia Boyuan Yingen Chemical's 5 million tons/year soda ash plant is operating normally [2]. - Tangshan Sanyou's 2.3 million tons/year soda ash plant is operating at a reduced capacity of about 70% [2]. - Shandong Haitian Biological Chemical's 1.5 million tons/year soda ash plant has resumed production [2].

Report Highlights 1) Investment Rating No investment rating for the industry is provided in the report. 2) Core View The egg market currently faces a situation of high production capacity, with a large number of laying hens in stock and no excessive culling of old hens. After the festival, consumer demand has seasonally declined, and the loose supply - demand situation is expected to continue, which suppresses the near - month contracts. The post - festival decline in spot prices also affects the performance of the futures market. However, continuous losses have reduced the enthusiasm for restocking, which is beneficial to long - term prices. In general, due to the high production capacity pressure and the decline in spot prices, a short - term strategy of selling high for near - month contracts is recommended. The far - month contracts may perform better as they are supported by the logic of production capacity reduction [2]. 3) Summary by Directory a. Futures Market - The closing price of the active egg futures contract is 2770 yuan/500 kilograms, down 35 yuan; the net long position of the top 20 futures holders is - 19763 lots, an increase of 4157 lots - The egg futures spread between January and May contracts is - 181 yuan/500 kilograms, down 57 yuan; the trading volume of the active futures contract is 161059 lots, a decrease of 10183 lots - The registered warehouse receipt volume is 15 lots, a decrease of 15 lots [2] b. Spot Market - The spot price of eggs is 2.93 yuan/jin, down 0.07 yuan; the basis (spot - futures) is 164 yuan/500 kilograms, down 39 yuan [2] c. Upstream Situation - The national laying hen inventory index is 114.4 (with 2015 = 100), an increase of 1.22; the national culled laying hen index is 93.61 (with 2015 = 100), a decrease of 5.59 - The average price of egg - laying chicken chicks in the main production areas is 2.6 yuan/chick, unchanged; the national new - born chick index is 73.35 (with 2015 = 100), a decrease of 5.05 - The average price of egg - laying chicken feed is 2.75 yuan/kg, down 0.01 yuan; the breeding profit per egg - laying chicken is - 0.46 yuan, down 0.06 yuan - The average price of culled chickens in the main production areas is 8.64 yuan/kg, down 0.28 yuan; the average age of culled chickens nationwide is 510 days, a decrease of 2 days [2] d. Industry Situation - The average wholesale price of pork is 17.72 yuan/kg, down 0.31 yuan; the average wholesale price of 28 key - monitored vegetables is 5.09 yuan/kg, an increase of 0.02 yuan - The average wholesale price of white - striped chickens is 17.57 yuan/kg, down 0.12 yuan; the weekly inventory in the circulation link is 1.1 days, a decrease of 0.24 days - The weekly inventory in the production link is 1.05 days, a decrease of 0.45 days; the monthly export volume of fresh eggs is 13121.03 tons, an increase of 264.92 tons [2] e. Downstream Situation The weekly consumption of eggs in the sales areas is 7179 tons, a decrease of 442 tons [2] f. Industry News The average price of eggs in Shandong's main production area is 5.79 yuan/kg, down 0.18 yuan from the previous day; in Hebei, it is 5.45 yuan/kg, down 0.21 yuan; in Guangdong, it is 6.40 yuan/kg, down 0.20 yuan; in Beijing, it is 6.16 yuan/kg, down 0.20 yuan [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The alumina market may face a situation where supply gradually decreases while demand remains stable. It is recommended to conduct light - position oscillating trading, paying attention to controlling rhythm and trading risks [2] - The Shanghai aluminum market may be in a stage of slightly increasing supply and boosted demand. The option market sentiment is bullish. It is also advised to conduct light - position oscillating trading and control risks [2] - The cast aluminum market may experience a situation of converging supply and stable demand, with relatively high industry inventory. Similar to the above, light - position oscillating trading is recommended [2] 3. Summary by Related Catalogs 3.1 Futures Market - **Prices and Spreads**: The closing price of the Shanghai aluminum main contract was 20,910 yuan/ton with no change; the closing price of the alumina futures main contract was 2,806 yuan/ton, up 6 yuan. The LME electrolytic aluminum three - month quotation was 2,778.50 US dollars/ton, down 17.50 US dollars. The main - to - second - consecutive contract spreads for Shanghai aluminum, alumina, and cast aluminum all changed, with some increasing and some decreasing [2] - **Positions and Inventories**: The main contract positions of Shanghai aluminum, alumina, and cast aluminum changed, with Shanghai aluminum and alumina positions increasing and cast aluminum positions decreasing. The LME aluminum inventory decreased by 4,100 tons to 491,225 tons, while the alumina total inventory increased by 33,021 tons to 239,607 tons [2] - **Other Indicators**: The Shanghai - London ratio was 7.53, up 0.05. The net position of the top 20 in Shanghai aluminum decreased by 2,258 hands to 15,505 hands [2] 3.2 Spot Market - **Prices**: The prices of Shanghai Non - ferrous A00 aluminum, alumina spot in Shanghai Non - ferrous, and other products changed, with some prices decreasing and some remaining unchanged [2] - **Basis**: The basis of cast aluminum, electrolytic aluminum, and alumina all weakened [2] - **Premiums and Discounts**: The Shanghai Wuma aluminum premium and discount, and LME aluminum premium and discount also changed, with the former increasing by 20 yuan/ton to 0 yuan/ton and the latter decreasing by 4.64 US dollars/ton to 12.88 US dollars/ton [2] 3.3 Upstream Situation - **Production and Utilization**: Alumina production increased by 35.98 million tons to 792.47 million tons, and the capacity utilization rate increased by 1.53 percentage points to 88.27%. The demand for alumina in the electrolytic aluminum part increased by 3.73 million tons to 725.80 million tons [2] - **Import and Export**: The export volume of alumina increased by 7 million tons to 25 million tons, while the import volume decreased by 3.44 million tons to 6 million tons. The import volume of aluminum scrap decreased by 17,195.97 tons to 155,414.40 tons, and the export volume increased by 15.31 tons to 68.54 tons [2] 3.4 Industry Situation - **Production and Capacity**: The total production capacity of electrolytic aluminum remained unchanged at 4,523.20 million tons, and the production of primary aluminum, aluminum products, and recycled aluminum alloy ingots increased [2] - **Import and Export**: The import and export volumes of primary aluminum both increased, while the export volume of unforged aluminum and aluminum products decreased [2] 3.5 Downstream and Application - **Production**: The production of aluminum alloy and automobiles increased, while the national real - estate prosperity index decreased [2] - **Volatility**: The historical volatility of Shanghai aluminum decreased, while the implied volatility of the Shanghai aluminum main - contract at - the - money increased slightly [2] 3.6 Industry News - The Chinese central bank and other departments created two monetary policy tools to support the capital market, injecting billions of yuan into the market and boosting investor confidence [2] - The US President sent a signal to ease trade tensions, and the Trump administration relaxed some tariff policies [2] - A video call was held between Chinese and US economic and trade representatives, and they agreed to hold a new round of economic and trade consultations [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,738.00 | +20.00↑ SF主力合约收盘价（日，元/吨） | 5,436.00 | +6.00↑ | | | SM期货合约持仓量（日，手） | 583,117.00 | -14971.00↓ SF期货合约持仓量（日，手） | 410,271.00 | -1375.00↓ | | | 锰硅前20名净持仓（日，手） | -46,908.00 | -2015.00↓ 硅铁前20名净持仓（日，手） | -23,616.00 | -1451.00↓ | | | SM5-1月合约价差（日，元/吨） | 42.00 | 0.00 SF5-1月合约价差（日，元/吨） | 54.00 | -24.00↓ | | | SM 仓单（日，张） | 47,636.00 | -304.00↓ SF 仓单（日，张） | 12,103.00 | -102.00↓ | | 现货市场 | 内蒙古锰硅 FeMn68Si18 ...

工业硅产业日报 2025-10-20 研究员: 黄闻杰 期货从业资格号F03142112 期货投资咨询从业证书号Z0021738 铝合金行业开工情况稳定，但需求表现较为一般，对工业硅拉动有限。整体而言，三大下游行业对工业硅 总需求依旧呈现负向。当前行业库存仍处于高位，尽管标准仓单数量有所减少，但库存消化仍面临一定压 免责声明 力。今日工业硅开始小幅回暖，但预计依旧维持震荡操作，后续看减产情况能否有机会上行，操作上建议, 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 逢低布局多单。 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 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | ...

| | | 沪铅产业日报 2025-10-20 情况是，在当前价格波动背景下，现货成交表现一般，下游观望情绪重。铅酸蓄电池虽有涨价情况，但经 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 整体将会形成冲高回落，铅价建议逢高布局空单。 销商去库存速度缓慢，这在一定程度上抑制了电池厂的开工积极性，导致季节性旺季效果暂未充分显现 。 研究员: 黄闻杰 期货从业资格号F03142112 期货投资咨询从业证书号Z0021738 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 不过，新兴领域的储能需求表现向好，在一定程度上弥补了传统领域需求的不足，但总体而言，整体需求 免责声明 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。 尚未出现明显的爆发式增长，仍处于缓慢恢复阶段。从国内外库存数据来看， 国外铅库存 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamentals of the lithium carbonate industry may see a situation of increasing supply and demand, with the demand growth rate faster than supply, leading to inventory reduction in the industry. The option market sentiment is bullish, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows that the double - lines are above the 0 - axis with a shrinking red column. The operation suggestion is to conduct light - position oscillatory trading and control risks by paying attention to trading rhythm [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 75,700 yuan/ton with no change. The net position of the top 20 is - 150,105 hands, a decrease of 12,910 hands. The main contract's open interest is 138,434 hands, a decrease of 20,566 hands. The spread between near - and far - month contracts is - 380 yuan/ton, an increase of 100 yuan/ton. The Guangzhou Futures Exchange's warehouse receipts are 30,705 hands/ton, an increase of 19 hands [2] Spot Market - The average price of battery - grade lithium carbonate is 74,000 yuan/ton, an increase of 650 yuan/ton. The average price of industrial - grade lithium carbonate is 71,750 yuan/ton, an increase of 650 yuan/ton. The basis of the Li₂CO₃ main contract is - 1,700 yuan/ton, an increase of 650 yuan/ton [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 872 US dollars/ton, an increase of 20 US dollars/ton. The average price of amblygonite is 7,610 yuan/ton, an increase of 60 yuan/ton. The price of lepidolite (2 - 2.5%) is 2,723 yuan/ton with no change [2] Industry Situation - The monthly output of lithium carbonate is 47,140 tons, an increase of 1,260 tons. The monthly import volume is 19,596.9 tons, a decrease of 2,250.01 tons. The monthly export volume is 150.82 tons, a decrease of 218.09 tons. The monthly operating rate of lithium carbonate enterprises is 47%, an increase of 1%. The monthly output of power batteries is 151,200 MWh, an increase of 11,600 MWh. The price of lithium manganate is 32,000 yuan/ton with no change. The price of lithium hexafluorophosphate is 81,500 yuan/ton, an increase of 25,000 yuan/ton. The price of cobalt - lithium oxide is 326,500 yuan/ton, an increase of 6,000 yuan/ton. The price of ternary material (811 type) in China is 155,500 yuan/ton, an increase of 2,000 yuan/ton. The price of ternary material (622 power type) in China is 134,000 yuan/ton, an increase of 2,500 yuan/ton [2] Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 144,000 yuan/ton, an increase of 3,500 yuan/ton. The monthly operating rate of ternary cathode materials is 53%, a decrease of 2%. The price of lithium iron phosphate is 33,400 yuan/ton with no change. The monthly operating rate of lithium iron phosphate cathodes is 59%, an increase of 2%. The monthly output of new energy vehicles is 1,617,000 vehicles, an increase of 226,000 vehicles. The monthly sales volume is 1,604,000 vehicles, an increase of 209,000 vehicles. The cumulative sales penetration rate of new energy vehicles is 46.09%, an increase of 0.55%. The cumulative sales volume is 11,228,000 vehicles, an increase of 2,908,000 vehicles. The monthly export volume is 222,000 vehicles, a decrease of 20,000 vehicles. The cumulative export volume is 1.758 million vehicles, an increase of 830,000 vehicles. The 20 - day average volatility of the underlying is 19.86%, an increase of 0.03%. The 40 - day average volatility is 33.31%, a decrease of 0.45% [2] Option Situation - The total call open interest is 93,879 contracts, an increase of 15,242 contracts. The total put open interest is 35,432 contracts, an increase of 5,899 contracts. The put - call ratio of total open interest is 37.74%, an increase of 0.1861%. The at - the - money implied volatility is 0.31%, an increase of 0.0202% [2] Industry News - The China Academy of Information and Communications Technology states that to achieve the goal of providing stable and reliable connection and computing capabilities for intelligent connected vehicles, three aspects need to be strengthened: increasing the installation rate of advanced vehicle communication capabilities, deepening network coverage of the driving environment, and matching network characteristics with scenario requirements. According to KBB, the average transaction price of new cars in the US exceeded 50,000 US dollars for the first time in September, reaching a record 50,080 US dollars, a month - on - month increase of 2.1% and a year - on - year increase of 3.6%. The reasons include tariff - induced cost pressure on enterprises and the approaching expiration of the US federal electric vehicle tax credit policy. The vice - minister of the Ministry of Industry and Information Technology said that the ministry is formulating the "15th Five - Year Plan" for the development of the intelligent connected new energy vehicle industry, including clarifying development goals, deploying key tasks, accelerating the formulation of standards for combined driving assistance and autonomous driving, optimizing management in the production field of intelligent connected vehicles, and standardizing industry competition. In September, the sales volume of pick - up trucks was 46,000 vehicles, a year - on - year decrease of 1.9% and a month - on - month increase of 14.6%. From January to September, the sales volume was 432,000 vehicles, a year - on - year increase of 11.2%. In September, the sales volume of new energy pick - up trucks was 4,000 vehicles, a year - on - year increase of 104% and a month - on - month increase of 31%. From January to September, the cumulative sales volume was 54,000 vehicles, a 440% increase [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The current jujube market is at a critical period of transition between the old and new seasons, with prices in the sales areas showing small fluctuations. The jujube in the main production areas has not been harvested on a large scale yet and is expected to start after the frost. Attention should be paid to the acquisition progress and price changes. The inventory in the sample points continues to decline. As the new season approaches, some merchants are actively selling their inventory to raise funds for the new - season acquisition. With the cooling weather, the downstream's enthusiasm for purchasing has increased, and the market trading atmosphere has improved. It is expected that the jujube market will fluctuate within a range in the future [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 11,385 yuan/ton, down 35 yuan; the main contract's open interest is 180,042 lots, up 7,595 lots. The net long position of the top 20 futures holders is - 8,723 lots, down 2,282 lots. The number of warehouse receipts is 0, and the effective warehouse receipt forecast is 0 [2] Spot Market - The prices of jujube in various regions are mostly stable. For example, the price of general - grade jujube in Kashgar is 6 yuan/kg, the wholesale price of first - grade grey jujube in Hebei is 4.75 yuan/jin, and the price of special - grade jujube in Hebei has increased by 0.11 yuan/kg to 10.69 yuan/kg [2] Upstream Market - The annual jujube output is 6.069 million tons, an increase of 3.187 million tons; the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national jujube inventory is 9,009 tons, down 158 tons; the monthly jujube export volume is 2,364,893 kg, an increase of 580,729 kg; the cumulative monthly jujube export volume is 21,264,731 kg, an increase of 2,364,893 kg [2] Downstream Situation - The cumulative sales volume of jujube of Hao Xiang Ni is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year jujube production growth rate is 1.47%, a decrease of 34.59 percentage points [2] Industry News - In Hebei's Cui'erzhuang market, 8 trucks of jujubes arrived, with reference prices for special - grade jujubes at 10.50 - 11.70 yuan/kg and small first - grade jujubes at 8.40 - 8.90 yuan/kg. The downstream purchased as needed, and the transactions were okay. In Guangdong's Ruyifang market, 6 trucks of jujubes arrived, with the supply continuing. The prices varied according to the quality, and the mainstream prices were temporarily stable [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The Shanghai copper main contract fluctuates strongly, with increasing open interest, spot premium, and weakening basis. Fundamentally, the tight supply situation of copper concentrates has not improved, TC fees hover in the negative range, and the impact of overseas mine disturbances persists, keeping ore prices firm. - On the supply side, due to many maintenance cases and the tight supply of copper ore and blister copper, smelting capacity may be restricted. In addition, the price of smelting by - product sulfuric acid shows signs of decline, which also affects smelting profits, and the operating rate may decline, leading to a gradual convergence of domestic refined copper supply. - On the demand side, copper prices remain high due to cost support and overseas macro - sentiment. Downstream buyers are cautious due to high prices, adopting a wait - and - see procurement strategy, resulting in a weak trading sentiment in the spot market. High copper prices suppress downstream demand. - Overall, the fundamentals of Shanghai copper may be in a situation of weak supply and demand, with industrial inventory accumulation. In the options market, the call - put ratio of at - the - money options is 1.34, up 0.0238 month - on - month, indicating a bullish sentiment, and the implied volatility slightly decreases. Technically, the 60 - minute MACD shows that the two lines are near the 0 axis, and the red bars slightly converge. The operation suggestion is to lightly go long on dips and pay attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper is 85,380 yuan/ton, up 990 yuan; the price of LME 3 - month copper is 10,665 dollars/ton, up 60.5 dollars. - The spread between the main contract and the next - month contract is 20 yuan/ton, down 20 yuan; the open interest of the main contract of Shanghai copper is 226,910 lots, up 11,337 lots. - The net position of the top 20 futures holders of Shanghai copper is - 10,843 lots, down 3,770 lots; the LME copper inventory is 137,225 tons, down 225 tons. - The inventory of cathode copper in the Shanghai Futures Exchange is 110,240 tons, up 550 tons; the LME copper cancelled warrants are 7,825 tons, up 275 tons. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange are 41,319 tons, down 2,856 tons [2]. Spot Market - The price of SMM 1 copper spot is 85,630 yuan/ton, up 855 yuan; the price of Yangtze River Non - Ferrous Metals Market 1 copper spot is 85,920 yuan/ton, up 1,025 yuan. - The CIF (bill of lading) price of Shanghai electrolytic copper is 50 dollars/ton, unchanged; the average premium of Yangshan copper is 35 dollars/ton, down 0.5 dollars. - The basis of the CU main contract is 250 yuan/ton, down 135 yuan; the LME copper cash - to - 3 - month spread is - 16.83 dollars/ton, down 5.67 dollars. - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons; the rough smelting fee (TC) of domestic copper smelters is - 40.97 dollars/kiloton, down 0.61 dollars [2]. Upstream Situation - The price of copper concentrate in Jiangxi is 76,190 yuan/metal ton, up 1,050 yuan; the price of copper concentrate in Yunnan is 76,890 yuan/metal ton, up 1,050 yuan. - The processing fee of blister copper in the south is 1,000 yuan/ton, unchanged; the processing fee of blister copper in the north is 700 yuan/ton, unchanged. - The output of refined copper is 1.301 billion tons, up 31 million tons; the import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons [2]. Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons; the price of 1 bright copper wire scrap in Shanghai is 57,990 yuan/ton, down 350 yuan. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 590 yuan/ton, unchanged; the price of 2 copper scrap (94 - 96%) in Shanghai is 71,550 yuan/ton, down 350 yuan [2]. Downstream and Application - The output of copper products is 2.2219 billion tons, up 52.6 million tons; the cumulative completed investment in power grid infrastructure is 379.576 billion yuan, up 48.079 billion yuan. - The cumulative completed investment in real estate development is 6.7706 trillion yuan, up 739.681 billion yuan; the monthly output of integrated circuits is 4.37 billion pieces, up 119,712.9 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper is 22.79%, up 0.01%; the 40 - day historical volatility of Shanghai copper is 16.96%, up 0.19%. - The at - the - money implied volatility (IV) of the current month is 19.2%, down 0.0153%; the call - put ratio of at - the - money options is 1.34, up 0.0238 [2]. Industry News - The head of the Financial Stability Bureau of the central bank said that during the "14th Five - Year Plan" period, China's financial risks are generally controllable, financial institutions operate steadily, and the financial market runs smoothly, providing strong support for high - quality economic development. - Fed's Musalem said that if employment faces more risks and inflation is under control, he may support another rate - cut path. - US President Trump continued to send conciliatory signals in a recent interview, suggesting that the door remains open. The Trump administration is quietly relaxing a number of tariff policies, exempting dozens of products from the so - called "reciprocal tariffs" in recent weeks and proposing to exclude more products from tariffs when countries reach trade agreements with the US. - The People's Bank of China and other departments have created two monetary policy tools to support the capital market - stock repurchase and increase re - loans and swap facilities, with an initial quota of 800 billion yuan in total. In the past year, the two monetary tools have injected hundreds of billions of yuan into the market through counter - cyclical adjustment, effectively boosting investors' confidence, reducing the volatility of the A - share market, and enhancing the internal stability of the capital market. - Chinese and US economic and trade leaders held a video call, agreeing to hold a new round of China - US economic and trade consultations as soon as possible [2].

| 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:白糖(日,元/吨) 16 主力合约持仓量:白糖(日,手) | 5428 | | 426415 | -15033 -2137 | | | 仓单数量:白糖(日,张) -11 期货前20名持仓:净买单量:白糖(日,手) | 8407 | | -75785 | | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ -66 进口加工估算价(配额内):泰国糖(日,元/ | 0 | 0 | | | | 现货市场 | | 4254 | | 4311 | -66 -87 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) | | | | | -87 进口泰糖估算价(配额外,50%关税)(日,元 | 5396 | | 5470 | | | /吨) | 现货价:白砂糖:昆明(日,元/吨) -20 现货价:白砂糖:南宁(日,元/吨) | 5740 | /吨) | 5790 | ...