研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1600 | 3 郑州尿素1-5价差(日,元/吨) | -69 | 5 | | | 郑州尿素主力合约持仓量(日,手) | 322686 | 694 郑州尿素前20名净持仓 | -45781 | -1085 | | | 郑州尿素交易所仓单(日,张) | 6493 | -77 | | | | 现货市场 | 河北(日,元/吨) | 1590 | 20 河南(日,元/吨) | 1540 | 20 | | | 江苏(日,元/吨) | 1560 | 30 山东(日,元/吨) | 1550 | 0 | | | 安徽(日,元/吨) | 1560 | 10 郑州尿素主力合约基差(日,元/吨) | -50 | -3 | | | FOB波罗的海(日,美元/吨) | 370 | 0 FOB中国主港(日,美元/吨) | 385 | ...

免责声明 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12560 | -5 10-11月合约价差:不锈钢(日,元/吨) | -180 | 20 3239 | | | 期货前20名持仓:净买单量:不锈钢(日,手) 193490 | -10018 | -1458 主力合约持仓量:不锈钢(日,手) | | | | | 仓单数量:不锈钢(日,吨) | 84007 | -490 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) 9250 | 13550 | 0 市场价:废不锈钢304:无锡(日,元/吨) | | -50 | | | SS主力合约基差(日,元/吨) | 610 | 5 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.2 | -0.02 | | | 进口数量:精炼镍及合金(月,吨) 87.41 | | 24426.84 -13807.17 ...

Report Overview - The report is a daily report on the polysilicon industry dated October 15, 2025 [1] 1. Market Data Futures Market - The closing price of the main contract for polysilicon was 50,865 yuan/ton, up 875 yuan; the main contract's open interest was 79,164 lots, down 2,224 lots; the spread between November and December contracts was -2,400 yuan, down 40 yuan; the spread between polysilicon and industrial silicon was 42,295 yuan/ton, up 825 yuan [2] Spot Market - The spot price of polysilicon was 52,750 yuan/ton, unchanged; the basis was 2,760 yuan/ton, down 1,250 yuan; the weekly average price of photovoltaic - grade polysilicon was 6.54 US dollars/kg, unchanged; the average prices of cauliflower - grade, dense - grade, and re - feed polysilicon were 30 yuan/kg, 36 yuan/kg, and 34.8 yuan/kg respectively, all unchanged [2] Upstream Situation - The closing price of the main contract for industrial silicon was 8,570 yuan/ton, up 50 yuan; the spot price was 9,400 yuan/ton, down 50 yuan; monthly export volume was 76,642.01 tons, up 2,635.83 tons; monthly import volume was 1,337.59 tons, up 1,220.14 tons; monthly output was 366,800 tons, up 33,600 tons; the total social inventory was 552,000 tons, up 10,000 tons [2] Industry Situation - The monthly output of polysilicon was 125,000 tons, up 20,000 tons; the monthly import volume was 1,006 tons, down 164 tons; the weekly spot price of imported polysilicon in China was 6.9 US dollars/kg, up 0.01 US dollars; the monthly average import price was 2.62 US dollars/ton, down 0.25 US dollars [2] Downstream Situation - The monthly output of solar cells was 69.857 million kilowatts, up 3.475 million kilowatts; the average price of solar cells was 0.82 RMB/W, up 0.01 RMB; the monthly export volume of photovoltaic modules was 149,022,600 units, up 38,589,900 units; the monthly import volume was 21,440,200 units, up 6,914,600 units; the monthly average import price was 0.25 US dollars/unit, down 0.05 US dollars; the weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon was 32.82, unchanged [2] 2. Industry News - South Korea's polysilicon leader OCI Holding plans to acquire a 65% stake in a Vietnamese wafer factory through its subsidiary OCI ONE to expand its photovoltaic wafer business. The factory is expected to be completed by the end of October [2] - Industry insiders suggest that a document to strengthen photovoltaic capacity regulation may be issued soon. The draft for soliciting opinions on the new national standard for energy consumption in polysilicon and germanium products has been released, which is beneficial for industry clearance in the long - term but causes short - term market concerns [2] 3. Core Viewpoints - On the supply side, the progress of eliminating some production capacity may be slower than expected, and the "anti - involution" policy details are not yet in place, increasing the difficulty of new capacity launch in the short term [2] - On the demand side, wafer prices are flat, some enterprises raise prices, downstream wafer enterprises have high inventories, and new order procurement slows down. Domestic photovoltaic installations have declined for two consecutive months, and terminal demand is weak [2] - The growth in demand for N - type materials will partially offset the surplus of P - type materials, which may support prices to some extent. The market is observing whether downstream prices can rise, but the situation is not optimistic. Polysilicon is still suppressed by fundamental sentiment, but it rebounded on news today. Photovoltaic module prices have started to rise, but overall demand for polysilicon is still limited. It is expected that polysilicon will continue to fluctuate at a high level, and the operation suggestion is to buy on dips [2] 4. Key Focus - There is no news today [2]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 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 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 任何机构和个人不得以任何形式翻版 究瑞达期货股份有限公司研究院 告进行有悖原意的引用 、删节和修改。 锰硅硅铁产业日报 2025/10/15 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,746.00 | +8.00↑ | SF主力合约收盘价（日，元/吨） | 0.00 | -5378.00↓ | | | SM期货合约持仓量（日，手） | 575,060.00 | -15330.00↓ | SF期货合约持仓量（日，手） | 426,073.0 ...

市，且新年度丰产明显，供应端压力逐渐上升。需求端，纺织厂订单仍未见明显好转，开机率仍低于去年 数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 棉花(纱)产业日报 2025-10-15 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13270 | 5 棉纱主力合约收盘价(日,元/吨) | 19325 | 35 | | | 棉花期货前20名净持仓(手) | -74836 | -8212 棉纱期货前20名净持仓(手) | -506 | 54 | | | 主力合约持仓量:棉花(日,手) | 580856 | 12867 主力合约持仓量:棉纱(日,手) | 18204 | 1792 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 2773 | -50 仓单数量:棉纱(日,张) | 0 | 0 | | /吨) 现货市场 | 中国进口棉价格指数:FCIndex ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The overall tone of recent statements from Fed officials remains dovish, with the performance of the employment market still being the focus of subsequent attention. The repeated tariff expectations and the continued shutdown of the US government continue to boost the safe - haven property of precious metals. The Fed's dovish interest - rate stance may also provide strong support for gold prices. However, due to the significant short - term increases in gold and silver futures prices, there is a need to guard against the risk of a pullback. It is recommended to wait and see for now. The focus range for the Shanghai Gold main 2512 contract is 930 - 980 yuan/gram, and for the Shanghai Silver main 2512 contract, it is 11200 - 12200 yuan/kilogram [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 960.34 yuan/gram, up 21.36 yuan; the closing price of the Shanghai Silver main contract is 11966 yuan/kilogram, up 433 yuan. The main contract positions are 230686 hands for Shanghai Gold, up 2227 hands, and 477807 hands for Shanghai Silver, up 10117 hands. The net positions of the top 20 for the Shanghai Gold main contract are 137507 hands, down 176 hands; for Shanghai Silver, they are 98167 hands, up 1937 hands. The warehouse receipt quantities are 75099 kilograms for gold, up 2916 kilograms, and 1030429 kilograms for silver, down 32643 kilograms. The spot prices from Shanghai Non - ferrous Metals Network are 954.2 yuan/gram for gold, up 2.2 yuan, and 11849 yuan/kilogram for silver, up 590 yuan [2] 3.2 Spot Market - The basis of the Shanghai Gold main contract is - 6.14 yuan/gram, down 19.16 yuan; the basis of the Shanghai Silver main contract is - 117 yuan/kilogram, up 157 yuan [2] 3.3 Supply - Demand Situation - Gold ETF holdings are 1021.45 tons, up 2.57 tons; silver ETF holdings are 15733.09 tons, down 21.17 tons. The non - commercial net positions of gold in CFTC (weekly) are 266749 contracts, up 339 contracts; for silver, they are 52276 contracts, up 738 contracts. The total quarterly supply of gold is 1313.01 tons, up 54.84 tons; the total annual supply of silver is 987.8 million troy ounces, down 21.4 million troy ounces. The total quarterly demand for gold is 1313.01 tons, up 54.83 tons; the global annual demand for silver is 1195 million ounces, down 47.4 million ounces [2] 3.4 Option Market - The 20 - day historical volatility of gold is 22.87%, up 0.56%; the 40 - day historical volatility is 17.54%, up 0.41%. The implied volatility of at - the - money call options for gold is 27.49%, up 3.58%; for at - the - money put options, it is 27.5%, up 3.59% [2] 3.5 Industry News - The US has implemented final measures for a 301 investigation into China's maritime, logistics, and shipbuilding sectors, and Hanwha Ocean's US subsidiaries provided assistance. China has counter - measures against 5 US - related subsidiaries of Hanwha Ocean, banning domestic organizations and individuals from trading and cooperating with them. The US has announced tariff increases on China, and the Chinese Ministry of Commerce has urged the US to correct its wrong actions. Fed Chairman Powell hinted that officials may stop shrinking the balance sheet in the next few months, admitting to signs of tightening in the money market. The London gold price has risen above the $4200 mark, and silver prices have also risen following the strength of gold. Trump's statement about stopping edible oil trade with China has made Sino - US relations tense again [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The alumina futures main contract is fluctuating weakly, with increasing open interest, spot premium, and strengthening basis. It is recommended to trade with a light - position range - bound strategy, controlling rhythm and trading risks [2]. - The Shanghai aluminum main contract opened lower and rebounded slightly, with decreasing open interest, spot premium, and weakening basis. It is advisable to conduct light - position short - term long trading on dips, controlling rhythm and trading risks [2]. - The cast aluminum main contract opened lower and rebounded slightly, with increasing open interest, spot premium, and weakening basis. It is suggested to conduct light - position short - term long trading on dips, controlling rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Spreads**: The closing price of the Shanghai aluminum main contract is 20,910 yuan/ton, up 50 yuan; the closing price of the alumina futures main contract is 2,797 yuan/ton, down 8 yuan. The main - second - consecutive contract spread of Shanghai aluminum is - 80 yuan/ton, down 45 yuan; that of alumina is - 6 yuan/ton, up 13 yuan [2]. - **Open Interest**: The open interest of the Shanghai aluminum main contract is 148,539 lots, down 10,640 lots; that of the alumina main contract is 361,466 lots, up 5,093 lots [2]. - **LME Data**: The LME aluminum cancelled warrants are 98,250 tons, unchanged; the LME electrolytic aluminum three - month quotation is 2,739.5 dollars/ton, down 17.5 dollars; the LME aluminum inventory is 503,950 tons, down 2,050 tons [2]. 3.2 Spot Market - **Aluminum Spot Prices**: The Shanghai Non - ferrous Network A00 aluminum price is 20,920 yuan/ton, up 20 yuan; the Yangtze River Non - ferrous Market AOO aluminum price is 20,930 yuan/ton, up 10 yuan [2]. - **Alumina Spot Price**: The alumina spot price of Shanghai Non - ferrous is 2,865 yuan/ton, down 5 yuan [2]. - **Other Spot Data**: The average price of ADC12 aluminum alloy ingots nationwide is 21,050 yuan/ton, up 50 yuan; the Shanghai Wumaotrade aluminum premium is 40 yuan/ton, up 40 yuan; the LME aluminum premium is 10.22 dollars/ton, down 11.03 dollars [2]. 3.3 Upstream Situation - **Alumina Production and Supply**: The alumina production is 792.47 million tons, up 35.98 million tons; the alumina capacity utilization rate is 86.74%, up 1.99 percentage points; the demand for alumina in the electrolytic aluminum part is 725.80 million tons, up 3.73 million tons; the supply - demand balance of alumina is 28.73 million tons, up 12.41 million tons [2]. - **Aluminum Scrap Trade**: The average price of crushed raw aluminum in Foshan metal scrap is 16,650 yuan/ton, up 50 yuan; China's import volume of aluminum scrap is 172,610.37 tons, up 12,115.77 tons; the export volume is 53.23 tons, down 26.16 tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The total electrolytic aluminum capacity is 4,523.20 million tons, unchanged; the electrolytic aluminum production capacity in operation has increased slightly; the electrolytic aluminum open - rate is 98.27%, up 0.16 percentage points; the electrolytic aluminum social inventory is 60.40 million tons, up 1.00 million tons [2]. - **Aluminum Products**: The aluminum products production is 554.82 million tons, up 6.45 million tons; the export volume of unforged aluminum and aluminum products is 52.10 million tons, down 0.90 million tons; the production of recycled aluminum alloy ingots is 65.65 million tons, up 2.06 million tons; the export volume of aluminum alloy is 2.91 million tons, up 0.42 million tons [2]. 3.5 Downstream and Application - **Automobile Production**: The automobile production is 275.24 million vehicles, up 24.21 million vehicles [2]. - **Real Estate Index**: The National Housing Prosperity Index is 93.05, down 0.28 [2]. 3.6 Alumina Viewpoint - **Fundamentals**: Affected by the reduced shipments in Guinea due to climate reasons, the domestic bauxite supply will continue to decline, and the bauxite price is firm. The alumina spot price is weakening, but smelters still have profit margins, so the supply remains stable. The increase in electrolytic aluminum operating capacity has a limited impact on alumina consumption [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are below the 0 - axis, and the red bars are expanding [2]. 3.7 Electrolytic Aluminum Viewpoint - **Fundamentals**: The supply of alumina is excessive, and its price is weakening. The domestic electrolytic aluminum operating capacity has increased slightly. With good profit margins for smelters, the supply of electrolytic aluminum is increasing slightly. The demand for downstream aluminum products is expected to improve after the holidays and due to policies [2]. - **Options**: The put - call ratio is 1.24, up 0.0405, indicating a bullish sentiment in the options market, and the implied volatility has slightly decreased [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are below the 0 - axis, and the red bars have just appeared [2]. 3.8 Casting Aluminum Alloy Viewpoint - **Fundamentals**: The cost of cast aluminum is rising due to the strong aluminum price and tight scrap aluminum supply, but the supply may decrease. The market consumption is gradually recovering after the holidays, but the spot purchase by downstream enterprises is cautious, and the inventory is accumulating [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are below the 0 - axis, and the red bars are slightly converging [2].

铁矿石产业链日报 2025/10/15 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 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 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 776.50 | -5.50↓ I 主力合约持仓量(手) | 508,365 | +8566↑ | | | I 1-5合约价差（元/吨） | 22.5 | +1.50↑ I 合约前20名净持仓(手) | -10311 | +3232↑ | | | I 大商所仓单（手） ...

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - Recently, multiple bullish and bearish factors are intertwined. Trade war escalation restricts transport demand, the "peace plan" in the Middle East improves the expectation of Red Sea re - navigation, and the supply - demand imbalance persists. Futures prices are expected to fluctuate widely, and the "off - peak season" in shipping may continue. The freight rate market is highly influenced by news, and futures prices are likely to experience intensified fluctuations. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [1] 3) Summary by Relevant Catalogs a) Futures Market Data - EC主力收盘价 is 1708.600, up 69.6; EC次主力收盘价 is 1463.4, up 46.8 [1] - EC2512 - EC2602价差 is 245.20, up 35.50; EC2512 - EC2604价差 is 566.60, up 42.50 [1] - EC合约基差 is - 676.80, down 34.50 [1] - EC主力持仓量 is 27023, down 168 [1] b) Spot Market Data - SCFIS (European Line) (weekly) is 1031.80, up 14.70; SCFIS (US West Coast Line) (weekly) is 862.48, down 14.34 [1] - SCFI (Comprehensive Index) (weekly) is 1114.52, down 45.90; Container ship capacity is 1,227.97 (ten thousand TEUs), up 0.04 [1] - CCFI (Comprehensive Index) (weekly) is 1087.41, up 72.63; CCFI (European Line) (weekly) is 1,401.91, up 114.76 [1] - Baltic Dry Index (daily) is 2022.00, up 122.00; Panamax Freight Index (daily) is 1,815.00, down 9.00 [1] - Average charter price of Panamax ships is 14769.00, down 845.00; Average charter price of Capesize ships is 23,277.00, up 23277.00 [1] c) Industry News - The US implements final measures of the 301 investigation on China's maritime, logistics, and shipbuilding sectors. South Korea's Hanwha Ocean's US - related subsidiaries assist. China counter - measures against 5 US - related subsidiaries of Hanwha Ocean, banning domestic organizations and individuals from trading and cooperating with them. The Ministry of Commerce urges the US to correct wrong practices [1] - Premier Li Qiang chairs an economic symposium, emphasizing accurately grasping the current economic situation from a broader perspective and strengthening confidence [1] - The IMF predicts the world economy to grow 3.2% in 2025 (up 0.2 percentage points from July's forecast) and 3.1% in 2026. It slightly raises the US economic growth forecast and keeps China's 2025 growth forecast at 4.8% [1] d) Market Analysis - On Wednesday, most futures prices of the container shipping index (European Line) rose. The main contract EC2512 rose 4.25%, and far - month contracts rose between 1 - 4%. The latest SCFIS European Line settlement freight rate index is 1031.80, down 14.7 points (1.4% MoM) from last week, with a narrowing decline [1] - The strike at Rotterdam Port has escalated, causing port operations to halt. Over 60 ships are waiting at sea, increasing regional supply - chain uncertainty. CMA CGM announces a price increase in November, boosting futures prices. Trump's statement about increasing tariffs on Asian imports may weaken freight rates in the long - term. The "peace plan" in the Middle East improves Red Sea re - navigation expectations, weakening price support. Eurozone economic data is volatile, with manufacturing PMI in September slightly worse than last month but service PMI exceeding expectations. China's improved export data in September benefits container shipping [1] e) Key Data to Watch - UK's 3 - month GDP monthly rate for August at 14:00 on 10 - 16; UK's manufacturing output monthly rate for August at 14:00 on 10 - 16 [1] - US retail sales monthly rate for September at 20:30 on 10 - 16; US PPI annual rate for September at 20:30 on 10 - 16 [1] - US business inventory monthly rate for August at 22:00 on 10 - 16 [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The main contract of Shanghai copper opened low and strengthened, with a decrease in open interest, a spot discount, and a weakening basis. Fundamentally, the TC fee has been running in the negative range, and the copper ore supply has been tightened due to the shutdown of overseas mining areas. On the supply side, the smelter's production capacity is expected to be limited, and the domestic refined copper supply may decrease. On the demand side, downstream enterprises will gradually resume work after the holidays, but the spot market's purchasing intention is cautious. In the options market, the sentiment is bullish, and the implied volatility has slightly decreased. Technically, the 60 - minute MACD shows a red column above the 0 - axis. The operation suggestion is to conduct short - term long trades at low prices with a light position [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper was 85,800 yuan/ton, up 1390 yuan; the LME 3 - month copper price was 10,678.50 dollars/ton, up 100.50 dollars. The main contract's inter - month spread was - 50 yuan/ton, down 80 yuan; the open interest of the main Shanghai copper contract was 175,899 hands, down 11,667 hands. The net position of the top 20 futures holders of Shanghai copper was - 2,306 hands, up 395 hands. The LME copper inventory was 138,800 tons, down 550 tons; the Shanghai Futures Exchange's cathode copper inventory was 109,690 tons, up 14,656 tons; the LME copper cancelled warrants were 8,550 tons, down 2,175 tons; the Shanghai Futures Exchange's cathode copper warrants were 44,531 tons, down 2,856 tons [2]. 现货市场 - The price of SMM 1 copper spot was 85,235 yuan/ton, down 755 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot was 85,495 yuan/ton, down 505 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 52 dollars/ton, unchanged; the average premium of Yangshan copper was 43.50 dollars/ton, unchanged. The basis of the CU main contract was - 565 yuan/ton, down 2,145 yuan; the LME copper spread (0 - 3) was 54.87 dollars/ton, down 171.91 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates was 275.93 million tons, up 19.92 million tons. The TC fee of domestic copper smelters was - 40.36 dollars/kiloton, up 0.44 dollars. The price of copper concentrate in Jiangxi was 75,790 yuan/metal ton, down 480 yuan; the price of copper concentrate in Yunnan was 76,490 yuan/metal ton, down 480 yuan. The processing fee of blister copper in the south was 1,000 yuan/ton, up 200 yuan; the processing fee of blister copper in the north was 700 yuan/ton, unchanged [2]. Industry Situation - The production of refined copper was 1.301 billion tons, up 31 million tons. The import volume of unwrought copper and copper products was 485,000 tons, up 55,000 tons. The social inventory of copper was 41.82 million tons, up 430,000 tons. The price of 1 bright copper wire scrap in Shanghai was 58,940 yuan/ton, up 650 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai was 72,500 yuan/ton, up 650 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 510 yuan/ton, unchanged [2]. Downstream and Application - The production of copper products was 2.2219 billion tons, up 52.6 million tons. The cumulative completed investment in power grid infrastructure was 379.576 billion yuan, up 48.079 billion yuan. The cumulative completed investment in real estate development was 6,030.919 billion yuan, up 672.942 billion yuan. The monthly production of integrated circuits was 4,250,287,100 pieces, down 438,933,600 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper was 22.01%, up 0.48%; the 40 - day historical volatility of Shanghai copper was 16.49%, up 0.41%. The implied volatility of the current - month at - the - money IV was 20.09%, down 0.0144%. The call - put ratio of at - the - money options was 1.28, down 0.127 [2]. Industry News - Fed Chairman Powell said that the liquidity in the money market is gradually tightening, and the balance - sheet reduction may be close to an end in the next few months. Premier Li Qiang emphasized the need to implement counter - cyclical adjustments. The IMF predicted that the world economy will grow by 3.2% in 2025. The production and sales of automobiles and new - energy vehicles in China in September reached new highs [2].