Report Date - The report is dated September 30, 2025 [1] Investment Rating - No investment rating is provided in the report Core View - The supply side has pressure as large - scale farms continue to sell and small - scale farmers are also actively selling large pigs. The demand side has marginal improvement due to cooler weather, price drops, and approaching holidays, but the growth is less than that of the supply side. The supply is sufficient while demand growth is limited, so the pig supply - demand remains in a loose pattern, suppressing pig prices. The pig 2511 contract decreased with reduced positions, continuing the weak trend [2] Summary by Directory Futures Market - The closing price of the main futures contract for pigs is 12,355 yuan/ton, up 60 yuan; the main contract position is 61,105 hands, down 14,348 hands; the number of warehouse receipts is 0 hands; the net long position of the top 20 futures holders is - 27,701 hands, up 1,256 hands; the main basis of live pigs is 245 yuan/ton, down 60 yuan [2] Spot Market - The spot prices of pigs in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 12,600 yuan/ton, 12,200 yuan/ton, and 12,700 yuan/ton respectively, with no change [2] Upstream Situation - The monthly pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads; CPI month - on - month is - 0.4%, down 0.4 percentage points; the spot price of soybean meal in Zhangjiagang is 2,940 yuan/ton, unchanged; the corn spot price is 2,368.63 yuan/ton, down 0.98 yuan; the Dalian Commodity Exchange pig feed cost index is 883.25, down 5.13; the monthly feed output is 29,272,000 tons, up 999,000 tons; the price of binary breeding sows is 1,548 yuan/head, down 77 yuan; the breeding profit of purchased piglets is - 236.57 yuan/head, down 37.26 yuan; the breeding profit of self - bred and self - raised pigs is - 74.11 yuan/head, down 49.67 yuan; the monthly pork import volume is 80,000 tons, down 10,000 tons; the average price of white - striped chickens in the main production areas is 14.4 yuan/kg, up 0.1 yuan [2] Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 33,500,000 heads, down 1,840,000 heads; the monthly catering revenue in total social consumer goods retail is 449.57 billion yuan, down 8.4 billion yuan [2] Industry News - According to Shanghai Ganglian's data, on September 30, 2025, the daily national pig slaughter volume of key breeding enterprises was 268,150 heads, a 7.20% drop from the previous day [2] Key Focus - There is no key news today [2]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The overall supply glut of industrial silicon has not improved yet. Although there is a production reduction expectation in the southwest region, the supply in the northwest region is stable. The downstream demand from organic silicon, polysilicon, and aluminum alloy industries is generally flat, and the industry inventory remains high. Industrial silicon is expected to have no significant changes overall. It is recommended to buy at low prices and observe the production reduction intensity during the dry season after the holiday [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 8,640 yuan/ton, up 30 yuan; the position of the main contract is 206,977 lots, down 34,235 lots; the net position of the top 20 is -51,575 lots, up 9,359 lots; the warehouse receipts of GEX are 50,983 lots, up 781 lots; the closing price of the December contract is -400 yuan/ton, down 5 yuan; the difference between the November and December contracts is -400 yuan, down 5 yuan [2] Spot Market - The average price of oxygenated 553 silicon is 9,450 yuan/ton, unchanged; the average price of 421 silicon is 9,700 yuan/ton, unchanged; the basis of the Si main contract is 810 yuan/ton, down 30 yuan; the spot price of DMC is 11,050 yuan/ton, unchanged [2] Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,860 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] Industry Situation - The monthly output of industrial silicon is 366,800 tons, up 33,600 tons; the weekly social inventory of industrial silicon is 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon is 1,337.59 tons, up 1,220.14 tons; the monthly export volume of industrial silicon is 76,642.01 tons, up 2,635.83 tons [2] Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, up 700 tons; the overseas market price of photovoltaic-grade polysilicon is 15.75 US dollars/kg, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,800 yuan/ton, unchanged; the weekly average spot price of photovoltaic-grade polysilicon is 6.54 US dollars/kg, unchanged; the monthly export volume of unwrought aluminum alloy is 29,063.7 tons; the weekly operating rate of organic silicon DMC is 70.59%, down 0.53 percentage points; the monthly output of aluminum alloy is 1.635 million tons, up 99,000 tons; the monthly export volume of aluminum alloy is 29,063.7 tons, up 4,154.82 tons [2] Industry News - At the 2025 Brazil São Paulo Solar Exhibition, TrinaTracker, a Chinese photovoltaic enterprise, announced that it will supply a 130MW Blazer 1P intelligent tracking system for the Colinas project in Pernambuco, Brazil, marking a continuous breakthrough of Chinese photovoltaic enterprises in the Latin American market with the strategy of "global production + local service" [2] Viewpoint Summary - On the supply side, the spot price of industrial silicon has been fluctuating upward this week. There is a production reduction expectation in the southwest region, while the supply in the northwest region is stable. On the demand side, the downstream industries of industrial silicon, including organic silicon, polysilicon, and aluminum alloy, have a flat overall demand for industrial silicon. The industry inventory remains high, and the digestion of inventory still faces certain pressure [2] Key Points of Attention - There is no news today [2]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The fundamentals of alumina may be in a stage of stable supply and slight increase in demand, with a suggestion of light - position oscillatory trading [2] - The fundamentals of Shanghai aluminum may be in a stage of slight increase in supply and boosted demand, and the option market sentiment is bullish, also suggesting light - position oscillatory trading [2] - The fundamentals of cast aluminum alloy may be in a stage of slowing supply and increasing demand, and light - position oscillatory trading is recommended [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai aluminum main contract was 20,680 yuan/ton, down 50 yuan; the closing price of the alumina futures main contract was 2,868 yuan/ton, down 36 yuan [2] - The LME electrolytic aluminum three - month quote was 2,670.50 US dollars/ton, up 21.50 US dollars; the LME aluminum inventory was 515,600 tons, up 10,424 tons [2] - The closing price of the cast aluminum alloy main contract was 20,210 yuan/ton, down 60 yuan; the main - second - contract spread of cast aluminum alloy was - 110 yuan/ton, down 60 yuan [2] Spot Market - The Shanghai Non - ferrous A00 aluminum price was 20,720 yuan/ton, up 30 yuan; the alumina spot price in Shanghai Non - ferrous was 2,890 yuan/ton, down 5 yuan [2] - The average price (tax - included) of ADC12 aluminum alloy ingots nationwide was 20,900 yuan/ton, and the basis of cast aluminum alloy was 690 yuan, unchanged [2] Upstream Situation - Alumina production was 792.47 million tons, up 35.98 million tons; the demand for alumina (electrolytic aluminum part) was 725.80 million tons, up 3.73 million tons [2] - The import quantity of aluminum scrap and fragments was 172,610.37 tons, up 12,115.77 tons; the export quantity was 53.23 tons, down 26.16 tons [2] Industry Situation - The WBMS aluminum supply - demand balance was - 11.99 million tons, down 30.30 million tons; the primary aluminum import quantity was 217,260.71 tons, down 30,322.61 tons [2] - The primary aluminum export quantity was 25,604.34 tons, down 15,383.37 tons; the electrolytic aluminum social inventory was 53.70 million tons, down 3.00 million tons [2] Downstream and Application - The aluminum product production was 554.82 million tons, up 6.45 million tons; the export quantity of unwrought aluminum and aluminum products was 53.00 million tons, down 1.00 million tons [2] - The production of recycled aluminum alloy ingots was 63.59 million tons, up 1.27 million tons; the export quantity of aluminum alloy was 2.91 million tons, up 0.42 million tons [2] Option Situation - The 20 - day historical volatility of Shanghai aluminum was 6.17%, down 0.07%; the 40 - day historical volatility was 6.08%, up 0.02% [2] - The implied volatility of the Shanghai aluminum main at - the - money IV increased slightly, and the put - call ratio was 1.11, with a month - on - month decrease of 0.0630 [2] Industry News - New York Fed President Williams supported rate cuts due to labor market weakness; St. Louis Fed President Mousalem was open to future rate cuts but cautious; Cleveland Fed President Harker advocated maintaining a tight monetary policy [2] - The National Development and Reform Commission is promoting new policy - based financial instruments worth 500 billion yuan to boost investment [2] - The Political Bureau of the CPC Central Committee will hold the Fourth Plenary Session of the 20th CPC Central Committee from October 20th to 23rd, focusing on the 15th Five - Year Plan [2] - The China Household Electrical Appliances Association opposes unfair competition in the industry [2]

Report Industry Investment Rating - Not provided Core View of the Report - The main contract of Shanghai copper has risen and then pulled back, with increased open interest, spot premium, and strengthening basis. The copper price cost support logic remains due to the tight supply of copper concentrate. The domestic copper production is expected to increase slightly, while the downstream copper product start - up is expected to improve significantly. The social inventory may gradually decrease, and the option market sentiment is bullish. It is recommended 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 is 83,110 yuan/ton, up 740 yuan; the price of LME 3 - month copper is 10,383 dollars/ton, down 31 dollars. The spread between the main contract and the next - month contract is 0 yuan/ton, down 10 yuan. The open interest of the main contract of Shanghai copper is 213,859 lots, up 67 lots. The net position of the top 20 futures holders of Shanghai copper is - 8,035 lots, up 7085 lots. The LME copper inventory is 143,900 tons, down 500 tons; the Shanghai Futures Exchange inventory of cathode copper is 98,779 tons, down 7035 tons; the Shanghai Futures Exchange warrant of cathode copper is 26,823 tons, down 2856 tons [2] Spot Market - The price of SMM 1 copper spot is 83,240 yuan/ton, up 1030 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 83,100 yuan/ton, up 785 yuan. The CIF price of Shanghai electrolytic copper (bill of lading) is 57 dollars/ton, unchanged; the average premium of Yangshan copper is 52 dollars/ton, down 3 dollars. The basis of the CU main contract is 130 yuan/ton, up 290 yuan; the LME copper spread (0 - 3) is - 29.22 dollars/ton, up 9.69 dollars [2] Upstream Situation - The import volume of copper ore and concentrates is 275.93 million tons, up 19.92 million tons. The TC of domestic copper smelters is - 40.36 dollars/kiloton, up 0.44 dollars. The price of copper concentrate in Jiangxi is 73,340 yuan/metal ton, up 760 yuan; the price of copper concentrate in Yunnan is 74,040 yuan/metal ton, up 760 yuan. The processing fee of blister copper in the South is 800 yuan/ton, up 100 yuan; the processing fee of blister copper in the North is 700 yuan/ton, unchanged [2] Industry Situation - The production of refined copper is 130.10 million tons, up 3.10 million tons. The import volume of unwrought copper and copper products is 430,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 56,540 yuan/ton, down 300 yuan; the price of 2 copper (94 - 96%) in Shanghai is 69,850 yuan/ton, down 150 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 460 yuan/ton, unchanged [2] Downstream and Application - The production of copper products is 222.19 million tons, up 5.26 million tons. The cumulative completed investment in power grid infrastructure is 3,796 billion yuan, up 481.03 billion yuan. The cumulative completed investment in real estate development is 60,309.19 billion yuan, up 6729.42 billion yuan. The monthly production of integrated circuits is 4,250,287.10 thousand pieces, down 438,933.60 thousand pieces [2] Option Situation - The 20 - day historical volatility of Shanghai copper is 14.54%, up 0.18%; the 40 - day historical volatility of Shanghai copper is 11.40%, up 0.16%. The implied volatility of the current - month at - the - money IV is 21.33%, down 0.0031%. The call - put ratio of at - the - money options is 1.37, down 0.0486 [2] Industry News - New York Fed President Williams supported rate cuts due to labor market weakness; St. Louis Fed President Musalem is open to future rate cuts but cautious; Cleveland Fed President Harker advocates maintaining a tight monetary policy. The National Development and Reform Commission is promoting new policy - based financial instruments worth 500 billion yuan. The Political Bureau of the CPC Central Committee is studying the 15th Five - Year Plan. The China Household Electrical Appliances Association opposes unfair competition in the industry [2]

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The lithium carbonate market shows a weak and volatile trend. In terms of fundamentals, overseas miners still have a strong willingness to support prices, and domestic lithium ore supply is expected to gradually become clear, with prices likely to remain firm. Supply is expected to increase due to the traditional consumption season and positive policies, and overall domestic lithium carbonate supply may increase slightly. Demand is boosted by the traditional consumption season, and the industry maintains a high - growth trend. In the options market, the sentiment is bullish, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows green bars emerging above the 0 - axis. The operation suggestion is to conduct light - position oscillating trading and control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 72,800 yuan/ton, a decrease of 1,120 yuan. The net position of the top 20 is - 158,219 hands, an increase of 4,755 hands. The main contract position is 231,964 hands, a decrease of 19,785 hands. The spread between near - and far - month contracts is - 120 yuan/ton, an increase of 20 yuan. The Guangzhou Futures Exchange warehouse receipts are 41,119 hands/ton, an increase of 790 hands [2]. 3.2 Spot Market - The average price of battery - grade lithium carbonate is 73,550 yuan/ton, unchanged. The average price of industrial - grade lithium carbonate is 71,300 yuan/ton, unchanged. The basis of the Li₂CO₃ main contract is 750 yuan/ton, an increase of 1,120 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 876 US dollars/ton, unchanged. The average price of amblygonite is 7,190 yuan/ton, a decrease of 95 yuan. The average price of lepidolite (2 - 2.5%) is 2,645 yuan/ton, unchanged [2]. 3.4 Industry Situation - Lithium carbonate production is 45,880 tons per month, an increase of 1,280 tons. Imports are 21,846.92 tons per month, an increase of 8,001.60 tons. Exports are 368.91 tons per month, an increase of 2.56 tons. The lithium carbonate enterprise operating rate is 46%, a decrease of 2 percentage points [2]. 3.5 Downstream and Application - Power battery production is 139,600 MWh per month, an increase of 5,800 MWh. The price of lithium manganate is 32,000 yuan/ton, unchanged. The price of lithium hexafluorophosphate is 61,000 yuan/ton, unchanged. The price of lithium cobalt oxide is 230,000 yuan/ton, unchanged. The price of ternary material (811 type) in China is 147,500 yuan/ton, unchanged. The price of ternary material (622 power type) in China is 123,000 yuan/ton, unchanged. The price of ternary material (523 single - crystal type) in China is 131,500 yuan/ton, unchanged. The operating rate of ternary cathode materials is 55%, an increase of 3 percentage points. The price of lithium iron phosphate is 34,300 yuan/ton, unchanged. The operating rate of lithium iron phosphate cathode is 57%, an increase of 6 percentage points. New energy vehicle production is 1,391,000 vehicles, an increase of 148,000 vehicles. New energy vehicle sales are 1,395,000 vehicles, an increase of 133,000 vehicles. The cumulative sales penetration rate of new energy vehicles is 45.53%, an increase of 0.54 percentage points. The cumulative sales of new energy vehicles are 9,620,000 vehicles, an increase of 2,583,000 vehicles. New energy vehicle exports are 224,000 vehicles, a decrease of 10,000 vehicles. The cumulative exports of new energy vehicles are 1,532,000 vehicles, an increase of 714,000 vehicles [2]. 3.6 Option Situation - The 20 - day average volatility of the underlying is 23.9%, a decrease of 3.41 percentage points. The 40 - day average volatility of the underlying is 41.45%, a decrease of 0.01 percentage points. The total call position is 233,085 contracts, an increase of 6,534 contracts. The total put position is 103,888 contracts, a decrease of 376 contracts. The put - call ratio of the total position is 44.57%, a decrease of 1.4514 percentage points. The implied volatility of at - the - money IV is 0.49%, an increase of 0.0235 percentage points [2]. 3.7 Industry News - Longjing Environmental Protection stated that its energy - storage cells are currently in full - production and full - sales status, with over 90% of products sold externally (excluding internal green - power projects), and customers are mainly domestic first - tier mainstream energy - storage integrators and energy enterprises. Through cooperation with EVE Energy, its brand value and competitiveness continue to improve. In August 2025, automobile exports were 763,000 vehicles, a month - on - month increase of 10.0% and a year - on - year increase of 25.1%, with an export value of 12.82 billion US dollars, a month - on - month increase of 8.3% and a year - on - year increase of 17.3%. From January to August 2025, automobile exports were 4.928 million vehicles, a year - on - year increase of 20.4%; the export value was 84.31 billion US dollars, a year - on - year increase of 10.8%. The deputy minister of the Ministry of Industry and Information Technology, Xiong Jijun, said that a new round of work plans to stabilize the growth of the automobile industry will be implemented, optimizing preferential measures such as vehicle purchase tax and vehicle and vessel tax for new energy vehicles, and establishing an access management system for combined assisted driving and autonomous driving vehicles. The eight departments including the Ministry of Industry and Information Technology issued the "Work Plan for Stabilizing the Growth of the Non - ferrous Metals Industry (2025 - 2026)", aiming for an average annual increase of about 5% in the added value of the non - ferrous metals industry and an average annual increase of about 1.5% in the output of ten non - ferrous metals from 2025 - 2026, strengthening resource surveys and explorations of copper, aluminum, lithium, nickel, cobalt, tin, etc., and promoting the innovative application of advanced materials such as superconducting materials, liquid metals, and high - entropy alloys [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:红枣(日,元/吨) -370 主力合约持仓量:红枣(日,手) | 10915 | | 147842 | -13049 | | | 期货前20名持仓:净买单量:红枣(日,手) -3028 仓单数量:红枣(日,张) | -7627 | | 6155 | -588 | | | 有效仓单预报:红枣:小计(日,张) 0 | 58 | | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6 | 0 河北一级灰枣批发价格(日,元/斤) | 4.75 | 0 | | | 阿拉尔红枣统货价格(日,元/公斤) | 5.2 | 0 河南一级灰枣批发价格(日,元/斤) | 4.75 | 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) 0 河南红枣特级价格(元/公斤) | 4.8 | | 10.5 | 0 | | | 河北红枣特级价格(元/公斤) 0 广东红枣特级价格(日,元/公斤) | 10.52 | | 11.7 ...

玉米系产业日报 2025-09-29 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 深加工企业亏损加剧，收购价格有所下调。盘面来看，随着新季玉米逐步上市，对盘面仍有所牵制，维持 偏空思路。 | | 目前玉米淀粉市场行情偏弱，企业仍处于亏损状态，行业开机率整体维持偏低位置运行。供应压力较小，叠加节前需求略有好转， | | --- | --- | | 观点总结（ | 使得库存继续下滑。截至9月24日，全国玉米淀粉企业淀粉库存总量113.9万吨，较上周下降6.10万吨，周降幅5.08%，月降幅13.5 | | 淀粉） | | | 重点关注 | 8%；年同比增幅28.85%。不过，行业库存仍然偏高，且木薯淀粉和小麦淀粉替代优势仍然较好，继续挤压玉米淀粉市场需求。盘 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 ...

国债期货日报 2025/9/29 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 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。 端在期货 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 85459 | 107.660 | -0.01% T主力成交量 | | 3714↑ | | | 68631 TF主力收盘价 | 105.485 | -0.04% TF主力成交量 | | 8400↑ | | | TS主力收盘价 | 102.326 | -0.02% TS主力成交量 | ...

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。 铁矿石产业链日报 2025/9/29 | 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） | 784.00 | -6.00↓ I 主力合约持仓量(手) | 473,992 | -34937↓ | | | I 1-5合约价差（元/吨） | 21.5 | +1.00↑ I 合约前20名净持仓(手) | -12540 | +10384↑ | | | I 大商所仓单（手 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The precious metal market maintains an oscillating upward trend, with the price movements of gold and silver showing phased differentiation. Driven by the sentiment of repairing the gold - silver ratio, the performance of silver is significantly stronger than that of gold. The US initial jobless claims data is better than expected, indicating the resilience of the labor market. The annualized GDP growth rate in the second quarter was revised up from 3.3% to 3.8%, reaching a two - year high. The core PCE year - on - year rose to 2.6%, slightly higher than expected, showing that inflation remains sticky. The US dollar index rebounded for two consecutive days, stabilizing above the 98 mark, and the 10 - year US Treasury yield rose to 4.2%. The short - term rebound of the US dollar may suppress the precious metal market. There are differences within the Fed on the future monetary policy path. The ETFs of gold and silver in the external market recorded large net inflows, and the market bullish sentiment remains high. It is recommended to conduct interval band trading and pay attention to short - term correction risks [3] 3. Summary by Directory 3.1 Futures Market - The closing price of the Shanghai gold main contract is 866.52 yuan/gram, with a week - on - week increase of 10.46; the closing price of the Shanghai silver main contract is 10939 yuan/kilogram, with a week - on - week increase of 307. The main contract positions of Shanghai gold are 263220 lots, a decrease of 1085; the main contract positions of Shanghai silver are 508967 lots, a decrease of 35265. The net positions of the top 20 in the Shanghai gold main contract are 167719 lots, an increase of 2252; the net positions of the top 20 in the Shanghai silver main contract are 98895 lots, a decrease of 14959 [3] 3.2 Spot Market - The warehouse receipt quantity of gold is 68628 kilograms, an increase of 2802; the warehouse receipt quantity of silver is 1189648 kilograms, an increase of 31382. The spot price of gold on the Shanghai Non - ferrous Metals Network is 857.03 yuan/gram, an increase of 4.04; the spot price of silver is 10770 yuan/kilogram, an increase of 275. The basis of the Shanghai gold main contract is - 9.49 yuan/gram, a decrease of - 6.42; the basis of the Shanghai silver main contract is - 169 yuan/kilogram, a decrease of - 32 [3] 3.3 Supply - Demand Situation - The gold ETF holdings are 1005.72 tons, an increase of 8.87; the silver ETF holdings are 15361.84 tons, a decrease of 28.23. The non - commercial net positions of gold in CFTC are 266749 contracts, an increase of 339; the non - commercial net positions of silver in CTFC are 52276 contracts, an increase of 738. The total supply of gold in the quarter is 1313.01 tons, an increase of 54.84; the total supply of silver in the year is 987.8 million troy ounces, a decrease of 21.4. The total demand for gold in the quarter is 1313.01 tons, an increase of 54.83; the global total demand for silver in the year is 1195 million ounces, a decrease of 47.4 [3] 3.4 Option Market - The 20 - day historical volatility of gold is 13.38%, a decrease of 0.71; the 40 - day historical volatility of gold is 11.45%, a decrease of 0.1. The implied volatility of at - the - money call options for gold is 19.59%, a decrease of 0.94; the implied volatility of at - the - money put options for gold is 19.58%, a decrease of 0.95 [3] 3.5 Industry News - Trump will meet with the four leaders of Congress on Monday due to the approaching risk of the US government shutdown. Goldman Sachs analysts said that the risk of the US economy re - accelerating is rising. Affected by the US tariff policy adjustment, the global economic and trade frictions have heated up again, and the global economic and trade friction index in July was 110, at a high level. The amount involved in global economic and trade friction measures increased by 6.6% year - on - year and 27.6% month - on - month, with the US having the largest amount involved [3]