1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The capacity utilization rate of domestic tire enterprises has significantly increased, and most enterprises are expected to maintain their current production schedules this week to stock up for the "National Day" holiday and make up for previous order gaps. The overall capacity utilization rate is expected to fluctuate slightly. The ru2601 contract is expected to fluctuate in the range of 15,750 - 16,300 in the short term, and the nr2511 contract is expected to fluctuate in the range of 12,450 - 13,000 in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract was 15,880 yuan/ton, down 160 yuan; the closing price of the main 20 - number rubber contract was 12,590 yuan/ton, down 125 yuan. The 1 - 5 spread of Shanghai rubber was 15 yuan/ton, down 20 yuan; the 10 - 11 spread of 20 - number rubber was - 60 yuan/ton, down 25 yuan. The spread between Shanghai rubber and 20 - number rubber was 3,290 yuan/ton, down 35 yuan. The trading volume and net positions of the top 20 also changed to varying degrees [2]. Spot Market - The prices of various types of rubber in the Shanghai market and international markets showed different trends. For example, the price of Shanghai market state - owned whole latex was 15,100 yuan/ton, down 50 yuan; the price of Shanghai market Vietnamese 3L was 15,300 yuan/ton, unchanged. The prices of Thai and Malaysian standard rubbers were 1,870 US dollars/ton, unchanged [2]. Upstream Situation - The reference prices of Thai raw rubber in the market showed different changes. The RSS3 theoretical production profit was 158.6 US dollars/ton, down 52.6 US dollars; the STR20 theoretical production profit was - 17 US dollars/ton, down 31.4 US dollars. The monthly import volume of technically classified natural rubber was 121,900 tons, an increase of 1,000 tons; the monthly import volume of mixed rubber was 259,500 tons, a decrease of 21,300 tons [2]. Downstream Situation - The operating rates of all - steel and semi - steel tires increased. The all - steel tire operating rate was 65.59%, an increase of 5.81 percentage points; the semi - steel tire operating rate was 73.46%, an increase of 5.99 percentage points. The inventory days, production volume of all - steel and semi - steel tires also changed [2]. Option Market - The historical 20 - day and 40 - day volatilities of the underlying asset, as well as the implied volatilities of at - the - money call and put options, showed different changes. The historical 20 - day volatility was 17.14%, down 0.33 percentage points; the historical 40 - day volatility was 19.62%, an increase of 0.21 percentage points [2]. Industry News - In the Southeast Asian main producing areas of natural rubber, rainfall in different regions has different impacts on rubber tapping. As of September 14, 2025, the total inventory of natural rubber in Qingdao decreased by 0.95% compared with the previous period. The inventory in the bonded area decreased by 8.32%, and the general trade inventory increased by 0.07%. The inventory utilization rate of domestic tire enterprises increased significantly [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The supply side of the industrial silicon industry shows a regional differentiation trend of "steady production increase in the northwest and capacity shrinkage in the southwest." Next week, the actual production progress of new capacity in Xinjiang needs to be closely monitored [2]. - The total demand for industrial silicon from the three major downstream industries remains flat. Although the spot price of industrial silicon has risen, the futures price has weakened slightly. However, it is expected that the futures price will follow the spot price increase, and it is recommended to go long at low prices [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 8,965 yuan/ton, up 50 yuan; the position of the main contract is 285,673 lots, down 1,511 lots; the net position of the top 20 is -58,016 lots, up 1,276 lots; the warehouse receipt of the Guangzhou Futures Exchange is 49,896 lots, up 24 lots. The closing price of the December contract is -385 yuan/ton, down 15 yuan [2]. Spot Market - The average price of oxygen - ventilated 553 silicon is 9,350 yuan/ton, up 50 yuan; the average price of 421 silicon is 9,600 yuan/ton, unchanged; the basis of the Si main contract is 385 yuan/ton, unchanged; the DMC spot price is 11,020 yuan/ton, unchanged [2]. Upstream Situation - The average prices of silica, petroleum coke, clean coal, wood chips, and graphite electrodes (400mm) remain unchanged at 410 yuan/ton, 1,860 yuan/ton, 1,850 yuan/ton, 490 yuan/ton, and 12,250 yuan/ton respectively [2]. Industry Situation - The monthly output of industrial silicon is 366,800 tons, an increase of 33,600 tons; the weekly social inventory is 552,000 tons, an increase of 10,000 tons; the monthly import volume is 2,211.36 tons, an increase of 71.51 tons; the monthly export volume is 52,919.65 tons, a decrease of 12,197.89 tons [2]. 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 is 20,900 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 6.45 US dollars/kg, up 0.25 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged [2]. - The monthly export volume of unforged aluminum alloy is 24,908.89 tons, a decrease of 861.29 tons; the weekly operating rate of organic silicon DMC is 72.71%, an increase of 2.12 percentage points; the monthly output of aluminum alloy is 1.536 million tons, a decrease of 133,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2]. Industry News - GCL Technology (03800.HK) reached a strategic financing agreement with Infini Capital, raising about HK$5.446 billion (about US$700 million) through private placement of about 4.736 billion shares, with a lock - in period of 6 months [2]. - President Xi Jinping's article pointed out the need to rectify the chaos of low - price and disorderly competition among enterprises. In the industrial silicon sector, the supply side shows a regional differentiation trend, and the demand side of the three major downstream industries remains flat [2].

1. Report Industry Investment Rating - There is no information provided about the industry investment rating in the report. 2. Core Viewpoints - The V2601 contract of PVC fluctuates with a bullish bias, closing at 4,973 yuan/ton. The PVC capacity utilization rate increased by 2.81% week-on-week to 79.94% last week on the supply side. On the demand side, the downstream开工率 of PVC increased by 4% week-on-week to 47.5% last week, with the pipe开工率 up 4.13% to 37.61% and the profile开工率 up 0.83% to 39.22%. The PVC social inventory increased by 1.75% week-on-week to 93.42 million tons last week. This week, the impact of the shutdown of Beiyuan and Jinchuan's devices will expand, and new maintenance devices such as Ningxia Yinglite and Haohua will be added, so the capacity utilization rate is expected to decline significantly. A total of 900,000 tons of devices of Bohua, Gansu Yaowang, and Qingdao Gulf are planned to be put into production in September, increasing the industry's supply pressure in the medium and long term. Affected by pre - holiday stocking in the domestic market, the开工率 of some product enterprises has recently increased. The terminal real - estate market is weak, continuously dragging down domestic demand. India's anti - dumping policy on PVC is expected to be implemented soon, and the export market is mainly in a wait - and - see state. The profitability of caustic soda is considerable, weakening the cost support of calcium carbide and ethylene. From a macro perspective, the talks between China, the US, and Spain have progressed smoothly, and a new round of policies to stabilize growth in key domestic industries is about to be introduced. Technically, V2601 should pay attention to the pressure around 5,050 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 4,973 yuan/ton, with a ring - to - ring increase of 13 yuan/ton. The trading volume is 726,307 hands, a decrease of 330,119 hands. The open interest is 1,123,935 hands, a decrease of 14,778 hands. The long positions of the top 20 futures are 847,891 hands, a decrease of 8,484 hands; the short positions are 945,472 hands, a decrease of 21,500 hands; the net long positions are - 97,581 hands, an increase of 13,016 hands [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 5,020 yuan/ton, up 15 yuan/ton; the price of calcium carbide - based PVC is 4,803.46 yuan/ton, up 53.46 yuan/ton. In the South China region, the price of ethylene - based PVC is 4,980 yuan/ton, up 60 yuan/ton; the price of calcium carbide - based PVC is 4,854.38 yuan/ton, up 36.88 yuan/ton. The CIF price of PVC in China is 700 US dollars/ton, unchanged; the CIF price in Southeast Asia is 650 US dollars/ton, unchanged; the FOB price in Northwest Europe is 690 US dollars/ton, unchanged. The basis of PVC is - 183 yuan/ton, a decrease of 3 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2,750 yuan/ton, up 50 yuan/ton; in North China, it is 2,718.33 yuan/ton, up 53.33 yuan/ton; in Northwest China, it is 2,560 yuan/ton, up 47 yuan/ton. The mainstream price of liquid chlorine in Inner Mongolia is - 575 yuan/ton, unchanged. The mid - price of VCM CFR Far East is 509 US dollars/ton, up 6 US dollars/ton; the mid - price of VCM CFR Southeast Asia is 546 US dollars/ton, up 7 US dollars/ton. The mid - price of EDC CFR Far East is 189 US dollars/ton, unchanged; the mid - price of EDC CFR Southeast Asia is 201 US dollars/ton, unchanged [3]. 3.4 Industry Situation - The overall开工率 of PVC is 79.94%, with the ethylene - based PVC开工率 at 81.31% and the calcium carbide - based PVC开工率 at 79.39%, a week - on - week increase of 2.81% and 3.17% respectively. The total social inventory of PVC is 53.16 million tons, a decrease of 0.14 million tons [3]. 3.5 Downstream Situation - The total social inventory of PVC in the East China region is 47.83 million tons, an increase of 0.02 million tons; in the South China region, it is 5.33 million tons, a decrease of 0.16 million tons. The National Real Estate Climate Index is 93.34, a decrease of 0.26. The cumulative value of new housing construction area is 35,206 million square meters, an increase of 4,841.68 million square meters. The cumulative value of real estate construction area is 638,731 million square meters, an increase of 5,409.57 million square meters. The cumulative value of real estate development investment is 281.0593 billion yuan, an increase of 36.3043 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 9.28%, an increase of 0.04%; the 40 - day historical volatility is 16.42%, a decrease of 0.59%. The implied volatility of at - the - money put options is 14.02%, a decrease of 0.3%; the implied volatility of at - the - money call options is 13.98%, a decrease of 0.34% [3]. 3.7 Industry News - On September 15, the spot price of East China PVCSG5 remained stable compared with the previous day, ranging from 4,670 to 4,860 yuan/ton. From September 6th to 12th, China's PVC capacity utilization rate was 79.94%, a week - on - week increase of 2.81%. As of September 11th, the PVC social inventory increased by 1.75% to 93.42 million tons [3].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - This week, the reduction in supply is gradually becoming evident. After the price cuts of butadiene and cis - butadiene rubber, the spot offers are gradually declining, which may prompt some downstream enterprises to start stocking up. As a result, the inventories of producers and traders may slightly decrease [2]. - Last week, the capacity utilization rate of domestic tire enterprises increased significantly, and most enterprises that had maintenance at the beginning of the month have returned to normal levels. It is expected that most enterprises will maintain their current production schedules this week to build up inventory for the "National Day" holiday and fill the gaps in previous orders. The overall capacity utilization rate is expected to fluctuate slightly [2]. - The BR2511 contract is expected to fluctuate in the range of 11,500 - 12,000 in the short - term [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract for synthetic rubber is 11,590 yuan/ton, down 85 yuan/ton from the previous period. The position of the main contract is 66,899 yuan/ton, up 2,683 yuan/ton [2]. - The price spread between October and November for synthetic rubber is 40 yuan/ton, up 5 yuan/ton. The total warehouse receipt quantity of butadiene rubber is 2,970 tons, unchanged [2]. Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,700 yuan/ton, unchanged; from Daqing Petrochemical in Shandong is 11,700 yuan/ton, unchanged; from Daqing Petrochemical in Shanghai is 11,750 yuan/ton, up 50 yuan/ton; from Maoming Petrochemical in Guangdong is 11,750 yuan/ton, up 50 yuan/ton [2]. - The basis of synthetic rubber is 110 yuan/ton, up 85 yuan/ton. The price of Brent crude oil is 68.47 dollars/barrel, up 1.03 dollars/barrel; WTI crude oil is 64.52 dollars/barrel, up 1.22 dollars/barrel [2]. - The price of naphtha CFR Japan is 604.88 dollars/ton, down 3.62 dollars/ton. The Northeast Asian ethylene price is 850 dollars/ton, unchanged. The intermediate price of butadiene CFR China is 1,090 dollars/ton, unchanged [2]. - The mainstream market price of butadiene in Shandong is 9,450 yuan/ton, down 50 yuan/ton [2]. Upstream Situation - The weekly production capacity of butadiene is 151,200 tons, unchanged. The weekly capacity utilization rate of butadiene is 68.33%, down 0.12 percentage points [2]. - The port inventory of butadiene at the end of the week is 25,600 tons, down 5,350 tons. The daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.64%, up 0.54 percentage points [2]. - The monthly production of cis - butadiene rubber is 135,700 tons, up 6,500 tons. The weekly capacity utilization rate of cis - butadiene rubber is 73.48%, down 2.68 percentage points [2]. - The weekly production profit of cis - butadiene rubber is - 509 yuan/ton, down 47 yuan/ton. The social inventory of cis - butadiene rubber at the end of the week is 34,500 tons, up 2,600 tons [2]. - The producer inventory of cis - butadiene rubber at the end of the week is 26,300 tons, up 1,650 tons. The trader inventory of cis - butadiene rubber at the end of the week is 8,210 tons, up 950 tons [2]. Downstream Situation - The weekly operating rate of domestic semi - steel tires is 73.46%, up 5.99 percentage points. The weekly operating rate of domestic all - steel tires is 65.59%, up 5.81 percentage points [2]. - The monthly production of all - steel tires is 13.03 million pieces, up 280,000 pieces. The monthly production of semi - steel tires is 58.06 million pieces, up 1.09 million pieces [2]. - The inventory days of all - steel tires in Shandong at the end of the week is 38.83 days, down 0.05 days. The inventory days of semi - steel tires in Shandong at the end of the week is 45.94 days, up 0.09 days [2]. Industry News - As of September 11, the inventory of domestic cis - butadiene rubber sample enterprises was 34,500 tons, an increase of 2,600 tons from the previous period, a month - on - month increase of 8.15% [2]. - As of September 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.61%, a month - on - month increase of 5.69 percentage points and a year - on - year decrease of 7.31 percentage points. The capacity utilization rate of Chinese all - steel tire sample enterprises was 66.31%, a month - on - month increase of 5.57 percentage points and a year - on - year increase of 4.23 percentage points [2]. - In August 2025, China's cis - butadiene rubber production was 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73%. Although some production facilities had short - term maintenance, the overall production reached a high level this year [2].

不锈钢产业日报 2025-09-17 单有所释放；同时持货商出货意愿较高，国内市场保持去库趋势，现货升水持稳。技术面，持仓减量价格 回调，多空交投分歧，关注下方MA60支撑。操作上，建议暂时观望，或逢低轻仓做多。 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:不锈钢(日,元/吨) | 12935 | -35 10-11月合约价差:不锈钢(日,元/吨) | -95 | 20 | | 期货市场 | 期货前20名持仓:净买单量:不锈钢(日,手) | -16799 | 44 主力合约持仓量:不锈钢(日,手) | 127750 | -3036 | | | 仓单数量:不锈钢(日,吨) | 95265 | -480 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22280 | 25 10-11月合约价差:沪锌(日,元/吨) | -5 | 5 | | | LME三个月锌报价(日,美元/吨) | 2984.5 | 2.5 沪锌总持仓量(日,手) | 216271 | 1667 | | | 沪锌前20名净持仓(日,手) | -12726 | -1695 沪锌仓单(日,吨) | 52720 | 550 | | | 上期所库存(周,吨) | 94649 | 7617 LME库存(日,吨) | 48975 | -1175 | | 现货市场 | 上海有色网0#锌现货价(日,元/吨) | 22160 | -70 长江有色市场1#锌现货价(日,元/吨) | 22020 | -200 | | | ZN主力合约基差(日,元/吨) | -120 | -95 LME锌升贴水(0-3)(日,美元/吨) | 41.33 | 14.57 | | | 昆明50%锌精矿到厂价(日,元/吨) ...

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core View - The report suggests that the US consumer spending remains strong due to wage growth and the stock - market wealth effect, which may influence the Fed's interest - rate decisions. In the nickel market, the domestic nickel ore port inventory is decreasing, and raw materials are in a tight supply situation. The overall refined nickel production has increased slightly, while the downstream demand shows a mixed picture. Technically, with reduced positions and price adjustments, it is recommended to wait and see or conduct range - bound operations [3]. Summary by Directory 1. Futures Market - The closing price of the main futures contract of Shanghai nickel is 121,790 yuan/ton, down 820 yuan; the 10 - 11 month contract spread is - 200 yuan/ton, unchanged. The LME 3 - month nickel price is 15,445 dollars/ton, up 20 dollars. The main contract's open interest of Shanghai nickel is 58,829 hands, down 7,709 hands. The net long position of the top 20 futures holders of Shanghai nickel is - 29,437 hands, up 104 hands. The LME nickel inventory is 226,434 tons, up 1,950 tons, and the SHFE nickel inventory is 27,500 tons, up 514 tons. The warehouse receipt quantity of Shanghai nickel is 26,141 tons, down 26 tons [3]. 2. Spot Market - The SMM 1 nickel spot price is 122,800 yuan/ton, down 800 yuan; the average spot price of 1 nickel plate in the Yangtze River is 122,900 yuan/ton, down 600 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 dollars/ton, unchanged, and the bonded warehouse (warehouse receipt) price is also 85 dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 28,100 yuan/ton, unchanged. The basis of the NI main contract is 1,010 yuan/ton, up 20 yuan. The LME nickel (spot/three - month) spread is - 188.63 dollars/ton, down 2.95 dollars [3]. 3. Upstream Situation - The monthly import volume of nickel ore is 500.58 million tons, up 65.92 million tons, and the total port inventory of nickel ore is 1,386.16 million tons, up 77.93 million tons. The average monthly import unit price of nickel ore is 63.77 dollars/ton, down 2.08 dollars, and the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3]. 4. Industry Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons, and the total monthly nickel - iron output is 22,000 metal tons, down 200 metal tons. The monthly import volume of refined nickel and alloys is 38,234.02 tons, up 21,018.74 tons, and the monthly import volume of nickel - iron is 835,900 tons, down 205,500 tons [3]. 5. Downstream Situation - The monthly output of 300 - series stainless steel is 3.98 million tons, and the total weekly inventory of 300 - series stainless steel is 564,000 tons, down 13,400 tons [3]. 6. Industry News - In August, US retail sales increased by 0.6% month - on - month, exceeding expectations for the third consecutive month. Real retail sales adjusted for inflation increased by 2.1% year - on - year, achieving positive growth for the 11th consecutive month. US Treasury Secretary Besent said that the Fed has been slow to react, and the market is pricing in a 75 - basis - point interest - rate cut by the end of the year [3].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The Shanghai copper main contract had a slight pullback, with a decrease in open interest, a spot premium, and a strengthening basis [2]. - At the mining end of the fundamentals, the spot index of copper concentrate TC is in the negative range, and the concentrate quotation remains firm, providing cost support for copper prices [2]. - In terms of supply, the supply of scrap copper and copper concentrate is relatively tight, which restricts the smelting capacity to some extent. Coupled with macro - factors such as the Fed's interest rate cut, copper prices are operating in a high - level range [2]. - On the demand side, the strong copper prices suppress the downstream purchasing sentiment, and the trading volume in the spot market is relatively light. At the terminal, the boost to demand in the peak season has not yet appeared, and the consumption recovery is relatively slow [2]. - In the options market, the purchase - to - sell ratio of at - the - money option positions is 1.33, a month - on - month decrease of 0.0385. The sentiment in the options market is bullish, and the implied volatility has slightly increased [2]. - Technically, for the 60 - minute MACD, the double lines are above the 0 - axis, and the green bars are expanding. The operation suggestion is to conduct light - position range - bound trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 80,560 yuan/ton, a decrease of 320 yuan; the price of LME 3 - month copper was 10,006 dollars/ton, a decrease of 120.5 dollars [2]. - The inter - month spread of the main contract was 10 yuan/ton, an increase of 30 yuan; the open interest of the main contract of Shanghai copper was 147,464 lots, a decrease of 17,752 lots [2]. - The net position of the top 20 futures holders of Shanghai copper was - 11,447 lots, an increase of 1 lot; the LME copper inventory was 150,950 tons, a decrease of 1,675 tons [2]. - The inventory of cathode copper in the SHFE was 94,054 tons, an increase of 12,203 tons; the LME copper cancelled warrants were 15,800 tons, a decrease of 1,375 tons [2]. - The SHFE warrants of cathode copper were 33,291 tons, a decrease of 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper spot was 81,120 yuan/ton, an increase of 180 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market was 81,235 yuan/ton, an increase of 240 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper was 56 dollars/ton, with no change; the average premium of Yangshan copper was 53.5 dollars/ton, with no change [2]. - The basis of the CU main contract was 560 yuan/ton, an increase of 500 yuan; the LME copper cash - to - 3 - month spread was - 59.26 dollars/ton, an increase of 2.67 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 2.5601 million tons, an increase of 0.2105 million tons; the copper smelter's roughing fee (TC) was - 41.3 dollars/kiloton, a decrease of 0.45 dollars [2]. - The price of copper concentrate in Jiangxi was 71,530 yuan/metal ton, an increase of 250 yuan; the price of copper concentrate in Yunnan was 72,230 yuan/metal ton, an increase of 250 yuan [2]. - The processing fee for blister copper in the south was 700 yuan/ton, with no change; the processing fee for blister copper in the north was 700 yuan/ton, with no change [2]. 3.4 Industry Situation - The output of refined copper was 1.301 million tons, an increase of 0.031 million tons; the import volume of unwrought copper and copper products was 425,000 tons, a decrease of 55,000 tons [2]. - The social inventory of copper was 418,200 tons, an increase of 4,300 tons; the price of 1 bright copper wire scrap in Shanghai was 56,170 yuan/ton, a decrease of 20 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 590 yuan/ton, with no change; the price of 2 copper scrap (94 - 96%) in Shanghai was 68,650 yuan/ton, with no change [2]. 3.5 Downstream and Application - The output of copper products was 2.2219 million tons, an increase of 0.0526 million tons; the cumulative grid infrastructure investment was 331.497 billion yuan, an increase of 40.431 billion yuan [2]. - The cumulative real estate development investment was 6,030.919 billion yuan, an increase of 672.942 billion yuan; the monthly output of integrated circuits was 4,250,287,100 pieces, a decrease of 438,933,600 pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper was 8.37%, an increase of 0.06%; the 40 - day historical volatility of Shanghai copper was 7.79%, an increase of 0.06% [2]. - The implied volatility of the at - the - money option in the current month was 14.07%, an increase of 0.0015; the purchase - to - sell ratio of at - the - money options was 1.33, a decrease of 0.0385 [2]. 3.7 Industry News - Nine departments including the Ministry of Commerce issued "Several Policy Measures to Expand Service Consumption", supporting cross - border cooperation between high - quality consumption resources and well - known IPs, etc. [2]. - US retail sales in August increased by 0.6% month - on - month, exceeding expectations for the third consecutive month. Real retail sales adjusted for inflation increased by 2.1% year - on - year, achieving 11 consecutive months of positive growth [2]. - PBOC Governor Pan Gongsheng pointed out in an article that the international dominant currency has the attribute of a global public good, and there are inherent instability problems when borne by a single sovereign currency. The international monetary system may evolve towards a pattern of co - existence, competition, and checks and balances among a few sovereign currencies [2]. - As of the end of August, the passenger vehicle industry inventory in China was 3.16 million units, a decrease of 0.13 million units from the previous month. From May to August, car companies more rationally controlled production, reducing the inventory pressure on dealers [2].

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 刚需采买策略，现货市场整体成交较为冷清，现货升水维持200元/吨，国内库存增加。LME库存回升，且 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 现货升水大幅下调。技术面，持仓减量价格调整，多空交投分歧，面临27.5压力。操作上，建议暂时观望 ，或区间操作。 免责声明 | | | 沪锡产业日报 2025-09-17 | 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:沪锡(日,元/吨) | 272540 | -190 10月-11月合约收盘价:沪锡(日,元/吨) | -350 | -50 | | | LME3个月锡(日,美元/吨) | 34750 | 70 主力合约持仓量:沪锡(日,手) | 23007 | -1266 | | | 期货前20名净持仓:沪锡(日,手) | -2009 | 140 LME锡:总库存(日,吨) | 2645 | 0 | | | 上期所库存: ...

玉米系产业日报 2025-09-17 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。 ，开秤价格同比略有偏高，对市场情绪有所支撑。盘面来看，随着新季玉米逐步上市，续涨动能尚显不足 ，近日多头有获利离场倾向，期价也有所回落，维持偏空思路。 | | 当前北方原料玉米处于新陈交替供应市场阶段，部分企业因原料玉米供应不足，新增检修，同时目前玉米淀粉市场行情偏弱，企业 | | --- | --- | | 观点总结（ | 仍处于亏损状态，行业开机率整体维持偏低位置运行。供应压力偏弱，叠加需求略有好转，使得库存压力有所下滑。截至9月10日 | | 淀粉） | ，全国玉米淀粉企业淀粉库存总量122.6万吨，较上周下降3.90万吨，周降幅3.08%，月降幅6.98 ...