1. Report Industry Investment Rating - The report gives a "Bullish" rating for both coke and coking coal [1] 2. Core Views of the Report - With major macro - events settled this week and reduced uncertainties, the market will return to the industrial logic. For coking coal, the long - term agreement price of major mines in Shanxi has increased, the spot price is firm, the mine - end production recovery is slow, and downstream replenishment is enthusiastic. For coke, the fifth round of spot price increase has been implemented, and further price increase requires an increase in downstream steel prices. The demand for coke remains resilient, and the coking enterprise inventory is continuously decreasing [4] - Last week, the market dropped sharply due to exchange supervision and under - expected macro - events. The coking coal market may see a battle between long and short positions in the future, which will determine the short - term trend. It is recommended to move J09 and JM09 long positions to far - month contracts and hold them with a light position, and then add positions opportunistically [5] 3. Summary by Related Catalogs 3.1 Related News - In August, the railway long - term agreement prices of major mines in Shanxi increased. The price of main coking coal rose by 150 - 200 yuan/ton, fat coal by 200 yuan/ton, 1/3 coking coal by 150 yuan/ton, lean coal by 130 yuan/ton, gas coal by 150 yuan/ton, and meager lean coal by 130 yuan/ton [1] 3.2 Coking Coal 3.2.1 Price and Basis - The spot price of Mongolian No. 5 main coking coal was stable at 1150 yuan/ton, the active contract was at 1141 yuan/ton (+48.5), the basis was 29 yuan/ton (-48.5), and the September - January spread was - 135.5 yuan/ton (-28) [2] 3.2.2 Supply and Demand - The operating rate of 523 mines was 86.31% (-0.59), the operating rate of 110 coal washing plants was 61.51% (-0.8), and the production rate of 230 independent coking enterprises was 73.48% (-0.13) [2] 3.2.3 Inventory - The clean coal inventory of 523 mines was 248.26 million tons (-30.18), the clean coal inventory of coal washing plants was 166.38 million tons (-9.23), the inventory of 247 steel mills was 803.79 million tons (+4.28), the inventory of 230 coking enterprises was 844.06 million tons (+2.85), and the port inventory was 282.11 million tons (-10.23) [2] 3.3 Coke 3.3.1 Price and Basis - The price of quasi - first - grade coke at Tianjin Port was 1470 yuan/ton (+50), the fifth round of price increase was implemented. The active contract was at 1615 yuan/ton (+30), the basis was - 34 yuan/ton (+24), and the September - January spread was - 60.5 yuan/ton (-21.5) [3] 3.3.2 Supply and Demand - The production rate of 230 independent coking enterprises was 73.48% (-0.13), the capacity utilization rate of 247 steel mills was 90.24% (-0.57), and the daily average pig iron output was 240.71 million tons (-1.52) [3] 3.3.3 Inventory - The inventory of 230 coking enterprises was 46.52 million tons (-3.6), the inventory of 247 steel mills was 626.69 million tons (-13.29), and the port inventory was 215.1 million tons (+16.97) [3] 3.4 Strategy Recommendations - Move J09 and JM09 long positions to far - month contracts, hold them with a light position, and add positions opportunistically later [5]

Group 1: Report Industry Investment Ratings - The investment ratings for both sugar and cotton are "sideways" [1] Group 2: Core Views of the Report - Sugar: Affected by the consecutive drought from autumn to spring, the emergence and early growth of sugarcane in Guangxi are unfavorable, with the growth and number of plants shorter and fewer than the same period last year. Although the growth of sugar beets is generally good, recent heavy rainfall in the Inner Mongolia production area makes it prone to pests and diseases, which need to be prevented in advance. Internationally, the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere need to be continuously monitored [1] - Cotton: Most cotton production areas in China have entered the budding to flowering stage, with the growth progress 4 to 7 days ahead of previous years. According to the climate forecast of the China Meteorological Administration, the temperature in Xinjiang will continue to be high in July, and the number of high - temperature days will exceed the same period in previous years, posing a high risk of heat damage to cotton. Currently, the total cotton inventory is continuously decreasing, but the downstream market shows obvious off - season characteristics, and textile enterprises are cautious in raw material procurement. Therefore, the impact of weather changes and tariff uncertainties needs to be continuously monitored [1] Group 3: Data Summary 1. Price Data - **External Market Quotes**: From August 2, 2025, to August 3, 2025, the price of US sugar remained at $16.2, with a 0.00% change, and the price of US cotton remained at $66.42, with a 0.00% change [3] - **Spot Prices**: From August 1, 2025, to August 4, 2025, the price of sugar in Nanning remained at 6030.0, with a 0.00% change; the price of sugar in Kunming dropped from 5880.0 to 5865.0, a - 0.26% change; the cotton index 328 dropped from 3281 to 3280, a - 0.70% change; the price of cotton in Xinjiang dropped from 15400.0 to 15200.0, a - 1.30% change [3] 2. Spread Data - From August 2, 2025, to August 3, 2025, all spreads (SR01 - 05, SR05 - 09, etc.) and basis (sugar 01 basis, cotton 01 basis, etc.) remained unchanged, with a 0.00% change [3] 3. Import Price and Profit Data - From August 1, 2025, to August 4, 2025, the import price of cotton cotlookA remained at 78.5, with a 0.00% change, and the sugar import profit remained at 1597.0, with a 0.00% change [3] 4. Option Data - For options, the implied volatility of SR509C5700 is 0.0804, and the historical volatility of its futures underlying SR509 is 7.11; the implied volatility of SR509P5700 is 0.0795; the implied volatility of CF509C13600 is 0.1024, and the historical volatility of its futures underlying CF509 is 9.12; the implied volatility of CF509P13600 is 0.0983 [3] 5. Warehouse Receipt Data - From August 1, 2025, to August 4, 2025, the number of sugar warehouse receipts decreased from 19443.0 to 19373.0, a - 0.36% change, and the number of cotton warehouse receipts decreased from 8807.0 to 8684.0, a - 1.40% change [3] Group 4: Company Information - Xinda Futures Co., Ltd. is a limited - liability company specializing in domestic futures business. It is wholly - owned by Xinda Securities Co., Ltd., with a registered capital of 600 million RMB. It is one of the large - scale, standardized, and high - reputation futures companies in China. It is a full - settlement member of the China Financial Futures Exchange, a full - fledged member of the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange, a member of the Shanghai International Energy Exchange and Guangzhou Futures Exchange, an observer of the China Securities Association, and an observer member of the Asset Management Association of China [8]

Report Industry Investment Rating - The investment rating for crude oil is "sideways" [1] Core Viewpoints - The crude oil market is currently caught in a three - way tug - of - war among geopolitical disturbances, macroeconomic concerns, and weakening fundamentals. Short - term geopolitical risks, especially the US policy towards Russia after August 8, remain a major source of price fluctuations, but the premium caused by these risks has partially subsided and its sustainability is questionable. Macroeconomic recession fears have reignited, increasing market volatility and downside risks. The OPEC+ decision to maintain production increases, combined with the approaching end of the seasonal demand peak, will continue to exert pressure on the medium - term fundamentals. Without a major geopolitical supply disruption, time is more of a negative factor for the crude oil market, and the upside potential is limited [3] Summary by Related Catalogs Market Structure - The report presents the WTI, Brent, and SC forward curves and their respective monthly spreads, showing data from the latest, one - week ago, and two - week ago periods [10][14][16] Supply - The OPEC+ JMMC meeting confirmed a planned production increase of 547,000 barrels per day in September, which means the first - phase two - year复产 plan will be completed one year ahead of schedule. The current production increase is inappropriate given the weakening demand outlook. The US crude oil production, rig count, and North American active fracturing fleet numbers are also presented, along with the production of OPEC+ member countries. The US refinery operating rate and the operating rate of Shandong local refineries (atmospheric and vacuum distillation units) are shown as well [3][20][24] Demand - The report shows the production of crude oil from countries such as Russia, Mexico, Kazakhstan, Oman, Azerbaijan, and Malaysia, which reflects the supply situation from major producing countries and is related to the overall demand in the market [31] Inventory - Data on US crude oil inventories, including strategic petroleum reserves, commercial crude oil in the US, and commercial crude oil in Cushing, are presented. Additionally, the inventories of gasoline, aviation kerosene, and distillate fuel oil in the US are shown [27][29] Position/US Dollar - Information on WTI and Brent fund positions, including non - reportable long and short positions, as well as the total positions of WTI and Brent, is provided. The US dollar index is also presented [32][33]

徐浩然—有色分析师 从业资格证号：F03120971 联系电话：0571-28132578 邮箱：xuhaoran@cindasc.com 期货研究报告 商品研究 [Table_ReportType] 工业硅/多晶硅早报 走势评级： 工业硅：震荡 多晶硅：震荡 楼家豪—有色分析师 从业资格证号：F3080463 投资咨询证号：Z0018424 联系电话：0571-28132615 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 双硅大幅回落，供给侧改革情绪衰退 [Table_ReportDate] 报告日期： 2025 年 8 月 4 日 报告内容摘要: ◆相关咨询： 本次硅煤价格调涨，主要受成本、供给和需求三方面的共同 促动，使价格呈现 30-110 元/吨的小幅反弹，而对工业硅而言，按全煤工艺 计算，预计成本将增加 140-170 元/吨。 ◆基本面： 工业硅：现货价格方面，华东不通氧 553#硅在 9500-9600 元/吨，较上一交 易日持平。供给方面：6 月份工业硅产量再度抬升至 32.6 万吨，较 5 月提高 2w 吨，新疆地 ...

Report Industry Investment Rating - The trend ratings for both sugar and cotton are "sideways" [1] Core Viewpoints - Sugar: Affected by consecutive droughts from autumn to spring, the emergence and early growth of sugarcane in Guangxi are unfavorable, with the growth and plant number shorter and fewer compared to the same period last year. Beet growth is generally good, but recent heavy rainfall in Inner Mongolia may lead to pests and diseases. Internationally, the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere need to be monitored [1] - Cotton: Most cotton - growing areas in China have entered the budding to flowering stage, with the growth progress 4 to 7 days ahead of previous years. In July, Xinjiang is expected to have higher - than - normal temperatures, posing a high risk of heat damage to cotton. Although the total cotton inventory is decreasing, the downstream market shows off - season characteristics, and textile enterprises are cautious in raw material procurement. Weather changes and tariff uncertainties need continuous attention [1] Data Summary 1. Price Data - **External Market Quotes**: On August 2, 2025, the price of US sugar was 16.2 dollars, and on August 3, 2025, it remained at 16.2 dollars, with a 0.00% change. The price of US cotton was 66.42 dollars on both August 2 and 3, 2025, with a 0.00% change [3] - **Spot Prices**: From July 31 to August 1, 2025, the price of sugar in Nanning remained at 6030.0, with a 0.00% change; the price of sugar in Kunming dropped from 5900.0 to 5880.0, a - 0.34% change. The cotton index 328 decreased from 3281 to 3280, a - 0.42% change, while the price of cotton in Xinjiang increased from 15350.0 to 15400.0, a 0.33% change [3] 2. Spread Data - From August 2 to 3, 2025, the spreads of SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, and CF09 - 01 all had 0.00% changes. The basis of sugar 01, 05, 09 and cotton 01, 05, 09 also remained unchanged with 0.00% changes [3] 3. Import - related Data - From July 31 to August 1, 2025, the import price of cotton cotlookA increased from 77.95 to 78.5, a 0.71% change. The sugar import profit remained at 1606.0, with a 0.00% change [3] 4. Option Data - For options, the implied volatility of SR509C5700 is 0.0804, and the historical volatility of its futures underlying SR509 is 7.11. The implied volatility of SR509P5700 is 0.0795. The implied volatility of CF509C13600 is 0.1024, and the historical volatility of its futures underlying CF509 is 9.12. The implied volatility of CF509P13600 is 0.0983 [3] 5. Warehouse Receipt Data - From July 31 to August 1, 2025, the number of sugar warehouse receipts decreased from 19473.0 to 19443.0, a - 0.15% change, and the number of cotton warehouse receipts decreased from 8940.0 to 8807.0, a - 1.49% change [3] Company Information - The report is produced by Cinda Futures Co., Ltd., a large - scale domestic futures company with a registered capital of 600 million RMB, wholly - owned by Cinda Securities Co., Ltd. It holds various memberships in multiple exchanges and associations [2][8]

1. Report Industry Investment Rating - The report gives a bullish rating for both coke and coking coal [1] 2. Core Viewpoints of the Report - The Politburo meeting emphasized capacity governance in key industries and the regulation of disorderly competition. Some long - position funds took early profit due to previous under - performing policies and over - hyped expectations. The Sino - US trade talks extended the tariff suspension period by 90 days. The market trend on Thursday and Friday after important events will affect the subsequent strength. Although the market dipped after the Politburo meeting announcement on Wednesday, it rebounded. The market continued to decline on Thursday, with coking coal hitting the daily limit down, and it's still uncertain whether it has stabilized. After the major uncertainty is removed, the market will trade based on the long - term logic [4] - For coking coal, mine production declined, downstream restocking enthusiasm was high, and spot transaction rates were at a high level. Mine inventories were continuously transferred to downstream, and steel mills' restocking speeded up slightly this week. For coke, after the third and fourth rounds of price increases were quickly implemented, the fifth round was postponed, but the expectation of further price increases remained. High blast furnace profits supported coke demand [4] - Considering the coking coal's recent trends and positions, short - term funds that entered the market after the 23rd are likely to be stopped out. The current position has dropped significantly, and the price has almost returned to the level before the 23rd. The coking coal's trend in recent days is crucial for determining the future price direction. After the market sentiment is released, the profit distribution logic in the industrial chain will be traded. After coking coal hit the daily limit down on Thursday, the black - commodity sector rebounded at night, indicating a warming sentiment. The short - term market will fluctuate widely. It is recommended to hold long positions in J09 and JM09 lightly, shift positions to the January contract as long - positions dominate the shift, and decide whether to increase positions after the outcome of the long - short battle is clear [4][5] 3. Summaries According to Relevant Catalogs Coking Coal Supply and Demand - Supply decreased slightly while demand increased. The operating rate of 523 mines was 86.9% (+0.83), and that of 110 coal - washing plants was 61.51% (-0.8). The production rate of 230 independent coking enterprises was 73.61% (+0.71) [2] Inventory - Upstream inventory decreased while downstream inventory increased. The clean coal inventory of 523 mines was 278.44 million tons (-60.63), and that of coal - washing plants was 175.61 million tons (-15.93). The inventory of 247 steel mills was 799.51 million tons (+8.41), and that of 230 coking enterprises was 841.21 million tons (+51.02). The port inventory was 292.34 million tons (-29.16) [2] Spot Price and Spread - The spot price of Mongolian 5 coking coal was 1150 yuan/ton (-0), and the active contract price was 1045.5 yuan/ton (-71.5). The basis was +124.5 yuan/ton (+71.5), and the 9 - 1 month spread was -89.5 yuan/ton (+26) [1] Coke Supply and Demand - Demand remained high, and supply increased slightly. The production rate of 230 independent coking enterprises was 73.61% (+0.71). The capacity utilization rate of 247 steel mills was 90.81% (-0.08), and the daily average pig iron output was 242.23 million tons (-0.21) [3] Inventory - Upstream inventory decreased while downstream inventory increased. The inventory of 230 coking enterprises was 50.12 million tons (-5.43), that of 247 steel mills was 639.98 million tons (+0.99), and the port inventory was 198.13 million tons (-0.98) [3] Spot Price, Spread and Profit - The price of quasi - first - grade coke at Tianjin Port was 1420 yuan/ton (+0). Some regions initiated the fifth round of price increases, and the active contract price was 1601 yuan/ton (-75.5). The basis was -74 yuan/ton (+75.5), and the 9 - 1 month spread was -53.5 yuan/ton (+10) [3]

商品研究 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 请务必阅读正文之后的免责条款 1 | 走势评级: | 自糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 受美棉出口数据压制，棉花震荡调整 [T报ab告le日_R期ep：ortDate] 2025-08-01 报告内容摘要: [Table_Summary] 白糖：受秋冬春连旱影响，广西甘蔗出苗和前期生长不利，甘蔗长势和株 数较去年同期偏矮偏少。甜菜长势总体良好，但内蒙古产区近期降水偏多， 易发生病虫害，需提前防治。国际方面，后期需继续关注巴西产糖进度和北 半球糖料生长情况。 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：全国大部分棉花产区已进入现蕾至开花阶段，生长进度比往年提前 了 4 到 7 天。根据中国气象局的气候预测，7 月份新疆地区的气温将 ...

-------------------- 商品研究 -------------------- [Table_ReportType] 煤焦早报 ----------------- 期 走势评级： 焦炭——看涨 焦煤——看涨 刘开友—黑色研究员 从业资格证号：F03087895 投资咨询证号：Z0019509 联系电话：0571-28132535 邮箱：liukaiyou@cindasc.com 信达期货股份有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 宏观事件落定，情绪逐步回归，关注盘面博弈结果 报告内容摘要: 报告日期： [Table_ReportDate] 2025 年 7 月 31 日 [Table_Summary] 相关资讯： 焦煤： 现货偏强，期货宽幅震荡。蒙 5#主焦煤报 1150 元/吨(-0)，现货回落。活跃合约报 1117 元/吨(-3.5)。基差+53 元/吨(+3.5)，9-1 月差-115.5 元/吨（-21.5）。 供给小幅回落，需求有所回升。523 家矿山开工率报 86.9%（+0.83），110 家洗煤 厂开工率报 ...

商品研究 | 走势评级: | 自糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 受巴西产量强劲压制，白糖震荡调整 [T报ab告le日_R期ep：ortDate] 2025-07-31 报告内容摘要: [Table_Summary] 白糖：受秋冬春连旱影响，广西甘蔗出苗和前期生长不利，甘蔗长势和株 数较去年同期偏矮偏少。甜菜长势总体良好，但内蒙古产区近期降水偏多， 易发生病虫害，需提前防治。国际方面，后期需继续关注巴西产糖进度和北 半球糖料生长情况。 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：全国大部分棉花产区已进入现蕾至开花阶段，生长进度比往年提前 了 4 到 7 天。根据中国气象局的气候预测，7 月份新疆地区的气温将持续偏 高，高温天数也将超过往年同期，这使得棉花面临较高的热害风险。目前， 棉花库存总量持续减少，但下游市场表现出明显的淡季特征，纺织企业在原 料采购上显 ...

Report Industry Investment Rating - Sugar: Swing [1] - Cotton: Swing [1] Core View of the Report - Sugar: Affected by the continuous drought from autumn to spring, the emergence and early growth of sugarcane in Guangxi are unfavorable, with the growth and plant number shorter and fewer than the same period last year. The growth of sugar beets is generally good, but there has been excessive rainfall in the Inner Mongolia production area recently, which is prone to pests and diseases and requires early prevention and control. Internationally, the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere need to be continuously monitored [1]. - Cotton: Most cotton - growing areas in China have entered the budding to flowering stage, with the growth progress 4 to 7 days ahead of previous years. According to the climate forecast of the China Meteorological Administration, the temperature in Xinjiang will remain high in July, and the number of high - temperature days will exceed the same period in previous years, exposing cotton to a high risk of heat damage. Currently, the total cotton inventory is continuously decreasing, but the downstream market shows obvious off - season characteristics, and textile enterprises are cautious in raw material procurement. Therefore, the impact of weather changes and tariff uncertainties needs to be continuously monitored [1]. Summary based on Related Catalogs Data Overview 1. Foreign Market Quotes - US sugar (USD): On July 28, 2025, it was 16.43, and on July 29, 2025, it was 16.56, with a growth rate of 0.79% [3]. - US cotton (USD): On July 28, 2025, it was 68.3, and on July 29, 2025, it was 67.66, with a decline rate of - 0.94% [3]. 2. Spot Prices - Sugar (Nanning): It remained at 6050.0 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. - Sugar (Kunming): It remained at 5915.0 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. - Cotton Index 328: On July 28, 2025, it was 3281, and on July 29, 2025, it was 3280, with a decline rate of - 0.19% [3]. - Cotton (Xinjiang): On July 28, 2025, it was 15400.0, and on July 29, 2025, it was 15450.0, with a growth rate of 0.32% [3]. 3. Spread Overview - SR01 - 05: On July 28, 2025, it was 62.0, and on July 29, 2025, it was 61.0, with a decline rate of - 1.61% [3]. - SR05 - 09: On July 28, 2025, it was - 205.0, and on July 29, 2025, it was - 197.0, with a decline rate of - 3.90% [3]. - SR09 - 01: On July 28, 2025, it was 143.0, and on July 29, 2025, it was 136.0, with a decline rate of - 4.90% [3]. - CF01 - 05: On July 28, 2025, it was 65.0, and on July 29, 2025, it was 60.0, with a decline rate of - 7.69% [3]. - CF05 - 09: On July 28, 2025, it was - 75.0, and on July 29, 2025, it was 40.0, with a decline rate of - 153.33% [3]. - CF09 - 01: On July 28, 2025, it was 10.0, and on July 29, 2025, it was - 100.0, with a decline rate of - 1100.00% [3]. - Sugar 01 basis: On July 28, 2025, it was 213.0, and on July 29, 2025, it was 184.0, with a decline rate of - 13.62% [3]. - Sugar 05 basis: On July 28, 2025, it was 275.0, and on July 29, 2025, it was 245.0, with a decline rate of - 10.91% [3]. - Sugar 09 basis: On July 28, 2025, it was 70.0, and on July 29, 2025, it was 48.0, with a decline rate of - 31.43% [3]. - Cotton 01 basis: On July 28, 2025, it was 1544.0, and on July 29, 2025, it was 1555.0, with a growth rate of 0.71% [3]. - Cotton 05 basis: On July 28, 2025, it was 1609.0, and on July 29, 2025, it was 1615.0, with a growth rate of 0.37% [3]. - Cotton 09 basis: On July 28, 2025, it was 1534.0, and on July 29, 2025, it was 1655.0, with a growth rate of 7.89% [3]. 4. Import Prices - Cotton cotlookA: It remained at 78.7 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. 5. Profit Margins - Sugar import profit: It remained at 1600.5 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. 6. Options - SR509C5900: Implied volatility is 0.1005, and the futures underlying is SR509, with a historical volatility of 6.73 [3]. - SR509P5900: Implied volatility is 0.0997 [3]. - CF509C14000: Implied volatility is 0.1358, and the futures underlying is CF509, with a historical volatility of 8.71 [3]. - CF509P14000: Implied volatility is 0.1332 [3]. 7. Warehouse Receipts (sheets) - Sugar: On July 28, 2025, it was 20150.0, and on July 29, 2025, it was 19746.0, with a decline rate of - 2.00% [3]. - Cotton: On July 28, 2025, it was 9226.0, and on July 29, 2025, it was 9156.0, with a decline rate of - 0.76% [3]. Company Information - Cinda Futures Co., Ltd. is a limited liability company specializing in domestic futures business. It is wholly - owned by Cinda Securities Co., Ltd., with a registered capital of 600 million RMB. It is one of the large - scale, standardized, and high - reputation futures companies in China. It is a full - settlement member of the China Financial Futures Exchange, a full - fledged member of the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange, a member of the Shanghai International Energy Exchange and Guangzhou Futures Exchange, an observer of the China Securities Association, and an observer member of the Asset Management Association of China [8].