1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Relevant Catalogs Price - For silicon iron (72), prices in different regions vary: Ningxia is 5350, Inner Mongolia is 5350, Qinghai is 5370, Shaanxi is 5350, Jiangsu is 5550, and Tianjin is 5750 [1] - For silicon manganese (6517), prices in different regions are as follows: Inner Mongolia is 5730, Ningxia is 5700, Guangxi is 5750, Guizhou is 5700, and Yunnan is 5700 [1] - The closing price of the main contract of CZCE silicon manganese shows fluctuations from 2021 - 2025 [5] Supply - The production of 136 silicon - iron enterprises in China (weekly, with a capacity share of 95%) shows trends from 2021 - 2025 [3] - The production of silicon manganese in China (weekly) ranges from 5500 - 9000 from 2021 - 2025 [5] Demand - The demand for silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber) shows an upward trend from 12 - 28 from 2021 - 2025 [3][6] - The procurement volume and price of silicon - iron (FeSi75 - B) by Hebei Iron and Steel Group have changed over the years from 2021 - 2025 [3] Inventory - The inventory of 60 sample silicon - iron enterprises in China (weekly) ranges from 30000 - 110000 from 2021 - 2025 [4] - The inventory of 63 sample silicon - manganese enterprises in China (weekly, in tons) ranges from 6500 - 10000 from 2021 - 2025 [6] Cost and Profit - The electricity prices for ferroalloys in different regions (Qinghai, Ningxia, Shaanxi, Inner Mongolia) fluctuate from 2021 - 2025 [4] - The production cost and profit of silicon - iron in Ningxia and Inner Mongolia show different trends from 2021 - 2025 [4] - The profit of silicon - manganese in different regions (Inner Mongolia, Guangxi, North and South regions) has changed from 2021 - 2025 [6]

Report Overview - The report is a daily report on coking coal, released on September 18, 2025, by the Black Team of the Research Center [1] Price Information - **Coal Spot Prices**: The latest price of Liulin Main Coking Coal is 1503.00, with a daily change of 102.00 and a weekly change of 102.00; the price of Raw Coal Port Delivery Price is 1000.00, with a daily change of 9.00 and a weekly change of 69.00; the price of Shaheyi Meng 5 is 1350.00, with no daily change and a weekly decrease of 30.00; the price of Anze Main Coking Coal is 1500.00, with a daily change of 80.00 and a weekly change of 80.00 [2] - **Futures Prices**: The latest price of Futures Contract 05 is 1309.00, with a daily decrease of 15.00 and a weekly increase of 88.50; the price of Futures Contract 09 is 1363.50, with a daily decrease of 8.00 and a weekly increase of 386.00; the price of Futures Contract 01 is 1229.50, with a daily increase of 1.00 and a weekly increase of 95.00 [2] Inventory Information - **Total Inventory**: The total coking coal inventory is 3351.85, with a weekly decrease of 45.83 and a monthly decrease of 68.46, a year - on - year decrease of 11.31% [2] - **Different Inventory Types**: Coal mine inventory is 254.52, with a weekly decrease of 13.56 and a year - on - year decrease of 17.86%; port inventory is 275.49, with a weekly increase of 0.14 and a year - on - year decrease of 31.83%; steel mill coking coal inventory is 795.76, with a weekly decrease of 16.09 and a year - on - year increase of 10.78%; coking plant coking coal inventory is 920.05, with a weekly decrease of 41.22 and a year - on - year increase of 7.72% [2] Production and Utilization Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 75.92, with a weekly increase of 2.78 and a monthly increase of 1.58, a year - on - year increase of 9.74% [2] - **Coking Coke Inventory**: The coking coke inventory is 85.93, with a weekly increase of 1.62 and a monthly decrease of 0.24, a year - on - year decrease of 0.26% [2] Spread Information - **Futures Basis**: The 05 basis is - 101.30, with a daily increase of 15.00 and a weekly decrease of 65.51; the 09 basis is - 155.80, with a daily increase of 8.00 and a weekly decrease of 363.01; the 01 basis is - 21.80, with a daily decrease of 1.00 and a weekly decrease of 72.01 [2] - **Futures Spread**: The 5 - 9 spread is - 54.50, with a daily decrease of 7.00 and a weekly decrease of 297.50; the 9 - 1 spread is 134.00, with a daily decrease of 9.00 and a weekly increase of 291.00; the 1 - 5 spread is - 79.50, with a daily increase of 16.00 and a weekly increase of 6.50 [2]

Group 1: Overnight Market Information - Canada's 2025 rapeseed production is expected to increase by 4.1% to 20 million tons due to a 6.2% increase in yield offsetting a 2.0% decline in harvest area [1] - In Saskatchewan, 2025 rapeseed production is expected to increase by 6.8% to 11.2 million tons with a 6.0% yield increase and a 0.8% area increase [1] - In Alberta, rapeseed production is expected to increase by 2.8% to 5.8 million tons due to a 6.1% yield increase despite a 3.1% area decline [1] - In Manitoba, rapeseed production is expected to decline by 2.2% to 2.9 million tons as a 9.6% area decline offsets an 8.2% yield increase [1] - Malaysia's palm oil exports from September 1 - 15, 2025, decreased by 24.7% to 404,688 tons compared to the same period last month [1] - US 2025/26 soybean export sales for the week ending September 11 are expected to increase by 40 - 150 million tons [1] Group 2: Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 11 - 17, 2025, are presented in a table [2] Group 3: Other Information - Information on protein meal basis, oil basis, and oil - seed futures price spreads is mentioned [3][6] - Information on main - producing country precipitation, imported soybean crushing profit, and oil import profit is mentioned [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The spot price is still falling, but the decline is expected to slow down in October. The MSK opened the cabin for week 40 with a quote of $1400, a weekly decline of -$150, and for week 41, it also quoted $1400, remaining flat. [2] - The futures market declined significantly on Wednesday, with the bottom further breaking through. However, the market rose in the late session due to the news of the flat quote for week 41 from MSK. The basis for October was -20 points, and the spread between October and December was -562 (-58). [2] - There are multiple upward drivers in the future. For the December contract, be cautious when going long, as its valuation is neutral, and trading should be based on drivers. Since the Spring Festival in 2026 is relatively late (February 17, 2026), the settlement price of the February 2026 contract may be higher, and in terms of valuation, the cost - effectiveness of long - allocating the February contract is higher than that of the December contract. To avoid the potential price - cutting risk of shipping companies in October, a positive spread arbitrage between the February and April 2026 contracts can be appropriately arranged. [2] 3. Summary by Relevant Catalogs Futures Market - **Futures Contract Prices and Changes**: The closing prices and changes of EC2510, EC2512, EC2602, EC2604, and EC2606 futures contracts are provided, along with their basis, trading volume, open interest, and open interest changes. For example, the closing price of EC2510 was 1109.7, with a decline of -5.13%. [2] - **Futures Month - to - Month Spreads**: The spreads between different contract months (such as EC2510 - 2512, EC2512 - 2602) and their changes compared to previous days and weeks are presented. For instance, the spread of EC2510 - 2512 was -562.3, a decrease compared to the previous days. [2] Spot Market - **Spot Price Indexes**: The SCHIS SCFI (European line), CCFI, and NCFI spot price indexes are reported, including their latest values, changes compared to previous periods, and publication dates. The SCHIS SCFI (European line) was 1440.24 on September 15, 2025, with a decline of -8.06% compared to the previous period. [2] - **Recent European Line Quotations**: The current situation is that downstream customers are booking cabin space for the end of September and early October (week 39 - 41). The average quotation for week 39 was $1600 (equivalent to 1150 points on the disk), and the quotations for week 40 and week 41 from different shipping companies are also provided. [3] Other Information - **Related News**: News such as military actions in the Gaza Strip, US sanctions on armed organizations, and Iran's stance on sanctions and nuclear issues are mentioned. [4] - **Index Publication Notes**: It is noted that the XSI - C index is delayed by three working days. [5]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core View of the Report - The LPG market shows complex changes. The domestic market has seen significant price increases, with the basis weakening and monthly spreads changing. The external market prices have risen, and the profit of PDH - made PP has continued to weaken. The supply and demand situation is such that imports have decreased, external sales have slightly increased, but demand has narrowed, leading to an increase in both port and factory inventories. The chemical demand has declined, and the overall market is expected to remain weak [1]. 3. Summary by Relevant Data Price Data - **Domestic Prices**: On September 17, 2025, the prices in different regions were as follows: the price in East China was 4482 (-17), in Shandong was 4540 (+0), and in South China was 4585 (+35). The price of ether - after carbon four was 4700 (-20). The lowest delivery location was East China [1]. - **Contract - related Data**: The PG main contract fluctuated strongly. The cheapest delivery product was Shandong civil gas at 4500. The basis weakened to 51 (-74). The 10 - 11 monthly spread was 49 (-20), and the 11 - 12 monthly spread was 62 (+3). The number of warehouse receipts was 13002 hands (-6) [1]. - **External Market Prices**: FEI and CP were 559 (+2) and 550 (+0) US dollars/ton respectively. The FEI monthly spread remained at - 5, and the CP monthly spread remained at - 11. The external market prices rose, with the FEI - CP spread at 7.5 (+6.5). The US - Asia arbitrage window was closed [1]. Market Spread and Margin Data - **Basis and Spread**: The basis weakened, and the monthly spreads showed different changes. For example, the 10 - 11 monthly spread changed by +14, and the 11 - 12 monthly spread changed by +3. The internal - external spread decreased slightly, with PG - CP at 75 (-3) and PG - FEI at 67.6 (-9.3) [1]. - **Profit Margin**: The profit of PDH - made PP continued to weaken, and the production gross margins of alkylated oil and MTBE were low [1]. Shipping and Inventory Data - **Shipping**: Freight rates continued to rise, with the latest freight from the US Gulf to Japan at 155 (+11) and from the Middle East to the Far East at 82 (+7) [1]. - **Inventory**: Imports decreased, external sales increased slightly, but demand narrowed, resulting in an increase in both port and factory inventories [1].

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst fluctuated, the near-month spread fluctuated, the basis strengthened, the EW spread fluctuated at a high level, and the internal and external spreads of FU near-month were more volatile due to delivery factors. The low-sulfur cracking weakened rapidly, the spread accelerated to weaken, the internal and external spread of LU was compressed to $6-7 per ton, and the MF0.5 basis fluctuated. From a fundamental perspective, Singapore's residue decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high-sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provides support, and the EW spread has completed the repair. The internal and external spreads of domestic high-sulfur increased again due to the influence of the delivery warehouse, and the short-term internal and external spread was repaired. This week, LU accelerated its decline, and the external MF0.5 basis was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low-sulfur to high-sulfur spread to widen in the fourth quarter can be noted [3][4]. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From September 11 - 17, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 3.5% HSF O swap M1 changed from 375.09 to 384.75, with a change of -0.89 [1]. Singapore Fuel Oil Swap and Spot Data - From September 11 - 17, 2025, the prices of Singapore 380cst M1, Singapore 180cst M1, etc. also fluctuated. For instance, the price of Singapore 380cst M1 changed from 392.94 to 397.55. In the Singapore fuel oil spot market, the FOB 380cst price changed from 392.94 to 397.68, with a change of 4.47 [1][2]. Domestic FU and LU Data - From September 11 - 17, 2025, for domestic FU, the prices of FU 01, FU 05, and FU 09 all increased to varying degrees, such as FU 01 increasing from 2802 to 2831, with a change of 36. For domestic LU, the prices of LU 01 and LU 05 increased significantly, while LU 09 increased slightly. For example, LU 01 increased from 3364 to 3432, with a change of 64 [2][3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For PTA, with the return of near - end TA maintenance and the increase in start - up, polyester load slightly rising, inventory remaining stable, basis being weak, and spot processing fees at a low level. As the device restarts, TA de - stocking slows down. With no unexpected performance from polyester and new production in the future, far - month inventory accumulation is expected. But the processing fee is extremely low and has lasted for a long time, and PX supply is gradually returning. Attention should be paid to the opportunity of expanding processing fees under potential additional maintenance [2]. - For MEG, near - end domestic oil - based production is stable, coal - based start - up slightly increases, overall load rises, overseas maintenance and restart coexist, port inventory slightly accumulates with the increase in arrivals during the week, downstream stocking levels rise, basis weakens month - on - month, and the benefit ratio shrinks. EG new device feeding is earlier than expected, valuation is significantly compressed. With the increase in arrivals month - on - month and high supply expectations in the far - month, ports may start to gradually accumulate inventory, but the actual inventory is still not high, and the valuation may be slowly compressed. Attention should be paid to the support of coal - based cost below [2]. - For polyester staple fiber, near - end start - up of some companies increases, production and sales improve month - on - month, and inventory slightly decreases. On the demand side, the start - up of polyester yarn is stable, raw material stocking decreases, and finished product inventory decreases month - on - month, with weak benefits. In the future, the speed of increasing the load of polyester yarn may slow down due to high finished product inventory. With good spot benefits, the start - up of staple fiber remains high, but the inventory pressure is limited, and the processing fee is expected to fluctuate [2]. - For natural rubber and 20 - number rubber, the main contradictions are that the national explicit inventory remains stable and the absolute level is not high, and the price of Thai cup rubber remains stable while rainfall affects rubber tapping. The strategy is to wait and see [2]. Summary by Catalog PTA - **Price and Index Changes**: From September 11 - 17, 2025, crude oil decreased by 0.5, naphtha increased by 4, PX CFR Taiwan increased by 2, PTA inner - market spot increased by 10, POY 150D/48F decreased by 5. Naphtha cracking spread remained unchanged, PX processing spread decreased by 2, PTA processing spread remained unchanged, polyester gross profit remained unchanged, PTA balance load and PTA load remained unchanged, and the number of warehouse receipts + valid forecasts decreased by 7889. The daily average transaction basis of PTA spot was 2601(-77) [2]. - **Device and Market Situation**: Near - end TA maintenance returns, start - up increases, polyester load slightly rises, inventory remains stable, basis is weak, and spot processing fees are at a low level. PX domestic start - up increases, overseas devices restart, PXN remains month - on - month, disproportionation benefits remain, isomerization benefits weaken, and the US - Asia aromatics spread remains stable [2]. - **Outlook**: As the device restarts, TA de - stocking slows down. With no unexpected performance from polyester and new production in the future, far - month inventory accumulation is expected. But the processing fee is extremely low and has lasted for a long time, and PX supply is gradually returning. Attention should be paid to the opportunity of expanding processing fees under potential additional maintenance [2]. MEG - **Price and Index Changes**: From September 11 - 17, 2025, Northeast Asia ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price decreased by 12, MEG East China price decreased by 12, MEG far - month price decreased by 5, MEG coal - based profit remained unchanged, MEG inner - market cash flow (ethylene) remained unchanged, MEG total load, coal - based MEG load, and non - coal - based load remained unchanged, and MEG port inventory remained unchanged. The basis of MEG spot transaction was around 01(+82) [2]. - **Device and Market Situation**: Near - end domestic oil - based production is stable, coal - based start - up slightly increases, overall load rises, overseas maintenance and restart coexist, port inventory slightly accumulates with the increase in arrivals during the week, downstream stocking levels rise, basis weakens month - on - month, and the benefit ratio shrinks [2]. - **Outlook**: EG new device feeding is earlier than expected, valuation is significantly compressed. With the increase in arrivals month - on - month and high supply expectations in the far - month, ports may start to gradually accumulate inventory, but the actual inventory is still not high, and the valuation may be slowly compressed. Attention should be paid to the support of coal - based cost below [2]. Polyester Staple Fiber - **Price and Index Changes**: From September 11 - 17, 2025, the prices of 1.4D cotton - type, low - melting - point staple fiber, etc. remained mostly unchanged. The profit of staple fiber and pure - polyester yarn remained unchanged, the difference between cotton and polyester staple fiber decreased by 5, and the difference between viscose and polyester staple fiber remained unchanged. The spot price was around 6470, and the market basis was around 10 - 40 [2]. - **Device and Market Situation**: Near - end start - up of some companies increases, production and sales improve month - on - month, and inventory slightly decreases. On the demand side, the start - up of polyester yarn is stable, raw material stocking decreases, and finished product inventory decreases month - on - month, with weak benefits [2]. - **Outlook**: In the future, the speed of increasing the load of polyester yarn may slow down due to high finished product inventory. With good spot benefits, the start - up of staple fiber remains high, but the inventory pressure is limited, and the processing fee is expected to fluctuate [2]. Natural Rubber and 20 - number Rubber - **Price and Index Changes**: From September 11 - 17, 2025, the prices of various rubber products changed. For example, the daily change of US - dollar Thai standard spot was - 10, the daily change of RMB mixed rubber was - 150, etc. The weekly change of some products also showed certain fluctuations. The main contradictions are that the national explicit inventory remains stable and the absolute level is not high, and the price of Thai cup rubber remains stable while rainfall affects rubber tapping [2]. - **Strategy**: The strategy is to wait and see [2]. Styrene - **Price and Index Changes**: From September 11 - 17, 2025, the prices of ethylene, pure benzene, styrene, etc. changed. For example, the daily change of pure benzene (East China) was - 15, the daily change of styrene (Jiangsu) was - 15. The Asian spread of pure benzene - naphtha remained unchanged on the day of September 17, and the domestic profit of EPS increased by 15, and the domestic profit of PS increased by 15 [5].

钢厂废钢库存 � 2022 � 2023 � 2024 � 2025 043 700 据显圆形 ● 2019 · 2020 · 2021 · 2022 · 2023 90 600 据曾原H 80 500 70 60 400 50 300 40 200 30 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 品质H 华东螺废价差 江苏电炉螺纹利润 ● 2022 ● 2023 ● 2024 ● 2025 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 300 1,600 1,600 200 1,400 100 1,200 0 -100 1,000 -200 800 -300 600 -400 -500 400 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 RBH UU SOURCE POINT UUU SOURCE POINT UU SOURCE POINT ( ) 据吕良州 照顾H 000 COO 張点資訊 ...

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The report focuses on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on September 18, 2025, presenting relevant price, ratio, spread, and theoretical spread data [1][4]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 80,600, March price is 80,550, LME March price is 10,065, and the ratio is 8.00 [1]. - **Zinc**: Domestic spot price is 22,170, March price is 22,310, LME March price is 2,989, and the ratio is 5.70 [1]. - **Aluminum**: Domestic spot price is 20,890, March price is 20,930, LME March price is 2,707, and the ratio is 7.73 [1]. - **Nickel**: Domestic spot price is 120,700, and the spot import profit is - 1,549.65 [1]. - **Lead**: Domestic spot price is 16,925, March price is 17,115, LME March price is 2,005, and the ratio is 11.08 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 320, - 330, - 330, - 310, while the theoretical spreads are 506, 911, 1324, 1738 respectively [4]. - **Zinc**: The spreads are 30, 55, 85, 120, and the theoretical spreads are 214, 335, 455, 575 respectively [4]. - **Aluminum**: The spreads are - 35, - 45, - 55, - 65, and the theoretical spreads are 216, 333, 450, 567 respectively [4]. - **Lead**: The spreads are 55, 60, 80, 70, and the theoretical spreads are 210, 317, 423, 529 respectively [4]. - **Nickel**: The spreads are - 620, - 430, - 240, 60 [4]. - **Tin**: The 5 - 1 spread is 40, and the theoretical spread is 5,648 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are 310 and - 10, and the theoretical spreads are 524 and 924 respectively [4]. - **Zinc**: The spreads are 85 and 115, and the theoretical spreads are 203 and 332 (also mentioned as 200 and 320) respectively [4][5]. - **Lead**: The spreads are 130 and 185, and the theoretical spreads are 197 and 310 respectively [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 3.61, 3.85, 4.71, 0.94, 1.22, 0.77 respectively [5].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Corn is expected to maintain a weak oscillatory pattern in the short - term due to new season supply and low inventory, and face downward pressure in the long - term [3] - Starch prices are expected to be bearish both in the short and long - term due to high inventory and expected lower raw material costs [3] - Sugar prices are under pressure in the international market due to Brazil's high - pressure supply, and the domestic market also faces upward pressure [6] - Cotton is in a waiting state for demand verification, with limited downward space if no major macro - risks occur [9] - Egg prices are affected by supply - demand imbalance and high cold - storage inventory, and the spot price rebound is restricted [14] - Apple prices are currently stable, and the new - season production and market need further observation [15] - Hog prices are in a range - bound oscillation, with supply pressure in the short - term and policy expectations in the long - term [15] Group 3: Summaries Based on Different Products Corn - This week, 393,000 tons of imported corn were auctioned, with 124,000 tons sold. There is a plan to auction 190,000 tons tomorrow. In the short - term, new season corn is coming, so demand is weak and prices are in a weak oscillatory pattern. In the long - term, prices are expected to decline under the background of increased production and lower costs [3] Starch - In September, companies reduced inventory and pressured corn prices. In the short - term, starch prices are expected to be reduced to clear inventory. In the long - term, high inventory and lower raw material costs keep the bearish view [3] Sugar - In the international market, Brazil is in the peak - pressing season, putting pressure on sugar prices. In the domestic market, imported sugar arrivals and lower processed sugar prices also create upward pressure [6] Cotton - It has entered an oscillatory phase, waiting for demand verification. If no major macro - risks occur, the April low can be seen as the long - term bottom, and the downward space is limited [9] Egg - Due to sufficient inventory in food factories and reduced procurement, the Mid - Autumn Festival stocking demand was weak and delayed. In September, school openings and double - festival stocking led to a price rebound, but the high cold - storage inventory restricts the rebound [14] Apple - New - season apple picking is approaching. Western regions may have increased yields, while Shandong may have a 20% reduction. Consumption is in the off - season, and prices are currently stable. Attention should be paid to the final production [15] Hog - Prices are in a range - bound oscillation. There is supply pressure in September, and the market is affected by factors such as supply, demand, and policy expectations [15] Group 4: Data Summaries Corn/Starch | Product | Date | Changchun | Jinzhou | Weifang | Shekou | Basis | Trade Profit | Import Profit/Loss | Heilongjiang | Weifang | Basis | Processing Profit | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Corn | 2025/09/11 | 2230 | 2260 | 2270 | 2430 | 58 | 40 | 320 | - | - | - | - | | Corn | 2025/09/12 | 2230 | 2260 | 2270 | 2430 | 63 | 40 | 321 | - | - | - | - | | Corn | 2025/09/15 | 2230 | 2260 | 2264 | 2420 | 93 | 30 | 270 | - | - | - | - | | Corn | 2025/09/16 | - | 2260 | 2264 | 2420 | 94 | 30 | 295 | - | - | - | - | | Corn | 2025/09/17 | - | 2240 | 2264 | 2420 | 79 | 50 | - | - | - | - | - | | Change | - | - | -20 | 0 | 0 | -15 | 20 | - | - | - | - | - | | Starch | 2025/09/11 | - | - | - | - | - | - | - | 2800 | 2850 | 228 | -27 | | Starch | 2025/09/12 | - | - | - | - | - | - | - | 2800 | 2850 | 231 | -27 | | Starch | 2025/09/15 | - | - | - | - | - | - | - | 2750 | 2850 | 262 | -27 | | Starch | 2025/09/16 | - | - | - | - | - | - | - | 2750 | 2850 | 262 | -26 | | Starch | 2025/09/17 | - | - | - | - | - | - | - | 2750 | 2850 | 252 | -26 | | Change | - | - | - | - | - | - | - | 0 | 0 | -10 | 0 | [2] Sugar | Date | Liuzhou | Nanning | Kunming | Liuzhou Basis | Thailand | Brazil | Zhengzhou Warehouse Receipts | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 5970 | 5890 | 5850 | 414 | 395 | 577 | 11745 | | 2025/09/12 | 5970 | 5890 | 5855 | 430 | 400 | 581 | 11605 | | 2025/09/15 | 5970 | 5890 | 5855 | 421 | 344 | 525 | 11325 | | 2025/09/16 | 5970 | 5890 | 5865 | 423 | 376 | 557 | 11268 | | 2025/09/17 | 5970 | 5890 | 5860 | 441 | - | - | - | | Change | 0 | 0 | -5 | 18 | - | - | - | [6] Cotton/Cotton Yarn | Date | 3128 | Imported US Cotton M Grade | CotlookA(FE) | Import Profit | Warehouse Receipts + Forecast | Vietnamese Yarn | Spot | Vietnamese Yarn Import Profit | 32S Spinning Profit | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 14950 | 76.4 | 78.1 | 1256 | 5159 | 2.51 | 20880 | 483 | -817 | | 2025/09/12 | 14950 | 76.5 | 78.1 | 1258 | 5017 | 2.51 | 20870 | 461 | -827 | | 2025/09/15 | 15005 | 76.6 | 78.1 | 1303 | 4901 | 2.51 | 20870 | 471 | -885 | | 2025/09/16 | 15015 | - | - | - | 4771 | 2.51 | 20870 | 480 | -895 | | 2025/09/17 | 15010 | - | - | - | - | 2.51 | 20870 | 505 | -890 | | Change | -5 | - | - | - | - | 0 | 0 | 25 | 5 | [9] Egg | Date | Hebei | Liaoning | Shandong | Henan | Hubei | Basis | White - feather Broiler | Yellow - feather Broiler | Hog | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 3.33 | 3.27 | 3.45 | 3.50 | 3.69 | 680 | 3.40 | 3.90 | 19.93 | | 2025/09/12 | 3.44 | 3.38 | 3.45 | 3.50 | 3.80 | 571 | 3.40 | 3.90 | 19.88 | | 2025/09/15 | 3.56 | 3.49 | 3.55 | 3.60 | 4.02 | 720 | 3.40 | 4.00 | 19.88 | | 2025/09/16 | 3.67 | 3.60 | 3.65 | 3.70 | 4.13 | 651 | 3.40 | 4.00 | 19.88 | | 2025/09/17 | 3.67 | 3.60 | 3.65 | 3.70 | 4.20 | 879 | 3.40 | 4.00 | 19.73 | | Change | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 228.00 | 0.00 | 0.00 | -0.15 | [14] Apple | Date | Shandong 80 First/Second Grade | Shaanxi 70 General | National Inventory | Shandong Inventory | Shaanxi Inventory | January Basis | May Basis | October Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 7500.00 | - | 25.58 | 18.25 | 5.84 | -752.00 | -738.00 | -828.00 | | 2025/09/12 | 7500.00 | - | - | - | - | -829.00 | -793.00 | -938.00 | | 2025/09/15 | 7500.00 | - | - | - | - | -804.00 | -761.00 | -939.00 | | 2025/09/16 | 7500.00 | - | - | - | - | -769.00 | -723.00 | -936.00 | | 2025/09/17 | 7500.00 | - | - | - | - | -772.00 | -723.00 | -912.00 | | Change | 0.00 | - | -3.00 | 0.00 | 24.00 | - | - | - | [14][15] Hog | Date | Henan Kaifeng | Hubei Xiangyang | Shandong Linyi | Anhui Hefei | Jiangsu Nantong | Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 13.48 | 13.25 | 13.47 | 13.65 | 13.75 | 160 | | 2025/09/12 | 13.43 | 13.30 | 13.52 | 13.85 | 13.90 | 175 | | 2025/09/15 | 13.28 | 13.15 | 13.27 | 13.60 | 13.60 | 5 | | 2025/09/16 | 13.18 | 12.95 | 13.17 | 13.45 | 13.45 | 20 | | 2025/09/17 | 12.93 | 12.85 | 12.97 | 13.25 | 13.35 | -230 | | Change | -0.25 | -0.10 | -0.20 | -0.20 | -0.10 | -250.00 | [15]