Group 1: Report Summary - The report is a weekly report on industrial silicon and lithium carbonate futures from September 8 - 12, 2025 [1][2] Group 2: Industrial Silicon Futures 1. Mid - term Market Analysis - Industrial silicon futures are currently in a wide - range oscillatory state. As of September 5, the price of 421 industrial silicon was 8750 yuan/ton in Xinjiang, 9700 yuan/ton in Yunnan, and 9900 yuan/ton in Sichuan. The AI intelligent investment consulting variety diagnosis report from Great Wall Futures shows that the daily price of industrial silicon is in a sideways phase, and there is no obvious long - or short - bias among the main players. It is expected that the industrial silicon 2511 contract will operate in the range of 7700 - 10000 yuan [6][7] 2. Variety Trading Strategy - Last week's strategy: Consider grid trading within the range. This week's strategy: As industrial silicon operates in a wide range, mainly go long on dips [10][11] 3. Relevant Data - As of April 19, 2024, the cathode copper inventory on the Shanghai Futures Exchange was 300,045 tons, an increase of 322 tons from the previous week. Seasonally, the current inventory is at a relatively high level compared to the past five years. The LME copper inventory was 122,125 tons, and the proportion of cancelled warrants was 25.73%. Seasonally, the current inventory is at a relatively low level compared to the past five years [13][17] Group 3: Lithium Carbonate Futures 1. Mid - term Market Analysis - Lithium carbonate futures are currently in a wide - range oscillatory state. Last week, the spot price of lithium carbonate declined. As of September 5, the market price of battery - grade lithium carbonate was 74,000 yuan/ton, and the market price of industrial - grade lithium carbonate was 71,850 yuan/ton. The AI intelligent investment consulting variety diagnosis report from Great Wall Futures shows that the daily price of lithium carbonate futures is in a downward channel, and the main players show a strong bearish sentiment. It is expected that the lithium carbonate 2511 contract will operate in the range of 65,000 - 100,000 yuan [32][33] 2. Variety Trading Strategy - Last week's strategy: Consider grid trading within the range. This week's strategy: Also consider grid trading within the range [36] 3. Relevant Data - As of April 19, 2024, the electrolytic aluminum inventory on the Shanghai Futures Exchange was 228,537 tons, a decrease of 3,228 tons from the previous week. Seasonally, the current inventory is at a relatively low level compared to the past five years. The LME aluminum inventory was 504,000 tons, and the proportion of cancelled warrants was 66.03%. Seasonally, the current inventory is at a relatively low level compared to the past five years [39][40]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend, and it is recommended to wait and see [7][8]. - The overall trend of Shanghai Silver futures is steadily rising, currently at the end of the trend, and it is also recommended to wait and see [32][33]. Summary by Section Gold Futures 1. Mid - term Market Analysis - The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend. Last week, the gold price was supported by the strengthened expectation of a Fed rate cut in September, geopolitical and policy uncertainties, the continued trend of central bank gold purchases, and the weakening of the US dollar index. This week, the main influencing factors include the US August CPI data, the preview of the Fed's September FOMC meeting, the trend of the US dollar index, and geopolitical risks [7]. - It is recommended to wait and see [8]. 2. Variety Trading Strategy - Last week, the main gold contract 2510 was expected to fluctuate mainly, with the upper resistance level at 794 - 803 and the lower support level at 766 - 775 [11]. - This week, the gold contract 2512 is expected to fluctuate strongly at a high level, with the upper resistance level at 821 - 840 and the lower support level at 795 - 814 [12]. 3. Relevant Data Situation - Relevant data includes the price trends of Shanghai Gold and COMEX gold, SPDR Gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yield, US dollar index, US dollar - offshore RMB exchange rate, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference [18][21][23]. Silver Futures 1. Mid - term Market Analysis - The overall trend of Shanghai Silver futures is steadily rising, currently at the end of the trend. Last week, the rising expectation of a Fed rate cut, geopolitical hedging demand, and the growth of photovoltaic industrial demand resonated, pushing the silver price to fluctuate strongly. However, the short - term increase in inventory made it difficult for the price to rise unilaterally, showing a high - level oscillation pattern. This week, attention should be paid to the US August CPI data, Fed policy expectations, inventory changes, and geopolitical risks [32]. - It is recommended to wait and see [33]. 2. Variety Trading Strategy - Last week, the silver contract 2510 was expected to operate strongly, with the lower support range at 8900 - 9000 and the upper pressure range at 9400 - 9500 [37]. - This week, the silver contract 2512 is expected to operate strongly, with the lower support range at 9200 - 9500 [38]. 3. Relevant Data Situation - Relevant data includes the price trends of Shanghai Silver and COMEX silver, SLV Silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and silver internal - external price difference [44][46][48].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The steel futures market shows different trends. The rebar futures main contract is in the second week of the downward channel, and the iron ore futures main contract is in the sideways consolidation phase [7][33] 3. Summary by Directory Rebar Futures 3.1 Mid - term Market Analysis - The rebar futures main contract is in the second week of the downward channel. The weekly output is 223000 tons, the apparent consumption is 212000 tons, the inventory of major steel mills is 172000 tons, and the social inventory is 673000 tons. Spot customers can consider implementing a short - side hedging strategy step - by - step [7] 3.2 Variety Trading Strategy - The rebar futures main contract entered the first week of the downward ladder last week and is in the second week of the medium - term downward channel this week. Spot enterprises can consider implementing a 50% short - side hedging strategy step - by - step [10][11] 3.3 Related Data Situation - The data sources of this report are Wind, Mysteel, and the Trading Advisory Department of Great Wall Futures [15] Iron Ore Futures 3.1 Mid - term Market Analysis - The iron ore futures main contract is in the sideways consolidation phase. Last week, the global shipment volume was 33.18 million tons, the arrival volume at 45 major ports in China was 23.96 million tons, the inventory of steel enterprises was 90.13 million tons, and the inventory of major domestic ports was 137.65 million tons. Wait for the end of the consolidation phase in the sideways range [33] 3.2 Variety Trading Strategy - Last week, the iron ore medium - term price was in the stable consolidation phase. This week, patiently wait for a new medium - term trend to become clear in the sideways range [36] 3.3 Related Data Situation - The data sources of this report are Wind, Mysteel, and the Trading Advisory Department of Great Wall Futures [38]

Report Overview - The report is a weekly report on soybean meal and soybean oil futures from September 8 - 12, 2025 [1][2] 1. Soybean Meal Futures 1.1 Investment Rating - Not provided 1.2 Core View - The soybean meal futures price is expected to continue its wide - range oscillation. The current high domestic soybean arrivals, active oil - mill operations, and high downstream feed - enterprise inventories, along with rising import costs and expected supply shortages in the fourth quarter, jointly influence the price trend [7] 1.3 Section Summaries 1.3.1 Mid - line Market Analysis - Mid - line trend: The soybean meal main contract is in a wide - range oscillation phase [7] - Trend judgment logic: In the 35th week, the actual soybean crushing volume of oil mills was 2.4254 million tons, with an operating rate of 68.18%. The soybean meal inventory was 1.0788 million tons, a 2.55 - thousand - ton increase (2.42% growth) from the previous week. High domestic soybean arrivals, active oil - mill operations, and high downstream feed - enterprise inventories lead to continuous inventory accumulation. Rising Brazilian premiums and uncertain Sino - US trade policies increase import costs, and the expected supply shortage in the fourth quarter provides potential support [7] - Mid - line strategy suggestion: Monitor the progress of Sino - US trade [7] 1.3.2 Variety Trading Strategy - Last week's strategy review: The overall trend of soybean meal futures prices was sideways, with a relatively bullish capital situation. The M2601 contract may continue to oscillate in the short term, with an expected operating range of 2980 - 3200 [10] - This week's strategy suggestion: The overall trend of soybean meal futures prices is sideways, with a slightly bullish capital situation. The M2601 contract is expected to oscillate and adjust between 2980 - 3200 [11] 1.3.3 Relevant Data - The data includes weekly soybean meal production, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio, sourced from Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [19][21][25] 2. Soybean Oil Futures 2.1 Investment Rating - Not provided 2.2 Core View - The soybean oil futures price is expected to continue its oscillation. High domestic soybean arrivals, high oil - mill operating rates, high production and inventory, and general downstream demand, along with support from export improvement, US biodiesel policies, restocking demand, and expected supply shortages in the fourth quarter, jointly affect the price trend [30] 2.3 Section Summaries 2.3.1 Mid - line Market Analysis - Mid - line trend: The soybean oil main contract is in an oscillation phase [30] - Trend judgment logic: In the 35th week, the actual soybean oil production of 125 oil mills was 460,800 tons, a 29,500 - ton increase from the previous week. The commercial inventory of soybean oil in key national regions was 1.2388 million tons, a 52,800 - ton increase from the previous week. High domestic soybean arrivals, high oil - mill operating rates, and general downstream demand, along with support from export improvement, US biodiesel policies, restocking demand, and expected supply shortages in the fourth quarter [30] - Mid - line strategy suggestion: Monitor import costs, the trends of competing oils, and macro - policy dynamics [30] 2.3.2 Variety Trading Strategy - Last week's strategy review: The overall trend of soybean oil futures prices was in a downward channel, with a strongly bullish capital situation. The Y2601 contract may maintain an oscillatory consolidation pattern in the short term [33] - This week's strategy suggestion: The overall trend of soybean oil futures prices is sideways, with a relatively bullish capital situation. The Y2601 contract may maintain an oscillatory pattern in the short term [33] 2.3.3 Relevant Data - The data includes weekly soybean oil production, weekly inventory, basis, trading volume, weekly soybean arrivals, weekly soybean inventory, weekly soybean crushing volume, weekly soybean operating rate, weekly port inventory, and Brazilian premiums, sourced from Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [44][46][49]

Report Industry Investment Rating No relevant content provided. Core View of the Report - In September, the domestic aluminum market is expected to show a stable - to - strong supply - demand situation. The operating rate of aluminum plants is expected to increase slightly, the proportion of molten aluminum is likely to rise, and the ingot casting volume is expected to decline. With the arrival of the "Golden September and Silver October" demand recovery period, downstream orders are expected to increase, and the social inventory of aluminum ingots is approaching the de - stocking inflection point, which is expected to support prices. The price of Shanghai Aluminum is expected to show a volatile and upward - biased trend, with an attempt to break through and stabilize at the 21,000 yuan/ton level, but attention should be paid to the fulfillment of peak - season expectations and macro - economic policy changes [5][12]. - Currently, the consumption side shows only marginal improvement, and it still takes time for inventory to be effectively reduced. However, due to the low total inventory, the aluminum price is likely to rise rather than fall in the traditional peak season of September, but there is still upward pressure [14]. Summary by Relevant Catalogs Mid - term Market Analysis - **Trend Judgment**: In September, the domestic aluminum plant capacity utilization rate is expected to increase slightly, the proportion of molten aluminum is expected to increase, and the ingot casting volume is expected to decline. The demand recovery expectation during the "Golden September and Silver October" is strong, downstream orders are expected to increase, and the social inventory of aluminum ingots is approaching the de - stocking inflection point, which is expected to start de - stocking around mid - September, forming support for prices. The supply - demand situation in September is stable and slightly strong [5]. - **Strategy Suggestion**: Consider holding medium - term long positions below 20,000 [5]. Variety Trading Strategy - **Last Week's Strategy Review**: For Shanghai Aluminum 2510 in the coming week, the support was seen at 20,600, and the resistance was seen at 20,900 - 21,000. It was advisable to wait and see [7]. - **This Week's Strategy Suggestion**: For Shanghai Aluminum 2510 in the coming week, the support is seen at 20,300, and the resistance is seen at 20,900. Short - term trading is advisable [8]. - **Hedging Suggestion for Spot Enterprises**: Maintain an appropriate inventory [9]. Overall View - **Bauxite Market**: The domestic bauxite inventory is at a high level, and raw material supply is abundant [10]. - **Alumina Market**: As of September 5, the domestic alumina installed capacity is about 112.55 million tons, the operating capacity is about 95.2 million tons, and the capacity utilization rate is about 84.38% (85.58% last week), currently at the highest level since 2022. With the existence of smelting profits, the weekly output remains high, but the spot price has dropped to the high - marginal cost this week, increasing the risk of alumina plant production cuts [10]. - **Electrolytic Aluminum Production**: According to Steel Union data, the current domestic electrolytic aluminum installed capacity is about 45.45 million tons, the operating capacity is about 44.2 million tons, and the capacity utilization rate is about 97%, at the average level since 2023. In September, with the commissioning of a small amount of replacement capacity, the operating capacity will increase slightly, and the output is expected to increase slightly. There is an expectation of a rebound in the proportion of molten aluminum in September [10]. - **Imports and Exports**: Currently, the theoretical loss of electrolytic aluminum imports is about 1,200 yuan/ton (about 1,300 yuan/ton last week). According to customs data, aluminum exports have generally rebounded since March this year and are currently at a relatively high level in recent years. However, in general, the export growth rate in the second half of the year is expected to decline compared with the first half [10]. - **Demand**: The overall operating rate of domestic aluminum downstream processing leading enterprises increased by 1 percentage point to 61.7% this week, and the "Golden September" effect is gradually emerging. Different sectors have different performances, such as the slow recovery of the primary aluminum alloy sector, the strong performance of the aluminum strip due to order growth in the automotive and 3C fields, and the rebound of the aluminum cable due to concentrated grid order delivery [11][25]. - **Inventory**: The social inventory of electrolytic aluminum ingots is 628,000 tons, an increase of about 1% compared with last week and about 21% lower than the same period last year. The weekly inventory accumulation pace has slowed down. The aluminum rod inventory is 136,500 tons, an increase of about 8% compared with last week and about 19% higher than the same period last year. The LME aluminum inventory is basically stable and is still at a low level since 1990, and there is a high probability of further inventory accumulation in the future [11]. - **Profit**: The average full - cost of the Chinese alumina industry is about 2,850 yuan/ton, and the profit is about 270 yuan/ton (about 380 yuan/ton last week). The average production cost of domestic electrolytic aluminum is about 17,500 yuan/ton, and the theoretical profit is about 3,200 yuan/ton (3,100 yuan/ton last week), with profits at a relatively high level [12]. - **Market Expectation**: In September, with the arrival of the consumption peak season, the price of Shanghai Aluminum is expected to show a volatile and upward - biased trend, with an attempt to break through and stabilize at the 21,000 yuan/ton level, but attention should be paid to the fulfillment of peak - season expectations and macro - economic policy changes [12]. Important Industry Link Price Changes - The prices of most aluminum - related products have changed to varying degrees this week. For example, the price of Henan first - grade alumina decreased by 2.04% week - on - week, and the price of power coal decreased by 1.58% week - on - week. The price of pre - baked anodes in Henan increased by 1.48% week - on - week [13]. - The bauxite bulk cargo trading volume has increased slightly, and the price is expected to remain stable in the near future. The coal price has decreased slightly, and downstream customers are resistant to the current price. The alumina price has continued to decline slightly, with supply exceeding demand, inventory accumulation, and downward pressure on the spot price [13]. Important Industry Link Inventory Changes - The port inventory of imported bauxite decreased by 2.16% week - on - week, and it is expected to continue to decline in early September. The overall alumina inventory has continued to accumulate, with the increase mainly coming from electrolytic aluminum plants and alumina plants [16][18]. - The social inventory of electrolytic aluminum ingots in 7 cities increased by 0.96% week - on - week, and the inventory accumulation pace has slowed down. The aluminum rod inventory increased by 7.91% week - on - week, mainly due to the full resumption of processing plants and weak downstream demand. The LME aluminum inventory increased by 0.75% week - on - week and is still at a low level since 1990 [11][16][18]. Futures - Spot Structure - The current Shanghai Aluminum futures price structure remains neutral. Although the inventory has accumulated recently, the near - month contracts maintain a premium over the far - month contracts, and the futures side is still relatively resistant to decline [31]. Spread Structure - The spread between aluminum ingots and ADC12 this week is about - 1,960 yuan/ton, compared with - 1,830 yuan/ton last week. Currently, the spread between primary aluminum and alloy is at the mid - axis level in recent years, and the current spread has a neutral impact on electrolytic aluminum [38][39]. Market Capital Situation - **LME Aluminum**: The net long positions of overseas funds have remained stable in the past three weeks. With the increasing expectation of the Fed's significant interest - rate cut frequency, the price may show a strong - biased volatile trend in the near future [41]. - **SHFE Electrolytic Aluminum**: This week, the net long positions of the main force remained stable, and both the long and short camps continued to reduce their positions since July. The net long positions of funds with a financial speculation background rebounded slightly, but the camp differentiation is still obvious. The net long positions of funds with a mid - downstream enterprise background remained stable. The market is expected to be dominated by wide - range fluctuations in the near future [44].

1. Report Industry Investment Rating No information provided in the report 2. Core Views - The overall trend of soda ash futures is in a volatile phase, with supply slightly contracting and downstream demand remaining weak. High inventory levels are being slowly reduced, and the market is expected to continue to fluctuate in the short term. It is recommended to remain on the sidelines [6]. - The glass futures market is also in a volatile trend. The spot market has seen a slight increase in some areas, with inventory decreasing slightly in some regions due to downstream replenishment. However, high inventory levels are restricting price increases. The futures market is expected to continue to fluctuate weakly in the short term, and it is recommended to hold an empty position and wait and see [27]. 3. Summary by Directory Soda Ash Futures 3.1 Mid - term Market Analysis - Mid - term trend: Soda ash futures are in a volatile phase [6]. - Trend logic: The domestic soda ash spot market remained weak last week, with both light and heavy soda ash prices at low levels. Supply slightly contracted, but downstream demand was weak. High inventory was slowly reduced, and the futures market first rose and then fell, with insufficient rebound momentum [6]. - Strategy suggestion: It is recommended to remain on the sidelines [6]. 3.2 Variety Trading Strategy - Last week's strategy review: The soda ash market continued to be weak last week, with prices under pressure. The supply - demand imbalance in the futures market remained unchanged, and it was expected to maintain a narrow - range volatile and weak pattern. The operating range of Soda Ash 2601 was 1300 - 1450, and it was advisable to remain on the sidelines [9]. - This week's strategy suggestion: The domestic soda ash market remained weak last week, with prices at low levels. The futures market first rose and then fell, and it is expected to continue to fluctuate in the short term. The operating range of Soda Ash 2601 is 1300 - 1450, and it is advisable to remain on the sidelines [10]. 3.3 Relevant Data - The data includes China's weekly soda ash开工率,产量,轻质库存,重质库存,基差, and ammonia - alkali production cost in North China [11][14][16] Glass Futures 3.1 Mid - term Market Analysis - Mid - term trend: Glass is in a volatile trend [27]. - Trend logic: The domestic float glass market was stable with slight local increases last week. Inventory digestion and peak - season expectations drove downstream replenishment, but high inventory restricted price increases. The futures market first rose and then fell, and it is expected to continue to fluctuate weakly in the short term [27]. - Strategy suggestion: It is recommended to hold an empty position and wait and see [27]. 3.2 Variety Trading Strategy - Last week's strategy review: The domestic float glass market declined weakly last week, with prices generally falling. The futures market also weakened, and it was expected to remain weak in the short term. The expected operating range of Glass 2601 was 1150 - 1300, and it was advisable to hold an empty position and wait and see [30]. - This week's strategy suggestion: The domestic float glass spot market was stable with slight local increases last week. The futures market first rose and then fell, and it is expected to continue to fluctuate weakly in the short term. The expected operating range of Glass 2601 is 1150 - 1300, and it is advisable to hold an empty position and wait and see [31]. 3.3 Relevant Data - The data includes China's weekly float glass产量,开工率, production cost and production profit of the float process using natural gas as fuel,基差, and期末库存 [32][35][38]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Both industrial silicon and lithium carbonate futures are currently in a large - range oscillatory state. The industrial silicon 2511 contract is expected to operate between 7,700 and 10,000, and the lithium carbonate 2511 contract is expected to operate between 65,000 and 100,000 [6][7][30][31]. - For industrial silicon, the spot price dropped slightly last week, and the main force has a relatively obvious bearish attitude. For lithium carbonate, the spot price declined last week, and the main short - side camp has a slight advantage [6][31]. 3. Summary According to the Directory Industrial Silicon Futures 01 Mid - line Market Analysis - Mid - line trend: Industrial silicon futures are in a large - range oscillatory state. - Trend judgment logic: Last week, the industrial silicon spot price dropped slightly. As of August 29, the 421 price was 8,700 yuan/ton in Xinjiang, 9,700 yuan/ton in Yunnan, and 9,900 yuan/ton in Sichuan. The AI intelligent investment consultation report shows that the daily line is in a sideways phase, and the main force has a bearish attitude. - Mid - line strategy: It is expected that the industrial silicon 2511 contract will operate between 7,700 and 10,000 [6][7]. 02 Variety Trading Strategy - Last week's strategy: Consider interval grid trading. - This week's strategy: Consider interval grid trading [10]. 03 Related Data Situation - As of April 19, 2024, the Shanghai Futures Exchange cathode copper inventory was 300,045 tons, an increase of 322 tons from the previous week, and it is at a relatively high level compared to the past five years. - As of April 19, 2024, the LME copper inventory was 122,125 tons, and the cancelled warrant ratio was 25.73%. It is at a relatively low level compared to the past five years [12][16]. Lithium Carbonate Futures 01 Mid - line Market Analysis - Mid - line trend: Lithium carbonate futures are in a large - range oscillatory state. - Trend judgment logic: Last week, the lithium carbonate spot price declined. As of August 29, the market price of battery - grade lithium carbonate was 77,250 yuan/ton, and that of industrial - grade lithium carbonate was 76,200 yuan/ton. The AI intelligent investment consultation report shows that the daily line of lithium carbonate futures is in a downward channel, and the main short - side camp has a slight advantage. - Mid - line strategy: It is expected that the lithium carbonate 2511 contract will operate between 65,000 and 100,000 [30][31]. 02 Variety Trading Strategy - Last week's strategy: Mainly wait and see. - This week's strategy: Consider interval grid trading [34][35]. 03 Related Data Situation - As of April 19, 2024, the Shanghai Futures Exchange electrolytic aluminum inventory was 228,537 tons, a decrease of 3,228 tons from the previous week, and it is at a relatively low level compared to the past five years. - As of April 19, 2024, the LME aluminum inventory was 504,000 tons, and the cancelled warrant ratio was 66.03%. It is at a relatively low level compared to the past five years [38][42]

Report Overview - Report Title: "Rebar, Iron Ore Futures Weekly Report" [2] - Report Period: September 1 - 5, 2025 [1] Rebar Futures 1. Mid - term Market Analysis - Trend Judgment: The main contract of rebar futures is in the first week of the downward channel [7]. - Judgment Logic: Weekly rebar production is 2.2 million tons, apparent consumption is 2.04 million tons, major steel mills' inventory is 1.69 million tons, and social inventory is 6.7 million tons [7]. - Strategy Suggestion: Spot customers can consider implementing a short - hedging strategy step - by - step [7]. 2. Variety Trading Strategy - Last Week's Strategy Review: The main contract of rebar futures entered the shock consolidation range [10]. - This Week's Strategy Suggestion: The main contract of rebar futures is in the first week of the downward channel [10]. - Spot Enterprise Hedging Suggestion: Spot customers can consider implementing a 70% short - hedging strategy step - by - step [11]. 3. Relevant Data Situation - Data Sources: Wind, Mysteel, and the trading consultation department of Great Wall Futures [15] Iron Ore Futures 1. Mid - term Market Analysis - Trend Judgment: The main contract of iron ore futures is in the sideways consolidation stage [33]. - Judgment Logic: Last week, the global shipment volume of iron ore was 3.315 million tons, the arrival volume at 45 major ports in China was 2.393 million tons, steel enterprises' inventory was 9.007 million tons, and the inventory at major domestic ports was 13.763 million tons [33]. - Strategy Suggestion: Wait for the completion of the sideways consolidation stage [33]. 2. Variety Trading Strategy - Last Week's Strategy Review: The mid - term price center of iron ore showed a gradual upward trend [36]. - This Week's Strategy Suggestion: Be patient in the sideways range and wait for the new mid - term trend to become clear [36]. 3. Relevant Data Situation - Data Sources: Wind, Mysteel, and the trading consultation department of Great Wall Futures [38]

Group 1: Overall Information - Report Period: September 1 - 5, 2025 [1] - Report Subjects: Gold and Silver Futures [2] Group 2: Gold Futures Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Gold futures is in a sideways phase, possibly at the beginning [7] - Trend Logic: Last week, gold prices fluctuated upward due to the Fed's dovish signals, a weaker US dollar, geopolitical risks, and a weakening labor market [7] - Key Factors: Next week, focus on US non - farm payrolls, Fed officials' speeches, geopolitical situations, and global central bank policies [7] - Strategy Suggestion: It is recommended to wait and see [8] Variety Trading Strategy - Last Week's Strategy: The gold main contract 2510 was expected to fluctuate, and grid trading was recommended in the 760 - 800 range [11] - This Week's Strategy: The gold main contract 2510 is expected to fluctuate, with resistance at 794 - 803 and support at 766 - 775 [12] Related Data - Data Sources: Wind, Mysteel, Great Wall Futures Trading Consulting Department [19][28] - Data Presented: Shanghai Gold price trends, COMEX gold price trends, SPDR gold ETF holdings, COMEX gold inventories, US 10 - year Treasury yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price spreads [18][21][23] Group 3: Silver Futures Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Silver futures is steadily rising and is currently at the end of the trend [32] - Trend Logic: Last week, silver prices showed a pattern of "fluctuating and stabilizing, rebounding at the end of the month" due to the Fed's expected rate cut, a weaker US dollar, lower US bond yields, and industrial demand expectations [32] - Key Factors: Next week, focus on US non - farm payrolls, manufacturing PMI, and Fed officials' speeches. Whether the rate - cut expectation can be further strengthened will dominate short - term trends [32] - Strategy Suggestion: It is recommended to wait and see [33] Variety Trading Strategy - Last Week's Strategy: The silver contract 2510 was expected to fluctuate at a high level, with support at 8500 - 8800 and resistance at 9200 - 9500 [36] - This Week's Strategy: The silver contract 2510 is expected to be strong, with support at 8900 - 9000 and resistance at 9400 - 9500 [37] Related Data - Data Sources: Wind, Mysteel, Great Wall Futures Trading Consulting Department [42][45] - Data Presented: Shanghai Silver price trends, COMEX silver price trends, SLV silver ETF holdings, COMEX silver inventories, Shanghai Silver basis, and silver internal - external price spreads [44][47][49]

Report Overview - This is a weekly report on soybean meal and soybean oil futures from September 1st to September 5th, 2025, covering mid - term market analysis, trading strategies, and relevant data [1][2] 1. Soybean Meal Futures 1.1 Mid - term Market Analysis - **Trend Judgment**: The soybean meal main contract is in a wide - range oscillation phase. The current high soybean crushing volume by oil mills ensures stable supply, while downstream feed enterprises purchase cautiously. High US soybean good - quality rates strengthen the supply - abundant pattern. However, supported by import costs and pre - festival stocking demand, and with uncertainties in fourth - quarter soybean arrivals, the futures are expected to continue the wide - range oscillation trend. Attention should be paid to Sino - US trade progress [6] 1.2 Trading Strategies - **Last Week's Strategy Review**: The overall trend of soybean meal futures prices was sideways, with a bullish bias in funds. The M2601 contract might be in an oscillatory trend in the short term, with an expected trading range of 3000 - 3250 [10] - **This Week's Strategy Suggestion**: The overall trend of soybean meal futures prices remains sideways, with a bullish bias in funds. The M2601 contract may continue the oscillatory trend in the short term, with an expected trading range of 2980 - 3200 [11] 1.3 Relevant Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department, covering soybean meal weekly production, inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio [19][22][24] 2. Soybean Oil Futures 2.1 Mid - term Market Analysis - **Trend Judgment**: The soybean oil main contract is in an oscillatory consolidation phase. The current soybean oil production is at a high level year - on - year, and the overall supply - abundant pattern persists. Market sentiment is affected by factors such as Sino - US negotiation uncertainties, Fed interest - rate cut expectations, biodiesel policies, and international crude oil and related oil prices. Overall, soybean oil futures prices are expected to mainly oscillate and consolidate. A wait - and - see approach is recommended [29] 2.2 Trading Strategies - **Last Week's Strategy Review**: The overall trend of soybean oil futures prices was in an upward channel, with a bullish bias in funds. The Y2601 contract might be in a high - level oscillatory pattern in the short term [32] - **This Week's Strategy Suggestion**: The overall trend of soybean oil futures prices is in a downward channel, with a strongly bullish bias in funds. The Y2601 contract may maintain an oscillatory consolidation pattern in the short term [32] 2.3 Relevant Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department, covering soybean oil weekly production, inventory, basis, trading volume, soybean weekly arrivals, inventory, crushing volume, startup rate, port inventory, and Brazilian premium [42][45][47]