铁矿石风险管理报告 2025/09/10 周甫翰 （投资咨询证号 Z0020173） 投资咨询业务资格：证监许可【2011】1290号 铁矿石10合约月度价格预测（9月） | 价格预测区间 | 当前平值期权IV | 历史波动率分位数 | | --- | --- | --- | | 770-830 | 21.53% | 11.3% | source： 南华研究 铁矿石风险管理策略建议（9月） | 行为导向 | 情景分析 | 风险敞口 | 策略推荐 | 套保工具 | 买卖方向 套保比例 | | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 目前有现货，担心未来库存跌价 | 多 | 直接做空铁矿期货锁定利润 | I2510 | 空 | 45% | 820-830 | | | | | 卖看涨期权收权利金 | I2510-C-830 | | 40% | 逢高卖 | | 采购管理 | 未来要采购，担心涨价 | 空 | 直接做多铁矿期货锁定成本 | I2510 | 多 | 30% | 770-780 | | | | | 卖虚值看跌，若 ...

Group 1: Report General Information - Report Name: Nanhua Soybean No. 1 Industry Risk Management Daily Report [1] - Date: September 10, 2025 [1] - Analysts: Bian Shuyang (Investment Consultation License No.: Z0012647), Kang Quangui (Qualification Certificate No.: F03148699) [1] - Investment Consultation Business Qualification: CSRC Permit [2011] No. 1290 [1] Group 2: Risk Strategies Inventory Management for Planting Entities - Behavior: Harvest new soybeans in autumn with high selling demand but large short - term selling pressure [2] - Strategy: Take advantage of futures price rebound to lock in planting profits by short - selling soybean No. 1 futures [2] - Hedging Tool: A2511 [2] - Buying/Selling Direction: Short [2] - Hedging Ratio: 30% [2] - Suggested Entry Range: 4000 - 4050 [2] Inventory and Procurement Management For Sellers - Behavior: With soybeans in concentrated listing, sellers' bargaining power weakens [2] - Strategy: Sell call options to increase the selling price [2] - Hedging Tool: A2511 - C - 4050 [2] - Buying/Selling Direction: Sell [2] - Hedging Ratio: 30% [2] - Suggested Entry Range: 40 - 50 [2] For Buyers - Behavior: Concerned about rising raw material prices and increasing procurement costs [2] - Strategy: Wait for spot procurement in the medium - term and focus on forward procurement management [2] - Hedging Tool: A2603, A2605 [2] - Buying/Selling Direction: Long [2] - Suggested Entry Range: Wait for autumn price guidance [2] Group 3: Core Contradictions - The soybean market is waiting for new - season guidance. Mid - and downstream entities are highly cautious. Auctions are ongoing, and trade - end purchases are cautious. With the new season not fully arrived, the actual market pressure has limited increase, and prices are stable but slightly weak [2] - The rebound of soybean No. 1 futures lacks capital and fundamental support. The market volume shrank and closed lower yesterday. With capital outflows, the futures market is waiting for clearer fundamental guidance. Given the increasing likelihood of a bumper harvest, prices are expected to decline [2] - The consumption recovery represented by the double - festival stocking will face the pressure of new - season listings, and prices will be under pressure [2] Group 4: Bullish Factors - The remaining grain at the grass - roots level is almost exhausted, and traders have generally cleared their inventories. Without concentrated selling pressure, the current price decline is limited [2] - The concentrated consumption scenarios in September are gradually recovering, and there is an expectation of a recovery in edible demand [2] Group 5: Bearish Factors - On September 9, China Grain Reserves Corporation organized a one - way competitive auction of 37,112 tons of domestic soybeans, with only 1,000 tons sold, a significant drop in the transaction rate compared to the full - transaction two - way auction on the 8th, highlighting weak demand and high selling difficulty [3] - The expectation of improved quality and increased yield of new - season soybeans remains unchanged. Without extreme weather, the short - term supply surplus will be the main driving factor of the fundamentals, and prices will continue to be under pressure [3] - Attention should be paid to whether there will be two auctions this week. In the context of the upcoming new - season listing, the impact of auctions may be magnified emotionally [3] Group 6: Futures Price Changes | Contract | September 8, 2025 | September 9, 2025 | Daily Change | Change Rate | | --- | --- | --- | --- | --- | | Soybean No. 1 11 | 3977 | 3968 | - 9 | - 0.23% | | Soybean No. 1 01 | 3976 | 3969 | - 7 | - 0.18% | | Soybean No. 1 03 | 3976 | 3970 | - 6 | - 0.15% | | Soybean No. 1 05 | 4020 | 4014 | - 6 | - 0.15% | | Soybean No. 1 07 | 4023 | 4016 | - 7 | - 0.17% | | Soybean No. 1 09 | 4067 | 4067 | 0 | 0.00% | [3]

Core Viewpoint - Nanhua Futures focuses on serving the real economy and aims to enhance cross-border cooperation and risk management in the context of the futures market's high-level opening up [1][4] Group 1: Cross-Border Cooperation - Nanhua Futures emphasizes the importance of innovative cooperation models between domestic and foreign exchanges to better serve the cross-border business scenarios of real enterprises [2] - The company suggests expanding the product interlinking model to enhance international cooperation platforms, referencing successful experiences such as the interlinking of soybean oil futures between Dalian Commodity Exchange and Malaysia Derivatives Exchange [2] - Establishing joint delivery warehouses in free trade ports is proposed to facilitate cross-border delivery, reduce logistics costs, and improve market liquidity [2] Group 2: Risk Management - Nanhua Futures proposes a systematic solution for risk management, including the establishment of a cross-border risk monitoring system to strengthen regulatory collaboration [3] - The introduction of a "cross-border position heat map" mechanism is suggested to monitor positions in real-time and identify risks, enhancing proactive risk management for enterprises [3] Group 3: Enhancing "Chinese Price" Influence - The company aims to expand internationalized products closely related to China's real industries, focusing on shipping index futures and lithium carbonate futures as key directions [3] - Optimizing contract rules, such as extending night trading hours for popular internationalized products, is recommended to attract foreign investors [3] Group 4: Collaborative Service Ecosystem - Nanhua Futures advocates for better collaboration among Chinese enterprises when engaging with international markets, suggesting that futures companies and banks work together to enhance cross-border service ecosystems [4] - The company emphasizes the need for intermediaries with overseas business capabilities to provide comprehensive services to large foreign institutional clients [4]

证券代码：603093 证券简称：南华期货 公告编号：2025-061 二、本次业绩说明会投资者提出的主要问题及公司的回复情况 问题 1:"保险+期货"项目未来是否计划扩大覆盖区域或品种？项目盈利模 式如何持续优化？ 答:"保险+期货"业务是期货公司发挥市场功能的重要工具。近年来，南华 期货持续发力"保险+期货"业务，规模稳步增长。公司将根据市场需求，持续 扩大覆盖区域和品种，尽公司所能服务实体经济。谢谢。 问题 2:下半年公司主要的战略方向会围绕哪些方面进行开展？ 南华期货股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 南华期货股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日在同花顺 路演平台（网址：https://board.10jqka.com.cn/rs/pc/detail?roadshowId= 1010616）召开了南华期货股份有限公司 2025 年半年度业绩说明会。本次业绩说 明会以网络互动方式召开，公司针对 2025 年半年度经营成 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market has undergone a significant adjustment, and the implied volatility of financial options has decreased. The trading volume of 50ETF options has declined compared to the previous week, with the trading volume of put options lower than that of call options. The put - call trading ratio has increased compared to the previous week but is below the historical average, while the put - call holding ratio has decreased compared to the previous week but is above the historical average [1][2]. 3. Section Summaries 3.1 Financial Option Data - **Trading Volume and Holdings**: The average daily trading volume of 50ETF options this week was 1.4576 million contracts, a decrease of 18.99% compared to the previous week. The put - call trading ratio was 0.8, which increased compared to the previous week and was below the historical average. The put - call holding ratio last week was 0.85, which decreased compared to the previous week and was above the historical average. The average daily trading volume of Huatai Bairui 300ETF options was 1.5743 million contracts, and the average daily holdings were 1.4231 million contracts; the average daily trading volume of Southern China Securities 500ETF options was 2.1945 million contracts, and the average daily holdings were 1.4044 million contracts; the average daily trading volume of Huaxia Shanghai Stock Exchange Science and Technology Innovation 50ETF options was 2.1735 million contracts, and the average daily holdings were 2.1941 million contracts; the average daily trading volume of Shenzhen 100ETF options was 0.2263 million contracts, and the average daily holdings were 0.1551 million contracts; the average daily trading volume of GEM ETF options was 2.8928 million contracts, and the average daily holdings were 1.6524 million contracts; the average daily trading volume of CSI 300 index options was 0.1834 million lots, and the average daily holdings were 0.2248 million lots; the average daily trading volume of CSI 1000 index options was 0.3718 million lots, and the average daily holdings were 0.3404 million lots [1][4]. - **Implied Volatility**: As of the close on Friday, the implied volatility of CSI 300 index options was 20.54%, a decrease of 3.19% compared to a week ago. The implied volatility of 50ETF options was 18.48%, a decrease of 3.81% compared to a week ago. The implied volatility of CSI 1000 index options was 25.51%, a decrease of 0.98% compared to a week ago [2][4].

Report Industry Investment Rating - Not provided in the report. Core Viewpoints - This week, the trading volume of commodity options increased by 24.24% compared to last week, and the open interest increased by 5.29%. The sentiment in the options market has warmed up compared to last week. At the same time, the implied volatility of options generally increased. The implied volatility of gold and silver options increased by more than 5 percentage points compared to a week ago, and they are currently at the 50%-60% and 70%-80% historical percentile levels respectively. Additionally, the main futures contract of polysilicon hit the daily limit, and the implied volatility of its options rose by more than 6 percentage points, currently above the 90% historical percentile level [2][5]. Summary by Related Catalogs Commodity Option Data - As of the close on Friday, the implied volatility of crude oil options was 28.09%, up 0.80% from a week ago; lithium carbonate options was 37.08%, up 0.56%; rebar options was 18.33%, up 6.65%; soda ash options was 19.79%, up 0.62%; gold options was 14.80%, up 0.62%; silver options was 26.40%, up 5.94%; palm oil options was 14.43%, down 0.81%; soybean oil options was 19.10%, down 0.04%; rapeseed oil options was 21.95%, up 3.56%; and rubber options was 11.23%, up 0.07% [1][4]. Figures - There are multiple figures showing the trading volume, open interest, implied volatility, historical volatility, skewness structure, and term structure of various commodity options, including crude oil, lithium carbonate, rebar, soda ash, gold, silver, palm oil, soybean oil, rapeseed oil, and rubber options [6][14][20].

Report Overview - Report Title: Treasury Bond Futures Daily Report - Report Date: 2025/09/05 - Analyst: Xu Chenxi (Investment Consulting License Number: Z0001908) - Investment Consulting Business Qualification: CSRC License [2011] 1290 [1] Industry Investment Rating - Not provided in the report Core View - The report suggests a trading strategy of taking advantage of market fluctuations. It advises buying on dips and setting profit targets. The bond market may continue to fluctuate in a situation where stocks are strong and bonds are weak, as long as the A-share market does not show an obvious downward trend [2][4] Key Points Summarized by Section Market Performance - On Friday, Treasury bond futures opened lower and closed down across the board, with TL experiencing the largest decline. Spot bond yields rose across the board but fell back after the futures market closed. The open market had a net withdrawal of 59.46 billion yuan. The funding situation was loose, with DR001 remaining around 1.31% [2] - The A-share market's sharp adjustment the previous day did not bring more upward momentum to the bond market. Instead, the bond market declined as the stock market rebounded strongly. The 30-year Treasury bond issuance rate was slightly higher, and the situation was mediocre [4] Specific Contract Data | Contract | 2025-09-05 Price | 2025-09-04 Price | Change | 2025-09-05 Position | 2025-09-04 Position | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.388 | 102.44 | -0.052 | 73,830 | 76,004 | -2,174 | | TF2512 | 105.58 | 105.745 | -0.165 | 139,550 | 142,981 | -3,431 | | T2512 | 107.92 | 108.27 | -0.35 | 218,747 | 217,136 | 1,611 | | TL2512 | 116.3 | 117.4 | -1.1 | 142,701 | 140,684 | 2,017 | [5] Basis and Trading Volume Data | Contract | 2025-09-05 Basis | 2025-09-04 Basis | Basis Change | 2025-09-05 Trading Volume | 2025-09-04 Trading Volume | Volume Change | | --- | --- | --- | --- | --- | --- | --- | | TS (CTD) | -0.0605 | -0.0299 | -0.0306 | 32,921 | 31,545 | 1,376 | | TF (CTD) | -0.0455 | 0.0269 | -0.0724 | 75,029 | 62,934 | 12,095 | | T (CTD) | 0.3381 | 0.3866 | -0.0485 | 92,512 | 83,913 | 8,599 | | TL (CTD) | 0.6967 | 0.8792 | -0.1825 | 169,741 | 135,244 | 34,497 | [7] Market News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026" [3] - US ADP employment growth in August slowed significantly to 54,000, and the number of initial jobless claims last week reached the highest level since June [3] - The weighted winning bid yields for the 1-year and 30-year Treasury bonds issued by the Ministry of Finance were 1.3485% and 2.1139% respectively, with full - scale multiples of 2.33 and 3.02, and marginal multiples of 1.61 and 4.46 [3]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Copper prices' rise and fall on Wednesday are closely related to the US economy. The rare simultaneous increase of copper, gold, the US dollar index, and crude oil, along with a significant decline in US stocks, was due to factors such as rising long - term bond yields in Europe and the US, political crises, and trade geopolitical instability, which led to increased risk premiums and market risk - aversion. The subsequent fall in copper prices was a correction of the over - increase. Considering the relatively tight supply and the US economic pressure stimulating the Fed's interest - rate cut expectation, copper prices may remain strong in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Copper Price Volatility and Forecast - The latest copper price is 79,770 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 7.61%, and the historical percentile of the current volatility is 4.1% [2]. 3.2 Copper Risk Management Suggestions 3.2.1 Inventory Management - For high finished - product inventory and fear of price drops, with a long spot exposure, it is recommended to sell short the main Shanghai copper futures contract at a hedging ratio of 75% around 82,000 yuan/ton and sell call options (CU2511C82000) at a hedging ratio of 25% when volatility is relatively stable [2]. 3.2.2 Raw Material Management - For low raw - material inventory and fear of price increases, with a short spot exposure, it is recommended to buy long the main Shanghai copper futures contract at a hedging ratio of 75% around 78,000 yuan/ton [2]. 3.3 Factors Affecting Copper Prices 3.3.1 Bullish Factors - The US and other countries reaching an agreement on tariff policies; increased interest - rate cut expectations leading to a decline in the US dollar index and boosting the valuation of non - ferrous metals; and a rising lower support level [4]. 3.3.2 Bearish Factors - Tariff policy fluctuations; a decrease in global demand due to tariff policies; and extremely high COMEX inventory caused by the US adjustment of copper tariff policies [4][5]. 3.4 Copper Futures and Spot Data 3.4.1 Copper Futures Data - The latest price of the main Shanghai copper futures is 79,770 yuan/ton, with no daily change. The price of Shanghai copper continuous - one is 79,770 yuan/ton, down 340 yuan (- 0.42%); Shanghai copper continuous - three is 79,680 yuan/ton, with no change; and LME copper 3M is 9,891.5 US dollars/ton, down 82.5 US dollars (- 0.83%) [4]. 3.4.2 Copper Spot Data - The latest price of Shanghai Non - ferrous 1 copper is 80,190 yuan/ton, down 330 yuan (- 0.41%); Shanghai Wumaotrade is 80,125 yuan/ton, down 310 yuan (- 0.39%); Guangdong Nanchu is 80,000 yuan/ton, down 280 yuan (- 0.35%); and Yangtze Non - ferrous is 80,230 yuan/ton, down 350 yuan (- 0.43%). The spot premiums of various regions also showed different degrees of decline [7]. 3.5 Copper Scrap - to - Refined Spread - The current refined - scrap spread (tax - included) is 1,585.74 yuan/ton, down 177.24 yuan (- 10.05%); the reasonable refined - scrap spread (tax - included) is 1,499.9 yuan/ton, down 3.9 yuan (- 0.26%); the price advantage (tax - included) is 85.84 yuan/ton, down 173.34 yuan (- 66.88%). Similar declines are also seen in the non - tax - included data [11]. 3.6 Copper Warehouse Receipts and Inventory 3.6.1 Shanghai Futures Exchange (SHFE) Copper Warehouse Receipts - The total Shanghai copper warehouse receipts are 19,829 tons, up 358 tons (1.84%); the total international copper warehouse receipts are 5,322 tons, down 100 tons (- 1.84%) [13]. 3.6.2 LME Copper Inventory - The total LME copper inventory is 158,375 tons, down 200 tons (- 0.13%); the registered warehouse receipts are 142,275 tons, down 2,775 tons (- 1.91%); and the cancelled warehouse receipts are 16,100 tons, up 2,575 tons (19.04%) [15]. 3.6.3 COMEX Copper Inventory - The total COMEX copper inventory is 302,744 tons, up 28,977 tons (10.58%) on a weekly basis [16]. 3.7 Copper Import Profit and Processing - The copper import profit and loss is - 47.85 yuan/ton, up 5.33 yuan (- 10.02%); the copper concentrate TC is - 40.6 US dollars/ton, with no change [17].

Report Overview - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: September 5, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - No investment rating for the industry provided in the report Core Viewpoints - The recent strength of tin prices is mainly due to tight supply. Yunnan Tin plans to shut down for maintenance from August 30 for 45 days as expected. In August 2025, China's refined tin production decreased both month - on - month and year - on - year, mainly affected by some enterprises' shutdown for maintenance and the decrease in tin concentrate imports in July. In the short term, with stable macro conditions, despite demand pressure, tin prices may rise slightly further due to tight supply, with the upper target tentatively set at 276,000 yuan per ton [3] Summary by Relevant Catalogs 1. Tin Price Volatility and Risk Management - **Price Volatility**: The latest closing price of tin is 272,020 yuan, the monthly price range forecast is 245,000 - 263,000 yuan, the current volatility is 13.06%, and the historical percentile of the current volatility is 22.5% [2] - **Risk Management Suggestions**: - **Inventory Management**: For high finished - product inventory and fear of price decline, recommend selling 75% of Shanghai tin main - contract futures at around 275,000 yuan and selling 25% of call options (SN2511C275000) when volatility is appropriate [2] - **Raw Material Management**: For low raw - material inventory and fear of price increase, recommend buying 50% of Shanghai tin main - contract futures at around 230,000 yuan and selling 25% of put options (SN2511P260000) when volatility is appropriate [2] 2. Factors Affecting Tin Prices - **Likely Positive Factors**: Sino - US tariff policy easing, the semiconductor sector still in the expansion cycle, and Myanmar's resumption of production falling short of expectations [4][5] - **Likely Negative Factors**: Tariff policy reversals, the inflow of Myanmar's tin ore into China, and the semiconductor sector's expansion slowing down and moving from the expansion cycle to the contraction cycle [5] 3. Tin Futures and Spot Data - **Futures Data**: - **Domestic**: The latest prices of Shanghai tin main contract, Shanghai tin continuous - one, and Shanghai tin continuous - three are all stable, while the price of LME tin 3M is 34,425 US dollars per ton, down 195 US dollars or 0.56% [6] - **Ratio**: The Shanghai - London ratio is 7.89, up 0.04 or 0.51% [6] - **Spot Data**: - **Prices**: The prices of Shanghai Non - ferrous tin ingots, 40% and 60% tin concentrates, and some solder products have increased slightly on a weekly basis, while some other products are stable [10] - **Imports and Processing Fees**: Tin import profit and loss is - 18,752.84 yuan per ton, down 7.34% daily, and tin ore processing fees are stable [10] 4. Tin Inventory Data - **Domestic Inventory**: The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,495 tons, up 1.19% daily, with different changes in Guangdong and Shanghai [13] - **LME Inventory**: The total LME tin inventory is 2,195 tons, up 0.92% [13]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report - The medium - to long - term trend of precious metals may be bullish. Short - term, London gold and silver weekly lines continue to close with large bullish candles, indicating a strong pattern. London gold has broken through the 3450 - 3500 resistance and can be further expected to reach 3700. London silver has broken through the 39.5 - 40 integer - level resistance, and the next target is raised to the 44 - 45 area. Short - term, attention should be paid to the impact of economic data fluctuations on precious metal prices. The operation strategy remains to buy on dips, and existing long positions should be held [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, the precious metals market fluctuated and adjusted. The US dollar index slightly declined, the 10Y US Treasury yield decreased, European and American stocks generally rebounded, Bitcoin dropped, and crude oil was weak. The COMEX gold 2512 contract closed at $3602.4 per ounce, down 0.91%; the US silver 2512 contract closed at $41.315 per ounce, down 1.77%. The SHFE gold 2510 main contract closed at 812.98 yuan per gram, up 0.32%; the SHFE silver 2510 contract closed at 9773 yuan per kilogram, down 0.14% [2]. - The US ADP employment data and weekly initial jobless claims released on Thursday evening provided evidence for cooling the US job market and boosted the expectation of interest - rate cuts. The US ISM services PMI expansion speed reached the fastest in half a year, with weak corporate employment and high prices [2]. 3.2 Interest - Rate Cut Expectations and Fund Holdings - The expectation of interest - rate cuts within the year continues to rise. According to CME "FedWatch" data, the probability that the Fed will keep the interest rate unchanged in September is 0.6%, and the probability of a 25 - basis - point cut is 99.4%. In October, the probability of keeping the interest rate unchanged is 0.3%, the probability of a cumulative 25 - basis - point cut is 44.5%, and the probability of a cumulative 50 - basis - point cut is 55.3%. In December, the probability of keeping the interest rate unchanged is 0%, the probability of a cumulative 25 - basis - point cut is 5.8%, the probability of a cumulative 50 - basis - point cut is 45.8%, and the probability of a cumulative 75 - basis - point cut is 48.4% [2]. - In terms of long - term funds, the SPDR Gold ETF holdings decreased by 2.3 tons to 982 tons; the iShares Silver ETF holdings decreased by 50.8 tons to 15230.6 tons. The SHFE silver inventory increased by 32.9 tons to 1259.9 tons per day; as of the week ending August 29, the SGX silver inventory increased by 1.7 tons to 1283.6 tons per week [2]. 3.3 This Week's Focus This week's data is intensive, and the focus is on the US non - farm payrolls report on Friday [3]. 3.4 Price Table - The latest price of SHFE gold main continuous contract is 812.98 yuan per gram, down 1.9 yuan, or 0.23%. The latest price of SGX gold TD is 809 yuan per gram, down 0.97 yuan, or 0.12%. The latest price of CME gold main contract is $3602.4 per ounce, down $17.3, or 0.48%. The latest price of SHFE silver main continuous contract is 9773 yuan per kilogram, down 47 yuan, or 0.48%. The latest price of SGX silver TD is 9770 yuan per kilogram, down 10 yuan, or 0.1%. The latest price of CME silver main contract is $41.315 per ounce, down $0.495, or 1.18%. The CME gold - silver ratio is 87.1935, up 0.6185, or 0.71% [4][5]. 3.5 Inventory and Position Table - The SHFE gold inventory is 43254 kilograms, up 3003 kilograms, or 7.46%. The CME gold inventory is 1211.7239 tons, unchanged. The SHFE gold position is 136664 lots, down 5666 lots, or 3.98%. The SPDR gold position is 981.97 tons, down 2.29 tons, or 0.23%. The SHFE silver inventory is 1259.949 tons, up 32.91 tons, or 2.68%. The CME silver inventory is 16093.3703 tons, up 41.8578 tons, or 0.26%. The SGX silver inventory is 1283.61 tons, up 1.755 tons, or 0.14%. The SHFE silver position is 248568 lots, down 22024 lots, or 8.14%. The SLV silver position is 15230.565366 tons, down 50.8324 tons, or 0.33% [13]. 3.6 Stock, Bond, and Commodity Overview - The US dollar index is 98.2917, up 0.1316, or 0.13%. The US dollar against the Chinese yuan is 7.1419, up 0.0022, or 0.03%. The Dow Jones Industrial Average is 45621.29 points, up 350.06 points, or 0.77%. The WTI crude oil spot price is $63.48 per barrel, down $0.49, or 0.77%. The LmeS copper 03 price is $9891.5 per ton, down $82.5, or 0.83%. The 10Y US Treasury yield is 4.17%, down 0.05%, or 1.18%. The 10Y US real interest rate is 1.79%, down 0.03%, or 1.65%. The 10 - 2Y US Treasury yield spread is 0.58%, down 0.03%, or 4.92% [17].