Guan Tong Qi Huo·2025-09-23 01:11Report Summary 1. Market Performance of Overnight Futures - International precious metal futures generally rose, with COMEX gold futures up 2.03% to $3781.20 per ounce and COMEX silver futures up 3.17% to $44.32 per ounce [3]. - International oil prices fluctuated narrowly, with WTI crude down 0.10% to $62.34 per barrel and Brent crude down 0.06% to $66.00 per barrel [4]. - London base metals showed mixed results, with LME zinc, lead, and copper rising, while tin, nickel, and aluminum falling [4]. - Most domestic futures contracts closed lower, with 20 - rubber rising nearly 1%, and glass, soda ash, and others falling more than 2% [5]. 2. Macroeconomic News - The People's Bank of China conducted 300 billion yuan of 14 - day reverse repurchase operations and kept the one - year and five - year LPR unchanged at 3% and 3.5% respectively [8][9]. - As of September 22, 2025, the Shanghai Export Containerized Freight Index (European route) dropped 12.9% from the previous period [10]. - China's foreign exchange reserves have remained above $3 trillion since the 14th Five - Year Plan, and above $3.2 trillion in the past two years [10]. - The Fed's Bostic is reluctant to support another rate cut in October, and the Cleveland Fed's president Hamrick said the Fed needs to be "very cautious" in lifting restrictive policies [10][11]. 3. Energy and Chemical Futures - As of September 22, the styrene inventory in East China's main ports increased by 2.48 million tons to 40.85 million tons [14]. - From September 22 - 28, 2025, the number of expected arrival ships of New Zealand logs at 13 Chinese ports increased by 67% week - on - week, and the arrival volume increased by 60% [14]. - As of the week of September 22, domestic asphalt social inventory decreased by 2.1% [15]. 4. Metal Futures - In August, China's lithium spodumene imports decreased by 17.5% month - on - month, equivalent to 56,000 tons of LCE [17]. - The silicon semiconductor industry has gradually completed destocking, and the demand for materials will be gradually released [17]. - In August 2025, China's primary aluminum production was 3.7903 million tons, up 2.66% year - on - year and 0.35% month - on - month [17]. - Indonesia's state - owned tin miner PT Timah expects to achieve its annual tin output target of 21,500 tons [19]. - In August 2025, global primary aluminum production was 6.277 million tons [19]. 5. Black - Series Futures - The Ministry of Industry and Information Technology and other departments issued a plan to stabilize the growth of the steel industry from 2025 - 2026, with an average annual growth target of about 4% for added value [21]. - From September 15 - 21, Mysteel's global iron ore shipments decreased, while China's port arrivals increased [22]. - Shougang Shuigang's bar rolling mill will be under maintenance from September 22 for 3 days, affecting the output of construction steel by 450 tons [24]. - The Ministry of Housing and Urban - Rural Development will promote the high - quality development of the housing and construction industry [24]. 6. Agricultural Futures - The Malaysian Palm Oil Council expects palm oil to trade between 4200 - 4500 ringgit in the coming weeks [26]. - From September 1 - 20, 2025, Malaysia's palm oil production decreased, and export data showed mixed results [26]. - As of September 17, the national live pig price decreased by 1.58% from September 10 [26]. - Argentina temporarily canceled export taxes on soybeans, corn, and wheat [29]. - As of last Thursday, Brazil's 2025/26 soybean sowing area reached 0.9% of the expected total area [29]. - As of September 22, the national imported soybean port inventory decreased by 143,430 tons week - on - week [30]. - Brazil's soybean processing enterprises plan to invest $1.11 billion in the next 12 months [30]. - As of September 18, the US soybean export inspection volume was 484,116 tons [30]. - As of September 21, the US soybean's good - to - excellent rate was 61%, and the harvest rate was 9% [31]. 7. Financial Markets Financial - The CSRC will accelerate the reform of the capital market, deepen the reform of the STAR Market, ChiNext, and the Beijing Stock Exchange [34]. - A - share indices rose, with funds concentrating on technology stocks [34]. - The Hong Kong Hang Seng Index fell, and cross - border internet brokers further closed the account - opening channels for mainland Chinese residents [33][34][35]. - The Hong Kong Securities and Futures Commission is consulting on the investor identification code system [36]. - Berkshire Hathaway has cleared its position in BYD, and Kweichow Moutai has not adjusted its annual performance target [36][38]. Industry - The Ministry of Industry and Information Technology and other departments issued plans for the steel and energy equipment industries [39]. - The Ministry of Sports issued a guidance on promoting the high - quality development of sports - promoted health [39]. - The central Cyberspace Administration launched a special campaign to rectify the issue of maliciously inciting negative emotions [39]. - As of the end of August, the number of tax - refund stores for outbound travelers in China exceeded 10,000, and the sales of tax - refund goods increased by 97.5% year - on - year [40]. - In the first half of 2025, the inventory book value of typical real - estate enterprises decreased by 4.6% [40]. Overseas - France recognized the State of Palestine [42]. - Fed officials have different views on interest - rate cuts [42]. - The US Treasury Secretary is ready to support Argentina [42]. - France is considering a wealth tax on individuals with over 100 million euros in assets [42]. - The Reserve Bank of Australia is expected to keep interest rates unchanged next week [43]. - Turkey terminated additional tariffs on some US imports [43]. International Stock Markets - US stocks hit new closing highs, European stocks showed mixed results, and Japanese and South Korean stocks rose [45]. - Buffett increased his stake in Japanese trading companies, and Pfizer will acquire Metsera for up to $7.3 billion [46]. Commodities - International precious metal futures rose, international oil prices fluctuated narrowly, and base metals showed mixed results [3][4][46]. - Congo (Kinshasa) will end the cobalt export ban on October 15 and implement a new export quota policy [48]. Bonds - Yields of major inter - bank interest - rate bonds generally declined, and the central bank conducted reverse repurchase operations [49]. - The Hong Kong Exchange added a floating reference rate option for north - bound swap connect [49]. - The central bank issued 60 billion yuan of 6 - month RMB central bank bills in Hong Kong [50]. - Foreign investors continued to net - buy Japanese ultra - long - term government bonds in August [50]. - US Treasury yields rose [52]. Foreign Exchange - The Hong Kong dollar strengthened at the fastest pace in 20 years, and the on - shore RMB against the US dollar closed lower [53]. - The US dollar index fell, and most non - US currencies rose [54]. 8. Upcoming Events - There are various economic data releases, corporate earnings announcements, and stock listings scheduled, along with statements from central bank officials [56]