本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【9月25日大商所禽畜仓单数据有变化】9月25日公布大商所禽畜仓单及变化数据。生猪期货仓单328 手，较上个减少40手。鸡蛋期货仓单26手，较上个增加26手。 ...

Group 1 - LME aluminum futures prices are showing a slight increase, opening at $2678 per ton and currently at $2679.5 per ton, with a rise of 0.13% [1] - The highest price during the day reached $2682.5 per ton, while the lowest was $2675.5 per ton [1] Group 2 - On September 18, LME aluminum futures had an opening price of $2698.5, a highest price of $2702.0, a lowest price of $2666.0, and a closing price of $2676.0, reflecting a decrease of 1.07% [2] - The electrolytic aluminum spot price ratio between Shanghai and London is reported at 7.71, with an import loss of ¥1850.55 per ton, compared to the previous day's loss of ¥1641.48 per ton [2] - As of September 19, the Shanghai Futures Exchange aluminum warehouse receipts totaled 71,959 tons, a decrease of 2,506 tons from the previous trading day [2] - LME registered aluminum warehouse receipts stand at 404,675 tons, with canceled receipts remaining unchanged at 109,225 tons, and total aluminum inventory at 513,900 tons, also unchanged [2]

Core Insights - The Shanghai Futures Exchange released data on precious and non-ferrous metal warehouse receipts on August 28, indicating various changes in inventory levels [1] Summary by Category Precious Metals - Gold futures warehouse receipts increased by 2,001 kilograms, totaling 39,504 kilograms [1] - Silver futures warehouse receipts rose by 13,025 kilograms, reaching 1,178,523 kilograms [1] Non-Ferrous Metals - International copper futures warehouse receipts remained unchanged at 5,797 tons [1] - Copper futures warehouse receipts decreased by 55 tons, totaling 21,232 tons [1] - Aluminum futures warehouse receipts fell by 76 tons, amounting to 57,275 tons [1] - Zinc futures warehouse receipts decreased by 176 tons, totaling 36,037 tons [1] - Lead futures warehouse receipts declined by 124 tons, reaching 58,151 tons [1] - Nickel futures warehouse receipts saw a minor decrease of 12 tons, totaling 22,013 tons [1] - Tin futures warehouse receipts decreased by 43 tons, amounting to 7,120 tons [1] - Aluminum oxide futures warehouse receipts increased by 1,808 tons, totaling 88,826 tons [1]

Summary of Key Points Core Viewpoint - The Dalian Commodity Exchange (DCE) has reported changes in various futures warehouse receipts as of August 20, indicating fluctuations in inventory levels across multiple commodities [1]. Inventory Changes - Styrene futures warehouse receipts remain unchanged at 637 contracts [1] - Soybean No. 1 futures warehouse receipts decreased by 100 contracts to 12,397 contracts [1] - Soybean No. 2 futures warehouse receipts decreased by 300 contracts to 2,300 contracts [1] - Polyvinyl chloride (PVC) futures warehouse receipts increased by 1,233 contracts to 82,031 contracts [1] - Liquefied petroleum gas (LPG) futures warehouse receipts decreased by 20 contracts to 13,298 contracts [1] - Soybean meal futures warehouse receipts remained unchanged at 10,925 contracts [1] - Corn starch futures warehouse receipts remained unchanged at 7,450 contracts [1] - Coking coal futures warehouse receipts remained unchanged at 0 contracts [1] - Palm oil futures warehouse receipts decreased by 16 contracts to 1,404 contracts [1] - Egg futures warehouse receipts remained unchanged at 0 contracts [1] - Corn futures warehouse receipts decreased by 2,706 contracts to 110,775 contracts [1] - Iron ore futures warehouse receipts decreased by 500 contracts to 2,000 contracts [1] - Ethylene glycol futures warehouse receipts increased by 20 contracts to 2,092 contracts [1] - Polyethylene futures warehouse receipts decreased by 40 contracts to 7,684 contracts [1] - Polypropylene futures warehouse receipts decreased by 100 contracts to 13,940 contracts [1] - Soybean oil futures warehouse receipts remained unchanged at 15,310 contracts [1] - Coking futures warehouse receipts remained unchanged at 820 contracts [1] - Live pig futures warehouse receipts remained unchanged at 430 contracts [1]

Group 1 - The total amount of gold futures in the Shanghai Futures Exchange is 36,345 kilograms, with an increase of 300 kilograms compared to the previous day [1][2] - The main gold futures contract opened at 778.12 yuan per gram, with a highest price of 780.58 yuan and a lowest price of 777.02 yuan during the trading session [1] - As of the report, the gold futures price is at 778.70 yuan per gram, reflecting a 0.31% increase, with a trading volume of 149,006 lots and a decrease of 3,259 lots in open interest [1] Group 2 - A recent poll in Switzerland indicates that nearly two-thirds of respondents oppose making concessions to the U.S. despite potential economic harm from high tariffs [2] - The same poll shows that two-thirds of Swiss citizens anticipate severe impacts on the Swiss economy due to new tariffs, while only 5% believe there will be little to no damage [2]

Group 1 - The total amount of gold futures in the Shanghai Futures Exchange is 36,045 kilograms, with no change from the previous day [1][2] - The main gold futures contract opened at 777.28 yuan per gram, with a high of 777.82 yuan and a low of 773.80 yuan, currently trading at 777.72 yuan, reflecting a slight increase of 0.08% [1] - The trading volume for the day is 206,809 contracts, with open interest at 201,477 contracts, showing a decrease of 3,259 contracts in daily open interest [1] Group 2 - France, Germany, and the UK have informed the UN that they are prepared to trigger the restoration of sanctions against Iran unless negotiations regarding its nuclear program resume with the US and the international community [2] - The UN sanctions are set to expire on October 18 unless one of the remaining parties in the agreement triggers the "snapback" mechanism [2] - Iran has expressed a willingness to negotiate with the Trump administration but has taken a harder stance following recent attacks and the impending indirect talks with the US [2]

Group 1 - The total amount of gold futures in the Shanghai Futures Exchange is 36,045 kilograms, with an increase of 36 kilograms compared to the previous day [1][2] - The main gold futures contract opened at 782.80 yuan per gram, with a high of 785.82 yuan and a low of 782.58 yuan, currently trading at 783.56 yuan, reflecting a decrease of 0.08% [1] - The trading volume for the day is 191,341 contracts, with open interest at 215,212 contracts, showing a decrease of 3,440 contracts in daily open interest [1] Group 2 - The South Korean Minister of Finance, Koo Yun-cheol, stated that South Korea has received a commitment from the U.S. regarding trade treatment in the semiconductor and pharmaceutical sectors, ensuring that it will not face worse conditions than other countries [2] - Koo mentioned that South Korea has secured the most favorable treatment in the latest trade agreement, positioning it on par with Japan and the EU in upcoming tariff decisions [2]

Report Information - Report Date: July 18, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Report Highlights 1. Market Performance and Outlook - **Market Performance**: The main contract price of industrial silicon futures fluctuated. The closing price of Si2509 was 8,745 yuan/ton, up 0.75%. The trading volume was 1,033,119 lots, and the open interest was 381,048 lots, with a net increase of 1,200 lots [4]. - **Spot Price**: The spot price of industrial silicon remained stable. The price of 553-grade in Inner Mongolia was 8,800 yuan/ton, and in Sichuan was 8,550 yuan/ton. The price of 421-grade in Inner Mongolia was 9,050 yuan/ton, in Xinjiang was 9,000 yuan/ton, and in Sichuan was 9,300 yuan/ton [4]. - **Market Outlook**: After continuous price increases, the spot price stabilized. The strong performance of polysilicon drove industrial silicon to fluctuate strongly. The improvement in fundamentals was limited. In the second week of July, the output of industrial silicon remained at 72,000 tons. The resumption of production in the southwest产区 offset the production cut of large factories in Xinjiang. The output in July is expected to remain at 310,000 tons. Demand improved marginally. The production schedule of polysilicon increased slightly in July, and the demand for organic silicon remained stable. In the short term, the fundamental driving force was limited. The strong rise of polysilicon may drive the current price to continue to increase, but from the perspective of average cost and the cancellation price of previous warehouse receipts, 8,800 - 9,200 yuan/ton is a resistance range to be challenged. The market is expected to fluctuate strongly in the short term [4]. 2. Market News - On July 18, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,354 lots, a net increase of 142 lots from the previous trading day [5]. - In the second week of July, the average price of polysilicon N-type re-feeding material was 45,500 yuan, and the average price of N-type dense material was 44,000 yuan [5]. - In the second week of July, the national comprehensive price of industrial silicon was 8,851 yuan/ton, up 108 yuan/ton. Among them, the price of 553-grade was 8,602 yuan/ton, 441-grade was 8,852 yuan/ton, and 421-grade was 9,425 yuan/ton, up 100 yuan/ton, 100 yuan/ton, and 128 yuan/ton respectively. The comprehensive prices in Xinjiang, Yunnan, and Sichuan were 8,749 yuan/ton, 9,734 yuan/ton, and 9,600 yuan/ton respectively. The FOB price remained stable overall [5].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The industrial silicon futures main contract price continued to be strong. The Si2509 closed at 8785 yuan/ton, up 1.04%, with a trading volume of 1.417 million lots and an open interest of 397,000 lots, a net decrease of 6,237 lots. The spot price of industrial silicon continued to rise. The output in the second week of July remained above 70,000 tons, and the monthly output would remain above 310,000 tons. The demand increment in July was less than 20,000 tons. The futures warehouse receipts began to increase, and the short - term trend was mainly a strong oscillation [4]. 3. Summary by Relevant Catalogs 3.1 Market Performance - The industrial silicon futures main contract price continued to be strong. The Si2509 closed at 8785 yuan/ton, up 1.04%, with a trading volume of 1.417 million lots and an open interest of 397,000 lots, a net decrease of 6,237 lots [4]. 3.2 Spot Price - The spot price of industrial silicon continued to rise. The price of Inner Mongolia 553 and Sichuan 553 was 8500 yuan/ton, up 50 yuan/ton; the price of Inner Mongolia 421 and Xinjiang 421 was 8800 yuan/ton, and the price of Sichuan 421 was 9000 yuan/ton [4]. 3.3 Market Outlook - In the second week of July, the industrial silicon output remained above 70,000 tons. The resumption of production in the southwest during the wet season made up for the reduction of production by large factories in Xinjiang, and the monthly output would remain above 310,000 tons. On the demand side, the polysilicon production schedule in July increased to 100,000 - 110,000 tons, and the operating rate of organic silicon increased slightly, but the overall monthly demand increment was less than 20,000 tons. The futures warehouse receipts began to increase, and attention should be paid to its sustainability. The previous warehouse receipts entered a continuous reduction range between 8800 - 9000. Currently, the industrial policy formed a bullish expectation, and the spot price increase continued to stimulate the futures price. The short - term trend was mainly a strong oscillation [4]. 3.4 Market News - On July 15, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,258 lots, a net increase of 165 lots compared with the previous trading day [5].

Group 1 - The total silver futures in Shanghai Futures Exchange reached 1,299,756 kilograms, with an increase of 4,093 kilograms compared to the previous day [1] - The main silver futures opened at 8,716 yuan per kilogram, peaked at 8,765 yuan, and dropped to a low of 8,662 yuan, closing at 8,762 yuan, reflecting a daily decline of 0.54% [1] Group 2 - President Donald Trump expressed concerns regarding his "massive and beautiful" spending bill and the unfair auto trade with Japan [2] - Trump indicated uncertainty about passing the spending bill by the target date of July 4, stating that a delay could lead to perceptions of failure [2] - Trump emphasized the need for a person who can lower interest rates to enter the Federal Reserve, especially in light of the upcoming $9 trillion U.S. debt [2] - Trump criticized Japan for not purchasing American cars while the U.S. imports millions of Japanese vehicles, suggesting Japan should import more U.S. oil and other products [2]