Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It presents market performance, fundamentals, and trading strategies for each sector, offering insights for investors to make informed decisions in the commodity futures market [1][3][5]. Summary by Directory Precious Metals - **Gold**: Prices hit new highs. The medium - term outlook remains bullish. Silver followed gold to new highs, and short - term participation is recommended [1]. - **Silver**: Followed gold to reach new highs, with increased market popularity, and short - term participation is advised [1]. Base Metals - **Copper**: The main Shanghai copper contract oscillated around 80,000 yuan. The supply of copper ore remains tight, and domestic inventory decreased by 0.44 tons last week. A strategy of buying on dips is recommended [1]. - **Aluminum**: The main electrolytic aluminum contract closed at 20,745 yuan/ton, down 0.24% from the previous day. Supply increased slightly, and downstream consumption continued to recover. A strategy of buying on dips is suggested, with attention to inventory reduction [1]. - **Alumina**: The main contract closed at 2,934 yuan/ton, down 0.64% from the previous day. Supply and demand are in an oversupply situation, and prices are expected to be weak and volatile. Temporary observation is recommended [3]. - **Zinc**: The main Shanghai zinc contract closed at 22,080 yuan/ton, up 0.16% from the previous day. Supply increased significantly, while consumption entered the off - season. A strategy of selling on rallies is recommended [3]. - **Lead**: The main Shanghai lead contract closed at 17,125 yuan/ton, down 0.15% from the previous day. Supply is mixed, and demand has support from pre - festival stockpiling. A strategy of range - bound trading and short - term buying on dips is recommended [3]. - **Industrial Silicon**: The main contract closed at 8,950 yuan/ton, down 3.82% from the previous day. Supply increased slightly, and demand is supported by high polysilicon operating rates. The market is expected to oscillate between 8,700 - 9,800 yuan/ton, and observation is recommended [3]. - **Lithium Carbonate**: The main contract closed at 73,420 yuan/ton, down 0.7%. Supply increased, and demand from the energy storage and new energy vehicle sectors is strong. Prices are expected to oscillate between 68,000 - 75,000 yuan, and observation is recommended [3]. - **Polycrystalline Silicon**: The main contract closed at 50,990 yuan/ton, down 3.24% from the previous day. Supply is strong, and demand is weak. The market is expected to oscillate between 50,000 - 56,000 yuan, and attention can be paid to the 11 - 12 reverse spread opportunity [4]. - **Tin**: Prices oscillated weakly. Supply is expected to increase, and demand was slightly boosted by price adjustments. A range - bound trading strategy with attention to the 60 - day moving average support is recommended [4]. Black Industry - **Rebar**: The main contract closed at 3,170 yuan/ton, down 18 yuan from the previous night session. Building material inventory decreased by 1.6% to 518 tons. A strategy of unilateral observation and a 10/5 reverse spread attempt is recommended [5]. - **Iron Ore**: The main contract closed at 807.5 yuan/ton, down 8 yuan from the previous night session. Supply decreased slightly, and demand remained stable. Observation is recommended, with a reference range of 795 - 815 yuan [5]. - **Coking Coal**: The main contract closed at 1,211 yuan/ton, down 28.5 yuan from the previous night session. Supply and demand are in a neutral state, and the futures are overvalued. Observation is recommended, with a reference range of 1,170 - 1,240 yuan [5]. Agricultural Products - **Soybean Meal**: Overnight CBOT soybeans fell. US soybeans are slightly减产, and South American production is expected to increase. Short - term trading of weak export expectations is recommended, and the medium - term depends on Sino - US tariff policies [6]. - **Corn**: The 2511 contract hit a new low. Imported grain auctions increased supply, and new - crop production is expected to increase. Futures prices are expected to oscillate and decline [6]. - **Sugar**: The 01 contract closed at 5,455 yuan/ton, down 0.11%. International and domestic sugar supplies are increasing. A strategy of shorting in the futures market and selling call options is recommended [6]. - **Cotton**: Overnight US cotton futures oscillated and fell. US cotton quality declined, and domestic textile enterprises restocked in small amounts. Temporary observation with a range - bound strategy of 13,600 - 14,000 yuan/ton is recommended [6]. - **Log**: The 09 contract closed at 807.5 yuan/cubic meter, up 0.31%. Port inventory decreased slightly, and the market oscillated around 800 yuan/cubic meter. Observation is recommended [6]. - **Palm Oil**: Short - term prices continued to fall. Supply is in the seasonal growth period, and demand increased in the near term. The market is expected to be weak in the short term, and attention should be paid to production and biodiesel policies [7]. - **Egg**: The 2511 contract weakened, and spot prices were stable. Double - festival stockpiling is ending, and supply is sufficient. Egg prices are expected to oscillate and weaken [7]. - **Pig**: The 2511 contract oscillated narrowly. Supply is abundant, and prices are expected to be weak before the festival. Policy support may boost market sentiment [7]. Energy Chemicals - **LLDPE**: The main contract fell slightly. Supply increased, and demand improved seasonally. Short - term prices are expected to be weak and volatile, and a strategy of shorting on rallies or reverse spread trading in the medium - to - long term is recommended [8]. - **PVC**: The V01 contract closed at 4,939 yuan, down 0.2%. Supply increased, and demand was weak. A strategy of shorting on rallies is recommended [8]. - **Rubber**: The RU2601 contract closed at 15,615 yuan/ton, up 0.55%. Typhoon weather and inventory reduction supported prices. The medium - term outlook remains bullish [9]. - **Glass**: The FG01 contract closed at 1,199 yuan, down 1%. Supply decreased, and inventory declined. A strategy of buying on dips is recommended [9]. - **PP**: The main contract fell slightly. Supply increased, and demand improved seasonally. Short - term prices are expected to be weak and volatile, and a strategy of shorting on rallies or reverse spread trading in the medium - to - long term is recommended [9]. - **Crude Oil**: Prices fell due to increased supply from Iraq. Supply is expected to increase, and demand is weakening. A strategy of shorting on rallies is recommended [9]. - **Styrene**: The main contract fell slightly. Supply is expected to increase, and demand remains weak. Short - term prices are expected to be weak and volatile, and a strategy of shorting on rallies or reverse spread trading in the medium - to - long term is recommended [10]. - **Soda Ash**: The SA01 contract closed at 1,294 yuan, down 1.45%. Inventory decreased, and prices were stable. Observation is recommended [10]. - **Caustic Soda**: The SH01 contract closed at 2,605 yuan, down 0.7%. Supply was stable, and demand from non - aluminum sectors improved. Observation is recommended [10].

Group 1: Report Overview - The report is a soft commodity daily report dated September 19, 2025, covering sugar, cotton, apple, and jujube [1] Group 2: Sugar Market Core View - The sugar market is under pressure due to increased production in Brazil and China's higher - than - expected sugar imports, but low inventory in Guangxi, China provides some support. The short - term sugar price is expected to be weak [3] Price and Spread - On September 19, 2025, SR01 closed at 5461 with a daily decline of 0.24% and a weekly decline of 1.43%. Other contracts also showed different degrees of decline [4] - The basis of Nanning - SR01 on September 18, 2025 was 366, with a daily increase of 25 and a weekly increase of 32 [8] Import Price - On September 19, 2025, the in - quota price of Brazilian sugar imports was 4433, with a daily decline of 28 and a weekly increase of 54; the out - of - quota price was 5630, with a daily decline of 37 and a weekly increase of 71 [11] Group 3: Cotton Market Core View - Low inventory of old cotton, high pre - sales of new cotton, and downstream de - stocking support the cotton price. However, poor spinning profits of yarn mills and high hedging pressure due to expected high yields may limit the upside of the cotton price. It is expected to fluctuate within the previous range in the short term [13] Price and Spread - On September 19, 2025, the closing price of Cotton 01 was 13720, down 45 or 0.33% [14] - The cotton basis was 1554, with an increase of 134 [15] Group 4: Apple Market Core View - The sales of apples are affected by seasonal fruits, and the packaging quantity is limited due to the busy farming season in Shandong. The quality of late - season early Fuji apples is poor [19] Price and Spread - On September 19, 2025, AP01 closed at 8273, down 0.1% daily and 0.67% weekly [20] - The main contract basis was 310, down 1.27% daily and 0.96% weekly [20] Group 5: Jujube Market Core View - The new - season jujube production may decline significantly compared to last year but less compared to normal years. With high inventory of old jujubes and general downstream sales during the approaching Mid - Autumn Festival, jujubes may face downward pressure, but attention should be paid to weather conditions in the producing areas [27]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.23% today [1][4]. - Among the sector indices, only the Nanhua Energy and Chemical Index fell by -0.07%, while the rest all rose. The Nanhua Black Index had the largest increase of 0.87%, and the Nanhua Agricultural Products Index had the smallest increase of 0.22% [1][4]. - Among the theme indices, the Black Raw Materials Index had the largest increase of 1.03%, the Coal - Chemical Index had the smallest increase of 0.01%, the Petrochemical Index had the largest decrease of -0.62%, and the Economic Crops Index had the smallest decrease of -0.2% [1][4]. - Among the single - variety indices of commodity futures, the Industrial Silicon Index had the largest increase of 4.49%, and the Paraxylene Index had the largest decrease of -1.35% [1][4]. 3) Summary by Related Content Market Data - The Nanhua Composite Index rose 0.23% today, with different performance among sector, theme, and single - variety indices [1][4]. Index Contribution - The contribution degree is the product of the increase/decrease and the weight, and the calculation method is a certain variety's daily increase/decrease divided by the sum of all varieties' daily increase/decrease [9]. Index Trend - There are historical trend charts of the Nanhua Composite Index, sector indices, and theme indices (normalized) [4]. Industry Chain - There are industry chain diagrams and single - variety index daily increase/decrease for the energy and chemical, black, and agricultural product sectors [4][5][7]

Group 1 - Domestic commodity futures closed with more gains than losses, indicating a positive market trend [1] - Coking coal and coke prices increased by over 4%, while egg prices rose by more than 3% [1] - Fuel oil and glass saw increases of over 2%, and other commodities like stainless steel and nickel rose by over 1% [1] Group 2 - On the downside, red dates and rapeseed meal fell by over 2%, while soybean meal and corn dropped by more than 1% [1] - Other commodities such as peanuts and iron ore experienced slight declines [1]

Group 1: Report Overview - The report is the Baocheng Futures' morning report on beans and oils for September 12, 2025 [1] Group 2: Investment Ratings - No specific industry investment ratings are provided in the report Group 3: Core Views - The beans market is still in a game between weak reality and strong expectations. Before the improvement of Sino - US trade relations, the divergence in the prices of domestic and foreign beans futures will continue. Short - term soybean meal futures prices will continue to fluctuate, and the impact of the US Department of Agriculture report should be noted [5] - The pressure on Malaysian palm oil inventory has been released as expected, and the linkage effect of the pressure on Malaysian palm oil prices on domestic palm oil futures prices is evident. After the short - term market pressure is released, there is not a strong driving force for further decline. Palm oil futures prices will still fluctuate around energy attributes and industrial changes, and the short - term rebound of palm oil futures prices will continue [8] Group 4: Summary by Variety Soybean Meal (M) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [5][7] - **Core Logic**: The import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [7] Palm Oil (P) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - **Core Logic**: Bio - diesel attributes, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [7] Soybean Oil (2601) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [7] - **Core Logic**: US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7]

Group 1 - Domestic commodity futures night trading opened mixed, with Shanghai gold down 0.46% and Shanghai silver down 0.28% [1] - Shanghai copper increased by 0.1% and Shanghai aluminum rose by 0.6% [1] - Iron ore decreased by 0.31%, while coking coal increased by 0.48% [1] - Glass prices fell by 0.34%, and crude oil dropped by 1.17% [1]

Group 1 - Domestic commodity futures market continues to show weakness, with lithium carbonate and polysilicon experiencing corrections, while oil prices stabilize due to geopolitical events [1][3] - As of the afternoon close on September 10, the China Securities Commodity Futures Price Index closed at 1446.70 points, down 4.09 points or 0.28% from the previous trading day [1] - The China Securities Commodity Futures Index closed at 1998.40 points, down 5.65 points or 0.28% from the previous trading day [1] Group 2 - Industrial silicon futures opened low but rose, closing with a gain of 1.58%, driven by market sentiment despite weak fundamentals [2] - The Ministry of Industry and Information Technology indicated ongoing efforts to regulate irrational competition in key industries like new energy vehicles and photovoltaics, which has shown initial results [2] - Industrial silicon remains in a tight balance, with low manufacturer inventories and strong price support, although market sentiment is influenced by related products [2] Group 3 - Geopolitical tensions have led to a rise in oil prices, with SC crude oil main contract closing up 0.58%, while liquefied gas and fuel oil contracts rose over 1% [3] - Despite the rise, OPEC+ production increases are creating oversupply pressures, limiting the extent of price gains [3] - Market sentiment remains cautious, with the overall trend in the crude oil market still bearish [3] Group 4 - News of the resumption of the Jiangxiawo lithium mine has led to a significant drop in lithium prices, with the main contract falling by 4.87% [4] - The market is shifting focus back to the oversupply situation in lithium carbonate, despite initial bullish sentiment following supply concerns [4] - Analysts suggest that while there are expectations for a strong demand season in the second half of the year, high supply and uncertainties in the fundamentals may lead to continued weak fluctuations in lithium prices [4] Group 5 - Palm oil prices fell over 2%, reaching a one-week low, influenced by a bearish supply-demand report from Malaysia and declining soybean oil prices [5] - Malaysia's palm oil inventory increased by 4.18% to 2.2025 million tons, while exports decreased by 19.66%, raising concerns about future supply-demand pressures [5] - Domestic demand for oilseeds may provide some support, but uncertainty remains in the oilseed sector, which is expected to continue fluctuating [5]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.41% today [1]. 3. Summary by Related Catalogs Index Performance - **Plate Index**: The Nanhua Black Index had the largest increase, rising 0.5%, while the Nanhua Metal Index had the smallest increase, rising 0.15%. The Nanhua Energy and Chemical Index had the largest decline, falling -1%, and the Nanhua Agricultural Products Index had the smallest decline, falling -0.22% [1]. - **Theme Index**: The Black Raw Materials Index had the largest increase, rising 0.72%, and the Building Materials Index had the smallest increase, rising 0.31%. The Energy Index had the largest decline, falling -2.02%, and the Coal - Chemical Index had the smallest decline, falling -0.1% [1]. - **Single - Variety Index**: The specific information about the largest - rising single - variety index is not fully provided. The largest - falling single - variety index was the jujube index, with a decline of -3.66% [3]. Industry Chain and Variety Performance - **Energy and Chemical Sector**: Some varieties' single - variety index daily changes are as follows: synthetic ammonia -0.17%, polyethylene -0.86%, methanol -1.13%, naphtha -1.61%, LPG -2.37%, and styrene -2.37%, while flowers had an increase of 0.14% [2]. - **Black Sector**: Some varieties' single - variety index daily changes are as follows: certain products had a -0.75% change [2]. - **Agricultural Products Sector**: Some varieties' single - variety index daily changes are as follows: palm oil 0.23%, rapeseed oil 0.12%, rapeseed -0.08%, and live pigs 1.27% [8].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View - The methanol 2601 contract is expected to operate weakly, showing a volatile and weak trend in the short - term, medium - term, and intraday. The current supply pressure of methanol at home and abroad is still large, downstream demand is in the off - season, and the weak supply - demand structure causes the price center to face a downward shift. The sharp decline in domestic coal futures prices on Wednesday night led to the volatile and weak trend of the methanol futures 2601 contract, and it is expected to maintain this trend on Thursday [1][5]. 3) Summary by Related Contents Time Cycle and View Summary - For the methanol 2601 contract, the short - term view is volatile, the medium - term view is volatile, and the intraday view is volatile and weak, with an overall reference view of weak operation. The core logic is the sharp decline in coal futures prices and the weak supply - demand situation of methanol [1]. Price and Driving Logic - The methanol futures 2601 contract closed slightly lower by 0.38% to 2378 yuan/ton on Wednesday night, and it is difficult for the price to continue rising. The large supply pressure of methanol at home and abroad, the off - season of downstream demand, and the sharp decline in domestic coal futures prices on Wednesday night are the main driving factors for the weak trend [5].

Core Insights - In the first half of 2025, domestic commodity futures public funds showed a performance pattern of "three positives and one negative," with only the Jianxin Yisheng Zhengshang Energy Chemical Futures ETF reporting negative returns [1] - The Guotou Ruijin Silver Futures LOF fund performed exceptionally well, achieving net value growth rates of 14.73% and 14.51% for its A and C shares respectively, driven by the dual attributes of silver as a safe-haven and industrial metal [1] - The Dachen Nonferrous Metals Futures ETF and the Huaxia Feed Soybean Meal Futures ETF reported net value growth rates of 4.38% and 5.01% respectively, while the Jianxin Yisheng Zhengshang Energy Chemical Futures ETF saw a decline of 6.87% [1] Commodity Market Overview - The performance of the Guotou Ruijin Silver Futures LOF fund is attributed to various factors including persistent inflation, economic resilience, tariff uncertainties, and geopolitical risks, with London gold prices reaching historical highs [1][2] - The Dachen Nonferrous Metals Futures ETF's underlying index showed a volatile trend influenced by macroeconomic factors, with copper prices rising due to U.S. tariff policies affecting global resource distribution [2] - The Huaxia Feed Soybean Meal Futures ETF's performance was impacted by drought conditions in South America and adjustments in U.S. soybean yield forecasts, leading to a rebound in market prices [3] Future Market Outlook - Guotou Ruijin anticipates a significant probability of interest rate cuts by the Federal Reserve, with a continued loose monetary policy from major central banks, suggesting a favorable global liquidity environment for silver investments [2] - The Dachen Fund highlights ongoing geopolitical tensions that may lead to significant volatility in commodity markets, including oil, gold, and copper [2] - The Jianxin Yisheng Zhengshang Energy Chemical Futures ETF expects a primarily strong oscillating trend in the second half of the year, despite uncertainties in the Middle East and domestic policies [3] Fund Operations - The Dachen Nonferrous Metals Futures ETF capitalized on the forward discount structure of copper and aluminum to gain additional returns in the second quarter [4] - The Huaxia Feed Soybean Meal Futures ETF faced extra costs due to the forward premium structure during the same period [4]