1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 23, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 2. Market Review - Futures Market: The Shanghai zinc futures market opened lower and rebounded, with the main contract switching to ZN2511, closing at 22,090 yuan/ton, up 30 yuan or 0.14%. The trading volume increased, and the open interest rose by 68,581 lots to 130,425 lots. LME zinc inventory decreased by 1,000 tons to 46,825 tons, and the overseas spot premium widened. The domestic processing fee had limited upward momentum, and the SMM zinc concentrate domestic monthly TC was 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 US dollars/dry ton to 98.25 US dollars/dry ton. The by - product sulfuric acid price was stable with a slight decline. Due to more smelter overhauls in September and supply shortages in some secondary zinc enterprises, the monthly output was expected to decline by 1 - 20,000 tons to around 600,000 tons, and the supply remained generally loose. On the demand side, the operating rates of galvanizing and zinc oxide increased slightly, but overall consumption in the peak season was not ideal. The inventory was expected to continue to decline this week, and the zinc price would continue to fluctuate between 21,800 - 22,500 yuan [7]. 3. Industry News - On September 22, 2025, the mainstream transaction prices of 0 zinc were concentrated between 19,100 - 22,065 yuan/ton, and different brands had different price ranges and premium/discount situations in different trading periods and regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8][17] 4. Data Overview - There are figures showing the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and SMM, and the research and development department of Jianxin Futures [11][14]

Group 1 - The domestic futures market opened with mixed performance on the night of September 22, with some commodities rising while others fell [1] - Gold futures increased by 1.04%, and silver futures rose by 1.06% [1] - In contrast, copper futures decreased by 0.05%, iron ore fell by 0.49%, coking coal dropped by 1.22%, glass declined by 1.4%, and crude oil fell by 1.57% [1]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The soybean oil futures market showed an oscillating upward trend, but the reduction in positions of the main contract while prices rose indicates weakening capital enthusiasm for chasing high prices and limited rebound momentum. The high basis in the spot market provides bottom - support, yet macro factors such as crude oil price fluctuations and domestic oil inventory pressure restrict the upside potential. In the short - term, the futures price is expected to continue to trade within a range, and attention should be paid to capital movements and the process of spot inventory reduction [10]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On September 19, 2025, the soybean oil futures market showed an oscillating upward trend. The main contract y2601 closed at 8,328 yuan/ton, up 22 yuan/ton from the previous trading day, with a trading volume of 331,651 lots and an open interest of 571,426 lots, a decrease of 3,418 lots [2]. - **Variety Price**: The total trading volume of soybean oil contracts was 378,156 lots, and the total open interest was 820,566 lots, a decrease of 3,207 lots compared to the previous day [4]. - **Related Market**: The soybean oil options traded 40,410 lots throughout the day, with an open interest of 110,114 lots, an increase of 2,676 lots in open interest, and 0 lots exercised [7]. 3.2 Spot Market - The spot price of Grade - 1 soybean oil in Zhangjiagang on the day was 8,560 yuan/ton. The settlement price of the main contract v2601 was 8,336 yuan/ton, with a basis of 224 yuan/ton [8]. 3.3 Influencing Factors - On September 18, commodity funds net - sold 3,000 lots of CBOT soybean futures contracts, 4,000 lots of corn futures contracts, 1,000 lots of wheat futures contracts, 500 lots of soybean meal futures contracts, and 3,000 lots of soybean oil futures contracts [9]. 3.4 Market Outlook - The soybean oil futures closed higher in an oscillating manner, but the reduction in positions of the main contract while prices rose indicates weak capital enthusiasm for chasing high prices and limited rebound momentum. The high basis in the spot market provides bottom - support, while macro factors such as crude oil price fluctuations and domestic oil inventory pressure restrict the upside potential. As the traditional consumption peak season in the fourth quarter approaches, the strength of demand recovery will be the key driver. In the short - term, the futures price is expected to continue to trade within a range, and attention should be paid to capital movements and the process of spot inventory reduction [10].

Market Overview - The futures market is experiencing widespread declines, with major contracts such as 20 rubber, glass, coking coal, and rubber all dropping over 2% [3] - The palm oil market has also seen a decline of 2%, while other commodities like silver, live pigs, and synthetic rubber have dropped nearly 2% [3] - The overall sentiment in the market remains unstable, with the recent interest rate cut by the Federal Reserve not providing the expected support [6] Financial Futures Sector - The stock index futures have shown volatility, with the CSI 300 index futures (IF) down 1.35% and the SSE 50 index futures (IH) down 1.40% [6] - The market is currently assessing the future interest rate path of the Federal Reserve, with a divergence in expectations among officials regarding future rate cuts [6] Precious Metals Market - The gold market is undergoing high-level adjustments, with limited upside potential due to fewer expected rate cuts from the Federal Reserve [7] - Geopolitical tensions and central banks' continued accumulation of gold support long-term demand, but rising nominal interest rates are exerting pressure on gold prices [7] Industrial Products Sector - The industrial products sector is under pressure, with copper prices declining due to less-than-expected support from the Federal Reserve's rate cut [8] - Aluminum prices have also retreated after a previous breakout, while nickel prices are finding support at lower ranges [8] Energy and Chemical Sector - The energy and chemical sector is generally weak, with methanol inventories remaining high and market sentiment declining [15] - PVC supply and demand remain weak, leading to a short-term stabilization followed by a downturn [16] Shipping and Container Market - The shipping market, particularly the European route, is experiencing significant declines, with the Shanghai export container settlement price index dropping 8.1% [19] - The current supply pressure is evident, with global container capacity exceeding 32.9 million TEU, a year-on-year increase of 8% [19] Key Focus Points for Next Week - Upcoming U.S. employment and inflation data will be critical in influencing the Federal Reserve's monetary policy direction [21] - Attention should also be given to geopolitical risks and the outcomes of other central banks' meetings [21]

Group 1 - The domestic futures market saw a majority of contracts increase, with coking coal rising over 5% and coke nearly 4% [1] - Glass prices increased by over 3%, while soda ash rose nearly 3% and alumina increased by nearly 2% [1] - In contrast, red dates and liquefied petroleum gas (LPG) experienced a decline of nearly 1% [1]

Core Viewpoint - Domestic futures main contracts showed mixed performance on September 11, with certain commodities experiencing notable price changes [1] Group 1: Price Increases - Red dates rose over 2% [1] - Industrial silicon, apples, coking coal, and pulp all increased by more than 1% [1] - Caustic soda saw an increase of nearly 1% [1] Group 2: Price Decreases - The shipping index (European line) fell by over 4% [1] - 20 rubber, rubber, and iron ore all decreased by more than 1% [1]

Core Viewpoint - The A-share market has experienced a significant surge, with the ChiNext Index surpassing 3000 points for the first time in over three years, and the STAR 50 Index showing a remarkable increase of over 5% during the trading session [1][10][4]. A-share Market Performance - The A-share market indices showed an overall upward trend on September 11, with major indices rising to varying degrees, particularly the STAR 50 Index and the ChiNext Index [3]. - The ChiNext Index achieved a breakthrough above 3000 points, marking a new high in nearly three years [10]. - The STAR 50 Index recorded its largest intraday gain since September, exceeding 5% [4]. Key Stocks and Sectors - Key stocks within the STAR market, such as Haiguang Information, saw a significant increase, hitting a "20cm" limit up and reaching a historical high price of 220.84 yuan, with a total market capitalization exceeding 510 billion yuan [6]. - Another major stock, Cambricon Technologies, surged with an intraday increase of over 10%, while SMIC also saw a rise of over 8% [9]. - In terms of sector performance, the telecommunications sector experienced a substantial rise of over 6%, the electronics sector increased by over 5%, and the computer sector rose by over 3% [12].

Group 1 - The majority of domestic futures main contracts experienced a decline, with lithium carbonate rising nearly 2% [1] - Industrial silicon and iron ore increased by over 1%, while eggs and hot-rolled coils rose nearly 1% [1] - In terms of declines, red dates fell by over 3%, low-sulfur fuel oil (LU) dropped by more than 2%, and other commodities such as fuel oil, coking coal, SC crude oil, PX, alumina, and asphalt all decreased by over 1% [1]

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Date: September 4, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market quotes: Plastic 2601 opened at 7252 yuan/ton, closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); Plastic 2605 opened at 7238 yuan/ton, closed at 7240 yuan/ton, down 19 yuan/ton (-0.26%); Plastic 2509 opened at 7200 yuan/ton, closed at 7185 yuan/ton, down 22 yuan/ton (-0.31%); PP2601 opened at 6943 yuan/ton, closed at 6954 yuan/ton, up 1 yuan/ton (0.01%); PP2605 opened at 6952 yuan/ton, closed at 6965 yuan/ton, down 6 yuan/ton (-0.09%); PP2509 opened at 6861 yuan/ton, closed at 6860 yuan/ton, down 7 yuan/ton (-0.10%) [5] Group 3: Market Review and Outlook - Market performance: L2601 opened lower, fluctuated downward during the session, and finally closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); PP2601 closed at 6954 yuan/ton, up 1 yuan/ton (0.01%) [6] - Market sentiment: Futures opened lower and fluctuated downward, dampening market trading sentiment. Traders quoted prices according to the market, and end - users replenished stocks at low prices [6] - Supply and demand analysis: For PP, the impact of maintenance is weakening, new capacities are continuously released, and the supply pressure is increasing. The downstream is in the transition stage between peak and off - peak seasons, and the overall recovery trend is not good. For PE, the supply - demand contradiction is not obvious, and plastics may run stronger [6] Group 4: Industry News - Inventory: On September 3, 2025, the inventory level of major producers was 680,000 tons, a decrease of 20,000 tons (-2.86%) from the previous working day, compared with 750,000 tons in the same period last year [7] - Price trends: PE market prices were mainly stable; the mainstream price of propylene in Shandong market was 6610 - 6650 yuan/ton, down 15 yuan/ton from the previous working day; PP market prices were partially loose [7] Group 5: Data Overview - Multiple figures related to the polyolefin market are presented, including L - PP spread, crude oil futures settlement price, L and PP basis, two - oil inventory and its year - on - year change [15][17][18]

Variety Views - **Stock Index Futures**: On August 28, A-share major indices strengthened. The Shanghai Composite Index rose 1.14% to 3843.60, the Shenzhen Component Index rose 2.25% to 12571.37, the ChiNext Index rose 3.82% to 2827.17, and the STAR 50 Index rose 7.23% to 1364.60. The trading volume of the two markets was 2970.8 billion yuan, a decrease of 194.8 billion yuan from the previous day. The CSI 300 Index fluctuated widely, closing at 4463.78, up 77.66 [1]. - **Coke and Coking Coal**: On August 28, the coke weighted index weakened, closing at 1672.5, down 8.0. The coking coal weighted index fluctuated narrowly, closing at 1170.9 yuan, up 11.2 [1][2]. - **Zhengzhou Sugar**: The US sugar fluctuated narrowly on Wednesday. Affected by weak demand and lower spot quotes, the long positions of the Zhengzhou Sugar 2601 contract fell on Thursday. At night, it continued to decline slightly under short - selling pressure. As of August 27, the number of ships waiting to load sugar at Brazilian ports was 72, up from 70 the previous week, and the quantity of sugar waiting to be loaded was 2.7221 million tons, down from 2.9169 million tons the previous week [3]. - **Rubber**: The Thai Meteorological Department warned of heavy rain from August 28 to September 3, which may cause floods. Toyota's auto production and sales in July reached a record high. Affected by these factors, Southeast Asian spot quotes rose, and Shanghai rubber rose on Thursday but fell slightly at night under short - selling pressure. From January to July 2025, Vietnam's total exports of natural rubber and mixed rubber were 889,000 tons, a year - on - year decrease of 0.8% [4]. - **Soybean Meal**: Internationally, on August 28, CBOT soybean futures fluctuated. The US Department of Agriculture reported that in the week ending August 21, the net export sales of US soybeans in the current market year decreased by 189,200 tons, in line with market expectations, and the net export sales of next - year soybeans were 1.3726 million tons, higher than expected. The US soybeans are growing well, and the probability of weather speculation this year is decreasing. Domestically, on August 28, soybean meal futures weakened. The M2601 main contract closed at 3039 yuan/ton, down 0.2%. Currently, soybean crushing volume is high, and the inventory is increasing. The price of soybean meal is expected to continue to fluctuate weakly [4][5]. - **Live Pigs**: On August 28, live pig futures prices weakened. The LH2511 main contract closed at 13,590 yuan/ton, down 1.13%. There are signs of slow recovery in demand during the back - to - school season, but the support for pig prices is limited. The supply of suitable - weight pigs is sufficient, and the supply pressure in the fourth quarter of this year and the first quarter of next year remains high [5]. - **Palm Oil**: On August 28, palm oil futures declined, breaking through the previous high - level range. The main contract P2601 closed at 9414, down 0.91%. On August 27, the CNF quotes for 24 - degree palm oil imports for September and October shipments decreased by 1 - 5 US dollars/ton week - on - week, and the landed duty - paid costs in South China decreased by 50 - 80 yuan/ton week - on - week [6]. - **Shanghai Copper**: The expectation of a Fed rate cut in September has been digested. LME copper inventory has accumulated slightly, and domestic refined copper social inventory is still at a low level. The spot processing fee for copper concentrate remains low, and the smelting end is performing well. The demand side is weak, and Shanghai copper continues to fluctuate within a range [6]. - **Logs**: On August 28, the 2511 contract of logs opened at 815, with a low of 810, a high of 825, and closed at 821.5, with an increase of 363 lots in positions. The 60 - day moving average provides support at 810 and resistance at 825. The spot prices in Shandong and Jiangsu remained unchanged. The increase in foreign quotes drove up the domestic futures price. The supply - demand relationship has no major contradictions, and the spot trading is weak [7]. - **Cotton**: On Thursday night, the main contract of Zhengzhou cotton closed at 14,270 yuan/ton. On August 29, the minimum basis quote at the Xinjiang designated delivery (supervision) warehouse of the National Cotton Trading Market was 900 yuan/ton, and the cotton inventory decreased by 139 lots compared with the previous trading day [7]. - **Steel**: On August 28, rb2601 closed at 3205 yuan/ton, and hc2601 closed at 3372 yuan/ton. From late August to early September, northern steel mills and coke enterprises will implement temporary environmental protection restrictions, and demand is expected to improve in September. Steel prices are expected to fluctuate in the short term, with limited upside and downside [7]. - **Alumina**: On August 28, ao2601 closed at 3063 yuan/ton. Alumina inventory has been steadily accumulating, with a weekly accumulation of 5 - 7 million tons for four consecutive weeks. The supply and demand of the alumina market are both at a high level and relatively stable. Without a significant reduction in supply, the oversupply situation will continue [9]. - **Shanghai Aluminum**: On August 28, al2510 closed at 20,750 yuan/ton. The supply is stable, the inventory is moderate, and the cost support is strong. The demand is stable, and the price is expected to remain stable [9]. Influencing Factors - **Coke**: Spot prices have started the eighth round of increases, and some northern coke enterprises have started production restrictions. However, due to the rapid decline in blast furnace profits, it is difficult for coke prices to continue to rise. The supply - demand gap still exists [3]. - **Coking Coal**: A coal mine accident in Fujian has raised concerns about increased safety supervision. Mine supply has recovered this week, and the operating rate of coal washing plants has declined slightly. Upstream inventory has increased again, and downstream inventory has decreased [3].