Report Summary 1. Report Industry Investment Rating No information provided 2. Core View The price of the main contract of DCE Bean No.1 futures (A2511) was blocked from rebounding and showed a weak trend. In the short term, in the context of the stable - to - declining spot price of soybeans, the price of the A2511 contract of Bean No.1 futures may continue the low - level volatile and weak trend [2][14] 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 16, 2025, the main contract of DCE Bean No.1 futures (A2511) was blocked from rebounding and fluctuated weakly throughout the day. The opening price was 3935 yuan/ton, the highest price was 3948 yuan/ton, the lowest price was 3922 yuan/ton, and the closing price was 3924 yuan/ton, a decrease of 18 yuan/ton or 0.46% from the previous day. The trading volume was 102,878 lots, the open interest was 210,185 lots, and the daily increase in positions was 12,737 lots [2] - **Variety Price**: Different contracts of Bean No.1 futures all showed a downward trend. For example, the A2511 contract closed at 3924 yuan/ton, down 18 yuan/ton or 0.46%; the A2601 contract closed at 3930 yuan/ton, down 11 yuan/ton or 0.28% [3] 3.2 Spot Market - **Basis and Registered Warehouse Receipts**: The basis of Bean No.1 was 136 yuan/ton, and the basis continued to strengthen. The total number of registered warehouse receipts of Bean No.1 was 7952 lots, which was the same as the previous trading day [5] 3.3 Influencing Factors - **Important Events**: The average quotation of domestic soybeans was 4037 yuan/ton, a month - on - month decrease of 0.47%, and the spot price of soybeans weakened slightly. The inventory of soybeans in major ports was 6.6584 million tons, a month - on - month decrease of 0.69%, and the inventory accumulation speed of port soybeans slowed down [8][9] - **Industry News**: The landed duty - paid price of imported soybeans in the near - month was blocked from rebounding, with stable - to - decreasing prices. The domestic soybean crushing profit was stable - to - decreasing, while the decline of the imported soybean crushing profit slowed down and the profit stabilized and rebounded [10]

Report Industry Investment Rating - Aluminum: Range-bound trading [1] - Alumina: Bottom rebound [1] - Cast aluminum alloy: Follow electrolytic aluminum [1] Core Viewpoints - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including futures market prices, trading volumes, positions, spreads, and spot market prices, costs, and inventories [1] - The Fed cut interest rates by 25 basis points as expected, and the Bank of Canada also cut interest rates by 25 basis points, with different stances on future rate cuts [3] - The trend strength of aluminum, alumina, and aluminum alloy is all neutral [3] Summary by Relevant Catalogs Futures Market - **Aluminum**: The closing price of the SHFE aluminum main contract was 20,910 yuan, down 65 yuan from the previous trading day; the trading volume was 87,910 lots; the position was 137,521 lots, down 16,514 lots [1] - **Alumina**: The closing price of the SHFE alumina main contract was 2,937 yuan, down 42 yuan; the trading volume was 449,168 lots, down 129,891 lots; the position was 325,809 lots, up 38,407 lots [1] - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 20,460 yuan, down 20 yuan; the trading volume was 4,374 lots, up 1,766 lots; the position was 10,154 lots, up 2,154 lots [1] Spot Market - **Aluminum**: The domestic social inventory of aluminum ingots was 629,000 tons, unchanged from the previous day; the SHFE aluminum ingot warehouse receipts were 74,500 tons, down 130 tons [1] - **Alumina**: The average domestic alumina price was 3,073 yuan, down 10 yuan; the CIF price at Lianyungang was 349 US dollars per ton, unchanged [1] - **Aluminum Alloy**: The theoretical profit of ADC12 was 196 yuan, up 26 yuan; the price of Baotai ADC12 was 20,500 yuan, down 100 yuan [1] Other Information - The Fed cut interest rates by 25 basis points, acknowledging a weakening labor market and rising inflation, with mixed signals and major asset fluctuations [3] - The Bank of Canada cut interest rates by 25 basis points, with little guidance on future rate cuts and a cautious approach to future monetary easing [3] - The trend strength of aluminum, alumina, and aluminum alloy is all 0, indicating a neutral stance [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - On September 17, the manganese - silicon 2601 contract was reported at 5990, up 0.47%. For the spot market, Inner Mongolia silicon - manganese was reported at 5750. The market should be treated as oscillating with a bullish bias. [2] - On September 17, the ferrosilicon 2511 contract was reported at 5766, up 0.24%. The Ningxia ferrosilicon spot was reported at 5460. The market should also be treated as oscillating with a bullish bias. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price was 5,990 yuan/ton, up 46 yuan; SF main contract closing price was 5,766 yuan/ton, up 66 yuan [2] - SM futures contract open interest was 546,370 lots, down 6,931 lots; SF futures contract open interest was 391,124 lots, down 7,322 lots [2] - Manganese - silicon top 20 net open interest was - 84,236 lots, down 1,479 lots; Ferrosilicon top 20 net open interest was - 35,472 lots, up 2,789 lots [2] - SM 5 - 1 month contract spread was 34 yuan/ton, down 2 yuan; SF 5 - 1 month contract spread was 104 yuan/ton, unchanged [2] - SM warehouse receipts were 61,342, up 1,350; SF warehouse receipts were 17,857, up 820 [2] 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 was 5,750 yuan/ton, unchanged; Inner Mongolia ferrosilicon FeSi75 - B was 5,530 yuan/ton, unchanged [2] - Guizhou manganese - silicon FeMn68Si18 was 5,700 yuan/ton, down 70 yuan; Qinghai ferrosilicon FeSi75 - B was 5,350 yuan/ton, unchanged [2] - Yunnan manganese - silicon FeMn68Si18 was 5,730 yuan/ton, up 80 yuan; Ningxia ferrosilicon FeSi75 - B was 5,460 yuan/ton, unchanged [2] - Manganese - silicon index average was 5,658 yuan/ton, up 38 yuan; SF main contract basis was - 306 yuan/ton, down 66 yuan [2] - SM main contract basis was - 240 yuan/ton, down 46 yuan [2] 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 24 yuan/ton - degree, unchanged; Silica (98% in Northwest) was 210 yuan/ton, unchanged [2] - Inner Mongolia Wuhai secondary metallurgical coke was 1,100 yuan/ton, unchanged; Semi - coke (medium grade in Shenmu) was 690 yuan/ton, up 10 yuan [2] - Manganese ore port inventory was 452.50 million tons, up 9.30 million tons [2] 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 47.38%, up 0.93%; Ferrosilicon enterprise operating rate was 34.84%, down 1.50% [2] - Manganese - silicon supply was 214,130 tons, up 1,295 tons; Ferrosilicon supply was 113,000 tons, down 2,000 tons [2] - Manganese - silicon manufacturer inventory was 166,800 tons, up 6,300 tons; Ferrosilicon manufacturer inventory was 69,940 tons, up 3,380 tons [2] - Manganese - silicon national steel mill inventory was 14.98 days, up 0.74 days; Ferrosilicon national steel mill inventory was 14.67 days, up 0.42 days [2] - Five major steel types' manganese - silicon demand was 122,314 tons, down 1,354 tons; Five major steel types' ferrosilicon demand was 19,737.40 tons, down 338.70 tons [2] 3.5 Downstream Situation - 247 steel mills' blast furnace operating rate was 83.85%, up 3.47%; 247 steel mills' blast furnace capacity utilization rate was 90.20%, up 4.43% [2] - Crude steel output was 7,736.86 million tons, down 228.96 million tons [2] 3.6 Industry News - Inner Mongolia Energy Bureau ordered 15 coal mines to suspend production due to exceeding the approved capacity, with an over - capacity of over 10% in H1 2025 [2] - US Treasury Secretary said the Fed has been lagging, and the market is pricing in a 75 - basis - point rate cut from now to the end of the year [2] - US media reported that the US asked allies to impose high tariffs on China and India for importing Russian oil, and Japan refused [2] - Trump hinted at trade concessions to the UK, and US tech companies like Microsoft and OpenAI promised to invest over $40 billion in the UK, while the UK shelved the US steel zero - tariff plan [2] - Russian oil pipeline operator warned producers to cut output due to Ukrainian drone attacks on key export ports and refineries [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - In the short term, the Shanghai Tin 2510 contract is expected to continue its volatile upward trend, but investors need to pay attention to changes in macroeconomic data, industry supply - demand dynamics, and technical indicators [9]. 3. Summary by Relevant Directory 3.1 Futures Market - **Contract行情**: The Shanghai Tin 2510 contract opened at 273,880 yuan/ton today, 1,030 yuan/ton higher than the previous trading day's settlement price of 272,850 yuan/ton. The price fluctuated actively during the session, reaching a high of 275,030 yuan/ton and a low of 272,320 yuan/ton, and finally closing at 273,960 yuan/ton. The trading volume was 54,239 lots, a decrease compared to 69,879 lots in the previous trading day [2]. - **Variety Price**: There are 12 contracts for Shanghai Tin futures. The total trading volume of the variety is 77,872 lots, and the total open interest of the Shanghai Tin contracts is 58,542 lots, with the open interest of the Shanghai Tin 2510 contract being 26,117 lots [5]. 3.2 Spot Market - **Basis Data**: The closing price of the Shanghai Tin 2510 contract today is 273,960 yuan/ton. The average spot price in the Yangtze River Non - ferrous Metal Market on the same day is 270,188 yuan/ton, and the basis is - 3,772 yuan/ton [6]. 3.3 Influencing Factors - **Industry News**: On the supply side, smelters in Yunnan, Jiangxi and other places in China are restricted by raw material shortages, and their capacity utilization rates are continuously under pressure. Coupled with the periodic maintenance of smelters in Yunnan, the spot supply of tin shows a structural tightening. On the demand side, the new energy vehicle sector in the new energy industry performs well, increasing the demand for tin, but traditional demand areas such as tin - plated sheets are squeezed by aluminum substitutes, and industries such as tin chemicals and float glass mainly have existing rigid demand [7][8].

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View During the week from September 8 to September 12, 2025, the ferromanganese silicon market first showed a strong - side oscillation driven by anti - involution information and then shifted to a wide - range oscillation due to emotional disturbances. The overall long - short game was intense. The price of the futures main contract fluctuated within a controllable range, the spot quotes were regionally differentiated with local adjustments, the steel tender procurement volume increased or decreased, but the pricing was under pressure. The cost - side manganese ore quotes were mixed, and the total inventory slightly increased. The game between supply - demand and cost made the market lack a clear unilateral direction. In the short term, the market may maintain a wide - range oscillation pattern, and attention should be paid to subsequent steel tender pricing and actual manganese ore transaction situations [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Price**: The price of the ferromanganese silicon main contract 2601 oscillated during the week, adjusting in the range of 5750 - 5900 yuan/ton, with a relatively stable price center of gravity and a phased balance of power between long and short sides [3]. - **Variety Market**: Affected by market sentiment and supply - demand, the ferromanganese silicon variety showed an oscillation pattern of "strong first and then stable". The table shows the detailed market data of different contracts, including opening, high, low, closing prices, price changes, positions, trading volumes, and turnovers [6]. - **Related Market**: The overall trading activity of the ferromanganese silicon options market was average. The implied volatility fluctuated in a narrow range, and the long - short positions in the options market were basically balanced, indicating that the market had little long - short divergence and investors preferred risk - hedging operations [8]. 3.2 Spot Market - **Spot Market**: The domestic ferromanganese silicon spot quotes showed regional differentiation, and some areas adjusted prices. The initial replenishment operations at the beginning of the week decreased as market sentiment became more volatile, and the overall trading atmosphere cooled [9]. - **Basis Data**: The basis between futures and spot prices was in a reasonable range, with the spot price at a premium of 104 - 204 yuan/ton over the futures price of the 2601 contract. The basis fluctuated slightly during the week [10]. - **Registered Warehouse Receipts**: The number of ferromanganese silicon registered warehouse receipts remained in the range of 65,000 - 67,000 tons as of September 12, basically the same as last week [13]. 3.3 Influencing Factors - **Industry Information**: On the supply side, China's imports of manganese ore from Brazil decreased significantly, but the current domestic manganese ore inventory was still high, so the short - term impact was limited. On the demand side, the downstream steel mills' procurement volume varied, and their price - pressing intention was strong. On the cost side, international manganese ore suppliers' quotes were mixed [13]. - **Technical Analysis**: The moving average system of the 2601 main contract did not form a clear long or short arrangement, and the MACD indicator showed that the long - short forces were balanced, lacking the power to drive significant price fluctuations [14]. 3.4 Market Outlook In the short term, the ferromanganese silicon market may continue the wide - range oscillation pattern. In the long term, its market trend depends on the recovery of downstream steel demand and the supply and price of upstream manganese ore. There are still many uncertainties in the long - term market, and key data on both supply and demand sides need to be closely tracked [17][18].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The recent LPG futures market has shown a volatile and upward - trending pattern, with a recent pullback in line with expectations. The spot market is relatively stable, with prices fluctuating both up and down, and the trading atmosphere is favorable. The downstream mainly purchases according to demand. The global oversupply situation remains unchanged, and the medium - to - long - term outlook for LPG is still weak. As the LPG procurement cost rebounds, PDH profit has shrunk again, and the plant operating rate has dropped to around 70%, indicating resistance in the market. Without unexpected macro or supply - disruption events, the price increase space may be limited [1]. - For trading strategies, the unilateral strategy suggests a volatile and upward - trending market. Traders should look for opportunities to go long on the PG main contract at low prices, and existing long positions can be appropriately liquidated at high prices. There are no specific strategies for inter - period, inter - commodity, spot - futures, and options trading [2]. 3. Summary by Relevant Catalogs Market Analysis - On September 16, the regional prices were as follows: Shandong market, 4520 - 4550 yuan/ton; Northeast market, 4000 - 4330 yuan/ton; North China market, 4350 - 4650 yuan/ton; East China market, 4450 - 4620 yuan/ton; Yangtze River market, 4610 - 4850 yuan/ton; Northwest market, 4550 - 4650 yuan/ton; South China market, 4448 - 4640 yuan/ton [1]. - In the first half of October 2025, the CIF prices of frozen propane and butane in East China were stable at 603 US dollars/ton and 583 US dollars/ton respectively, equivalent to 4717 yuan/ton and 4561 yuan/ton in RMB. In South China, the CIF prices of frozen propane and butane were also stable at 596 US dollars/ton and 576 US dollars/ton respectively, equivalent to 4662 yuan/ton and 4506 yuan/ton in RMB [1]. Strategy - Unilateral: Volatile and upward - trending. Look for opportunities to go long on the PG main contract at low prices, and existing long positions can be appropriately liquidated at high prices [2]. - Inter - period: None [2]. - Inter - commodity: None [2]. - Spot - futures: None [2]. - Options: None [2].

Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoints - It is expected that PX, PTA, and PR will operate in a volatile manner [2]. Summary by Related Catalogs Price Information - **Crude Oil**: On September 16, 2025, the futures settlement price (continuous) of WTI crude oil was $64.52 per barrel, up 1.93% from the previous value; the futures settlement price (continuous) of Brent crude oil was $68.47 per barrel, up 1.53% [1]. - **Naphtha and Xylene**: The spot price (mid - price) of naphtha CFR Japan was $604.88 per ton, down 0.60%; the spot price (mid - price) of xylene (isomeric grade) FOB Korea was $680.00 per ton, down 0.66% [1]. - **PX**: The spot price of p - xylene CFR China Main Port was $834.00 per ton, down 0.24%. The domestic spot price of p - xylene was unchanged at 6617 yuan per ton. The PXN spread was $229.13 per ton, up 0.71%, and the PX - MX spread was $154.00 per ton, up 1.65% [1]. - **PTA**: The CZCE TA main - contract closing price was 4688 yuan per ton, up 0.34%. The domestic spot price of PTA was 4618 yuan per ton, up 0.39% [1]. - **PR**: The CZCE PR main - contract closing price was 5846 yuan per ton, up 0.24%. The mainstream market price of polyester bottle chips in the East China market was 5850 yuan per ton, up 0.34% [1]. Supply and Demand Information - **PX**: International crude oil has cost support for PX, but the improvement of domestic PX supply capacity and poor demand follow - up have pressured market confidence. The domestic and overseas PX device loads are on the rise, and the downstream polyester season has not seen an over - expected increase in new orders and loads [2]. - **PTA**: The fundamentals have no obvious changes. Crude oil provides cost support under low processing fees, but the sufficient PTA spot restricts the increase. A 4.5 - million - ton PTA device in South China will restart, increasing supply. The polyester raw material end starts to pick up significantly, while the polyester and downstream starts to pick up slowly, and the demand for the peak season is expected to weaken [2]. - **PR**: The downstream demand is average. The supply of bottle chips is stable, and the market spot is sufficient. Downstream terminals purchase on demand with a cautious attitude [2]. Device Information - The 1.2 - million - ton PTA device of Ningbo Taihua stopped on September 5 [2]. Trading Volume Information - The trading volume of the PX2511 contract was 173,400 lots, the trading volume of the TA2601 contract was 640,200 lots, and the trading volume of the PR2511 contract was 34,100 lots [2]. Operating Rate Information - The operating rates of the PX, PTA factory, polyester factory, bottle chip factory, and Jiangsu - Zhejiang looms in the polyester industry chain remained unchanged on September 16, 2025, at 87.16%, 78.25%, 88.78%, 74.19%, and 65.54% respectively [1]. Sales Rate Information - On September 16, 2025, the sales rate of polyester filament was 40.95%, down 12.43 percentage points from the previous value; the sales rate of polyester staple fiber was 65.07%, up 14.44 percentage points; the sales rate of polyester chips was 120.74%, up 40.47 percentage points [1].

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Date: September 17, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market quotes: For plastic 2601, the opening price was 7232 yuan/ton, the closing price was 7234 yuan/ton, up 32 yuan/ton (0.44%), with a trading volume of 25.6 lots and a decrease in positions by 30939 to 524036 lots; for PP2601, the closing price was 6970 yuan/ton, up 24 yuan (0.35%), with a decrease in positions by 34852 to 581302 lots [5] Group 3: Market Review and Outlook - Market performance: Futures opened higher and fluctuated, boosting market trading sentiment. Spot prices rose in some areas, and terminal buyers purchased raw materials as needed [6] - Supply situation: Upstream maintenance levels exceeded expectations, with more shutdown devices. Production capacity utilization and output declined. New PP production capacity from CNOOC Daxie Phase II brought supply pressure, and there were still second - line devices to be put into production in September [6] - Demand situation: The downstream was in the transition from the off - season to the peak season. The agricultural film industry entered the peak season, with the operating load rising but at a relatively low level compared to the same period. The overall demand was not fully released. The operating rate of PP downstream industries increased, and there was still room for demand recovery [6] - Cost situation: Due to the expected increase in crude oil supply and a weak medium - to - long - term fundamental outlook, cost support weakened [6] - Overall situation: The market was in a pattern of both supply and demand recovery. As low - price resources were gradually consumed, the price center stabilized and rebounded [6] Group 4: Industry News - Inventory: On September 16, 2025, the inventory level of major producers was 670,000 tons, a decrease of 30,000 tons (4.29%) from the previous working day, compared to 820,000 tons in the same period last year [7] - PE price: PE market prices rose in some areas. The LLDPE price in North China was 7140 - 7450 yuan/ton, in East China was 7230 - 7700 yuan/ton, and in South China was 7320 - 7750 yuan/ton [7] - Propylene price: The mainstream price of propylene in Shandong was 6530 - 6620 yuan/ton, a decrease of 25 yuan/ton from the previous working day. The demand support was weak, and the market transaction price was at the lower end [7] - PP price: PP market prices rose slightly in some areas. The mainstream price of North China drawstrings was 6740 - 6880 yuan/ton, in East China was 6720 - 6930 yuan/ton, and in South China was 6720 - 6930 yuan/ton [7][8]

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the agricultural products industry. Instead, it gives individual ratings for each product: - Corn: Oscillating [2] - Soybean Meal: Oscillating [2] - Edible Oils: Oscillating [2] - Eggs: Oscillating with a slight upward trend [2] - Pigs: Oscillating [3] 2. Core Views - **Corn**: On Monday, the November corn contract accelerated its decline, approaching the previous low. The price of corn in the northern ports decreased slightly, influenced by the decline in futures prices. The price of new-season corn in the Northeast varied, with the price in Liaoning decreasing, while the deep - processing enterprises in Heilongjiang continued to raise the purchase price of new - season corn, providing some support. In the North China region, corn prices fluctuated, with more enterprises experiencing price drops. Some new - season corn was sporadically listed, and downstream procurement enthusiasm was low. Technically, the November contract faced resistance during the rebound and then fell again, pressured in the 2180 - 2200 area. In the short term, beware of a rebound after reaching the support level, and in the medium term, it is expected to remain weak due to bumper harvests and cost reduction [2]. - **Soybean Meal**: On Monday, CBOT soybeans fell from a two - week high, affected by seasonal harvest pressure and concerns about demand. The post - market crop report showed that the good - to - excellent rate of US soybeans was 63% and the harvest rate was 5%, both in line with market expectations. Strong crushing and export inspection data supported the market. Brazil started sowing soybeans for the 25/26 season, and drought in the western part might have disrupted the sowing. Domestically, the spot price of soybean meal declined, and the supply - demand report was bearish. The spot market was loose, and the market was mainly oscillating due to a lack of guiding themes. Short - term participation is recommended [2]. - **Edible Oils**: BMD palm oil was closed for holidays on Monday and Tuesday. Canadian rapeseed prices fell due to weak exports and harvest pressure. US soybean oil prices declined following the fall of US soybeans and the expectation of increased supply. Domestically, edible oil futures prices oscillated. Although there is still an expectation of a bull market in the stock market, prices are volatile. The market sentiment for edible oils is relatively optimistic, but factors such as falling import costs and expected increased imports are bearish. Currently, the market is mainly oscillating. Strategies include trading volatility or selling put options [2]. - **Eggs**: On Monday, the main 2511 egg futures contract opened higher and closed higher, with a slight late - session correction. The daily increase was 3.39%, closing at 3143 yuan/500 kilograms. The spot price continued to rebound. Terminal demand improved, and the futures price was boosted by the spot price. Fundamentally, the number of brooding chicks supplemented from May to August continued to decline, corresponding to a decrease in the newly - opened production volume from September to December. If the culling intention of the breeding end remains stable or increases in the future, the egg - laying hen inventory will decrease, reducing the pressure on egg prices from the supply side. In the short term, the futures price is relatively strong due to spot price support, but the inference of a trend - like decline in production capacity needs verification. It is recommended to wait and see and moderately participate with a light position [2]. - **Pigs**: On Monday, the main 2511 live - hog futures contract opened lower and then oscillated upward, closing with a 0.15% increase at 13275 yuan/ton. In the spot market, the daily average price of live hogs in China was 13.14 yuan/kg, a decrease of 0.18 yuan/kg compared to the previous day. The average price in the benchmark delivery area of Henan was 13.3 yuan/kg, also down 0.18 yuan/kg. The demand side showed no obvious improvement, and the enthusiasm of breeders to sell increased, providing limited support for pig prices. Most pig prices across the country decreased slightly, and a few remained stable. In the short term, supply still exerts pressure on pig prices, and the market is waiting for policy guidance [3]. 3. Market Information - Malaysia's Sabah state government canceled the state - level Malaysia Day celebration originally scheduled for Tuesday due to floods in at least seven counties caused by continuous heavy rain [4]. - In August, India's palm oil imports were 990,528 tons (compared to 855,695 tons in July), soybean oil imports were 367,917 tons (compared to 492,336 tons in July), vegetable oil imports were 1,677,346 tons (compared to 1,579,041 tons in July), and sunflower oil imports were 257,080 tons (compared to 200,010 tons in July) [4]. - As of the week ending September 7, Canadian rapeseed exports decreased by 1.5% to 47,200 tons compared to the previous week. From August 1 to September 7, 2025, Canadian rapeseed exports were 529,500 tons, a 53.4% decrease compared to the same period last year. As of September 7, the commercial inventory of Canadian rapeseed was 516,200 tons [4]. - As of the week ending September 12, the soybean crushing volume of major domestic oil mills was 2.36 million tons, an increase of 60,000 tons week - on - week, 20,000 tons month - on - month, 120,000 tons year - on - year, and 380,000 tons higher than the average of the past three years. Since May 23, the domestic soybean crushing volume has exceeded 2 million tons for 17 consecutive weeks. It is expected that the operating rate of oil mills will slightly increase this week, with the crushing volume around 2.4 million tons [5]. 4. Variety Spreads - **Contract Spreads**: The report presents various 1 - 5 contract spreads, including those for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but does not provide detailed analysis of these spreads [6][7][8][12]. - **Contract Basis**: The report shows the basis for multiple contracts such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, without in - depth analysis [14][15][16][18][19][25].

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年9月16日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 1、基本面：昨日PTA期货区间震荡，现货市场商谈氛围尚可，现货基差走弱，贸易商商谈为主，少量聚酯工厂补货。9月货主流 在01贴水80成交，个别略高在01贴水75~78，略低在01贴水85，价格商谈区间在4590~4610附近。10月中上在01-60~65有成交。9 月下仓单在09-55有成交。今日主流现货基差在01-80。中性 5、主力持仓：净空 空减 偏空 6、预期：近期PTA供应回归，叠加个别主流供应商出货，现货市场流通性尚可，且市场供需预期偏弱，现货基差逐步走低，价 格上，PTA现货价格跟随成本端震荡为主，关注聚酯上下游装置变动及终端需求。 2 ...