Metal Market - Domestic base metals collectively retreated, with tin and nickel down by 0.99% and 0.86% respectively. Copper rose by 0.76%, aluminum by 0.83%, lead by 0.78%, and zinc by 0.54% [1] - Lithium carbonate futures fell sharply, hitting a limit down with a decline of 7.89% to 118,820 yuan/ton. Industrial silicon and polysilicon also saw declines of 0.68% and 4.84% respectively [1] - In the black metal sector, stainless steel dropped by 0.35%, while iron ore led gains with a rise of 2.58%. Rebar and hot-rolled coil had gains of less than 1% [1] - On the external market, copper rose by 3.17% and zinc by 0.81%, while tin and nickel saw minor declines [1] - Precious metals experienced declines, with COMEX gold down by 1.16% and silver by 2.28%. Domestic gold fell by 0.91%, while silver's gain narrowed to 0.51% [1] Platinum and Palladium - Both platinum and palladium futures hit the limit down, with platinum down by 10% to 634.35 yuan/gram and palladium down by 10% to 494.1 yuan/gram [2] Macro Environment - The Ministry of Commerce announced that certain anti-dumping measures will expire in the second half of 2026, allowing domestic industries to apply for reviews if they believe termination could lead to dumping or damage [5] - The People's Bank of China has introduced an action plan for digital currency, set to officially launch on January 1, 2026, with significant transaction volumes already processed [6] - The central bank conducted a net injection of 4.15 billion yuan through reverse repos, maintaining the operation rate at 1.40% [6] Oil Market - Both domestic and international oil prices rose, with U.S. oil up by 1.02% and Brent oil by 0.98%, amid concerns over Middle East tensions affecting supply [9]

Core Viewpoint - The Ministry of Commerce has announced the expiration of certain anti-dumping measures in the second half of 2026, indicating that the duration of anti-dumping duties can be extended if a review determines that their termination may lead to continued or renewed dumping and damage [1] Group 1 - The notification states that the duration of anti-dumping duties and compliance with price commitments shall not exceed 5 years, as per Article 48 of the Anti-Dumping Regulations of the People's Republic of China [1] - The measures set to expire from July 1, 2026, to December 31, 2026, will be publicly notified, and the Trade Relief Investigation Bureau will no longer issue individual case expiration notifications [1] - Domestic industries or representatives can submit a written request for a review 60 days prior to the expiration date if they believe that terminating the measures may lead to continued or renewed dumping and damage [1]

Group 1 - The Ministry of Commerce's Trade Relief Investigation Bureau has announced the expiration of anti-dumping measures from July 1, 2026, to December 31, 2026, and will no longer issue individual expiration notifications [1][3] - Domestic industries or representatives can submit a written request for a review 60 days prior to the expiration if they believe that terminating the measures may lead to continued or renewed dumping and damage [1] - The request for review must include a clear statement and evidence that terminating the anti-dumping measures could result in continued or renewed dumping and damage [1] Group 2 - If no review request is submitted by the relevant domestic industry or representatives, and the Ministry of Commerce does not initiate a review investigation before the expiration, the anti-dumping measures will terminate on the expiration date [2]

Core Viewpoint - Morocco's Ministry of Industry and Trade has initiated preliminary anti-dumping measures against galvanized steel wire products imported from Egypt and the UAE, citing significant threats to the domestic galvanized steel wire industry due to identified dumping practices [1] Group 1: Investigation Findings - The anti-dumping investigation was launched on March 13, 2025, following complaints from domestic producers [1] - Import volumes of the relevant products surged from 112 tons in 2020 to 14,669 tons by the end of September 2024, marking an increase of nearly 13,000% [1] Group 2: Impact on Domestic Market - The surge in imports has caused significant disruption to domestic market prices and the normal operations of local companies [1] - The main local producers of galvanized steel wire in Morocco include Somatref, Sicotrem, Galvafil, and Sodefer [1] Group 3: Dumping Margins - The dumping margins for the cooperating companies were determined to be 25.74% for Egypt's MAFO and 23.13% for UAE's Al Khaleej Steel Industries [1] - Non-cooperating exporters faced higher dumping margins, with Egypt at 50.67% and the UAE at 52.71% [1] Group 4: Government Response - The Moroccan government has stated that the temporary anti-dumping measures are implemented based on relevant trade remedy laws to curb unfair competition and protect the legitimate development rights of the domestic industry [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the energy storage sector, particularly focusing on AIDC (Artificial Intelligence Data Center) power supply and solid-state battery developments. The global market for energy storage is expected to flourish, with significant demand anticipated in the U.S., Europe, and Southeast Asia [1][2]. Key Points and Arguments Energy Storage Demand - AIDC's energy storage demand in the U.S. is projected to reach nearly 4 GW by 2026, with corresponding system capacity needs of approximately 16-20 GWh, accounting for about 40% of the market [1][2]. - The energy storage sector is driven by favorable electricity trading policies in Europe and Southeast Asia, leading to robust demand [1]. Investment Opportunities - Investment opportunities in the energy storage field are categorized into three areas: 1. System side (e.g., Sungrow Power, Canadian Solar, Tianhe Energy) 2. PCS (Power Conversion Systems) with companies like Sungrow Electric showing promise 3. Lithium battery materials, which are expected to see price increases due to improved storage demand and growth in electric vehicle sales [1][4]. Solid-State Battery Development - Solid-state batteries are identified as a crucial development direction, with significant potential in equipment and materials. Key components include dry electrodes, high-temperature and high-pressure forming equipment, and various battery materials [5]. - High-nickel ternary materials are currently the primary application, while lithium sulfide and lithium metal anodes may see advancements within the next year [5]. AIDC Power Supply - AIDC power supply is divided into primary and secondary power sources, with a positive outlook on supporting facilities like solid-state transformers, which enhance energy efficiency and reliability [6][7]. - Companies such as Jinpan Technology, Xidian Electric, Sifang Co., and Chint Electric have made notable progress in the solid-state transformer sector [8]. Server Power Supply Market - The domestic market for negative power supply is viewed optimistically, with a strong historical performance and potential for continued leadership in the industry [9]. Photovoltaic Industry Outlook - The photovoltaic industry is expected to experience significant growth by 2026, with anti-dumping measures acting as a key catalyst. The impact of real estate policies is also anticipated [10][11]. - Current market expectations for demand are low, but actual demand may exceed projections, similar to previously underestimated energy storage demand [11]. High Voltage Power Grid Trends - The acceleration of ultra-high voltage project reserves is linked to the "15th Five-Year Plan," indicating a stable performance in traditional power equipment markets [12]. - The traditional power grid is expected to have good configuration value, especially with the potential for mean reversion in the market by year-end [12]. Additional Insights - The call emphasizes the importance of monitoring various investment directions, including solid-state transformers, server power supplies, photovoltaics, and ultra-high voltage projects, as they present clear investment opportunities despite recent market fluctuations [13].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $699 million, a decrease of 13% year-over-year, driven by lower sales volumes and unfavorable pricing for TiO2 and zircon [8][9] - Loss from operations was $43 million, with a net loss attributable to Tronox of $99 million, including $27 million in restructuring charges [8][9] - Adjusted EBITDA was $74 million, representing a 48% decline year-on-year, with an adjusted EBITDA margin of 10.6% [8][11] - Free cash flow was a use of $137 million, including $80 million in capital expenditures [8][9] Business Line Data and Key Metrics Changes - TiO2 revenues decreased by 11% year-over-year, driven by an 8% decrease in volumes and a 5% decline in average selling prices [9][10] - Zircon revenues decreased by 20% compared to the prior year, due to a 16% decrease in price and a 4% decline in volumes [10] - Revenue from other products decreased by 21% year-over-year, but increased by 18% sequentially due to higher sales of pig iron and heavy mineral concentrate tailings [10] Market Data and Key Metrics Changes - The zircon market faced unexpected headwinds, particularly in China, where both pricing and volumes continued to decline [3][4] - Europe, the Middle East, and North America experienced sharper seasonal declines amid market weakness and competitive pressures [9] - Latin America saw typical seasonal uplift, although weaker than expected, while Asia-Pacific growth was muted by competition and a temporary stay on India anti-dumping duties [10] Company Strategy and Development Direction - The company is focused on cost improvement programs, targeting over $60 million in annualized savings by the end of 2025 and $125-$175 million by the end of 2026 [4][20] - Tronox is reinforcing its operational foundation and cash flow management through temporary idling of certain plants and adjusting production rates [4][21] - The company is also advancing its rare earth strategy, with mining operations in Australia and South Africa containing substantial amounts of monazite [7][18] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges from weaker demand, downstream destocking, and heightened competition, but expressed optimism about future sales volumes due to competitors' insolvency proceedings [3][4] - The company expects Q4 2025 revenue and adjusted EBITDA to be relatively flat compared to Q3, driven by weaker pricing but improving volumes [19][20] - Management remains confident in the ability to navigate the current downturn and deliver long-term shareholder value [23] Other Important Information - The company raised $400 million in senior secured notes to enhance liquidity and repay borrowings [5][12] - Liquidity as of September 30 was $664 million, with $185 million in cash and cash equivalents [12][13] - The company returned $20 million to shareholders in the form of dividends in Q3 [14] Q&A Session Summary Question: Impact of anti-dumping measures and market size - Management acknowledged that the Brazil and Saudi Arabia markets are lower than India, but expressed confidence that India's duties will be reinstated soon, which would stabilize volumes [25][27] Question: Rare earths opportunity and refining capabilities - Management confirmed ongoing mining of monazite in Australia and South Africa, with plans for further development in refining and separation through partnerships [30][32] Question: Duration of idling plants and potential permanence - The Fuzhou plant is idled to preserve cash, with decisions on its future dependent on market conditions, while Stallingborough is expected to return to full rates in Q4 [37][39] Question: 2026 earnings potential and cost savings impact - Management indicated that the Sustainable Cost Improvement Program is expected to yield significant savings in 2026, with a focus on operational efficiencies [40][42] Question: Destocking and inventory rebuilding expectations - Management noted that destocking occurred earlier than expected, but anticipated a return to normal buying patterns in Q4, indicating a potential recovery [51][53]

Core Points - Canadian Foreign Minister Anita Anand plans to visit China and India in the coming weeks to improve strained relations with these major economies [1][4] - The trade dispute between Canada and China originated from Canada's imposition of tariffs on Chinese electric vehicles and steel products, which was seen as aligning with U.S. policies [4][6] Trade Relations - Canada has imposed a 100% tariff on Chinese electric vehicles and a 25% tariff on Chinese steel and aluminum products since October 2024, aiming to protect its domestic industries [4][6] - China is Canada's largest buyer of canola, with annual trade values between $3.6 billion and $4.9 billion, making it crucial for Canada's agricultural sector [7] Retaliatory Measures - In response to Canada's tariffs, China initiated anti-dumping investigations and imposed a temporary anti-dumping measure on Canadian canola, requiring a 75.8% deposit from Canadian exporters starting August 14 [9][12] - The increase in export costs has led to significant financial losses for Canadian canola farmers, with many facing losses of tens of thousands of dollars [12] Domestic Pressure - The backlash from the agricultural sector has prompted pressure on the Canadian government to reconsider its tariffs on Chinese electric vehicles [12][14] - Saskatchewan's Premier has led a trade delegation to China to advocate for the removal of tariffs on canola [14] Diplomatic Efforts - Anand's upcoming visit to China is seen as a critical opportunity to negotiate the lifting of tariffs on canola, although Canada's leverage appears limited [16][18] - Potential discussions may include revisiting tariffs on electric vehicles and exploring energy cooperation, but these may not directly address the canola tariff issue [18][21] Future Outlook - The extension of China's anti-dumping investigation on Canadian canola until March 2026 provides a window for negotiations, indicating that China is not in a rush to resolve the issue [20] - The outcome of Anand's visit will be closely monitored, as it will impact not only the agricultural sector but also Canada's ability to navigate its foreign policy amidst major power dynamics [23]

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - For rapeseed oil, it's recommended to take a bullish approach and monitor China - Canada trade relations. This week, rapeseed oil futures closed higher in a volatile manner. Although Canada's rapeseed harvest is expected to be a bumper one, there are uncertainties in China - Canada trade policies. Domestically, the开机率 of oil mills is low, and the supply of rapeseed in the fourth quarter is expected to be tight [7][8]. - For rapeseed meal, it's advised to trade in the short - term and pay attention to China - US and China - Canada economic and trade relations. This week, rapeseed meal futures slightly declined in a volatile way. The USDA report is bearish, and there are both positive and negative factors affecting rapeseed meal supply and demand [10][11]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary Rapeseed Oil - Strategy: Participate with a bullish bias and focus on China - Canada trade [7]. - Market Review: This week, rapeseed oil futures closed higher in a volatile way, with the 01 - contract closing at 10,068 yuan/ton, up 211 yuan/ton from the previous week [8]. - Outlook: Canada's rapeseed production is expected to reach 20 million tons, the highest since 2018. However, the Canadian government may adjust policies to avoid Chinese import tariffs on rapeseed. In the US, the bio - diesel policy is unclear, and domestic consumption support is limited. But for rapeseed oil itself, the oil mill's开机率 is low, and the supply of rapeseed in the fourth quarter is expected to be tight [8]. Rapeseed Meal - Strategy: Trade in the short - term and focus on China - US and China - Canada economic and trade relations [10]. - Market Review: This week, rapeseed meal futures slightly declined in a volatile way, with the 01 - contract closing at 2,522 yuan/ton, down 9 yuan/ton from the previous week [11]. - Outlook: The USDA report is bearish. Domestically, the supply of rapeseed in the near - term is low, and the demand for rapeseed meal in aquaculture is seasonally increasing. However, the substitution advantage of soybean meal and the expected increase in domestic soybean imports suppress the rapeseed meal market [11]. 3.2 Futures and Spot Market - Futures Price and Position: This week, rapeseed oil futures closed higher with a total position of 352,429 lots, up 61,295 lots from last week. Rapeseed meal futures slightly declined with a total position of 381,171 lots, down 21,729 lots from the previous week [16]. - Top 20 Net Positions: This week, the top 20 net long position of rapeseed oil futures increased, and the top 20 net short position of rapeseed meal futures increased [22]. - Warehouse Receipts: The registered warehouse receipts of rapeseed oil are 8,202 lots, and those of rapeseed meal are 9,248 lots [26][27]. - Spot Price and Basis: The spot price of rapeseed oil in Jiangsu is 10,320 yuan/ton, slightly up from last week, with a basis of + 252 yuan/ton. The price of rapeseed meal in Nantong, Jiangsu is 2,550 yuan/ton, with little change from last week, and the basis is + 28 yuan/ton [36][42]. - Futures Monthly Spread: The 1 - 5 spread of rapeseed oil is + 500 yuan/ton, and that of rapeseed meal is + 135 yuan/ton, both at medium levels in recent years [47]. - Futures - Spot Ratio: The ratio of rapeseed oil to rapeseed meal in the 01 - contract is 3.99, and the average spot price ratio is 3.94 [50]. - Spread between Rapeseed Oil and Other Oils/Meals: The 01 - contract spread of rapeseed oil - soybean oil is 1,740 yuan/ton, and that of rapeseed oil - palm oil is 752 yuan/ton, both widening this week. The 01 - contract spread of soybean meal - rapeseed meal is 492 yuan/ton, and the spot spread is 380 yuan/ton [59][65]. 3.3 Industrial Chain Situation Rapeseed - Supply - Inventory and Import Forecast: As of September 12, 2025, the total inventory of rapeseed in oil mills is 100,000 tons. The estimated arrival volumes of rapeseed in September, October, and November 2025 are 195,000, 150,000, and 450,000 tons respectively [71]. - Supply - Import and Pressing Profit: As of September 18, the spot pressing profit of imported rapeseed is + 1,244 yuan/ton [75]. - Supply - Oil Mill Pressing Volume: As of the 37th week of 2025, the rapeseed pressing volume of major coastal oil mills is 61,000 tons, up 12,000 tons from last week, with an开机率 of 14.92% [79]. - Supply - Monthly Import Volume: In July 2025, China's rapeseed import volume is 176,000 tons, a year - on - year decrease of 56.63% and a month - on - month decrease of 0.85% [83]. Rapeseed Oil - Supply - Inventory and Import Volume: As of the end of the 37th week of 2025, the inventory of domestic imported and pressed rapeseed oil is 683,000 tons, a month - on - month decrease of 3.52%. In August 2025, the import volume of rapeseed oil is 140,000 tons, a year - on - year increase of 16.67% and a month - on - month increase of 10,000 tons [87]. - Demand - Consumption and Production: As of June 30, 2025, the monthly production of edible vegetable oil is 4.769 million tons. As of August 31, 2025, the monthly catering revenue is 449.57 billion yuan [91]. - Demand - Weekly Contract Volume: As of the end of the 37th week of 2025, the domestic imported and pressed rapeseed oil contract volume is 81,000 tons, a month - on - month increase of 5.45% [95]. Rapeseed Meal - Supply - Weekly Inventory: As of the end of the 37th week of 2025, the inventory of domestic imported and pressed rapeseed meal is 18,000 tons, a month - on - month decrease of 7.89% [99]. - Supply - Import Volume: In July 2025, China's rapeseed meal import volume is 183,100 tons, a year - on - year decrease of 3.00% and a month - on - month decrease of 87,200 tons [103]. - Demand - Feed Monthly Production: As of July 31, 2025, the monthly feed production is 2.8273 million tons [107]. 3.4 Option Market Analysis - As of September 19, the implied volatility of rapeseed meal options is 22.49%, up 1.1% from last week, at a slightly high level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [110].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For rapeseed oil, it is recommended to take a bullish approach and pay attention to the China - Canada talks. The market will be affected by factors such as the harvest of Canadian rapeseed, the anti - dumping measures of China, the policy adjustment of US renewable fuels, and the domestic supply - demand situation [8][9]. - For rapeseed meal, a bullish mindset is recommended, focusing on China - US and China - Canada economic and trade relations. The market is influenced by factors like the weather in the US soybean - producing areas, the USDA report, domestic supply and demand, and trade relations [12][13]. 3. Summary According to the Directory 3.1. Weekly Key Points Summary Rapeseed Oil - Strategy: Participate with a bullish bias and monitor China - Canada talks [8]. - Market review: This week, rapeseed oil futures fluctuated slightly up. The closing price of the 01 contract was 9,857 yuan/ton, an increase of 39 yuan/ton compared with the previous week [9]. - Market outlook: Canadian rapeseed is in the harvest period with a bumper harvest. China's anti - dumping measures may pressure Canadian rapeseed prices. The US policy on renewable fuels affects the domestic vegetable oil market. Domestically, consumption is weakly boosted, but low refinery operation rates and limited near - month purchases reduce supply pressure [9]. Rapeseed Meal - Strategy: Adopt a bullish mindset and focus on China - US and China - Canada economic and trade relations [12]. - Market review: This week, rapeseed meal futures fluctuated slightly down. The closing price of the 01 contract was 2,531 yuan/ton, a decrease of 19 yuan/ton compared with the previous week [13]. - Market outlook: Good weather in the US soybean - producing areas ensures high yields, but a decrease in planting area supports prices. Domestically, near - month rapeseed arrivals are low, and aquaculture boosts demand, but soybean meal substitution weakens the demand for rapeseed meal [13]. 3.2. Futures and Spot Market Futures Price Movement - Rapeseed oil futures fluctuated slightly up this week, with a total open interest of 291,134 lots, an increase of 41,874 lots compared with last week. Rapeseed meal futures closed lower with a total open interest of 402,900 lots, an increase of 6,326 lots compared with the previous week [19]. Top 20 Net Positions - The top 20 net positions of rapeseed oil futures changed from net short to net long this week, reaching +19,239. The top 20 net positions of rapeseed meal futures changed from net long to net short, reaching - 16,117 [25]. Futures Warehouse Receipts - The registered warehouse receipts of rapeseed oil were 8,302 lots, and those of rapeseed meal were 10,383 lots [31]. Spot Price and Basis - The spot price of rapeseed oil in Jiangsu was 10,130 yuan/ton, slightly rebounding from last week. The basis between the active contract and the Jiangsu spot price was +273 yuan/ton. The rapeseed meal price in Nantong, Jiangsu was 2,570 yuan/ton, with little change from last week, and the basis was +39 yuan/ton [37][43]. Futures Inter - monthly Spread - The 1 - 5 spread of rapeseed oil was +361 yuan/ton, at a medium level in recent years. The 1 - 5 spread of rapeseed meal was +125 yuan/ton, also at a medium level in recent years [51]. Futures - Spot Ratio - The ratio of rapeseed oil to rapeseed meal for the 01 contract was 3.89, and the average spot price ratio was 3.94 [55]. Spread between Rapeseed Oil and Other Oils/Meals - The 01 contract spread between rapeseed oil and soybean oil was 1,535 yuan/ton, and the spread between rapeseed oil and palm oil was 561 yuan/ton, both expanding this week. The 01 contract spread between soybean meal and rapeseed meal was 548 yuan/ton, and the spot spread was 400 yuan/ton as of Thursday [64][70]. 3.3. Industrial Chain Situation Rapeseed - Supply: As of September 5, 2025, the total rapeseed inventory in refineries was 100,000 tons. The estimated rapeseed arrivals in September, October, and November 2025 were 195,000 tons, 130,000 tons, and 450,000 tons respectively. The spot crushing profit of imported rapeseed was +1,203 yuan/ton as of September 11. The rapeseed crushing volume in coastal refineries in the 36th week of 2025 was 49,000 tons, an increase of 1,000 tons from last week, with an operation rate of 11.99%. In July 2025, China's rapeseed imports were 176,000 tons, a year - on - year decrease of 56.63% and a month - on - month decrease of 0.85 tons [76][80][84][88]. Rapeseed Oil - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil inventory was 708,000 tons, a month - on - month decrease of 4.01%. In July 2025, rapeseed oil imports were 133,600 tons, a year - on - year increase of 16.86% and a month - on - month decrease of 16,700 tons [93]. - Demand: As of June 30, 2025, the monthly output of edible vegetable oil was 476,900 tons. As of July 31, 2025, the monthly catering revenue was 450.41 billion yuan. As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil contract volume was 77,000 tons, a month - on - month decrease of 44.65% [97][101]. Rapeseed Meal - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed meal inventory was 19,000 tons, remaining flat compared with last week. In July 2025, rapeseed meal imports were 183,100 tons, a year - on - year decrease of 3.00% and a month - on - month decrease of 87,200 tons [105][109]. - Demand: As of July 31, 2025, the monthly output of feed was 2,827,300 tons [113]. 3.4. Options Market Analysis - As of September 12, this week, rapeseed meal closed lower, and the corresponding option implied volatility was 21.39%, a decrease of 0.14% compared with the previous week, at a slightly high level compared with the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [117].

Report Summary 1. Report Information - Report Date: September 10, 2025 [1] - Report Cycle: Daily - Research Variety: Live Hogs - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core Viewpoints - The current supply - demand pattern in the live hog market remains loose, with weak upward momentum in the spot market prices. The market focuses on the slaughter rhythm of large - scale farms, the selling intensity of secondary fattening hogs, and the effects of policy regulation. - The moving averages on the futures market show a bearish arrangement, indicating that the downward momentum has not subsided. In the short term, the price of the lh2511 contract is expected to show a weak and oscillating trend at a low level. [15] 4. Summary by Section 4.1 Futures Market - **Contract Quotes**: On September 10, 2025, the lh2511 contract of live hog futures showed an upward trend throughout the day, closing at 13,315 points, up 0.64% from the previous day. The daily trading volume was 32,600 lots, and the open interest was 75,700 lots. [2] - **Variety Prices**: All contracts of live hog futures rose. The total open interest of the variety was 194,143 lots, a decrease of 1,362 lots from the previous trading day. [4] - **Related Quotes**: The daily trading volume of live hog options was 10,649 lots, and the total open interest was 35,378 lots, an increase of 679 lots. The total number of exercised options on the day was 0 lots. [7] 4.2 Spot Market - **Basis Data**: Today's live hog basis was 280 yuan/ton, compared with 490 yuan/ton yesterday, a decrease of 210 yuan/ton from the previous trading day, indicating a slight convergence of the basis. [8][9] - **Registered Warehouse Receipts**: The number of registered warehouse receipts for live hogs remained unchanged from the previous day, with a total of 428 lots. [10] 4.3 Influencing Factors - **Industry News**: The Ministry of Commerce has implemented anti - dumping measures on imported pork from the EU since September 10, which will increase the cost of imported pork, reduce external supply pressure, and may support the domestic live hog market. [12] - **Technical Analysis**: The short - term moving averages such as the 5 - day and 10 - day moving averages of the lh2511 contract of live hog futures show a significant downward slope, indicating strong downward momentum in the near - term price. The long - term moving averages such as the 60 - day moving average also show signs of turning downward. [13]