全球能源市场正经历深刻调整，美国主导的美元体系面临多重压力。中国作为最大原油进口国，积极推动人民币在能源贸易中的应用，逐步削弱美元垄断地 位。这种转变源于中国经济持续增长和能源需求稳定，结合国际地缘格局变化。 上海国际能源交易中心推出的原油期货合约，自2018年上市以来，已成为亚太地区重要定价工具。境外投资者参与度提升，持仓结构优化，交易规模快速扩 张。 到2024年，合约日均持仓量比2019年增长超过四倍，成交量增幅逾两成。这种增长反映中国金融市场的成熟，以及对美元依赖的战略性减弱。 人民币原油结算体系的建立，标志中国在能源金融领域的自主创新。合约以中质含硫原油为标的，规模为每手一千桶，报价单位为人民币每桶，强调实物交 割。 这种设计适应中国进口需求，避免美元汇率波动带来的额外成本。初期阶段，2018年全年成交量有限，主要吸引国内炼油企业和贸易商参与。境外客户覆盖 范围小，海外持仓占比不足百分之五。 相比之下，美国西得克萨斯中质原油期货和英国布伦特原油期货已运行多年，前者聚焦北美轻质低硫油，后者覆盖北海油田，年交易量达数亿手。 中国合约起步时持仓仅数千手，与国际基准差距明显。但通过政策优化和市场机制完善，实 ...

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) announced adjustments to the maximum order sizes for options trading, effective from September 17, 2025, which may impact trading strategies and liquidity in the market [1] Group 1 - The maximum order size for limit orders will be adjusted to 200 contracts per order [1] - The maximum order size for market orders will be adjusted to 5 contracts per order [1]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on September 11, with raw sugar futures declining by 0.82% to 15.80 cents per pound [1] - Cotton futures increased by 0.10% to 66.74 cents per pound [1] - Cocoa futures rose by 1.55% to $7584.00 per ton [1] - Coffee futures fell by 0.62% to 384.50 cents per pound [1]

Core Viewpoint - The Shanghai Futures Exchange and Zhejiang International Bulk Commodity Trading Center have launched a new high-sulfur 380CST fuel oil buyer quotation, enhancing the pricing system for the fuel oil market in China [1][2]. Group 1: Market Development - Since 2021, the Shanghai Futures Exchange and Shanghai International Energy Exchange have introduced various quotations based on high and low sulfur fuel oil futures prices, providing significant reference prices for the domestic and international ship fuel market [1]. - The newly released high-sulfur buyer quotation is based on the futures price from the Shanghai Futures Exchange, processed daily to publish a unified premium/discount price, enriching the RMB pricing system for bonded ship fuel oil in China [1]. Group 2: Industry Impact - The initiatives by the Shanghai Futures Exchange and Shanghai International Energy Exchange have improved the futures market's ability to serve the real economy, providing effective hedging tools for domestic and international ship fuel industry clients [2]. - Future collaborations between the Shanghai Futures Exchange and Zhejiang International Bulk Commodity Trading Center aim to support the construction of the oil and gas trading market in the Yangtze River Delta, promoting high-quality and sustainable development of the ship fuel industry [2].

The Commodity Futures Trading Commission (CFTC) announced it has issued an order filing and settling charges against Brett Falloon and Flatiron Futures Traders LLC for engaging in spoofing practices in the E-mini S&P 500 and E-mini Nasdaq 100 futures markets on the Chicago Mercantile Exchange (CME). As part of the resolution, Falloon and Flatiron must pay a $200,000 civil monetary penalty jointly and severally.Takeaway: The CFTC continues to aggressively enforce spoofing prohibitions, imposing financial pen ...

【基本面消息】 上海期货交易所指定交割仓库期货9月10日仓单日报显示，白银期货总计1252170千克，今日仓单较上一 日增加1831千克。 沪银主力短线维持震荡格局，今日白银期货开盘报9798元/千克，最高触及9858元/千克，最低触及9710 元/千克，截止收盘报9796元/千克，下跌0.72%。 地区 仓库 期货 增减 上海 中储吴淞 144537 906 外运华东虹桥 187398 0 中工美供应链 541851 6891 合计 873786 7797 广东 深圳威豹 378384 -5966 总计 1252170 1831 科布法官在裁决中明确指出，库克在诉讼中"极有可能"获胜，她的指控直指特朗普违反了《联邦储备 法》，该法规定美联储官员只能因正当理由被免职，而不能基于主观假设随意开除。 库克的诉讼将这场争端推向了前所未有的高度，它直接挑战总统对美联储的权力边界，可能很快上诉至 最高法院。 值得注意的是，最高法院近期的一些裁决已经削弱了其他独立联邦机构的职位保护，但美联储的案例尚 未经受过类似考验。今年早些时候，最高法院曾暗示美联储雇员享有比其他机构更高的保护，这为库克 的案子提供了潜在的有利先例。 ...

上海期货交易所黄金期货仓单日报(单位：千克) 上期所指定交割金库 期货 增减 摘要上海期货交易所指定交割仓库期货（9月10日）仓单日报显示，黄金期货总计44415千克，今日仓单 较上一日增肌1080千克。 上海期货交易所指定交割仓库期货（9月10日）仓单日报显示，黄金期货总计45951千克，今日仓单较上 一日增加1536千克。 沪金主力盘内高位震荡，周三（9月10日）黄金期货开盘价834.06元/克，截至目前最高840.82元/克，最 低827.26元/克。。截止发稿报833.42元/克，涨幅0.21%，成交量为297857手，持仓为119424手，日持仓 减少5457手。 法官指的是库克的抵押贷款欺诈指控，特朗普将其作为解雇第一位黑人女性美联储理事的理由。预计最 高法院将对此案拥有最终决定权，这是美国总统首次以所谓的理由解雇美联储理事。科布的决定意味 着，库克将参加9月16日开始的美联储下一次会议。预计美联储将在为期两天的会议上降息。 45951 1536 美国地方法院法官科布解释了授予库克临时禁令的决定，禁止她被免职，他写道："美联储独立性的公 众利益支持库克复职。"科布表示："在这个初步阶段，法院认为库 ...

Group 1 - The Intercontinental Exchange (ICE) agricultural futures saw most contracts rise, with raw sugar futures down by 0.62% closing at 16.05 cents per pound [1] - Cotton futures increased by 0.27% to close at 66.23 cents per pound [1] - Cocoa futures rose by 1.66% to reach $7,671.00 per ton [1] - Coffee futures gained 0.70% closing at 372.95 cents per pound [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On September 2, the SM2601 contract was reported at 5,744, up 0.49%. The market is expected to move weakly in a volatile manner. [2] - On September 2, the SF2511 contract was reported at 5,528, up 0.77%. The market is also expected to move weakly in a volatile manner. [2] 3. Summary by Directory 3.1 Futures Market - SM主力合约收盘价 was 5,744 yuan/ton, up 8 yuan; SF主力合约收盘价 was 5,528 yuan/ton, down 4 yuan. [2] - SM期货合约持仓量 was 571,002 hands, up 10,495 hands; SF期货合约持仓量 was 441,881 hands, up 12,787 hands. [2] - 锰硅前20名净持仓 was -66,477 hands, down 2,416 hands; 硅铁前20名净持仓 was -36,146 hands, down 3,960 hands. [2] - SM5 - 1月合约价差 was 38 yuan/ton, down 6 yuan; SF5 - 1月合约价差 was 134 yuan/ton, up 10 yuan. [2] - SM仓单 was 64,682 sheets, down 1,078 sheets; SF仓单 was 18,972 sheets, down 359 sheets. [2] 3.2 Spot Market - 内蒙古锰硅 FeMn68Si18 was 5,630 yuan/ton, unchanged; 内蒙古硅铁FeSi75 - B was 5,480 yuan/ton, up 20 yuan. [2] - 贵州锰硅FeMn68Si18 was 5,650 yuan/ton, unchanged; 青海硅铁 FeSi75 - B was 5,260 yuan/ton, up 20 yuan. [2] - 云南锰硅FeMn68Si18 was 5,680 yuan/ton, unchanged; 宁夏硅铁 FeSi75 - B was 5,330 yuan/ton, up 40 yuan. [2] - 锰硅指数均值 was 5,689 yuan/ton, down 17 yuan; SF主力合约基差 was -198 yuan/ton, up 44 yuan. [2] - SM主力合约基差 was -114 yuan/ton, down 8 yuan. [2] 3.3 Upstream Situation - 南非矿:Mn38块:天津港 was 24 yuan/ton degree, unchanged; 硅石（98% 西北） was 210 yuan/ton, unchanged. [2] - 内蒙古乌海二级冶金焦 was 1,200 yuan/ton, unchanged; 兰炭（中料 神木） was 680 yuan/ton, unchanged. [2] - 锰矿港口库存 was 441.40 million tons, down 3.20 million tons. [2] 3.4 Industry Situation - 锰硅企业开工率 was 47%, up 0.63%; 硅铁企业开工率 was 36.54%, up 0.02%. [2] - 锰硅供应 was 213,395 tons, up 2,205 tons; 硅铁供应 was 113,100 tons, down 300 tons. [2] - 锰硅厂家库存 was 149,000 tons, down 7,000 tons; 硅铁厂家库存 was 62,910 tons, up 830 tons. [2] - 锰硅全国钢厂库存 was 14.24 days, down 1.25 days; 硅铁全国钢厂库存 was 14.25 days, down 1.13 days. [2] - 五大钢种锰硅需求 was 126,656 tons, up 1,371 tons; 五大钢种硅铁需求 was 20,573.60 tons, up 297.70 tons. [2] 3.5 Downstream Situation - 247家钢厂高炉开工率 was 83.18%, down 0.16%; 247家钢厂高炉产能利用率 was 90%, down 0.27%. [2] - 粗钢产量 was 7,965.82 million tons, down 352.58 million tons. [2] 3.6 Industry News - New Zealand will relax the ban on foreigners buying homes, allowing wealthy investment immigrants with "golden visas" to buy luxury homes worth at least NZD 5 million. [2] - The Central Rural Work Leading Group Office has deployed comprehensive efforts to address the issue of high betrothal gifts in rural areas. [2] - Relevant departments will formulate a series of supporting documents around the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Initiative". [2] - French business leaders have warned that France faces a real "recession risk". [2] 3.7 Viewpoint Summary - For manganese - silicon, the output has been rising since mid - May, inventory has decreased for 5 consecutive weeks, and the cost of imported manganese ore has decreased. The spot profit in Inner Mongolia is -120 yuan/ton, and in Ningxia is -420 yuan/ton. The August steel mill procurement tender price increased by 150 yuan/ton month - on - month. [2] - For silicon - iron, the output has rebounded rapidly in recent weeks, the inventory is at a neutral level, and the cost of semi - coke in Ningxia has increased. The spot profit in Inner Mongolia is -285 yuan/ton, and in Ningxia is -190 yuan/ton. The August steel mill procurement tender price increased by 100 yuan/ton month - on - month. [2]

Core Viewpoint - The delivery grade of alumina futures requires certification, meaning not all alumina meeting national standards can be directly delivered without prior registration or approval from the Shanghai Futures Exchange [1] Group 1: Delivery Requirements - Only alumina from registered brands or recognized producers can be used for physical delivery [1] - Not all alumina meeting the GB/T 24487-2022 standards (AO-1 or AO-2) is eligible for delivery without prior approval [1] - Delivery requires corresponding quality documentation, such as quality certificates for domestic products or inspection certificates and customs declarations for imported products [1] Group 2: Certification Process - Domestic alumina must be registered with the exchange, covering major production areas like Shandong and Shanxi [2] - Imported alumina must be from brands recognized by the exchange, including two companies from Australia [2] Group 3: Quality Documentation - Each batch of delivery must include a quality certificate and is subject to inspection by the exchange [3]