Group 1 - The core viewpoint of the news is that the domestic futures market experienced a mixed performance on September 25, with most main contracts closing lower, while some commodities saw slight gains [1] Group 2 - In terms of price movements, vegetable oil and vegetable meal increased by nearly 1%, while low-sulfur fuel oil also rose close to 1% [1] - On the downside, butadiene rubber and No. 20 rubber fell by over 2%, while rubber, coking coal, and coking coke dropped by more than 1%. Methanol decreased by nearly 1% [1]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on September 24, with raw sugar futures declining by 0.19% to 16.12 cents per pound [1] - Cotton futures fell by 0.75% to 66.14 cents per pound [1] - Cocoa futures increased by 0.66% to $7038.00 per ton [1] - Coffee futures surged by 5.31% to 368.75 cents per pound [1]

Group 1 - The core viewpoint is that gold prices have reached a historic high of over $3,800, driven by safe-haven demand and expectations of further interest rate cuts by the Federal Reserve [1] - On September 23, the most actively traded December 2025 gold futures closed at $3,796.9 per ounce, up $15.7 from the previous trading day, with a settlement price of $3,815.7 and an intraday high of $3,824.6 [1] - Federal Reserve Chairman Jerome Powell's remarks did not provide a clear path for interest rate cuts, but the market interpreted them as supportive of further easing, which is expected to sustain the upward trend in gold prices [1] Group 2 - Christopher Wood, global equity strategist at Jefferies, believes that despite strong gold performance year-to-date, there is still more upside potential in the coming months [2] - Independent analyst Ross Norman indicated that the dovish views of the new Federal Reserve governor, Milan, will likely intensify expectations for further rate cuts, which is a positive factor for gold prices [2] Group 3 - The strong rise in gold prices has also positively impacted the performance of other precious metals [3] - Although December silver futures closed slightly down by $0.05 at $44.265 per ounce, it reached a new high of $44.77, the highest since May 2011, during intraday trading [3] - Platinum and palladium prices in the London market also saw significant increases of over 4% on the same day [3]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures closed mostly lower on September 22, with raw sugar futures down 1.80% at 15.85 cents per pound [1] - Cotton futures decreased by 0.06% to 66.25 cents per pound [1] - Cocoa futures fell significantly by 3.74% to $6,972.00 per ton [1] - Coffee futures experienced a slight increase of 0.48% to 368.25 cents per pound [1]

许正宇说，香港被纳入伦敦金属交易所全球仓库网络不足九个月，连同早前已批准的八个仓库，伦敦金 属交易所在港认可仓库的总数已增加至11个，令修改在硬件上更有优势，有助打造香港成为伦敦金属交 易所在亚洲的重要交割枢纽。三个新增仓库可即时投入运作，为业者参与国际金属交易提供高效的交割 选项，同时带动香港海运及其他服务的发展。 智通财经APP获悉，9月22日，香港财经事务及库务局局长许正宇表示，欢迎香港交易及结算所有限公 司的全资附属公司伦敦金属交易所批准元朗三个仓库设立为认可仓库的申请。有关决定标志业界对《行 政长官2025年施政报告》中推动大宗商品交易政策方向的坚实支持，有助进一步完善香港大宗商品交易 生态圈，巩固香港国际金融、航运及贸易中心的地位。 他续说，《施政报告》也提出其他发展大宗商品交易的措施，当中包括成立由财政司司长领导的大宗商 品策略委员会；港交所将深化与广州期货交易所及内地其他大宗商品市场的联通发展；以及政府于明年 上半年修例，为大宗商品贸易商落户香港提供半税优惠等，务求在软硬件上相互配合，为长远发展做好 整体布局。政府将积极与业界合作，尽快落实有关措施。 伦敦金属交易所今年一月将香港纳入为其全球仓 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The fundamentals of Shanghai copper remain tight. Domestic copper production is expected to decrease significantly, supporting the upward movement of copper prices. It is recommended to buy on dips in moderation [9]. - The supply and demand of lithium carbonate are gradually tightening, and its price is expected to be strong in the short term [11]. - The supply and demand of crude oil will weaken. It is recommended to short on rallies in the medium and long term. Recently, the oil price is oscillating, and it is advised to wait and see [12]. - The supply and demand of asphalt will both increase, and its price is expected to oscillate. It is recommended to wait and see [14]. - PP is expected to oscillate in the near term with limited downside [16]. - Plastic is expected to oscillate in the near term with limited downside [17]. - The upside space of PVC is expected to be limited in the near term [19]. - Coking coal still maintains a relatively strong trend [20]. - Urea is still building a bottom in oscillation, with a chance of rebound later, but the loose pattern has not reversed [22]. Summary by Related Catalogs Futures Market Overview - As of the close on September 19, most domestic futures main contracts declined. Container shipping to Europe dropped 6%, PX and PTA fell over 2%, and SC crude oil, bottle chips, and staple fiber dropped nearly 2%. In terms of gains, industrial silicon rose over 3%, rapeseed meal rose over 2%, and caustic soda, lithium carbonate, coking coal, and rapeseed oil rose over 1% [6]. - In terms of stock index futures, the main contract of CSI 300 (IF) rose 0.55%, the main contract of SSE 50 (IH) rose 0.34%, the main contract of CSI 500 (IC) rose 0.34%, and the main contract of CSI 1000 (IM) fell 0.21% [6]. - In terms of treasury bond futures, the main contract of 2-year treasury bond futures (TS) fell 0.05%, the main contract of 5-year treasury bond futures (TF) fell 0.13%, the main contract of 10-year treasury bond futures (T) fell 0.21%, and the main contract of 30-year treasury bond futures (TL) fell 0.77% [7]. - As of 15:17 on September 19, in terms of capital inflow of domestic futures main contracts, Shanghai gold 2512 inflowed 2.922 billion yuan, Shanghai silver 2512 inflowed 1.823 billion yuan, and iron ore 2601 inflowed 816 million yuan. In terms of capital outflow, Shanghai copper 2510 outflowed 867 million yuan, SSE 50 2512 outflowed 537 million yuan, and polysilicon 2511 outflowed 284 million yuan [7]. Specific Futures Analysis Shanghai Copper - Today, Shanghai copper opened low and moved high. The number of initial jobless claims in the US last week dropped significantly to 231,000, a decrease of 32,000 from the previous week, the largest decline in nearly four years [9]. - As of September 12, China's spot smelting fee (TC) was -$41.42 per dry ton, and the RC fee was -4.16 cents per pound. The TC/RC fees remained weakly stable [9]. - Factory seasonal maintenance plans will still lead to production cuts in September and October. Currently, the profitability of small and medium-sized smelters is under pressure, and the supply of refined copper remains tight [9]. - In August, SMM's electrolytic copper production in China was 1.1715 million tons, a month-on-month decrease of 0.24% and a year-on-year increase of 15.59%. Affected by policies, the supply of scrap copper in September will decrease significantly, and smelters have maintenance plans in September. It is expected that the electrolytic copper production in September will drop significantly [9]. - Currently, it is approaching the peak season. Although the price has been pushed up recently, the downstream trading atmosphere has improved. The realization of the peak season expectations still needs to be observed [9]. - The inventory of the Shanghai Futures Exchange has increased slightly, with an increase of 6,633 tons compared with last week. The import volume has increased, and the high price has suppressed copper demand, gradually starting the inventory accumulation trend [9]. Lithium Carbonate - Lithium carbonate opened low and moved high today. The average price of battery-grade lithium carbonate was 73,500 yuan per ton, a increase of 50 yuan per ton compared with the previous working day; the average price of industrial-grade lithium carbonate was 71,250 yuan per ton, a increase of 50 yuan per ton compared with the previous working day. The spot transaction price continued to rise in an oscillating manner [10]. - On the supply side, affected by the mine license, the proportion of lithium carbonate produced from lepidolite raw materials has dropped to 15%. Spodumene has gradually become the most important raw material for lithium carbonate. Attention should be paid to the resumption progress of the Jiangxi Jianxiawo mining area. Currently, the capacity utilization rate of lithium carbonate is at a relatively high level year-on-year [11]. - On the demand side, the total domestic demand for lithium carbonate in August reached 102,000 tons, a month-on-month increase of 7.49%. According to the China Automobile Dealers Association, the customer collection in the first half of September increased by 1.2% compared with the same period in August and decreased by 8.8% compared with the second half of August. The orders in the first half of September increased by 2.0% compared with the same period in August and decreased by 16.6% compared with the second half of August. Before the double festivals, the downstream restocking sentiment has improved [11]. Crude Oil - The peak travel season for crude oil is basically over. Currently, EIA data shows that US crude oil inventories have decreased significantly more than expected, but refined oil inventories have increased more than expected, alleviating the previous supply concerns. The overall oil product inventory continues to increase, and the operating rate of US refineries has dropped by 1.6 percentage points [12]. - On September 7, eight OPEC+ countries decided to adjust the production by 137,000 barrels per day from the additional voluntary production cut of 1.65 million barrels per day announced in April 2023, which will be implemented starting from October 2025. This 1.65 million barrels per day of production can be partially or fully restored according to market conditions and will be carried out in a gradual manner [12]. - This will increase the pressure on crude oil in the fourth quarter. The latest IEA monthly report has raised the surplus amplitude of crude oil again. Saudi Aramco has lowered the shipping price of its flagship product, Arab Light crude oil, to Asia in October by $1 per barrel [12]. - Currently, after the discount of Russian crude oil has widened, India continues to import Russian crude oil, and India and the US are still in negotiations. Attention should be paid to the progress of the ceasefire agreement negotiation between Russia and Ukraine and India's procurement of Russian crude oil [12]. - The subsequent consumption peak season is about to end. The weak US non-farm payrolls data has made the market worried about crude oil demand, and OPEC+ is accelerating production increases. The supply and demand of crude oil will weaken. It is recommended to short on rallies in the medium and long term [12]. - Recently, the previous sharp drop in crude oil prices has partially released the negative impact of the OPEC+ meeting. The market may focus on whether Europe and the US will increase sanctions on Russian crude oil [12]. - Trump said that Putin was disappointing and urged countries to stop buying oil from Russia, but at the same time said that the oil price needed to be further lowered to force Russia to withdraw from the Russia-Ukraine conflict [12]. - In addition, countries such as Iraq have submitted the latest compensation plans, with a cumulative compensation of 4.779 million barrels per day, of which the compensation production in October 2025 is 235,000 barrels per day, alleviating the pressure of supply increase [12]. - Israel launched an attack on the Hamas ceasefire negotiation delegation in Qatar, and the geopolitical risk in the Middle East has increased. Ukraine has increased its attacks on Russian oil infrastructure. Crude oil is oscillating. It is recommended to wait and see for the time being [12]. Asphalt - On the supply side, the asphalt operating rate this week decreased by 0.5 percentage points month-on-month to 34.4%, which is 6.2 percentage points higher than the same period last year. The asphalt operating rate has decreased slightly and is still at a relatively low level in recent years [14]. - According to Longzhong Information data, the expected asphalt production in China in September is 2.686 million tons, a month-on-month increase of 273,000 tons, an increase of 11.3%, and a year-on-year increase of 683,000 tons, an increase of 34.1% [14]. - This week, the operating rates of various downstream industries of asphalt have increased. The operating rate of road asphalt has increased by 1.69 percentage points month-on-month to 30.31%, but it is still at the lowest level in recent years, restricted by funds and rainfall and high temperatures in some areas [14]. - This week, North China has mainly executed previous contracts, and the shipment volume has increased significantly. The national shipment volume has increased by 31.10% month-on-month to 313,600 tons, at a neutral level [14]. - The inventory-to-sales ratio of asphalt refineries has decreased this week but is still at the lowest level in recent years [14]. - The US has allowed Chevron to resume oil production in Venezuela, which may reduce the discount of asphalt raw materials purchased by China [14]. - Next week, the devices of Dongming Petrochemical, Shandong Jincheng, etc. will operate stably, and Henan Fengli has a plan to resume production. The asphalt production will increase. The weather in the north is okay, and many projects are rushing to work. However, the rainfall in some southern areas has increased, and the funds are restricted. The market is cautious, which affects the demand for asphalt [14]. - Recently, the crude oil futures price has oscillated narrowly, and the cost support for asphalt is limited [14]. PP - The downstream operating rate of PP has increased by 0.59 percentage points month-on-month to 51.45%, at a relatively low level in the same period over the years. Among them, the operating rate of plastic weaving has increased by 0.5 percentage points month-on-month to 43.6%, and the plastic weaving orders have continued to increase slightly, slightly higher than the same period in the previous two years [15]. - On September 19, the overhaul devices such as the second line of Yangzi Petrochemical restarted. The operating rate of PP enterprises has dropped to about 81%, at a neutral and relatively low level. The production ratio of standard-grade drawn yarn has dropped to about 28.5% [15]. - The destocking of petrochemical enterprises in September is average, and the petrochemical inventory is at a neutral level in the same period over the years [15]. - On the cost side, the Federal Reserve has cut interest rates by 25 basis points, in line with market expectations. The inventory of US distillate oil has increased significantly, and the crude oil price has dropped [15]. - On the supply side, the new production capacity of 450,000 tons per year of the second line of CNOOC Ningbo Daxie PP Phase II was put into production at the end of August, and another production line of 450,000 tons per year of the first line of CNOOC Ningbo Daxie PP Phase II was put into production in early September. Recently, the number of overhaul devices has decreased slightly [15]. - The weather has improved, and the downstream is gradually entering the peak seasons of "Golden September and Silver October". The operating rate of plastic weaving continues to increase. Most downstream industries of PP are expected to continue to rise. The pre-holiday restocking of the downstream may bring some boost, but the current peak season demand is lower than expected, and the market lacks large-scale centralized procurement [15]. - There is still no actual anti-involution policy in the PP industry. Of course, anti-involution and the elimination of old devices to solve the problem of overcapacity in the petrochemical industry are still macro policies, which will affect the subsequent market [16]. Plastic - On September 19, the overhaul devices such as Jinghai Chemical's HDPE restarted. The operating rate of plastic has increased to about 86.5%, currently at a neutral level [17]. - The downstream operating rate of PE has increased by 0.75 percentage points month-on-month to 42.92%. The agricultural film is gradually entering the peak season. The orders for agricultural film and the raw material inventory of agricultural film continue to increase, but the growth rate has slowed down. The orders for packaging film have also increased, but the overall downstream operating rate of PE is still at a relatively low level in the same period over the years [17]. - The destocking of petrochemical enterprises in September is average, and the petrochemical inventory is at a neutral level in the same period over the years [17]. - On the cost side, the Federal Reserve has cut interest rates by 25 basis points, in line with market expectations. The inventory of US distillate oil has increased significantly, and the crude oil price has dropped [17]. - On the supply side, the new production capacity of 400,000 tons per year of Jilin Petrochemical's HDPE was put into production at the end of July, and the operating rate of plastic has increased [17]. - The agricultural film is gradually entering the peak season, the prices of agricultural film in various regions are stable, and the subsequent demand will further increase. The agricultural film enterprises are continuously restocking before the double festivals, the orders are gradually accumulating, and the operating situation has improved slightly, which may bring some boost, but the current peak season is not as good as expected [17]. - There is still no actual anti-involution policy in the plastic industry. Of course, anti-involution and the elimination of old devices to solve the problem of overcapacity in the petrochemical industry are still macro policies, which will affect the subsequent market [17]. PVC - The price of upstream calcium carbide in the northwest region has continued to increase by 25 yuan per ton [18]. - Currently, on the supply side, the operating rate of PVC has decreased by 2.98 percentage points month-on-month to 76.96%. The operating rate of PVC has decreased and dropped to a neutral and relatively high level in the same period over the years [18]. - During the peak seasons of "Golden September and Silver October", the downstream operating rate of PVC has continued to increase and has begun to exceed the same period last year, but it is still lower than other years [18]. - India has postponed the BIS policy for another six months until December 24, 2025. Formosa Plastics in Taiwan, China has raised its quotation in September by $10 - 25 per ton. On August 14, India announced the latest anti-dumping duty on imported PVC, of which the duty on the Chinese mainland has been raised by about $50 per ton. The export expectation of Chinese PVC in the second half of the year has weakened [18]. - However, after the recent decrease in export prices, the export orders have strengthened month-on-month [18]. - This week, the social inventory has continued to increase and is still relatively high, and the inventory pressure is still large [18]. - From January to August 2025, the real estate market is still in the adjustment stage. The year-on-year decline in investment, new construction, and completion areas is still large, and the year-on-year growth rates of investment, sales, and completion have further decreased [19]. - The weekly trading area of commercial housing in 30 large and medium-sized cities has decreased month-on-month and is still near the lowest level in the same period over the years. The improvement of the real estate market still needs time [19]. - The comprehensive profit of chlor-alkali is still positive, and the operating rate of PVC has increased this week and is still relatively high [19]. - In terms of new production capacity, Wanhua Chemical's 500,000 tons per year production capacity has been put into mass production in August, Tianjin Bohua's 400,000 tons per year production capacity is expected to be stably produced at the end of September after trial production in August, Qingdao Gulf's 200,000 tons per year production capacity was put into production in early September, and Gansu Yaowang's 300,000 tons per year production capacity is in the trial production stage in September [19]. - The anti-involution sentiment has resurfaced, but there is still no actual policy in the PVC industry. Most old devices have been upgraded through technological transformation. Of course, anti-involution and the elimination of old devices to solve the problem of overcapacity in the petrochemical industry are still macro policies, which will affect the subsequent market [19]. - The cost support for PVC has strengthened, and the downstream has restocked before the festival. However, the devices of Heilongjiang Haohua, Gansu Jinchuan, etc. will resume production next week. The basis of PVC is relatively low, and the upside space of

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 芝加哥商品交易所(CME)宣布，将于10月31日推出Solana (SOL)和XRP期货的期权，有待监管审 查。公司指，新产品将允许客户交易SOL、Micro SOL、XRP和Micro XRP期货的期权，到期日包括每 个工作日、每个月和每个季度。公司透露，自3月17日以来，已交易超过54万份Solana期货合约；自5月 19日以来，已交易超过37万份XRP期货合约。 （责任编辑：刘静 HZ010） ...

因美联储降息符合市场普遍预期，短期期货交易商出现温和获利回吐。 纽约商品交易所黄金期货市场交投最活跃的2025年12月黄金期价17日下跌30.5美元，收于每盎司3694.6 美元，跌幅为0.82%。 美联储为期两天的货币政策会议当日下午结束，决定将联邦基金利率目标区间下调25个基点到4.00%至 4.25%之间。这是美联储2025年第一次降息，也是继2024年三次降息后再次降息。 美联储会后发布的声明表示，"鉴于风险平衡变化，委员会决定将联邦基金利率目标区间下调0.25个百 分点至4%至4.25%。在考虑进一步调整联邦基金利率目标区间时，委员会将仔细评估后续数据、不断变 化的（经济）前景以及风险平衡。" 美联储在本次会议上对美国经济做出了预测。预计今年美国实际GDP增长率中值为1.6%，2026年和 2027年分别为1.8%和1.9%，高于此前预测的1.4%、1.6%和1.8%。预计2025年美国失业率中值为4.5%， 2026年为4.4%，2027年为4.3%，而此前预测分别为4.5%、4.5%和4.4%。 此外，与会者根据各自对经济最可能出现情景的判断，写下了对联邦基金利率合适路径的评估。中位数 预测显示 ...

景川认为，深化广期所与港交所的合作，可以推动粤港澳大湾区建设，是落实粤港澳大湾区发展规划的 重要举措，有助于加强粤港澳大湾区城市间的金融合作与协同发展，促进生产要素高效配置，提升粤港 澳大湾区在国家经济发展和对外开放中的支撑引领作用，打造具有全球影响力的国际金融枢纽。 西安交通大学客座教授景川认为，推动发展香港大宗商品交易生态圈，将进一步巩固香港国际金融、航 运与贸易中心地位。"由于大宗商品交易涉及金融、物流、仓储等多个服务业，构建完整生态圈，有助 于香港整合既有优势，形成新的经济增长点，提升其在全球产业链中的枢纽地位，为香港的进一步发展 拓宽道路。"景川说，香港作为连接内地与国际市场的桥梁，可以助力内地大宗商品市场"走出去"，提 升中国在全球大宗商品定价体系中的话语权。 （文章来源：期货日报网） 9月17日，香港特区行政长官李家超在特区立法会发表2025年施政报告。李家超表示，香港特区政府将 成立"大宗商品策略委员会"，由财政司司长领导，汇聚业界代表，加强大宗商品政策的顶层设计和长远 策略制订。 期货日报记者了解到，此前，广东省及广州市多次发文提及，支持广期所推出与港交所跨境合作品种。 例如，今年8月12日 ...

大连商品交易所就焦煤期货期权合约公开征求意见 来源：中国新闻网 编辑：付健青 广告等商务合作，请点击这里 中新网大连9月17日电 (记者 杨毅)大连商品交易所(下称"大商所")17日发布公告，就焦煤期货期权合约 (下称焦煤期权)公开征求意见，截止日期为本月24日。 据了解，我国是世界上最大的焦煤生产和消费国。作为钢铁产业链的重要原燃料，焦煤支撑着我国每年 超10亿吨的粗钢产量。近年来，受供应格局调整、下游需求振荡等因素影响，焦煤现货价格波动幅度较 大，产业链企业避险需求较为强烈，尤其是在综合整治"内卷式"竞争过程中，对于精细化避险工具的需 求日益迫切，期待焦煤场内期权尽快推出，以帮助企业更精准应对价格波动，稳定生产经营。 焦煤期货于2013年在大商所上市，已平稳运行十二年，在价格发现、风险管理和资源配置等方面发挥了 重要作用，有效助力产业稳妥应对煤炭市场价格波动，为炼焦煤资源保供稳价和产业链供应链安全稳定 提供了有力支持。2025年上半年，焦煤期货日均成交量48.0万手，日均持仓量48.7万手，法人客户持仓 占比43%。 根据此次征求意见稿，焦煤期权与大商所已上市期权合约的设计思路一致，适用于同一套规则体系。 ...