Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The external market strengthened under the expectation of Sino-US talks, and the domestic market followed the positive spread logic. The rapeseed sector was relatively strong due to short - term supply - demand mismatch. There is still a gap in fourth - quarter vessel bookings, and the overall meal prices will reach an inflection point this year. From a valuation perspective, the downside space of US soybeans at the cost end is limited, and the far - month contract prices are expected to receive marginal upward drivers with the expected resilience of Brazilian premiums [4]. 3. Summary by Relevant Catalogs 3.1 Price Forecast and Hedging Strategies - **Price Forecast**: The monthly price range for soybean meal is predicted to be 2800 - 3300, with a current 20 - day rolling volatility of 11.7% and a 3 - year historical percentile of 15.5%. For rapeseed meal, the range is 2450 - 2750, with a current volatility of 0.1669 and a 3 - year historical percentile of 0.2664 [3]. - **Hedging Strategies**: - For traders with high protein inventory worried about meal price drops, they can short soybean meal futures (M2509) with a 25% hedging ratio at 3300 - 3400 to lock in profits [3]. - Feed mills with low inventory can buy soybean meal futures (M2509) at 2850 - 3000 with a 50% hedging ratio to lock in procurement costs [3]. - Oil mills worried about excessive imported soybeans and low soybean meal selling prices can short soybean meal futures (M2509) with a 50% hedging ratio at 3100 - 3200 to lock in profits [3]. 3.2 Core Contradictions and Market Trends - **Core Contradictions**: The external market is strong due to Sino - US talks, the domestic market follows positive spread logic, and the rapeseed sector is strong due to short - term supply - demand mismatch. There is a fourth - quarter vessel - booking gap, and meal prices will inflect. The cost - end US soybeans have limited downside, and far - month prices may rise [4]. - **Likely Positive Factors**: Sino - US talks support the US soybean market, bullish sentiment is strong in far - month contracts due to weather speculation, and Brazilian export premiums support far - month contract prices [9]. - **Likely Negative Factors**: - Spot - end supply pressure is reflected in the basis, and the market lacks short - selling pressure due to hedging position transfers [6]. - Near - month arrivals are sufficient (11.5 million tons in July, 11 million tons in August, 10 million tons in September), with a gap after December [6]. - Rapeseed meal inventory is increasing slightly, near - month warehouse receipt pressure is easing, and there are signs of Sino - Canadian and Sino - Australian talks, but the market has already priced in this information [6]. 3.3 Market Data - **Futures Prices**: - Soybean meal futures: M01 closed at 3078, up 24 (0.79%); M05 at 2744, up 20 (0.73%); M09 at 3056, up 27 (0.89%) [7]. - Rapeseed meal futures: RM01 at 2394, up 7 (0.29%); RM05 at 2352, up 12 (0.51%); RM09 at 2722, up 3 (0.11%) [7]. - **CBOT and Exchange Rate**: CBOT yellow soybeans were at 1027.25, unchanged (0%), and the offshore RMB was at 7.1865, up 0.006 (0.08%) [10]. - **Price Spreads**: - Soybean meal spreads: M01 - 05 was 334, up 4; M05 - 09 was - 312, down 7; M09 - 01 was - 22, up 3 [11]. - Rapeseed meal spreads: RM01 - 05 was 42, down 5; RM05 - 09 was - 370, up 9; RM09 - 01 was 328, down 4 [11]. - Spot prices and basis: Soybean meal in Rizhao was 2880, up 30, with a basis of - 176, up 3; rapeseed meal in Fujian was 2655, up 22, with a basis of - 64, down 44 [11]. - Spot and futures spreads: The spot spread between soybean and rapeseed meal was 225, up 30; the futures spread was 334, up 24 [11]. - **Import Costs and Profits**: - US Gulf soybean import cost (23%) was 4781.821 yuan/ton, up 12.1422; Brazilian soybean import cost was 3935.15 yuan/ton, up 18.12 [12]. - US Gulf soybean import profit (23%) was - 873.261 yuan/ton, up 12.1422; Brazilian soybean import profit was 129.2523 yuan/ton, up 2.8987 [12]. - Canadian rapeseed import profit: The import - on - paper profit was 305, down 80; the import - spot profit was 300, down 74 [12].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The supply - demand structure of asphalt shows a weakening trend, with weekly production increasing by 28% year - on - year and demand growing by 10% year - on - year. The inventory structure features factory inventory accumulation and social inventory depletion, and speculative demand is weakening. The basis in Shandong and East China has weakened due to increased开工率, while the crack spread remains high. In the short term, the supply increase exceeds expectations, and demand is in the off - season due to rainfall. The overall fundamentals are weakening month - on - month, and the absolute price shows a volatile trend due to the strong performance of crude oil on the cost side. In the long - term, demand is expected to pick up as construction conditions improve in August, and the peak season is still worth looking forward to. Short - term attention should be paid to the goods circulation situation and the details and authenticity of the fuel oil consumption refund policy in Shandong [2] 3. Summary by Related Content 3.1 Asphalt Price and Volatility - The price range forecast for the asphalt main contract in the month is 3400 - 3750 yuan/ton, with a current 20 - day rolling volatility of 22.07% and a historical percentile of 38.62% over 3 years [1] 3.2 Asphalt Risk Management Strategy - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short the bu2509 asphalt futures according to their inventory situation to lock in profits and make up for production costs. The selling direction is recommended, with a hedging ratio of 25% and an entry range of 3650 - 3750 yuan/ton [1] - **Procurement Management**: For enterprises with low regular procurement inventory and aiming to purchase according to orders, they can buy the bu2509 asphalt futures at present to lock in procurement costs in advance. The buying direction is recommended, with a hedging ratio of 50% and an entry range of 3300 - 3400 yuan/ton [1] 3.3 Asphalt Price and Basis Data - **Spot Price**: On July 18, 2025, the Shandong spot price was 3820 yuan/ton (unchanged from the previous day, up 10 yuan/ton week - on - week), the Yangtze River Delta spot price was 3780 yuan/ton (unchanged), the North China spot price was 3750 yuan/ton (unchanged), and the South China spot price was 3600 yuan/ton (unchanged, down 10 yuan/ton week - on - week) [4] - **Basis**: The Shandong spot 09 basis was 165 yuan/ton (down 27 yuan/ton day - on - day, down 39 yuan/ton week - on - week), the Yangtze River Delta spot 09 basis was 125 yuan/ton (down 27 yuan/ton day - on - day, down 49 yuan/ton week - on - week), the North China spot 09 basis was 95 yuan/ton (down 27 yuan/ton day - on - day, down 49 yuan/ton week - on - week), and the South China spot 09 basis was - 55 yuan/ton (down 27 yuan/ton day - on - day, down 59 yuan/ton week - on - week) [4] 3.4 Asphalt Crack Spread Data - On July 18, 2025, the Shandong spot crack spread against Brent was 161.4216 yuan/barrel (unchanged from the previous day, up 7.7092 yuan/barrel week - on - week), and the futures main contract crack spread against Brent was 132.829 yuan/barrel (up 4.6788 yuan/ton day - on - day, up 14.4674 yuan/ton week - on - week) [7] 3.5 Factors Affecting Asphalt Market - **Positive Factors**: Low factory inventory pressure provides a basis for manufacturers to support prices; demand seasonal peak season; low开工率 and the expectation of catch - up construction in the South [3][6] - **Negative Factors**: After the end of maintenance, the output of some refineries recovers; the short - term plum rain season in the South drags down demand; the slowdown of social inventory depletion and the weakening of the basis [6]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core View - The mid - term view is not bearish, and short - term trading should follow the stock market rhythm. The bond market currently lacks obvious catalysts and cannot break away from the influence of the stock market in the short term. Mid - line long positions should be held, while short - line long positions need to pay attention to timely profit - taking/stop - loss [1][3] Group 3: Summary by Related Content 1. Market Review - Treasury bond futures opened lower in the morning, tried to rebound during the noon as the stock market declined, but the rebound failed in the afternoon due to the strengthening of the stock market, and all closed down. In the open market, 84.7 billion yuan matured today, and the central bank conducted 187.5 billion yuan of 7 - day pledged repurchase, with a net investment of 102.8 billion yuan [1] 2. Intraday News - The EU is reported to be drafting a tariff list on US service industries in preparation for an escalation of the trade war. The US will impose a 93.5% anti - dumping duty on graphite, a key battery material imported from China, and the actual tariff will reach 160% after adding the existing tax rate. The Sci - tech Innovation Bond ETF had a hot trading volume on its first day of listing, with the subscription scale increasing by 47.5 billion yuan [2] 3. Market Judgment - The bond market currently lacks obvious catalysts and cannot break away from the influence of the stock market in the short term. The Wind All - A Index will continue to冲击 the high point of last October next week. Since it deviates slightly from the 5 - day moving average, it may adjust slightly early next week, and treasury bonds may have some upward space. However, if the index successfully breaks through, the bond market will continue to be under pressure [3] 4. Data Overview - **Contract Prices and Changes**: TS2509 was at 102.434 (down 0.002 from the previous day), TF2509 at 106.005 (down 0.035), T2509 at 108.81 (down 0.065), and TL2509 at 120.53 (down 0.2) [4] - **Contract Positions and Changes**: TS contract positions were 123,247 hands (down 272), TF contract positions were 206,287 hands (up 1,728), T contract positions were 234,383 hands (up 303), and TL contract positions were 150,008 hands (down 1,073) [4] - **Base Spreads and Changes**: TS base spread (CTD) was - 0.0146 (down 0.0106), TF base spread (CTD) was - 0.014 (down 0.0074), T base spread (CTD) was 0.0204 (up 0.0008), and TL base spread (CTD) was 0.3078 (up 0.081) [4] - **Trading Volumes and Changes**: TS main trading volume was 22,678 hands (down 4,064), TF main trading volume was 44,183 hands (down 4,278), T main trading volume was 51,738 hands (up 6,186), and TL main trading volume was 72,268 hands (up 1,823) [4] - **Repo Rates and Changes**: DR001 was 1.4635% (down 0.0054), DR007 was 1.5223% (down 0.0068), and DR014 was 1.5355% (down 0.0211) [4] - **Repo Trading Volumes**: DR001 trading volume was 2,713.53413 billion yuan (unchanged), DR007 trading volume was 66.49888 billion yuan (unchanged), and DR014 trading volume was 5.13925 billion yuan (unchanged) [4]

Report Industry Investment Rating - No information provided Core Viewpoints - The report presents overnight market information on U.S. soybean and soybean meal export sales, Brazilian soybean production and export forecasts, and the adjustment of Malaysia's palm oil reference price and export tax [1] - It also provides spot price data for various oilseeds and oils [2] Summary by Relevant Catalogs Overnight Market Information - For the week ending July 10, U.S. soybean export sales totaled a net increase of 801,500 tons as expected. Current - market - year sales net increased by 271,900 tons, down 46% from the previous week and 39% from the four - week average. Next - market - year sales net increased by 529,600 tons. Export shipments were 276,400 tons, down 30% from the previous week and 8% from the four - week average. New sales for the current and next market years were 300,600 tons and 529,800 tons respectively [1] - For the week ending July 10, U.S. soybean meal export sales totaled a net increase of 530,500 tons as expected. Current - market - year sales net increased by 356,500 tons, up 72% from the previous week and 86% from the four - week average. Next - market - year sales net increased by 174,000 tons. Export shipments were 343,200 tons, up 17% from the previous week and 26% from the four - week average. New sales for the current and next market years were 410,400 tons and 179,800 tons respectively [1] - Abiove raised its forecast for Brazil's 2024/25 soybean exports from 108.2 million tons to 109 million tons, maintained the production forecast at 169.7 million tons, and increased the crushing volume forecast from 57.5 million tons to 57.8 million tons. The biodiesel blending ratio increase boosted the processing outlook. The forecast for soybean meal exports was maintained at 23.6 million tons, soybean oil exports were revised down from 1.4 million tons to 1.35 million tons, soybean oil production was raised from 11.45 million tons to 11.6 million tons, and soybean meal production was revised up to 44.5 million tons from 44.1 million tons [1] - Malaysia raised its August reference price for crude palm oil, increasing the export tax to 9%. The August reference price is 3,864.12 Malaysian ringgit ($910.28) per ton, compared with 3,730.48 Malaysian ringgit in July with an 8.5% export tax [1] Spot Prices - Spot prices for various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from July 11 to July 17, 2025 are provided [2] Others - Information on protein meal basis, oil basis, and oilseed and oil futures price spreads is mentioned but no specific data is presented [3][6][7]

Group 1 - The article discusses the impact of shipping delays in Brazil on global soybean supply, highlighting the potential implications for import demand [1] - The International Grains Council (IGC) is expected to provide forecasts on global soybean import demand, indicating a significant interest in the market dynamics [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current import quota policy has not been finalized. Supported by post - pricing by textile enterprises and low inventory, domestic cotton prices are showing a strong trend. The 09 contract's open interest has increased significantly, and the 9 - 1 spread continues the positive spread trend. In the short term, cotton prices may be strong due to capital inflows, but the pressure of downstream finished - product inventory in the off - season may limit the upside. Attention should be paid to domestic policies and adjustments to the China - US trade agreement [4]. 3. Summary by Relevant Content Cotton Price Forecast and Risk Management - **Price Range Forecast**: The monthly price range of cotton is predicted to be between 13,600 and 14,400, with a current 20 - day rolling volatility of 0.0681 and a 3 - year historical percentile of 0.0986 [3]. - **Risk Management Strategies** - **Inventory Management**: For enterprises with high inventory worried about price drops, they can short Zhengzhou cotton futures (CF2509) at 14,200 - 14,400 with a 50% hedging ratio. They can also sell call options (CF509C14400) at 180 - 220 with a 75% ratio to reduce costs and lock in selling prices [3]. - **Procurement Management**: For enterprises with low procurement inventory, they can buy Zhengzhou cotton futures (CF2509) at 13,600 - 13,700 with a 50% hedging ratio. They can also sell put options (CF509P13600) at 100 - 150 with a 75% ratio to reduce procurement costs and lock in buying prices [3]. Core Contradictions - The uncertainty of import quota policies, the support from post - pricing and low inventory, and the pressure from off - season demand and downstream inventory are the main factors affecting cotton prices. The short - term trend may be strong, but the upside is limited [4]. Market Influencing Factors - **Likely Positive Factors**: High tariffs have led to a significant decline in cotton imports this year, and the reserve cotton has not been sold. The inventory of Xinjiang cotton is decreasing rapidly, and the spot basis is firm. The market is expected to be in a tight - balance state at the end of the year [5]. - **Likely Negative Factors**: The downstream is in the off - season, with lower load in spinning and weaving factories, low raw - material procurement enthusiasm, and increasing finished - product inventory. The high temperature in Xinjiang has accelerated the growth of new cotton, and the overall growth is good, which is optimistic for the new - year's output [5]. Futures Price and Spread - **Futures Prices**: The closing prices of cotton 01, 05, 09 are 13,960, 13,925, 14,250 respectively, with daily increases of 95, 90, 260 and corresponding increases of 0.69%, 0.65%, 1.86%. The closing prices of棉纱 01, 05, 09 are 20,285, 0, 20,430 respectively, with daily increases of 150, - 20060, 250 and corresponding increases of 0.74%, - 100%, 1.24% [5][7]. - **Spreads**: The cotton basis is 1104 with a daily decrease of 178. The spreads of cotton 01 - 05, 05 - 09, 09 - 01 are 35, - 325, 290 respectively, with daily changes of 5, - 170, 165. The flower - yarn spread is 6200 with a daily increase of 10. The internal - external cotton spread is 1515 with a daily decrease of 136, and the internal - external yarn spread is - 409 with a daily increase of 180 [8]. Cotton Price Index - The prices of CCI 3128B, CCI 2227B, CCI 2129B, FCI Index S, FCI Index M, FCI Index L are 15,354, 13,430, 15,661, 13,951, 13,757, 13,517 respectively, with daily increases of 82, 96, 95, 107, 106, 106 and corresponding increases of 0.54%, 0.72%, 0.61%, 0.77%, 0.78%, 0.79% [9].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The mid - term outlook for the bond market is not bearish, and short - term trading should be based on the rhythm of the stock market. The bond market is in a narrow - range oscillation pattern, and short - term trading can buy on dips according to the A - share rhythm while mid - term long positions should be held [1][3] 3. Summary by Related Content Market Conditions - Treasury bond futures continued the narrow - range oscillation pattern, rising at noon and falling in the afternoon due to the strengthening of the stock market. The trading volume of T and TL contracts decreased continuously. In the open market, 90 billion yuan matured today, and the central bank conducted 450.5 billion yuan of 7 - day pledged repurchase, with a net investment of 360.5 billion yuan [1] News - There were reports that Trump drafted a letter to fire Powell, but Trump denied the dismissal rumor and hinted that there could be justifiable reasons. Hassett, the director of the White House National Economic Council, is the top candidate to succeed Powell, and Trump said he was considering it [2] Market Judgment - During the tax period this week, the central bank has been making large - scale investments, and the DR001 has fallen to around 1.46%, indicating no concerns about the capital side. From the data in June, the economic momentum is weak, and there is still downward pressure in the future. With no negative factors in the fundamentals, the mid - term outlook for the bond market is not bearish. Recently, the main influencing factor is the seesaw effect between stocks and bonds. The A - share market has been rising through sector rotation, and the wind all - A index is approaching last October's high. Affected by this, the bond market's volatility has decreased, and the trading volume of active varieties such as T and TL has significantly declined. The short - term bond market is difficult to break out of the oscillation pattern, and short - term trading can buy on dips according to the A - share rhythm while mid - term long positions should be held [3] Data Overview - The data shows the prices, trading volumes, and positions of TS2509, TF2509, T2509, and TL2509 contracts on July 17, 2025, compared with July 16, 2025, and the same period last week. It also includes information on basis, DR001, DR007, and DR014 [4] Graphical Data - There are multiple graphs showing the net basis and basis of T, TL, TS, and TF contracts, 10 - year and 30 - year treasury bond yields, 7Y - 2Y treasury bond spreads, US treasury bond trends, US - China spreads, and exchange - traded fund prices [5][10][13]

南华期货硅产业链企业风险管理日报 2025年07月17日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 日涨跌 | 当前波动率历史百分位（3年） | 日涨跌 | | --- | --- | --- | --- | --- | --- | | 工业硅主力合约 | 宽幅震荡 | 35.2% | 0.00% | 96.3% | -0.2% | | 多晶硅主力合约 | 宽幅震荡 | 45.45% | 2.06% | 85.07% | 3.1% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行 | | | | | | | --- | --- | --- | --- | --- | --- | | 为 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | | 导 向 | | | | | | | 库 | | 为了防止存货减值，根据企业库存情况，做空期货来锁定利 润 ...

Core Insights - The main contract for polysilicon (2509) closed at a price increase of 7.24% as of July 17, with a trading volume of 506,000 contracts and a net long position of 17,683 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all polysilicon contracts reached 1,095,400 contracts, an increase of 132,600 contracts from the previous day [1][4]. - The top 20 positions showed a total long position of 286,600 contracts, up by 32,200 contracts from the previous day [1][4]. - The total short position among the top 20 positions was 247,300 contracts, which increased by 33,300 contracts compared to the previous day [1][4]. Major Players - The top three long positions were held by Guotai Junan Futures (46,504 contracts), CITIC Futures (38,778 contracts), and Zheshang Futures (36,788 contracts) [1][4]. - The top three short positions were held by CITIC Futures (29,949 contracts), Guotai Junan Futures (25,716 contracts), and CITIC Jiantou (24,825 contracts) [1][4]. Changes in Positions - Among the top 20 positions, the largest increases in long positions were from Guotai Junan Futures (5,499 contracts), Haitong Futures (2,941 contracts), and Guomao Futures (2,673 contracts) [1][4]. - The largest decreases in long positions were from Yong'an Futures (-1,516 contracts), Wukuang Futures (-229 contracts), and Baocheng Futures (-55 contracts) [1][4]. - The largest increases in short positions were from CITIC Jiantou (3,711 contracts), Dongwu Futures (2,673 contracts), and CITIC Futures (2,039 contracts) [1][4]. - The largest decreases in short positions were from Yong'an Futures (-465 contracts), Zhaoshang Futures (-360 contracts), and Shenyin Wanguo (-202 contracts) [1][4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The medium - to long - term trend of precious metals may be bullish, but short - term fluctuations will intensify. It is recommended to control positions. For London gold, pay attention to the support at the 3300 mark, and for London silver, the support is around 37.3. The strategy of buying on dips is still maintained [4] Summary by Relevant Catalogs Market Review - On Tuesday, the precious metals market adjusted. The sharp rise of the US dollar index and the 10Y US Treasury yield was a negative factor. The surrounding US stocks and Bitcoin declined, crude oil fluctuated, and the South China Non - ferrous Metals fluctuated. COMEX gold 2508 contract closed at $3330.5 per ounce, down 0.85%; US silver 2509 contract closed at $37.985 per ounce, down 1.95%. SHFE gold 2510 main contract was 780.4 yuan per gram, up 1.06%; SHFE silver 2510 contract was 9225 yuan per kilogram, up 0.52% [1] Interest Rate Cut Expectations and Fund Holdings - The expectation of an interest rate cut in September has slightly cooled. According to CME "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July is 97.4%, and the probability of a 25 - basis - point cut is 2.6%. In September, the probability of keeping interest rates unchanged is 45.1%, the probability of a cumulative 25 - basis - point cut is 53.5%, and the probability of a cumulative 50 - basis - point cut is 1.4%. In October, the probability of keeping interest rates unchanged is 22%, the probability of a cumulative 25 - basis - point cut is 49.2%, the probability of a cumulative 50 - basis - point cut is 28.1%, and the probability of a cumulative 75 - basis - point cut is 0.7%. The daily holdings of SPDR Gold ETF remained at 947.64 tons, and the holdings of iShares Silver ETF decreased by 110.22 tons to 14856.02 tons. SHFE silver inventory decreased by 1 ton to 1223 tons daily, and SGX silver inventory increased by 7.3 tons to 1327.2 tons in the week ending July 4 [2] This Week's Focus - This week, focus on the US CPI data on Tuesday evening. On Thursday at 02:00, the Fed will release the Beige Book of Economic Conditions; at 05:30, FOMC permanent voter and New York Fed President Williams will speak on the US economy and monetary policy. In addition, US President Trump plans to make a "major statement" on the Russian issue this week [3] Precious Metals Spot and Futures Prices - SHFE gold main continuous contract was 780.4 yuan per gram, down 1 yuan, or - 0.13%; SGX gold TD was 776.13 yuan per gram, down 1.33 yuan, or - 0.17%; CME gold main contract was $3330.5 per ounce, down $21.6, or - 0.64%. SHFE silver main continuous contract was 9225 yuan per kilogram, up 18 yuan, or 0.2%; SGX silver TD was 9184 yuan per kilogram, up 12 yuan, or 0.13%; CME silver main contract was $37.985 per ounce, down $0.425, or - 1.11%. SHFE - TD gold was 4.27 yuan per gram, up 0.33 yuan, or 8.38%; SHFE - TD silver was 41 yuan per kilogram, up 6 yuan, or 191.67%. CME gold - silver ratio was 87.6793, up 0.4078, or 0.47% [5] Inventory and Holdings - SHFE gold inventory was 28872 kilograms, up 15 kilograms, or 0.05%; CME gold inventory was 1143.012 tons, unchanged; SHFE gold holdings were 198270 lots, up 7187 lots, or 3.76%; SPDR gold holdings were 947.64 tons, unchanged. SHFE silver inventory was 1222.959 tons, down 1.023 tons, or - 0.08%; CME silver inventory was 15447.1139 tons, up 0.3878 tons, or 0%; SGX silver inventory was 1327.23 tons, up 7.335 tons, or 0.56%; SHFE silver holdings were 450115 lots, up 2020 lots, or 0.45%; SLV silver holdings were 14856.023289 tons, down 110.213 tons, or - 0.74% [11] Stock, Bond, and Commodity Overview - The US dollar index was 98.6303, up 0.5171, or 0.53%; the US dollar against the Chinese yuan was 7.1858, up 0.0139, or 0.19%; the Dow Jones Industrial Average was 44459.65 points, up 88.14 points, or 0.2%; WTI crude oil spot was $66.98 per barrel, down $1.47, or - 2.15%; LmeS copper 03 was $9643.5 per ton, down $19.5, or - 0.2%. The 10Y US Treasury yield was 4.43%, unchanged; the 10Y US real interest rate was 2.09%, up 0.05, or 2.45%; the 10 - 2Y US Treasury yield spread was 0.53%, unchanged [16][17]