Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, gold prices are expected to fluctuate. The potential extension of the tariff suspension period and the strong US June non - farm data may suppress gold prices, but the uncertainty of tariff policies and China's continuous gold reserve increase may support gold prices. Silver shows better resilience than gold due to improved risk appetite and reduced US economic downside risks, but may be relatively pressured if tariff policies are disturbed [4]. - In the long term, the upward trend of gold remains unchanged due to the ongoing trade war, the possibility of the Fed's interest rate cut, global geopolitical uncertainties, and central banks' gold - buying. It is recommended to allocate gold on dips [4]. Summary by Relevant Catalogs 1. Price Tracking of Domestic and Foreign Gold and Silver - **15 - point Prices on July 7, 2025**: London gold spot, London silver spot, COMEX gold, and COMEX silver were all 0.00. AU2508 was 769.12 yuan/gram, AG2508 was 8872.00 yuan/kilogram, AU (T + D) and AG (T + D) were 0.00 [3]. - **15 - point Prices on July 4, 2025**: London gold spot was 3342.39 dollars/ounce, London silver spot was 36.85 dollars/ounce, COMEX gold was 3351.90 dollars/ounce, COMEX silver was 37.04 dollars/ounce, AU2508 was 774.88 yuan/gram, AG2508 was 8919.00 yuan/kilogram, AU (T + D) was 772.60 yuan/gram, AG (T + D) was 8901.00 yuan/kilogram [3]. - **Price Changes**: The price of domestic and foreign gold and silver decreased, with the largest decline of 100.0% [3]. 2. Spread/Ratio Tracking - **15 - point Prices on July 7, 2025**: The spread of gold TD - SHFE active price was - 769.12 yuan/gram, the spread of silver TD - SHFE active price was - 8872 yuan/kilogram, etc [3]. - **15 - point Prices on July 4, 2025**: The spread of gold TD - SHFE active price was - 2.28 yuan/gram, the spread of silver TD - SHFE active price was - 18 yuan/kilogram, etc [3]. - **Spread Changes**: The spread of gold TD - SHFE active price increased by 33633.3%, and the spread of silver TD - SHFE active price increased by 49188.9% [3]. 3. Position Data - **July 3, 2025**: Gold ETF - SPDR was 947.66 tons, COMEX gold non - commercial long positions were 256077 contracts, etc [3]. - **July 2, 2025**: Gold ETF - SPDR was 947.66 tons, COMEX gold non - commercial long positions were 260586 contracts, etc [3]. - **Position Changes**: COMEX gold non - commercial long positions decreased by 1.73%, and COMEX gold non - commercial short positions increased by 1.89% [3]. 4. Inventory Data - **July 7, 2025**: SHFE gold inventory was 21456.00 kilograms, SHFE silver inventory was 1330695.00 kilograms, COMEX gold inventory was 36785583 ounces, COMEX silver inventory was 499281076 ounces [3]. - **July 4, 2025**: SHFE gold inventory was 21456 kilograms, SHFE silver inventory was 1339746 kilograms, COMEX gold inventory was 37048200 ounces, COMEX silver inventory was 500183447 ounces [3]. - **Inventory Changes**: SHFE gold inventory remained unchanged, SHFE silver inventory decreased by 0.68%, COMEX gold inventory decreased by 0.71%, and COMEX silver inventory decreased by 0.18% [3]. 5. Related Market Data - **July 7, 2025**: The US dollar index was 7.15 [4]. - **July 3, 2025**: The US dollar index was 97.12, the 2 - year US Treasury yield was 3.88%, the 10 - year US Treasury yield was 4.35%, the VIX was 16.38, the S&P 500 was 6279.35, the US dollar/Chinese yuan central parity rate was 67.18, and NYMEX crude oil was 1000 [4]. - **Market Data Changes**: The US dollar index decreased by 0.04%, the 2 - year US Treasury yield increased by 2.65%, the 10 - year US Treasury yield increased by 1.16%, the VIX decreased by 1.56%, the S&P 500 increased by 0.83%, the US dollar/Chinese yuan central parity rate decreased by 0.52% [4]. 6. Market News and Analysis - **News**: US Treasury Secretary Bessent said that trade negotiations between the US and the EU were progressing, and major news might be announced in the next two days. Trump and the US Treasury Secretary said that countries would start paying new tariffs on August 1. China's gold reserves at the end of June were reported to be 73.9 million ounces, an increase of 70,000 ounces (about 2.18 tons) from the previous month [4]. - **Analysis**: On July 7, the main contract of Shanghai gold futures closed down 0.54% to 771.31 yuan/gram, and the main contract of Shanghai silver futures closed down 0.5% to 8872 yuan/kilogram. In the short term, gold prices are expected to fluctuate, and silver prices are relatively resilient. In the long term, the upward trend of gold remains unchanged [4].

南华期货铜风险管理日报 2025年7月8日 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 铜价格波动率（日度） | 最新价格 | 价格区间预测（月度） | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | | 79270 | 73000-80000 | 9.97% | 13.6% | source： 南华研究,同花顺 铜风险管理建议（日度） | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心价格下跌 | 多 | 做空沪铜主力期货合约 | 沪铜主力期货合约 | 卖出 | 75% | 82000附近 | | | | | 卖出看涨期权 | CU2509C82000 | 卖出 | 25% | 波动率相对稳定时 | | 原料管理 | 原料库存较低，担心价格上涨 | 空 | 做多沪铜主力期货合约 | 沪铜主力 ...

双焦价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | --- | | 焦煤 | 780-900 | 31.00% | 60.43% | | 焦炭 | 1350-1500 | 24.12% | 44.76% | source： 南华研究,wind 双焦风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存套保 | 焦炭盘面大幅升水现货，交割利润可观 | 多 | 做空J2509 | J2509 | 卖出 | 25% | 1425-1450 | | | | | | | | 50% | 1450-1500 | source： 南华研究 黑色仓单日报 南华煤焦产业风险管理日报 2025/07/07 南华研究院 黑色研究团队 严志妮：Z0022076 张泫：F03118257 投资咨询业务资格：证监许可【2011】1290号 | | ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Industrial Silicon**: In the second half of the year, the industrial silicon industry is in a cycle of accelerating the elimination of backward production capacity, with continuous supply - surplus pressure. Supply will increase due to lower electricity costs during the wet season, while downstream demand is weak. Although there are some short - term positive factors, the industry still faces significant adjustment pressure [4]. - **Polysilicon**: The polysilicon market in the second half of the year is in a stage where fundamental and "anti - involution" logics alternate. Fundamentally, supply may increase due to lower costs, while demand is limited, and high inventory persists. The "anti - involution" logic offers potential for improvement if effective industry integration occurs [7]. 3. Summary by Directory Industrial Silicon - **Futures Data** - **Price and Volatility**: The strong pressure level of the industrial silicon main contract is 7600 yuan/ton, with a 20 - day rolling volatility of 32.6%, a daily decline of 0.99%, and a 3 - year historical volatility percentile of 94.8%. The main contract's closing price is 8045 yuan/ton, up 0.81% from the previous period, with a decrease in trading volume and open interest [2][9]. - **Spread**: The SI09 - 11 spread is 70 yuan/ton, up 7.69% from the previous period, and the SI11 - 12 spread is - 325 yuan/ton, up 2.99% [11]. - **Spot Data** - **Prices**: The prices of 553 and 421 industrial silicon in different regions show little change, except for a 1.05% decline in Sichuan's 421 silicon. The spread between 421 and 553 in East China is 300 yuan/ton, unchanged [13]. - **Downstream Prices**: The prices of downstream products such as N - type polysilicon, granular silicon, DMC, and SMM aluminum alloy ADC12 are presented in the report [15]. - **Basis and Warehouse Receipts** - **Basis**: The basis of East China's 421 and 553 industrial silicon main contracts has decreased. The 421 basis is 1005 yuan/ton, down 6.07%, and the 553 basis is 705 yuan/ton, down 8.44% [13]. - **Warehouse Receipts**: The total warehouse receipts are 51349 lots, a decrease of 352 lots. The inventory in different delivery warehouses shows various changes [20]. Polysilicon - **Futures Data** - **Price and Volatility**: The strong pressure level of the polysilicon main contract is 33000 yuan/ton, with a 20 - day rolling volatility of 39.90%, a daily increase of 0.57%, and a 3 - year historical volatility percentile of 84.12%. The main contract's closing price is 36515 yuan/ton, up 2.83% from the previous period, with changes in trading volume and open interest [2][23]. - **Spread**: The PS08 - 09 spread is 150 yuan/ton, down 71.43% from the previous period; the PS08 - 11 spread is 305 yuan/ton, down 63.25%; and the PS09 - 11 spread is 155 yuan/ton, down 49.18% [25]. - **Spot Data** - **Prices**: The prices of different types of polysilicon, such as N - type, cauliflower, and dense materials, show no daily change. The prices of silicon wafers and battery chips also remain stable [30][32]. - **Basis and Warehouse Receipts** - **Basis**: The basis of the polysilicon main contract and other contracts has decreased significantly. The main contract's basis is - 915 yuan/ton, down 1116.67% [38]. - **Warehouse Receipts**: The warehouse receipts in different regions remain unchanged [40]. 4. Risk Management Strategies - **Inventory Management**: For enterprises with high product inventory and risk of inventory impairment, it is recommended to short futures (30% hedging ratio) and sell call options (70% hedging ratio) using SI2509/PS2509 and over - the - counter/on - exchange options. Buying out - of - the - money put options is also suggested [2]. - **Procurement Management**: For enterprises with future production plans and the risk of rising raw material prices, it is recommended to buy long - term futures contracts according to the production plan, sell put options, and buy out - of - the - money call options using over - the - counter/on - exchange options [2].

Core Points - National Investment Corporation (国投资本) has undergone significant leadership changes, with General Manager Lu Jun resigning on July 2, 2024, and Chairman Cui Hongqin taking over his responsibilities temporarily [2][3] - The company has four major financial segments: securities, trust, fund, and futures, with National Investment Securities (国投证券) reversing a two-year profit decline due to strong proprietary trading performance [2][11] - The trust and futures segments continue to face profit declines, while the fund business is experiencing both scale and performance pressures [2][11] Leadership Changes - Lu Jun, who served as General Manager for only 1 year and 2 months, has left for a work transfer, and Cui Hongqin has been elected as the new Chairman [3][24] - Cui Hongqin has extensive financial management experience and previously held various senior positions within the National Development Investment Group [3][24] - The former Chairman, Duan Wenwu, has transitioned to a role at China Minmetals and is expected to resign from his position as Chairman of National Investment Securities soon [5][24] Business Performance - National Investment Securities reported a revenue of 10.78 billion yuan in 2024, a 1.95% increase year-on-year, with a net profit of 2.53 billion yuan, up 30.49% [11][23] - The significant profit increase is attributed to a remarkable 834.62% rise in proprietary trading income, while other business segments like brokerage and asset management saw declines [11][12] - The overall revenue for National Investment Corporation in 2024 was 15.06 billion yuan, a decrease of 13.76%, marking the lowest level in four years [23] Segment Analysis - National Investment Securities accounts for over 71.62% of National Investment Corporation's revenue, highlighting its critical role in the overall business [11][23] - The trust segment, National Investment Taikang Trust, reported a revenue decline of 22.17% to 1.466 billion yuan, and net profit fell by 29.75% [16][23] - National Investment Futures has faced a continuous decline in net profit for three consecutive years, with a reported net profit of 215 million yuan in 2024, down 15.69% [20][21] Market Environment - The performance of National Investment Corporation's various segments reflects the broader market conditions, with the securities sector benefiting from a recovering market while trust and futures face challenges [23][24] - The recent leadership changes may impact the company's strategic direction and operational stability, raising concerns about team cohesion and market confidence [23][24]

2025/07/03 寿佳露（投资咨询证号：Z0020569） 投资咨询业务资格：证监许可【2011】1290号 玻璃纯碱价格区间预测 玻璃纯碱产业风险管理日报 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 玻璃 | 900-1100 | 32.77% | 85.0% | | 纯碱 | 1000-1250 | 20.98% | 19.8% | source： 南华研究,同花顺 玻璃纯碱套保策略表2 | | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工 | 买卖方向 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 导向 | | 敞口 | | 具 | | （%） | | | 玻 | 库存 | 产成品库存偏高， | 多 | 为了防止存货叠加损失，可以根据企业的库存情 况，做空玻璃期货来锁定利润，弥补企业的生产成 本 | FG250 9 | 卖出 | 50% | 1050 | | 璃 | 管理 ...

股指日报 股指期货日报 2025年7月3日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 震荡偏强，关注后续量能情况 市场回顾 今日股指集体收涨，以沪深300指数为例，收盘上涨。从资金面来看，两市成交额减少672.34亿元。期指方 面，IF、H缩量上涨，IC、IM放量上涨。 重要资讯 1. 美国6月ADP就业人数意外减少3.3万人，自2023年3月以来首次负增长，预期为增长9.8万人，5月份数据 在向下修正后仅增加2.9万人。 2. 证监会党委召开扩大会议强调，要持续优化股债融资、并购重组等资本市场机制安排，促进要素向最有潜 力的领域高效集聚。 股指日报现货市场观察 | 名称 | 数值 | | --- | --- | | 上证涨跌幅（%） | 0.18 | | 深证涨跌幅（%） | 1.17 | | 个股涨跌数比 | 1.75 | | 两市成交额（亿元） | 13097.34 | | 成交额环比（亿元） | -672.34 | source： wind,南华研究 两市融资买入额/两市成交额 source： 同花顺,南华研究 % 两融交易额占A股交 ...

Report Information - Report Name: Iron Alloy Industry Risk Management Daily Report - Date: July 3, 2025 - Analysts: Zhou Fuhan (Z0020173), Chen Mintao (F03118345) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The market has strong expectations for supply - side reform policies after the Sixth Meeting of the Central Financial and Economic Commission, which has boosted the prices of iron alloys. However, the current market shows a situation of strong expectations but weak reality. Although there is a certain rebound sentiment due to technical buying, the spot market is dragged down by steel mill price - pressure and weakening costs. In the long - term, with the steel consumption entering the off - season, the iron alloy market remains relatively weak. The previous high - inventory and high - supply negative factors are weakening, and the supply side maintains low - level supply with a low pressure. The iron alloy will continue the de - stocking trend, but the speed has slowed down. There are expectations of electricity price cuts and a decline in manganese ore prices in July. The iron alloy is expected to run weakly, but due to the decline in positions and low valuations, it may be disturbed by news in the short - term. It is recommended to short on rebounds [3]. 3. Summary by Relevant Catalogs 3.1 Iron Alloy Price Range Forecast - **Silicon Iron**: The monthly price range is predicted to be 5300 - 6000 yuan/ton, with a current 20 - day rolling volatility of 16.65% and a 3 - year historical percentile of 40.4% [2] - **Silicon Manganese**: The monthly price range is predicted to be 5300 - 6000 yuan/ton, with a current 20 - day rolling volatility of 14.41% and a 3 - year historical percentile of 22.7% [2] 3.2 Iron Alloy Hedging - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short SF2509 and SM2509 futures according to their inventory to lock in profits and cover production costs. The recommended short - selling ratio is 15%, and the recommended entry range is SF: 6200 - 6250 yuan/ton, SM: 6400 - 6500 yuan/ton [2] - **Procurement Management**: For enterprises with low procurement inventory and planning to purchase according to orders, they can buy SF2509 and SM2509 futures at present to lock in procurement costs in advance. The recommended buying ratio is 25%, and the recommended entry range is SF: 5100 - 5200 yuan/ton, SM: 5300 - 5400 yuan/ton [2] 3.3 Core Contradiction - Policy expectations from the Central Financial and Economic Commission's meeting have boosted iron alloy prices, but the market faces a situation of strong expectations and weak reality. The long - term trend is weak due to factors such as steel mill price - pressure, cost weakening, and the off - season of steel consumption. However, de - stocking continues, and there are expectations of cost reduction. In the short - term, rebounds may occur, and it is recommended to short on rebounds [3] 3.4利多解读 (Positive Analysis) Silicon Iron - High steel mill profitability will maintain high hot - metal production, which supports the demand for silicon iron. Also, due to the continuous price decline, there is a possibility of a rebound due to low valuation [6] Silicon Manganese - The government's strict control over high - energy - consuming industries may lead to industrial structure adjustment and upgrading of the silicon - manganese industry. Similar to silicon iron, there is a possibility of a rebound due to low valuation [7] 3.5利空解读 (Negative Analysis) Silicon Iron - There is a possibility of increased production due to profit repair. The electricity cost of iron alloys is expected to decline further. The inventory of iron enterprises is 69,400 tons, a 1.47% increase from the previous period, and the silicon - iron warehouse receipt inventory is higher than the historical average after re - registration [11] Silicon Manganese - In the long - term, the real - estate market slump and the decline of the black sector have raised doubts about the growth of steel terminal demand, resulting in relatively weak demand for silicon manganese. The weekly production start - up rate of silicon - manganese production enterprises is 39.21%, a 2.82% increase from the previous period, and the weekly output is 179,200 tons, a 1.47% increase from the previous period [12] 3.6 Daily Data Silicon Iron - Data on July 2, 2025, shows changes in various indicators such as basis, futures spreads, spot prices, raw material prices, and warehouse receipt inventory compared to previous days and weeks [8] Silicon Manganese - Data on July 2, 2025, shows changes in various indicators such as basis, futures spreads, spot prices, raw material prices, and warehouse receipt inventory compared to previous days and weeks [9]

Core Insights - The main contract for hot-rolled coil (HRC) closed at 2510, with a price increase of 1.45% and a trading volume of 694,600 contracts, while the total trading volume across all contracts was 823,700 contracts, a decrease of 22,240 contracts from the previous day [1][3]. Group 1: Trading Volume and Positions - The total trading volume for all contracts was 823,700 contracts, down by 22,240 contracts from the previous day [1]. - The top 20 positions for long holdings totaled 1,711,000 contracts, an increase of 1,738 contracts from the previous day [1]. - The top 20 positions for short holdings totaled 1,676,800 contracts, an increase of 1,940 contracts from the previous day [1]. Group 2: Major Players in Long and Short Positions - The top three long positions were held by Guotai Junan with 266,753 contracts, CITIC Futures with 178,525 contracts, and Everbright Futures with 132,500 contracts [1][3]. - The top three short positions were held by Guotai Junan with 318,844 contracts, Dongzheng Futures with 108,886 contracts, and CITIC Futures with 90,563 contracts [1][3]. - The largest increase in long positions was seen in Guotai Junan with an increase of 3,255 contracts, followed by QianKun Futures with an increase of 2,660 contracts [1][3]. Group 3: Changes in Positions - The largest decrease in long positions was recorded by Everbright Futures with a reduction of 5,625 contracts, followed by Wukuang Futures with a decrease of 2,232 contracts [1][3]. - The largest increase in short positions was also by Guotai Junan with an increase of 12,764 contracts, followed by Everbright Futures with an increase of 8,296 contracts [1][3]. - The largest decrease in short positions was by Guotou Futures with a reduction of 7,192 contracts, followed by Fangzheng Futures with a decrease of 6,941 contracts [1][3].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - The medium - to long - term trend of precious metals may be bullish. Since late April, London gold has been in a range - bound oscillation, but the short - term trend has strengthened. The support level for London gold is 3330, with a key support at 3300, and resistance levels at 3365 and then 3400. The support for London silver has moved up to 36.2, and the resistance is in the range of 36.6 - 36.8. The operation strategy is to buy on dips [6]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, the precious metals market was generally strong. Peripheral assets such as US stocks, US bonds, the US dollar index, Bitcoin, crude oil, and the Nanhua Non - ferrous Metals Index all performed well. COMEX gold 2508 contract closed at $3368.7 per ounce, up 0.56%; US silver 2509 contract closed at $36.79 per ounce, up 1.08%. SHFE gold 2508 main contract closed at 776.04 yuan per gram, up 0.7%; SHFE silver 2508 contract closed at 8747 yuan per kilogram, up 0.09%. Trump's "Great Beautiful" bill was blocked in the House of Representatives, and the infighting within the Republican Party escalated. The US "small non - farm" ADP employment data released on Wednesday evening was unexpectedly poor, with a decrease of 33,000, turning negative for the first time in more than three years, slightly increasing the market's expectation of a Fed rate cut this year [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July is 74.7%, and the probability of a 25 - basis - point rate cut is 25.3%. In September, the probability of keeping interest rates unchanged is 7.6%, the probability of a cumulative 25 - basis - point rate cut is 69.7%, and the probability of a cumulative 50 - basis - point rate cut is 22.8%. In October, the probability of keeping interest rates unchanged is 2.7%, the probability of a cumulative 25 - basis - point rate cut is 29.8%, the probability of a cumulative 50 - basis - point rate cut is 52.8%, and the probability of a cumulative 75 - basis - point rate cut is 14.6%. The SPDR Gold ETF's holdings decreased by 0.57 tons to 947.66 tons, and the iShares Silver ETF's holdings increased by 42.4 tons to 14896.01 tons. SHFE silver inventory decreased by 0.1 tons to 1338.8 tons, and SGX silver inventory decreased by 34.6 tons to 1323.2 tons in the week ending June 27 [3]. 3.3 This Week's Focus - This week, the main data to focus on is the US non - farm payrolls report on Thursday night. In terms of events, attention should be paid to the progress of the US House of Representatives' vote on Trump's "Great Beautiful" bill. Also, due to the US Independence Day holiday on Friday, COMEX precious metals trading will end early at 01:00 Beijing time on the 5th [4]. 3.4 Price and Inventory Tables - **Precious Metal Futures and Spot Prices**: SHFE gold main - continuous contract was at 776.04 yuan per gram, down 0.01%; SGX gold TD was at 770.33 yuan per gram, down 0.22%; CME gold main contract was at $3368.7 per ounce, up 0.56%. SHFE silver main - continuous contract was at 8747 yuan per kilogram, down 0.72%; SGX silver TD was at 8737 yuan per kilogram, down 0.77%; CME silver main contract was at $36.79 per ounce, up 1.5%. SHFE - TD gold was at 5.71 yuan per gram, up 40.64%; SHFE - TD silver was at 10 yuan per kilogram, down 85.29%; CME gold - silver ratio was 91.5656, down 0.93% [7]. - **Inventory and Holdings**: SHFE gold inventory was 18,456 kilograms, up 0.02%; CME gold inventory was 1152.3287 tons, unchanged; SHFE gold holdings were 168,596 lots, up 0.68%; SPDR gold holdings were 947.66 tons, down 0.06%. SHFE silver inventory was 1338.659 tons, down 0.01%; CME silver inventory was 15,557.4558 tons, down 0.2%; SGX silver inventory was 1323.225 tons, down 2.55%; SHFE silver holdings were 249,023 lots, down 5.93%; SLV silver holdings were 14,869.009712 tons, up 0.29% [17][18]. 3.5 Stock, Bond, and Commodity Overview - The US dollar index was 96.7751, up 0.12%; the US dollar against the Chinese yuan was 7.1634, down 0.01%. The Dow Jones Industrial Average was 44,484.42 points, down 0.02%. WTI crude oil spot was at $67.45 per barrel, up 3.06%. LmeS copper 03 was at $10,010 per ton, up 0.67%. The 10 - year US Treasury yield was 4.3%, up 0.94%; the 10 - year US real interest rate was 2%, up 1.52%; the 10 - 2 year US Treasury yield spread was 0.52%, up 8.33% [23].