Core Insights - Trump's erratic trade policies have unexpectedly given the London Metal Exchange (LME) an advantage over its New York competitor, the Comex, due to the impact of tariffs on copper imports [1][5][10] - The LME's structure allows for trading copper stored in global bonded warehouses, which are not subject to tariffs, providing a "pure global price" unaffected by tariff fluctuations [1][2][4] - In contrast, Comex has seen a significant decline in copper futures trading volume, with a 34% drop in average daily volume compared to the previous year, largely due to tariff uncertainties [1][5] Trading Volume Comparison - LME's average daily trading volume for copper futures has increased by 4% compared to the same period in 2024, indicating a recovery from previous challenges [1] - Comex's average daily trading volume for copper futures has decreased by 34% in the first nine months of this year compared to last year, reflecting the negative impact of tariff-related volatility [1][2] Market Dynamics - The recent focus on the copper market has been driven by accidents at major copper mines, pushing prices to near-record highs of over $11,000 per ton [5] - The LME has benefited from its design that is inherently unaffected by tariffs, while Comex has struggled with the volatility caused by tariff speculation [4][5] Tariff Impact - The initial expectation was that Trump's tariffs would cover refined copper, but the actual policy targeted semi-finished products, leading to confusion and volatility in the market [2][3] - The LME's ability to provide prices free from tariff impacts has been significant, as noted by its CEO, Matthew Chamberlain [2][3] Price Premiums - The premium for copper stored in Comex warehouses has reached a record high of approximately $3,000 per ton compared to LME prices, driven by increased demand before anticipated tariffs [7][9] - Despite the absence of tariffs on refined copper, the ongoing uncertainty continues to keep Comex prices elevated compared to LME prices [10]

人民财讯10月20日电，中国证监会已同意大连商品交易所(以下简称"大商所")线型低密度聚乙烯、聚氯 乙烯、聚丙烯月均价期货(以下简称"三个化工品月均价期货")注册，三个化工品月均价期货自2025年10 月28日(周二)晚上21:00起上市交易(当日20:55-21:00集合竞价)。三个化工品月均价期货开展夜盘交易。 ...

Core Insights - The Chicago Mercantile Exchange Group reported a record high in cryptocurrency derivatives trading volume for the third quarter, reaching $901 billion [1] Group 1 - The trading volume of cryptocurrency derivatives in Q3 was $901 billion, marking a significant increase [1]

Core Viewpoint - The Shanghai International Energy Exchange has announced an adjustment to the position limit for crude oil options contracts, effective from November 10, 2025, setting the threshold at 5,000 lots for each side of the contract [1] Group 1 - The new position limit applies to the underlying futures contracts related to the crude oil options [1] - The adjustment will take effect during the night trading session on November 7, 2025 [1]

Core Insights - The Chicago Mercantile Exchange reported trading volume and open interest data for gold, silver, and copper futures on October 15 [1] Group 1: Gold Market - Gold futures trading volume was 327,800 contracts, a decrease of 101,565 contracts from the previous day [1] - Open interest for gold futures increased by 4,301 contracts, totaling 487,300 contracts [1] Group 2: Silver Market - Silver futures trading volume was 134,846 contracts, down by 61,242 contracts compared to the previous day [1] - Open interest for silver futures rose by 1,504 contracts, reaching 173,552 contracts [1] Group 3: Copper Market - Copper futures trading volume was 54,329 contracts, a reduction of 25,660 contracts from the previous day [1] - Open interest for copper futures increased by 1,087 contracts, totaling 252,725 contracts [1]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures closed mostly lower on October 15, with raw sugar futures down by 1.32% at 15.67 cents per pound [1] - Cotton futures increased by 0.50% to 63.83 cents per pound [1] - Cocoa futures decreased by 0.59% to $5864.00 per ton [1] - Coffee futures fell by 2.25% to 390.65 cents per pound [1]

Group 1 - The domestic futures market showed mixed results on October 15, with the main contracts experiencing both gains and losses [1] - Natural rubber (20号胶) and butadiene rubber saw increases of over 1% [1] - On the downside, styrene (苯乙烯), iron ore (铁矿石), pure benzene (纯苯), and soda ash (纯碱) all fell by more than 1%, while hot-rolled coil (热卷) dropped nearly 1% [1]

Core Insights - The Intercontinental Exchange (ICE) saw a majority of its agricultural futures contracts rise in value on October 14, with notable increases in raw sugar and coffee futures [1] Group 1: Price Movements - Raw sugar futures increased by 1.67%, closing at 15.87 cents per pound [1] - Cocoa futures rose by 1.06%, reaching $5,884.00 per ton [1] - Coffee futures experienced a significant increase of 3.79%, closing at 399.80 cents per pound [1] - Cotton futures, however, saw a decline of 0.25%, ending at 63.43 cents per pound [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report introduces the development history, major exchanges, core products, market structure, and volume - price characteristics of the North American futures market. The US futures market has Chicago and New York as its dual cores, with a complementary and comprehensive variety of functions. The Canadian futures market, centered around the Montreal Exchange, is smaller in scale but provides risk - management tools for local investors and operates stably [1][2]. 3. Summary by Directory 3.1 Development History 3.1.1 United States - The US futures market has a "dual - core driven" pattern of CME and ICE. CME Group has strengthened its system - important position through energy derivatives pricing and technological innovation, while ICE Futures US has become a global pricing benchmark in the soft - commodity field [8]. - Chicago is the origin of the US futures market. The development of commodity futures was promoted by its position as a transportation hub and agricultural center. The CBOT, established in 1848, marked the birth of modern agricultural futures trading. The CME, founded in 1898, transformed into a leading financial derivatives exchange in the 20th century, launching foreign exchange and interest - rate futures. In 2007, CME and CBOT merged, and in 2008, CME Group acquired NYMEX and COMEX, becoming a comprehensive trading platform [9]. - The US government's regulatory framework evolution also influenced market development. The 1922 "Grain Futures Act" brought futures trading under unified regulation, and the 1974 establishment of the CFTC regulated both commodity and financial futures markets [10]. - New York is the second core of the US futures market. The New York Cotton Exchange in 1870 started futures trading in New York. The development of energy and metal futures, such as the launch of WTI crude oil futures by NYMEX in 1983 and the establishment of COMEX as a global metal derivatives pricing center, contributed to its growth. ICE, founded in 2000, promoted the electronic trading of energy futures and formed a dynamic pricing mechanism [11]. 3.1.2 Canada - The development of the Canadian futures market is centered around the Montreal Exchange (MX). MX, formerly the Montreal Stock Exchange, started as a securities exchange in 1874. In 1975, it launched Canada's first stock options. In 1982, it was renamed MX, focusing on options and futures. In the 21st century, it went through adjustment and transformation, and since 2020, it has been upgraded to a "North American - characteristic derivatives hub" [15][16]. 3.2 Futures Products 3.2.1 United States - **CME (Chicago Mercantile Exchange)**: It offers equity futures (e.g., S&P 500 index futures), commodity futures (covering agriculture, energy, and cryptocurrencies), and exchange - rate futures (the world's largest regulated FX futures market) [20][21][23]. - **CBOT (Chicago Board of Trade)**: Specializes in interest - rate futures (e.g., 10Y and 2Y US Treasury bond futures) and commodity futures (corn, soybeans, and wheat futures) [24][25][26]. - **NYMEX (New York Mercantile Exchange)**: A global center for energy and some metal futures, with WTI crude oil futures as one of the global oil - pricing benchmarks [27]. - **COMEX (New York Commodity Exchange)**: Focuses on metal futures and options, being a global pricing center for precious and industrial metals, such as gold and copper futures [28]. - **ICE (Intercontinental Exchange)**: Covers equity futures (e.g., MSCI emerging - market index futures), commodity futures (Brent crude oil, natural gas, and agricultural products), and exchange - rate futures (with the US dollar index futures as the core) [29][30][32]. 3.2.2 Canada - **MX (Montreal Exchange)**: Provides equity futures (e.g., S&P/TSX 60 index futures) and interest - rate futures (Canadian government bond futures and CORRA futures) [34][35][36]. 3.3 Volume - Price Overview - From 2012 to 2024, the trading volume of North American futures derivatives generally showed an upward trend with fluctuations. In 2025, the overall trading volume of the six major North American exchanges remained high. Interest - rate derivatives are the core driving force, followed by stocks, stock index futures, and US - dollar - related currency derivatives. Emerging categories are expanding rapidly [37]. - In terms of energy, NYMEX and ICE are dominant; in agriculture, products like corn, soybeans, etc., are actively traded; in metals, COMEX's gold futures have high trading volume. Overall, the North American futures market is characterized by interest - rate product dominance, followed by energy and agriculture, with stable precious metals and currencies, and rapid growth in emerging categories [38]. - In terms of open - interest amounts, the E - mini S&P 500 and 10 - year US Treasury bond futures are the mainstays of the North American derivatives market. The E - mini S&P 500 shows an upward - trending and volatile pattern, and the 10 - year US Treasury bond futures maintain a high open - interest scale [38]. 3.4 Appendix: North American Futures Exchanges' 2025 Futures Trading Volume Ranking - **CME**: The trading volume of stock index products is 813,667,719, short - term interest - rate futures (STIRS) is 607,317,183, etc., with a total trading volume of 1,623,724,330 [46]. - **CBOT**: The trading volume of medium - term interest - rate futures (2 - 10 years) is 875,104,350, long - term interest - rate futures (> 10 years) is 143,363,588, etc., with a total trading volume of 1,314,723,478 [47]. - **NYMEX**: The trading volume of West Texas Intermediate (WTI) crude oil is 157,735,117, natural gas is 92,166,306, etc., with a total trading volume of 350,951,301 [49]. - **ICE**: The trading volume of natural gas is 136,932,054, stock index products is 31,665,405, etc., with a total trading volume of 240,545,798 [50]. - **COMEX**: The trading volume of gold is 68,242,447, copper is 13,883,451, etc., with a total trading volume of 96,761,551 [52]. - **MX**: The trading volume of medium - term interest - rate futures (2 - 10 years) is 50,756,344, short - term interest - rate futures (STIRS) is 23,876,422, etc., with a total trading volume of 84,199,074 [51].

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a decline across all major contracts on October 10, with significant drops in various commodities prices [1] Group 1: Sugar Futures - Raw sugar futures fell by 0.98%, closing at 16.10 cents per pound [1] Group 2: Cotton Futures - Cotton futures decreased by 1.09%, ending at 63.77 cents per pound [1] Group 3: Cocoa Futures - Cocoa futures experienced a decline of 1.82%, closing at $5,837.00 per ton [1] Group 4: Coffee Futures - Coffee futures dropped by 0.81%, finishing at 374.20 cents per pound [1]