Group 1: Price Performance - London Gold's latest price is 4019.25 with a change of 193.95 [1] - London Silver's latest price is 49.71 with a change of 3.53 [1] - London Platinum's latest price is 1571.00 with a change of -18.00 [1] - London Palladium's latest price is 1235.00 with a change of -22.00 [1] - LME Copper's latest price is 10867.50 with a change of 485.50 [1] - Euro to US Dollar's latest rate is 1.16 with a change of -0.02 [1] - British Pound to US Dollar's latest rate is 1.33 with a change of -0.01 [1] Group 2: Trading Data - SHFE Silver inventory is 1186.85 with a change of -5.43 [1] - Gold ETF持仓 is 1013.44 with a change of 0.56 [1] - SGE Gold deferred fee payment direction is 1 with a change of 0.00 [1] - SGE Silver deferred fee payment direction is 1 with a change of 0.00 [1]

1. Cross - market Arbitrage Tracking Copper - Spot price in China is 85,900, LME price is 10,843, and the ratio is 7.69; three - month price in China is 86,820, LME price is 10,868, and the ratio is 7.90. The equilibrium ratio for spot import is 8.11, with a loss of 968.44, and a profit of 1465.36 for spot export [1] Zinc - Spot price in China is 22,140, LME price is 3,096, and the ratio is 7.15; three - month price in China is 22,335, LME price is 3,030, and the ratio is 5.59. The equilibrium ratio for spot import is 8.53, with a loss of 4264.28 [1] Aluminum - Spot price in China is 20,960, LME price is 2,796, and the ratio is 7.50; three - month price in China is 21,085, LME price is 2,788, and the ratio is 7.53. The equilibrium ratio for spot import is 8.38, with a loss of 2476.58 [1] Nickel - Spot price in China is 121,850, LME price is 15,358, and the ratio is 7.93. The equilibrium ratio for spot import is 8.19, with a loss of 2247.17 [1] Lead - Spot price in China is 16,775, LME price is 1,986, and the ratio is 8.46; three - month price in China is 17,135, LME price is 2,016, and the ratio is 11.02. The equilibrium ratio for spot import is 8.83, with a loss of 734.46 [3] 2. Cross - term Arbitrage Tracking Copper - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 3400, 3470, 3500, and 3400 respectively, while the theoretical spreads are 519, 936, 1361, and 1787 [4] Zinc - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 1175, 1195, 1230, and 1260 respectively, while the theoretical spreads are 209, 323, 438, and 553 [4] Aluminum - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 380, 375, 375, and 370 respectively, while the theoretical spreads are 215, 330, 446, and 561 [4] Lead - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 690, 710, 720, and 595 respectively, while the theoretical spreads are 207, 310, 413, and 517 [4] Nickel - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 4170, 4350, 4540, and 4810 respectively [4] Tin - The spread of the 5 - 1 contract is - 210, and the theoretical spread is 5939 [4] 3. Spot - futures Arbitrage Tracking Copper - The spreads of the current - month and next - month contracts relative to the spot are - 2370 and 1030 respectively, while the theoretical spreads are - 208 and 762 [4] Zinc - The spreads of the current - month and next - month contracts relative to the spot are - 1000 and 175 respectively, and the theoretical spreads are 116 and 246 (also mentioned as 59 and 240) [4][5] Lead - The spreads of the current - month and next - month contracts relative to the spot are - 350 and 340 respectively, while the theoretical spreads are 44 and 156 [5] 4. Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.89, 4.12, 5.07, 0.94, 1.23, and 0.77 respectively; for LME (three - continuous contracts) are 3.61, 3.88, 5.35, 0.93, 1.38, and 0.67 respectively [5]

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Group 1 - The core point of the news is that the Intercontinental Exchange (ICE) London cocoa futures have dropped over 3% to £4,265 per ton [1] Group 2 - The decline in cocoa futures indicates potential volatility in the cocoa market, which may impact producers and consumers alike [1]

Group 1 - The core point of the article highlights the performance of major agricultural futures contracts on the Intercontinental Exchange (ICE) as of September 30, with most contracts experiencing price increases [1] Group 2 - Raw sugar futures rose by 0.91%, closing at 16.60 cents per pound [1] - Cotton futures increased by 0.34%, closing at 65.72 cents per pound [1] - Cocoa futures fell by 4.16%, closing at $6,707.00 per ton [1] - Coffee futures saw a rise of 0.54%, closing at 374.20 cents per pound [1]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on September 29, with raw sugar futures increasing by 0.12% to 16.40 cents per pound [1] - Cotton futures decreased by 1.51% to 65.40 cents per pound [1] - Cocoa futures rose by 0.62% to $6,951.00 per ton [1] - Coffee futures fell by 1.72% to 371.55 cents per pound [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soda ash futures are in a volatile stage. Given that the current fundamentals have not substantially improved, it is expected to continue the volatile pattern in the short - term, and subsequent attention should be paid to inventory reduction. The glass futures are also in a volatile trend. Although the market has rebounded due to policy and pre - holiday factors, the fundamental support is insufficient, and the risk of sentiment decline should be guarded against [6][28]. 3. Summary by Related Catalogs 3.1 Soda Ash Futures 3.1.1 Mid - line Market Analysis - The soda ash market in China was narrowly volatile last week with regional price differentiation. Supply increased as some plants resumed production, while downstream demand was stable with mainly rigid procurement. The pre - holiday stockpiling had limited impact on the market. Soda ash futures first declined and then rose. Due to the unchanged fundamentals, it is expected to continue the volatile pattern in the short - term, and subsequent attention should be paid to inventory reduction. The recommended strategy is to wait and see [6]. 3.1.2 Variety Trading Strategy - **Last Week's Strategy Review**: The soda ash market continued to be narrowly volatile last week with limited price fluctuations and light trading. Supply was abundant, demand was weak, and inventory remained high. The futures market oscillated downward. It was expected to remain weak in the short - term, and attention should be paid to pre - holiday stockpiling. The expected operating range of soda ash 2601 was 1200 - 1350, and it was advisable to wait and see [9]. - **This Week's Strategy Suggestion**: The domestic soda ash market was narrowly volatile last week with regional price differentiation. Supply increased slightly, demand was stable but not strong enough, and inventory pressure was acceptable. The futures first declined and then rose, but the high inventory restricted the rebound space. It is expected to continue the volatile pattern in the short - term, and attention should be paid to the substantial improvement of fundamentals. The expected operating range of soda ash 2601 is 1200 - 1350 [10]. 3.1.3 Relevant Data Situation - The relevant data include weekly data on China's soda ash开工率,产量,轻质库存,重质库存,基差 (daily), and the production cost of the ammonia - soda process in North China [11][15][17]. - The variety diagnosis shows that the multi - empty flow is - 26.7, indicating that the main force is slightly bearish; the capital energy is - 34.8, indicating a small outflow of main - force funds; and the multi - empty divergence is 81.3, suggesting a relatively high risk of market reversal [20]. 3.2 Glass Futures 3.2.1 Mid - line Market Analysis - The domestic float glass market first stabilized and then rose last week. Policy benefits and pre - holiday rush work drove up prices, leading to increased sales and reduced inventory. However, terminal demand remained weak. Glass futures first declined and then rose, with the short - term trading logic shifting to supply contraction expectations. But the fundamental support is insufficient, and the risk of sentiment decline should be guarded against. The recommended strategy is to hold an empty position and wait and see [28]. 3.2.2 Variety Trading Strategy - **Last Week's Strategy Review**: The float glass market was narrowly volatile last week, with some regional price increases. Downstream demand was mainly rigid procurement, and the peak - season characteristics were not obvious. Regional inventory performance varied, and overall, there was a strong wait - and - see sentiment. Futures first rose and then fell. It was expected to continue the weak - volatile pattern in the short - term. The expected operating range of glass 2601 was 1150 - 1300, and it was advisable to hold an empty position and wait and see [31]. - **This Week's Strategy Suggestion**: The float glass spot market first stabilized and then rose last week. Policy and pre - holiday rush work promoted price increases and inventory reduction, but terminal demand was still weak. Futures rebounded sharply due to production - capacity control policies, but the fundamental support is insufficient. The expected operating range of glass 2601 is 1150 - 1300, and it is advisable to hold an empty position and wait and see [32]. 3.2.3 Relevant Data Situation - The relevant data include weekly data on China's float glass产量,开工率, production cost and production profit of the float process using natural gas as fuel,基差 (daily), and期末库存 [35][38][41]. - The variety diagnosis shows that the multi - empty flow is - 78.7, indicating that the main force is relatively bearish; the capital energy is - 62.5, indicating a large outflow of funds; and the multi - empty divergence is 90.2, suggesting a high risk of market reversal [46].

Group 1 - The main contract for japonica rice futures remains unchanged, reported at 2758.00 yuan/ton as of the latest update [1] Group 2 - The USDA's weekly export sales report indicates that the net sales of U.S. corn for the week ending September 18, 2025, reached 1,923,400 tons, an increase from 1,231,600 tons the previous week and above market expectations [2] - In the main corn-producing states of the U.S., there is an 88.89% confidence that temperatures will be above normal in the next 6-10 days, while 44% of the area has a high confidence that precipitation will be below normal [2] - The European Commission forecasts the EU corn available production for the 2025/26 season at 56.8 million tons, down from the previous month's forecast of 57.6 million tons, while the import forecast remains unchanged at 18.8 million tons [2] - The latest USDA drought report shows that approximately 26% of U.S. corn planting areas are affected by drought as of the week ending September 23, up from 25% the previous week, consistent with the same period last year [2]

Group 1 - The total amount of gold futures at the Shanghai Futures Exchange is 65,826 kilograms, with an increase of 192 kilograms compared to the previous day [1][2] - The main gold futures contract opened at 854.00 yuan per gram, reaching a high of 859.04 yuan and a low of 850.74 yuan, with a current price of 856.06 yuan, reflecting a slight increase of 0.01% [1] - Trading volume for the day is 270,430 contracts, with open interest at 264,305 contracts, showing a decrease of 2,324 contracts in daily open interest [1] Group 2 - Federal Reserve Chairman Jerome Powell stated that the policy interest rate is at an appropriate level to address inflation and employment risks, indicating no urgency for significant rate cuts [2] - Federal Reserve Governor Milan supports a one-time 0.50% rate cut, noting that inflation is close to the 2% target when excluding temporary tariff effects, leading to a reduction in market bets on rate cuts to about 33% for the year [2] - The ongoing conflict in Ukraine, with increased frequency and scale of Russian airstrikes, has heightened demand for safe-haven assets, which may limit the decline in silver prices [2]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures saw most contracts rise, with raw sugar futures increasing by 0.99% to 16.29 cents per pound [1] - Cotton futures rose by 0.15% to 66.27 cents per pound [1] - Cocoa futures declined by 1.66% to $6,931.00 per ton [1] - Coffee futures increased by 0.94% to 371.20 cents per pound [1]