Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on September 17, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data reference for investors [1][5][21][27][40][51]. 3. Summary by Category 3.1 Power Coal - **Base Difference**: On September 16, 2025, the base difference was - 113.4 yuan/ton, showing a narrowing trend compared with previous days [2]. - **Spread**: The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 [2]. 3.2 Energy Chemicals - **Energy Commodities**: The base differences of fuel oil, INE crude oil, and other energy commodities on different dates are presented, such as the base difference of INE crude oil being 16.04 yuan/ton on September 16, 2025 [7]. - **Chemical Commodities** - **Base Difference**: The base differences of rubber, methanol, PTA, etc. on different dates are provided, for example, the base difference of rubber was - 890 yuan/ton on September 16, 2025 [9]. - **Spread**: The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for various chemical products were mostly 0.0. The cross - variety spreads like LLDPE - PVC, LLDPE - PP, etc. on different dates are also given, e.g., the LLDPE - PVC spread was 2296 yuan/ton on September 16, 2025 [10]. 3.3 Black Metals - **Spread** - **Cross - Period**: The cross - period spreads of rebar, iron ore, etc. are shown, for example, the 5 - 1 month spread of rebar was 68.0 yuan/ton [20]. - **Cross - Variety**: The cross - variety spreads such as screw/ore, screw/coke on different dates are presented, e.g., the screw/ore ratio was 3.93 on September 16, 2025 [20]. - **Base Difference**: The base differences of rebar, iron ore, etc. on different dates are provided, like the base difference of rebar was 114.0 yuan/ton on September 16, 2025 [21]. 3.4 Non - Ferrous Metals - **Domestic Market**: The domestic base differences of copper, aluminum, etc. on different dates are given, for example, the base difference of copper was - 80 yuan/ton on September 16, 2025 [28]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 16, 2025 are presented, such as the LME spread of copper being (59.26) [34]. 3.5 Agricultural Products - **Base Difference**: The base differences of soybeans, soybean meal, etc. on different dates are provided, for example, the base difference of soybeans was 136 yuan/ton on September 16, 2025 [40]. - **Spread** - **Cross - Period**: The cross - period spreads of various agricultural products are shown, e.g., the 5 - 1 month spread of soybeans was 47 [40]. - **Cross - Variety**: The cross - variety spreads such as soybean/corn, soybean oil/soybean meal on different dates are presented, like the soybean/corn ratio was 1.81 on September 16, 2025 [40]. 3.6 Stock Index Futures - **Base Difference**: On September 16, 2025, the base differences of CSI 300, SSE 50, etc. were 6.54, - 2.78, etc. respectively [52]. - **Spread**: The cross - period spreads of CSI 300, SSE 50, etc. are given, for example, the next - month - current - month spread of CSI 300 was - 10.0 [52].

Group 1 - On September 15, the trading volume for WTI crude oil futures at the Chicago Mercantile Exchange was 573,921 contracts, a decrease of 339,581 contracts from the previous session [1] - The open interest for WTI crude oil futures was 1,949,878 contracts, down by 16,733 contracts compared to the prior session [1] - The trading volume for Brent crude oil futures was 81,265 contracts, which represents a decline of 105,520 contracts from the previous session [1] Group 2 - The open interest for Brent crude oil futures was 203,946 contracts, a decrease of 468 contracts from the previous session [1] - The trading volume for natural gas futures was 404,152 contracts, down by 102,010 contracts compared to the previous session [1] - The open interest for natural gas futures was 1,640,220 contracts, which is a reduction of 5,748 contracts from the prior session [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts rise, indicating a positive trend in the agricultural commodities market [1] Group 1: Price Movements - Raw sugar futures increased by 1.08%, closing at 15.96 cents per pound [1] - Cocoa futures rose by 2.50%, reaching $7425.00 per ton [1] - Coffee futures surged by 5.01%, ending at 416.75 cents per pound [1] - Cotton futures experienced a slight decline of 0.01%, closing at 66.82 cents per pound [1]

Group 1 - Futures are contracts that allow parties to agree on a price for a future transaction, providing certainty in volatile markets [1][4] - The modern futures market began in the mid-19th century with the establishment of the Chicago Board of Trade (CBOT) in 1848, which standardized contracts and rules for trading [6][8] - Futures markets have expanded beyond agriculture to include a wide range of assets such as crude oil and cryptocurrencies, maintaining the core purpose of locking in prices [9] Group 2 - The primary purpose of futures is to manage risk through hedging, allowing parties to lock in prices and reduce potential losses from market fluctuations [10]

Group 1 - The first delivery of log futures in Guangxi was successfully completed by Guangxi Qinzhou Bonded Port Area Jushen International Logistics Co., marking a significant milestone in the region [1] - The Dalian Commodity Exchange approved the company as a designated delivery warehouse for log futures, making it the first of its kind in Guangxi [1] - The delivery process included inspection, loading, warehouse receipt generation, and settlement, all of which were completed according to standard procedures [1] Group 2 - The company is strategically located as the southernmost log futures delivery warehouse in China, providing a significant geographical advantage for importing logs from countries like New Zealand and Australia [2] - The designated delivery site serves as a critical link between the futures and spot markets, offering a "spot + futures" one-stop service that attracts timber traders and sources to Qinzhou [2] - This development is expected to help companies effectively manage price risks, reduce transaction costs, and promote the transformation and upgrading of the port's timber industry, enhancing Qinzhou Port's role as a key hub for the regional timber industry [2]

Core Viewpoint - Shanghai Futures Exchange (SHFE) is enhancing its influence in the international commodity market by expanding its range of futures and options products, thereby establishing "Shanghai prices" as a key reference point globally [1][2]. Group 1: Product Offerings and Market Expansion - SHFE has listed 25 futures and 18 options products, with 5 futures and crude oil options directly open to foreign investors [2]. - The exchange's products have seen a cumulative trading volume of 1.606 billion contracts, with a total transaction value of 170.08 trillion RMB, reflecting year-on-year growth of 7% and 12% respectively [2]. - The market share of SHFE accounts for 27% of the national market in terms of trading volume and 36% in terms of transaction value [2]. Group 2: Role in the Global Commodity Market - SHFE is positioning itself as a crucial financial infrastructure that supports the high-quality development of the real economy by assisting global clients in pricing, trading, risk management, and resource allocation [4]. - The natural rubber futures contract listed in Shanghai has become the most liquid rubber futures contract globally, serving as a pricing benchmark for the rubber industry [4]. - The collaboration between SHFE and the Osaka Exchange for natural rubber futures signifies a substantial breakthrough in Sino-Japanese futures market cooperation, enhancing the service capabilities of both markets in the global commodity landscape [5].

Core Insights - The global energy market is undergoing significant adjustments, with the US dollar system facing multiple pressures, while China, as the largest crude oil importer, is promoting the use of the renminbi in energy trade, gradually diminishing the dollar's monopoly [2][20] - The establishment of the renminbi crude oil settlement system marks China's autonomous innovation in the energy finance sector, adapting to domestic import needs and mitigating additional costs from dollar exchange rate fluctuations [4][20] Group 1: Market Development - The Shanghai International Energy Exchange's crude oil futures contract has become a crucial pricing tool in the Asia-Pacific region since its launch in 2018, with daily average positions expected to grow over four times by 2024 compared to 2019 [2][14] - The contract's design, based on medium-sulfur crude oil, emphasizes physical delivery and is tailored to China's import requirements, which initially attracted domestic refiners and traders [4][10] - By 2024, the contract's monthly positions are projected to reach 453,500 lots, a tenfold increase from 2019, with a global settlement share of approximately 5% [14][20] Group 2: International Participation - The participation of foreign investors has increased, with overseas holdings rising to 25% by 2023, and the number of countries involved expanding to 23 [12][14] - The contract's monthly trading volume reached 600,000 lots by 2024, nearing Brent's level, reflecting its growing influence in the global market [14][20] - The introduction of flexible trading rules and the expansion of international access channels have shifted the holding structure from short-term speculation to long-term hedging [8][10] Group 3: Strategic Partnerships - China has signed agreements with oil-producing countries like Iran and Russia to encourage trade in renminbi, aligning with the Belt and Road Initiative to simplify cross-border payment processes [8][20] - The settlement volume for oil exports from Iran to China in renminbi increased by 30% in 2021, demonstrating the deepening cooperation with OPEC members [10][20] - The ongoing collaboration with Russia has led to an 80% increase in renminbi settlements for Russian oil exports to China [14][20] Group 4: Financial Innovations - The introduction of digital yuan trials has enhanced the security of cross-border payments, contributing to the renminbi's growing influence in energy trade [12][20] - The establishment of bonded warehouses in Shandong and Zhejiang has improved delivery efficiency, with the settlement cycle reduced from one week to three days [10][20] - The expansion of the crude oil settlement system reflects a broader trend towards de-dollarization, with the share of energy imports paid in dollars decreasing from over 90% in 2019 to 70% in 2024 [16][20] Group 5: Future Outlook - The trend towards multi-currency settlements in energy trade is expected to continue, with projections indicating a further decline in dollar reliance and an increase in renminbi influence [22][20] - The anticipated introduction of new contract types, such as options and green crude oil contracts, aligns with carbon neutrality goals and enhances China's energy security [20][22] - The shift in oil trade dynamics is contributing to a more balanced global reserve currency landscape, promoting a fairer international order [22][20]

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) announced adjustments to the maximum order sizes for options trading, effective from September 17, 2025, which may impact trading strategies and liquidity in the market [1] Group 1 - The maximum order size for limit orders will be adjusted to 200 contracts per order [1] - The maximum order size for market orders will be adjusted to 5 contracts per order [1]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on September 11, with raw sugar futures declining by 0.82% to 15.80 cents per pound [1] - Cotton futures increased by 0.10% to 66.74 cents per pound [1] - Cocoa futures rose by 1.55% to $7584.00 per ton [1] - Coffee futures fell by 0.62% to 384.50 cents per pound [1]

Core Viewpoint - The Shanghai Futures Exchange and Zhejiang International Bulk Commodity Trading Center have launched a new high-sulfur 380CST fuel oil buyer quotation, enhancing the pricing system for the fuel oil market in China [1][2]. Group 1: Market Development - Since 2021, the Shanghai Futures Exchange and Shanghai International Energy Exchange have introduced various quotations based on high and low sulfur fuel oil futures prices, providing significant reference prices for the domestic and international ship fuel market [1]. - The newly released high-sulfur buyer quotation is based on the futures price from the Shanghai Futures Exchange, processed daily to publish a unified premium/discount price, enriching the RMB pricing system for bonded ship fuel oil in China [1]. Group 2: Industry Impact - The initiatives by the Shanghai Futures Exchange and Shanghai International Energy Exchange have improved the futures market's ability to serve the real economy, providing effective hedging tools for domestic and international ship fuel industry clients [2]. - Future collaborations between the Shanghai Futures Exchange and Zhejiang International Bulk Commodity Trading Center aim to support the construction of the oil and gas trading market in the Yangtze River Delta, promoting high-quality and sustainable development of the ship fuel industry [2].