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]

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]