Core Insights - Chicago Mercantile Exchange (CME) announced the launch of options for Solana (SOL) and XRP futures on October 31, pending regulatory review [1] Group 1: Product Launch - CME will offer options for trading SOL, Micro SOL, XRP, and Micro XRP futures with expiration dates available for every business day, monthly, and quarterly [1] Group 2: Trading Volume - Since March 17, over 540,000 Solana futures contracts have been traded [1] - Since May 19, over 370,000 XRP futures contracts have been traded [1]

因美联储降息符合市场普遍预期，短期期货交易商出现温和获利回吐。 纽约商品交易所黄金期货市场交投最活跃的2025年12月黄金期价17日下跌30.5美元，收于每盎司3694.6 美元，跌幅为0.82%。 美联储为期两天的货币政策会议当日下午结束，决定将联邦基金利率目标区间下调25个基点到4.00%至 4.25%之间。这是美联储2025年第一次降息，也是继2024年三次降息后再次降息。 美联储会后发布的声明表示，"鉴于风险平衡变化，委员会决定将联邦基金利率目标区间下调0.25个百 分点至4%至4.25%。在考虑进一步调整联邦基金利率目标区间时，委员会将仔细评估后续数据、不断变 化的（经济）前景以及风险平衡。" 美联储在本次会议上对美国经济做出了预测。预计今年美国实际GDP增长率中值为1.6%，2026年和 2027年分别为1.8%和1.9%，高于此前预测的1.4%、1.6%和1.8%。预计2025年美国失业率中值为4.5%， 2026年为4.4%，2027年为4.3%，而此前预测分别为4.5%、4.5%和4.4%。 此外，与会者根据各自对经济最可能出现情景的判断，写下了对联邦基金利率合适路径的评估。中位数 预测显示 ...

Group 1 - The Hong Kong government will establish a "Commodity Strategy Committee" led by the Financial Secretary to enhance the top-level design and long-term strategy formulation for commodity policies [1] - The government aims to develop a commodity trading ecosystem in Hong Kong, including supporting the establishment of more recognized warehouses and providing tax incentives for commodity traders [1] - The initiative is expected to strengthen Hong Kong's position as an international financial, shipping, and trading center, integrating existing advantages and creating new economic growth points [1] Group 2 - Guangdong Province and Guangzhou have expressed support for cross-border cooperation between the Guangzhou Futures Exchange and the Hong Kong Stock Exchange [2] - The collaboration is seen as a practical measure to enhance the influence of Hong Kong's capital market and promote the integration of financial resources in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Strengthening cooperation between the two exchanges is crucial for the development of the Greater Bay Area and will facilitate efficient allocation of production factors [2]

大连商品交易所就焦煤期货期权合约公开征求意见 来源：中国新闻网 编辑：付健青 广告等商务合作，请点击这里 中新网大连9月17日电 (记者 杨毅)大连商品交易所(下称"大商所")17日发布公告，就焦煤期货期权合约 (下称焦煤期权)公开征求意见，截止日期为本月24日。 据了解，我国是世界上最大的焦煤生产和消费国。作为钢铁产业链的重要原燃料，焦煤支撑着我国每年 超10亿吨的粗钢产量。近年来，受供应格局调整、下游需求振荡等因素影响，焦煤现货价格波动幅度较 大，产业链企业避险需求较为强烈，尤其是在综合整治"内卷式"竞争过程中，对于精细化避险工具的需 求日益迫切，期待焦煤场内期权尽快推出，以帮助企业更精准应对价格波动，稳定生产经营。 焦煤期货于2013年在大商所上市，已平稳运行十二年，在价格发现、风险管理和资源配置等方面发挥了 重要作用，有效助力产业稳妥应对煤炭市场价格波动，为炼焦煤资源保供稳价和产业链供应链安全稳定 提供了有力支持。2025年上半年，焦煤期货日均成交量48.0万手，日均持仓量48.7万手，法人客户持仓 占比43%。 根据此次征求意见稿，焦煤期权与大商所已上市期权合约的设计思路一致，适用于同一套规则体系。 ...

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].