晨报 铁矿石 铁矿石： 需求驱动趋弱 逢高空配为主 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 逻辑：近期黑色系淡季特征明显且宏观预期较弱，铁矿石受供给端回升预期以及需求端因突 发安全事件影响而减弱，叠加补库需求驱动逐步减弱，价格高位回落。 证监许可【2011】1452 号 供应方面：当前外矿发运进入发运淡季，周度发运量连续三周环比回落，根据季节性规律， 在 2 月中旬之前，外矿发运将保持环比走弱态势但整体会高于去年同期，主因是去年同期澳洲受 飓风影响导致发运基数偏低；国产矿供给同样处于淡季，整体看，供给端步入季节性环比收缩阶 段，但供给端支撑力度提升则需要出现超预期下滑。 成 材：武秋婷 需求方面：国内需求小幅回升，钢厂盈利水平小幅回升但低于去年同 ...

铁矿观点：下游补库需求支撑，跌幅有限 | | | 最近一周切片数据 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 条 目 全球发货量 | 当周值 2929 | 9 | 环 -251 | 0 | 同 700 | | 5 | | 比 | | 比 | | | | | 澳发货量 | 1610 | . 4 . | -258 | . 5 . | . 341 . | | | | | 7 | | | | | | 巴发货量 | 553 . | 7 | -110 | 6 . | 86 . | 4 | | | | | | | | | 供 应 | 力拓-中国发货量 | 428 . | 6 | | 9 | 135 . | | | 6 | . | | | | -79 | | | BHP-中国发货量 | 286 . | 0 | -169 | 5 . | -97 . | | 3 | | | | | | | | | FMG-中国发货量 | 367 ...

1. Report Industry Investment Rating - Not mentioned in the provided documents 2. Core View of the Report - The macro - narrative is positive, the industrial chain fundamentals have improved. Iron ore supply is entering the off - season and there is a restocking demand. The supply - demand of iron ore will enter a phased destocking stage. The restocking demand will support the price, but the upside is limited by the industrial chain profit. It is expected to fluctuate in the short term. The price of the main contract of Dalian iron ore futures will run in the range of 770 - 800 yuan/ton, corresponding to the outer - market (FE01) price of about 102.5 - 105.5 US dollars/ton. The strategy is range operation and covered call options [1][3] 3. Summary According to Related Catalogs Logic - Domestically, monetary and fiscal policies are in an active reserve period. The start of the Fed's interest - rate cut cycle boosts commodities, and the short - term domestic macro - narrative is positive. The industrial chain is in a weak - balance stage with prices fluctuating narrowly. There is a "seesaw" effect between precious metals, non - ferrous metals and the black - metal sector. Recently, black - metal prices have recovered due to reduced inventory pressure at the finished - product end, increased industrial chain valuation, strong support from the iron ore spot price for the futures market, and the steel mills' entry into the restocking cycle [1] Supply - Mainstream mines are making a year - end phased shipping rush. The weekly shipping volume has increased month - on - month. After the rush, foreign ore shipping will enter the seasonal off - season, and domestic ore supply is also in the off - season. Overall, supply support is getting stronger [2] Demand - Domestic demand has stabilized and slightly increased. The profitability of steel mills has improved after the decline in carbon - element prices. There are both blast - furnace overhauls and restarts. Some blast furnaces in Hebei and Shanxi will restart at the end of the month. Domestic steel - mill demand is expected to rise in the short term, and the pre - holiday restocking cycle is about to start, with restocking demand expected to be continuously released [3] Inventory - The imported inventory at steel mills has increased month - on - month but is still at the lowest level in recent years. Later, attention should be paid to when the full - scale restocking of US - dollar cargoes at steel mills will start. Port inventory has been continuously accumulating because the arrival volume has remained relatively high, and it is expected to continue to accumulate in December [3] Price - The main contract of Dalian iron ore futures will operate in the range of 770 - 800 yuan/ton, corresponding to the outer - market (FE01) price of about 102.5 - 105.5 US dollars/ton [3] Strategy - Range operation and covered call options [3]

Group 1: Investment Rating - No investment rating information provided Group 2: Core Viewpoints - The macro narrative is positive, the industrial chain fundamentals have improved, but the decline in domestic iron ore demand exceeds expectations, the supply side is generally stable with a slight increase, port inventories are expected to accumulate, the short - term trading focus shifts to the real end, price upside is limited, but restocking demand may support prices, and the market will fluctuate in the short term [4] - The price of the main iron ore futures contract on the Dalian Commodity Exchange will operate in the range of 770 - 800 RMB/ton, corresponding to the foreign market (FE01) price of about 102.5 - 105.5 USD/ton [4] - The strategy is to conduct range - based operations and use covered call options [5] Group 3: Summary by Directory Supply - Weekly shipments of foreign iron ore decreased slightly compared to the previous week, with a slight decline in Australian shipments and stable Brazilian shipments. According to seasonal patterns and this year's shipping targets of major mines, there will be a phased rush to meet the targets at the end of the year, and weekly shipments will increase month - on - month. The short - term arrival volume remains at a moderately high level and is higher than the same period last year, so the supply - side support is weak [4] Demand - Domestic demand has stabilized and rebounded slightly. The steel mill profitability rate has rebounded after the decline in carbon element prices. There are both blast furnace overhauls and restarts this period. Some blast furnaces in Hebei and Shanxi will restart at the end of the month. Overall, domestic steel mill demand has a short - term upward trend, and the pre - holiday restocking cycle is about to start, with restocking demand expected to be continuously released [4] Inventory - The imported inventory at steel mills has increased month - on - month, but the steel mill inventory is still at the lowest level in the same period in recent years. Attention should be paid to when the restocking of US - dollar - denominated goods at steel mills will be fully launched. Port inventories have been continuously accumulating, mainly because the arrival volume has remained relatively high. It is expected that port inventories will continue to accumulate in December [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Recently, iron ore has rebounded from its bottom. The main reasons are the marginal improvement in the supply - demand relationship and inventory data of rebar, the recovery of hot metal production due to the weakening impact of environmental protection restrictions in North China, and the relatively high basis of iron ore, which provides a basis for price rebound [3] - In the short - term, there is a lack of macro - drivers. The peak of foreign ore supply has passed, and the shipping volume and arrival volume are expected to decline gradually. On the demand side, the hot metal production fluctuates in the short - term but will show a downward trend this year. The inventory will tend to accumulate, but the inventory level at the steel mill is low, and the basis rate and internal - external price difference are large. The current price is expected to be at a neutral position and will mainly fluctuate within a range [3] 3. Summary by Related Catalogs Supply - The weekly shipping volume of foreign ores has been increasing continuously on a week - on - week basis, with significant increases in shipments from Australia and Brazil, but the arrival volume has dropped significantly on a week - on - week basis. According to seasonal patterns and the shipping targets of major mines this year, the peak of foreign ore supply may have passed, and the supply pressure may decline on a week - on - week basis later [3] Demand - Domestic demand has increased on a week - on - week basis. After the lifting of production restrictions in Hebei, it has returned to full production. In this period, 7 blast furnaces were newly overhauled and 5 were restarted. Blast furnace overhauls mainly occurred in Hebei, Henan, Jiangsu, Jiangxi, etc. due to weak demand and losses; blast furnace restarts mainly occurred in Southwest, Northeast, Hebei, and Henan. The blast furnace in Southwest restarted after a long - term shutdown and is expected to be shut down for maintenance by the end of the year, while other regions restarted after the end of scheduled overhauls. Overall, the blast furnace operating rate and profitability have been continuously declining due to environmental protection and weak terminal demand, but the decline rate is not high. With steel mills entering the seasonal restocking cycle, domestic iron ore demand is expected to remain resilient [3] Price - The price operates within a range. The main contract of Dalian iron ore futures is in the range of 765 - 790 yuan/ton, corresponding to an external market price of about 103.5 - 105.0 US dollars/ton [3] Strategy - Adopt range - bound operations and sell call options [3]

Report Date - The report is dated October 29, 2025 [1][5][8] Industry Investment Ratings - Not provided in the report Core Views - The report provides trend forecasts for various commodities, including copper, zinc, lead, etc., with most commodities expected to show oscillatory trends [2] Summary by Commodity Metals - **Copper**: Awaiting the Fed's interest rate decision, prices are oscillating. The trend strength is 1 [2][5][7] - **Zinc**: Continuing to oscillate. The trend strength is 0 [2][8][10] - **Lead**: Overseas inventories are continuously decreasing, supporting prices. The trend strength is 0 [2][11] - **Aluminum**: Continuing to oscillate. Alumina is in short - term sideways movement, and cast aluminum alloy follows electrolytic aluminum. The trend strength for all is 0 [2][13][14] - **Nickel**: There is a game between smelting inventory accumulation and nickel ore concerns, and nickel prices are oscillating in a narrow range. Stainless steel has limited downward potential and lacks upward drivers. The trend strength for both is 0 [2][15][17] - **Lithium Carbonate**: The spot tender price is at a high level, showing a strong - side operation. The trend strength is 1 [2][18][21] - **Industrial Silicon**: Warehouse receipts are being cleared, and there is obvious bottom support. The trend strength is 1 [2][22][25] - **Polysilicon**: Market sentiment has cooled, and there is a risk of a decline. The trend strength is -1 [2][23][25] - **Iron Ore**: Oscillating repeatedly. The trend strength is 0 [2][26][27] - **Rebar and Hot - Rolled Coil**: Driven by macro sentiment, steel prices are oscillating on the strong side. The trend strength for both is 0 [2][28][31] - **Silicon Ferrosilicon and Manganese Silicide**: Oscillating in a wide range. The trend strength for both is 0 [2][33][35] - **Coke**: Oscillating on the strong side. The trend strength is 0 [2][36][38] - **Coking Coal**: Supported by fundamentals, oscillating on the strong side. The trend strength is 0 [2][37][38] Others - **Log**: Oscillating repeatedly. The trend strength is 0 [2][39][42] - **Para - Xylene**: In a high - level oscillatory market. The trend strength is 0 [2][43][48] - **PTA**: Oil prices have corrected, and valuations have declined. The trend strength is 0 [2][43][48] - **MEG**: In a short - term oscillatory market. The trend strength is 0 [2][43][48] - **Synthetic Rubber**: Butadiene is weak, and the price of cis - butadiene rubber is under pressure. The trend strength is -1 [2][50][52] - **LLDPE**: Mainly oscillating. No trend strength provided [2] - **PP**: Stopping falling in the short term and oscillating in the medium term. No trend strength provided [2] - **Caustic Soda**: The far - month valuation is suppressed. No trend strength provided [2] - **Glass**: The price of the original sheet is stable. No trend strength provided [2] - **Methanol**: Oscillating under pressure. No trend strength provided [2] - **Urea**: Spot trading has weakened, and pressure is gradually increasing. No trend strength provided [2] - **Styrene**: Mainly oscillating in the short term. No trend strength provided [2] - **Soda Ash**: There is little change in the spot market. No trend strength provided [2] - **LPG**: The upward driving force is limited, and attention should be paid to cost changes. No trend strength provided [2] - **Propylene**: Supply and demand are relatively loose, and it is oscillating weakly in the short term. No trend strength provided [2] - **PVC**: Oscillating at a low level. No trend strength provided [2] - **Fuel Oil**: Retreating in the short term, with continued increased volatility. No trend strength provided [2] - **Low - Sulfur Fuel Oil**: Temporarily stronger than high - sulfur fuel oil, and the price difference between high - and low - sulfur in the overseas spot market is temporarily stable. No trend strength provided [2] - **Container Shipping Index (European Line)**: Oscillating and consolidating. No trend strength provided [2] - **Short - Fiber and Bottle Chip**: Rebounding in the short term due to positive demand feedback. No trend strength provided [4] - **Offset Printing Paper**: Oscillating at a low level. No trend strength provided [4] - **Pure Benzene**: Mainly oscillating in the short term. No trend strength provided [4] - **Palm Oil**: The de - stocking in the producing areas is slow, and attention should be paid to the lower support. No trend strength provided [4] - **Soybean Oil**: US soybeans have rebounded, and the oil - meal ratio has declined. No trend strength provided [4] - **Soybean Meal**: US soybeans are strong, and Dalian soybean meal is rebounding and oscillating. No trend strength provided [4] - **Soybean No.1**: Oscillating on the strong side. No trend strength provided [4] - **Corn**: Oscillating weakly. No trend strength provided [4] - **Sugar**: Weak overseas and strong domestic. No trend strength provided [4] - **Cotton**: The cost of new cotton has increased, supporting the futures price of cotton. No trend strength provided [4] - **Egg**: Maintaining adjustment. No trend strength provided [4] - **Live Pig**: The sentiment in the spot market has declined, awaiting confirmation. No trend strength provided [4] - **Peanut**: Attention should be paid to the spot market. No trend strength provided [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint - The iron ore market is relatively weak, and short - term attention should be paid to domestic macro - policy increments. The price of iron ore will fluctuate within a range, and the strategy is to conduct range operations and use covered call options [2][5]. 3) Summary by Relevant Contents Market Situation - The black - series carbon elements were relatively strong yesterday, the price of finished products stabilized, while the iron ore price was relatively weak, and the sentiment of the black - series market remained weak [3]. Supply - The overseas ore shipment decreased slightly month - on - month. The shipment of Rio Tinto in Australia decreased significantly, while that in Brazil was relatively stable. The arrival volume reached a new high this year, and the support from the supply side continued to weaken [3]. Demand - Domestic demand decreased month - on - month but remained at a high level, still supporting the iron ore price. The blast furnace overhauls mainly occurred in Hebei, Shanxi, Jiangsu, and Shandong. The daily average pig iron output in this period was 2.4095 million tons (month - on - month - 0.59), basically the same as the average level in August. High demand still supported the iron ore price to some extent [4]. Inventory - The inventory level at the steel mill decreased slightly month - on - month, and the daily consumption of imported ore at steel mills decreased due to production cuts. Steel mills were about to enter the seasonal inventory accumulation stage. The port inventory continued to accumulate month - on - month due to the continuous increase in arrival volume [4].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Viewpoints The report provides trend forecasts for various commodities, including precious metals, base metals, energy, agricultural products, and chemical products. Different commodities are expected to have different trends such as range - bound trading, upward trends, or downward trends [2][4]. Summary by Commodity Precious Metals - **Gold**: The JH meeting saw Powell adopt a dovish stance. Gold prices showed certain movements, with Comex gold 2510 rising 1.00% to 3417.20. The trend intensity is 1 [2][6][9]. - **Silver**: It is expected to reach the previous high. Comex silver 2510 rose 2.07% to 39.390, and the trend intensity is 1 [2][6][9]. Base Metals - **Copper**: With the dollar falling, copper prices rose. The Shanghai copper main contract rose 0.18% to 78,650, and the trend intensity is 0 [2][11][13]. - **Zinc**: It is in range - bound trading. The Shanghai zinc main contract rose 0.16% to 22275, and the trend intensity is 0 [2][14][17]. - **Lead**: Reduced inventory supports the price. The Shanghai lead main contract rose 0.21% to 16780, and the trend intensity is 0 [2][18]. - **Tin**: It is in range - bound trading. The Shanghai tin main contract fell 0.21% to 265,930, and the trend intensity is 1 [2][20][24]. - **Aluminum**: Inventory accumulation has slowed down. The Shanghai aluminum main contract closed at 20630, and the trend intensity is 0 [2][25][27]. - **Nickel**: It is in narrow - range bound trading. The Shanghai nickel main contract closed at 119,610, and the trend intensity is 0 [2][28][33]. - **Stainless Steel**: It is in short - term low - level range - bound trading. The stainless - steel main contract closed at 12,750, and the trend intensity is 0 [2][28][33]. Energy - **Crude Oil - related**: No direct crude oil analysis, but related products are covered. - **Fuel Oil**: The upward trend is obvious, and the short - term strength will continue [2][55]. - **Low - Sulfur Fuel Oil**: It is relatively weaker than high - sulfur fuel oil, and the spot price spread between high - and low - sulfur fuel oil in the outer market has a slight rebound [2][55]. - **LPG**: Import costs provide support, but the supply - demand situation lacks obvious improvement [2][51]. Chemicals - **Carbonate Lithium**: It is in wide - range bound trading, and the trend intensity is 0 [2][34][37]. - **Industrial Silicon**: Market sentiment has been boosted, and the trend intensity is 1 [2][38][40]. - **Polysilicon**: It is in range - bound trading, and the strategy is to go long on dips. The trend intensity is 1 [2][38][40]. - **PTA and PX**: They are both in an upward - trending state and suitable for positive spreads. PX rose 0.11% to 6966, and PTA rose 0.16% to 4868 [2][59]. - **MEG**: It is in an upward - trending state, rising 0.02% to 4474 [2][59]. Agricultural Products - **Palm Oil**: The negative impact of the US soybean oil SRE has been digested, and international oil prices have risen [2][63]. - **Soybean Oil**: The trading of the soybean shortage in the fourth quarter has paused, and it is in high - level range - bound trading [2][63]. - **Soybean Meal**: Overnight, US soybeans rose slightly, and the Dalian soybean meal may rebound and fluctuate [2][65]. Others - **Iron Ore**: Short - term valuation is still supported by macro and micro factors, and the trend intensity is 2 [2][41][43]. - **Rebar and Hot - Rolled Coil**: They are both in wide - range bound trading, and the trend intensities are 0 [2][44][48]. - **Silicon Ferrosilicon and Manganese Silicon**: They are in wide - range bound trading, and the trend intensities are 0 [2][49][51]. - **Coke and Coking Coal**: They are in wide - range bound trading, and the trend intensities are 0 [2][52][54]. - **Log**: It is in repeated fluctuations, and the trend intensity is 1 [2][55][58].

Group 1: Industry Investment Rating - There is no information about the overall industry investment rating in the report. Group 2: Core Viewpoints - The National Development and Reform Commission and the State Administration for Market Regulation have jointly drafted the "Amendment Draft of the Price Law of the People's Republic of China (Draft for Comment)" to address "involution - style" competition, with clear definitions of dumping, expanded scope, and new regulations on data - related price behavior [8]. - For the black sector, in the short - term (1 - 3 weeks), steel is in high - level oscillation, iron ore is under pressure, and coking coal is strong; in the medium - term (1 - 3 months), black commodities face correction pressure; in the long - term (1 - 3 quarters), the center of black commodities will rise again [9][10]. Group 3: Summary by Related Catalogs 1. "Today's Discovery" - The revised "Price Law" aims to address "involution - style" competition, with clearer rules on low - price dumping, expanded scope to include services, and new regulations on operators' use of data and algorithms [8]. 2. "Recommended by the Director" - **Black Sector**: - Short - term: Steel oscillates at a high level, iron ore is under pressure, and coking coal is strong. The logic is that coking coal supply has a production - cut expectation, policy stimulus is continuous, and there is a shortage of spot liquidity. Steel mills have a demand to replenish coking coal inventory. Iron ore supply is gradually increasing, and its price is over - valued [9][10]. - Medium - term: Black commodities face correction pressure due to the cooling of the "anti - involution" policy and high valuations, along with increased supply and potential spot liquidity surpluses [10]. - Long - term: The center of black commodities will rise as real estate destocking and new construction stabilize, and global manufacturing inventory replenishment boosts demand [10]. - Strategies: Gradually take profit on the 10 - 01 reverse spread of steel; hold the 9 - 1 spread of iron ore; pay attention to opportunities to narrow the hot - rolled coil - rebar spread [10]. 3. "Commodity Research Morning Report" - **Precious Metals**: Gold oscillates downward, and silver breaks through and rises. Gold trend intensity is 1, and silver trend intensity is 1 [14][19][21]. - **Base Metals**: - Copper lacks a clear driver and oscillates. Copper trend intensity is 0 [14][23][25]. - Zinc's price weakens. Zinc trend intensity is 0 [14][26][28]. - Lead's price rebound is restricted by high domestic inventory. Lead trend intensity is 0 [14][29][30]. - Tin's price is affected by floods in Wa State. Tin trend intensity is - 1 [14][32][35]. - Aluminum oscillates in the short - term, alumina's price strengthens, and cast aluminum alloy follows electrolytic aluminum. Aluminum trend intensity is 0, alumina trend intensity is 1, and aluminum alloy trend intensity is 0 [14][37][39]. - Nickel is boosted by macro - sentiment but restricted by reality; stainless steel is dominated by macro - sentiment at the margin and determined by fundamentals in terms of elasticity. Nickel and stainless steel trend intensities are both 0 [14][40][44]. - **Energy and Chemicals**: - Carbonate lithium may be strong in the short - term due to increased supply - side disturbances. Carbonate lithium trend intensity is 1 [14][45][47]. - Industrial silicon's warehouse receipts are being cleared, and the market is resilient; polysilicon is affected by policy disturbances. Industrial silicon trend intensity is 0, and polysilicon trend intensity is 1 [14][49][51]. - Iron ore is supported by macro - expectations and oscillates strongly. Iron ore trend intensity is 1 [14][52][53]. - Rebar and hot - rolled coil oscillate widely. Rebar and hot - rolled coil trend intensities are both 0 [14][55][58]. - Ferrosilicon and silicomanganese oscillate widely due to rising overseas ore quotes. Ferrosilicon and silicomanganese trend intensities are both 0 [14][59][61]. - Coke's third - round price increase is implemented, and it oscillates strongly; coking coal is also strong due to supply - policy constraints. Coke and coking coal trend intensities are both 1 [14][63][65]. - Steam coal's daily consumption is recovering, and it oscillates and stabilizes. Steam coal trend intensity is 0 [14][67][70]. - Logs oscillate repeatedly [71].

Report Industry Investment Ratings The report does not provide an overall investment rating for the industry. However, it gives individual outlooks for various commodities, including bullish, bearish, and neutral views. Core Views of the Report The report presents a comprehensive analysis of multiple commodities, offering insights into their price trends, fundamental data, and relevant market news. It suggests that different commodities are influenced by various factors such as supply - demand dynamics, macroeconomic conditions, and industry - specific events. For example, some commodities like gold, silver, and aluminum are expected to show upward trends, while others like tin are predicted to experience price weakness. Summary According to Related Catalogs Precious Metals - Gold is expected to move upward in a volatile manner, with a trend strength of 1. Yesterday, the closing price of沪金2510 was 781.70, up 0.60%, and the overnight closing price was 785.76, up 0.76%. [2][7][8] - Silver is predicted to break through and move upward, with a trend strength of 1. The closing price of沪银2510 was 9271, down 0.02%, and the overnight closing price was 9420.00, up 1.85%. [2][7][8] Base Metals - Copper: Inventory reduction supports the price. The trend strength is 1. The closing price of沪铜主力合约 was 79,770, up 1.70%. [2][11] - Zinc: It will fluctuate within a range, with a trend strength of 0. The closing price of沪锌主力 was 22925, up 2.83%. [2][14] - Lead: The expected supply - demand contradiction supports the price, with a trend strength of 1. The closing price of沪铅主力 was 16960, up 0.83%. [2][17] - Tin: The price is weakening, with a trend strength of - 1. The closing price of沪锡主力合约 was 267,250, up 1.02%. [2][19] - Aluminum: It will move upward in a volatile manner. Alumina shows strong short - term sentiment, and casting aluminum alloy follows electrolytic aluminum. The trend strength of aluminum is 0, alumina is 1, and casting aluminum alloy is 0. The closing price of沪铝主力合约 was 20840. [2][23] - Nickel: Macro - sentiment boosts expectations, but reality limits elasticity. Stainless steel is dominated by macro - sentiment at the margin, and fundamentals determine elasticity. The trend strength of both nickel and stainless steel is 0. The closing price of沪镍主力 was 122,550, and the closing price of stainless steel主力 was 12,905. [2][26] Energy - Related Commodities - Iron ore: Supported by macro - expectations, it will oscillate strongly. The trend strength is 0. The closing price of the futures was 809.0, up 3.06%. [2][38] - Coke and coking coal: Both are expected to oscillate strongly. The trend strength of coke is 0, and that of coking coal is 1. The closing price of JM2509 was 1006, up 8.64%, and the closing price of J2509 was 1803, up 5.60%. [2][49][50] - Thermal coal: With the recovery of daily consumption, it will stabilize in a volatile manner. The trend strength is 0. The previous closing price of ZC2507 was 840.0000, down 51.4 from the previous settlement price. [2][53] Chemical Commodities - Carbonate lithium: Potential supply reduction combined with strong macro - sentiment may lead to a strong short - term trend. The trend strength is 1. The closing price of the 2509 contract was 71,280, up 1,320. [2][31] - Industrial silicon: Warehouse receipts continue to decline, and the futures price is resilient. The trend strength is 1. The closing price of Si2509 was 9,260, up 565. [2][35] - Polysilicon: Attention should be paid to the transaction situation at the component end. The trend strength is 1. The closing price of PS2509 was 45,660, up 1,810. [2][35] Building Materials and Steel - Rebar and hot - rolled coil: Market sentiment remains strong, and they will oscillate strongly. The trend strength of both is 1. The closing price of RB2510 was 3,224, up 68, and the closing price of HC2510 was 3,394, up 73. [2][41] - Ferrosilicon and silicomanganese: Market sentiment remains strong, and they will oscillate strongly. The trend strength of both is 1. The closing price of硅铁2509 was 5668, up 160, and the closing price of锰硅2509 was 5914, up 110. [2][45] Others - Logs will fluctuate repeatedly. [2][56]