Report Industry Investment Ratings - Not provided in the given content Core Viewpoints - The report provides daily evaluations and operation suggestions for various futures varieties, including expectations of price trends, market analyses, and corresponding trading strategies [3]. Summary by Relevant Catalogs Daily Selected Views - Alumina (AO2605): Expected to fluctuate weakly [3] - Caustic Soda (SH2603): Weak in the near - term [3] - Coking Coal (JM2605): Expected to fluctuate strongly [3] - Eggs (JD2603): Strong in the short - term [3] All - Variety Daily Reviews Stock Index Futures - A - shares continued to rise with heavy volume and then declined, with large trading divergence and high trading volume. The callback range may be limited. For stock index futures, it is recommended to control portfolio risks, avoid heavy - position chasing, and allocate small - and medium - cap indexes that had smaller previous gains at low prices. Use bull - spread strategies mainly and prevent risks from large fluctuations [3]. Treasury Bond Futures - After the central bank's combined measures and the implementation of structural monetary policy interest rate cuts, the probability of a comprehensive interest rate cut in the first quarter may decrease. The 10 - year Treasury bond rate at 1.85% may be a reasonable pricing, and the certainty of a reserve requirement ratio cut is relatively high. It is expected that capital interest rates will be stable and the short - end will be stronger, and the yield curve may tend to steepen. Adopt a wait - and - see strategy for single - side trading and participate in the steepening strategy for curve trading [3]. Precious Metals - Gold: Hold long positions above the 20 - day moving average and sell out - of - the - money put options to earn time value. - Silver: Policy may bring forward powder demand, intensify structural supply shortages. Keep a low - position buying idea at lows and lock in gains at highs. - Platinum: Buy at lows near the 20 - day moving average [3]. Shipping and Metals - Steel: Rebar fluctuates in the 3000 - 3200 range; hot - rolled coils fluctuate in the 3150 - 3350 range. - Iron Ore: Supply faces the off - season, and ports continue to accumulate inventory, fluctuating in the 770 - 830 range. - Coking Coal: Prices in Shanxi rise more than they fall, and trading warms up. Unilaterally go long at lows and conduct arbitrage by going long on coking coal and short on coke. - Coke: After the fourth round of price cuts after New Year's Day, the price stabilizes. Unilaterally go long at lows and conduct arbitrage by going long on coking coal and short on coke. - Silicon Iron: Costs are supportive, and supply - demand improves marginally. Fluctuate widely and try to go long at lows, with a bottom support around 5500. - Manganese Silicon: Manganese ore outer - market quotes generally rise, and supply - demand improves. Fluctuate widely and try to go long at lows, with a bottom support around 5800. - Copper: Copper prices are at a high level, and inventories in three locations are accumulating. Hold long positions cautiously with attention on the 99000 - 100000 support. - Alumina: Spot inventory accumulation continues, and the market fluctuates widely. The main contract operates in the 2600 - 2950 range, and sell short at highs. - Aluminum: The market reduces positions and adjusts. Be aware of emotional callback risks in the short - term. The main contract has an over - rising sign in the short - term, so do not chase long. Wait for the callback to layout long positions. - Aluminum Alloy: Inventory continues to decline, and the spot market maintains just - in - time procurement. The main contract operates in the 22000 - 24000 range. Conduct arbitrage by going long on AD03 and short on AL03. - Zinc: LME suspends zinc warehousing from South Korea, and zinc prices rise sharply. Pay attention to the 24000 support and go long at lows in the long - term. Hold cross - market reverse arbitrage positions. - Tin: Market sentiment declines, and tin prices open lower at night. Be cautious in futures operations. - Nickel: The mine - end supply is expected to tighten again, and the market runs strongly. Conduct range operations with the main contract in the 140000 - 152000 range. - Stainless Steel: The market fluctuates strongly, and raw material cost support strengthens again. Fluctuate strongly with the main contract in the 13800 - 14500 range [3]. New Energy - Industrial Silicon: Industrial silicon futures decline and then rebound, still oscillating at a low level. Pay attention to the change in poly - silicon production. The main contract operates in the 8000 - 9000 range. - Poly - silicon: Poly - silicon futures mainly fluctuate, with support at 48000. Fluctuate at a high level and wait and see. - Lithium Carbonate: Market sentiment eases, and the market oscillates and adjusts. Adopt a wait - and - see strategy for single - side trading and conduct positive calendar spreads. - PX: High valuation and downstream plans for further production cuts put short - term pressure on PX. Focus on the 7000 support in the short - term, adopt low - position positive spreads in the medium - term, and conduct long - term low - buying. - PTA: High valuation and downstream plans for further production cuts put short - term pressure on PTA. Try to go long when PTA is below 5000, and treat it with a low - buying strategy in the medium - term. Conduct TA5 - 9 low - position positive spreads. - Short - fiber: Supply - demand is expected to be weak, and short - fiber follows raw material fluctuations. The single - side strategy is the same as PTA; try to shrink the processing margin on the market when it is high. - Bottle - grade PET: In January, both supply and demand of bottle - grade PET decrease, and the absolute price and processing margin follow the cost side. The processing margin of the main contract is expected to fluctuate in the 350 - 500 yuan/ton range. - Ethanol: Seasonal inventory accumulation, weak near - term supply - demand expectations, and the MEG price in January is still under pressure. Pay attention to the 4000 pressure on EG2605; conduct reverse spreads on EG5 - 9 at highs; hold short positions of out - of - the - money call option EG2605 - C - 4100. - Benzene: Supply - demand expectations improve slightly, but prices are still under pressure due to high inventory. Short - sell BR03 at highs and pay attention to the opportunity to shrink the EB - BZ spread. - Styrene: Styrene is short - term strong, but the upside is limited due to high valuation and weak expectations. Pay attention to the opportunity to short - sell EB03 at highs and the opportunity to shrink the EB processing margin when it is high [3]. Energy and Chemicals - LLDPE: The basis remains, and the short - covering sentiment weakens. Some long positions should be closed as non - standard products turn into standard products. - PP: Maintenance increases, and prices fluctuate strongly. Hold PDH profit expansion positions. - Methanol: Geopolitical disturbances cause prices to fluctuate. Wait and see. - Caustic Soda: The weak supply - demand pattern continues, and spot prices are under pressure. Wait and see. - PVC: Export disturbances amplify market fluctuations, and short - term trading focuses are no longer on supply - demand. Market fluctuations increase, and hold short positions and wait. - Urea: Agricultural demand emerges and inventory decreases, pushing up the urea price center. Close long positions taken earlier at the right time and hold short positions and wait. - Soda Ash: Device restart and increased production load lead to a new high in daily output, while demand is still weak. Take a bearish view. - Glass: Market sentiment declines, and the sales - to - production ratio continues to fall. Short - sell in the short - term. - Natural Rubber: Short - term driving forces are limited, and the market mainly fluctuates within a range. Wait and see. - Synthetic Rubber: For BR2603, the cost side strengthens, and demand expectations improve. Pay attention to the 11800 - 12000 support for BR2603; conduct arbitrage by going long on BR2603 and short on NR2603 [3]. Agricultural Products - Meal: The market lacks driving forces, and soybean meal fluctuates. Fluctuate within a range. - Live Pigs: Driven by capital sentiment, the market is short - term strong. Fluctuate within a range. - Corn: Supply remains tight, and the market fluctuates at a high level. Run at a high level. - Oils: There are many recent disturbing factors, and short - term fluctuations intensify. Palm oil tests the 8750 support in the short - term. - Sugar: India's sugar - crushing speeds up, and prices are under pressure at highs. Fluctuate weakly within a range and pay attention to the 5300 resistance. - Cotton: The US export sales report provides support, and cotton prices fluctuate and adjust. Fluctuate at a high level. - Eggs: Egg prices are stable or rising, and supply - demand pressure is not large. Fluctuate strongly within a range and pay attention to the previous high of 3100 pressure. - Red Dates: Not provided - Apples: Market sentiment cools down, and futures prices fluctuate at a high level. Market trading is weak, and futures prices decline. It is recommended to protect long positions with put options and short - sell on rebounds [3]

1. Report Industry Investment Ratings - No industry - wide investment ratings are provided in the report. 2. Core Views - The report provides daily views and operation suggestions for various futures varieties, including trends such as A - share continuous upward movement, bond market marginal repair, and price fluctuations in multiple commodities [3]. 3. Summary by Related Categories Equity Index - A - shares continue to rise with increasing trading volume, and the trading sentiment is strong. It is recommended to hold the bull spread combination and consider constructing a covered combination on dips, focusing on risk control. Among them, the IC component is more in line with the main - line structure and performs better [3]. Treasury Bonds - After the previous adjustment, the duration of the trading positions in the bond market has been reduced, and the selling pressure has eased. Supported by the continuous loosening of the capital side, the bond market has shown a marginal repair. In the short - term, the bond market is still in a volatile situation, and the rebound of bond futures may be limited. The later trend depends on the fundamentals and government bond supply. It is recommended to wait and see on the unilateral strategy and tend to steepen the curve in the medium - term [3]. Precious Metals - Due to the uncertainty of the US domestic and foreign situations, the US dollar weakens and precious metals generally rise. Gold can be lightly held long above $4300, or sell out - of - the - money put options. Silver is recommended to hold long positions above $75, and platinum and palladium are recommended to be bought lightly on dips near the 20 - day moving average [3]. Steel and Iron Ore - Steel inventory has reached the seasonal accumulation inflection point, and steel prices remain volatile. The iron ore supply is in the off - season, and the port inventory continues to accumulate, with prices in a wide - range shock. For coking coal, Shanxi coal prices rise more than fall, and it is recommended to go long on dips and conduct arbitrage by going long on coking coal and short on coke. After the fourth round of coke price cuts after New Year's Day, it stabilizes, and the same arbitrage strategy is applicable [3]. Non - ferrous Metals - Copper prices are at a high level, and downstream operating rates are weakening, so long positions should be held cautiously. Alumina has a short - term oversupply trend, and it is recommended to wait and see in the short - term and short on rallies in the medium - term. Aluminum prices continue to reach new highs, and it is not recommended to chase the rise. Zinc prices move up, and long positions can be held for long - term on dips. Tin prices hit the daily limit, and the previously bought call options can be held. Nickel prices rise sharply, and long positions should be appropriately reduced on rallies [3]. New Energy and Chemicals - Lithium carbonate futures hit the daily limit, and a long - on - dips strategy is recommended. PX has limited rebound space, and a low - level positive arbitrage strategy is recommended. PTA and short - fiber follow raw material fluctuations, and a low - level positive arbitrage strategy is also applicable. Ethanol is under upward pressure, and it is recommended to conduct reverse arbitrage and sell out - of - the - money call options [3]. Agricultural Products - Soybean meal is in a weak adjustment, and the USDA's increase in US soybean production puts pressure on beans. Pork demand declines after the festival, and the price is in a range - bound shock. Corn has strong downward support and shows a strong upward trend. The USDA report is negative for soybean oil in the short - term [3].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content [1][2][3] 2. Core View of the Report - The report mainly presents a futures basis statistics table on January 9, 2026, including various futures varieties such as non - ferrous metals, precious metals, industrial products, agricultural products, and financial futures, showing their main contract basis rates, changes compared to the previous day, current - month basis, next - month basis, etc [3] 3. Summary by Related Catalogs 3.1 Non - ferrous Metals - Copper (CU): Main contract basis rate is 0.21%, up 0.86% from yesterday, spot price is 102,085 [3] - Aluminum (AL): Main contract basis rate is 0.04%, up 1.23% from yesterday, spot price is 24,000 [3] - Zinc (ZN): Main contract basis rate is 0.52%, up 0.54% from yesterday, spot price is 24,170 [3] - Lead (PB): Main contract basis rate is - 1.26%, down 0.04% from yesterday, spot price is 17,300 [3] - Tin (SN): Main contract basis rate is 0.63%, up 0.69% from yesterday, spot price is 355,050 [3] - Nickel (NI): Main contract basis rate is 4.30%, up 1.01% from yesterday, spot price is 149,050 [3] - Industrial Silicon: Main contract basis rate is 5.96%, up 2.49% from yesterday, spot price is 9,250 [3] 3.2 Precious Metals - Gold (AU): Main contract basis rate is - 0.21%, down 0.24% from yesterday, spot price is 995.86 [3] - Silver (AG): Main contract basis rate is - 0.61%, down 1.00% from yesterday, spot price is 18,338 [3] 3.3 Industrial Products - Rebar (RB): Main contract basis rate is 5.43%, up 0.63% from yesterday, spot price is 3,340 [3] - Hot - rolled Coil (HC): Main contract basis rate is - 1.12%, down 0.76% from yesterday, spot price is 3,280 [3] - Iron Ore: Main contract basis rate is 7.90%, up 3.93% from yesterday, spot price is 877.2 [3] - Coke: Spot price is 1,615, with relevant basis data [3] - Coking Coal: Spot price is 1,097.5, with relevant basis data [3] - Steam Coal (ZC): Main contract basis rate is - 12.65%, up 0.37% from yesterday, spot price is 700 [3] - Ferrosilicon: Main contract basis rate is - 3.49, up 4.70% from yesterday, spot price is 5,470 [3] - Ferromanganese: Spot price and relevant basis data are provided [3] - Glass (FG): Main contract basis rate is - 12.30%, down 0.27% from yesterday, spot price is 1,020 [3] 3.4 Agricultural Products - Soybean: Main contract basis rate is - 8.82%, up 0.35% from yesterday, spot price is 4,000 [3] - Soybean Meal: Spot price is 3,110, with relevant basis data [3] - Rapeseed Meal (RM): Main contract basis rate is 7.72%, up 1.06% from yesterday, spot price is 2,540 [3] - Soybean Oil (Y): Main contract basis rate is 6.87%, up 0.56% from yesterday, spot price is 8,490 [3] - Rapeseed Oil (Ol): Main contract basis rate is 8.31%, down 0.54% from yesterday, spot price is 9,700 [3] - Peanut (PK): Main contract basis rate is 15.59%, up 0.37% from yesterday, spot price is 9,300 [3] - Palm Oil: Main contract basis rate is 0.09%, unchanged from yesterday, spot price is 8,620 [3] - Corn (C): Main contract basis rate is 1.94%, down 0.82% from yesterday, spot price is 2,310 [3] - Corn Starch (CS): Main contract basis rate is 0.94%, down 0.32% from yesterday, spot price is 2,570 [3] - Apple (AP): Main contract basis rate is - 10.2%, up 0.49% from yesterday, spot price is 8,220 [3] - Egg (JD): Main contract basis rate is 9.67%, up 0.07% from yesterday, spot price is 3,300 [3] - Live Pig (LH): Main contract basis rate is 10.07%, down 0.24% from yesterday, spot price is 12,900 [3] 3.5 Soft Commodities - Cotton (CF): Main contract basis rate is 8.49%, up 3.51% from yesterday, spot price is 15,992 [3] - Sugar: Spot price is 5,390, with relevant basis data [3] 3.6 Chemicals - Methanol (MA): Main contract basis rate is 0.85%, down 1.05% from yesterday, spot price is 2,250 [3] - Ethanol (EG): Main contract basis rate is - 3.93, with relevant basis data [3] - PTA: Main contract basis rate is - 0.51%, up 0.27% from yesterday, spot price is 5,060 [3] - Styrene (EB): Main contract basis rate is 1.51%, up 0.82% from yesterday, spot price is 6,910 [3] - Short - fiber (PF): Main contract basis rate is 1.51%, up 1.27% from yesterday, spot price is 6,570 [3] - Plastic: Main contract basis rate is 2.60%, up 2.47% from yesterday, spot price is 6,800 [3] - PVC (V): Main contract basis rate is - 4.38, up 1.09% from yesterday, spot price is 4,690 [3] - Rubber (RU): Main contract basis rate is - 1.679, up 0.98% from yesterday, spot price is 15,850 [3] - 20 - grade Rubber (NR): Main contract basis rate is 2.61%, up 0.06% from yesterday, spot price is 13,406 [3] - Soda Ash (SA): Main contract basis rate is - 3.23%, down 0.08% from yesterday, spot price is 1,199 [3] - Urea (UR): Main contract basis rate is - 1.46%, up 0.77% from yesterday, spot price is 1,750 [3] - Pulp (SP): Main contract basis rate is 1.47%, up 1.67% from yesterday, spot price is 2,585 [3] 3.7 Energy Chemicals - Crude Oil (SC): Main contract basis rate is - 6.42%, down 0.57% from yesterday, spot price is 389.5 [3] - Fuel Oil (FU): Main contract basis rate is 5.10%, down 3.85 from yesterday, spot price is 2,583 [3] - Asphalt (BU): Main contract basis rate is - 1.989, up 0.87% from yesterday, spot price is 3,070 [3] - Low - sulfur Fuel Oil (LU): Main contract basis rate is - 0.71%, down 3.45 from yesterday, spot price is 2,908 [3] 3.8 Stock Index Futures - CSI 300 (IF): Main contract basis rate is 0.41%, down 0.09% from yesterday, spot price is 4,737.7 [3] - SSE 50 (IH): Main contract basis rate is - 0.01%, down 0.05% from yesterday, spot price is 3,122.1 [3] - CSI 500 (IC): Main contract basis rate is 1.03%, up 0.10% from yesterday, spot price is 7,894.5 [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View No relevant information provided. 3. Summary by Category a. Metals - Copper (CU): The main contract basis rate is -0.54%, down 0.28% from yesterday. The spot price is 92,240 [3]. - Aluminum (AL): The main contract basis rate is -1.18%, down 0.50% from yesterday. The spot price is 21,730 [3]. - Zinc (ZN): The main contract basis rate is 0.46%, down 0.02% from yesterday. The spot price is 23,130 [3]. - Lead (PB): The main contract basis rate is -0.51%, down 0.39% from yesterday. The spot price is 16,725 [3]. - Nickel (NI): The main contract basis rate is 2.66%, up 0.38% from yesterday. The spot price is 116,600 [3]. - Industrial Silicon: The main contract basis rate is 6.73%, down 1.38% from yesterday. The spot price is 9,200 [3]. - Lithium Carbonate (LC): The main contract basis rate is -9.03%, up 0.24% from yesterday. The spot price is 97,570 [3]. - Gold (AU): The main contract basis rate is -0.59%, up 0.10% from yesterday. The spot price is 974.68 [3]. - Silver (AG): The main contract basis rate is -0.37%, down 0.01% from yesterday. The spot price is 15,463 [3]. b. Steel and Iron Ore - Rebar (RB): The main contract basis rate is 6.24%, down 0.44% from yesterday. The spot price is 3,320 [3]. - Hot Rolled Coil (HC): The main contract basis rate is 0.70%, down 0.38% from yesterday. The spot price is 3,300 [3]. - Iron Ore: The main contract basis rate is 6.92%, down 0.47% from yesterday. The spot price is 831.3 [3]. c. Coal and Coke - Coke: The main contract basis rate is 0.72%, down 1.54% from yesterday. The spot price is 1,615 [3]. - Coking Coal (JIM): The main contract basis rate is -0.80%, down 6.02% from yesterday. The spot price is 1,117.5 [3]. - Thermal Coal (ZC): The main contract basis rate is -9.78%, down 1.12% from yesterday. The spot price is 723.0 [3]. d. Grains and Oils - Soybean (A): The main contract basis rate is -2.5%, up 1.17% from yesterday. The spot price is 3,940 [3]. - Soybean Meal (M): The main contract basis rate is 10.67%, unchanged from yesterday. The spot price is 3,040 [3]. - Rapeseed Meal (RM): The main contract basis rate is 7.26%, down 0.84% from yesterday. The spot price is 2,510 [3]. - Rapeseed Oil (Ol): The main contract basis rate is 6.20%, down 0.72% from yesterday. The spot price is 9,500 [3]. - Peanut (PK): The main contract basis rate is 17.56%, up 0.26% from yesterday. The spot price is 9,400 [3]. - Palm Oil (P): The main contract basis rate is 0.38%, down 0.07% from yesterday. The spot price is 8,400 [3]. - Corn (C): The main contract basis rate is 4.57%, up 0.76% from yesterday. The spot price is 2,290 [3]. - Corn Starch (CS): The main contract basis rate is 2.84%, down 0.26% from yesterday. The spot price is 2,570 [3]. e. Agricultural and Sideline Products - Apple (AP): The main contract basis rate is 13.98%, up 0.51% from yesterday. The spot price is 7,800 [3]. - Egg (JD): The main contract basis rate is 6.31%, up 6.05% from yesterday. The spot price is 3,100 [3]. - Live Pig: The main contract basis rate is 4.64%, up 1.88% from yesterday. The spot price is 11,850 [3]. - Cotton (CF): The main contract basis rate is 8.45%, down 0.31% from yesterday. The spot price is 15,139 [3]. - Sugar (SR): The main contract basis rate is 5.64%, up 0.37% from yesterday. The spot price is 5,390 [3]. f. Chemicals - Methanol (MA): The main contract basis rate is -0.07%, up 0.21% from yesterday. The spot price is 2,173 [3]. - Ethanol (EG): The main contract basis rate is -3.24%, down 0.23% from yesterday. The spot price is 3,645 [3]. - PTA (TA): The main contract basis rate is -1.22%, up 0.14% from yesterday. The spot price is 4,690 [3]. - Polypropylene (PP): The main contract basis rate is 8.30%, down 0.43% from yesterday. The spot price is 6,800 [3]. - Styrene (EB): The main contract basis rate is 1.64%, down 0.40% from yesterday. The spot price is 6,490 [3]. - Short - Fiber (PF): The main contract basis rate is 2.24%, down 0.90% from yesterday. The spot price is 6,310 [3]. - Plastic: The main contract basis rate is 8.09%, up 0.05% from yesterday. The spot price is 7,000 [3]. - PVC (V): The main contract basis rate is 14.80%, down 7.40% from yesterday. The spot price is 5,405 [3]. - Rubber (RU): The main contract basis rate is -1.76%, up 0.45% from yesterday. The spot price is 15,050 [3]. - 20 - Number Rubber (NR): The main contract basis rate is 4.30%, up 0.60% from yesterday. The spot price is 12,991 [3]. - Soda Ash (SA): The main contract basis rate is -3.86%, down 1.04% from yesterday. The spot price is 1,147 [3]. - Urea (UR): The main contract basis rate is -1.64%, down 3.10% from yesterday. The spot price is 1,680 [3]. - Pulp (SP): The main contract basis rate is 0.45%, up 0.11% from yesterday. The spot price is 5,525 [3]. g. Energy - Crude Oil (SC): The main contract basis rate is -8.2%, up 0.13% from yesterday. The spot price is 394.5 [3]. - Fuel Oil (FU): The main contract basis rate is 7.68%, up 0.32% from yesterday. The spot price is 2,626 [3]. - Asphalt (BU): The main contract basis rate is -1.42%, up 1.96% from yesterday. The spot price is 2,910 [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.54%, down 0.97% from yesterday. The spot price is 2,947 [3]. - LPG (PG): The main contract basis rate is 10.20%, up 3.31% from yesterday. The spot price is 4,528 [3]. h. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.05%, up 0.02% from yesterday. The spot price is 4,552.8 [3]. - SSE 50 (IH): The main contract basis rate is 0.12%, down 0.03% from yesterday. The spot price is 2,998.5 [3]. - CSI 500 (IC): The main contract basis rate is 0.00%, up 0.12% from yesterday. The spot price is 7,100.8 [3].

1. Report Industry Investment Ratings - No investment ratings for industries are provided in the report. 2. Core Views - The Sino - US trade friction is in a mutual exploration stage, which may suppress market risk appetite in the short term, but the long - term upward trend of the stock index remains unchanged. The bond market is expected to fluctuate in a range, and precious metals are strongly supported by safe - haven demand. Different commodities have different trends and corresponding operation suggestions based on their supply - demand situations and market factors [2]. 3. Summary by Relevant Catalogs Equity Index - The Sino - US trade friction may lead to short - term fluctuations in the stock index, which is expected to fall first and then rebound. The long - term upward trend remains unchanged. For conservative investors, it is recommended to wait for the fluctuations to converge and then enter the market at low levels, mainly by selling put options at the support level [2]. Treasury Bonds - The 10 - year Treasury bond's allocation value recovers when the interest rate rises above 1.8%. The short - term bond market is expected to continue to fluctuate in a range. It is recommended to wait for over - adjustment opportunities by observing [2]. Precious Metals - Gold remains strong due to safe - haven demand. It is recommended to hold long positions and set stop - loss and take - profit levels or use out - of - the - money call options instead. Silver follows gold's upward trend, and long positions above $53 should be held [2]. Shipping Index - The main contract of the container shipping index (European line) has downward movement. Short - term fluctuations are repeated. It is recommended to buy below 1600 for the main contract, take a unilateral wait - and - see approach, and conduct reverse arbitrage on the monthly spread [2]. Steel - The apparent demand for steel recovers, and inventory turns to seasonal destocking. The profit margin converges. It is recommended to take a unilateral wait - and - see approach, and the monthly spread should be arbitraged by selling high [2]. Iron Ore - The supply - side disturbance of iron ore weakens, and the price oscillates and weakens. It is recommended to wait and see unilaterally, with the range of 750 - 800, and conduct arbitrage by going long on coking coal and short on iron ore [2]. Coking Coal and Coke - For coking coal, it is recommended to go long at low levels, with the range of 1120 - 1250, and conduct arbitrage by going long on coking coal and short on coke. For coke, it is recommended to go long at low levels, with the range of 1620 - 1770, and conduct the same arbitrage [2]. Non - ferrous Metals - Copper prices fluctuate at a high level, and the support level is 84000 - 85000. Alumina's cost support weakens, and the main contract runs in the range of 2750 - 2950. Aluminum's main contract ranges from 20700 - 21300, and the aluminum alloy's main contract ranges from 20200 - 20800. Zinc prices oscillate, and the main contract ranges from 21500 - 22500. Tin continues to be weak, and it is recommended to look for buying opportunities when the macro - sentiment declines. Nickel's main contract ranges from 120000 - 126000, and stainless steel's main contract ranges from 12400 - 12800 [2]. Energy and Chemicals - Crude oil prices are under pressure due to Sino - US trade tensions and inventory accumulation. It is recommended to short on rallies. Urea's supply - demand balance improvement is limited, and it is recommended to wait and see. PX and PTA have weak supply - demand expectations and are recommended to wait and see and look for short - selling opportunities on rebounds. Short - fiber has short - term support, and it is recommended to expand the processing margin at low levels. Bottle - chip's processing margin improves in the short term. Ethanol is expected to be weak, and it is recommended to short on rallies. Caustic soda and PVC are recommended to stop loss on short positions. Benzene and styrene are recommended to short on rebounds and expand the spread at low levels. Synthetic rubber is expected to rebound in the short term, and it is recommended to stop profit on short - call options. LLDPE is recommended to pay attention to the destocking inflection point, and PP is recommended to wait and see [2]. Agricultural Products - For soybeans, it is recommended to pay attention to the domestic arrival rhythm. For hogs, it is recommended to hold 3 - 7 reverse arbitrage positions. Grains and oils fluctuate in a narrow range. Sugar is in a bearish trend, and cotton is recommended to hold short positions. Eggs are recommended to look for monthly reverse arbitrage opportunities. Apples' main contract runs around 8500. Orange juice is expected to be bearish in the medium - to - long - term. Soda ash is recommended to hold short positions [2]. Special Commodities - Glass is recommended to stop loss on short positions, and rubber is recommended to wait and see. Industrial silicon prices oscillate weakly, with the range of 8300 - 9000 yuan/ton [2]. New Energy Commodities - Polysilicon is recommended to hold long positions, and lithium carbonate's main price center is in the range of 74,000 - 76,000 yuan [2].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Viewpoints - The market may pre - price the Fed's probability of restarting interest rate cuts during the September interest rate meeting this week [2]. - The technology sector in stock index futures has regained strength, and funds are rotating among sectors [2]. - Treasury bond futures first declined and then rose, with an increasing expectation of central bank bond - buying [2]. - The Fed's decision may intensify market divergence and increase short - term volatility [2]. - The main contract of the container shipping index is weakly volatile [2]. - Coal supply contraction expectations have resurfaced, driving up steel prices [2]. - Iron ore prices are supported by factors such as resumed shipments, increased hot metal production, and restocking demand [2]. - The prices of some energy and chemical products are affected by factors such as supply - demand patterns, production maintenance, and inventory changes [2]. - The prices of some agricultural products are influenced by factors like supply, demand, and market sentiment [2]. - Some special and new - energy commodities are affected by factors such as cost, macro - environment, and industry meetings [2]. Summary by Related Catalogs Stock Index Futures - The technology mainline in stock index futures has regained strength, and funds are rotating among sectors. If volatility continues to decline, a double - buying strategy for options can be attempted [2]. Treasury Bond Futures - Treasury bond futures first declined and then rose, with an increasing expectation of central bank bond - buying. A unilateral strategy suggests investors wait and see, and pay short - term attention to changes in the capital market, the equity market, and fundamentals [2]. Precious Metals - Before the Fed's decision, the expectation of easing has been rising, and the US dollar index has fallen to the lowest point of the year. For gold, it is recommended to wait and see and then buy on dips after the decision. An option double - buying strategy at the strike price of 840 can be tried. Silver has high elasticity above $42, but volatility may rise and then fall after the decision. It is recommended to sell out - of - the - money put options on rallies [2]. Container Shipping Index (European Line) - The main contract is weakly volatile, and a spread arbitrage between December and October can be considered [2]. Steel and Related Products - Coal supply contraction expectations have resurfaced, and coking coal has driven up steel prices. It is recommended to go long on steel in the short term. For iron ore, go long on the 2601 contract at dips, with a reference range of 780 - 850, and short hot - rolled coils. For coking coal, go long on the 2601 contract at dips, with a reference range of 1150 - 1300, and short coke. For coke, go long on the 2601 contract at dips, with a reference range of 1650 - 1800, and short coke [2]. Energy and Chemical Products - For crude oil, it is recommended to mainly wait and see unilaterally. For urea, wait and see unilaterally, with a short - term support level of 1630 - 1650 yuan/ton. For PX, it is expected to oscillate between 6600 - 6900 in the short term. For PTA, it is expected to oscillate between 4600 - 4800 in the short term and conduct a rolling reverse spread between TA1 and TA5. For short - fiber, it has no obvious short - term driver and follows raw materials. For bottle - grade polyester chips, its demand may decline in September, and the processing fee is expected to fluctuate between 350 - 500 yuan/ton. For ethylene glycol, wait and see unilaterally and conduct a 1 - 5 reverse spread. For caustic soda, wait and see. For PVC, wait and see. For pure benzene, it follows styrene and oil prices in the short term. For styrene, conduct a rolling low - buying strategy and pay attention to the pressure around 7200, and widen the spread between EB11 and BZ11 at a low level. For synthetic rubber, its price is expected to fluctuate between 11400 - 12500. For LLDPE, it will oscillate between 7150 - 7450 in the short term. For PP, it is slightly bullish. For methanol, conduct range - bound operations between 2350 - 2550 [2]. Agricultural Products - For soybeans and related products, operate the 01 contract in the range of 3000 - 3100. For live pigs, the market is in a weakly volatile pattern. For corn, be cautious about short - selling. For palm oil, soybean oil, and rapeseed oil, observe whether the main contract of palm oil can stabilize above 9500. For sugar, pay attention to the pressure level around 5700 - 5750. For cotton, wait and see unilaterally. For eggs, reduce previous short positions and control positions. For apples, the main contract runs around 8300. For red dates, pay attention to the support at 10700. For soda ash, wait and see [2]. Special and New - Energy Commodities - For glass, wait and see and pay attention to the sentiment of the spot market during the peak season. For rubber, it is in a high - level oscillation due to positive macro - sentiment. For industrial silicon, it is strongly volatile, with the main price fluctuation range expected to be between 8000 - 9500 yuan/ton. For polysilicon, wait and see. For lithium carbonate, the main contract is expected to run between 70,000 - 75,000 [2].

Group 1: Report Industry Investment Ratings - There is no information about the report industry investment ratings in the provided content. Group 2: Core Views of the Report - This week, the market may price in the probability of the Fed restarting interest rate cuts ahead of the September FOMC meeting. Volatility may increase after the Fed's decision [2]. - The technology sector has regained strength in the stock index futures market, with funds rotating among sectors. If volatility continues to decline, a long straddle options strategy can be considered [2]. - The 10 - year Treasury bond yield has initially stabilized around 1.8%. The central bank's bond - buying expectations have increased, and the bond futures market has first declined and then risen. Traders are advised to wait and see and focus on the capital, equity market, and fundamentals in the short term [2]. - Pre - Fed decision, the loose expectation has caused the US dollar index to fall to its lowest point this year. Gold and silver prices have fluctuated. After the decision, silver volatility may rise and then fall [2]. - The main container shipping index (European line) has shown weak and volatile performance, and a 12 - 10 spread arbitrage strategy can be considered [2]. - Coal supply contraction expectations have resurfaced, and coking coal has driven up steel prices. Iron ore, coking coal, and coke prices are expected to be strong, supported by factors such as increased shipments, rising pig iron production, and replenishment demand [2]. - In the energy and chemical sector, the prices of various products are affected by factors such as supply - demand balance, seasonal maintenance, and macro - environment. Different trading strategies are recommended for each product [2]. - In the agricultural products sector, the prices of products such as corn, soybeans, and livestock are affected by factors such as supply, demand, and seasonal factors, and corresponding trading suggestions are provided [2]. - In the special and new energy product sectors, the prices of products such as glass, rubber, and industrial silicon are affected by factors such as market sentiment and cost, and different trading stances are recommended [2]. Group 3: Summaries by Related Catalogs Stock Index Futures - The technology sector has regained strength, and funds are rotating among sectors. If volatility declines, a long straddle options strategy can be tried [2]. Treasury Futures - The 10 - year Treasury bond yield has stabilized around 1.8%. The central bank's bond - buying expectations have increased. Traders are advised to wait and see and focus on short - term market changes [2]. Precious Metals - Pre - Fed decision, the US dollar index has fallen, and gold and silver prices have fluctuated. Silver has high elasticity above $42, but volatility may rise and then fall after the decision. Different options strategies are recommended for gold and silver [2]. Container Shipping Index (European Line) - The main index has shown weak and volatile performance, and a 12 - 10 spread arbitrage strategy can be considered [2]. Black Metals - Coal supply contraction expectations have resurfaced. Coking coal, iron ore, and coke prices are expected to be strong. Specific ranges for long - buying and spread - trading strategies are provided [2]. Energy and Chemical - Different products have different supply - demand situations. For example, PX and PTA are expected to have different short - term supply - demand conditions. Various trading strategies such as waiting and seeing, range - trading, and spread - trading are recommended for each product [2]. Agricultural Products - The prices of products such as corn, soybeans, and livestock are affected by supply, demand, and seasonal factors. Different trading suggestions are provided for each product, such as waiting and seeing, range - trading, and position - adjustment [2]. Special and New Energy Products - Products such as glass, rubber, and industrial silicon are affected by market sentiment and cost. Different stances such as waiting and seeing and range - trading are recommended [2].

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the latest developments in the biofuel market, focusing on policy trends, production patterns, and innovations in trading tools, as well as key advancements in shipping decarbonization [1] Group 1: Market Developments - The Chicago Mercantile Exchange Group has established a comprehensive derivatives system covering the entire biofuel industry chain to meet the rapidly growing market demand [1] - The derivatives system includes futures and options products for raw materials such as corn, soybean oil, and European rapeseed oil, as well as fuel products like RBOB gasoline, ultra-low sulfur diesel, ethanol, and biodiesel [1] Group 2: Strategic Goals - The development of the biofuel market requires a balance among policy compliance, raw material sustainability, and cost control [1] - The Chicago Mercantile Exchange Group aims to continuously improve its toolbox of derivatives and provide risk management solutions to support global energy transition and low-carbon goals [1] Group 3: Industry Impact - The innovation and development of the biofuel industry chain are providing strong momentum for green shipping and transportation decarbonization in the context of accelerating global climate action [1]

Group 1 - The forum focused on how the futures market can assist the oilseed and oil industry in responding to trade changes [2][3] - The oilseed and oil industry is crucial for food security and economic stability in China, with challenges in stabilizing planting areas and managing price risks [3][4] - The Zhengzhou Commodity Exchange (ZCE) has developed oilseed futures over the past decade, becoming an essential risk management tool for industry players [3][4] Group 2 - The global economic landscape is undergoing significant changes, leading to increased trade uncertainties and price volatility in the oilseed and oil market [3][4] - The domestic supply of edible vegetable oil remains robust despite a reduction in imports, with global supply continuing to increase [5] - The development of the biodiesel industry is significantly impacting global oilseed supply and demand, with nearly 20% of vegetable oil used for biodiesel [5][6] Group 3 - The ZCE is committed to enhancing market functions and service quality to help the oilseed industry navigate global trade challenges [4] - The domestic market for rapeseed and peanut oil is expected to face risks due to fluctuations in supply and demand, influenced by weather conditions and import levels [6][7] - The peanut industry in China is transitioning from a net exporter to a net importer, indicating a shift in trade dynamics [7][8] Group 4 - The future of the peanut market is projected to grow, driven by consumption, industry upgrades, and technological innovation [8] - The oilseed market is experiencing a divergence in oil and meal prices, with strong oil prices supported by biodiesel demand while meal prices remain under pressure [8]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlights the latest developments in the biofuel market, focusing on policy trends, production patterns, and innovations in trading tools, as well as key advancements in shipping decarbonization [1] Group 1: Biofuel Market Developments - The Chicago Mercantile Exchange Group has established a comprehensive derivatives system covering the entire biofuel industry chain to meet the rapidly growing market demand [1] - The raw material side includes futures and options products for corn, soybean oil, and European rapeseed oil, while the fuel product side encompasses futures for RBOB gasoline, ultra-low sulfur diesel, ethanol, and biodiesel [1] Group 2: Strategic Goals and Innovations - The development of the biofuel market requires a balance between policy compliance, raw material sustainability, and cost control [1] - The Chicago Mercantile Exchange Group aims to continuously improve its derivatives toolbox to provide risk management solutions, supporting global energy transition and low-carbon goals [1] - Innovations in the biofuel industry chain are providing strong momentum for green shipping and transportation decarbonization amid accelerating global climate action [1]