Report Summary 1. Overnight Night Market Trends - International precious metal futures generally rose, with COMEX gold futures up 1.12% at $3,719.4 per ounce and a weekly gain of 0.9%, and COMEX silver futures up 2.96% at $43.365 per ounce and a weekly gain of 1.25% [3] - International oil prices weakened, with the U.S. oil main contract down 1.42% at $62.36 per barrel and a weekly decline of 0.53%, and the Brent crude main contract down 1.3% at $66.05 per barrel and a weekly decline of 1.4% [4] - Most London base metals fell, with LME tin up 1.51% at $34,220 per ton and a weekly decline of 2.16%, LME copper up 0.57% at $9,996.50 per ton and a weekly decline of 0.71%, etc [4] - As of the close on September 19 at 23:00, domestic futures main contracts showed mixed results, with coking coal, iron ore, glass, and rapeseed meal up over 1%, and fuel oil, LPG, and low - sulfur fuel oil down over 1% [4] 2. Important News Macro News - The State Council executive meeting emphasized ecological protection and green development, and the Ministry of Commerce will promote the release of the automotive aftermarket consumption potential [7] - Fed's Kashkari said two more interest rate cuts this year are appropriate, and the State Council Information Office will hold a press conference on the "14th Five - Year Plan" achievements in the financial industry [7] - President Xi Jinping had a phone call with U.S. President Trump, and the U.S. Chief Justice asked Fed Governor Cook to respond to Trump's request [8] - Fed Governor Milan said gradually reaching the neutral interest rate at 50 - basis - point increments is reasonable [10] Energy and Chemical Futures - China's styrene factory output decreased by 2.03% week - on - week, and PVC production enterprise capacity utilization rates declined [12] - Russian oil product exports showed a significant decline in early September, and the EU plans to increase pressure on Russia's access to oil dollars [12][13] - U.S. President Trump called on European countries to stop buying Russian oil [14] Metal Futures - China has formed three lithium carbonate production process routes, and the Simandou iron ore project in Guinea has started the first - batch mining operations [17] - Citi expects the gold bull market to continue in the short term and forecasts Brent crude prices to decline [18] - Congo is considering extending the cobalt export ban, and the inventory of some metals in the domestic market changed last week [18][21] - India is considering establishing a strategic reserve mechanism for critical minerals [22] Black - Series Futures - Independent electric arc furnace construction steel mills are in a serious loss state and may continue to cut production [24] - Last week, the scale of construction steel mill overhauls increased, and Shanghai issued a pilot method for property tax on some personal housing [24] - The total inventory of construction steel in cities decreased by 0.58% week - on - week [25] Agricultural Product Futures - Malaysia has raised its October crude palm oil reference price, and there was news of domestic soybean oil exports to India [28] - India's sugar exports this year may be less than 800,000 tons, and the soybean crushing volume and开机率 of domestic oil mills are expected to change [28][29] - The profit of pig farming has declined, and Malaysia's palm oil exports from September 1 - 20 increased by 8.7% compared to the same period last month [29][30] 3. Financial Markets Finance - Since the implementation of the "9·24" package of policies, the A - share market has shown positive trends, with increased trading volume and new accounts [33] - Institutions have conducted intensive research on A - share companies, especially in "hard - tech" fields [33] - Goldman Sachs believes the current rally in the Chinese stock market is sustainable, and Fed's interest rate cut may drive foreign capital back to A - shares and Hong Kong stocks [34] - The average position of domestic stock private equity institutions has reached the highest level this year [36] - The number of brokerage analysts has exceeded 6,000 [37] Industry - The head of the National Data Bureau emphasized data investment in the manufacturing industry, and the government is promoting the formulation of pre - prepared food national standards [38] - China has completed the "14th Five - Year Plan" goal for pumped - storage power stations, and the power spot market has shown a guiding role in new energy consumption [40] - The operating data of some private banks showed mixed results, and China's civil aviation transport scale reached a new high in August [40][41] - The medical logistics cost in China in the first half of 2025 exceeded 50 billion yuan, and the Sanya government issued a policy on affordable rental housing [41] - The International Low - Altitude Economy Expo will be held in 2026, and Shanxi's coalbed methane production reached a record high in the first 8 months [42][43] Overseas - South Korea and the U.S. have differences in the $350 billion investment issue, and Wall Street is betting on faster and larger interest rate cuts by the Fed [45] - India and the U.S. are seeking a "mutual - benefit" trade agreement, and Argentina is negotiating to avoid a debt crisis [45] - Australia, Canada, and the UK recognized the State of Palestine [46] International Stock Markets - Musk's social platform X's revenue in Q2 2025 dropped by 40% compared to 2022, and it is accelerating its transformation into the AI field [47] Commodities - The Shanghai Futures Exchange launched new trading businesses for international copper and alumina standard warehouse receipts [49] - If Congo extends the cobalt export ban, the cobalt price may rise sharply in the short term [49] - The Oseberg oil field in Norway had an unplanned shutdown, and Iraq increased oil exports [50] Bonds - Many banks have redeemed "Tier 2 and Perpetual Bonds", and the issuance scale of special new special bonds for "repaying local government arrears to enterprises" has exceeded 1.2 trillion yuan [51] 4. Upcoming Economic Data and Events - Economic data to be released include China's September LPR, China Hong Kong's August CPI, etc [54] - Events include the Australian Reserve Bank Governor's testimony, a press conference on the financial industry's "14th Five - Year Plan" achievements, etc [56]

Core Insights - The launch of international copper bonded standard warehouse receipts and alumina standard warehouse receipts trading on the Shanghai Futures Exchange (SHFE) enhances liquidity and efficiency for enterprises involved in these commodities [1][2][3] Group 1: Trading Platform Launch - The SHFE's new trading platform for international copper bonded standard warehouse receipts and alumina standard warehouse receipts commenced operations smoothly on its first day, with participation from various enterprises [1] - The first online pledge of international copper bonded standard warehouse receipts was successfully executed, with Shanghai Jingsheng obtaining 1.39 million yuan in pledge financing from Jiangsu Bank [1] Group 2: Benefits for Enterprises - The introduction of international copper bonded standard warehouse receipts provides enterprises engaged in copper import and export with a trading tool that aligns closely with international market prices, helping to mitigate risks associated with copper price fluctuations [2] - The successful implementation of the international copper bonded standard warehouse receipt pledge broadens financing channels for domestic non-ferrous trading companies, offering more efficient, secure, and transparent financing tools [2] Group 3: Market Impact - The launch of these trading services addresses the contradiction between standardized futures delivery and the diverse needs of real enterprises, promoting the linkage between the international copper and alumina markets [3] - The platform integrates various functions such as trader access, product trading, fund settlement, physical delivery, and online pledging, creating a comprehensive online business loop for multiple commodities [2]

Core Viewpoint - The Shanghai Futures Exchange announced the launch of trading for alumina standard warehouse receipts and bonded standard warehouse receipts for international copper, effective from September 19 at 9 AM [1] Group 1 - The trading of alumina standard warehouse receipts will be available on the comprehensive business platform of the Shanghai Futures Exchange [1] - The bonded standard warehouse receipts for international copper will also be listed for trading on the same platform [1] - The base price for the listings will be announced by the Shanghai Futures Exchange on the trading day prior to the launch [1]

Core Points - The Shanghai Futures Exchange announced the launch of international copper trading on its comprehensive business platform, with the new product code BCB, starting from September 19, 2025 [1][2] - The trading will include standard warehouse receipts and will be available from Monday to Friday, excluding national holidays, with specific trading hours [2][3] - The pricing methods will include full price quoting and premium/discount quoting, with the latter corresponding to the six nearest consecutive monthly contracts [1][3] Trading Details - The minimum price fluctuation is set at 10 yuan per ton [3] - The base price for listing will be announced on the trading day prior to the launch [3] - The maximum price fluctuation limit will align with the delivery month contract's price limit [3] Participation and Fees - Initially, only enterprises within customs special supervision zones will be allowed to participate in the trading [3][4] - There will be no transaction fees for the international copper standard warehouse receipt trading [3][4] - The platform will collect and transfer storage and transfer fees for the delivery warehouses based on existing regulations for international copper futures [3][4] Banking and Warehousing - Several banks, including Industrial and Agricultural Bank of China, are designated as custodial banks for the trading [5] - Seven warehouses, including Shanghai Zhongchu Lingang Logistics Co., Ltd., are designated for the delivery of international copper standard warehouse receipts [5][6] Online Pledge Business - An online pledge business for international copper standard warehouse receipts will commence from the launch date [6]