伦敦金银市场协会新任主席呼吁英国重启黄金期货交易——尽管这个全球年交易额达35万亿美元的实物 黄金交易中心，此前建立衍生品合约的尝试均未成功。 该协会代表各大金条交易银行，其主席彼得·泽尔纳（Peter Zoellner）表示，此前在伦敦推出黄金期货合 约的尝试为时过早，但他补充说，全球黄金市场将从拥有"两三个具有良好流动性的交易中心"中受益。 "我认为黄金市场在不同场所交易是合理的，"泽尔纳在接受英国《金融时报》采访时表示，"有时人们 启动某些事情有点太早。也许我们现在处于不同的境况。" 他补充说，任何决定最终都将由交易所做出，由它们来设计并上市此类产品。 泽尔纳发表上述言论之际，全球金属市场部分参与者对在美国交易所交易日益感到不安，这源于特朗普 时断时续的关税政策所带来的不确定性。例如，伦敦金属交易所（LME）的基本金属合约成交量今年 有所上升，而纽约的成交量却出现下滑。 伦敦的金条交易主要通过双边"场外"实物交易进行，但目前缺乏黄金期货市场。芝商所集团旗下的 Comex拥有全球流动性最强的黄金期货合约，在纽约交易，其次是上海黄金交易所。 伦敦金属交易所曾于2017年推出黄金期货合约，但因成交量过低而在五 ...

Report Summary 1. Market Performance - **Futures Market**: In the domestic futures market, most contracts closed lower overnight. Gold and silver futures rose over 1%, while coking coal dropped over 3%, and several other commodities like coke and low-sulfur fuel oil fell over 2% [3]. - **Stock Market**: A-share market showed a mixed trend. The ChiNext Index rose 0.95%, while the Shanghai Composite Index fell 1.16% and the Shenzhen Component Index fell 0.65%. The Hong Kong Hang Seng Index dropped 0.6% [24]. - **Bond Market**: Bond futures in China closed higher, with the 30-year and 10-year main contracts rising 0.46% and 0.21% respectively. Global long-term bond yields generally increased, with the US 30-year Treasury yield breaking through 5% [44]. - **Foreign Exchange Market**: The onshore RMB against the US dollar rose 8 basis points at 16:30, while the US dollar index fell 0.17% [46][47]. 2. Important News **Macro News** - The joint working group of the Ministry of Finance and the People's Bank of China held its second meeting, emphasizing the synergy of fiscal and monetary policies [7]. - The RatingDog China Services PMI in August reached 53, the highest since May 2024 [8]. - Atlanta Fed President Bostic believes one rate cut this year is appropriate, subject to inflation and employment conditions [8]. **Energy and Chemical Futures** - The Shanghai Futures Exchange will launch the standard warehouse receipt generation business for offset printing paper futures from November 20, 2025 [9]. - OPEC+ will consider further increasing oil production at a meeting on Sunday, which may involve lifting a 1.65 million barrels per day production cut [9]. - China's methanol port inventory increased to 142.77 million tons as of September 3, 2025 [10]. - National urea production from January to August 2025 was 47.42 million tons, a 9.7% year-on-year increase [10]. **Metal Futures** - The Shanghai Gold Exchange will adjust the margin levels and price limits of several gold and silver contracts from September 5, 2025 [13][40]. - The World Gold Council is seeking to launch a digital form of gold, which could transform the $900 billion London physical gold market [13][42]. - Chile's lithium carbonate exports in August 2025 were 16,900 tons, a 19.2% month-on-month decrease [14]. **Black Futures** - Jinyie Iron and Steel Group conducted maintenance on a 450m³ blast furnace from August 31 to September 10, affecting daily pig iron production by about 1,700 tons [18]. - Shandong coking enterprises resumed production on September 3 after a period of production restrictions [18]. **Agricultural Futures** - Malaysia's palm oil inventory in August 2025 is expected to reach 2.2 million tons, a 4.06% increase from July [20]. - Yunnan's sugar sales as of the end of August 2025 were 2.0823 million tons, with a sales rate of 86.09% [22]. - La Nina may return from September, affecting global weather and climate [22]. 3. Financial Market **Stock Market** - Southbound funds' net inflow into the Hong Kong stock market reached HK$1.00573 trillion as of September 3, setting a new high [24]. - 41 brokerages have recommended 281 stocks for September, with an overall optimistic view on the A-share market [26]. - Institutions have shown high enthusiasm for researching North Exchange-listed companies [26]. **Industry** - The Ministry of Agriculture and Rural Affairs and the Ministry of Industry and Information Technology aim to build agricultural machinery verification platforms by 2027 [28]. - The second-hand housing market in Beijing and Shenzhen showed different trends in August, while Guangzhou's market slowed down [28]. - New energy vehicle retail sales in August reached 1.079 million units, a 5% year-on-year increase [30]. - Major paper mills announced price increases in early September [30]. **Overseas Markets** - Brazilian President Lula plans to hold a special BRICS leaders' summit on September 8 to discuss US trade policies [31]. - The US economy showed little change in recent weeks, with consumer spending flat or declining [31]. - The US job openings in July dropped to 7.181 million, a 10-month low [32]. - Some Fed officials have different views on interest rate cuts [32]. - The eurozone's August composite PMI rose slightly to 51 [32]. - The Bank of Japan may raise interest rates if the economy and prices meet expectations [34]. - Japan's new fiscal year budget application reached a record ¥122.4 trillion [34]. - South Korea's Q2 GDP grew 0.7% quarter-on-quarter [35]. - Australia's Q2 GDP grew 1.8% year-on-year [36]. **International Stock Markets** - US stocks closed mixed, with the Dow down 0.05% and the Nasdaq up 1.02% [37]. - European stocks closed higher, with the German DAX up 0.46% [37]. - Barclays believes the S&P 500 is not overvalued, especially technology stocks [38]. - Foreign investors are withdrawing from the Vietnamese stock market at an unprecedented rate [39]. **Commodity Market** - Gold and silver futures rose, while oil futures fell [3][41]. - The London Metal Exchange postponed its Asian opening time by 90 minutes [40]. **Bond Market** - China's bond market rose, while global long-term bond yields increased [44]. - US Treasury yields fell across the board [45]. **Foreign Exchange Market** - The onshore RMB against the US dollar rose slightly, while the US dollar index fell [46][47].