Group 1: Report Overview - The South China Commodity Index fell by -0.84% today based on the closing prices of adjacent trading days [1][3] - Among the sector indices, only the South China Black Index rose by 0.32%, while the rest declined. The South China Precious Metals Index had the largest decline of -1.15%, and the South China Metal Index had the smallest decline of -0.4% [1][3] - Among the theme indices, the Black Raw Materials Index had the largest increase of 0.49%, and the Economic Crops Index had the smallest increase of 0.38%. The Energy Index had the largest decline of -1.23%, and the Building Materials Index had the smallest decline of -0.15% [1][3] - Among the single - variety indices of commodity futures, the Wire Rod index had the largest increase of 3.01%, and the Egg index had the largest decline of -3.37% [1][3] Group 2: Index Data Details Comprehensive and Sector Indices | Index Name | Today Close | Pre. Close | Change Points | Change Rate | Annualized Return | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2572.47 | 2550.86 | -21.61 | -0.84% | 4.78% | 12.54% | 0.38 | | Precious Metals Index NHPMI | 1491.73 | 1474.58 | -17.15 | -1.15% | 16.66% | 2.89 | | Industrial Products Index NHII | 3573.12 | 3596.46 | -23.34 | -0.65% | -2.59% | 14.98% | -0.17 | | Metal Index NHMI | 6449.77 | 6475.78 | -26.01 | -0.40% | 4.47% | 13.55% | 0.33 | | Energy and Chemical Index NHECI | 1604.70 | 1618.24 | -13.54 | -0.84% | -9.45% | 17.51% | -0.54 | | Non - ferrous Metals Index NHNF | 1733.94 | 1749.24 | -15.29 | -0.87% | 4.91% | -2.37% | 19.83% | | Black Index NHFI | 2528.55 | 2520.44 | 8.11 | 0.32% | -0.12 | | Agricultural Products Index NHAI | 1060.79 | 1067.92 | -7.14 | -0.67% | -0.14% | 8.89% | -0.02 | | Mini Comprehensive Index NHCIMi | 1196.69 | 1186.06 | -10.63 | -0.89% | 0.74% | 0.07 | | Energy Index NHEI | 1023.68 | 1036.43 | -12.74 | -1.23% | -3.27% | 18.79% | -0.17 | | Petrochemical Index NHPCI | 904.04 | 912.67 | -8.63 | -0.95% | -3.10% | 8.19% | -0.38 | | Refined Chemical Index NHCCI | 970.75 | 974.73 | -3.98 | -0.41% | 4.06% | 7.84% | -0.52 | | Black Raw Materials Index NHFM | 1063.69 | 1058.55 | 5.14 | 0.49% | -0.36% | 18.46% | -0.02 | | Building Materials Index NHBMI | 727.40 | 728.50 | -1.10 | -0.15% | | Oil and Oilseeds Index NHOOI | 1251.56 | 1264.19 | -12.63 | -1.00% | 0.59% | 13.24% | 0.04 | | Economic Crops Index NHAECI | 901.50 | 898.06 | 3.44 | 0.38% | 7.18% | -0.02 | [3] Contribution of Single - variety Indices to Index Changes - For the South China Comprehensive Index, positive - contributing varieties include Iron Ore (14.40%), Methanol (2.66%), etc., and negative - contributing varieties include Palm Oil (-12.11%), Zinc (-19.34%), etc [3] - For the South China Mini Comprehensive Index, positive - contributing varieties include Iron Ore (5.13%), and negative - contributing varieties include PVC (-52.86%) [3] - For the South China Industrial Products Index, positive - contributing varieties include Iron Ore (7.52%), and negative - contributing varieties include Zinc (-19.34%) [3] - For the South China Metal Index, positive - contributing varieties include Coke (4.56%), and negative - contributing varieties include PVC (-3.51%) [3] - For the South China Energy and Chemical Index, positive - contributing varieties include Coke (5.84%), and negative - contributing varieties include Crude Oil (-3.86%) [3] - For the South China Agricultural Products Index, positive - contributing varieties include Apple (8.52%), and negative - contributing varieties include Palm Oil (-6.31%) [3] [6] Single - variety Index Changes in Some Sectors Energy and Chemical Sector - LPG rose by 0.35%, Crude Oil fell by -1.92%, Low - sulfur Fuel Oil fell by -1.87% [9] Black Sector - Coal fell by -1.84% [4] Agricultural Sector - Palm Oil fell by -1.38%, Rapeseed Oil fell by -1.82%, Rapeseed had a 0.02% increase, Live Pigs fell by -0.21%, Rapeseed Meal fell by -1.81% [6]

Group 1 - The Shanghai Futures Exchange announced the trading schedule for the National Day and Mid-Autumn Festival in 2025, indicating no night trading on September 30, 2025, and a market closure from October 1 to October 8, 2025 [1][2] - Trading will resume on October 9, 2025, with a collection auction for all futures and options contracts from 08:55 to 09:00 [2] Group 2 - Starting from the settlement on September 29, 2025, margin ratios and price fluctuation limits for various futures contracts will be adjusted, with specific percentages outlined for different commodities [2] - For example, the price fluctuation limit for aluminum alloy futures will be adjusted to 7%, while for gold and silver futures, it will be set at 15% [2] Group 3 - On October 9, 2025, after trading, the price fluctuation limits and margin ratios will revert to their original levels following the first trading day without a one-sided market [3] - Other matters regarding price fluctuation limits and margin ratios will be governed by the Shanghai Futures Exchange's risk control management regulations [4]

Group 1 - The black metal futures market showed mixed performance on September 22, with most contracts rising while manganese silicon fell nearly 2% [1] - As of September 22, iron ore futures rose by 0.25% to 807.50 CNY/ton, rebar increased by 0.76% to 3182.00 CNY/ton, hot-rolled coil gained 0.51% to 3379.00 CNY/ton, while manganese silicon dropped by 1.77% to 5874.00 CNY/ton [1][2] - The opening prices for rebar, iron ore, and hot-rolled coil were 3172.00 CNY, 811.00 CNY, and 3374.00 CNY respectively, indicating stable market conditions [2] Group 2 - As of September 19, rebar warehouse futures increased by 6931 tons to 256453 tons, while hot-rolled coil futures decreased by 7721 tons to 37228 tons [3] - The futures market showed a phenomenon of "backwardation" for rebar, hot-rolled coil, stainless steel, and iron ore, where spot prices exceeded futures prices [3] - The basis for manganese silicon was -220 CNY, indicating that the spot price was lower than the futures price, reflecting a negative market sentiment [4]

Group 1 - The black metal sector in the domestic futures market showed a mixed performance, with rebar futures experiencing a slight upward trend, closing at 3271.00 yuan, up 0.18% [1] - As of September 3, the social inventory of construction steel in Guiyang increased to 62,950 tons, up by 55 tons from September 2 [2] - On September 2, the average cost for 76 independent electric arc furnace construction steel mills was 3333 yuan/ton, a decrease of 12 yuan/ton day-on-day, with an average profit loss of 133 yuan/ton [2] Group 2 - National construction material transaction volume reached 99,000 tons on September 2, an increase of 10.86% compared to the previous trading day [3] - According to Shenwan Hongyuan Futures research, the profitability of steel mills remains stable, with iron water slowly declining from high levels, indicating increasing pressure on the supply side of steel [4] - Steel inventory continues to accumulate, and while steel exports face challenges from tariffs and anti-dumping measures, billet exports remain strong, suggesting that the overall supply-demand balance in the steel market is not significantly strained [4]

Core Viewpoint - The Shanghai Futures Exchange released data on steel inventory and changes, indicating fluctuations in various steel product warehouse receipts [1] Group 1: Steel Product Inventory Data - Rebar futures warehouse receipts totaled 191,057 tons, an increase of 6,730 tons month-on-month [1] - Wire rod futures warehouse receipts stood at 605 tons, remaining unchanged [1] - Hot-rolled coil futures warehouse receipts were at 24,760 tons, a decrease of 596 tons month-on-month [1] - Stainless steel futures warehouse receipts amounted to 100,431 tons, a decrease of 420 tons [1]

Group 1 - The black metal futures market in China experienced a collective decline on August 20, with manganese silicon futures dropping over 2% [1] - As of the latest data, iron ore futures fell by 0.97% to 763.00 CNY/ton, hot-rolled coil futures decreased by 0.93% to 3391.00 CNY/ton, manganese silicon futures dropped by 2.61% to 5814.00 CNY/ton, and silicon iron futures fell by 2.10% to 5602.00 CNY/ton [1][2] Group 2 - On August 19, the warehouse futures data for black metals showed an increase in rebar futures warehouse receipts by 15,137 tons compared to the previous trading day, while iron ore futures receipts decreased by 100 contracts [3] - The data also indicated an increase in stainless steel warehouse receipts by 19,010 tons and a slight increase in hot-rolled coil futures receipts by 880 tons [3] - Conversely, silicon iron futures receipts decreased by 114 contracts, and manganese silicon futures receipts fell by 407 contracts [3] Group 3 - As of August 19, several black metal varieties exhibited a phenomenon of "backwardation," where spot prices were higher than futures prices [3] - The basis for rebar was 102 CNY with a basis rate of 3.14%, while the basis for manganese silicon was -130 CNY with a basis rate of -2.23% [3]

Group 1 - The core viewpoint of the news highlights the mixed performance of black metal futures, with iron ore prices rising while other metals like manganese silicon and silicon iron are declining [1][2] - As of July 16, iron ore futures increased by 1.37% to 775.50 CNY/ton, while manganese silicon and silicon iron decreased by 0.45% and 0.47%, respectively [1] - The futures prices for various black metals on July 16 show that rebar opened at 3115.00 CNY, while iron ore opened at 767.00 CNY [2] Group 2 - On July 15, the warehouse receipts for rebar increased by 8179 tons compared to the previous trading day, while the receipts for iron ore remained unchanged [3] - The data indicates a phenomenon of "backwardation" in rebar, hot-rolled coil, and stainless steel contracts, where spot prices exceed futures prices [3] - The basis data shows that the basis for rebar is 52 CNY, indicating a basis rate of 1.64%, while the basis for silicon iron is -299 CNY, reflecting a basis rate of -5.75% [4]

Group 1 - The black metal futures market in China showed a positive trend on July 2, with significant price increases across various contracts, including silicon iron rising nearly 2% [1] - As of July 2, the main contracts reported the following prices: silicon iron at 5346.00 CNY/ton, rebar at 3030.00 CNY/ton, hot-rolled coil at 3156.00 CNY/ton, and ferrosilicon at 5678.00 CNY/ton [1][2] - The opening and closing prices for rebar were 3003.00 CNY and 2987.00 CNY respectively, indicating a slight increase [2] Group 2 - On July 1, the inventory data for black metal futures indicated an increase in rebar warehouse receipts by 6393 tons, while stainless steel receipts decreased by 184 tons [3] - The futures market showed a phenomenon of "backwardation" for rebar, hot-rolled coil, stainless steel, and iron ore, where spot prices exceeded futures prices [3] - The basis data revealed that rebar had a basis of 82 CNY with a basis rate of 2.67%, while silicon iron had a negative basis of -99 CNY with a basis rate of -1.92% [4]

Market Overview - The main contracts in the futures market show a bearish sentiment, with 36 contracts rising and 41 contracts falling, indicating a concentration of trading activity in declining varieties [2] - The manufacturing sector in China has shown signs of recovery, with the Caixin China Manufacturing Purchasing Managers' Index (PMI) rising to 50.4 in June, up 2.1 points from May, indicating a return to expansion [9] Key Commodity Movements - The top gainers include the shipping index (up 7.80%), Shanghai gold (up 1.47%), and No. 20 rubber (up 1.15%), significantly influenced by supply and demand factors [4] - The largest declines were seen in industrial silicon (down 4.31%), glass (down 3.73%), and coking coal (down 3.32%), likely due to increased bearish pressure or negative fundamentals [4] Capital Flow Analysis - The most significant capital inflows were into Shanghai gold (CNY 2.902 billion), Shanghai copper (CNY 2.757 billion), and CSI 1000 (CNY 1.717 billion), indicating strong interest from major funds [6] - Conversely, the largest capital outflows were from CSI 500 (CNY -0.941 billion), CSI 300 (CNY -0.684 billion), and Shanghai silver (CNY -0.424 billion), suggesting a notable withdrawal of funds [6] Position Changes - Notable increases in open interest were observed in glass (up 10.37%), Shanghai gold (up 7.47%), and pulp (up 6.66%), indicating heightened trading activity and potential new capital inflows [8] - Significant decreases in open interest were noted in apples (down 4.76%), wire rods (down 7.69%), and short fibers (down 8.15%), suggesting a withdrawal of major funds [8] Industrial Insights - Industrial silicon production in June increased by 6.5% month-on-month but decreased by 27.7% year-on-year, with a cumulative decline of 17.8% in the first half of 2025 [10][11] - The glass industry is expected to reduce production in July by nearly 5% due to increased losses, despite a slight increase in production in June [15] Future Outlook - The industrial silicon market is facing a slowdown in demand from its three main downstream industries, suggesting a bearish outlook for the medium to long term [20] - The coking coal market is expected to experience fluctuations, with supply pressures easing as production resumes in certain regions [22] - The glass market continues to face high inventory levels and weak demand, with prices likely to follow cost fluctuations [23]

Group 1 - The Shanghai Futures Exchange and the China Financial Futures Exchange co-hosted the 2025 Shanghai Derivatives Market Forum, highlighting the increasing financial attributes of steel futures and the clear trend in pricing [1] - The steel industry is experiencing rapid growth, leading to a significant expansion of the steel spot trading market, with nine steel-related futures products currently listed, including four on the Shanghai Futures Exchange [1] - Rebar is noted as the world's largest metal futures product by trading volume, indicating the importance of steel futures in the global market [1] Group 2 - The Shanghai Futures Exchange has been actively engaging with steel enterprises to understand their needs, resulting in improved contract continuity and delivery convenience, with an overall increase in delivery volumes for hot-rolled and rebar products [2] - The steel industry is entering a phase characterized by reduction in production and optimization of existing capacity, presenting greater operational pressures for enterprises [2] - The China Steel Industry Association is focusing on enhancing industrial foundational capabilities and modernizing the supply chain, emphasizing green low-carbon and intelligent manufacturing as key development themes [2] Group 3 - The steel industry is recognized as a crucial foundational industry for the national economy, and the China Steel Industry Association aims to work with the Shanghai Futures Exchange and industry stakeholders to continuously improve steel futures regulations and promote the integration of finance and industry [3]