Iran's Sirik Region Under Rocket Attack

Review today's market trends and stay on top of the latest developments. Good morning, listeners! Today is Thursday, September 10, 2026. Welcome to Futures Morning Rush. Futures Morning Rush — the top choice for millions of futures professionals!

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1. The U.S. Treasury will repurchase up to $6 billion in long-term bonds on Thursday. Previously, the U.S. Treasury stated that single long-term bond repurchases would be at least doubled to $4 billion before November 4.

2. According to foreign media, Indonesia’s new Mineral and Strategic Commodities Exchange (BMKS) is scheduled to launch on January 1, 2027, as part of President Prabowo Subianto’s ambition to expand state control over the country’s abundant natural resources.

3. On Wednesday, the government of Maharashtra, India’s largest sugar-producing state, announced it has approved sugar mills to begin crushing sugarcane starting October 15, two weeks earlier than last year, as official projections anticipate a reduction in sugarcane supply.

4. According to Longzhong Information, the total inventory of urea enterprises in China is 1.5629 million tons, a decrease of 112,800 tons from the previous cycle, representing a 6.73%环比 decrease. As of September 9, the total port inventory of methanol in China stands at 551,500 tons, a reduction of 96,000 tons from the previous data.

5. According to ALD, domestic alumina production capacity using imported bauxite reached 78.96 million tons in August, accounting for 81.3%—the highest proportion on record. Of the 42 alumina producers operating nationwide, only five rely entirely on domestic ore.

6. The Shanghai Futures Exchange and the London Metal Exchange (LME) jointly announced that the LME Shanghai hot-rolled coil contract will begin trading on the London Metal Exchange on October 27, 2026.

7. Multiple regions in Sirik, Iran, have been hit by artillery attacks.

8. Trump: The U.S.-Iran war will end immediately after the midterm elections.

1. The National Bureau of Statistics stated that, compared with the same period last year, the national CPI increased by 0.8%, with the growth rate expanding by 0.3 percentage points from the previous month, primarily due to a larger increase in energy prices. The energy price growth rate rose from 0.6% last month to 4.1% this month, contributing approximately 0.28 percentage points to the year-over-year CPI increase, an additional impact of about 0.24 percentage points compared to last month. Among these, gasoline prices rose by 9.3%, with the growth rate expanding by 8.3 percentage points.

2. According to the National Bureau of Statistics: In August, influenced by fluctuations in international market prices and seasonal increases in food prices, the Consumer Price Index (CPI) rose 0.4% month-over-month, reversing last month’s 0.1% decline; the year-over-year increase rebounded to 0.8%. The core CPI, excluding food and energy prices, saw its year-over-year increase rebound to 1.0%.

3. According to U.S. Central Command: The Iranian Islamic Revolutionary Guard Corps (IRGC) claimed they attacked two U.S. Navy destroyers operating in the Middle East. This is completely false.

4. According to foreign media, Indonesia’s new Mineral and Strategic Commodities Exchange (BMKS) is scheduled to launch on January 1, 2027, as part of President Prabowo Subianto’s ambition to expand state control over the country’s abundant natural resources.

5. The U.S. Treasury will repurchase up to $6 billion in long-term bonds on Thursday. Previously, the U.S. Treasury stated that single long-term bond repurchases would be at least doubled to $4 billion before November 4.

6. According to Iranian state media: Multiple regions in Sirik, Iran, have been hit by artillery shells.

7. Trump stated that he will not alter the U.S. strategy toward Iran for the midterm elections and is currently not seeking negotiations with Iran, saying the situation has “gone too far,” but negotiations could still take place in the future. He noted that the U.S. is now seeking to resolve more than just nuclear issues with Iran, and other topics that were “impossible to put on the table” three months ago will also be included in negotiations, adding that “this war will end immediately after our election.”

8. According to reports, an Iranian official stated that Tehran is prepared for a more intense war with the United States if necessary. The official said Iran will respond to any U.S. attack with escalated strikes. Iran views this conflict as a “war of survival,” and has “no choice but to fight.”

1. Most base metals in London rose, with LME tin up 1.49% at $55,680.0 per ton, LME zinc up 1.04% at $4,064.0 per ton, LME copper up 0.70% at $14,812.0 per ton, LME aluminum up 0.57% at $3,360.0 per ton, LME nickel up 0.04% at $16,875.0 per ton, and LME lead down 0.31% at $1,909.0 per ton.

2. As of the close of trading that day, the price of West Texas Intermediate crude oil for October delivery on the New York Mercantile Exchange rose $3.02 to $96.05 per barrel, an increase of 3.25%; the price of Brent crude oil for November delivery rose $3.29 to $101.21 per barrel, an increase of 3.36%.

3. As of the 2:20 close, U.S. soybeans fell 0.57%, U.S. corn fell 0.98%, U.S. soybean oil fell 0.26%, U.S. soybean meal rose 0.50%, and U.S. wheat fell 2.44%.

According to data from Zhonggang Network, the national construction material output was 4.29 million tons, a decrease of 85,700 tons from last week; factory inventory was 4.9252 million tons, an increase of 74,700 tons from last week; social inventory was 6.0018 million tons, a decrease of 198,500 tons from last week; total inventory was 10.927 million tons, a decrease of 123,800 tons from last week; apparent demand was 4.4138 million tons, a decrease of 23,600 tons from last week.

2. HBIS Group's first inquiry for ferromanganese in September 2026 is at CNY 6,000/ton, compared to the August price of CNY 5,880/ton and the September 2025 price of CNY 6,000/ton. The ferromanganese procurement volume is 14,800 tons (excluding 6,000 tons of medium and thick plates), compared to 16,600 tons in August and 17,000 tons in September 2025.

3. According to Mysteel’s survey, this week, the average ironwater cost (excluding tax) and the average billet cost (including tax) for major Tangshan steel mills rose significantly. Compared to the current ex-factory price of general billet at 3,040 yuan/ton on September 9, the losses for steel mills have continued to widen.

4. The Shanghai Futures Exchange and the London Metal Exchange (LME) jointly announced that the LME Shanghai hot-rolled coil contract will begin trading on the London Metal Exchange on October 27, 2026.

1. Latest data from the Fujairah Oil Industry Zone (FOIZ) in the UAE shows that as of the week ending September 7, total refined product inventories at the Fujairah port amounted to 9.982 million barrels, an increase of 3.57 million barrels from the previous week. Light distillate inventories rose by 514,000 barrels to 2.063 million barrels; medium distillate inventories increased by 545,000 barrels to 2.286 million barrels; and heavy distillate and residual fuel oil inventories rose by 2.511 million barrels to 5.633 million barrels.

2. According to data released by Thai Customs, in July 2026, Thailand exported approximately 367,800 metric tons of natural rubber (including latex, smoked sheet rubber, standard rubber, blended rubber, composite rubber, and other rubber), representing a 4.85% month-over-month increase and a 10.24% year-over-year increase. Jinlianchuang believes that natural rubber exports from Thailand in August are expected to rise slightly, but the increase will be modest.

3. According to foreign media, Indonesia’s Ministry of Energy and Mineral Resources (ESDM) stated that the B50 biodiesel policy will save Indonesia approximately IDR 170 trillion (about USD 96.6 billion) in foreign exchange by significantly reducing diesel imports.

4. According to Longzhong Information, the total inventory of urea enterprises in China is 1.5629 million tons, a decrease of 112,800 tons from the previous cycle, representing a 6.73%环比 decrease. As of September 9, the total port inventory of methanol in China stands at 551,500 tons, a reduction of 96,000 tons from the previous data.

5. Zhengzhou Commodity Exchange issues a risk advisory: Recently, the complex and volatile international situation has increased uncertainties affecting varieties such as methanol, leading to greater price volatility.

1. According to ALD, domestic alumina production capacity using imported bauxite reached 78.96 million tons in August, accounting for 81.3%—the highest proportion on record. Of the 42 alumina producers operating nationwide, only five rely entirely on domestic ore.

2. According to the World Platinum Investment Council: The global platinum market is expected to see a surplus of 265,000 ounces in 2026. Platinum will continue to align with overall sentiment in the precious metals market, which could create potential upside for platinum investment demand for the remainder of this year, particularly if interest rate hikes fail to materialize or are lower than expected.

3. According to SMM research, persistently high zinc prices continue to suppress spot market demand; today’s spot trading in Guangdong remains sluggish, with low purchasing interest from galvanizing plants and die-casting zinc alloy manufacturers due to elevated prices. Terminal traditional hardware component manufacturers are also significantly constrained by high prices, with market feedback indicating these factories currently face a risk of production cuts or shutdowns.

4. According to sources, low water levels in Indonesia have already affected the shipment of some domestic bauxite, and if the situation does not improve, it could disrupt alumina production. As of now, this situation will temporarily persist.

5. World Gold Council: Global gold ETFs attracted $18 billion in inflows in August, marking the second-largest monthly inflow on record, pushing total assets under management to $615 billion and holdings to a record-high 4,189 metric tons.

1. After prolonged consolidation at high levels, coking coal prices have entered a plateau phase.

Sanli Futures analysis notes that the main coking coal contract remained range-bound at high levels, opening higher but closing lower, retracing part of yesterday’s gains, and ending up 0.3%. Fundamentally, the tight supply of coking coal has not changed. Although coal imports through the GanqimaoDu port have seen a moderate increase, port inventories remain low, and supply has not fully recovered. Domestic coal mine daily output continues to stay at low levels, and the situation where production resumes but volumes do not follow persists in major producing regions. The tight supply continues to provide strong price support. However, profitability along the downstream chain remains poor. Despite consecutive price increases that have narrowed losses for coke producers, steel mills’ profit margins continue to be squeezed, and overall industrial chain tensions are accumulating. Market momentum is gradually shifting from the earlier supply-constrained narrative toward validation of seasonal downstream demand. In the short term, the market is expected to remain range-bound; be cautious of potential chain-wide declines if downstream demand falls short of expectations.

2. Shanghai zinc remains in a scenario of weak supply and demand, with mineral supply shortages continuing to worsen.

The Foshan Jinke Futures research report indicates that the fundamental situation for SHFE zinc remains weak on both supply and demand sides. The shortage of zinc concentrate supply continues to worsen, with processing fees for zinc concentrate declining consistently both domestically and internationally. Smelters are currently undergoing maintenance in China and reducing production overseas, while domestic smelter profits continue to be squeezed, potentially impacting future capacity. Supply-side disruptions persist. On the demand side, consumption remains weak due to adverse weather conditions and high prices. Some domestic zinc mines have halted production, placing significant downward pressure on domestic processing fees. Global disruptions to zinc concentrate supply are intensifying, with import processing fees continuing to fall and smelter output also being reduced, providing strong support on the supply side and likely driving continued inventory drawdowns. The fundamental market remains in a state of weak supply and demand. The LME zinc premium has risen again, reflecting ongoing spot shortages overseas; the structural tightness in the LME zinc market has not significantly eased, and supply shortages continue to intensify. Domestic zinc ingot inventories have declined sharply under the influence of export windows, and zinc prices may experience strong sideways volatility in the short term.

1. On September 10 at 12:30, the Malaysian Palm Oil Board (MPOB) will release its monthly report;

2. On September 11 at 00:00, the EIA released the weekly U.S. crude oil inventory report.