On September 26, 2025, during the morning opening session, domestic futures main contracts displayed mixed performance. Shanghai silver, low sulfur fuel oil (LU), fuel oil, and container shipping European routes climbed more than 1%. On the declining side, No. 20 rubber (NR), rubber, and coking coal fell over 1%.

Market Analysis:

Economic data showed that the US second-quarter GDP growth rate was revised upward to 3.8%, while initial jobless claims dropped significantly to 218,000 last week, reaching the lowest level since July. The robust data has alleviated concerns about US economic weakness and reduced expectations for Federal Reserve rate cuts. Tonight's focus will be on the US August core PCE price index. Additionally, September non-farm payroll data will be released overseas during the National Day holiday period. According to foreign media reports, the September non-farm data scheduled for release on October 3 may be delayed due to a potential US government shutdown, and the foreign exchange options market has already priced in this possibility.

Furthermore, given the Federal Reserve's independence test and the resurgence of complex geopolitical factors, gold may find it difficult to change its upward trend. Investors should pay attention to whether there will be rapid adjustment risks during the domestic long holiday period. Powell's warning about US stocks could also become a potential triggering factor, and last night's significant decline in cryptocurrencies serves as a warning signal.