1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The non - ferrous metals sector continues to oscillate. China's anti - involution in multiple industries has led to some varieties being boosted, while profit - taking in leading anti - involution sectors has caused adjustments in industrial products. The suspension of a 24% tariff for 90 days is beneficial to the industry. With China's positive policies, the overall situation of non - ferrous metals remains strong despite fluctuations [11][12]. - The market generally believes that the probability of a 25bp Fed rate cut in September is high. Although inflation expectations have rebounded, the Fed's decision - making independence is being questioned [12]. - The prices of various non - ferrous metals are affected by factors such as supply and demand fundamentals, inventory changes, and policy impacts. Each metal has different trends and investment strategies [13][14][15]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro - level**: The non - ferrous metals sector continues to oscillate. China's anti - involution in industries like black metals, photovoltaics, and building materials has affected the sector. The suspension of a 24% tariff for 90 days is positive for the industry. China has introduced a series of positive policies, and the Fed is likely to cut interest rates in September [11][12]. - **Single - product analysis**: - **Copper**: Supply and demand are both strong, with demand rising faster. Social inventory is decreasing, and production remains high. The price center is expected to rise, and short - term support is at 78000 - 79000 yuan/ton, with resistance at 80000 - 82000 yuan/ton [3]. - **Zinc**: Supply increases while demand is weak. It shows a phased shock, with resistance at 22800 - 23000 yuan/ton and support at 21800 - 22000 yuan/ton. Mid - term, it can be shorted on rallies [7]. - **Aluminum and its industry chain**: Cost decreases, and it is recommended to wait and see or short on rallies. Alumina prices are slightly down, and the inventory of recycled aluminum alloy is under pressure [5]. - **Tin**: It shows a narrow - range oscillation. It is recommended to trade in the range of 250000 - 290000 yuan/ton, with high - selling and low - buying strategies [5]. - **Lead**: It is in a consolidation phase. It can be bought on dips in the short - term, with support at 16500 - 16600 yuan/ton and resistance at 17200 - 17400 yuan/ton [7]. - **Nickel and stainless steel**: Nickel supply is in surplus, and stainless steel supply increases while demand is weak. Nickel can be shorted on rallies in the mid - term, and stainless steel can be considered long if the support level holds [7]. 3.2 Second Part: Non - ferrous Metals Market Review - The closing prices and weekly price changes of various non - ferrous metals futures are presented, such as copper closing at 79060 yuan/ton with a 0.73% increase, and zinc closing at 22505 yuan/ton with a 0.04% decrease [16]. 3.3 Third Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are provided, for example, the Yangtze River non - ferrous copper spot price is 79260 yuan/ton with a 0.45% decrease, and the Yangtze River non - ferrous 0 zinc spot price is 22440 yuan/ton with a 0.36% decrease [21]. 3.4 Fourth Part: Tracking of Key Data in the Non - ferrous Metals Industry Chain - Multiple charts are used to show the changes in inventory, processing fees, prices, and other data of various non - ferrous metals, such as the exchange copper inventory change and SMM social copper inventory change [23]. 3.5 Fifth Part: Non - ferrous Metals Arbitrage - Recommended arbitrage strategies include the positive spread between copper 2509 - 2510 contracts and the reverse spread between alumina 2502 - 2509 contracts [16]. 3.6 Sixth Part: Non - ferrous Metals Options - Different option strategies are recommended for each metal, such as selling near - month slightly out - of - the - money put options for copper, and buying bull spreads for zinc [3][7]

1. Report Industry Investment Rating There is no information provided in the text regarding the report industry investment rating. 2. Core Views of the Report - **Soybean Oil**: The market is in a "weak reality + strong expectation" pattern. The short - term 01 contract may continue to rise based on the 8400 position. It is recommended to hold long positions in the 01 contract, consider 1 - 5 positive spread operations, with support at 8230 - 8300 yuan/ton and pressure at 8800 - 9000 yuan/ton [1]. - **Rapeseed Oil**: Under the uncertain Sino - Canadian rapeseed trade policy, the price once rose significantly, but the high inventory and alternative imports have weakened market concerns. It shows a wide - range shock, with support at 9500 - 9580 and pressure at 10333 - 10343 [1]. - **Palm Oil**: The July Malaysian palm oil ending inventory was lower than expected, and the Indonesian inventory is low. The August production data is poor, and the export demand in early August is good. It is recommended to reduce long positions, with support at 9050 - 9074 and pressure at 9900 - 9990 [2]. - **Soybean Meal and Soybean No.2**: The market is digesting the positive impact of the August USDA report. The Sino - US and Sino - Canadian trade relations are still tense. It is recommended to hold long positions in the 01 contract of soybean meal, with support at 2950 - 2980 yuan/ton and pressure at 3200 - 3250 yuan/ton. The 09 contract of soybean No.2 is expected to fluctuate and adjust, with support at 3640 - 3670 and pressure at 3950 - 4000 [2]. - **Rapeseed Meal**: The 09 contract shows a wide - range shock, with support at 2600 - 2617 and pressure at 2800 - 2823. The 01 contract is affected by the expected reduction of Canadian rapeseed imports [4]. - **Corn and Corn Starch**: The USDA report has a negative impact on the external market. The domestic market is affected by imported corn and relevant policies. It is recommended to shift short positions to far - month contracts [5]. - **Soybean No.1**: The price continues to fall due to the increasing supply of new soybeans. It is recommended to exit short positions in the main contract and wait and see [6]. - **Peanut**: The inventory of the producing areas is low, and the import is affected. The new - season planting area has increased. The 10 - contract may rebound in the short - term, and it is recommended to short the 11 and 01 contracts on rallies [6][7]. - **Pig**: The spot price has adjusted in August, and the slaughter volume has increased. It is recommended to shift long positions of the 09 contract to the 2511 contract and wait for an opportunity to buy the 2605 contract [7]. - **Egg**: The 09 contract price has continued to decline, and the spot price has stabilized in some areas. It is recommended to wait and see, and aggressive investors can buy the 10 - contract at low prices [7]. 3. Summaries According to the Directory 3.1 First Part: Plate Strategy Recommendation 3.1.1 Market Judgment - Different varieties in the feed, breeding, and oil industries have different market logics, including supply - demand relationships, price support and pressure levels, and corresponding trading strategies. For example, the 01 contract of soybean oil is expected to fluctuate strongly, and it is recommended to go long at low prices; the 09 contract of corn is expected to fluctuate and adjust, and it is recommended to shift short positions to far - month contracts [10]. 3.1.2 Commodity Arbitrage - For different varieties' inter - period and inter - variety arbitrage, different reference strategies are provided, such as observing the 9 - 1 spread of soybean No.1, conducting positive spread operations for the 11 - 1 spread of soybean meal, and observing the 09 bean - meal to rapeseed - meal spread [11][12]. 3.1.3 Basis and Spot - Futures Strategies - The spot prices, price changes, and basis changes of various varieties in different sectors are presented, which can help investors understand the relationship between spot and futures prices [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: The import costs of soybeans, rapeseeds, and palm oil from different origins and different shipping periods are provided, including CBOT prices, CNF prices, and import - duty - paid prices [14][15]. - **Weekly Data**: The inventory and operating rates of various oilseeds and oils, such as soybeans, rapeseeds, and palm oil, are presented, reflecting the supply - demand situation of the industry [16]. 3.2.2 Feed - **Daily Data**: The import costs of corn from Argentina and Brazil in different months are provided [16]. - **Weekly Data**: The consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises are presented [17]. 3.2.3 Breeding - The daily and weekly data of pigs and eggs are provided, including spot prices, price changes, production and sales data, and inventory data, which can help understand the market situation of the breeding industry [18][19][20][21][22]. 3.3 Third Part: Fundamental Tracking Charts - A large number of charts are provided to track the fundamentals of the breeding, oilseeds and oils, and feed sectors, including price trends, inventory changes, production data, and spread changes, which can help investors comprehensively understand the market situation [24][34][52]. 3.4 Fourth Part: Option Situations of Soybean Meal, Feed, Breeding, and Oils - The historical volatilities of various varieties and the trading and holding volume data of corn options are presented, which can help investors understand the option market situation [71]. 3.5 Fifth Part: Warehouse - Receipt Situations of Feed, Breeding, and Oils - The warehouse - receipt data of various varieties are presented, which can help investors understand the market supply situation [74].

Group 1: Report Industry Investment Rating No relevant content found. Group 2: Core Views of the Report - The non - ferrous metals sector continues to oscillate, with a slight upward trend. The weakening of the US dollar and the easing geopolitical situation have boosted market sentiment. Domestic industrial products are showing signs of anti - involution, benefiting non - ferrous metals and related products [12][13]. - The suspension of the 24% tariff for 90 days between China and the US provides more room for industry adjustment, which is beneficial to industrial products. China's favorable policies, such as real estate and personal consumption loan subsidy policies, also have a positive impact on the market [12]. - The market's expectation of a Fed rate cut in September has increased due to the lower - than - expected inflation data in the US in July, which is conducive to the rise of non - ferrous metals prices [12]. Group 3: Summary by Relevant Catalogs 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metals sector oscillates. The suspension of tariffs, China's favorable policies, the easing geopolitical situation, and the increasing expectation of a Fed rate cut all have a positive impact on the non - ferrous metals market. The market should pay attention to relevant economic data this week [12][13]. - **Variety Analysis** - **Copper**: The exemption of US refined copper import tariffs will change the global copper trade flow. The supply - demand fundamentals of Shanghai copper are gradually becoming more balanced, and it is expected to rebound in the short term. The recommended strategy is to buy on dips [3][14]. - **Zinc**: The supply is increasing, the demand is weak, and the inventory is rising. It is recommended to take short - term long positions and short on rallies in the medium term [4][14]. - **Aluminum Industry Chain**: The aluminum market is in a state of shock. It is recommended to wait and see or take small short positions. The alumina market has regional supply - demand mismatches, and it is recommended to hold short positions cautiously [5][14][15]. - **Tin**: It is in a range - bound state, and the recommended strategy is to buy on dips and sell on rallies [6][14][15]. - **Lead**: The supply and demand are increasing, and it is recommended to take long positions on dips and use option double - selling strategies [7][8][14]. - **Nickel and Stainless Steel**: The supply of refined nickel is in excess, and the demand for stainless steel is weak. It is recommended to take short - term long positions on nickel and long positions on stainless steel in the short term, and short on rallies in the medium term [9][14][17]. 3.2 Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metal futures are presented, including copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and casting aluminum alloy [18]. 3.3 Third Part: Non - ferrous Metals Position Analysis - The latest position analysis of the non - ferrous metals sector shows the net long - short strength comparison, net long - short position differences, changes in net long and short positions, and influencing factors of different varieties [20]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are provided, such as copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and casting aluminum alloy [21][23]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - For each non - ferrous metal variety, relevant industry chain charts are presented, including inventory changes, processing fees, and price trends [25][29][31]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - For different non - ferrous metal varieties, charts related to arbitrage are presented, such as the ratio of domestic to foreign prices, basis, and spreads between different contracts [62][63][66]. 3.7 Seventh Part: Non - ferrous Metals Options - For various non - ferrous metal varieties, charts related to options are presented, including historical volatility, implied volatility, trading volume, and open interest [80][82][85].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - **Soybean Oil**: The August USDA supply - demand report unexpectedly lowered the new - season US soybean planting area, which is bullish. The soybean oil market is in a "weak reality + strong expectation" pattern. The 01 contract may continue to rise based on 8400, with support at 8230 - 8300 yuan/ton and pressure at 8800 - 9000 yuan/ton. Consider 1 - 5 positive spread operations [3]. - **Rapeseed Oil**: The Sino - Canadian trade relationship is the focus. The preliminary anti - dumping ruling on Canadian rapeseed may lead to less rapeseed purchasing. The price is expected to rise, with support at 9500 - 9510 and pressure at 10450 - 10490 [3]. - **Palm Oil**: The July Malaysian palm oil ending inventory was lower than expected, which is bullish. Hold long positions, with support at 8800 - 8828 and pressure at 9900 - 9910 [4]. - **Soybean Meal and Bean No.2**: The August USDA report is bullish. Due to the tense Sino - US and Sino - Canadian trade relations, hold long positions in the 01 contract of soybean meal and consider long positions in the 09 contract of bean No.2 [4]. - **Rapeseed Meal**: The uncertainty of Sino - Canadian rapeseed trade policy may lead to less rapeseed purchasing. Adopt a low - buying strategy, with support at 2617 - 2621 and pressure at 2960 - 2963 [5]. - **Corn and Corn Starch**: The USDA report is bearish for the external market. In the domestic market, although there are signs of tightening imports, the fundamental pressure remains. Suggest reducing short positions or shifting to far - month contracts [6]. - **Bean No.1**: The USDA report is bullish, but the new domestic soybeans are gradually coming to the market. Consider exiting short positions in the main contract and pay attention to the support and pressure levels [7]. - **Peanuts**: The inventory is low, but the new - season planting area increases. The price is under pressure in the long - term, but the 10 - contract may rebound in the short - term [8]. - **Hogs**: The feed price rebounds, and the de - capacity expectation is strengthened. Hold long positions in the 11 - contract [9]. - **Eggs**: The egg price is at a low level, and the cost collapse risk is partially released. Be cautious about short - selling, and radical investors can consider buying the 10 - contract [9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Judgment - **Oilseeds**: Bean No.1 11 - contract may fluctuate, consider light - short positions; Bean No.2 09 - contract may be bullish, consider light - long positions; Peanut 10 - contract may rebound, consider light - long short - term positions [12]. - **Oils**: Soybean oil 01 - contract may be bullish, hold long positions; Rapeseed oil 09 - contract may rise, hold long positions; Palm 09 - contract may be bullish, hold long positions [12]. - **Protein**: Soybean meal 01 - contract may rise, hold long positions; Rapeseed meal 09 - contract may rise, buy at low positions [12]. - **Energy and By - products**: Corn 09 - contract may fluctuate, reduce short positions or shift to far - month contracts; Corn starch 09 - contract may fluctuate, reduce short positions or shift to far - month contracts [12]. - **Livestock Farming**: Hog 11 - contract may rebound, hold long positions; Egg 10 - contract may find the bottom, wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - delivery**: For most varieties, it is recommended to wait and see. For soybean meal 11 - 1, consider positive spread operations; for hogs 9 - 1 and eggs 9 - 1, consider positive spread operations at low positions [13][14]. - **Inter - variety**: For 09 soybean oil - palm oil, adopt a bearish operation; for 09 rapeseed oil - soybean oil, adopt a bullish operation; for 09 soybean oil - meal ratio, consider long positions [14]. 3.1.3 Basis and Spot - Futures Strategy The report provides the spot prices, price changes, and basis changes of various varieties, including oilseeds, oils, protein, energy and by - products, and livestock farming [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates [17][18]. - **Weekly Data**: It shows the inventory and开机率 of beans, rapeseeds, palm oil, and peanuts [19]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil [19]. - **Weekly Data**: It shows the consumption, inventory,开机率, and inventory of corn and corn starch in deep - processing enterprises [20]. 3.2.3 Livestock Farming - **Hogs**: It provides the daily and weekly data of hog prices, piglet prices, pork wholesale prices, pig - grain ratio, etc. [21][25]. - **Eggs**: It provides the daily and weekly data of egg prices, culled chicken prices, production rate, inventory, etc. [22][24] 3.3 Third Part: Fundamental Tracking Chart - **Livestock Farming End (Hogs, Eggs)**: It includes the closing prices of hog and egg futures contracts, spot prices, piglet prices, chicken prices, etc. [27][35] - **Oils and Oilseeds**: It includes the production, inventory, export, and other data of palm oil, soybean oil, and peanuts [37][53] - **Feed End**: It includes the inventory, consumption, and processing profit data of corn, corn starch, rapeseeds, and soybean meal [56][69] 3.4 Fourth Part: Option Situation of Soybean Meal, Feed, Livestock Farming, and Oils The report provides the historical volatility and trading volume data of options related to various varieties [74][75] 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils The report shows the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [77][81]

Report Summary 1. Market Logic and Trading Strategies Carbonate Lithium - **Market Logic**: On Wednesday, the SMM battery - grade carbonate lithium index price was 80,946 yuan/ton, up 2,822 yuan/ton from the previous trading day. Most enterprises were in a wait - and - see mood, but due to some downstream enterprises' rigid procurement needs and the upstream and traders' reluctance to sell, the transaction price of carbonate lithium spot continued to rise significantly. Last week, the output of carbonate lithium was 19,556 tons, an increase of 2,288 tons from the previous week. Since mid - July, there have been news disturbances in lithium production, increasing concerns about the production stability of Yichun lithium mica mines. The total sample inventory last week was 142,418 tons, rising 692 tons from the previous week. In the long - term, the demand growth rate of new energy vehicles is gradually declining as the penetration rate exceeds 50% [3]. - **Trading Strategy**: The price fluctuates in the short - term. Upstream and downstream enterprises are advised to seize hedging opportunities according to their own risk management needs. The support for the main contract is 75,000 - 80,000 yuan, and the resistance is 88,000 - 90,000 yuan [4]. Industrial Silicon - **Market Logic**: Driven by profits, the main production areas resumed production last week, with the operating rate significantly increasing. Thanks to the synchronous resumption of downstream polysilicon production and rising procurement demand, the inventory of industrial silicon manufacturers decreased slowly. However, the market speculative sentiment is relatively cautious, and the acceptance of high - price goods is still low. It is expected that the spot price of industrial silicon will remain stable in the short - term, and the futures trend may be more guided by news [5]. - **Trading Strategy**: The short - term supply - demand contradiction is limited, but the high - level inventory still suppresses the price. Policy support exists, and the anti - involution sentiment may fluctuate. It is recommended to go long at low prices or sell slightly out - of - the - money put options on dips. The support interval is 8,200 - 8,300 yuan, and the resistance interval is 9,200 - 9,300 yuan [6]. Polysilicon - **Market Logic**: There are rumors that the industry may reach a consensus on joint production cuts to control the output in August and promote the return of the total inventory to a reasonable range. If true, it may lead to large - scale inventory reduction. However, the terminal demand is still weak, and the upside space for prices is limited. The futures price has a large premium over the spot price, and the increasing warehouse receipts also put pressure on the market. It is expected that the polysilicon market will fluctuate widely at a high level [7]. - **Trading Strategy**: Existing long positions can be partially liquidated at high prices, and short put options sold at low prices can be hedged at high prices. The support level for the main contract is 47,000 - 48,000 yuan, and the resistance level is 55,000 - 56,000 yuan [7]. 2. Plate Strategy Recommendation and Spot - Futures Price Changes Plate Strategy Recommendation | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | | Carbonate Lithium 09 | Driven by news | 65,000 - 66,000 yuan | 78,000 - 83,000 yuan | Oscillate strongly | Seize selling hedging opportunities, downstream cathode material enterprises focus on low - level stockpiling or buying hedging [13] | | Industrial Silicon 09 | Driven by news | 8,200 - 8,300 yuan | 9,200 - 9,300 yuan | Fluctuate widely | Sell put options on dips [13] | | Polysilicon 09 | Driven by news | 45,000 - 46,000 yuan | 55,000 - 56,000 yuan | Oscillate at a high level | Sell put options on dips [13] | Spot - Futures Price Changes | Variety | Closing Price | Change Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 85,100 yuan | 3.13% | 1,245,424 | 392,675 | 35,677 | 21,679 | | Industrial Silicon | 8,600 yuan | - 2.71% | 510,280 | 284,500 | 5,640 | 50,701 | | Polysilicon | 51,290 yuan | - 2.11% | 395,645 | 132,463 | - 3,592 | 5,150 | [13] | 3. Fundamental Data Carbonate Lithium - **Production and Inventory**: Last week, the output of carbonate lithium increased, and the inventory resumed its upward trend after a brief decline. The concentrated restocking on the demand side was remarkable, and the market's concern about supply stability is expected to support the lithium price [3]. - **Downstream**: Although the "two new" policies continue to support, the demand growth rate of new energy vehicles is gradually declining as the penetration rate exceeds 50% [3]. Industrial Silicon - **Production and Inventory**: The main production areas increased production last week, and the inventory of manufacturers decreased slowly due to the increase in downstream demand [5]. - **Downstream**: The downstream polysilicon industry resumed production, and the procurement demand increased [5]. Polysilicon - **Production and Inventory**: There are rumors of joint production cuts. If true, it may lead to inventory reduction. The terminal demand is weak, and the upside space for prices is limited [7]. - **Downstream**: The downstream demand has not weakened in the short - term, but the domestic demand may decline after the overseas policy window closes in the fourth quarter [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: The short - term external market is strong, but the continuous upward space of sugar price is limited. It is expected to maintain range - bound. In China, the inventory pressure is low in July, but the concentrated arrival of third - quarter shipments and increased imports in the second half of the year will bring pressure to domestic sugar sales. The price is expected to stop falling and stabilize after a sharp correction [3]. - **Pulp**: The fundamentals of pulp and its downstream have changed little. The import volume in July was high, and the demand is in the off - season. The price is difficult to rebound. The price increase is difficult to be transmitted, but the price is less likely to return to the June low [5]. - **Cotton**: The external market may continue to bottom - hunting, and the domestic market is a game between tight spot supply and weak downstream consumption. The price may continue to fluctuate and sort out in the short term [7]. - **Apples**: The current focus is on the end of the old season and the realization of the new season. The initial production estimate cannot provide a trend guide. The price of early - maturing apples has risen, but the sustainability needs to be tracked. The overall price of the apple 10 contract is expected to fluctuate within a range [8]. - **Jujubes**: The inventory is being depleted, and the spot price is running strongly. The 2601 contract is recommended for long - holding, and attention should be paid to the impact of weather on production [10]. 3. Summary According to Relevant Catalogs 3.1 First Part: Plate Strategy Recommendation - **Apples**: Temporarily wait and see. The support range is 7400 - 7500, and the pressure range is 8300 - 8400 [18]. - **Jujubes**: Hold long positions. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [18]. - **Sugar**: Try to go long when it回调 to the lower edge of the range. The support range is 5500 - 5530, and the pressure range is 5670 - 5700 [18]. - **Pulp**: Short on rallies. The support range is 5100 - 5200, and the pressure range is 5300 - 5400 [18]. - **Cotton**: Temporarily wait and see. The support range is 13500 - 13600, and the pressure range is 14200 - 14300 [18]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamentals**: In June 2025, the export volume decreased. The inventory in cold storage decreased. There are different estimates of production, with a slight increase or decrease [19]. - **Spot Market**: The mainstream transaction price in Shandong is stable. The shipment volume is general. The price of early - maturing apples varies greatly. The arrival at the wholesale market is small, and the price is stable [20][21]. 3.2.2 Jujube Market As of August 8, the inventory decreased. The arrival at the sales area increased, and the spot price was strong. Attention should be paid to terminal consumption and shipment sustainability [22]. 3.2.3 Sugar Market The domestic spot price is stable, and the price of the ICE raw sugar main contract is 16.54 cents/pound. The estimated profit of Brazilian sugar processing is high [24]. 3.2.4 Pulp Market The transaction of imported bleached softwood pulp is light. The price increase is not accepted by buyers. The price of bleached hardwood pulp has increased, and two companies plan to reduce production [27]. 3.2.5 Cotton Market - Vietnam's cotton textile and clothing production data from January to July 2025 shows an increase in textile production and a decrease in clothing production. - Brazil's cotton picking progress is advancing, but lags behind last year. - Australia's cotton export volume increased significantly in June. - Pakistan's cotton imports increased significantly from July 2024 to June 2025. - Thailand's cotton imports increased in June. - Egypt's cotton net signing and shipment volume increased in the week ending August 9 [28][29]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2510 | 8178 | 51 | 0.63% | | Jujube 2509 | 10385 | - 145 | - 1.38% | | Sugar 2509 | 5706 | 28 | 0.49% | | Pulp 2509 | 5216 | 14 | 0.27% | | Cotton 2601 | 13980 | 100 | 0.72% | [30] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.90 | 0.00 | 0.15 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5960 | 0 | - 540 | | Pulp (Shandong Yinxing) | 5850 | 0 | - 250 | | Cotton (yuan/ton) | 15177 | 16 | 407 | [33] 3.4 Fourth Part: Basis Situation No specific numerical analysis provided, only references to relevant figures [44][45][49]. 3.5 Fifth Part: Inter - Month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 193 | - 5 | 84 | Fluctuate repeatedly | Wait and see | | Jujube | 9 - 1 | - 1165 | - 1155 | - 580 | Range - bound | Wait and see | | Sugar | 9 - 1 | 98 | - 7 | - 235 | Range - bound | Wait and see | | Cotton | 1 - 5 | 70 | 20 | 105 | Range - bound | Temporarily wait and see | [51] 3.6 Sixth Part: Futures Positioning Situation No specific numerical analysis provided, only references to relevant figures [58][60][65]. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 9214 | 0 | - 970 | | Sugar | 17853 | - 387 | 1901 | | Pulp | 253327 | 1872 | - 239490 | | Cotton | 8087 | - 85 | - 2309 | [78] 3.8 Eighth Part: Option - Related Data No specific numerical analysis provided, only references to relevant figures [80][82][83].

1. Report Industry Investment Rating No relevant content provided in the documents. 2. Core Views of the Report - **Soybean Oil**: The price of soybean oil continues to break through and rise. The market is worried about the supply of oilseeds in the fourth quarter due to the tense Sino - US and Sino - Canadian trade relations. The market is in a "weak reality + strong expectation" pattern. The 01 contract may continue to rise based on the 8400 level. Hold long positions and consider 1 - 5 positive spread operations [3]. - **Rapeseed Oil**: The procurement and arrival of domestic rapeseed have decreased, and the inventory has declined from the high point but is still at a relatively high level. The preliminary ruling on Canadian rapeseed may affect imports, and there is an expectation of inventory reduction. Hold long positions [3]. - **Palm Oil**: The July ending inventory of Malaysian palm oil was lower than expected, and the production in early August was poor. The increase in Indonesian export taxes in August may increase Malaysia's export share. Hold long positions [4]. - **Soybean Meal and Bean No. 2**: The Sino - US and Sino - Canadian trade relations are still tense, and there is a concern about the supply of oilseeds in the fourth quarter. Hold long positions for the 01 contract of soybean meal, and the 09 contract of bean No. 2 is expected to fluctuate and adjust [3][4]. - **Rapeseed Meal**: The potential reduction in rapeseed imports and the low spot price difference between soybean meal and rapeseed meal. There is an expectation of inventory reduction, and long positions can be held [3][5]. - **Corn and Corn Starch**: The external market is under pressure from the South American harvest and the expected increase in US planting area. The domestic market is affected by imported corn and the news of tightening imports. Suggest holding short positions cautiously [6]. - **Bean No. 1**: New soybeans in Hubei and other places are gradually on the market, and the market auction is not good. Try short positions lightly [6]. - **Peanuts**: The inventory in the producing areas is low, and the import is affected. The increase in planting area and the potential impact of drought in some areas. Consider reducing short positions for the 10 contract and shorting on rebounds for the 11 and 01 contracts [7]. - **Pigs**: The feed price rebounds, and the expectation of capacity reduction is strengthened. Hold long positions [8]. - **Eggs**: The egg price is at the end of the seasonal off - season, and the cost collapse risk is partially released. It is recommended to wait and see for the 09 contract, and aggressive investors can buy the 10 contract at low positions [8]. 3. Summary According to the Catalog 3.1 First Part: Plate Strategy Recommendation 3.1.1 Market Judgment - **Oilseeds**: Bean No. 1 is expected to fluctuate, and short positions can be tried lightly; Bean No. 2 is expected to fluctuate and adjust, and wait and see; Peanuts are expected to fluctuate weakly, and reduce short positions; Soybean oil is expected to fluctuate strongly, and hold long positions; Rapeseed oil is expected to rise, and hold long positions; Palm oil is expected to fluctuate strongly, and hold long positions [11]. - **Protein**: Soybean meal is expected to rise, and try long positions lightly; Rapeseed meal is expected to fluctuate strongly, and go long at low positions [11]. - **Energy and By - products**: Corn and corn starch are expected to fluctuate and sort out, and hold short positions cautiously [11]. - **Aquaculture**: Pigs are expected to rebound, and hold long positions; Eggs are expected to find the bottom, and wait and see [11]. 3.1.2 Commodity Arbitrage - **Inter - period Arbitrage**: For most varieties, it is recommended to wait and see. For soybean meal 11 - 1, conduct positive spread operations; for pigs 9 - 1 and eggs 9 - 1, conduct positive spread operations at low positions [12][13]. - **Inter - variety Arbitrage**: For some varieties, conduct short - biased or long - biased operations, and for others, wait and see [13]. 3.1.3 Basis and Spot - Futures Strategy Provide the spot price, price change, and basis and its change of various varieties [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: Provide the import cost data of soybeans, rapeseeds, and palm oil, including arrival premium, futures price, CNF price, and arrival duty - paid price [16][17]. - **Weekly Data**: Provide the inventory, startup rate, etc. of soybeans, rapeseeds, palm oil, peanuts, etc. [18]. 3.2.2 Feed - **Daily Data**: Provide the import cost data of corn from different countries and months [18]. - **Weekly Data**: Provide the consumption, inventory, startup rate, and inventory of corn and corn starch in deep - processing enterprises [19]. 3.2.3 Aquaculture - Provide the daily and weekly data of pigs and eggs, including price, inventory, production rate, etc. [20][21][22][23][24] 3.3 Third Part: Fundamental Tracking Chart - **Aquaculture End (Pigs, Eggs)**: Provide charts of the closing price of the main contracts, spot price, etc. of pigs and eggs [26][28][29][32] - **Oilseeds and Oils**: Provide charts of production, inventory, profit, etc. of palm oil, soybean oil, and peanuts [36][46][50] - **Feed End**: Provide charts of inventory, consumption, profit, etc. of corn, corn starch, rapeseed, and soybean meal [54][56][58][65] 3.4 Fourth Part: Option Situation of Soybean Meal, Feed, Aquaculture, and Oils Provide charts of historical volatility, trading volume, and open interest of options of various varieties [71][73] 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Aquaculture, and Oils Provide charts of the warehouse receipt quantity of various varieties [75][77]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Views of the Report - The non - ferrous metals sector continues to experience oscillations. With the easing of geopolitical tensions, there is a rise in optimistic sentiment, and domestic industrial products, especially those priced in the domestic market, are showing a warming trend, benefiting related non - ferrous metal varieties. The market's expectation of a Fed rate cut in September is increasing, and the US dollar index is falling. Each metal variety has its own supply - demand characteristics and price trends. For example, the copper market is gradually entering a pattern of strong supply and demand, while the zinc market shows a situation of increasing supply and weak demand. [3][11] 3. Summary According to Relevant Catalogs 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The non - ferrous metals sector oscillates. The implementation of the anti - involution policy in multiple domestic industries has affected the non - ferrous metals sector. The suspension of a 24% tariff between China and the US for 90 days, along with signs of easing geopolitical situations, has led to a partial recovery of non - ferrous metals. The market's expectation of a Fed rate cut has increased, and the US dollar is relatively weak. [11] - **Investment Suggestions for Each Metal**: - **Copper**: Supply is abundant in the short term, but demand is gradually picking up. It is advisable to gradually buy at low prices. The short - term upper pressure range is 80,000 - 82,000 yuan/ton, and the lower support range is 77,000 - 78,000 yuan/ton. [3] - **Zinc**: In the short term, it may fluctuate and rise, but in the medium term, it is advisable to short at high prices. The upper pressure is around 22,800 - 23,000 yuan, and the lower support is around 21,800 - 22,000 yuan. [4] - **Aluminum Industry Chain**: It is recommended to wait and see. For the 09 contract, the upper pressure range is 21,000 - 21,200 yuan, and the lower support range is 20,000 - 20,200 yuan. [5] - **Tin**: It is advisable to conduct short - term high - selling and low - buying operations. The upper pressure range is 270,000 - 290,000 yuan, and the lower support range is 250,000 - 255,000 yuan. [6] - **Lead**: It is advisable to hold long positions at low prices in the short term. The lower support is around 16,500 - 16,600 yuan, and the upper pressure is around 17,200 - 17,400 yuan. [7] - **Nickel and Stainless Steel**: Nickel can be shorted on rebounds in the medium term, while stainless steel shows a short - term upward trend. For nickel, the upper pressure is 123,000 - 125,000 yuan, and the lower support is 115,000 - 116,000 yuan. For stainless steel, the support is around 12,800 - 13,000 yuan, and the upper pressure is around 13,500 - 13,600 yuan. [8] 3.2 Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals are presented. For example, copper closed at 79,020 yuan with a 0.00% change, zinc at 22,630 yuan with a 0.18% change, etc. [15] 3.3 Third Part: Non - ferrous Metals Position Analysis - The net long - short strength comparison, net long - short position differences, and changes in net long and short positions of various non - ferrous metal contracts are provided, along with the influencing factors such as changes in the positions of major players. [17] 3.4 Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of non - ferrous metals such as copper, zinc, aluminum, and alumina are given. For example, the Yangtze River Non - ferrous copper spot price is 79,200 yuan/ton with a - 0.01% change. [18][20] 3.5 Fifth Part: Non - ferrous Metals Industry Chain - For each metal, relevant industry chain charts are provided, including inventory changes, processing fee changes, and price trends, which help to understand the supply - demand relationships and cost factors in the industry chain. [22][26][29] 3.6 Sixth Part: Non - ferrous Metals Arbitrage - Various arbitrage - related charts for non - ferrous metals are presented, such as the ratio changes between domestic and foreign markets, basis trends, and price differences between different contracts, which can be used for arbitrage operations. [60][61][63] 3.7 Seventh Part: Non - ferrous Metals Options - Charts related to the historical volatility, implied volatility, trading volume, and open interest of options for non - ferrous metals such as copper, zinc, and aluminum are provided, which can assist in option trading strategies. [77][79][82]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For lithium carbonate, the supply side has been affected by the suspension of mining operations at Jiangxi Jianxiawo and the announced suspension of Zangge Mining, increasing concerns about the production stability of Yichun lithium mica mines. Although the short - term demand - side restocking supports lithium prices, the growth rate of new energy vehicle demand is gradually declining. In the medium - to - long - term, the supply - demand situation of lithium carbonate is likely to change from surplus to shortage, and prices may return above 100,000 yuan in the third and fourth quarters [5][6]. - For industrial silicon, profit drives the resumption of production in major producing areas, and downstream demand has recovered. The inventory of manufacturers is slowly decreasing, but the market's acceptance of high - price goods is low. The spot price is expected to remain stable in the short term, and the futures trend is more influenced by news, with a strong policy support but limited upside space [7]. - For polysilicon, if the industry's joint production - cut agreement is true, it may lead to large - scale inventory reduction. However, the terminal demand is weak, and the upside space for prices is limited. The futures price is expected to fluctuate widely at a high level [9]. 3. Summary by Relevant Catalogs 3.1 First Part: Spot Price 3.1.1 Plate Strategy Recommendation - **Lithium Carbonate 09**: The market is driven by news, with a support level of 75,000 - 80,000 yuan and a pressure level of 100,000 - 120,000 yuan. It is expected to fluctuate strongly. Downstream cathode material enterprises are advised to pay attention to low - level stocking or buying hedging opportunities [15]. - **Industrial Silicon 09**: Driven by news, with a support level of 8,200 - 8,300 yuan and a pressure level of 9,200 - 9,300 yuan. It is expected to have a wide - range fluctuation. It is recommended to go long on dips or sell slightly out - of - the - money put options [15]. - **Polysilicon 09**: Driven by news, with a support level of 47,000 - 48,000 yuan and a pressure level of 55,000 - 56,000 yuan. It is expected to fluctuate at a high level. It is recommended to take partial profits or exit long positions on rallies and hedge short put options on rallies [15]. 3.1.2 Futures and Spot Price Changes - The closing price of lithium carbonate is 82,520 yuan, with a daily increase of 1.88%, a trading volume of 1,417,704 lots, an open interest of 356,998 lots, an increase of 39,322 lots in open interest, and 20,829 lots of warehouse receipts [16]. - The closing price of industrial silicon is 8,840 yuan, with a daily decrease of 1.78%, a trading volume of 520,504 lots, an open interest of 278,860 lots, an increase of 6,917 lots in open interest, and 50,658 lots of warehouse receipts [16]. - The closing price of polysilicon is 51,800 yuan, with a daily increase of 0.69%, a trading volume of 481,809 lots, an open interest of 136,055 lots, a decrease of 3,684 lots in open interest, and 4,940 lots of warehouse receipts [16]. 3.2 Second Part: Fundamental Situation 3.2.1 Lithium Carbonate Fundamental Data - **Production and Inventory**: Last week, the production of lithium carbonate was 19,556 tons, an increase of 2,288 tons from the previous week. The total sample inventory was 142,418 tons, an increase of 692 tons from the previous week. The short - term concern about supply stability supports lithium prices, but the growth rate of new energy vehicle demand is declining [5]. - **Downstream Situation**: No specific data provided, but graphs related to downstream products such as lithium iron phosphate and ternary materials are mentioned [26]. 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory**: Profit drives the resumption of production in Xinjiang, Yunnan, and Sichuan, and the downstream demand has recovered, resulting in a slow reduction of manufacturers' inventory. However, the market's acceptance of high - price goods is low, and the spot price is expected to remain stable in the short term [7]. - **Downstream Situation**: Graphs related to downstream products such as organic silicon DMC and aluminum alloy are mentioned [37]. 3.2.3 Polysilicon Fundamental Data - **Production and Inventory**: If the joint production - cut agreement is true, it may lead to large - scale inventory reduction. However, the terminal demand is weak, and the upside space for prices is limited [9]. - **Downstream Situation**: Graphs related to downstream products such as silicon wafers and photovoltaic modules are mentioned [43].

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints of the Report - The exemption of import tariffs on electrolytic copper in the US will change the global copper trade pattern, and the copper resources flowing to Europe and Asia will increase. The domestic copper market fundamentals are expected to weaken in August, with demand dropping to the annual low and inventory starting to rise. The copper price is expected to face short - term pressure, but the downside space is limited. The copper price may reach the second high of the year in the fourth quarter [8][113]. 3. Summary According to the Directory 3.1 Global Macro and Copper Market - China's economy showed good performance in the first half of the year, with GDP growth exceeding expectations. Policy support may enter a vacuum period in the third quarter. The domestic copper demand is expected to decline to a relative low in the third quarter, and the demand in the fourth quarter may be better than that in the third quarter. In the US, the manufacturing industry showed a phased contraction in the third quarter, and the overseas macro situation is expected to be bearish for copper prices in August [11][14][18]. 3.2 Copper Supply Situation Analysis - **Mine End**: The global copper mine supply was relatively loose in the second quarter, but the annual growth rate is expected to be low. The supply of copper concentrates is still tight, and the supply gap in 2025 is expected to exceed 1.1 million metric tons. The tight supply at the mine end has not yet affected the smelting end, and the domestic refined copper production has reached a new high. However, the constraints on electrolytic copper production are increasing, and the production is expected to decline in the second half of the year [23][30][39]. - **Recycled Copper**: The supply of recycled copper resources remains tight, which will restrict the domestic electrolytic copper production [46]. - **Import and Export**: The US's exemption of import tariffs on electrolytic copper will end its siphoning effect on global copper resources. The domestic smelting plants' export willingness will decline, and the domestic supply will increase [50]. 3.3 Copper Demand Situation Analysis - **Copper Products**: The domestic copper products output reached a record high in the first quarter and declined in the second quarter. The copper demand is expected to be weak in August and better in the fourth quarter. The annual output of copper products is expected to increase by more than 3% year - on - year [55]. - **Sub - sectors**: The output of refined copper rods, copper tubes, copper bars, and copper strips is expected to decline in August. The output of copper foil has increased against the trend, and the demand for new energy vehicles and power grid investment will continue to support copper demand [58][74][87]. 3.4 Copper Inventory Change Analysis - The global copper inventory showed a downward trend in the first half of 2025, with prominent structural contradictions. After the US exempted import tariffs on electrolytic copper, the global copper trade pattern will change, and the non - US copper supply will be relatively loose, suppressing copper prices [93]. 3.5 Global Copper Supply - Demand Balance - The global refined copper supply - demand structure was tight in 2025, with a supply gap of more than 1.1 million metric tons. The supply gap is expected to narrow gradually from 2026 [97]. 3.6 Copper Position Analysis - The total position of COMEX copper futures and options first rose and then fell in the first half of the year, and started to increase in July. The net long position showed an upward trend, and the capital's driving effect on copper prices was still obvious [104]. 3.7 Arbitrage Analysis - The Shanghai - London copper ratio is expected to remain volatile in August. The copper - zinc ratio is expected to continue to rise in the second half of the year [109]. 3.8 Copper Market Outlook and Operation Suggestions - The copper market fundamentals are expected to weaken in August, and the copper price will face short - term pressure. The downstream demand side is advised to slow down the pricing rhythm, and traders holding spot resources are advised to participate in selling hedging operations. The support range for the Shanghai copper main contract price is expected to be 77,000 - 78,000 yuan/ton, and the pressure range is expected to be 79,000 - 80,000 yuan/ton [113].