Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Carbonate Lithium**: The market's bullish sentiment has receded, but there is strong support below the 70,000 yuan mark. Downstream demand remains cautious, and there are concerns about weakening long - term demand. However, short - term inventory reduction and demand - side restocking may support prices [4][5]. - **Industrial Silicon**: Affected by the Politburo meeting and exchange announcements, the market is driven by news. With the recovery of production and uncertain inventory trends, the market may fluctuate, and the policy support effect is yet to be verified [6][7]. - **Polysilicon**: The short - term speculative sentiment is high, and the market is driven by news. There is a possibility of price regression to fundamentals, and short - term price correction risks should be watched out for [8][9]. 3. Summary by Directory 3.1 First Part: Spot Prices 3.1.1 Plate Strategy Recommendation | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | | Carbonate Lithium 09 | News - driven market | 65,000 - 66,000 | 78,000 - 83,000 | Oscillate strongly | Seize selling hedging opportunities, downstream cathode material enterprises focus on low - level stocking or buying hedging [15] | | Industrial Silicon 09 | News - driven market | 8,500 - 8,600 | 9,900 - 10,000 | Bidirectional fluctuation | Consider selling put/call options at low/high levels [15] | | Polysilicon 09 | News - driven market | 45,000 - 46,000 | 55,000 - 56,000 | Bidirectional fluctuation | Consider selling put/call options at low/high levels [15] | 3.1.2 Futures and Spot Price Changes | Variety | Closing Price | Change Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 68,280 | - 3.29% | 521,849 | 229,368 | - 43,385 | 5,545 | | Industrial Silicon | 8,760 | - 5.65% | 410,371 | 212,932 | - 29,745 | 50,644 | | Polysilicon | 49,130 | - 7.81% | 565,838 | 126,989 | - 37,501 | 3,200 [16] | 3.2 Second Part: Fundamental Situation 3.2.1 Carbonate Lithium Fundamental Data - **Production and Inventory**: This week, the production of carbonate lithium was 17,268 tons, a decrease of 1,362 tons from the previous week. The total sample inventory decreased by 1,444 tons to 141,726 tons, the first decrease after eight consecutive weeks of inventory accumulation [4]. - **Downstream**: Downstream inquiry activity has increased, but actual transactions have not increased proportionally. Downstream buyers are still cautious, mainly making purchases for rigid demand [4]. 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory**: The resumption of production by manufacturers is accelerating, and production is expected to continue to rise. Short - term inventory has decreased due to improved transactions, but future inventory trends depend on transaction volume and production reduction implementation [6]. - **Downstream**: Not specifically mentioned in detail in the report. 3.2.3 Polysilicon Fundamental Data - **Production and Inventory**: Terminal demand is weak, and enterprise inventories are at a high level, which will form selling hedging pressure on the market. The full - cost "policy red line" provides strong support [8][9]. - **Downstream**: Not specifically mentioned in detail in the report.

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports. 2. Report's Core View - **Soybean Oil**: The improvement of weather in the main soybean - producing areas in the US has led to a decline in US soybeans, dragging down domestic beans. There is no obvious progress in soybean imports from the Sino - US economic and trade talks. The export of about one million tons of soybean oil from China, fewer oilseed purchases in the fourth quarter, and an increase in direct imports of protein meal are expected to converge the oil mill's profit, which is beneficial to the price of oils. It is recommended to buy on dips for the soybean oil 2601 contract. Support is at 8000 - 8030 yuan/ton, and resistance is at 8400 - 8450 yuan/ton [3]. - **Rapeseed Oil**: Since July, the procurement and arrival of rapeseed in China have decreased, and the domestic rapeseed oil inventory has declined from its high. However, it is still at a relatively high level compared to the same period in recent years. With fewer rapeseed purchases in the third quarter, there is an expectation of future inventory reduction. The import profit of new - crop rapeseed is okay, but the uncertainty of China - Canada trade relations remains. It is advisable to trade within a range, buy on dips, and exit long positions at high levels. Support is at 9300 - 9330, and resistance is at 9683 - 9790 [3]. - **Palm Oil**: High - frequency data shows good production of Malaysian palm oil but weak export demand, increasing the inventory pressure in July. The willingness of the origin to support prices has weakened, improving the domestic import profit and increasing domestic inventory. The upward momentum of the futures price has weakened, with a short - term need for shock adjustment. Indonesia's palm oil production is lower than expected, and its inventory is at a low level. The US biodiesel policy is beneficial to the long - term demand for US soybean oil. From the perspective of the international soybean - palm oil price difference, palm oil is cost - effective, and there is restocking demand from India and China. There is support below the futures price. Indonesia is preparing for the B50 biodiesel test, potentially beneficial to the long - term price. It is recommended to buy on dips. Support is at 8704 - 8796, and resistance is at 9480 - 9490 [4]. - **Soybean No. 2 and Soybean Meal**: There is no obvious progress in soybean imports from the Sino - US economic and trade talks. The improvement of the good - rate of US soybeans and favorable weather in the main producing areas have led to a bottom - building of CBOT soybean futures prices. The increase in imports of low - priced soybean meal from Argentina and the promotion of soybean meal reduction and substitution in China have led to a continuous decline in soybean meal prices. It is recommended to wait and see for now. The support for the main soybean meal contract is at 2930 - 2950 yuan/ton, and the resistance is at 3080 - 3100 yuan/ton. The soybean No. 2 main 09 contract is expected to fluctuate and adjust, with resistance at 3750 - 3800 and support at 3550 - 3560 yuan/ton [4]. - **Rapeseed Meal**: Rapeseed meal shows a situation of both weak supply and demand. The cost - effectiveness of rapeseed meal is poor, and there is an expectation of inventory reduction in the third quarter. It is recommended to buy on dips. Support is at 2600 - 2621, and resistance is at 2791 - 2855 [4]. - **Corn and Corn Starch**: The external market is under pressure from the harvest in South America and the expected increase in US corn planting area. The domestic market is in a game between the release of old - crop corn and tight supply in some areas. It is recommended to reduce short positions on dips. The support for the corn 09 contract is at 2250 - 2260, and the resistance is at 2430 - 2450. For the corn starch 09 contract, the support is at 2600 - 2620, and the resistance is at 2830 - 2840 [5]. - **Soybean No. 1**: The gradual listing of new soybeans has increased supply, suppressing domestic soybean prices. It is recommended to wait and see for the main soybean No. 1 contract. The resistance for the 09 contract is at 4250 - 4300 yuan/ton, and the support is at 4000 - 4030 yuan/ton [6]. - **Peanut**: The low carry - over inventory of old - crop peanuts, the impact of the civil unrest in Sudan and the delay of port opening in Senegal on imports, and the high - level planting area and expected increase in yield of new - crop peanuts have different impacts on different contracts. It is recommended to take partial profit on short positions near the support level. The support for the 10 contract is at 8004 - 8020, and the resistance is at 8392 - 8398 [6]. - **Live Pig**: The futures price of live pigs is near - strong and far - weak. The spot price is likely to rise seasonally in August. It is recommended to reduce long positions on rallies for the 09 contract and wait for an opportunity to buy the 2511 contract on dips after the market cools down and the spot price rises [7]. - **Egg**: The egg 08 futures price has fallen back to the spot price, and the 09 contract has broken through the range. It is recommended to be cautious about short - selling, pay attention to the positive spread between September and January, and aggressive investors can buy the 09 contract on dips. The reference range is 3500 - 3800 points [8]. 3. Summary According to the Catalog Part One: Sector Strategy Recommendations a. Market Analysis - **Oilseeds**: Soybean No. 1 09 is expected to fluctuate, and it is recommended to wait and see; Soybean No. 2 09 is expected to fluctuate and adjust, and it is recommended to wait and see; Peanut 10 is expected to be weakly bearish, and it is recommended to take partial profit on short positions [11]. - **Oils**: Soybean oil 01 is expected to be strongly bullish, and it is recommended to buy on dips; Rapeseed oil 09 is expected to fluctuate within a range, and it is recommended to buy on dips; Palm 09 is expected to fluctuate and adjust, and it is recommended to buy on dips [11]. - **Protein**: Soybean meal 09 is expected to fluctuate, and it is recommended to wait and see; Rapeseed meal 09 is expected to be strongly bullish, and it is recommended to buy on dips [11]. - **Energy and By - products**: Corn 09 is expected to fluctuate and consolidate, and it is recommended to reduce short positions on dips; Corn starch 09 is expected to fluctuate and consolidate, and it is recommended to reduce short positions on dips [11]. - **Livestock**: Live pig 09 is expected to rebound, and it is recommended to reduce long positions on rallies; Egg 09 is expected to find the bottom, and it is recommended to buy on dips [11]. b. Commodity Arbitrage - **Inter - month Arbitrage**: It is recommended to wait and see for most varieties, except for the positive spread for soybean meal 11 - 1 and the positive spread for live pig 9 - 1 and egg 9 - 1 [12][13]. - **Inter - commodity Arbitrage**: For oils, it is recommended to be bearish on 09 soybean oil - palm oil, bullish on 09 rapeseed oil - soybean oil, and wait and see for 09 rapeseed oil - palm oil; For protein, 09 soybean meal - rapeseed meal is expected to fluctuate at a low level; For the oil - meal ratio, it is recommended to go long on the 09 soybean oil - meal ratio and wait and see for the 09 rapeseed oil - meal ratio; For energy and by - products, it is recommended to wait and see for 09 starch - corn [13]. c. Basis and Spot - Futures Strategies There are data on spot prices, price changes, and basis changes for various varieties, but no specific strategies are mentioned other than the data presentation [14]. Part Two: Key Data Tracking Tables a. Oils and Oilseeds - **Daily Data**: There are data on the import cost of soybeans, rapeseeds, and palm oil from different origins and different shipping dates [16]. - **Weekly Data**: There are data on the inventory and operating rate of beans, rapeseeds, palm oil, and peanuts [18]. b. Feed - **Daily Data**: There are data on the import cost of corn from different countries and different months [18]. - **Weekly Data**: There are data on the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises [19]. c. Livestock - There are daily and weekly data on live pigs and eggs, including spot prices, production, consumption, and profit - related data [20][21][22][23][24]. Part Three: Fundamental Tracking Charts - **Livestock End (Live Pigs and Eggs)**: There are charts showing the closing price of the main live pig contract, the closing price of the main egg contract, spot prices, and other related data [25][28][29][34]. - **Oils and Oilseeds**: There are charts showing the production, export, inventory, and other data of palm oil, soybean oil, and peanuts [37][47][51]. - **Feed End**: There are charts showing the inventory, consumption, and profit - related data of corn, corn starch, rapeseed meal, and soybean meal [55][57][59]. Part Four: Options Situation of Soybean Meal, Feed, Livestock, and Oils There are charts showing the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [71][72]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils There are charts showing the warehouse receipt situation of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [74][76][79].

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Views of the Report - **Soybean Oil**: The intraday soybean oil opened higher and strengthened, mainly due to the rise in crude oil and the positive fundamentals of soybean oil itself. There has been no significant progress in the Sino - US economic and trade talks regarding soybeans, and there is no driving force for import purchases. There are reports of about one million tons of soybean oil exports from China, and fewer oilseed purchases in the fourth quarter, along with an increase in the direct import of protein meal, which is expected to narrow the oil mill's profit, thus benefiting the price of oils. Long positions in the soybean oil 2601 contract should be held. The resistance level of the soybean oil 01 contract is around 8400 - 8450, and the support level is around 8000 - 8030 yuan/ton [3]. - **Rapeseed Oil**: Since July, the procurement and arrival of rapeseed in China have decreased, and the domestic rapeseed oil inventory has declined from its peak, but it is still at a relatively high level compared to the same period in previous years. The improvement in Sino - Australian trade relations may lead to an increase in rapeseed procurement from Australia, but the potential new imports may be reflected in the new crop, having a relatively limited impact on the 09 contract. There are fewer rapeseed purchases in the third quarter, and there is an expectation of inventory reduction. Long positions should be held, with the support at 9300 - 9330 and the resistance at 9780 - 9790. The long position in the oil - meal ratio should continue to be held [3]. - **Palm Oil**: High - frequency data shows good palm oil production in Malaysia, but the export demand in the first 25 days of July has weakened month - on - month, increasing the inventory pressure in July and weakening the upward momentum of the futures price. The palm oil production in Indonesia is lower than expected, and the inventory is at a low level. The US biodiesel policy is beneficial to the long - term demand for US soybean oil. From the perspective of the international soybean - palm oil price difference, palm oil is cost - effective, and there is restocking demand in India and China. Low - level buying is recommended, with the support at 8704 - 8796 and the resistance at 9480 - 9490 [4]. - **Soybean Meal and Bean No. 2**: There has been no significant progress in the Sino - US economic and trade talks regarding soybeans, and there is no driving force for import purchases. The good rate of US soybeans has recovered, and the main production areas have favorable weather. The direct import expectation of soybean meal has increased, reducing the crushing consumption of bean No. 2. The short - term outlook for soybean meal is bottom - building, and it is recommended to wait and see. The bean No. 2 09 contract is expected to fluctuate and adjust [4]. - **Rapeseed Meal**: Rapeseed meal shows a situation of both weak supply and demand. The supply reduction is more obvious, and there is an expectation of inventory reduction in the third quarter. Low - level buying can be considered. Pay attention to the Sino - Australian and Sino - Canadian trade relations. Light long positions should be held, and the long position in the oil - meal ratio should be closed [5]. - **Corn and Corn Starch**: The futures prices continued to fluctuate and consolidate on Wednesday. The external market fundamentals have not changed much, and the new - season US corn planting area has increased year - on - year, exerting pressure. In the domestic market, there is a contradiction between the release of old - crop grains and the tightening supply in some areas. It is recommended to reduce short positions on dips. For the corn 09 contract, the support range is 2250 - 2260, and the resistance range is 2430 - 2450. For the corn starch 09 contract, the support range is 2600 - 2620, and the resistance range is 2830 - 2840 [6]. - **Soybean No. 1**: The price of soybean No. 1 temporarily stopped falling and rebounded intraday. The supply of new domestic soybeans is gradually increasing, suppressing the price of domestic soybeans. It is recommended to wait and see. The 09 contract should pay attention to the key resistance level in the range of 4250 - 4300 yuan/ton and the support level in the range of 4000 - 4030 yuan/ton [6]. - **Peanuts**: The expected carry - over inventory of old - crop peanuts is low, and the arrival of imported peanuts is scarce. The new - season peanut planting area has increased year - on - year, and there is an expectation of a bumper harvest. It is recommended to partially close short positions near the support level. The support for the 10 contract is 8004 - 8020, and the resistance is 8392 - 8398 [7]. - **Hogs**: The futures price of hogs fluctuated narrowly on Wednesday. The spot price of hogs tends to rise seasonally in August. It is recommended to close long positions in the 09 contract on rallies or transfer positions to the 2511 contract. In the medium term, wait for the market to cool down and the spot price to catch up before buying the 2511 contract on dips [8]. - **Eggs**: The 08 futures price of eggs continued to fall back to the spot price on Wednesday, and the 09 contract fluctuated narrowly. The egg price is expected to seasonally rebound. It is recommended not to short aggressively. Pay attention to the positive spread arbitrage between the 9 - 1 contracts, and aggressive investors can buy the 09 contract on dips, with the reference range of 3500 - 3800 points [9]. 3. Summary According to the Table of Contents 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: Soybean No. 1 09 is expected to fluctuate, and it is recommended to wait and see; Soybean No. 2 09 is expected to fluctuate and adjust, and it is recommended to wait and see; Peanut 10 is expected to be weakly fluctuating, and short positions should be partially closed [12]. - **Oils**: Soybean oil 01 is expected to rise, and long positions should be held; Rapeseed oil 09 is expected to be strongly fluctuating, and long positions should be held; Palm 09 is expected to fluctuate and adjust, and low - level buying is recommended [12]. - **Protein**: Soybean meal 09 is expected to fluctuate, and it is recommended to wait and see; Rapeseed meal 09 is expected to be strongly fluctuating, and light long positions should be held [12]. - **Energy and By - products**: Corn 09 is expected to fluctuate and consolidate, and short positions should be reduced on dips; Corn starch 09 is expected to fluctuate and consolidate, and short positions should be reduced on dips [12]. - **Livestock Farming**: Hog 09 is expected to rebound fluctuatingly, and long positions should be reduced on rallies; Egg 09 is expected to find the bottom fluctuatingly, and it is recommended to buy on dips [12]. 3.1.2 Commodity Arbitrage - **Oilseeds**: For the spreads of Soybean No. 1 9 - 1, Soybean No. 2 9 - 1, and Peanut 10 - 11, it is recommended to wait and see [13][14]. - **Oils**: For the spreads of Soybean oil 9 - 1, Rapeseed oil 9 - 1, and Palm oil 9 - 1, it is recommended to wait and see. For the 09 Soybean oil - Palm oil spread, short - side operation is recommended; for the 09 Rapeseed oil - Soybean oil spread, long - side operation is recommended; for the 09 Rapeseed oil - Palm oil spread, it is recommended to wait and see [14]. - **Protein**: For the Soybean meal 11 - 1 spread, positive spread arbitrage is recommended; for the Rapeseed meal 9 - 1 spread, it is recommended to wait and see. The 09 Soybean meal - Rapeseed meal spread is expected to fluctuate at a low level [14]. - **Energy and By - products**: For the Corn 9 - 1 and Corn starch 9 - 1 spreads, it is recommended to wait and see. For the 09 Corn starch - Corn spread, it is recommended to wait and see [14]. - **Livestock Farming**: For the Hog 9 - 1 spread, positive spread arbitrage on dips is recommended; for the Egg 9 - 1 spread, positive spread arbitrage on dips is recommended [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, main - contract basis, and basis changes of various varieties in different sectors, 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**: The report presents the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including arrival premiums, CBOT or ICE futures prices, CNF prices, and arrival duty - paid prices [17][18]. - **Weekly Data**: It shows the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts, such as the port soybean inventory, oil - mill soybean meal inventory, and coastal rapeseed inventory [19]. 3.2.2 Feed - **Daily Data**: The import cost data of corn from Argentina and Brazil in different months are provided [19]. - **Weekly Data**: The weekly data of corn and corn starch, including the consumption, inventory, operating rate, and inventory of deep - processing enterprises, are presented [20]. 3.2.3 Livestock Farming - The daily and weekly data of hogs and eggs are provided, including spot prices, price changes, production costs, profits, slaughter data, and inventory data [21][22][23][24][25]. 3.3 Third Part: Fundamental Tracking Charts The report provides various charts to track the fundamentals of the livestock farming end (hogs and eggs), oils and oilseeds (palm oil, soybean oil, peanuts), and feed end (corn, corn starch, rapeseed, soybean meal), such as production, consumption, inventory, and price - related charts [26][36][53]. 3.4 Fourth Part: Option Situations of Soybean Meal, Feed, Livestock Farming, and Oils The report provides charts of historical volatilities and option trading volumes and open interests of related varieties [72][73][78][79]. 3.5 Fifth Part: Warehouse Receipt Situations of Feed, Livestock Farming, and Oils The report provides charts of warehouse receipt situations of related varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [75][77][79].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - **Sugar**: The raw sugar futures price is expected to continue to fluctuate. In the domestic market, the spot price is stable with a slight decline, and the futures price is under pressure from imports. The 09 contract has significantly reduced positions, and the funds have moved to the 2601 contract, with the futures price continuing to fluctuate within a range [3]. - **Pulp**: After the exchange introduced policies, the market's exuberant sentiment cooled down. The fundamentals of the pulp and paper - making industry chain have changed little, and the futures price may adjust following the market sentiment. It is recommended to short - allocate lightly [4]. - **Cotton**: The external market has pressure on the price, while the domestic market is in a game between tight spot supply and weak downstream consumption. The short - term futures price may decline slightly, and it is recommended to close long positions [5][6]. - **Apples**: The futures price fluctuates within a range. The "anti - involution" sentiment has limited impact, and the fundamentals of the old and new seasons cannot provide clear trend guidance [7]. - **Jujubes**: The futures price is affected by emotions and shows a wide - range shock. It is recommended to hold long positions in the 2601 contract and pay attention to the weather during the fruit - setting period [8]. Summary According to the Directory Part I: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2510, it is recommended to short on rallies, with a support range of 7300 - 7400 and a pressure range of 8200 - 8300. For Jujube 2601, it is recommended to hold long positions, with a support range of 10200 - 10400 and a pressure range of 10500 - 11500 [16]. - **Soft Commodity Futures**: For Sugar 2509, short - term band trading is recommended, with a support range of 5740 - 5760 and a pressure range of 5880 - 5900. For Pulp 2507, it is recommended to short - allocate lightly, with a support range of 5200 - 5250 and a pressure range of 5550 - 5600. For Cotton 2509, it is recommended to close long positions, with a support range of 13200 - 13300 and a pressure range of 14400 - 14500 [16]. Part II: Market News Changes Apple Market - **Fundamentals**: In June 2025, the export volume of fresh apples was about 3.70 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. As of July 16, the national apple cold - storage inventory was 80.60 tons, a week - on - week decrease of 10.89 tons. As of July 17, it was 73.41 tons, a week - on - week decrease of 9.03 tons. Different institutions have different estimates of the new - season apple production, with slight increases or decreases [17]. - **Spot Market**: In the Shandong production area, the mainstream transaction price is stable, and the trading volume is average. In the Shaanxi production area, early - maturing apples are on the market, and the coloration is average. The wholesale market has stable shipments and prices [18]. Jujube Market - As of July 25, the physical inventory of 36 sample points was 10090 tons, a week - on - week decrease of 230 tons. The price of good - quality jujubes in the Hebei market has increased, and the sales speed has accelerated, while the price in the Guangdong market is stable [19]. Sugar Market - India announced that the domestic sugar sales quota for August 2025 is 225 tons, an increase of 5 tons compared with July and the same period last year. The spot price in the domestic market is stable [19]. Pulp Market - Due to the rebound of the pulp futures price on the Shanghai Futures Exchange, the purchasing enthusiasm for imported bleached softwood pulp has increased, and the price tends to be stable. The price of imported bleached hardwood pulp has stabilized, and the domestic spot price has increased slightly. The order price of South American bleached hardwood pulp in July has decreased by $10/ton compared with June [22][24]. Cotton Market - In June 2025, the yarn production of large - scale enterprises was 206.5 tons, a year - on - year increase of 4.9% and a month - on - month increase of 5.84%. The cloth production was 2.78 billion meters, a year - on - year increase of 0.4% and a month - on - month increase of 4.12%. As of July 28, the cotton flowering rate in Xinjiang was about 94.3%, with an increase in the number of bolls [25][26]. Part III: Market Review Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2510 | 7915 | 7 | 0.09% | | Jujube 2509 | 9640 | - 40 | - 0.41% | | Sugar 2509 | 5804 | - 63 | - 1.07% | | Pulp 2509 | 5326 | - 48 | - 0.89% | | Cotton 2509 | 13755 | - 170 | - 1.22% | [26] Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.90 | 0.00 | - 0.25 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 6050 | 0 | - 500 | | Pulp (Shandong Yinxing) | 5950 | 0 | - 150 | | Cotton (yuan/ton) | 15470 | - 110 | 24 | [33] Part IV: Basis Situation No specific content provided in the summary. Part V: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 100 | - 16 | 43 | Fluctuating | Wait - and - see | | Jujube | 9 - 1 | - 1165 | - 1110 | - 935 | Range - bound | Wait - and - see | | Sugar | 9 - 1 | 138 | 2 | - 190 | Weak in the range | Long 01, short 09 | [49] Part VI: Futures Positioning Situation No specific content provided in the summary. Part VII: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Volume | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 8739 | 0 | - 2447 | | Sugar | 19520 | - 226 | 3404 | | Pulp | 254977 | - 122 | - 247037 | | Cotton | 9055 | - 101 | - 2385 | [72] Part VIII: Option - related Data No specific content provided in the summary.

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The non - US copper market's inventory is low, and the domestic copper inventory is falling, supporting copper prices. However, the demand lacks upward drive, and the price is expected to have low volatility. For zinc, it has a pattern of increasing supply and weak demand, and the price is expected to be weak. The aluminum industry chain is bearish, and short - selling is recommended. Tin has a situation of weak supply and demand, and short - selling positions can be reduced. Lead's price fluctuates in a range, and medium - term bullishness can be considered. Nickel and stainless steel are in a weak situation, and short - selling on rallies is recommended [4][5][6][7][8][9] Group 3: Summary by Directory First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The non - ferrous sector fluctuates with the domestic anti - involution profit - taking. The trade negotiation has reached many phased agreements, and the market focuses on the Fed's interest - rate decision and domestic policies. The non - ferrous market is in shock, and attention should be paid to the possible adverse impact of the trade situation and tariff increase [12][13] - **Investment Suggestions for Each Metal**: - **Copper**: The COMEX copper premium may decline. The non - US market's inventory is low, and the domestic inventory is falling, supporting the price. The demand lacks upward drive, and the price is expected to have low volatility. The upper pressure range is 80,000 - 82,000 yuan/ton, and the lower support range is 78,000 - 79,000 yuan/ton. It is recommended to buy on dips [4][14] - **Zinc**: The supply is increasing, the demand is weak, and the price is expected to be weak. The upper pressure range is 22,800 - 23,100 yuan/ton, and the lower support range is 21,600 - 21,800 yuan/ton. Short - selling on rallies is recommended [5][14] - **Aluminum Industry Chain**: The market sentiment is weak, and short - selling is recommended. The upper pressure and lower support ranges are provided for aluminum, alumina, and cast aluminum alloy [6][15] - **Tin**: The supply and demand are both weak, and short - selling positions can be reduced. The upper pressure range is 270,000 - 290,000 yuan/ton, and the lower support range is 250,000 - 255,000 yuan/ton [7][15] - **Lead**: The price fluctuates in a range, and medium - term bullishness can be considered. The lower support range is 16,600 - 16,800 yuan/ton, and the upper pressure range is 17,200 - 17,400 yuan/ton [8][16] - **Nickel and Stainless Steel**: The supply is in excess, and the demand is weak. The upper pressure and lower support ranges are provided, and short - selling on rallies is recommended [9][16] Second Part: Non - ferrous Metals Market Review - **Futures Closing Situation**: The closing prices and price changes of copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and cast aluminum alloy are provided [17] Third Part: Non - ferrous Metals Position Analysis - The latest position analysis of the non - ferrous metal sector is presented, including the price change, net long - short strength comparison, net long - short position difference, changes in net long and short positions, and influencing factors of various varieties [19] Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy are provided [20][22] Fifth Part: Non - ferrous Metals Industry Chain - **Copper**: Graphs related to copper inventory, copper concentrate refining fees, and the relationship between the US dollar index and copper price are presented [26][27] - **Zinc**: Graphs related to zinc inventory, zinc concentrate processing fees, zinc spot market price, and galvanized sheet production seasonality are presented [29] - **Aluminum**: Graphs related to the relationship between aluminum inventory and price, LME aluminum inventory and price, and aluminum spot premium are presented [31][32] - **Alumina**: Graphs related to alumina spot price trend and alumina port inventory change are presented [37] - **Tin**: Graphs related to tin price and spot premium, tin inventory, and tin concentrate processing fees are presented [39][44] - **Lead**: Graphs related to lead concentrate processing fees, lead futures inventory, LME lead premium, and lead spot price are presented [47][48] - **Nickel**: Graphs related to nickel futures inventory, LME nickel inventory, refined nickel spot premium, and LME nickel premium are presented [51][53] - **Stainless Steel**: Graphs related to stainless steel futures inventory and stainless steel spot price are presented [57][58] Sixth Part: Non - ferrous Metals Arbitrage - **Copper**: Graphs related to the copper Shanghai - London ratio change and the premium between Shanghai copper and London copper are presented [59] - **Zinc**: Graphs related to the zinc Shanghai - London ratio change and LME zinc spot premium are presented [61] - **Aluminum and Alumina**: Graphs related to aluminum basis, aluminum Shanghai - London ratio, the difference between Shanghai aluminum contracts, and the difference between alumina contracts are presented [64][67] - **Tin**: Graphs related to tin basis, the difference between tin contracts, and the tin Shanghai - London ratio are presented [67][69] - **Lead**: Graphs related to the difference between Shanghai zinc and Shanghai lead, and the lead Shanghai - London ratio are presented [70] - **Nickel and Stainless Steel**: Graphs related to the nickel Shanghai - London ratio, the ratio of nickel to stainless steel, and the difference between nickel contracts are presented [73][74] Seventh Part: Non - ferrous Metals Options - **Copper**: Graphs related to copper option historical volatility, weighted implied volatility, trading volume, and the ratio of call to put positions are presented [76] - **Zinc**: Graphs related to zinc historical volatility, zinc option weighted implied volatility, trading volume, and the ratio of call to put positions are presented [78][79] - **Aluminum**: Graphs related to aluminum option trading volume, the ratio of call to put positions, historical volatility, and implied volatility are presented [81][83]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The market sentiment of lithium carbonate has significantly receded, but it rebounded after approaching the 70,000 RMB mark, indicating that downstream buyers have a stronger willingness to stock up at low prices. However, there are concerns about weakening demand in the medium to long term [4][5]. - For industrial silicon, the market is driven by news, with increased volatility. Before the implementation of supply - side reform measures, the market may continue to speculate on policy expectations [6]. - In the case of polysilicon, short - term speculative sentiment is high, but the weakening terminal demand and high enterprise inventories will create selling pressure. The full - cost line provides strong support, and the market may still speculate on policy expectations before supply - side reform measures are introduced [7][8]. Summary by Directory Part One: Spot Prices 1.1 Plate Strategy Recommendation - **Lithium Carbonate 09**: It is expected to fluctuate strongly. The support level is 65,000 - 66,000 RMB, and the pressure level is 78,000 - 83,000 RMB. Sellers are advised to seize hedging opportunities, and downstream cathode material enterprises should focus on low - price inventory replenishment [13]. - **Industrial Silicon 09**: It will have two - way fluctuations. The support level is 8,500 - 8,600 RMB, and the pressure level is 9,900 - 10,000 RMB. It is recommended to wait and see [13]. - **Polysilicon 09**: It will have two - way fluctuations. The support level is 45,000 - 46,000 RMB, and the pressure level is 55,000 - 56,000 RMB. It is recommended to reduce long positions [13]. 1.2 Futures and Spot Price Changes | Variety | Closing Price | Daily Change | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Lithium Carbonate | 70,600 RMB | - 0.34% | 792,909 | 272,753 | - 27,867 | 13,131 | | Industrial Silicon | 9,285 RMB | - 0.70% | 605,161 | 242,677 | - 34,057 | 49,846 | | Polysilicon | 54,705 RMB | 8.87% | 565,243 | 164,490 | 23,852 | 3,070 | [13] Part Two: Fundamental Situation 2.1 Lithium Carbonate Fundamental Data - **Production and Inventory**: Last week, the lithium carbonate production was 18,630 tons, a decrease of 485 tons from the previous week. The total sample inventory was 143,170 tons, an increase of 550 tons from the previous week, reaching a new high. The weekly apparent demand was 18,080 tons, a phased high. The inventory - to - use days were relatively stable at 55.4 days [4]. - **Downstream**: As the penetration rate of new - energy vehicles exceeds 50%, the growth rate of new - energy vehicle demand is gradually declining. The production and sales growth rate in August is expected to decline further, and the production and sales volume in the fourth quarter may be flat or even lower than the same period last year [4]. 2.2 Industrial Silicon Fundamental Data - **Production and Inventory**: The resumption of production by manufacturers has accelerated due to the recovery of profits. The production is expected to continue to increase. The inventory has decreased in the short term due to improved sales, but the follow - up sales and production cuts need to be monitored [6]. - **Downstream**: No specific content provided. 2.3 Polysilicon Fundamental Data - **Production and Inventory**: Short - term speculative sentiment is high, and the fundamental drivers are temporarily ineffective. High inventories and weak terminal demand will create selling pressure, while the full - cost line provides support [7][8]. - **Downstream**: No specific content provided.

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The non - US copper market has low inventory, and the domestic copper market is expected to have a situation of weak supply and strong demand, but the short - term price lacks an obvious upward driver. Zinc has an increase in supply and weak demand, and the price is expected to be weak. The aluminum industry chain is recommended to be short - sold, and the fundamentals of tin are weak. Lead shows a range - bound trend, and nickel and stainless steel are in a weak situation [3][4][5][6][7][8] Group 3: Summary by Directory 1. Part One: Logic of Non - ferrous Metals Operation and Investment Suggestions - **Macro Logic**: The non - ferrous metals sector adjusts and falls after taking profits in the domestic anti - involution stage. The market focuses on trade negotiations and domestic policies. The US - EU trade agreement boosts the US dollar, putting pressure on non - ferrous metals [11] - **Investment Suggestions for Each Metal** - **Copper**: It is expected to stop falling and rebound, with support at 78000 - 79000 and pressure at 80000 - 82000. Suggested to buy at low prices [13] - **Zinc**: It is expected to be weakly volatile, with support at 21600 - 21800 and pressure at 22800 - 23100. Suggested to short at high prices [13] - **Aluminum Industry Chain**: It is expected to be weakly volatile. Suggested short - selling for aluminum, alumina, and cast aluminum alloy [13][14] - **Tin**: It is expected to be weakly volatile, with support at 250000 - 255000 and pressure at 270000 - 290000. Suggested short - selling [14] - **Lead**: It is expected to fluctuate in a range, with support at 16600 - 16800 and pressure at 17200 - 17400. Suggested to buy at low prices [14][15] - **Nickel**: It is expected to be bearish, with support at 115000 - 116000 and pressure at 122000 - 123000. Suggested to short at high prices [15] - **Stainless Steel**: It is expected to be weakly volatile, with support at 12300 - 12400 and pressure at 12800 - 13000. Suggested to short at high prices [15] 2. Part Two: Review of Non - ferrous Metals Market - The closing prices and daily changes of copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and cast aluminum alloy are presented [16] 3. Part Three: Position Analysis of Non - ferrous Metals - The latest position analysis of the non - ferrous metals sector includes information on net long and short positions, their changes, and influencing factors for different varieties [18] 4. Part Four: Spot Market of Non - ferrous Metals - The spot prices and daily changes of copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy are provided [19][21] 5. Part Five: Non - ferrous Metals Industry Chain - Charts related to the industry chain of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel are presented, including inventory changes, processing fees, and price trends [22][26][28][33][39][41][46][52] 6. Part Six: Non - ferrous Metals Arbitrage - Charts related to the arbitrage of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel are presented, including ratio changes, basis, and spread trends [54][56][59][62][66][69][70] 7. Part Seven: Non - ferrous Metals Options - Charts related to the options of copper, zinc, and aluminum are presented, including historical volatility, implied volatility, trading volume, and open interest [72][73][75]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The non - ferrous metals sector is generally in an adjustment phase, following the profit - taking adjustment of domestic anti - involution stocks. The overall non - ferrous metals market continues to fluctuate and consolidate. Attention should be paid to the changes in the manufacturing industry and the lagged impact of tariff increases after the trade situation becomes clear [12]. - The US and the EU have reached a trade agreement, which may boost the US dollar in the short term. The progress of China - US trade negotiations also needs to be closely monitored [12]. - The domestic policy benefits have led to a rotational upward movement in the industrial product sector, but the sustainability and intensity of the spillover effect are average, and the impact during adjustments is also limited. Future attention should be paid to specific policies and their implementation [13]. 3. Summary by Directory 3.1 First Part: Operating Logic and Investment Recommendations for Non - Ferrous Metals 3.1.1 Macro Logic - The non - ferrous metals sector is adjusting, and the varieties that had a relatively obvious weekly rebound last week are also those with relatively large adjustment amplitudes. The market continues to focus on China's future policy direction and the progress of China - US trade negotiations [12]. - The US and the EU have reached a trade agreement, covering 15% of EU goods exported to the US. The US has reached agreements with important trading partners, which may boost the US dollar in the short term [12]. 3.1.2 Investment Recommendations for Different Metals - **Copper**: The COMEX copper premium over LME copper may decline. Although the "siphon effect" in the US market has ended, the non - US market inventory is low. The domestic copper market is expected to show a situation of weak supply and strong demand, but the short - term upward drive for copper prices is lacking. It is recommended to sell near - month slightly out - of - the - money put options [4]. - **Zinc**: Zinc follows the adjustment. The supply of zinc ingots is increasing, and the demand shows mixed trends. It is recommended to be bearish on rallies [14]. - **Aluminum Industry Chain**: The market sentiment has declined. For electrolytic aluminum, alumina, and cast aluminum alloy, it is recommended to take a short - selling approach and buy out - of - the - money put options for protection [6]. - **Tin**: The fundamentals of tin are weak in both supply and demand. It is recommended to take a short - selling approach and pay attention to the situation of the ore end and macro - impacts. Buying out - of - the money put options is also suggested [7]. - **Lead**: The lead price is in a consolidation phase. The social inventory is rising, but the demand is recovering. It is recommended to go long on dips and use a wide - range option straddle strategy [8]. - **Nickel and Stainless Steel**: The overall supply of refined nickel is in surplus. Nickel and stainless steel are in an adjustment phase. It is recommended to be bearish on rallies for nickel and take a short - selling approach within the range for stainless steel [9]. 3.2 Second Part: Non - Ferrous Metals Market Review - The closing prices and daily percentage changes of various non - ferrous metals futures are presented, including copper (- 0.32% to 79000), zinc (- 1.05% to 22645), aluminum (- 0.70% to 20615), etc. [17] 3.3 Third Part: Non - Ferrous Metals Position Analysis - Information on the latest position analysis of the non - ferrous metals sector is provided, including the percentage change, net long - short strength comparison, net long - short position difference, changes in net long and net short positions, and influencing factors for each variety such as Shanghai Aluminum, Shanghai Gold, etc. [19] 3.4 Fourth Part: Non - Ferrous Metals Spot Market - The spot prices and daily percentage changes of various non - ferrous metals are given, such as the Yangtze River Non - Ferrous copper spot price (- 0.48% to 79260 yuan/ton), the Yangtze River Non - Ferrous 0 zinc spot average price (- 0.57% to 22630 yuan/ton), etc. [20] 3.5 Fifth Part: Non - Ferrous Metals Industry Chain - For each metal (copper, zinc, aluminum, etc.), relevant industry chain charts are provided, including inventory changes, processing fees, and price trends. 3.6 Sixth Part: Non - Ferrous Metals Arbitrage - Charts related to the arbitrage of various non - ferrous metals are presented, such as the copper Shanghai - London ratio change, the Shanghai zinc - Shanghai lead price difference, etc. 3.7 Seventh Part: Non - Ferrous Metals Options - Charts related to the options of various non - ferrous metals are provided, including historical volatility, weighted implied volatility, trading volume and open interest changes, and the ratio of call to put open interest.

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report Soft Commodity Sector - **Sugar**: Concerns about Brazil's new sugar - cane crushing season supply and increased demand from the US, Pakistan, etc., may boost the raw sugar futures price, which is expected to remain volatile. In the Chinese market, the strong macro and commodity sentiment boosts the sentiment of going long on Zhengzhou sugar futures. The domestic sugar sales progress is fast, and the spot price is relatively firm, but the import pressure is increasing, and the futures price faces certain pressure [4]. - **Pulp**: The re - inflation expectation driven by anti - involution has led to the rise of low - priced commodities, and pulp has also risen. The fundamentals of the pulp and paper industry have changed little. The supply of hardwood pulp and the finished paper market still drag down the pulp futures. The upward space needs to track the market sentiment [6]. - **Cotton**: Globally, the new - season cotton has changed from a slight destocking to a slight stocking, which suppresses the market. However, factors such as the decrease in the US planting area and the slow progress of planting in India provide potential support. In the Chinese market, it is a game between the expectation of tightened supply and weak downstream consumption, and the futures price enters a shock period [8]. Fresh Fruit and Vegetable Sector - **Apple**: The apple futures price continues to fluctuate at a high level. The reasons for the recent rise are the strong overall commodity sentiment, the drive of the jujube market, and its own fundamentals. The low inventory of the old season, the slight reduction in production of the new season, and the year - on - year increase in the opening price of early - maturing apples support the price. The later price trend depends on the production, quality, and harvest progress of the new - season apples [9]. - **Jujube**: The jujube futures price fluctuates widely. The spot inventory depletion speed is slow, and the consumption is in the off - season. The new - season fruit listing substitutes the jujube consumption. Attention should be paid to the impact of the weather on the fruit setting of the new - season jujube trees [10]. 3. Summary According to the Directory First Part: Sector Strategy Recommendation | Variety | Recommended Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Apple 2510 | Pay attention to short - selling opportunities | The initial production forecast is basically finalized, and the opening price of early - maturing apples has risen slightly year - on - year, with limited increase. The overall futures price is expected to remain within a range | 7300 - 7350 | 8000 - 8100 | | Jujube 2601 | Go long on dips | The influence of weather factors increases | 9000 - 9300 | 104400 - 11500 | | Sugar 2509 | Gradually reduce long positions on rallies | The rebound of the raw sugar futures price boosts the sentiment of the Zhengzhou sugar market. The futures price fluctuates strongly, but the upward space is relatively limited | 5790 - 5810 | 5900 - 5920 | | Pulp 2507 | Short - sellers reduce positions on dips | The improvement of the commodity market sentiment drives the pulp to rebound. However, there is no news of production cuts in the pulp and paper industry, and the peak season of finished paper demand has not arrived, so the upward height of pulp is not optimistic | 5200 - 5250 | 5500 - 5600 | | Cotton 2509 | Reduce long positions on rallies | The support of low inventory and low imports has been partially realized, and the futures price enters a shock period in the short term | 13200 - 13300 | 14400 - 14500 | [18] Second Part: Sector Weekly Market Review 1. Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate (%) | | --- | --- | --- | --- | | Apple 2510 | 8005 | 122 | 1.55 | | Jujube 2509 | 9435 | 105 | 1.13 | | Sugar 2509 | 5876 | 50 | 0.86 | | Pulp 2509 | 5520 | 228 | 4.31 | | Cotton 2509 | 14170 | - 100 | - 0.70 | [19] 2. Spot Market Review | Variety | Spot Price | MoM Change | YoY Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.90 | 0.00 | - 0.25 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 6050 | 0 | - 410 | | Pulp (Shandong Yinxing) | 5950 | 0 | - 150 | | Cotton (yuan/ton) | 15549 | - 14 | - 46 | [27] Third Part: Sector Basis Situation The content mainly provides relevant charts, including the basis of Apple 10 - month, jujube main - continuous, sugar main - continuous, and pulp main - continuous, but no specific data summary is given [39][40][41][43]. Fourth Part: Inter - monthly Spread Situation The content mainly provides relevant charts, including the spreads of Apple 10 - 1, Apple 1 - 5, jujube 1/5, jujube 5/9, sugar 5 - 9, and sugar 9 - 1, but no specific data summary is given [46][47][50]. Fifth Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | MoM Change | YoY Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 8813 | - 80 | - 2610 | | Sugar | 20642 | - 298 | 4470 | | Pulp | 255698 | 0 | - 254215 | | Cotton | 9265 | - 72 | - 2636 | [51] Sixth Part: Option - related Data | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2510 | The initial production forecast is basically finalized, and the reduction in production amplitude has converged compared with the previous period | Hold out - of - the - money call options | | Jujube 2509 | New jujube production increase and concentrated listing | Sell deep out - of - the - money call options | | Sugar 2509 | The spot price is firm, and the raw sugar futures price rebounds | Sell deep out - of - the - money put options | | Cotton 2509 | The bullish factors have been realized, and the upward trend of the futures price slows down in the short term | Hold out - of - the - money put options | [51] Seventh Part: Sector Futures Fundamental Situation - **Apple**: The content provides charts of the minimum temperature, precipitation, export quantity, and storage inventory in major apple - producing areas, but no specific data summary is given [73][77][79] - **Jujube**: The content provides charts of the weekly trading volume in Henan and Hebei and the daily arrival volume in the Guangdong Ruyifang market, but no specific data summary is given [82][84] - **Sugar**: The content provides charts of the national sugar industrial inventory, sugar import quantity, and sugar spot - futures difference, but no specific data summary is given [88][89][93] - **Pulp**: The content provides charts of domestic pulp inventory, global producer pulp inventory days, paper production, and pulp import quantity, but no specific data summary is given [91][94][103] - **Cotton**: The content provides charts of national cotton industrial inventory, commercial inventory, import quantity, clothing retail value, and clothing export amount, but no specific data summary is given [105][110][111]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The non - US copper market has low inventory, and the domestic copper market is expected to have a situation of weak supply and strong demand, with inventory depletion likely to continue. The short - term price of Shanghai copper lacks a clear driver and maintains low volatility [3]. - The aluminum market sentiment has slightly declined, and it is recommended to wait and see. For different aluminum - related products, corresponding support and pressure intervals are given, and options can be used for protection [5]. - The fundamentals of tin are in a situation of both weak supply and demand, with the market oscillating weakly. It is recommended to take a short - selling approach [5]. - The zinc market has an increase in supply and weak demand, with import processing fees rising. The price is expected to be short - term bearish with a certain support level [6]. - The lead market has a recovery in demand, and attention should be paid to the driving force of the peak season and the macro - orientation. It can be considered to go long at low prices [6]. - The nickel and stainless - steel markets are affected by multiple factors such as the dollar and trade agreements. They are in an oscillating state, and short - term short - selling strategies can be considered [6]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro - logic**: The non - ferrous metal sector rebounded to different degrees this week. Domestic policies are favorable, but the spill - over effect on non - ferrous metals is limited in terms of persistence and intensity. Overseas, tariff negotiations are still ongoing, and the market is cautious. The future trend of non - ferrous metals depends on the resonance of supply - demand fundamentals and the macro - environment [10][12]. - **Single - side strategies for each variety**: - **Copper**: It is recommended to go long at low prices, as the non - US market inventory is low and the domestic copper market is expected to have a supply - demand imbalance with weak supply and strong demand [13]. - **Zinc**: Adopt a strategy of short - term long and medium - term short, as the supply is increasing and the demand is weak [13]. - **Aluminum industry chain**: It is recommended to wait and see or short - sell in the short term, as the supply and demand situation is not optimistic [14]. - **Tin**: Adopt a high - selling and low - buying strategy, as the market is in an interval oscillation [14]. - **Lead**: Consider buying a bull spread at low prices or using a wide - interval double - selling strategy, as the market is in an interval arrangement [14]. - **Nickel**: Sell out - of - the - money call options at high prices, as the market is in an interval fluctuation [15]. - **Stainless steel**: Adopt a high - selling and low - buying strategy, as the market is in an oscillating state [15]. - **Arbitrage strategies**: - **Copper 2508 - 2509 contract positive spread**: After the tariff expectation is fulfilled, the short - term negative impact on Shanghai copper is basically over, and the domestic copper market fundamentals are turning to weak supply and strong demand [16]. - **Alumina 2502 - 2509 contract reverse spread**: The near - strong and far - weak structure of alumina has returned [16]. 3.2 Second Part: Non - ferrous Metals Market Review - The report provides the closing prices and weekly price changes of various non - ferrous metal futures, including copper, aluminum, tin, zinc, lead, nickel, stainless steel, and cast aluminum alloy [16]. 3.3 Third Part: Non - ferrous Metals Spot Market - The report shows the spot prices and price changes of various non - ferrous metals, such as copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy [21]. 3.4 Fourth Part: Tracking of Key Data in the Non - ferrous Metals Industry Chain - For each non - ferrous metal variety (copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel), relevant data tracking charts are provided, including inventory changes, processing fees, price trends, and production capacity utilization rates [22][24][33][35][41][49][57][67]. 3.5 Fifth Part: Non - ferrous Metals Arbitrage - For each non - ferrous metal variety (copper, zinc, aluminum and alumina, tin, lead, nickel and stainless steel), relevant arbitrage data charts are provided, such as the ratio of Shanghai and London prices, basis spreads, and spreads between different contracts [72][74][75][78][81][86][87]. 3.6 Sixth Part: Non - ferrous Metals Options - For each non - ferrous metal variety (copper, zinc, aluminum), relevant option data charts are provided, including historical volatility, weighted implied volatility, trading volume, and open interest [91][93][94].