Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean oil market is in a "weak reality + strong expectation" pattern. The short - term may have fluctuations, but the medium - to - long - term bullish view remains unchanged. The Y2601 contract may have short - term fluctuations, and different strategies are recommended for different types of investors [3]. - The market expects a significant reduction in China's procurement of Canadian rapeseed. The short - term of rapeseed oil may fluctuate, and attention should be paid to China - Canada trade relations and import policy dynamics [3]. - The production of Malaysian palm oil has decreased in the short - term, and exports are good. The domestic consumption is weak, but the long - term view is still bullish, with short - term adjustment needs [4]. - The prices of soybean meal and soybean No. 2 have weakened due to increased imports and uncertain Sino - US trade relations. Short - term short - selling operations are recommended [4]. - Rapeseed meal may adjust downward in the short - term, but the downward space is limited due to the expected reduction in subsequent rapeseed procurement [5]. - Corn and corn starch futures prices are under pressure, and it is recommended to reduce short positions at low prices [5]. - The price of soybean No. 1 is under pressure due to the approaching new soybean listing and the continuous state reserve auction. It is recommended to hold short positions [6]. - The new - season peanuts have an expected increase in production, which exerts pressure on prices. However, the short - term downward space is limited, and it is recommended to reduce short positions [7]. - The price of live pigs is under pressure in the short - term, but there is an expectation of capacity reduction in the medium - term. Different strategies are recommended for different contracts [7][8]. - The egg futures price has fallen to a low level. It is recommended to be cautious about short - selling, and aggressive investors can consider buying the 11 - contract at low prices [8]. Summary by Directory Part I: Sector Strategy Recommendations 1. Market Judgment - **Oilseeds**: Soybean No. 1 11 - contract is expected to be bearish in shock, with a support level of 3850 - 3900 yuan/ton and a pressure level of 4145 - 4150 yuan/ton; soybean No. 2 11 - contract is expected to adjust in shock, with a support level of 3600 - 3630 yuan/ton and a pressure level of 3950 - 4000 yuan/ton; peanut 11 - contract is expected to be bearish in shock, with a support level of 7500 - 7600 yuan/ton and a pressure level of 8100 - 8162 yuan/ton [11]. - **Oils**: Soybean oil 01 - contract is expected to be bullish in shock, with a support level of 8230 - 8300 yuan/ton and a pressure level of 8800 - 9000 yuan/ton; rapeseed oil 01 - contract is expected to adjust in shock, with a support level of 9600 - 9610 yuan/ton and a pressure level of 9998 - 10343 yuan/ton; palm oil 01 - contract is expected to adjust in shock, with a support level of 9074 - 9338 yuan/ton and a pressure level of 9900 - 9990 yuan/ton [11]. - **Proteins**: Soybean meal 01 - contract is expected to be bearish in shock, with a support level of 2980 - 3000 yuan/ton and a pressure level of 3180 - 3200 yuan/ton; rapeseed meal 01 - contract is expected to be bearish in shock, with a support level of 2400 - 2431 yuan/ton and a pressure level of 2632 - 2698 yuan/ton [11]. - **Energy and By - products**: Corn 11 - contract is expected to fluctuate at a low level, with a support level of 2100 - 2120 yuan/ton and a pressure level of 2240 - 2250 yuan/ton; corn starch 11 - contract is expected to fluctuate at a low level, with a support level of 2400 - 2420 yuan/ton and a pressure level of 2580 - 2590 yuan/ton [11]. - **Livestock Farming**: Live pig 11 - contract is expected to rebound in shock, with a support level of 13500 - 13750 yuan/ton and a pressure level of 14500 - 15000 yuan/ton; egg 10 - contract is expected to find the bottom in shock, with a support level of 2900 - 3100 yuan/ton and a pressure level of 3300 - 3350 yuan/ton [11]. 2. Commodity Arbitrage - **Inter - delivery Spread**: For most varieties, the current recommendation is to wait and see, except for the soybean meal 3 - 5 spread, which is recommended for positive arbitrage, and the live pig 9 - 1 and egg 9 - 1 spreads, which are recommended for positive arbitrage at low prices [12][13]. - **Inter - variety Spread**: Different strategies such as short - selling, long - buying, and waiting - and - seeing are recommended for different oil - related and protein - related inter - variety spreads [13]. 3. Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock farming [14]. Part II: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping periods, including arrival premiums, futures prices, CNF prices, and landed duty - paid prices [16][17]. - **Weekly Data**: It presents the inventory and开机率 (start - up rate) data of different oilseeds and oils, such as the inventory of soybeans at ports, the inventory and开机率 of soybean meal at oil mills, etc. [18][19] 2. Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil in different months [19]. - **Weekly Data**: It shows the consumption, inventory,开机率, and other data of corn and corn starch in deep - processing enterprises [20]. 3. Livestock Farming - It provides daily and weekly data of live pigs and eggs, including prices, production, consumption, inventory, and profit - related data [21][22][23][24] Part III: Fundamental Tracking Charts - **Livestock Farming (Live Pigs and Eggs)**: It includes charts of futures and spot prices, production, consumption, and other aspects of live pigs and eggs [27][29][30][34] - **Oils and Oilseeds** - **Palm Oil**: It includes charts of production, exports, inventory, import profit, and price spreads of Malaysian palm oil and domestic palm oil [37][38][41] - **Soybean Oil**: It includes charts of soybean crushing volume, soybean oil inventory, and oil mill开机率 in the United States and China [44][45][46] - **Peanuts**: It includes charts of peanut arrival, shipment, pressing profit, and inventory [51][53] - **Feed** - **Corn**: It includes charts of corn futures and spot prices, inventory, import volume, and consumption in deep - processing enterprises [55][56][57] - **Corn Starch**: It includes charts of corn starch futures and spot prices,开机率, and inventory [60][61] - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and pressing profit [62][64][70] - **Soybean Meal**: It includes charts of soybean growth progress, inventory of soybeans and soybean meal [74][77] Part IV: Options Situation of Soybean Meal, Feed, Livestock Farming, and Oils - It includes charts of historical volatility of various varieties and the trading volume and open interest of corn options [79][80][82] Part V: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils - It includes charts of warehouse receipt quantities of various varieties, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [86][88][90]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Carbonate Lithium**: The spot price of carbonate lithium is falling, and the futures price has also dropped significantly. The "Golden September and Silver October" traditional peak season is approaching, and downstream demand has certain rigid support. The supply reduction speed has slowed down, and the inventory decline rate is slower than expected. The price is still hard to stabilize, and it is recommended to seize hedging opportunities [2][5]. - **Industrial Silicon**: The supply is steadily increasing, while the demand is weak. The inventory is difficult to decrease, and the spot price is expected to continue to operate weakly and stably. The futures price is in a confrontation between weak reality and strong policy expectations, and is expected to continue to fluctuate within a range [6]. - **Polysilicon**: There is a confrontation between strong policy expectations and weak reality, and the support of policy expectations has weakened. The demand is weak, but the spot price has not changed yet. It is recommended to wait and see, and aggressive investors can consider participating with a stop - loss [9]. 3. Summary by Relevant Catalogs 3.1 First Part: Spot Price 3.1.1 Plate Strategy Recommendation | Variety | Market Logic | Support Level | Pressure Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | | Carbonate Lithium 11 | Driven by news | 72,000 - 75,000 | 88,000 - 90,000 | Wide - range volatile operation | Seize selling hedging opportunities, downstream cathode material enterprises focus on low - level stockpiling or buying hedging [15] | | Industrial Silicon 11 | Confrontation between weak reality and strong policy expectations | 8,200 - 8,300 | 8,900 - 9,000 | Range - bound oscillation | Adopt a range - bound thinking, and it is more recommended to sell slightly out - of - the - money put options at low levels [15] | | Polysilicon 11 | Insufficient support from policy expectations, increasing concerns about weak demand reality | 45,000 - 46,000 | 52,000 - 53,000 | High - level oscillation | Wait and see [15] | 3.1.2 Futures and Spot Price Changes | Variety | Closing Price | Increase/Decrease Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 78,140 | - 0.91% | 805,585 | 347,063 | - 4,259 | 28,957 | | Industrial Silicon | 8,570 | 0.53% | 293,193 | 273,754 | - 1,804 | 50,656 | | Polysilicon | 49,665 | - 0.10% | 376,304 | 143,912 | - 10,625 | 6,880 | [16] 3.2 Second Part: Fundamental Situation 3.2.1 Carbonate Lithium Fundamental Data - **Production and Inventory Situation**: This week, the production of carbonate lithium was 19,030 tons, a decrease of 108 tons from the previous week. The total sample inventory was 141,136 tons, a decrease of 407 tons. The supply reduction speed has slowed down, and the inventory decline rate is slower than expected [2]. - **Downstream Situation**: The "Golden September and Silver October" traditional peak season is approaching, and downstream demand has certain rigid support. After the rapid increase in downstream inventory, the probability of further large - scale replenishment may decrease [2]. 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: The supply is steadily increasing, and the industry operating rate has recovered to over 60%. The inventory is difficult to decrease, and the exchange warehouse receipts increased last week [6]. - **Downstream Situation**: Downstream demand is weak. The demand for polysilicon is mainly for rigid procurement, the demand for organic silicon is weak, and the aluminum alloy is in the traditional off - season. Although the export of industrial silicon is increasing, it has limited impact on the overall demand [6]. 3.2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: No specific production and inventory data are provided, but it is mentioned that the battery cell inventory has increased for two consecutive weeks [9]. - **Downstream Situation**: The new photovoltaic installed capacity has declined significantly since June, and domestic installation projects have been postponed. The overseas stocking window for battery cells is coming to an end, and the demand is weak [9].

Report Industry Investment Rating The provided text does not mention the report industry investment rating. Core Viewpoints of the Report - **Soybean Oil**: The soybean oil market is in a "weak reality + strong expectation" pattern. The weak reality is reflected in high inventory and slow sales in the spot market, while the strong expectation is shown by fewer purchases in the fourth quarter, export drive, possible slowdown in oil mill crushing, and impending inventory reduction. Short - term callback space is expected to be limited, and it is still bullish in the medium - to - long - term. Consider 1 - 5 positive spread operations [1]. - **Rapeseed Oil**: China's temporary anti - dumping measures on Canadian rapeseed may reduce domestic purchases from Canada. However, domestic rapeseed oil inventory is seasonally high, and traders are importing from other countries as a supplement. The price is expected to fluctuate, with limited room for further decline [1]. - **Palm Oil**: Malaysian palm oil production growth has slowed, and export demand is good. Domestic inventory has increased, and the basis is under short - term pressure. There is a short - term adjustment need, but support exists. Hold partial long positions after partial profit - taking [2]. - **Soybean No. 2 and Soybean Meal**: The possible soybean reserve release and US soybean import rotation (unconfirmed) have led to a decline in soybean No. 2 and soybean meal. Soybean meal is in a "weak reality + strong expectation" situation, and the short - term decline is limited. Consider going long after stabilization [2]. - **Rapeseed Meal**: The expected reduction in Canadian rapeseed imports and weak consumption have led to a decline in rapeseed meal prices. However, there is still an expectation of inventory reduction in the long - term. It is recommended to wait and see or go long at low prices [2]. - **Corn and Corn Starch**: The prices are expected to continue to be under pressure due to factors such as abundant supply from South America, increased US planting area, and continuous release of imported corn. It is recommended to hold short positions cautiously [4]. - **Soybean No. 1**: New domestic soybeans are gradually coming onto the market, increasing supply. The price is expected to be under pressure, but downstream replenishment during the back - to - school season may provide support. Hold short positions [5]. - **Peanuts**: The new season is expected to have increased production and lower costs, putting pressure on prices. Consider holding short positions for the 11 - contract [6]. - **Hogs**: The implementation of new regulations may affect cross - provincial transportation and increase secondary fattening costs. The short - term price is expected to fluctuate, and it is recommended to hold long positions for the 11 - contract and consider long - term long positions after capacity reduction is confirmed [6]. - **Eggs**: The current price is at a low level, and consumption is in the off - season. After the cost collapse risk is partially released, it is recommended to wait and see for the 09 - contract and consider going long for the 11 - contract at low prices [7]. Summary by Directory First Part: Sector Strategy Recommendations 1. Market Judgment - **Oilseeds**: Soybean No. 1 11 - contract is expected to fluctuate, hold short positions; Soybean No. 2 09 - contract is expected to fluctuate and adjust, wait and see; Peanut 11 - contract is expected to be bearish, hold short positions; Soybean oil 01 - contract is expected to fluctuate and adjust, wait and see [10]. - **Oils**: Rapeseed oil 01 - contract is expected to fluctuate and adjust, wait and see; Palm 01 - contract is expected to be bullish, reduce long positions [10]. - **Proteins**: Soybean meal 01 - contract is expected to fluctuate and adjust, wait and see; Rapeseed meal 01 - contract is expected to fluctuate within a range, go long at low prices [10]. - **Energy and By - products**: Corn 11 - contract is expected to be bearish, hold short positions cautiously; Starch 11 - contract is expected to be bearish, hold short positions cautiously [10]. - **Livestock Farming**: Hog 11 - contract is expected to rebound, hold long positions; Egg 10 - contract is expected to find a bottom, wait and see [10]. 2. Commodity Arbitrage - **Oilseeds**: For soybean No. 1 9 - 1, soybean No. 2 9 - 1, and peanut 10 - 11, wait and see; For soybean meal 3 - 5, conduct positive spread operations [11][12]. - **Oils**: For soybean oil 9 - 1, rapeseed oil 9 - 1, and palm oil 9 - 1, wait and see; For 09 soybean oil - palm oil, conduct bearish operations; For 09 rapeseed oil - soybean oil, conduct bullish operations; For 09 rapeseed oil - palm oil, wait and see [12]. - **Proteins**: For 09 soybean meal - rapeseed meal, it is in a low - level oscillation; For 09 soybean oil - meal ratio, go long; For 09 rapeseed oil - meal ratio, wait and see [12]. - **Energy and By - products**: For 11 starch - corn, wait and see [12]. - **Livestock Farming**: For hog 9 - 1 and egg 9 - 1, conduct positive spread operations at low prices [12]. 3. Basis and Spot - Futures Strategies The report provides spot prices, price changes, and basis changes for various commodities such as soybean No. 1, soybean No. 2, peanuts, etc., which can be used for basis and spot - futures trading analysis [13]. Second Part: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates, including to - shore premium, futures prices, CNF prices, and import duty - paid prices [15]. - **Weekly Data**: Presents the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts, such as soybean port inventory, oil mill soybean meal inventory, etc. [17]. 2. Feed - **Daily Data**: Provides the import cost data of corn from Argentina and Brazil in different months [17]. - **Weekly Data**: Shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises [18]. 3. Livestock Farming - **Daily Data**: Displays the daily data of hogs and eggs, including spot prices, price changes, and basis in different regions [19][20]. - **Weekly Data**: Presents the weekly key data of hogs and eggs, such as breeding costs, profits, slaughter data, and supply - demand data [21][22][23]. Third Part: Fundamental Tracking Charts - **Livestock Farming (Hogs and Eggs)**: Includes charts of hog and egg futures prices, spot prices, and related prices such as piglet prices, chicken苗 prices, etc. [25][27][28][30][32][33][34]. - **Oils and Oilseeds**: - **Palm Oil**: Charts show Malaysian palm oil production, exports, inventory, import profit, domestic inventory, and price spreads [36][38][39]. - **Soybean Oil**: Charts display US soybean crushing volume, soybean oil inventory, domestic oil mill operating rate, and inventory [48][50][51]. - **Peanuts**: Charts present peanut arrival, shipment, processing profit, and inventory [53][54]. - **Feed**: - **Corn**: Charts show corn futures prices, spot prices, inventory, import volume, and processing profit [57][58]. - **Corn Starch**: Charts display corn starch futures prices, spot prices, operating rate, inventory, and processing profit [60][61]. - **Rapeseed Meal and Rapeseed Oil**: Charts show rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profit [63][65][67][69]. - **Soybean Meal**: Charts present US soybean growth rates, domestic soybean and soybean meal inventory [71]. Fourth Part: Options Situation of Soybean Meal, Feed, Livestock Farming, and Oils It shows the historical volatility of various commodities such as 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 [73][74]. Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils Presents the warehouse receipt data of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [76][77][78].

Group 1: Report's Overall Information - Report authors include Yang Lina, Hu Bin, and Liang Haikuan [1] - Report is a daily strategy for non - ferrous metals issued on August 21, 2025 [1][3] Group 2: Report's Core View - The non - ferrous metal sector continues to oscillate. The market is in a state of sorting and repeating under the situation of strong expectations and weak reality. The focus remains on changes in interest - rate cut expectations. If hawkish information persists, there is a risk of the non - ferrous metal sector weakening further [11] - For specific metals: Copper is expected to see an upward shift in its price center; zinc has a mid - term short - selling opportunity; the aluminum industry chain is generally bearish; tin is suitable for high - selling and low - buying; lead can be bought slightly at low prices; nickel and stainless steel are bearish in the mid - term [3][4][5][7][8] Group 3: Investment Ratings (Not Mentioned in the Report) Group 4: Summary by Section Part 1: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metal sector continues to oscillate. The market is affected by China's monetary policy, real - estate policies, geopolitical issues, and the Fed's interest - rate cut expectations. The market remains cautious before the geopolitical situation becomes clear [11] - **Investment Recommendations for Specific Metals** - **Copper**: With the improvement of supply and demand fundamentals and the approaching of the peak season and Fed rate cuts, the price center is expected to rise. It is recommended to buy on dips [3][13] - **Zinc**: With increasing supply and weak demand, it is recommended to short on rallies in the mid - term [4][13] - **Aluminum Industry Chain**: The supply of electrolytic aluminum has increased slightly this week. It is recommended to short on rallies or wait and see [5][13][14] - **Tin**: With a pattern of weak supply and demand, it is suitable for high - selling and low - buying [6][14] - **Lead**: With weak prices and slow recovery of demand, it is recommended to buy slightly at low prices and use a wide - range option double - selling strategy [7][15] - **Nickel and Stainless Steel**: Nickel has an oversupply situation, and stainless steel has weak demand. It is recommended to short on rallies in the mid - term [8][15] Part 2: Non - ferrous Metals Market Review - **Futures Closing Prices and Changes**: Copper closed at 78,540 yuan/ton with a 0.13% decline; zinc at 22,240 yuan/ton with a 0.11% decline; aluminum at 20,590 yuan/ton with a 0.27% increase; etc. [16] Part 3: Non - ferrous Metals Position Analysis - Different non - ferrous metal varieties have different net long - short positions and changes. For example, TV (SI2511) has a strong short - position of the main force, and its net short - position is 46,925, with the short - position of the main force decreasing [18] Part 4: Non - ferrous Metals Spot Market - **Spot Prices and Changes**: Copper's Yangtze River spot price is 78,850 yuan/ton with a 0.09% increase; zinc's Yangtze River 0 zinc spot average price is 22,240 yuan/ton with a 0.27% increase; etc. [19][21] Part 5: Non - ferrous Metals Industry Chain - **Copper**: The report provides charts on inventory changes, copper concentrate smelting fees, and the relationship between the US dollar index and copper prices [23][25] - **Zinc**: Charts on inventory changes, zinc concentrate processing fees, etc. are presented [27] - **Aluminum and Alumina**: Charts on inventory and price relationships, spot premium and discount trends are provided [29][35] - **Other Metals**: Similar industry - chain - related charts are provided for tin, lead, nickel, stainless steel, and casting aluminum alloy [37][41][44] Part 6: Non - ferrous Metals Arbitrage - The report presents charts on the ratio of domestic to foreign prices, premium and discount relationships, and price differences between different contracts for various non - ferrous metals, such as copper, zinc, aluminum, tin, etc. [56][57][59] Part 7: Non - ferrous Metals Options - For different non - ferrous metals like copper, zinc, and aluminum, the report provides charts on historical volatility, weighted implied volatility, option trading volume and open - interest changes, and the ratio of call to put open - interest [72][74][77]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - **Carbonate Lithium**: The supply reduction of carbonate lithium has not been fully realized, and the inventory of lithium salt enterprises continues to transfer downstream. The probability of downstream cathode material enterprises significantly replenishing their stocks is decreasing. The short - term risk of the carbonate lithium price reaching the peak is increasing, and the price is expected to run in a wide - range shock. The trading strategy is for upstream and downstream enterprises to seize hedging opportunities according to their own risk management needs [4]. - **Industrial Silicon**: The overall supply of industrial silicon has changed little. The trading was cold last week, and the total social inventory increased slightly. The short - term price is expected to maintain a volatile trend. The trading strategy is to consider selling slightly out - of - the - money put options on dips [5][6]. - **Polysilicon**: The production of polysilicon continues to increase, and the inventory is decreasing. The domestic terminal demand is weak, and the market demand enthusiasm is decreasing. The future inventory accumulation expectation is strong. The current operation logic is the confrontation between "strong policy expectation" and "weak reality", and the short - term price is expected to maintain a high - level volatile trend. The trading strategy is to adopt a band - trading approach [7][8]. 3. Summary According to the Directory Part I: Spot Prices 1.1 Sector Strategy Recommendations - **Carbonate Lithium 09**: The market is driven by news, with a support level of 75,000 - 77,000 and a pressure level of 88,000 - 90,000. It is expected to run in a wide - range shock. The reference strategy is for upstream enterprises to seize selling hedging opportunities, and downstream cathode material enterprises to focus on low - level stockpiling or buying hedging [14]. - **Industrial Silicon 09**: The short - term supply - demand contradiction is limited, but the high - level inventory suppresses the price. The policy support still exists, and the anti - involution sentiment may fluctuate. It is expected to fluctuate within a range, with a support level of 8,200 - 8,300 and a pressure level of 8,900 - 9,000. The reference strategy is to sell put options on dips [14]. - **Polysilicon 09**: The upward movement of the price is blocked near the previous high. It is expected to fluctuate at a high level, with a support level of 47,000 - 48,000 and a pressure level of 53,000 - 54,000. The reference strategy is to adopt a band - trading approach [14]. 1.2 Futures and Spot Price Changes | Variety | Closing Price | Increase/Decrease Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 80,980 | - 7.49% | 838,879 | 395,102 | - 18,995 | 24,045 | | Industrial Silicon | 8,390 | - 2.72% | 561,795 | 279,868 | - 6,737 | 50,613 | | Polysilicon | 51,875 | - 0.52% | 704,931 | 150,086 | 121,091 | 6,370 | [15] Part II: Fundamental Situation 2.1 Carbonate Lithium Fundamental Data - **Production and Inventory Situation**: Last week, the production of carbonate lithium was 19,980 tons, an increase of 424 tons from the previous week. The total inventory was 142,256 tons, a decrease of 162 tons from the previous week [4]. - **Downstream Situation**: The probability of downstream cathode material enterprises significantly replenishing their stocks is decreasing [4]. 2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: Last week, only a few manufacturers increased or decreased production, and the overall supply changed little. The total social inventory increased slightly. The short - term price is expected to maintain a volatile trend [5]. - **Downstream Situation**: After the price of silicone decreased, manufacturers expected to purchase raw materials at a lower price, resulting in cold trading. The production of polysilicon increased steadily, and it continued to replenish raw materials in small batches [5]. 2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: Enterprises continued to increase production, and the inventory decreased. The future inventory accumulation expectation is strong if the supply continues to increase [7]. - **Downstream Situation**: The domestic terminal demand is weak, and the market demand enthusiasm is decreasing. The inventory of battery cells and silicon wafers has increased [7].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - The soybean oil market is in a "weak reality + strong expectation" pattern. Short - term callback space is limited, and it is bullish in the long - term. Consider 1 - 5 positive spread operations [3]. - The rapeseed oil price is expected to fluctuate in the short term due to trade policy changes and sufficient inventory [3]. - The palm oil price has a short - term adjustment demand due to factors such as price comparison pressure and potential production impacts in Indonesia [4]. - The soybean meal is in a "weak reality + strong expectation" situation, and the price is expected to be bullish in the long - term [3][4]. - The corn and corn starch prices are expected to continue to be under pressure [5]. - The soybean price is affected by new supply and market sentiment, with a short - term bearish outlook [6]. - The peanut price is under pressure due to expected increased production and lower costs, with a short - term bearish outlook [6]. - The live pig price is affected by policies and supply - demand, with a short - term fluctuating rebound and a long - term focus on capacity reduction [7]. - The egg price is at a low level, and the market expects terminal consumption improvement to drive a price rebound [8]. 3. Summary According to the Catalog 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean 11, Soybean 2 09 | Tense Sino - US and Sino - Canadian trade relations; new domestic soybeans are on the market, supply increases | 3900 - 3930, 3640 - 3670 | 4145 - 4150, 3950 - 4000 | Fluctuation, Fluctuation adjustment | Light - position short - selling, Temporary observation | | | Peanut 11 | Expected production increase and cost reduction | 7500 - 7600 | 8100 - 8162 | Fluctuation with a downward bias | Hold short positions | | Oils | Soybean oil 01 | Potential reduction in Canadian rapeseed imports, sufficient inventory in the short - term, long - term positive outlook | 8230 - 8300 | 8800 - 9000 | Fluctuation adjustment | Temporary observation | | | Rapeseed oil 01 | Short - term supply increase | 9600 - 9610 | 10300 - 10343 | Fluctuation adjustment | Temporary observation | | | Palm 01 | Good export demand from the origin, concerns about Indonesian production | 9060 - 9074 | 9900 - 9990 | Fluctuation with an upward bias | Reduce long positions | | Protein | Soybean meal 01 | Tense Sino - US and Sino - Canadian trade relations, expected reduction in soybean arrivals in the fourth quarter | 2950 - 2980 | 3200 - 3250 | Fluctuation with an upward bias | Light - position long - buying | | | Rapeseed meal 01 | Potential reduction in Canadian rapeseed imports, weak consumption | 2500 - 2523 | 2698 - 2708 | Fluctuation with an upward bias | Hold long positions | | Energy and By - products | Corn 11 | Continuous release of imported corn, stable new - season expectations | 2100 - 2120 | 2240 - 2250 | Fluctuation with a downward bias | Hold short positions cautiously | | | Starch 11 | Weak corn price, relatively loose spot market | 2400 - 2420 | 2580 - 2590 | Fluctuation with a downward bias | Hold short positions cautiously | | Livestock | Live pig 11 | Feed price rebound, strong expectation of capacity reduction | 13500 - 13750, 14500 - 15000 | | Fluctuation rebound | Hold long positions | | | Egg 10 | Capacity pressure + consumption peak season expectation | 3000 - 3050 | 3300 - 3350 | Fluctuation to find the bottom | Observation | [11] 3.1.2 Commodity Arbitrage - For inter - delivery arbitrage, most varieties suggest waiting and seeing, while the soybean meal 3 - 5 spread recommends a positive spread operation with a target of 300 - 400. The live pig 9 - 1 and egg 9 - 1 spreads suggest positive spreads at low prices [12][13]. - For inter - variety arbitrage, the 09 soybean oil - palm oil spread suggests short - biased operations, the 09 rapeseed oil - soybean oil spread suggests long - biased operations, and the 09 soybean oil - meal ratio recommends long - buying operations [13]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties in the feed, livestock, and oil sectors [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It shows the import costs of soybeans, rapeseeds, and palm oils from different origins and different shipping dates [16][17]. - **Weekly Data**: Presents the inventory and operation rates of beans, rapeseeds, palm oils, and peanuts [18]. 3.2.2 Feed - **Daily Data**: Lists the import costs of corn from Argentina and Brazil in different months [18]. - **Weekly Data**: Displays the consumption, inventory, and operation rates of corn and corn starch in deep - processing enterprises [19]. 3.2.3 Livestock - **Pig**: Provides daily and weekly data on live pig prices, breeding costs, profits, slaughter data, etc. [20][22][23]. - **Egg**: Offers daily and weekly data on egg prices, production rates, inventory, and related prices [21][24]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Pigs and Eggs)**: Includes charts of main contract closing prices, spot prices, and other relevant data of live pigs and eggs [25][28][29][34]. - **Oils and Oilseeds**: - **Palm Oil**: Covers charts of Malaysian palm oil production, exports, inventory, and domestic palm oil inventory, trading volume, etc. [37][40][44]. - **Soybean Oil**: Contains charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil factory operation rates, inventory, etc. [47][48]. - **Peanut**: Shows charts of domestic peanut arrival, shipment, processing profits, and inventory [51][52]. - **Feed**: - **Corn**: Has charts of corn closing prices, spot prices, inventory, import volume, and processing profits [55][56]. - **Corn Starch**: Includes charts of corn starch closing prices, spot prices, operation rates, inventory, and processing profits [58][59]. - **Rapeseed**: Displays charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profits [60][63][65]. - **Soybean Meal**: Presents charts of US soybean growth rates, soybean and soybean meal inventory [67]. 3.4 Fourth Part: Option Situations of Soybean Meal, Feed, Livestock, and Oils The report provides charts of historical volatility and trading volume of options for various varieties [69][70]. 3.5 Fifth Part: Warehouse Receipt Situations of Feed, Livestock, and Oils The report includes charts of warehouse receipt quantities for various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanut, corn, corn starch, live pig, and egg [72][73][74].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Views of the Report - **Soft Commodity Sector - Sugar** - The import of sugar syrups and premixes in China increased month - on - month in July but decreased year - on - year, with the gap narrowing. The main import items have shifted, and the import volume under the 2106.906 item has hit new highs. - Due to factors such as reduced syrup imports and slow sugar imports in the first half of the year, although domestic sugar production increased in the 2024/25 season, the supply and demand of domestic sugar were strong, and enterprise inventory pressure was not significant. - Since the third quarter, the import of overseas raw sugar has accelerated, increasing the pressure on the supply side from processed sugar, and the import of syrups and premixes has also rebounded. However, concerns about the new Brazilian sugar season have supported the prices of raw sugar and Zhengzhou sugar futures. The market is expected to continue to fluctuate within a range [3][4]. - **Soft Commodity Sector - Pulp** - The spot pulp market has been weak recently, but the price of hardwood pulp has remained stable. Overseas pulp mill production cuts have provided some support, but the prices of downstream finished paper products have remained low. - The shipment volume of softwood pulp in June increased month - on - month, and the year - on - year decline narrowed. The shipment volume of hardwood pulp remained at a high level, and exports to China were still strong. There have been some news of hardwood pulp production cuts, but the short - term impact is limited. - The pulp and paper industry lacks policy support, demand improvement is limited, and the supply pressure of hardwood pulp remains. However, the price of softwood pulp is below the cost of mainstream countries, and the price of hardwood pulp is close to the marginal cost, so the overall valuation is not high, which may support prices to some extent [5]. - **Soft Commodity Sector - Cotton** - In the international market, there is a multi - empty game. The steady listing of cotton in South America and Australia and the US tariff policy have put pressure on the market, but factors such as the decline in the US planting area, the slow progress of Indian cotton planting, and the temporary cancellation of Indian import tariffs have provided potential support. The new - season global cotton has changed from a slight inventory increase last month to a slight inventory decrease, narrowing the downward space for prices. - In the domestic market, there is a game between tight spot supply and weak downstream consumption. The extension of Sino - US tariffs has provided some support, but the suppression on the consumption side still exists, limiting the upward space for prices [6]. - **Fresh Fruit and Nut Sector - Apple** - The current focus is on the end of the old - season apples and the realization of the new - season production. The end of the old - season is in line with expectations, and there are some differences in the preliminary production estimates of the new - season, but the range is limited. The opening prices of early - maturing apples have increased year - on - year, providing some support to the market, but the sustainability needs to be monitored. The price of the Apple 10 contract is expected to fluctuate within a range [7]. - **Fresh Fruit and Nut Sector - Jujube** - On Wednesday, the agricultural product index fluctuated weakly, and the jujube futures price opened low and closed high. The price of the Jujube 2601 contract broke through the previous high and then fluctuated. Driven by the continuous reduction of spot inventory, the price of the 2509 contract also rose sharply, and the premium of futures over spot warehouse receipts increased. - In August, the inventory of jujubes decreased at an accelerated pace, the enthusiasm of terminal replenishment improved, and the dried fruit consumption is gradually entering the seasonal peak season. Attention should be paid to the impact of weather on the production of new - season jujubes in August [8]. 3. Summary by Relevant Catalogs First Part: Sector Strategy Recommendations - **Fresh Fruit and Nut Futures** - Apple 2510: Adopt an interval trading strategy. The fundamental changes are limited. The performance of early - maturing apples provides some support, but the strength is limited. The short - term price is expected to continue to fluctuate within the range of 7400 - 7500 (support) and 8300 - 8400 (resistance) [16]. - Jujube 2601: Reduce long positions. The overall market sentiment is strong, and the jujube enters the production - forming period in the third quarter, which is prone to price increases due to weather concerns. The support range is 11000 - 11200, and the resistance range is 11500 - 12000 [16]. - **Soft Commodity Futures** - Sugar 2601: Adopt an interval trading strategy. Concerns about Brazilian sugar supply are increasing, but the import pressure has been realized, and the upward movement of the futures price is under pressure. The support range is 5550 - 5570, and the resistance range is 5730 - 5750 [16]. - Pulp 2511: Temporarily wait and see. Softwood pulp prices are below the cost of mainstream producers, and there have been production cuts in hardwood pulp, which provides some short - term support. However, the weak finished paper market limits the upward space. The support range is 5100 - 5200, and the resistance range is 5400 - 5450 [16]. - Cotton 2601: Adopt an interval trading strategy. There is a game between tight spot supply and weak consumption expectations, and the short - term price is expected to continue to fluctuate within the range of 13500 - 13600 (support) and 14200 - 14300 (resistance) [16]. Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In June 2025, the export volume of fresh apples was about 37,000 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. As of August 13, the inventory in apple cold storages in the main producing areas was 460,100 tons, a week - on - week decrease of 75,800 tons. As of August 14, the national apple cold - storage inventory was 461,300 tons, a week - on - week decrease of 50,700 tons and a year - on - year decrease of 378,000 tons. Different institutions have different estimates of the new - season apple production, with a slight decrease estimated by Zhuochuang and a slight increase estimated by Mysteel [17]. - **Spot Market**: The mainstream transaction price in the Shandong production area was stable. Storage merchants were eager to sell, while buyers were cautious. The price of early - maturing apples was stable at high levels for good - quality products, with large price differences for poor - quality products. In the sales area, the overall arrival volume increased, demand was stable, and prices remained stable [18][19]. - **Jujube Market**: As of August 15, the physical inventory of 36 sample points was 9784 tons, a week - on - week decrease of 255 tons, a month - on - month decrease of 2.54%, and a year - on - year increase of 72.62%. The arrival volume in the sales area increased month - on - month. Driven by the downstream replenishment demand, the spot price showed a strong trend. The market trading atmosphere improved, and the purchasing enthusiasm for high - quality products increased [20]. - **Sugar Market**: In July 2025, China imported a total of 159,800 tons of sugar syrups and premixes, a year - on - year decrease of 68,500 tons and a month - on - month increase of 44,000 tons. The import volume under the 210690 item reached 114,400 tons, a month - on - month increase of nearly 30% and a new high. As of noon, the spot market price of sugar in Guangxi was around 5950 yuan/ton, and the price in the Kunming market decreased slightly [22]. - **Pulp Market**: Although the domestic spot and futures prices of softwood pulp rebounded last week, the import price remained stable. Domestic pulp and paper integrated producers purchased a large amount of softwood and hardwood pulp, pushing up the prices of these two pulp types. Most buyers postponed their purchases of imported softwood pulp, waiting for the August quotes from major suppliers. Canadian and Nordic NBSK prices remained at 680 - 700 US dollars/ton, and Brazilian producers were seeking to increase the price of South American hardwood pulp by 20 US dollars/ton [25]. - **Cotton Market**: The cotton - picking progress in the main producing areas of Brazil continued to advance. As of August 15, the picking progress in Mato Grosso state reached 40.0%, a month - on - month increase of 13 percentage points but 17.0 percentage points behind the same period last year. As of August 19, the cumulative rainfall of the Indian southwest monsoon was 611.8, 1.8% higher than the long - term average. There was a high probability of heavy rainfall in many places. In July 2025, the export volume of cotton products increased year - on - year and month - on - month, but the export price decreased. The export volume and amount of cotton cloth also increased [26][27]. Third Part: Market Review - **Futures Market**: The closing prices of Apple 2510, Jujube 2601, Pulp 2511, and Cotton 2601 decreased, while the closing price of Sugar 2601 increased [28]. - **Spot Market**: The spot prices of apples remained unchanged month - on - month, the prices of jujubes and sugar decreased, the price of pulp remained stable, and the price of cotton decreased slightly [32]. Fourth Part: Basis Situation There is no specific text description of the basis situation, only references to relevant figures [40][41][45]. Fifth Part: Inter - month Spread Situation - The 10 - 1 spread of apples was 126, a week - on - week decrease of 34 and a year - on - year decrease of 2, and it is expected to fluctuate repeatedly. - The 9 - 1 spread of jujubes was - 1070, a week - on - week decrease of 1075 and a year - on - year decrease of 190, and it is expected to fluctuate within a range. - The 9 - 1 spread of sugar was 51, a week - on - week decrease of 4 and a year - on - year decrease of 280, and it is expected to fluctuate within a range. - The 1 - 5 spread of cotton was 15, a week - on - week decrease of 5 and a year - on - year increase of 30, and it is expected to fluctuate within a range. It is recommended to wait and see for all [47]. Sixth Part: Futures Positioning Situation There is no specific text description of the futures positioning situation, only references to relevant figures [54][57][61]. Seventh Part: Futures Warehouse Receipt Situation - The number of apple warehouse receipts was 0, with no change week - on - week and year - on - year. - The number of jujube warehouse receipts was 9832, a week - on - week increase of 337 and a year - on - year increase of 477. - The number of sugar warehouse receipts was 16244, a week - on - week decrease of 242 and a year - on - year increase of 889. - The number of pulp warehouse receipts was 252639, a week - on - week decrease of 1213 and a year - on - year decrease of 228502. - The number of cotton warehouse receipts was 7455, a week - on - week decrease of 141 and a year - on - year decrease of 2328 [76]. Eighth Part: Option - related Data There is no specific text description of the option - related data, only references to relevant figures [78][80][81].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The non - US market will see an inflow of global copper resources in the second half of the year, and the price center of Shanghai copper is expected to rise in the next stage [4]. - Zinc shows a pattern of increasing supply and weak demand, and it is advisable to consider shorting on rallies in the medium - term [5]. - Aluminum prices may be affected by the easing of the Russia - Ukraine relationship, and it is recommended to hold short positions cautiously [6]. - Tin has a pattern of weak supply and demand, and a high - selling and low - buying strategy can be adopted [7]. - Lead prices are weak, and a short - term long - at - low strategy can be considered [8]. - Nickel and stainless steel are in a situation of overall supply surplus, and shorting on rallies can be considered in the medium - term [9]. Group 3: Summary by Directory First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The non - ferrous sector continues to fluctuate. The market is in a state of strong expectations but weak reality. China will implement a moderately loose monetary policy, and the geopolitical situation and US interest rate cut expectations are also influencing factors [12]. - **Investment Suggestions**: Different investment strategies are proposed for various non - ferrous metals such as copper, zinc, aluminum, tin, lead, nickel, and stainless steel, including price ranges, trading strategies, and recommended intensities [14][15][16]. Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals futures are presented, including copper, zinc, aluminum, etc. [17] Third Part: Non - ferrous Metals Position Analysis - The net long - short positions, changes in net long and short positions, and influencing factors of various non - ferrous metals are analyzed [19] 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, etc. [20][22] Fifth Part: Non - ferrous Metals Industry Chain - For different non - ferrous metals, relevant industry chain data graphs are presented, including inventory changes, processing fees, and price relationships [24][28][31] Sixth Part: Non - ferrous Metals Arbitrage - For different non - ferrous metals, relevant arbitrage data graphs are presented, such as the ratio of domestic and foreign prices, basis, and spreads [60][62][65] Seventh Part: Non - ferrous Metals Options - For different non - ferrous metals, relevant option data graphs are presented, including historical volatility, implied volatility, and trading volume and open interest [78][80][83]

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 - **Soybean Oil**: The price of soybean oil broke through and rose this week. The market is worried about the supply of oilseeds in the fourth quarter. The soybean oil market is in a "weak reality + strong expectation" pattern. The 01 contract of soybean oil may continue to rise based on the 8400 level. It is recommended to hold long positions in the main 01 contract, consider 1 - 5 positive spread operations [3]. - **Rapeseed Oil**: China's temporary anti - dumping measures on imported Canadian rapeseed initially pushed up the price of rapeseed products. However, the import of rapeseed from other countries has alleviated supply concerns, and the price has fallen from its high. The price of palm oil provides some support, and the price is expected to fluctuate in the short term [3]. - **Palm Oil**: The high - frequency data shows poor production of Malaysian palm oil. The export of Malaysian palm oil from August 1 - 15 increased by 21.3% month - on - month. The replenishment demand of importing countries supports the price. There are potential positive factors for the price, and it is recommended to hold long positions [4]. - **Soybean Meal and Soybean No. 2**: The price of soybean meal broke through and rose. The situation of Sino - US trade remains severe, and there is an expectation of tight supply of soybeans for oil extraction in the fourth quarter. The 09 contract of soybean meal is expected to be strong, and long positions can be held. The 09 contract of soybean No. 2 is expected to fluctuate and adjust [3][4]. - **Rapeseed Meal**: After the change in trade policy, the price of rapeseed meal first rose and then fell. The supply can be partially supplemented by imports from other countries, and the demand is weak. The price is expected to stop falling and fluctuate [3][4]. - **Soybean No. 1**: The price of soybean No. 1 oscillated at a low level this week. The price in the Northeast is stable, but there is a downward expectation. New soybeans in Hubei are gradually on the market, and it is recommended to try short positions with a light position [5]. - **Peanut**: The inventory of peanuts in the producing areas is low, and the import volume is small. The new - season planting area has increased, and there is an expectation of a bumper harvest. It is recommended to short the 11 and 01 contracts on rebounds [6]. - **Corn and Corn Starch**: The futures prices continued to be weak this week. The external market is under pressure, and the domestic market also has supply pressure. It is recommended to hold short positions cautiously and consider option strategies such as selling wide - straddle combinations or out - of - the - money call options [7]. - **Pig**: The spot price of pigs was weakly volatile and generally stable over the weekend. Terminal consumption is expected to improve in late August. The futures price of far - month contracts rebounded after rising. It is recommended that aggressive investors hold long positions in the 2511 or 2601 contracts and buy the 2605 contract on dips [8][9]. - **Egg**: The spot price of eggs rebounded with fluctuations over the weekend. The current inventory is high, and the seasonal peak season in August needs further confirmation. It is recommended to buy the 10 or 11 contracts on dips and pay attention to the 11 - 1 spread [9]. 3. Summary According to Relevant Catalogs 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 11 | Northeast soybean sentiment cools, new soybeans in Hubei are on the market, price expected to fall steadily | 3900 - 3930 | 4145 - 4150 | Oscillatory decline | Try short positions with a light position | | | Soybean No. 2 09 | Sino - US trade situation is severe, import cost rises, fewer purchases in the fourth quarter | 3640 - 3670 | 3950 - 4000 | Oscillatory strength | Temporarily wait and see | | | Peanut 11 | Low old - season inventory, increased new - season area, reduced cost | 7500 - 7600 | 8100 - 8162 | Oscillatory decline | Hold short positions | | Oils | Soybean Oil 01 | Fewer soybean purchases in the fourth quarter, expected tight supply in the future | 8230 - 8300 | 8880 - 9000 | Oscillatory rise | Hold long positions | | | Rapeseed Oil 01 | Fewer rapeseed purchases, increased imports from alternative countries | 9600 - 9610 | 10290 - 10333 | Oscillatory adjustment | Temporarily wait and see | | | Palm Oil 01 | Good export demand in the origin, concerns about Indonesian production | 9050 - 9074 | 9990 - 9990 | Oscillatory strength | Hold long positions | | Proteins | Soybean Meal 09 | Sino - US trade situation is severe, fewer soybean purchases in the fourth quarter, good expectation | 2950 - 2980 | 3200 - 3250 | Oscillatory strength | Hold long positions | | | Rapeseed Meal 01 | Fewer rapeseed purchases, increased imports from alternative countries, weak demand | 2431 - 2460 | 2698 - 2708 | Oscillatory adjustment | Temporarily wait and see | | Energy and By - products | Corn 11 | Imported corn auctions continue, new - season is under pressure, short - term price continues to seek the bottom | 2150 - 2160 | 2240 - 2250 | Oscillatory weakness | Hold short positions cautiously | | | Starch 09 | Corn price at the cost end is under pressure, spot supply remains loose | 2590 - 2600 | 2720 - 2730 | Oscillatory weakness | Hold short positions cautiously | | Livestock | Pig 11 | Feed price stops falling and rebounds, industry has capacity - reduction policy | 13000 - 13500 | 14500 - 15000 | Oscillatory rebound | Hold long positions | | | Egg 10 | Capacity pressure + consumption peak - season expectation | 3200 - 3300 | 3600 - 3700 | Oscillatory bottom - seeking | Buy on dips | [12] 3.1.2 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis data of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock [13][14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, such as the CNF price, import duty - paid price, and cost of soybean meal or rapeseed meal when the crushing profit is zero [14][15]. - **Weekly Data**: It shows the inventory and operating rate data of various oilseeds and oils, such as the inventory of soybeans, rapeseeds, palm oil, peanuts, and the operating rate of soybean oil, rapeseed oil, and peanut oil production [16]. 3.2.2 Feed The report provides the weekly data of corn and corn starch, including the consumption, inventory, operating rate, and inventory of deep - processing enterprises [16]. 3.2.3 Livestock - **Pig**: It provides the weekly data of the pig market, including spot prices, breeding costs, profits, slaughter data, and other indicators [17]. - **Egg**: It provides the weekly data of the egg market, including supply - side data (production rate, inventory, etc.), demand - side data (inventory), and profit data [18]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Pig and Egg)**: It includes charts of the closing prices of pig and egg futures contracts, spot prices, and related data [20][21][22][23][25][26][27]. - **Oilseeds and Oils**: It includes charts of the production, export, inventory, and other data of palm oil, soybean oil, and peanuts [29][36][43]. - **Feed**: It includes charts of the prices, basis, inventory, consumption, and profit data of corn, corn starch, rapeseed, and soybean meal [47][55][63][69]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides charts of the historical volatility of various varieties and the trading volume, open interest, and put - call ratio of corn options [70][75][76]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides charts of the warehouse receipt quantity of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pig, and egg [81][82][83][84][89][91]

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]