Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report presents a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM, showing that on July 25, 2025, the total positions of IF and IM decreased significantly, while those of IH and IC decreased slightly [1][5][11][17][22] 3. Summary by Related Catalogs IF - **Total Position and Main Contract Position Changes**: On July 25, the total position of the IF variety decreased by 11,192 hands, and the position of the main contract 2509 decreased by 7,721 hands [5] - **Top Twenty Long Position Seats**: Among the top twenty long position seats of the IF variety on that day, Guotai Junan Futures ranked first with a total position of 43,899 hands. Everbright Futures had the most long - position increase, with an intraday increase of 373 hands, while CITIC Futures had the most long - position decrease, with an intraday decrease of 2,766 hands [6] - **Top Twenty Short Position Seats**: Among the top twenty short position seats of the IF variety on that day, CITIC Futures ranked first with a total position of 48,478 hands. Shenyin Wanguo Futures had the most short - position increase, with an intraday increase of 99 hands, and CITIC Futures had the most short - position decrease, with an intraday decrease of 2,118 hands [8] IH - **Total Position and Main Contract Position Changes**: On July 25, the total position of the IH variety decreased by 3,451 hands, and the position of the main contract 2509 decreased by 2,625 hands [11] - **Top Twenty Long Position Seats**: Among the top twenty long position seats of the IH variety on that day, Guotai Junan Futures ranked first with a total position of 11,273 hands. Everbright Futures had the most long - position increase, with an intraday increase of 340 hands, and CITIC Futures had the most long - position decrease, with an intraday decrease of 1,001 hands [12] - **Top Twenty Short Position Seats**: Among the top twenty short position seats of the IH variety on that day, CITIC Futures ranked first with a total position of 19,640 hands. Everbright Futures had the most short - position increase, with an intraday increase of 940 hands, and CITIC Futures had the most short - position decrease, with an intraday decrease of 1,231 hands [13] IC - **Total Position and Main Contract Position Changes**: On July 25, the total position of the IC variety decreased by 4,233 hands, and the position of the main contract 2509 decreased by 2,797 hands [17] - **Top Twenty Long Position Seats**: Among the top twenty long position seats of the IC variety on that day, Guotai Junan Futures ranked first with a total position of 33,265 hands. Guotou Futures had the most long - position increase, with an intraday increase of 392 hands, and CITIC Futures had the most long - position decrease, with an intraday decrease of 1,211 hands [17] - **Top Twenty Short Position Seats**: Among the top twenty short position seats of the IC variety on that day, CITIC Futures ranked first with a total position of 41,584 hands. Haitong Futures had the most short - position increase, with an intraday increase of 456 hands, and Dongzheng Futures had the most short - position decrease, with an intraday decrease of 1,416 hands [18] IM - **Total Position and Main Contract Position Changes**: On July 25, the total position of the IM variety decreased by 11,290 hands, and the position of the main contract 2509 decreased by 8,546 hands [22] - **Top Twenty Long Position Seats**: Among the top twenty long position seats of the IM variety on that day, Guotai Junan Futures ranked first with a total position of 42,332 hands. Shenyin Wanguo Futures had the most long - position increase, with an intraday increase of 1,056 hands, and Guotai Junan Futures had the most long - position decrease, with an intraday decrease of 4,057 hands [22] - **Top Twenty Short Position Seats**: Among the top twenty short position seats of the IM variety on that day, CITIC Futures ranked first with a total position of 64,643 hands. J.P. Morgan had the most short - position increase, with an intraday increase of 536 hands, and Guotai Junan Futures had the most short - position decrease, with an intraday decrease of 4,459 hands [24]

Report Industry Investment Ratings - No information provided in the given documents. Core Views of the Reports Palm Oil, Soybean Oil, and Rapeseed Oil - Malaysian BMD crude palm oil futures may strengthen slowly after oscillating in the 4300 - 4350 ringgit range, but may weaken after the end of the rebound. Domestic palm oil futures maintain a near - strong and far - weak pattern, and attention should be paid to whether it can stand above 9000 yuan. The US soybean oil industry's increased consumption and the expected stocking for the Indian Festival boost the palm oil and vegetable oil prices. In the short term, CBOT soybean oil may rise again. In the domestic market, the oil mills' urging for delivery may affect the spot basis quotes, but the traders' procurement cost supports the basis [1]. Sugar - Brazil's sugar production in the second half of June was lower than expected. If the sugar - to - ethanol ratio is adjusted downward, Brazil's output may not meet expectations. The short - term bottom of raw sugar prices may appear, but the overall trend is bearish. The domestic sugar market is expected to be marginally loose in supply and demand, and a bearish view is maintained after a rebound [4]. Corn - The import auction has limited impact. The supply of corn is tight, and traders are reluctant to sell. The transportation is affected by heavy rainfall, and the demand from deep - processing and feed enterprises is weak. Wheat has a substitution advantage, but the corn price decline is limited. In the medium term, the tight supply and low imports support the corn price. In the short term, the market is quiet, and the price fluctuates narrowly [7]. Meal - The US soybeans are at the bottom, and the Brazilian soybeans are firm. The domestic soybean and soybean meal inventories are rising, and the basis is low. The supply will remain high in the short term, but the continuity of soybean arrivals after October is uncertain. The market sentiment is suppressed, and it is recommended to wait and see [10]. Cotton - The downstream demand of the cotton industry is still weak, but the downstream prices are following the rise of cotton prices. The shipment of old cotton after the price increase brings some pressure, but the tight inventory problem cannot be solved before the new cotton is on the market. In the short term, the domestic cotton price may oscillate at a high level, and it will be under pressure after the new cotton is on the market [12]. Pork - The current supply and demand of the pig market are weak. The short - term pig price is not optimistic, and the spot price will maintain a bottom - oscillating pattern. The upside of the near - month contract is limited. The far - month contract is affected by policies, and short - selling is not recommended, but the impact of hedging funds should be noted [15]. Eggs - The supply of eggs is sufficient, but the high - temperature weather affects the egg production. The demand in the peak season is starting, and the prices are expected to rise slightly and then stabilize [19]. Summaries According to Related Catalogs Futures Market Conditions Palm Oil - The spot price of Jiangsu first - grade palm oil was 8360 yuan on July 24, up 0.60% from the previous day. The futures price of Y2509 was 8166 yuan, up 1.14%. The basis was 194 yuan, down 42 yuan [1]. Soybean Oil - The spot price of Guangdong 24 - degree soybean oil was 9050 yuan on July 24, up 0.56%. The futures price of P2509 was 8994 yuan, up 1.22%. The basis was - 54 yuan, down 60 yuan [1]. Rapeseed Oil - The spot price of Jiangsu fourth - grade rapeseed oil was 9570 yuan on July 24, up 0.21%. The futures price of OI509 was 9492 yuan, up 0.38%. The basis was 78 yuan, down 16 yuan [1]. Sugar - The futures price of SR2601 was 2668 yuan/ton on July 24, up 0.21%. The futures price of SR2509 was 5866 yuan/ton, up 0.55%. The ICE raw sugar main contract was 16.57 cents/pound, up 1.84% [3]. Corn - The futures price of C2509 was 2318 yuan on July 24, down 0.13%. The basis was 42 yuan, up 3 yuan. The 9 - 1 spread was 80 yuan, up 6 yuan [7]. Corn Starch - The futures price of CS2509 was 2669 yuan on July 24, down 0.22%. The basis was 11 yuan, up 6 yuan. The 9 - 1 spread was 57 yuan, up 8 yuan [7]. Cotton - The futures price of CF2509 was 14160 yuan/ton on July 24, down 0.14%. The futures price of CF2601 was 14065 yuan/ton, unchanged. The ICE US cotton main contract was 68.74 cents/pound, up 0.66% [12]. Eggs - The futures price of JD09 was 3636 yuan/500KG on July 24, down 0.03%. The futures price of JD08 was 3562 yuan/500KG, down 1.41%. The basis was - 299 yuan/500KG, up 1.97% [18]. Spot Market Conditions Sugar - The spot price in Nanning was 6050 yuan/ton, unchanged. The spot price in Kunming was 5910 yuan/ton, up 0.51%. The price difference between imported Brazilian sugar (in - quota) and Nanning's price was - 1590 yuan, down 1.40% [3]. Corn - The FOB price at Jinzhou Port was 2360 yuan/ton, unchanged. The FOB price at Shekou was 2430 yuan/ton, unchanged [7]. Cotton - The Xinjiang arrival price of 3128B cotton was 15431 yuan/ton, up 0.13%. The CC Index of 3128B was 15563 yuan/ton, up 0.13% [12]. Eggs - The egg price in the producing area was 3.34 yuan/jin, up 0.15% [18]. Industry Conditions Sugar - The cumulative national sugar production was 1116.21 million tons, up 12.03%. The cumulative national sugar sales were 811.38 million tons, up 23.07%. The cumulative sugar production in Guangxi was 646.50 million tons, up 4.59% [3]. Cotton - The commercial inventory was 254.24 million tons, down 10.2%. The industrial inventory was 88.21 million tons, down 2.3%. The import volume was 3.00 million tons, down 25.0% [12]. Eggs - The price of egg - laying chicken chicks was 3.88 yuan/feather, down 0.51%. The price of culled chickens was 4.80 yuan/jin, up 4.35%. The egg - to - feed ratio was 2.25, up 6.64% [18].

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2509 | 总持仓小幅上升 | 前二十席位持仓保持稳定 | | 上证 | 50 | IH2509 | 总持仓保持稳定 | 国泰君安减仓 1000 手以上 | | 中证 | 500 | IC2509 | 总持仓小幅上升 | 中信多头减仓近 2000 手 | | 中证 | 1000 | IM2509 | 总持仓基本稳定 | 前二十席位增减仓不一 | 股指期货持仓日度变动简评 1,443.0 95.0 284.0 -598.0 2,311.0 135.0 1,553.0 35.0 -1,000 -500 0 500 1,000 1,500 2,000 2,500 IF IH IC IM 主力合约持仓变动 总持仓变动 2025 年 7 月 25 日星期五 证监许可 ...

Group 1: Metals Ferrous Metals - The spot price of 72-silicon ferroalloy qualified block in Inner Mongolia - Tianjin warehouse receipt is 5,878, with a basis of 124 and a historical quantile of 0.03%. The futures price is 5,754 [1]. - The spot price of 65-silicon manganese in Inner Mongolia - Hubei warehouse receipt is 2,950, with a basis of 25.60%. The futures price is 5,948, and the converted price is 6,517 [1]. - The spot price of HRB400 20mm rebar in Shanghai is 3,380, with a basis of 86 and a historical quantile of 45.20%. The futures price is 3,294 [1]. - The spot price of Q235B 4.75mm hot-rolled coil in Shanghai is 3,470, with a basis of 14 and a historical quantile of 23.40%. The futures price is 3,456 [1]. - The spot price of 62.5% Brazilian blended powder (BRBF) from Vale at Rizhao Port is 839, with a basis of 25.50%. The futures price is 811, and the converted price is based on the corresponding standard [1]. - The spot price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port is 1,735, with a basis of - 11.28%. The futures price is 1,539 [1]. - The spot price of S1.3 G75 main coking coal (Mongolian 5) at Shaheyi is 1,199, with a basis of - 5.88%. The futures price is 1,134 [1]. Non - ferrous Metals - The spot price of SMM 1 electrolytic copper is 79,795, with a basis of - 95 and a historical quantile of 32.91%. The futures price is 79,890 [1]. - The spot price of SMM A00 aluminum is 20,720, with a basis of - 40 and a historical quantile of 39.37%. The futures price is 20,760 [1]. - The spot price of SMM alumina index is 3,427, with a basis of - 184 and a historical quantile of 6.82%. The futures price is 3,243 [1]. - The spot price of SMM 1 zinc ingot is 22,810, with a basis of - 15 and a historical quantile of 10.41%. The futures price is 23,015 [1]. - The spot price of SMM 1 tin is 272,400, with a basis of 1,550 and a historical quantile of 13.75%. The futures price is 273,950 [1]. - The spot price of SMM 1 imported nickel is 124,360, with a basis of - 260 and a historical quantile of 42.29%. The futures price is 124,100 [1]. - The spot price of 304/2B:2*1240*C stainless steel from Wuxi Hongwang (including trimming fee) is 13,070, with a basis of 135 and a historical quantile of 33.04%. The futures price is 12,935 [1]. - The spot price of SMM battery - grade lithium carbonate is 76,680, with a basis of - 6,130 and a historical quantile of 4.40%. The futures price is 70,550 [1]. - The spot price of SMM industrial silicon is 10,000, with a basis of 475 and a historical quantile of 35.29%. The futures price is not clearly presented in a comparable way [1]. Precious Metals - The spot price of Shanghai Gold Exchange's gold AU (T + D) is 778.7, with a basis of - 3.6 and a historical quantile of 14.30%. The futures price is 775.1 [1]. - The spot price of Shanghai Gold Exchange's silver AG (T + D) is 9,386.0, with a basis of - 35.0 and a historical quantile of 17.80%. The futures price is 9,351.0 [1]. Group 2: Agricultural Products - The spot price of common soybean meal in Jiangsu Zhangjiagang is 2,860, with a basis of - 165.0 and a historical quantile of 9.20%. The futures price is 3,025.0 [1]. - The spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8,200, with a basis of 34.0 and a historical quantile of 2.10%. The futures price is 8,166.0 [1]. - The spot price of palm oil at Huangpu Port is 9,104.0, with a basis of - 44.0 and a historical quantile of 8.60%. The futures price is 9,060 [1]. - The spot price of common rapeseed meal in Guangdong Zhanjiang is 2,682.0, with a basis of - 122.0 and a historical quantile of 15.20%. The futures price is 2,560 [1]. - The spot price of fourth - grade rapeseed oil in Jiangsu Nantong is 9,540, with a basis of 48.0 and a historical quantile of 24.00%. The futures price is 9,492.0 [1]. - The spot price of corn at Jinzhou Port is 2,360, with a basis of 42.0 and a historical quantile of 67.80%. The futures price is 2,318.0 [1]. - The spot price of corn starch in Jilin Changchun is 2,740, with a basis of 71.0 and a historical quantile of 32.50%. The futures price is 2,669.0 [1]. - The spot price of live pigs (outer ternary) in Henan is 14,200, with a basis of - 165.0 and a historical quantile of 39.60%. The futures price is 14,365.0 [1]. - The spot price of eggs in Hebei Shijiazhuang is 3,636.0, with a basis of - 416.0 and a historical quantile of 8.90%. The futures price is 3,220 [1]. - The spot price of cotton (3128B) in Xinjiang is 15,431, with a basis of - 1,271.0 and a historical quantile of 8.98%. The futures price is 14,160.0 [1]. - The spot price of white sugar at Liuzhou Station is 6,120, with a basis of 254.0 and a historical quantile of 51.90%. The futures price is 5,866.0 [1]. - The theoretical delivery price of apples is 8,600, with a basis of 631.0 and a historical quantile of 50.40%. The futures price is 7,969.0 [1]. - The wholesale price of first - grade grey dates in Hebei is 10,515.0, with a basis of - 2,215.0 and a historical quantile of 8.60%. The futures price is 8,300 [1]. Group 3: Energy and Chemicals - The spot price of paraxylene at the Chinese main port (CFR) converted to RMB is 7,043.0, with a basis of 87.0 and a historical quantile of 52.90%. The futures price is 6,956.0 [1]. - The spot price of purified terephthalic acid (PTA) in the East China region is 4,850.0, with a basis of - 30.0 and a historical quantile of 41.30%. The futures price is 4,820.0 [1]. - The spot price of ethylene glycol in the East China region is 4,540.0, with a basis of 55.0 and a historical quantile of 81.10%. The futures price is 4,485.0 [1]. - The spot price of polyester fiber in the East China market is 6,605.0, with a basis of 85.0 and a historical quantile of 66.60%. The futures price is 6,520.0 [1]. - The spot price of styrene in East China is 7,450.0, with a basis of 10.0 and a historical quantile of 28.60%. The futures price is 7,440.0 [1]. - The spot price of methanol in Jiangsu Taicang is 2,480.0, with a basis of - 17.5 and a historical quantile of 23.10%. The futures price is 2,462.5 [1]. - The spot price of urea in Shandong is 1,810.0, with a basis of 25.0 and a historical quantile of 18.70%. The futures price is 1,785.0 [1]. - The spot price of linear low - density polyethylene (LLDPE) in Shandong is 7,385.0, with a basis of - 105.0 and a historical quantile of 2.90%. The futures price is 7,280.0 [1]. - The spot price of polypropylene (PP) in Zhejiang is 7,181.0, with a basis of - 41.0 and a historical quantile of 14.50%. The futures price is 7,140.0 [1]. - The spot price of polyvinyl chloride (SG - 5) in the Changzhou market is 5,238.0, with a basis of - 148.0 and a historical quantile of 38.50%. The futures price is 5,090.0 [1]. - The spot price of caustic soda (32% ion - membrane caustic soda) in Shandong is 2,675.0, with a basis of - 81.3 and a historical quantile of 37.00%. The futures price is 2,593.8 [1]. - The spot price of liquefied petroleum gas in Guangzhou is 4,548.0, with a basis of 525.0 and a historical quantile of 69.80%. The futures price is 4,023.0 [1]. - The spot price of asphalt in Shandong is 3,785.0, with a basis of 183.0 and a historical quantile of 80.60%. The futures price is 3,602.0 [1]. - The spot price of butadiene rubber in China is 12,285.0, with a basis of - 85.0 and a historical quantile of - 0.69%. The futures price is 12,200.0 [1]. - The spot price of glass in Shahe is 1,307.0, with a basis of - 131.0 and a historical quantile of 17.85%. The futures price is 1,176.0 [1]. - The spot price of heavy - quality soda ash in Shahe is 1,408.0, with a basis of - 10.0 and a historical quantile of 26.68%. The futures price is 1,398.0 [1]. - The spot price of natural rubber in Shanghai is 15,245.0, with a basis of - 245.0 and a historical quantile of 81.66%. The futures price is 15,000.0 [1]. Group 4: Financial Futures Stock Index Futures - For IF2509.CFE, the spot price is 4,149.0, with a basis of - 7.8 and a historical quantile of 40.60%. The futures price is 4,141.2 [1]. - For IH2509.CFE, the spot price is 2,816.6, with a basis of 4.2 and a historical quantile of 80.90%. The futures price is 2,812.4 [1]. - For IC2509.CFE, the spot price is 6,293.6, with a basis of - 67.6 and a historical quantile of 9.70%. The futures price is 6,226.0 [1]. - For IM2509.CFE, the spot price is 6,701.1, with a basis of - 82.5 and a historical quantile of 15.10%. The futures price is 6,618.6 [1]. Bond Futures - For 2 - year bond (TS2509), the spot price is 102.31, with a basis of 0.00 and a historical quantile of 27.00%. The futures price is 100.23, and the conversion factor is 0.9796 [1]. - For 5 - year bond (TF2509), the spot price is 105.61, with a basis of 0.02 and a historical quantile of 30.70%. The futures price is 100.59, and the conversion factor is 0.9522 [1]. - For 10 - year bond (T2509), the spot price is 108.26, with a basis of 0.01 and a historical quantile of 17.10%. The futures price is 100.63, and the conversion factor is 0.9294 [1]. - For 30 - year bond (TL2509), the spot price is 133.85, with a basis of 0.17 and a historical quantile of 23.80%. The futures price is 118.52, and the conversion factor is 1.1279 [1].

Group 1: Steel Industry Report Industry Investment Rating Not provided Core View The rise of steel is mainly policy - driven. After the confirmation of the anti - involution expectation in the coal industry on the 22nd, it is expected that ferrous metals will continue to be strong. Considering the short - term fundamental contradictions are not significant and the market sentiment has not fully fermented, it is recommended to avoid short positions and hold long positions [1]. Summary by Directory - **Steel Prices and Spreads**: The prices of some steel products have changed. For example, the price of hot - rolled coil spot in East China increased by 20 yuan/ton, while the price of hot - rolled coil spot in South China decreased by 10 yuan/ton. The prices of different contracts of steel also showed fluctuations [1]. - **Cost and Profit**: The costs of steel production processes such as steel billet, electric furnace, and converter have changed. The profits of hot - rolled coils in different regions decreased, while the profits of threaded steel in some regions increased [1]. - **Production and Inventory**: The daily average pig iron output increased by 1.1%, the output of five major steel products decreased by 0.1%, and the inventory of five major steel products decreased by 0.1%. The inventory of some steel products such as threaded steel decreased, while the inventory of hot - rolled coils increased [1]. - **Transaction and Demand**: The building materials trading volume increased by 22.6%, the apparent demand for threaded steel increased by 5.0%, and the apparent demand for hot - rolled coils decreased by 2.6% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View The 09 contract of iron ore showed a volatile downward trend. In the short - term, iron ore will oscillate. It is recommended to gradually take profits on long positions at high levels and adopt the strategy of going long on coking coal and short on iron ore [4]. Summary by Directory - **Price and Spread**: The prices of different types of iron ore and their spreads showed small fluctuations. For example, the price of PB powder increased by 0.3%, and the 5 - 9 spread increased by 2.0% [4]. - **Supply and Demand**: The global iron ore shipment volume increased, the arrival volume at 45 ports decreased, and the subsequent average arrival volume is expected to decline slightly. The demand side shows high - level pig iron production, and the terminal demand is strong in the off - season [4]. - **Inventory**: The port inventory increased slightly, the inventory of imported iron ore in 247 steel mills decreased, and the available days of inventory in 64 steel mills increased [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View The coke futures rose strongly, and the spot market improved with multiple rounds of price increase expectations. The coking coal futures also rose strongly, and the spot market continued to rise. It is recommended to gradually reduce long positions of coke at high levels, adopt the strategy of going long on coke and short on iron ore for coke, and hold long positions of coking coal and gradually reduce them at high levels, and adopt the strategy of going long on coking coal and short on iron ore for coking coal [6]. Summary by Directory - **Price and Spread**: The prices of coke and coking coal and their spreads changed. For example, the price of Shanxi first - class wet - quenched coke remained unchanged, and the price of coking coal (Shanxi warehouse receipt) increased by 4.5% [6]. - **Supply and Demand**: The supply of coke was affected by factors such as slow coal mine复产 and corporate losses, and the demand increased due to the resumption of blast furnaces. The supply of coking coal was in short supply, and the demand increased due to the high - level pig iron production [6]. - **Inventory**: The inventory of coke decreased in some links and increased in others, showing an overall medium - level state. The inventory of coking coal decreased significantly in mines, ports, and other places, and the inventory of downstream increased [6].

1. Report Industry Investment Ratings No information provided in the given reports. 2. Core Views Palm Oil, Soybean Oil, and Rapeseed Oil - Malaysian BMD crude palm oil futures may strengthen slowly after oscillating in the range of 4300 - 4350 ringgit, but are likely to weaken after the end - of - month market re - assesses concerns about inventory growth. Domestic palm oil futures maintain a near - strong and far - weak pattern, and attention should be paid to whether it can stand firmly above 9000 yuan after oscillating in the 9000 - 9200 range. - The USDA's increase in the industrial use of US soybean oil to more than half of consumption and the hope for Indian Diwali stocking boost the palm oil and vegetable oil markets. CBOT soybean oil may rise again in the short term. In the domestic market, the oil mills'催提 before contract execution expiration in August has a negative impact on the spot basis, but the trade - cost support and increasing demand after July will support the basis [1]. Sugar - Brazil's sugar production in the second half of June decreased more than expected. If the sugar - to - ethanol ratio is adjusted downward, Brazil's output may not meet expectations. The price of raw sugar may find a short - term bottom, but the overall trend is still bearish due to the expected increase in production. In the domestic market, low inventory supports the spot price in Guangxi, but the entry of refined sugar into the market and expected increase in imports will lead to a marginal loosening of supply - demand, so a bearish view is maintained after a rebound [4]. Corn - The policy auction of imported corn has limited impact. Supply - side factors such as tight remaining grain, traders' reluctance to sell, and transportation disruptions from heavy rainfall keep the number of corn - arriving vehicles low. However, low profit margins limit the willingness of deep - processing enterprises to raise prices. Demand - side factors show low deep - processing startup rates and sufficient feed - enterprise inventories. Wheat has a substitution advantage but is supported by the price - support policy, limiting the decline of corn prices. In the medium term, tight supply, low imports, and increasing aquaculture consumption will support corn prices. In the short term, the market is quiet, and the market may fluctuate narrowly [7]. Meal - US soybeans are at the bottom and may be supported by expected drought in the main production areas in August and improved trade expectations. Brazilian soybeans are firm due to high premiums, but Chinese purchase rumors of US soybeans suppress the rise of Brazilian premiums. In the domestic market, soybean and soybean meal inventories are rising, and the basis is oscillating at a low level. Short - term supply is high, but the continuity of soybean arrivals after October is uncertain, so the basis has limited downside. A wait - and - see approach is recommended [10]. Cotton - The downstream demand of the cotton industry is still weak, but the rising cotton price has led to some follow - up price increases. The inventory pressure from the sale of old cotton after the rise in Zhengzhou cotton prices is not concentrated, and the tight inventory situation is difficult to resolve before the new cotton harvest. In the short term, domestic cotton prices may oscillate at a high level, and will face pressure after the new cotton is listed [12]. Pork - The recent rise in the pork futures market is driven by capital sentiment. The current supply - demand situation is weak. Although there may be a short - term boost at the end of the month, the subsequent resumption of group - farm sales and the need to sell large pigs from small - scale farmers suggest that short - term pig prices are not optimistic. Spot prices are expected to bottom - oscillate, and the upside of the near - month 09 contract is limited. The far - month contracts are affected by policies, and caution should be exercised in trading [15]. Eggs - The supply of eggs is sufficient due to the high inventory of laying hens, but high - temperature weather has reduced egg weight and production rates, resulting in a tight supply of large - sized eggs. The peak - season demand for eggs has started, with increased participation from traders and food enterprises. The price of eggs is expected to rise this week, but the increase may be limited by sufficient supply and high - temperature weather [19]. 3. Summary by Related Catalogs Futures Market Data Palm Oil - On July 24, the spot price of Jiangsu Grade 1 palm oil was 8360 yuan/ton, up 0.60% from the previous day; the futures price of Y2509 was 8166 yuan/ton, up 1.14%. The basis was 194 yuan/ton, down 17.80%. The number of warehouse receipts remained unchanged at 21,695 [1]. Soybean Oil - On July 24, the spot price of Guangdong 24 - degree soybean oil was 9050 yuan/ton, up 0.56%; the futures price of P2509 was 8994 yuan/ton, up 1.22%. The basis was - 54 yuan/ton, down 1000.00%. The import cost and profit of palm oil in Guangzhou Port showed corresponding changes [1]. Rapeseed Oil - On July 24, the spot price of Jiangsu Grade 4 rapeseed oil was 9570 yuan/ton, up 0.21%; the futures price of OI509 was 9492 yuan/ton, up 0.38%. The basis was 78 yuan/ton, down 17.02% [1]. Sugar - On July 24, the futures price of sugar 2601 was 2668 yuan/ton, up 0.21%; the futures price of 2509 was 5866 yuan/ton, up 0.55%. The basis, warehouse receipts, and other indicators also changed accordingly. In the spot market, the prices in Nanning and Kunming showed different trends, and the import prices of Brazilian sugar decreased [3]. Corn - On July 25, the futures price of corn 2509 was 2318 yuan/ton, down 0.13%. The basis, 9 - 1 spread, and other indicators changed accordingly. For corn starch, the futures price of 2509 was 2669 yuan/ton, down 0.22%, and the basis increased [7]. Meal - On July 25, the spot price of Jiangsu soybean meal was 2860 yuan/ton, down 2.05%; the futures price of M2509 was 3025 yuan/ton, down 2.26%. The basis, import - crushing profit, and other indicators of soybean meal, rapeseed meal, and soybeans all changed [10]. Cotton - On July 25, the futures price of cotton 2509 was 14160 yuan/ton, down 0.14%; the futures price of 2601 was 14065 yuan/ton, unchanged. The basis, 9 - 1 spread, and other indicators showed corresponding changes. In the spot market, the prices of Xinjiang - delivered cotton and other indicators increased slightly [12]. Pork - On July 25, the futures price of pork 2511 was 14210 yuan/ton, down 0.63%; the futures price of 2509 was 14365 yuan/ton, down 1.54%. The basis, 9 - 11 spread, and other indicators changed accordingly. Spot prices in different regions decreased to varying degrees [15]. Eggs - On July 25, the futures price of the egg 09 contract was 3636 yuan/500KG, down 0.03%; the futures price of the 08 contract was 3562 yuan/500KG, down 1.41%. The basis, 9 - 8 spread, and other indicators changed accordingly. The prices of egg - producing areas, egg - chicken seedlings, and other related indicators also showed different trends [18]. Industry Situation Sugar - The cumulative national sugar production was 1116.21 million tons, up 12.03% year - on - year; the cumulative national sugar sales were 811.38 million tons, up 23.07%. The cumulative sugar production in Guangxi was 646.50 million tons, up 4.59%, and the monthly sales in Guangxi decreased by 3.26%. The national and Guangxi sugar sales rates increased, and the national industrial inventory decreased by 9.56% [3]. Cotton - The commercial inventory decreased by 10.2% month - on - month, the industrial inventory decreased by 2.3%, the import volume decreased by 25.0%, and the bonded - area inventory decreased by 2.7%. The yarn and fabric inventory days increased, the cotton outbound shipping volume increased by 22.6%, and the processing profit of spinning enterprises decreased by 0.9%. The retail sales of clothing, shoes, hats, and textiles increased by 4.1%, and the export situation of textiles and clothing showed different trends [12]. Pork - The daily slaughter volume increased by 0.73%, the weekly white - strip pork price decreased by 1.01%, the weekly piglet and sow prices remained unchanged, the weekly average slaughter weight decreased by 0.27%, the weekly self - breeding profit decreased by 32.11%, the weekly purchased - pig breeding profit decreased by 159.05%, and the monthly inventory of breeding sows increased by 0.10% [15].

Group 1: Natural Rubber Report Industry Investment Rating Not provided Core View Short - term rubber prices continue to rebound due to macro - sentiment and supply - side disturbances. It is recommended to wait and see for now and pay attention to the raw material supply situation after the weather in the main producing areas improves [1] Summary by Directory - **Spot Price and Basis**: On July 24, the price of Yunnan Guofu full - latex rubber (SCRWF) in Shanghai was 15,000 yuan/ton, up 50 yuan/ton from the previous day, with a daily increase of 0.33%. The price of Thai standard mixed rubber was 14,900 yuan/ton, up 300 yuan/ton from the previous day, with a daily increase of 2.05%. The FOB intermediate price of cup rubber in the international market was 50.00 Thai baht/kg, up 0.05 Thai baht/kg from the previous day, with a daily increase of 0.10% [1] - **Inter - monthly Spread**: The 9 - 1 spread was - 795 yuan/ton, down 45 yuan/ton from the previous day, with a daily decrease of 6.00%. The 1 - 5 spread was - 120 yuan/ton, down 5 yuan/ton from the previous day, with a daily decrease of 4.35% [1] - **Fundamental Data**: In May, Thailand's production was 272,200 tons, up 166,500 tons from the previous month, with a monthly increase of 157.52%. In June, the domestic tire production was 102.749 million pieces, up 756,000 pieces from the previous month, with a monthly increase of 0.74% [1] - **Inventory Change**: As of July 24, the bonded area inventory (bonded + general trade inventory) was 636,383 tons, up 4,006 tons from the previous day, with a daily increase of 0.63%. The factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange was 36,691 tons, down 303 tons from the previous day, with a daily decrease of 0.82% [1] Group 2: Logs Report Industry Investment Rating Not provided Core View Recently, the sentiment of commodities has improved under the tone of anti - involution and stable growth, and commodity prices have risen significantly. In terms of fundamentals, the arrival volume at ports is expected to gradually recover this week. Currently, the log demand is in the off - season, and weak demand drags down the spot price. Under the current strong expectations, investors need to pay attention to market sentiment changes and log supply and inventory. They can consider buying on dips [6] Summary by Directory - **Futures and Spot Prices**: On July 24, the 2509 log contract closed at 827.5 yuan/cubic meter, up 4.5 yuan/cubic meter from the previous day. The price of the main standard delivery item increased by 10 yuan. The price of 3.9 - meter medium - A radiata pine in Shandong was 740 yuan/cubic meter, and the price of 4 - meter medium - A radiata pine in Jiangsu was 760 yuan/cubic meter [6] - **Supply**: In June, the port shipment volume was 1.76 million cubic meters, up 37,000 cubic meters from the previous month, with a monthly increase of 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea was 53, down 5 from the previous month, with a monthly decrease of 8.62% [6] - **Inventory**: As of July 18, the total inventory of coniferous logs in China was 3.29 million cubic meters, up 70,000 cubic meters from the previous week, with a weekly increase of 2.17% [6] - **Demand**: As of July 18, the daily average log delivery volume was 62,400 cubic meters, up 3,600 cubic meters from the previous week, with a weekly increase of 0.36% [6] Group 3: Polysilicon Report Industry Investment Rating Not provided Core View After the sharp rise in futures prices, the arbitrage window opens, and upstream enterprises have the motivation to hedge. The increase in warehouse receipts requires attention to the risk of price decline. Currently, the option volatility is high. If the volatility falls, investors can consider buying put options. They need to pay attention to risk management [7] Summary by Directory - **Spot Price and Basis**: On July 24, the average price of N - type polysilicon feedstock was 46,000 yuan/ton, unchanged from the previous day. The average price of N - type granular silicon was 44,000 yuan/ton, unchanged from the previous day [7] - **Futures Price and Inter - monthly Spread**: The futures main contract price opened low and moved high, rising 3,685 yuan/ton to close at 53,765 yuan/ton. The spread between PS2506 and PS2507 was - 25 yuan/ton, down 140 yuan/ton from the previous day, with a daily decrease of 121.74% [7] - **Fundamental Data (Weekly)**: The silicon wafer production was 11.20 GM, up 0.10 GM from the previous week, with a weekly increase of 0.90%. The polysilicon production was 25,500 tons, up 2,500 tons from the previous week, with a weekly increase of 10.87% [7] - **Fundamental Data (Monthly)**: The polysilicon production was 101,000 tons, up 4,900 tons from the previous month, with a monthly increase of 5.10%. The polysilicon import volume was 110 tons, up 20 tons from the previous month, with a monthly increase of 16.59% [7] - **Inventory Change**: The polysilicon inventory was 243,000 tons, down 6,000 tons from the previous month, with a monthly decrease of 2.41%. The silicon wafer inventory was 17.87 CM, up 1.85 CM from the previous month, with a monthly increase of 11.55% [7] Group 4: Industrial Silicon Report Industry Investment Rating Not provided Core View Industrial silicon futures followed coking coal futures and fluctuated upward but dived in the late session. The fundamentals are weak. Although the industry profit has been repaired and the arbitrage window has opened, demand has weakened, and attention should be paid to inventory pressure. In the short term, it may still fluctuate strongly following coking coal, but the risk increases. If the prices of polysilicon and coking coal futures fall, the price will decline from the high level. Investors can try to buy put options. They need to pay attention to position control and risk management [8] Summary by Directory - **Spot Price and Main Contract Basis**: On July 24, the price of East China oxygen - passing S15530 industrial silicon was 10,100 yuan/ton, up 100 yuan/ton from the previous day, with a daily increase of 1.00%. The price of Hua Le SI4210 industrial silicon was 10,350 yuan/ton, up 100 yuan/ton from the previous day, with a daily increase of 0.98% [8] - **Inter - monthly Spread**: The spread between 2508 and 2509 was - 60 yuan/ton, down 40 yuan/ton from the previous day, with a daily decrease of 200.00%. The spread between 2509 and 2510 was 55 yuan/ton, down 25 yuan/ton from the previous day, with a daily decrease of 31.25% [8] - **Fundamental Data (Monthly)**: The national industrial silicon production was 300,800 tons, down 41,400 tons from the previous month, with a monthly decrease of 12.10%. The Xinjiang industrial silicon production was 167,500 tons, down 43,300 tons from the previous month, with a monthly decrease of 20.55% [8] - **Inventory Change**: The Xinjiang factory - warehouse inventory was 126,100 tons, up 2,500 tons from the previous week, with a weekly increase of 2.02%. The Yunnan factory - warehouse inventory was 29,000 tons, up 1,700 tons from the previous week, with a weekly increase of 6.23% [8] Group 5: Glass and Soda Ash Report Industry Investment Rating Not provided Core View The market's macro - bullish sentiment continues. The market information about coal production cuts this week continues to boost the market's bullish sentiment. The supply - demand pattern of soda ash is still in obvious surplus, and the demand for soda ash has no obvious growth in the future. The glass market is currently in the off - season, and the rigid demand has certain pressure. The current market is mainly driven by sentiment, and investors should pay attention to risk avoidance [10] Summary by Directory - **Glass - related Prices and Spreads**: On July 25, the 2505 glass contract was 1,437 yuan/ton, up 65 yuan/ton from the previous day, with a daily increase of 4.74%. The 2509 glass contract was 1,307 yuan/ton, up 96 yuan/ton from the previous day, with a daily increase of 7.93% [10] - **Soda Ash - related Prices and Spreads**: The 2505 soda ash contract was 1,518 yuan/ton, up 66 yuan/ton from the previous day, with a daily increase of 4.55%. The 2509 soda ash contract was 1,408 yuan/ton, up 70 yuan/ton from the previous day, with a daily increase of 4.82% [10] - **Supply**: The soda ash operating rate was 83.02%, down 1.08 percentage points from July 18. The weekly soda ash production was 723,800 tons, down 9,000 tons from July 18 [10] - **Inventory**: The glass factory - warehouse inventory was 61.89 million weight boxes, down 3.049 million weight boxes from July 18, with a decrease of 4.70%. The soda ash factory - warehouse inventory was 1.8646 million tons, down 41,000 tons from July 18, with a decrease of 2.15% [10] - **Real Estate Data Year - on - Year**: The new construction area decreased by 0.09%, the construction area decreased by 2.43%, the completion area decreased by 0.03%, and the sales area decreased by 6.50% [10]

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports present data on various types of futures, including stock index futures, Treasury bond futures, precious metal futures, and container shipping futures, as well as related spot prices, spreads, and other indicators. They show the latest values, changes from the previous day, historical quantiles, and other information to help investors understand the market conditions of different futures products [1][2][4][6]. 3. Summary by Related Catalogs Stock Index Futures - **Price Spread Data**: The report provides detailed price spread data for IF, IH, IC, and IM stock index futures, including spot - futures spreads and inter - period spreads. For example, the IF spot - futures spread is - 7.84, with a change of 2.73 from the previous day, and the historical 1 - year quantile is 40.90% [1]. Treasury Bond Futures - **IRR and Basis**: Information on IRR, basis, and price spreads for TS, TF, T, and TL Treasury bond futures is given. For instance, the TS basis is 1.5781, with a change of 0.0115 from the previous day, and the historical quantile is 23.00% [2]. Precious Metal Futures - **Price and Spread**: It shows the closing prices of domestic and foreign precious metal futures, spot prices, and basis. For example, the AU2510 contract closed at 778.74 yuan/gram on July 24, down 1.79% from the previous day, and the gold TD - Shanghai gold main contract basis is - 3.64 [4]. Container Shipping Futures - **Spot and Futures Prices**: The report includes spot quotes for Shanghai - Europe container shipping, container shipping index data, futures prices, and basis. For example, the MAERSK spot price for Shanghai - Europe on July 25 is 3104 dollars/FEU, up 0.16% from the previous day, and the EC2602 futures contract price on July 24 is 1562.3, up 5.75% from the previous day [6]. Data and Information Calendar - **Domestic and Overseas Data**: It lists domestic and overseas economic data and events to be released, such as the US June durable goods orders monthly rate, and domestic 2000 billion yuan 1 - year MLF due on a certain day [9].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Polyolefin Industry - The valuation shows that the marginal profit is gradually recovering, and the supply and demand of PP and PE are simultaneously contracting, with inventory accumulation. The demand side continues to be in a weak state. There is a risk of capacity withdrawal for devices with a production history of over 20 years. Strategy-wise, there is an opportunity for PP to fluctuate on the short - side, and PE can be bought within a certain range [2]. Crude Oil Industry - Overnight oil prices rose due to the repair of market demand expectations after the alleviation of macro - tense emotions. However, the OPEC+ production increase plan and Sino - US trade uncertainties pose upward resistance. It is recommended to adopt a short - term band strategy [5]. Pure Benzene and Styrene Industry - Pure benzene's previous maintenance devices are gradually restarting, and its downstream price transmission is not smooth. The short - term trend of pure benzene fluctuates with the overall market sentiment. Styrene's supply - demand expectation is weak, but it is supported in the short - term by the domestic anti - involution sentiment, with limited upside [44]. Methanol Industry - Inland methanol prices fluctuate slightly. The supply side has high maintenance losses in July but there is a restart expectation. The demand side is restricted by the traditional off - season. The port side is expected to accumulate inventory from July to August. In the short - term, the cost is lifted by coal, and the 09 contract's fluctuation range moves up. It is advisable to buy the 01 contract at low prices [47]. Chlor - alkali Industry - For caustic soda, the short - term macro - disturbance is intense, and it is recommended to close previous long positions and wait and see. For PVC, the short - term trading logic is mainly dominated by macro - emotions, and it is recommended to wait and see [52]. Polyester Industry Chain - PX is expected to fluctuate strongly in the short - term. PTA may fluctuate strongly in the short - term. Ethylene glycol is expected to run strongly in the short - term. Short - fiber has no obvious short - term driver. Bottle - chip supply - demand has an improvement expectation [71]. Urea Industry - The urea futures market is in a range - bound pattern. The supply is sufficient, and the demand is weak, resulting in a supply - exceeding - demand situation. The future price breakthrough depends on the substantial warming of the demand side [78]. 3. Summaries by Related Catalogs Polyolefin Industry - **Prices**: Futures and spot prices of L and PP increased on July 24 compared to July 23. For example, L2601's closing price rose from 7346 to 7436, with a 1.23% increase [2]. - **Inventory**: PE enterprise inventory decreased by 4.99% to 50.3 tons, while PP enterprise inventory increased by 2.62% to 58.1 tons [2]. - **开工率**: PE device's starting rate increased by 0.97% to 79.0%, and PP device's starting rate decreased by 0.4% to 77.0% [2]. Crude Oil Industry - **Prices**: On July 25, Brent, WTI, and SC prices all increased compared to July 24. For example, Brent rose from 68.51 to 69.18 dollars per barrel, with a 0.98% increase [5]. - **Trading Logic**: The rise in oil prices is due to the alleviation of macro - tense emotions and the improvement of demand expectations, but there are still supply - side uncertainties [5]. Pure Benzene and Styrene Industry - **Prices**: On July 24, the prices of pure benzene and styrene - related products showed different trends. For example, the spot price of pure benzene decreased by 0.2% to 5980 yuan per ton [44]. - **Inventory**: Pure benzene's Jiangsu port inventory increased by 4.3% to 17.10 tons, and styrene's Jiangsu port inventory increased by 8.8% to 15.07 tons [44]. - **开工率**: The Asian pure benzene starting rate increased by 0.7% to 77.4%, and the domestic pure benzene starting rate increased by 0.3% to 78.1% [44]. Methanol Industry - **Prices**: On July 24, methanol futures and spot prices increased compared to July 21. For example, MA2601's closing price rose from 2482 to 2550, with a 2.74% increase [47]. - **Inventory**: Methanol enterprise inventory decreased by 3.55% to 33.983 tons, and methanol port inventory decreased by 8.15% to 72.6 tons [47]. - **开工率**: The upstream domestic enterprise starting rate decreased by 1.01% to 70.37, and the downstream external - procurement MTO device starting rate increased by 0.56% to 75.96 [47]. Chlor - alkali Industry - **Prices**: On July 24, the prices of caustic soda and PVC - related products showed different trends. For example, the price of Shandong 32% liquid caustic soda remained unchanged at 2593.8 yuan per ton [50]. - **开工率**: The caustic soda industry starting rate increased by 1.3% to 86.3, and the PVC total starting rate decreased by 0.1% to 75.0 [50]. - **Inventory**: The liquid caustic soda East China factory inventory increased by 13.8% to 21.3 tons, and the PVC upstream factory inventory decreased by 3.7% to 36.8 tons [52]. Polyester Industry Chain - **Prices**: On July 24, the prices of upstream and downstream products in the polyester industry chain changed. For example, the price of Brent crude oil (September) rose from 68.51 to 69.18 dollars per barrel, with a 1.0% increase [71]. - **开工率**: The Asian PX starting rate remained unchanged at 73.6%, and the PTA starting rate remained unchanged at 79.7% [71]. Urea Industry - **Prices**: On July 24, the prices of urea futures contracts increased compared to July 23. For example, the 01 contract's closing price rose from 1779 to 1796, with a 0.96% increase [75]. - **Inventory**: The domestic urea factory inventory decreased by 4.10% to 85.88 tons, and the domestic urea port inventory increased by 0.37% to 54.30 tons [78]. - **开工率**: The urea production factory starting rate increased by 1.26% to 83.21 [78].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Copper - Copper pricing has returned to macro trading. Market sentiment is positive, but there is a risk of short - term sentiment reversal. The demand side has weakened, but domestic macro policies and low inventory support the price. The main reference range is 78,000 - 80,000 [1]. Aluminum - For alumina, short - term price may be strong above 3100 yuan, but there are risks such as policy changes and squeeze - out risks. Mid - term, it is recommended to short at high prices. For aluminum, short - term prices are under pressure at high levels, with the main contract reference range of 20,200 - 21,000. Focus on de - stocking inflection points and demand changes [4]. Aluminum Alloy - The market is expected to be weak and volatile, with the main reference range of 19,600 - 20,400. Pay attention to upstream scrap aluminum supply and import marginal changes [5]. Zinc - Short - term zinc prices are expected to fluctuate, with the main reference range of 22,000 - 23,500. Long - term supply is expected to be loose, and follow - up attention should be paid to macro - sentiment changes [9]. Nickel - Short - term nickel prices are expected to adjust within a range, with the main reference range of 120,000 - 128,000. Focus on macro - expectation changes [11]. Tin - Short - term tin prices are strong. It is recommended to wait and see, and pay attention to market sentiment changes and Myanmar's resumption of production progress [14]. Stainless Steel - Short - term stainless steel prices will fluctuate, with the main reference range of 12,600 - 13,200. Pay attention to policy trends and supply - demand rhythms [17]. Lithium Carbonate - Short - term lithium carbonate prices are expected to fluctuate widely. It is advisable to increase volatility and be cautious in unilateral trading. Focus on macro - expectation changes and supply adjustments [20]. 3. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.01% to 79,795 yuan/ton. The refined - scrap price difference decreased by 9.15% to 1,304 yuan/ton [1]. - **Fundamental Data**: In June, electrolytic copper production decreased by 0.30% to 113.49 million tons, and imports increased by 18.74% to 30.05 million tons [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price decreased by 0.62% to 20,850 yuan/ton. The alumina price in Shandong increased by 0.16% to 3,220 yuan/ton [4]. - **Fundamental Data**: In June, alumina production decreased by 0.19% to 725.81 million tons, and electrolytic aluminum production decreased by 3.22% to 360.90 million tons [4]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price decreased by 0.25% to 20,200 yuan/ton [5]. - **Fundamental Data**: In June, the production of recycled aluminum alloy ingots increased by 1.49% to 61.50 million tons, and the production of primary aluminum alloy ingots decreased by 2.30% to 25.50 million tons [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 0.26% to 22,880 yuan/ton [9]. - **Fundamental Data**: In June, refined zinc production increased by 6.50% to 58.51 million tons, and imports increased by 34.97% to 3.61 million tons [9]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price increased by 0.52% to 124,700 yuan/ton. The cost of integrated MHP to produce electrolytic nickel increased by 0.88% to 121,953 yuan/ton [11]. - **Fundamental Data**: In June, China's refined nickel production decreased by 10.04% to 31,800 tons, and imports increased by 116.90% to 19,157 tons [11]. Tin - **Price and Basis**: SMM 1 tin price increased by 1.30% to 272,400 yuan/ton [14]. - **Fundamental Data**: In June, tin ore imports decreased by 11.44% to 11,911 tons, and SMM refined tin production decreased by 6.94% to 13,810 tons [14]. Stainless Steel - **Price and Spread**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12,900 yuan/ton [17]. - **Fundamental Data**: In June, China's 300 - series stainless steel crude steel production decreased by 3.83% to 171.33 million tons, and imports decreased by 12.48% to 10.95 million tons [17]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate price increased by 0.14% to 70,550 yuan/ton. The basis (SMM electric carbon benchmark) increased by 152.34% to 1,230 yuan/ton [20]. - **Fundamental Data**: In June, lithium carbonate production increased by 8.34% to 78,090 tons, and demand decreased by 0.15% to 93,815 tons [20].