Report Summary 1. Report Information - Research Variety: Soybean Meal [1] - Report Cycle: Daily - Date: August 6, 2025 - Researcher: Qi Jianhua 2. Investment Rating - Not provided in the report 3. Core View - The price of the soybean meal m2509 futures contract fluctuated within a range today, rising first and then falling. The good weather in the Midwest of the United States has hindered the rise of CBOT soybean futures prices. Although the increase in the import cost of domestic imported soybeans supports the futures price of soybean meal, the fact that the supply of soybean meal currently exceeds demand may cause the price of the m2509 contract to continue to fluctuate and adjust [10]. 4. Summary by Directory 4.1 Futures Market - **Contract Market**: On August 6, 2025, the price of the soybean meal m2509 futures contract rose first and then fell, fluctuating within the day. It closed at 3,026 yuan/ton, down 4 yuan/ton or 0.1% from the previous day. The daily K-line closed in a negative line. The full-day trading volume was 945,564 lots, and the open interest was 1,203,970 lots [2]. - **Variety Price**: Among the 8 contracts of soybean meal futures, prices rose and fell. The total open interest of the variety contracts was 4,771,882 lots, an increase of 10,102 lots from the previous trading day. The open interest of the active contract m2509 decreased by 71,233 lots, while the open interest of the m2601 contract increased by 52,856 lots [2]. 4.2 Spot Market - **Spot Quotation**: On August 6, 2025, the spot quotations of soybean meal in some domestic regions declined slightly. For example, the price in Zhangjiagang was 2,910 yuan, down 10 yuan; in Tianjin, it was 2,970 yuan, down 30 yuan; in Rizhao, it was 2,890 yuan, down 10 yuan; and in Dongguan, it remained unchanged at 2,910 yuan [5][6]. - **Registered Warehouse Receipts**: The warehouse receipts of soybean meal in various warehouses remained unchanged, with a total of 10,950 lots [7]. 4.3 Influencing Factors - **Industry Information**: Brazilian soybean sales in the 2025/26 season reached 16.8% of the expected output, compared with 22.5% in the same period last year; in the 2024/25 season, sales reached 78.4% of the expected output, compared with 82.2% in the same period last year. Today, the import cost of soybeans increased, with US soybeans up 1 yuan/ton, Brazilian soybeans up 10 yuan/ton, and Argentine soybeans up 27 yuan/ton [7][8]. - **Basis Data**: A chart of the soybean meal futures basis trend was provided, but specific data was not elaborated [9]. 4.4 Market Outlook - The price of the soybean meal m2509 futures contract is expected to continue to fluctuate and adjust due to the good weather in the US Midwest and the current supply - demand imbalance of soybean meal in the domestic market [10].

Report Summary 1. Report Information - Research Variety: Beans - Report Type: Daily report on soybean No. 1 futures - Date: August 5, 2025 [1] 2. Futures Market 2.1 Contract Quotes - The main continuous contract of DCE soybean No. 1 futures fluctuated, closing with a doji on the daily K - line. The opening price was 4,115 yuan/ton, the highest was 4,134 yuan/ton, the lowest was 4,109 yuan/ton, and the closing price was 4,116 yuan/ton, a decrease of 10 yuan/ton (-0.24%) from the previous day. The trading volume was 65,168 lots, the open interest was 107,330 lots, and the daily change in open interest was -3,096 lots [2]. 2.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Change in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,116 | -10 | -0.24% | 65,168 | 107,330 | -3,096 | 0.61% | | A2511 | 4,102 | -3 | -0.07% | 38,020 | 127,497 | 2,997 | 0.37% | | A2601 | 4,104 | 6 | 0.15% | 13,298 | 42,264 | 2,425 | 0.56% | | A2603 | 4,095 | 6 | 0.15% | 2,072 | 24,245 | 188 | 0.49% | [3] 3. Spot Market - The basis of soybean No. 1 was -96 yuan/ton, continuing to narrow. The total registered warehouse receipts of soybean No. 1 were 13,678 lots, a decrease of 10 lots from the previous trading day [5] 4. Influencing Factors 4.1 Important Events - The average price of domestic soybeans was 4,002 yuan/ton, a decrease of 0.22% from the previous day, with the price stabilizing and declining in recent days. The inventory of soybeans in major ports was 6.7739 million tons, a decrease of 1.99% from the previous day, and the inventory accumulation rate slowed down [6][8] 4.2 Industry News - The recent arrival - at - destination duty - paid prices of imported soybeans showed a stable - to - rising trend. The recent arrival - at - destination duty - paid price of US Gulf soybeans was 4,783.13 yuan/ton, that of Brazilian soybeans was 3,962.21 yuan/ton, and that of Argentine soybeans was 3,814.33 yuan/ton. The overall crushing profit of enterprises has been showing a stable - to - rising trend recently [9]

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Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints - In July 2025, the two "boots" of the US copper tariff increase landed, causing the COMEX copper price to plummet, and the London and Shanghai copper prices also declined successively. After the tariff increase, over 600,000 tons of copper previously stored in the US re - entered the market, putting short - term pressure on copper prices [1] - Fundamental factors will lead to a short - term decline in copper prices, but copper is a tight - balance variety, and the price decline will be very unsmooth and may even be repeated. Later, attention should be paid to the comprehensive impact of the final implementation of the US tariff increase policy and the Fed's interest rate cut on copper prices [9] Group 3: Summary by Relevant Catalogs Futures and Spot Market Review - In July, the copper market experienced two major unexpected events. On July 9, Trump suddenly announced a 50% tariff on copper starting August 1, and on July 31, he announced details of the copper tariff increase, exempting copper concentrates, scrap copper, copper lead, and cathode copper from the 50% tariff and only imposing it on intermediate processed products and some final finished products. These two events greatly changed market expectations and led to a sharp drop in the COMEX copper price [2] - In July, the COMEX December 2025 main contract closed at $4.5010 per pound, down $0.6760 per pound or 13.06% from the June closing price. The price once reached a record high of $6.0215 per pound ($13,275 per ton). The LME copper 3 - month electronic contract closed at $9,607 per ton in July, down $271 per ton or 2.74%. The Shanghai copper main contract 2509 closed at 78,040 yuan per ton, down 1,640 yuan per ton or 2.06% [3] - The table shows the monthly market conditions of SHFE copper, including opening prices, high prices, low prices, closing prices, price changes, positions, position changes, settlement prices, trading volumes, and trading amounts for different delivery months [7]

Market Conditions Futures Market - The main continuous contract of DCE Soybean No. 1 futures fluctuated within a narrow range today, closing at 4117 yuan/ton, down 0.22% from the previous day, with a trading volume of 111,267 lots and an open interest of 110,426 lots, a decrease of 10,173 lots [2]. - The closing prices of A2509, A2511, A2601, and A2603 contracts were 4117 yuan/ton, 4101 yuan/ton, 4095 yuan/ton, and 4084 yuan/ton respectively, with decreases of 0.22%, 0.22%, 0.07%, and 0.15% respectively [3]. Spot Market - Today's basis of Soybean No. 1 was -97 yuan/ton, and the basis continued to narrow. The total number of registered warehouse receipts for Soybean No. 1 was 13,688 lots, an increase of 286 lots from the previous trading day [5]. Influencing Factors Important Events - The average price of domestic soybeans was 4011 yuan/ton, up 0.22% from the previous day, and the spot price of soybeans has fluctuated up and down in recent days. The soybean inventory at major ports was 6.9117 million tons, up 0.81% from the previous day, and the port soybean inventory continued to accumulate [7][9]. Industry News - The decline of the near - month landed duty - paid price of imported soybeans has slowed down, and the price has stabilized with a slight increase. The near - month landed duty - paid price of US Gulf soybeans was 4755.44 yuan/ton, that of Brazilian soybeans was 3909.75 yuan/ton, and that of Argentine soybeans was 3762.30 yuan/ton. Recently, the overall profit of enterprise crushing has maintained a stable and rising trend [10].

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The price of the palm oil p2509 futures contract showed a slight increase on August 1, 2025, but the short - term price may be weak and volatile. Future trends need to be observed in terms of main position changes, production area data during the production - increasing season, market consumption performance, and policy guidance [2][22] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On August 1, 2025, the palm oil p2509 futures contract opened lower and fluctuated, with three rallies followed by declines, closing at 8,910 yuan/ton, up 0.11% from the previous settlement price. Near the delivery date, it's about to shift positions. The trading volume was 512,100 lots, an increase of 33,000 lots from the previous day, and the open interest was 394,100 lots, a decrease of 300 lots [2] 3.1.2 Variety Prices - The prices of 12 palm oil futures contracts fluctuated around the 8,900 - 8,600 yuan/ton mark, with a small monthly spread. The closing price difference between the main p2509 and the second - main p2601 was - 20 yuan/ton. The total open interest of the variety was 631,700 lots, an increase of 13,600 lots from the previous day, and the p2601 contract added 12,600 lots [5] 3.1.3 Related Quotes - For the palm oil 09 contract options, the implied volatility has declined for six consecutive days. The out - of - the - money call option with a strike price of 9,000 yuan/ton had a trading volume of over 23,800 lots. The put options with strike prices from 8,800 to 8,300 yuan/ton had large trading volumes and open interests, indicating a bearish market sentiment and a high expectation that the price will exceed 9,000 yuan/ton. The price of the Malaysian BMD main 10 contract weakened, closing at 4,230 ringgit/ton, down 1.12% from the previous settlement price [7] 3.2 Spot Market 3.2.1 Spot Prices - On August 1, 2025, the spot prices of 24 - degree palm oil at domestic ports were between 8,920 and 9,050 yuan/ton, unchanged from the previous day [8] 3.2.2 Basis Data - The basis between the spot and the main futures contract was stable, at 160.33 yuan/ton on the day, unchanged from the previous day [10] 3.2.3 Registered Warehouse Receipts - The number of registered warehouse receipts remained unchanged at 570 lots [11] 3.2.4 Import Profits - The import cost increased again, and the profit continued to be in a reverse state [16] 3.3 Influencing Factors - According to SPPOMA data, the yield per unit in Malaysia increased by 7.19% month - on - month in July, and the production increased by 7.07% month - on - month. Indonesia set the price of crude palm oil at $910.91/ton in August, a 3.76% increase from July. The export tax was $74/ton, a $22 increase from July. The special tax on crude palm oil remained at 10%. According to Indonesian statistics, the export volume of refined palm oil and crude palm oil in the first half of 2025 was 11 million tons, a 2.69% year - on - year increase, and the average export unit price increased by 22.2% year - on - year [20][21] 3.4 Market Outlook - The daily line of the continuous palm oil p2509 futures price closed with a positive line, but the price rebound was blocked by the 5 - day moving average. Technically, the 5 - day and 10 - day moving averages formed a death cross. In the short term, the price may lack upward momentum and tend to fluctuate weakly. Future trends need to focus on main position changes, production area data during the production - increasing season, market consumption performance, and policy guidance [22]

Report Summary 1. Report Information - Research Variety: Glass [1] - Report Cycle: Daily - Date: August 1, 2025 - Researcher: He Ning (Qualification No.: F0238922; Investment Consulting Certificate No.: Z0001219) [1] 2. Investment Rating - Not provided in the report. 3. Core View - In the short - term, the glass futures may continue to show a weak trend. Supply - demand imbalance and cooling policy expectations will continue to drag down prices. With technical breakdown and short - selling capital pressure, the lower support levels will be tested. In the long - term, attention should be paid to the sentiment transmission effect in the commodity market, the rhythm of spot inventory reduction, and the actual implementation strength of capacity - reduction policies [10]. 4. Summary by Section 4.1 Futures Market - **Contract行情**: On August 1, 2025, the FG2509 glass contract continued to be weak. After opening, the price dropped continuously, breaking through the key support level of 1,100 yuan/ton during the session and closing with a negative line. It fell 44 yuan/ton from the previous settlement price, a decline of 3.84%, with a closing price of 1,102 yuan/ton. The trading volume was 2.616 million lots, and the open interest was 1.1692 million lots [2]. - **Variety Price**: All 12 glass futures contracts declined today, with the decline ranging from 1.92% to 4.59%. The market was dominated by bearish sentiment. The total open interest of the variety was 1.7858 million lots, an increase of 99,794 lots from the previous trading day. The open interest of the active contract FG2509 increased by 67,900 lots [4]. - **关联行情**: On the same day, the put options of glass options increased significantly in open interest, and the put options performed stronger than the call options [6]. 4.2 Spot Market - In the Shahe area, the spot trading of glass was light, the transaction center of gravity moved down, and the overall demand price remained stable [8]. 4.3 Influencing Factors - **Supply - demand Factors**: On the supply side, the current daily melting volume of float glass in production has risen to 159,600 tons, with an operating rate of 75% and a capacity utilization rate of 79.78%. The weekly average profit of float glass using coal - gas and petroleum coke as fuel exceeded 100 yuan, and the loss of natural - gas - fueled glass narrowed. On the demand side, the real - estate terminal orders were insufficient, the deep - processing orders only rebounded slightly, and the inventory remained at a high level, indicating limited actual digestion capacity [9]. - **Inventory Analysis**: The inventory of glass enterprises reached a new low recently, decreasing by 2.397 million weight - boxes to 59.499 million weight - boxes. However, this was mainly due to the transfer of inventory to traders, and the actual terminal digestion was limited [9].

Group 1: Market Overview and Review - A-shares' three major indices slightly declined today. The trading volume of Shanghai and Shenzhen stock markets was 1.5984 trillion yuan, a significant reduction of 337.7 billion yuan compared to yesterday. The four major stock index futures maintained a volatile pattern with mixed results. As of the close, the IF2509 contract fell 0.52%, the IH2509 contract fell 0.63%, the IC2509 contract fell 0.13%, and the IM2509 contract rose 0.25% [2]. - Futures market data shows that the IF2508 contract closed at 4042.8 points, down 21.0 points or 0.52%, with a trading volume of 28,026 and a position volume of 44,554, and a capital outflow of 1.11 billion yuan. The IF2509 contract closed at 4029.6 points, down 21.2 points or 0.52%, with a trading volume of 56,881 and a position volume of 151,416, and a capital inflow of 2.106 billion yuan [6]. - In the spot market, the Shanghai - Shenzhen 300 Index closed at 4054.93 points today, down 20.66 points from the previous trading day. The Shanghai Composite Index closed at 3559.95 points, down 13.26 points. The Shenzhen Component Index closed at 10991.32 points, down 18.45 points. The ChiNext Index closed at 2322.63 points, down 5.68 points [6][9]. Group 2: Analysis of Influencing Factors 2.1 Analysis of Important News and Events - Domestically, on July 31, CCTV News reported that the National Healthcare Security Administration supports new technologies such as brain - computer interfaces to enter clinical use and be charged, and has established a "first - launch price mechanism for newly listed drugs" to encourage drug R & D innovation. Policy - level innovation in drug pricing can have a positive impact, but there are still challenges for some enterprises [8]. - Overseas, the US core PCE price index annual rate in June was 2.8%, flat with the previous value and higher than the expected 2.7%, and the monthly rate was 0.3%, in line with expectations but higher than the previous value of 0.2%. The personal spending monthly rate in June was 0.3%, lower than the expected 0.4% but higher than the previous value of 0.0%. Trump signed a new executive order to adjust additional tariff rates on goods from multiple countries, which will take effect on August 1. This, along with Powell's concerns about tariffs, adds uncertainty to the Fed's future interest - rate cut plans [8][10]. 2.2 Tracking and Interpretation of Related Data - In the overnight market, the US dollar index rose 0.11% to 100.03 after an unexpected rebound in the Fed's favorite inflation indicator, reaching above the 100 mark for the first time in two months, with six consecutive trading days of gains and the first monthly increase in 2025. The three major US stock indices all declined, with the Dow Jones Industrial Average down 0.74%, the S&P 500 down 0.37%, and the Nasdaq Composite slightly down, while the Nasdaq Golden Dragon China Index rose 0.66% [11]. Group 3: Conclusion and Outlook - Fed Chairman Powell's hawkish stance and the rebound of US core inflation make the Fed's future interest - rate cut more uncertain and put pressure on US stocks. Domestically, the Politburo meeting's measures to enhance the attractiveness and inclusiveness of the domestic capital market strengthen market confidence in A - shares and help reduce market volatility. In the short term, stock index futures are expected to maintain a volatile and slightly upward trend, but attention should be paid to the callback risk caused by long - position profit - taking [12][13].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term outlook for the main contract of Shanghai Aluminum is mainly weak with fluctuations. The main contract's operating range moves down due to the hawkish stance of the Federal Reserve, the upcoming implementation of Sino - US tariffs, and the continuous inventory accumulation during the off - season. The variables are the inventory data in August and macro - stimulus situations [9] 3. Summaries According to Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On July 31, 2025, the Shanghai Aluminum al2509 contract fluctuated and declined throughout the day, with small fluctuations during the day session and a negative close. The full - day trading volume was 145,300 lots, and the open interest was 248,613 lots [2] 3.1.2 Variety Prices - There are 12 contracts for Shanghai Aluminum futures, with a total open interest of 591,031 lots, a decrease of 18,206 lots compared to the previous trading day. Among them, the open interest of the active contract al2509 decreased by 12,750 lots, indicating capital outflows during the decline [4] 3.2 Spot Market - On July 31, 2025, the basis of the main contract Shanghai Aluminum al2509 strengthened. The spot aluminum price in East China was 20,590 yuan/ton, and the closing price of the futures main contract was 20,510 yuan/ton, with a basis of 80 yuan/ton [6] 3.3 Influencing Factors 3.3.1 Macro Information - Powell said that "it's too early to cut interest rates in September", causing the market's interest - rate cut expectation to drop from 64% to 46%. The US dollar index reached a two - month high, putting pressure on non - ferrous metals. The Politburo meeting's statement on "anti - involution" was milder than expected, and no super - expected stimulus signals were released, cooling market sentiment. The negotiation result of the suspension of Sino - US economic and trade tariffs expiring on August 1 has become a short - term key variable [7] 3.3.2 Technical Analysis - The daily price of the Shanghai Aluminum 2509 contract fell below the 20 - day moving average, with the support level at the 40 - day moving average. The MACD formed a death cross with an expanding green bar, the trading volume increased, and the price declined with capital outflows [8]

Report Overview - Report Date: July 31, 2025 - Report Cycle: Daily - Research Variety: Soybeans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On July 31, 2025, the main continuous contract of DCE soybean futures rebounded but was blocked, with prices fluctuating weakly. The opening price was 4,146 yuan/ton, the highest price was 4,160 yuan/ton, the lowest price was 4,119 yuan/ton, and the closing price was 4,131 yuan/ton, a decrease of 21 yuan/ton or 0.51% from the previous day. The trading volume was 102,711 lots, the open interest was 122,210 lots, and the daily increase in positions was -6,447 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Positions (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,131 | -21 | -0.51% | 102,711 | 122,210 | -6,447 | 0.99% | | A2511 | 4,118 | -20 | -0.48% | 39,504 | 120,352 | 678 | 0.84% | | A2601 | 4,106 | -19 | -0.46% | 15,463 | 34,013 | 227 | 0.87% | | A2603 | 4,096 | -20 | -0.49% | 4,469 | 23,402 | -202 | 0.83% | [3] 2. Spot Market - Today's soybean basis was -111 yuan/ton, and the basis has strengthened recently. Today's total registered soybean warehouse receipts were 13,557 lots, a decrease of 4 lots from the previous trading day [4]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average domestic soybean price was 4,027 yuan/ton, a month-on-month increase of 0.60%. In recent days, the domestic soybean spot price has been stable with a slight increase. Today, the soybean inventory in major ports was 6.8393 million tons, a month-on-month decrease of 0.07%. Currently, the inventory accumulation rate of port soybeans has slowed down [6][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near-month landed duty-paid prices of imported soybeans showed a weak trend. Today, the near-month landed duty-paid price of US Gulf soybeans was 4,770.72 yuan/ton, that of Brazilian soybeans was 3,896.47 yuan/ton, and that of Argentine soybeans was 3,725.15 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a narrow - range fluctuating trend [10].