Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents the latest data on lithium carbonate, lithium ore, cathode materials, and related price spreads and inventories. It also mentions that the Central Political Bureau will govern disorderly competition in enterprises and promote capacity management in key industries. In addition, it is expected that the futures price may face certain trends in the short - term due to factors such as the normal production of mines in Jiangxi, the cooling of the "anti - involution" sentiment caused by price drops, small increases in demand - side production schedules, and limited procurement space for downstream buyers [3]. 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 71,350 with no change, and SMM industrial - grade lithium carbonate has an average price of 69,250 with no change [1]. - Among lithium carbonate futures contracts, the closing price of lithium carbonate 2508 is 69,200 with a 1.05% increase; lithium carbonate 2509 has a 0.09% increase; lithium carbonate 2510 has a 0.06% increase; lithium carbonate 2511 has a - 0.09% decrease; lithium carbonate 2512 has a - 0.35% decrease [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 760 with a change of 5 [1]. - The prices of lithium mica with different Li₂O contents are: 1085 for Li₂O: 1.5% - 2.0%, 1710 for Li₂O: 2.0% - 2.5%; the prices of amblygonite are 5350 for Li₂O: 6% - 7% (with a change of 75) and 6280 for Li₂O: 7% - 8% (with a change of 85) [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 32,630, the average price of ternary material 811 (polycrystalline/power type) is 145,170 with a 20 increase, the average price of ternary material 523 (single - crystal/power type) is 116,855 with a 30 increase, and the average price of ternary material 613 (single - crystal/power type) is 122,485 with a 10 increase [2]. Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate (electro - carbon - industrial carbon) is 2100; the difference between battery - grade lithium carbonate and the main contract is 2310 with a 200 change; the difference between the near - month and the first - continuous contract is 120 with an 80 change; the difference between the near - month and the second - continuous contract is - 120 with a 200 change [2]. Inventory - The total inventory (weekly, tons) is 141,726 with a - 1444 change, the inventory of smelters (weekly, tons) is 51,958 with a - 3427 change, the inventory of downstream (weekly, tons) is 45,888 with a 3073 change, the inventory of others (weekly, tons) is 43,880 with a - 1090 change, and the registered warehouse receipts (daily, tons) is 12,603 with a 5998 change [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 68,441, and the profit is 75,292; the profit of externally purchased lithium mica concentrate is - 6850 [3].

Group 1: Report's Investment Rating - No information provided Group 2: Core Views - Commodity sentiment has weakened, PTA basis has weakened and trading volume has declined. Domestic PTA production capacity supply has contracted, and PTA port inventory has decreased. The spread between PX and naphtha has expanded to around $250, while the alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX has remained at around $90. In July, bottle chips and staple fibers are about to enter the maintenance period. The market port inventory has decreased, and polyester replenishment has improved under the weakening basis. The overall polyester inventory is not high, and the polyester load has dropped to 88% [2] Group 3: Summary by Indicators Price and Spread - PTA spot price decreased from 4750 to 4690, a change of -60; MEG inner - market price increased from 4455 to 4480, a change of 25; PTA closing price decreased from 4698 to 4744, a change of -46; MEG closing price increased from 4389 to 4405, a change of -16; 1.4D direct - spun polyester staple decreased from 6575 to 6600, a change of -25; short - fiber basis decreased from 151 to 140, a change of 11; 8 - 9 spread increased from 35 to 48, a change of 13; the spread between 1.4D direct - spun and imitation large - chemical decreased from 825 to 850, a change of -25; bottle - chip spot processing fee decreased from 433 to 386, a change of 46.68; T32S pure - polyester yarn processing fee decreased from 3725 to 3700, a change of 25; polyester - cotton yarn profit decreased from 1329 to 1335, a change of -6.11; hollow short - fiber 6 - 15D cash flow decreased from 358 to 308, a change of 49.68 [2] Market Conditions - In the staple - fiber market, the price of polyester staple - fiber production factories remained stable, while the price of traders decreased. Downstream buyers purchased as needed, and the trading volume was low. The price of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber in the East China market was 6310 - 6700 cash on the spot, tax - included self - pick - up; in the North China market, it was 6430 - 6820 cash on the spot, tax - included delivery; in the Fujian market, it was 6310 - 6600 cash on the spot, tax - included delivery. In the bottle - chip market, the mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang market was 5880 - 5980 yuan/ton, with the average price down 30 yuan/ton from the previous working day. Polyester raw materials and bottle - chip futures fluctuated weakly, most offers on the supply side were adjusted down, downstream terminals replenished inventory at low prices, and the market negotiation atmosphere was okay, but the price center of bottle chips declined today [2] Operating Rates - Direct - spun staple - fiber load (weekly) decreased from 93.00% to 92.30%, a change of -0.01; polyester staple - fiber sales rate decreased from 52.00% to 50.00%, a change of 2.00%; polyester yarn operating rate (weekly) increased from 65.00% to 66.00%, a change of -0.01; recycled cotton - type load index (weekly) increased from 46.00% to 51.50%, a change of -0.06 [3]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Report's Core View - No clear core view presented in the given content 3. Summary by Relevant Catalogs 3.1 Market Review - Index closing prices and changes: The Shanghai Composite Index closed down 0.37% at 3559.95 points, the Shenzhen Component Index fell 0.17%, the ChiNext Index dropped 0.24%, the Northbound 50 Index declined 0.23%, the Science and Technology Innovation 50 Index decreased 1.06%, the Wind All - A Index fell 0.13%, the Wind A500 Index dropped 0.45%, and the CSI A500 Index declined 0.44% [4][11]. - Index trading volume: A - share trading volume was 1.62 trillion yuan for the day, compared to 1.96 trillion yuan the previous day [11]. - Index performance details: The Shanghai 50 Index closed at 2754.1302, down 0.79%, with a trading volume of 940.74 billion yuan and a turnover of 48.96 billion; the CSI 300 Index closed at 4054.9286, down 0.51%, with a trading volume of 3596.85 billion yuan and a turnover of 196.22 billion; the CSI 1000 Index closed at 6670.472, up 0.14%, with a trading volume of 3490.71 billion yuan and a turnover of 232.48 billion [4]. 3.2 CFFEX Stock Index Option Trading Situation - Option trading volume: The trading volume of Shanghai 50 index options was 3.80 million contracts (2.58 million for call options and 1.22 million for put options, PCR = 0.47), the trading volume of CSI 300 index options was 10.99 million contracts (6.79 million for call options and 4.21 million for put options, PCR = 0.62), and the trading volume of CSI 1000 index options was 22.65 million contracts (12.52 million for call options and 10.13 million for put options, PCR = 0.81) [4]. - Option open interest: The open interest of Shanghai 50 index options was 7.30 million contracts (4.70 million for call options and 2.60 million for put options, PCR = 0.55), the open interest of CSI 300 index options was 20.18 million contracts (12.01 million for call options and 8.17 million for put options, PCR = 0.68), and the open interest of CSI 1000 index options was 27.13 million contracts (14.07 million for call options and 13.06 million for put options, PCR = 0.93) [4]. 3.3 Volatility Analysis - Shanghai 50 volatility: Historical volatility and current value comparison are presented, along with the volatility smile curve and next - month at - the - money implied volatility [11]. - CSI 300 volatility: Historical volatility and current value comparison are shown, as well as the volatility smile curve and next - month at - the - money implied volatility [11]. - CSI 1000 volatility: Historical volatility and current value comparison are provided, along with the volatility smile curve and next - month at - the - money implied volatility [11].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The U.S. soybean market currently has no weather premium, and the Sino - U.S. trade policy has not eased, putting pressure on U.S. soybeans, but the downside space is expected to be limited. Brazil's premium is relatively strong, offsetting the impact of the U.S. market decline on import costs. There is an expectation of inventory reduction in the domestic far - month market, and the downside space of the 01 contract is expected to be limited. It is recommended to go long on dips [8] Group 3: Summary by Related Catalogs Supply - This week, the good - to - excellent rate of U.S. soybeans rose to 70%. In the next two weeks, there will be less rainfall in the production areas, but the temperature will be low, and the expected impact is limited. Under the pressure of the concentrated arrival of Brazilian soybeans in China, the domestic soybean crushing volume in August is expected to exceed 10 million tons, and the outlook for soybean meal remains positive. The progress of domestic soybean purchases from October to January is slow, and under the current Sino - U.S. trade policy, there is an expectation of inventory reduction in the far - month market [7] Demand - The expected high inventory of pig and poultry farming in the short - term supports feed demand. However, the policy aims to control the inventory and weight of pigs, which is expected to affect the far - month supply of pigs. Soybean meal has a high cost - performance ratio, and the pick - up volume is at a high level. In some areas, wheat is replacing corn, reducing the demand for protein. This week, the trading volume of soybean meal increased [8] Inventory - The domestic soybean inventory has reached a high level, and soybean meal is in the inventory accumulation cycle. The number of days of soybean meal inventory in feed enterprises has decreased [8] Price - related Data - On August 1st, the basis of the soybean meal main contract in different regions showed various values and changes. For example, in Dalian, it was 30 with a rise of 10; in Tianjin, it was - 50 with a fall of 10. The basis of 43% soybean meal spot to the main contract also varied by region, such as - 110 in Zhangjiagang. The basis of rapeseed meal spot in the East was - 75 with a rise of 24. There were also data on spreads like M9 - 1, M9 - RM9, etc., and the spot and盘面 spreads between soybean meal and rapeseed meal in Guangdong [6][7]

Group 1: Report Overview - Report Title: Shipping Derivatives Data Daily Report [3] - Date: August 4, 2025 [4] - Author: Lu Zhaoyi from the Energy and Chemical Research Center of Guomao Futures Research Institute [4] - Data Sources: Clarksons, Wind [4] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core Viewpoints - The market for shipping derivatives is in a state of shock. Spot prices started to weaken in early August, leading to a synchronous decline in late August. The peak of spot prices is showing signs, and it is expected that the freight rates of scheduled cargo will peak at the end of July and early August, then gradually decline until late August when the decline slope will intensify. The main focus of the 10 - contract game is the decline slope of freight rates from August to October. The recommended strategy is to short the 10 - contract on rallies (take profit as it has corrected significantly recently) and hold the 12 - 4 calendar spread [6][7]. Group 4: Shipping Index Analysis Freight Rate Index - **Shanghai Export Container Freight Index (SCFI)**: The current value is 1551, down 2.63% from the previous value of 1593 [4]. - **China Export Container Freight Index (CCFI)**: The current value is 1233, down 2.27% from the previous value of 1261 [4]. - **SCFI - US West**: The current value is 2021, down 2.23% from the previous value of 2067 [4]. - **SCFIS - US West**: The current value is 1284, down 1.31% from the previous value of 1301 [4]. - **SCFI - US East**: The current value is 3126, down 7.46% from the previous value of 3378 [4]. - **SCFI - Northwest Europe**: The current value is 2051, down 1.87% from the previous value of 2090 [4]. - **SCFIS - Northwest Europe**: The current value is 2316, down 3.50% from the previous value of 2400 [4]. - **SCFI - Mediterranean**: The current value is 2333, down 3.52% from the previous value of 2418 [4]. EC Contracts Price - **EC2506**: The current value is 1465.1, up 0.18% from the previous value of 1462.5 [4]. - **EC2508**: The current value is 2126.5, up 0.23% from the previous value of 2121.6 [4]. - **EC2510**: The current value is 1424.0, down 0.08% from the previous value of 1425.1 [4]. - **EC2512**: The current value is 1692.4, up 0.01% from the previous value of 1692.3 [4]. - **EC5602**: The current value is 1490.0, up 0.36% from the previous value of 1484.7 [4]. - **EC2604**: The current value is 1325.0, up 0.07% from the previous value of 1324.1 [4]. Position - **EC2606 Position**: The current value is 795, down 13 from the previous value of 808 [4]. - **EC2508 Position**: The current value is 4465, down 408 from the previous value of 4873 [4]. - **EC2410 Position**: The current value is 52376, up 558 from the previous value of 51818 [4]. - **EC2412 Position**: The current value is 8440, down 20 from the previous value of 8460 [4]. - **EC2602 Position**: The current value is 4142, down 82 from the previous value of 4224 [4]. - **EC2604 Position**: The current value is 5112, up 29 from the previous value of 5083 [4]. Calendar Spread - **10 - 12 Spread**: The current value is - 268.4, down 1.2 from the previous value of - 267.2 [4]. - **12 - 2 Spread**: The current value is 202.4, down 5.2 from the previous value of 207.6 [4]. - **12 - 4 Spread**: The current value is 367.4, down 0.8 from the previous value of 368.2 [4]. Group 5: Spot Market Analysis - **GEMINI**: Maersk's wk33 opening price increased from 2800 to 2900, while HPL's price dropped to 3150 in early August [6]. - **04**: The average quoted price in early August was 3300, with CMA at 3450, EMC at 3500, and OCCL at 3250 [6]. - **PA**: Due to a large open position, the price continued to drop to 3100 and is likely to be further adjusted downwards. ONE's price is 3150, and HMM's is 3100 [6]. - **MSC**: The quoted price in early August was 3350 [6]. Group 6: Strategy Recommendations - Short the 10 - contract on rallies (take profit as it has corrected significantly recently) and hold the 12 - 4 calendar spread [7].

Industry Investment Rating - Not provided Core Views - The commodity sentiment has weakened, the domestic PTA production capacity supply has shrunk, and the port inventory has declined. The spread between PX and naphtha has expanded to around $250, while the alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains at around $90. The market port inventory has decreased, and polyester replenishment has improved under the weakening basis. However, the PTA basis has weakened, and the market replenishment willingness has declined [2]. - Coal prices have rebounded, leading to an increase in ethylene glycol prices. The macro - sentiment has slightly weakened, and the chemical industry has followed the weakening sentiment of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may have a significant impact on the market outlook. The future arrival volume of ethylene glycol has decreased. Polyester production and sales have weakened, downstream weaving profits have shrunk, and the terminal load has significantly declined, which has a certain negative impact on the market [2]. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 531.3 yuan/barrel on July 31, 2025, to 527.9 yuan/barrel on August 1, 2025, a decrease of 3.40 yuan/barrel [2]. - **PTA - SC**: The PTA - SC price dropped from 947.0 yuan/ton to 907.7 yuan/ton, a decrease of 39.29 yuan/ton; the PTA/SC ratio decreased from 1.2453 to 1.2366, a decrease of 0.0087 [2]. - **PX**: CFR China PX price dropped from 858 to 846, a decrease of 12; the PX - naphtha spread decreased from 250 to 242, a decrease of 8 [2]. - **PTA**: The PTA主力期价 dropped from 4808 yuan/ton to 4744 yuan/ton, a decrease of 64.0 yuan/ton; the PTA现货价格 dropped from 4825 yuan/ton to 4750 yuan/ton, a decrease of 75.0 yuan/ton; the spot processing fee decreased from 189.0 yuan/ton to 173.6 yuan/ton, a decrease of 15.4 yuan/ton; the PTA仓单数量 decreased from 29738 to 27731, a decrease of 2007 [2]. - **MEG**: The MEG主力期价 dropped from 4414 yuan/ton to 4405 yuan/ton, a decrease of 9.0 yuan/ton; the MEG - naphtha spread decreased from (119.91) yuan/ton to (122.10) yuan/ton, a decrease of 2.2 yuan/ton; the MEG内盘 price dropped from 4503 yuan/ton to 4480 yuan/ton, a decrease of 23.0 yuan/ton [2]. Industry Chain - **PX**: The PX开工率 remained unchanged at 77.29% [2]. - **PTA**: The PTA开工率 decreased from 76.64% to 74.06%, a decrease of 2.58% [2]. - **MEG**: The MEG开工率 increased from 58.13% to 58.81%, an increase of 0.68% [2]. - **Polyester**: The polyester负荷 decreased from 86.28% to 86.15%, a decrease of 0.13% [2]. Product Prices and Cash Flows - **Polyester Filament**: POY150D/48F, FDY150D/96F, and DTY150D/48F prices remained unchanged; POY现金流, FDY现金流, and DTY现金流 increased by 72.0, and the long丝产销 decreased from 27% to 25%, a decrease of 2% [2]. - **Polyester Staple Fiber**: The 1.4D直纺涤短 price dropped from 6650 to 6600, a decrease of 50; the 涤短现金流 decreased from 116 to 138, an increase of 22.0; the 短纤产销 increased from 49% to 56%, an increase of 7% [2]. - **Polyester Chips**: The semi光切片 price dropped from 5905 to 5845, a decrease of 60.0; the 切片现金流 increased from (79) to (67), an increase of 12.0; the 切片产销 decreased from 72% to 59%, a decrease of 13% [2]. Device Maintenance - An East - China supplier's 7.2 - million - ton PTA device reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [3].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - Commodity sentiment has weakened, PTA basis has weakened and trading volume has declined. Domestic PTA production capacity supply has contracted, and PTA port inventory has decreased. The spread between PX and naphtha has expanded to around $250, while the alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX has remained at around $90. In July, bottle chips and staple fibers are about to enter the maintenance period. Market port inventory has decreased, and polyester replenishment has improved under the weakening basis. Overall polyester inventory is not high, and polyester load has dropped to 88% [2] Group 3: Summary by Related Catalogs Spot Price Changes - PTA spot price decreased from 4825 to 4750, a decrease of 75 [2] - MEG domestic price decreased from 4503 to 4480, a decrease of 23 [2] - 1.4D direct-spun polyester staple fiber decreased from 6650 to 6600, a decrease of 50 [2] Price and Spread Changes of Polyester Staple Fiber - Short fiber basis increased from 136 to 140, an increase of 4 [2] - The 8 - 9 spread increased from 18 to 48, an increase of 30 [2] - The spread between 1.4D direct-spun and imitation large chemical fiber decreased from 900 to 850, a decrease of 50 [2] Price and Processing Fee Changes of Polyester Bottle Chips - Polyester bottle chip prices in the Jiangsu and Zhejiang markets decreased, with the average price dropping by 55 yuan/ton compared to the previous working day. The domestic and foreign prices of various types of bottle chips all decreased, and the bottle chip spot processing fee decreased from 386 to 359, a decrease of 26.83 [2] Price and Profit Changes of Polyester Yarn - T32S pure polyester yarn price remained unchanged at 10300, and the processing fee increased from 3650 to 3700, an increase of 50 [2] - The price of polyester-cotton yarn 65/35 45S remained unchanged at 16300, and the profit increased from 1297 to 1335, an increase of 38.82 [2] Load and Production and Sales Changes - Direct-spun staple fiber load decreased from 92.30% to 93.00%, a decrease of 0.01. Polyester staple fiber production and sales increased from 43.00% to 50.00%, an increase of 7.00%. Polyester yarn startup rate decreased from 66.00% to 65.00%, a decrease of 0.01. The regenerated cotton-type load index decreased from 51.50% to 46.00%, a decrease of 0.06 [3]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 客 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/8/4 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2510 | AG2510 | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格厨房 | 2025/8/1 | 3291.44 | 36. 61 | 3342. 90 | 36. 67 | 770. 72 | 8918. 00 | 766. 88 | 8893.00 | | (本表数 据来源: | 2025/7/31 | 3299. ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - In the short - term, the upward speed of the stock index may slow down after the phased realization of macro - positive factors, and market fluctuations and adjustments should be watched out for. In the long run, the futures index market this year is mainly driven by valuation expansion, and the valuation factor is expected to continue to play a role. It is advisable to go long on the stock index opportunistically this week [7] 3. Summary According to Relevant Catalogs Interest Rate and Bond Market - The closing prices and changes of various interest rate varieties are as follows: DRO01 closed at 1.31, down 8.18bp; DR007 at 1.42, down 13.00bp; GC001 at 1.29, up 26.00bp; GC007 at 1.46, up 3.00bp; SHBOR 3M at 1.56, down 0.30bp; LPR 5 - year at 3.50, unchanged; 1 - year treasury bond at 1.37, down 0.73bp; 5 - year treasury bond at 1.57, down 0.23bp; 10 - year treasury bond at 1.71, up 0.60bp; 10 - year US treasury bond at 4.23, down 14.00bp [4] - Last week, the central bank conducted 1.6632 trillion yuan of reverse repurchase operations in the open market, with 1.6563 trillion yuan of reverse repurchases due, resulting in a net investment of 6.9 billion yuan. This week, 1.6632 trillion yuan of reverse repurchases will expire, with 495.8 billion, 449.2 billion, 309 billion, 283.2 billion, and 126 billion yuan expiring from Monday to Friday respectively [4][5] Stock Index Market - Stock index closing prices and changes compared to the previous day: CSI 300 closed at 4055, down 0.51%; SSE 50 at 2754, down 0.79%; CSI 500 at 6213, down 0.21%; CSI 1000 at 6670, up 0.14%. For index futures, IF当月 closed at 4043, down 0.7%; IH当月 at 2754, down 0.8%; IC当月 at 6166, down 0.4%; IM当月 at 6617, up 0.1% [6] - Last week, CSI 300 fell 1.75% to 4054.9; SSE 50 fell 1.48% to 2754.1; CSI 500 fell 1.37% to 6213.2; CSI 1000 fell 0.54% to 6670.5. In the Shenwan primary industry index, last week, the pharmaceutical and biological (2.9%), communication (2.5%), media (1.1%), electronics (0.3%), and social services (0.1%) sectors led the gains, while most sectors declined, with non - ferrous metals (-4.6%), real estate (-3.4%), transportation (-3.2%), agriculture, forestry, animal husbandry and fishery (-3%), and power equipment (-2.6%) leading the losses [6] - The IF, IH, IC, and IM index futures have different levels of premium and discount for different contracts. For example, IF's premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are 9.10%, 0.00%, 0.01%, and 3.41% respectively [8]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The pulp market shows a situation of increasing supply volume and decreasing price on the supply - side, weak support from the demand - side, and a de - stocking trend in inventory. The pulp futures are expected to fluctuate widely between 5100 - 5400 [1][2]. 3) Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On August 1, 2025, SP2601 was 5416 with a daily decrease of 2.80% and a weekly decrease of 0.11%; SP2605 was 5364 with a daily decrease of 0.48% and a weekly increase of 0.22%; SP2509 was 5186 with a daily decrease of 0.88% and a weekly decrease of 6.05% [1]. - **Spot Prices**: On August 1, 2025, the spot price of coniferous pulp Silver Star was 5850, unchanged daily and down 1.18% weekly; Russian coniferous pulp was 5300, unchanged daily and down 3.64% weekly; broad - leaf pulp Goldfish was 4120, unchanged daily and down 0.72% weekly [1]. - **Outer - disk Quotes and Import Costs**: In terms of outer - disk quotes (in dollars), Chilean Silver Star was 720, down 2.70% month - on - month; Chilean Star was 500, down 10.71% month - on - month; Chilean Venus was 620, unchanged month - on - month. In terms of import costs, Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1]. Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, a month - on - month decrease of 6.09%. The shipment volume of pulp to China in May increased by 3.3% month - on - month. The domestic production of broad - leaf pulp and chemimechanical pulp showed certain fluctuations. Chilean Arauco announced new July wood pulp outer - disk quotes, with an increase in supply volume and a decrease in price [1]. - **Inventory**: As of July 31, 2025, the inventory of mainstream pulp ports in China was 210.5 tons, a decrease of 3.8 tons from the previous period, a month - on - month decrease of 1.8%, showing a de - stocking trend [2]. - **Demand**: This week, the output of major finished paper decreased slightly, and the price of finished paper remained low, providing weak support for pulp [2]. Pulp Valuation Data - On August 1, 2025, the Russian needle basis was 114 with a quantile level of 0.858; the import profit of coniferous pulp Silver Star was - 34 with a quantile level of 0.545 [1]. Strategy This week, pulp futures returned to fundamental pricing and are expected to fluctuate widely between 5100 - 5400 [2].