Report Industry Investment Rating - No information provided Core Viewpoints - The extension of the "tariff truce" between China and the US for 90 days shows that the bilateral economic and trade relations are moving towards "phased relaxation", creating a positive atmosphere for future consultations [1] - OPEC has raised its forecast for global oil demand next year and lowered its forecast for supply growth from the US and other non - OPEC members, indicating a tighter market outlook [2] - US crude and gasoline inventories are expected to have decreased last week, with an average estimated decline of about 300,000 barrels in crude inventories and a decrease of 1.78 million barrels in gasoline inventories [2] - EIA has lowered its oil price forecasts for 2025 and 2026 due to increased crude oil inventories after OPEC+ decided to accelerate production increases [2] - In the asphalt market, demand in the North China market is slowly recovering, and supply in the Shandong market is abundant. The Northeast market has weak demand, while the Southern market has stable prices with medium - low inventory and slow demand release. Overall, regional differentiation continues, and the supply - demand structure is the key variable for short - term price trends [5] Summary by Related Catalogs Asphalt Spot Market - In the East China region, the current asphalt spot price is 3730, unchanged from the previous value; in South China, it is 3530, also unchanged; in the Northeast, it is 3900, unchanged; in the Northwest, it is 3860, unchanged; in Shandong, it is 3640, down 10 from the previous value; in the unspecified region, it is 3690, up 30 from the previous value [1] Asphalt Futures Market - For asphalt futures contracts BU2508, BU2509, BU2510, BU2511, BU2512, and BU2601, the current values are 3406, 3534, 3503, 3460, 3406, and 3370 respectively. The price changes are 0.00%, - 0.17%, - 0.14%, - 0.09%, 0.00%, and - 0.03% respectively compared to the previous values [1] International Economic and Trade News - On August 12, China and the US issued a joint statement. The US will continue to adjust tariff measures on Chinese goods, and both sides will continue to suspend the implementation of 24% reciprocal tariffs for 90 days [1] Oil Market News - OPEC has raised its forecast for global oil demand next year and lowered its forecast for supply growth from non - OPEC members [2] - US crude and gasoline inventories are expected to have decreased last week, with an average estimated decline of about 300,000 barrels in crude inventories and a decrease of 1.78 million barrels in gasoline inventories [2] - EIA has lowered its oil price forecasts. The expected average Brent crude price for 2025 is $67.22/barrel (previously $68.89/barrel), and for 2026 is $51.43/barrel (previously $58.48/barrel). The expected average WTI price for 2025 is $63.58/barrel (previously $65.22/barrel), and for 2026 is $47.77/barrel (previously $54.82/barrel) [2] Asphalt Market Analysis - In the North China asphalt market, demand is slowly recovering, and limited shipments from major refineries support spot prices. In the Shandong market, supply is abundant, and transactions are concentrated in the low - price range. In the Northeast market, demand is weak, and some traders lower prices to stimulate sales. In the Southern market, demand is slow, but refinery inventories are medium - low, and prices are stable [5] - In the future, North China and Shandong refineries will focus on contract deliveries, and inventory levels are controllable. The tight supply in North China may support asphalt prices, while the Southern market is expected to have stable prices due to slow demand release [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The rubber market shows an oscillating performance. There is no clear logic for rubber as a whole, and it may continue to follow a relatively strong oscillating trend. It is recommended to stay on the sidelines for unilateral trading and pay attention to the arbitrage strategy of going long on RU2509 and short on RU2601 [3] 3. Summary According to Related Catalogs 3.1 Futures Disk - **Domestic Futures**: RU main contract price is 15,800, down 60 from the previous value; NR main contract price is 12,610, down 55; BR main contract price is 11,750, down 75 [3] - **Foreign Futures**: Tocom RSS3 is 324.4 yen/kg, up 2.4; Sicom TF is 172.4 cents/kg, unchanged [3] - **Futures Spreads**: Various spreads such as inter - period spreads, cross - variety spreads, and cross - market spreads have different changes, e.g., RU2601 - RU2509 is 1010, down 15; RU - NR is 3190, down 5 [3] 3.2 Raw Material Prices - In Thailand, the price of glue is 54.20 baht/kg, up 0.20; the price of cup rubber is 49.80 baht/kg, up 0.50. In Hainan and Yunnan, the prices of glue for concentrated latex and whole milk also have corresponding changes, e.g., Yunnan glue for concentrated latex is 14,400 yuan/ton, up 100 [3][5] 3.3 Factory Costs and Profits - The production profits of concentrated latex in Thailand and Hainan remain unchanged at 814 and 670 respectively. The gross profits of Thai smoked sheet rubber and 20 - grade rubber have decreased, e.g., Thai smoked sheet rubber is 2615, down 140 [3] 3.4 Domestic Spot - The prices of light - colored rubber, dark - colored rubber, latex, synthetic rubber, and mixed rubber have different changes, e.g., Vietnam 3L is 14,800, down 50; Styrene - butadiene SBR1502 is 12,300, up 50 [3] 3.5 Overseas Spot - The CIF prices of various rubbers such as Thai mixed rubber, Malaysian mixed rubber, and Thai standard rubber have decreased, e.g., Thai mixed rubber CIF is 1805, down 10 [3] 3.6 Futures - Spot Spreads - The spreads between futures and spot prices, including RU spreads, NR spreads, and spot spreads, have different changes, e.g., RU - Thai mixed rubber is 190, down 25; NR - Thai standard delivery profit is - 500, up 26 [3] 3.7 Exchange Rates and Interest Rates - The US dollar index remains unchanged at 98.0707. The US dollar/Chinese yuan exchange rate is 7.1350, down 0.007. SHIBOR - overnight remains unchanged at 1.315, while SHIBOR - seven - day is 1.434, up 0.001 [3] 3.8 Supply, Inventory, and Demand - On the supply side, raw material prices in Thailand and China have changes. As of August 10, 2025, China's natural rubber social inventory is 127.8 million tons, a decrease of 1.1 million tons with a decline of 0.85%. On the demand side, as of August 7, the capacity utilization rate of all - steel tire sample enterprises is 60.06%, up 0.80 percentage points month - on - month and 0.73 percentage points year - on - year; the capacity utilization rate of semi - steel tire sample enterprises is 69.71%, down 0.27 percentage points month - on - month and 9.93 percentage points year - on - year [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic butadiene market has seen minor adjustments. The short - term supply side shows no pressure, with some suppliers' prices remaining firm, but downstream procurement is still based on rigid demand. The domestic butadiene price is around 9400 - 9550 yuan/ton in some areas, and the ex - tank self - pick - up price in East China is around 9200 yuan/ton [3]. - The ex - factory price of domestic cis - butadiene rubber has been raised by 100 - 200 yuan/ton. Market quotations fluctuate greatly, but spot transactions are sluggish, especially after the late - session correction, with low terminal entry willingness. The price of private cis - butadiene rubber in the northern region is around 11600 - 11700 yuan/ton [3]. - For strategy operations, on the single - side, the macro - sentiment has weakened, and the br contract is consolidating. For arbitrage, after the spread widens again, consider going long BR and shorting RU or NR [3]. 3. Summary by Relevant Catalogs Market Conditions of Butadiene and Cis - Butadiene Rubber - **Butadiene**: The closing price of the domestic BR2509.SHF is 11750 yuan/ton, down 0.63%; the settlement price is 11860 yuan/ton, up 0.81%. The trading volume is 80181, up 33.53%, and the open interest is 26557, down 0.49%. The international butadiene price has different changes, such as the FD Northwest Europe price down 0.62% to 800 dollars/ton and the FOB Europe price up 2.53% to 810 dollars/ton [3]. - **Cis - Butadiene Rubber**: The ex - factory price has increased, but the spot transaction is slow. The inventory of merchants has increased by 1.47% to 24150 tons, while the inventory of traders has decreased by 3.06% to 7290 tons. The production has decreased by 5.93% to 2.74 million tons [3]. Price Spreads - **Inter - month Spreads**: The spreads between different contract months of butadiene rubber futures have significant changes, such as the "continuous one - continuous two" spread down 400% to - 15 yuan/ton and the "continuous two - continuous three" spread up 100% to 0 yuan/ton [3]. - **Cross - variety Spreads**: The BR - RU spread is - 4050 yuan/ton, down 0.37%; the BR - NR spread is - 860 yuan/ton, down 2.38%. The spreads between different varieties also show certain fluctuations, like the butadiene - BR spread and the styrene - butadiene - BR spread [3]. Industry Chain Costs and Profits - **Butadiene**: The cost of carbon - four extraction is 7086.46 yuan/ton, down 1.19%, and the profit is 2313.54 yuan/ton, up 3.83%. The cost and profit of oxidative dehydrogenation remain unchanged [3]. - **Cis - Butadiene Rubber**: The cost is 12182 yuan/ton, with a profit of - 682 yuan/ton. The production rate has decreased by 5.93% [3].

Report Industry Investment Rating - No relevant information provided Core View of the Report - On Wednesday, most domestic commodities declined, with industrial products mostly falling and agricultural products showing mixed performance [1] Summary by Related Catalogs Black Series - Black series generally declined. Recently, there were continuous disturbances on the coking coal supply side, but market sentiment cooled at high levels, and steel mills delayed the implementation of coke price increases. The inventory of five major steel products increased by 23470 tons to 1.37536 million tons, reaching a more than two - month high. High - temperature weather continued, terminal demand remained weak, and speculative demand weakened. However, there were still production - cut expectations, and the overall pressure on available spot resources was not large, so the futures price fluctuations were limited [1] Basic Metals - Basic metals showed mixed performance. For copper, the lower - than - expected CPI increase in the US in July supported a September interest rate cut, the US dollar weakened, and US stocks reached new highs, supporting the strong performance of Shanghai copper. For lithium carbonate, the futures price fluctuated within a range. Downstream enterprises started peak - season stocking, demand improved, but the supply side of lithium - spodumene extraction also increased significantly, making up for the reduction in lithium - mica and salt - lake production. The supply - side disturbances were not fully realized, and the market was more sensitive to supply disturbances, so lithium carbonate continued to oscillate at a high level [1] Energy Products - Energy products weakened again. API crude oil inventory increased more than expected, and SC crude oil returned to a downward trend. In the short term, OPEC+ will maintain production increases in September, and there are concerns about the impact of tariff policies on demand, so oil prices will oscillate weakly. Geopolitical risks may cause a temporary supply shortage and support short - term oil price increases. In the long term, due to OPEC+'s production - increase strategy, weakening peak - season demand, inventory accumulation due to poor refinery profits, and the increasing substitution rate of the new - energy industry, oil prices will still face pressure [1] Oilseeds and Oils - Most oilseeds and oils rose. Stimulated by China's preliminary anti - dumping ruling on Canada and the unexpectedly positive USDA August supply - demand report, oilseeds and oils rose significantly. The USDA August report lowered the global soybean production and ending inventory, with US soybean production reduced to 4.292 billion bushels and ending inventory to 290 million bushels, which boosted the soybean meal price. In the short term, under the influence of multiple positive factors, oilseeds and oils may continue to be strong [1]

Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily hard to disprove [2] Group 2: Core View of the Report - The report provides a comprehensive analysis of the spot and futures prices of palm oil, soybean oil, and rapeseed oil, as well as relevant market data and news, suggesting a long - position in the oils and fats market due to non - falsifiable bullish drivers [1][2] Group 3: Summary Based on Different Data Spot Price - On August 13, 2025, the spot prices of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu were 9520, 9450, and 9380 respectively, with a daily increase of 120 [1] - The spot prices of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu were 8720, 8840, and 8820 respectively, with a daily increase of 170 [1] - The spot prices of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu were 10260, 10310, and 10520 respectively, with a daily increase of 500 [1] Futures Data - On August 13, 2025, the spread between soybean and palm oil main contracts was - 848, up 38 from the previous day; the spread between rapeseed and soybean oil main contracts was 1488, up 162 [1] - The number of palm oil warehouse receipts was 1420, unchanged; the number of soybean oil warehouse receipts was 22170, an increase of 216; the number of rapeseed oil warehouse receipts was 3487, unchanged [1] Market News - The Ministry of Commerce preliminarily ruled that imported Canadian rapeseed was dumped. From August 14, 2025, importers need to pay a 75.8% deposit on Canadian companies [2] - Affected by the anti - dumping investigation on Canadian rapeseed, the domestic long - term rapeseed procurement progress is slow. The imported rapeseed arrival volume in August is expected to be about 200,000 tons, and the average monthly arrival volume from September to October is about 130,000 tons [2] - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - From August 1 - 5, Malaysia's palm oil yield per unit decreased 19.32% month - on - month, the oil extraction rate increased 0.39% month - on - month, and production decreased 17.27% month - on - month [2] - From August 1 - 10, Malaysia's palm oil exports increased 23.3% and 23.7% respectively compared with the same period last month according to ITS and AmSpec [2] - The USDA report adjusted the new - crop soybean yield per acre from 52.5 bushels/acre to a record high of 53.6 bushels/acre but unexpectedly reduced the 2025/26 US soybean planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 million - bushel reduction in production to 4.292 billion bushels [2] - The US soybean and corn good - to - excellent rates as of August 10 were 68% and 72% respectively, in line with market expectations [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The domestic urea market maintains a stable and slightly stronger trend, with enterprise quotes increasing slightly by 10 - 30 yuan/ton. Although the new order trading atmosphere has weakened and downstream procurement has become more cautious, most enterprises have controllable inventory pressure supported by pending orders, and short - term quotes remain firm. Market sentiment is significantly boosted by the macro - level, but the actual demand follow - up will be the key factor determining the sustainability of the market. Overall, the urea market is viewed as oscillating, with positives mainly from the macro and cost sides and negatives from weak domestic demand [1] 3. Summary by Relevant Catalogs Cost - The prices of coking coal, anthracite small pieces, and natural gas remained unchanged at 470 yuan, 890 yuan, and 4050 yuan respectively on August 13, 2025, compared to the previous day [1] Price - Domestic urea prices in different regions showed mixed trends on August 13, 2025. Prices in Shandong increased by 20 yuan to 1730 yuan, while prices in Shanxi decreased by 10 yuan to 1620 yuan. International prices such as China FOB, Middle East FOB, Southeast Asia CFR, and Brazil CFR remained unchanged [1] Inventory - Factory inventory, port inventory, and downstream sample inventory all remained unchanged at 88.76, 48.30, and 1700 respectively on August 13, 2025, compared to the previous day [1] Supply - The 5 - day production, overall urea production start - up rate, coal - based start - up rate, and gas - based start - up rate remained unchanged on August 13, 2025, compared to the previous day. The gas - based start - up rate decreased by 0.00 [1] Demand - Indicators such as pending orders, compound fertilizer start - up rate, melamine start - up rate, and formaldehyde start - up rate all remained unchanged on August 13, 2025, compared to the previous day [1] Profit - Profits from fixed - bed, coal - water slurry, and some other production methods remained unchanged on August 13, 2025, compared to the previous day. The profit from natural gas, liquid ammonia decreased by 60 yuan [1] Associated Products - The prices of compound fertilizer and melamine remained unchanged at 2500 yuan and 5180 yuan respectively on August 13, 2025, compared to the previous day. The price of methanol increased by 5 yuan to 2255 yuan [1] Futures - The settlement price of urea futures increased by 2 yuan to 1728 yuan on August 13, 2025, compared to the previous day. The basis increased by 11 yuan to 14 yuan. The trading volume decreased by 9600 to 81594, and the open interest decreased by 16902 to 74908. The warehouse receipt volume remained unchanged [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The recent macro - sentiment has improved, but the downstream demand is weak. Copper prices may fluctuate and remain relatively strong [1]. - The decline of the US dollar index is favorable for aluminum prices, but the downstream demand for aluminum in China is under pressure and inventories are continuously increasing. Aluminum prices may fluctuate weakly [1]. - Zinc prices have rebounded due to emotional stimulation, with little change in fundamentals. It is recommended to pay attention to selling hedging opportunities [1]. - The macro - sentiment has warmed up. Nickel prices are oscillating strongly in the short - term, but there is still pressure from the surplus of primary nickel. Short - term operations are recommended with risk control [1]. 3) Summary by Relevant Catalogs Price Indicators - **LME Metals (15:00 Futures Price)**: Copper at $9661.5 (0.19% change), zinc at $2826.5 (1.03% change), aluminum at $1974 (0.79% change), nickel at $15295 (- 0.23% change), tin at $33835 (0.22% change) [1]. - **SHFE Metals**: Copper at 79530 yuan (0.46% change), zinc at 22600 yuan (0.49% change), aluminum at 20820 yuan (1.02% change), nickel at 124290 yuan (- 0.08% change), tin at 270200 yuan (- 0.14% change) [1]. Inventory Indicators - **LME Total Inventory**: Copper at 155875 tons (0.56% change), zinc at 144325 tons (7.45% change), aluminum at 478625 tons (0.32% change), nickel at 197796 tons (6.28% change), tin at 1000 tons (16.43% change) [1]. - **SHFE Inventory**: Copper at 81933 tons (- 13.29% change), zinc at 16192 tons (2.69% change), aluminum at 113614 tons (- 3.33% change), nickel at 26194 tons (- 0.56% change), tin at 7430 tons (0.45% change) [1]. Ascending and Descending Premium Indicators - **LME Metals**: Copper's premium changed from - 3.89 to - 83.3 (- 87.1 change), zinc's from - 3.6 to - 1.18 (- 4.8 change), aluminum's from - 4.5 to 3.47 (- 8 change), nickel's from - 206 to - 207.1 (1.13 change) [1]. - **SHFE Metals**: Copper's premium at 200 yuan (0.0 change), zinc's from - 50 to - 10, aluminum's from - 20 to 10 (- 30 change) [1]. Ratio Indicators - **SHFE Metals' Ratio**: Copper's ratio at 8.1 (0.13% change), zinc's at 8 (0.1% change), aluminum's at 7.9 (0.23% change), nickel's at 8 (- 0.37% change), tin's at 8 (0.24% change) [1]. Spread Indicators - **SHFE Metals' Near - Month to Continuous Third - Month Spread**: Copper's spread at - 30 yuan (0.0 change), zinc's from - 5501 to - 40, aluminum's from 55 to - 40, tin's from - 190 to - 380 (190 change) [1]. Macro Information - Fed Governor Bowman supports three interest rate cuts this year and will host a community bank meeting on October 9 [1]. - China's July CPI was flat year - on - year, and PPI was - 3.6% year - on - year, the same as the previous value [1]. Metal - Specific Analysis - **Copper**: US July OPI strengthened the market's expectation of Fed's August interest rate cut. China's July credit data was mixed. Domestically, the copper concentrate spot processing fee increased, but downstream demand was weak, with a short - term inventory accumulation expectation [1]. - **Aluminum**: The decline of the US dollar index was favorable for aluminum prices, but domestic downstream demand was weak, and inventories continued to increase [1]. - **Zinc**: Zinc prices rebounded due to sentiment, with overall production recovering. The Ino zinc inventory was at a low level, providing some support, and it was recommended to pay attention to selling hedging opportunities [1]. - **Nickel**: The macro - sentiment improved, and nickel prices oscillated strongly in the short - term. However, the global nickel inventory was high, and the demand was weak, with a surplus pressure on primary nickel [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Fundamentally, increased production in Inner Mongolia has led to a rise in output, and downstream silicon wafer production schedules continue to increase. In the short term, the lower limit is supported by cost and major manufacturers' price - holding, while the upper pressure mainly comes from downstream weakness and hedging. It is expected that the futures price will fluctuate [2] Group 3: Summary by Relevant Catalogs Futures Price - PS2511 closed at 51,290 with a decline of 0.98% [1] - PS2508 closed at 51,500 with an increase of 1.97% [1] - PS2509 closed at 51,265 with a decline of 1.03% [1] - PS2510 closed at 51,375 with a decline of 0.94% [1] Spread - The spread between PS2508 and PS2509 is 235, with an increase of 1,530 [1] - The spread between PS2509 and PS2510 is - 110, with a decrease of 50 [1] - The spread between PS2510 and PS2511 is 85, with an increase of 25 [1] Spot Price - The average price of N - type dense material is 46, with a change of 0% [1] - The average price of N - type mixed material is 45, with a change of 0% [2] Inventory and Other Data - The weekly inventory of polysilicon is 23.30 million tons, an increase of 0.40 million tons [2] - The weekly inventory of silicon wafers is 0.96 GW, an increase of 19.11 GW [2] - The daily registered warehouse receipts are 210 tons, an increase of 5,150 tons [2]

Group 1: Report Overview - The report is a cotton data daily report dated August 14, 2025, provided by ITG Guomao Futures [2][3] Group 2: Market Data Domestic Cotton Futures - CF01 increased from 13,980 to 14,130, a rise of 150 or 1.07% - CF09 rose from 13,735 to 13,830, an increase of 95 or 0.69% - CF09 - 01 decreased from -245 to -300, a drop of 55 [3] Domestic Cotton Spot - Xinjiang cotton price increased from 15,052 to 15,057, a rise of 5 or 0.03% - Henan cotton price rose from 15,219 to 15,233, an increase of 14 or 0.09% - Shandong cotton price increased from 15,159 to 15,170, a rise of 11 or 0.07% - Xinjiang - main continuous basis decreased from 1,072 to 927, a drop of 145 [3] Domestic Cotton Yarn Futures - CY increased from 20,015 to 20,195, a rise of 180 or 0.90% [3] Domestic Cotton Yarn Spot - C32S price index rose from 20,620 to 20,670, an increase of 50 or 0.24% [3] US Cotton Spot - CT (USD/lb) remained unchanged at 68 - The arrival price increased from 76.40 to 78.10, a rise of 1.7 or 2.23% - 1% quota delivery price increased from 13,463 to 13,758, a rise of 295 or 2.19% - Sliding - duty delivery price increased from 14,264 to 14,456, a rise of 192 or 1.35% [3] Spread Data - Yarn - cotton spread (futures) increased from 6,035 to 6,065, a rise of 30 - Yarn - cotton spread (现货) decreased from 801 to 698, a drop of 103 - Domestic - foreign spread (现货) decreased from 1,696 to 1,412, a drop of 284 [3] Group 3: Market Outlook - In the expectation of a new - crop bumper harvest and the reality of old - crop inventory shortage, the pattern of near - term strength and long - term weakness is prominent - From late July to early August is a window period for multiple policies and industry events. The content of domestic policy meetings, the progress of Sino - US trade negotiations, the realization of a new - cotton bumper harvest, the issuance of import sliding - duty quotas and the issuance volume have an impact on the Zhengzhou cotton market [3]

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - On Tuesday (August 12), most domestic commodity futures closed higher, with industrial products mostly rising and agricultural products showing mixed performance [1]. Group 3: Summary by Category Black Series - Most black series commodities rose. After the Tangshan production restriction news was confirmed over the weekend and the coking coal and coke futures prices continued to rise, the futures prices of rebar and hot-rolled coils rebounded by about 1%. The total inventory of the five major steel products increased by 23470 tons to 1.37536 million tons last week, reaching a more than two-month high. The steel market is currently in a tight balance between "policy expectation support" and "off-season demand suppression", and it is expected to remain in a high-level oscillation. Attention should be paid to the inflection point of hot metal production and the implementation of production restriction policies [1]. Basic Metals - Most basic metals rose. For copper, the expectation of a Fed rate cut has increased recently, and the bullish sentiment in the industrial product market is strong. The supply and demand situation in the copper market has not changed significantly, and the Shanghai copper futures are trading strongly. For lithium carbonate, it opened significantly higher, then oscillated lower, and the gain narrowed at the end of the session. The suspension of production at the Xiakeng Mine in Jiangxi has led to a substantial reduction in supply, but the increasing production of spodumene lithium extraction will offset some of the supply reduction. With the increase in downstream production scheduling in August, inventory is expected to decline, and the fundamental situation has improved marginally, driving lithium carbonate prices to oscillate strongly [1]. Energy Products - Energy products rebounded after a decline. International oil prices finally showed signs of stabilization and rebound overnight after several days of decline, which improved the sentiment in the domestic crude oil market. In the short term, OPEC+ plans to increase production in September, and there are concerns about the impact of tariff policies on demand, so oil prices are expected to oscillate weakly. Geopolitical risks may lead to a temporary shortage of supply and support oil prices to rise periodically. In the long term, due to OPEC+'s production increase strategy, the demand for oil will weaken after the peak season, and inventory will accumulate due to poor refinery profits. In addition, the increasing substitution rate of the new energy industry will continue to put pressure on oil prices [1]. Agricultural Products - Most agricultural products rose. The Ministry of Commerce announced the preliminary ruling on the anti-dumping investigation of imported rapeseed from Canada, and decided to impose a 75.8% deposit ratio on all Canadian companies. The far-month contracts of rapeseed products rose significantly, while the main September contract of rapeseed meal closed lower under the pressure of a large increase in warehouse receipts. In the short term, affected by China-Canada trade policies, rapeseed products are expected to continue to oscillate strongly. Palm oil prices continued to be strong due to lower-than-expected production and inventory in Malaysia and the impact of Indonesia's B50 biodiesel policy. The market sentiment is bullish in the short term, and prices are expected to continue to oscillate strongly. Attention should be paid to subsequent biodiesel policy changes and crude oil price trends [1].