Report Industry Investment Ratings Not provided in the given content. Core Views of the Report - Various commodities show different trends, including price fluctuations, range - bound trading, and impacts from macro and industry news [2][6] - Some commodities are affected by factors such as supply - demand relationships, cost support, and policy changes Summary by Commodities Precious Metals - **Gold**: PPI exceeding expectations dampens interest - rate cut expectations, with a trend strength of - 1 [2][8] - **Silver**: Experiences a slight decline, with a trend strength of - 1 [2][8] Base Metals - **Copper**: The rise of the US dollar puts pressure on prices, with a trend strength of 0 [2][12] - **Zinc**: Shows a slight decline, with a trend strength of - 1 [2][15] - **Lead**: A significant increase in overseas inventories puts pressure on prices, with a trend strength of - 1 [2][18] - **Tin**: Trades in a range, with a trend strength of - 1 [2][21] - **Aluminum**: Trades in a range, with a trend strength of 0; Alumina's center of gravity moves down, with a trend strength of - 1; Casting aluminum alloy follows electrolytic aluminum, with a trend strength of 0 [2][25] - **Nickel**: Narrowly fluctuates based on fundamentals, and investors should be wary of news - related risks, with a trend strength of 0 [2][28] - **Stainless Steel**: The steel price fluctuates due to the game between macro expectations and reality, with a trend strength of 0 [2][28] Energy - related Metals - **Carbonate Lithium**: Trades in a range, and investors should pay attention to supply disruptions, with a trend strength of 0 [2][34] Industrial Metals - **Industrial Silicon**: Market sentiment weakens, with a trend strength of - 1 [2][38] - **Polysilicon**: Market news boosts sentiment, with a trend strength of 1 [2][39] Ferrous Metals - **Iron Ore**: Macro risk appetite has not significantly declined, and there is still support, with a trend strength of 0 [2][43] - **Rebar**: Trades in a wide range, with a trend strength of - 1 [2][46] - **Hot - rolled Coil**: Trades in a wide range, with a trend strength of 0 [2][47] - **Silicon Ferrosilicon**: The market leans towards fundamentals and shows a weak - side fluctuation, with a trend strength of - 1 [2][51] - **Silicomanganese**: The market leans towards fundamentals and shows a weak - side fluctuation, with a trend strength of - 1 [2][51] - **Coke**: Trades at a high level, with a trend strength of 0 [2][55] - **Coking Coal**: Trades at a high level, with a trend strength of 0 [2][55] Forestry Products - **Log**: Fluctuates repeatedly, with a trend strength of 0 [2][58] Chemicals - **Para - xylene**: Cost support is weak, but terminal demand improves, and the monthly spread remains strong [2][62] - **PTA**: Weak reality and strong expectations lead to a monthly - spread reverse arbitrage [2][62] - **MEG**: The arrival volume this week is low, and the basis strengthens [2][62] Rubber - **Rubber**: Fluctuates weakly [2][31] - **Synthetic Rubber**: Pulls back in the short - term and trades in a range in the medium - term [2][33] Building Materials - **Asphalt**: Poor sales and unfavorable crude - oil trends [2][35] - **LLDPE**: Trades in a range [2][38] - **PP**: Tends to be weak, but investors should be cautious when short - selling at low levels [2][39] - **Caustic Soda**: Should be treated bullishly, but investors should pay attention to the situation of near - month warehouse receipts [2][40] - **Pulp**: Fluctuates weakly [2][41] - **Glass**: The price of the original sheet is stable [2][43] - **Methanol**: Fluctuates [2][44] - **Urea**: Driven by short - term news, the upside space narrows [2][46] - **Soda Ash**: Little change in the spot market [2][48] - **LPG**: The risk of squeezing positions in the near - month contract still exists [2][49] Agricultural Products - **Palm Oil**: Follows the macro trend and adjusts [2][61] - **Soybean Oil**: Lacks driving force from US soybeans and adjusts [2][61] - **Soybean Meal**: The overnight US soybeans close lower, and the domestic soybean meal adjusts and fluctuates [2][63] - **Soybean**: The atmosphere in the soybean market is weak, and it adjusts and fluctuates [2][63] - **Corn**: Runs weakly [2][65] - **Sugar**: The import volume in July increases significantly year - on - year [2][67] - **Cotton**: Investors should pay attention to the listing of new cotton [2][68] - **Egg**: The long - term expectation is weak [2][70] - **Live Pig**: Wait for the verification of the spot price at the end of the month [2][71] - **Peanut**: Investors should pay attention to the situation of new peanuts [2][72] Shipping - **Container Shipping Index (European Line)**: Fluctuates and consolidates, and investors can hold short positions in the October contract as appropriate [2][54] Textiles - **Short - fiber**: Trades in a short - term range, and investors should pay attention to the approaching peak - season demand [2][58] - **Bottle - grade Chip**: Has limited downside space and trades in a range [2][58] - **Offset Printing Paper**: Fluctuates at a low level and has limited upward momentum [2][59] - **Pure Benzene**: Fluctuates weakly [2][60]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Overnight, US soybeans closed lower, and Dalian soybean meal adjusted and fluctuated; the soybean market sentiment was weak, with adjustment and fluctuation [1] - On August 19, CBOT soybean futures closed lower mainly due to good soybean yield potential found by inspectors and long - position profit - taking [3] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking Futures - DCE soybean 2511: The daytime closing price was 4046 yuan/ton, the night - time closing price was 4019 yuan/ton, with a decline of 10 yuan/ton (-0.25%) during the day and 33 yuan/ton (-0.81%) at night [1] - DCE soybean meal 2601: The daytime closing price was 3161 yuan/ton, the night - time closing price was 3134 yuan/ton, with an increase of 14 yuan/ton (+0.44%) during the day and a decline of 33 yuan/ton (-1.04%) at night [1] - CBOT soybean 11: The price was 1033.25 cents/bushel, a decline of 7.25 cents/bushel (-0.70%) [1] - CBOT soybean meal 12: The price was 295.7 dollars/short - ton, an increase of 4.1 dollars/short - ton (+1.41%) [1] Spot - Shandong: The spot price of soybean meal (43%) was 3070 - 3090 yuan/ton, with different basis prices for different delivery months [1] - East China: The spot price of soybean meal was 3000 yuan/ton (Taizhou Huifu), with various basis prices for different months [1] - South China: The spot price of soybean meal was 3050 - 3110 yuan/ton, with different basis prices for different delivery months [1] Industrial Data - The trading volume of soybean meal was 31.4 million tons/day in the previous trading day and 9.65 million tons/day two trading days ago; the inventory was 97.4 million tons/week in the previous week and 96.09 million tons/week two weeks ago [1] 2. Macro and Industry News - On August 19, CBOT soybean futures closed lower. The ProFarmer organization's inspection found that the number of soybean pods in Ohio and South Dakota was above average on the first day, and traders were waiting for more reports on the second day. The USDA reported that private exporters sold 228,606 tons of US soybeans to Mexico for delivery in the 2025/26 season [3] 3. Trend Intensity - The trend intensity of soybean meal was 0, and that of soybean was 0 (only referring to the price fluctuation of the main contract in the daytime on the reporting day) [3]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: PPI exceeding expectations dampens expectations of interest rate cuts [2][4] - Silver: Experiences a slight decline [2][4] - Copper: The rise of the US dollar puts pressure on prices [2][9] - Zinc: Shows a slight drop [2][12] - Lead: A significant increase in overseas inventories puts pressure on prices [2][15] - Tin: Trades within a range [2][18] - Aluminum: Trades within a range; Alumina: Shifts downward; Cast aluminum alloy: Follows the trend of electrolytic aluminum [2][22] - Nickel: Narrow - range fluctuations based on fundamental logic, with caution for news - related risks [2][25] - Stainless steel: The steel price fluctuates due to the game between macro expectations and reality [2][25] 3. Summaries by Related Catalogs Gold and Silver - **Fundamental Data**: For gold, the closing prices of Shanghai Gold 2510, Gold T + D, and Comex Gold 2510 all declined, with daily declines of - 0.33%, - 0.31%, and - 0.57% respectively. For silver, the closing prices of Shanghai Silver 2510 and Silver T + D also decreased, with daily declines of - 0.77% and - 0.48% respectively. There were also changes in trading volume, positions, inventories, and spreads [5]. - **Trend Intensity**: Gold trend intensity is - 1, and silver trend intensity is - 1, indicating a bearish outlook [7]. Copper - **Fundamental Data**: The closing price of the Shanghai Copper main contract decreased by - 0.05%, and the London Copper 3M electronic disk decreased by - 0.69%. There were changes in trading volume, positions, inventories, and spreads [9]. - **Macro and Industry News**: The US Department of Commerce included 407 types of steel and aluminum derivative products in the tariff list. The meeting locations for the US, Russia, and Ukraine are being considered, and Trump mentioned that Ukraine may need to make territorial concessions. PT Smelting's oxygen - making equipment malfunction extended the maintenance period, and Codelco restarted the smelter at the El Teniente copper mine. Glencore applied to include two copper mine projects in Argentina in the investment incentive plan [9][11]. - **Trend Intensity**: Copper trend intensity is 0, indicating a neutral outlook [11]. Zinc - **Fundamental Data**: The closing price of the Shanghai Zinc main contract decreased by - 0.69%, and the London Zinc 3M electronic disk decreased by - 0.45%. There were changes in trading volume, positions, spreads, and inventories [12]. - **News**: The Ministry of Industry and Information Technology and other departments aimed to standardize the photovoltaic industry competition order [13]. - **Trend Intensity**: Zinc trend intensity is - 1, indicating a bearish outlook [13]. Lead - **Fundamental Data**: The closing price of the Shanghai Lead main contract increased by 0.30%, and the London Lead 3M electronic disk decreased by - 0.03%. There were changes in trading volume, positions, spreads, and inventories [15]. - **News**: The US Department of Commerce included 407 types of steel and aluminum derivative products in the tariff list, and the meeting locations for the US, Russia, and Ukraine are being considered [16]. - **Trend Intensity**: Lead trend intensity is - 1, indicating a bearish outlook [16]. Tin - **Fundamental Data**: The closing price of the Shanghai Tin main contract increased by 0.40%, and the London Tin 3M electronic disk increased by 0.30%. There were changes in trading volume, positions, inventories, and spreads [19]. - **Macro and Industry News**: There were multiple news events including diplomatic meetings and corporate actions [19][20]. - **Trend Intensity**: Tin trend intensity is - 1, indicating a bearish outlook [21]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: The closing price of the Shanghai Aluminum main contract decreased, and there were changes in trading volume, positions, spreads, and inventories for aluminum, alumina, and cast aluminum alloy. There were also changes in related costs, profits, and prices in the industrial chain [22]. - **Comprehensive News**: The US Department of Commerce included 407 types of steel and aluminum derivative products in the tariff list [24]. - **Trend Intensity**: Aluminum trend intensity is 0, alumina trend intensity is - 1, and aluminum alloy trend intensity is 0 [24]. Nickel and Stainless Steel - **Fundamental Data**: There were changes in the closing prices, trading volumes, positions, and various industry - related data for nickel and stainless steel [25]. - **Macro and Industry News**: There were multiple news events related to the nickel and stainless - steel industries, including production suspensions, regulatory requirements, and government actions [25][26][27][28][29]. - **Trend Intensity**: Nickel trend intensity is 0, and stainless steel trend intensity is 0, indicating a neutral outlook [30].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core View The overseas inventory of lead has increased significantly, putting pressure on the price. The lead trend strength is -1, indicating a bearish outlook [1]. Summary by Relevant Items 1. Fundamental Tracking - **Price**: The closing price of the Shanghai lead main contract was 16,825 yuan/ton, up 0.30%, and the closing price of the LME lead 3M electronic disk was 1,980.5 dollars/ton, down 0.03% [1]. - **Volume and Open Interest**: The trading volume of the Shanghai lead main contract was 27,255 lots, a decrease of 3,340 lots, and the open interest was 48,112 lots, a decrease of 1,384 lots. The trading volume of LME lead was 6,041 lots, an increase of 2,208 lots, and the open interest was 159,411 lots, an increase of 297 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was -25 yuan/ton, unchanged; the LME CASH - 3M premium was -44 dollars/ton, a decrease of 5.5 dollars/ton. The import premium was 105 dollars/ton, unchanged [1]. - **Inventory**: The Shanghai lead futures inventory was 61,353 tons, a decrease of 872 tons, and the LME lead inventory was 282,950 tons, an increase of 22,475 tons. The LME lead cancelled warrants were 54,250 tons, a decrease of 6,725 tons [1]. - **Profit and Loss**: The spot import profit and loss of lead ingots was -485.82 yuan/ton, a decrease of 6.25 yuan/ton, and the import profit and loss of the Shanghai lead continuous third contract was -548.94 yuan/ton, a decrease of 18.57 yuan/ton. The comprehensive profit and loss of recycled lead was -487 yuan/ton, unchanged [1]. 2. News - The US Department of Commerce officially announced that 407 types of steel and aluminum derivative products such as wind turbines would be included in the tariff list, suddenly expanding the scope of Trump's steel and aluminum tariffs, catching US importers off - guard [1]. - The meeting place for the US - Russia - Ukraine tri - party talks is considering Budapest, Geneva, or even Russia. US media reported that Trump said Ukraine might need to make territorial concessions to reach a potential agreement [1].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View of the Report - The manganese - silicon market is biased towards fundamentals and shows a weak and volatile trend [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Silicon iron futures (2509: closing price 5500, down 210; 2510: closing price 5500, down 188). Manganese - silicon futures (2509: closing price 5842, down 184; 2510: closing price 5850, down 180) [1]. - Silicon iron trading volume (2509: 44,328; 2510: 80,527). Manganese - silicon trading volume (2509: 193,093; 2510: 55,950) [1]. - Silicon iron open interest (2509: 41,200; 2510: 62,082). Manganese - silicon open interest (2509: 114,885; 2510: 59,820) [1]. - **Spot Data**: - Silicon iron (FeSi75 - B, Inner Mongolia) price is 5400 yuan/ton, down 50 yuan/ton. Silicon - manganese (FeMn65Si17, Inner Mongolia) price is 5800 yuan/ton, down 20 yuan/ton [1]. - Manganese ore (Mn44 block) price is 40.0 yuan/ton - degree, down 0.2 yuan/ton - degree. Lanthanum charcoal (small material, Shenmu) price is 650 yuan/ton [1]. - **Price Spread Data**: - Silicon iron (spot - 09 futures) basis is - 100 yuan/ton, up 160 yuan/ton. Manganese - silicon (spot - 09 futures) basis is - 42 yuan/ton, up 164 yuan/ton [1]. - Silicon iron 2509 - 2601 nearby - far - month spread is - 152 yuan/ton, up 4 yuan/ton. Manganese - silicon 2509 - 2601 nearby - far - month spread is - 72 yuan/ton, up 22 yuan/ton [1]. - Manganese - silicon 2509 - silicon iron 2509 cross - variety spread is 342 yuan/ton, up 26 yuan/ton. Manganese - silicon 2601 - silicon iron 2601 cross - variety spread is 262 yuan/ton, up 8 yuan/ton [1]. 3.2 Macro and Industry News - **Silicon Iron Price**: On August 19, 72 silicon iron prices in different regions were: Shaanxi 5350 - 5450 yuan/ton, Ningxia 5400 - 5500 yuan/ton (down 50), Qinghai 5400 - 5500 yuan/ton, Gansu 5450 - 5550 yuan/ton, Inner Mongolia 5500 - 5600 yuan/ton. 75 silicon iron prices in different regions were: Shaanxi 5900 - 5950 yuan/ton, Ningxia 5800 - 5850 yuan/ton, Qinghai 5800 - 5850 yuan/ton, Gansu 5800 - 5850 yuan/ton, Inner Mongolia 5800 - 5850 yuan/ton. Silicon iron FOB prices were: 72 1040 - 1060 dollars/ton, 75 1100 - 1130 dollars/ton [2]. - **Silicon - Manganese Price**: 6517 silicon - manganese northern offer was 5850 - 5950 yuan/ton, southern offer was 5900 - 6000 yuan/ton [2]. - **Manganese Ore Market**: The manganese ore market was generally stable with narrow fluctuations. In Tianjin Port, demand declined and the silicon - manganese futures market fell, cooling the market's bullish expectations. However, due to the increase in foreign market and steel tender prices and the expected demand in September, traders were reluctant to sell at low prices, limiting the price decline. The port trading atmosphere was stalemate. Tianjin Port semi - carbonate was quoted at 35, Gabon block at 40.5, South African medium - iron block at 36, South32 Australian block at 41, South African high - iron at 30. In Qinzhou Port, ore prices were generally stable, with previous high quotes回调. Semi - carbonate was quoted at 38, Gabon block at 41, South African medium - iron block at 37, South African high - iron at 31. Since the resumption of Australian ore shipments in June, the manganese ore inventory in Tianjin Port has slowly recovered. Last week, the inventory was 368 million tons, still lower than the average of the past three years, and the port inventory accumulation was lower than market expectations, providing some support for ore prices [2][3]. 3.3 Trend Intensity - Silicon iron trend intensity is - 1, and manganese - silicon trend intensity is - 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [4].

Report Industry Investment Rating - Aluminum: Range-bound oscillation [1] - Alumina: Moving downward [1] - Cast aluminum alloy: Following electrolytic aluminum [1] Core Viewpoints - The U.S. Department of Commerce officially announced on Tuesday that 407 types of steel and aluminum derivative products, including wind turbines, would be included in the tariff list, which is a strategic change in the regulatory method for steel and aluminum derivative products [3] - The trend strength of aluminum is 0, alumina is -1, and aluminum alloy is 0 [3] Summary by Related Catalogs Futures Market - The closing price of the main SHFE aluminum contract is 20,545, down 55 from T - 1, 190 from T - 5, 150 from T - 22, and 32 from T - 66 [1] - The closing price of the main SHFE alumina contract is 3,120, down 51 from T - 1, 188 from T - 5, and 391 from T - 66 [1] - The closing price of the main aluminum alloy contract is 20,095, down 45 from T - 1 [1] Spot Market - The domestic social inventory of aluminum ingots is 586,000 tons, unchanged from T - 1, up 15,000 tons from T - 5, up 131,000 tons from T - 22, and down 63,000 tons from T - 66 [1] - The average domestic alumina price is 3,264, down 2 from T - 1, 9 from T - 5, up 78 from T - 22, and up 364 from T - 66 [1] - The theoretical profit of ADC12 is -114, down 7 from T - 1, unchanged from T - 5, up 235 from T - 22, and up 150 from T - 66 [1] Cost and Profit - The electrolytic aluminum enterprise profit and loss is 47.22, down 351.44 from T - 1, up 391.04 from T - 5, up 3,866.88 from T - 22, and down 35.08 from T - 66 [1] - The alumina enterprise profit and loss in Shanxi is 275, down 5 from T - 1, down 17 from T - 5, up 341 from T - 22, and up 50 from T - 66 [1] - The theoretical profit of ADC12 is -114, down 7 from T - 1, unchanged from T - 5, up 235 from T - 22, and up 150 from T - 66 [1]

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided reports Group 2: Core Viewpoints - The zinc market showed a slight decline. The trend strength of zinc is -1, indicating a weak bearish outlook [1][2][3] Group 3: Summary by Relevant Catalogs 1. Zinc Market Data - **Prices**: The closing price of the main Shanghai zinc futures contract was 22,205 yuan/ton, down 0.69%; the closing price of the LME zinc 3M electronic disk was 2,784 dollars/ton, down 0.45%. The prices of Shanghai Zamak - 5 zinc alloy, Shanghai Zamak - 3 zinc alloy, and zinc oxide ≥99.7% all decreased by 100 yuan/ton [1] - **Trading Volume and Open Interest**: The trading volume of the main Shanghai zinc futures contract was 110,478 lots, an increase of 14,740 lots; the trading volume of LME zinc was 8,911 lots, a decrease of 2,062 lots. The open interest of the main Shanghai zinc futures contract was 105,576 lots, an increase of 8,821 lots; the open interest of LME zinc was 192,766 lots, a decrease of 1,232 lots [1] - **Premiums and Discounts**: The premium/discount of Shanghai 0 zinc was -40 yuan/ton, up 10 yuan/ton; the LME CASH - 3M premium/discount was -10 dollars/ton, down 10.5 dollars/ton [1] - **Inventory**: Shanghai zinc futures inventory remained unchanged at 32,538 tons, while LME zinc inventory decreased by 3,650 tons to 72,200 tons. The LME zinc cancelled warrants decreased by 1,850 tons to 28,600 tons, and the LME off - warrant (T + 3) decreased by 593 tons to 15,640 tons [1] 2. News - The Ministry of Industry and Information Technology and other departments aim to further standardize the competition order in the photovoltaic industry, including strengthening industrial regulation, curbing low - price disorderly competition, standardizing product quality, and supporting industry self - discipline [2]

Report Industry Investment Rating - The industry investment rating for corn is "Weak operation" [3] Core Viewpoint - Corn is expected to run weakly, with a trend strength of 0, indicating a neutral to slightly bearish outlook [3][4] Summary by Relevant Catalogs Corn Fundamental Data - **Spot Prices**: Northeast acquisition average price and North China acquisition average price are not available; Jinzhou closing price is 2,310 yuan/ton; Guangdong Shekou price is 2,400 yuan/ton; Shandong corn starch price is 2,840 yuan/ton, all with no price change [1] - **Futures Prices**: C2509 closed at 2,242 yuan/ton yesterday, down 1.10%, and 2,236 yuan/ton in the night session, down 0.27%; C2511 closed at 2,170 yuan/ton yesterday, down 0.60%, and 2,165 yuan/ton in the night session, down 0.23% [1] - **Trading Volume and Open Interest**: C2509 trading volume was 124,972 lots yesterday, a decrease of 54,590 lots, and open interest was 257,404 lots, a decrease of 59,163 lots; C2511 trading volume was 353,719 lots yesterday, a decrease of 110,167 lots, and open interest was 925,944 lots, an increase of 29,682 lots; The entire corn market trading volume was 614,735 lots yesterday, a decrease of 203,317 lots, and open interest was 1,766,482 lots, a decrease of 4,839 lots [1] - **Warehouse Receipts**: The entire corn market had 113,481 warehouse receipts yesterday, a decrease of 16,946 lots [1] - **Price Spreads**: The main 11 - basis was 140 yuan/ton, and the 09 - 11 inter - period spread was 72 yuan/ton [1] Macro and Industry News - **Northern Corn Port Prices**: Northern corn port prices (listed) are 2,250 - 2,260 yuan/ton (14.5% moisture), down 20 yuan/ton from yesterday; container port prices are 2,300 - 2,350 yuan/ton [2] - **Guangdong Shekou Prices**: Guangdong Shekou bulk carrier prices are 2,370 - 2,390 yuan/ton, and container quotes are 2,450 - 2,470 yuan/ton, down 10 - 20 yuan/ton from yesterday [2] - **Northeast Enterprise Prices**: Northeast enterprise corn prices are weakly operating. Heilongjiang deep - processing dry grain acquisition prices are 2,200 - 2,270 yuan/ton; Jilin deep - processing corn mainstream acquisition prices are 2,200 - 2,260 yuan/ton; Inner Mongolia deep - processing corn mainstream acquisition prices are 2,280 - 2,360 yuan/ton [2] - **North China Prices**: North China corn prices rebounded slightly. Shandong deep - processing prices are 2,450 - 2,560 yuan/ton, ordinary livestock and poultry feed corn prices are 2,450 - 2,470 yuan/ton, pig feed corn prices are 2,470 - 2,500 yuan/ton; Henan prices are 2,450 - 2,550 yuan/ton; Hebei prices are 2,440 - 2,500 yuan/ton [2] - **Imported Grains**: Argentine sorghum (bulk) in Guangdong for September - October shipment is quoted at 2,120 yuan/ton; Australian sorghum for September shipment is quoted at 2,430 yuan/ton (limited quantity); Imported barley for October - November shipment is pre - sold at 2,100 - 2,150 yuan/ton; Imported barley for December - January shipment is pre - sold at 2,040 - 2,090 yuan/ton; Feed wheat for September delivery is priced at 2,510 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PX cost support is weak, but terminal demand improves, and the month - spread remains strong. PX is expected to be stronger than oil prices, but the overall upside space may be limited, and the 9 - 1 month - spread will continue to strengthen [1][7]. - PTA is in a situation of weak reality and strong expectation, with a 9 - 1 month - spread reverse arbitrage. The unilateral price is in a volatile market with limited downside space for now [1][8]. - MEG has a low arrival volume this week, and the basis strengthens. The unilateral price is mainly in a volatile market, and the 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage [1][8]. 3. Summary According to Related Catalogs Market Dynamics - PX: The price of naphtha at the end of the session remained strong, and the PX price increased. However, the low start - up of downstream PTA and the weak crude oil market restricted the rise of the PX market. Some October cargoes were traded at 836.5 - 837 dollars/ton [4]. - PTA: The spot price rose to 4,690 yuan/ton. The sentiment in the Asian PTA market remained sluggish due to concerns about over - capacity. A 760,000 - ton/year PTA plant in Taichung was shut down for planned maintenance [5]. - MEG: From August 18th to August 24th, the total planned arrival volume at major ports was about 54,000 tons [6]. - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were still weak, with an average sales rate of slightly less than 50% by 3:30 pm. The sales of direct - spun polyester staple fiber were average, with an average sales rate of 57% by 3:00 pm [6]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral trend [7]. Views and Suggestions - PX: Cost support is weak, but the PX fundamentals are tight. The 8 - month polyester start - up reached the bottom, and the 9 - month supply - demand is still tight. Pay attention to the restart progress of Fuhua Group [7]. - PTA: The unilateral price is in a volatile market. The supply is marginally tightened, and the demand improves month - on - month. The 9 - 1 month - spread reverse arbitrage should be maintained. Pay attention to the impact of the peak season on the industrial chain [8]. - MEG: The import arrival volume decreases, and the supply and demand both increase. The 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage. Pay attention to the position reduction speed of the 09 contract [8].

Report Summary 1) Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoint The report presents the latest fundamental data, macro and industry news of the sugar market, and provides production, consumption and import forecasts for the domestic and international sugar markets in the 24/25 and 25/26 sugar - crushing seasons. The trend strength of sugar is rated as neutral. 3) Summary by Directory **Fundamental Tracking** - The price of raw sugar is 16.3 cents per pound, with a year - on - year increase of 0.06; the mainstream spot price is 5990 yuan per ton, with no year - on - year change; the futures main contract price is 5661 yuan per ton, with a year - on - year decrease of 11 [1]. - The 91 spread is 55 yuan per ton, with a year - on - year decrease of 9; the 15 spread is 42 yuan per ton, with a year - on - year decrease of 4; the mainstream spot basis is 329 yuan per ton, with a year - on - year increase of 11 [1]. **Macro and Industry News** - Brazil's sugar production needs to be re - estimated, and the monsoon precipitation in India has weakened stage - by - stage. The sugar - crushing progress in the central - southern region of Brazil accelerated in the first half of July. Brazil exported 336 million tons of sugar in June, a year - on - year increase of 5%. China imported 74 million tons of sugar in July, an increase of 32 million tons compared with the previous period [1]. **Domestic Market** - CAOC expects the domestic sugar production in the 24/25 sugar - crushing season to be 1.116 billion tons, consumption to be 1.58 billion tons, and imports to be 500 million tons. For the 25/26 sugar - crushing season, production is expected to be 1.12 billion tons, consumption 1.59 billion tons, and imports 500 million tons [2]. - As of the end of May in the 24/25 sugar - crushing season, the national sugar production was 1.116 billion tons, an increase of 120 million tons; the cumulative sugar sales were 811 million tons, an increase of 152 million tons; the cumulative sugar sales rate was 72.7% [2]. - As of the end of July in the 24/25 sugar - crushing season, China's cumulative sugar imports were 324 million tons, a decrease of 34 million tons. In the 25/26 sugar - crushing season, the market expects a decline in the sugar - extraction rate and an increase in production costs in Guangxi [2]. **International Market** - ISO expects a global sugar supply shortage of 547 million tons in the 24/25 sugar - crushing season (previously 488 million tons) [3]. - As of July 16 in the 25/26 sugar - crushing season, the cumulative sugar - cane crushing volume in the central - southern region of Brazil decreased by 9.6 percentage points year - on - year, with cumulative sugar production of 1.566 billion tons, a decrease of 159 million tons, and the cumulative MIX51.02% increased by 2.69 percentage points year - on - year [3]. - ISMA/NFCSF expects the total sugar production in India to be 3.49 billion tons in the 25/26 sugar - crushing season, compared with 2.95 billion tons in the 24/25 sugar - crushing season, an increase of 540 million tons [3]. - OCSB data shows that the cumulative sugar production in Thailand in the 24/25 sugar - crushing season was 1.008 billion tons, an increase of 127 million tons [3]. **Trend Strength** The trend strength of sugar is 0, indicating a neutral outlook. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [4].