Group 1: Report Industry Investment Rating - There is no clear report industry investment rating provided in the content [1][2] Group 2: Core View of the Report - The price fluctuations of aluminum are expected to converge, the price center of alumina will move downward, and the price of cast aluminum alloy will follow that of electrolytic aluminum [1] Group 3: Summary Based on Related Catalogs Futures Market - The closing price of the main contract of Shanghai Aluminum was 20,600, down 170 from the previous day; the closing price of the main contract of LME Aluminum 3M was 2,589, down 15 from the previous day; the closing price of the main contract of Shanghai Alumina was 3,171, down 34 from the previous day; and the closing price of the main contract of Aluminum Alloy was 20,090, down 75 from the previous day [1] - The trading volume and open interest of each contract showed different changes compared with previous trading days [1] Spot Market - The average domestic alumina price was 3,266, with a change of -4 compared to the previous day; the alumina price at Lianyungang's CIF was 3325 yuan/ton, with no change from the previous day [1] - The pre-baked anode market price was 5,502, with no change from the previous day; the Foshan aluminum rod processing fee was 300, up 70 from the previous day [1] Corporate Profit and Loss - The profit and loss of electrolytic aluminum enterprises was 3,819.66, down 152.30 from the previous day; the profit and loss of alumina enterprises in Shanxi was 280, down 10 from the previous day [1] - The theoretical profit of ADC12 was -107, up 11 from the previous day [1] Inventory - The domestic social inventory of aluminum ingots was 586,000 tons, up 15,000 tons from the previous day; the LME aluminum ingot inventory was 655,000 tons, up 3,000 tons from the previous day [1] - The total inventory of the three places for aluminum alloy was 31,653, up 10 from the previous day [1] Other Information - The U.S.-India trade agreement may still be uncertain, and the Trump administration has imposed tariffs on India [2] - The "sticky inflation" in the United States is accelerating again, which may affect the Fed's policy [2] - The trend intensity of aluminum is 0, alumina is -1, and aluminum alloy is 0 [2]

Report Overview - Date: August 19, 2025 - Publisher: Guotai Junan Futures Research Institute 1. Report Industry Investment Rating - Not provided in the document 2. Report Core Views - **Palm Oil**: The origin has a prosperous supply - demand situation, and it is recommended to go long at low levels [2][6] - **Soybean Oil**: Bullish factors have been fully traded, and it will fluctuate at a high level [2][7] - **Soybean Meal**: The overnight US soybeans slightly declined, and the Dalian soybean meal may fluctuate [2][12] - **Soybean One**: It will fluctuate [2][12] - **Corn**: It will run in a fluctuating manner [2][17] - **Sugar**: It will have a narrow - range consolidation [2][20] - **Cotton**: New drivers are needed for further price increases [2][25] - **Eggs**: The long - term outlook is weak [2][30] - **Pigs**: The spot market remains weak [2][32] - **Peanuts**: The near - term is strong, and the long - term is weak [2][38] 3. Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's main contract had a daily - closing price of 9,534 yuan/ton with a 1.49% increase and a night - closing price of 9,620 yuan/ton with a 0.90% increase. Soybean oil's main contract had a daily - closing price of 8,548 yuan/ton with a - 0.16% change and a night - closing price of 8,548 yuan/ton with a 0.00% change. The spot prices of palm oil, soybean oil, and rapeseed oil in different regions also had corresponding changes [7] - **News**: From August 1 - 15, 2025, Malaysia's palm oil production increased by 0.88% month - on - month, and the expected export volume increased by 34.5% month - on - month [8][10] - **Trend Intensity**: Palm oil trend intensity is 1, and soybean oil is 0 [11] Soybean Meal and Soybean One - **Fundamentals**: DCE soybean one 2511 had a daily - closing price of 4044 yuan/ton with no change, and DCE soybean meal 2601 had a daily - closing price of 3155 yuan/ton with a 0.57% increase. The spot prices of soybean meal in different regions had different quotes [12] - **News**: On August 18, CBOT soybean futures mostly declined. As of August 17, the US soybean good - excellent rate was 68%, the same as last week [12][14] - **Trend Intensity**: Both soybean meal and soybean one have a trend intensity of 0 [14] Corn - **Fundamentals**: The important spot prices such as the Northeast acquisition average price, Jinzhou closing price, etc. remained unchanged. The futures contracts C2509 and C2511 had different price changes and trading volume and position changes [15] - **News**: The northern corn collection port price decreased by 20 yuan/ton, and the Guangdong Shekou price decreased by 10 - 20 yuan/ton [16] - **Trend Intensity**: The trend intensity is 0 [18] Sugar - **Fundamentals**: The raw sugar price was 16.24 cents/pound, the mainstream spot price was 5990 yuan/ton, and the futures main price was 5672 yuan/ton [20] - **News**: Brazil's production needs to be re - estimated, and India's monsoon precipitation decreased. China's sugar import and production data in different periods were also provided [20][21][22] - **Trend Intensity**: The trend intensity is 0 [23] Cotton - **Fundamentals**: CF2601 had a daily - closing price of 14,125 yuan/ton with a 0.04% increase. The spot prices of different cotton types in different regions had small increases [25] - **News**: The domestic cotton spot trading improved slightly, and the cotton yarn market trading also improved slightly. The US Department of Agriculture lowered the US cotton production and ending stocks for the 25/26 season [26] - **Trend Intensity**: The trend intensity is 0 [27] Eggs - **Fundamentals**: The futures prices of eggs 2509 and eggs 2601 decreased. The spot prices of eggs in different regions had different changes [30] - **Trend Intensity**: The trend intensity is 0 [30] Pigs - **Fundamentals**: The Henan, Sichuan, and Guangdong spot prices were 13780 yuan/ton, 13550 yuan/ton, and 14990 yuan/ton respectively. The futures prices of different contracts also decreased [34] - **Market Logic**: In August, the group's planned slaughter volume increased, demand growth was limited, and the market pressure was high. The short - term support and pressure levels for the LH2509 contract were given [36] - **Trend Intensity**: The trend intensity is - 1 [35] Peanuts - **Fundamentals**: The important spot prices of peanuts in different regions remained unchanged. The futures contracts PK510 and PK511 had small price decreases [38] - **Spot Market**: The new peanut trading in different regions had different situations, and the new peanuts were expected to be listed in late September [39] - **Trend Intensity**: The trend intensity is 0 [41]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - Nickel: The fundamentals suggest a narrow - range oscillation, and investors should be wary of news - related risks [2][4]. - Stainless steel: There is a game between macro expectations and reality, and steel prices will oscillate [2][4]. - Lithium carbonate: Supply disruptions combined with positive demand may lead to a continued strong - side oscillation [2][10]. - Industrial silicon: Attention should be paid to market sentiment changes [2][13]. - Polysilicon: Attention should be paid to today's market news [2][14]. 3. Summary by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai Nickel main contract was 120,340, down 260 from T - 1; the closing price of the stainless - steel main contract was 13,010, unchanged from T - 1. There were also changes in trading volume, import prices, and various spreads [4]. - **Macro and Industry News**: Multiple events including potential export restrictions from Canada, new production in Indonesia, environmental violations, mining quota adjustments, and production suspensions in Indonesia [4][5][6]. - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral outlook [9]. Lithium Carbonate - **Fundamental Data**: Various contract closing prices, trading volumes, and positions of lithium carbonate showed significant changes over different time intervals. Prices of related products in the lithium - salt industry chain also changed [10]. - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price increased, and India proposed to reduce commodity and service tax rates for certain vehicles [11]. - **Trend Intensity**: Lithium carbonate has a trend intensity of 1, indicating a slightly bullish outlook [12]. Industrial Silicon and Polysilicon - **Fundamental Data**: Data on contract prices, trading volumes, positions, spreads, and various costs, prices, and profits in the industrial silicon and polysilicon industries were presented. There were also changes in inventory levels [14]. - **Macro and Industry News**: The Inner Mongolia Power Trading Center completed the first settlement for new - energy full - market entry, with details on new - entry projects, settlement prices, and cost impacts [16]. - **Trend Intensity**: Industrial silicon has a trend intensity of 0 (neutral), and polysilicon has a trend intensity of 1 (slightly bullish) [16].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Viewpoints - The report provides trend forecasts for various black - series commodities, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs. For example, iron ore has support as the macro risk appetite has not significantly declined; rebar and hot - rolled coil are expected to have wide - range fluctuations; ferrosilicon is expected to have a weak - side fluctuation due to weak sector sentiment; silicomanganese is expected to have wide - range fluctuations with a firm spot quotation; coke and coking coal are expected to fluctuate at high levels; logs are expected to fluctuate repeatedly [2][5][8][9][13][16][19]. Summary by Commodity Iron Ore - **Trend Forecast**: Macro risk appetite has not significantly declined, and there is still support [2][5]. - **Fundamental Data**: The trend strength is 1. On August 15, 2025, the Trump administration of the United States announced an expansion of the scope of a 50% tariff on steel and aluminum imports, including hundreds of derivative products in the tariff - adding list [6]. Rebar and Hot - Rolled Coil - **Trend Forecast**: Both are expected to have wide - range fluctuations [2][8][9]. - **Fundamental Data**: For rebar futures contract RB2510, the closing price was 3,155 yuan/ton, down 28 yuan/ton (- 0.88%); for hot - rolled coil futures contract HC2510, the closing price was 3,419 yuan/ton, down 7 yuan/ton (- 0.20%). In early August 2025, key steel enterprises' average daily production of crude steel increased by 4.7% month - on - month, pig iron by 3.2% month - on - month, and steel decreased by 4.1% month - on - month. The trend strength of both is 0 [9][10][12]. Ferrosilicon and Silicomanganese - **Trend Forecast**: Ferrosilicon is expected to have a weak - side fluctuation due to weak sector sentiment; silicomanganese is expected to have wide - range fluctuations with a firm spot quotation [2][13]. - **Fundamental Data**: For example, the closing price of ferrosilicon 2509 was 5,710 yuan/ton, down 44 yuan; the closing price of silicomanganese 2509 was 6,026 yuan/ton, unchanged. As of August 16, the total manganese ore inventory decreased by 1.65 million tons month - on - month. The trend strength of both is 0 [13][14][15]. Coke and Coking Coal - **Trend Forecast**: Both are expected to fluctuate at high levels [2][16]. - **Fundamental Data**: For coking coal futures contract JM2601, the closing price was 1,187.5 yuan/ton, down 42.5 yuan (- 3.5%); for coke futures contract J2601, the closing price was 1,702 yuan/ton, down 27.5 yuan (- 1.6%). The trend strength of both is 0 [16][18]. Logs - **Trend Forecast**: Expected to fluctuate repeatedly [2][19]. - **Fundamental Data**: The price of various log products showed different changes in terms of closing price, trading volume, and position. For example, the closing price of the 2509 log contract decreased by 2.1% week - on - week. In July, the sales prices of commercial residential buildings in 70 large and medium - sized cities decreased month - on - month, and the year - on - year decline generally narrowed. The trend strength is 0 [20][22].

Report Investment Rating The report does not provide an overall industry investment rating. However, it offers individual outlooks for various commodities. Core Views - The overall market for energy and chemical commodities shows a mixed trend, with some commodities in a short - term or mid - term oscillation, while others face upward or downward pressure [2]. - The supply and demand relationship, cost factors, and policy environment are the main factors affecting the price trends of different commodities. Summary by Commodity PX, PTA, MEG - **PX**: Supply increases while demand decreases, but terminal demand improvement may limit the downside space. The processing fee is under downward pressure. China's PX operating rate is 84.3% (+2.3%), and Asia's is 74% (+0.4%) [10]. - **PTA**: Supply is marginally tightened, and the price rebounded at the end of the session. The 9 - 1 spread is recommended for reverse arbitrage. Polyester operating rate is expected to increase to 91.5% in September [11]. - **MEG**: Supply increases, and it is in a range - bound market. The 9 - 1 spread should be operated within the - 50~0 range, and 1 - 5 reverse arbitrage is recommended [11]. Rubber - Rubber is in an oscillatory state. The inventory in Qingdao area decreased slightly, and the cost support from overseas raw material prices weakened. The market lacks a clear direction [12][15]. Synthetic Rubber - The upside space is narrowing. In the short - term, the support from butadiene weakens, while in the medium - term, it is in a range - bound market due to policy support and low - chasing reluctance [16][18]. Asphalt - The shipment is not good, and it is difficult for crude oil to be bullish. The refinery operating rate decreased to 35.61%, and the inventory increased by 3.2% [19][34]. LLDPE - It is in a range - bound market. Cost decreases, supply pressure increases, and demand will improve gradually. Inventory provides some support [36][37]. PP - The trend is weak, but short - selling at low levels should be cautious. Cost is weak, demand has no obvious highlights, and supply pressure increases [40][41]. Caustic Soda - It should be treated bullishly, but attention should be paid to the near - month warehouse receipts. Demand is expanding, and export support is strong, but supply may be affected by the weakness of chlorine - consuming downstream industries [44]. Pulp - Pulp is in an oscillatory state. Supply lacks elasticity, port inventory is at a medium - high level, and demand is weak [47][50]. Glass - The price of glass raw sheets is stable. The market trading atmosphere is average, and the price is slightly weak [55]. Methanol - The near - end pressure is large, and it is in a weak operation. Port inventory accumulates rapidly, but there is support at low levels due to policy and fundamental factors [58][61]. Urea - Urea is in a range - bound operation. Inventory increases, demand is slow, but short - selling at low levels is reluctant due to policy and market uncertainty [63][65]. Styrene - Styrene is in a profit - compression state. It is mainly oscillatory in the short - term, with downstream inventory accumulating and the peak - season restocking power weakening [66][67]. Soda Ash - The spot market of soda ash changes little. Supply increases, and demand is average. It is expected to be lightly stable and oscillatory in the short - term [68][70]. LPG and Propylene - **LPG**: The short - term valuation is reasonable, and it is in an oscillatory state. - **Propylene**: Supply and demand tighten, and the price has certain support [72]. PVC - PVC is in a weak trend. The anti - dumping tax in India affects exports, supply is high, demand is weak, and inventory accumulates [79]. Fuel Oil and Low - Sulfur Fuel Oil - **Fuel Oil**: The market is weakly oscillatory, and the short - term weakness continues. - **Low - Sulfur Fuel Oil**: Volatility intensifies, and the spot high - low sulfur spread in the external market is temporarily stable [82]. Container Freight Index (European Route) - It is in an oscillatory consolidation state, and 10 short positions can be held at discretion. Freight rates show different trends, with European routes decreasing and US - West routes increasing [84].

Report Summary 1) Investment Rating - No investment rating for the industry is provided in the report. 2) Core Viewpoints - Overnight, US soybeans slightly declined, and Dalian soybean meal futures may fluctuate. Dalian soybean futures are expected to move sideways [1]. - The trend strength of soybean meal and soybean is 0, indicating a neutral stance on the report - day's intraday main - contract futures price fluctuations [3]. 3) Section Summaries Fundamental Tracking - **Futures Prices**: DCE soybean 2511 closed at 4044 yuan/ton during the day session with no change, and 4056 yuan/ton at night with no change. DCE soybean meal 2601 closed at 3155 yuan/ton during the day session, up 18 yuan (+0.57%), and 3171 yuan/ton at night, up 24 yuan (+0.76%). CBOT soybean 11 closed at 1040.5 cents/bushel, down 2.25 cents (-0.22%), and CBOT soybean meal 12 closed at 291.6 dollars/short ton, down 2.7 dollars (-0.92%) [1]. - **Spot Prices**: In Shandong, soybean meal (43%) prices were 3070 - 3100 yuan/ton, with different basis prices compared to futures contracts. In East China, the price in Taizhou Huifu was 2990 yuan/ton, down 10 yuan. In South China, prices were 3030 - 3070 yuan/ton, down 30 - 10 yuan [1]. - **Industrial Data**: The trading volume of soybean meal was 31.4 million tons per day on the previous trading day, compared to 2.4 million tons two trading days ago. The inventory data was not available on the previous trading day, and it was 96.09 million tons per week two trading days ago [1]. Macro and Industry News - On August 18, CBOT soybean futures mostly declined, with prices fluctuating during most of the session. Traders were waiting for the results of ProFarmer's Midwest crop tour. The tour found unexpected problems in crop growth in Ohio and Indiana, such as soil cracking and lack of top - soil moisture in some counties. Although domestic soybean demand was strong, US soybean exporters were missing the Chinese market due to slow progress in US - China trade negotiations [3]. - The US National Oilseed Processors Association reported that the US soybean crush volume in July reached a record high, the fifth - largest monthly crush volume on record. The USDA's crop report showed that as of August 17, the US soybean good - to - excellent rate was 68%, the same as last week and the same as the same period last year [3].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The long - term outlook for eggs is weak [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of egg2509 is 3,098 yuan/500 kilograms, with a daily decline of 2.91%, trading volume increased by 30,030, and open interest decreased by 5,261. The closing price of egg2601 is 3,492 yuan/500 kilograms, with a daily decline of 2.21%, trading volume increased by 20,763, and open interest increased by 5,386 [1]. - **Spread Data**: The egg 9 - 10 spread is - 15 (previous day: 2), and the egg 9 - 1 spread is - 394 (previous day: - 391) [1]. - **Spot Price Data**: In the latest day, the spot price of eggs in Liaoning is 3.30 yuan/jin, in Hebei is 2.62 yuan/jin, in Shanxi is 3.10 yuan/jin, and in Hubei is 3.31 yuan/jin. The corn spot price is 2,328 yuan/ton, the soybean meal spot price is 3,070 yuan/ton, and the pig price in Henan is 13.78 yuan/kg [1]. Trend Intensity - The trend intensity is 0, indicating a neutral view on the market, with a range of [-2, 2], where -2 is most bearish and 2 is most bullish [1].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The LME lead inventory has decreased, providing support for lead prices [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Price**: The closing price of SHFE lead main contract was 16,775 yuan/ton, down 0.45%; the closing price of LME lead 3M electronic disk was 1,981 dollars/ton, also down 0.45% [1]. - **Volume**: The trading volume of SHFE lead main contract was 30,595 lots, a decrease of 2,006 lots; the trading volume of LME lead was 3,833 lots, a decrease of 1,426 lots [1]. - **Open Interest**: The open interest of SHFE lead main contract was 49,496 lots, a decrease of 1,711 lots; the open interest of LME lead was 159,114 lots, a decrease of 522 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was -25 yuan/ton, unchanged; the LME CASH - 3M premium was -43.24 dollars/ton, a decrease of 2.37 dollars/ton [1]. - **Inventory**: SHFE lead futures inventory was 62,225 tons, an increase of 441 tons; LME lead inventory was 260,475 tons, a decrease of 625 tons [1]. - **Scrap Battery and Refined Lead**: The price of scrap electric vehicle batteries was 10,175 yuan/ton, unchanged; the price of recycled refined lead was 16,675 yuan/ton, a decrease of 50 yuan/ton [1]. - **Profit and Loss**: The spot import profit and loss of lead ingots was -486.03 yuan/ton, an increase of 48.91 yuan/ton; the SHFE lead continuous third - month import profit and loss was -536.75 yuan/ton, a decrease of 11.92 yuan/ton [1]. News - The US PPI in July increased by 0.9% month - on - month, the highest monthly growth rate in three years, far exceeding the Wall Street expectation of 0.2%, indicating that enterprises are passing on the rising import costs related to tariffs [1]. - Trump told Zelensky that if everything goes well, a tri - lateral meeting between the US, Russia, and Ukraine will be held [1]. Lead Trend Intensity The lead trend intensity is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [1].

Report Summary Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The sentiment in the ferrosilicon sector is weak, with a tendency for a weak and volatile trend. The spot price of silicomanganese is firm, showing a wide - range oscillation [1]. - The trend strength of ferrosilicon and silicomanganese is both 0, indicating a neutral outlook [3]. Summary by Directory Fundamental Tracking - **Futures Data**: For ferrosilicon, the closing prices of the 2509 and 2510 contracts are 5710 and 5688 respectively, down 44 from the previous trading day. The trading volumes are 35,596 and 50,479, and the open interests are 53,054 and 63,542. For silicomanganese, the closing prices of the 2509 and 2510 contracts are 6026 and 6030 respectively, with the 2509 contract unchanged and the 2510 contract down 2 from the previous trading day. The trading volumes are 112,392 and 27,269, and the open interests are 142,698 and 51,731 [1]. - **Spot Data**: The price of ferrosilicon (FeSi75 - B) in Inner Mongolia is 5450 yuan/ton, and the price of silicomanganese (FeMn65Si17) in Inner Mongolia is 5820 yuan/ton, up 20 from the previous trading day. The price of manganese ore (Mn44 block) is 40.2 yuan/ton - degree, and the price of semi - coke (small material) in Shenmu is 650 yuan/ton [1]. - **Price Difference Data**: The basis of ferrosilicon (spot - 09 futures) is - 260 yuan/ton, up 44; the basis of silicomanganese (spot - 09 futures) is - 206 yuan/ton, up 20. The near - far month spread of ferrosilicon (2509 - 2601) is - 156 yuan/ton, up 2; the near - far month spread of silicomanganese (2509 - 2601) is - 94 yuan/ton, down 6. The cross - variety spread of silicomanganese 2509 - ferrosilicon 2509 is 316 yuan/ton, up 44; the cross - variety spread of silicomanganese 2601 - ferrosilicon 2601 is 254 yuan/ton, up 52 [1]. Macro and Industry News - On August 18, the price range of 72 ferrosilicon in different regions is: 5350 - 5450 in Shaanxi, 5450 - 5550 in Ningxia, 5400 - 5500 in Qinghai, 5450 - 5550 in Gansu, and 5500 - 5600 in Inner Mongolia. The price range of 75 ferrosilicon in different regions is: 5900 - 5950 in Shaanxi, 5800 - 5850 in Ningxia, Qinghai, Gansu, and Inner Mongolia. The FOB price of 72 ferrosilicon is 1040 - 1060 dollars/ton, and the FOB price of 75 ferrosilicon is 1100 - 1130 dollars/ton. The price range of 6517 silicomanganese in the north is 5850 - 5950 yuan/ton, and in the south is 5900 - 6000 yuan/ton [2]. - As of August 16, the manganese ore inventory in Tianjin Port is 367.64 million tons, up 5.25 million tons from the previous period; the inventory in Qinzhou Port is 75.61 million tons, down 6.9 million tons; the inventory in Caofeidian Port is 0 million tons; the inventory in Fangchenggang is 5 million tons, unchanged. The total manganese ore inventory is 448.25 million tons, down 1.65 million tons [2]. Trend Strength - The trend strength of ferrosilicon and silicomanganese is 0, with the range of trend strength being integers in the [- 2,2] interval, where - 2 represents the most bearish and 2 represents the most bullish [3].

Report Summary 1) Report Industry Investment Rating - The zinc industry is rated as "Pressured Downward" [1] 2) Core View of the Report - The zinc market is under pressure and showing a downward trend, with various indicators such as prices and spreads reflecting this situation [1] 3) Summary by Relevant Catalogs **Fundamental Tracking** - **Prices**: The closing price of SHFE zinc main contract was 22,360 yuan/ton, down 0.64%; the closing price of LME zinc 3M electronic disk was 2,796.5 dollars/ton, down 1.62% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 95,738 lots, an increase of 12,516 lots; the trading volume of LME zinc was 10,973 lots, an increase of 3,256 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 96,755 lots, an increase of 20,408 lots; the open interest of LME zinc was 193,998 lots, an increase of 3,010 lots [1] - **Premiums and Discounts**: Shanghai 0 zinc premium/discount was -50 yuan/ton, unchanged; LME CASH - 3M premium/discount was -5.22 dollars/ton, down 4.69 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 32,538 tons, an increase of 12,518 tons; LME zinc inventory was 75,850 tons, a decrease of 475 tons [1] **News** - At the Jackson Hole central bank annual meeting, different institutions have different expectations for Powell's speech. Nomura expects no "clear commitment", BofA expects a hawkish stance, and Morgan Stanley expects emphasis on inflation risks [2] **Trend Intensity** - The trend intensity of zinc is -1, indicating a weak bearish outlook [2][3]