Report Industry Investment Rating - The investment ratings for the silicon ferroalloy and manganese ferroalloy sectors are both "weak and fluctuating weakly" [1] Core Viewpoints - The sentiment in the silicon ferroalloy and manganese ferroalloy sectors is weak, and the markets are expected to fluctuate weakly [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Contract Data**: The closing prices of SiFe2509 and SiFe2510 are 5,754 and 5,732 respectively, up 10 and 8 from the previous trading day; the closing prices of MnSi2509 and MnSi2510 are 6,026 and 6,032 respectively, down 24 and 22 from the previous trading day. Trading volumes and open interests are also provided [1] - **Spot Price Data**: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5,450 yuan/ton; the price of manganese ferroalloy FeMn65Si17 in Inner Mongolia is 5,800 yuan/ton; the price of manganese ore Mn44 block is 40.2 yuan/ton - degree, down 0.1; the price of small - sized semi - coke in Shenmu is 650 yuan/ton, up 30 [1] - **Price Difference Data**: The spot - futures price difference of silicon ferroalloy (spot - 09 futures) is - 304 yuan/ton, down 10; the spot - futures price difference of manganese ferroalloy (spot - 09 futures) is - 226 yuan/ton, up 24. Other price differences such as near - far month and cross - variety are also presented [1] Macro and Industry News - **Product Price News**: On August 15th, the prices of 72 and 75 silicon ferroalloy in different regions and the prices of 6517 silicon manganese in the north and south are reported. The FOB prices of silicon ferroalloy are also given. Multiple steel groups' silicon manganese tender prices and quantities in August are detailed, showing price increases compared to July [2][3] - **Production and Inventory News**: In July 2025, China's crude steel output was 79.66 million tons, a year - on - year decrease of 4.0%; the daily average crude steel output in July was 2.569 million tons, a month - on - month decrease of 7.4%; from January to July, the crude steel output was 594.47 million tons, a year - on - year decrease of 3.1%. As of August 16th, the total manganese ore inventory was 4.4825 million tons, a month - on - month decrease of 16,500 tons [5] Trend Intensity - The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0, indicating a neutral trend [4]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - PX presents a short - term volatile market with increased supply and decreased demand, but terminal demand improvement may limit the downside space of the single - side price [1][6] - PTA is in a situation of weak reality and strong expectation, and the 9 - 1 month - spread reverse arbitrage is recommended, with the single - side turning into a volatile market pattern [1][7] - MEG is in a range - bound market, with the 9 - 1 month - spread operating in the range of - 50 to 0 and 1 - 5 reverse arbitrage, and attention should be paid to the improvement of terminal demand [1][7] Summary According to Relevant Catalogs Market Dynamics - PX: On August 15, the PX price rebounded slightly, with the valuation at 827 dollars/ton, up 3 dollars from the 14th. South Korea's PX exports in July decreased by 2% month - on - month to 407,545 tons due to tariff uncertainties and weak demand from downstream PTA producers. Exports to the US dropped by 52% in July compared to June, while exports to China increased by 10% month - on - month to 373,458 tons [3][4] - PTA: On August 15, the PTA spot price rose to 4,660 yuan/ton [4] - MEG: Two MEG plants in East China with a total capacity of 1.9 million tons/year have been restarted [4] - Polyester: On August 15, the sales of polyester yarn in Jiangsu and Zhejiang were generally weak, with an average sales rate of around 40%. The sales of direct - spun polyester staple fiber improved moderately, with an average sales rate of 62% [5] Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral view [6] Views and Suggestions - PX: The demand is improving, and the downside space of the single - side price may be limited. The domestic supply is abundant, while the supply in Japan and South Korea has a co - existence of restarts and overhauls, with little impact on production. Although PX supply increases and demand decreases, the improvement in terminal demand may limit the single - side decline [6] - PTA: The demand improves month - on - month, and the single - side turns into a volatile market. The 9 - 1 month - spread reverse arbitrage is maintained. The polyester operating rate is increasing, and the supply side is relatively stable [7] - MEG: Supply and demand both increase, and the single - side of ethylene glycol is in a volatile market. The 9 - 1 month - spread operates in the range of - 50 to 0, and 1 - 5 reverse arbitrage is recommended. The overall supply is at a high level, and the inventory is accumulating again [7][8]

Report Overview - Report Date: August 18, 2025 - Report Publisher: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Precious Metals and Base Metals 1. Report Industry Investment Rating No investment ratings for the industry were provided in the report. 2. Report Core Views - **Precious Metals**: PPI exceeding expectations dampened interest - rate cut expectations, with gold and silver showing downward trends. Gold's trend strength was - 1, and silver's was also - 1 [2][7]. - **Base Metals**: - **Copper**: Lacked driving forces, with price fluctuations narrowing, and a trend strength of 0 [2][9]. - **Zinc**: Inventory accumulation became apparent, with a trend strength of - 1 [2][12]. - **Lead**: A decrease in LME inventory supported prices, and the trend strength was 0 [2][15]. - **Tin**: Traded in a range, with a trend strength of - 1 [2][18]. - **Aluminum**: Continued to converge. Alumina saw a small sideways increase, while cast aluminum alloy faced increasing pressure in the off - season. The trend strengths of aluminum, alumina, and aluminum alloy were all 0 [2][23]. - **Nickel**: Traded in a narrow range based on fundamentals, and investors were warned of news - related risks. Stainless steel prices oscillated due to the game between macro - expectations and reality. The trend strengths of nickel and stainless steel were both 0 [2][26]. 3. Summary by Commodity Precious Metals Gold - **Price Movement**: Domestic and international gold prices declined. For example, the closing price of Comex Gold 2510 was $3381.70, down 0.02% [5]. - **Market News**: PPI exceeding expectations dampened interest - rate cut expectations. Overseas demand for US Treasuries remained resilient, and foreign investors' holdings in June reached a new high [7]. Silver - **Price Movement**: Prices declined slightly. For instance, the closing price of Shanghai Silver 2510 was 9204, down 0.88% [5]. - **Market News**: Similar to gold, influenced by macro - factors, with a trend strength of - 1 [7]. Base Metals Copper - **Price Movement**: The closing price of the Shanghai Copper main contract was 79,060 yuan, up 0.14%. The London Copper 3M electronic disk closed at $9,760, down 0.17% [9]. - **Market News**: China's July economic data showed declines in various indicators. The US July retail sales increased by 0.5% month - on - month. Chile's copper exports to China recovered in July after a decline in June [9]. Zinc - **Price Movement**: The closing price of the Shanghai Zinc main contract was 22,505 yuan, up 0.11%. The London Zinc 3M electronic disk closed at $2,796.5, down 1.62% [12]. - **Market News**: Inventory accumulation became more obvious, and the LME cash - 3M spread decreased [12]. Lead - **Price Movement**: The closing price of the Shanghai Lead main contract was 16,850 yuan, up 0.48%. The London Lead 3M electronic disk closed at $1,981, down 0.45% [15]. - **Market News**: A decrease in LME lead inventory supported prices [15]. Tin - **Price Movement**: The closing price of the Shanghai Tin main contract was 266,820 yuan, down 0.22%. The London Tin 3M electronic disk closed at $33,610, up 0.52% [19]. - **Market News**: Traded in a range, with changes in inventory and price spreads [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Movement**: The closing price of the Shanghai Aluminum main contract was 20,770 yuan. Alumina prices showed a small sideways increase, and the cast aluminum alloy main contract closed at 20,165 yuan [23]. - **Market News**: Aluminum continued to converge, alumina was stable with a small increase, and cast aluminum alloy faced off - season pressure [23]. Nickel and Stainless Steel - **Price Movement**: The closing price of the Shanghai Nickel main contract was 120,600 yuan, and the stainless steel main contract closed at 13,010 yuan [26]. - **Market News**: Nickel traded in a narrow range based on fundamentals, and stainless steel prices oscillated due to the game between macro - expectations and reality. There were also various industry news such as production suspensions in Indonesian nickel - iron smelting parks [26].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - 7 - month macro - data showed a weakening pattern in both supply and demand, affected by multiple factors such as demand front - loading from stable growth, policy shift to structural adjustment, downward Kitchin cycle, and weather. Although the current situation doesn't impact the full - year macro - expectation due to the 5.3% H1 real GDP growth, a lack of policy support in stable growth, especially in the real estate sector, may lead to a pessimistic economic outlook [8]. - PTA demand has improved month - on - month, shifting to a sideways market. Pay attention to the impact of the peak season on the industrial chain. Non - mainstream warehouse receipts still suppress near - month contracts, and the 9 - 1 spread is unlikely to strengthen significantly. Polyester's operating rate has been revised up, and the supply side has remained stable recently [9][10]. - PVC is in a weak trend. The newly announced anti - dumping duties in India will affect China's PVC export competitiveness, and the domestic market has high production, high inventory, and weak downstream demand. It is advisable to take a bearish stance and consider the opportunity of going long on caustic soda and short on PVC [11]. Summaries by Related Catalogs Metals - **Gold and Silver**: PPI exceeding expectations has dampened the expectation of interest - rate cuts, causing silver to decline slightly. Gold's trend strength is - 1, and silver's is also - 1 [14][18][20]. - **Copper**: Lacking driving forces, the price fluctuation range has narrowed. The trend strength is 0 [14][22][24]. - **Zinc**: Inventory accumulation has become more obvious. The trend strength is - 1 [14][25][27]. - **Lead**: The decrease in LME inventory has supported the price. The trend strength is 0 [14][28][29]. - **Tin**: It is in a range - bound oscillation. The trend strength is - 1 [14][31][34]. - **Aluminum, Alumina, and Cast Aluminum Alloy**: Aluminum continues to converge, alumina shows a small sideways increase, and cast aluminum alloy is gradually showing off - season pressure. The trend strengths of aluminum, alumina, and aluminum alloy are all 0 [14][35][37]. - **Nickel and Stainless Steel**: Nickel's fundamentals oscillate within a narrow range, and one should be vigilant against news - related risks. Stainless steel prices oscillate due to the game between macro - expectations and reality. The trend strengths of nickel and stainless steel are both 0 [14][38][42]. - **Carbonate Lithium**: Supply - side disturbances occur repeatedly, and it shows a relatively strong oscillation. The trend strength is 1 [14][43][45]. Industrial Products - **Industrial Silicon and Polysilicon**: Industrial silicon has strong market sentiment, with amplified price fluctuations. Polysilicon has more news - related disturbances this week. The trend strengths of industrial silicon and polysilicon are both 1 [14][46][49]. - **Iron Ore**: The macro - risk appetite has not significantly declined, providing support. The trend strength is 1 [14][51][52]. - **Rebar and Hot - Rolled Coil**: Both are in a wide - range oscillation. The trend strengths of rebar and hot - rolled coil are both 0 [14][54][58]. - **Silicon Ferrosilicon and Manganese Silico - Manganese**: The sector sentiment is weak, and they oscillate weakly. The trend strengths of silicon ferrosilicon and manganese silico - manganese are both 0 [14][59][62]. - **Coke and Coking Coal**: They are in a relatively strong oscillation. The trend strengths of coke and coking coal are both 0 [14][64][66]. Others - **PTA**: Demand has improved month - on - month, shifting to a sideways market. Pay attention to the peak - season impact on the industrial chain. Non - mainstream warehouse receipts suppress near - month contracts, and the 9 - 1 spread is unlikely to strengthen significantly [9][10]. - **PVC**: It is in a weak trend. The Indian anti - dumping duties affect export competitiveness, and the domestic market has high production, high inventory, and weak downstream demand [11]. - **Log**: It oscillates repeatedly [67].

Report Summary Core Viewpoints - The report provides a weekly preview of hot events and their potential impacts on the futures market, including economic data releases, policy changes, and geopolitical events [2][3]. Weekly Key Focus - On August 20 at 09:15, the People's Bank of China will announce the August 2025 Loan Prime Rate (LPR), expected to be flat with the previous value [2]. - On August 21 at 02:00, the Federal Reserve will release the minutes of its July monetary policy meeting, and its impact on relevant futures prices should be noted [2][9]. - On August 22 at 22:00, Fed Chair Powell will speak on the economic outlook at the Jackson Hole Symposium [2][15]. - Attention should also be paid to factors such as domestic macro - policy changes, international trade and tariff wars, international geopolitical situations, and speeches by US President Trump and Fed officials on the futures market [2]. Weekly Hot Event Previews August 18 - The US expanded the scope of a 50% tariff on steel and aluminum imports, which may have a negative impact on stock index futures and related futures prices such as rebar, hot - rolled coil, iron ore, and aluminum [3]. - Ukrainian President Zelensky will meet with US President Trump in Washington to discuss details of ending the Russia - Ukraine conflict. If successful, a tri - party meeting of the US, Russia, and Ukraine may be arranged. This may suppress the short - term prices of gold and silver futures and help the stock index futures prices rise [4][5]. August 19 - The US will announce the building permits and new housing starts for July. If the figures are slightly lower than the previous values, it will slightly suppress the rise of base metal futures prices [6]. August 20 - China will announce the August LPR. If it remains unchanged, the impact on commodity futures, stock index futures, and treasury bond futures will be basically neutral [7]. - The US will announce the EIA crude oil inventory change for the week ending August 15. If the inventory continues to increase, it will suppress the rise of crude oil and related closing futures prices [8]. August 21 - The Federal Reserve will release the minutes of its July monetary policy meeting, and its impact on relevant futures prices should be noted [9]. - The Jackson Hole Global Central Bank Annual Meeting will be held from August 21 - 23, and its impact on the futures market prices should be noted [10]. - S&P Global will announce the preliminary value of the Eurozone's August SPGI Manufacturing PMI. If it is slightly lower than the previous value, it will slightly suppress the rise of non - ferrous metals, crude oil, and related commodity futures prices but slightly help the prices of gold and silver futures rise [11]. - The US will announce the initial jobless claims for the week ending August 16. If the number is slightly lower than the previous value, it will slightly help the rise of industrial product futures prices (except for gold and silver futures) but slightly suppress the prices of gold and silver futures [12]. - S&P Global will announce the preliminary value of the US's August SPGI Manufacturing PMI. If it is slightly higher than the previous value, it will slightly help the rise of non - ferrous metals, crude oil, and related commodity futures prices and also slightly help the prices of gold and silver futures rise [13]. - The US will announce the existing home sales for July [14]. August 22 - Fed Chair Powell will speak on the economic outlook at the Jackson Hole Symposium, and its impact on the futures market prices should be noted [15]. August 24 - The National Bureau of Statistics will announce the market prices of important production materials in the circulation field in mid - August, covering 9 categories and 50 types of products [16].

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] 2. Core View - The PP trend is weak, but one should be cautious when short - selling at low levels. The cost side has been weak recently, and the demand side lacks obvious highlights. The market terminal suffers from over - capacity and great foreign trade uncertainties, leading to a weakening of export products. The domestic rigid - demand start - up has slightly increased, with active low - level procurement and cautious high - level procurement. The supply pressure has further increased due to profit repair from cost reduction and the implementation of new production capacity expansion. However, there is still great uncertainty on the cost side, and one should be vigilant at the annual low levels, especially considering the recent strengthening of the monthly spread driving market fluctuations [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of PP2601 yesterday was 7084, with a daily decline of 0.14%. The trading volume was 175,405, and the open interest increased by 12,810. The basis of the 01 contract was - 104 (compared with - 85 the previous day), and the 01 - 05 contract spread was 4 (compared with - 2 the previous day) [1] - **Spot Price**: In the North China region, the spot price was 6900 - 7030 yuan/ton (6920 - 7070 yuan/ton the previous day); in the East China region, it was 6980 - 7110 yuan/ton (7000 - 7130 yuan/ton the previous day); in the South China region, it was 6920 - 7130 yuan/ton (6930 - 7130 yuan/ton the previous day) [1] 3.2 Spot News - Last Friday, the domestic PP market declined slightly, with a decline of 10 - 30 yuan/ton. The weak intraday futures trading dragged down the spot market sentiment. Traders were generally in a wait - and - see mood. Coupled with the partial reduction of upstream petrochemical factory prices, the offers of traders in the market were mainly weakly adjusted. Near the weekend, the enthusiasm of downstream buyers to enter the market was average, and their willingness to take delivery was not strong, resulting in a dull market transaction [2] 3.3 Market Condition Analysis - The cost side has been continuously weak, and the demand side has no obvious highlights. The market terminal is restricted by over - capacity and faces great foreign trade uncertainties, leading to a weakening of export products. The domestic rigid - demand start - up has slightly increased. The market has been characterized by active low - level procurement and cautious high - level procurement throughout the year. On the supply side, the supply pressure has further increased due to profit repair from cost reduction and the implementation of new production capacity expansion. However, there is still great uncertainty on the cost side, and one should be vigilant at the annual low levels, especially considering the recent strengthening of the monthly spread driving market fluctuations [2] 3.4 Trend Intensity - The PP trend intensity is 0, with the range of trend intensity values being integers in the [-2, 2] interval. The strength levels are classified as weak, weakly - weak, neutral, weakly - strong, and strong, where - 2 represents the most bearish and 2 represents the most bullish [3]

Report Summary 1) Report Industry Investment Rating - No investment rating provided in the report. 2) Core View of the Report - The copper market lacks driving forces, and price fluctuations are narrowing [1]. 3) Summary by Related Catalogs Fundamental Tracking - **Futures Data**: The closing price of the Shanghai copper main contract was 79,060 with a daily increase of 0.14%, and the night - session closing price was 79,080 with a night - session increase of 0.03%. The LME copper 3M electronic disk closed at 9,760 with a decrease of 0.17%. Trading volumes of both Shanghai and LME copper decreased, while positions increased [1]. - **Inventory Data**: Shanghai copper inventory was 24,560, an increase of 126 from the previous day, and LME copper inventory was 155,800, a decrease of 50. The LME copper注销仓单 ratio was 7.40%, an increase of 0.31% [1]. - **Spread Data**: There were various changes in spreads, such as the LME copper spread and the spread between Shanghai copper spot and futures [1]. Macroeconomic and Industry News - **Macroeconomic News**: In China, July economic data showed that social consumer goods retail, industrial added value, fixed - asset investment, and real - estate sales were all lower than the previous month. The central bank will implement a moderately loose monetary policy. In the US, July retail sales increased by 0.5% month - on - month, but consumer confidence unexpectedly declined in August [1]. - **Industry News**: In June, Chile's copper and copper ore exports to China declined due to lower production, but rebounded in July. In July 2025, China's imports of unwrought copper and copper products were 480,000 tons, a 9.6% increase year - on - year. Codelco's copper production in June increased by 17% year - on - year to 120,200 tons. PT Smelting's maintenance period was extended due to equipment failure, and Codelco's El Teniente copper smelter restarted [1][3]. Trend Intensity - The copper trend intensity is 0, indicating a neutral trend [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, showing the price, trading volume, inventory, and other indicators of these products in the futures and spot markets, and also mentions some related news and the trend strength of these metals [1][3]. 3. Summary by Related Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract was 20,770, up 85 compared to T - 5 and 835 compared to T - 66. The trading volume and open interest showed different degrees of change. LME aluminum 3M closing price was 2,603, down 21 compared to T - 1. The LME注销仓单占比 was 2.94%, down 0.03% compared to T - 1 [1]. - **Alumina**: The closing price of the Shanghai Alumina main contract was 3,205, down 35 compared to T - 1 and up 75 compared to T - 5. The trading volume and open interest also changed [1]. - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 20,165, up 25 compared to T - 1. The trading volume and open interest decreased [1]. Spot Market - **Electrolytic Aluminum**: The electrolytic aluminum enterprise profit and loss was 3,971.96, with no change compared to T - 1. The aluminum spot import profit and loss and 3M import profit and loss showed different changes. The domestic aluminum ingot social inventory was 57.10 million tons, with no change compared to T - 1 [1]. - **Alumina**: The domestic average price of alumina was 3,270, with no change compared to T - 1. The alumina prices at different ports also showed different trends [1]. - **Aluminum Bauxite**: The prices of aluminum bauxite from different sources remained stable [1]. - **Aluminum Alloy**: The ADC12 theoretical profit was - 118, with no change compared to T - 1. The prices of related products and the three - place inventory also changed [1]. - **Caustic Soda**: The price of Shaanxi ion - membrane liquid caustic soda (32% folded) was 2,710, with no change compared to T - 1 [1]. Comprehensive News - **US Treasury Bonds**: Overseas demand for US Treasury bonds was resilient in June, with the three major "creditors" (Japan, the UK, and China) all increasing their holdings. However, India and Ireland, which are in a trade dispute with the Trump administration, reduced their holdings [3]. - **US Market Liquidity**: Barclays Bank predicted that bank reserves in the US would drop sharply below $3 trillion in September, but the risk of a serious "funding crunch" was low [3]. Trend Strength The trend strength of aluminum, alumina, and aluminum alloy was all 0, indicating a neutral trend [3].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report - Overnight, US soybeans closed higher, and Dalian soybean meal futures may rebound; Dalian soybean futures are expected to rebound and fluctuate [1]. - The trend strength of soybean meal and soybean is +1, indicating a relatively strong upward trend for the main - contract futures prices on the day - trading session of the report date [3]. 3) Summary by Relevant Catalogs a. Fundamental Tracking - **Futures Prices**: - DCE soybean 2511 closed at 4056 yuan/ton during the day session, down 15 yuan (-0.37%), and up 24 yuan (+0.59%) to 4068 yuan/ton during the night session. - DCE soybean meal 2601 closed at 3137 yuan/ton during the day session, down 27 yuan (-0.85%), and up 5 yuan (+0.16%) to 3142 yuan/ton during the night session. - CBOT soybean 11 closed at 1042.75 cents/bushel, up 14.25 cents (+1.39%). - CBOT soybean meal 12 closed at 294.3 dollars/short - ton, down 0.7 dollars (-0.24%) [1]. - **Spot Prices**: - In Shandong, the price range of soybean meal (43%) is 3060 - 3100 yuan/ton, with different basis prices for different delivery months remaining flat. - In East China, the price of soybean meal is 2990 yuan/ton (Taizhou Huifu), with basis prices for different delivery months remaining flat. - In South China, the price range of soybean meal is 3040 - 3070 yuan/ton, with the price down 60 yuan to flat compared to the previous day [1]. - **Industrial Data**: - The trading volume of soybean meal was 2.4 million tons per day on the previous trading day, compared with 7.15 million tons per day two trading days ago. - The inventory of soybean meal was 96.09 million tons per week, and the data for the previous trading day was not available [1]. b. Macro and Industry News - On August 15, CBOT soybean futures closed moderately higher, supported by active short - covering before the weekend. The price rose 5.6% this week, the first weekly increase in four weeks and the largest single - week increase since early April, mainly due to the USDA's soybean yield forecast being lower than market expectations. - The NOPA reported that the US soybean crushing volume in July reached a record 195.7 million bushels, a year - on - year increase of 7.01%, higher than market expectations and the highest level since January, which provided additional support for soybean futures. - However, due to the trade tension between the US and China, the largest buyer, the new - crop export demand was weak, limiting the price increase [3].

Report Summary Report Date August 18, 2025 Report Industry Investment Rating The report does not provide an overall industry investment rating. Core Viewpoints - The report analyzes the fundamentals, market trends, and investment outlooks of various energy and chemical commodities, including PX, PTA, MEG, rubber, synthetic rubber, asphalt, LLDPE, PP, caustic soda, pulp, glass, methanol, urea, styrene, soda ash, LPG, propylene, PVC, fuel oil, low-sulfur fuel oil, and the container shipping index (European line). Each commodity has its own specific market conditions and trends, with different investment suggestions and trend intensities [2][11][12]. Summary by Commodity PX, PTA, MEG - **PX**: Supply is increasing while demand is decreasing, but terminal demand is improving. The processing fee is downward, but the improvement in terminal demand may limit the downside space of the single - sided price. The trend intensity is 0 [11]. - **PTA**: Demand is improving month - on - month, and the single - sided price has turned into a volatile market. The 9 - 1 month spread is expected to continue the reverse spread strategy. The polyester start - up rate is increasing, and the supply is relatively stable. The trend intensity is 0 [12]. - **MEG**: Supply and demand are both increasing. The single - sided price of ethylene glycol is in a volatile market. The 9 - 1 month spread should be operated within the range of - 50 to 0, and a 1 - 5 reverse spread strategy can be adopted. The overall supply is at a high level, and the inventory is accumulating. The trend intensity is 0 [12][13]. Rubber - **Rubber**: It is in a volatile operation. The trading volume and open interest in the futures market have increased, and the spot price of some varieties has changed slightly. The trend intensity is 0 [14][15]. Synthetic Rubber - **Synthetic Rubber**: The upside space is narrowing. In the short term, the increase in butadiene arrivals weakens the support for the synthetic rubber industry chain. In the medium term, it is still in a range - bound market. The trend intensity is 0 [19][21]. Asphalt - **Asphalt**: The shipment is not good, and it is difficult for crude oil to be bullish. The production has decreased slightly, and the inventory in both factories and social warehouses has decreased. It follows the oil price in a range - bound market. The trend intensity is 0 [22][36]. LLDPE - **LLDPE**: It is in a range - bound market. The cost is decreasing due to the decline in crude oil prices. The supply pressure is increasing, but the demand is expected to improve in the later stage. The inventory is at a relatively low level year - on - year and has stopped accumulating. The trend intensity is 0 [37][38]. PP - **PP**: The trend is weak, but short - selling at low levels should be cautious. The cost is weak, the demand has no obvious bright spots, and the supply pressure is increasing. However, there is still uncertainty in the cost, and the low - level short - selling should be vigilant. The trend intensity is 0 [41][42]. Caustic Soda - **Caustic Soda**: It should be treated bullishly. The demand is continuously expanding, especially the demand from the alumina industry. The export support is still strong, but the weakness of chlorine - consuming downstream industries may limit the profit expansion. The trend intensity is 1 [47][48]. Pulp - **Pulp**: It is in a volatile operation. The port inventory is decreasing, and the international and domestic pulp mills have raised prices. The downstream product capacity utilization rate is rising, and the demand provides stable support. The trend intensity is 0 [50][53][54]. Glass - **Glass**: The price of the original sheet is stable. The spot price has declined slightly, and the downstream purchasing enthusiasm is general. The trend intensity is - 1 [55][56]. Methanol - **Methanol**: It is under short - term downward pressure in a volatile market, but the downside space is narrowing. The port inventory is accumulating rapidly, and the 01 contract is weak in the short term. In the medium term, it is still in a volatile pattern. The trend intensity is - 1 [58][61]. Urea - **Urea**: It is in a range - bound operation. The enterprise inventory has increased, and the domestic demand is weak. In the short term, the market is reluctant to short - sell at the support level. In the long term, it is recommended to short - sell at high levels when the policy is clear. The trend intensity is 0 [63][65][66]. Styrene - **Styrene**: The profit is being compressed. The market is mainly volatile, with strong downstream bottom - fishing sentiment in the short term, but the continuous replenishment power in the peak season is insufficient. The trend intensity is 0 [67][68]. Soda Ash - **Soda Ash**: The spot market has little change. The price is oscillating at a low level, the supply is at a high level, and the downstream demand is tepid. The trend intensity is - 1 [69][71]. LPG and Propylene - **LPG**: The short - term valuation is reasonable, and it is in a volatile operation. - **Propylene**: Supply and demand are tightening, and the price has certain support. The trend intensity of both is 0 [74][80]. PVC - **PVC**: The trend is weak. The production is at a high level, the demand is weak, the inventory is accumulating, and the export competitiveness is affected by the anti - dumping tax. The strategy should be bearish, and the opportunity of long caustic soda and short PVC can be concerned. The trend intensity is - 1 [83][84]. Fuel Oil and Low - Sulfur Fuel Oil - **Fuel Oil**: The futures price has a slight rebound, and the short - term weakness continues. - **Low - Sulfur Fuel Oil**: The night - session price has risen, and the high - low sulfur spread in the overseas spot market has slightly rebounded. The trend intensity of both is 0 [86]. Container Shipping Index (European Line) - **Container Shipping Index (European Line)**: It is in a volatile consolidation, and the short positions in the October contract can be held as appropriate. The freight rates of European and US - West routes in the shipping index have declined. The trend intensity is not provided in the text [88].