Report Industry Investment Ratings - Iron ore: Fluctuating repeatedly [4] - Rebar: Wide - range oscillation [4] - Hot - rolled coil: Wide - range oscillation [4] - Ferrosilicon: Wide - range oscillation [4] - Silicomanganese: Wide - range oscillation [4] - Coke: Strong - biased oscillation [4] - Coking coal: Strong - biased oscillation [4] - Logs: Fluctuating repeatedly [4] Core Views - The report provides investment ratings and trend intensities for various black - series commodities, and presents their fundamental data and relevant macro and industry news [4][6][10] Summary by Commodity Iron Ore - **Fundamentals**: The futures closed at 793.0 yuan/ton, down 1.5 yuan/ton (-0.19%). The open - position decreased by 22,928 hands. Among spot prices, PB decreased by 3.0 yuan/ton, and others remained stable. Some basis and spreads changed slightly [6] - **News**: In July 2025, China exported 983.6 million tons of steel, up 1.6% month - on - month; imported 10462.3 million tons of iron ore, down 1.3% month - on - month [6][7] - **Trend Intensity**: - 1 [7] Rebar and Hot - rolled Coil - **Fundamentals**: RB2510 closed at 3,231 yuan/ton, up 0.03%; HC2510 closed at 3,440 yuan/ton, down 0.35%. Open - positions decreased. Spot prices in some regions decreased slightly. Basis and spreads changed [10] - **News**: In late July 2025, key steel enterprises' average daily output of crude steel decreased by 7.4%, pig iron by 4.5%, and steel increased by 0.5%. Weekly data on August 7 showed changes in production, inventory, and apparent demand [11][12] - **Trend Intensity**: 0 for both [12] Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices decreased. Spot prices of silicon manganese decreased, and the price of manganese ore increased. There were changes in basis, near - far month spreads, and cross - variety spreads [14] - **News**: There were price changes in silicon - iron and silicon - manganese products. Some steel mills' procurement prices and quantities changed [15][16] - **Trend Intensity**: 0 for both [16] Coke and Coking Coal - **Fundamentals**: Futures prices of JM2509 and J2509 increased. Some spot prices remained stable, while the price of Shanxi quasi - first - grade coke to the factory increased. Basis and spreads changed [18] - **News**: In July 2025, China exported 983.6 million tons of steel, up 1.6% month - on - month [19] - **Trend Intensity**: 0 for both [20] Logs - **Fundamentals**: Futures prices of different contracts had small changes in closing prices, trading volumes, and open - positions. Spot prices of most log types remained stable [22] - **News**: In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [24] - **Trend Intensity**: 0 [24]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The shipping index (European Line) showed a volatile trend yesterday. The main 2510 contract closed at 1420.4 points, down 0.98%, with a reduction of 765 lots; the second main 2512 contract closed at 1763.2 points, up 0.21%, with an increase of 179 lots; the near - month 2508 contract closed at 2072.7 points, down 0.37%. Overall, from a monthly - level perspective, September is likely to see a double - reduction in supply and demand, but the current estimated decline in shipping capacity may be less than that in demand, and the fundamentals are expected to face further pressure. Strategically, hold short positions on the 10 contract as appropriate, and add positions at high levels as appropriate, with the upper resistance level referring to 1450 - 1500 points [7][10]. Summary by Related Content 1. Fundamental Data of Shipping Index (European Line) - **Futures Contracts**: EC2508 closed at 2072.7, down 0.37%, with 216 trades and 3,579 open interests, a decrease of 121; EC2510 closed at 1420.4, down 0.98%, with 26,142 trades and 53,596 open interests, a decrease of 765; EC2512 closed at 1763.2, up 0.21%, with 4,400 trades and 9,760 open interests, an increase of 179 [1]. - **Freight Index**: SCFIS European route was 2,297.86 points, down 0.8%; SCFIS US - West route was 1,130.12 points, down 12.0%; SCFI European route was $2,051/TEU, down 1.9%; SCFI US - West route was $2,021/FEU, down 2.2% [1]. - **Spot Freight**: Different alliances' freight rates showed a downward trend. In a neutral scenario, the market FAK freight rate center at the end of August is expected to be in the range of $2,500 - 2,600/FEU [8]. - **Exchange Rate**: The US dollar index was 98.23, and the US dollar against the offshore RMB was 7.18 [1]. 2. Supply - Side Fundamentals - **August**: The weekly shipping capacity was revised down from 32.8 to 32.5 TEU/week. The average weekly capacity in the first half - month (weeks 32 - 33) was 320,000 TEU, and in the second half - month (weeks 34 - 35) was 329,000 TEU. The cargo - collection pressure in the second half - month is relatively greater [9]. - **September**: The number of undetermined voyages decreased by 1 to 3, and the number of blank sailings increased by 2 to 4. The average weekly capacity was revised down from 31.8 to 30.8 TEU/week. The current September capacity is lower than August's 325,000 TEU/week, higher than July's 301,000 TEU/week, and similar to April's 313,000 TEU/week [9]. 3. Demand - Side Fundamentals - Since mid - August, the overall market cargo volume has shown a mild downward trend, and the subsequent decline rate needs to be observed [9]. 4. Macro News - Zelensky stated that the initiative to end the Russia - Ukraine conflict lies in Russia, and Ukraine is preparing a series of meetings in Europe to promote the peace process [6]. - South African President Ramaphosa held talks with Russian President Putin to discuss the Ukraine peace process [6]. 5. Trend Intensity - The trend intensity of the shipping index (European Line) is - 1, indicating a relatively bearish outlook [11].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Hold long positions in the positive spread of crude oil and pay attention to US sanctions on Russian energy [1] - The trend strength of crude oil is neutral [4] 3. Summary by Relevant Catalogs International Crude Oil Prices - WTI September crude oil futures closed down $0.47/barrel, a decline of 0.73%, at $63.88/barrel; Brent October crude oil futures closed down $0.46/barrel, a decline of 0.69%, at $66.43/barrel; SC2509 crude oil futures closed down 7.20 yuan/barrel, a decline of 1.43%, at 497.10 yuan/barrel [1] Geopolitical News - On August 7, Ukrainian President Zelensky had phone calls with leaders of several European countries to discuss the Russia-Ukraine situation. Italian Prime Minister Meloni called Trump, Zelensky and UAE President Mohammed, and called on Russia and Ukraine to reach a ceasefire agreement [2] - The US Treasury Department issued new sanctions against Iran targeting several individuals and entities [2] Market Supply and Demand - Due to pressure from the US and the EU on Russian oil buyers, the price of Russia's main oil exports to India has a discount. Indian state - owned refineries may suspend imports, while private enterprises are slowing down purchases. The price of Urals crude oil is more than $5/barrel cheaper than the North Sea crude oil price index [2] - As of the week ending August 6, Singapore's fuel oil inventory rose by 1.651 million barrels to a 33 - week high of 26.319 million barrels [2] - There are currently no signs of the restart of oil exports through the Turkish Ceyhan pipeline [2] - After a refinery was attacked by drones, Russia plans to increase its oil exports to the West to nearly 2 million barrels per day in August [2] Policy and Political News - The US decided to impose a 25% new tariff on Indian goods, and Indian refineries are waiting for government instructions on whether to continue buying Russian oil [3] - Trump's advisors are looking for a successor to Powell, and Fed Governor Waller is becoming a leading candidate for Fed Chairman [2] Inflation Data - The 1 - year inflation expectation of the US New York Fed in July was 3.09%, compared with a previous value of 3.02% [2] Meeting Information - Putin said that the UAE is a suitable place for a meeting with Trump, and he doesn't mind meeting Zelensky [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Nickel: The game between bulls and bears intensifies, and nickel prices fluctuate within a narrow range [2][4]. - Stainless steel: The reality of supply elasticity and macro - expectations are in a game, and steel prices fluctuate [2][5]. - Lithium carbonate: The weekly output increase leads to inventory accumulation, and attention should be paid to the fermentation of the mining license renewal event [2][10]. - Industrial silicon: Inventory is being depleted, and market sentiment should be monitored [2][14]. - Polysilicon: Attention should be paid to the fermentation of market information [2][14]. 3. Summaries According to Relevant Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract was 121,850 yuan, up 780 yuan from T - 1; the closing price of the stainless - steel main contract was 13,000 yuan, up 65 yuan from T - 1. Other data such as trading volume, premiums and discounts, and spreads also showed corresponding changes [5]. - **Macro and Industry News**: Events include Canada's potential nickel export suspension, new nickel - iron project production in Indonesia, environmental violations in an Indonesian industrial park, changes in Indonesian mining policies, and production suspensions in some Indonesian nickel - iron smelting parks [5][6][7]. - **Trend Intensity**: The trend intensity of nickel is 0, and that of stainless steel is 0 [9]. Lithium Carbonate - **Fundamental Data**: The closing price of the 2509 contract was 71,920 yuan, up 2,660 yuan from T - 1; the closing price of the 2511 contract was 72,300 yuan, up 2,680 yuan from T - 1. Other data such as trading volume, open interest, and basis also changed [10]. - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price increased, and the weekly output and inventory of lithium carbonate also changed. The weekly output was 19,556 tons, an increase of 2,288 tons from last week, and the industry inventory was 142,418 tons, an increase of 692 tons from last week [11][12]. - **Trend Intensity**: The trend intensity of lithium carbonate is 1 [12]. Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2511 contract was 8,655 yuan/ton, down 45 yuan from T - 1; the closing price of the PS2511 contract was 50,110 yuan/ton, down 1,235 yuan from T - 1. There were also changes in data such as trading volume, open interest, basis, prices, profits, and inventories [14]. - **Macro and Industry News**: A Turkish photovoltaic company plans to invest $520 million to expand its solar - module manufacturing capacity [14][16]. - **Trend Intensity**: The trend intensity of industrial silicon is 0, and that of polysilicon is 1 [16].

Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - Palm oil: With the repeated macro - sentiment, it is advisable to build long positions at low levels [2]. - Soybean oil: It will fluctuate at a high level, and attention should be paid to the Sino - US trade agreement [2]. - Soybean meal: Due to good exports and the rise of US soybeans, the Dalian soybean meal may follow and rebound [2]. - Soybean: During the position transfer period, the market will fluctuate [2]. - Corn: It will operate weakly [2]. - Sugar: It is in an oscillation period [2]. - Cotton: It will fluctuate in a narrow range [2]. - Eggs: There is a rebound sentiment in the spot market [2]. - Pigs: The trading volume is poor, and the reverse spread strategy should be maintained [2]. - Peanuts: Attention should be paid to the weather in the producing areas [2]. 3. Summary by Commodity Palm oil - **Fundamentals**: The closing price of the palm oil main contract was 8,950 yuan/ton during the day session with a decline of 0.22%, and 9,012 yuan/ton at night with an increase of 0.69%. The trading volume decreased by 112,797 hands, and the open interest decreased by 27,119 hands. The spot price in Guangdong increased by 50 yuan/ton, and the basis was 50 yuan/ton [4]. - **News**: Malaysian palm oil giant SD Guthrie Berhad expects the crude palm oil price to stabilize at around 4,000 ringgit per ton for the rest of the year, supported by Indonesia's biodiesel policy [5][6]. Soybean oil - **Fundamentals**: The closing price of the soybean oil main contract was 8,406 yuan/ton both during the day and at night, with no change. The trading volume increased by 51,881 hands, and the open interest decreased by 49,208 hands. The spot price in Guangdong increased by 50 yuan/ton, and the basis was 264 yuan/ton [4]. - **News**: As of July 31, 2025, the net increase in US soybean oil export sales was 0.7 million tons, meeting expectations [10]. Soybean meal - **Fundamentals**: The closing price of DCE soybean meal 2509 was 3,031 yuan/ton during the day with an increase of 0.13%, and 3,036 yuan/ton at night with an increase of 0.53%. The trading volume of soybean meal in the main producing areas was 9.6 million tons per day, and the inventory was 97.76 million tons per week [15]. - **News**: On August 7, CBOT soybeans rose due to strong export sales data. As of July 31, 2025, the net sales volume of US soybeans in the 2024/25 and 2025/26 fiscal years exceeded expectations [17]. Corn - **Fundamentals**: The closing price of C2509 was 2,267 yuan/ton during the day with an increase of 0.53%, and 2,260 yuan/ton at night with a decrease of 0.31%. The trading volume decreased by 44,239 hands, and the open interest decreased by 37,908 hands. The spot price in Jinzhou decreased by 10 yuan/ton [18]. - **News**: The northern corn collection price remained stable, and the Northeast enterprise corn price declined slightly [19]. Sugar - **Fundamentals**: The raw sugar price was 16.03 cents per pound, the mainstream spot price was 5,950 yuan/ton, and the futures main - contract price was 5,667 yuan/ton [21]. - **News**: Brazil's central - southern sugarcane crushing progress accelerated, and India's monsoon precipitation was higher than the long - period average. CAOC predicted the domestic sugar production, consumption, and import volume for the 24/25 and 25/26 fiscal years [21][22]. Cotton - **Fundamentals**: The closing price of CF2601 was 13,835 yuan/ton during the day with a decrease of 0.11%, and 13,825 yuan/ton at night with a decrease of 0.07%. The trading volume decreased by 52,459 hands, and the open interest decreased by 2,804 hands. The spot price of cotton in most regions changed slightly [25]. - **News**: The domestic cotton spot trading was sluggish, and the ICE cotton futures fell due to the rising US dollar and weak new - crop exports [26][27]. Eggs - **Fundamentals**: The closing price of egg 2509 was 3,391 yuan/500 kg with an increase of 1.16%, and the closing price of egg 2601 was 3,576 yuan/500 kg with a decrease of 1.41%. The spot prices in major producing areas remained stable [32]. Pigs - **Fundamentals**: The spot prices in Henan, Sichuan, and Guangdong decreased. The closing prices of futures contracts such as LH2509, LH2511, and LH2601 increased year - on - year. The trading volume of LH2509 decreased, while that of LH2511 increased. The market is under pressure, and the reverse - spread strategy is maintained [35][37]. Peanuts - **Fundamentals**: The spot prices of peanuts in major producing areas were mostly stable, with the price of Sudan refined peanuts increasing by 200 yuan/ton. The closing prices of PK510 and PK511 increased slightly. The trading volume and open interest of the futures market increased [39]. - **News**: New peanuts in some areas are gradually on the market, and the current price is stable. Attention should be paid to the weather in the producing areas [40].

资料来源：Bloomberg，同花顺 iFinD，SMM，SHMET，国泰君安期货研究 2025 年 08 月 08 日 【新闻】 铅：LME 注销仓单增加，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 16875 | 0.12% | 伦铅 3M 电子盘收 | 1997 | 1.09% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 32431 | -16214 | 伦铅成交量（手） | 8698 | 1779 | | （手） | | | | | | | 沪铅主力持仓量 | 62019 | -3000 | 伦铅持仓量（手） | 150329 | 305 | | （手） | | | | | | | 上海 1# 铅升贴水 | -35 | 5 | LME CASH-3M 升 | -35.88 | 6.04 | | （元/吨） | | | ...

商 品 研 究 2025 年 8 月 8 日 鸡蛋：现货存在反弹情绪 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 | （%） | 成交变动 | 持仓变动 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2509 | 3,391 | 1.16 | | -42,778 | -5,713 | | | 鸡蛋2601 | 3,576 | -1.41 | | 14,476 | 3,993 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋9-10价差 | | 99 | | 93 | | | | 鸡蛋9-1价差 | | -185 | | -246 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 2.90 | | 2.90 | | | | 河北现货价格 | | 2.62 | | 2.62 | | | 产业链数据 | 山西现货价格 | | 2.90 | | 2.90 | | | | 湖北现货价格 | | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - The nickel market is experiencing intensified long - short competition, with nickel prices fluctuating in a narrow range [1]. - The stainless - steel market is facing a game between the reality of supply elasticity and macro - expectations, resulting in steel price fluctuations [2]. 3. Summary by Related Catalogs 3.1. Fundamental Data Tracking - **Futures Data**: The closing price of the main Shanghai nickel contract is 121,850, up 780 from T - 1; the closing price of the main stainless - steel contract is 13,000, up 65 from T - 1. The trading volume of the main Shanghai nickel contract is 96,611, up 8,771 from T - 1; the trading volume of the main stainless - steel contract is 85,499, up 3,480 from T - 1 [2]. - **Industrial Chain Data**: The price of 1 imported nickel is 121,350, up 50 from T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 919, up 1 from T - 1. The price of 304/2B coil - rough edge (Wuxi) is 13,050, unchanged from T - 1; the price of battery - grade nickel sulfate is 27,440, up 40 from T - 1 [2]. 3.2. Macro and Industry News - On March 3, Ontario Premier Ford proposed that Ontario's minerals are crucial in the tariff fight and may stop exporting nickel to the US [2]. - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF, EPC - contracted by China ENFI, successfully produced nickel - iron, entering the trial - production stage. The project is located in Southeast Sulawesi, Indonesia, producing 22% nickel - iron with a single - line annual metal - nickel output of about 12,500 tons [3]. - Environmental violations were found in the Indonesia Morowali Industrial Park, including improper wastewater management, air pollution, and the use of unlicensed tailing areas. The government may fine the confirmed illegal companies and will audit the entire park [3]. - Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance and control coal and ore supply [4]. - The approved 2025 production plan and budget (RKAB) output of Indonesian nickel - mining companies is 364 million tons, higher than the 2024 target of 319 million tons [4]. - An Indonesian nickel - iron smelting industrial park has suspended all EF production lines due to long - term losses, which is expected to reduce nickel - iron output by about 1,900 metal tons per month [4][5]. - Indonesian mining and coal companies must resubmit their 2026 work plans and budgets (RKAB) starting in October 2025 [5]. - Due to capacity limitations and a 5% annual production reduction target, a Shandong steel mill has started maintenance, suspending the delivery of long - term supply agreements signed in August [5]. 3.3. Trend Intensity - The trend intensity of nickel is 0, and the trend intensity of stainless steel is 0, both indicating a neutral market sentiment [6].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - Fuel oil has weakened again and is expected to show a short - term volatile trend. Low - sulfur fuel oil continues to be weaker than high - sulfur fuel oil, and the spot price spread between high - and low - sulfur fuel oil in the overseas market maintains a downward trend [1]. Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking Futures - **Prices**: For FU2509, the closing price was 2,826 yuan/ton with a daily decline of 0.32%, and the settlement price was 2,833 yuan/ton with an increase of 0.50%. For FU2510, the closing price was 2,842 yuan/ton with an increase of 0.50%, and the settlement price was 2,846 yuan/ton with an increase of 0.28%. For LU2509, the closing price was 3,510 yuan/ton with a decline of 0.99%, and the settlement price was 3,520 yuan/ton with a decline of 0.34%. For LU2510, the closing price was 3,526 yuan/ton with a decline of 0.34%, and the settlement price was 3,545 yuan/ton with an increase of 0.28% [1]. - **Trading Volume and Open Interest**: For FU2509, the trading volume was 326,249 lots with an increase of 64,490 lots, and the open interest was 134,066 lots with a decrease of 1,234 lots. For FU2510, the trading volume was 154,380 lots with an increase of 60,703 lots, and the open interest was 88,717 lots with an increase of 5,039 lots. For LU2509, the trading volume was 2,534 lots with an increase of 107 lots, and the open interest was 7,930 lots with a decrease of 946 lots. For LU2510, the trading volume was 78,746 lots with an increase of 9,518 lots, and the open interest was 49,228 lots with a decrease of 1,027 lots [1]. - **Warehouse Receipts**: The total market warehouse receipts of fuel oil (FU) were 92,710 with a decrease of 15,000, and for low - sulfur fuel oil (LU) were 26,050 with a decrease of 14,000 [1]. Spot Prices - **Singapore MOPS**: The price of high - sulfur (3.5%S) was 403.5 US dollars/ton with a daily decline of 0.76%, and the price of low - sulfur (0.5%S) was 488.0 US dollars/ton with a daily decline of 1.52% [1]. - **Singapore Bunker**: The price of high - sulfur (3.5%S) was 417.0 US dollars/ton with a daily decline of 0.71%, and the price of low - sulfur (0.5%S) was 503.0 US dollars/ton with a daily decline of 1.37% [1]. - **Other Bunker Markets**: Similar price declines were observed in other bunker markets such as Fujeirah, AJ, Shanghai, Tokyo, and South Korea [1]. Spreads - **Contract Spreads**: The FU09 - 10 spread was - 16 yuan/ton, and the settlement spread was - 13 yuan/ton with a difference of 3 yuan/ton. The LU09 - 10 spread was - 16 yuan/ton, and the settlement spread was - 25 yuan/ton with a difference of - 9 yuan/ton. The LU09 - FU09 spread was 684 yuan/ton, and the settlement spread was 687 yuan/ton with a difference of 3 yuan/ton [1]. - **Other Spreads**: The FU2509 - Singapore MOPS (3.5%S) spread was - 70.5 yuan/ton, with a change of 13.1 yuan/ton compared to the previous day. The LU2509 - Singapore MOPS (0.5%S) spread was 7.1 yuan/ton, with a change of 19.1 yuan/ton compared to the previous day. The Singapore MOPS (0.5%S - 3.5%S) spread was 84.5 US dollars/ton, with a decline of 4.5 US dollars/ton compared to the previous day [1]. 2. Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low - sulfur fuel oil is also 0, indicating a neutral view on both [1].

Report Summary Investment Rating - The report does not provide an overall industry investment rating [1][2][3][4] Core View - The market expected price increases from late July to early August, but the group's volume - reduction and price - pulling was below expectations. There is panic among retail and second - fattening groups. With increased planned group slaughter in August and limited demand growth, the market faces significant pressure. Daily trading volume has been poor recently, making it difficult to absorb market supply. The September contract is approaching the delivery month, and the tenth trading day will enter the second position - limit period. The futures price is still at a significant premium to the warehouse - receipt cost, increasing the industry's willingness to deliver. Attention should be paid to the premium - narrowing market. Given the strong macro - support for the far - end and the pattern of weak reality and strong expectation, the spread structure maintains a reverse spread strategy. Stop - loss and take - profit should be noted. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [4] Key Points from Different Sections 1. Pig Fundamental Data - **Spot Prices**: Henan's spot price is 13,980 yuan/ton, down 100 yuan/ton year - on - year; Sichuan's is 13,350 yuan/ton, down 100 yuan/ton; Guangdong's is 15,290 yuan/ton, down 250 yuan/ton [2] - **Futures Prices**: The price of the Pig 2509 contract is 13,870 yuan/ton, up 60 yuan/ton; Pig 2511 is 14,100 yuan/ton, up 90 yuan/ton; Pig 2601 is 14,395 yuan/ton, up 85 yuan/ton [2] - **Trading Volume and Open Interest**: For the Pig 2509 contract, the trading volume is 10,165 lots, down 5,586 lots from the previous day, and the open interest is 28,730 lots, down 2,933 lots. For Pig 2511, the trading volume is 34,709 lots, up 5,027 lots, and the open interest is 59,598 lots, up 626 lots. For Pig 2601, the trading volume is 11,629 lots, down 2,014 lots, and the open interest is 43,157 lots, up 713 lots [2] - **Spreads**: The basis of Pig 2509 is 110 yuan/ton, down 160 yuan/ton; Pig 2511 is - 120 yuan/ton, down 190 yuan/ton; Pig 2601 is - 415 yuan/ton, down 185 yuan/ton. The spread between Pig 9 - 11 is - 230 yuan/ton, down 30 yuan/ton; Pig 11 - 1 is - 295 yuan/ton, up 5 yuan/ton [2] 2. Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [3]