Report Industry Investment Rating - No relevant content found Core Viewpoints - The market is volatile with some products showing price fluctuations, such as a decline of -1255.66 and -1253.69 in certain values, and price changes like -5.67% and 17.00% in percentages [1]. - The trading atmosphere is relatively dull, and the demand and supply situation is complex, with factors like low demand and weak supply in some sectors affecting the market [2]. - The performance of companies is affected by various factors, including external market environment, internal operation and management, and resource allocation [2]. Summary by Related Catalog - **Price and Value Information** - There are specific price and value data for different products and regions, such as values of -93.21, 69.00, etc., and prices in yuan/ton for various items like ethylene glycol [1]. - Price changes are also presented, for example, a decline of -5.67% and an increase of 17.00% [1]. - **Market and Trading Conditions** - The market is described as dull, with less trading activity and a lack of enthusiasm [2]. - The demand is weak in some sectors, and the supply situation is also uneven, which impacts the overall market trend [2]. - **Company and Operation Information** - Companies' operations are affected by factors such as market competition, resource availability, and management decisions [2]. - There are issues like low - efficiency operations and challenges in resource allocation for some companies [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Fed's September interest rate cut expectation is heating up, and the transition from the traditional off - season to the peak season in the domestic market supports aluminum prices [1]. - The domestic alumina supply - demand is expected to be loose, but the rising cost may limit the downside of prices; the electrolytic aluminum price is expected to be cautiously bullish; the aluminum alloy price is expected to be volatile and bullish [5][7][9]. Summary by Related Catalogs Alumina - **Supply - side Changes**: The construction of China Aluminum's bauxite mine and the start of the bauxite project in Qingzhen may reduce the domestic bauxite production and import in September. The domestic alumina production capacity utilization rate has decreased, and the production may decrease in September. Overseas projects may reduce the domestic alumina import in September [4][21][39]. - **Inventory Changes**: The inventory in ports has decreased, while the total inventory has increased [17][34]. - **Price and Cost**: The bauxite price has increased, pushing up the alumina production cost. The average full - cost of alumina production is about 2890 yuan/ton [21][26]. - **Investment Strategy**: It is recommended that investors wait and see, paying attention to the support level around 2800 - 3000 and the resistance level around 3300 - 3600 [5]. Electrolytic Aluminum - **Supply - side Changes**: Some domestic projects are expected to increase production capacity, but the overall production in September may decrease. Overseas projects may reduce the domestic import in September [6][65][68]. - **Inventory Changes**: The social inventory has increased, the bauxite inventory in ports has increased, and the inventory in LME has increased [51]. - **Price and Cost**: The theoretical weighted average full - cost of domestic electrolytic aluminum is about 16650 yuan/ton [65]. - **Investment Strategy**: It is recommended that investors go long on dips, paying attention to the support and resistance levels of SHFE aluminum and LME aluminum [7]. Aluminum Alloy - **Supply - side Changes**: The production of waste aluminum may increase, and the production of primary and recycled aluminum alloys may increase in September. The import of unforged aluminum alloy may increase [9][80][91]. - **Inventory Changes**: The inventory of recycled aluminum alloy enterprises' raw materials and finished products may increase [91]. - **Price and Cost**: The production of recycled aluminum alloy is close to loss, and the price is expected to be volatile and bullish [9]. - **Investment Strategy**: It is recommended that investors go long on dips for the main contract or short the spread between electrolytic aluminum and aluminum alloy, paying attention to the support and resistance levels [9].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Over the past week, the progress of the Russia-Ukraine issue has stalled or regressed, causing oil prices to decline slightly in a volatile market. The crude oil market remains in a state of multi - short stalemate, and the market is waiting for further clarity on the situation [2]. - After the hype of domestic PX device maintenance news, the price has returned to normal. Currently, PX inventory is at a historical low, providing strong support at the bottom. Whether PX profits can continue to rise depends on more unexpected factors [2]. - PX is in an advantageous position in the industrial chain, and social inventory is decreasing due to the rigid demand of new PTA production devices. As the downstream demand peak season approaches, polyester production is gradually increasing, and attention should be paid to when the positive feedback will occur [2]. - The PTA market has declined slightly. PTA spot inventory is decreasing, but the liquidity is sufficient, and the spot basis may continue to weaken. Although the PTA processing fee has entered a low - range, unplanned device maintenance is difficult to continuously boost prices [2]. - As the traditional peak season approaches, the polyester production load may increase, and the de - stocking volume is expected to expand. At the beginning of the month, downstream polyester factories consume long - term PTA supplies and are not very active in purchasing PTA spot [2]. - The polyester bottle - chip market remains stable. The prices of polyester raw materials PTA and bottle - chip futures fluctuate slightly, the supply - side quotations are mostly stable, and downstream terminals are cautious in their purchases [2]. - The current pricing logic is still cost - driven. It is expected that PX, PTA, and PR will operate in a volatile manner [2]. Summaries by Categories Price Information - WTI crude oil futures settlement price (continuous) on August 29, 2025, was $64.01 per barrel, down 0.91% from the previous value; Brent crude oil futures settlement price (continuous) on September 1, 2025, was $68.15 per barrel, up 0.04% [1]. - On September 1, 2025, the spot price of naphtha (CFR Japan) was $596.25 per ton, down 0.19%; the spot price of xylene (isomeric grade, FOB Korea) was $683 per ton, down 1.23% [1]. - The spot price of PX (CFR China Main Port) on September 1, 2025, was $848 per ton, down 0.08% [1]. - CZCE TA main - contract closing price on September 1, 2025, was 4,772 yuan per ton, down 0.25%; the settlement price was 4,770 yuan per ton, down 0.08% [1]. - The spot price of PTA in the domestic market on September 1, 2025, was 4,728 yuan per ton, down 0.17%; CCFEI PTA domestic price index was 4,727 yuan per ton, down 0.27% [1]. - CZCE PX main - contract closing price on September 1, 2025, was 6,866 yuan per ton, down 0.17%; the settlement price was 6,854 yuan per ton, up 0.15% [1]. - The spot price of PX in the domestic market on September 1, 2025, was 6,738 yuan per ton, unchanged; the spot price of PX (CFR Taiwan, China) on August 29, 2025, was $849 per ton, unchanged [1]. - CZCE PR main - contract closing price on September 1, 2025, was 5,950 yuan per ton, down 0.10%; the settlement price was 5,940 yuan per ton, down 0.24% [1]. - The mainstream market price of polyester bottle - chip in the East China market on September 1, 2025, was 5,890 yuan per ton, up 0.51%; in the South China market, it was 5,960 yuan per ton, unchanged [1]. - CCFEI price indices of polyester products such as polyester DTY, POY, FDY68D, FDY150D, and short - fiber remained unchanged on September 1, 2025 [2]. Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22, 2025. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 - 23, 2025, and the restart time is to be determined [2]. Production and Sales Information - On September 1, 2025, the operating rate of the PX in the polyester industry chain was 82.59%, unchanged; the PTA industry chain load rate of PTA factories was 72.55%, up 1.79%; the load rate of polyester factories was 87.99%, up 0.84%; the load rate of bottle - chip factories was 73.32%, up 0.23%; the load rate of Jiangsu and Zhejiang looms was 62.03%, unchanged [1]. - On September 1, 2025, the sales rate of polyester filament was 40.72%, down 0.90%; the sales rate of polyester staple fiber was 38.79%, down 7.07%; the sales rate of polyester chips was 64.55%, down 13.21% [1] Trading Strategy - The cost support has been weakened. The TA2601 contract closed at 4,772 yuan per ton (- 0.04%), with an intraday trading volume of 527,800 lots; the PX2511 contract closed at 6,866 yuan per ton (0.32%), with an intraday trading volume of 161,400 lots; the PR2511 contract closed at 5,950 yuan per ton (- 0.07%), with an intraday trading volume of 50,400 lots [2]. - It is expected that PX, PTA, and PR will operate in a volatile manner (PX view score: 0, PTA view score: 0, PR view score: 0) [2].

Report Industry Investment Rating No relevant content provided. Core View of the Report The Fed Chair Powell signaled a September rate - cut expectation due to weak employment supply and demand, combined with Trump's continuous pressure and potential replacement of Fed officials, and central banks of many countries around the world continuously buying gold, which may make precious metal prices prone to rise and difficult to fall. It is recommended that investors mainly lay out long positions when prices decline [1]. Summary According to Relevant Catalogs 1. Precious Metal Market Data Shanghai Gold - Closing price: 781.70 yuan/gram, with a change of 12.78 compared to the previous value; trading volume: 37,086.00; open interest: 11,070.00; basis (spot - futures): - 1.79 [1]. Shanghai Silver - Closing price: 9752.00 yuan/ten grams; trading volume: 271,534.00; open interest: 3,508,944.00; basis (spot - futures): - 23.00 [1]. COMEX Gold Futures - Closing price: 3516.10, with a change of 132.60; trading volume: 180,059.00; open interest: 345,850.00; inventory: 38,925,852.75 gold - ounce [1]. COMEX Silver Futures - Closing price: 38.80 dollars/ounce; trading volume: 884,674.00; open interest: 262,870.00; inventory: 518,232,359.97 gold - ounce [1]. 2. Macro - economic Information Eurozone - In August, factory output growth reached the strongest level since March 2022, and the new order index expanded at the fastest pace in nearly three and a half years. Germany's manufacturing FMI final value rose to 49.8, the highest in more than two years; France's manufacturing PMI rose to 50.4 [1]. - ECB President Lagarde said the 2% inflation target has been achieved and measures will be taken to maintain price stability. The acting governor of the Bank of Slovenia said the ECB's "easing cycle is over" [1]. United States - Import tariffs pushed up commodity prices, causing the year - on - year rates of producer - side inflation PPI and consumer - side core CPI to rise in July. Fed Chair Powell said the change in the risk balance point may require policy adjustment due to weak employment supply and demand, making a September rate cut almost certain, but the non - farm payrolls and CPI data for August need to be watched on September 5th and 11th [1]. United Kingdom - The Bank of England cut the key interest rate by 25 basis points to 4.0% in August, continued to reduce 100 billion pounds of government bonds from October 2024 to September 2025, and may slow down the pace of balance - sheet reduction later. The year - on - year rates of CPI (core CPI) in July were 3.8% (3.8%), and the GDP monthly rate was 0.4%, both higher than expected and the previous value. The manufacturing (service) PMI in August was 47.3 (53.6), lower (higher) than expected and the previous value, so the Bank of England may cut rates at most once by the end of 2025 [1]. Japan - The Bank of Japan kept the benchmark interest rate unchanged at 0.5% in July and will start reducing the quarterly government bond purchase scale from 400 billion to 200 billion yen in April 2026. The year - on - year rates of CPI (CPI) in Tokyo in July (August) were 3.1% (2.6%), in line with expectations but lower than the previous value (higher than expected but lower than the previous value), and the GDP quarterly rate in the second quarter was 0.3%, higher than expected and the previous value. With the US Treasury Secretary's urging, the Bank of Japan still has a rate - hike expectation by the end of 2025, and the earliest may be in October [1]. 3. Trading Strategy Investors are advised to mainly lay out long positions when prices decline. For London gold, pay attention to the support level around 3200 - 3300 and the resistance level around 3500 - 3700; for Shanghai gold, the support level around 760 - 770 and the resistance level around 810 - 850; for London silver, the support level around 34 - 37 and the resistance level around 41 - 43; for Shanghai silver, the support level around 9000 - 9400 and the resistance level around 10000 - 10500 [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view expressed in the given content 3. Summary by Related Catalog Commodity Prices - The current price of crude oil is $596.25 per ton, with a previous value of $597.38, a decrease of 0.19% [1] - The price of the Northeast Asia ethylene price index is $841.00 per ton, with a previous value of $843.00, a decrease of 0.24% [1] - The ex - factory price of ethylene oxide in the East China region is $6300.00 per ton, unchanged from the previous value [1] - The price of methanol is $2222.50 per ton, unchanged from the previous value [1] - The含税 price of lignite in Inner Mongolia is $290.00 per ton, unchanged from the previous value [1] - The closing price of the main contract is $4420.00 per ton, with a previous value of $4466.00, a decrease of 0.87% [1] - The settlement price of the main contract is $4438.00 per ton, with a previous value of $4470.00, a decrease of 0.2% [1] - The closing price of the near - month contract is $4392.00 per ton, with a previous value of $4429.00, a decrease of 0.84% [1] - The settlement price of the near - month contract is $4414.00 per ton, with a previous value of $4429.00, a decrease of 0.34% [1] - The market price of ethylene glycol in the East China region is $4540.00 per ton, unchanged from the previous value [1] - The price difference between the near - month and far - month contracts is $24.00 per ton, with a previous value of $41.00, a decrease of $17.00 [1] - The comprehensive price of ethylene glycol is $62.03, unchanged from the previous value [1] - The price of oil - based ethylene glycol is $62.56, unchanged from the previous value [1] - The price of coal - based ethylene glycol is $61.26, unchanged from the previous value [1] - The external market price of oil - based ethylene glycol is $988.88 per ton, with a previous value of $993.21, a decrease of $4.33 [1] - The external market price of ethylene vinyl is $114.6 per ton, with a previous value of $119.55, a decrease of $4.95 [1] - The post - tax gross profit of the coal - based synthesis gas method is $1253.69 per ton, with a previous value of $1255.66, a decrease of $1.97 [1] - The price index of polyester is $8750.00 per ton, unchanged from the previous value [1] - The price index of polyester chips is $7125.00 per ton, unchanged from the previous value [1] - The price index of polyester staple fiber is $640.00 per ton, unchanged from the previous value [1] - The price index of bottle - grade chips is $5890.00 per ton, with a previous value of $5860.00, an increase of 0.1% [1] Industrial Load Rates - The load rate of the polyester industry (PTA factory) is 89.98%, with a previous value of 81.57%, an increase of 8.41% [1] - The load rate of the textile machine industry in the Jiangsu and Zhejiang PTA chain is 62.03%, unchanged from the previous value [1]

Report Industry Investment Rating - Not provided Core View - The expectation of the Fed cutting interest rates in September is almost certain, combined with the expectation of the domestic traditional off - season turning into the peak season, and the domestic electrolytic copper social inventory remaining at a low level, which may lead to a relatively strong upward trend in the Shanghai copper price. It is recommended that investors hold their previous long positions cautiously. Attention should be paid to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On September 1, 2025, the closing price of the active contract was 79,780, up 370 from the previous trading day; the trading volume was 78,481 lots, an increase of 7,420; the open interest was 180,644 lots, an increase of 6,818; the inventory was 20,200 tons, a decrease of 1,212 [2]. - **SMM 1 Electrolytic Copper Average Price**: On September 1, 2025, it was 79,900, up 510 from the previous trading day [2]. - **LME 3 - month Copper Futures**: On September 1, 2025, the closing price (electronic trading) was 9,884, down 18 from the previous trading day; the total inventory of registered and cancelled warrants was 158,875 tons, a decrease of 158,875 [2]. - **COMEX Copper**: On August 29, 2025, the closing price of the active contract was 4.585, up 0.08 from the previous trading day; the total inventory was 277,843 tons, an increase of 4,076 [2]. Industry News - **Consumption**: Although the copper foil operating rate has been objectively high recently, limited by low consumer demand, it has limited support for the operating rate recovery of refined copper rod enterprises. In August, as the steel rod operating rate declined, the substitution effect of refined copper rod consumption was more obvious in Jiangxi enterprises, while enterprises in other regions did not feel obvious improvement [2]. - **Production**: In August, the domestic electrolytic copper output decreased slightly by 0.28 tons. Affected by policies, the supply of scrap copper in September will significantly decline, and the expansion of some enterprises directly producing electrolytic copper from scrap copper will also decrease. SMM expects that the electrolytic copper output in September will drop significantly by 5.25 tons and remain at a low level in October [2]. - **Projects**: The floating pontoon pumping station and return water system, a key supporting project of the expansion project of Mirador Copper Mine under Tongling Non - Ferrous Metals, have completed the overall commissioning, marking a solid step towards full - scale completion and production [2]. Supply and Demand Analysis - **Scrap Copper**: European high - quality scrap copper is restricted from export, and due to the uncertainty of Sino - US tariff negotiations, direct imports of US scrap copper by traders are sluggish. The negative price difference between domestic electrolytic copper and bright and aged scrap copper weakens the economy of scrap copper. The scrap copper import window is gradually opening, and the domestic scrap copper production (import) volume in September may decrease month - on - month, leading to a tight supply - demand expectation [2]. - **Refined Copper**: Domestic smelters' smelting and maintenance capacity in September may increase month - on - month, and the domestic refined copper production (import) volume in September may decrease (increase) month - on - month. Some new projects are expected to be put into production in the future, which may affect the domestic electrolytic copper production volume in September [2]. Investment Strategy - Hold previous long positions cautiously and pay attention to the support and resistance levels of Shanghai copper (77,000 - 78,000 and 80,000 - 81,000), London copper (9,300 - 9,500 and 10,000 - 10,200), and US copper (4.0 - 4.2 and 4.6 - 5.0) [2].

Report Title - Carbonate Lithium Daily Review 20250902: Still High Volatility, Pay Attention to Protect Positions [2] Report Industry Investment Rating - Not provided Core View - On September 1, the main contract of lithium carbonate futures declined. The spot market trading was okay, and the basis premium widened. In the cost - end, the price of lithium pegmatite concentrate increased, while the mica price decreased. The lithium carbonate production decreased slightly last week, and the production of lithium carbonate from different raw materials changed little. The production of lithium iron phosphate and ternary materials increased last week. In September, the production scheduling of lithium cobaltate and lithium manganate increased, and the production of power batteries increased last week. The year - on - year growth rate of new energy vehicle production and sales continued in July, but the sales decreased month - on - month. The 3C shipments were average, and the production scheduling of energy - storage batteries increased in September. The inventory of registered warrants increased, and the social inventory decreased. The short - term supply and demand both strengthened. The fundamentals changed little in the short term, and the market was still easily affected by news. It is expected that the lithium carbonate price will fluctuate within a range. It is recommended to conduct short - term range trading, and buy options to protect positions or buy straddle options [3]. Summary by Related Data Futures Market Data - **Prices**: On September 1, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts were 75,540.00, 75,540.00, 75,420.00, and 75,420.00 respectively, showing a decline compared to August 29. The overall closing price was 75,560.00, down 1,620.00 from the previous day [3]. - **Volume and Open Interest**: The trading volume of lithium carbonate futures was 540,295.00 hands (+50,237), and the open interest of the active contract was 339,133.00 hands (-7,472) [3]. - **Inventory**: The inventory was 31,197.00 tons (+1,310) [3]. - **Spreads**: The spread between near - month and continuous - one was 0.00 (+240), between continuous - one and continuous - two was 120.00 (-200), and between continuous - two and continuous - three was 0.00. The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 2,790.00 (+320) [3]. Spot Market Data - **Lithium Ore**: The average price of lithium pegmatite concentrate (6%, CIF China) was 898.00 dollars/ton (+4.00), while the prices of various types of lithium mica and phospho - lithium - aluminum stone decreased [3]. - **Lithium Compounds**: The average prices of battery - grade and industrial - grade lithium carbonate decreased by 1,300.00 yuan/ton. The average price of battery - grade lithium hydroxide in some types decreased, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 1,050.00 [3]. - **Other Lithium - Related Materials**: The prices of some ternary precursors increased, while the prices of most ternary materials remained stable or decreased slightly. The prices of different types of lithium iron phosphate decreased, and the price of lithium cobaltate decreased by 400.00 yuan/ton [3]. - **Other Materials**: The prices of some electrolytes remained stable, and the prices of cobalt - related products such as electrolytic cobalt and cobalt sulfate increased [3]. Inventory Data - The SMM lithium carbonate inventory of smelters decreased by 3,510 tons, while that of downstream and other sectors increased by 1,293 tons and 1,810 tons respectively. The total inventory decreased by 407 tons [3]. Company News - On the afternoon of September 1, Tianqi Lithium (002460) stated in its 2025 semi - annual performance briefing that it had completed the industrialization preparation for lithium sulfide, a core raw material for next - generation all - solid - state batteries. Its 50 - ton/year pilot project for lithium sulfide had started construction in Meishan, Sichuan, using self - developed new technologies and equipment [3].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report indicates that on September 1st, the main contract of lithium carbonate futures declined, with increased trading volume and decreased open interest. The spot market had fair transactions, and the basis premium widened. In terms of cost, the price of lithium pegmatite concentrate rose, while mica prices fell. On the supply side, last week's lithium carbonate production slightly decreased, with little change in the production of lithium carbonate from different raw materials. Downstream demand showed an increase in the production of lithium iron phosphate and ternary materials last week, an increase in the production scheduling of lithium cobalt oxide and lithium manganate in September, and an increase in the production of power batteries last week. Terminal demand saw a continued year - on - year growth rate but a month - on - month decline in new energy vehicle sales in July, average 3C shipments, and an increase in the production scheduling of energy - storage batteries in September. Inventory showed a decrease in registered warehouse receipts and social inventory, with smelters reducing inventory and downstream and other sectors being tight. Overall, with good profits, high lithium carbonate production, rising downstream demand, and the reduction of social inventory, both short - term supply and demand are strengthening. The short - term fundamentals have little change, and the market is still easily influenced by news. It is expected that the lithium carbonate price will fluctuate within a range. Operationally, it is recommended to conduct short - term range trading, and when holding positions, appropriate options should be bought for protection, or straddle options can be bought. [2][3] 3. Summary According to Related Content Market Data - **Futures Prices**: On September 1st, 2025, compared with August 29th, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures all decreased, with decreases ranging from 1,460 to 1,700 yuan. The overall closing price decreased by 1,620 yuan. [3] - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 540,295 lots (+50,237), and the open interest was 339,133 lots (-7,472). [3] - **Inventory**: The inventory was 31,197 tons (+1,310). The SMM lithium carbonate inventory also showed certain changes, with a decrease of 407 tons in the total inventory compared with the previous week. [3] - **Price Spreads**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) increased by 320 yuan. The price spreads between different grades of lithium compounds also changed, such as the battery - grade lithium hydroxide and battery - grade lithium carbonate spread increasing by 1,050 yuan. [3] - **Raw Material Prices**: The price of lithium pegmatite concentrate (6%, CIF China) increased by 4 US dollars per ton, while the prices of various types of mica decreased. [3] - **Downstream Product Prices**: The prices of some downstream products such as lithium iron phosphate, lithium cobalt oxide, and some types of electrolytes remained stable or decreased slightly, while the prices of some ternary precursors increased slightly. [3] Company News On September 1st, Tianqi Lithium (002460) stated in its 2025 semi - annual performance briefing that it has completed the industrialization preparations for lithium sulfide, a core raw material for next - generation all - solid - state batteries. The company's 50 - ton lithium sulfide pilot project has started construction in Meishan, Sichuan, using self - developed new technologies and equipment with low - risk and rapid mass - production capabilities. [3] Market Analysis - **Cost**: The price of lithium pegmatite concentrate rose, but mica prices fell. [3] - **Supply**: Last week, the production of lithium carbonate slightly decreased, and the production of lithium carbonate from different raw materials changed little. [3] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In September, the production scheduling of lithium cobalt oxide and lithium manganate increased, and the production of power batteries increased last week. Terminal demand showed a continued year - on - year growth rate but a month - on - month decline in new energy vehicle sales in July, average 3C shipments, and an increase in the production scheduling of energy - storage batteries in September. [3] - **Inventory**: Registered warehouse receipts and social inventory decreased, with smelters reducing inventory and downstream and other sectors being tight. [3] Investment Strategy It is recommended to conduct short - term range trading, and when holding positions, appropriate options should be bought for protection, or straddle options can be bought. [3]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The Fed Chair Powell signaled a September rate - cut expectation due to weak employment supply and demand, combined with Trump's continuous pressure or potential replacement of Fed officials, and central banks of many countries around the world continuously buying gold, which may make precious metal prices prone to rise and difficult to fall. It is recommended that investors mainly lay out long positions when prices decline, and pay attention to specific support and pressure levels for different precious metals [1]. 3. Summary by Relevant Catalogs Precious Metal Market Data - **Shanghai Gold**: The closing price was 781.70 yuan/gram, with a change of 12.78 compared to a previous value, and the trading volume, open interest, inventory, and price differences (near - month vs. far - month, spot - to - futures) are also presented [1]. - **Spot Shanghai Gold T + D**: The trading volume was 37,086.00, and the open interest was 11,070.00, with corresponding changes compared to previous values [1]. - **Shanghai Silver**: The closing price of the futures active contract was 9775.00 yuan/ten - gram, with details on trading volume, open interest, inventory, and price differences [1]. - **Spot Shanghai Silver T + D**: The trading volume was 271,534.00, and the open interest was 3,508,944.00, along with corresponding changes [1]. - **COMEX Gold Futures**: The closing price was 3516.10, with information on trading volume, open interest, and inventory in gold - troy ounces [1]. - **International Gold**: The London gold spot price was 3429.15 dollars/ounce, and there were data on SPDR and iShare gold ETF holdings [1]. - **COMEX Silver Futures**: The closing price was 40.75 dollars/ounce, with trading volume, open interest, and inventory data [1]. - **International Silver**: The London silver spot price was 38.80 dollars/ounce, and there were data on US iShare and Canadian PSLV silver ETF holdings [1]. Price Ratios - The ratios of gold to silver prices such as Shanghai futures gold to Shanghai futures silver, New York futures gold to New York futures silver, and London gold spot to London silver spot are provided, along with their changes [1]. Other Commodities and Financial Indicators - **Commodities**: There are closing prices, trading volumes, and changes for INE crude oil, ICE Brent crude oil, NYMEX crude oil, Shanghai copper futures, LME copper spot, Shanghai rebar, and Dalian iron ore [1]. - **Interest Rates**: Shanghai Inter - Bank Offered Rates (SHIBOR) overnight and one - year, US 10 - year Treasury nominal yield, TIPS yield, and break - even inflation rate are presented [1]. - **Exchange Rates**: The US dollar index, US dollar - to - RMB central parity rate, and euro - to - RMB central parity rate are included [1]. - **Stock Indexes**: The Shanghai Composite Index, S&P 500, UK FTSE 100, French CAC40, German DAX, Nikkei 225, and South Korean Composite Index are shown with their closing prices and changes [1]. Macroeconomic and Policy Information - **Eurozone**: In August, the factory output growth reached the strongest level since March 2022, and the new order index expanded at the fastest pace in nearly three and a half years. The German manufacturing FMI final value rose to 49.8, and the French manufacturing PMI rose to 50.4. The ECB President Lagarde said the 2% inflation target has been achieved, and the ECB may cut interest rates at most once before the end of 2025 [1]. - **US**: Import tariffs pushed up commodity prices, causing an increase in the US July PPI and core CPI year - on - year rates. Fed Chair Powell signaled a September rate - cut expectation due to weak employment supply and demand, but attention should be paid to the US August non - farm payrolls and CPI on September 5th and 11th [1]. - **UK**: The Bank of England cut the key interest rate by 25 basis points to 4.0% in August, continued to reduce 100 billion pounds of government bonds from October 2024 to September 2025, and may slow down the balance - sheet reduction. It may cut interest rates at most once before the end of 2025 [1]. - **Japan**: The Bank of Japan kept the benchmark interest rate unchanged at 0.5% in July and will reduce the quarterly government bond purchase scale from 400 billion to 200 billion yen starting from April 2026. There is still an expectation of an interest - rate hike before the end of 2025, possibly as early as October [1].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The expectation of the Fed cutting interest rates in September is almost certain, coupled with the expectation of the domestic traditional off - season turning into a peak season and the low level of domestic electrolytic copper social inventory, which may lead to a relatively strong upward trend in the price of Shanghai copper. It is recommended that investors hold their previous long positions cautiously. Attention should be paid to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. 3. Summary According to Related Information Market Data - **Shanghai Copper Futures**: On September 1, 2025, the closing price of the active contract was 79,780, up 370 from the previous value; the trading volume was 78,481 lots, an increase of 7,420; the open interest was 180,644 lots, an increase of 6,818; the inventory was 20,200 tons, a decrease of 1,212 tons [2]. - **SMM 1 Electrolytic Copper Average Price**: On September 1, 2025, it was 79,900, up 510 from the previous value [2]. - **London Copper**: On September 1, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 9,884, down 18; the total inventory of registered and cancelled warrants was 158,875 tons, a decrease of 158,875; the LME copper futures 0 - 3 - month contract spread was - 86.27, down 6.01; the 3 - 15 - month contract spread was - 172.11, down 13.12 [2]. - **COMEX Copper**: On August 29, 2025, the closing price of the active copper futures contract was 4.585, up 0.08; the total inventory was 277,843 tons, an increase of 4,076 [2]. Industry Information - **Consumption and Production**: Although the copper foil operating rate is objectively high recently, due to low consumer demand, it has limited support for the operating rate of refined copper rod enterprises. In August, as the steel rod operating rate declined, the substitution effect of refined copper rod consumption was more obvious in Jiangxi enterprises, but other regions did not feel a significant boost. In August, the domestic electrolytic copper production decreased only slightly by 0.28 tons, but affected by policies, the supply of scrap copper in September will decrease significantly, and the expansion of some enterprises directly producing electrolytic copper from scrap copper has also decreased. SMM expects that the electrolytic copper production in September will drop significantly by 5.25 tons and remain at a low level in October [2]. - **Project Progress**: The floating ship pumping station and back - water system, a key supporting project of the Mirador copper mine expansion project under Tongling Nonferrous Metals, completed the overall commissioning, marking a solid step towards the full - scale completion and operation of the project. The Mirador copper mine is a landmark mining cooperation project between China and Ecuador under the Belt and Road Initiative [2]. Supply and Demand Analysis - **Domestic Supply**: Due to policy influence, the supply of scrap copper in September will decrease significantly, and some enterprises directly producing electrolytic copper from scrap copper will also reduce their expansion. In addition, September will enter the intensive maintenance period, so the electrolytic copper production is expected to decline significantly, and remain at a low level in October [2]. - **Import and Export**: The restriction of high - quality scrap copper exports in Europe, the uncertainty of Sino - US tariff negotiations, and the negative price difference between domestic electrolytic copper and scrap copper may lead to a decrease in the domestic scrap copper production (import) in September. The import window of electrolytic copper is opening, which may increase the import volume of domestic electrolytic copper. The continuous arrival of imported copper has increased the domestic electrolytic copper social inventory [2]. Trading Strategy - It is recommended that investors hold their previous long positions cautiously. Pay attention to the support level around 77,000 - 78,000 and the resistance level around 80,000 - 81,000 for Shanghai copper; the support level around 9,300 - 9,500 and the resistance level around 10,000 - 10,200 for London copper; the support level around 4.0 - 4.2 and the resistance level around 4.6 - 5.0 for US copper [2].