Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The urea futures market has been falling for two consecutive days due to uncertainties in exports and real domestic supply - demand pressures. With agricultural demand in the off - season and domestic supply at a high level (daily production of about 190,000 tons and upstream inventory of about 860,000 tons), exports can help relieve the high - supply pressure. However, short - term excessive price increases should be guarded against as it may go against the policy of ensuring supply and stabilizing prices. It is recommended to focus on long - position opportunities after price corrections. (View score: 0) [1] 3) Summary by Related Catalogs Urea Futures and Spot Prices - Urea futures prices on August 21st: UR01 was 1764 yuan/ton (-12 yuan or -0.56% compared to August 20th), UR09 was 1737 yuan/ton (-14 yuan or -0.80%), UR05 was 1797 yuan/ton (-13 yuan or -0.72%). Spot prices in some regions also declined, e.g., in Henan and Jiangsu, it dropped by 20 yuan/ton or -1.12%. [1] Key Information on Trading - On the previous trading day, the opening price of the main urea futures contract 2601 was 1790 yuan/ton, the highest was 1794 yuan/ton, the lowest was 1762 yuan/ton, the closing price was 1764 yuan/ton, and the settlement price was 1773 yuan/ton. The 2601 position was 205,717 lots. [1] Upstream and Downstream Prices - Upstream coal prices in Henan and Shanxi remained unchanged at 1000 yuan/ton and 900 yuan/ton respectively. Downstream, the price of compound fertilizer (45%S) in Shandong and Henan was stable at 2950 yuan/ton and 2550 yuan/ton respectively. The price of melamine in Shandong was unchanged at 5250 yuan/ton, while in Jiangsu it increased by 200 yuan/ton to 5300 yuan/ton (3.92% increase). [1] Trading Strategy - It is recommended to pay attention to long - position opportunities after price corrections. [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report believes that the fundamentals of methanol are still weak, and the rebound space is limited. The upstream coal - based profit is still high, and the domestic downstream profit is still poor, with room for repair, so the methanol valuation is relatively high. The return of domestic and imported supplies gives a downward drive to the methanol price. Currently, the raw material inventory of downstream MTO enterprises is high, and it is difficult to have further inventory - building demand. It is highly likely that the port will continue to accumulate inventory, so the upward drive of methanol is not strong [1]. 3. Summary by Directory 3.1. Price and Basis - **Futures Prices**: MA01 closed at 2425 yuan/ton on August 21, 2025, up 1 yuan/ton (0.04%) from the previous day; MA05 closed at 2393 yuan/ton, down 9 yuan/ton (-0.37%); MA09 closed at 2314 yuan/ton, down 1 yuan/ton (-0.04%) [1]. - **Spot Prices**: In regions like Taicang, Shandong, and Guangdong, spot prices increased slightly on August 21, 2025, while in Shaanxi, it decreased by 10 yuan/ton (-0.47%). Spot prices in Sichuan - Chongqing, Hubei, and Inner Mongolia remained unchanged [1]. - **Basis**: The basis of Taicang spot - MA was - 115 yuan/ton on August 21, 2025, up 9 yuan/ton from the previous day [1]. 3.2. Cost and Profit - **Coal and Gas Prices**: The price of Ordos Q5500 coal decreased by 7.5 yuan/ton (-1.45%) to 510 yuan/ton on August 21, 2025, while the prices of Datong Q5500 and Yulin Q6000 remained unchanged. The industrial natural gas price in Hohhot remained unchanged, and in Chongqing, it decreased by 0.05 yuan/cubic meter (-1.57%) [1]. - **Methanol Production Profits**: The profit of coal - based methanol remained unchanged at 373.70 yuan/ton. The profit of natural - gas - based methanol increased by 40 yuan/ton (8.66%) to - 422 yuan/ton. The profit of Northwest MTO increased by 30 yuan/ton (41.67%) to 102 yuan/ton, while the profit of East China MTO decreased by 24.50 yuan/ton (-5.20%) to - 496.07 yuan/ton. Among downstream products, the profit of acetic acid decreased by 5.50 yuan/ton (-2.32%), while the profits of MTBE, formaldehyde, and dimethyl ether remained unchanged [1]. 3.3. Important Information - **Domestic**: The main methanol contract MA2601 fluctuated and rose on August 21, 2025, opening at 2424 yuan/ton and closing at 2425 yuan/ton, up 17 yuan/ton. The trading volume was 459,301 lots, and the open interest was 680,234 lots, with a decrease in volume and an increase in open interest [1]. - **Foreign**: Currently, only one 1.65 - million - ton methanol plant in a Middle - Eastern country is under maintenance, and the remaining plants are operating at their original loads. Attention should be paid to the operation dynamics of local methanol plants in the second half of the month [1]. 3.4. Trading Strategy - The recent rebound of methanol is mainly due to the successful trial - run of a downstream glacial acetic acid plant and the removal of naphtha production capacity in South Korea, which boosted the olefin price. However, the fundamentals of methanol are still weak, and the rebound space is expected to be limited [1].

Report Industry Investment Rating - Not provided in the content Core View - The rebound of US consumer - end inflation reduces the expected number of Fed rate cuts. Although the EU intends to promote a peace agreement among the US, Russia, and Ukraine, the continuous gold purchases by global central banks may limit the downside space of precious metal prices. It is recommended that investors wait for price drops to lay out long positions [1]. Summary According to Related Content 1. Market Data - **Precious Metals in Shanghai**: For Shanghai gold, on August 21, 2025, the closing price was 775.12 yuan/gram, with a daily change of 2.44 yuan and a weekly change of - 0.68 yuan. The trading volume decreased by 31,854 compared to the previous week. For Shanghai silver, the closing price was 9162 yuan/kg, with a daily change of - 42 yuan and a weekly change of 120 yuan. The trading volume decreased by 203,755 compared to the previous week [1]. - **International Precious Metals**: COMEX gold futures' closing price on August 21, 2025, was 3383.50 dollars/ounce, with a daily change of - 8.70 dollars and a weekly change of - 23.50 dollars. The trading volume decreased by 12,817 compared to the previous week. London gold spot price was 3364.40 dollars/ounce, with a daily change of - 6.35 dollars and a weekly change of - 26.10 dollars. COMEX silver futures' closing price was 38.10 dollars/ounce, with a daily change of 0.20 dollars and a weekly change of - 0.45 dollars. London silver spot price was 37.57 dollars/ounce, with a daily change of 0.49 dollars and a weekly change of - 1.04 dollars [1]. - **Other Market Data**: The US 10 - year Treasury nominal yield was 4.33%, with a daily change of 0.04% and a weekly change of 0.09%. The US 10 - year Treasury TIPS yield was 1.94%. The US 10 - year Treasury break - even inflation rate was 2.39%, with a daily change of 0.04% and a weekly change of 0.02%. The dollar index was 98.2406, with a daily change of 0.41 and a weekly change of 0.86. The Shanghai Composite Index was 3,771.0989, with a daily change of 4.89 and a weekly change of 74.33 [1]. 2. Important Information - **US Information**: A 2026 Fed voter said there may be no rate cut in September, and a 2025 voter is hesitant about action. Fed Chair candidate Brad suggested a 100 - basis - point rate cut this year starting in September. The US Department of Justice pressured to remove Fed Governor Cook, and Trump urged her to resign voluntarily. The US August manufacturing PMI preliminary value was 58.3, hitting a new high in over three years. The US Treasury will issue over 1 trillion dollars in short - term Treasury bonds in the third quarter. The use of the Fed's overnight reverse repurchase tool is approaching zero. US import tariffs have pushed up commodity prices, causing an increase in the July PPI and core CPI year - on - year rates. The August consumer inflation expectations for one - year and five - year are 4.9% and 3.9% respectively, higher than expected and the previous values [1]. - **European Information**: The European Central Bank has temporarily paused rate cuts, keeping the deposit mechanism rate at 2.8%. The eurozone (Germany) July CPI year - on - year rate was 2% (1.8%), higher than expected but the same as the previous value. The eurozone, Germany, and France's August manufacturing PMIs were 50.5/49.9/49.9 respectively, higher than expected and the previous values. The European Central Bank may cut rates at most once before the end of 2025 [1]. - **UK Information**: The Bank of England cut the key rate by 25 basis points to 4.0% in August and will continue to reduce its holdings of 100 billion pounds of government bonds from October 2024 to September 2025, and may slow down the balance - sheet reduction speed later. The UK's August CPI (core CPI) year - on - year rate was 3.6% (3.7%), and the GDP monthly rate was 0.4%, both higher than expected and the previous values. The August S&P manufacturing (services) PMI was 47.3 (53.6), lower (higher) than expected and the previous values. The Bank of England may cut rates at most once before the end of 2025 [1]. - **Japanese Information**: The Bank of Japan kept the benchmark interest rate unchanged at 0.5% in July and will start reducing the quarterly Treasury bond purchase scale from 400 billion yen to 200 billion yen in April 2026. Japan (Tokyo) July CPI (CPI) year - on - year rate was 3.1% (3.1%), meeting expectations but lower than the previous value. The second - quarter GDP quarterly rate was 0.3%, higher than expected and the previous value. The US Treasury Secretary urged the Bank of Japan to raise rates, and there is still an expectation of a rate hike before the end of 2025, with the earliest possible time in October [1]. 3. Trading Strategy - Due to the rebound of US consumer - end inflation reducing the expected number of Fed rate cuts and global central banks' continuous gold purchases, the downside space of precious metal prices is limited. Investors are advised to wait for price drops to lay out long positions. For London gold, pay attention to the support level around 3200 - 3300 dollars/ounce and the resistance level around 3400 - 3500 dollars/ounce. For Shanghai gold, pay attention to the support level around 760 - 770 yuan/gram and the resistance level around 800 - 810 yuan/gram. For London silver, pay attention to the support level around 34 - 36 dollars/ounce and the resistance level around 37 - 40 dollars/ounce. For Shanghai silver, pay attention to the support level around 8500 - 8700 yuan/kg and the resistance level around 9100 - 9500 yuan/kg [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The lead market shows a situation where supply and demand both increase, with no obvious contradictions. The tight raw material supply and the expectation of the peak season support the lead price. It is expected that the lead price will be range - bound in the short term [1]. - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season, and domestic inventory continues to accumulate. However, the continuous decline of LME zinc inventory overseas provides some support. It is expected that the zinc price will be range - bound in the short term [1]. Summary by Related Catalogs Lead Market Price and Market Data - The average price of SMM1 lead ingots increased by 0.45% compared to the previous day, and the closing price of the main contract of Shanghai lead futures increased by 0.12% [1]. - The trading volume of the active lead futures contract decreased by 25.41%, and the open interest decreased by 5.44%. The trading - to - open - interest ratio decreased by 21.12%. The LME lead inventory remained unchanged, and the Shanghai lead warehouse receipt inventory decreased by 2.43% [1]. Industry News - Due to the approaching "parade" event, relevant government departments in the Beijing - Tianjin - Hebei region issued notices. From August 25th, vehicles of National V and below are not allowed to enter the factories of recycled lead smelters in Henan, and the lifting of the restriction will be notified separately [1]. - The recycling of waste lead - acid batteries in the Beijing - Tianjin - Hebei region has temporarily slowed down, and the supply of raw materials for recycled lead smelting enterprises in North China has decreased. It is expected to return to normal after the event [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. The resumption of production of previously shut - down smelters has led to a steady increase in the production of primary lead. In the recycled lead sector, due to factors such as high prices of waste lead - acid batteries and limited supply of raw materials, some smelters have reduced or stopped production, and the overall production is at a relatively low level [1]. - The terminal market has not improved significantly, the peak - season effect has not been reflected, and dealers are mainly digesting inventory [1]. Zinc Market Price and Market Data - The average price of SMM1 zinc ingots increased by 0.27% compared to the previous day, and the closing price of the main contract of Shanghai zinc futures decreased by 0.11% [1]. - The trading volume of the active zinc futures contract decreased by 23.28%, and the open interest decreased by 0.51%. The trading - to - open - interest ratio decreased by 22.88%. The LME zinc inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory remained unchanged [1]. Industry News - Nexa Resources' Cerro Pasco mine in Peru has fully resumed normal operation. The short - term disruption is expected to cause a zinc production loss of about 1,200 metal tons, but the company expects to make up for the loss within a month and maintains its annual production guidance for 2025 [1]. - As of August 21st, the total inventory of SMM zinc ingots in seven regions was 132,900 tons, showing a decrease in domestic inventory [1]. Fundamental Analysis - The raw material inventory of zinc smelters is sufficient, and the zinc ore processing fee is expected to continue to rise, weakening the cost support. The profit and production enthusiasm of smelters have improved, and the production increase trend is obvious [1]. - The downstream mainly consumed existing inventory last week. Due to the good performance of black metal prices, some terminals stocked up, driving an increase in the galvanizing production rate [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Related Catalog Commodity Prices - The current price of crude oil is $584.50 per ton on August 22, 2025, up 1.6% from the previous value of $575.50 [1]. - The price of the Northeast Asia ethylene fiber price index is $831.00 per ton on August 21, 2025, with no change from the previous value [1]. - The ex - factory price of ethylene oxide in East China is $6300.00 per ton on August 22, 2025, with no change from the previous value [1]. - The price of methanol is $2300.00 per ton on August 21, 2025, with no change from the previous value [1]. - The含税 price of lignite in Inner Mongolia is $290.00 per ton on August 21, 2025, with no change from the previous value [1]. - The settlement price of the main contract of a certain product is $4472.00 per ton on August 21, 2025, up 0.4% from the previous value of $4452.00 [1]. - The closing price of the nearby contract is $4400.00 per ton on August 21, 2025, up 0.9% from the previous value [1]. - The market price of ethylene glycol in East China is $4500.00 per ton on August 21, 2025, with no change from the previous value [1]. - The price index of internal - market ethylene glycol is $4100.00 per ton on August 21, 2025, up 1.1% from the previous value [1]. - The price difference between the near - month and far - month contracts is $65.00 per ton on August 21, 2025, a decrease of $20.00 compared to the previous situation [1]. - The price difference of a certain product is $37.00 per ton on August 21, 2025, a decrease of $1.00 compared to the previous situation [1]. Operating Conditions - The operating rate of oil - based ethylene glycol production is 60.91% on August 21, 2025 [1]. - The operating rate of coal - based ethylene glycol production is 60.86% on August 21, 2025 [1]. - The load rate of the PTA industrial chain factory is 83.68% on August 21, 2025, up 0.7% from the previous value of 83.05% [1]. - The load rate of the textile machine industry in the Jiangsu and Zhejiang PTA industrial chain is 59.42% on August 21, 2025, up 1.62% from the previous value of 57.80% [1]. External Market and Profit - The price of external - market oil - based ethylene glycol is $903.8 per ton on August 19, 2025, down $0.62 from the previous value [1]. - The cash - flow situation shows a decrease of $1.25 on August 20, 2025 [1]. - The post - tax gross profit of the coal - based synthesis gas method is $1415.7 per ton on August 21, 2025, down $9.6 from the previous value [1]. Price Index - The price index of polyester fiber is $8650.00 per ton on August 21, 2025, with no change from the previous value [1]. - The price index of polyester is $7100.00 per ton on August 21, 2025, with no change from the previous value [1]. - The price index of polyester staple fiber is $6400.00 per ton on August 21, 2025, up 0.69% from the previous value of $6490.00 [1]. - The price index of bottle - grade chips is $6000.00 per ton on August 21, 2025, up 1.69% from the previous value of $5900.00 [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The silicon price has declined and adjusted due to the cooling of sentiment and the hedging pressure above the disk, but the bullish sentiment has been fluctuating recently, and it is expected that the silicon price will remain in high-level consolidation. For industrial silicon, continuous attention should be paid to the production dynamics of silicon enterprises; for polysilicon, continuous attention should be paid to the evolution of macro sentiment and the registration of warehouse receipts [1] Summary by Related Catalogs Industrial Silicon Price Information - The average price of non-oxygenated 553 (East China) industrial silicon remained flat at 9,050 yuan/ton, and the average price of 421 (East China) industrial silicon remained flat at 9,600 yuan/ton. The closing price of the futures main contract rose 2.92% to 8,635 yuan/ton [1] Supply and Demand - On the supply side, as the silicon price continues to rise, some previously overhauled silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, the power cost has decreased, and the enterprise start-up has steadily recovered. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily. On the demand side, polysilicon enterprises maintain a production reduction trend, and some silicon material plants have复产 arrangements, which will bring some incremental demand; in the organic silicon sector, a large factory stopped production for rectification due to an accident, and the supply tightened temporarily. Recently, monomer plants have recovered, the market supply pressure has increased, and the price may be under pressure again; silicon-aluminum alloy enterprises purchase on demand, and the downstream's willingness to stock up at low levels is insufficient [1] Inventory - On August 21, the total social inventory of industrial silicon in major regions was 543,000 tons, a decrease of 2,000 tons from last week. Among them, the social ordinary warehouse was 117,000 tons, remaining flat from last week, and the social delivery warehouse was 426,000 tons (including the part not registered as warehouse receipts and spot), a decrease of 2,000 tons from last week [1] Polysilicon Price Information - The price of N-type dense material rose 4.35% to 48 yuan/kg; the price of N-type re-feeding material rose 4.26% to 49 yuan/kg; the price of N-type mixed material rose 4.44% to 47 yuan/kg; the price of N-type granular silicon rose 3.37% to 46 yuan/kg. The closing price of the futures main contract fell 0.67% to 51,530 yuan/ton [1] Supply and Demand - On the supply side, polysilicon enterprises maintain a production reduction trend, and some silicon material plants may have new production capacity put into operation. After the increase and decrease offset each other, the output is expected to increase slightly. It is expected that the output in July will approach 110,000 tons, and will increase to about 130,000 tons in August. On the demand side, according to the current latest polysilicon price calculation, the silicon wafer quotation still cannot cover the full cost. Considering the weak demand and the gradual stabilization of upstream raw material prices, the silicon wafer price lacks upward momentum; some battery cell enterprises have accumulated inventory due to reduced orders, and the price has loosened; the terminal's acceptance of high prices is low, and the overseas component export tax refund stocking is basically completed, and the component continues to weaken [1] Organic Silicon Import and Export - In July 2025, China's export volume of primary polysiloxanes in the organic silicon sector was 46,400 tons, a month-on-month decrease of 6.64% and a year-on-year decrease of 7.01%. From January to July 2025, the cumulative export volume of primary polysiloxanes was 325,000 tons, a year-on-year increase of 1.85%. In July 2025, the import volume was 8,000 tons, a month-on-month decrease of 2.44% and a year-on-year decrease of 17.53%. From January to July 2025, the cumulative import volume was 56,400 tons, a year-on-year decrease of 12.96% [1] Price Information - The price of DMC remained flat at 11,000 yuan/ton, the price of 107 glue remained flat at 11,750 yuan/ton, and the price of silicone oil fell 0.75% to 13,150 yuan/ton [1]

Report Industry Investment Rating No relevant content provided. Core View - On August 20, the main contract of lithium carbonate futures hit the daily limit down. The physical market saw rigid - demand procurement, and the basis changed from discount to premium. In the short - term, both supply and demand are strengthening, with the situation at the Jiangxi mine end remaining active, and the short - term fundamentals showing little change. It is necessary to guard against the decline of the "anti - involution" sentiment, and the lithium carbonate price is expected to fluctuate widely. Operationally, it is recommended to conduct short - term range trading and appropriately buy options for protection [3]. Summary by Related Catalog Futures Market Data - **Prices**: On August 20, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts and the overall closing price of lithium carbonate futures decreased compared to August 19, with declines ranging from 6,540 to 6,560 yuan/ton. The average price of lithium spodumene concentrate (6%, CIF China) was 951 dollars/ton, down 27 dollars/ton from the previous day; the average prices of various lithium - containing raw materials such as lithium mica also decreased [3]. - **Volume and Open Interest**: The trading volume of lithium carbonate futures was 838,879 lots, an increase of 103,950 lots compared to August 19. The open interest was 395,102 lots, a decrease of 18,995 lots [3]. - **Inventory**: The inventory was 24,045 tons, an increase of 430 tons compared to August 19 [3]. - **Spreads**: The spreads between different contracts and the basis showed various changes. For example, the near - month - consecutive - one spread was 40 yuan/ton, an increase of 60 yuan/ton; the basis changed from a discount to a premium, increasing by 6,560 yuan/ton [3]. Industry News - In June, the domestic mobile phone shipments were 22.598 million units, a year - on - year decrease of 9.3% [3]. - Charger Metals announced the inferred mineral resource estimate (MRE) of the Medcalf deposit in its Lake Johnston project in South Australia. The Medcalf deposit has an inferred mineral resource of 8.2 million tons with a lithium oxide (Li₂O) grade of 1.0% and a cut - off grade of 0.5%. The Medcalf West exploration area is expected to have a resource of 3 - 5 million tons with a Li₂O grade of 1.0% - 1.1%, and the mineralization in both areas is not closed at depth [3]. Supply and Demand - **Supply**: Last week, the lithium carbonate production increased. The prices of spodumene concentrate and lithium mica decreased [3]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In August, the production schedule of lithium cobalt oxide decreased, while that of lithium carbonate increased. Last week, the production of power batteries increased. In July, although the year - on - year growth rate of new energy vehicle production and sales continued, the sales volume decreased month - on - month, and the 3C shipments were average. In August, the production schedule of energy - storage batteries increased [3]. Inventory - The registered warehouse receipts were 24,045 tons (an increase of 30 tons). The social inventory situation was that smelters reduced inventory, while downstream and other sectors increased inventory [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report believes that the fundamentals of methanol are still weak, and the rebound space is expected to be limited. It is recommended to short on rallies. The valuation of methanol is relatively high, and there is room for repair of downstream profits. The supply of methanol from domestic and imported sources will put downward pressure on prices, and the upward driving force is not strong [1]. 3) Summary by Relevant Catalogs a) Price Changes - **Methanol Futures Prices**: MA01 increased from 2391 yuan/ton to 2424 yuan/ton, a rise of 1.38%; MA05 rose from 2376 yuan/ton to 2402 yuan/ton, up 1.09%; MA09 climbed from 2285 yuan/ton to 2315 yuan/ton, a 1.31% increase [1]. - **Methanol Spot Prices**: In太仓, it went up from 2280 yuan/ton to 2300 yuan/ton, a 0.88% increase; in Shandong, it decreased from 2315 yuan/ton to 2300 yuan/ton, a -0.65% change; in Guangdong, it rose from 2275 yuan/ton to 2290 yuan/ton, a 0.66% increase [1]. - **Coal Spot Prices**: The price of Ordos Q5500 decreased from 520 yuan/ton to 517.50 yuan/ton, a -0.48% change; the price of Datong Q5500 remained unchanged at 582.50 yuan/ton; the price of Yulin Q6000 dropped from 575 yuan/ton to 572.50 yuan/ton, a -0.43% change [1]. - **Industrial Natural Gas Prices**: The prices in Hohhot and Chongqing remained unchanged at 3.94 yuan/cubic meter and 3.19 yuan/cubic meter respectively [1]. b) Profit Situation - **Methanol Production Profits**: The profit of coal - to - methanol remained at 373.70 yuan/ton, and the profit of natural gas - to - methanol stayed at -462 yuan/ton [1]. - **Downstream Profits**: The profit of Northwest MTO decreased from 122 yuan/ton to 72 yuan/ton, a -40.98% change; the profit of East China MTO dropped from -421.57 yuan/ton to -471.57 yuan/ton, a -11.86% change; the profit of acetic acid decreased from 248.86 yuan/ton to 237.32 yuan/ton, a -4.64% change; the profit of MTBE decreased from 69.12 yuan/ton to 39.12 yuan/ton, a -43.40% change [1]. c) Important Information - **Domestic Information**: The main methanol contract MA2601 stopped falling and rebounded, opening at 2393 yuan/ton and closing at 2424 yuan/ton, up 38 yuan/ton. The trading volume was 762,703 lots, and the open interest was 674,733 lots, showing increasing volume and decreasing open interest [1]. - **Foreign Information**: Currently, only one 1.65 - million - ton methanol plant in a Middle - Eastern country is under maintenance, and the remaining plants are operating at their normal loads. Attention should be paid to the operation of local methanol plants in the second half of the month [1]. d) Trading Strategy The rebound on the previous trading day was mainly due to the successful trial - run of a downstream glacial acetic acid plant and the reduction of naphtha capacity in South Korea, which boosted the olefin prices. However, considering the weak fundamentals, it is recommended to short on rallies [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The previous trading day, UR fluctuated and declined, closing at 1776. The decline in the futures market was mainly due to the uncertainty of exports and the real supply - demand pressure in the domestic market. Agricultural demand has entered the off - season, while domestic supply remains high, with a daily output of about 190,000 tons and upstream inventory of about 860,000 tons. Although the current export policy is unclear, exports can help relieve the pressure of high supply under the condition of sufficient domestic supply and low prices. It is necessary to prevent the excessive short - term increase in urea prices, which is not conducive to the policy of ensuring supply and stabilizing prices. It is recommended to pay attention to the long - buying opportunities after the decline. [1] 3. Summary by Relevant Catalogs Urea Futures and Spot Prices - Futures prices: UR01 in Shandong closed at 1776 yuan/ton, down 41 yuan or 2.26% from the previous day; UR05 closed at 1810 yuan/ton, down 29 yuan or 1.58%; UR09 closed at 1751 yuan/ton, down 32 yuan or 1.79%. [1] - Spot prices: In Henan, the domestic spot price was 1780 yuan/ton, up 40 yuan or 2.30%; in Hebei (small - particle), it was 1770 yuan/ton, up 30 yuan or 1.72%; in Northeast China, it remained unchanged at 1750 yuan/ton; in Jiangsu, it was 1780 yuan/ton, up 40 yuan or 2.30%. [1] Basis and Spread - The basis of Shandong spot - UR was - 40 yuan/ton, up 69 yuan from the previous day. The 01 - 05 spread was - 34 yuan/ton, down 12 yuan from the previous day. [1] Upstream and Downstream Prices - Upstream: The price of anthracite coal in Henan and Shanxi remained unchanged at 1000 yuan/ton and 900 yuan/ton respectively. [1] - Downstream: The price of compound fertilizer (45%S) in Shandong remained unchanged at 2950 yuan/ton; in Henan, it remained unchanged at 2550 yuan/ton. The price of melamine in Shandong was 5250 yuan/ton, up 25 yuan or 0.48%; in Jiangsu, it remained unchanged at 5100 yuan/ton. [1] Important Information - The previous trading day, the opening price of the main contract 2601 of urea futures was 1793 yuan/ton, the highest price was 1804 yuan/ton, the lowest price was 1774 yuan/ton, the closing price was 1776 yuan/ton, and the settlement price was 1788 yuan/ton. The trading volume was 208,609 lots. [1]

Report Title - Nickel and Stainless Steel Daily Review 20250821: "Anti-Involution" Emotions Change Rapidly and Fluctuate Greatly [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For nickel, on August 20, the Shanghai nickel main contract fluctuated downward. The pure nickel fundamentals are loose, and with the repeated expectations of the Fed's interest rate cuts, the nickel price is expected to fluctuate within a range. It is recommended to wait and see [2]. - For stainless steel, on August 20, the stainless steel main contract oscillated at a low level. The current macro - sentiment has a relatively large impact. Although the fundamentals are loose, it takes time for the price to return to the fundamentals and there is cost support. The price is expected to follow macro fluctuations, and it is also recommended to wait and see [2]. Summary by Related Catalogs Nickel Market Price and Volume - On August 20, the closing price of the Shanghai futures nickel near - month contract was 120,330 yuan/ton, down 400 yuan from the previous day. The trading volume of the Shanghai futures nickel active contract was 63,676 lots (-1), and the open interest was 50,856 lots (-5,111) [2]. - The LME 3 - month nickel closing price (electronic trading) was 15,008 dollars/ton, up 2 dollars from the previous day. The trading volume was 282 lots [2]. Supply - Nickel ore prices remained flat. Last week, the arrival volume of nickel ore at ports decreased, and port inventories increased. Nickel iron mills' losses narrowed. In August, domestic nickel iron production decreased, while Indonesian production increased, and nickel iron inventories accumulated. Domestic electrolytic nickel production increased in August, and export profits expanded [2]. Demand - Ternary production increased, stainless steel mills' production increased, and the demand for alloys and electroplating was stable [2]. Inventory - The inventory of the Shanghai Futures Exchange decreased, the LME inventory increased, the social inventory increased, and the bonded area inventory remained flat [2]. Stainless Steel Market Price and Volume - On August 20, the stainless steel main contract oscillated at a low level. The trading volume was 149,736 lots (+15,654), and the open interest was 135,764 lots (+2,226) [2]. Supply - Stainless steel production is scheduled to increase in August [2]. Demand - Terminal demand is weak [2]. Cost - The price of high - grade nickel pig iron increased, and the price of high - carbon ferrochrome remained flat [2]. Inventory - The inventory of the Shanghai Futures Exchange decreased. Last week, the 300 - series social inventory was 617,500 tons (-11,600) [2].