Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The increase in import tariffs may push up inflation at the US consumer end and suppress the Fed's interest - rate cut expectations. However, the decline in the operating capacity of downstream processing has led to a week - on - week decrease in the domestic weekly social inventory of electrolytic copper, which may cause the Shanghai copper price to fluctuate widely. It is recommended that investors wait and see for the moment, and pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On August 11, 2025, the closing price was 79020, up 530 from the previous day. The trading volume was 70041 lots, an increase of 27135 lots; the open interest was 160884 lots, an increase of 3992 lots; the inventory was 23275 tons, an increase of 2003 tons. The average price of SMW 1 electrolytic copper was 79150, up 620, and the Shanghai copper basis was 130, up 90 [2]. - **Spot Premium and Discount**: In Guangzhou, the spot discount of electrolytic copper was - 20, up 20; in North China, it remained at - 120; in East China, it was 25, up 30. The spread between the near - month and the first - continuous contract of Shanghai copper was 0, up 30; the spread between the first - continuous and the second - continuous contract was - 30, down 50 [2]. - **London Copper**: On August 11, 2025, the closing price of LME 3 - month copper futures (electronic trading) was 9726.5, down 41.5. The total inventory of registered and cancelled warrants was 0, a significant decrease of 155700. The spread of LME copper futures for 0 - 3 months was - 83.25, down 13.7; the spread for 3 - 15 months was - 148.59, down 7.1 [2]. - **COMEX Copper**: The closing price of the active copper futures contract was 4.4445, up 0.03, and the total inventory was 265196, an increase of 1900 [2]. Industry News - **Production Adjustments**: Teck Resources lowered the expected production of the Quebrada Blanca copper mine in 2025. Norilsk Nickel reduced its 2025 copper production forecast from 35.3 - 37.3 million tons to 34.3 - 35.5 million tons. Anglo Asian Mining's Denir11 copper mine started trial production, with an expected production of 4000 tons in 2025 and 15000 tons from 2026 onwards [2]. - **Accidents and Disruptions**: The non - production underground passage of Newmont's Canadian Red Chris copper mine collapsed and suspended operations. A gun - smoke poisoning accident occurred at the Luojiahe copper mine of Wulong Industry in Shanxi, resulting in three deaths. Hudbay Minerals suspended the operation and exploration of the Show Lake due to wildfires in northern Manitoba, Canada [2]. - **Production Resumptions and Expansions**: The west side of Zijin Mining's Kamoa - Kakula copper mine resumed production in early June, but the east - side drainage may last until September, reducing the 2025 planned production from 52 - 58 million tons to 37 - 42 million tons. The second - phase 16 - million - ton capacity of the Mirador copper mine in Ecuador of Tongling Nonferrous Metals may be put into production in the second half of 2025. The second - phase 200000 - ton - per - day expansion project of the Julong copper mine may be completed by the end of 2025 [2]. Trading Strategy - It is recommended that investors wait and see for the moment, paying attention to the support level of 77000 - 78000 and the pressure level of 80000 - 81000 for Shanghai copper, the support level of 9300 - 9500 and the pressure level of 10000 - 10200 for London copper, and the support level of 4.0 - 4.2 and the pressure level of 4.6 - 5.0 for US copper [2].

| 甲醇日评20250812: 内地煤制甲醇供应逐步增加 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 变化值 | 变化值 | 2025/8/8 | 指标 | 单位 | 2025/8/11 | (绝对值) | (相对值) | | | MA01 | 2485.00 | 2475.00 | 元/吨 | 10.00 | 0.40% | | | | | 元/吨 | MA05 | 0.49% | 2451.00 | 2439.00 | 12.00 | 甲醇期货价格 | (收盘价) | | | MA09 | 元/吨 | 2389.00 | 2383.00 | 6.00 | 0.25% | | | | | 元/吨 | 2375.00 | 2380.00 | -5.00 | 太仓 | -0.21% | | | | | 山东 | 元/吨 | 2330.00 | -0.21% | 2335.00 | -5.00 | | | | | 元/吨 | 广东 | 2375.00 | 2372.50 | 2.50 | 0.11% | 期 ...

| | | | | 尿素早评20250812: 基本面仍有压力 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日度 | 8月11日 8月8日 单位 | | | | 变化值 (绝对值) | 変化值 (相对值) | | 期现价格 | 尿素期货价格 (收盘价) | UR01 UR05 山东 | 元/吨 元/吨 元/吨 | 1751.00 1790.00 1730.00 | 1751.00 1784.00 1760.00 | 0.00 6.00 -30.00 | 0.00% 0.34% -1.70% -1.21% | | | | UR09 | 元/吨 | 1722.00 | 1728.00 | -6.00 | -0.35% | | | | 山西 | 元/吨 | 1630.00 | 1650.00 | -20.00 | | | | | 河南 | 元/吨 | 1740.00 | 1780.00 | -40.00 | -2.25% | | | 国内现货价格 | | | | | | | | | (小顆粒) | 河北 | 元/吨 | 1750.00 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Profit margins have recovered, leading to an increase in lithium carbonate production. However, disruptions at mining sites in Jiangxi have intensified. It is expected that the price of lithium carbonate will experience a strong and volatile trend in the short term. After the shutdown of some mines, the price has risen, and other lithium carbonate resources from the raw material end will enter the market to supplement supply, having little impact on the long - term supply - demand pattern. Attention should be paid to the progress of the Jiangxi mining end and the market's "feedback" sentiment. Short - term trading is recommended, and caution is needed when entering the market at high prices (View Score: +1) [3] 3. Summary by Relevant Catalog Market Data - **Futures Market**: On August 11, the main contract of lithium carbonate futures hit the daily limit. The trading volume was 38,071 lots (-857,538), and the open interest was 317,676 lots (-3,030). The spot market trading was weak, and the basis discount widened. For example, the closing price of the near - month contract was 79,000 yuan/ton (+3,700), the closing price of the continuous - one contract was 80,560 yuan/ton (+3,920), etc. [3] - **Inventory**: The registered warehouse receipts were 19,389 tons (+560). Social inventory decreased, with smelters and other sectors reducing inventory, while downstream sectors increased inventory. The total SMM lithium carbonate inventory was 142,418 tons (+692), with smelters at 20,999 tons (-959), downstream at 48,159 tons (+2,271), and other sectors at 43,260 tons (-620) [3] - **Raw Material Prices**: The price of lithium spodumene concentrate increased (840 US dollars/ton, +63), and the price of mica also rose. For example, the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,155 yuan/ton (+35) [3] - **Product Prices**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 74,500 yuan/ton (+2,600), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 72,300 yuan/ton (+2,500). The average price of battery - grade lithium hydroxide (56.5%/domestic) also increased [3] Industry News - In July, China's power battery installation volume was 55.9 GWh, a 4.0% decrease from the previous month but a 34.3% increase year - on - year. Among them, ternary battery installation volume was 10.9 GWh (19.6% of the total, a 1.9% increase from the previous month and a 3.8% decrease year - on - year), and lithium iron phosphate battery installation volume was 44.9 GWh (80.9% of the total, a 5.3% decrease from the previous month and a 49.0% increase year - on - year) [3] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased. The production of lithium iron phosphate and ternary materials also increased. In August, the production of lithium manganate increased, and the production of lithium cobaltate decreased. The production of power batteries increased last week [3] - **Demand**: In July, although the year - on - year growth rate of new energy vehicle production and sales continued, the sales volume decreased from the previous month, and the 3C product shipments were average. In August, the production of energy - storage batteries increased [3]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The imposition of additional tariffs may drive up inflation at the US consumer end and suppress the Fed's interest - rate cut expectations. However, the decline in the operating capacity of downstream processing has led to a week - on - week decrease in the domestic weekly social inventory of electrolytic copper, which may cause the Shanghai copper price to fluctuate widely. It is recommended that investors wait and see for the time being, paying attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On August 11, 2025, the closing price of the Shanghai copper futures active contract was 79,020 yuan, up 530 yuan from the previous day. The trading volume was 70,041 lots, an increase of 27,135 lots, and the open interest was 160,884 lots, an increase of 3,992 lots. The inventory was 23,275 tons, up 2,003 tons. The average price of SMW 1 electrolytic copper was 79,150 yuan, up 620 yuan, and the basis was 130 yuan, up 90 yuan [2]. - **Spot Premium and Discount**: The spot premium and discount of electrolytic copper in different regions showed different trends. In Guangzhou, it was - 20 yuan, up 20 yuan; in North China, it remained - 120 yuan; in East China, it was 25 yuan, up 30 yuan. The spread between near - month and far - month contracts also changed, with the spread between Shanghai copper near - month and Shanghai copper continuous - one being 0 yuan, up 30 yuan; the spread between Shanghai copper continuous - one and Shanghai copper continuous - two being - 30 yuan, down 50 yuan [2]. - **London Copper**: On August 11, 2025, the closing price of LME 3 - month copper futures (electronic trading) was 9,726.5 US dollars, down 41.5 US dollars. The total inventory of registered and cancelled warrants was 0 tons, a significant decrease of 155,700 tons. The spreads of LME copper futures contracts also changed, with the 0 - 3 - month contract spread being - 83.25 US dollars, down 13.7 US dollars, and the 3 - 15 - month contract spread being - 148.59 US dollars, down 7.1 US dollars. The ratio of Shanghai - London copper price was 8.1242, up 0.09 [2]. - **COMEX Copper**: The closing price of the copper futures active contract was 4.4445 US dollars, up 0.03 US dollars, and the total inventory was 265,196 tons, up 1,900 tons [2]. Important News - **Production Adjustments**: Multiple copper mines around the world have adjusted their production expectations. Teck Resources lowered the expected production of the Quebrada Blanca copper mine in 2025; Norilsk Nickel reduced its 2025 copper production forecast from 353,000 - 373,000 tons to 343,000 - 355,000 tons; Anglo Asian Mining's Denir11 copper mine started trial production, with an expected copper concentrate production of 4,000 tons in 2025 and 15,000 tons in 2026 and later; Zijin Mining's Kamoa - Kakula copper mine's planned mineral copper production in 2025 was reduced from 520,000 - 580,000 tons to 370,000 - 420,000 tons [2]. - **Mine Incidents**: Newmont's Red Chris copper mine in Canada suspended operations due to a collapse in the non - production project's underground access; Shanxi Yuncheng Yuanqu County Wulong Industrial's Luojiahe copper mine had a fume poisoning accident resulting in three deaths; Hudbay Minerals suspended the operation and exploration of the Snow Lake due to a wildfire in northern Manitoba, Canada [2]. - **Mine Resumptions and New Projects**: The unaffected area of Codelco's El Teniente copper mine in Chile resumed operations; the west side of Zijin Mining's Kamoa - Kakula copper mine resumed production in early June; the second - phase 160,000 - ton capacity of Jiangxi Copper's Mirador copper mine in Ecuador may be put into production in the second half of 2025; the second - phase 200,000 - ton - per - day expansion project of Julong Copper Mine may be completed by the end of 2025; the third - phase of Western Mining's Wanglong Copper Mine may increase the production scale from 1,000 tons to 3,000 tons per year, with an expected copper production of 180,000 - 200,000 tons per year; ACC Metals' Cediktene polymetallic mine's copper sulfide ore expansion project will be put into production in the first quarter of 2026, with an initial annual output of 25,000 tons; Vale's Bacalhau copper mine project in Brazil obtained an environmental permit in June and may start production in the first half of 2028 [2]. Trading Strategy Investors are advised to wait and see for the time being, paying 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, and the support level around 4.0 - 4.2 and the resistance level around 4.6 - 5.0 for US copper [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - For nickel, on August 11, the main nickel contract on the Shanghai Futures Exchange rose in volume, with the trading volume at 112,549 lots (+37,685) and the open interest at 77,193 lots (-1,762). The LME nickel rose 1.12%. The spot market trading was weak, and the basis premium narrowed. The nickel ore price remained flat, the nickel ore arrivals at ports increased last week, and port inventories accumulated. The loss of nickel - iron plants narrowed, domestic production in August decreased while Indonesian production increased, and nickel - iron inventories accumulated. Domestic electrolytic nickel production in August increased, and export profits shrank. On the demand side, ternary production increased, stainless - steel plant production increased, and alloy and electroplating demand was stable. In terms of inventory, SHFE inventory increased, LME inventory decreased, social inventory increased, and bonded - area inventory decreased. Overall, the pure nickel fundamentals are loose, but the expectation of Fed rate cuts has strengthened, so the nickel price is expected to fluctuate within a range. It is recommended to wait and see [2]. - For stainless steel, on August 11, the main stainless - steel contract fluctuated upward, with the trading volume at 202,613 lots (+115,942) and the open interest at 135,260 lots (+64,070). The spot market trading was fair, and the basis premium narrowed. The SHFE inventory increased, and the social inventory of 300 - series stainless steel last week was 629,100 tons (-15,500). On the supply side, stainless - steel production increased in August. On the demand side, terminal demand was weak. At the cost end, the price of high - nickel pig iron rose, and the price of high - carbon ferrochrome remained flat. Currently, the impact of macro sentiment is relatively large. Although the fundamentals are loose, it will take time for the price to return to the fundamentals, so the price is expected to follow macro fluctuations. It is recommended to wait and see [2]. 3. Summary by Relevant Catalogs Nickel Market Price and Volume - Shanghai nickel futures: On August 11, the closing price of the near - month contract was 121,900 yuan/ton (+950), the trading volume was 112,549 lots (+37,685), and the open interest of the active contract was 77,193 lots (-1,762). The inventory was 20,723 tons (+102) [2]. - LME nickel: On August 11, the official spot price was 15,250 US dollars/ton (+175), the electronic - disk closing price was 15,325 US dollars/ton (+210), and the trading volume was 6,315 lots (+1,371). The total inventory was 211,296 tons (-936) [2]. Spread - In Shanghai nickel, the spread between the near - month and the first - continuous contract was 0 yuan/ton (-140), and the basis between the SMM 1 electrolytic nickel average price and the active contract closing price was 720 yuan/ton (-50) [2]. - In LME nickel, the LME nickel 0 - 3 months spread was - 7.83 US dollars/ton (-199.29), and the basis between the official price and the electronic - disk closing price was - 75 US dollars/ton (-40) [2]. Raw Materials - The average price of Philippine laterite nickel ore 0.9% (CIF) was 29 US dollars/wet ton, 1.5% (CIF) was 57 US dollars/wet ton, and 1.8% (CIF) was 78.5 US dollars/wet ton. The average freight from the Philippines to Lianyungang was 11.5 US dollars/ton, and to Tianjin Port was 12 US dollars/ton [2]. Inventory - SMM China port nickel ore total inventory was 761 million wet tons (+9 million). SMM Shanghai bonded - area nickel inventory decreased by 500 tons, with nickel plate inventory at 4,100 tons (-500) and the total at 4,700 tons (-500). SMM pure nickel social inventory was 40,572 tons (+1,086) [2]. Stainless Steel Market Price and Volume - Shanghai stainless - steel futures: On August 11, the trading volume of the active contract was 202,613 lots (+115,942), and the open interest was 135,260 lots (+64,070). The inventory was 102,983 tons (+58) [2]. Spread - The spread between the near - month and the first - continuous contract of Shanghai stainless steel was 0 yuan/ton (+5), and the basis between the 304/2B coil - trimmed (Wuxi) average price and the active contract was 425 yuan/ton (-190) [2]. Inventory - Stainless - steel spot inventory: In the 200 - series, it was 209,000 tons; in the 300 - series, it was 629,100 tons (-15,500); in the 400 - series, it was 112,400 tons (-2,500); and the total inventory was 947,000 tons (+3,100) [2]. Industry News - In July, China's power battery loading volume was 55.9 GWh, a month - on - month decrease of 4.0% and a year - on - year increase of 34.9%. Among them, the loading volume of ternary batteries was 10.9 GWh, accounting for 19.6% of the total loading volume, a month - on - month increase of 1.9% and a year - on - year decrease of 3.8%; the loading volume of lithium iron phosphate batteries was 4.9 GWh, accounting for 80.4% of the total loading volume, a month - on - month decrease of 5.3% and a year - on - year increase of 49.0% [2].

| FEEHING | 贵金属日评20250812:特朗普为美俄会晤预期成果降温,关注周二晚美国消费端通胀CPI | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较上周变化 | 较昨日变化 | 2025-08-11 | 2025-08-08 | 2025-08-05 | 收盘价 | 779. 48 | 787.80 | 782. 50 | -8. 32 | -3.02 | | | | | 成交量 | 251828.00 | 26, 246. 00 | 278074.00 | 193353.00 | 84, 721. 00 | 期货活跃合约 | 持仓量 | -8, 677.00 | 220321.00 | 218652. 00 | 211644.00 | -7,008.00 | | | | 库存(十克) | 36045.00 | 36045.00 | 36009.00 | 0. 00 | 36. 00 | ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report - For the lead market, supply and demand are both increasing, with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. Short - term lead prices are expected to trade in a range [1]. - For the zinc market, macro factors such as the "anti - involution" sentiment in China and the US non - farm payroll data, along with the supply - side increase in both zinc ore and ingots and weak demand in the off - season, result in inventory accumulation. However, the continuous decline in overseas LME zinc inventory provides some support. Short - term zinc prices are also expected to trade in a range [1]. 3) Summary by Relevant Catalogs Lead - **Price and Market Data**: SMM1 lead ingot average price was 16,725 yuan/ton with 0.00% change; the futures主力合约 closed at 16,885 yuan/ton, up 0.24%. The LME3 - month lead futures (electronic) closed at 1,997.50 dollars/ton, down 0.30%. The trading volume of the futures active contract increased by 14.88% to 35,623 hands, and the open interest decreased by 8.00% to 54,395 hands [1]. - **Industry News**: On August 11, the annual 300 - thousand - kVAh lead - acid battery project of Guangxi Feili New Energy Technology Co., Ltd. was officially launched. Since January 2025, the Guizhou Feili New Energy lead - battery production base project, fully funded by the same company, has been in progress. On August 8, LME0 - 3 lead was at a discount of 31.29 dollars/ton, and the open interest increased by 868 to 151,197 hands [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Primary lead production is stable with a slight increase. In the secondary lead sector, waste lead - acid battery prices are likely to rise, and some refineries have reduced or suspended production due to raw material shortages or cost reversals. Demand is expected to pick up in the peak season, but most companies suspended purchases for inventory checks this week [1]. Zinc - **Price and Market Data**: SMM1 zinc ingot average price was 22,460 yuan/ton, up 0.27%; the futures主力合约 closed at 22,590 yuan/ton, up 0.33%. The LME3 - month zinc futures (electronic) closed at 2,808 dollars/ton, down 0.92%. The trading volume of the futures active contract increased by 7.78% to 87,765 hands, and the open interest decreased by 1.59% to 93,386 hands [1]. - **Industry News**: Gold Resource reported a 32% year - on - year decrease in zinc ore metal production in Q2 2025 to 1,380 tons due to lower grinding volume. As of August 11, SMM zinc ingot inventory in seven regions reached 119,200 tons, an increase of 11,900 tons from August 4 and 6,000 tons from August 7 [1]. - **Fundamentals**: Refineries have sufficient raw material stocks, and zinc ore processing fees are rising. Domestic zinc concentrate processing fees remained flat at 3,900 yuan/metal ton last week, and the imported zinc ore processing fee index rose to 82.25 dollars/dry ton. Refinery profits and production enthusiasm have improved, and output is increasing. Last week, downstream buyers purchased at low prices at the beginning of the week, but the restocking sentiment weakened as prices rebounded [1].

| 幅) | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (15.00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % | % | % | ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - PX supply has recovered, with its inventory at a historical low and strong bottom support. Whether its profitability can continue to improve depends on unexpected factors. Currently, it is in an advantageous position in the industry chain, and social inventory is decreasing. However, due to the off - season of polyester consumption and a significant decline in PTA processing fees, there is a strong expectation of a decline in downstream operating rates [2]. - PTA is expected to move in a volatile manner, with cost being the dominant factor. Although there are device maintenance expectations, new device production expectations on the supply side and lackluster demand during the off - season limit price increases. The market had a short - term upward trend but has since fallen back, and supply remains sufficient [2]. - The polyester bottle - chip market has a weak trading atmosphere. Supply - side quotes vary, and downstream buying enthusiasm has declined. The supply - side operating rate remains low, some specifications are in short supply, and downstream terminals are mainly consuming previous inventories [2]. - It is expected that PX, PTA, and PR will all operate in a volatile manner. Without more unexpected positive news, the TA2509, PX2509, and PR2509 contracts closed at 4706 yuan/ton (0.38%), 6778 yuan/ton (0.44%), and 5934 yuan/ton (0.41%) respectively, with trading volumes of 44.47 million hands, 7.41 million hands, and 1.97 million hands [2]. Summary by Relevant Catalogs 1. Price Changes - **Crude Oil**: On August 11, 2025, the futures settlement prices (continuous) of WTI and Brent crude oil were $63.96/barrel and $66.63/barrel respectively, up 0.13% and 0.06% from the previous values [1]. - **Upstream Products**: The spot price of naphtha (CFR Japan) was $568/ton, down 0.44%; the spot price of xylene (isomeric grade, FOB Korea) was $690/ton, up 0.07%; the spot price of p - xylene (PX, CFR China Main Port) was $835/ton, up 0.40% [1]. - **PTA**: The closing price and settlement price of the CZCE TA main contract were 4706 yuan/ton and 4708 yuan/ton respectively, up 0.47% and 0.43%; the closing price and settlement price of the near - month contract were 4706 yuan/ton and 4690 yuan/ton respectively, up 0.38% and 0.30%. The domestic PTA spot price was 4671 yuan/ton, down 0.36%. The CCFEI price index of domestic and foreign PTA was 4695 yuan/ton (up 0.54%) and $622/ton (down 0.96%) respectively [1]. - **PX**: The closing price and settlement price of the CZCE PX main contract were 6778 yuan/ton and 6770 yuan/ton respectively, up 0.77% and 0.33%; the closing price and settlement price of the near - month contract were 6770 yuan/ton, up 0.33%. The domestic PX spot price remained unchanged at 6705 yuan/ton [1]. - **PR**: The closing price and settlement price of the CZCE PR main contract were 5934 yuan/ton and 5938 yuan/ton respectively, up 0.61% and 0.47%; the closing price and settlement price of the near - month contract were 5922 yuan/ton, up 0.44%. The mainstream market prices of polyester bottle - chips in East China and South China were 5910 yuan/ton (unchanged) and 5950 yuan/ton (up 0.17%) respectively [1]. - **Downstream Products**: The CCFEI price indices of polyester staple fiber, polyester chips, and bottle - grade chips remained unchanged at 6480 yuan/ton, 5870 yuan/ton, and 5910 yuan/ton respectively. The CCFEI price indices of polyester DTY, POY, FDY68D, and FDY150D were 8600 yuan/ton (up 0.58%), 7125 yuan/ton (up 0.35%), 7050 yuan/ton (up 1.44%), and 7050 yuan/ton (up 1.44%) respectively [2]. 2. Spread Changes - **PXN Spread**: On August 11, 2025, it was $267/ton, up 2.23% [1]. - **PX - MX Spread**: It was $145/ton, up 1.99% [1]. - **Near - far Month Spread of PTA**: It was - 18 yuan/ton, a decrease of 6 yuan/ton [1]. - **Basis of PTA**: It was - 11 yuan/ton, an increase of 3 yuan/ton [1]. - **Basis of PX**: It was - 73 yuan/ton, a decrease of 52 yuan/ton [1]. - **Basis of Polyester Bottle - chips in East and South China**: They were - 24 yuan/ton and 16 yuan/ton respectively, decreasing by 36 yuan/ton and 26 yuan/ton [1]. 3. Operating Conditions - **PX Operating Rate**: It remained unchanged at 78.11% [1]. - **PTA Factory Load Rate**: It increased by 2.06 percentage points to 76.56% [1]. - **Polyester Factory Load Rate**: It remained unchanged at 87.09% [1]. - **Bottle - chip Factory Load Rate**: It remained unchanged at 71.93% [1]. - **Jiangsu and Zhejiang Loom Load Rate**: It remained unchanged at 57.83% [1]. 4. Production and Sales Rates - **Polyester Filament Production and Sales Rate**: It increased by 2 percentage points to 43% [1]. - **Polyester Staple Fiber Production and Sales Rate**: It decreased by 6 percentage points to 51% [1]. - **Polyester Chip Production and Sales Rate**: It increased by 8 percentage points to 97% [1]. 5. Device Information - A 2.5 - million - ton PTA device of Dongying United was shut down for maintenance on June 28 and restarted on August 10 [2]. 6. Important News - The supply - demand situation of international crude oil is weak, with high crude oil production in Brazil and Iran. The meeting between Trump and Putin on August 15 will affect oil prices. With the expected progress, geopolitical risks have declined, putting pressure on oil prices. Multiple reforming devices have been put into operation recently, and some PX devices have restarted one after another, leading to a recovery in PX supply [2].