1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The weakening US employment market has raised expectations of Fed rate cuts, but the traditional domestic consumption off - season has suppressed downstream demand, leading to an upward trend in the total inventory of electrolytic copper at home and abroad. As a result, there is still room for the Shanghai copper price to decline. It is recommended that investors hold their previous short positions cautiously and pay attention to the support and pressure levels of Shanghai copper, LME copper, and COMEX copper [4]. - The positive basis and monthly spreads of Shanghai copper are generally within a reasonable range. The negative spreads of LME copper (0 - 3) and (3 - 15) contracts are at relatively low levels, and the spread between COMEX copper and LME copper and Shanghai copper has significantly declined. It is recommended that investors temporarily wait and see for arbitrage opportunities [8][9][11]. 3. Summary by Relevant Catalogs Macroeconomic Environment - The Fed kept the federal funds rate unchanged in July. Import tariffs pushed up commodity prices, causing an increase in the annual rates of US consumer - end inflation CPI and PCE in June. However, due to the significant downward revision or far - below - expected new non - farm payrolls from May to July, the US economy shows "stagflation" characteristics, increasing the expectation of Fed rate cuts in September, October, and December [3]. Upstream Market - **Copper Concentrate** - Multiple incidents occurred in overseas mines, including accidents at Newmont's Red Chris copper mine, the start of trial production at Anglo Asian Mining's Demirli copper mine, and others. These may lead to a month - on - month increase in domestic copper concentrate production and imports in August [3][25]. - The import index of Chinese copper concentrate is negative but has increased compared to last week. The port copper concentrate out - bound volume in the world and in China has decreased, while the in - bound volume in China has increased, and the inventory in Chinese ports has decreased [22]. - **Scrap Copper** - The negative price difference between domestic electrolytic copper and bright and aged scrap copper weakens the economic viability of scrap copper. The export of high - quality scrap copper in Europe is restricted, and there is uncertainty in Sino - US tariff negotiations. As a result, the production of domestic scrap copper in August may increase month - on - month, while imports may decrease, and the supply - demand expectation is tight [26][30]. - **Blister Copper** - The weekly processing fees for blister copper in northern (southern) China remained flat (increased) compared to last week. The smelting maintenance capacity of domestic smelters in August may decrease month - on - month, leading to a month - on - month increase in the production and imports of domestic blister copper in August [33]. Mid - stream Market - **Electrolytic Copper** - The production of domestic electrolytic copper in August may decrease month - on - month due to the start of new projects and other factors. The import volume of domestic electrolytic copper in August may also decrease month - on - month because of the maintenance and production reduction of overseas smelters and the backlog of electrolytic copper at African ports [34][36][39]. - **Copper Smelters** - The daily dispersion index of global copper smelters has increased compared to last week. The smelting maintenance capacity of domestic copper smelters in August may decrease month - on - month [40][42]. Downstream Market - **Copper Products Enterprises** - Affected by the easing of Sino - US mutual tariffs and the arrival of the traditional consumption off - season, the capacity utilization rate, production volume, import volume, and export volume of domestic copper products enterprises in August may decline, increase, decrease, and decrease respectively on a month - on - month basis [4]. - The capacity utilization rate of China's refined (recycled) copper rod production enterprises has increased compared to last week. The raw material and finished - product inventories of refined copper rod enterprises have increased, while those of recycled copper rod enterprises have decreased [45][47][50]. - The capacity utilization rate and production volume of China's refined copper rod production enterprises in August may increase month - on - month, while those of recycled copper rod production enterprises may decrease month - on - month [55][58]. - The raw material and finished - product inventories of China's copper wire and cable enterprises have decreased compared to last week, and the capacity utilization rate in August may decrease month - on - month [59][63]. - The capacity utilization rate of China's copper enameled wire enterprises has decreased compared to last week, and it may also decrease month - on - month in August [65][68]. - The capacity utilization rate of China's copper strip enterprises in August may decrease month - on - month due to the impact of US tariff policies [72][74]. - The capacity utilization rate of China's copper foil enterprises in August may increase month - on - month, supported by lithium - battery demand [75]. - The capacity utilization rate of China's copper tube enterprises in August may decrease month - on - month as the expected production volume of air conditioners, refrigerators, and washing machines in August is lower than that of last year [79][81]. - The capacity utilization rate of China's brass rod enterprises in August may increase month - on - month as the decline in copper prices may slightly boost demand [82]. Market Structure and Inventory - **Market Structure** - The closing prices of Shanghai copper's near - and far - month contracts show a Back structure, while those of COMEX copper show a Contango structure [12]. - **Inventory** - The social inventory of Chinese electrolytic copper has increased compared to last week, the inventory in bonded areas has decreased, and the inventory of LME copper has increased [15][16]. - The inventory of COMEX copper has increased compared to last week, and the ratio of non - commercial long to short positions has decreased [17][19].

Report Summary of Methanol Daily Review on August 6, 2025 1. Report Industry Investment Rating - Not provided in the report. 2. Report's Core View - The fundamental outlook for methanol remains weak. Although there was a rebound in MA, the expected anti - involution policy may have limited impact on methanol production. With high upstream coal - head profits, slightly lower coastal MTO profits, poor inland downstream profits, and high downstream MTO enterprise raw material inventories, the port is likely to continue to accumulate inventory, suppressing the East China spot price. The recent rally in methanol is expected to have limited upside due to the weak fundamentals, despite the influence of coking coal sentiment [1]. 3. Summary by Relevant Catalogs 3.1 Price and Basis - **Methanol Futures Prices**: MA01 closed at 2497 yuan/ton on August 5, 2025, up 10 yuan/ton (0.40%) from the previous day; MA05 closed at 2447 yuan/ton, up 16 yuan/ton (0.66%); MA09 closed at 2397 yuan/ton, up 7 yuan/ton (0.29%) [1]. - **Methanol Spot Prices**: Spot prices in different regions showed mixed trends. For example, prices in Shandong increased by 15 yuan/ton (0.65%), in Guangdong by 7.5 yuan/ton (0.32%), and in Hubei by 45 yuan/ton (1.93%), while prices in Shaanxi decreased by 2.5 yuan/ton (- 0.12%) [1]. - **Basis**: The basis of Taicang spot - MA was - 129.50 yuan/ton on August 5, 2025, down 10 yuan/ton from the previous day [1]. - **Coal Spot Prices**: The price of Ordos Q5500 coal increased by 5 yuan/ton (1.04%), and the price of Datong Q5500 coal increased by 12.5 yuan/ton (2.27%), while the price of Yulin Q6000 coal remained unchanged [1]. - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged at 3.94 yuan/cubic meter and 3.30 yuan/cubic meter respectively [1]. 3.2 Profit Situation - **Methanol Production Profits**: Coal - based methanol profit was 470.40 yuan/ton on August 5, 2025, up 53.70 yuan/ton (12.89%) from the previous day, while natural - gas - based methanol profit remained at - 540.00 yuan/ton [1]. - **Downstream Profits**: Profits of Northwest MTO decreased by 10 yuan/ton (- 9.58%), and profits of East China MTO decreased by 32 yuan/ton (- 5.08%). Profits of acetic acid decreased by 6.58 yuan/ton (- 2.76%), while profits of MTBE increased by 7.44 yuan/ton (4.64%). Profits of formaldehyde decreased by 38.80 yuan/ton (- 14.76%), and profits of a certain product decreased by 184 yuan/ton (- 56.44%) [1]. 3.3 Information - **Domestic Information**: The main methanol contract MA2509 rebounded, closing at 2397 yuan/ton, up 13 yuan/ton, with a trading volume of 372,112 lots and an open interest of 484,212 lots, showing a decrease in volume and position [1]. - **Foreign Information**: Two methanol plants with a total capacity of 2.65 million tons in a Middle - Eastern country are under maintenance. The overall operating load of methanol plants in this country is low, with the recent overall operating rate dropping to 56%, and the daily total output of methanol plants being less than 30,000 tons. Attention should be paid to the loading speed at the port [1]. 3.4 Trading Strategy - Given the recent rebound in MA and the repeated expectations of anti - involution policies, and the influence of the coking coal limit - up on the coal - chemical sentiment, the fundamental outlook for methanol remains weak. The upstream coal - head profits are high, coastal MTO profits are slightly lower, and inland downstream profits are poor, indicating that methanol is relatively over - valued. The anti - involution policy may have limited impact on methanol production, and with high downstream MTO enterprise raw material inventories, port inventory accumulation is likely to continue, suppressing the East China spot price. The recent rally in methanol is expected to have limited upside [1].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The weakening US job market has increased expectations of a Fed rate cut. However, the traditional domestic consumption off - season has suppressed downstream demand, and the inventory of electrolytic copper at home and abroad fluctuates, suggesting that the Shanghai copper price may still have room to fall. It is recommended that investors hold their previous short positions cautiously and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On August 5, 2025, the closing price of the active contract was 78,580, up 250 from the previous day; the trading volume was 42,792 lots, a decrease of 19,597 lots; the open interest was 159,866 lots, a decrease of 3,692 lots; the inventory was 18,767 tons, a decrease of 1,581 tons. The SMM 1 electrolytic copper average price was 78,615, up 195 [2]. - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on August 5, 2025, was 9,634.5, down 74 from the previous day; the total inventory of registered and cancelled warrants was 0, a decrease of 153,850; the LME copper futures 0 - 3 - month contract spread was - 67.32, down 14.59; the 3 - 15 - month contract spread was - 142.61, down 3.38 [2]. - **COMEX Copper**: On August 5, 2025, the closing price of the active copper futures contract was 4.3795, down 0.06; the total inventory weight was 262,190, an increase of 2,509 [2]. News and Information - **Company News**: Zangge Mining's Julong Copper Mine Phase II project is expected to be completed and put into production by the end of 2025, with an annual copper output of about 300,000 - 350,000 tons. Codelco, the world's largest copper miner, has stopped the mining operation of its flagship El Teniente copper mine due to an accident and postponed its quarterly earnings release [2]. - **Trade News**: Affected by US tariffs on copper semi - finished products, domestic copper processing exports to the US are under pressure. A copper tube enterprise's goods arriving in the US on August 5 were subject to an additional 50% tariff, with a comprehensive tariff of 97% [2]. - **Industry News**: Japan's Mitsubishi Materials may partially shut down its refinery due to falling copper concentrate processing and smelting fees (TC/RCs), while Chinese smelters maintain record - high production [2]. Industry Operation - The daily processing fee of refined copper rods for power and enameled wire in East China has increased compared to last week, leading to an increase in the operating rate of China's refined copper (recycled copper rod) production capacity. The raw material and finished - product inventory of refined copper rod enterprises has increased, while that of recycled copper rod enterprises has decreased. The operating rate of China's copper wire and cable production capacity has decreased, and the raw material and finished - product inventory has increased. The operating rate and order volume of China's copper enameled wire have increased, and the raw material and finished - product inventory days have decreased. The operating rate and production volume of China's copper strip have increased, and the raw material and finished - product inventory days have decreased. The operating rate of China's copper tube has decreased, and the raw material and finished - product inventory days have remained flat. The operating rate of China's brass rod has decreased, and the raw material and finished - product inventory days have decreased [2]. - In August, the operating rate of domestic copper processing enterprises may be affected by the easing of Sino - US tariffs and the traditional consumption off - season. The operating rates of electrolytic copper rod, copper strip, and brass rod may increase month - on - month, while those of recycled copper rod, copper wire and cable, copper enameled wire, copper foil, and copper tube may decrease [2]. Trading Strategy It is recommended that investors hold their previous short positions cautiously and pay attention to the support and resistance levels: Shanghai copper at 74,000 - 76,000 and 80,000 - 81,000; London copper at 9,300 - 9,500 and 10,000 - 10,200; US copper at 4.0 - 4.2 and 4.6 - 5.0 [2].

Group 1: Report Summary - The report is a daily review of lithium carbonate on August 6, 2025, highlighting fast - paced sentiment changes and high volatility [2] Group 2: Market Data Futures Market - On August 5, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures were 67300 yuan/ton, 67680 yuan/ton, 67840 yuan/ton, and 67840 yuan/ton respectively, showing decreases compared to the previous day [3] - The trading volume of the active contract was 437207 lots, an increase of 189309 lots; the open interest was 232062 lots, an increase of 24292 lots; and the inventory was 14443 tons, an increase of 1840 tons [3] Spot Market - The average price of SMM battery - grade lithium carbonate was 71200 yuan/ton, a decrease of 150 yuan/ton; the average price of industrial - grade lithium carbonate was 69100 yuan/ton, a decrease of 150 yuan/ton [3] - The average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 8.20 dollars/kg, remaining unchanged; the average price of domestic battery - grade coarse - particle lithium hydroxide was 65540 yuan/ton, a decrease of 80 yuan/ton; the average price of domestic battery - grade fine - powder lithium hydroxide was 70690 yuan/ton, a decrease of 80 yuan/ton [3] Other Lithium - Related Products - The average price of lithium spodumene concentrate (6%, CIF China) was 760 dollars/ton, remaining unchanged; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1085 yuan/ton, remaining unchanged; the average price of lithium mica (Li2O: 2.0% - 2.5%) was 1710 yuan/ton, remaining unchanged [3] - The average price of hexafluorophosphate lithium (99.95% domestic) was 52350 yuan/ton, a decrease of 400 yuan/ton [3] Price Spreads - The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 3360 yuan/ton, an increase of 930 yuan/ton [3] - The price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5660 yuan/ton, an increase of 70 yuan/ton; the price spread between battery - grade and industrial - grade lithium carbonate was 2100 yuan/ton, remaining unchanged [3] Group 3: Industry Situation Supply - Last week, the production of lithium carbonate decreased; the price of spodumene concentrate remained flat, and the price of lithium mica remained flat [3] Demand - Last week, the production of lithium iron phosphate decreased, and the production schedule of ternary materials increased; in August, the production of lithium iron phosphate decreased, and the production of lithium cobalt oxide increased [3] - Last week, the production of power batteries decreased; 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 product shipments were average; in August, the production schedule of energy - storage batteries increased [3] Inventory - The registered warehouse receipts were 14443 tons, an increase of 1840 tons; the social inventory situation was that smelters and other sectors reduced inventory, while the downstream increased inventory [3] Group 4: Investment Strategy - The fundamentals remain weak, but there is still uncertainty in supply - side fluctuations. It is expected that the short - term price of lithium carbonate will fluctuate widely. Attention should be paid to the flow of inventory accumulated during the previous price increase [3] - It is recommended that previous short positions be appropriately closed for profit [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The weakening US employment market has increased the expectation of the Federal Reserve to cut interest rates, and with global central banks continuing to buy gold, precious metal prices are likely to rise rather than fall. Investors are advised to buy on price dips. The support and resistance levels for London gold are around $3150 - 3250 and $3500 - 3700 respectively; for Shanghai gold, they are around 730 - 760 and 800 - 850 respectively; for London silver, they are around $34 - 38 and $37 - 40 respectively; for Shanghai silver, they are around 8500 - 8700 and 9100 - 9500 respectively [1] 3. Summary by Related Catalogs Market Data - **Shanghai Gold**: Closing price on 2025 - 08 - 05 was 781.42, trading volume was 206379.00, open interest was 214105.00, inventory (in ten - gram units) was 2547.00, and the basis (spot - futures) was 1.72 [1] - **Spot Shanghai Gold T + D**: Trading volume on 2025 - 08 - 05 was 26258.00, open interest was 208048.00 [1] - **Shanghai Silver**: Closing price on 2025 - 08 - 05 was 9192.00, trading volume was 513898.00, open interest was 371051.00, inventory (in ten - gram units) was 1157291.00, and the basis (spot - futures) was - 40.00 [1] - **Spot Shanghai Silver T + D**: Trading volume on 2025 - 08 - 05 was 270788.00, open interest was - 36146.00 [1] - **COMEX Gold Futures**: Closing price on 2025 - 08 - 05 was 3435.00, trading volume was 176453.00, open interest was 340930.00, inventory (in troy ounces) was 38800719.69 [1] - **COMEX Silver Futures**: Closing price on 2025 - 08 - 05 was 9052.00, trading volume was - 222180.00, open interest was 109684.00, inventory (in troy ounces) was 506602108.72 [1] - **London Gold Spot**: Price on 2025 - 08 - 05 was $3380.05 per ounce, SPDR Gold ETF holdings were 956.23 tons, iShare Gold ETF holdings were 449.31 tons [1] - **London Silver Spot**: Price on 2025 - 08 - 05 was $38.13 per ounce [1] - **Gold - Silver Price Ratio**: New York futures ratio was 91.56, London spot ratio was 90.37 [1] Important Information - The US Treasury plans to issue a large amount of debt this week, including $1000 billion in four - week Treasury bills, $850 billion in eight - week Treasury bills, $650 billion in 17 - week Treasury bills, $580 billion in three - year Treasury bonds, $420 billion in ten - year Treasury bonds, and $250 billion in 30 - year Treasury bonds. It has hinted that it will rely more on debt issuance to fill the fiscal deficit until at least 2026 [1] - The US July ISM Services PMI was only 50.1, with the employment index contracting and the price index reaching a new high since October 2022. Trump will decide on new Fed governors this week and will announce drug and chip tariffs within a week and significantly increase tariffs on India within 24 hours [1] - The US Treasury may issue about $5000 billion in the third quarter to replenish the cash account, which may cause a liquidity shock. Import tariffs have pushed up commodity prices, leading to a slight increase in the US consumer - end inflation rates in June. However, due to the possible significant downward revision of the number of new non - farm payrolls from May to July or far lower - than - expected figures, the US economy shows "stagflation" characteristics, increasing the expectation of Fed rate cuts in September, October, and December [1] - The European Central Bank paused rate cuts in July, keeping the deposit facility rate at 2%. The eurozone (Germany) July CPI annual rate was 2% (1.8%), higher than expected but flat compared to the previous value. Due to the continued recovery of the manufacturing PMI in the eurozone, Germany, and France in July, the market expects the ECB to cut rates about once before the end of 2025 [1] - The Bank of England cut the key rate by 25 basis points to 4.25% in June and continued to reduce its holdings of £1000 billion in government bonds from October 2024 to September 2025. The UK June CPI (core CPI) annual rate was 3.6% (3.7%), higher than expected and the previous value. The July S&P Global/CIPS Manufacturing (Services) PMI was 48.2 (51.2), higher (lower) than expected and the previous value. Due to the consecutive negative monthly GDP growth rates from April to June, the expectation of a rate cut by the Bank of England on August 7 has increased, and it may cut rates 2 - 3 times before the end of 2025 [1] - 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 ¥4000 billion to ¥2000 billion in April 2026. The Japan (Tokyo) June (July) core CPI annual rate was 3.3% (2.9%), in line with expectations but lower than the previous value (lower than expected and the previous value), so there is still an expectation of a rate hike by the Bank of Japan before the end of 2025 [1] Trading Strategy - Due to the weakening US employment market increasing the Fed rate - cut expectation and global central banks' continuous gold purchases, precious metal prices are likely to rise. Investors are advised to buy on price dips. Specific support and resistance levels are provided for London gold, Shanghai gold, London silver, and Shanghai silver [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The weakening US job market has increased expectations of a Fed rate cut, and with global central banks continuously buying gold, precious metal prices are likely to rise and difficult to fall. Investors are advised to build long positions when prices decline. Specific support and resistance levels are provided for London gold, Shanghai gold, London silver, and Shanghai silver [1]. Summary According to Related Catalogs Market Data - **Shanghai Gold**: The closing price was 782.50 yuan, with a trading volume of 271,828.00 and an open interest of 217,696.00. The inventory was 120.00 (in ten grams). The spot price - futures price (basis) was 3.29 yuan [1]. - **Shanghai Silver**: The closing price was 9,075.00 yuan/kg, with a trading volume of 313,491.00 and an open interest of 367,528.00. The inventory was 1,174,273.00 (in ten grams). The spot price - futures price (basis) was -23.00 yuan [1]. - **COMEX Gold Futures**: The closing price was 121.00, with a trading volume of 132,941.00 and an open interest of 334,342.00. The inventory was 38,793,596.75 (in troy ounces) [1]. - **COMEX Silver Futures**: The closing price was 38.33, with a trading volume of 50,388.00 and an open interest of 125,217.00. The inventory was 506,311,741.34 (in troy ounces) [1]. - **London Gold Spot**: The price was 3,375.30 dollars/ounce, and the SPDR Gold ETF holdings were 956.23 tons [1]. - **London Silver Spot**: The price was 37.35 dollars/ounce, and the US iShare Silver ETF holdings were 22.60 tons [1]. Important Information - **US Treasury Bond Issuance**: The US Treasury plans to issue a total of $37.5 billion in various - term Treasury bonds this week, and has hinted that it will rely more on bond issuance to fill the fiscal budget deficit until at least 2026 [1]. - **US Economic Data**: The US July ISM Services PMI was only 50.1, with the employment index contracting and the price index reaching a new high since October 2022. The US 5 - 7 month new non - farm payrolls may be significantly revised down or far below expectations, showing a "stagflation" characteristic [1]. - **Central Bank Policies**: - The European Central Bank paused rate cuts in July, maintaining the deposit mechanism rate at 2%. The market expects the European Central Bank to cut rates about once before the end of 2025 [1]. - The Bank of England cut the key rate by 25 basis points to 4.25% in June and continued to reduce government bond holdings. The market expects the Bank of England to cut rates 2 - 3 times before the end of 2025 [1]. - The Bank of Japan maintained the benchmark interest rate at 0.5% in July and will reduce quarterly Treasury bond purchases from 400 billion yen to 200 billion yen starting in April 2026. There is still an expectation of a rate hike before the end of 2025 [1].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Due to the weakening US employment market, the expectation of the Fed's interest - rate cut is rising. However, the traditional consumption off - season in China suppresses downstream demand, and the inventory of electrolytic copper at home and abroad fluctuates. The Shanghai copper price may still have room to fall. It is recommended that investors hold their previous short positions cautiously and pay attention to the support and pressure levels of different copper markets [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Shanghai Copper Futures**: On August 5, 2025, the closing price of the active Shanghai copper futures contract was 78,580, up 250 from the previous day; the trading volume was 42,792 lots, a decrease of 19,597 lots; the open interest was 159,866 lots, a decrease of 3,692 lots; the inventory was 18,767 tons, a decrease of 1,581 tons. The SMM 1 electrolytic copper average price was 78,615, up 195 from the previous day [2]. - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on August 5, 2025, was 9,634.5, down 74 from the previous day. The total inventory of registered and cancelled warrants was 0, a decrease of 153,850 tons. The LME copper futures 0 - 3 - month contract spread was - 67.32, down 14.59; the 3 - 15 - month contract spread was - 142.61, down 3.38. The Shanghai - London copper price ratio was 8.1561, up 0.09 [2]. - **COMEX Copper**: The closing price of the active copper futures contract on August 5, 2025, was 4.3795, down 0.06. The total inventory weight was 262,190, an increase of 2,509 [2]. 3.2 Industry News - **Project Progress**: Zangge Mining's Julong Copper Mine Phase II mining and beneficiation expansion project is expected to be completed and put into operation by the end of 2025. After the project is put into operation, the annual output of copper ore of Julong Copper will be about 300,000 - 350,000 tons, which is expected to significantly increase the company's performance [2]. - **Production Interruption**: Codelco, the world's largest copper miner, has stopped the mining operation of its flagship El Teniente copper mine due to an accident and postponed the release of its quarterly results. The impact on production is unknown [2]. - **Tariff Impact**: Affected by the US tariff on copper semi - finished products, some domestic copper processing exports to the US are under pressure. The comprehensive tariff of copper tubes exported to the US has reached 97%, and domestic copper tube enterprises' export orders are directly affected [2]. - **Corporate Strategy Adjustment**: Japan's Mitsubishi Materials is considering partially shutting down its smelter and reducing the processing volume of copper concentrate due to the continuous decline of copper concentrate processing and smelting fees (TC/RCs) [2]. 3.3 Industry Operation - **Capacity Utilization and Inventory**: The daily processing fee of refined copper rods for power and enameled wires in East China has increased compared with last week. The capacity utilization rate of China's refined copper rods (recycled copper rods) has increased, and the raw material (finished product) inventory of refined copper rod enterprises has increased. The raw material (finished product) inventory of recycled copper rod enterprises has decreased. The capacity utilization rate of China's copper wire and cable has decreased, and the raw material (finished product) inventory has increased. The order volume and capacity utilization rate of China's copper enameled wires have increased, and the raw material (finished product) inventory days have decreased. The capacity utilization rate and production volume of China's copper strips have increased, and the raw material (finished product) inventory days have decreased. The capacity utilization rate of China's copper tubes has decreased, and the raw material (finished product) inventory days have remained unchanged. The capacity utilization rate of China's brass rods has decreased, and the raw material (finished product) inventory days have decreased [2]. - **Investment Strategy**: In August, the capacity utilization rate, production volume, import volume, and export volume of domestic copper processing enterprises may decline month - on - month. Specifically, the capacity utilization rate of electrolytic copper rods and copper strips and brass rods may increase month - on - month, while the capacity utilization rate of recycled copper rods, copper wire and cable, copper enameled wires, copper foils, and copper tubes may decrease month - on - month [2].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The fundamental outlook for methanol remains weak. Upstream coal - based profits are still high, coastal MTO profits have slightly declined, and inland downstream profits are poor with room for repair. Methanol valuation is relatively high. The anti - involution policy may have limited impact on methanol production, and it's likely that ports will continue to accumulate inventory, suppressing the spot price in East China. Although coking coal sentiment will affect methanol, the rebound space for methanol is expected to be limited [1] Summary by Relevant Catalogs Futures and Spot Prices and Basis - **Methanol Futures Prices**: MA01 closed at 2497 yuan/ton on August 5, 2025, up 10 yuan/ton (0.40%) from the previous day; MA05 closed at 2447 yuan/ton, up 16 yuan/ton (0.66%); MA09 closed at 2397 yuan/ton, up 7 yuan/ton (0.29%) [1] - **Methanol Spot Prices**: Spot prices in Shandong, Guangdong, Sichuan - Chongqing, and Hubei increased, while those in Shaanxi decreased. Prices in Taicang and Inner Mongolia remained unchanged. For example, the price in Shandong rose 15 yuan/ton (0.65%) to 2330 yuan/ton, and the price in Shaanxi fell 2.5 yuan/ton (-0.12%) to 2122.5 yuan/ton [1] - **Basis**: The basis of Taicang spot - MA was - 129.50 yuan/ton on August 5, 2025, down 10 yuan/ton from the previous day [1] Raw Material Prices - **Coal Spot Prices**: The prices of Ordos Q5500 and Datong Q5500 increased, while the price of Yulin Q6000 remained unchanged. Ordos Q5500 rose 5 yuan/ton (1.04%) to 487.5 yuan/ton, and Datong Q5500 rose 12.5 yuan/ton (2.27%) to 562.5 yuan/ton [1] - **Industrial Natural Gas Prices**: The prices in Hohhot and Chongqing remained unchanged at 3.94 yuan/cubic meter and 3.30 yuan/cubic meter respectively [1] Profit Situation - **Methanol Production Profits**: Coal - based methanol profit was 470.40 yuan/ton on August 5, 2025, up 53.70 yuan/ton (12.89%) from the previous day. Natural gas - based methanol profit remained at - 540.00 yuan/ton [1] - **Downstream Profits**: Profits of MTBE increased, while those of Northwest MTO, East China MTO, acetic acid, formaldehyde, and another product decreased. For example, MTBE profit rose 7.44 yuan/ton (4.64%) to 167.68 yuan/ton, and East China MTO profit fell 32.00 yuan/ton (-5.08%) to - 661.57 yuan/ton [1] Important Information - **Domestic Futures**: The main methanol contract MA2509 stopped falling and rebounded, opening at 2374 yuan/ton, closing at 2397 yuan/ton, up 13 yuan/ton. Trading volume was 372,112 lots, and open interest was 484,212 lots, with both volume and open interest decreasing [1] - **Foreign Information**: Two methanol plants with a total capacity of 2.65 million tons in a Middle - Eastern country are under maintenance. The overall operating load of methanol plants in this country is low, with the recent overall operating rate dropping to 56%, and the daily total output of methanol plants less than 30,000 tons. Attention should be paid to the loading speed at the port in the future [1] Trading Strategy - The previous day, MA rebounded and closed at 2392 in the night session. The expectation of the anti - involution policy will still fluctuate. The daily limit of coking coal the previous day affected the sentiment of coal - chemical products. Considering the weak fundamentals, the rebound space for methanol is expected to be limited [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - For the lead market, supply and demand are both increasing, with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to consolidate within a range [1] - For the zinc market, in the macro - environment, the "anti - involution" sentiment in China is fluctuating, US non - farm payroll data is below expectations, and the Fed's interest - rate cut expectation is strengthening. Fundamentally, both zinc ore and zinc ingot supplies are increasing, demand is in the off - season, and inventories are accumulating. However, the continuous decline in overseas LME zinc inventories provides some support. Short - term zinc prices are unlikely to drop significantly and are expected to consolidate within a range [1] Summary by Relevant Catalogs Lead Market Price and Spread - SMM1 lead ingot average price was 16,600 yuan/ton, down 0.60% [1] - Shanghai lead futures main contract closing price was 16,775 yuan/ton, up 0.15% [1] - Shanghai lead basis was - 175 yuan/ton, down 125 yuan [1] - LME 0 - 3 lead premium was - 41.92 dollars/ton, up 5.94 dollars [1] Trading Volume and Open Interest - Futures active contract trading volume was 40,133 lots, down 13.13% [1] - Futures active contract open interest was 72,083 lots, up 1.06% [1] - Trading volume to open interest ratio was 0.56, down 14.04% [1] Inventory - LME lead inventory was 272,975 tons, unchanged [1] - Shanghai lead warehouse receipt inventory was 58,656 tons, down 0.59% [1] News - On August 3, 2025, the Anhui Ecological Environment WeChat public account announced a campaign to collect clues on prominent problems in rural black - odorous water bodies and rural domestic sewage treatment facilities. This has affected Anhui's secondary lead smelting enterprises, with some refineries suspending production [1] Fundamental Analysis - Lead concentrate imports have no expected increase, and processing fees are likely to rise. Primary lead production is relatively stable. Secondary lead scrap battery prices are likely to rise, and some refineries have reduced or suspended production due to raw material shortages or cost - price inversions. Demand is expected to enter the peak season, but enterprises are pausing purchases for inventory checks this week [1] Zinc Market Price and Spread - SMM1 zinc ingot average price was 22,230 yuan/ton, up 0.59% [1] - Shanghai zinc futures main contract closing price was 22,380 yuan/ton, up 0.56% [1] - Shanghai zinc basis was - 150 yuan/ton, up 5 yuan [1] - LME 0 - 3 zinc premium was - 13.16 dollars/ton, down 2.29 dollars [1] Trading Volume and Open Interest - Futures active contract trading volume was 85,449 lots, down 26.17% [1] - Futures active contract open interest was 98,472 lots, down 4.14% [1] - Trading volume to open interest ratio was 0.87, down 22.98% [1] Inventory - LME zinc inventory was 92,275 tons, unchanged [1] - Shanghai zinc warehouse receipt inventory was 14,807 tons, down 0.67% [1] News - On August 5, Nyrstar received 135 million Australian dollars in transitional funding from the Australian federal, South Australian, and Tasmanian governments to support its smelters and key - metal development plans [1] Fundamental Analysis - Zinc smelters have sufficient raw material stocks, and zinc concentrate processing fees are rising. Refinery profits and production enthusiasm are improving, with obvious production increases. Downstream purchasing enthusiasm has improved, but end - demand is in the off - season and enterprise operations have declined [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The industrial silicon futures and spot prices have resonated and rebounded, but considering the cooling of sentiment and the hedging pressure above the market, the market may adjust, yet the bullish sentiment may still fluctuate, so operations need to be cautious. The continuous production resumption dynamics of silicon enterprises should be followed up [1]. - The polysilicon market has shown continuous upward movement driven by supply - side reform expectations and spot price increases. Although the sentiment has weakened recently, it still fluctuates, and the market is volatile, so operations need to be cautious. The evolution of macro - sentiment and the registration of warehouse receipts should be continuously monitored [1]. Summary by Related Content Price Changes - The average price of industrial silicon non - oxygenated 553 (East China) decreased by 2.15% to 9,100 yuan/ton, and the average price of 421 (East China) decreased by 2.02% to 9,700 yuan/ton. The closing price of the futures main contract increased by 1.08% to 8,450 yuan/ton [1]. - The price of N - type dense material remained flat at 46 yuan/kg, N - type re - feeding material remained flat at 47 yuan/kg, N - type mixed material remained flat at 45 yuan/kg, and N - type granular silicon remained flat at 44.5 yuan/kg. The closing price of the polysilicon futures main contract increased by 3.30% to 50,330 yuan/ton [1]. - The prices of silicon wafers, battery cells, components, and organic silicon products remained unchanged [1]. Industry News - On July 22, 2025, the European Commission launched a second anti - dumping and counter -vailing sunset review investigation on solar glass originating from China [1]. - On July 29, Hebei Haopan Environmental Protection Technology Co., Ltd. won the bid for the photovoltaic module procurement project of several photovoltaic power stations in Hebei [1]. Supply and Demand Analysis - Industrial Silicon - Supply: As the silicon price rises, some previously shut - down silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise operation. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1]. - Demand: Polysilicon enterprises maintain a production reduction trend, with some silicon material plants planning to resume production in July, bringing some demand increments. An organic silicon plant has stopped production for rectification due to an accident, and the price has continued to rise. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1]. Supply and Demand Analysis - Polysilicon - Supply: Polysilicon enterprises maintain a production reduction trend, but some may have new production capacity put into operation. After offsetting the increase and decrease, the output is expected to increase slightly, with the July output approaching 110,000 tons [1]. - Demand: The photovoltaic market is weak, with rising inventories of silicon wafers and polysilicon materials. Recently, due to the expected increase in polysilicon prices, the prices of downstream silicon wafers have followed suit, and the trading atmosphere has improved. However, the terminal market is still weak due to the large - scale pre - installation in the first half of the year [1].