Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The port inventory continues to rise rapidly, especially in Jiangsu. The overseas methanol production is still at a high level, and the arrival pressure in China in September remains high, awaiting the resumption of downstream MTO Xingxing in early September. The pattern of weak ports and strong inland areas persists, and the window for ports to flow back to southern Shandong has opened. The downside space depends on the inland performance. - The centralized maintenance period of coal - based methanol in the inland areas has passed, and the production of coal - based methanol has further increased. The inventory of inland factories has bottomed out and rebounded, and the inland supply - demand may weaken marginally. Among traditional downstream industries, the operating rates of MTBE and acetic acid continue to decline, and the operating rate of formaldehyde remains low. [2][3] 3. Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple figures showing the basis between methanol spot in different regions and the main futures contract, as well as the price differences between different methanol futures contracts, including methanol 01 - 05, 05 - 09, and 09 - 01. [6][7] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures display the production profit of Inner Mongolia coal - based methanol, the profit of East China MTO (PP&EG type), and the import price differences such as the difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China. [6][27] III. Methanol Production and Inventory - The total port inventory of methanol, the operating rate of MTO/P (including integrated plants), the sample inventory of inland factories, and the operating rate of Chinese methanol (including integrated plants) are presented. The port inventory is increasing, with the total port inventory at 1,427,655 tons (+127,905 tons), and the inventory in Jiangsu ports at 760,000 tons (+88,500 tons). The operating rate of downstream MTO is 84.72% (-0.63%). The inland factory inventory is also rising, with the Longzhong inland factory inventory at 341,083 tons (+7,690 tons). [2][3][35] IV. Regional Price Differences - The report shows the price differences between different regions, such as the price differences between northern Shandong and the northwest, Taicang and Inner Mongolia, Taicang and southern Shandong, etc. For example, the price difference between Taicang and Inner Mongolia - 550 is - 363 yuan/ton (-8 yuan/ton). [3][6][40] V. Traditional Downstream Profits - Figures show the production gross profits of traditional downstream industries, including the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan. [6][51] 4. Strategies - Unilateral: Cautiously short - sell on rallies for hedging. - Inter - period: Wait and see. - Cross - variety: Wait and see. [4]

Group 1: Report Industry Investment Rating - The short - term oil price will fluctuate within a range, and a short - position allocation is recommended for the medium - term [4] Group 2: Core View of the Report - The news that OPEC will discuss lifting the second - layer production limit of 1.66 million barrels per day in the weekend meeting affects oil price trends. However, an increase in production quotas does not equal an increase in production. OPEC's lifting of production limits may be more of a political statement rather than actual production control [3] Group 3: Summary by Related Catalogs Market News and Important Data - The price of light crude oil futures for October delivery on the New York Mercantile Exchange fell 49 cents to $63.48 per barrel, a decline of 0.77%; the price of Brent crude oil futures for November delivery fell 61 cents to $66.99 per barrel, a decline of 0.90%. The main SC crude oil contract closed down 0.06% at 483 yuan per barrel [1] - Russia may extend the gasoline export ban for producers until October [2] - In August, Kazakhstan's daily oil production decreased by 48,000 barrels to 1.712 million barrels compared to the previous month [2] - If OPEC+ decides to cancel the second - batch of production cuts, the global idle crude oil production capacity will shrink rapidly. If the second - stage production cuts are fully cancelled, the relevant production increase process will be gradually advanced within four to six months. At that time, Saudi Arabia's crude oil production may reach 10.48 million barrels per day [2] - US President Trump will talk with Russian President Putin in the near future [2] - The EIA strategic petroleum reserve inventory in the week ending August 29 was the highest since the week of October 14, 2022. The EIA gasoline inventory decline was the largest since the week of April 25, 2025, and it was the seventh consecutive week of decline [2] Investment Logic - The news of OPEC lifting the second - layer production limit affects oil prices. Although Saudi Arabia's production quota will increase to 10.5 million barrels per day, its actual production and exports have not increased. Whether Saudi Arabia will accelerate production increase in the future is unknown [3] Strategy - The short - term oil price will fluctuate within a range, and a short - position allocation is recommended for the medium - term [4]

Report Industry Investment Rating - Copper: Cautiously bullish [7] - Arbitrage: On hold - Options: short put @ 78,000 yuan/ton [7] Core View of the Report - In September, there are relatively large disturbances on the supply side, such as a decrease in the circulation of scrap copper and a concentrated period of smelter maintenance. Although the downstream performance is not outstanding, the support from the power grid for demand still exists. Coupled with the expectation of the Fed's interest rate cut, copper prices are expected to remain relatively strong in September [7] Summary by Relevant Catalogs Market News and Important Data - **Futures Quotes**: On September 4, 2025, the main contract of Shanghai copper opened at 80,000 yuan/ton and closed at 79,770 yuan/ton, a -0.42% decrease from the previous trading day's close. The night session opened at 79,680 yuan/ton and closed at 79,650 yuan/ton, a 0.13% increase from the afternoon close [1] - **Spot Situation**: The spot premium of SMM 1 electrolytic copper to the 2509 contract was 60 - 300 yuan/ton, with an average of 180 yuan/ton, a 10 yuan/ton decrease from the previous day. The spot price was 79,950 - 80,430 yuan/ton. The import loss was maintained at 300 - 400 yuan/ton, and the BACK structure continued. The market procurement sentiment was weak, but the concentrated arrival of imports boosted the sales sentiment. The premium of mainstream flat - water copper dropped to 80 yuan/ton, and the price in Jiangsu was pressured to 20 - 40 yuan/ton. Low - priced goods such as African and Kazakh copper had good transactions. It is expected that the stocking demand on Friday may support the premium with limited decline [2] - **Important Information Summary**: US economic data showed weak employment but strong service industry expansion. Weak employment data significantly increased the marginal expectation of interest rate cuts, with a 99.4% expectation of a September rate cut according to Fedwatch [3] Supply - Side Information - **Mine End**: Freeport - McMoRan is promoting three expansion projects and researching a technology innovation. It plans to invest $3.5 billion to expand the Baghdad copper mine in Arizona, with a possible investment decision by the end of 2025 and expected production in 2029. It may increase the capacity of the Lone Star copper mine in Arizona and the El Abra mine in Chile. The El Abra expansion plan involves a $7.5 billion investment with a target production time of 2033. The company hopes to extract an additional 800 million pounds (about 363,000 tons) of copper per year by 2030 through a "low - cost copper extraction technology" and is researching a "new additive" to improve copper recovery. The company also calls on the US government to increase incentives for domestic copper producers and shorten project approval time [4] - **Smelting and Import**: In September, China's refined copper market has a rare supply contraction. Multiple research institutions predict a 4% - 5% month - on - month decline in production, the first such decline in September since 2016. The reasons are the new tax policy reducing scrap copper processing profits and the peak of smelter equipment maintenance. The operating rate of smelters relying on scrap copper or anode copper is expected to drop by 8.3 percentage points to 59.9% [5] Demand - Side Information - **Consumption**: At the end of the month, downstream cable enterprises face increased capital pressure, high copper prices suppress orders, and the demand for enameled wires is weak. The raw material inventory decreased by 3.25% to 3.27 tons, and the finished product inventory increased by 2.87% to 6.8 tons. It is expected that demand will pick up next week, and the substitution effect of refined copper rods may increase. In the wire and cable industry, high copper prices at the beginning of the week suppressed order release, and most enterprises focused on completing existing orders, with only a few making advance purchases due to bullish expectations. The power grid demand provides support, while other industries are still in the off - season [5] Inventory and Warehouse Receipt Information - LME warehouse receipts decreased by 200 tons to 158,375 tons. SHFE warehouse receipts increased by 358 tons to 19,829 tons. On September 1, the domestic electrolytic copper spot inventory was 140,600 tons, a change of 8,500 tons from the previous week [6] Price and Related Data | Category | Details | | --- | --- | | **Spot (Premium/Discount)** | SMM: 1 copper, today's premium is 180 (compared to 190 yesterday, 205 last week, 180 one month ago); premium copper 285; flat - water copper 75; wet - process copper - 20; Yangshan premium 60 [26] | | **LME (0 - 3)** | - 67 (compared to - 70 yesterday, - 90 last week, - 49 one month ago) [26] | | **Inventory** | LME: 158,375 tons; SHFE: 79,748 tons; COMEX: 258,003 tons [27] | | **Warehouse Receipts** | SHFE warehouse receipts: 19,829 tons; LME cancelled warehouse receipt ratio: 8.53% [27] | | **Arbitrage** | CU11 - CU09 (continuous three - near - month): - 120; CU10 - CU09: - 30; CU09/AL09: 3.87; CU09/ZN09: 3.61 [27] | | **Import Profit** | - 48 (compared to - 53 yesterday, 331 last week, - 149 one month ago) [28] | | **Shanghai - London Ratio (Main Contract)** | 8.03 (compared to 7.96 yesterday, 8.10 last week, 8.14 one month ago) [28] |

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report's Core View - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, and the supply surplus pattern remains unchanged with limited upside potential [3]. - Stainless steel prices show signs of stopping falling and rebounding due to eight - week consecutive inventory decline and rising material costs, and the demand situation during the consumption peak season needs to be monitored [3]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On September 4, 2025, the Shanghai nickel main contract 2510 opened at 121,930 yuan/ton and closed at 120,850 yuan/ton, a change of - 0.53% from the previous trading day. The trading volume was 104,598 (- 20,952) lots, and the open interest was 82,558 (- 2,171) lots. The night - session opened with a slight increase, reaching a maximum of 122,390 yuan/ton and closing at 121,970 yuan/ton, but the day - session showed a continuous decline and low - level oscillation. The trading volume decreased by 20,900 lots compared to the previous day [1]. - **Nickel Ore**: The 1.4% nickel ore CIF at 50.5 was transacted during the day, with a rising price compared to the previous period. The offer price for 1.3% nickel ore from the Philippines to Indonesia was 43.44. The Philippine side had firm quotes and good shipping efficiency. The downstream nickel - iron price was stable, while domestic iron plants were still in loss and had cautious purchases. In Indonesia, the nickel - ore market supply was relatively loose, and the domestic trade benchmark price in September (first phase) decreased by 0.2 - 0.3 dollars. The domestic trade premium in September (first phase) remained at +24, with a premium range of +23 - 24 [2]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 122,800 yuan/ton, a decrease of 500 yuan/ton from the previous trading day. Spot transactions were dull, and the premium and discount were stable. Jinchuan and Huayou brands had slight downward adjustments. The premium of Jinchuan nickel changed by - 50 yuan/ton to 2,050 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to 350 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 21,739 (- 121) tons, and the LME nickel inventory was 215,310 (+ 1,080) tons [2]. - **Strategy** - **Unilateral**: Mainly conduct range operations. - **Inter - period**: None. - **Cross - variety**: None. - **Futures - spot**: None. - **Options**: None [3]. Stainless Steel Variety - **Market Analysis** - **Futures**: On September 4, 2025, the stainless - steel main contract 2510 opened at 12,930 yuan/ton and closed at 12,855 yuan/ton. The trading volume was 99,009 (+ 11,460) lots, and the open interest was 82,425 (- 4,171) lots. The night - session opened with a rapid decline, maintained a weak oscillation throughout the day, and finally closed at 12,855 yuan/ton, a decline of 0.58%. The trading volume on this day was 99,000 lots, an increase of 11,500 lots from the previous trading day, but the open interest had declined for nine consecutive trading days [3]. - **Spot**: The weakening of futures prices led to stronger market wait - and - see sentiment. Traders further offered discounts, but the transaction situation did not improve. Inquiries and transactions during the day were both dull. The stainless - steel price in the Wuxi market was 13,200 (- 50) yuan/ton, and in the Foshan market was 13,200 (- 50) yuan/ton. The premium and discount of 304/2B was 340 - 640 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron the previous day changed by 1.00 yuan/nickel point to 944.5 yuan/nickel point [3]. - **Strategy** - **Unilateral**: Neutral. - **Inter - period**: None. - **Cross - variety**: None. - **Futures - spot**: None. - **Options**: None [3][4].

Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio on rallies [8] - Options: On hold [9] Core Viewpoints - Weak employment data in the US has significantly increased the expectation of interest rate cuts, with a 99.4% chance of a rate cut in September according to Fedwatch [1] - The weakening employment data and rising easing expectations are favorable for gold prices, and the gold-silver ratio is expected to narrow due to the rising rate cut expectations and the industrial attributes of silver in a pro-cyclical context [1][8] Market Analysis - In August, the ADP employment in the US increased by only 54,000, far lower than the expected 65,000, and the initial jobless claims last week rose by 8,000 to 237,000, the highest since June [1] - The ISM services PMI in the US in August was 52, with the new orders index jumping 5.7 points to 56, the largest increase since September last year [1] Futures Quotes and Volumes - On September 4, 2025, the Shanghai gold futures main contract opened at 817.50 yuan/gram and closed at 812.98 yuan/gram, down 0.23% from the previous trading day. The trading volume was not provided, and the open interest was 129,725 lots [2] - The Shanghai silver futures main contract opened at 9,851.00 yuan/kg and closed at 9,773.00 yuan/kg, down 0.48% from the previous trading day. The trading volume was 788,714 lots, and the open interest was 248,568 lots [2] US Treasury Yield and Spread Monitoring - On September 4, 2025, the yield of the 10-year US Treasury bond closed at 4.159%, down 0.19 BP from the previous trading day, and the spread between the 10-year and 2-year bonds was 0.571%, down 0.81 BP from the previous trading day [3] Changes in Positions and Volumes of Gold and Silver on the SHFE - On the Au2508 contract, the long positions increased by 246 lots and the short positions increased by 222 lots compared to the previous day. The total trading volume of gold contracts on the previous trading day was 475,014 lots, up 13.86% from the previous trading day [4] - On the Ag2508 contract, the long positions increased by 2 lots and the short positions decreased by 2 lots. The total trading volume of silver contracts on the previous trading day was 1,537,386 lots, up 36.19% from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF holdings were 981.97 tons, down 2.29 tons from the previous trading day, and the silver ETF holdings were 15,230.57 tons, down 50.83 tons from the previous trading day [5] Precious Metal Arbitrage Tracking - On September 4, 2025, the domestic premium for gold was -16.54 yuan/gram, and the domestic premium for silver was -913.19 yuan/kg [6] - The price ratio of the main gold and silver contracts on the SHFE was about 83.19, up 0.25% from the previous trading day, and the overseas gold-silver ratio was 86.56, up 0.85% from the previous trading day [6] Fundamental Analysis - On September 4, 2025, the trading volume of gold on the Shanghai Gold Exchange T+D market was 73,492 kg, up 4.59% from the previous trading day, and the trading volume of silver was 580,972 kg, up 55.37% from the previous trading day [7] - The delivery volume of gold was 18,670 kg, and the delivery volume of silver was 24,270 kg [7] Strategy - Gold: The Au2510 contract may oscillate between 800 yuan/gram and 850 yuan/gram [8] - Silver: The Ag2510 contract may oscillate between 9,600 yuan/kg and 10,100 yuan/kg [8] - Arbitrage: Short the gold-silver ratio on rallies [8]

新能源及有色金属日报 | 2025-09-05 国内锌锭库存持续增加 重要数据 现货方面：LME锌现货升水为18.78美元/吨。SMM上海锌现货价较前一交易日-270元/吨至21970元/吨，SMM上海 锌现货升贴水-65元/吨；SMM广东锌现货价较前一交易日-260元/吨至21970元/吨，广东锌现货升贴水-65元/吨；天 津锌现货价较前一交易日-270元/吨至21960元/吨，天津锌现货升贴水-75元/吨。 期货方面：2025-09-04沪锌主力合约开于22240元/吨，收于22120元/吨，较前一交易日-185元/吨，全天交易日成交 171243手，全天交易日持仓118873手，日内价格最高点达到22325元/吨，最低点达到22000元/吨。 库存方面：截至2025-09-04，SMM七地锌锭库存总量为14.89万吨，较上期变化0.26万吨。截止2025-09-04，LME 锌库存为54750吨，较上一交易日变化-475吨。 市场分析 国内现货市场维持弱势运行，社会库存持续增加且无降速迹象，海外升水持续走强，库存持续下滑，内外供需矛 盾短期难解。国内基本面依旧偏弱势，虽然国产矿TC难涨，甚至可能小幅回落 ...

农产品日报 | 2025-09-05 苹果库内走货转好，红枣销区到货减少 策略 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2510合约8285元/吨，较前一日变动-47元/吨，幅度-0.56%。现货方面，山东栖霞80# 一二 级晚富士价格3.80元/斤，较前一日变动+0.05元/斤，现货基差AP10-685，较前一日变动+147；陕西洛川70# 以上半 商品晚富士价格4.80元/斤，较前一日变动+0.00元/斤，现货基差AP10+1315，较前一日变动+47。 近期市场资讯，陕西早熟富士仍大面积上色中，渭南、洛川早熟富士少量上市，价格高于去年同期，目前红货好 货有限，尚未大量交易，客商采购积极性尚可。山东产区奶油红将军陆续交易，因预期上色红将军上量有限对库 存富士冲击减弱，部分持货商略挺价，交易略有起色。陕西白水产区早熟富士70#起步好货3.8-4.3元/斤，一般货源 价格3-4元/斤，价格不等，以质论价为主。 山东栖霞产区果农三级2.0-2.5元/斤，果农80#以上统货2.3-3.0元/斤，80# 一二级条纹3.3-4.5元/斤，80#一二级片红3.0-4.0元/斤。山东栖霞产区白果红将军80#起 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Pure benzene arrivals are concentrated, while downstream CPL (Caprolactam) has fluctuating operations, and the CPL - PA6 - nylon industrial chain still faces significant inventory pressure. Aniline operations are weak, and there is still inventory pressure in its downstream MDI. Phenol operations have declined again, dragged down by bisphenol A. Only styrene operations remain strong, but subsequent styrene maintenance is expected to impact pure benzene demand [3]. - For styrene, port inventory slightly peaked and declined during the week, but the absolute inventory level remains high. Styrene operations remained at a high level this week, but with the gradual start of maintenance at Xinpu and Guangdong Petrochemical, operations are expected to peak and decline, and port inventory is expected to peak. Among styrene downstream products, EPS and ABS operations declined again, while PS operations continued to rise. Attention should be paid to downstream提货 performance during the peak season [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spreads - The pure benzene main contract basis is - 105 yuan/ton (+5), and the pure benzene spot - M2 spread is - 25 yuan/ton (+20 yuan/ton). The styrene main contract basis is 50 yuan/ton (+30 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene CFR China processing fee is 129 dollars/ton (+2 dollars/ton), and FOB Korea processing fee is 113 dollars/ton (+2 dollars/ton). The pure benzene US - Korea spread is 38.5 dollars/ton (- 14.1 dollars/ton). Styrene non - integrated production profit is - 412 yuan/ton (- 2 yuan/ton), and it is expected to gradually compress [1]. 3.3 Pure Benzene and Styrene Inventory, Operating Rates - Pure benzene port inventory is 14.90 million tons (+1.10 million tons). Styrene East China port inventory is 196,500 tons (+17,500 tons), and East China commercial inventory is 96,500 tons (+12,500 tons), in the inventory rebuilding stage. Pure benzene downstream: caprolactam operating rate is 90.41% (+1.03%), phenol operating rate is 75.00% (- 1.00%), aniline operating rate is 67.96% (+0.41%), and adipic acid operating rate is 60.00% (- 3.20%). Styrene operating rate is 79.7% (+1.7%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS production profit is 285 yuan/ton (+25 yuan/ton), PS production profit is 15 yuan/ton (+5 yuan/ton), and ABS production profit is - 52 yuan/ton (+4 yuan/ton). EPS operating rate is 52.52% (- 5.82%), PS operating rate is 61.00% (+1.10%), and ABS operating rate is 69.00% (- 1.80%) [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam production profit is - 1715 yuan/ton (- 15), phenol - acetone production profit is - 447 yuan/ton (+92), aniline production profit is - 99 yuan/ton (+117), and adipic acid production profit is - 1129 yuan/ton (- 23) [1]. 4. Strategies - Unilateral: Cautiously short - hedge pure benzene and styrene at high prices. - Basis and inter - period: Observe. - Cross - variety: Observe [4].

Report Industry Investment Rating - Unilateral: Cautiously bullish [3] Core Viewpoints - Yesterday, the closing price of the main EG contract was 4,357 yuan/ton, up 26 yuan/ton or 0.60% from the previous trading day. The spot price in the East China EG market was 4,456 yuan/ton, up 22 yuan/ton or 0.50%. The spot basis of EG in East China was 108 yuan/ton, up 19 yuan/ton [1]. - The production profit of ethylene - made EG was -$61/ton, down $1/ton; the production profit of coal - made syngas EG was -102 yuan/ton, down 10 yuan/ton [1]. - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 37.6 tons, down 3.7 tons. Last week, the actual arrival at the main ports was 5 tons, and this week's planned arrival is 9.8 tons [1]. - In terms of supply, domestic ethylene glycol load has returned to a high level and is expected to remain stable in the short term. The syngas load may decline in September. Overseas supply has suffered many losses, and the import volume from September to October may be revised down. In terms of demand, there are signs of recovery, and polyester load is expected to rise slightly. The supply - demand balance sheet from August to September is in a loose balance [2]. Summary by Directory I. Price and Basis - The closing price of the main EG contract was 4,357 yuan/ton, up 26 yuan/ton or 0.60% from the previous trading day. The spot price in the East China EG market was 4,456 yuan/ton, up 22 yuan/ton or 0.50%. The spot basis of EG in East China was 108 yuan/ton, up 19 yuan/ton [1] II. Production Profit and Operating Rate - The production profit of ethylene - made EG was -$61/ton, down $1/ton; the production profit of coal - made syngas EG was -102 yuan/ton, down 10 yuan/ton [1] III. International Price Difference - No specific data provided, only a chart of the international price difference between US FOB and Chinese CFR is mentioned [19] IV. Downstream Production, Sales and Operating Rate - No specific data provided, only charts of downstream production, sales and operating rates are mentioned, including long - filament production and sales, short - fiber production and sales, polyester load, etc. [20][22][28] V. Inventory Data - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 37.6 tons, down 3.7 tons. Last week, the actual arrival at the main ports was 5 tons, and this week's planned arrival is 9.8 tons [1]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils fluctuated yesterday. The palm oil market has a strong expectation of inventory accumulation in the origin, but the export data is good, consumption is strong, and there are also the impacts of biodiesel policies. The U.S. soybean harvest is about to start, with high expected yields and a relatively loose global soybean supply, but the situation of China - U.S. trade negotiations needs attention. Rapeseed still has a high - yield expectation. Overall, the oil market is a mix of long and short factors, and further drivers are needed to guide prices [3] Group 3: Market Analysis Summary Futures Prices - Yesterday, the closing price of the palm oil 2601 contract was 9390.00 yuan/ton, a change of +22 yuan or +0.23% compared to the previous day. The closing price of the soybean oil 2601 contract was 8356.00 yuan/ton, a change of - 10.00 yuan or -0.12%. The closing price of the rapeseed oil 2601 contract was 9739.00 yuan/ton, a change of +12.00 yuan or +0.12% [1] Spot Prices - In the Guangdong region, the spot price of palm oil was 9380.00 yuan/ton, a change of +80.00 yuan or +0.86%, and the spot basis was P01 + - 10.00, a change of +58.00 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8510.00 yuan/ton, a change of +30.00 yuan/ton or +0.35%, and the spot basis was Y01 + 154.00, a change of +40.00 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9900.00 yuan/ton, a change of +20.00 yuan or +0.20%, and the spot basis was OI01 + 161.00, a change of +8.00 yuan [1] Recent Market Information - The C&F prices of U.S. Gulf, U.S. West, and Brazilian soybeans (October shipment) decreased by 3 dollars/ton compared to the previous trading day. The import soybean premium quotes for different regions (October shipment) remained unchanged. The C&F prices of Argentine soybean oil (October and December shipments) remained unchanged. The C&F quotes of Canadian rapeseed oil (October and December shipments) remained unchanged, while the C&F prices of Canadian rapeseeds (November and January shipments) decreased by 10 dollars/ton and 1 dollar/ton respectively [2] - According to the Malaysian Palm Oil Association (MPOA), the estimated palm oil production in Malaysia from August 1 - 31 increased by 2.07%, with a 1.26% decrease in the Malay Peninsula, a 7.36% increase in Sabah, an 8.14% increase in Sarawak, and a 7.56% increase in East Malaysia. The estimated total palm oil production in Malaysia in August was 1.85 million tons [2] - This week, the international and domestic palm oil prices fluctuated downward, with the domestic decline greater than the international one. The price inversion of China's palm oil imports widened. The import CNF quotes of 24 - degree palm oil for October and November shipments decreased by 7 dollars/ton and 9 dollars/ton respectively, and the South China arrival duty - paid costs decreased by 70 yuan/ton and 90 yuan/ton respectively [2]