Group 1: Report Core View - The expectation of interest rate cuts continues to heat up, driving precious metal prices to fluctuate at high levels. The market's risk aversion sentiment has significantly increased due to doubts about the Fed's independence, supporting the safe - haven premium of gold. Silver's trading logic is mainly driven by the future easing expectation, and it is expected to continue the upward trend with the regression logic of the gold - silver ratio [1][8] Group 2: Market Analysis - New York Fed President Williams said that it is appropriate to cut interest rates at the right time, strengthening the market's expectation of future easing. U.S. Treasury Secretary Bessent will interview 11 "very strong" candidates for the Fed Chairman starting next month, and the selection will be announced this fall. The Trump administration is studying a plan to exert more influence on the 12 regional Fed banks [1] Group 3: Futures Quotes and Volumes - On August 27, 2025, the opening price of the Shanghai Gold main contract was 780.68 yuan/gram, closing at 781.16 yuan/gram, a change of 0.01% from the previous trading day. The night - session closing price was 784.16 yuan/gram, a 0.38% increase from the afternoon closing. The opening price of the Shanghai Silver main contract was 9300.00 yuan/kilogram, closing at 9305.00 yuan/kilogram, a change of - 0.52% from the previous trading day. The night - session closing price was 9327 yuan/kilogram, a 0.24% decrease from the afternoon closing [2] Group 4: U.S. Treasury Yield and Spread Monitoring - On August 27, 2025, the U.S. 10 - year Treasury rate closed at 4.234%, remaining flat from the previous trading day. The 10 - year and 2 - year spread was 0.623%, also remaining flat [3] Group 5: Position and Volume Changes on the SHFE - On August 27, 2025, on the Au2508 contract, both long and short positions changed by 0 hands. The total trading volume of gold contracts was 192052 hands, a change of 8.75% from the previous trading day. On the Ag2508 contract, long positions changed by 2 hands, and short positions changed by - 2 hands. The total trading volume of silver contracts was 447460 hands, a change of - 5.65% from the previous trading day [4] Group 6: Precious Metal ETF Position Tracking - The gold ETF position was 962.5 tons, an increase of 2.58 tons from the previous trading day. The silver ETF position was 15274.7 tons, a decrease of 14.12 tons from the previous trading day [5] Group 7: Precious Metal Arbitrage Tracking - On August 27, 2025, the domestic gold premium was - 10.85 yuan/gram, and the domestic silver premium was - 740.85 yuan/kilogram. The price ratio of the SHFE gold and silver main contracts was about 83.95, a change of 0.53% from the previous trading day. The foreign - market gold - silver ratio was 87.79, a change of - 1.49% from the previous trading day [6] Group 8: Fundamental Data - On August 27, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 27306 kilograms, a change of - 0.91% from the previous trading day. The trading volume of silver was 354762 kilograms, a change of 30.65% from the previous trading day. The gold delivery volume was 8614 kilograms, and the silver delivery volume was 330 kilograms [7] Group 9: Strategy - Gold: Cautiously bullish. The gold price is expected to be in a volatile and upward - trending pattern, with the Au2510 contract oscillating between 760 yuan/gram and 810 yuan/gram. - Silver: Cautiously bullish. The silver price is expected to continue the upward trend, with the Ag2508 contract oscillating between 9100 yuan/kilogram and 9600 yuan/kilogram. - Arbitrage: Short the gold - silver ratio at high levels. - Options: Postpone [8]

Report Industry Investment Rating - Unilateral: Cautiously bullish; No positions recommended for inter - period, inter - commodity, spot - futures, and options [5] Core Viewpoints - The supply - demand pattern is improving with reduced inventory and production. Although some mines have obtained safety production licenses, there is still uncertainty in subsequent mine approvals. The lithium carbonate price may rise after a decline due to support from the consumer side, but the short - term market will be volatile, and participants should manage risks [3] Market Analysis - On August 27, 2025, the main lithium carbonate contract 2511 opened at 79,260 yuan/ton and closed at 78,860 yuan/ton, a - 0.23% change from the previous day's settlement price. The trading volume was 729,645 lots, and the open interest was 351,322 lots. The basis was 1,400 yuan/ton, and the number of lithium carbonate warehouse receipts was 27,477 lots, a change of 787 lots from the previous day [1] - Battery - grade lithium carbonate was priced at 79,600 - 83,600 yuan/ton, and industrial - grade lithium carbonate at 78,700 - 79,900 yuan/ton, both down 100 yuan/ton from the previous day. The price of 6% lithium concentrate was 920 US dollars/ton, unchanged from the previous day. The spot price of lithium carbonate continued to decline [1] - Due to pre - stockpiling by some downstream material factories, the weekly procurement volume decreased. The downstream is cautious, waiting for price drops. Despite this, the "Golden September and Silver October" season provides some rigid support for demand [1] Production and Inventory - Weekly production decreased by 842 tons to 19,138 tons. Production from spodumene increased, while that from mica decreased. Weekly inventory decreased by 713 tons to 141,543 tons. Downstream inventory increased significantly, and smelter inventory decreased [2] Strategy - Pay attention to mine operations. Lithium carbonate may rise after a decline, but short - term market fluctuations are large, and participants should manage risks [3]

Group 1: Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Group 2: Core View of the Report - The current supply - demand situation of lead remains weak, with no obvious signs of peak - season demand. The concentrate market is tight even with smelter maintenance plans, and TC prices are falling. There are no significant fundamental factors to boost lead prices, but macro factors like rising interest - rate cut expectations support the non - ferrous metals sector, limiting the downside of lead prices. It is expected that the lead price will fluctuate between 16,300 yuan/ton and 17,050 yuan/ton [3] Group 3: Summary of Market News and Key Data Spot Market - On August 27, 2025, the LME lead spot premium was - 38.74 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,775 yuan/ton. The SMM Shanghai lead spot premium remained unchanged at 0 yuan/ton. The SMM Guangdong lead price decreased by 25 yuan/ton to 16,800 yuan/ton, and the SMM Henan lead price also decreased by 25 yuan/ton to 16,775 yuan/ton. The SMM Tianjin lead spot premium decreased by 25 yuan/ton to 16,775 yuan/ton. The lead refined - scrap price difference remained unchanged at - 25 yuan/ton. The prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,125 yuan/ton, 10,125 yuan/ton, and 10,450 yuan/ton respectively [1] Futures Market - On August 27, 2025, the main Shanghai lead futures contract opened at 16,925 yuan/ton, closed at 16,890 yuan/ton, down 40 yuan/ton from the previous trading day. The trading volume was 49,426 lots, an increase of 4,245 lots from the previous day. The positions were 49,915 lots, a decrease of 931 lots. The intraday price fluctuated, with a high of 16,960 yuan/ton and a low of 16,870 yuan/ton. In the night session, it opened at 16,885 yuan/ton and closed at 16,875 yuan/ton, down 15 yuan/ton from the afternoon close [1] Inventory - On August 27, 2025, the total SMM lead ingot inventory was 68,000 tons, a decrease of 16,000 tons from the previous week. As of August 27, the LME lead inventory was 267,475 tons, a decrease of 1,500 tons from the previous trading day [2] Group 4: Summary of Sales Strategies - The option strategy is to sell a wide straddle [3]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Short - term nickel prices will mainly show a volatile trend, with an unchanged oversupply pattern and approaching lower costs, being more affected by macro - sentiment. Stainless steel prices may stop falling and rebound in the short term, although the demand in the traditional peak season has not shown explosive growth, and the social inventory of stainless steel has decreased for 7 consecutive times, also influenced by factors such as the expectation of the Fed's interest rate cut and rising raw material prices [1][3][4]. 3. Summary by Relevant Catalogs Nickel Variety Market Analysis - **Futures**: On August 27, 2025, the main contract 2510 of Shanghai nickel opened at 120,620 yuan/ton and closed at 121,760 yuan/ton, a change of 1.17% from the previous trading day's close. The trading volume was 196,852 lots, and the open interest was 98,903 lots, a daily change of - 10,364. Overnight, LME nickel prices rose 2.04% to $15,280/ton. Affected by the external market, the main contract of Shanghai nickel fluctuated narrowly between 120,620 - 121,690 yuan/ton and closed at 121,690 yuan/ton, up 1,340 yuan/ton or 1.11%. During the day session, it continued to rise, reaching a high of 122,690 yuan/ton, a two - week high. However, the open interest decreased by about 9.5% [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market was fair, and prices remained stable. 1.3% nickel ore resources in China and Indonesia CIF42 had transactions. The price of 0.9% low - aluminum nickel ore in China increased slightly due to resource shortages. In the Philippines, mine quotations were firm, and the impact of rainfall on shipping efficiency was small. Downstream nickel - iron had new transactions, but iron plants were still cautious and price - pressing in nickel ore procurement. In Indonesia, the September (Phase 1) domestic trade benchmark price of nickel ore was expected to fall by $0.2 - 0.3, and the current mainstream premium remained at + 24, with the September (Phase 1) premium likely to remain unchanged [2]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 124,500 yuan/ton, up 1,700 yuan/ton from the previous day. Spot trading of refined nickel was a bit light. The premium of Jinchuan nickel changed by - 100 yuan/ton to 2,500 yuan/ton, the premium of imported nickel remained unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warrant volume was 22,025 (- 61.0) tons, and the LME nickel inventory was 209,220 (72) tons [2]. Strategy - Short - term nickel price strategy: mainly range - bound operation for single - side trading; no operations for cross - period, cross - variety, spot - futures, and options trading [3]. Stainless Steel Variety Market Analysis - **Futures**: On August 27, 2025, the main contract 2510 of stainless steel opened and closed at 12,850 yuan/ton. The trading volume was 128,526 lots, and the open interest was 128,，304 lots, a daily change of - 5,355. Overnight, boosted by the expectation of the Fed's interest rate cut and a weakening dollar, the main contract quickly rose to 12,915 yuan/ton after opening at 12,850 yuan/ton, then fluctuated narrowly around 12,870. During the day session, it was driven up slightly by Shanghai nickel prices but then fell back due to the weak spot market, closing at 12,850 yuan/ton, down 15 yuan/ton or 0.12% [3]. - **Spot**: The trading heat in the spot market rebounded slightly as the futures market stabilized. Traders' quotations were still cautious as downstream acceptance of high prices was low despite approaching the "Golden September and Silver October" peak season. The stainless steel price in Wuxi and Foshan markets was 13,125 yuan/ton, and the 304/2B premium was 330 - 480 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 6.00 yuan/nickel point to 940.5 yuan/nickel point [4]. Strategy - Short - term stainless steel price strategy: mainly range - bound operation for single - side trading; no operations for cross - period, cross - variety, spot - futures, and options trading [3][4].

Report Summary 1. Investment Rating The report is bullish on the long - term trend of stock index futures, maintaining a positive outlook on the long - bull market of the stock index [3]. 2. Core View The current adjustment of the stock index is beneficial for its long - term development. Although there was a pull - back in the market on the day, the long - term upward trend remains unchanged, and the long - bull market of the stock index is still expected [3]. 3. Summary by Directory Market Analysis - **Policy Situation**: Domestically, the Ministry of Commerce will introduce policies to expand service consumption next month and has formulated measures to promote service exports. Overseas, the EU responded to the US threat of tariff retaliation on digital regulation [1]. - **Spot Market**: A - share indexes generally declined, with the Shanghai Composite Index down 1.76% to 3800.35 points, and only the communication sector rising. The trading volume of the two markets reached 3.2 trillion yuan. In the US, the three major stock indexes rose slightly, with the Dow Jones up 0.32% to 45565.23 points [1]. - **Futures Market**: The basis of stock index futures rebounded, with the current - month contracts of IH and IF at a premium. The trading volume and open interest of stock index futures increased simultaneously [2]. Strategy The current adjustment is conducive to the long - term trend of the stock index. The support levels at 3800 and 3700 points should be monitored, and the long - term upward trend of the stock index is still optimistic [3]. Chart Summary - **Macroeconomic Charts**: Include the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A - share trends [6]. - **Spot Market Tracking Charts**: Present the daily performance of major domestic stock indexes, trading volume of the two markets, and margin trading balance [13][14]. - **Stock Index Futures Tracking Charts**: Show the trading volume, open interest, basis, and inter - delivery spreads of different stock index futures contracts [17][37][44].

Group 1: Report Industry Investment Rating - Unilateral: Neutral; Arbitrage: Short allocation option among non-ferrous varieties [6] Group 2: Core View of the Report - Zinc ingot spot market has sufficient arrivals, domestic warehouse receipts are increasing rapidly, zinc prices fluctuate with the general trend of non-ferrous metals, downstream purchasing power is poor, and spot discounts show a slight expanding trend. The import TC is rising, smelters have sufficient raw material inventory, and port inventory is increasing. The smelting profit remains above 1000 yuan/ton, and zinc price decline has little impact on smelting profit. Even in the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the expectation of the peak consumption season fails, zinc prices will face greater pressure, but the impact of overseas inventory needs attention [1][5] Group 3: Summary by Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is -$4.61/ton. SMM Shanghai zinc spot price is -10 yuan/ton to 22,270 yuan/ton, with a premium of -45 yuan/ton; SMM Guangdong zinc spot price is unchanged at 22,270 yuan/ton, with a premium of -70 yuan/ton; Tianjin zinc spot price is -10 yuan/ton to 22,250 yuan/ton, with a premium of -65 yuan/ton [2] - **Futures**: On August 27, 2025, the main SHFE zinc contract opened and closed at 22,310 yuan/ton, up 5 yuan/ton from the previous trading day. The trading volume was 114,993 lots, and the open interest was 107,827 lots. The highest price was 22,425 yuan/ton, and the lowest was 22,290 yuan/ton [3] - **Inventory**: As of August 27, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 138,500 tons, a change of 5,600 tons from the previous period. As of the same date, LME zinc inventory was 60,025 tons, a change of -5,500 tons from the previous trading day [4] Market Analysis - **Supply**: Zinc ingot spot market has sufficient arrivals, domestic warehouse receipts are increasing rapidly. The import TC is rising, smelters have sufficient raw material inventory, and port inventory is increasing. The smelting profit remains above 1000 yuan/ton, and zinc price decline has little impact on smelting profit, so the smelting enthusiasm remains [5] - **Consumption**: Even in the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the expectation of the peak consumption season fails, zinc prices will face greater pressure, but the impact of overseas inventory needs attention [5] Strategy - **Unilateral**: Neutral - **Arbitrage**: Short allocation option among non-ferrous varieties [6]

航运日报 | 2025-08-28 运价中枢持续下修，关注其他船司运价调整情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹36周价格1315/2210，37周价格开出为1140/1900（目前已经涨至 1155/1930）；HPL -SPOT 9月上半月船期报价1185/1935，9月下半月价格1185/1935。马士基远东-北欧地区PSS降为 50/100. MSC+Premier Alliance：MSC 9月上半月船期报价1406/2352；ONE9月上半月船期报价1504/2343；HMM上海-鹿 特丹9月上半月船期报价1315/2200; YML9月上半月报价1350/2200。 Ocean Alliance：CMA 上海-鹿特丹9月1日-6日船期报价1410/2420，9月6日-20日船期报价1310/2220；EMC 9月份 船期价格1605/2410；OOCL 9月上半月船期价格2100-2200美元/FEU。 地缘端：以色列总理内塔尼亚胡：以色列对今天发生在加沙纳赛尔医院的这起悲剧性事故深感遗憾。 特朗普：与 内塔尼亚胡打交道相当棘手。预计未来2到3周 ...

Report Industry Investment Rating - Aluminum: Cautiously bullish - Alumina: Cautiously bearish - Aluminum alloy: Cautiously bullish [10] Core Viewpoints - At the transition between the off - season and peak season of aluminum consumption, macro and micro factors resonate. The Fed's September interest - rate cut expectation is rising again, and the overall non - ferrous metals market is strongly oscillating. The aluminum supply side is stable, and consumption is shifting from the off - season to the peak season. The long - term logic of limited supply and stable consumption growth remains unchanged. For alumina, the supply is in continuous surplus, and attention should be paid to the decline rate of spot prices and potential short - term disturbances. For aluminum alloy, consumption is transitioning from the off - season to the peak season, and seasonal repair trends are emerging [6][8][9] Summary by Related Catalogs 1. Important Data Aluminum Spot - East China A00 aluminum price is 20,840 yuan/ton, with a change of 60 yuan/ton from the previous trading day. The spot premium is - 20 yuan/ton, a change of - 20 yuan/ton. Central China A00 aluminum price is 20,660 yuan/ton, and the spot premium changes - 40 yuan/ton to - 200 yuan/ton. Foshan A00 aluminum price is 20,790 yuan/ton, with a change of 60 yuan/ton, and the spot premium changes - 25 yuan/ton to - 70 yuan/ton [1] Aluminum Futures - On August 27, 2025, the opening price of the Shanghai aluminum main contract is 20,730 yuan/ton, the closing price is 20,810 yuan/ton, a change of 80 yuan/ton. The highest price is 20,950 yuan/ton, and the lowest is 20,725 yuan/ton. The trading volume is 212,688 lots, and the open interest is 269,866 lots [2] Aluminum Inventory - As of August 27, 2025, the domestic electrolytic aluminum ingot social inventory is 616,000 tons, a change of 2.0 tons from the previous period. The warrant inventory is 57,351 tons, a change of 1,077 tons from the previous trading day. The LME aluminum inventory is 481,250 tons, a change of 3,175 tons from the previous trading day [2] Alumina Spot Price - On August 27, 2025, the SMM alumina price in Shanxi is 3,195 yuan/ton, in Shandong is 3,170 yuan/ton, in Henan is 3,205 yuan/ton, in Guangxi is 3,315 yuan/ton, in Guizhou is 3,320 yuan/ton, and the Australian alumina FOB price is 372 US dollars/ton [2] Alumina Futures - On August 27, 2025, the opening price of the alumina main contract is 3,069 yuan/ton, the closing price is 3,046 yuan/ton, a change of - 83 yuan/ton or - 2.65%. The highest price is 3,084 yuan/ton, and the lowest is 3,039 yuan/ton. The trading volume is 318,098 lots, and the open interest is 237,684 lots [2] Aluminum Alloy Price - On August 27, 2025, the Baotai civil raw aluminum procurement price is 15,800 yuan/ton, and the mechanical raw aluminum procurement price is 15,900 yuan/ton, with no change from yesterday. The Baotai ADC12 quotation is 20,300 yuan/ton, a change of 100 yuan/ton from yesterday [3] Aluminum Alloy Inventory - The aluminum alloy social inventory is 52,100 tons, and the in - plant inventory is 60,300 tons [4] Aluminum Alloy Cost and Profit - The theoretical total cost is 20,097 yuan/ton, and the theoretical profit is 4 yuan/ton [5] 2. Market Analysis Electrolytic Aluminum - At the transition between the off - season and peak season of consumption, macro and micro factors resonate. The Fed's September interest - rate cut expectation is rising again. The aluminum supply side is stable, and consumption is shifting from the off - season to the peak season. The aluminum rod inventory is declining, and the aluminum ingot inventory is expected to decline soon. The peak consumption season is still worth looking forward to, with stable domestic demand and potential for external demand [6] Alumina - In the spot market, Indonesia has a 30,000 - ton alumina transaction at FOB 370 US dollars/ton. The rainy season in Guinea supports the ore price, but the domestic smelters have sufficient ore reserves and high port inventories. The supply is in continuous surplus, and the inventory is increasing. Attention should be paid to the decline rate of spot prices, and short - term disturbances due to events are possible [7][8] Aluminum Alloy - The AD2511 - AL2511 contract spread is - 395 yuan/ton. Consumption is transitioning from the off - season to the peak season, and the spot price spread and smelting profit of aluminum alloy enterprises are showing seasonal repair trends. Attention can be paid to the spread arbitrage of the 11 - contract [9] 3. Strategy - **Unilateral**: Bullish on aluminum with caution, bearish on alumina with caution, and bullish on aluminum alloy with caution - **Arbitrage**: Long - short spread trading in Shanghai aluminum and long AD11 short AL11 [10]

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal and rapeseed meal sector is neutral [3] - The investment rating for the corn sector is cautiously bearish [5] Group 2: Core Views - The current soybean fundamentals have no significant changes. The Profarmer's survey shows good growth of US soybeans this year, in line with the USDA's highest - ever yield estimate. Domestic soybean meal inventory is increasing, and future supply is expected to be abundant. Attention should be paid to Sino - US trade negotiations [2] - For the corn market, the supply in China is becoming more relaxed with decreasing trade inventory in the Northeast and upcoming new corn harvests. The demand is weak, and price upward momentum is insufficient [4] Group 3: Summary by Related Catalogs Market News and Important Data for Soybean Meal and Rapeseed Meal - Futures: The closing price of soybean meal 2601 contract was 3045 yuan/ton, down 36 yuan/ton (-1.17%) from the previous day; the rapeseed meal 2601 contract was 2501 yuan/ton, down 25 yuan/ton (-0.99%) [1] - Spot: In Tianjin, the soybean meal spot price was 3050 yuan/ton, down 20 yuan/ton; in Jiangsu, it was 2970 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2920 yuan/ton, down 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2610 yuan/ton, down 10 yuan/ton [1] - Brazilian export forecasts: In August, soybean exports are expected to be 890 million tons (down from 894 million tons last week), soybean meal exports 213 million tons (down from 233 million tons), and corn exports 780 million tons (down from 805 million tons) [1] Market Analysis for Soybean Meal and Rapeseed Meal - The US soybean growth is good, and the domestic soybean meal inventory is increasing. Future soybean arrivals are expected to be high, and there is room for inventory growth. Sino - US trade negotiations are uncertain [2] Market News and Important Data for Corn - Futures: The closing price of corn 2511 contract was 2164 yuan/ton, up 6 yuan/ton (+0.28%); the corn starch 2511 contract was 2471 yuan/ton, down 4 yuan/ton (-0.16%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2660 yuan/ton, down 40 yuan/ton [3] - Brazilian and Ukrainian news: As of August 23, Brazil's second - season corn harvest progress was 94.8%. As of August 25, Ukraine's 2025/26 grain exports were 353 million tons [3] Market Analysis for Corn - In China, the supply is becoming more relaxed with decreasing trade inventory in the Northeast and upcoming new corn harvests. The demand from deep - processing enterprises is weak, and feed enterprises mainly use inventory [4]

1. Report Industry Investment Ratings - Cotton: Neutral [2] - Sugar: Neutral [6] - Pulp: Neutral [8] 2. Core Views of the Report - The global cotton supply - demand pattern has changed from loose to tight according to USDA, but the realization of the production cut in some countries is uncertain. In China, the low commercial inventory supports cotton prices in the short - term, yet the new cotton's concentrated listing may bring pressure [2]. - For sugar, the Brazilian sugar production forecast is revised down, and the high import volume in China suppresses sugar prices in the short - term. The sugar price is expected to be range - bound in the short - term and may have a tail - end rise in the fourth quarter [4][6]. - Regarding pulp, the supply pressure remains in the second half of the year, and the terminal demand improvement is limited. Pulp prices are expected to continue to oscillate at a low level in the short - term [8]. 3. Summary by Related Catalogs Cotton Market News and Key Data - Futures: The closing price of the cotton 2601 contract was 14,075 yuan/ton, down 25 yuan/ton (-0.18%) from the previous day. Spot: The Xinjiang factory price of 3128B cotton was 15,249 yuan/ton, up 14 yuan/ton; the national average price was 15,342 yuan/ton, up 8 yuan/ton. In July, Bangladesh imported about 139,000 tons of cotton, a 13.0% increase from June and a 1.2% increase from the same period last year [1]. Market Analysis - Internationally, the USDA's adjustment of cotton production needs verification, but the US cotton balance sheet may improve, supporting international cotton prices. Domestically, the low commercial inventory supports cotton prices, but the new cotton's concentrated listing may bring pressure [2]. Strategy - Be neutral. Pay attention to the peak - season demand. If the demand improves, cotton prices may be strong before the new cotton is listed; otherwise, there will be pressure [2]. Sugar Market News and Key Data - Futures: The closing price of the sugar 2601 contract was 5,620 yuan/ton, down 12 yuan/ton (-0.21%) from the previous day. Spot: The sugar price in Nanning, Guangxi was 5,950 yuan/ton, unchanged from the previous day. Brazil's 2025/26 sugar production forecast was revised down by 3.1% to 44.5 million tons [2][3]. Market Analysis - For raw sugar, the high sugar - making ratio in Brazil is offset by low cane quality, restricting the decline. For Zhengzhou sugar, the high import volume suppresses prices [4]. Strategy - Be neutral. The sugar price is expected to be range - bound in the short - term and may rise in the fourth quarter [6]. Pulp Market News and Key Data - Futures: The closing price of the pulp 2511 contract was 5,010 yuan/ton, down 60 yuan/ton (-1.18%) from the previous day. Spot: The price of Chilean Silver Star softwood pulp in Shandong was 5,735 yuan/ton, down 55 yuan/ton; the price of Russian softwood pulp was 5,065 yuan/ton, down 45 yuan/ton [7]. Market Analysis - Supply: The pulp import volume increased in the first half of 2025, and domestic production capacity will be put into operation. The port inventory is high, and the supply pressure remains. Demand: The consumption in Europe and the US is weak, and the domestic demand is also lackluster [8]. Strategy - Be neutral. The pulp price is expected to oscillate at a low level in the short - term [8].