Report Industry Investment Rating - Not provided Core Viewpoints - The port is experiencing concentrated arrivals, increasing the pressure on port inventory accumulation. The pattern of a weak port and a strong inland region is maintained, and the 01 contract still contains the expectation of seasonal winter maintenance in Iran, maintaining a relatively high futures premium. Inland coal - fired methanol centralized maintenance period has passed, with the start - up rate increasing in early September and factory inventories starting to bottom out and rise. Downstream demand remains relatively weak [2]. Summary by Directory 1. Methanol Basis & Inter - period Structure - Figures show the methanol basis in different regions (such as methanol in Taicang, Lunan, Inner Mongolia North Line, etc.) relative to the main futures contract, and the price differences between different futures contracts (such as 01 - 05, 05 - 09, 09 - 01) [6][10][21] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [25][32][33] 3. Methanol Start - up and Inventory - The methanol port total inventory, MTO/P start - up rate (including integrated), inland factory sample inventory, and China's methanol start - up rate (including integrated) are presented in figures [34][35][37] 4. Regional Price Differences - Figures show the price differences between different regions, such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [39][44][47] 5. Traditional Downstream Profits - Figures show the production gross profits of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [48][54][56] Market Data Inland Market - Q5500 Ordos steam coal is 445 yuan/ton (+0), and the production profit of coal - based methanol in Inner Mongolia is 698 yuan/ton (-18). Inner Mongolia North Line methanol price is 2063 yuan/ton (-18), with a basis of 291 yuan/ton (+6); Inner Mongolia South Line is 2080 yuan/ton (+0). Shandong Linyi is 2323 yuan/ton (-23), with a basis of 151 yuan/ton (+1); Henan is 2230 yuan/ton (+0), with a basis of 58 yuan/ton (+23); Hebei is 2265 yuan/ton (+25), with a basis of 153 yuan/ton (+48). Longzhong's inland factory inventory is 333393 tons (+22600), and the northwest factory inventory is 214500 tons (+16500). Longzhong's inland factory pending orders are 216985 tons (+9615), and the northwest factory pending orders are 113300 tons (+8100) [1] Port Market - Taicang methanol is 2250 yuan/ton (-22), with a basis of - 122 yuan/ton (+1), CFR China is 261 US dollars/ton (-4), and the East China import price difference is - 20 yuan/ton (+10). Changzhou methanol is 2445 yuan/ton; Guangdong methanol is 2265 yuan/ton (-20), with a basis of - 107 yuan/ton (+3). Longzhong's total port inventory is 1299250 tons (+223290), Jiangsu port inventory is 671500 tons (+124000), Zhejiang port inventory is 217500 tons (+58800), and Guangdong port inventory is 249000 tons (+31500). The downstream MTO start - up rate is 84.59% (+1.46%) [2] Regional Price Differences - The price difference of Lubei - Northwest - 280 is - 48 yuan/ton (+18), Taicang - Inner Mongolia - 550 is - 363 yuan/ton (-5), Taicang - Lunan - 250 is - 323 yuan/ton (+1); Lunan - Taicang - 100 is - 28 yuan/ton (-1); Guangdong - East China - 180 is - 165 yuan/ton (+2); East China - Sichuan - Chongqing - 200 is - 155 yuan/ton (-22) [2] Strategy - Unilateral: Cautiously short - sell for hedging at high prices. - Inter - period: Wait and see. - Cross - variety: Wait and see [3]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View The LPG market has shown some marginal positive factors recently (such as rising international freight rates and improved chemical demand), and market sentiment has improved. The PG futures market is in a volatile and slightly stronger state, with the decline of the PG futures market smaller than that of the crude oil market. The spot market has continued to rise. However, considering that the supply - demand pattern of LPG has not been substantially reversed, the driving force and space for the market to rise continuously may be limited, but there is some short - term support [1]. 3. Summary by Related Content Market Analysis - On August 27, the regional LPG prices were as follows: Shandong market, 4500 - 4630 yuan/ton; Northeast market, 3880 - 4130 yuan/ton; North China market, 4100 - 4650 yuan/ton; East China market, 4350 - 4550 yuan/ton; Yangtze River market, 4610 - 4850 yuan/ton; Northwest market, 4450 - 4500 yuan/ton; South China market, 4600 - 4630 yuan/ton [1]. - In the second half of September 2025, the CIF prices of refrigerated propane and butane in East China were 583 US dollars/ton and 558 US dollars/ton respectively, down 3 US dollars/ton each, equivalent to 4564 yuan/ton and 4368 yuan/ton in RMB, down 29 yuan/ton each. In South China, the CIF prices of refrigerated propane and butane were 575 US dollars/ton and 550 US dollars/ton respectively, down 3 US dollars/ton each, equivalent to 4501 yuan/ton and 4306 yuan/ton in RMB, down 29 yuan/ton and 28 yuan/ton respectively [1]. - After a continuous weak market, the LPG market has some marginal positive factors recently. The market sentiment has improved, and the pressure of warehouse receipt cancellation has eased. Although the decline in oil prices has disturbed the LPG market, the decline of the PG futures market is smaller than that of the crude oil market. The spot market has continued to rise, with good trading in East China's civil LPG [1]. Strategy - Unilateral: The market is expected to be volatile and slightly stronger. There are opportunities to go long on the PG main contract at low prices, but the expected space is limited. There are no specific strategies for inter - period, inter - variety, spot - futures, and options [2].

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - Crude oil prices have declined, putting pressure on the prices of edible oils. The prices of the three major edible oils fluctuated yesterday. The sharp decline in crude oil prices had a certain impact on the price center of edible oils, intensifying the volatility of the vegetable oil market. Fundamentally, the supply prospects of rapeseed and soybeans are favorable, and combined with the consumption support during the upcoming double festivals, the edible oil market is facing both bullish and bearish factors [1][3] Group 3: Summary by Relevant Content Futures and Spot Prices - Futures: The closing price of the palm oil 2601 contract was 9,500 yuan/ton, with a change of 0 yuan and a change rate of 0.00%. The closing price of the soybean oil 2601 contract was 8,390 yuan/ton, down 66 yuan or 0.78%. The closing price of the rapeseed oil 2601 contract was 9,853 yuan/ton, up 32 yuan or 0.33% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,470 yuan/ton, up 30 yuan or 0.32%, and the spot basis was P01 + -30 yuan, up 30 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,550 yuan/ton, down 50 yuan or 0.58%, and the spot basis was Y01 + 160 yuan, up 16 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,950 yuan/ton, up 10 yuan or 0.10%, and the spot basis was OI01 + 97 yuan, down 22 yuan [1] Market Information - Canadian rapeseed: In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a month - on - month increase of 13.13%. Rapeseed oil production was 408,898 tons, up 12.15% month - on - month, and rapeseed meal production was 571,012 tons, up 12.62% month - on - month. The C&F price of Canadian rapeseed (October shipment) was 542 US dollars/ton, down 3 US dollars/ton from the previous trading day, and the C&F price of Canadian rapeseed (December shipment) was 532 US dollars/ton, also down 3 US dollars/ton [2] - Malaysian palm oil: The estimated export volume of Malaysian palm oil from August 1 - 25 was 933,437 tons, a 36.41% increase from the same period last month [2] - Other oils: The C&F price of Argentine soybean oil (September shipment) was 1,179 US dollars/ton, down 23 US dollars/ton from the previous trading day, and the C&F price of Argentine soybean oil (November shipment) was 1,181 US dollars/ton, down 20 US dollars/ton. The C&F quotes of Canadian rapeseed oil (September and November shipments) remained unchanged. The C&F price of US Gulf soybeans (October shipment) remained unchanged, the C&F price of US West soybeans (October shipment) was down 5 US dollars/ton, and the C&F price of Brazilian soybeans (October shipment) was up 1 US dollar/ton. The import soybean premium quotes for some regions showed little change, with the Brazilian port (October shipment) up 3 cents/bushel [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PVC is affected by the sentiment of the black sector and follows a downward trend. In the short - term, attention should be paid to the impacts from the macro and cost sides. The supply pressure is large in the long - term, and the demand remains weak. The cost of coal and ethylene is strengthening, and its impact on PVC cost needs to be continuously monitored [4]. - The spot price of caustic soda is mainly stable. The supply is affected by maintenance, and the demand is expected to increase. Attention should be paid to the restocking rhythm during the peak season and the production start - up rhythm of alumina in Guangxi [4]. Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4949 yuan/ton (-50), the East China basis is -249 yuan/ton (+10), and the South China basis is -149 yuan/ton (+10) [2]. - Spot price: The East China calcium carbide - based PVC is quoted at 4700 yuan/ton (-40), and the South China calcium carbide - based PVC is quoted at 4800 yuan/ton (-40) [2]. - Upstream production profit: The price of semi - coke is 630 yuan/ton (+0), the price of calcium carbide is 2730 yuan/ton (+0), the calcium carbide profit is -64 yuan/ton (+0), the gross profit of PVC calcium carbide - based production is -223 yuan/ton (+8), the gross profit of PVC ethylene - based production is -592 yuan/ton (-52), and the PVC export profit is 16.4 US dollars/ton (+5.2) [2]. - Inventory and production start - up: The in - factory inventory of PVC is 30.6 tons (-2.1), the social inventory is 50.8 tons (+1.5), the production start - up rate of PVC calcium carbide method is 76.07% (-3.14%), the production start - up rate of PVC ethylene method is 72.44% (-5.48%), and the overall production start - up rate of PVC is 75.02% (-3.82%) [2]. - Downstream order situation: The pre - sales volume of production enterprises is 72.5 tons (-6.6) [2]. Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2699 yuan/ton (-4), and the basis of 32% liquid caustic soda in Shandong is 20 yuan/ton (+35) [2]. - Spot price: The price of 32% liquid caustic soda in Shandong is 870 yuan/ton (+10), and the price of 50% liquid caustic soda in Shandong is 1350 yuan/ton (+0) [2]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1728 yuan/ton (+31), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 744.5 yuan/ton (+31.3), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 682.53 yuan/ton (+1.25), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1458.45 yuan/ton (+70.71) [3]. - Inventory and production start - up: The factory inventory of liquid caustic soda is 39.64 tons (-4.14), the factory inventory of flake caustic soda is 2.36 tons (+0.03), and the production start - up rate of caustic soda is 83.20% (-0.90%) [3]. - Downstream production start - up: The production start - up rate of alumina is 85.78% (+0.14%), the production start - up rate of printing and dyeing in East China is 63.86% (+2.40%), and the production start - up rate of viscose staple fiber is 86.22% (+0.18%) [3]. Market Analysis PVC - Supply side: Maintenance increases, and the production start - up rate decreases month - on - month. However, the overall production start - up is at a high level under the support of chlor - alkali profits. With the gradual mass production of new production capacity, the long - term supply pressure is still large [4]. - Demand side: The production start - up of downstream products remains at a low level, and enterprises maintain just - in - time procurement. The export signing and delivery volume increase week - on - week. Affected by the rush to export before the implementation of anti - dumping duties, the PVC export in July exceeded expectations. After India announced an increase in anti - dumping duties, the rush to export is expected to continue, and the export expectation in the fourth quarter weakens [4]. - Inventory: The social inventory continues to accumulate and is relatively high year - on - year. The 09 contract has a large warehouse receipt pressure [4]. - Cost: The prices of coal and ethylene have strengthened recently, and their impact on the PVC cost needs to be continuously monitored [4]. Caustic Soda - Supply side: The maintenance of chlor - alkali enterprises increases, and the production start - up rate decreases month - on - month, but it is still at a high level in the same period. The production start - up in Shandong increases slightly, also at a high level in the same period. After the maintenance of Yantai Wanhua, the production start - up may decline slightly [4]. - Demand side: The profit of alumina is good, and the production start - up is stable month - on - month. The delivery volume of caustic soda to alumina plants, the main downstream, gradually increases, and the spot price remains stable. The non - aluminum downstream production start - up increases slightly month - on - month, and the procurement is acceptable. Affected by the military parade in late August, the transportation of caustic soda is restricted, and the factory inventory may accumulate later. With the approaching of the peak season expectation, the pending orders in Shandong are acceptable [4]. - Cost and profit: The price of liquid chlorine is weak, but there is still cost support. The chlor - alkali profit is at a medium level in the same period [4]. Strategy PVC - Single - side: Wait and see [5][6] - Inter - period: Wait and see; for SH10 - 01, consider a long - spread strategy when the price difference is low [5][6] - Inter - variety: No strategy [5][6]

Report Investment Rating - Unilateral: Neutral; no rating for inter - period and cross - variety [3] Core View - The spot market for propylene continued a slight upward trend due to increased downstream replenishment enthusiasm, but the cost - side support weakened as crude oil prices fluctuated downward and propane prices followed suit. Supply was tightened by PDH maintenance, which supported prices in the short term, but the upside was limited due to pressured downstream profits. Downstream demand showed an overall increase, with short - term support but uncertain sustainability [1][2] Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price [7][10][12] 2. Propylene Production Profit and Operating Rate - Figures cover the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil refinery capacity utilization rate [18][20][28] 3. Propylene Import and Export Profit - Figures involve the difference between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [35][39] 4. Propylene Downstream Profit and Operating Rate - Figures include PP powder production profit and operating rate, propylene oxide production profit and operating rate, n - butanol production profit and capacity utilization rate, octanol production profit and capacity utilization rate, acrylic acid production profit and capacity utilization rate, acrylonitrile production profit and capacity utilization rate, and phenol - acetone production profit and capacity utilization rate [42][56][64] 5. Propylene Inventory - Figures are about propylene factory inventory and PP powder factory inventory [69]

原油日报 | 2025-08-28 布伦特迪拜价差收窄暗示东西区基本面分化 市场要闻与重要数据 1、 纽约商品交易所10月交货的轻质原油期货价格上涨90美分，收于每桶64.15美元，涨幅为1.42%；10月交货的伦 敦布伦特原油期货价格上涨83美分，收于每桶68.05美元，涨幅为1.23%。SC原油主力合约收跌1.01%，报482元/桶。 2、 白宫贸易顾问纳瓦罗：如果印度停止购买俄罗斯石油，可获得25%的关税优惠。(来源：Bloomberg） 3、 欧洲国家可能于周四启动联合国程序，重新对伊朗实施制裁。该程序需30天完成，未来几周还有进一步外交 谈判的空间。(来源：Bloomberg） 4、 伊朗外交部长表示，国际原子能机构检查员是在伊朗最高国家安全委员会的同意下进入伊朗的，与国际原子 能机构的合作尚未达成最终协议。(来源：Bloomberg） 5、\t阿联酋富查伊拉石油工业区最新数据显示，截至8月27日当周，阿联酋富查伊拉港的成品油总库存为1600.9万 桶，较一周前增加51.8万桶，自2024年底以来，库存增加了3%。其中轻质馏分油库存减少18.1万桶至766万桶，为 四周以来首次下降；中质馏分油库存增 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the daily market overview of stock index options on August 27, 2025, including option trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) data for various types of stock index options. 3. Summary by Directory I. Option Trading Volume - On August 27, 2025, the trading volumes of different stock index options were as follows: 1614,600 contracts for SSE 50 ETF options, 1431,300 contracts for CSI 300 ETF options (Shanghai market), 2314,700 contracts for CSI 500 ETF options (Shanghai market), 177,400 contracts for Shenzhen 100 ETF options, 3148,900 contracts for ChiNext ETF options, 75,400 contracts for SSE 50 stock index options, 137,400 contracts for CSI 300 stock index options, and 367,400 contracts for CSI 1000 options [1]. - The detailed call, put, and total trading volumes of stock index ETF options are shown in Table 1. For example, the total trading volume of SSE 50 ETF options was 1843,300 contracts, with 1065,200 call contracts and 778,100 put contracts [19]. II. Option PCR - The PCR data of different stock index options are presented. For instance, the turnover PCR of SSE 50 ETF options was 0.48, with a month - on - month change of +0.08, and the position PCR was 1.09, with a month - on - month change of - 0.07. The turnover PCR of CSI 300 ETF options (Shanghai market) was 0.39, with a month - on - month change of +0.10, and the position PCR was 1.29, with a month - on - month change of +0.00 [2][32]. III. Option VIX - The VIX data of different stock index options are provided. For example, the VIX of SSE 50 ETF options was 23.78%, with a month - on - month change of - 1.60%. The VIX of CSI 300 ETF options (Shanghai market) was 23.21%, with a month - on - month change of - 1.31% [3][47].

Report Summary 1. Investment Rating - Unilateral: Cautiously bullish [3] 2. Core Views - On Wednesday, the ethylene glycol (EG) price fluctuated and adjusted, with general market discussions. The morning session saw a brief upward movement in the futures due to unexpected news from a Singaporean plant. The afternoon session witnessed a decline in the EG futures as the commodity market weakened, but the basis remained strong [1]. - The production profit of ethylene - based EG was -$46/ton (up $1/ton from the previous period), and that of coal - based syngas EG was -¥19/ton (up ¥2/ton from the previous period) [1]. - According to CCF's data on Mondays and Longzhong's data on Thursdays, MEG inventory at the East China main ports decreased. Last week, the actual arrivals at the ports were low, leading to inventory reduction. This week, the planned arrivals at the main ports are still low, and inventory reduction may continue [2]. - In terms of the overall fundamental supply - demand logic, the domestic EG supply has returned to a high level and is expected to remain stable in the short term. Overseas supply is expected to increase after August. Demand is showing signs of recovery, and the polyester load is expected to remain stable with a slight increase, reaching a peak in mid - September [2]. - The supply - demand balance from August to September is loose, with no significant supply - demand contradictions [2]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was ¥4,481/ton (down ¥9/ton, or -0.20% from the previous trading day), the spot price of EG in the East China market was ¥4,550/ton (down ¥2/ton, or -0.04% from the previous trading day), and the spot basis of EG in East China (based on the 2509 contract) was ¥61/ton (up ¥10/ton) [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -$46/ton (up $1/ton from the previous period), and that of coal - based syngas EG was -¥19/ton (up ¥2/ton from the previous period) [1]. International Price Difference - No specific data provided in the report, only a chart of the international price difference between US FOB and Chinese CFR was mentioned [19]. Downstream Sales, Production, and Operating Rate - The demand is showing signs of recovery, with increased foreign trade shipments and the gradual start of domestic sales inventory preparation. The polyester load is expected to remain stable with a slight increase, reaching a peak in mid - September [2]. Inventory Data - According to CCF, MEG inventory at the East China main ports was 500,000 tons (down 47,000 tons from the previous period); according to Longzhong, it was 498,000 tons (down 37,000 tons from the previous period). Last week, the actual arrivals at the ports were 61,000 tons, and this week, the planned arrivals at the main ports are 54,000 tons, still low [2].

1. Report Industry Investment Rating - The investment rating for both the pig and egg industries is cautiously bearish [3][6] 2. Core Viewpoints - For the pig industry, the supply - side pressure is expected to decrease in the future, and the consumption - side improvement is anticipated but with limited impact. Price support mainly relies on the short - term supply gap created by the increase in secondary fattening. The ongoing policy - based procurement has little impact on the market due to the small net procurement volume. The overall supply - demand pattern remains unchanged in the short and long term, though short - term demand boosts may have some influence [2] - For the egg industry, it has entered the pre - Mid - Autumn Festival stocking period, with demand improving due to food companies' stocking, tourism and catering consumption, and school opening needs. However, the continuous increase in the number of laying hens in production and the release of cold - storage eggs have led to an oversupply situation, suppressing egg prices. The festival demand boost is weak, and the short - term pattern is difficult to change [4][5] 3. Summary by Related Catalogs Pig Industry Market News and Important Data - Futures: The closing price of the live pig 2511 contract yesterday was 13,745 yuan/ton, down 115 yuan/ton (- 0.83%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 13.56 yuan/kg, up 0.08 yuan/kg; in Jiangsu, it was 13.67 yuan/kg, down 0.02 yuan/kg; in Sichuan, it was 13.43 yuan/kg, down 0.10 yuan/kg. The corresponding spot basis changed as well [1] - Agricultural product wholesale prices on August 27: The "200 - index of agricultural product wholesale prices" rose 0.22 points, the "vegetable basket" product wholesale price index rose 0.26 points. The average wholesale price of pork decreased by 0.4% to 19.92 yuan/kg, beef increased by 0.2% to 65.05 yuan/kg, mutton increased by 0.5% to 59.97 yuan/kg, eggs increased by 1.1% to 7.69 yuan/kg, and white - striped chickens remained unchanged at 17.67 yuan/kg [1] Market Analysis - Supply - side pressure is expected to ease, and consumption - side improvement is expected but limited. Price support depends on secondary fattening. Policy - based procurement has little impact, and the overall supply - demand pattern remains stable in the short and long term, with short - term demand boosts having some influence [2] Strategy - Cautiously bearish [3] Egg Industry Market News and Important Data - Futures: The closing price of the egg 2510 contract yesterday was 2,975 yuan/500 kg, down 38 yuan (- 1.26%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.31 yuan/jin, up 0.11 yuan; in Shandong, it was 3.25 yuan/jin, unchanged; in Hebei, it was 2.71 yuan/jin, down 0.02 yuan. The corresponding spot basis also changed [3] - On August 27, the national production - link inventory was 0.82 days, down 0.05 days from the previous trading day, and the circulation - link inventory was 1.03 days, unchanged [3] Market Analysis - Entering the pre - festival stocking period, demand has improved, but the continuous increase in laying hens in production and the release of cold - storage eggs have led to an oversupply situation, suppressing prices. The festival demand boost is weak, and the short - term pattern is hard to change [4][5] Strategy - Cautiously bearish [6]

1. Report Industry Investment Rating - Copper: Cautiously bullish [6] - Arbitrage: On hold - Options: short put@77000 yuan/ton 2. Core View of the Report - Currently, copper concentrate trading is relatively active, but the TC price cannot continue to rebound. The downstream and terminal performance is relatively weak, and the wait - and - see sentiment is strong. However, due to the rising market expectation of the Fed's interest rate cut, the copper price still shows a relatively strong pattern. It is recommended to mainly conduct buy - hedging on dips, with the buying range approximately between 77,000 yuan/ton and 77,500 yuan/ton [6][7] 3. Summary According to Relevant Catalogs Market News and Important Data Futures Quotes - On August 27, 2025, the main Shanghai copper futures contract opened at 79,290 yuan/ton and closed at 79,190 yuan/ton, with a 0.00% change from the previous trading day's close. The night - session contract opened at 78,820 yuan/ton and closed at 78,850 yuan/ton, down 0.43% from the afternoon close [1] Spot Situation - According to SMM, on the previous day, the spot price of SMM 1 electrolytic copper was 79,420 - 79,670 yuan/ton, with a premium of 80 - 260 yuan/ton over the current 2509 contract, and an average premium of 170 yuan/ton, up 40 yuan/ton from the previous day. The market trading sentiment was weak, and the spot premium was expected to remain in a stalemate [2] Important Information Summary - **Overseas Macro**: New York Fed President Williams said it was appropriate to cut interest rates at the right time, strengthening the market's expectation of future easing. US Treasury Secretary Besent said there were 11 "very strong" candidates for Fed Chair, and the selection would be announced this fall. The Trump administration was studying plans to exert more influence on the 12 regional Fed banks [3] - **Mine End**: First Quantum Minerals Ltd. shelved the plan to sell its minority stake in Zambian copper mines due to a $1 billion gold deal that eased balance - sheet pressure [3] - **Smelting and Import**: PT Freeport Indonesia expected to complete the maintenance of its joint - venture smelter in East Java in early September. The Gresik smelter, a joint venture with Mitsubishi Materials, had been under maintenance for a month and consumed about 40% of the copper concentrate output from the Grasberg mine, with an annual cathode copper production capacity of 342,000 tons [4] - **Consumption**: In July, China's copper strip processing industry continued to decline. The consumption demand at the terminal decreased, orders shrank, and the capacity utilization rate continued to decline. Among 29 sample enterprises, the total copper strip output was 141,800 tons, a month - on - month decrease of 1.2% and a year - on - year increase of 3.1%. The average capacity utilization rate was 83.8%, down 0.9 percentage points from the previous month [4] Inventory and Warehouse Receipts - LME warehouse receipts decreased by 975 tons to 156,100 tons. SHFE warehouse receipts decreased by 1,630 tons to 21,287 tons. On August 27, the domestic electrolytic copper spot inventory was 123,000 tons, a decrease of 8,700 tons from the previous week [5] Strategy - **Copper**: It is recommended to conduct buy - hedging on dips, with the buying range approximately between 77,000 yuan/ton and 77,500 yuan/ton [6][7] - **Arbitrage**: Put on hold [7] - **Options**: short put@77000 yuan/ton [7] Data Table The report provides data on copper prices, basis, inventory, warehouse receipts, arbitrage, import profit, and the Shanghai - London ratio from August 21, 2025, to August 28, 2025, covering multiple aspects such as SMM 1 copper, premium copper, flat - water copper, and more [25][26][27]