Jian Xin Qi Huo
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建信期货鸡蛋日报-20250825
Jian Xin Qi Huo· 2025-08-25 06:47
Report Overview - Report Date: August 25, 2025 [2] - Industry: Eggs [1] - Research Team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The egg market is currently in a state of oversupply, with significant pressure on prices. The spot market has been weak, and the futures market has also shown a downward trend. In the short term, the market may experience large fluctuations, and it is recommended to avoid risks. A potential rebound may occur after increased culling and the demand from Mid - Autumn Festival and National Day备货, but timing is crucial. If low egg prices lead to a decrease in subsequent replenishment, a fundamental inflection point may appear in the late fourth quarter [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: - Egg futures contracts showed different trends. The 2509 contract closed at 2920, down 6 points or 0.21%, with a trading volume of 87,006 and an open interest of 59,422 (a decrease of 10,271). The 2510 contract closed at 3033, down 2 points or 0.07%, with a trading volume of 526,351 and an open interest of 434,281 (a decrease of 18,629). The 2511 contract closed at 3100, up 10 points or 0.32%, with a trading volume of 119,383 and an open interest of 179,758 (an increase of 3,336). - The average price of eggs in the main producing areas was 3.13 yuan/jin, down 0.10 yuan/jin from the previous day, and in the main consuming areas was 3.32 yuan/jin, also down 0.10 yuan/jin [7]. - **Operation Suggestions**: - Due to the weak spot market and the lack of technical support in the futures market, it is not recommended to buy at the bottom. A potential rebound may occur after increased culling and the demand from Mid - Autumn Festival and National Day备货, but it is difficult to time. In the short term, it is advisable to avoid risks as the market may fluctuate greatly [8]. 3.2 Industry News - **In - production Laying Hens Inventory**: As of the end of July, the national monthly inventory of in - production laying hens was about 1.356 billion, a month - on - month increase of 1.2% and a year - on - year increase of 6.2%, showing an upward trend for 7 consecutive months [9]. - **Chick Hatchlings**: In July, the monthly hatchling volume of sample enterprises was about 39.98 million, less than that in June (40.75 million) and the same period in 2024 (41.68 million). Although it was a moderately high monthly replenishment volume in the past 8 years, the low breeding profits in the past two months have started to change farmers' expansion mindset, and the decrease in July was the first this year [9][10]. - **Culling**: The culling volume has been increasing recently, with the average culling age at 500 days as of August 21, 6 days earlier than the previous week and 6 days earlier than last month. However, more and longer - term over - culling is needed to restore the supply - demand balance [8][10]. 3.3 Data Overview - The report presents multiple data charts, including the basis of the egg 09 contract, the price difference between the 09 and 10 contracts, the monthly inventory of in - production laying hens in China, egg farming profits, the average price of eggs in the main producing areas, and the seasonal trend of the egg 09 contract, but no specific data analysis is provided in the given text [12][13][15]
建信期货铜期货日报-20250822
Jian Xin Qi Huo· 2025-08-22 02:47
1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Copper prices are oscillating weakly. The main contract closed at 78,540. The spot price rose 30 to 78,800, and the spot premium fell 30 to 160. The spot import window remains open, with a profit of 230 yuan/ton. Short - term demand is in the transition between peak and off - peak seasons, and inventories are low, so the fundamentals still support copper prices. The market is cautious before important events, lacking obvious bullish factors, and copper prices are expected to continue narrow - range oscillations, with continued attention on the 78,000 support level [10] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Copper prices are oscillating weakly. The main contract closed at 78,540. The spot price rose 30 to 78,800, and the spot premium fell 30 to 160. The spot import window is open with a profit of 230 yuan/ton. The short - term demand is in the transition between peak and off - peak seasons, and the low inventory provides support for copper prices. However, due to the approaching important events, the market is cautious and lacks obvious bullish factors, so copper prices are expected to continue narrow - range oscillations, and the 78,000 support level should be continuously monitored [10] 3.2 Industry News - Chile's state - owned copper company Codelco will cut its 2025 copper production guidance due to a production halt at the El Teniente copper mine. The refined copper production in this division is expected to decrease by 33,000 metric tons, the copper sales profit will decline by 233 million US dollars, and the economic loss caused by the production cut is 340 million US dollars [11] - Jianfa Shenghai will invest 12.15 billion yuan (Jianfa holds 51%) and is set to start production in May 2026, with an annual production of 600,000 tons of cathode copper, 16.84 tons of gold, 1,121 tons of silver, 2.36 million tons of by - product sulfuric acid, 600,000 tons of industrial - grade phosphoric acid for new - energy batteries, 100,000 tons of iron phosphate, and 2 million tons of compound fertilizer [11] - First Quantum has launched a 1.25 - billion - dollar expansion project at its Kansanshi copper mine in Zambia [11]
建信期货集运指数日报-20250822
Jian Xin Qi Huo· 2025-08-22 02:43
Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 22, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoint - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is difficult to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even weaker off - season. The main October contract has a deep discount, and the short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the October contract on rallies [8] Content Summary by Section 1. Market Review and Operation Suggestions - Spot market: The spot freight rate has entered a downward channel, and the SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been reduced, and now the price has stabilized. The 40GP large container price of Maersk on the Shanghai - Rotterdam route in the fourth week of August is about $300 lower than that in the third week. The quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE's September freight rates are slightly higher than those at the end of August [8] - Market outlook: Due to the great impact of tariffs on foreign trade and the high shipping capacity supply in the off - season, the demand side is difficult to improve significantly. The main October contract has a deep discount and the decline rate has slowed down. The short - term futures decline may narrow, but it may still decline in the long term. It is recommended to short the October contract on rallies [8] 2. Industry News - Market adjustment: From August 11th to 15th, the China export container shipping market continued to adjust, with most route freight rates falling, dragging down the comprehensive index. The Shanghai Export Containerized Freight Index on August 15th was 1460.19 points, a 2.0% decline from the previous period [9] - European economy: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, and the euro - zone data showed a similar trend. The European economy will continue to face challenges, and the spot market booking price continues to decline. The freight rate from Shanghai Port to European basic ports on August 15th was $1820/TEU, a 7.2% decline from the previous period [9][10] - Mediterranean and North American routes: The Mediterranean route's freight rate continued to decline, with the freight rate from Shanghai Port to Mediterranean basic ports on August 15th at $2279/TEU, a 1.7% decline from the previous period. In the North American route, the US PPI in July increased significantly, and the customs tariff revenue reached $28 billion, a 273% increase year - on - year, but the fiscal deficit still increased by 10%. The freight rates from Shanghai Port to the US West and East basic ports on August 15th decreased by 3.5% and 2.6% respectively from the previous period [10] - Geopolitical events: The threat of the Houthi armed forces to global shipping has escalated, and the international shipping safety situation has continued to deteriorate. The Israeli Air Force's air strikes on Yemen's Hodeidah Port have further disrupted the port's operations [10] - Trade policy: The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India [10] 3. Data Overview 3.1 Container Shipping Spot Price - European route: The SCFIS of the European route (basic ports) on August 18th was 2180.17 points, a 2.5% decline from August 11th [12] - US West route: The SCFIS of the US West route (basic ports) on August 18th was 1106.29 points, a 2.2% increase from August 11th [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on August 21st shows that different contracts have different price changes, trading volumes, open interests, and position changes. For example, the EC2510 contract closed at 1325.0, with a decline of 33.8 and a decline rate of 2.49%, and the trading volume was 35008, with an open interest of 54293 and a position increase of 2566 [6]
锌期货日报-20250822
Jian Xin Qi Huo· 2025-08-22 02:22
Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: August 22, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - **Futures Market Quotes**: - The main contract of SHFE zinc 2510 closed at 22,240 yuan/ton, up 30 yuan with a 0.14% increase, with reduced volume and positions. The positions decreased by 568 lots to 110,426 lots. - LME zinc inventory decreased by 1,875 tons to 69,375 tons, with the entire decline from Singapore. The 0 - 3 spread was C9.33. - The domestic zinc market has a core contradiction of abundant concentrates and sufficient refined zinc, and social inventory has been accumulating, reflecting the surplus pressure. From January to July, the cumulative year - on - year increase in imported zinc concentrates was 45.2%. In August, the processing fee continued to rise, with the imported zinc concentrate index at 90.3 US dollars/dry ton and the domestic zinc concentrate TC stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices have expanded smelters' profit margins. In August, there were few domestic maintenance activities, and the refined zinc output may increase to 621,500 tons. - The downstream is in the off - season, and although there are policy supports on the demand side, the weakness is still obvious. The operating load in the primary consumption field remains at a low level. Overall, the pattern of strong overseas and weak domestic markets continues. The domestic market is difficult to fall deeply due to the influence of the overseas market. There is an expectation of a switch from the off - season to the peak season in late August, and the callback space of SHFE zinc is limited, with short - term wide - range fluctuations [7]. Group 3: Industry News - **Shanghai Market**: On August 21, 2025, the mainstream transaction price of 0 zinc was 22,240 - 22,305 yuan/ton, and that of Shuangyan was 22,360 - 22,415 yuan/ton. In the morning, the market quoted a premium of 20 - 40 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a discount of 10 yuan/ton to the 2509 contract [8]. - **Ningbo Market**: The mainstream price of 0 zinc was 22,220 - 22,275 yuan/ton. The regular brands in Ningbo were quoted at a discount of 40 yuan/ton to the 2509 contract and at par to the Shanghai spot price [8]. - **Tianjin Market**: The mainstream transaction price of 0 zinc was 22,210 - 22,280 yuan/ton, and that of Zijin was 22,230 - 22,310 yuan/ton. 0 zinc was generally quoted at a discount of 30 - 50 yuan/ton to the 2509 contract, and Zijin was quoted at a discount of 0 - 30 yuan/ton to the 2509 contract. The Tianjin market was at a discount of about 20 yuan/ton to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream transaction price of 0 zinc was 22,150 - 22,255 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2510 contract and at a discount of 30 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong narrowed [9]. Group 4: Data Overview - The report provides data on the seven - region weekly zinc ingot inventory of SMM, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [13][14]
碳酸锂期货日报-20250822
Jian Xin Qi Huo· 2025-08-22 02:18
Group 1: Report Summary - The report is a daily report on lithium carbonate futures dated August 22, 2025, written by researchers Zhang Ping, Yu Feifei, and Peng Jinglin from the Nonferrous Metals Research Team of Jianxin Futures [2][3][4] Group 2: Market Review and Operation Suggestions - Lithium carbonate futures stopped falling, and the market selling sentiment eased. The logic of production cuts at the lithium resource end still exists, and the futures once turned positive. The spot price of electric carbon dropped by 500 to 85,200, with the spot at a premium to the futures, showing resistance to decline [9] - Australian ore remained flat at 960, lithium mica ore dropped by 15 to 2,110, the price of 5-series power ternary materials remained flat, and lithium iron phosphate dropped by 125. The short - term price decline led to price cuts in both upstream and downstream of the industrial chain [9] - The production profit of salt plants purchasing lithium spodumene narrowed to 3,613, and the production loss of salt plants purchasing lithium mica widened to 2,995. This week's weekly lithium carbonate production decreased by 842 tons to 19,138 tons compared with last week, and social inventory decreased by 713 tons to 141,543 tons. Production is still at a relatively high level, and it is judged that the inflection point of social inventory has appeared [9] - With the spot at a premium and the market's enthusiasm for speculating on ore - end production cuts remaining high before the end of September, it is expected that the downward space for lithium carbonate prices is limited [9] Group 3: Industry News - The Ningxia - Hunan ±800 kV UHV DC transmission project was put into operation on August 20. It is China's first approved UHV transmission channel mainly for transmitting new energy from large - scale wind and photovoltaic bases in the "Sahara - Gobi - Desert" area. The project has a supporting power generation capacity of 17.64 million kilowatts, including 13 million kilowatts of new energy (4 million kilowatts of wind power and 9 million kilowatts of photovoltaic power) [12] - Premier African Minerals announced that its Zulu lithium project has made a major breakthrough, transitioning from the commissioning phase to the refining optimization phase. The project has successfully produced salable spodumene concentrate with a lithium oxide grade of over 5% (up to 6.2%) and achieved full - process automated continuous production [12][13]
建信期货国债日报-20250822
Jian Xin Qi Huo· 2025-08-22 01:47
Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 22, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - Long - term, the Politburo meeting in July indicated that the "moderately loose" monetary policy orientation remains unchanged, and the high uncertainty of tariffs means there's a risk of a post - export - rush decline, so the bull - market foundation for bonds remains intact [10] - Short - term, the stock - bond seesaw effect has strengthened since late June. The bullish equity market has pressured the bond market, and the marginal weakening but still resilient July fundamental data can't significantly boost the loose sentiment, so the short - term bond market rebound can't form a trend [10] - Amid the tax - period disturbance this week, the central bank actively provided funds. Short - term bond varieties are more resilient due to the stable funding environment, so the strategy of going long on short - term and short on long - term bonds to steepen the yield curve is maintained [11] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: The stock - bond seesaw continued. The decline of the stock market in the afternoon boosted the overall recovery of treasury bond futures. The yields of major term interest - rate bonds in the inter - bank market declined across the board, with the long - end yields falling by 1 - 2bp. By 16:30, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.7655%, down 1.45bp [8] - **Funding Market**: The central bank actively supported the funding market, and the inter - bank funding market became looser. There were 1287 billion yuan of reverse repurchases due today, and the central bank conducted 2530 billion yuan of reverse repurchase operations, achieving a net injection of 1243 billion yuan. The short - term funding rates declined across the board, while the medium - and long - term funds were stable [9] 2. Industry News - The deputy governor of the People's Bank of China stated that policies will be strengthened to stimulate the vitality of the movable - property financing market, which helps small and medium - sized enterprises solve financing problems and promotes the diversified development of the financial market [12] - The central bank's Q2 monetary policy report proposed to implement a moderately loose monetary policy, keep liquidity abundant, and use monetary policy tools to support various economic sectors [13] 3. Data Overview - **Treasury Bond Futures Market**: The report presents data on treasury bond futures trading on August 22, including contract prices, trading volumes, open interests, and changes. It also mentions the inter - delivery spreads and inter - variety spreads of treasury bond futures [6][14] - **Money Market**: The central bank's reverse repurchase operations and the changes in short - term and medium - long - term funding rates are provided, such as the decline in overnight and 7 - day weighted rates in the inter - bank market [9] - **Derivatives Market**: Information on the Shibor3M and FR007 interest - rate swap fixing curves is provided [37]
纯碱、玻璃日报-20250822
Jian Xin Qi Huo· 2025-08-22 01:47
Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: August 22, 2024 [2] - Research Team: Energy and Chemical Research Team [4] - Industry: Soda Ash and Glass Report Key Points Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - Soda ash supply exceeds demand, with high inventory and weak demand. The market pattern of oversupply is difficult to improve, and the futures price is expected to fluctuate weakly [8]. - The glass industry is in a weak supply - demand balance. Although the downstream demand has improved marginally, the inventory increase restricts price rebound. The futures price is expected to have a short - term weak - oscillating trend [9][10]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Market Data**: On August 21, for soda ash futures, SA509 closed at 1208 yuan/ton, down 0.98%; SA601 closed at 1306 yuan/ton, down 1.06%. For glass futures, FG509 closed at 983 yuan/ton, down 2.09%; FG601 closed at 1156 yuan/ton, down 0.85% [7]. - **Soda Ash Market**: The production increased to 77.14 tons, up 1.32% week - on - week. Factory inventory reached 191.08 tons, up 0.71%. Terminal demand in photovoltaic glass decreased to 8.7 tons, and the overall demand was average. The supply - strong and demand - weak pattern remained unchanged, and the price was expected to fluctuate weakly [8]. - **Glass Market**: Since late July, downstream orders increased marginally. As of August 15, 2025, the daily melting volume was 15.96 tons, and the capacity utilization rate was 79.78%. The order days of deep - processing enterprises were 9.65 days, up 0.1 days. The inventory increased by 157.9 million heavy cases to 6342.6 million heavy cases. The price was expected to have a short - term weak - oscillating trend [9]. 2. Data Overview - The report provides figures on the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [12][17][20]
建信期货工业硅日报-20250822
Jian Xin Qi Huo· 2025-08-22 01:37
Group 1: Report Information - Report Date: August 22, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - Industrial silicon futures prices mainly fluctuated. The Si2511 contract closed at 8,635 yuan/ton, up 3.66%, with a trading volume of 659,075 lots and an open interest of 283,578 lots, a net increase of 3,710 lots [4]. - Industrial silicon spot prices were stable. The price of 553-grade in Sichuan was 8,750 yuan/ton, and in Yunnan was 8,400 yuan/ton; the price of 421-grade in Inner Mongolia was 9,600 yuan/ton, in Xinjiang was 9,300 yuan/ton, and in Sichuan was 9,650 yuan/ton [4]. - Multiple-production area device production pushed the weekly output to 84,700 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the polysilicon production schedule in August will increase to 125,000 tons, and the organic silicon, aluminum alloy, and export parts are expected to remain stable, with a monthly demand of 360,000 tons. Supply and demand both increased, maintaining a loose balance (excluding 97-grade silicon and recycled silicon), and the industry has no inventory reduction drive. The anti-involution policy sets the bottom tone, but there is no implemented policy drive in the industrial silicon industry, so the spot price is weakly stable and mainly fluctuates [4]. Group 4: Summary by Directory 1. Market Review and Outlook - Market Performance: Industrial silicon futures prices mainly fluctuated. The Si2511 contract had specific closing price, trading volume, and open interest changes [4]. - Spot Price: Industrial silicon spot prices were stable with different prices in various regions [4]. - Future Outlook: Supply and demand both increased, maintaining a loose balance, and the spot price was weakly stable and mainly fluctuated [4]. 2. Market News - On August 21, the futures warehouse receipt volume on the Guangzhou Futures Exchange was 51,166 lots, a net increase of 553 lots from the previous trading day [5]. - The domestic DMC market price declined, with the mainstream transaction range around 10,700 - 11,200 yuan/ton for net water acceptance and delivery, and the average price down 150 yuan/ton from the previous working day [5]. - From January to June 2025, China's cumulative industrial silicon export volume was 340,700 tons, a year-on-year decrease of 7%. In June, the single-month export volume was 68,300 tons, a month-on-month increase of 23% and a year-on-year increase of 12% [5].
建信期货纸浆日报-20250822
Jian Xin Qi Huo· 2025-08-22 01:37
Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The paper pulp market is under pressure as it has not emerged from the off - season of demand, and the processing profit of paper mills has not improved significantly. Although there are some changes in supply and demand data, the overall market situation remains challenging [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - **Futures Contracts**: The previous settlement price of the 01 contract of pulp futures was 5384 yuan/ton, and the closing price was 5392 yuan/ton, a rise of 0.15%. The SP2509 contract decreased by 0.12%, while the SP2605 contract rose by 0.11% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5100 - 6700 yuan/ton, with the low - end price rising by 50 yuan/ton compared to the previous trading day. The price of Shandong Yinxing was 5800 yuan/ton [7]. - **Supply and Demand Data**: In June, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp decreasing by 2.4% and hardwood pulp increasing by 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, a month - on - month decrease of 0.3% and a year - on - year increase of 8.7%. The European wood pulp consumption was 814,200 tons, a month - on - month increase of 6.8% and a year - on - year decrease of 2.1%. China's pulp imports in July were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month [8]. 3.2. Industry News Jiulong Paper expects its annual profit for the period ending June 30, 2025, to be between 2.1 billion and 2.3 billion yuan, a growth of 165% - 190% compared to last year's 794 million yuan. The profit growth is mainly due to increased sales volume and a significant decrease in raw material costs compared to product prices. The expected profit attributable to equity holders is between 1.7 billion and 1.9 billion yuan, an increase of 126% - 153% compared to last year's 751 million yuan. The final performance announcement is expected to be released before the end of September 2025 [9]. 3.3. Data Overview The content also includes multiple data charts such as import softwood pulp spot prices, pulp futures prices, pulp spot - futures price differences, and inventory data from different regions, but specific data summaries are not provided in the text [15][23][25][29].
建信期货原油日报-20250822
Jian Xin Qi Huo· 2025-08-22 01:36
Report Information - Report Title: Crude Oil Daily Report [1] - Date: August 22, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - EIA data shows that as of the week ending on the 15th, US crude oil and gasoline inventories declined more than expected, causing oil prices to rebound from the bottom [6] - The US is arranging a summit among the leaders of the US, Russia, and Ukraine. Although the meeting between the US and Russian leaders has not achieved substantial progress, Trump said the talks were "very smooth" after the meeting, and the US will not impose further sanctions on Russia for the time being, improving bilateral relations [6] - Fundamentally, as of the week ending on the 8th, US gasoline consumption rebounded. After five consecutive weeks of lower consumption than in 2024, the growth rate barely turned positive. Consumption was still weak despite lower gasoline prices, and this year's peak travel season consumption in the US was lower than expected. The actual performance of refined oil consumption is not optimistic. The peak travel season is coming to an end, and demand support is limited [7] - Oil prices are bottoming out in the short term. Long positions should be flexibly stopped for profit, and prices may decline again under inventory pressure in the medium term [7] Summary by Section 1. Market Review and Operation Suggestions - **Market Data**: WTI's opening price was $65.59, closing at $66.53, with a high of $66.54, a low of $65.31, a rise of 1.88%, and a trading volume of 26.37 million lots. Brent's opening price was $61.95, closing at $62.84, with a high of $63.01, a low of $61.83, a rise of 1.73%, and a trading volume of 26.54 million lots. SC's opening price was 483.9 yuan/barrel, closing at 490.9 yuan/barrel, with a high of 491.0 yuan/barrel, a low of 483.2 yuan/barrel, a rise of 1.85%, and a trading volume of 11.62 million lots [6] - **Operation Suggestion**: Short - term bottoming, flexible stop - profit for long positions; medium - term potential decline under inventory pressure [7] 2. Industry News - India will continue to buy Russian oil despite US pressure. The foreign ministers of Russia and India will discuss strengthening strategic partnership in Moscow on August 21 [8] - Iran's Foreign Minister said that Iran has not reached a mature stage for "effective" nuclear negotiations with the US [8] 3. Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventory, WTI and Brent fund positions, spot prices of WTI and Oman, US crude oil production growth rate, and EIA crude oil inventory, with corresponding data sources provided [10][12][20][23]