Report Information - Report Title: Nickel Daily Report [1] - Date: August 15, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] Investment Rating - No investment rating information is provided in the report. Core View - The short - term prices of nickel industry chain products are showing a marginal recovery trend, but the fundamental situation of primary nickel surplus remains unchanged, and prices will be under pressure again after the macro - sentiment fades [8]. Section Summaries 1. Market Review and Operation Suggestions - The trading sentiment of the US dollar easing expectation has cooled. China's financial data in July was weak, and the economic outlook remains sluggish. The main contract of Shanghai nickel (2509) fell 1.26% to 121,200 yuan/ton. The off - season characteristics of the spot market are still obvious, with supply exceeding demand and weak trading [8]. - The precipitation in the main production areas of the Philippines in the third quarter has limited impact, and shipments will remain at a high level. The approved quota of RKAB in Indonesia is as high as 310 million wet tons, so the supply of nickel ore is expected to increase, and the price is under downward pressure [8]. - Due to the short - term high price of nickel ore, most Indonesian iron plants are still in a state of cost inversion. The NPI price continued to rise, reaching 924.5 yuan/nickel point on the 14th. Large stainless - steel enterprises are still waiting and have limited acceptance of high - priced raw materials [8]. - Supported by cost and rigid restocking of precursors, the price of nickel salts continued to rise. The price of battery - grade nickel sulfate on the 14th was flat at 27,530 yuan/ton [8]. 2. Industry News - Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [9][10]. - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh, which is a step towards its goal of deploying 10,000 MWh of battery energy storage capacity within a year [10]. - A research team in Turkey developed a TOPCon solar cell with nickel contact and almost no silver, achieving similar efficiency with significantly reduced silver usage, which is expected to reduce production costs [10]. - Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help the UK power system and Scotland achieve its energy and emission reduction goals [10].

Group 1: Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 15, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - Price Movement: Copper prices rose and then fell. Spot prices dropped by 40 to 79,435, while the spot premium increased by 10 to 210. The spot Shanghai-London ratio rose to 8.1, and imports turned profitable by 45. The 0 - 3C structure narrowed slightly to 79.2. [11] - Market Analysis: China's July financial data was weak, with both household and corporate deposits and loans declining. The economic outlook remains sluggish, leading to strong selling sentiment in industrial products. The spot market is strong domestically and weak overseas. The macro - environment has a coexistence of strong expectations and weak reality. [11] - Operation Suggestion: It is expected that the spot premium will remain high. The overall judgment is that the downside space for copper prices is limited. Pay attention to the support around 78,500 for the main Shanghai copper contract. [11] Group 3: Industry News - Demand in North China: Due to the upcoming Shanghai Cooperation Organization Summit in Tianjin at the end of August, local copper processing enterprises are stocking up in anticipation of production control, leading to good demand for electrolytic copper in the North China market, but actual terminal consumption is average. [12] - Investment in Copper by Australian Gold Miner: Australia's second - largest gold miner plans to increase its investment in copper. The company's copper business revenue could account for up to 40%, currently about 25%. [12] - Copper Smelting in Chile: Codelco will start copper smelting work at the El Teniente mine on August 14. An accident in late July caused the mine to shut down for several days, resulting in a loss of 20,000 - 30,000 tons of copper, equivalent to $300 million. [12]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The lithium carbonate futures market showed a pattern of hitting bottom and then rebounding. The main contract of lithium carbonate once dropped to 82,820 during the session, but closed with a doji star at the end of the session. Although related industrial products had significant intraday declines, lithium carbonate was relatively resilient. The spot price of electric carbon increased by 1,000 to 82,000, the price of Australian ore rose by 20 to 990, and the price of lithium mica increased by 45 to 2,075. The profit of salt plants using purchased lithium spodumene expanded to 1,114, while the loss of salt plants using purchased lithium mica widened to 4,942. Salt plants' production enthusiasm was high, and the weekly production of lithium carbonate reached a new historical high of 19,980. The social inventory decreased by 162 to 142,256 tons. This week, both production and sales of lithium carbonate were booming. The shutdown of the Jianxiaowo Mine did not affect the weekly production of lithium carbonate. The emergence of a turning point in social inventory supported the lithium price. However, the current high - price lithium carbonate has a strong stimulating effect on upstream salt plants. It is expected that under the background of high - growth supply, the de - stocking of lithium carbonate will be limited. With limited support from the fundamentals and the weakening of small - scale speculation, the lithium price is expected to decline [12]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: The main contract of lithium carbonate futures hit bottom and rebounded, closing with a doji star. It was relatively resilient compared to related industrial products [12]. - **Spot Market**: The spot price of electric carbon increased by 1,000 to 82,000, the price of Australian ore rose by 20 to 990, and the price of lithium mica increased by 45 to 2,075 [12]. - **Profit and Production**: The profit of salt plants using purchased lithium spodumene expanded to 1,114, while the loss of salt plants using purchased lithium mica widened to 4,942. The weekly production of lithium carbonate reached a new historical high of 19,980, and the social inventory decreased by 162 to 142,256 tons [12]. - **Price Forecast**: With high - growth supply and limited fundamental support, the lithium price is expected to decline [12]. 3.2 Industry News - **Technological Innovation**: Scientists at Tokyo University of Science have developed a new quasi - solid electrolyte 3D - SLISE, which significantly improves the safety, efficiency, and recyclability of lithium - ion batteries. It uses environmentally friendly components such as borate - water - based systems, can achieve multi - directional lithium - ion conduction, reduces production costs and carbon footprint, and enables fast charging (20 minutes) and over 400 cycles of life. Its water - based design allows for the direct recovery of precious elements such as cobalt in electrodes by soaking in water without using harmful chemicals. This technology is expected to be applied in electronics, energy storage, and electric vehicles, promoting the battery industry towards a cleaner and more sustainable development [13]. - **Business Cooperation**: On August 4, 2025, Tiantie Technology announced that Anhui Tiantie Lithium - Ion New Energy Co., Ltd. and Zhuhai Xinjie Energy Technology Co., Ltd. signed a "Procurement Framework Agreement" and a "Framework Agreement Purchase Order." Zhuhai Xinjie will purchase copper - lithium composite strips from Anhui Tiantie, with an order amount of 400 million yuan [13].

Report Information - Report Title: Aluminum Daily Report [1] - Report Date: August 15, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating information provided in the report. Core Viewpoints - Due to the cooling of the US dollar easing expectation trading and the weak financial data in July in China, the economic outlook remains sluggish, and Shanghai Aluminum is under pressure and weakens. Maintain the high - short strategy for Shanghai Aluminum due to the off - season and inventory pressure [7]. - Alumina has a surplus in fundamentals, so maintain the idea of selling on rebounds, and be vigilant against the risk of sharp price fluctuations caused by sentiment changes. For electrolytic aluminum, the operating capacity remains high, the processing enterprises are in the off - season, and the inventory is seasonally increasing. The smelting enterprises have rich profits [7]. - The supply and demand of cast aluminum are both weak, and it continues to operate in a range, with the AD - AL negative spread remaining at a low level for the time being [7]. Summary by Directory 1. Market Review and Operation Suggestions - Shanghai Aluminum's main contract 2509 closed at 20,715, down 0.38%, and the 08 - 09 backwardation turned to parity. Cast - aluminum alloy fluctuated weakly following Shanghai Aluminum, and the AD - AL negative spread was reported at - 510. The supply of scrap aluminum is tight, and the downstream automotive industry is in the off - season, maintaining a supply - demand dual - weak pattern [7]. - After the news stimulus decreases, alumina has a high - level correction. With the unchanged surplus fundamentals, maintain the idea of selling on rebounds. For electrolytic aluminum, the operating capacity remains high, the processing enterprises are in the off - season, and the inventory continues to increase seasonally [7]. 2. Industry News - On August 10, the Shanxi Provincial Department of Natural Resources decided to adjust the registration authority for the transfer of some mineral types, including ceramic clay, refractory clay, kaolin, and iron alum [8]. - On August 4, the Guinean government established Nimba Mining Company SA (NMC) to take over the mining rights of EGA - GAC. The mining rights of a 690.20 - square - kilometer mining area previously held by GAC have been granted to NMC for 25 years [10]. - The mining rights of Sanmenxia Jinjiang Mining Co., Ltd.'s bauxite mine in Shanzhou District have been changed, with a valid period from June 4, 2025, to April 3, 2030, and a designed production scale of 500,000 tons per year [10]. - Rio Tinto approved an investment of $180 million to start the Norman Creek bauxite project in Queensland, Australia. The construction is expected to be completed in 2028 [10]. - In June 2025, China's primary aluminum imports were about 192,400 tons, a month - on - month decrease of 13.8% and a year - on - year increase of 58.7%. From January to June, the cumulative primary aluminum imports were about 1.2499 million tons, a year - on - year increase of 2.5%. In June, the primary aluminum exports were about 19,600 tons, a month - on - month decrease of 39.5% and a year - on - year increase of 179.4%. From January to June, the cumulative primary aluminum exports were about 86,600 tons, a year - on - year increase of about 206.6%. In June, the net primary aluminum imports were 172,700 tons, a month - on - month decrease of 9.4% and a year - on - year increase of 51.3%. From January to June, the cumulative net primary aluminum imports were about 1.1633 million tons, a year - on - year decrease of 2.3% [10].

1. Report Information - Report Name: MEG Daily Report [1] - Date: August 15, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Futures Market: On the 14th, the closing price of EG2509 was 4367 yuan/ton, down 51 yuan, with a trading volume of 146013 lots and an open interest of 159287 lots. The closing price of EG2601 was 4414 yuan/ton, down 52 yuan, with an open interest of 82684 lots, an increase of 8463 lots. The current fundamentals of ethylene glycol have few substantial changes, and the macro - market sentiment is volatile. The market is expected to maintain a volatile consolidation trend [7] 3. Industry News - Oil Price: The International Energy Agency raised the supply forecast for this year and next and lowered the demand growth forecast. After data showed an unexpected increase in US crude oil inventories last week, international oil prices fell for the second consecutive day. On August 13, the settlement price of WTI crude oil futures for September 2025 was $62.65 per barrel, down $0.52 or 0.82% from the previous trading day. The settlement price of Brent crude oil futures for October 2025 was $65.63 per barrel, down $0.49 or 0.74% from the previous trading day [8] - Ethylene Glycol Market: In Zhangjiagang, the spot negotiation price of ethylene glycol this week was 4447 - 4449 yuan/ton, down 44.5 yuan/ton from the previous working day. The basis of this week's spot, next - week's spot, and late - August spot relative to EG2509 were at a premium of 80 - 82 yuan/ton, 82 - 84 yuan/ton, and 82 - 84 yuan/ton respectively [8] - Polyester Staple Fiber: The price of the main polyester staple fiber futures fell, the prices of staple fiber factories were weak, and the prices of traders declined. Downstream buyers replenished at low prices, and the on - site transactions were mainly from traders, with limited factory shipments [8] 4. Data Overview - The report includes multiple data charts such as MEG futures prices, spot - futures price differences, international crude oil futures prices, raw material price indices, PTA - MEG price differences, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

Group 1: Report Overview - Date: August 15, 2025 [2] - Report Type: Polysilicon Daily Report - Research Team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook Market Performance - The price of the polysilicon main contract continued to show high - level fluctuations. The closing price of PS2509 was 50,430 yuan/ton, with a decline of 3.08%. The trading volume was 415,544 lots, and the open interest was 127,757 lots, a net decrease of 4,706 lots [4] Market Outlook - There is no policy follow - up in the polysilicon market, and the sentiment of capital gambling on policy expectations has cooled. The spot average price (re - feeding material) is stable at 47,500 yuan/ton, which is supported by the previous anti - involution policy and provides a rigid support for the lower side of the market. The increase in the price of the industrial chain has led to a simultaneous increase in production, and the supply - demand contradiction is not intensified. However, the price increase has not been smoothly transmitted to components and end - users. From a policy perspective, high - price products are not conducive to achieving the dual - carbon goal. In August, polysilicon production increased significantly to 125,000 tons, which can meet the downstream cell demand of about 56GW. The monthly output of silicon wafers and cells decreased to about 52GW, and the overall supply - demand pattern remains loose. Overall, the futures and spot prices are rigidly supported by policies, and the market will mainly maintain wide - range fluctuations [4] Group 3: Market News - On August 14, the number of polysilicon warehouse receipts was 5,480 lots, a net increase of 330 lots compared with the previous trading day. From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year - on - year increase of 107.07%; in June, the domestic installed capacity was only 14GW. According to customs data, in June 2025, China exported about 21.7GW of photovoltaic modules, a month - on - month decrease of 3% and a 2% decrease compared with 22.1GW in June 2024. From January to June, the cumulative export of photovoltaic modules was about 127.3GW, a 3% decrease compared with the same period last year [5]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Industrial silicon spot prices are generally stable, while futures prices continue to oscillate within a range without clear directional guidance, with a balanced drive from both long and short funds. The fundamentals show an increase in both supply and demand, maintaining a loose balance. The anti - involution policy sets a bottom tone, but without actual policy implementation in the industrial silicon industry, the spot prices are only stable and not rising, and the market lacks a major driving force. In the short term, it is expected to operate in a convergent triangular and volume - shrinking oscillation between 8000 - 9000 yuan/ton, and interval operation is recommended [4] 3. Summary by Relevant Catalogs 3.1 Market Performance - Industrial silicon futures prices mainly oscillated. The closing price of Si2511 was 8675 yuan/ton, with a decline of 1.14%. The trading volume was 512076 lots, and the open interest was 279035 lots, with a net decrease of 5465 lots [4] 3.2 Spot Prices - Industrial silicon spot prices were stable. The price of 553 grade in Inner Mongolia was 8800 yuan/ton, and in Sichuan was 8850 yuan/ton. The price of 421 grade in Inner Mongolia was 9700 yuan/ton, in Xinjiang was 9500 yuan/ton, and in Sichuan was 9950 yuan/ton [4] 3.3 Future Outlook - Supply: The operation of plants in the Southwest and Xinjiang production areas has boosted the weekly output to 83,500 tons, equivalent to a monthly output of 370,000 tons - Demand: The production schedule of polysilicon in August will increase to 125,000 tons. The demand from organic silicon, aluminum alloy, and exports is expected to remain stable, equivalent to a monthly demand of 360,000 tons. The supply - demand balance is loose (excluding 97 - grade silicon and recycled silicon), and there is no inventory - reduction drive in the industry [4] 3.4 Market News - On August 14th, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,693 lots, a net decrease of 8 lots compared to the previous trading day - According to customs data on August 7th, China imported 3.5609 million tons of coal and lignite in July, an increase of 257,200 tons from the previous month, a month - on - month increase of 7.8%. From January to July, the cumulative import of coal and lignite was 25.7305 million tons, a year - on - year decrease of 13.0% [5]

General Information - Reported industry: Oil and fat [1] - Report date: August 15, 2025 [2] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Market Review and Operation Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 60954 | 9396 | 9394 | 9454 | 9280 | 9294 | -102 | -1.09% | 212511 | 188228 | -38522 | | P2601 | 9466 | 9480 | 9538 | 9350 | 9368 | -98 | -1.04% | 703708 | 444903 | 5591 | | Y2509 | 8582 | 8580 | 8634 | 8526 | 8540 | -47 | -0.49% | 109913 | 237228 | -23815 | | Y2601 | 8560 | 8596 | 8616 | 8502 | 8520 | -40 | -0.47% | 530688 | 705833 | -3966 | | 60910 | 10099 | 10060 | 10070 | 9824 | 9852 | -247 | -2.45% | 112790 | 2638 | -17929 | | Ol601 | 10104 | 10050 | 10064 | 9815 | 9840 | -264 | -2.61% | 500035 | 301480 | 18815 | [7] Market Analysis - Market sentiment cooled, and the high - level of oil and fat declined, especially the rapeseed oil 01 filled the gap of the gap - up opening. - Affected by policies, the supply of domestic rapeseed oil and rapeseed meal is expected to decrease significantly, and the logic of buying on dips continues until the supply shortage pattern is significantly repaired. Although there are sporadic news of rapeseed oil purchases from Dubai or Australian seeds, it is believed that it cannot fully make up for the supply gap from Canada. - For soybean oil, due to the biodiesel policies of the United States and Brazil and the possible decrease in soybean imports in the fourth quarter, combined with the recovery of domestic demand, it is optimistic in the long - term. - The palm oil producing areas are still in the seasonal growth period, and the market expects the inventory to continue to increase in August. There may be a short - term correction, but the long - term view is bullish. [8] Industry News - According to data released by independent inspection agency AmSpec, Malaysia's palm oil exports from August 1 - 10 were 453,230 tons, a 23.7% increase compared to 366,482 tons exported from July 1 - 10. - On August 12, the Ministry of Commerce announced the preliminary ruling on the anti - dumping investigation of imported rapeseed from Canada. The investigating authority preliminarily determined that there was dumping of imported rapeseed from Canada, the domestic rapeseed industry in China was materially damaged, and there was a causal relationship between dumping and material damage. Temporary anti - dumping measures in the form of a deposit will be implemented starting from August 14, 2025. [9] Data Overview - The report presents multiple charts including the spot prices of East China's third - grade rapeseed oil, East China's fourth - grade soybean oil, South China's 24 - degree palm oil, palm oil basis changes, soybean oil basis changes, rapeseed oil basis changes, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar to Malaysian ringgit exchange rate, and US dollar to Chinese yuan exchange rate. All data sources are Wind and the Research and Development Department of CCB Futures. [11][19][21][23][26][30]

Report Information - Report Name: PTA Daily Report [1] - Date: August 15, 2025 [2] Core View - The PTA market is expected to be weak as crude oil rebounds weakly, PTA supply is sufficient, downstream polyester sales are generally dull, and market confidence is insufficient [6] Market Review and Operation Suggestions - On the 14th, the closing price of the PTA main futures contract TA2509 was 4,640 yuan/ton, down 66 yuan/ton or 1.40%. The settlement price was 4,664 yuan/ton, and the daily position was reduced by 62,460 lots. The closing price of TA2601 was 4,666 yuan/ton, down 74 yuan/ton. The trading volume of TA2509 was 342,285 lots, a decrease of 62,460 lots, while the trading volume of TA2601 was 527,922 lots, an increase of 123,308 lots [6] Industry News - The International Energy Agency raised its supply forecasts for this year and next and lowered its demand growth forecast. After data showed an unexpected increase in US crude oil inventories last week, international oil prices fell for the second consecutive day. However, the decline narrowed after the US Treasury Secretary said that Trump could use sanctions in his meeting with Putin. On Wednesday (August 13), the settlement price of the September 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $62.65 per barrel, down $0.52 or 0.82% from the previous trading day, with a trading range of $61.94 - $63.38. The settlement price of the October 2025 Brent crude oil futures on the London Intercontinental Exchange was $65.63 per barrel, down $0.49 or 0.74% from the previous trading day, with a trading range of $65.01 - $66.33 [7] - The assessed price of PX in the Chinese market was $823 - $825 per ton, down $8 per ton from the previous trading day. The assessed price of PX in the South Korean market was $803 - $805 per ton, also down $8 per ton from the previous trading day. Against the backdrop of tense geopolitical relations, international oil prices continued to run weakly, resulting in insufficient cost momentum for PX. There was one transaction on the day, with any October shipment sold at $824 per ton [7] - The PTA price in the East China market was 4,654 yuan/ton, down 39 yuan/ton. The average daily negotiation basis was at a discount of 14 yuan/ton to the futures contract 2509, down 1 yuan/ton [7] Data Overview - The report includes various data charts such as PTA futures price summary, spot-futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

Group 1: Report Information - Industry: Crude Oil [1] - Date: August 15, 2025 [2] Group 2: Market Review and Operation Suggestions - WTI main contract opened at $62.38, closed at $62.04, with a high of $62.59, a low of $61.29, a decline of 0.7%, and a trading volume of 1.924 billion barrels [6] - Brent main contract opened at $66.14, closed at $65.74, with a high of $66.33, a low of $65.01, a decline of 0.57%, and a trading volume of 3.101 billion barrels [6] - SC main contract opened at 490.2 yuan/barrel, closed at 481.9 yuan/barrel, with a high of 490.5 yuan/barrel, a low of 480 yuan/barrel, a decline of 1.75%, and a trading volume of 777 million barrels [6] - EIA data showed that as of the week ending August 8, US crude oil inventories increased significantly, and the IEA monthly report raised the global supply forecast, causing overnight oil prices to continue to decline [6] - US and Russian leaders are about to have direct talks. The US hopes to achieve a cease - fire in Russia and Ukraine through sanctions. Sanctions on Russian oil may have a short - term impact [7] - As of the week ending August 1, US gasoline demand was below the 5 - year average. Gasoline consumption in the peak season did not pick up significantly, and oil consumption growth was barely positive after 5 consecutive weeks below the 2024 level. US peak - season travel consumption was lower than expected [7] - Overall, US peak - season consumption this year has not improved significantly, and oil prices are mainly bearish. If the US imposes secondary tariffs on Russian oil, it may be an opportunity to enter short positions [7] Group 3: Industry News - Russia announced a production cut of 85,000 barrels per day from July to November and an additional 9,000 barrels per day in December [8] - In July, Russia's seaborne oil product exports decreased by 6.6% month - on - month [8] - CPC's oil exports in July increased by 3% month - on - month to 6.55 million tons [8] Group 4: Data Overview - The report provides data on global high - frequency crude oil inventories, WTI and Brent fund positions, spot prices of WTI and Oman, Dtd Brent price, US crude oil production growth rate, and EIA crude oil inventories, with data sources including Bloomberg, wind, CFTC, and EIA [11][13][19]