行业 棉花 日期 2025 年 8 月 13 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 海外市场，下一年度新棉签约进度同比偏慢，CFTC 基金净多持仓维持低位运 行，外盘维持宽幅区间震荡重心略有下移，关注 8 月 USDA 供需报告指引。国内市 场，距离新花上市还有 ...

Group 1: General Information - Reported industry: Oil and fat [1] - Report date: August 13, 2025 [2] - Research team: Agricultural products research team [4] Group 2: Research Analysts - Yu Lanlan, contact: 021 - 60635732, email: yulanlan@ccb.ccbfutures.com, futures qualification number: F0301101 [3] - Lin Zhenlei, contact: 021 - 60635740, email: linzhenlei@ccb.ccbfutures.com, futures qualification number: F3055047 [3] - Wang Haifeng, contact: 021 - 60635727, email: wanghaifeng@ccb.ccbfutures.com, futures qualification number: F0230741 [3] - Hong Chenliang, contact: 021 - 60635572, email: hongchenliang@ccb.ccbfutures.com, futures qualification number: F3076808 [3] - Liu Youran, contact: 021 - 60635570, email: liuyouran@ccb.ccbfutures.com, futures qualification number: F03094925 [3] Group 3: Market Review - P2509: Previous settlement price 9078, opening price 9246, highest price 9388, lowest price 9224, closing price 9362, up 284, up 3.13%, volume 443030, open interest 270663, open interest change -29322 [7] - P2601: Previous settlement price 9106, opening price 9254, highest price 9432, lowest price 9252, closing price 9396, up 290, up 3.18%, volume 407076, open interest 380486, open interest change 68812 [7] - Y2509: Previous settlement price 8410, opening price 8486, highest price 8520, lowest price 8422, closing price 8488, up 18, up 0.93%, volume 140203, open interest 306250, open interest change -28769 [7] - Y2601: Previous settlement price 8400, opening price 8440, highest price 8510, lowest price 8410, closing price 8476, up 16, up 0.90%, volume 408640, open interest 682979, open interest change 19822 [7] - OI609: Previous settlement price 9596, opening price 9699, highest price 9848, lowest price 9596, closing price 9802, up 242, up 2.53%, volume 271285, open interest 117479, open interest change -8561 [7] - OI601: Previous settlement price 9557, opening price 9605, highest price 9850, lowest price 9557, closing price 9810, up 253, up 2.65%, volume 271777, open interest 255572, open interest change 53304 [7] - Basis prices: Dongguan tertiary rapeseed oil in August: OI2509 + 80; Dongguan first - grade rapeseed oil in August: OI2509 + 220; East China market soybean oil basis price from August - September: Y2509 + 220, from October - November: Y2601 + 270, from October - January: Y2601 + 280, from February - May: Y2605 + 280; East China 24 - degree spot P09 + 40 yuan/ton, 11 - month shipment P01 + 120 yuan/ton; South China 24 - degree P09 + 20 yuan/ton [7] Group 4: Core Viewpoint - The bullish sentiment in the oil and fat market is strong, with large - scale capital inflows into the three major oils, and futures prices hitting new highs for the year. The preliminary anti - dumping ruling on Canadian rapeseed is bullish for rapeseed oil in terms of market sentiment. Soybean oil is promising in the long - term due to biodiesel policies in the US and Brazil, possible reduction in soybean imports in the fourth quarter, and recovering domestic demand. Palm oil continues to strengthen due to increased export. There is little room for a sharp short - term decline in the three major domestic oils, with a bullish outlook and recommendation to hold long - dated basis contracts [8] Group 5: Industry News - Malaysia's palm oil exports from August 1 - 10 were 453,230 tons, a 23.7% increase from 366,482 tons in the same period in July [9] - On August 12, the Ministry of Commerce announced the preliminary ruling on the anti - dumping investigation of imported rapeseed from Canada. Temporary anti - dumping measures in the form of deposit will be implemented starting August 14, with the dumping margin for Canadian companies at 75.8% [8][9] Group 6: Data Overview - Figures include East China tertiary rapeseed oil spot price, East China quaternary soybean oil spot price, South China 24 - degree palm oil spot price, palm oil basis change, soybean oil basis change, rapeseed oil basis change, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar to Malaysian ringgit exchange rate, and US dollar to Chinese yuan exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [11][19][26][30]

Report Summary 1. Report Information - Report Name: PTA Daily Report - Date: August 13, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - Crude oil is in a narrow - range oscillation. Under low processing fees, PTA still has the expectation of unplanned device overhauls. Downstream rigid demand is stable, and the tariff extension is beneficial to market sentiment. It is expected that PTA will rise slightly [6]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - **Futures Market Quotes**: TA2509 closed at 4,726 yuan/ton, up 18 yuan/ton, with a total volume of 365,385 and a decrease of 53,690; TA2601 closed at 4,760 yuan/ton, up 28 yuan/ton, with a total volume of 258,839 and an increase of 24,369. On the 12th, the closing price of PTA's main futures TA2505 was 5,048 yuan/ton, down 26 yuan/ton, a decline of 0.51%, the settlement price was 5,050 yuan/ton, and the daily position increased by 2,383 lots [6]. 4.2 Industry News - **International Oil Prices**: On Monday (August 11), the settlement price of West Texas Light Crude Oil futures for September 2025 on the New York Mercantile Exchange was $63.96 per barrel, up $0.08 or 0.13% from the previous trading day. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.63 per barrel, up $0.04 or 0.06% from the previous trading day [7]. - **PX Market**: The price of the PX Chinese market was estimated at $835 - 837 per ton, up $2 per ton from the previous trading day; the price of the PX South Korean market was estimated at $815 - 817 per ton, up $2 per ton from the previous trading day. There was a single transaction of any October shipment at $834 per ton [7]. - **PTA Market**: The price of the East China PTA market was 4,705 yuan/ton, up 7 yuan/ton. The average daily negotiation basis was based on the futures 2509 at a discount of 13 yuan/ton, down 2 yuan/ton [7]. 4.3 Data Overview - The report provides multiple data charts, including international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures price summaries, spot - futures price differences, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories. All data sources are from Wind and the Research and Development Department of Jianxin Futures [11][13][17]

Report Information - Report Name: MEG Daily Report [1] - Date: August 13, 2025 [2] Industry Investment Rating - Not provided Core View - The short - term macro - market sentiment has improved, but the supply - demand structure and cost support of ethylene glycol are weak. It is expected that the short - term spot price of ethylene glycol may fluctuate within a range [7] Summary by Section 1. Market Review and Operation Suggestions - Futures market: For EG2509, the closing price was 4432 yuan/ton, up 28 yuan, with a position of 190,590 contracts, a decrease of 8,974 contracts; for EG2601, the closing price was 4478 yuan/ton, up 34 yuan, with a position of 57,197 contracts, an increase of 9,162 contracts. On the 12th, the opening price of the main ethylene glycol futures contract 2409 was 4395, the highest was 4416, the lowest was 4365, the settlement price was 4392, and the closing price was 4409, up 29 yuan or 0.66% from the previous trading day's settlement price. The total volume was 207,424 lots, and the position was 433,890 lots [7] 2. Industry News - Oil prices: Investors are concerned about the upcoming negotiations between the US and a European country on the Ukraine crisis. On Monday (August 11), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.96 per barrel, up $0.08 or 0.13% from the previous trading day, with a trading range of $63.02 - $64.44; the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.63 per barrel, up $0.04 or 0.06% from the previous trading day, with a trading range of $65.81 - $67.13 [8] - Ethylene glycol market in Zhangjiagang: The spot negotiation price this week is 4507 - 4509 yuan/ton, up 20.5 yuan/ton from the previous working day. The spot negotiation price next week is 4508 - 4510 yuan/ton, and the negotiation price for the end of August is 4509 - 4511 yuan/ton. The basis of this week's spot is at a premium of 75 - 77 yuan/ton compared to EG2509, next week's spot basis is at a premium of 76 - 78 yuan/ton compared to EG2509, and the basis at the end of August is at a premium of 77 - 79 yuan/ton compared to EG2509 [8] - Polyester market: The price of polyester filament continued to rise locally to repair profit margins, but downstream buying was limited as most completed restocking last weekend and are currently digesting inventory. The main futures price of polyester staple fiber was running warmly. The price of staple fiber factories was stable, and the price of traders increased slightly. The downstream purchasing willingness was low, and the trading volume in the market was differentiated, with some low - price transactions showing an increase [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG spread, MEG price, MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18]

Group 1: General Information - Report Title: Crude Oil Daily [1] - Date: August 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Market Review (USD/barrel or CNY/barrel)** - WTI: Opened at 63.48, closed at 64, with a high of 64.44, a low of 63.02, a daily increase of 0.19%, and a trading volume of 20.39 million hands [6] - Brent: Opened at 66.25, closed at 66.71, with a high of 67.13, a low of 65.81, a daily increase of 0.18%, and a trading volume of 22.39 million hands [6] - SC (CNY/barrel): Opened at 495.4, closed at 495.2, with a high of 496.6, a low of 492.3, a daily increase of 0.55%, and a trading volume of 8.06 million hands [6] - **Core View** - US peak - season consumption has shown no significant improvement this year, and the impact of US - Russia negotiations on oil prices may be short - term. If the US ultimately imposes secondary tariffs on Russian oil, it may be an opportunity to enter short positions [7] - **Fundamental Analysis** - US and Russian leaders are about to have direct talks, and the US hopes to achieve an early cease - fire in Russia and Ukraine through sanctions. However, Russian crude oil has a relatively complete export channel, so the impact of sanctions remains short - term [6] - As of the week of the 1st, US gasoline demand was below the 5 - year average. Gasoline consumption during the peak season has not significantly recovered, and after 5 consecutive weeks of consumption below the 2024 level, the growth rate has just turned positive. Even with lower gasoline prices, consumption remains weak, indicating that US peak - season travel consumption this year is lower than expected [6] Group 3: Industry News - The Saratov refinery of Rosneft in the Volga region stopped receiving oil after being attacked [8] - Ukrainian President Zelensky discussed sanctions on Russian oil with Modi. They agreed to plan a meeting at the UN General Assembly in September and formulate a mutual visit plan [8] Group 4: Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventories, WTI and Brent fund positions, Dtd Brent prices, WTI and Oman spot prices, US crude oil production growth rate, and EIA crude oil inventories, with data sources from Bloomberg, Wind, CFTC, EIA, etc. [10][12][20][23]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: August 12, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Report Industry Investment Rating - No relevant information provided. Core Views - The price of iron ore futures has gradually returned to fundamentals, and considering that steel mills maintain high production to support the ore price, it is expected that the short - term ore price will show a high - level consolidation trend [11]. Summary by Section 1. Market Review and Future Outlook 1.1 Market Review - On August 11, the main 2601 contract of iron ore futures fluctuated upward, opening higher, slightly falling, and then fluctuating upward, closing at 789.0 yuan/ton, up 1.94% [7]. - The prices of major iron ore external quotes increased by 1.5 dollars/ton compared with the previous trading day, and the prices of major grade iron ores at Qingdao Port increased by 5 yuan/ton compared with the previous trading day [9]. - The KDJ indicator of the daily line of the iron ore 2601 contract continued to rise; the green column of the MACD indicator of the daily line of the iron ore 2601 contract narrowed [9]. 1.2 Future Outlook - In terms of supply, the weekly shipment volume of 19 ports in Australia and Brazil decreased slightly last week, and the total shipment volume in the past four weeks decreased by 6.2% compared with the previous four weeks. Considering the shipping schedule, the subsequent arrival volume may fluctuate at a medium - low level [10]. - On the demand side, the demand for downstream steel products still showed a seasonal decline, inventory gradually accumulated, and the molten iron output declined for three consecutive weeks, but it was still at a relatively high level of over 2.4 million tons. The profitability rate of steel enterprises increased again. With sufficient profits, steel enterprises maintained strong production. The subsequent production reduction process is expected to be slow and the amplitude will not be large, which provides support for the ore price [10][11]. 2. Industry News - In July 2025, a total of 905 projects started across the country, with a total investment of approximately 1.791569 trillion yuan [12]. - Tangshan issued a production restriction notice. From August 16th to 25th, independent rolling enterprises may stop production at any time according to the weather conditions, and all enterprises should make preparations for production suspension. From the 25th to September 3rd, production will be stopped. According to Mysteel's research, some enterprises received oral notices. During the parade in Tangshan from August 26th to September 4th, the sintering production will be restricted by 40%, and whether the blast furnaces need to reduce production will be determined according to the air quality after the 25th. From August 20th to September 5th, key control will be implemented in steel - concentrated areas such as Qian'an, Fengnan, and Luanzhou in the whole area of Tangshan, and sintering machines, blast furnaces, rolling lines, etc. will be restricted according to requirements. In terms of transportation, the volume of diesel trucks entering and leaving the factory will be reduced by 60% (with an average daily reduction of about 12,000 vehicles). Currently, steel pipe production enterprises have not received the notice [12]. 3. Data Overview - The report presents various data charts related to the iron ore and steel industry, including the prices of major iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder, the basis between iron ore spot and the January contract at Qingdao Port, the shipment volume of iron ore from Brazil and Australia, the arrival volume at 45 ports, domestic mine capacity utilization, the trading volume of major ports, the number of days of steel mills' iron ore inventory availability, the inventory of imported sintered powder ore, port iron ore inventory and dredging volume, the tax - free molten iron cost of sample steel mills, the blast furnace start - up rate and iron - making capacity utilization, the electric furnace start - up rate and capacity utilization, the national daily average molten iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [18][25][29][35][37][43].

Report Information - Report Title: Copper Futures Daily Report [1] - Date: August 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Investment Rating - Not provided in the given content Core View - Copper prices are expected to be supported by the potential implementation of US interest rate cuts within the year, and the spot market is not expected to be a drag. Therefore, it is recommended to buy copper on dips [11] Summary by Section 1. Market Review and Operational Suggestions - Copper prices rose. The main contract of Shanghai copper closed at 79,020. Weak US employment data led Fed officials to turn dovish, and the market is betting on a 0.5 - percentage - point interest rate cut this year. The upcoming meeting between Trump and Putin on August 15 has boosted market risk appetite [11] - In the spot market, the price of electrolytic copper increased by 620 to 79,150, and the spot premium rose 30 to 150. As the delivery approaches, domestic spot supply is tight, and the spot premium remains high. Social inventories decreased slightly by 0.04 million tons compared to last Thursday. The premiums of US - dollar copper bills of lading and warehouse receipts both declined, and the import loss narrowed to around 100, with the import window approaching opening. It is expected that the tight domestic spot supply will gradually ease with the import supplement [11] - Codelco partially restarted the El Teniente copper mine, and the disruption at the mine end has eased [11] 2. Industry News - Codelco has obtained approval from the mining regulatory agency to partially restart 10 operating areas of the El Teniente copper mine, while four areas near the July 31 collapse site will remain closed [12] - The SMM copper terminal PMI in July was 47.81%, and it is expected to drop to 47.49% in August. The production index and new order index both decreased month - on - month, the product inventory index increased slightly, indicating a further contraction in production activities and market demand and increasing inventory pressure [12] - The Central Bank of Chile reported that Chile's copper export value in July was $3.99 billion, a 0.4% decrease from the same period last year, and the trade deficit in that month was $62 million [12] - In July 2025, China imported 2.56 million physical tons of copper ore and concentrates, a year - on - year increase of 18.24% and a month - on - month increase of 8.95%. From January to July, China's cumulative imports of copper ore and concentrates were 17.314 million physical tons, a cumulative year - on - year increase of 8.04% [12]

Report Information - Report Type: Aluminum Daily Report [1] - Date: August 12, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating provided in the report Core Viewpoints - The expectation of the Fed's interest rate cut in September has increased, and the easing expectation supports the aluminum price to fluctuate strongly. The main contract closed at 20,700, up 0.15%. The 08 - 09 premium was reported at 20, and the aluminum ingot continued to accumulate inventory. The spot premium remained stable. Considering the off - season effect and the suppression of terminal consumption by high prices, the previous high resistance is strong, and it is recommended to short on rebounds [8]. - The operating capacity of alumina continues to rise, while the production demand for electrolytic aluminum is relatively stable, and the supply is still relatively surplus. Before the "anti - involution" policy is clearly implemented, the upside space should be carefully evaluated. If there is a high point, short - selling can be considered [8]. - The operating capacity of electrolytic aluminum remains at a high level. Although the off - season is approaching the second half, it still shows off - season characteristics, and the inventory continues to increase seasonally. The smelting enterprises have rich profits [8]. Summary by Directory 1. Market Review and Operation Suggestions - The Fed's September interest rate cut expectation boosts the aluminum price. The main contract price increased by 0.15% to 20,700. The 08 - 09 premium was 20, and the aluminum ingot inventory continued to accumulate. The spot premium was stable, with prices in East China, Central China, and South China reported at - 50, - 160, and - 55 respectively [8]. - Cast aluminum alloy fluctuated strongly following the Shanghai aluminum price. The AD - AL negative spread was - 520. The supply of scrap aluminum was tight due to reduced new material output in the off - season and high - temperature suppression of disassembly volume. The downstream automotive industry was also in the off - season, resulting in a supply - demand imbalance. The cast aluminum market continued to operate within a range [8]. - The operating capacity of alumina increased, while the demand for electrolytic aluminum production was stable, leading to a supply surplus. Before the "anti - involution" policy is implemented, short - selling can be considered at high points [8]. - The operating capacity of electrolytic aluminum remained high. Although the off - season was in the second half, the inventory continued to increase seasonally. Considering the off - season effect and high - price suppression of consumption, short - selling on rebounds is recommended [8]. 2. Industry News - **Overseas Bauxite Mining Rights Changes**: On August 4, the Guinean government established Nimba Mining Company SA (NMC) to take over EGA - GAC's mining rights. The previous GAC mining area of 690.20 square kilometers has been granted to NMC for 25 years. EGA's annual production capacity in Guinea was 1.4 billion tons, and the mine stopped production in December last year and had its mining license revoked in May this year [9][10]. - **New Aluminum Recycling Plant**: Spectro Alloys' aluminum recycling plant in Rosemount, Minnesota, has been officially put into operation. The new plant covers an area of 90,000 square feet and will produce up to 120 million pounds of recycled aluminum ingots per year. It is expected to reach full - capacity production in the first quarter of 2026. UAE's EGA acquired 80% of Spectro Alloys in 2024 and plans to invest $4 billion in building a smelting plant in Oklahoma [10]. - **Mining Rights Change**: The mining rights of Sanmenxia Jinjiang Mining Co., Ltd.'s Shanzhou District Dayuantao Bauxite Mine have been changed, with a validity period from June 4, 2025, to April 3, 2030. The designed production scale is 500,000 tons per year [10]. - **Vedanta's Q1 2026 Financial Results**: Despite strong local demand, Vedanta's quarterly profit did not meet expectations due to falling aluminum and copper prices and rising tax expenditures. In Q1 2026, the company's total revenue increased by 6.2% to 374.34 billion rupees ($4.3 billion), but the net profit decreased by 11.7% to 31.85 billion rupees [10]. - **Electrolytic Aluminum Import and Export Data**: 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 import volume was about 1.2499 million tons, a year - on - year increase of 2.5%. In June, the export volume was 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 export volume was about 86,600 tons, a year - on - year increase of 206.6%. The net import in June was 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 import was about 1.1633 million tons, a year - on - year decrease of 2.3% [10][11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On August 11, the main contracts of rebar and hot-rolled coil futures rebounded. After the implementation of production restrictions in Tangshan, the spot market transactions in the Beijing-Tianjin-Hebei region became active, and market expectations improved. The steel futures market, which had significantly declined at the end of July and early August, turned upward again recently. It is recommended to view the market with a bullish bias in the short term, but pay attention to the impact of the stock market and risk appetite on the black commodity market [7][11]. 3. Summary by Directory 3.1 Market Review and Future Outlook - **Market Review**: On August 11, the main contracts of rebar and hot-rolled coil futures 2510 oscillated and rebounded, recovering about half of the decline since July 31 and most of the decline since July 30 respectively. Most of the main rebar and hot-rolled coil spot market prices rose. The daily KDJ indicators of the rebar and hot-rolled coil 2510 contracts showed divergent trends, with the J and K values turning upward and the D value continuing to decline. The daily MACD green bars of both contracts narrowed [7][9]. - **Future Outlook**: Tangshan's production restrictions from August 16 to September 3 will affect the daily output of 35 billet-rolling section steel enterprises by about 90,000 tons. If the inhibitory effect of production restrictions on raw material demand is less than the boosting effect of increased steel profits, the market may strengthen again in the short term. It is recommended to view the market with a bullish bias before mid-August, and pay attention to the follow-up rise of the raw material market and the impact of the stock market and risk appetite on the black commodity market [10][11]. 3.2 Industry News - **Economic Data**: In July, the national industrial producer prices and purchase prices decreased month-on-month, but the decline narrowed. The CPI was flat year-on-year and rose 0.4% month-on-month. The core CPI increased by 0.8% year-on-year, reaching the highest level since March 2024. The PPI decreased by 3.6% year-on-year, and the month-on-month decline narrowed for the first time since March [12]. - **Industry Policy**: The market competition order of industries such as coal, steel, photovoltaic, cement, and lithium battery has been continuously optimized, and the prices of production materials have improved marginally [12]. - **Company News**: As of July, 600 million tons of crude steel production capacity and 147 steel enterprises in China have completed the whole-process ultra-low emission transformation. The global steel demand has entered a stage of slow growth or even local decline, and steel enterprises are actively seeking transformation and upgrading. Some steel enterprises' performance has improved, and the industry's profitability has recovered [12]. - **International News**: The average tariff rate in the United States has reached 20.1%, the highest level since the early 1910s. Mongolia's coal exports from January to July decreased by 6.58% year-on-year, and Russia's seaborne coal exports in July increased by 2.65% month-on-month and 0.15% year-on-year. BHP will form an alliance to explore the development opportunities of CCUS technology in Asia [13]. 3.3 Data Overview - The report provides data on the spot prices, production, inventory, and capacity utilization rates of rebar and hot-rolled coil, as well as the basis between Shanghai spot prices and October contracts [15][20][23].

Group 1: Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: August 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Carbonate lithium futures hit the daily limit. With the confirmation of the suspension of Ningde Times' Jianxiaowo Mine, the market's bullish sentiment soared, and the spot market followed the upward trend. The short - term price increase is more affected by sentiment, and the suspension of the mine is expected to have limited impact on production [12] Group 4: Market Review and Operation Suggestions - Carbonate lithium futures hit the daily limit. After Ningde Times' Jianxiaowo Mine was confirmed to be shut down, the market's bullish sentiment was high, and the spot market followed the increase. The price of electric carbon increased by 2,600 to 74,500. The upstream's shipping sentiment rose while the downstream's purchasing sentiment declined. Australian ore prices increased by 90 to $875 per ton, and mica ore prices increased by 75 to 1,875 yuan per ton. Outsourcing spodumene salt plants had a loss of 145, and outsourcing mica salt plants had a loss of 7,642. However, the futures market provided a generous hedging space. In the short term, the enthusiasm of salt plants to start production is expected to remain high, and the suspension of the Jianxiaowo Mine is expected to have limited impact on carbonate lithium production [12] Group 5: Industry News - Ningde Times suspended mining operations on August 11 after the expiration of the mining license on August 9 and is applying for a renewal, which has little impact on the company's overall operations [13] - Nandu Power signed a 2.8GWh independent energy storage project order using its self - developed 314Ah semi - solid energy storage batteries. The project is expected to consume over 1 billion kWh of new energy electricity annually, enhance the grid's ability to accept renewable energy, and reduce carbon dioxide emissions by about 1 million tons per year [13] - Hunan Yueneng committed to setting up its first Southeast Asian manufacturing plant in Malaysia, which will produce lithium battery cathode materials and create over 200 new jobs [13] - An ultra - large lithium ore resource was discovered in Linwu County, Hunan, with a lithium ore reserve of 490 million tons and a lithium oxide resource of about 131,000 tons, which will enhance China's lithium resource security and drive the local new energy industry chain [13][14]