Group 1: General Information - Reported industry: Soybean meal [1] - Report date: August 11, 2025 [2] - Research team: Agricultural product research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - **Domestic Soybean Meal Futures**: For the contracts of Soybean Meal 2601, 2509, and 2511, the closing prices were 3094, 3045, and 3081 respectively, with daily increases of 0.85%, 0.83%, and 0.75%. The trading volumes were 609,803, 553,208, and 86,751, and the open interests were 1,650,480, 1,060,946, and 651,771 respectively. The changes in open interests were +49,993, -67,719, and -396 [6]. - **US Soybean Futures**: The US soybean futures contracts fluctuated, with the main - contract at 990 cents. The new - season US soybeans are growing well, with a current excellent - good rate of 69%, the best in the same period in the past five years. Only 3% of the US soybean planting areas are affected by drought, and the soil moisture has some tolerance. The weather in the next two weeks is expected to have moderate rainfall, strengthening the expectation of a bumper harvest. The demand for US soybeans is relatively weak as China has not started purchasing new - season US soybeans due to a 23% tariff [6]. Operational Suggestions - Unless there are significant changes in tariffs, maintain a bullish view on soybean meal in the medium - term. Wait for potential negative impacts from the August USDA report to materialize before making investment decisions [6]. Group 3: Industry News - **USDA Monthly Report Forecast**: Analysts predict that the global soybean ending stocks for the 2025/26 season will be 127.42 million tons, the US soybean ending stocks for the 2024/25 season will be 347 million bushels, the US soybean production for the 2025/26 season will be 4.365 billion bushels, the US soybean yield for the 2025/26 season will be 52.9 bushels per acre, and the US soybean ending stocks for the 2025/26 season will be 349 million bushels [7][9]. - **USDA Drought Monitoring Report**: As of the week of August 5, about 3% of US soybean planting areas were affected by drought, down from 5% the previous week and 4% in the same period last year [9]. Group 4: Data Overview - The report includes multiple data charts such as the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the USD/CNY central parity rate, and the USD/BRL exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [15][17][14]

1. Report Information - Report Date: August 11, 2025 [2] - Report Type: MEG Daily Report [1] 2. Research Team - Energy and Chemical Research Team: Composed of researchers including Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, and Feng Zeren [4] 3. Key Points from Each Section 3.1 Market Review and Operational Suggestions - Futures Market: On August 8, the closing price of the main contract EG2509 of ethylene glycol futures was 4384 yuan/ton, down 28 yuan; the closing price of EG2601 was 4422 yuan/ton, down 14 yuan. The trading volume of EG2509 was 80665 lots, and the open interest was 205326 lots, a decrease of 11475 lots. The open interest of EG2601 was 35818 lots, an increase of 2333 lots [7] - Market Outlook: Due to low support from the cost and supply - demand side of ethylene glycol in the short term and policy uncertainties at the macro - level, market participants are cautious. It is expected that the ethylene glycol price may maintain a weak trend [7] 3.2 Industry News - Crude Oil: On Thursday (August 7), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.88 per barrel, down $0.47 or 0.73%. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.43 per barrel, down $0.46 or 0.69% [8] - Ethylene Glycol Market: The mainstream transaction price of ethylene glycol in the Zhangjiagang market was 4450 - 4465 yuan/ton, down 25 yuan/ton from the previous trading day. The negotiation range in the Dongguan market was 4350 - 4380 yuan/ton, down 45 yuan/ton. The negotiation range in the Fujian market was also 4350 - 4380 yuan/ton, down 45 yuan/ton [8]

Report Information - Report Title: Copper Futures Daily Report [1] - Date: August 8, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - No relevant information provided. Core View - The Shanghai copper continued to fluctuate, with the main contract still running below the trend line. The spot price rose 150 to 78,500, and the premium rose 10 to 110. The spot import loss slightly widened to 167. The domestic social inventory increased by 1.27 million tons this week compared with last Thursday, and the LME inventory accumulation speed slowed down. The dollar index continued to fall, and the domestic anti - involution trading logic emerged again. It is expected that the copper price will fluctuate strongly [10]. Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper continued to fluctuate, with the main contract below the trend line. The monthly spread and position changes on the disk were small. The spot price rose 150 to 78,500, and the premium rose 10 to 110. The spot import loss slightly widened to 167. Imported goods continued to flow into the domestic market to supplement the social inventory. The domestic social inventory increased by 1.27 million tons this week compared with last Thursday. After a large - scale inventory accumulation on Tuesday, the LME inventory accumulation speed slowed down, reducing the short - term pressure on copper prices. However, there are still expectations of inventory accumulation at home and abroad, and combined with the off - season of downstream demand, the short - term spot is still weak. With the continuous decline of the dollar index and the emergence of the domestic anti - involution trading logic, the copper price is expected to fluctuate strongly [10]. 2. Industry News - In July 2025, China imported 2.56 million physical tons of copper ore 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 concentrates were 17.314 million physical tons, a cumulative year - on - year increase of 8.04% [11]. - PT Merdeka Copper Gold Tbk announced the latest drilling results of its Tujuh Bukit copper project in East Java, Indonesia. A 248 - meter - long mineralized zone with a grade of 0.4 g/t gold and 0.3% copper was found in the GMD - 25 - 043 drill hole in the Gua Macan target area, further confirming the project's growth potential [11].

日期 2025 年 8 月 8 日 021-60635740 期货从业资格号：F3075681 行业 锌期货日报 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：张平 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2508 | 22400 | 22550 | 22580 | 22400 | 240 | 1.08 | 6190 | -570 | | 沪锌 | 2509 | 224 ...

Report Information - Industry: MEG [1] - Date: August 8, 2025 [2] Investment Rating - No investment rating provided in the report Core View - Due to the continuous decline in short - term crude oil prices and the lack of substantial improvement in the supply - demand structure of ethylene glycol, it is expected that ethylene glycol will maintain a weak and volatile trend in the short term [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: For the EG2509 contract, the closing price was 4396 yuan/ton, down 15 yuan, with a position of 216801 contracts, down 1201 contracts; for the EG2601 contract, the closing price was 4430 yuan/ton, down 4 yuan, with a position of 59348 contracts, up 5104 contracts. On the 7th, the opening price of the ethylene glycol futures main contract 2509 was 4430, the highest was 4441, the lowest was 4385, the settlement was 4412, and the trading volume was 116892 lots [7] 2. Industry News - Oil prices: International oil prices fell for the fifth consecutive trading day. On August 6th, the settlement price of WTI crude oil futures for September 2025 was $64.35 per barrel, down $0.81 or 1.24%; the settlement price of Brent crude oil futures for October 2025 was $66.89 per barrel, down $0.75 or 1.11% [8] - Ethylene glycol market: The mainstream transaction price in Zhangjiagang was 4460 - 4505 yuan/ton, down 12.5 yuan/ton; the negotiation range in Dongguan was 4400 - 4420 yuan/ton, unchanged from the previous trading day; the negotiation range in Fujian was 4400 - 4420 yuan/ton, unchanged from the previous trading day [8] 3. Data Overview - The report provides multiple data charts, including PTA - MEG price difference, 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 [10][15][16]

Report Overview - Report Name: "集运指数日报" [1] - Date: August 8, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Investment Rating - No investment rating information provided. 2. Core View - The peak of the peak season for spot freight rates has likely passed. This week, the SCFIS has further dropped below 2300 points, marking four consecutive weeks of decline. Airlines are lowering their August quotes, indicating that the spot freight rate has reached its peak and is expected to enter a downward channel in August. Given the limited improvement in demand and relatively high supply during the off - season, this year's freight rates may be even weaker during the off - season. Investors should pay attention to short - selling opportunities in October (a traditional off - season) and long - short spread trading opportunities between December and October contracts [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Spot Market**: The peak of the peak season for spot freight rates has appeared. This week, the SCFIS has dropped below 2300 points for four consecutive weeks. Airlines are lowering their August quotes, and the freight rates are showing a weekly decline. The freight rate spot has likely reached its peak and is expected to decline in August. For example, many airlines have reduced their quotes for the Shanghai - Rotterdam route. The overall quotes for large containers are concentrated between $3100 - 3500, a decrease of $200 - 300 compared to the end of July. Historically, the peak of the peak season usually occurs in the third week of July, and the freight rates in late August generally return to the level of early July. Due to the limited improvement in demand and relatively high supply during the off - season, this year's freight rates may be even weaker during the off - season. Investors should pay attention to short - selling opportunities in October and long - short spread trading opportunities between December and October contracts [8]. 3.2 Industry News - **Market Conditions from July 28 to August 1**: The China export container shipping market was generally stable, but the transport demand was weak. The comprehensive index declined slightly. The IMF raised China's 2025 economic growth forecast by 0.8 percentage points, mainly due to export growth. The Shanghai Export Containerized Freight Index on August 1 was 1550.74 points, a 2.6% decrease from the previous period [9]. - **European Routes**: The EU and the US reached a 15% tariff agreement, and the EU will increase its purchase of US energy products and investment. Although this avoids the escalation of the trade war, it may bring long - term economic costs to the EU. The transport demand was stable, and the market freight rate declined slightly. On August 1, the freight rate from Shanghai Port to European basic ports was $2051/TEU, a 1.9% decrease from the previous period [9][10]. - **Mediterranean Routes**: The supply - demand relationship was weak, and the spot booking price declined slightly. On August 1, the freight rate from Shanghai Port to Mediterranean basic ports was $2333/TEU, a 3.5% decrease from the previous period [10]. - **North American Routes**: In June, the US durable goods orders decreased by 9.3% month - on - month, the worst performance since the 2020 pandemic. China and the US held economic and trade talks in Sweden, and both sides agreed to extend the suspension of 24% of the US reciprocal tariffs and China's counter - measures for 90 days. The transport demand lacked growth momentum, and the spot booking price continued to decline. On August 1, the freight rates from Shanghai Port to the US West and East basic ports were $2021/FEU and $3126/FEU respectively, decreasing by 2.2% and 7.5% from the previous period [10]. - **Other News**: Israel launched air strikes on Yemen's Hodeidah Port on July 21, further disrupting the port's operations. The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India. The US and the EU reached a trade agreement, with the EU increasing its investment in the US by $600 billion, purchasing US military equipment and $750 billion worth of US energy products [10]. 3.3 Data Overview - **Container Shipping Spot Prices** - **SCFIS**: From July 28 to August 4, the SCFIS for European routes decreased from 2316.56 to 2297.86, a 0.8% decrease; the SCFIS for US West routes decreased from 1284.01 to 1130.12, a 12.0% decrease [12]. - **Container Shipping Index (European Routes) Futures Quotes** - **Contract Data**: On August 7, different contracts of container shipping European routes futures showed different trends in prices, trading volumes, and open interests. For example, the EC2510 contract had a closing price of 1420.4, a decrease of 14.0 from the previous settlement price, and a trading volume of 26142 [6].

Industry Investment Rating - No relevant information provided Core Viewpoints - The fundamentals of the oil market are generally neutral, with limited production growth from OPEC+ and the US, and the actual demand in the peak season slightly falling short of expectations. Oil prices are mainly driven by macro - level tariffs, sanctions, and geopolitical situations. In the medium term, as demand moves towards the off - season, oil prices may fall again. Due to the fermentation of negative macro - level sentiment, it is advisable to consider short positions after a rebound [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Data**: The WTI main contract opened at $65.15, closed at $64.27, with a high of $66.75, a low of $63.64, a decline of 1.37%, and a trading volume of 33.36 million lots. The Brent main contract opened at $67.75, closed at $66.96, with a high of $69.18, a low of $66.22, a decline of 1.01%, and a trading volume of 39.59 million lots. The SC main contract (yuan/barrel) opened at 508.4, closed at 501, with a high of 510.9, a low of 497.5, a decline of 0.63%, and a trading volume of 14.76 million lots [6]. - **News**: According to the New York Times, Trump may meet with Putin face - to - face next week, followed by a three - way meeting with Zelensky. Under this background, the possibility of the US imposing secondary tariffs on Russian energy is extremely low [6]. - **EIA Data**: As of the week ending August 1st, US crude oil inventories declined more than expected, and the refinery utilization rate reached a new high. However, US refined oil demand remained weak, with gasoline consumption in the peak season not significantly increasing and being lower than the same period in 2024 for four consecutive weeks [7]. 2. Industry News - Goldman Sachs data shows that although Russia supplies about one - third of India's crude oil, the US share climbed to 8% from April to May 2025 and was 4% in the 2025 fiscal year [8]. - The Iraqi oil minister said that oil exports through the Turkish Ceyhan pipeline will resume on Wednesday or Thursday [8]. - The Russian Ministry of Defense reported that the Russian military attacked the Ukrainian natural gas transportation system supplying military facilities [8]. - After the US decided to impose a 25% new tariff on Indian goods, Indian refiners are waiting for government instructions on whether to continue buying Russian oil [8]. 3. Data Overview - The report provides multiple data charts, including WTI spot price, Oman spot price, Brent fund net position, Dtd Brent price, global high - frequency crude oil inventory, WTI fund position, US crude oil production growth rate, and EIA crude oil inventory, with data sources from wind, CFTC, Bloomberg, and EIA [11][13][14]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The fundamentals' improvement of industrial silicon has reached a dead - end, and the price is oscillating and waiting for a direction. The supply - demand situation is in a loose pattern with both supply and demand increasing. The spot price has stopped falling and stabilized, but there is no actual anti - involution policy, and the supply - side pressure is gradually increasing. The support for the futures price lies in the recent strengthening of cost - related varieties. It is expected to continue the current range - bound operation [4] 3. Summary by Directory 3.1 Market Review and Outlook - **Market Performance**: Industrial silicon futures prices continued to rebound. The closing price of Si2511 was 8,655 yuan/ton, with a 0.46% increase. The trading volume was 396,110 lots, and the open interest was 224,390 lots, with a net increase of 15,654 lots [4] - **Spot Price**: Industrial silicon spot prices remained stable. The price of Inner Mongolia 553 was 8,700 yuan/ton, and that of Sichuan 553 was 8,750 yuan/ton. The price of Inner Mongolia 421 was 9,600 yuan/ton, that of Xinjiang 421 was 9,400 yuan/ton, and that of Sichuan 421 was 9,850 yuan/ton [4] - **Future Outlook**: In the fundamentals, the resumption of production in the southwest production areas has driven the output to continuously increase. The weekly output in the first week of August increased to 78,600 tons (this output converted to monthly output will increase to 348,100 tons). On the demand side, the production schedule of polysilicon in August has increased, and the monthly output demand is expected to reach 125,000 tons, but the incremental demand will be digested by the existing industrial silicon production increase. The output of organic silicon has remained generally stable, and there is a lack of short - term increment. The supply - demand of industrial silicon has increased simultaneously, maintaining a loose pattern [4] 3.2 Market News - On August 7th, the futures warehouse receipt volume of the Guangzhou Futures Exchange was 50,475 lots, a net decrease of 105 lots compared with the previous trading day [5] - According to the data of the General Administration of Customs on August 7th, China imported 3.5609 million tons of coal and lignite in July, an increase of 257,200 tons compared with 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]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Trade policy uncertainties and expectations of Fed rate cuts support the strong performance of precious metals. Gold's safe - haven demand is greatly boosted, and it is expected to continue the long - and medium - term bull market. However, price volatility has increased [4][5]. - In the short term, London gold will oscillate between $3120 - 3500 per ounce, waiting for the next breakthrough. Investors are advised to maintain a long - position mindset and participate with medium - to - low positions [4][5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: Trump's tariff policies and Fed officials' support for rate cuts drive precious metals up. London gold approaches $3400 per ounce. It is recommended to hold a long - position mindset and participate with medium - to - low positions. This week, focus on China's July foreign trade, price, and financial data, the Russia - Ukraine conflict, and US trade tariff policies [4]. - **Domestic Precious Metals Market Data**: Shanghai Gold Index closed at 786.70, up 0.17%; Shanghai Silver Index closed at 9275, up 0.82%; Gold T + D closed at 782.00, up 0.36%; Silver T + D closed at 9224, up 0.83% [5]. - **Medium - term Market**: Since late April, London gold has been oscillating between $3100 - 3500 per ounce. Uncertainties in Trump's new policies and geopolitical risks support the price. The gold - silver ratio has returned to pre - April levels. It is expected that London gold will continue to oscillate in the $3120 - 3500 per ounce range. Investors can consider "long gold, short silver" arbitrage opportunities [5]. 3.2 Precious Metals Market - related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, and gold and silver ETF holdings [7][9]. 3.3 Major Macroeconomic Events/Data - Trump may meet with Putin next week, and the US plans to impose secondary sanctions on countries buying Russian oil. The US will impose about 100% tariffs on imported semiconductor chips [17]. - Trump imposes an additional 25% tariff on Indian goods. Modi will visit China on August 31, indicating a thaw in India - China diplomacy [17]. - Some Fed policymakers are worried about the US job market and economic slowdown. Kashkari believes there will be two rate cuts this year, Daly thinks the Fed will need to cut rates soon, and Cook is concerned about the latest job market data [18].

黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 8 月 8 日 8 月 7 日，铁矿石期货主力 2509 合约震荡偏弱，低开后震荡运行，午间冲高 回落，随后震荡回升，收报 793.0 元/吨，跌 0.25%。 表2：8月7日黑色系期货持仓情况（单位：手、%） 合约 前 20 多头 持仓 前 20 空头 持仓 前 20 多头 持仓变化 前 20 空头 持仓变化 多空 对比 RB2510 992,977 1,006,896 7,755 -24,951 32,706 3.27% HC2510 1,002,530 1,032,141 -12,817 -26,326 13,50 ...