Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply - demand situation in the styrene spot market is expected to remain with supply exceeding demand, and inventory pressure may continue to rise. The cost side shows that the supply - demand situation of crude oil remains with supply exceeding demand, and international oil prices are expected to fluctuate weakly. Technically, EB2510 should focus on the support around 7130 and the pressure around 7380 [2][3] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 7,285 yuan/ton, with a month - on - month increase of 59 yuan/ton. The trading volume is 360,058 lots, with a month - on - month increase of 238,288 lots. The long positions of the top 20 holders are 314,773 lots, with a month - on - month increase of 21,036 lots. The closing price of the November contract is 7,295 yuan/ton, with a month - on - month increase of 36 yuan/ton. The open interest of the active contract is 256,661 lots, with a month - on - month increase of 47,741 lots. The net long positions of the top 20 holders are - 27,402 lots, with a month - on - month increase of 11,380 lots. The short positions of the top 20 holders are 342,175 lots, with a month - on - month increase of 32,416 lots [2] 现货市场 - The spot price of styrene is 7,572 yuan/ton. The FOB South Korea intermediate price is 887 US dollars/ton, with a month - on - month decrease of 1 US dollar/ton. The CFR China intermediate price is 897 US dollars/ton, with a month - on - month decrease of 1 US dollar/ton. The mainstream prices in Northeast, South, North, and East China are 7,350 yuan/ton (unchanged), 7,430 yuan/ton (a decrease of 10 yuan/ton), 7,315 yuan/ton (an increase of 10 yuan/ton), and 7,280 yuan/ton (an increase of 10 yuan/ton) respectively [2] Upstream Situation - The CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf intermediate prices of ethylene are 826 US dollars/ton (unchanged), 821 US dollars/ton (unchanged), 852 US dollars/ton (a decrease of 0.5 US dollars/ton), and 457 US dollars/ton (a decrease of 6 US dollars/ton) respectively. The spot prices of pure benzene in the US Gulf, Taiwan, and Rotterdam are 261 US cents/gallon (a decrease of 5 US cents/gallon), 744.67 US dollars/ton (unchanged), and 686 US dollars/ton (a decrease of 18 US dollars/ton) respectively. The market prices of pure benzene in South, East, and North China are 6,150 yuan/ton (unchanged), 6,095 yuan/ton (a decrease of 5 yuan/ton), and 6,130 yuan/ton (unchanged) respectively [2] Industrial Situation - The overall styrene plant production capacity utilization rate is 78.18%, with a month - on - month increase of 0.45%. The national styrene inventory is 208,717 tons, with a month - on - month decrease of 2,738 tons. The total inventory in the East China main port is 161,500 tons, with a month - on - month increase of 12,700 tons. The trade inventory in the East China main port is 76,500 tons, with a month - on - month increase of 7,000 tons [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 58.08% (a month - on - month increase of 14.41%), 71.1% (unchanged), 56.4% (a month - on - month increase of 1.4%), 32% (a month - on - month increase of 2%), and 72.1% (a month - on - month decrease of 1.25%) respectively [2] Industry News - Bloomberg reported that the Chinese government is about to conduct a comprehensive rectification of the petrochemical and refining industries, gradually phasing out small - scale facilities and upgrading backward production capacity, while directing investment towards advanced materials. From August 8th to 14th, the overall output of Chinese styrene plants was 369,100 tons, a month - on - month increase of 2.76%, and the plant capacity utilization rate was 78.18%, a month - on - month increase of 0.45%. The main styrene contract changed to the October contract. EB2510 fell and then rebounded, closing at 7,285 yuan/ton. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 263,200 tons, a month - on - month increase of 10.54%. As of August 14th, the sample inventory of Chinese styrene plants was 208,700 tons, a month - on - month decrease of 1.29% [2]

Group 1: Report Summary - The short - term supply of pure benzene in China is expected to exceed demand, putting pressure on prices; in the medium - to - long - term, the supply - demand contradiction may improve as new downstream capacity in August is higher than that of pure benzene [2] - The supply of crude oil exceeds demand, and international oil prices are expected to fluctuate weakly due to positive signals from Russia - Ukraine peace talks [2] - Technically, for BZ2603, attention should be paid to the support around 6100 and the pressure around 6300 [2] Group 2: Market Data Futures Market - The closing price of the main pure benzene contract is 6205 yuan/ton, up 23 yuan; the settlement price is 6177 yuan/ton, down 13 yuan [2] - The trading volume of the main pure benzene contract is 11282 lots, up 7924 lots; the open interest is 13106 lots, down 877 lots [2] Spot Market - The mainstream price of pure benzene in the East China market is 6250 yuan/ton, unchanged; in the South China market, it is 6095 yuan/ton, down 5 yuan [2] - The FOB mid - price of pure benzene in South Korea is 732 US dollars/ton, unchanged; the CFR mid - price of pure benzene in China is 746.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil is 67.6 US dollars/barrel, unchanged; the CFR mid - price of naphtha in Japan is 574.5 US dollars/ton, up 3.75 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 44.52 tons, down 0.08 tons [2] - The port inventory of pure benzene is 14.6 tons, down 1.7 tons; the production cost is 5327.8 yuan/ton, down 118.2 yuan [2] - The production profit of pure benzene is 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene is 78.18%, up 0.45%; the capacity utilization rate of caprolactam is 95.72%, up 6.41% [2] - The capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1% [2] - The capacity utilization rate of adipic acid is 64.3%, up 2% [2] Group 3: Industry News - China will comprehensively rectify the petrochemical and refining industries, phasing out small facilities and upgrading backward capacity while directing investment towards advanced materials [2] - From August 8 - 14, the profit of petroleum benzene in China was 689 yuan/ton, up 113 yuan/ton; the BZ2603 fluctuated widely and closed at 6205 yuan/ton [2] - As of August 18, the commercial inventory of pure benzene in Jiangsu ports was 14.4 tons, down 1.37% [2]

落地前，新作减产预期支撑红枣期货价格，但是随着前期价格上涨消化减产利多，红枣2601合约短期偏强 数据来源第三方(我的农产品网、海关总署、郑商所)，观点仅供参考，市场有风险，投资需谨慎！ 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 调整，关注新作产量。操作上，建议短线交易为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 红枣产业日报 2025-08-20 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 11530 | -20 ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - China's methanol port inventory is expected to continue to accumulate, and the olefin industry's operating rate will increase. The MA2601 contract is expected to fluctuate in the range of 2400 - 2460 in the short term [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 2424 yuan/ton, up 33 yuan; the 9 - 1 spread is -109 yuan/ton, down 3 yuan. The main contract's open interest is 674733 lots, down 11543 lots; the net long position of the top 20 futures holders is -107249 lots, up 10590 lots. The number of warehouse receipts is 10766, unchanged [3] 3.2 Spot Market - The price in Jiangsu Taicang is 2290 yuan/ton, up 20 yuan; in Inner Mongolia, it is 2070 yuan/ton, down 5 yuan. The price difference between East China and Northwest is 220 yuan/ton, up 25 yuan; the basis of the Zhengzhou methanol main contract is -134 yuan/ton, down 13 yuan. CFR China Main Port is 259 dollars/ton, down 2 dollars; CFR Southeast Asia is 322 dollars/ton, down 2 dollars. FOB Rotterdam is 276 euros/ton, up 4 euros; the price difference between China Main Port and Southeast Asia is -63 dollars/ton, unchanged [3] 3.3 Upstream Situation - NYMEX natural gas price is 2.76 dollars/million British thermal units, down 0.15 dollars [3] 3.4 Industry Situation - East China port inventory is 68.7 tons, up 4.5 tons; South China port inventory is 33.48 tons, up 5.13 tons. Methanol import profit is 25.4 yuan/ton, down 16.09 yuan; monthly import volume is 122.02 tons, down 7.21 tons. Inland enterprise inventory is 295600 tons, up 1900 tons; methanol enterprise operating rate is 82.4%, up 0.79% [3] 3.5 Downstream Situation - Formaldehyde operating rate is 42.05%, up 0.43%; dimethyl ether operating rate is 7.15%, up 1.82%; acetic acid operating rate is 91.06%, up 1.82%; MTBE operating rate is 63.39%, down 3.23%; olefin operating rate is 83.12%, down 0.77%. Methanol - to - olefin disk profit is -1016 yuan/ton, down 59 yuan [3] 3.6 Option Market - The 20 - day historical volatility of methanol is 20.07%, up 0.26%; the 40 - day historical volatility is 17.61%, up 0.32%. The implied volatility of at - the - money call options is 16.89%, up 0.48%; the implied volatility of at - the - money put options is 16.9%, up 0.49% [3] 3.7 Industry News - As of August 20, China's methanol port inventory is 107.60 tons, up 5.42 tons; sample production enterprise inventory is 31.08 tons, up 1.52 tons, a 5.15% increase; sample enterprise orders to be delivered are 20.74 tons, down 1.20 tons, a 5.47% decrease. As of August 14, domestic methanol - to - olefin device capacity utilization rate is 84.71%, a -0.41% decrease [3] 3.8 Viewpoint Summary - The overall methanol production has a slight increase. The enterprise inventory level has a slight increase. The port inventory continues to accumulate. The olefin industry's operating rate will increase after the restart of the Yanchang Zhongmei Yulin olefin device [3] 3.9 Prompt Attention - Pay attention to the enterprise inventory and port inventory data from Longzhong on Wednesday [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Internationally, the raw sugar price will experience wide - range fluctuations at a low level in the short term due to good production prospects in major Asian sugar - producing countries and a loose global supply outlook, along with concerns about the sugar content of Brazilian sugarcane in the 2025/26 season and signs of improved demand [2]. - Domestically, the profit window for out - of - quota imports remains open, leading to a significant increase in sugar imports in July. Beet sugar will start being pressed in September, increasing supply. Demand is expected to rise with the upcoming double - festival stocking. The inventory reduction process has slowed down due to an increase in processed sugar. The new - season sugar production is expected to be at a high level in the past four years. Overall, the domestic market will fluctuate in the short term, and the recommended operation is to wait and see [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the main sugar futures contract is 5,676 yuan/ton, up 15 yuan; the main contract position is 343,739 hands, up 5,283 hands; the number of sugar warehouse receipts is 16,244 sheets, down 242 sheets; the net long position of the top 20 futures is - 17,660 hands; the effective warehouse receipt forecast is 1 sheet [2]. 现货市场 - The estimated import processing price of Brazilian sugar within the quota is 4,491 yuan/ton, down 43 yuan; that of Thai sugar is 4,509 yuan/ton, down 42 yuan. The estimated import price of Brazilian sugar out - of - quota (50% tariff) is 5,706 yuan/ton, and that of Thai sugar is 5,729 yuan/ton. The spot price of white granulated sugar in Kunming is 5,855 yuan/ton, unchanged; in Nanning is 5,970 yuan/ton, down 10 yuan; in Liuzhou is 6,030 yuan/ton, down 10 yuan [2]. Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, up 60 thousand hectares; the sugar - cane planting area in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2]. Industry Situation - The cumulative national sugar production is 1,116.21 million tons, up 5.49 million tons; the cumulative national sugar sales volume is 811.38 million tons, up 86.92 million tons; the national industrial sugar inventory is 304.83 million tons, down 81.43 million tons; the national sugar sales rate is 72.69%, up 7.47 percentage points; the monthly sugar import volume is 740,000 tons, up 320,000 tons; the total monthly sugar exports from Brazil are 359.37 million tons, up 23.47 million tons [2]. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft - drink production is 2.9%, down 0.1 percentage point [2]. Option Market - The implied volatility of at - the - money call options for sugar is 8.25%, down 0.08 percentage points; that of at - the - money put options is 8.26%, down 0.08 percentage points. The 20 - day historical volatility of sugar is 8.3%, up 0.17 percentage points; the 60 - day historical volatility is 6.33%, up 0.05 percentage points [2]. Industry News - The average sugar - cane yield per hectare in the central - southern region of Brazil in July was 81.3 tons, a year - on - year decrease of 5.6% [2]. - On Tuesday, the ICE raw - sugar October contract rose 0.37%. On Wednesday, the sugar 2601 contract rose 0.05% [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The lithium carbonate futures main contract hit the daily limit down, with a decrease of 8% at the close. The trading volume decreased month - on - month, the spot was at a premium, and the basis strengthened [2]. - Fundamentally, due to domestic mining incidents, the spot price of lithium carbonate raw materials has risen significantly, driving up the lithium ore quotation. Supply may continue to increase as smelters are more active in hedging. Demand has also improved as downstream buyers are more proactive in advance stocking with the approaching peak season. Overall, the lithium carbonate market may see a situation of increasing supply and demand, but the inventory is still at a relatively high level [2]. - In the options market, the put - call ratio of open interest is 101.57%, a month - on - month increase of 7.764%. The call open interest in the options market has an advantage, and the sentiment in the options market has turned bearish, with the implied volatility slightly decreasing [2]. - Technically, on the 60 - minute MACD chart, the double lines are above the 0 - axis and the green bars are expanding. - The operation suggestion is to short lightly on rallies and pay attention to trading rhythm to control risks [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 80,980 yuan/ton, a decrease of 6,560 yuan [2]. - The net position of the top 20 is - 139,458 lots, an increase of 10,387 lots [2]. - The open interest of the main contract is 395,102 lots, a decrease of 18,995 lots [2]. - The spread between near - and far - month contracts is 160 yuan/ton, unchanged [2]. - The warehouse receipts of GME are 23,615 lots, an increase of 60 lots [2]. Spot Market - The average price of battery - grade lithium carbonate is 85,700 yuan/ton, unchanged [2]. - The average price of industrial - grade lithium carbonate is 83,400 yuan/ton, unchanged [2]. - The basis of the Li₂CO₃ main contract is 4,720 yuan/ton, an increase of 6,560 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 980 US dollars/ton, a decrease of 10 US dollars [2]. - The average price of amblygonite is 8,525 yuan/ton, a decrease of 415 yuan [2]. - The price of lepidolite (2 - 2.5%) is 2,645 yuan/ton, unchanged [2]. Industry Situation - The monthly production of lithium carbonate is 44,600 tons, an increase of 500 tons [2]. - The monthly import volume of lithium carbonate is 17,697.62 tons, a decrease of 3,448.16 tons [2]. - The monthly export volume of lithium carbonate is 429.65 tons, an increase of 142.92 tons [2]. - The monthly operating rate of lithium carbonate enterprises is 48%, a decrease of 4 percentage points [2]. - The monthly production of power batteries is 133,800 MWh, an increase of 4,600 MWh [2]. - The price of lithium manganate is 34,000 yuan/ton, unchanged [2]. - The price of lithium hexafluorophosphate is 55,800 yuan/ton, an increase of 500 yuan [2]. - The price of lithium cobaltate is 235,000 yuan/ton, unchanged [2]. - The price of ternary material (811 type): China is 148,000 yuan/ton, unchanged [2]. - The price of ternary material (622 power type): China is 124,000 yuan/ton, unchanged [2]. Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 130,000 yuan/ton, unchanged [2]. - The monthly operating rate of ternary cathode materials is 52%, an increase of 1 percentage point [2]. - The price of lithium iron phosphate is 34,300 yuan/ton, unchanged [2]. - The monthly operating rate of lithium iron phosphate cathodes is 51%, a decrease of 1 percentage point [2]. - The monthly production of new energy vehicles (CAAM) is 1,243,000 vehicles, a decrease of 25,000 vehicles [2]. - The monthly sales of new energy vehicles (CAAM) is 1,262,000 vehicles, a decrease of 67,000 vehicles [2]. - The cumulative sales penetration rate of new energy vehicles (CAAM) is 44.99%, an increase of 0.68 percentage points [2]. - The cumulative sales of new energy vehicles is 8,220,000 vehicles, an increase of 2,286,000 vehicles [2]. - The monthly export volume of new energy vehicles is 225,000 vehicles, an increase of 20,000 vehicles [2]. - The cumulative export volume of new energy vehicles is 1,308,000 vehicles, an increase of 600,000 vehicles [2]. - The 20 - day average volatility of the underlying is 73.17%, an increase of 3.84 percentage points [2]. - The 40 - day average volatility of the underlying is 55.24%, an increase of 4.50 percentage points [2]. Option Situation - The total call open interest is 145,340 contracts, a decrease of 2,807 contracts [2]. - The total put open interest is 147,624 contracts, an increase of 8,651 contracts [2]. - The put - call ratio of total open interest is 101.57%, an increase of 7.764 percentage points [2]. - The at - the - money IV implied volatility is 0.43%, a decrease of 0.0279 percentage points [2]. Industry News - A national conference on promoting the replacement of old consumer goods with new ones was held in Beijing, emphasizing the need to optimize policies steadily, implement policies to increase consumption, and cultivate new growth points in the consumer market [2]. - Xiaomi Group's total revenue in the second quarter reached 116 billion yuan, a year - on - year increase of 30.5%. The revenue of the "Mobile × AIoT" segment was 94.7 billion yuan, a year - on - year increase of 14.8%, and the revenue of the "Intelligent Electric Vehicles and AI and other innovative businesses" segment was 21.3 billion yuan, both hitting record highs [2]. - Yichun Yinli, a wholly - owned subsidiary of Jiangte Motor, which had suspended production for equipment maintenance, will resume production soon [2]. - Heilongjiang has adjusted its subsidy policy for replacing old consumer goods with new ones. Starting from August 23, subsidies for car replacement are divided into three levels. The subsidy standards for fuel vehicles are 5,000 yuan, 8,000 yuan, and 11,000 yuan respectively, and the subsidy for each level of new energy vehicles is 2,000 yuan more [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Currently, the egg - laying hen inventory is at a high level, and the newly - laid eggs from previously replenished hens exert significant pressure, resulting in sufficient egg supply. The continuous出库 of cold - storage eggs further exacerbates the supply pressure. Meanwhile, terminal demand is weak, and the hot weather makes the market cautious, leading to sluggish demand. Breeding enterprises are more willing to sell at low prices to reduce inventory, causing the spot market price to continuously fall short of expectations, and the breeding sector to remain in a loss state. However, with the start of school - opening stockpiling and the Mid - Autumn Festival procurement by food factories, demand is expected to recover, which may drive up egg prices. From a futures perspective, under the pressure of weak spot prices and high production capacity, futures prices generally maintain a weak trend [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3072 yuan/500 kilograms, a week - on - week increase of 7; the net long position of the top 20 futures holders is - 30889 lots, a week - on - week increase of 8393; the egg futures monthly spread (1 - 5) is 32 yuan/500 kilograms, a week - on - week increase of 14; the trading volume of the active egg futures contract is 408484 lots, a week - on - week decrease of 2556; the registered warehouse receipt volume is 0 lots, unchanged from the previous period [2] 3.2 Spot Market - The spot price of eggs is 3.18 yuan/jin, a week - on - week decrease of 0.02; the basis (spot - futures) is 109 yuan/500 kilograms, a week - on - week decrease of 25 [2] 3.3 Upstream Situation - The national egg - laying hen inventory index is 113.18 (with 2015 as the base year, 100), a month - on - month increase of 1.27; the national culled egg - laying hen index is 99.2, a month - on - month decrease of 4.89; the average price of egg - laying chicken chicks in the main producing areas is 3.6 yuan/chick, a week - on - week decrease of 0.25; the national new - born chick index is 78.4, a month - on - month increase of 2.33; the average price of egg - laying chicken compound feed is 2.76 yuan/kg, a week - on - week increase of 0.06; the breeding profit of egg - laying chickens is - 0.26 yuan/hen, a week - on - week increase of 0.05; the average price of culled chickens in the main producing areas is 10.94 yuan/kg, a week - on - week decrease of 0.4; the average age of culled chickens nationwide is 512 days, a month - on - month increase of 11 [2] 3.4 Industry Situation - The average wholesale price of pork is 20.04 yuan/kg, a week - on - week decrease of 0.17; the average wholesale price of 28 key - monitored vegetables is 4.82 yuan/kg, a week - on - week increase of 0.03; the average wholesale price of dressed chickens is 17.59 yuan/kg, a week - on - week increase of 0.17; the weekly inventory in the circulation link is 1.03 days, a week - on - week decrease of 0.2; the weekly inventory in the production link is 0.92 days, a week - on - week decrease of 0.17; the monthly export volume of fresh eggs is 12792.51 tons, a month - on - month decrease of 110.81 [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7605 tons, a week - on - week increase of 76 [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main producing area, is 6.44 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 6.12 yuan/kg, a decrease of 0.02 from yesterday; the average price of eggs in Guangdong is 6.60 yuan/kg, a decrease of 0.20 from yesterday; the average price of eggs in Beijing is 7.00 yuan/kg, unchanged from yesterday [2]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - For rapeseed meal, the domestic market is mainly trading the issue of long - term supply, with the overall performance showing a strong and volatile trend. It is recommended to maintain a bullish mindset. Although there are some suppressing factors such as high oil - mill operation rates and soybean meal inventory accumulation, factors like low near - month rapeseed arrivals, increased seasonal demand in aquaculture, and anti - dumping measures on Canadian rapeseed support the market [2]. - For rapeseed oil, the market also maintains a bullish mindset. Despite the short - term constraints of the off - season of oil consumption and sufficient supply, factors such as low oil - mill operation rates, fewer rapeseed purchases in the third quarter, and anti - dumping measures on Canadian rapeseed reduce supply pressure. The market has experienced a slight decline from its high and filled the gap, but remains volatile [2]. Summary by Relevant Catalogs Futures Market - Futures closing prices: Rapeseed oil futures closing price (active contract) was 9828 yuan/ton, down 22 yuan; rapeseed meal was 2627 yuan/ton, up 23 yuan. ICE rapeseed futures closing price (active) was 645.8 Canadian dollars/ton, down 6.9 Canadian dollars; rapeseed futures closing price (active contract) was 4874 yuan/ton, down 45 yuan [2]. - Spreads: Rapeseed oil monthly spread (1 - 5) was 145 yuan/ton, down 6 yuan; rapeseed meal monthly spread (1 - 5) was 110 yuan/ton, up 11 yuan [2]. - Positions: Rapeseed oil main - contract positions were 279,566 lots, down 9038 lots; rapeseed meal main - contract positions were 436,474 lots, down 1510 lots. Rapeseed oil's top 20 futures net long positions were 7628 lots, up 4995 lots; rapeseed meal's were 5009 lots, up 2985 lots [2]. - Warehouse receipts: Rapeseed oil warehouse receipts were 3487 sheets, unchanged; rapeseed meal warehouse receipts were 8633 sheets, down 88 sheets [2]. Spot Market - Spot prices: Rapeseed oil spot price in Jiangsu was 10,030 yuan/ton, unchanged; rapeseed meal spot price in Nantong was 2610 yuan/ton, down 40 yuan. The average rapeseed oil price was 10,095 yuan/ton, unchanged; rapeseed spot price in Yancheng, Jiangsu was 5700 yuan/ton, unchanged [2]. - Basis: Rapeseed oil main - contract basis was 180 yuan/ton, down 24 yuan; rapeseed meal main - contract basis was - 17 yuan/ton, down 63 yuan [2]. - Substitute prices: Spot price of grade - 4 soybean oil in Nanjing was 8620 yuan/ton, down 200 yuan; spot price of palm oil (24 - degree) in Guangdong was 9510 yuan/ton, down 200 yuan; spot price of soybean meal in Zhangjiagang was 3070 yuan/ton, unchanged [2]. - Price differences: Rapeseed - soybean oil spot price difference was 1210 yuan/ton, up 10 yuan; rapeseed - palm oil spot price difference was 320 yuan/ton, down 140 yuan; soybean - rapeseed meal spot price difference was 460 yuan/ton, up 40 yuan [2]. Upstream Situation - Production: Global rapeseed production forecast for the year was 89.77 million tons, up 0.21 million tons; annual rapeseed production forecast was 12,378 thousand tons, unchanged [2]. - Imports: Total rapeseed import volume for the month was 18.45 million tons, down 15.1 million tons; import volume of rapeseed oil and mustard oil for the month was 15 million tons, up 4 million tons; import volume of rapeseed meal for the month was 27.03 million tons, up 7.56 million tons [2]. - Inventory and operation rate: Total rapeseed inventory in oil mills was 15 million tons, unchanged; weekly import rapeseed operation rate was 11.94%, down 4.9% [2]. - Pressing profit: Imported rapeseed crushing profit was 596 yuan/ton, down 27 yuan [2]. Industry Situation - Inventory: Coastal rapeseed oil inventory was 10.45 million tons, down 0.55 million tons; coastal rapeseed meal inventory was 2.55 million tons, down 0.65 million tons. East China rapeseed oil inventory was 54.2 million tons, down 0.72 million tons; East China rapeseed meal inventory was 33.59 million tons, up 0.34 million tons. Guangxi rapeseed oil inventory was 5 million tons, down 0.5 million tons; South China rapeseed meal inventory was 21.8 million tons, up 0.8 million tons [2]. -提货量: Rapeseed oil weekly提货量 was 3.76 million tons, up 0.29 million tons; rapeseed meal weekly提货量 was 3.24 million tons, up 0.52 million tons [2]. Downstream Situation - Production: Feed production for the month was 2937.7 million tons, up 175.6 million tons; edible vegetable oil production for the month was 476.9 million tons, up 41.8 million tons [2]. - Consumption: Total retail sales of consumer goods in the catering industry for the month was 4707.6 billion yuan, up 129.4 billion yuan [2]. Option Market - Implied volatility: Rapeseed meal at - the - money call option implied volatility was 20.98%, down 1.43%; at - the - money put option implied volatility was 20.97%, down 1.45%. Rapeseed oil at - the - money call option implied volatility was up 0.26% [2]. - Historical volatility: Rapeseed meal 20 - day historical volatility was 31.15%, up 0.06%; 60 - day historical volatility was 21.32%, up 0.03%. Rapeseed oil 20 - day historical volatility was 13.44%, up 0.54%; 60 - day historical volatility was 13.47%, up 0.28% [2]. Industry News - ICE rapeseed futures declined on August 19. The most actively traded November rapeseed futures contract fell 5.70 Canadian dollars to settle at 646 Canadian dollars per ton, and the January contract fell 5.80 Canadian dollars to settle at 657.50 Canadian dollars per ton [2]. - The US Department of Agriculture unexpectedly lowered the US soybean harvest area, reducing production and ending stocks, which was overall bullish for the market. However, the good US soybean good - quality rate still constrained prices, and the market awaited the results of ProFarmer's inspection of US Midwest crops [2]. Key Points to Watch - Monday's rapeseed operation rate and rapeseed oil and meal inventory data from My Agricultural Network, as well as the development of China - Canada and Canada - US trade disputes [2].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On Wednesday, the Apple 2510 contract closed down 1.13%. The preliminary estimate of the national apple production in the new season is 3736.64 million tons, a year - on - year increase of 85.93 million tons or 2.35%. As of August 13, 2025, the inventory in apple cold storage in the main producing areas was 46.01 million tons, a decrease of 7.58 million tons from the previous week, with a slightly slower sales pace. The inventory ratio in Shandong decreased by 1.06% to 8.00%, with a slightly better de - stocking speed. The inventory ratio in Shaanxi decreased by 0.47% to 1.84%, with a slightly slower sales pace. The inventory ratio in Gansu decreased by 0.48% to 1.06%, and sales were almost finished. The old - crop inventory is low with little sales pressure, and transactions are priced according to quality, with an overall slower sales pace. The supply of bagged Gala apples in the western producing areas is increasing, and the transaction price is slightly declining. Overall, the low spot inventory strongly supports prices, but the increasing supply of Gala apples restricts price increases. In the short term, prices will fluctuate and adjust, with support at 7900 yuan/ton. It is recommended to trade within a range [2]. Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract was 8064 yuan/ton, a decrease of 86 yuan; the position of the main contract was 81514 lots, a decrease of 2118 lots; the number of warehouse receipts was 0; the net long position of the top 20 futures holders was - 613 lots, a decrease of 1088 lots [2]. Spot Market - The spot price of apples in Shandong Yantai Qixia (bagged, 80 and above, first - and second - grade farmer - supplied fruit) was 4 yuan/jin; in Gansu Jingning (bagged, 75 and above) was 4 yuan/jin; in Shandong Yiyuan (bagged, 75 and above) was 2.3 yuan/jin; in Shaanxi Luochuan (bagged, 70 and above, semi - products) was 4 yuan/jin [2]. Upstream Situation - The national apple production was 5128.51 million tons; the weekly average wholesale price of apples was 9.66 yuan/kg, and that of Fuji apples was 9.48 yuan/kg, both decreasing by 0.03 yuan. The total national apple cold - storage inventory was 46.01 million tons, a decrease of 7.38 million tons; the inventory ratio in Shandong was 0.08, a decrease of 0.01; in Shaanxi was 0.02, unchanged; the monthly apple export volume was 50000 tons, an increase of 10000 tons [2]. Industry Situation - The monthly apple export value was 6328.4 million US dollars, an increase of 1997.6 million US dollars; the monthly import value of fresh and dried fruits and nuts was 1742602 million US dollars, a decrease of 212886 million US dollars. The weekly profit of first - and second - grade bagged 80 apple storage merchants was 0.4 yuan/jin, a decrease of 0.1 yuan/jin [2]. Downstream Situation - The weekly average wholesale price of tangerines was 10.11 yuan/kg, a decrease of 0.14 yuan; bananas was 5.75 yuan/kg, a decrease of 0.13 yuan; watermelons was 3.54 yuan/kg, a decrease of 0.04 yuan. The average daily number of trucks arriving in the morning at the wholesale markets in Guangdong Jiangmen, Xiaqiao, and Chalong was 7.6, 9.6, and 15 respectively, decreasing by 0.8, 1.4, and 1 respectively [2]. Option Market - The implied volatility of at - the - money call and put options for apples was 20.21%, an increase of 1.23 [2]. Industry News - On August 20, 2025, the supply of Gala apples in Shaanxi increased, and merchants flocked to the area for purchases. The overall transaction price of Gala apples showed a slow downward trend, with prices determined by quality. In Shandong, farmers and cold - storage operators were actively clearing inventory, with obvious price - cutting sales. The supply of early - maturing apples was limited, and the transaction price was stable [2].

Report Information - Report Name: Stainless Steel Industry Daily Report 2025-08-20 [1] - Researcher: Wang Fuhui [2] - Futures Practitioner Qualification Number: F03123381 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0019878 [2] Investment Rating - No investment rating provided in the report. Core Viewpoints - The raw material cost support has weakened as the price of ferronickel has dropped significantly recently. The production profit of steel mills has improved notably due to the increase in steel prices and the weaker increase in raw material costs. Steel mill output is expected to increase in August. At the demand end, as the traditional off - season for downstream consumption nears its end, there is an optimistic expectation for the peak seasons of "Golden September and Silver October". Coupled with favorable domestic fiscal investment policies, anti - involution measures are expected to improve the supply - demand pattern, leading to a recovery in market purchasing willingness and the release of previously积压 orders. Meanwhile, holders have a high willingness to sell, the domestic market maintains a de - stocking trend, and the spot premium remains stable. Technically, with the decline in positions and prices, the bullish sentiment has weakened. It is recommended to wait and see for now. [2] Summary by Directory Futures Market - The closing price of the stainless steel futures main contract is 12,820 yuan/ton, down 65 yuan. The spread between the 09 - 10 contracts is - 65 yuan/ton, up 5 yuan. - The net long position of the top 20 futures holders is - 10,184 lots, an increase of 4,045 lots. The position of the main contract is 135,764 lots. - The warehouse receipt quantity is 119,769 tons, a decrease of 2,334 tons. [2] 现货市场 - The price of 304/2B coil (trimmed edge) in Wuxi is 13,700 yuan/ton, down 100 yuan. The market price of scrap stainless steel 304 in Wuxi is 9,650 yuan/ton, unchanged. - The basis of the SS main contract is 400 yuan/ton, up 40 yuan. [2] Upstream Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons. The total monthly output of ferronickel is 22,200 metal tons, a decrease of 400 metal tons. - The monthly import volume of refined nickel and alloys is 17,215.27 tons, a decrease of 472.3 tons. The monthly import volume of ferronickel is 1.0414 million tons, an increase of 193,200 tons. - The spot price of SMM1 nickel is 120,900 yuan/ton, down 750 yuan. The average price of ferronickel (7 - 10%) nationwide is 930 yuan/nickel point, unchanged. - The monthly output of Chinese ferrochrome is 757,800 tons, a decrease of 26,900 tons. [2] Industry Situation - The monthly output of 300 - series stainless steel is 1.6981 million tons, a decrease of 45,900 tons. The total weekly inventory of 300 - series stainless steel is 582,700 tons, a decrease of 10,200 tons. - The monthly export volume of stainless steel is 458,500 tons, a decrease of 29,500 tons. [2] Downstream Situation - The cumulative monthly value of new housing construction area is 352.06 million square meters, an increase of 48.4168 million square meters. The monthly output of excavators is 26,800 units, an increase of 1,000 units. - The monthly output of large and medium - sized tractors is 21,700 units, a decrease of 2,900 units. The monthly output of small tractors is 10,000 units, a decrease of 1,000 units. - In August, the LPR quotes remained unchanged: the 5 - year LPR was 3.5%, and the 1 - year LPR was 3%. [2] Industry News - At the raw material end, the Indonesian government's PNBP policy issuance restrictions have increased the cost of nickel resource supply. However, the ferronickel production capacity in Indonesia has accelerated its release, and the output has rebounded significantly. - The Ministry of Industry and Information Technology and other departments have further regulated the competition order in the photovoltaic industry and curbed low - price disorderly competition. - On August 18, Wang Yi, a member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Indian Foreign Minister Subrahmanyam Jaishankar in New Delhi. They had positive, constructive, and forward - looking discussions on bilateral, regional, and international issues of common concern and reached 10 achievements. [2] Key Points to Focus On - No key news today. [2]