Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Copper prices may experience short - term range - bound fluctuations due to a mix of factors such as tight concentrate supply, high smelting output growth, and varying downstream demand [2]. - Zinc prices may have short - term wide - range and weak - side fluctuations as short - term supply - demand may tilt towards surplus [2]. 3. Summary by Related Catalog Copper - Market situation: Night - session copper prices closed lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. The power industry has positive growth, PV rush - installations increased year - on - year but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - Strategy: Copper prices may fluctuate within a range. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Market situation: Night - session zinc prices closed lower. Zinc concentrate processing fees have generally increased, turning smelting profits positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive cumulative growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - Strategy: Short - term supply - demand differences may tilt towards surplus, and zinc prices may have weak - side fluctuations within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. Market Data | Variety | Domestic Previous - Day Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | Previous - Day LME 3 - Month Futures Closing Price (US dollars/ton) | LME Spot Premium/Discount (US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 79,180 | 140 | 9,756 | - 88.68 | 155,000 | - 975 | | Aluminum | 20,825 | - 40 | 2,604 | 5.15 | 478,075 | - 650 | | Zinc | 22,305 | - 75 | 2,764 | - 6.85 | 65,525 | - 2,550 | | Nickel | 121,550 | - 2,050 | 15,131 | - 184.70 | 209,148 | - 600 | | Lead | 16,865 | - 155 | 1,985 | - 41.11 | 271,550 | - 1,500 | | Tin | 271,320 | - 3,370 | 34,510 | 167.00 | 1,780 | - 5 | [2]

申银万国期货研究所 董超 （从业编号F3030150 交易咨询号Z0012596） dongchao@sywgqh.com.cn 021-50583880 | | 原油 | SC近月 | SC次月 | WTI近月 | WTI次月 | Brent近月 | Brent次月 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 前日收盘价 | 485.6 | 492.9 | 63.77 | 63.34 | 68.74 | 68.20 | | | 前2日收盘价 | 487.0 | 493.6 | 63.48 | 63.07 | 67.79 | 67.26 | | | 涨跌 | -1.4 | -0.7 | 0.29 | 0.27 | 0.95 | 0.94 | | | 涨跌幅 | -0.29% | -0.14% | 0.46% | 0.43% | 1.40% | 1.40% | | | 成交量 | 1,185 | 102,824 | 206,558 | 95,243 | 192,512 | 276,324 | | | 持仓量 | 4,061 | 37,424 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic market is in a resonance period of "policy bottom + capital bottom + valuation bottom", and the market trend is likely to continue, but it is necessary to adapt to the accelerating sector rotation and structural differentiation [2][10]. - With the loosening of market liquidity, the price of treasury bond futures has stabilized, but beware of the suppression of the bond market sentiment by the stock - bond seesaw effect [11]. - The overall trend of precious metals may be strong under the increasing expectation of interest rate cuts [3][18]. - The copper price may fluctuate within a range due to the interweaving of multiple factors [3][19]. Summary by Directory 1. Main News Concerns of the Day International News - The Trump administration plans to impose a 50% tariff on Indian products starting from August 27, 2025 [4]. Domestic News - The Hong Kong Treasury Bureau Chief reminded the public to be cautious about stablecoins, which are positioned as payment tools with a lower cost compared to bank payments [6]. - Shanghai introduced a series of real - estate new policies, including relaxed purchase restrictions, increased housing provident fund loan limits, and adjusted mortgage interest rates and property tax policies [1][7]. 2. Daily Returns of Overseas Markets - The S&P 500, European STOXX 50, London Gold, London Silver, etc. declined, while the FTSE China A50 futures, ICE Brent crude oil, etc. rose on August 25 compared to August 24 [8]. 3. Morning Comments on Major Varieties Financial - **Stock Index**: The domestic market has favorable factors such as loose liquidity, policy support, and easing external risks. The CSI 500 and CSI 1000 are more offensive, while the SSE 50 and SSE 300 are more defensive [2][10]. - **Treasury Bonds**: The price of treasury bond futures has stabilized with the loosening of market funds, but the strong equity market may suppress the bond market [11]. Energy and Chemicals - **Crude Oil**: The sc night - session rose. A Russian refinery was attacked, and OPEC+ may discuss further production increases in September. Pay attention to OPEC's production increase [12]. - **Methanol**: The coastal methanol inventory has increased significantly. The short - term trend is mainly bullish [13]. - **Rubber**: Affected by typhoons and the rainy season, the supply side provides support, while the demand side is weak. The short - term trend is expected to stop falling and rebound [14]. - **Polyolefins**: The futures prices rebounded slightly. The market is mainly driven by supply and demand, and pay attention to the autumn restocking market [15][16]. - **Glass and Soda Ash**: The prices of glass and soda ash futures stopped falling. Pay attention to the autumn consumption to help digest inventory [17]. Metals - **Precious Metals**: The expectation of interest rate cuts in September has increased, and the overall trend of precious metals may be strong [3][18]. - **Copper**: The copper price may fluctuate within a range due to the tight concentrate supply and mixed downstream demand [3][19]. - **Zinc**: The zinc price may fluctuate weakly within a range due to the expected increase in smelting production and mixed downstream demand [20]. - **Lithium Carbonate**: The short - term price is affected by sentiment. If the inventory starts to decline, the lithium price may rise further [21][22]. Black Metals - **Iron Ore**: The demand for iron ore is supported, but the medium - term supply - demand imbalance pressure is large. The later trend is expected to be oscillating and bullish [23]. - **Steel**: The supply - demand contradiction in the steel market is not significant for the time being. The short - term adjustment is expected, and the later trend is expected to be oscillating and bullish [24]. - **Coking Coal and Coke**: The short - term trend is in a wide - range oscillation due to the game between multiple factors [25]. Agricultural Products - **Protein Meal**: The short - term adjustment of domestic soybean meal is weak, but it is expected to be relatively strong in the long - term [26]. - **Oils and Fats**: The short - term trend of oils and fats is expected to be oscillating [27][28]. - **Sugar**: The domestic and international sugar markets are expected to maintain an oscillating trend [29]. - **Cotton**: The short - term trend of Zhengzhou cotton is expected to be oscillating and bullish, but the upside space is limited [30]. Shipping Index - **Container Shipping to Europe**: The freight rate of the European line is in a downward trend, and the short - term is expected to continue the phased decline [31].

20250826申万期货有色金属基差日报 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确 地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 | 摘要 | 铜： 可能短期区间波动 | | | --- | --- | --- | | | 可能短期宽幅波动 锌： | | | 品种 | 观点 | 策略方向 | | | 铜：夜盘铜价收低。精矿供应延续紧张状态，冶炼利润承压，但冶炼产量延 续高增长。国家统计局数据显示，电力行业延续正增长，光伏抢装同比陡 | 可能短期区 | | 铜 | 增，未来增速可能放缓；汽车产销正增长；家电产量增速趋缓；地产持续疲 | 间波动 | | | 弱。多空因素交织，铜价可能区间波动。关注美元、铜冶炼产量和下游需求 等变化。 | | | | 锌：夜盘锌价收低 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - Polyolefin futures rebounded slightly, with PE stronger than PP. The spot market of polyolefin is still mainly driven by supply and demand. Summer maintenance is in balance, and inventory is being slowly digested. Terminal备货 demand may gradually pick up in mid - to late August. The recent rebound in crude oil costs may lead to a short - term rebound in the valuation of chemical products. Future focus should be on the rhythm of autumn stocking after supply - demand digestion and possible changes on the supply side [2] Group 3: Summary by Related Catalogs Futures Market LL - The previous day's closing prices for January, May, and September contracts were 7423, 7426, and 7365 respectively, with price increases of 43, 34, and 44, and price increase rates of 0.58%, 0.46%, and 0.60% respectively. The trading volumes were 261365, 8732, and 29530, and the open interests were 393878, 25214, and 56447, with changes of - 364, 2184, and - 13069 respectively. The current spreads of January - May, May - September, and September - January were - 3, 61, and - 58 respectively [2] PP - The previous day's closing prices for January, May, and September contracts were 7074, 7089, and 7011 respectively, with price increases of 36, 30, and 18, and price increase rates of 0.51%, 0.42%, and 0.26% respectively. The trading volumes were 209222, 10807, and 24775, and the open interests were 468785, 35110, and 35262, with changes of 3197, 1860, and - 11348 respectively. The current spreads of January - May, May - September, and September - January were - 15, 78, and - 63 respectively [2] Raw Materials and Spot Market Raw Materials - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2427 yuan/ton, 6470 yuan/ton, 573 dollars/ton, 5600 yuan/ton, 6900 yuan/ton, and 8800 yuan/ton respectively [2] Spot Market - For LL, the current price ranges in the East China, North China, and South China markets were 7250 - 7700, 7200 - 7450, and 7400 - 7750 respectively. For PP, the current price ranges in the East China, North China, and South China markets were 6900 - 7000, 6900 - 7000, and 6850 - 7100 respectively [2] Information - On Monday (August 25, 2025), the settlement price of West Texas Intermediate crude oil futures for October 2025 on the New York Mercantile Exchange was $64.80 per barrel, up $1.14 or 1.79% from the previous trading day, with a trading range of $63.53 - $65.1. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $68.80 per barrel, up $1.07 or 1.58% from the previous trading day, with a trading range of $67.57 - $69.07 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Gold and silver rebounded. At the Jackson Hole meeting last week, Powell's statement was considered a dovish stance, enhancing the expectation of a rate cut in September. The rebound of US inflation data in July and positive signals from US - Russia negotiations reduced geopolitical risks, putting pressure on gold and silver. The non - farm payrolls data in July was worse than expected and the previous value was significantly revised down. The Fed's internal views are divided, and Trump's personnel appointments affect market expectations of the Fed. Although there are multi - party progress in trade negotiations, the overall trade environment is still deteriorating. The implementation of the "Big and Beautiful" bill continues to boost the expectation of the US fiscal deficit, and the People's Bank of China continues to increase its gold holdings. The long - term drivers of gold still provide support, and currently, gold and silver may show a relatively strong trend as the expectation of a rate cut rises [5] 3. Summary by Relevant Catalogs Futures Market - **Prices and Changes**: The current prices of沪金2510 and沪金2512 are 779.92 and 782.32 respectively, with daily increases of 0.74 (0.09%) and 0.84 (0.11%). The current prices of沪银2510 and沪银2512 are 9348.00 and 9371.00 respectively, with daily decreases of 46.00 (-0.49%) and 43.00 (-0.46%) [2] - **Position and Volume**: The positions of沪金2510 and沪金2512 are 180151 and 140282 respectively, and the trading volumes are 226253 and 52290 respectively. The positions of沪银2510 and沪银2512 are 322774 and 240493 respectively, and the trading volumes are 631045 and 145892 respectively [2] - **Spot Premium and Discount**: The spot premium and discount of沪金2510 and沪金2512 are - 4.58 and - 6.98 respectively, and that of沪银2510 and沪银2512 are 16.00 and - 7.00 respectively [2] Spot Market - **Prices and Changes**: The previous day's closing prices of Shanghai Gold T + D and London Gold are 775.34 and 774.20 respectively, with daily changes of 3.71 (0.48%) and - 2.57 (-0.33%). The previous day's closing prices of Shanghai Silver T + D and London Silver are 9364.00 and 38.56 respectively, with daily changes of 182.00 (1.98%) and - 0.33 (-0.85%) [2] - **Price Ratios**: The current values of沪金2512 - 沪金2510,沪银2512 - 沪银2510, gold/silver (spot), Shanghai Gold/London Gold, and Shanghai Silver/London Silver are 2.40, 23, 82.80, 7.17, and 7.55 respectively, compared with previous values of 2.30, 20, 84.04, 7.12, and 7.34 [2] Inventory - **Domestic and Overseas Inventories**: The current inventory of Shanghai Futures Exchange gold is 37,515 kg (an increase of 60.00 kg), and the silver inventory is 1,113,641 kg (an increase of 4,518.00 kg). The current COMEX gold inventory is 38,563,780 ounces (a decrease of 32.15 ounces), and the silver inventory is 508,783,339 ounces (an increase of 296409 ounces) [2] Relevant Market Indicators - **Macroeconomic Indicators**: The current values of the US dollar index, S&P index, US Treasury yield, Brent crude oil price, and US dollar - RMB exchange rate are 98.4262, 6439.32, 4.28, 68.2, and 7.1581 respectively, with changes of 0.72%, - 0.43%, 0.47%, 0.01%, and - 0.18% compared with the previous values [2] - **Derivative Product Positions**: The current positions of the SPDR Gold ETF and SLV Silver ETF are 44315 tons (an increase of 1.00 ton). The current net positions of CFTC speculators in silver and gold are 33486 and 32895 respectively, with changes of 481 and - 1451 compared with the previous values [2] 4. Macroeconomic News - Trump met with South Korea's President Lee Jae - myung at the White House. Trump said he doesn't mind renegotiating the trade agreement with South Korea and is considering ordering some ships from South Korea [2] - The Trump administration outlined a plan to impose a 50% tariff on Indian products, targeting products entering the consumer market or being withdrawn from warehouses after 12:01 am Eastern Daylight Time on August 27, 2025 [2] - The US added minerals such as copper and potash to the 2025 critical minerals list. The draft list has been published in the Federal Register for a 30 - day public comment period [2] - In July, the annualized sales volume of new homes in the US decreased by 0.6% to 652,000 units, exceeding the market expectation of 630,000 units. The median price of new homes decreased by 5.9% year - on - year to $403,800 [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information provided in the report. 2. Report's Core View - Copper prices may fluctuate within a short - term range. Multiple factors are intertwined, with low concentrate processing fees testing smelting output, and domestic downstream demand generally stable and positive but with mixed sector performances. Attention should be paid to factors such as US tariff progress, the US dollar, copper smelting, and home appliance production [2]. - Zinc prices may experience wide - range short - term fluctuations. Concentrate processing fees are rising, and the supply of concentrates has improved significantly this year, with potential recovery in smelting supply. Similar to copper, it's necessary to monitor US tariff progress, the US dollar, zinc smelting, and home appliance production [2]. 3. Summary by Relevant Information Metal Price and Market Analysis - **Copper**: Night - session copper prices closed higher. Domestic downstream demand is generally stable and positive, with the power industry showing positive growth, automobile production and sales increasing, home appliance output growth slowing, and the real estate sector remaining weak. The price may fluctuate within a range [2]. - **Zinc**: Night - session zinc prices closed higher. Concentrate processing fees have been rising recently, and domestic automobile production and sales are increasing, infrastructure is growing steadily, home appliance output growth is slowing, and the real estate sector is weak. This year, concentrate supply has improved significantly, and smelting supply may recover, leading to potential wide - range short - term price fluctuations [2]. Metal Market Data | Metal | Domestic Previous - Day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - Day LME 3 - Month Closing Price (USD/ton) | LME Spot Premium (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 78,540 | 115 | 9,725 | - 81.01 | 156,350 | 1,200 | | Aluminum | 20,620 | 30 | 2,593 | - 0.47 | 479,525 | 0 | | Zinc | 22,260 | - 65 | 2,767 | - 7.54 | 71,250 | - 950 | | Nickel | 119,700 | - 1,380 | 14,929 | - 186.96 | 209,346 | 18 | | Lead | 16,745 | - 155 | 1,970 | - 38.38 | 281,100 | - 1,850 | | Tin | 266,480 | 2,100 | 33,475 | - 2.00 | 1,715 | 85 | [2]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - Gold and silver are oscillating, and the market is waiting for signals from Powell's speech at the Jackson Hole meeting. Last week's unexpectedly high US inflation data pressured gold and silver, while positive signals from recent US - Russia negotiations eased geopolitical risks. The July non - farm payrolls data was below expectations and the previous value was significantly revised down. The Fed kept interest rates unchanged in July, but there are divided views within the Fed, and Trump's personnel appointments affect market expectations. Trade negotiations have made progress in multiple aspects, but the overall trade environment is still deteriorating. The "Big and Beautiful" bill has increased the expectation of the US fiscal deficit. The continuous increase in gold holdings by the People's Bank of China provides long - term support for gold, but gold is hesitant to rise at current high prices. Overall, gold and silver may show an oscillating trend as the expectation of interest rate cuts intensifies [3] 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: The current prices of沪金2510 and沪金2512 are 776.08 and 778.06 respectively, with daily changes of 0.96 and 0, and daily change rates of 0.12% and 0.00%. The current prices of沪银2510 and沪银2512 are 9233.00 and 9253.00 respectively, with daily changes of 71.00 and 69.00, and daily change rates of 0.77% and 0.75% [2] - **Positions and Volumes**: The positions of沪金2510 and沪金2512 are 183215 and 133322 respectively, and the trading volumes are 128755 and 23298 respectively. The positions of沪银2510 and沪银2512 are 307098 and 228190 respectively, and the trading volumes are 311338 and 67972 respectively [2] - **Spot Premiums**: The spot premiums of沪金2510 and沪金2512 are - 4.42 and - 6.40 respectively, and those of沪银2510 and沪银2512 are - 89.00 and - 109.00 respectively [2] Spot Market - **Prices and Changes**: The previous day's closing prices of Shanghai Gold T + D and London Gold were 771.66 and 770.79 respectively, with daily changes of 1.83 and - 1.59, and daily change rates of 0.24% and - 0.21%. The previous day's closing price of London Gold (in dollars per ounce) was 3338.935, with a daily change of - 8.4 and a daily change rate of - 0.25%. The previous day's closing prices of Shanghai Silver T + D and London Silver were 9144.00 and 38.12 respectively, with daily changes of 122.00 and 0.27, and daily change rates of 1.35% and 0.70% [2] - **Price Ratios**: The current values of沪金2512 - 沪金2510,沪银2512 - 沪银2510, gold/silver (spot), Shanghai Gold/London Gold, and Shanghai Silver/London Silver are 1.98, 20, 84.39, 7.19, and 7.46 respectively, compared with previous values of 2.08, 22, 85.33, 7.15, and 7.41 [2] Inventory - **Changes**: The current inventories of Shanghai Futures Exchange gold and silver are 36,642 kg and 1,115,055 kg respectively, with changes of 60.00 kg and - 25,144.00 kg compared to the previous values. The current inventories of COMEX gold and silver are 38,573,764 and 508,499,193 respectively, with a change of 9,952.03 for COMEX gold and 0 for COMEX silver [2] Related Assets - **Values and Changes**: The current values of the US dollar index, S&P index, US Treasury yield, Brent crude oil, and US dollar - RMB exchange rate are 98.6526, 6370.17, 4.33, 67.67, and 7.1833 respectively, with changes of 0.42%, - 0.40%, 0.93%, 0.01%, and 0.03% compared to the previous values [2] Derivatives - **Holdings and Changes**: The current holdings of the SPDR Gold ETF and SLV Silver ETF are 44315 tons each, with an increase of 1.00 ton compared to the previous values. The current net positions of CFTC speculators in silver and gold are 33486 and 32895 respectively, with changes of 481 and - 1451 compared to the previous values [2] Macroeconomic Information - **Trade Agreement**: The EU and the US issued a joint statement detailing a new trade agreement reached in July. The US will impose a 15% tariff on most EU goods such as automobiles, pharmaceuticals, semiconductors, and timber. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, and plans to purchase $750 billion worth of US liquefied natural gas, oil, and nuclear products and $40 billion worth of US artificial intelligence chips by 2028 [3] - **Renewable Energy Stance**: US President Trump criticized renewable energy as a "century - long scam". Even though the electricity demand in some US regions significantly exceeds supply, the US government will not approve new wind or photovoltaic projects. Trump blames the rising electricity prices in the US on renewable energy [3] - **PMI Data**: The preliminary US S&P Global Manufacturing PMI for August reached 53.3, the highest since May 2022, far exceeding the expected 49.5. The service industry PMI slightly dropped to 55.4, but the significant rebound in manufacturing pushed the composite PMI to a 9 - month high of 55.4 [3] - **Unemployment Data**: The number of initial jobless claims in the US last week increased by 11,000 to 235,000, the highest since June, higher than the market expectation of 225,000. The number of continued jobless claims in the previous week rose to 1.97 million, the highest since November 2021 [3] - **Real Estate Data**: The National Association of Realtors in the US stated that the annualized sales of second - hand homes in July increased by 2% to 4.01 million units, higher than the market expectation of 3.92 million units. The median price of second - hand homes increased by 0.2% year - on - year, the slowest increase in two years [3]

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2509 | TS2512 | TF2509 | TF2512 | T2509 | T2512 | TL2509 | TL2512 | | | 昨日收盘价 | 102.326 | 102.348 | 105.500 | 105.450 | 108.000 | 107.875 | 116.57 | 116.11 | | | 前日收盘价 | 102.326 | 102.322 | 105.425 | 105.370 | 107.855 | 107.730 | 116.05 | 115.54 | | | 涨跌 | 0.000 | 0.026 | 0.075 | 0.080 | 0.145 | 0.145 | 0.520 | 0.570 | | | 涨跌幅 | 0.00% | 0. ...

Industry Investment Rating - No relevant information provided Core Views - Protein meal: Night trading of soybean and rapeseed meal showed weak fluctuations. Pro farmer field surveys indicated good growth of US soybeans, strengthening expectations of high yields for the new season. However, due to the significant reduction of US soybean planting area in the August supply - demand report, there is strong support at the bottom. Dalian meal will mainly fluctuate in a short - term range, and its price is expected to remain firm under the support of import costs [2] - Oils: Night trading of oils closed up. High - frequency data showed an increase in Malaysian palm oil production and exports in August. The sharp increase in August exports boosted palm oil prices. Concerns about Indonesia's inability to meet production recovery expectations and the strict implementation of Indonesia's DMO policy also provided support. But there is a risk of a short - term decline due to US biodiesel news and profit - taking [2] Summary by Related Catalogs Futures Market Domestic Futures - **Prices and Changes**: The previous day's closing prices of domestic futures were 8394 for soybean oil, 9500 for palm oil, 9791 for rapeseed oil, 3113 for soybean meal, 2610 for rapeseed meal, and 8844 for peanuts. The price changes were - 20, - 54, - 37, - 47, - 57, and 26 respectively, with percentage changes of - 0.24%, - 0.57%, - 3.15%, - 1.49%, - 2.14%, and 0.29% [1] - **Spreads and Ratios**: Spreads such as Y9 - 1, P9 - 1, OI9 - 1, etc., and ratios like M9 - 1, RM9 - 1, M - RM09, etc., showed different values compared to the previous values [1] International Futures - **Prices and Changes**: The previous day's closing prices of international futures were 4423 for BMD palm oil, 1036 for CBOT soybeans, 51 for CBOT US soybean oil, and 297 for CBOT US soybean meal. The price changes were - 25, 20, 2, and - 3 respectively, with percentage changes of - 0.56%, 1.88%, 4.59%, and - 1.08% [1] Spot Market Domestic Spot - **Prices and Changes**: Spot prices of various oils and meals in different regions showed different percentage changes. For example, the prices of Tianjin and Guangzhou first - grade soybean oil were 8570 and 8690 respectively, with percentage changes of - 0.12% and 0.12% [1] - **Basis and Spreads**: Spot basis and spreads between different products, such as the basis of various oils and meals and the spreads between soybean oil and palm oil, showed different values compared to the previous values [1] Import and Profit - Import profits of different sources of soybeans, palm oil, and rapeseed showed different values compared to the previous values. For example, the import profit of near - month Malaysian palm oil was - 283, compared to - 242 previously [1] Warehouse Receipts - Warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts showed different values compared to the previous values. For example, the warehouse receipt of soybean oil was 15,310, the same as the previous value [1] Industry Information - Indonesia's palm oil inventory decreased by 13% month - on - month to 2.53 million tons at the end of June, despite increased production and accelerated exports. Exports in June reached 3.61 million tons, a sharp increase of 35.4% month - on - month [2] - From August 1 - 20, 2025, Malaysian palm oil yield decreased by 2.12% month - on - month, oil extraction rate increased by 0.46% month - on - month, and production increased by 0.3% month - on - month [2]