Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Corn prices are under pressure due to ample supply, including continuous auctions of imported corn, strong substitution advantage of wheat, and high expectations of a new corn harvest, and the weak trend is expected to continue [1][2] - Egg prices are also declining as egg - laying hen inventory is high, new production is increasing, and cold - storage eggs are continuously hitting the market, and the weak trend is likely to persist [1][4] - Palm oil prices are rising due to strong exports of Malaysian palm oil and concerns about subsequent supply in production areas [5][7] - Soybean oil shows a pattern of near - term weakness and long - term strength, with short - term supply increase and long - term supply shortage expectations [8][10] - Hog prices are rebounding from a low level, with supply being relatively loose and demand showing signs of mild recovery [11] - Cotton prices are in high - level consolidation, with factors such as declining commercial inventory and weak downstream demand [13] - Jujube prices are fluctuating at a high level, with concerns about production and expectations of improved downstream consumption [16] - Sugar prices are fluctuating at a high level, with supply - side pressure from increasing imports and improved domestic market trading [19] - Soybean meal prices are rising, supported by uncertain Sino - US economic and trade relations and expectations of less imported soybeans in the fourth quarter [20][22] - Apple prices are adjusting at a high level, with low inventory and different situations in different production areas [23] Summary by Related Catalogs 1. Agricultural Products Sector Overview - Corn prices are falling continuously because of ample supply, and the weak trend is expected to continue; egg prices are also in a downward trend due to high supply pressure [1] 2. Variety Strategy Tracking (1) Corn - The main 2511 contract of corn is falling continuously to new lows because of ample supply, including continuous auctions of imported corn, strong substitution advantage of wheat, and approaching new corn listing. Technically, it is weak, and a light - short position strategy is recommended. The support level is 2150, and the resistance level is 2180 [2] (2) Egg - The main 2510 contract of eggs is falling under supply pressure, with high egg - laying hen inventory, increasing new production, and continuous release of cold - storage eggs. Technically, it is weak, and a light - short position strategy is recommended. The support level is 3050, and the resistance level is 3080 [4] (3) Palm Oil - The main 2601 contract of palm oil is rising, boosted by strong exports of Malaysian palm oil and concerns about subsequent supply in production areas. Technically, it is strong, and a light - long position strategy is recommended. The support level is 9508, and the resistance level is 9736 [7] (4) Soybean Oil - The main 2601 contract of soybean oil is fluctuating at a high level, with short - term supply increase due to concentrated arrival of imported soybeans and long - term supply shortage expectations. Technically, it is in an upward trend, and a long - position holding strategy is recommended. The support level is 8500, and the resistance level is 8580 [8][10] (5) Hog - The main 2511 contract of hogs is rebounding from a low level. Supply is relatively loose, and demand is showing mild recovery. Technically, the main downward trend is still in place, and a short - position reduction strategy is recommended. The support level is 13800, and the resistance level is 14950 [11] (6) Cotton - The main 2601 contract of cotton is in high - level consolidation, with declining commercial inventory, less imported cotton, and weak downstream demand. Technically, it is recommended to close long positions. The support level is 14050, and the resistance level is 14200 [13] (7) Jujube - The main 2601 contract of jujubes is fluctuating at a high level. There are concerns about production decline, and downstream consumption is expected to improve. Technically, it is strong, and a long - position holding strategy is recommended. The support level is 11435, and the resistance level is 11825 [16] (8) Sugar - The main 2601 contract of sugar is fluctuating at a high level. Domestic market trading is improving, but import volume is increasing, putting pressure on the supply side. Technically, it is strong, and a long - position holding strategy is recommended. The support level is 5647, and the resistance level is 5700 [19] (9) Soybean Meal - The main 2601 contract of soybean meal is rising, supported by uncertain Sino - US economic and trade relations and expectations of less imported soybeans in the fourth quarter. Technically, it is strong, and a light - long position strategy is recommended. The support level is 3154, and the resistance level is 3190 [20][22] (10) Apple - The main 2510 contract of apples is adjusting at a high level, with low inventory and different situations in different production areas. Technically, the upward trend remains, and a long - position holding strategy is recommended. The support level is 8108, and the resistance level is 8250 [23]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report analyzes the market conditions of various energy and chemical products, including crude oil, styrene, rubber, etc. It points out that most products have a bearish short - term outlook, with supply - demand imbalances and technical indicators suggesting downward trends. The market trends of some products are also affected by the movement of crude oil and other factors [1][2][5]. Summary by Related Catalogs Crude Oil - Logic: In September, the production increase is 547,000 barrels per day. The end of the peak season in the US leads to weak apparent demand, and the geopolitical situation has an impact. The supply - demand fundamentals are weakening [1][2]. - Technical Analysis: The daily - level is in a medium - term/downward structure, and the hourly - level is in a short - term downward structure. There was a rebound with reduced positions today, and it's considered a small - scale repair after breaking through the support. The short - term pressure on the hourly level is at 490. The strategy is to hold short positions on the hourly cycle [2]. Styrene (EB) - Logic: In August, demand is still in the off - season and remains weak. The supply operation rate is maintained at a high level of around 77%, and new device production will increase supply pressure. Inventory pressure is relatively high year - on - year, and supply - demand is weak [5]. - Technical Analysis: The hourly - level is in a short - term downward structure. It oscillated today, and the short - term downward path remains unchanged. The short - term pressure is at 7375. The strategy is to hold short positions on the hourly cycle [5]. Rubber - Logic: According to seasonal logic, prices should be stronger in the second half of the year, but this year, the supply side has difficulty increasing production. Although the rainy season in the production area has an impact, there is no extreme weather. Short - term improvement in downstream tire operation provides some support, but high tire inventory restricts further improvement. The medium - term fundamental driving force is downward [9]. - Technical Analysis: The daily - level is in a medium - term downward structure, and the hourly - level is in a short - term downward structure. There was an upward movement in the afternoon today, testing the short - term pressure at 15950 but not breaking through. The strategy is to hold short positions on the hourly cycle, with a stop - loss reference at 15950 [9]. Synthetic Rubber (BR) - Logic: The demand side of tires has a weak medium - term outlook. The supply side has not fully resumed production after maintenance, and production is relatively high under the pressure of new production capacity, so it is bearish in the medium - term. It is supported in the short - term by the low inventory of upstream butadiene [14]. - Technical Analysis: The daily - level is in a medium - term oscillating/downward structure, and the hourly - level is in a short - term downward structure. It followed the upward movement of rubber in the afternoon today, but the trading volume was weaker. The short - term pressure at 11950 for the 10 - contract remains effective. The strategy is to hold short positions on the hourly cycle [14]. PX - Logic: The upstream PX devices are operating stably. The downstream terminal's operating rate has increased slightly during the off - peak to peak season transition, but the short - term contradiction is not significant, and it may follow the direction of the cost - end crude oil [19]. - Technical Analysis: The hourly - level is in a short - term downward structure. Today's movement is considered a rebound after breaking through the support. The short - term pressure is at 6735. The strategy is to hold short positions on the hourly cycle [19]. PTA - Logic: The demand for polyester is weak. The supply - side operating rate is at a medium level year - on - year, and short - term inventory has shifted to accumulation. The contradiction is not obvious, and it may follow the direction of the cost - end crude oil [21]. - Technical Analysis: The hourly - level is in][21]. PP - Logic: During the demand off - season, the downstream operating rate is weak. With the launch of new production capacity and the restart of maintenance devices, inventory in all links of the industry chain continues to accumulate, and the fundamentals are weak. It is also necessary to pay attention to the movement of crude oil [23]. - Technical Analysis: The hourly - level is in a short - term downward structure. It oscillated today without changing the downward structure. The hourly - level pressure is at 7195, and the 15 - minute cycle pressure can be focused on at 7090 first. The strategy is to hold short positions on the hourly cycle [23]. Methanol - Logic: The supply - side operating rate has rebounded to 73% after two consecutive weeks of increase, reaching the highest level in history year - on - year. The arrival volume in July was low due to Iranian device shutdowns, but it is expected to increase significantly in August. Downstream demand is differentiated, and port inventory has reached the highest level in the same period in the past five years under high - supply pressure, so the fundamental driving force is weak [28]. - Technical Analysis: The daily - level is in a medium - term downward/oscillating structure, and the hourly - level is in a short - term downward structure. Today, there was a large - volume long - negative line after increasing positions, and it accelerated downward after breaking through the support. The short - term pressure has moved down to 2360 (09 contract). The strategy is to hold short positions on the hourly cycle [28]. PVC - Logic: Some supply - side devices have ended maintenance, and the operating rate has rebounded to a high level of 77.8% year - on - year. The demand is difficult to improve due to the downward trend in the real - estate market and the off - season. Inventory has continued to accumulate, and the fundamental driving force is bearish [30]. - Technical Analysis: The daily - level is in a medium - term upward structure, and the hourly - level is in a short - term downward structure. After a large - volume long - negative line with increased positions today, it remains on a downward path. The short - term pressure is at 5070. The strategy is to hold short positions on the hourly cycle and consider moving positions to the 01 contract [30]. Ethylene Glycol (EG) - Logic: The relatively low port inventory makes the short - term fundamentals of ethylene glycol better than other energy and chemical products, but the inventory accumulation expectation also limits the upside space. It is necessary to pay attention to the start time of inventory accumulation [32]. - Technical Analysis: The daily - level is in a medium - term oscillating/downward structure, and the hourly - level is in a short - term downward structure. It oscillated today, waiting to confirm the downward acceleration after breaking through the support. The short - term pressure is at 4415. The strategy is to hold short positions on the hourly cycle [32]. Plastic - Logic: The increase in operating rate and the launch of new production capacity lead to large supply pressure. The downstream operating rate remains at a low level year - on - year, and inventory in ports and society continues to accumulate, so the supply - demand driving force is bearish [36]. - Technical Analysis: The daily - level is in a medium - term oscillating/downward structure, and the hourly - level is in an oscillating structure. It oscillated today, and the hourly - level structure is not clear, while the 15 - minute level is in a downward structure. The strategy is to wait and see on the hourly cycle and hold short positions on the 15 - minute cycle, with a stop - loss reference at 7320 [36]. Soda Ash - Logic: The supply side continued to increase production last week, with a month - on - month increase of 45,000 tons in output. The speculative demand in the glass market has weakened except for rigid demand. The inventory pressure of soda ash plants has increased significantly again, and the heavy - soda inventory has reached a new historical high. The supply - demand pressure of soda ash is still large, and the anti - involution has no substantial impact on soda ash supply [37]. - Technical Analysis: The hourly - level is in a downward structure. It tested the short - term pressure today but failed and closed with a long upper shadow. The 09 and 01 contracts have different structures, with the 09 contract in a downward trend and the 01 contract in an upward trend. The short - term pressure of the 09 contract is at 1295. The strategy is to hold short positions on the 09 contract, with a stop - loss reference at 1310 [37][39]. Caustic Soda - Logic: The demand side has a high operating rate for alumina, and the operating rate of non - aluminum demand for viscose staple fiber has also increased and remains at a high level. However, the supply of caustic soda itself has increased rapidly, the profit of chlor - alkali has increased, and the operating rate of caustic soda has further increased. With a larger supply increment, the inventory continues to accumulate, and the fundamentals are still weak [41]. - Technical Analysis: The hourly - level is in an oscillating structure. The 09 and 01 contracts still have different structures, with the 01 contract being stronger and the 09 contract being weaker. It oscillated on the disk today. The strategy is to start from the 15 - minute cycle of the 09 contract and try short positions after breaking through the 15 - minute support at 2510, with a stop - loss at today's high [41][43].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The decline in crude oil prices has led to a downward trend in the energy - chemical sector. Most energy - chemical products are facing weak fundamentals and show a downward trend in the short - term technical analysis, with investment strategies mainly suggesting holding short positions [1][2]. 3. Summary by Relevant Catalogs (1) Crude Oil - **Logic**: In September, the production increase rate continued at 547,000 barrels per day. The end of the peak season in the US led to weak apparent demand, and the supply - demand fundamentals continued to deteriorate. Geopolitically, the US and Russia agreed to hold cease - fire negotiations on the Russia - Ukraine conflict [2][3]. - **Technical Analysis**: The daily - level mid - term and hourly - level short - term are both in a downward structure. After today's decline, the daily - level break - down was confirmed, and the short - term pressure on the hourly level moved down to 490. The strategy is to hold short positions on the hourly cycle [3]. (2) Benzene Ethylene (EB) - **Logic**: In August, demand was still in the off - season and remained weak. The supply start - up rate remained at a high level of around 77%. With the commissioning of new plants, supply pressure would further increase, and inventory pressure was relatively high year - on - year [6]. - **Technical Analysis**: The hourly - level short - term is in a downward structure. Today, it increased positions and declined, testing the lower edge of the 15 - minute oscillation. The short - term pressure above is at 7375. The strategy is to hold short positions on the hourly cycle [6]. (3) Rubber - **Logic**: According to the seasonal pattern, prices should be stronger in the second half of the year, but this year, the supply side has difficulty increasing production. Although there is some impact from the rainy season in the producing areas, there is no extreme weather. Short - term tire start - up has improved, but high tire inventory still suppresses the expectation of further start - up recovery. The mid - term fundamental driver is downward [9]. - **Technical Analysis**: The daily - level mid - term and hourly - level short - term are both in a downward structure. Today, it increased positions and declined. The 15 - minute small cycle turned down, and there was a reversal signal at the 15950 pressure level on the hourly level. There is an opportunity to try short positions on the hourly cycle, with a stop - loss reference of 15950 [9]. (4) Synthetic Rubber (BR) - **Logic**: The demand side of tires is expected to remain weak in the medium term. The supply side has not resumed production after maintenance, and production is higher than new capacity, so it is bearish in the medium term. Short - term support comes from the low inventory of upstream butadiene [12]. - **Technical Analysis**: The daily - level mid - term is in an oscillatory/downward structure, and the hourly - level short - term is in a downward structure. Today, it increased positions and declined. There was a confirmed reversal signal at the 11950 short - term pressure level of the 10 - contract. The strategy is to hold short positions on the hourly cycle [12]. (5) PX - **Logic**: The upstream PX device is operating stably. The start - up of downstream terminals has increased at a low level during the off - peak to peak season transition. There is no major short - term contradiction, and it may follow the direction of the cost - end crude oil [16]. - **Technical Analysis**: The hourly - level short - term is in a downward structure. Today, it increased positions and had a long negative line. After a short - term break - down, the decline accelerated, and the short - term pressure above moved down to 6735. The strategy is to hold short positions on the hourly cycle [16]. (6) PTA - **Logic**: Polyester demand is weak. The supply - side start - up is at a medium level year - on - year. Short - term inventory has turned to accumulation. There is no obvious contradiction, and it may follow the direction of the cost - end crude oil [19]. - **Technical Analysis**: The hourly - level short - term is in a downward structure. Today, it increased positions and declined during the day. After a short - term break - down, the decline may accelerate. The short - term pressure above still focuses on 4760. The strategy is to hold short positions on the hourly cycle [19]. (7) PP - **Logic**: In the off - season of demand, downstream start - up is weak. With the commissioning of new capacity and the restart of maintenance devices, inventory in each link of the industrial chain continues to accumulate, and the fundamentals are weak. Also, pay attention to the trend of crude oil [22]. - **Technical Analysis**: The hourly - level short - term is in a downward structure. Today, it oscillated during the day without changing the downward structure. The hourly pressure level of 7195 is far away, and the 15 - minute cycle pressure of 7090 can be focused on first. The strategy is to hold short positions on the hourly cycle [22]. (8) Methanol - **Logic**: The supply - side start - up rate has rebounded to 73% after two consecutive weeks of increase, remaining at the highest level in history year - on - year. The arrival in July was low due to Iranian plant shutdowns, but the Iranian plants resumed in August, and the arrival is expected to increase significantly. Downstream demand is differentiated. Under high - supply pressure, port inventory has reached the highest level in the same period in the past five years, and the fundamental driver is weak [24]. - **Technical Analysis**: The daily - level mid - term is in a downward/oscillatory structure, and the short - term is in a downward structure. After a long negative line with increased positions and volume today, the short - term break - down accelerated, and the short - term pressure above is 2400. The strategy is to hold short positions on the hourly cycle [24]. (9) PVC - **Logic**: Some supply - side devices have ended maintenance, and the start - up rate has rebounded to a high level of 77.8% year - on - year. Demand is difficult to improve due to the downward real - estate market and the off - season. The pressure of continuous inventory accumulation is evident, and the fundamental driver is bearish [27]. - **Technical Analysis**: The daily - level mid - term is in an upward structure, and the hourly - level short - term is in a downward structure. After a long negative line with increased positions and volume today, it is still on a downward path, and the short - term pressure above is 5070. The strategy is to hold short positions on the hourly cycle [27]. (10) Ethylene Glycol (EG) - **Logic**: The low port inventory makes the short - term fundamentals of ethylene glycol better than other energy - chemical products, but the expectation of inventory accumulation also limits the upward space. Pay attention to the start time of inventory accumulation [30]. - **Technical Analysis**: The daily - level mid - term is in an oscillatory/downward structure, and the hourly - level short - term is in a downward structure. Today, it declined with volume. Wait for the confirmation of a break - down and then the decline will accelerate. The short - term pressure above is 4415. The strategy is to hold short positions on the hourly cycle [30]. (11) Plastic - **Logic**: The start - up rate has increased, and with the commissioning of new capacity, the supply pressure is relatively large. The downstream start - up rate remains at a low level year - on - year. The pressure of continuous inventory accumulation in ports and social inventories is evident, and the supply - demand driver is bearish [32]. - **Technical Analysis**: The daily - level mid - term is in an oscillatory/downward structure, and the hourly - level is in an oscillatory structure. Today, it oscillated during the day, and the hourly - level structure is not clear. The 15 - minute level is in a downward structure. The strategy is to wait and see on the hourly cycle and hold short positions on the 15 - minute cycle, with a stop - loss reference of 7320 [32]. (12) Soda Ash - **Logic**: The supply side continued to increase production last week, with a month - on - month increase of 45,000 tons in output. On the demand side, in addition to the rigid demand for glass, speculative demand has weakened. The inventory pressure of soda ash plants has increased significantly again, and the heavy - soda inventory has reached a new historical high. The inventory pressure is large, and the supply - demand pressure of soda ash remains high. The anti - involution has no substantial impact on the soda ash supply [33]. - **Technical Analysis**: The hourly - level is in a downward structure. Today, it oscillated. The 09 and 01 contracts still have differentiated structures, with the 09 contract declining and the 01 contract rising. There was a reversal signal at the 1295 pressure level of the 09 contract during the session. There is an opportunity to try short positions on the 09 contract, with a stop - loss reference of 1310 [33]. (13) Caustic Soda - **Logic**: On the demand side, the start - up of alumina remains at a high level, and the start - up of non - aluminum demand viscose staple fiber has also increased and remains at a high level. However, the supply of caustic soda itself has also increased rapidly, the chlor - alkali profit has increased, and the caustic soda start - up has further increased. With a larger supply increment, the inventory has continued to accumulate, and the fundamentals remain weak [37]. - **Technical Analysis**: The hourly - level is in an oscillatory structure. The 09 and 01 contracts are still differentiated. The 01 contract has a strong structure but performed weakly today, and the 09 contract has a weaker structure but performed strongly today. At the same time, the 09 contract shows signs of breaking through the 2540 pressure. The strategy is to start from the 15 - minute cycle of the 09 contract and try short positions after breaking through the 15 - minute 2515 support, with a stop - loss at today's high [37].

1. Report's Industry Investment Rating No relevant content provided. 2. Core View of the Report The agricultural products sector shows mixed trends. Oils are experiencing a high - level correction, with the overall upward trend of palm oil not materially changed. The far - month main contract of live pigs has tumbled due to high supply and weak demand. Cotton prices are rising steadily supported by low inventory and imports. Different agricultural products have their own supply - demand and market factors influencing their price movements [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Oils have corrected from high levels. After a previous sharp rise, the Zhengzhou Commodity Exchange issued a risk warning letter for rapeseed oil, cooling market sentiment. Rapeseed oil dropped significantly, dragging down palm oil and soybean oil. However, there are still positive factors in the palm oil producing areas, so the adjustment range may be limited, and the overall upward trend remains unchanged. - The far - month main contract of live pigs has broken through key levels and fallen sharply because of high inventory, increased planned shipments by group pig enterprises, and weak summer demand. - Cotton prices are rising steadily, supported by low inventory and imports [1]. 3.2 Variety Strategy Tracking 3.2.1 Palm Oil - The main 2601 contract of palm oil has corrected from high levels. The Zhengzhou Commodity Exchange's risk warning letter for rapeseed oil cooled market sentiment, causing palm oil to adjust. Malaysia's palm oil export data in August was strong, but production is expected to remain high. In the domestic market, high costs support the spot price, and the import profit window has opened recently. Technically, the contract is still in a strong position, and the recommended strategy is to hold light - position long orders [2]. 3.2.2 Soybean Oil - The main 2601 contract of soybean oil has adjusted after a continuous rise. The USDA's August supply - demand report was unexpectedly positive, but recent concentrated arrivals of imported soybeans and high - level oil mill crushing may limit the increase. Technically, it is still in a strong position, and the recommended strategy is to hold light - position long orders [4]. 3.2.3 Live Pigs - The main 2511 contract of live pigs has fallen sharply, entering a downward trend. Supply is abundant in August, and demand is weak due to high temperatures and alternative consumption. Technically, it is in a weak position, and the recommended strategy is to hold light - position short orders [6]. 3.2.4 Cotton - The main 2601 contract of cotton has continued to rise. Low commercial and industrial inventories and the delayed issuance of import quotas support the price. Although the downstream textile industry is in the off - season, the contract is technically strong, and the recommended strategy is to hold light - position long orders [9]. 3.2.5 Eggs - The main 2510 contract of eggs has first declined and then risen, showing a volatile market. High egg - laying hen inventory, continuous出库 of cold - storage eggs, and increased old - hen slaughter are the main factors. Technically, it is in a weak position, and the recommended strategy is to hold light - position short orders [10][12]. 3.2.6 Red Dates - The main 2601 contract of red dates is fluctuating at high levels. The market is concerned about the expected supply contraction of new - season red dates due to adverse weather. The upcoming Mid - Autumn and National Day stocking periods are expected to drive inventory reduction. Technically, it is in a strong position, and the recommended strategy is to hold long orders [13][15]. 3.2.7 White Sugar - The main 2601 contract of white sugar is rising in a volatile manner. Favorable domestic sales data and low industrial inventory support the price, but the expected concentrated arrival of imported sugar may suppress it. Technically, it is in a strong position, and the recommended strategy is to hold light - position long orders [16]. 3.2.8 Corn - The main 2511 contract of corn has encountered resistance in its rebound. Continuous auctions of imported corn by Sinograin, wheat substitution, and good growth of new corn limit its rebound space. Technically, it is in a weak position, and the recommended strategy is to hold short orders [18]. 3.2.9 Soybean Meal - The main 2601 contract of soybean meal is adjusting at high levels, but the upward trend remains. The USDA's August supply - demand report was positive, but there is profit - taking pressure. The expected tight supply of imported soybeans in the fourth quarter and rising import costs support the price. Technically, it is in a strong position, and the recommended strategy is to hold light - position long orders [21]. 3.2.10 Apples - The main 2510 contract of apples is adjusting at high levels. Low inventory supports the price. The procurement situation of early - maturing apples varies by region. Technically, it is in a strong position, and the recommended strategy is to place long orders on dips [22][24].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The agricultural products sector shows diverse trends. Palm oil is expected to be strong due to positive supply - demand reports and strong exports. Eggs are under pressure from high supply. Pork prices are affected by supply - demand imbalance. Red dates are rising on production reduction expectations and holiday stocking. Other products like soybean oil, sugar, corn, etc. also have their own influencing factors and price trends [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Palm oil is strongly supported by positive monthly supply - demand reports from Malaysia and strong early - August exports, with a bullish outlook [1]. - Eggs have dropped significantly because of high laying - hen inventory, abundant supply, and the impact of cold - stored eggs on the market [1]. - Red dates continue to rise due to expected production reduction in the new season and the start of the Mid - Autumn and National Day stocking period [1]. - Pork prices have fallen after a rise because of accelerated supply from farmers and insufficient consumer demand [1]. 3.2 Variety Strategy Tracking 3.2.1 Palm Oil - The main 2509 contract has reached a new high this year. Malaysia's July palm oil production increased 7.09% to 181 million tons, exports rose 3.82% to 131 million tons, and inventory increased 4.02% to 211 million tons. August 1 - 10 exports increased 23.3% and 24% compared to the previous period. The market expects increased demand from India before the October Diwali [2]. - Technically, the contract is strong. The strategy is to hold a light long position, with support at 8940 and resistance at 9250 [4]. 3.2.2 Eggs - The main 2510 contract has fallen sharply. In July, the national laying - hen inventory was about 1.292 billion, a 1.73% month - on - month and 7.14% year - on - year increase. Cold - stored eggs are impacting the market [5]. - Technically, it is weak. The strategy is to hold a light short position, with support at 3160 and resistance at 3254 [5]. 3.2.3 Pork - The main 2511 contract first rose and then fell. Supply pressure remains high, with low demand in summer, increased fattening costs, and some pig diseases. Demand is limited, especially in the southern regions [7]. - Technically, the upward trend remains. The strategy is to hold a long position, with support at 14060 and resistance at 14325 [7]. 3.2.4 Red Dates - The main 2601 contract has continued to rise. New - season production is expected to be 56 - 62 million tons, a 20 - 25% year - on - year decrease. The Mid - Autumn and National Day stocking period has started [9]. - Technically, it is strong. The strategy is to hold a light long position, with support at 11400 and resistance at 11900 [9]. 3.2.5 Soybean Oil - The main 2601 contract has continued to rise, driven by the strength of palm oil. Uncertain US soybean purchases, soybean oil exports, and expected inventory reduction during the autumn and holidays support the price [11]. - Technically, it is strong. The strategy is to hold a light long position, with support at 8288 and resistance at 8466 [11]. 3.2.6 Sugar - The main 2509 contract has continued to decline. Imported sugar is expected to increase, and domestic sugar de - stocking may slow down. Beet sugar will start production in September, increasing supply [13]. - Technically, it is weak. The strategy is to hold a light short position, with support at 5550 and resistance at 5599 [13]. 3.2.7 Corn - The main 2509 contract is in a low - level oscillation. Continuous auctions of imported corn, wheat substitution, and low demand from downstream enterprises are pressuring the price. New - season corn has a good harvest outlook [15]. - Technically, it is weak. The strategy is to hold a short position, with support at 2245 and resistance at 2268 [15]. 3.2.8 Soybean Meal - The main 2601 contract has oscillated downward. Trump's call for China to buy more US soybeans may change the import situation. In July, domestic oil mills had a high operating rate, increasing soybean meal output and inventory [19]. - Technically, it is weak. The strategy is short - term trading, with support at 3034 and resistance at 3107 [19]. 3.2.9 Cotton - The main 2601 contract has oscillated upward. Xinjiang cotton has a good growth outlook, but current commercial inventory is low, and there are expectations of supply shortage before new - cotton listing. The textile industry is in a low season [20]. - Technically, it is strong. The strategy is to close short positions and open light long positions, with support at 13800 and resistance at 14000 [22]. 3.2.10 Apples - The main 2510 contract has continued to rise. As of August 6, the national apple cold - storage inventory was 533,900 tons and decreasing. New - season apple listing is delayed due to weather [23]. - Technically, it is strong. The strategy is to buy on dips, with support at 8050 and resistance at 8200 [23].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoint The probability of crude oil continuing to decline remains relatively high, and the energy and chemical sector may await an accelerated decline in crude oil for guidance. Most energy and chemical varieties are currently in a state of short - term decline, with many recommended to hold short positions. Summary by Variety 1. Crude Oil - **Logic**: In September, the production increase rate is 547,000 barrels per day. The end - of - peak - season demand in the US is weakening and is weaker than in previous years, indicating a continuous realization of the expectation of weakening supply - demand fundamentals. Geopolitically, the US and Russia agreed to cease - fire negotiations on the Russia - Ukraine conflict over the weekend [2]. - **Technical Analysis**: The daily - level is in a medium - term oscillating/declining structure, and the hourly - level is in a short - term declining structure. The strategy is to hold short positions on the hourly cycle [2]. 2. Benzene Ethylene (EB) - **Logic**: In August, demand was weak as it was still in the off - season. The supply operating rate remained at a high level of around 77%. With the commissioning of new devices, supply pressure will further increase, and inventory pressure is relatively high year - on - year. Although the cost side of pure benzene has slightly improved, the supply - demand situation is still weak [5]. - **Technical Analysis**: The hourly - level shows a short - term declining structure. The intraday oscillation today did not change the downward path. The short - term upper pressure is temporarily focused on the 7375 line. The strategy is to hold short positions on the hourly cycle [5]. 3. Rubber - **Logic**: According to seasonal patterns, prices should be stronger in the second half of the year, but this year, the supply side has difficulty increasing output even with normal weather. The rainy season in the producing areas has some impact, but there are no extreme weather conditions. Short - term tire production has improved, providing some support, but high tire inventories still suppress the expected increase in production. The medium - term fundamental driving force for rubber is downward [8]. - **Technical Analysis**: The daily - level shows a medium - term decline, and the hourly - level shows a short - term decline. Today, there was a small increase in positions and strength. Although it did not exceed the short - term pressure of 15120, after breaking through the 14600 line of 15 - minute pressure, short positions can be closed first and then re - entered after a 15 - minute breakdown. The strategy is to close short positions and then look for re - entry opportunities on the hourly cycle [8]. 4. Synthetic Rubber (BR) - **Logic**: The demand side of tires is expected to remain weak in the medium term. On the supply side, the operating rate has not recovered after maintenance and has not increased again. Currently, production is relatively high, and under the pressure of new production capacity, it is bearish in the medium term. In the short term, it is supported by the low inventory of upstream butadiene [13]. - **Technical Analysis**: The daily - level is in a medium - term oscillating/declining structure, and the hourly - level short - term declining structure is being tested. Today, the market increased in positions and strengthened. After breaking through the short - term pressure, it may reverse in the short term. The strategy is to close short positions on the hourly cycle [13]. 5. PX - **Logic**: Upstream PX devices are operating stably. The operating rate of downstream terminals has increased slightly during the off - peak to peak season transition, but there are no significant short - term contradictions. It may follow the direction of the cost - end crude oil [17]. - **Technical Analysis**: The hourly - level shows a short - term declining structure. Today, there was a rebound, but it did not change the downward path. The short - term upper pressure is still focused on the 6825 line. The strategy is to hold short positions on the hourly cycle [17]. 6. PTA - **Logic**: Polyester demand is weak. The supply operating rate is at a medium level year - on - year. Short - term inventory is starting to accumulate, and there are no obvious contradictions. It may follow the direction of the cost - end crude oil [18]. - **Technical Analysis**: The hourly - level shows a short - term declining structure. Today, there was a rebound and repair. The intraday oscillation did not change the downward path. The short - term upper pressure is still focused on the 4760 line. The strategy is to hold short positions on the hourly cycle [18]. 7. PP - **Logic**: During the off - season of demand, downstream operating rates are weak. With the commissioning of new production capacity and the restart of maintenance devices, inventories in all links of the industrial chain continue to accumulate, and the fundamentals are weak. At the same time, pay attention to the trend of crude oil [20]. - **Technical Analysis**: The hourly - level shows a short - term declining structure. Today, it oscillated intraday without changing the declining structure. The hourly - level pressure at 7195 is relatively far, and the 7100 line of the 15 - minute cycle pressure can be focused on first. The strategy is to hold short positions on the hourly cycle [20]. 8. Methanol - **Logic**: The supply operating rate has increased for two consecutive weeks to 73%, remaining at the highest level in history year - on - year. The arrivals in July were low due to Iranian device shutdowns, but in August, with the recovery of Iranian devices, arrivals are expected to increase significantly. Downstream demand is differentiated. Under high supply pressure, port inventories have reached the highest level in the same period in the past five years, and the fundamental driving force is weak [25]. - **Technical Analysis**: The daily - level is in a medium - term declining/oscillating structure, and the short - term is in a declining structure. Today, it oscillated intraday. The short - term upper pressure is temporarily focused on the 2400 line. The strategy is to hold short positions on the hourly cycle [25]. 9. PVC - **Logic**: On the supply side, some devices have ended maintenance, and the operating rate has increased to a year - on - year high of 77.8%. Due to the downward trend in the real estate market and the off - season, demand is hard to improve, and inventory pressure is increasing due to continuous accumulation. The fundamental driving force is bearish [27]. - **Technical Analysis**: The daily - level shows a medium - term rising structure, and the hourly - level shows a short - term declining structure. Today, it oscillated intraday, and the downward path remained unchanged. The short - term upper pressure is still focused on the 5070 line. The strategy is to hold short positions on the hourly cycle [27]. 10. Ethylene Glycol (EG) - **Logic**: The low port inventory makes the short - term fundamentals of ethylene glycol better than other energy and chemical varieties, but the expectation of inventory accumulation also limits the upside space. Pay attention to the start time of inventory accumulation [29]. - **Technical Analysis**: The daily - level is in a medium - term oscillating/declining structure, and the hourly - level is in a short - term declining structure. Today, it rebounded and tested the short - term pressure at the 4425 line but did not break through. The strategy is to hold short positions on the hourly cycle [29]. 11. Plastic - **Logic**: The increase in operating rate and the commissioning of new production capacity have led to relatively large supply pressure. Downstream operating rates remain at a low level year - on - year, and the pressure of continuous inventory accumulation in ports and social inventories is evident. The supply - demand driving force is bearish [33]. - **Technical Analysis**: The daily - level is in a medium - term oscillating/declining structure, and the hourly - level is in an oscillating structure. Today, it oscillated intraday, and the hourly - level structure is not clear. The 15 - minute level also shows an oscillating structure. The strategy is to wait and see on the hourly cycle, and stop losses on 15 - minute short positions and then wait and see [33]. 12. Soda Ash - **Logic**: On the supply side, production continued to increase last week, with a month - on - month increase of 45,000 tons. On the demand side, in addition to rigid demand for glass, speculative demand has weakened. The inventory pressure of soda ash plants has increased significantly again, and the heavy soda inventory has reached a new historical high. The supply - demand pressure of soda ash remains large, and anti - involution has not had a substantial impact on soda ash supply [34]. - **Technical Analysis**: The hourly - level shows a declining structure. Today, it oscillated intraday. The hourly - level pressure at 1470 is relatively far, and the 1390 pressure at the upper edge of the 15 - minute oscillation range can be focused on first. The strategy is to hold short positions on the hourly cycle, and the stop - profit reference is the 1390 pressure on the 15 - minute cycle [34]. 13. Caustic Soda - **Logic**: On the demand side, the operating rate of alumina remains high, and the operating rate of viscose staple fiber, a non - aluminum demand, has also increased and remains high. However, the supply of caustic soda itself has increased rapidly, the profit of chlor - alkali has increased, and the operating rate of caustic soda has further increased. With a larger increase in supply, inventory has continued to accumulate, and the fundamentals remain weak [36]. - **Technical Analysis**: The hourly - level shows a declining structure. Today, it rebounded with a reduction in positions but did not exceed the hourly - level pressure at the 2515 line and has not reversed. The strategy is to look for short - selling signals on the hourly cycle [36].

I. Overall Information A. Report Industry Investment Rating No information provided. B. Core Viewpoints 1. This week, the lithium carbonate futures price soared for three consecutive days, with the main 2511 contract closing up 7.73% at 76,960 yuan/ton. The short - term market is still dominated by the expectation of lithium mine mining license compliance issues, and the futures price is strong [1]. 2. The polysilicon futures' main 2511 contract rose 2.42% to 50,790 yuan/ton this week. The short - term futures price may fluctuate, influenced by the anti - involution storage policy with no further details [8]. C. Strategy Recommendations 1. For lithium carbonate, the current futures price is strongly driven by expectations, with high short - term valuations. The market may fluctuate, and the risk for long positions is high. It is not recommended to chase long positions. However, if supply and demand evolve towards a production halt, the futures price may still rise [2]. 2. For polysilicon, with a meeting in Beijing next week, policy expectations may bring support. Short - term interval trading is recommended [9]. II. Lithium Carbonate Fundamental Analysis A. Supply 1. Last week, lithium production from salt lakes and mica decreased due to factors like Qinghai salt lake shutdown and some lithium salt plant maintenance, leading to a significant reduction in social inventory. This week, production increased, and inventory started to accumulate. The price increase was affected by supply - side news [3]. 2. There are concerns about the renewal of mining licenses for major mines in Jiangxi on August 9. If renewal fails, it may lead to a short - term shutdown, affecting an average monthly supply of 10,000 tons of lithium carbonate equivalent, but the domestic supply shortage may be lower than expected [4]. B. Demand 1. Power cell orders increased this month, and overseas energy storage demand is strong. The market is shifting from the off - season to the peak season, with downstream inventory preparation and increased inquiries. Battery production in July - August increased 2 - 3% month - on - month, and is expected to have a small increase in September - October [5]. 2. Cathode material factories made necessary purchases in July and had a stronger willingness to replenish inventory when the lithium price fell below 70,000 yuan. Currently, downstream inventory has increased. However, the terminal demand for new energy passenger vehicles slowed down in July, and the channel inventory is under pressure [5]. C. Inventory This week, lithium carbonate inventory continued to accumulate, with the domestic social inventory exceeding 140,000 tons, and the spot pressure remained [6]. III. Polysilicon Fundamental Analysis A. Supply 1. This week, polysilicon production increased significantly, and the monthly production is expected to rise substantially. Although one company in Xinjiang shut down, the overall supply still exceeds demand. The short - term weekly production may continue to increase, with the August production forecast at 125,000 tons [10][12]. 2. The market is trading the supply - side changes brought by the "anti - involution" policy. Some upstream quotes are high, but there are few spot transactions, and the spot price has not improved significantly [12]. B. Demand 1. After a brief profit repair, the production of silicon wafers increased. The short - term inventory of silicon wafers is relatively low, leading to price increases by some silicon wafer manufacturers. In August, the production of silicon wafers increased slightly compared to July [13]. 2. The price increase of silicon materials is being transmitted to silicon wafers and battery cells, but there is no information on component price increase transactions, indicating that the upstream price increase transmission is not smooth under weak terminal demand [13]. C. Inventory This week, polysilicon manufacturers' inventory started to accumulate. Since downstream has stocked up on raw materials, the short - term replenishment is weak, and the upstream is facing inventory pressure [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product sector shows a mixed trend. Pig prices are rebounding due to policy - driven capacity reduction and expected demand growth during peak seasons. Jujube prices are rising strongly because of expected production decline and upcoming holiday stocking. Sugar prices continue to fall due to the expected increase in imported sugar. Other products like soybean oil, palm oil, etc., also have their own influencing factors and price trends [1]. 3. Summary by Directory 3.1 Agricultural Product Sector Overview - Pig prices are rebounding, supported by policy - driven anti - involution capacity reduction and expected demand growth during the back - to - school season and Mid - Autumn Festival. Jujube prices are rising strongly as high - temperature weather in production areas causes concerns about reduced new jujube production, and the stocking period for Mid - Autumn and National Day festivals has begun. Sugar prices continue to fall to new lows due to the expected increase in imported sugar [1]. 3.2 Variety Strategy Tracking 3.2.1 Pig - The main 2511 contract of pigs is oscillating upwards, reaching a one - week high. Although high - temperature weather still weakens consumption demand, with the temperature dropping after the Beginning of Autumn, fresh pork sales are expected to improve. The upcoming back - to - school season will boost centralized consumption, and farmers may hold back pigs for weight gain. The strategy is to hold a light long position in the main 2511 contract and close short positions in the near - month 2509 contract, with support at 13920 and resistance at 14060 [2]. 3.2.2 Jujube - The main 2601 contract of jujube has risen strongly to a new high. High - temperature and dry weather in August (the fruit expansion period) in Xinjiang has raised concerns about reduced yields. Preliminary estimates suggest that new jujube production will be 56 - 62 million tons, a year - on - year decrease of 20 - 25% and a 5 - 10% decrease compared to normal years. The stocking period for Mid - Autumn and National Day festivals has started, which is expected to drive inventory clearance. The strategy is to hold a light long position, with support at 10950 and resistance at 11350 [3]. 3.2.3 Soybean Oil - The main 2509 contract of soybean oil continued to rise to a new high but reduced its gains. Domestic oil mills have high operating rates, resulting in high production and inventory. However, oil mills are actively exporting to relieve supply pressure, and the market still expects a supply gap in the future and an increase in demand in the second half of August. The strategy is to hold a light long position, with support at 8336 and resistance at 8500 [5]. 3.2.4 Sugar - The main 2509 contract of Zhengzhou sugar continued to fall to a one - month low, pressured by the expected increase in imported sugar. As the quantity of processed sugar increases, the de - stocking of domestic sugar may slow down, and the start of production in northern sugar mills in September will also add pressure. The strategy is to hold a light short position, with support at 5650 and resistance at 5699 [7]. 3.2.5 Palm Oil - The main 2509 contract of palm oil continued to close down, undergoing high - level adjustment. The market expects an increase in Malaysian palm oil production and weak exports in the August 11 MPOB monthly supply - demand report, with high inventory pressure. The strategy is for short - term trading, with support at 8900 and resistance at 9076 [10]. 3.2.6 Corn - The main 2509 contract of corn continued to rebound from a low level but faced resistance. The continuous auction of imported corn by Sinograin and wheat substitution, along with weak downstream demand, still pressure the corn market. However, low inventory, low imports, and weather risks for new corn support the price rebound. The strategy is to hold short positions, with support at 2250 and resistance at 2271 [11][13]. 3.2.7 Eggs - The main 2509 contract of eggs continued to rebound from a low level but did not change the downward trend. The high inventory of laying hens (1.292 billion in July, a month - on - month increase of 1.73% and a year - on - year increase of 7.14%) and the continuous release of cold - storage eggs exert supply pressure. However, some markets have bottom - fishing sentiment after the price drops. The strategy is to hold a light short position, with support at 3350 and resistance at 3410 [14]. 3.2.8 Bean Meal - The 2509 contract of bean meal first declined and then rose, continuing high - level fluctuations. High domestic oil - mill operating rates in July led to increased bean - meal output and inventory. However, the rising cost of imported soybeans and expected supply shortages in the future support the price. The strategy is for short - term trading, with support at 3006 and resistance at 3050 [16]. 3.2.9 Cotton - The main 2509 contract of cotton oscillated and closed down, showing narrow - range fluctuations. Xinjiang cotton is growing well, with a strong expectation of a bumper harvest. Although commercial inventory is at a low level, the expectation of issuing sliding - scale duty quotas is increasing, and downstream textile demand is weak. The strategy is to hold a light short position, with support at 13600 and resistance at 13800 [18]. 3.2.10 Apples - The main 2510 contract of apples continued to reverse and rise, entering an upward trend. Apple inventory is low (57.61 million tons as of July 31, 41.05 million tons lower than last year, and 53.39 million tons as of August 6, continuing to decline). The price of early - maturing apples in the west is higher than last year. The strategy is to go long on dips, with support at 7900 and resistance at 8000 [20].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The concern about sanctions has weakened, and crude oil has broken through to a new low. The fundamentals of the oil market are bearish, with OPEC+ continuing to increase production significantly, weakening US refined oil demand, and increasing inventories. Technically, crude oil is in a short - term downward trend and may face accelerated decline [1][2]. - Various chemical products, including styrene, rubber, PX, PTA, PP, methanol, PVC, ethylene glycol, and plastic, are generally under bearish pressure in terms of fundamentals and technical analysis, with most suggesting holding short - term short positions [5][8][15]. 3. Summary by Related Categories (1) Crude Oil - **Logic**: OPEC+ decided to continue a substantial production increase of 547,000 barrels per day in September. US refined oil demand has been weakening, and inventories have been accumulating. The "recession expectation" trading tendency may return after the cold US non - farm payrolls in July. The attention to the August 8 deadline has decreased [1][2]. - **Technical Analysis**: The daily - level of crude oil is in a medium - term shock/downward structure, and the hourly - level is in a short - term downward structure. It broke through the lower edge of the late - July shock range today, with short - term resistance at 511. There was an opportunity to try short positions last night, with a stop - loss reference at 511 [2]. (2) Styrene (EB) - **Logic**: The cost of pure benzene remains under pressure. High profits in styrene have stimulated supply and new device launches, increasing supply pressure. Demand has been weak, resulting in a bearish fundamental situation [5]. - **Technical Analysis**: The hourly - level of styrene is in a short - term downward structure. Today's intraday shock did not change the downward path, with short - term resistance at 7375. Short positions should be held [5]. (3) Rubber - **Logic**: Seasonally, rubber prices should be stronger in the second half of the year, but supply has not increased despite normal weather. High tire inventories have led to weaker demand expectations than in previous years, and high - inventory pressure has continued to accumulate seasonally, driving the fundamentals downward [8]. - **Technical Analysis**: The daily - level of rubber is in a medium - term downward structure, and the hourly - level is in a short - term downward structure. Today's intraday shock did not change the downward path, with short - term resistance at 15120 and 15 - minute resistance at 14600. Short positions should be held [8]. (4) Synthetic Rubber (BR) - **Logic**: High tire inventories have led to weaker demand expectations. Supply capacity has been released due to device restarts, and the short - term low inventory of butadiene may turn bearish after more arrivals. The fundamentals are bearish [12]. - **Technical Analysis**: The daily - level is in a medium - term shock/downward structure, and the hourly - level is in a short - term downward structure. Today's intraday shock did not change the downward path, with short - term resistance at 11550. Short positions should be held [12]. (5) PX - **Logic**: The downstream terminal's off - peak and peak season conversion has led to a slight increase in start - up, but overall, the upstream and downstream start - up changes are small. It may follow the direction of crude oil [15]. - **Technical Analysis**: The hourly - level of PX is in a short - term downward structure. Today's decline on reduced positions continued the downward path, with short - term resistance at 6825. Short positions should be held (partially take profit and wait to re - enter after a 15 - minute break) [15]. (6) PTA - **Logic**: The upstream and downstream start - up has remained stable, and inventory is neutral. It may follow the direction of crude oil [17]. - **Technical Analysis**: The hourly - level of PTA is in a short - term downward structure. Today's rebound and then decline on reduced positions continued the downward path, with short - term resistance at 4760. Short positions should be held [17]. (7) PP - **Logic**: During the off - season, downstream start - up has been weak. New capacity has been put into operation, and devices have restarted after maintenance, leading to continuous inventory accumulation. The fundamentals are bearish, and attention should be paid to crude oil trends [19]. - **Technical Analysis**: The hourly - level of PP is in a short - term downward structure. Today's intraday shock did not change the downward structure after a short - term sharp decline. The resistance at 7195 is far, and the 15 - minute resistance at 7100 can be focused on first. Short positions should be held [19]. (8) Methanol - **Logic**: Port inventories have continued to accumulate, domestic devices have restarted after maintenance, and start - up has increased. Downstream demand is generally okay, with short - term contradictions being small [22]. - **Technical Analysis**: The daily - level of methanol is in a medium - term downward/shock structure, and the short - term is in a downward structure. Today's intraday shock, with short - term resistance at 2400. Short positions should be held [22]. (9) PVC - **Logic**: Some devices have restarted after maintenance, and terminal demand has remained weak due to the ongoing real - estate downturn and the off - season. After the exchange's position limit and the Politburo meeting, speculative funds have withdrawn, leading to a short - term downward correction [24]. - **Technical Analysis**: The daily - level of PVC is in a medium - term upward structure, and the hourly - level is in a short - term downward structure. Today's intraday shock did not change the downward path, with short - term resistance at 5070. Short positions should be held [24]. (10) Ethylene Glycol (EG) - **Logic**: Low inventories after continuous decline in port inventories provide short - term support, but terminal demand remains weak. The present situation is strong, but the expectation is weak. Attention should be paid to the time when inventories start to accumulate [26]. - **Technical Analysis**: The daily - level of EG is in a medium - term shock/downward structure, and the hourly - level is in a short - term downward structure. Today's decline on increased positions, with short - term resistance at 4425. Short positions should be held [26]. (11) Plastic - **Logic**: Devices have restarted after maintenance, start - up has increased, and new capacity has been put into operation, leading to large supply pressure. Downstream start - up has remained at a low level year - on - year, and supply - demand drivers are bearish [30]. - **Technical Analysis**: The daily - level of plastic is in a medium - term shock/downward structure, and the hourly - level is in a shock structure. The hourly - level structure is not clear, but the 15 - minute level has turned bearish again, providing an opportunity to enter short positions. Short - term short positions can be tried with a stop - loss at 7315 [30].

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - The agricultural products sector shows mixed trends, with some commodities rising and others falling. Factors such as export expectations, demand changes, supply pressures, and seasonal factors influence the prices of different agricultural products [1] 3. Summary by Variety (1) Soybean Oil - The soybean oil main contract 2509 continued to rise strongly to a new high, driven by strong exports and expected demand growth. Indian soybean oil imports in July increased by 38% month - on - month to 495,000 tons. Technically, it is strong, and the strategy is to hold a light long position [2] (2) Sugar - The Zhengzhou sugar main contract 2509 continued to fall to a one - month low, pressured by the expectation of increased imported sugar. Technically, it is weak, and the strategy is to hold a light short position [3] (3) Palm Oil - The palm oil main contract 2509 adjusted slightly at a high level. Malaysian palm oil inventory is expected to increase, but domestic inventory decreased slightly last week. Technically, it is slightly strong in the short - term, and the strategy is short - term trading [6] (4) Corn - The corn main contract 2509 rebounded at a low level, but the downward trend remained unchanged. Supply increased and demand was weak. Technically, it is weak, and the strategy is to hold a light short position [9] (5) Eggs - The egg main contract 2509 rebounded at a low level, but the downward trend remained. Supply pressure was high due to high laying - hen inventory, and demand was weak. Technically, it is weak, and the strategy is to hold a light short position [10][12] (6) Soybean Meal - The soybean meal main contract 2509 adjusted slightly. Near - month contracts faced high - inventory pressure, but future supply may be tight. Technically, it is strong, and the strategy is short - term trading [13][15] (7) Cotton - The cotton main contract 2509 rebounded slightly and fluctuated at a low level. New - year cotton is expected to be abundant, and demand is weak. Technically, it is weak, and the strategy is to hold a light short position [16] (8) Live Pigs - The live pig market showed a pattern of near - term weakness and long - term strength. The 2509 contract continued to fall, while the 2511 contract rebounded. Consumption is expected to improve in the future. The strategy is to hold a light short position on the 2509 contract [18] (9) Red Dates - The red date main contract 2601 oscillated upwards. New - date production is expected to decrease, and demand is expected to pick up after立秋. Technically, it is strong, and the strategy is to hold a light long position [20] (10) Apples - The apple main contract 2510 reversed and rose. Apple inventory is low, and demand is expected to be boosted in the future. Technically, it is strong, and the strategy is to buy on dips [22]