Report Industry Investment Rating - No relevant information provided Core Viewpoints - After the Politburo meeting on July 25 fell short of expectations, commodity sentiment cooled down, and today it hit rock - bottom. Most energy and chemical products, except for PVC and two types of rubber, mainly fluctuated with market sentiment. Attention should be paid to changes in sentiment and the trend of crude oil on the cost side [3][4] - Trump's remarks pressuring Russia briefly boosted oil prices, but OPEC+ is accelerating production increases, and the supply pressure in the third quarter has soared. The North American peak season is coming to an end, and the off - season is approaching. The supply - demand pressure for crude oil will gradually emerge [5] Summary by Variety Crude Oil - Logic: Trump's remarks briefly boosted oil prices, but OPEC+ is accelerating production increases, and the supply - demand pressure will gradually appear. The North American peak season is ending, and the off - season is approaching, with the United States' refined oil inventories increasing for three consecutive weeks and crude oil inventories starting to accumulate [5] - Technical Analysis: Medium - term shock/decline structure on the daily level, short - term upward structure on the hourly level. It rose and then fell today, with intraday fluctuations. The strategy is to wait and see on the hourly cycle, and the short - term support is at the 526 level [5] Styrene (EB) - Logic: Supply start - up has increased, port inventories have continued to accumulate, total inventories are at a historically high level compared to the same period, actual demand has not improved, and new device production is approaching. The fundamental driving force remains bearish [8] - Technical Analysis: Short - term decline structure on the hourly level. It continued to fall today and closed at a new low. The short - term pressure above is temporarily at the 7440 level. The strategy is to hold short positions on the hourly cycle [8] Rubber - Logic: Precipitation disturbances in Hainan and Southeast Asia postponed the supply increase, but a new typhoon is moving north, and supply increase is a relatively certain path. The downstream tire inventory is at a historical high, and high - level start - up is difficult to sustain. The current rubber inventory is at a high level compared to the same period, and the fundamental driving force remains bearish [12] - Technical Analysis: Medium - term decline on the daily level, short - term decline structure on the hourly level. It fell with reduced positions today and hit a new short - term low. The pressure above is at the 15120 level. The strategy is to hold short positions on the hourly cycle [12] Synthetic Rubber (BR) - Logic: Supply device start - up has increased, synthetic rubber production has significantly rebounded. The downstream tire inventory is at a historical high, and high - level start - up is difficult to sustain. The cost of butadiene has some support due to low port inventories, but the medium - term fundamental pressure on synthetic rubber remains high [17] - Technical Analysis: Medium - term shock/decline structure on the daily level, short - term shock structure on the hourly level. It fell with reduced positions today and hit a new short - term low. The pressure above is at the 11950 level. The strategy is to hold short positions on the hourly cycle [17] PX - Logic: Polyester start - up continues to decline, demand expectations are pessimistic, supply start - up has rebounded, and supply - demand is weak. The cost of crude oil is expected to decline significantly, and it mainly fluctuates with crude oil [20] - Technical Analysis: Short - term shock structure on the hourly level. It fell with reduced positions today for downward correction, and the short - term structure is unclear, following market sentiment. The strategy is to hold short positions on the hourly cycle [20] PTA - Logic: Short - term supply - demand changes are not significant, inventory levels are not high, and short - term fundamental contradictions are not prominent. However, the cost of crude oil is expected to decline significantly, and it mainly fluctuates with crude oil [22] - Technical Analysis: Short - term shock structure on the hourly level. It fell with reduced positions today for downward correction, and the short - term structure is unclear, following market sentiment. The strategy is to hold short positions on the hourly cycle [22] PP - Logic: Downstream demand is sluggish, supply - side start - up fluctuates slightly, but previously shut - down devices will gradually restart, and new production capacity will be put into operation, so the supply pressure is expected to remain. Inventories continue to accumulate, and the fundamental driving force is bearish [24] - Technical Analysis: Short - term shock structure on the hourly level. It fluctuated within the day today, and the hourly cycle is close to breaking through but has not been confirmed. The strategy is to hold short positions on the hourly cycle [24] Methanol - Logic: Domestic supply is at a high level compared to the same period, downstream demand is weak, short - term arrivals are normal, port inventories continue to accumulate, and overseas Iranian device start - up is stable. The short - term fundamentals are average. Attention should be paid to cost and recent sentiment drivers [29] - Technical Analysis: Medium - term decline/shock on the daily level, short - term decline structure. It fell with reduced positions today, following market sentiment. The strategy is to hold short positions on the hourly cycle [29] PVC - Logic: Supply has increased, demand remains sluggish during the off - season, inventories continue to accumulate, and the fundamental driving force remains bearish. The anti - involution sentiment that previously drove the upward trend cooled down significantly today. It should be treated bearishly [31] - Technical Analysis: Medium - term upward structure on the daily level, short - term decline structure on the hourly level. It broke through downward with increased positions today, and the short - term trend reversal was confirmed. The strategy is to hold short positions on the hourly cycle [31] Ethylene Glycol (EG) - Logic: Start - up has slightly decreased, demand is weak, port inventories fluctuate at a low level, and there are both short - term low - inventory and medium - term inventory - accumulation expectations. The fundamental driving force is weak. The anti - involution sentiment that previously drove the upward trend cooled down significantly today. It should be treated bearishly [33] - Technical Analysis: Medium - term shock/decline structure on the daily level, short - term shock structure on the hourly level. It fell with reduced positions today, and the hourly - level structure is unclear, but the 15 - minute level confirmed a decline. The strategy is to hold short positions on the hourly cycle [33] Plastic - Logic: Shut - down devices gradually restarted in late July, start - up has increased, downstream overall start - up is at a low level compared to the same period, demand is weak, and attention should be paid to the delivery logic as the 09 basis weakens. The anti - involution sentiment that previously drove the upward trend cooled down significantly today. It should be treated bearishly [37] - Technical Analysis: Medium - term shock/decline structure on the daily level, shock structure on the hourly level. It fluctuated within the day today, and the hourly - level structure is unclear. It has followed market sentiment recently. The strategy is to hold short positions on the hourly cycle [37]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report analyzes the trends of various agricultural products, including significant price movements in rapeseed meal and cotton, and provides trading strategies for each product based on market fundamentals and technical analysis [1]. 3. Summary by Directory 3.1 Agricultural Products Sector Overview - Rapeseed meal rebounded significantly due to unhelpful Sino - US economic and trade talks for soybean imports and the peak season of aquaculture demand [1]. - Cotton continued to decline as Xinjiang had a good harvest outlook and downstream demand was weak [1]. - Sugar reversed and tumbled because of concerns about increased sugar imports and a large number of long - position liquidations [1]. - Soybean oil fluctuated upwards, stimulated by the news of Chinese soybean oil exports to India [1]. 3.2 Variety Strategy Tracking 3.2.1 Rapeseed Meal and Soybean Meal - Both rapeseed meal and soybean meal rose. The Sino - US economic and trade talks and the aquaculture peak season boosted prices. Rapeseed meal inventory decreased to 66.54 million tons by the 30th week, and soybean meal downstream enterprises restocked at low prices [2]. - For rapeseed meal 2509 contract, take a light - long position, with support at 2661 and resistance at 2750. For soybean meal 2509 contract, close short positions and conduct short - term trading, with support at 2980 and resistance at 3036 [4]. 3.2.2 Cotton - Cotton 2509 contract continued to fall due to high - yield expectations and weak downstream demand. Xinjiang cotton growth was good, and the textile industry was in a slack season [6][7]. - Take a light - short position, with support at 13610 and resistance at 13770 [7]. 3.2.3 Soybean Oil - Soybean oil 2509 contract continued to rise after a sharp increase the previous day, as China sold discounted soybean oil to India, boosting market sentiment [8]. - Take a light - long position, with support at 8180 and resistance at 8300 [11]. 3.2.4 Palm Oil - Palm oil 2509 contract oscillated upwards. International crude oil price increases and a weakening Malaysian ringgit provided support, although Malaysian exports decreased. Domestic demand was stable [12]. - Take a light - long position, with support at 8900 and resistance at 9050 [12]. 3.2.5 Live Pigs - Live pigs 2509 contract oscillated downwards. There was an increase in supply from farmers and weak demand due to high temperatures and less consumption [14]. - Take a light - short position, with support at 13930 and resistance at 14220 [14]. 3.2.6 Corn - Corn 2509 contract oscillated and closed positive, showing a sideways trend. There were both supply - increasing and supply - decreasing factors in the market [16]. - Close short positions and conduct short - term trading, with support at 2300 and resistance at 2316 [16]. 3.2.7 Sugar - Sugar 2509 contract tumbled. Analysts expected an increase in Brazilian sugar production, and there were concerns about increased domestic sugar imports, leading to long - position liquidations [18]. - Close long positions and take a light - short position, with support at 5790 and resistance at 5840 [18]. 3.2.8 Eggs - Eggs 2509 contract oscillated downwards. There was high egg - laying hen inventory and slow capacity reduction on the supply side, and delayed seasonal demand on the demand side [21]. - Take a light - short position, with support at 3550 and resistance at 3597 [21]. 3.2.9 Red Dates - Red dates 2601 contract oscillated upwards. The estimated new - date production was 56 - 62 million tons, a 20 - 25% year - on - year decrease. The market was still debating the extent of the production cut [22]. - Take a light - long position, with support at 10650 and resistance at 10950 [24]. 3.2.10 Apples - Apples 2510 contract oscillated downwards. Storage merchants were eager to sell, and the quality of early - maturing apples was not good [25]. - Take a light - short - term short position, with support at 7857 and resistance at 7969 [25].

Report Industry Investment Rating No relevant information provided. Core View of the Report The 7th Politburo meeting fell short of expectations, with no incremental policies and a possible intention to correct the "low - price" competition issue. After the meeting announcement, the commodity sentiment cooled down, and the energy - chemical sector diverged from crude oil again. Crude oil was short - term strong overnight due to Trump's threat of sanctions against Russia, but the fundamental supply pressure of OPEC+ is increasing, and the North American peak season is ending [1]. Summary by Related Catalogs 1. Crude Oil - **Logic**: Trump's remarks on pressuring Russia boosted oil prices short - term. However, OPEC+ is accelerating production increase, with supply pressure soaring in the third quarter. The North American peak season from June to August is ending, and the off - season is approaching. US refined oil has been accumulating inventory for two consecutive weeks, and crude oil will also shift from low inventory to inventory accumulation [2]. - **Technical Analysis**: The daily - level of crude oil shows a medium - term oscillatory/declining structure, and the hourly - level shows a short - term rising structure. After increasing positions and breaking through the upper edge of the oscillatory range, the short - term structure is considered rising. The short - term support below is at the 514 level. The strategy for the hourly cycle is to wait and see [2]. 2. Styrene (EB) - **Logic**: Supply and production are increasing, port inventory is continuously accumulating, and the total inventory is at a historical high compared to the same period. The actual demand has not improved, and new device production is approaching, so the fundamental driving force is bearish [5]. - **Technical Analysis**: The hourly - level of styrene shows a short - term declining structure. After rising and then falling today, the hourly form is bearish. There is an opportunity to try short - selling, with the stop - loss referring to today's high [5]. 3. Rubber - **Logic**: Although the previous precipitation in Hainan and Southeast Asia delayed the supply increase, with the new typhoon moving north, supply increase is still a certain path. The downstream tire inventory is at a historical high, and high - level production is difficult to sustain. The current rubber inventory is also high compared to the same period, so the fundamental driving force is bearish [10]. - **Technical Analysis**: The daily - level of rubber shows a medium - term decline, and the hourly - level shows a short - term declining structure. After rising and then falling today, the hourly - level decline is confirmed. The upper pressure is at the 15120 level. There is an opportunity to try short - selling in the 15 - minute cycle, with the stop - loss referring to the 15120 level [10]. 4. Synthetic Rubber (BR) - **Logic**: The supply - side device production is increasing, and the output of synthetic rubber has significantly rebounded. The downstream tire inventory is at a historical high, and high - level production is difficult to sustain. The recent arrival volume of butadiene at the port is low, providing some support, but the medium - term fundamental pressure of synthetic rubber is still large [14]. - **Technical Analysis**: The daily - level shows a medium - term oscillatory/declining structure, and the hourly - level shows a short - term oscillatory structure. After rising and then falling today, the hourly - level decline is confirmed. The upper pressure is at the 11950 level. There is an opportunity to try short - selling in the 15 - minute cycle, with the stop - loss referring to the 11950 level [14]. 5. PX - **Logic**: The polyester production is continuing to decline, the demand expectation is pessimistic, the supply production is rising, and the supply - demand situation is weak. The cost - end crude oil still has a large expected decline and mainly follows the crude oil fluctuations [18]. - **Technical Analysis**: The hourly - level of PX shows a short - term oscillatory structure. After rising and then falling today, there is an anti - package form in the afternoon hourly line. Although the volume is not large, it is still worth trying. There is an opportunity to try short - selling in the hourly cycle, with the stop - loss referring to today's high [18]. 6. PTA - **Logic**: The short - term supply - demand change is small, the inventory level is not high, and there is no major short - term fundamental contradiction. However, the cost - end crude oil still has a large expected decline and mainly follows the crude oil fluctuations [21]. - **Technical Analysis**: The hourly - level of PTA shows a short - term oscillatory structure. After rising and then falling today, there is an anti - package form in the afternoon hourly line. Although the volume is not large, it is still worth trying. There is an opportunity to try short - selling in the hourly cycle, with the stop - loss referring to today's high [21]. 7. PP - **Logic**: The downstream demand is sluggish, the supply - side production fluctuates slightly, but the previously overhauled devices will gradually restart and new production capacity will be put into operation, so the supply pressure is expected to continue. The inventory is continuously accumulating, and the fundamental driving force is bearish [25]. - **Technical Analysis**: The hourly - level of PP shows a short - term oscillatory structure. After rising and then falling today, there is an anti - package form in the afternoon hourly line. Although the volume is not large, it is still worth trying. There is an opportunity to try short - selling in the hourly cycle, with the stop - loss referring to today's high [25]. 8. Methanol - **Logic**: The domestic supply is at a high level compared to the same period, the downstream demand is weak, the short - term arrival volume is normal, the port inventory is continuously accumulating, and the overseas Iranian device production is stable. The short - term fundamentals are average. Attention should be paid to the cost - end and recent sentiment drivers [27]. - **Technical Analysis**: The daily - level of methanol shows a medium - term decline/oscillation, and the short - term shows a declining structure. After rising and then falling today, there is an anti - package form in the morning hourly line. Although the volume is not large, it is still worth trying. There is an opportunity to try short - selling in the hourly cycle, with the stop - loss referring to today's high [27]. 9. PVC - **Logic**: The supply is increasing, the demand in the off - season is continuously sluggish, the inventory is continuously accumulating, the fundamental driving force is still bearish, and the anti - involution sentiment that previously drove the upward movement has significantly cooled down today. It should be treated bearishly [30]. - **Technical Analysis**: The daily - level of PVC shows a medium - term rising structure, and the hourly - level shows a short - term oscillatory structure. After rising and then falling today, there is an anti - package form in the morning hourly line. Although the volume is not large, it is still worth trying. There is an opportunity to try short - selling in the hourly cycle, with the stop - loss referring to today's high [30]. 10. Ethylene Glycol (EG) - **Logic**: The production has slightly decreased, the demand is weak, the port inventory fluctuates at a low level, and there are both short - term low - inventory and medium - term inventory - accumulation expectations. The fundamental driving force is weak. The anti - involution sentiment that previously drove the upward movement has significantly cooled down today. It should be treated bearishly [33]. - **Technical Analysis**: The daily - level of EG shows a medium - term oscillatory/declining structure, and the hourly - level shows a short - term oscillatory structure. After rising and then falling today, there is an anti - package form in the afternoon hourly line. Although the volume is not large, it is still worth trying. There is an opportunity to try short - selling in the hourly cycle, with the stop - loss referring to today's high [33]. 11. Plastic - **Logic**: The overhauled devices will gradually restart in late July, the production is rising, the overall downstream demand is at a low level compared to the same period, the demand is weak, and the basis of 09 is weakening. Attention should be paid to the delivery logic. The anti - involution sentiment that previously drove the upward movement has significantly cooled down today. It should be treated bearishly [34]. - **Technical Analysis**: The daily - level of plastic shows a medium - term oscillatory/declining structure, and the hourly - level shows an oscillatory structure. After rising and then falling today, there is an anti - package form in the afternoon hourly line. Although the volume is not large, it is still worth trying. There is an opportunity to try short - selling in the hourly cycle, with the stop - loss referring to today's high [34].

Report Industry Investment Rating No relevant content provided. Core View of the Report The agricultural product sector shows mixed trends. Cotton is in a downward trend due to good harvest expectations and weak downstream demand, while soybean oil has risen strongly, driven by the increase in international crude oil prices and export news. Apple prices have declined, and soybean meal remains in a downward trend. Other products such as palm oil, sugar, and jujube show different price movements based on various influencing factors [1]. Summary by Related Catalogs 1. Agricultural Product Sector Overview - Cotton has reversed and fallen into a downward trend because of good weather in Xinjiang's cotton - growing areas, increasing harvest expectations, and weak downstream demand. Soybean oil has risen strongly, boosted by the increase in international crude oil prices and export news. Apple has declined, and soybean meal is still in a downward trend due to abundant imported soybeans and high oil - mill operating rates [1]. 2. Variety Strategy Tracking (1) Cotton - Focus: The main 2509 contract of cotton has fallen sharply, accelerating the downward trend, pressured by the expected bumper harvest of new cotton and weak downstream demand. - Reason: In Xinjiang, the cotton growth situation is good, with an expected bumper harvest. The downstream textile industry is in the off - season, with insufficient orders, slow production and sales, and increased finished - product inventory, reducing the purchasing willingness for cotton. - Technical analysis: The 2509 contract has broken through key levels, with a MACD dead - cross and enlarged green bars. - Strategy: Sell on rallies. The support for the 2509 contract is 13760, and the resistance is 13980 [2]. (2) Soybean Oil - Focus: The main 2509 contract of soybean oil has risen strongly, reaching a new stage high, boosted by the increase in crude oil prices and export news. - Reason: The sharp rebound of international crude oil has boosted the oil market. There are news of soybean oil export orders in the domestic market, which may relieve inventory pressure. However, as of the 30th weekend, the domestic soybean oil inventory was 126.34 million tons, a month - on - month increase of 2.11% and a year - on - year increase of 0.53%. - Technical analysis: The 2509 contract has reached a new high this year, with all moving averages in a bullish arrangement and an enlarged MACD red bar. - Strategy: Go long with a light position. The support for the 2509 contract is 8116, and the resistance is 8280 [3]. (3) Soybean Meal - Focus: The 2509 contract of soybean meal has continued to fall, maintaining a downward trend. - Reason: Good weather in the US soybean - growing areas has led to expectations of a bumper harvest, causing a sharp decline in US soybeans and driving down the price of domestic soybean meal. The import of soybeans may improve due to the Sino - US economic and trade talks. As of the 30th weekend, the domestic soybean meal inventory was 107.5 million tons, a month - on - month increase of 5.34%. It is expected that the soybean crushing volume of major domestic oil mills in July will reach about 10 million tons. - Technical analysis: The 2509 contract has fallen below the 60 - day moving average, remaining in a downward trend. - Strategy: Go short with a light position. The support for the 2509 contract is 2960, and the resistance is 2995 [5]. (4) Palm Oil - Focus: The main 2509 contract of palm oil has first declined and then risen, showing a relatively strong performance, boosted by the increase in crude oil prices. - Reason: The sharp rebound of international crude oil has increased the attractiveness of palm oil as a biodiesel raw material. Indonesia's inventory is at a low level, and the monthly consumption of palm oil in the biodiesel sector exceeds one million tons. In Malaysia, from July 1 - 25, palm oil production increased by 5.52% month - on - month, while exports decreased by 9 - 15% month - on - month. - Technical analysis: The 2509 contract has a long lower - shadow阳线, with all moving averages in a bullish arrangement. - Strategy: Go long with a light position. The support for the 2509 contract is 8900, and the resistance is 9050 [7]. (5) Live Pigs - Focus: The 2509 contract of live pigs has had a small rebound but closed with a long negative line, showing a weak trend. - Reason: Recently, the slaughter sentiment of the breeding side has been strong, and the supply of live pigs in the market is abundant. The demand side is weak, affected by high - temperature weather, the summer vacation, and alternative consumption. - Technical analysis: The 2509 contract has closed with a negative line, and the price is below the 20 - day moving average. - Strategy: Close long positions and go short with a light position. The support for the 2509 contract is 14025, and the resistance is 14255 [9]. (6) Corn - Focus: The main 2509 contract of corn has oscillated and fallen, showing a weak trend. - Reason: The continuous auction of imported corn by CGS, the substitution advantage of wheat in some areas, the listing of spring corn, and the high - temperature and humid weather have increased the supply pressure on corn. - Technical analysis: The 2509 contract has oscillated and fallen, with the price below the moving - average system. - Strategy: Go short with a light position. The support for the 2509 contract is 2280, and the resistance is 2300 [11]. (7) Sugar - Focus: The main 2509 contract of Zhengzhou sugar has risen strongly, recovering most of the previous day's decline, boosted by the rise in the external market and the domestic peak - demand season. - Reason: The rebound of the external raw - sugar futures price has driven up Zhengzhou sugar. The domestic sugar sales rate is relatively fast, and it is currently in the summer consumption peak season, with low inventory further reduced. Although the import of sugar has increased, it is still at a relatively low level compared to the same period. - Technical analysis: The 2509 contract has risen strongly, with the price above the moving - average system and a continuous MACD red bar. - Strategy: Go long with a light position. The support for the 2509 contract is 5841, and the resistance is 5893 [15]. (8) Eggs - Focus: The main 2509 contract of eggs has first declined and then risen, closing with a positive line but remaining in a downward trend. - Reason: The supply side has a high inventory of laying hens, slow capacity reduction, and cautious purchasing by traders. The demand side has a delayed seasonal peak and general demand. - Technical analysis: The 2509 contract has opened low and closed high, but the price is still below the moving - average system. - Strategy: Go short with a light position. The support for the 2509 contract is 3550, and the resistance is 3600 [16][18]. (9) Jujubes - Focus: The main 2601 contract of jujubes has oscillated and risen, showing a relatively strong performance. - Reason: Xinjiang's jujube trees are in the physiological fruit - dropping stage. The estimated new - jujube output is 56 - 62 million tons, a year - on - year decrease of 20 - 25% and a 5 - 10% decrease compared to normal years. The consumption side is in the traditional off - season, but consumption is expected to improve over time. - Technical analysis: The 2601 contract has oscillated and risen, with the price above the moving - average system. - Strategy: Go long on dips. The support for the 2601 contract is 10605, and the resistance is 10900 [19]. (10) Apples - Focus: The main 2510 contract of apples has fallen sharply after a violent oscillation the previous day, showing a weakening trend. - Reason: The inventory of apples is limited, and storage merchants are increasing sales. The listing volume of early - maturing apples has increased, with problems such as slow coloring and serious green - returning in some areas, leading to continuous price drops. - Technical analysis: The 2510 contract has fallen sharply, breaking below the 10 - day moving average. - Strategy: Close long positions and pay attention to the support of the 20 - day moving average. The support for the 2510 contract is 7848, and the resistance is 7930 [21].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Trump's remarks on pressuring Russia briefly boosted oil prices, but the energy - chemical sector remained relatively calm under the strong performance of crude oil. The market is waiting for the results of the July Politburo meeting and whether there are any demand - side policies exceeding expectations [1][2] - If the anti - involution description in the meeting is mainly aimed at emerging downstream industries rather than upstream, and there is no compulsion or expansion, the anti - involution hype may end [2] Summary by Relevant Catalogs Crude Oil - Logic: Trump's remarks briefly boosted oil prices, but OPEC+ is accelerating production, and the supply pressure in the third quarter has increased sharply. The North American peak season is ending, and the U.S. refined oil has been accumulating inventory for two consecutive weeks, with future supply - demand pressure gradually emerging [3] - Technical Analysis: The daily - level中期 structure is oscillating/declining, and the hourly - level short - term structure is oscillating. It has reached the upper edge of the oscillation range, with short - term pressure at 520. The strategy is to look for short - selling opportunities on the hourly cycle when there is a volume - increasing reverse - wrapping negative line below the pressure [3] Styrene (EB) - Logic: Supply and operation have increased, port inventory has been continuously accumulating, and actual demand has not improved. New device production is approaching, so the fundamental driving force is bearish [5] - Technical Analysis: The hourly - level short - term structure is declining. After hitting a new low at the opening, it rebounded and oscillated. The strategy is to look for short - selling opportunities on the 15 - minute cycle with a pressure level of 7400 [5] Rubber - Logic: Although the precipitation in Hainan and Southeast Asia has postponed the supply increase, the new round of typhoon is moving north, and supply increase is a certain path. The downstream tire inventory is at a historical high, so the demand is bearish. The current inventory is also at a high level [8] - Technical Analysis: The daily - level中期 structure is declining, and the hourly - level short - term structure is oscillating. After hitting a new low at the opening, it rebounded and oscillated. The strategy is to look for short - selling opportunities on the 15 - minute cycle with a pressure level of 15100 [8] Synthetic Rubber (BR) - Logic: Supply device operation has increased, and production has rebounded. The downstream tire inventory is at a historical high, so the demand is bearish. Although the recent arrival volume of butadiene is low, the medium - term fundamental pressure is still large [13] - Technical Analysis: The daily - level中期 structure is oscillating/declining, and the hourly - level short - term structure is oscillating. After hitting a new low at the opening, it rebounded and oscillated. The strategy is to look for short - selling opportunities on the 15 - minute cycle with a pressure level of 12000 [13] PX - Logic: Polyester operation continues to decline, demand expectations are pessimistic, supply operation is rising, and supply - demand is weak. It mainly follows the fluctuations of crude oil, which is expected to decline significantly [17] - Technical Analysis: The hourly - level short - term structure is oscillating. After a short - term rebound with reduced positions, the strategy is to look for short - selling opportunities on the 15 - minute cycle with a pressure level of 6975 [17] PTA - Logic: Short - term supply - demand changes are small, inventory levels are not high, and short - term fundamental contradictions are not significant. It mainly follows the fluctuations of crude oil, which is expected to decline significantly [21] - Technical Analysis: The hourly - level short - term structure is oscillating. After a short - term rebound with reduced positions, the strategy is to look for short - selling opportunities on the 15 - minute cycle with a pressure level of 4855 [21] PP - Logic: Downstream demand is sluggish, supply - side operation fluctuates slightly, but previous maintenance devices will restart and new production capacity will be put into use, so supply pressure is expected to continue. Inventory has been continuously accumulating, and the fundamental driving force is bearish [24] - Technical Analysis: The hourly - level short - term structure is oscillating. After a small rebound with reduced positions, the strategy is to look for short - selling opportunities on the 15 - minute cycle with a pressure level of 7165 [24] Methanol - Logic: Domestic supply is at a high level, downstream demand is weak, port inventory is continuously accumulating, and short - term fundamentals are average. Attention should be paid to the cost side and recent sentiment drivers [27] - Technical Analysis: The daily - level中期 structure is declining/oscillating, and the short - term structure is declining. After a rebound with reduced positions, the strategy is to look for short - selling opportunities on the hourly cycle when there is a volume - increasing reverse - wrapping negative line [27] PVC - Logic: Supply has increased, demand in the off - season is still sluggish, inventory has been continuously accumulating, and the anti - involution sentiment has declined significantly. It should be treated bearishly [31] - Technical Analysis: The daily - level中期 structure is rising, and the hourly - level short - term structure is oscillating. After a rebound with reduced positions, the strategy is to look for short - selling opportunities on the 15 - minute cycle with a pressure level of 5210 [31] Ethylene Glycol (EG) - Logic: Operation has slightly decreased, demand is weak, and there are both short - term low - inventory and medium - term inventory - accumulation expectations. The anti - involution sentiment has declined significantly. It should be treated bearishly [34] - Technical Analysis: The daily - level中期 structure is oscillating/declining, and the hourly - level short - term structure is oscillating. After a small rebound, the strategy is to look for short - selling opportunities on the hourly cycle when there is a volume - increasing reverse - wrapping negative line [34] Plastic - Logic: Maintenance devices will restart in late July, operation is rising, downstream demand is weak, and the anti - involution sentiment has declined significantly. It should be treated bearishly [36] - Technical Analysis: The daily - level中期 structure is oscillating/declining, and the hourly - level structure is oscillating. After a small rebound, the strategy is to look for short - selling opportunities on the hourly cycle when there is a volume - increasing reverse - wrapping negative line [36]

情绪反转下,能化向下修复 | 品种 | 中期结构 | 短期结构 | 小时周期策略 | | --- | --- | --- | --- | | 原油 | 震荡/偏 | 震荡 | 15 分钟寻试空机会 | | | 室 | | | | EB | 震荡 | 偏空 | 15 分钟寻试空机会 | | PX | 震荡 | 震荡 | 15 分钟寻试空机会 | | PTA | 農荡 | 震荡 | 15 分钟寻试空机会 | | PP | 農荡 | 農荡 | 15 分钟寻试空机会 | | 塑料 | 震荡 | 震荡 | 15 分钟寻试空机会 | | 曲壁 | 震荡 | 偏空 | 15 分钟寻试空机会 | | EG | 震荡 | 震荡 | 15 分钟寻试空机会 | | 橡胶 | 震荡 | 震荡 | 15 分钟寻试空机会 | | PVC | 偏多 | 震荡 | 15 分钟寻试空机会 | | BR 橡胶 | 偏空 | 震荡 | 15 分钟寻试空机会 | 板块观点汇总 行情日评: 今日 6 品种封死跌停,反内卷情绪大幅降温,前期驱动化工上行 的情绪反转,能化面临向下修复,同时成本端原油旺季尾声下供需压 力逐渐增大,能化仍延续此前基本面偏弱观 ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report analyzes the market conditions of various energy and chemical products, indicating that the market is currently influenced by sentiment, with most products showing a short - term bullish trend but facing different fundamental challenges. The overall sentiment is expected to cool down, and each product's trading strategy is based on its specific fundamentals and technical analysis [1][2]. 3. Summary by Variety Crude Oil - **Logic**: Currently in the consumption peak season, low inventory and strong demand provide short - term support. However, US crude oil processing volume and refinery utilization have peaked and declined, and the pressure of OPEC+ production increase will gradually materialize in the medium term [4][5]. - **Technical Analysis**: The daily - level mid - term structure is oscillating/declining, and the hourly - level short - term structure is oscillating. It closed above the 510 level today, and the short - term is expected to oscillate. The strategy is to stop loss on short positions and then wait and see [5]. Benzene Ethylene (EB) - **Logic**: The supply and operation are at a high level compared to the same period, and there is new production capacity to be put into operation. Demand has not improved, and the inventory pressure is high. The market's bullish sentiment is expected to cool down [8]. - **Technical Analysis**: The hourly - level short - term structure is rising. It increased in volume and price today, and the short - term support level has moved up to 7485. Wait for the short - term support to be broken [8]. Rubber - **Logic**: Rainfall and typhoon speculation in Hainan's production area have made the spot price strong in the short term, and the warm macro - sentiment of commodities has supported the rubber price. However, the pattern of increased supply and weak demand in the medium term remains unchanged. The market's bullish sentiment is expected to cool down [12]. - **Technical Analysis**: The daily - level mid - term structure is declining, and the hourly - level short - term structure is rising. It continued to rise today, testing the 15300 pressure level. The short - term support is at 15320. Wait for the support to be broken for short - selling opportunities [12]. Synthetic Rubber (BR) - **Logic**: The fundamentals are still poor. The tire inventory is high, the semi - steel tire operating rate is low on the demand side, and the high inventory of synthetic rubber is difficult to reduce due to high production on the supply side. There is also downward pressure on the cost side due to the commissioning of butadiene plants in the second half of the year. The market's bullish sentiment is expected to cool down [17]. - **Technical Analysis**: The daily - level mid - term structure is oscillating/declining, and the hourly - level short - term structure is rising. It increased in volume and price today, and the short - term support is at 12150. Wait for the support to be broken for short - selling opportunities [17]. PX - **Logic**: The cost of crude oil is still weak. The summer demand is weak, the polyester production has decreased, the demand expectation is pessimistic, and the supply has recovered. The short - term fundamentals are weak. The market's bullish sentiment is expected to cool down [20]. - **Technical Analysis**: The hourly - level short - term structure is rising. It increased in volume and price today, and the short - term support is at 6940. Wait and see [20]. PTA - **Logic**: The cost of crude oil is still weak. The summer demand is weak, the polyester production has decreased, the demand expectation is pessimistic, and the supply is at a medium level. The short - term fundamentals are weak. The market's bullish sentiment is expected to cool down [22]. - **Technical Analysis**: The hourly - level short - term structure was declining but turned around today after rising above the 4850 pressure level. The strategy is to stop loss on short positions [22]. PP - **Logic**: The cost of crude oil is still weak. There are plans to put new plants into operation from July to August, and the demand is weak in the off - season. The downstream operating rate is low, and the supply - demand situation is weak. The market's bullish sentiment is expected to cool down [24]. - **Technical Analysis**: The hourly - level short - term structure is rising. It decreased in volume and increased in price today, remaining strong. The short - term support is at 7130. Wait and see [24]. Methanol - **Logic**: The supply - side operation rate has declined but is still at a high level compared to the same period. The downstream demand is average, and the inventory has continued to accumulate. The fundamentals are weak. The market's bullish sentiment has cooled down today, and it did not follow the rise of coking coal, which is noteworthy [28]. - **Technical Analysis**: The daily - level mid - term structure is declining/oscillating, and the hourly - level short - term structure is rising. It increased in volume and price today, and the short - term support is at 2455. Wait and see [28]. PVC - **Logic**: The short - term strong sentiment of coal has pushed up the production cost of chlor - alkali, providing short - term support for the PVC price. The demand in the fundamentals is still weak, and the inventory has continued to accumulate under high - level supply operation. The fundamentals are still weak. The market's bullish sentiment is expected to cool down [30]. - **Technical Analysis**: The daily - level mid - term structure is rising, and the hourly - level short - term structure is rising. It increased in volume and price today, and the short - term support has moved up to 5255. Wait and see for now [30]. Ethylene Glycol (EG) - **Logic**: The port inventory is at a historical low, and it is strong in the short term under the recent market sentiment. Pay attention to the time when the inventory turns to accumulation under the weak supply - demand expectation. The market's bullish sentiment is expected to cool down [32]. - **Technical Analysis**: The daily - level mid - term structure is oscillating/declining, and the hourly - level short - term structure is rising. It increased in volume and price today, and the short - term support is at 4440. Wait and see [32]. Plastic - **Logic**: The operating rates of both the production facilities and downstream industries are at a low level compared to the same period. However, the previously shut - down facilities will gradually resume operation, and new production capacity is expected to be put into operation. The medium - term supply - demand expectation is weak. The market's bullish sentiment is expected to cool down [35]. - **Technical Analysis**: The daily - level mid - term structure is oscillating/declining, and the hourly - level short - term structure is rising. It decreased in volume and increased in price today, and the short - term support is at 7425. Wait and see [35].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The conflict between Thailand and Cambodia has a minimal actual impact on rubber, with only short - term emotional disturbances. The conflict is likely a military action, and the probability of further expansion is low as Thailand's military power far exceeds Cambodia's, and the conflict is near China [2]. - The energy - chemical sector is affected by market sentiment, with prices rising and then falling. Different varieties have different market trends and investment strategies based on fundamentals and technical analysis [1][2]. 3. Summary by Relevant Catalogs (1) Crude Oil - Logic: In the short term, low inventory and strong demand support the price during the consumption peak season, but the peak of US crude oil processing volume and refinery operation has passed, and the mid - term pressure will gradually emerge with OPEC+ production increase [4][5]. - Technical Analysis: Mid - term oscillating/downward structure on the daily level, short - term downward structure on the hourly level. Today, it increased in volume and rebounded to test the short - term pressure at 510, but did not break through effectively [5]. - Strategy: Hold short positions on the hourly cycle, and move the stop - loss up to today's high of 511 [5]. (2) Styrene (EB) - Logic: Supply and operation are at a high level, new production capacity is to be put into operation, demand is weak, and inventory pressure is high. The market's bullish sentiment has cooled [9]. - Technical Analysis: Short - term upward structure on the hourly level, oscillating today, with the support at 7375 still holding [9]. - Strategy: Wait and see on the hourly cycle [9]. (3) Rubber - Logic: Rainfall and typhoon speculation in Hainan support the short - term spot price, and the warm macro - commodity sentiment also helps. However, the mid - term supply will increase while demand remains weak, and the market's bullish sentiment has cooled [12]. - Technical Analysis: Mid - term downward structure on the daily level, short - term upward structure on the hourly level. It rose today and then declined in the late session, with strong pressure at 15300 [12]. - Strategy: Wait and see on the hourly cycle for short - selling opportunities after the support is broken [12]. (4) Synthetic Rubber (BR) - Logic: The fundamentals are poor. High tire inventory leads to low semi - steel tire operation rate, high supply and production result in slow inventory reduction, and the cost will decline with the commissioning of butadiene plants in the second half of the year. The market's bullish sentiment has cooled [16]. - Technical Analysis: Mid - term oscillating/downward structure on the daily level, short - term upward structure on the hourly level. It increased in volume and may return to the upward trend, with support at 11800 [16]. - Strategy: Wait and see on the hourly cycle for short - selling opportunities after the support is broken [16]. (5) PX - Logic: The cost of crude oil is weak, summer demand is weakening, polyester production is decreasing, demand expectations are pessimistic, and supply is recovering. The short - term fundamentals are weak, and the market's bullish sentiment has cooled [20]. - Technical Analysis: Short - term upward structure on the hourly level, increased in volume and reversed the short - term trend, with support at 6835 [20]. - Strategy: Stop the short - position loss and wait and see on the hourly cycle [20]. (6) PTA - Logic: The cost of crude oil is weak. Summer demand is weakening, polyester production is decreasing, demand expectations are pessimistic, and supply is at a medium level. The short - term fundamentals are weak, and the market's bullish sentiment has cooled [23]. - Technical Analysis: Short - term downward structure on the hourly level, increased in volume and tested the short - term pressure at 4850 [23]. - Strategy: Hold short positions on the hourly cycle [23]. (7) PP - Logic: The cost of crude oil is weak. New plants are planned to be put into operation from July to August, demand is weak in the off - season, and downstream operation is low. Supply and demand are weak, and the market's bullish sentiment has cooled [25]. - Technical Analysis: Short - term upward structure on the hourly level, increased in volume and continued to be strong, with support at 7130 [25]. - Strategy: Wait and see on the hourly cycle [25]. (8) Methanol - Logic: Supply operation has declined but is still at a high level year - on - year. Downstream demand is average, and inventory is continuously increasing. The fundamentals are weak, the market's bullish sentiment has cooled, and it did not follow the rise of coking coal [27]. - Technical Analysis: Mid - term downward/oscillating structure on the daily level, short - term upward structure on the hourly level. It decreased in volume and rose, with the short - term support moved up to 2455 [27]. - Strategy: Wait and see on the hourly cycle [27]. (9) PVC - Logic: The short - term strong sentiment of coal pushes up the cost of chlor - alkali production, supporting the PVC price in the short term. However, demand is still weak, supply operation is at a high level, and inventory is continuously increasing. The fundamentals are still weak, and the market's bullish sentiment has cooled [30]. - Technical Analysis: Mid - term upward structure on the daily level, short - term upward structure on the hourly level. It decreased in volume, rose, and then declined with a long upper shadow in the late session. Pay attention to whether a double - top is formed on the hourly line, with support at 5095 [30]. - Strategy: Wait and see on the hourly cycle [30]. (10) Ethylene Glycol (EG) - Logic: Low port inventory and recent market sentiment support the price in the short term. Pay attention to the time when inventory turns to accumulation under the weak supply - demand expectation. The market's bullish sentiment has cooled [34]. - Technical Analysis: Mid - term oscillating/downward structure on the daily level, short - term upward structure on the hourly level. It increased in volume and rose, with support at 4440 [35]. - Strategy: Wait and see on the hourly cycle [35]. (11) Plastic - Logic: Both the operation of production facilities and downstream operation are at a low level compared to the same period. However, previously shut - down facilities will gradually resume operation, and new production capacity is expected to be put into operation. The mid - term supply - demand expectation is weak, and the market's bullish sentiment has cooled [37]. - Technical Analysis: Mid - term oscillating/downward structure on the daily level, upward structure on the hourly level. It decreased in volume and rose, with support at 7310 [37]. - Strategy: Wait and see on the hourly cycle [37].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The agricultural product sector shows mixed trends. Soybean meal and live pigs prices decline, palm oil and sugar prices rise, while cotton, corn, eggs, and jujubes show fluctuating trends, and apples rise steadily. Each product's price movement is influenced by factors such as supply - demand relationships, international trade, and seasonal characteristics [1]. 3. Summary by Variety Soybean Meal - **Price Movement**: The soybean meal 2509 contract drops significantly due to ample supply and long - position liquidation. The upcoming Sino - US economic and trade talks may improve soybean imports, and the domestic soybean meal supply increases with port arrivals and high oil - mill operation rates, leading to inventory accumulation over 1 million tons [1][2]. - **Technical Analysis**: The contract breaks below short - term moving averages, indicating a weakening trend. The strategy is to close long positions and hold light short positions, with support at 3000 and resistance at 3050 [2]. Palm Oil - **Price Movement**: The palm oil 2509 contract rises strongly, hitting a new high. Indonesian palm oil exports surge, with a 4.27% month - on - month decline in inventory in May and a nearly 50% month - on - month increase in exports. In June, exports increased by 30.5% month - on - month. The active promotion of the biodiesel plan and rising domestic import costs support the price [3]. - **Technical Analysis**: The contract shows a strong upward trend above all moving averages, with a bullish moving - average arrangement and an expanding MACD red column. The strategy is to hold light long positions, with support at 8980 and resistance at 9150 [3]. Live Pigs - **Price Movement**: The live pig 2509 contract drops sharply. The Ministry of Agriculture and Rural Affairs' stable - market policy dampens short - term production - reduction expectations. Weak demand, high temperatures, and increased alternative consumption lead to sluggish pork sales [5]. - **Technical Analysis**: The contract breaks below short - term moving averages, indicating a weakening trend. The strategy is to close long positions and conduct short - term trading, with support at 14280 and resistance at 14500 [5]. Cotton - **Price Movement**: The cotton 2509 contract oscillates with a negative close. The domestic commercial cotton inventory consumption accelerates, but potential quota increases may add to the supply. Import volume from January to June is 460,000 tons, a 74% year - on - year decrease. The downstream textile industry is in a slack season, with poor orders and rising finished - product inventory [7]. - **Technical Analysis**: The contract adjusts at a high level, with long - position liquidation. The price falls below the 5 - day moving average but is supported by the 10 - day moving average. The strategy is to close long positions and conduct short - term trading, with support at 14090 and resistance at 14205 [7]. Corn - **Price Movement**: The corn 2509 contract fluctuates narrowly. The continuous auction of imported corn by the China National Grain Reserves Corporation has a shrinking transaction rate. Wheat substitution and the approaching spring - corn harvest pressure the price, while imports in June are 156,000 tons, an 82.7% year - on - year decrease [9]. - **Technical Analysis**: The contract fluctuates around short - term moving averages. The strategy is to close long positions and conduct short - term trading, with support at 2308 and resistance at 2330 [9]. Sugar - **Price Movement**: The Zhengzhou sugar 2509 contract rises strongly, hitting a new high. The high sales rate during the summer consumption peak and low inventory support the price, but the expected increase in imported sugar is a resistance factor [11]. - **Technical Analysis**: The contract stands above the moving - average system, with an expanding MACD red column. The strategy is to hold light long positions, with support at 5825 and resistance at 5900 [11]. Eggs - **Price Movement**: The egg 2509 contract fluctuates narrowly after large swings. The supply side has high pressure from newly - laid eggs, but hot weather reduces laying rates and inventory is low at all levels. The demand peak is delayed, and the high futures premium limits the rebound space [14]. - **Technical Analysis**: The contract enters a narrow - fluctuation phase after large - scale oscillations, with both long and short positions reducing. The strategy is short - term trading, with support at 3610 and resistance at 3652 [14]. Soybean Oil - **Price Movement**: The soybean oil 2509 contract oscillates upward, entering an uptrend. The strong performance of palm oil drives soybean oil up, but the high arrival of imported soybeans and rising inventory may limit the increase [15][17]. - **Technical Analysis**: The contract rebounds above the moving - average system, showing a strengthening trend. The strategy is to hold light long positions, with support at 8068 and resistance at 8198 [17]. Jujubes - **Price Movement**: The jujube 2601 contract first declines and then rises, showing an oscillating trend. New - jujube production is estimated to be 560,000 - 620,000 tons, a 20 - 25% year - on - year decrease, but the reduction is less than expected. The consumption is in the off - season, and inventory is higher than last year [18]. - **Technical Analysis**: The contract oscillates downward with narrow fluctuations. The strategy is to close long positions and conduct short - term trading, with support at 10360 and resistance at 10680 [18]. Apples - **Price Movement**: The apple 2510 contract rises steadily. The inventory is at a five - year low, with 704,500 tons as of July 23, a decrease of 101,500 tons from the previous period. The high price of early - maturing apples boosts market confidence, but weather risks exist during the fruit - expansion period [20]. - **Technical Analysis**: The contract rises steadily above the moving - average system, hitting a new high, with an expanding MACD red column. The strategy is to hold light long positions, with support at 7932 and resistance at 8014 [20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The palm oil price has risen sharply due to expected positive monthly supply - demand data from MPOB, while the corn price continues to decline under the pressure of auctions and wheat substitution. Other agricultural products also show different trends based on their respective supply - demand and market conditions [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Palm oil has a strong upward trend as the market anticipates a positive monthly supply - demand report from MPOB due to falling production and strong export demand. Corn continues to decline under the pressure of continuous auctions of imported corn by Sinograin and the obvious substitution advantage of wheat for feed use. Soybean meal fluctuates weakly with increasing supply and inventory. Apples see an expanded decline due to the off - season and competition from summer fruits [1]. 3.2 Variety Strategy Tracking 3.2.1 Palm Oil - The palm oil main 2509 contract has risen strongly to a more than 3 - month high. The market expects the MPOB monthly report to be positive as high - frequency data shows reduced supply and increased demand. Technically, it shows strength. The recommended strategy is to hold light - position long positions, with support at 8500 and resistance at 8700 [2]. 3.2.2 Corn - The corn main 2509 contract continues to reach new lows. Sinograin's continuous auction of imported corn and the substitution advantage of wheat for feed use put pressure on the price. Technically, it shows weakness. The recommended strategy is to hold light - position short positions, with support at 2300 and resistance at 2330 [3]. 3.2.3 Eggs - The egg main 2508 contract continues to decline due to high production capacity and supply. The egg - laying hen inventory is at a high level, and the demand is in the off - season. Technically, it shows weakness. The recommended strategy is to hold light - position short positions, with support at 3400 and resistance at 3450 [6]. 3.2.4 Pigs - The pig 2509 contract fluctuates and rebounds. The supply of suitable - weight pigs has improved, but there are still speculations about reduced July slaughter due to earlier piglet diarrhea. The demand lacks highlights. The recommended strategy is to hold long positions, with support at 14200 and resistance at 14400 [8]. 3.2.5 Soybean Meal - The soybean meal 2509 contract fluctuates and declines. Good weather in US soybean - producing areas and high domestic soybean arrivals lead to high supply and inventory. Technically, it shows weakness. The recommended strategy is to hold light - position short positions, with support at 2920 and resistance at 2945 [9][11]. 3.2.6 Soybean Oil - The soybean oil main 2509 contract rebounds, driven by the rise of palm oil. However, the abundant supply of imported soybeans and high inventory may limit the rebound. Technically, it shows weakness. The recommended strategy is to hold light - position short positions, with support at 7858 and resistance at 7966 [12][15]. 3.2.7 Cotton - The cotton main 2509 contract fluctuates and closes up, running at a high level. The continuous reduction of commercial inventory and low imports support the price, but the off - season in the textile industry restricts the demand. Technically, it shows an upward trend. The recommended strategy is to hold light - position long positions, with support at 13700 and resistance at 13900 [16]. 3.2.8 Sugar - The Zhengzhou sugar main 2509 contract continues to decline due to the pressure of long - position liquidation. The decline of the overseas raw sugar price and the expected increase in imported sugar put pressure on the domestic price. Technically, it shows weakness. The recommended strategy is short - term trading, with support at 5725 and resistance at 5767 [18]. 3.2.9 Red Dates - The red date main 2601 contract fluctuates and closes down, with a slight adjustment. The suitable temperature in the main production area is conducive to fruit setting, but the off - season in consumption and high inventory put pressure on the price. Technically, there is still adjustment pressure. The recommended strategy is short - term trading after closing long positions, with support at 10330 and resistance at 10560 [21]. 3.2.10 Apples - The apple main 2510 contract drops significantly. The off - season and competition from summer fruits lead to slow sales. Technically, it shows weakness. The recommended strategy is to hold light - position short positions, with support at 7600 and resistance at 7672 [22][24].