Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Last week, the main contract price of Shanghai lead futures was under pressure. The US economic data recovery, inflation concerns, and the Fed officials' suppression of interest - rate cut expectations led to a rebound in the US dollar, dragging down lead prices, but Powell's dovish speech at the Jackson Hole meeting improved interest - rate cut expectations and boosted lead prices [2][7][8]. - Fundamentally, the supply of lead concentrates remained tight, and the raw material inventory of electrolytic lead smelters in Henan and Hunan was low. Electrolytic lead showed a pattern of co - existence of reduction and resumption of production. The profit of secondary lead smelters was poor, and some reduced production due to losses. The battery consumption did not improve significantly, and the peak - season effect was insufficient [2][7][8]. - Overall, the interest - rate cut expectations improved, but the fundamentals were weak in both supply and demand. Supply was regionally tight, but consumption was lackluster, and inventories remained at a relatively high level. The LME inventory increase trend continued, putting pressure on lead prices. In the short term, lead prices are expected to remain volatile, and the inversion of refined and secondary lead prices provides some support [2][7][8]. Group 3: Summary by Directory 3.1 Transaction Data - From August 15th to August 22nd, the SHFE lead price decreased from 16,850 yuan/ton to 16,780 yuan/ton, a decrease of 70 yuan/ton; the LME lead price increased from 1,981 dollars/ton to 1,992 dollars/ton, an increase of 11 dollars/ton; the Shanghai - London ratio decreased from 8.51 to 8.42, a decrease of 0.08; the SHFE inventory decreased by 1,154 tons to 63,690 tons; the LME inventory increased by 11,950 tons to 273,050 tons; the social inventory increased by 0.35 million tons to 3.94 million tons; the spot premium remained at - 155 yuan/ton [5]. 3.2 Market Review - Last week, the main PB2509 contract of Shanghai lead futures continued to be under pressure and fluctuated narrowly, closing at 16,780 yuan/ton with a weekly decline of 0.42%. The LME lead price was weak due to the rising US dollar and inventory increase, but finally closed at 1,992 dollars/ton with a weekly increase of 0.56% [6]. - In the spot market, as of August 22nd, the prices of lead in Shanghai and Jiangsu - Zhejiang markets were at a discount to the SHFE 2509 contract. The downstream procurement enthusiasm was general, and the spot market trading was light [6]. - As of August 22nd, the LME weekly inventory was 273,050 tons, an increase of 11,950 tons; the SHFE inventory was 63,690 tons, a decrease of 1,154 tons. As of August 21st, the SMM five - region social inventory was 6.99 million tons, a decrease of 0.11 million tons from Monday and an increase of 0.19 million tons from the previous Thursday [7]. 3.3 Industry News - As of August 22nd, the average domestic lead concentrate processing fee was 400 yuan/metal degree, a decrease of 100 yuan/metal ton compared with the previous period; the average imported ore processing fee was - 90 dollars/dry ton, a decrease of 10 dollars/dry ton [9]. - In July, the import volume of lead concentrates was 122,300 tons, a month - on - month increase of 3.59% and a year - on - year increase of 28.35%. The cumulative import volume from January to July was 793,000 tons, a cumulative year - on - year increase of 30.68%. The export volume of refined lead and lead alloys in July was 4,199 tons, a month - on - month decrease of 13.04%, and the import volume of refined lead and lead products was 16,317 tons, a month - on - month increase of 42.1% [9]. 3.4 Related Charts - The report provides 14 related charts, including SHFE and LME lead prices, Shanghai - London ratio, inventory, lead ingot premium, price difference between primary and secondary lead, waste battery price, secondary lead enterprise profit, lead ore processing fee, electrolytic lead and secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][13][15][18][19][21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, the CBOT November soybean contract rose 15.5 to close at 1058.25 cents per bushel, a 1.49% increase; the soybean meal 01 contract fell 49 to close at 3088 yuan per ton, a 1.56% decrease; the South China soybean meal spot price fell 30 to close at 2950 yuan per ton, a 1.01% decrease; the rapeseed meal 01 contract fell 3 to close at 2543 yuan per ton, a 0.12% decrease; the Guangxi rapeseed meal spot price rose 20 to close at 2550 yuan per ton, a 0.79% increase [4][7]. - U.S. soybeans fluctuated and rose, mainly driven by U.S. soybean oil. The exemption volume of biofuels for small refineries announced by the U.S. Environmental Protection Agency was lower than expected, boosting the expected growth of biodiesel demand. Soybean meal fluctuated and declined during the week, mainly due to market news that imported reserve soybeans will be auctioned and released in November to ease the tight supply situation, leading to a reduction of long - position funds and a cooling of sentiment [4][7]. - The final report of the 2025 ProFarmer survey shows that since the number of soybean pods per unit sample in most production areas is higher than the same period last year, the expectation of a bumper harvest remains unchanged. The final yield is estimated to be 53 bushels per acre, lower than the 53.6 bushels per acre in the August USDA report. The precipitation in mid - to late August was lower than the average, so attention should still be paid to weather changes and the adjustment of September report data. The first shipment of Argentine soybean meal was diverted to other areas due to quality problems. There are expectations that imported reserve soybeans in China will be released in November, easing the expectation of tight supply in the distant future. However, short - term U.S. soybean purchases may be difficult to start, which supports the far - month contracts. After imposing policies on Canadian rapeseed imports, the import cost has increased. Last week, it was reported that COFCO restarted Australian rapeseed purchases since 2020, with a shipping date of November. Overall, short - term Dalian soybean meal may fluctuate [4][12]. Summary by Directory Market Data - The CBOT November soybean contract rose 15.5 to 1058.25 cents per bushel, a 1.49% increase; the CNF import price of Brazilian soybeans rose 1 to 490 dollars per ton, a 0.20% increase; the CNF import price of U.S. Gulf soybeans rose 14 to 470 dollars per ton, a 3.07% increase; the Brazilian soybean crushing profit on the futures market decreased 46.71 to - 63.99 yuan per ton; the DCE soybean meal 01 contract fell 49 to 3088 yuan per ton, a 1.56% decrease; the CZCE rapeseed meal 01 contract fell 3 to 2543 yuan per ton, a 0.12% decrease; the soybean - rapeseed meal price difference decreased 46 to 545 yuan per ton; the East China spot price of soybean meal fell 20 to 3000 yuan per ton, a 0.66% decrease; the South China spot price of soybean meal fell 30 to 2950 yuan per ton, a 1.01% decrease; the South China spot - futures price difference increased 19 to - 138 yuan per ton [5]. Market Analysis and Outlook - U.S. soybeans fluctuated and rose due to the boost of U.S. soybean oil, while soybean meal fluctuated and declined due to the expected release of imported reserve soybeans in November [4][7]. - The ProFarmer survey shows high pod numbers in most U.S. soybean - producing areas, with a final yield estimate of 53 bushels per acre, lower than the USDA report. The U.S. soybean excellent - good rate as of August 17 was 68%, the flowering rate was 95%, and the pod - setting rate was 82%. About 9% of the planting area was affected by drought as of August 19, and future precipitation is expected to be lower than average [8][9]. - As of August 14, the current - market - year net export sales of U.S. soybeans were - 0.6 million tons, and the cumulative export sales in the 2024/2025 season reached 51.06 million tons, completing the USDA target. The net export sales of U.S. soybeans in the 2025/2026 season were 1.143 million tons, with cumulative sales of 5.86 million tons, and China has not purchased new - crop U.S. soybeans [9]. - As of August 15, the U.S. soybean crushing gross profit was 2.62 dollars per bushel, the 48% protein soybean meal spot price in Illinois was 287.98 dollars per short - ton, the soybean oil truck quote in Illinois was 53.49 cents per pound, and the average price of No. 1 yellow soybeans was 10.39 dollars per bushel [10]. - Brazil's soybean export volume in August is expected to reach 8.9 million tons, and the soybean meal export volume is expected to reach 2.33 million tons [10]. - As of August 15, the main oil mills' soybean inventory was 6.804 million tons, the soybean meal inventory was 1.0147 million tons, and the unexecuted contracts were 5.7562 million tons. The national port soybean inventory was 8.926 million tons. As of August 22, the national weekly average daily trading volume of soybean meal was 168,680 tons, the daily average pick - up volume was 194,040 tons, the main oil mills' crushing volume was 2.27 million tons, and the feed enterprises' soybean meal inventory days were 8.51 days [11]. Industry News - Brazil's soybean exports in the first two weeks of August reached 5.17167139 million tons, with a daily average export volume 29% higher than that of August last year [13]. - As of August 10, Canada's rapeseed export volume increased 864.4% to 254,600 tons compared with the previous week. From August 1 to August 10, 2025, Canada's rapeseed export volume was 254,600 tons, a 33.6% decrease compared with the same period last year, and the commercial inventory was 940,200 tons [13]. - The expansion of Brazil's soybean planting area in the 2025/2026 season will be the smallest in recent years. Analysts' forecasts for the planting area growth range from 1.2% to 2.9%, and the production forecasts range from 166.56 million tons to 178.2 million tons [14]. - Brazil's competition management agency plans to investigate the signatories of the "Soybean Moratorium Plan", and the Brazilian National Association of Grain Exporters will appeal [15]. - Australia's rapeseed exports in June 2025 decreased significantly to 102,064 tons, and monthly exports are unlikely to exceed 150,000 tons before November [15]. - As of August 17, the EU's palm oil, soybean, soybean meal, and rapeseed imports in the 2025/2026 season decreased compared with last year [16]. - The U.S. Soybean Association urged the Trump administration to reopen the Chinese market [16]. Relevant Charts - The report provides charts on the trends of U.S. soybean contracts, Brazilian soybean CNF prices, ocean freight, RMB exchange rates, regional crushing profits, management funds' net positions in CBOT, soybean meal contract trends, regional soybean meal spot prices, etc. [18][20][22]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Last week, BMD Malaysian palm oil main contract rose 53 to close at 4,531 ringgit/ton, up 1.18%; palm oil 01 contract rose 132 to close at 9,592 yuan/ton, up 1.40%; soybean oil 01 contract fell 76 to close at 8,458 yuan/ton, down 0.89%; rapeseed oil 01 contract rose 133 to close at 9,890 yuan/ton, up 1.36%; CBOT US soybean oil main contract rose 1.98 to close at 55.2 cents/pound, up 3.72%; ICE canola active contract rose 4.5 to close at 665 Canadian dollars/ton, up 0.68% [4][7] - The domestic oil sector has entered a shock adjustment phase. High - frequency data shows that Malaysian palm oil production has shown a moderate growth trend, with overall supply pressure not significant; Malaysian palm oil export demand is relatively strong; Indonesia's inventory continued to decline in June, reaching a low level in the same period. The CBOT US soybean oil shock performance was relatively strong, mainly because the US Environmental Protection Agency's exemption volume for small refineries' biofuels was lower than expected [4][7] - Macroscopically, Powell signaled a possible interest - rate cut in September, but the process is tortuous and his statement is cautious. The US dollar index closed down in shock. Attention should be paid to whether Russia and Ukraine can reach a peace agreement smoothly, and oil prices are running in a shock. In the producing areas, Malaysian palm oil production increased moderately in the first and middle of August, with low supply pressure. Due to the inventory - building demand for India's Diwali, export demand is good; Indonesia's end - of - June inventory continued to decline, providing support for prices. The US Environmental Protection Agency's biofuel exemption volume for small refineries was lower than market expectations, and US soybean oil rose significantly as a result. Overall, palm oil may run with a slight upward bias in the short term [4][11] 3. Summary by Directory 3.1 Market Data - The table shows the trading data of various contracts on August 22 and August 15, including CBOT soybean oil main contract, BMD Malaysian palm oil main contract, DCE palm oil, DCE soybean oil, CZCE rapeseed oil, etc., along with their price changes and percentage changes [5] 3.2 Market Analysis and Outlook - Production data: From August 1 - 20, 2025, according to SPPOMA, Malaysian palm oil yield per unit decreased by 2.12% month - on - month, oil extraction rate increased by 0.46% month - on - month, and production increased by 0.3% month - on - month. According to MPOA, Malaysian palm oil production from August 1 - 20 was estimated to increase by 3.03% compared with the same period last month [8] - Export data: According to ITS, Malaysian palm oil exports from August 1 - 20 were 929,051 tons, a 13.61% increase from the previous month; according to AmSpec, exports were 869,780 tons, a 17.5% increase; according to SGS, exports were estimated to be 667,278 tons, a 37.19% increase [8][9] - Indonesia's data: As of the end of June, Indonesia's palm oil inventory decreased by 13% month - on - month to 2.53 million tons. In June, palm oil exports reached 3.61 million tons, a 35.4% month - on - month increase. June's crude palm oil production soared by 15.8% month - on - month to 4.82 million tons; the total production in the first half of the year (including palm kernel oil) reached 27.89 million tons, a 6.5% year - on - year increase [9] - US EPA data: The US EPA approved 63 full exemption applications and 77 partial exemption applications for small refineries' biofuel exemption requests, and rejected 28 requests. The exemption quota for small refineries is about 5.34 billion gallons of RINS [9] - Inventory data: As of the week of August 15, 2025, the soybean inventory of major oil mills was 6.804 million tons, a decrease of 301,600 tons from the previous week and 243,500 tons from the same period last year; the soybean meal inventory was 1.0147 million tons, an increase of 11,200 tons from the previous week and a decrease of 481,800 tons from the same period last year; the unfulfilled contracts were 5.7562 million tons, a decrease of 913,600 tons from the previous week and 45,200 tons from the same period last year. The national port soybean inventory was 8.926 million tons, a decrease of 12,000 tons from the previous week and an increase of 222,200 tons from the same period last year [10] - Transaction data: As of the week of August 22, 2025, the weekly average daily trading volume of soybean oil in key national regions was 51,440 tons, compared with 27,540 tons in the previous week; the weekly average daily trading volume of palm oil was 1,113 tons, compared with 690 tons in the previous week [10] 3.3 Industry News - MPOC predicts that Malaysian palm oil prices will remain above 4,300 ringgit, driven by biodiesel demand, tight soybean oil supply, and a slowdown in palm oil supply growth [12] - Malaysia's Ministry of Plantation Industries and Commodities says that the direct impact of US market restrictions on the Malaysian palm oil industry is expected to be limited, mainly due to the uniqueness and non - substitutability of Malaysian Sustainable Palm Oil (MSPO) certified products. In 2024, Malaysia's palm oil exports to the US were 191,231 tons, accounting for only 1.1% of the annual total exports. The government will continue to provide assistance through various measures [12][13] - Indonesia plans to increase its crude palm oil annual production from 48.2 million tons in 2024 to 60 million tons by 2030 to meet the increasing demand and has launched a plantation revitalization plan [13] 3.4 Related Charts - The report provides 22 charts, including the price trends of Malaysian palm oil, US soybean oil, and domestic oil futures and spot prices, as well as the production, export, and inventory data of Malaysian and Indonesian palm oil, and the commercial inventory data of domestic oils [15]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Last week, industrial silicon prices fluctuated upwards. The main reasons were the continuous fermentation of the anti - cut - throat competition sentiment in China, the strong performance of the polysilicon futures market boosting the price expectation of silicon materials, and the supply side maintaining a tight situation during the off - season to cope with the risk of downstream production capacity contraction [2][5][9]. - Overall, the self - discipline in the photovoltaic industry is gradually being implemented. The Fed may shift to a loose monetary policy in advance, providing a relatively abundant liquidity environment for commodities. China's growth - stabilizing policies will continue to support the economic fundamentals. Technically, the futures price has broken through the 8700 level and is expected to maintain a fluctuating upward trend in the short term [2][9]. 3. Summary by Directory Market Data | Contract | 8/22 | 8/15 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | Industrial Silicon Main Contract | 8745.00 | 8805.00 | - 60.00 | - 0.68% | Yuan/ton | | Oxygen - containing 553 Spot | 9250.00 | 9400.00 | - 150.00 | - 1.60% | Yuan/ton | | Non - oxygen - containing 553 Spot | 9050.00 | 9200.00 | - 150.00 | - 1.63% | Yuan/ton | | 421 Spot | 9600.00 | 9750.00 | - 150.00 | - 1.54% | Yuan/ton | | 3303 Spot | 10550.00 | 10800.00 | - 250.00 | - 2.31% | Yuan/ton | | Organic Silicon DMC Spot | 10750.00 | 11400.00 | - 650.00 | - 5.70% | Yuan/ton | | Polysilicon Dense Material Spot | 47.00 | 44.00 | 3.00 | 6.82% | Yuan/ton | | Industrial Silicon Social Inventory | 54.3 | 54.5 | - 0.2 | - 0.37% | 10,000 tons | [3] Market Analysis and Outlook - **Supply**: The operating rate in Xinjiang slightly increased to 58%, while that in Sichuan and Yunnan was generally low, and the increase in Inner Mongolia, Gansu and other places was limited, so the supply side remained tight [2][5][9]. - **Demand**: Under the self - discipline agreement of the polysilicon industry, manufacturers were strongly advocating price hikes, but some downstream sectors were slightly resistant to price increases. The silicon wafer enterprises actively responded to the anti - cut - throat competition call, and their inventories were gradually returning to a reasonable level. The overall orders of photovoltaic cells were stable, and some enterprises expressed their willingness to raise prices following the raw materials. The component sector was under great production pressure, facing the dual pressures of rising raw material costs and weakening terminal demand [2][5][7]. - **Inventory**: As of August 22, the national social inventory of industrial silicon decreased to 543,000 tons, and the exchange registered warehouse receipt volume continued to increase. After the exchange issued new regulations on delivery standards, most of the 4 - series warehouse receipts could not be re - registered due to excessive titanium content, while the 5 - series warehouse receipts meeting the new standards were actively registered [8]. Industry News - **Arctech**: In the first half of 2025, Arctech achieved an operating income of 21.052 billion yuan, a year - on - year decrease of 4.13%. The net profit attributable to the parent company was 731 million yuan, a year - on - year decrease of 41.01%. The company actively limited production to maintain prices, and it was expected that the component shipments in the third quarter would be adjusted to 5.0 - 5.3GW, and the annual component shipments would reach 25 - 27GW [10]. - **Trump's Statement**: Trump said that his government would not approve photovoltaic or wind power projects, which would further increase the concerns of renewable energy enterprises. He blamed the rising electricity prices in the US on renewable energy [11]. Relevant Charts The report includes charts showing industrial silicon production, exports, inventory, and prices of related products such as polysilicon and organic silicon DMC, which visually display the historical data and trends of these indicators [13][16][18]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market's expectation of the Fed's interest rate cut in September has dropped from around 95% to about 75%. The inflation pressure caused by tariffs is still greater than the pressure of the weakening labor market [3]. - Overseas nickel ore supply continues to be in a loose state, with the price of laterite nickel ore showing signs of softening. The price of ferronickel has stopped rising, and the consumption of downstream stainless steel is weak. The salt market remains popular, but the market's acceptance of price increases is poor. The trading volume in the pure nickel market has picked up [3]. - In the later stage, nickel prices will maintain a range - bound pattern and may be technically corrected. The uncertainty on the macro - front remains high, and the game between inflation pressure and the weakening labor market will continue. The traditional consumer market remains sluggish, and the new energy sector may improve, but it is difficult to determine whether the expectations can be realized. The supply side remains stable at a high level, and the fundamentals are unlikely to improve significantly [3][11]. 3. Summary According to Relevant Catalogs 3.1 Market Data Summary | Variety | 2025/8/22 | 2025/8/18 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Nickel | 119610 | 120340 | -730 | Yuan/ton | | LME Nickel | 14929 | 15151 | -222 | US dollars/ton | | LME Inventory | 209748 | 211662 | -1914 | Tons | | SHFE Inventory | 22552 | 23051 | -499 | Tons | | Jinchuan Nickel Premium | 2600 | 2200 | 400 | Yuan/ton | | Russian Nickel Premium | 500 | 400 | 100 | Yuan/ton | | High - Nickel Pig Iron Average Price | 936 | 936 | 0 | Yuan/nickel point | | Stainless Steel Inventory | 88.3 | 87.8 | 0.50 | Tons | [5] 3.2 Market Review - **Macro - level**: As of August 16, the number of initial jobless claims in the US was 235,000, higher than the expected 225,000. The US manufacturing and service PMI in August were both better than expected. Fed officials' hawkish remarks led to a significant downward revision of the market's expectation of a Fed interest rate cut in September to around 75% [6]. - **Nickel Ore**: The FOB prices of 1.5% laterite nickel ore in the Philippines and Indonesia have declined. The expectation of a loose nickel ore supply remains unchanged, and Indonesian nickel iron plants generally expect the nickel ore price to decline further in late August [6]. - **Pure Nickel**: In July, the domestic monthly production capacity decreased slightly by 400 tons to 53,699 tons, while the smelter's production schedule increased slightly. The domestic export and import of electrolytic nickel both increased year - on - year. After the import window opened, the imported resources increased significantly, and the spot inventory remained relatively stable [7]. - **Ferronickel**: The price of high - nickel pig iron (10% - 12%) rose from 925.5 yuan/nickel point to 929 yuan/nickel point. In July, China's nickel pig iron production decreased slightly month - on - month. In June, the domestic nickel iron import increased significantly year - on - year, mainly from Indonesia. In July, Indonesia's nickel iron production increased year - on - year but decreased month - on - month. As of August 15, the nickel iron physical ton inventory decreased slightly but remained at a high level. The stainless - steel consumption is still sluggish, and the short - term ferronickel price may peak and then fluctuate around the cost line [8][9]. - **Nickel Sulfate**: The prices of battery - grade and electroplating - grade nickel sulfate increased. In July, the production of nickel sulfate metal increased both year - on - year and month - on - month. The production of ternary materials also increased. The upstream and downstream inventory days of nickel sulfate decreased. The market for nickel sulfate remains popular, but the terminal market's resistance to high - nickel salts suppresses price increases [9]. - **New Energy**: From August 1 to 17, the retail sales of the new - energy passenger vehicle market increased year - on - year and month - on - month, with a penetration rate of 58.0%. The growth rate of new - energy vehicle sales has slowed down in the first and middle ten days of August. The replacement subsidy funds have been allocated, but the implementation of local policies varies, and the demand - side expectation is moderately weak [10]. - **Inventory**: The current six - location social inventory of pure nickel decreased by 1,019 tons compared with the previous period. The SHFE inventory decreased by 499 tons, and the LME nickel inventory decreased by 1,914 tons. The total inventory of the two major global exchanges decreased by 2,413 tons [10]. 3.3 Industry News - Boqian New Materials' subsidiaries plan to invest in expanding the production of ultrafine nickel powder, with a planned construction period of 12 months and an additional annual production capacity of 600 tons each [12]. - Indonesia announced the second - phase nickel ore domestic trade benchmark price for August, which decreased by about 0.1% compared with the first - phase price [12]. - Centaurus Metals plans to make a final investment decision on its Brazilian nickel ore project in the first half of 2026, with an expected investment of $370 million and an annual production capacity of about 20,000 tons of nickel [12]. - Nimy Resources discovered a potential large - scale copper - nickel mineralization in Western Australia, which may strengthen the company's layout in the copper - nickel - PGE exploration field [12]. - Indonesia's nickel ore production from January to July 2025 was lower than the target, with a realization rate of only 69% [12]. - BHP cut its dividend to the lowest level since 2017 and plans to sell its idle Nickel West business [12]. 3.4 Relevant Charts The report provides charts on the trends of domestic and international nickel prices, spot premiums, LME 0 - 3 nickel premiums, nickel domestic - to - foreign ratios, nickel futures inventory, nickel ore port inventory, high - nickel iron prices, 300 - series stainless - steel prices, and stainless - steel inventory [14][16].

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core Viewpoints - **Last Week's Review**: Lithium prices opened significantly higher at the beginning of the week due to the expected expiration of the safety production license of a large lithium mine in Jiangxi. However, the high prices lacked policy and fundamental support, and bulls were conservative. Later in the week, a large salt factory announced复产, causing bulls to exit and prices to decline. Overall, lithium prices fluctuated greatly last week, driven by upstream events, and the fundamental logic did not apply [4]. - **Future Outlook**: As market sentiment cools, lithium prices may decline. High lithium prices have led to increased production and复产 by upstream lithium salt factories, and the weekly high - frequency supply is at a recent high. The supply disruption expectation may be gradually disproven. Technically, the sharp decline in lithium prices on Friday further confirms the cooling market sentiment. On the demand side, energy storage performance slightly exceeded expectations in August, while the power terminal weakened as expected. Policy continues to correct the market. Without new disturbances, lithium prices may decline [4][14]. 3. Summary by Directory Market Data - **Price Changes**: From August 15 to August 22, 2025, the prices of imported lithium ore (1.3% - 2.2%), imported lithium concentrate (5.5% - 6%), and domestic lithium concentrate (5.5% - 6%) increased by 5.92%, 10.43%, and 10.43% respectively. The battery - grade lithium carbonate spot price decreased by 9.14%, while the industrial - grade lithium carbonate spot price increased by 4.90%. The prices of other related materials also had minor changes [6]. - **Inventory Changes**: As of August 22, 2025, the total lithium carbonate inventory was 106,055 tons, a decrease of 2,181 tons from the previous period. Factory inventory decreased by 1,590 tons, market inventory decreased by 591 tons, and exchange inventory increased by 1,505 tons [6][13]. Market Analysis and Outlook - **Last Week's Market Analysis** - **Regulatory and Delivery**: As of August 22, 2025, the warehouse receipt scale of the Guangzhou Futures Exchange was 24,990 tons, with a matching transaction price of 73,480 yuan/ton. The open interest of the main contract 2511 was 362,200 lots [8]. - **Supply Side**: As of August 22, the weekly production of lithium carbonate was 20,438 tons, an increase of 345 tons from the previous period. A large salt factory in Jiangxi announced复产, but the actual production in August was expected to be limited. High - frequency production was at a high level, and some smelters entered the market for high - level hedging. Supply intensity depends on price, and market sentiment cooling may not significantly reduce supply [8]. - **Lithium Salt Import**: In July, the import volume of lithium carbonate was about 13,800 tons, a month - on - month decrease of 21.8% and a year - on - year decrease of 42.7%. Imports from Chile and Argentina decreased [9]. - **Lithium Ore Import**: In July, the total import of lithium ore was about 750,700 tons, a month - on - month increase of 30.3%. Imports from Australia increased significantly, while imports from Zimbabwe decreased [10]. - **Demand Side** - **Positive Materials**: As of August 22, the production of lithium iron phosphate and ternary materials increased slightly, and their prices also rose. Energy storage orders in August improved, but the supply - driven force of the fundamentals for positive material prices was limited [11]. - **New Energy Vehicles**: From August 1 - 17, the retail sales of new energy passenger vehicles were 502,000, a year - on - year increase of 9% and a month - on - month increase of 12%. However, the sales growth rate slowed down in the first and middle of August. The new - replacement subsidy policy needs further observation, and demand is expected to be stable but weak [12]. - **This Week's Outlook**: Market sentiment is cooling, and lithium prices may decline. High lithium prices have stimulated production and复产 by upstream factories, and supply has reached a high level. The supply disruption expectation may be disproven. Technically, market sentiment is cooling. On the demand side, energy storage is better, while the power terminal is weak. In the absence of new disturbances, lithium prices may decline [14]. Industry News - **Dazhong Mining**: The application for a mining license for a lithium mine in Hunan is in progress at the Ministry of Natural Resources [15]. - **Yichang Bangpu**: A 450,000 - ton lithium iron phosphate production capacity is about to be put into operation [15]. - **Jiangte Motor**: Yichun Yinli will resume production soon [15]. - **Chuanneng Power**: The Lijiagou lithium mine is in the production - ramping - up stage [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Last week, copper prices stabilized and rebounded mainly because Powell's speech at the global central bank annual meeting was generally dovish. The market turned optimistic about a September interest rate cut again. Although the US manufacturing showed signs of improvement, there were concerns about the uncertainty of long - term demand after the implementation of tariff policies. Overseas mines remained in a tight supply situation, and the inventory accumulation during the domestic off - season was limited. [2][10] - Overall, Powell indicated that the Fed might need to adjust its policy path in advance to cope with economic downturn risks. The market interpreted it as the Fed abandoning restrictive policies and reopening the door for interest rate cuts. Although the US manufacturing was recovering, there were concerns about the demand outlook after the tariff policy. China maintained the LPR rate unchanged, and the anti - involution sentiment was still fermenting. The stable - growth policy supported the domestic market. Fundamentally, overseas mines remained tight, the domestic off - season inventory accumulation was slow, and the consumption of mainstream industries was resilient. It is expected that copper prices will fluctuate within a range in the short term. [2][14][15] 3. Summary by Relevant Catalogs Market Data - **Price Changes**: From August 15th to August 22nd, LME copper rose by $49.00 to $9809.00 per ton, a 0.50% increase; COMEX copper fell by 2.8 cents to 446.1 cents per pound, a 0.62% decrease; SHFE copper fell by 370 yuan to 78690 yuan per ton, a 0.47% decrease; international copper rose by 170 yuan to 70220 yuan per ton, a 0.24% increase. The Shanghai - London ratio decreased by 0.08 to 8.02. The LME spot premium/discount increased by $15.37 to - $78.38 per ton, a - 16.39% change, and the Shanghai spot premium/discount decreased by 75 yuan to 150 yuan per ton. [6] - **Inventory Changes**: As of August 22nd, the total inventory of LME, COMEX, SHFE, and Shanghai Bonded Area increased to 596,737 tons, a 0.83% increase. LME copper inventory increased by 175 tons to 155,975 tons, a 0.11% increase; COMEX inventory increased by 2416 short tons to 271,482 short tons, a 0.90% increase; SHFE inventory decreased by 4663 tons to 81,680 tons, a - 5.40% decrease; Shanghai Bonded Area inventory increased by 7000 tons to 87,600 tons, an 8.68% increase. [9] Market Analysis and Outlook - **Macro - aspect**: Powell said at the Jackson Hole Global Central Bank Annual Meeting that US inflation was generally under control, but the employment market was weakening. The market optimistically interpreted it as a September interest rate cut being almost certain. The US August Markit manufacturing PMI initial value was 53.3, much higher than expected, but there were concerns about long - term demand after the tariff policy. The Fed was facing a dilemma between rising inflation and a deteriorating employment market, and the September interest rate cut expectation had dropped from 95% to about 80%. In China, the 1 - year and 5 - year LPR rates remained unchanged in August. [12] - **Supply - demand aspect**: Overseas, Codelco's Teniente mine was expected to reduce production by 40,000 tons this year, and the Kamoja project lowered its production forecast by over 100,000 tons. The global concentrate remained in short supply. Domestically, refined copper production remained high, but non - CSPT smelters began to cut production slightly due to the shortage of cold materials. In terms of demand, the power grid investment project construction weakened slightly, the consumption of the wind and solar industries was expected to decline, and the new energy vehicle industry was in the off - season but still had good year - on - year growth. The overall domestic demand decreased slightly month - on - month but was still resilient year - on - year, and the market was in a tight - balance state. [13] Industry News - First Quantum launched a $1.25 - billion expansion project at its Kansanshi copper mine in Zambia. The project is expected to increase the annual copper production to 250,000 tons by 2044. [16] - After a fatal collapse at Codelco's El Teniente copper mine in July, the company estimated a production of 316,000 tons this year (356,000 tons last year) and a loss of $340 million. Codelco will lower its 2025 production guidance. [17] - Peru's copper production in June was 228,932 tons, a 7.1% year - on - year increase, mainly due to the increase in production of Chinese - funded enterprises. However, the Las Bambas mine expected a production decline in July due to protests. Peru's copper production in the first half of 2025 was about 1.34 million tons, a 3.5% year - on - year increase. [17] - The processing fee for 8mm T1 wire and cable rods in the East China Yangtze River Delta market was stable last week, and the recycled copper rod market price fluctuated slightly. The transaction in the refined copper rod market declined, and it is expected that the operating rate of domestic refined copper rod enterprises will recover to over 70% in late August. [18][19] Relevant Charts A series of charts show the historical trends of copper prices, inventory, premiums/discounts, spreads, and other indicators, including the price trends of SHFE copper and LME copper, LME copper inventory, global visible inventory, etc., which provide references for analyzing the copper market. [20][25][31]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas, the expectation of interest rate cuts has converged, with the probability of a September rate cut dropping to 75%. The US manufacturing PMI in August reached a three - year high, and Fed officials' hawkish remarks have put pressure on the market. Domestically, the A - share market's risk appetite may have reached a short - term peak, and the bond market is expected to start a recovery. [2][3] - Most commodities are expected to show a volatile trend. Gold and silver prices are likely to remain volatile, waiting for Powell's speech. Copper, zinc, lead, tin, and other metals are expected to maintain narrow - range fluctuations. Aluminum and alumina are expected to oscillate, and lithium carbonate is in a game - based volatile stage. Crude oil is expected to be weak after a short - term technical correction, and agricultural products such as soybean meal and palm oil are also expected to fluctuate. [4][5][6] 3. Summary by Related Catalogs 3.1 Macro - Overseas: The US 8 - month manufacturing PMI reached 53.3, a three - year high, with inflation pressure increasing. Fed officials' hawkish remarks have dampened the market's expectation of a September rate cut. The dollar has risen, and the US bond yield has increased. [2] - Domestic: The A - share market weakened after a high opening on Thursday, with the trading volume remaining at 2.4 trillion. The risk appetite has declined, and the bond market has a chance to recover. [3] 3.2 Precious Metals - Gold futures on COMEX fell 0.15% to $3383.5 per ounce, and silver futures rose 0.87% to $38.1 per ounce. The better - than - expected US PMI data and Fed officials' remarks have put pressure on gold prices. The market is waiting for Powell's speech, and it is expected that gold and silver prices will remain volatile. [4][5] 3.3 Copper - The Shanghai copper main contract maintained a volatile trend. The US manufacturing showed signs of improvement, but there are concerns about long - term demand after the tariff policy. The Fed's internal differences remain large, and the Codelco has lowered its copper production forecast. It is expected that copper prices will remain volatile in the short term. [6][7] 3.4 Aluminum - The Shanghai aluminum main contract closed at 20590 yuan/ton, up 0.49%. The inventory of electrolytic aluminum ingots decreased. The good performance of the US and European manufacturing PMIs has improved the overseas demand expectation. It is expected that aluminum prices will oscillate in the current range. [8][9] 3.5 Alumina - The alumina futures main contract closed at 3124 yuan/ton, up 0.13%. The supply is slightly increasing, and consumption is stable. It is expected that alumina will continue to show a weak - oscillating trend. [10] 3.6 Zinc - The Shanghai zinc main contract showed a narrow - range oscillation. The better - than - expected US manufacturing PMI and Fed officials' remarks have put pressure on zinc prices. However, the decline in zinc prices has led to increased downstream purchases, and it is expected that zinc prices will maintain a narrow - range oscillation in the short term. [11] 3.7 Lead - The Shanghai lead main contract showed a narrow - range oscillation. The inflow of delivery goods has led to a slight decline in inventory, and the inverted price difference between refined and scrap lead provides support for lead prices. It is expected that lead prices will maintain a narrow - range oscillation. [12] 3.8 Tin - The Shanghai tin main contract showed a weak - oscillating trend. The supply of tin ore and scrap tin is tight, and the low LME inventory provides support, but consumption is weak. It is expected that tin prices will maintain a narrow - range oscillation. [13] 3.9 Industrial Silicon - The industrial silicon main contract rebounded from a low level. The supply is marginally loose, and the demand side has different performances. It is expected that the futures price will maintain an oscillating trend in the short term. [14][15] 3.10 Lithium Carbonate - Lithium carbonate prices are in a game - based volatile stage. Although the spot market has improved, the supply increase may exceed the demand, and it is recommended to wait and see. [16][17] 3.11 Nickel - Nickel prices oscillated weakly. The cost pressure of nickel iron has eased slightly, and the demand for stainless steel is limited. The cost of nickel sulfate is high, and the demand has resilience. It is expected that nickel prices will oscillate, and attention should be paid to Powell's speech. [18][19] 3.12 Crude Oil - Crude oil oscillated strongly. Geopolitical factors are heating up, and it is expected that oil prices will be weak after a short - term technical correction. [20] 3.13 Soybean and Rapeseed Meal - The soybean meal 01 contract and rapeseed meal 01 contract both declined. The US soybean is affected by drought, and the new - crop export sales exceeded expectations. The market expects the state reserve to release soybeans in November, and it is expected that the domestic soybean meal will oscillate in a range. [21][22] 3.14 Palm Oil - The palm oil 01 contract declined. The production of Malaysian palm oil in the first 20 days of August increased slightly, and Indonesia's inventory in June continued to decline. It is expected that palm oil will oscillate and adjust. [23][24] 3.15 Metal Main Variety Trading Data - The report provides the closing prices, price changes, trading volumes, and other data of various metal futures contracts such as copper, aluminum, zinc, lead, nickel, tin, gold, and silver on August 22, 2025. [26] 3.16 Industry Data Perspective - The document presents the data changes of various metals such as copper, nickel, zinc, lead, aluminum, alumina, tin, gold, silver, and related products including steel, iron ore, and agricultural products from August 20 to August 21, 2025, including prices, inventories, and price differences. [27][32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas risk appetite continues to contract, with A-shares surging and the Science and Technology Innovation 50 leading the gains. The market is waiting for the further development of the relationships among the US, Europe, Russia, and Ukraine, as well as the guidance from Fed Chair Powell's speech at the Jackson Hole Global Central Bank Annual Meeting on Friday [2][5]. - The prices of precious metals rebounded due to increased market uncertainty. Copper prices are waiting for a driving force. Aluminum prices are expected to adjust within a limited range. Alumina prices face increasing pressure. Zinc prices are stabilizing and recovering. Lead prices are weakly oscillating. Tin prices are in a tangled state. Industrial silicon prices are weakly oscillating. Lithium carbonate prices are fluctuating widely. Nickel prices are oscillating within a range. Crude oil prices are oscillating. Soybean and rapeseed meal prices may oscillate. Palm oil prices may oscillate and adjust [4][6][8][10][11][13][15][16][19][20][21][22][25]. 3. Summary by Relevant Catalogs 3.1 Macro - Overseas: The Fed's July meeting minutes released hawkish signals. Most people believe that inflation risks are higher than employment risks, with differences focusing on the impact of tariffs and interest rate levels. Some are worried about the instability of long - term inflation expectations and the fragility of the US Treasury market, and also concerned about the potential risks of stablecoins. Trump pressured to remove "dissidents" from the Fed, and the independence of the Fed is under threat. The market risk appetite continues to decline, with the US dollar index oscillating weakly, the 10Y US Treasury yield slightly declining, and US stocks continuing to fall. Gold, copper, and oil all rebounded. Attention is paid to the US August PMI tonight [2]. - Domestic: Leaders conducted intensive research and made speeches. A - shares rebounded after Wednesday's oscillation, with the trading volume shrinking to 2.45 trillion yuan. The market risk appetite recovered, the Science and Technology Innovation 50 rose by more than 3%, and sectors such as GPU and liquor led the gains. The bond market fell again as the stock market strengthened. The short - term risk appetite may be approaching the peak, and the bond market is expected to start a recovery [3]. 3.2 Precious Metals - On Wednesday, international precious metal futures prices both closed higher. Trump's call for Fed Governor Cook to resign increased market uncertainty, the US dollar index turned down, and precious metal prices rebounded. The Fed's July meeting minutes were hawkish. The meeting between the leaders of the US, Ukraine, and Russia cooled down. Investor risk aversion increased. Short - term precious metal prices are expected to maintain an oscillating trend [4][5]. 3.3 Copper - On Wednesday, the main contract of Shanghai copper oscillated narrowly, and LME copper sought support at the 9700 level. The macro situation shows that the Fed is facing a dilemma between rising inflation and a deteriorating employment market. The market is highly concerned about Powell's speech at the Jackson Hole Central Bank Annual Meeting on Friday. The CME observation tool shows that the probability of a Fed rate cut in September is 85%. In terms of industry, First Quantum has launched a $1.25 billion expansion project for its Kansanshi copper mine in Zambia. Short - term copper prices are expected to maintain an oscillating state waiting for a driving force [6][7]. 3.4 Aluminum - On Wednesday, the main contract of Shanghai aluminum closed at 20,535 yuan/ton, down 0.19%. The LME aluminum closed at $2,577/ton, up 0.37%. The Fed's July meeting minutes were hawkish. The short - term attitude of the Fed needs to be further observed. Fundamentally, aluminum prices have slightly declined in the past two days. At the transition between the off - season and peak season, downstream restocking at low prices has slightly improved, and the spot discount has converged. Technically, the downward adjustment range of aluminum prices is expected to be limited [8][9]. 3.5 Alumina - On Wednesday, the main contract of alumina futures closed at 3,147 yuan/ton, up 0.03%. The supply of alumina is expected to increase in the future, and the warehouse receipt inventory continues to accumulate, so the price pressure is increasing. Attention should be paid to the changes in production capacity [10]. 3.6 Zinc - On Wednesday, the main contract of Shanghai zinc oscillated narrowly during the day and slightly shifted upwards at night, and LME zinc closed higher. In July, the import of zinc concentrates exceeded expectations, while the import of refined zinc met expectations. Currently, raw materials are abundant. As zinc prices fall to near the previous low, downstream price fixing at low points increases. Short - term zinc prices are stabilizing and recovering, waiting for the guidance from Powell's speech on Friday [11][12]. 3.7 Lead - On Wednesday, the main contract of Shanghai lead oscillated narrowly both during the day and at night, and LME lead closed higher. Globally, the high visible inventory exerts pressure on lead prices. Domestically, the improvement in consumption falls short of expectations, and the production side is relatively stable. Lead prices lack the driving force to rise but also have no continuous downward momentum due to cost support. The fundamentals maintain a state of weak supply and demand [13][14]. 3.8 Tin - On Wednesday, the main contract of Shanghai tin first declined and then rebounded during the day and moved horizontally at night, and LME tin oscillated. In July, Myanmar's tin mines resumed production, but China's imports from Myanmar decreased instead. Indonesia's exports of refined tin decreased month - on - month, and overseas supplies remained tight. In the short term, the low LME inventory is difficult to reverse. Near Powell's speech, the expectation of a rate cut in September is volatile, and tin prices are in a tangled state [15]. 3.9 Industrial Silicon - On Wednesday, the main contract of industrial silicon oscillated weakly. Fundamentally, the supply side is showing a marginal loosening trend, while the demand side has limited consumption growth. The social inventory decreased slightly last week. The domestic anti - involution sentiment has cooled down. Short - term futures prices are expected to enter a weakly oscillating state [16][17]. 3.10 Carbonate Lithium - On Wednesday, carbonate lithium was weakly running, and the spot price was stable. An upstream salt factory in Jiangxi announced the resumption of production, but the actual output in August is expected to be limited. The core factor driving the wide - range price fluctuations may be the market's lack of confidence in the supply contraction promoted by policies. Short - term lithium prices may fluctuate widely due to emotional disturbances [19]. 3.11 Nickel - On Wednesday, nickel prices oscillated. The Fed's July meeting minutes showed that the economic outlook remains pessimistic. Under the expectation of abundant nickel ore supply, the price is still strong, but nickel iron plants are under cost pressure. The refined nickel market is warming up. Nickel prices are at the lower end of the range, and attention should be paid to the rebound at low levels [20]. 3.12 Crude Oil - On Wednesday, crude oil oscillated and strengthened. The market is waiting for the progress of the tripartite peace talks, and the market disturbances are relatively limited. The significant inventory reduction by the EIA has temporarily boosted market sentiment. However, the bearish fundamentals and the expectation of cooling geopolitical risks remain unchanged, and oil prices maintain an oscillating and wait - and - see state [21]. 3.13 Soybean and Rapeseed Meal - On Wednesday, the soybean meal 01 contract fell, and the rapeseed meal 01 contract rose. The second - day inspection results showed that the number of soybean pods in Nebraska was good, while that in Indiana was slightly lower than the same period last year. The dry weather in the US soybean - producing areas is expected to continue, and the yield per unit may be lowered. US soybean growers hope to reach a trade agreement with China. Short - term soybean and rapeseed meal prices may oscillate [22][23][24]. 3.14 Palm Oil - On Wednesday, the palm oil 01 contract fell. The latest data shows that the export demand for Malaysian palm oil is good, which supports the price and limits the decline. The US's exemption obligation for small refineries may be introduced earlier than expected, and US soybean oil oscillated and fell. Short - term palm oil prices may oscillate and adjust [25][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas markets are waiting for the US-Russia-Ukraine meeting and Powell's speech at the Jackson Hole Annual Meeting. The overall risk appetite has declined marginally, and the US dollar index has rebounded, putting pressure on the metal market. The A-share market may be approaching an adjustment window, and the bond market is expected to start a repair行情 [2][3]. - Precious metals are expected to maintain a weak and volatile trend in the short term due to factors such as the strengthening of the US dollar index, the uncertainty of Powell's speech, and the easing of the Russia-Ukraine situation [4][5]. - Copper prices are expected to enter a weak and volatile phase in the short term due to factors such as the cooling of risk appetite, the rebound of the US dollar index, and the relatively sufficient supply of the copper industry [6][7]. - Aluminum prices are expected to fluctuate and adjust due to factors such as overseas news disturbances, the increase in supply expectations, and the continuation of the domestic seasonal off - season [8]. - Alumina prices are expected to fluctuate and adjust as the positive factors in the market have subsided, and the supply of imported bauxite is sufficient [9][10]. - Zinc prices are expected to maintain a weak trend with limited macro - micro support and the addition of short - selling funds [11][12]. - Lead prices are expected to operate weakly within a range due to the high inventory pressure of LME and the weak supply - demand pattern in China [13]. - Tin prices are expected to follow the London tin and fluctuate strongly in the short term, supported by factors such as the slow resumption of tin ore production and the strengthening of the LME monthly structure [14][15]. - Industrial silicon prices are expected to enter a weak and volatile phase in the short term due to the marginal relaxation of supply and the weak demand in the downstream [16][17]. - Lithium carbonate prices are expected to fluctuate widely. Although there is an upward possibility technically, attention should be paid to the impact of policy expectation corrections [18]. - Nickel prices are expected to continue to fluctuate within a range due to weak short - term macro - disturbances and no significant improvement in the industry [19]. - Crude oil prices are expected to operate weakly due to the cooling of geopolitical risks and the mismatch between OPEC+'s production increase plan and demand intensity [20]. - Soybean meal and rapeseed meal are expected to fluctuate. The precipitation in the US soybean - producing areas is lower than normal, and the Pro Farmer inspection results are initially better than expected [21][22]. - Palm oil is expected to fluctuate and adjust due to the cooling of the commodity market sentiment and the full trading of previous positive factors [23]. 3. Summary According to Related Catalogs 3.1 Macro - Overseas: The market is waiting for the US-Russia-Ukraine meeting and Powell's speech at the Jackson Hole Annual Meeting. The overall risk appetite has declined marginally, the US dollar index has risen to 98.3, the 10Y US Treasury yield has fallen to 4.3%, and the US stock market has adjusted. The Russia-Ukraine conflict has eased, and gold, copper, and oil have all weakened [2]. - Domestic: The A - share market's upward momentum has slowed down after rising on Tuesday, and the trading volume has shrunk to 2.64 trillion. The market sentiment has cooled down marginally. The stock market maintains a high - volatility state. The bond market is expected to start a repair行情 [3]. 3.2 Precious Metals - On Tuesday, international precious metal futures prices generally closed down. COMEX gold futures fell 0.57% to $3358.90 per ounce, and COMEX silver futures fell 1.84% to $37.33 per ounce. The market is waiting for Powell's speech at the Jackson Hole Annual Meeting, and the uncertainty of the speech, the expansion of US tariffs, and the easing of the Russia - Ukraine situation have all affected the market's risk - aversion sentiment [4]. 3.3 Copper - On Tuesday, the main contract of Shanghai copper fluctuated weakly, and LME copper fell below the $9700 level. The spot market trading was dull, and the downstream restocking willingness decreased. The LME inventory remained at 15.5 tons. The market is worried that the previous interest - rate cut expectations are too high, and the US economic situation is not suitable for a large - scale short - term interest - rate cut. The dollar index has rebounded, putting pressure on the metal market. In addition, Peru's copper production in June increased year - on - year [6]. 3.4 Aluminum - On Tuesday, the main contract of Shanghai aluminum closed at 20545 yuan/ton, down 0.19%. LME aluminum closed at $2567.5 per ton, down 0.81%. The expansion of US steel and aluminum tariffs has increased concerns about overseas demand, and the expectation of increased Russian aluminum supply has risen. The domestic seasonal off - season continues, and the aluminum price is expected to fluctuate and adjust [8]. 3.5 Alumina - On Tuesday, the main contract of alumina futures closed at 3203 yuan/ton, down 2.08%. The positive factors in the alumina market have subsided. The import of bauxite in July increased month - on - month, and the inventory of alumina warehouse receipts has continued to rise, and the market is adjusting [9][10]. 3.6 Zinc - On Tuesday, the main contract of Shanghai zinc fluctuated weakly, and LME zinc closed down. The downstream bargain - hunting increased, but the spot trading was still mainly among traders. A zinc project in Peru is under construction, and some zinc smelters in China have maintenance plans. The market risk appetite is cautious, and the zinc price is expected to maintain a weak trend [11][12]. 3.7 Lead - On Tuesday, the main contract of Shanghai lead fluctuated strongly during the day and closed down at night. LME lead operated weakly. The LME has continuously made large - scale deliveries, and the high - inventory pressure has put pressure on lead prices. The domestic supply - demand pattern is weak, and the lead price is expected to operate weakly within a range [13]. 3.8 Tin - On Tuesday, the main contract of Shanghai tin fluctuated strongly during the day and traded sideways at night. LME tin closed up. The fundamental contradiction lies in the slow resumption of tin ore production and the repeated concerns about overseas liquidity. The LME inventory is in a downward trend, and the tin price is expected to follow LME tin and fluctuate strongly [14][15]. 3.9 Industrial Silicon - On Tuesday, the main contract of industrial silicon fluctuated narrowly. The supply side is marginally relaxed, and the downstream demand is weak. The social inventory has increased slightly, and the industrial silicon price is expected to operate weakly and fluctuate [16][17]. 3.10 Lithium Carbonate - On Tuesday, lithium carbonate fluctuated, and the spot price rose significantly. The market is still gambling on resource disturbances, but the bulls are relatively conservative. The actual trading volume is limited, and the lithium carbonate price is expected to fluctuate widely [18]. 3.11 Nickel - On Tuesday, nickel prices fluctuated weakly. The macro - disturbances are weak in the short term, and there is no significant improvement in the industry. The nickel price is expected to continue to fluctuate within a range [19]. 3.12 Crude Oil - On Tuesday, crude oil fluctuated weakly. The geopolitical risks have cooled down, and the market's concern about Russian oil sanctions has weakened. OPEC+'s production increase plan does not match the demand intensity, and the oil price is expected to operate weakly [20]. 3.13 Bean and Rapeseed Meal - On Tuesday, the 01 contract of soybean meal rose 6 to 3161 yuan/ton, and the 01 contract of rapeseed meal rose 14 to 2604 yuan/ton. The initial results of the Pro Farmer inspection are better than expected, but the precipitation in the US soybean - producing areas is lower than normal, and the soybean and rapeseed meal prices are expected to fluctuate [21][22]. 3.14 Palm Oil - On Tuesday, the 01 contract of palm oil rose 56 to 9640 yuan/ton. The Malaysian Palm Oil Council expects palm oil prices to remain above 4300 ringgit. The export demand for palm oil is good, but the commodity market sentiment has cooled down, and the palm oil price is expected to fluctuate and adjust [23]. 3.15 Metal Main Variety Transaction Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts such as SHFE copper, LME copper, SHFE aluminum, etc. on the previous trading day [24]. 3.16 Industry Data Perspective - The report provides detailed industry data such as the closing prices, inventory changes, spot premiums and discounts, and other data of copper, nickel, zinc, lead, aluminum, alumina, tin, gold, silver, and other metals on August 19 and August 18 [27][28][29][30][31].