报告标题 - Sugar Monthly Report, July 30, 2025 [12][18][23] 报告内容目录 第一部分：前言概要 - 巴西制糖比维持高位，需关注实际糖产情况 [5] 第二部分：基本面情况 - 包含WTI原油与ICE11号糖价格走势、ICE11号糖与CZCE郑糖价格走势等多组数据图表，涉及全球、巴西、印度、泰国、中国等地区食糖供需格局、产量、库存、出口、价格等方面内容 [15][19][24] 第三部分：后市展望及策略推荐 - 文档未阐述具体内容 [82]

1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - After the US corn planting is completed, the US corn market is weak. With the reduction of Sino - US tariffs, the US corn price continues to decline, but the potential for further decline is limited due to possible weather - related speculations. China has reinstated a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. Foreign corn imports are profitable, with the August import price from Brazil at 1,971 yuan. The domestic corn market has different trends in different regions, with short - term stability in the north and tight supply in North China. The corn starch market sees inventory reduction, and the price is affected by corn price and downstream stocking. The 09 contracts of both corn and starch are expected to have narrow - range fluctuations [5][7][8][9]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures, C2601 closed at 2,218 with a 0.14% increase, C2605 at 2,263 with no change, C2509 at 2,312 with a 0.43% increase. Their trading volumes decreased by 47.04%, 46.94%, and 32.39% respectively, and the open interests decreased by 2.28%, 2.85%, and 5.54% respectively. For corn starch futures, CS2601 closed at 2,596 with no change, CS2605 at 2,638 with a 0.04% increase, CS2509 at 2,683 with a 0.63% increase. Their trading volumes decreased by 30.17%, 46.09%, and 38.71% respectively, and the open interests changed by 3.77%, 9.67%, and - 5.63% respectively [3]. 3.1.2 Spot and Basis - Corn spot prices in different regions showed different trends. For example, the price in Qinggang was 2,270 yuan with no change, while the price in Shouguang increased by 20 yuan. The basis for corn in different regions ranged from - 72 to 218. Starch spot prices also varied. The price of Longfeng starch increased by 50 yuan, and the basis for starch in different regions ranged from 162 to 382 [3]. 3.1.3 Spread - Corn inter - delivery spreads: C01 - C05 was - 45 with a 3 - point increase, C05 - C09 was - 49 with a 10 - point decrease, C09 - C01 was 94 with a 7 - point increase. Starch inter - delivery spreads: CS01 - CS05 was - 42 with a 1 - point decrease, CS05 - CS09 was - 45 with a 16 - point decrease, CS09 - CS01 was 87 with a 17 - point increase. Cross - variety spreads: CS09 - C09 was 371 with a 7 - point increase, CS01 - C01 was 378 with a 3 - point decrease, CS05 - C05 was 375 with a 1 - point increase [3]. 3.2 Market Judgment 3.2.1 Corn - The US corn market is weak but has limited downside due to potential weather speculation. China's tariff policies on US corn and sorghum are in place, and foreign corn imports are profitable. The northern port flat - hatch prices are stable, and the Northeast corn is stable. North China's corn supply is tight, and the wheat - corn substitution continues. The domestic corn demand is weak, and the short - term corn spot price is relatively stable. The 09 corn contract is expected to have narrow - range fluctuations [5][7]. 3.2.2 Starch - The number of vehicles arriving at Shandong deep - processing plants has increased, and the Shandong corn spot price is strong. The starch inventory has decreased this week, with the factory inventory at 129.3 million tons, a decrease of 1.8 million tons from last week. The by - product price is strong, and the spot price difference between corn and starch is low. The 09 starch contract is expected to have narrow - range fluctuations [8]. 3.3 Trading Strategy - Unilateral: The domestic 09 corn will continue to have narrow - range fluctuations, and it is recommended to wait and see. - Arbitrage: Buy spot and short 09 corn in a rolling manner, and wait and see on the spread between 09 corn and starch [9][10]. 3.4 Corn Options - For enterprises with spot, they can close out short positions of corn call options, or short - term investors can try to sell on rallies [13]. 3.5 Relevant Attachments - The attachments include charts of corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch - corn 09 contract spread, which help to visually understand the price trends and relationships of corn and corn starch [14][16][20].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The market's risk - aversion sentiment is easing due to the approaching effectiveness of reciprocal tariffs and the progress of trade talks. However, the uncertainty of US tariffs and policies may lead to inflation rebound and economic slowdown, and the Fed's independence is also unclear. Precious metals are expected to maintain high - level volatility. - For various metals, their prices are affected by factors such as supply and demand, policy expectations, and macro - economic data. Each metal has different trading strategies according to its specific situation [2][4]. 3. Summaries by Metal Types Precious Metals Market Review - London gold fell for four consecutive days, closing down 0.68% at $3314.63 per ounce; London silver closed flat at $38.17 per ounce. Shanghai gold futures fell 0.31% to 770.84 yuan per gram, and Shanghai silver futures fell 0.27% to 9200 yuan per kilogram. The US dollar index rose 1% to 98.633, the 10 - year US Treasury yield rose slightly to 4.417%, and the RMB against the US dollar fell 0.15% to 7.1787 [2]. Important资讯 - Trump may announce tariffs on drugs, with global tariffs around 15 - 20%. Sino - US economic and trade teams held talks in Stockholm on July 28. The probability of the Fed keeping interest rates unchanged in July is 96.9%, and in September is 35.4% [2]. Logic Analysis - Market risk - aversion sentiment eases, and the short - term rebound of the US dollar pressures precious metals. In the long run, precious metals are expected to maintain high - level volatility due to uncertainties [4]. Trading Strategy - Unilateral: Temporarily wait and see. - Arbitrage: Wait and see. - Options: Buy deep out - of - the - money call options on dips [4]. Copper Market Review - Shanghai copper 2509 contract closed at 79010 yuan per ton, up 0.04%, with the index reducing positions by 617 to 498300 lots. LME copper closed at $9762.5 per ton, down 0.34%. LME inventory increased by 3700 tons to 128000 tons, and COMEX inventory increased by 776 tons to 248000 tons [6]. Important资讯 - Sino - US trade talks were held on July 28. Peru is evaluating 134 mining projects with an expected investment of $6 billion [6]. Logic Analysis - Market is affected by tariff expectations. Domestic smelters maintain high production, and supply and demand are weak [9]. Trading Strategy - Unilateral: Short - term pressure and oscillation. - Arbitrage: Wait and see. - Options: Wait and see [10]. Alumina Market Review - Alumina 2509 contract fell 14 yuan to 3260 yuan per ton at night. Spot prices in different regions showed different changes [12]. Important资讯 - Some alumina enterprises did not receive environmental control notices. The Ministry of Industry and Information Technology will implement a work plan for the stable growth of key industries. An electrolytic aluminum plant in Xinjiang tendered for 10000 tons of alumina. The national alumina operating capacity increased by 1.1 million tons to 94.95 million tons, with an operating rate of 84.01% [12][14]. Logic Analysis - Speculative sentiment cools, and the price is under pressure. The theoretical surplus expands, and the inventory has been increasing since June [15]. Trading Strategy - Unilateral: The price is under pressure and oscillating, pay attention to cost support. - Arbitrage: Temporarily wait and see. - Options: Temporarily wait and see [16]. Electrolytic Aluminum Market Review - Shanghai aluminum 2509 contract rose 10 yuan to 20660 yuan per ton at night. Aluminum ingot spot prices in different regions fell [19]. Important资讯 - China's aluminum ingot inventory increased by 20000 tons to 514000 tons. The price law is being revised. The US and the EU reached a trade agreement, and the US will impose a 15% tariff on EU goods. Huafeng Aluminum plans to purchase at least 360000 tons of aluminum products from Shaanxi Non - ferrous Yulin New Materials Group [20][21]. Logic Analysis - Macro factors affect the market. Domestically, the inventory of aluminum ingots is expected to increase, and the spread between months may narrow first and then widen [22][24]. Trading Strategy - No specific strategy provided in the content. Cast Aluminum Alloy Market Review - Cast aluminum alloy 2511 contract rose 20 yuan to 20055 yuan per ton at night. ADC12 alloy ingot spot prices in different regions fell [26]. Important资讯 - The weekly output of cast aluminum alloy decreased by 800 tons to 141600 tons, and the total inventory increased by 4600 tons to 132400 tons. The price law is being revised [27]. Logic Analysis - Supply is restricted by the shortage of scrap aluminum, and demand is affected by different types of orders. The futures price is mainly affected by the cost following the aluminum price [28]. Trading Strategy - Unilateral: The price is under pressure. - Arbitrage: Consider positive spread trading for 09 - 12 contracts after the spread converges due to inventory accumulation. - Options: Temporarily wait and see [29]. Zinc Market Review - LME zinc fell 0.83% to $2805.5 per ton, and Shanghai zinc 2509 fell 0.31% to 22665 yuan per ton. Shanghai zinc index reduced positions by 1756 to 222600 lots. Spot prices in Shanghai were between 22670 - 22775 yuan per ton, and the spot premium slightly increased [33]. Important资讯 - SMM's seven - region zinc ingot inventory increased to 103700 tons. The Ministry of Ecology and Environment will carry out a rectification action for heavy - metal environmental safety hazards [33]. Logic Analysis - The supply of zinc concentrates is sufficient, and the output of refined zinc is expected to increase. Consumption is in the off - season, and the inventory is accumulating [34][36]. Trading Strategy - Unilateral: Profitable short positions can be held, set stop - profit points. - Arbitrage: Buy put options. - Options: Temporarily wait and see [36]. Lead Market Review - LME lead fell 0.15% to $2017.5 per ton, and Shanghai lead 2509 rose 0.03% to 16945 yuan per ton. Shanghai lead index reduced positions by 2285 to 99700 lots. Spot prices in different regions had different quotations, and the market trading was light [38]. Important资讯 - SMM's five - region lead ingot inventory increased to 71700 tons. Guizhou Lukong Environmental Protection Technology's smelting system was successfully put into operation, with an annual production capacity of 200000 tons of lead ingots. The Ministry of Ecology and Environment will carry out a rectification action for heavy - metal environmental safety hazards [38][40]. Logic Analysis - The cost of recycled lead supports the price. The supply is affected by production inspections and losses, and the terminal consumption of lead - acid batteries has slightly improved [40]. Trading Strategy - Unilateral: Profitable long positions can be held, beware of macro risks. - Arbitrage: Sell put options. - Options: Temporarily wait and see [43]. Nickel Market Review - LME nickel fell to $15230 per ton, and its inventory increased to 204036 tons. Shanghai nickel NI2509 fell to 122130 yuan per ton. Jinchuan nickel's premium increased to 2150 yuan per ton [42]. Important资讯 - Indonesia is exploring investment opportunities in the nickel downstream industry and considering acquiring a nickel smelter. A new nickel project in Indonesia is expected to start in Q4 2025, with an annual ore - processing target of 8 million tons [42][45]. Logic Analysis - The market atmosphere is weak, and the supply and demand of nickel are weak in July and August, with the price oscillating [45]. Trading Strategy - Unilateral: Short - term follow the macro - atmosphere. - Arbitrage: Temporarily wait and see. - Options: Sell deep out - of - the - money put options [46]. Stainless Steel Market Review - Stainless steel SS2509 contract fell to 12875 yuan per ton. Cold - rolled prices were 12550 - 12750 yuan per ton, and hot - rolled prices were 12300 - 12350 yuan per ton [48]. Important资讯 - The Yarlung Zangbo River hydropower project is expected to drive the demand for stainless steel. A company plans to build a new stainless - steel slab continuous casting line with an annual output of 400000 tons [50]. Logic Analysis - The speculative atmosphere cools, and the demand is affected by tariffs and the off - season. The price is higher than the cost, and the market trades based on the macro - logic [50]. Trading Strategy - Unilateral: Short - term return to the oscillation range. - Arbitrage: Temporarily wait and see [50]. Industrial Silicon Market Review - Industrial silicon futures opened low, rose, and then hit the limit down. Spot prices generally weakened by 100 - 200 yuan per ton [52]. Important资讯 - There are rumors that the industry will hold an anti - involution meeting on August 4 [52]. Logic Analysis - The supply is increasing, and the demand shows different trends. The price may fall in the medium - long term, but there may be a short - term rebound [54]. Trading Strategy - Unilateral: May rebound in the short term, weak in the medium - long term. - Arbitrage: Reverse spread for 11, 12 contracts/positive spread for 11, 10 contracts, participate in the butterfly strategy. - Options: Hold the previous protective put options [54]. Polysilicon Market Review - Polysilicon futures hit the limit down three times and then closed at 49405 yuan per ton. Spot prices were in different ranges [56]. Important资讯 - The price of photovoltaic silicon wafers continued to rise [56]. Logic Analysis - The "anti - involution" sentiment affects the price. If the capacity - integration meeting has positive results, the long - term expectation may reverse [57]. Trading Strategy - Unilateral: Participate with a strategy of futures long positions + protective put options after the correction. - Arbitrage: Long polysilicon, short industrial silicon for the long - term; reverse spread for polysilicon far - month contracts [57]. Lithium Carbonate Market Review - The 2509 contract fell to 73120 yuan per ton, and the exchange's warehouse receipts increased to 12276 tons. Spot prices increased [59]. Important资讯 - The sales of new - energy vehicles in the world and China showed growth trends [59]. Logic Analysis - The price limit - down was affected by news. The price range is 67000 - 83560 yuan per ton, and there may be a low opening [60]. Trading Strategy - Unilateral: The short - term speculative atmosphere is strong, and it is recommended to wait and see. - Arbitrage: Enterprises with long - term agreements can consider cash - and - carry arbitrage. - Options: Wait and see [60]. Tin Market Review - Shanghai tin 2509 contract fell to 267310 yuan per ton. Spot prices and processing fees showed different changes, and the market trading was light [63]. Important资讯 - Sino - US trade talks were held on July 28. The national industrial and information work conference was held [63]. Logic Analysis - Sino - US trade talks aim to extend the trade truce. The supply of tin ore is tight, and the demand is affected by the off - season [64]. Trading Strategy - Unilateral: The price fluctuates with the market sentiment. - Options: Temporarily wait and see [64][66].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Short - term, it is expected that the high price of oils and fats will correct. One can consider buying on dips after the correction. For YP09, a short - term rebound is possible, and one can consider shorting the spread after the rebound. For P15, one can consider widening the spread after the correction. In the options market, one can consider selling put options or buying call options after the correction [11][12]. 3. Summary by Directory 3.1 Data Analysis - **Spot Prices and Basis**: On July 29, 2025, for soybeans, the 2509 closing price was 8226 with a rise of 106. In different regions, spot prices varied, and the basis in Zhangjiagang, Guangdong, and Tianjin was 200, 150, and 110 respectively. For palm oil, the 2509 closing price was 8970 with a rise of 24, and the basis also differed by region. For rapeseed oil, the 2509 closing price was 9492 with a rise of 86, and the basis in Zhangjiagang, Guangdong, and Guangxi also had their own values [3]. - **Monthly Spread Closing Prices**: The 9 - 1 monthly spread of soybeans was 38 with a fall of 6, that of palm oil was 2 with a fall of 12, and that of rapeseed oil was 50 with a rise of 1 [3]. - **Cross - Variety Spreads**: The 09 contract of Y - P was (744) with a fall of 20, OI - Y was 1266, and OI - P was 522 with a rise of 62. The oil - meal ratio was 2.76 with a rise of 0.04 [3]. - **Import Profits**: The 24 - degree palm oil's盘面 profit from Malaysia and Indonesia was (111), and the 盘面 profit of crude rapeseed oil from Rotterdam was (869) [3]. - **Weekly Commercial Inventories**: In the 29th week of 2025, the commercial inventory of soybeans was 59.1 million tons, that of palm oil was 61.6 million tons, and that of rapeseed oil was 67.3 million tons [3]. 3.2 Fundamental Analysis - **International Market**: If the Indonesian government implements the B50 biofuel regulation, domestic palm oil consumption demand is expected to increase by 3 million tons, equivalent to 6.2% of the country's 2024 crude palm oil production of 48.2 million tons. The implementation of this regulation is expected to support palm oil prices in 2026, offsetting the negative impact of the US import tariff increase. Starting from August 1, 2025, the US will impose an additional 19% and 25% import tariffs on Indonesian and Malaysian palm oil respectively [5]. - **Domestic Market (P/Y/OI)**: - **Palm Oil**: As of July 25, 2025, the national key - area palm oil commercial inventory was 615,500 tons, a 4.08% increase from the previous week. The origin quotation decreased, and the import profit inversion narrowed. The spot market changed little, and the basis was stable. With the arrival of palm oil and inventory accumulation, the upward movement of the futures price was suppressed. One can consider buying on dips [6]. - **Soybean Oil**: On the day, the soybean oil futures price rose by more than 1%. The actual soybean crushing volume of oil mills last week was 2.2389 million tons, and the operating rate was 62.94%. As of July 25, 2025, the national key - area soybean oil commercial inventory was 1.0881 million tons, a 0.34% decrease from the previous week. The basis was stable. With a large amount of domestic soybeans arriving at ports and high - level crushing, soybean oil entered a phased inventory - accumulation period. One can consider buying on dips [7][9]. - **Rapeseed Oil**: On the day, the rapeseed oil futures price slightly declined. The rapeseed crushing volume of major coastal oil mills last week was 56,000 tons, and the operating rate was 14.93%. As of July 25, 2025, the coastal rapeseed oil inventory was 673,000 tons, a decrease from the previous week. The European rapeseed oil FOB quotation increased, and the import profit inversion expanded. The spot market was inactive, and the domestic rapeseed oil basis was stable with a slight decline. The price will maintain a wide - range oscillation, and one should continue to pay attention to rapeseed and rapeseed oil purchasing and policy changes [8]. 3.3 Trading Strategy - **Unilateral**: Short - term, expect a correction in the high price of oils and fats, and consider buying on dips after the correction [11]. - **Arbitrage**: YP09 may rebound in the short - term, and one can consider shorting the spread after the rebound. P15 can be considered for widening the spread after the correction [11]. - **Options**: After the correction, one can consider selling put options or buying call options [12]. 3.4 Relevant Attachments - The report provides 8 graphs, including the spot basis of East - China first - grade soybean oil, South - China 24 - degree palm oil, East - China third - grade rapeseed oil, monthly spreads of Y, P, OI, and cross - variety spreads of Y - P and OI - Y [15][18].

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints of the Report - The copper market is in a state of weak supply and demand, with short - term prices under pressure and in a volatile state. The aluminum market is affected by macro - economic factors and fundamentals, with short - term price pressure. The zinc market has sufficient supply in the medium - to - long term and weak consumption, with prices under pressure. The lead market has cost support, and the prices have a certain bottom - line. The nickel market has limited driving forces for prices and maintains a volatile state. The stainless steel market is affected by macro - expectations and cost factors, with short - term prices returning to the volatile range. The tin market is affected by supply and demand, with short - term prices following market sentiment. The industrial silicon market is expected to be weak in the medium - to - long term, and the short - term may have a rebound. The polycrystalline silicon market may have a short - term correction and then be involved in the market with a long - position and protective put option strategy. The lithium carbonate market has high short - term speculative sentiment and high uncertainty, and investors are advised to wait for policy implementation [7][23][39][44][49][56][64][70][75][81]. Summary by Related Catalogs Copper - **Market Review**: The Shanghai copper 2509 contract closed at 78,840 yuan/ton, down 0.18%, and the Shanghai copper index reduced its position by 2,049 lots to 496,800 lots. The spot premium of Shanghai copper was firm, and the spot premium in North China increased slightly [2]. - **Important Information**: The bonded - area copper inventory in Shanghai and Guangdong continued to increase. Teck Resource's copper production in Q2 2025 decreased year - on - year, and its annual production guidance was lowered. The production schedule of white - goods in August decreased compared to the same period last year [3][4]. - **Logic Analysis**: The impact of reciprocal tariffs may be relatively mild. The domestic smelters maintain high production, and the market is mainly disturbed by the expectation of copper tariffs. The inventory has increased, and the downstream procurement has slightly increased [5][7]. - **Trading Strategy**: The spot supply and demand are weak, and it is under pressure and volatile in the short term [7]. Alumina - **Market Review**: The alumina 2509 contract rose 33 yuan to 3,307 yuan/ton, and the position decreased by 7,296 lots to 359,400 lots. The spot prices in various regions increased [9]. - **Related Information**: Some alumina enterprises did not receive environmental - control notices. The replacement projects of large - scale alumina enterprises in Shandong were put into production, and the roasting project in Gansu was about to produce. The alumina plant in Guinea had a strike [10][11]. - **Logic Analysis**: After the reduction of positions and decline, it stabilized in the short term. The operating capacity increased, and the theoretical surplus expanded. The inventory has been increasing, and attention should be paid to the changes in warehouse receipts [14]. - **Trading Strategy**: The low warehouse receipts may drive the price to rebound. Temporarily wait and see for arbitrage and options [15][16]. Electrolytic Aluminum - **Market Review**: The Shanghai aluminum 2509 contract fell 45 yuan/ton to 20,605 yuan/ton, and the position decreased by 12,072 lots. The spot prices in various regions decreased [18]. - **Related Information**: The inventory of electrolytic aluminum increased, and the warehouse receipts decreased. Sino - US economic and trade talks were held, and the price law was being revised. Huafeng Aluminum planned to purchase aluminum products [19][20][22]. - **Trading Logic**: The LME aluminum price fluctuated and then declined. The domestic market should pay attention to policy expectations. The inventory of aluminum ingots is expected to increase, and attention should be paid to the opportunity of the widening of the monthly spread [23]. - **Trading Strategy**: The aluminum price is under pressure in the short term. Enter the long - spread position of 09 - 12 contracts after the spread converges due to inventory accumulation. Temporarily wait and see for options [24]. Cast Aluminum Alloy - **Market Review**: The cast aluminum alloy 2511 contract fell 15 yuan to 20,020 yuan/ton, and the position decreased by 246 lots. The spot prices in various regions remained unchanged [26]. - **Related Information**: The production of cast aluminum alloy decreased, and the price law was being revised [26][27]. - **Trading Logic**: The supply is restricted by the shortage of scrap - aluminum sources, and the demand is affected by different orders. The futures price is mainly affected by the cost following the aluminum price [30]. - **Trading Strategy**: The price is under pressure following the aluminum price. Consider the cash - and - carry arbitrage opportunity when the spot discount to the futures is more than 300 yuan. Temporarily wait and see for options [31][32]. Zinc - **Market Review**: The Shanghai zinc 2509 fell 0.35% to 22,655 yuan/ton, and the position decreased by 6,419 lots. The spot trading was average, and the premium was basically stable [34]. - **Related Information**: Heavy rainfall in North China did not affect the production and transportation of galvanized plants. The zinc concentrate production of some mines increased [35][36]. - **Logic Analysis**: The zinc concentrate market is stable, and the port inventory has decreased. The domestic refined zinc production may increase. The consumption is in the off - season, and the downstream procurement is weak [37][39]. - **Trading Strategy**: Profitable short - positions can continue to be held, and attention should be paid to setting stop - profit points. Buy put options. Temporarily wait and see for options [40][41]. Lead - **Market Review**: The Shanghai lead 2509 fell 0.24% to 16,900 yuan/ton, and the position decreased by 5,605 lots. The spot price was stable, and the downstream purchasing willingness improved slightly [42]. - **Related Information**: Heavy rainfall affected the raw - material transportation of recycled lead smelters [43]. - **Logic Analysis**: The lead price has cost support, and the production of primary and recycled lead is affected. The terminal consumption of lead - acid batteries has improved slightly [44]. - **Trading Strategy**: Profitable long - positions can continue to be held, and attention should be paid to macro - risks. Sell put options. Temporarily wait and see for options [45][47]. Nickel - **Market Review**: The main contract of Shanghai nickel NI2509 fell 1,040 to 121,800 yuan/ton, and the position decreased by 3,705 lots. The premiums of different brands of nickel changed [48]. - **Related Information**: The Fed may continue to cut interest rates. A large - scale nickel project in Southeast Sulawesi is expected to start in Q4 2025 [49]. - **Logic Analysis**: The commodity atmosphere has weakened, and the nickel price has a limited decline. The supply and demand are weak in July and August, and the price lacks driving forces [49]. - **Trading Strategy**: The short - term price follows the macro - atmosphere. Temporarily wait and see for arbitrage. Sell deep - out - of - the - money put options [50][52]. Stainless Steel - **Market Review**: The main SS2509 contract fell 15 to 12,920 yuan/ton, and the position decreased by 8,224 lots. The spot prices of cold - rolled and hot - rolled products were given [54]. - **Related Information**: The Yarlung Zangbo River hydropower project will drive the demand for stainless steel. A stainless - steel project of Guangqing Metal Technology is expected to be put into production in 2026 [55][56]. - **Logic Analysis**: The speculative atmosphere has cooled down. The external demand is restricted, and the internal demand is in the off - season. The cost has an impact on the price, and the market pays attention to macro - expectations [56]. - **Trading Strategy**: The short - term price returns to the volatile range. Temporarily wait and see for arbitrage [57][58]. Tin - **Market Review**: The main contract of Shanghai tin 2509 closed at 266,660 yuan/ton, down 0.76%, and the position decreased by 2,289 lots. The spot price decreased, and the trading was restricted [60]. - **Related Information**: Sino - US economic and trade talks were held, and a national industrial - information conference was convened [61]. - **Logic Analysis**: The LME inventory increased slightly. The supply of tin ore is tight, and the demand is weak in the off - season. Attention should be paid to the resumption of production in Myanmar and consumption recovery signals [62][64]. - **Trading Strategy**: The tin price follows the market sentiment. Temporarily wait and see for options [65][66]. Industrial Silicon - **Market Review**: The main contract of industrial silicon opened high and closed at 9,350 yuan/ton. The spot prices generally weakened [67][68]. - **Related Information**: It is rumored that an anti - involution meeting will be held in August [69]. - **Comprehensive Analysis**: The supply has increased, and the demand of some downstream products has changed. The social inventory has decreased. The price may decline in the medium - to - long term [70]. - **Strategy**: The short - term price may rebound, and it is weak in the medium - to - long term. Hold the previous protective put options. Participate in the reverse - spread of 11 and 12 contracts, the cash - and - carry arbitrage of 11 and 10 contracts, and the butterfly spread strategy [71]. Polycrystalline Silicon - **Market Review**: The main contract of polycrystalline silicon futures rose sharply and closed at 50,805 yuan/ton. The spot prices of different types of polycrystalline silicon were given [73]. - **Related Information**: The price of photovoltaic silicon wafers continued to rise [74]. - **Comprehensive Analysis**: The short - term "anti - involution" sentiment has declined, and the price may have a correction. The capacity integration is imperative, and the silicon - wafer price adjustment is completed [75]. - **Strategy**: The short - term price may have a correction, and then participate in the market with a long - position and protective put option strategy. Hold the long - polycrystalline - silicon and short - industrial - silicon position for a long time and conduct the reverse - spread of far - month contracts of polycrystalline silicon [76]. Lithium Carbonate - **Market Review**: The main 2509 contract fell 4,440 to 70,840 yuan/ton, and the position decreased by 78,853 lots. The spot prices decreased [77]. - **Important Information**: The sales of new - energy vehicles in the world increased in H1 2025, and China had a high share [78]. - **Logic Analysis**: The situation of the ore end is uncertain, and the price may test the support at 65,000 [81]. - **Trading Strategy**: The short - term speculative sentiment is strong, and the fundamentals are uncertain. It is recommended to wait and see. Enterprises with long - term contracts can consider cash - and - carry arbitrage. Temporarily wait and see for options [82][84].

Group 1: Report Information - Report Name: Fuel Oil Daily Report, July 29, 2025 [1] - Researcher: Wu Xiaorong [2] - Futures Practitioner Certificate Number: F03108405 [2] - Investment Consulting Practitioner Certificate Number: Z0021537 [2] Group 2: Related Data - FU Main Contract Price on July 29, 2025: 2917, up 48 from the previous day [3] - FU Main Contract Position on July 29, 2025: 192,000 lots, down 9,000 lots from the previous day [3] - FU Warehouse Receipt on July 29, 2025: 110,980 tons, unchanged from the previous day [3] - LU Main Contract Price on July 29, 2025: 3640, up 95 from the previous day [3] - LU Main Contract Position on July 29, 2025: 70,000 lots, down 3,000 lots from the previous day [3] - LU Warehouse Receipt on July 29, 2025: 90 tons, unchanged from the previous day [3] - FU9 - 1 Spread on July 29, 2025: -2, up 8 from the previous day [3] - LU9 - 10 Spread on July 29, 2025: -9, down 7 from the previous day [3] - LU - FU Main Contract Spread on July 29, 2025: 723, up 47 from the previous day [3] - FU09 - Outer Market 08 Spread on July 29, 2025: -1.6, up 3.7 from the previous day [3] - LU09 - Outer Market 08 Spread on July 29, 2025: 7.3, up 4.0 from the previous day [3] Group 3: Market Research and Judgment Market Overview - Important Information: The crude oil processing volume of Mexico's Olmeca refinery at the Dos Bocas port soared to 233,000 barrels per day in June, doubling from May and reaching the highest processing volume since its operation. Pemex management announced this on July 28 [6] Market Judgment - High - Sulfur Fuel Oil: Domestic high - sulfur spot supply in the near - term remains abundant, and the near - month internal - external spread fluctuates at a low level below 0. Asian high - sulfur supply remains at a high level, and the Singapore high - sulfur spot premium continues to fluctuate at a low level. Russian refinery operations continued to decline in July, and near - term exports are expected to decline month - on - month. The Middle East geopolitical conflict has not worsened again but persists. Mexico's high - sulfur exports continue to decline due to the commissioning of Olmeca's second - stage unit and the decline in the operation of some refineries. The supply pressure of high - sulfur fuel oil in the third quarter is slightly less than expected. On the demand side, the peak season of refined oil products combined with the decline in high - sulfur cracking, and the increase in China's fuel oil consumption tax deduction are all beneficial to the growth of high - sulfur feedstock demand. The seasonal power - generation demand for high - sulfur fuel oil is gradually declining. Attention should be paid to the recent import logistics changes in Egypt and Saudi Arabia [7] - Low - Sulfur Fuel Oil: The low - sulfur fuel oil spot premium fluctuates. The low - sulfur supply continues to recover, and there is no specific driver for downstream demand. Nigeria's RFCC unit has returned from maintenance, but its operation is still expected to be unstable. Attention should be paid to the near - term low - sulfur export logistics changes. South Sudan's external low - sulfur raw material supply has gradually returned to the level at the beginning of 2024, and new cargo loading tenders for August have been successively announced. Al - Zour's low - sulfur exports have rebounded to the high level during the normal operation of the refinery, and exports to the Singapore region have increased significantly. The low - sulfur market in China has abundant supply and stable demand. Attention should be paid to the near - term adjustment and issuance rhythm of low - sulfur quotas [7] - Other Information: FU warehouse receipts are 110,980 tons, unchanged from the previous trading day; LU warehouse receipts are 90 tons, unchanged from the previous trading day. In the Singapore paper market, the high - sulfur Aug/Sep monthly spread is -2.8 to -3.0 US dollars per ton, and the low - sulfur Aug/Sep monthly spread is 2.3 to 2.0 US dollars per ton [7] Group 4: Related Attachments - Figures: Singapore high - sulfur spot premium, Singapore low - sulfur spot premium, Singapore high - and low - sulfur spread, Singapore LSFO - GO, high - sulfur fuel oil cracking, low - sulfur fuel oil cracking [10]

Group 1: Report Summary - The report is a Black Metal R & D report on ferroalloys dated July 29, 2025 [2] - The research analyst is Zhou Tao, with relevant qualification numbers and contact information provided [3] Group 2: Market Information Futures - SF main contract closed at 6110, up 270 daily and 236 weekly, with trading volume of 726,721 (down 491,602) and open interest of 196,312 (up 769) [4] - SM main contract closed at 6212, up 184 daily and 200 weekly, with trading volume of 1,009,206 (down 238,021) and open interest of 347,380 (down 6,026) [4] Spot - For ferrosilicon, 72% FeSi in Inner Mongolia, Ningxia, and some other regions had price increases, with Inner Mongolia and Ningxia at 5,650 (up 50 daily and 250 weekly), and Jiangsu and Tianjin at 5,850 [4] - For silicomanganese, 6517 silicomanganese in Inner Mongolia, Ningxia, and other regions also saw price hikes, with Inner Mongolia at 5,800 (up 100 daily and 100 weekly), and Jiangsu at 6,100 [4] Basis/Spread - For ferrosilicon, Inner Mongolia - main had a basis of -460 (down 220 daily and up 14 weekly), and SF - SM spread was -102 (up 86 daily and 36 weekly) [4] - For silicomanganese, Inner Mongolia - main had a basis of -412 (down 84 daily and 100 weekly), and Guangxi - Inner Mongolia spread was 50 (unchanged daily and up 50 weekly) [4] Raw Materials - For manganese ore in Tianjin, Australian lump was 40 (unchanged daily and up 0.3 weekly), South African semi - carbonate was 34.8 (unchanged daily and up 0.1 weekly), and Gabon lump was 40 (up 0.5 daily and 0.7 weekly) [4] - For semi - coke small pieces, prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged [4] Group 3: Market Judgment Trading Strategy - Unilateral: Short - term strength, but due to recent sharp and volatile market, no chasing of rising prices [7] - Arbitrage: Close the long ferrosilicon and short silicomanganese position, and consider cash - and - carry arbitrage when the basis is low [7] - Options: Hold off [7] Market Analysis - Ferrosilicon: On July 29, spot prices were firm with slight increases in some regions. Supply increased slightly with rising prices. Demand was supported by high steel mill output due to good steel profits. Market sentiment was boosted by the rebound of coking coal, but it's not advisable to chase the rising prices [6] - Silicomanganese: On July 29, manganese ore and silicomanganese spot prices were firm. Supply also increased slightly with price increases. Demand was supported by good steel profits, and the cost of port manganese ore was relatively strong. The fundamentals were healthy, but due to market volatility, no chasing of rising prices [6] Important Information - On July 29, Tianjin Port had semi - carbonate at 35.5 yuan/ton degree, Gabon lump at 40.5 - 41 yuan/ton degree, CML Australian lump at 41.5 - 42 yuan/ton degree, and South32 Australian lump at 40 - 40.5 yuan/ton degree [8] - On July 29, Hebei steel mills raised the purchase price of coke, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton [8] Group 4: Related Attachments Price Charts - There are charts showing the trend of ferroalloy main contracts, the spread of main contracts SF - SM, the monthly spread of ferrosilicon and silicomanganese, the basis of ferrosilicon and silicomanganese (main contract - Inner Mongolia), and the spot prices of silicomanganese and Inner Mongolia silicomanganese [11][15][16] Cost and Profit Charts - There are charts of ferrosilicon and silicomanganese cost and profit, including production costs and profits in different regions such as Inner Mongolia, Ningxia, and Guangxi [19][22] - For ferrosilicon, production costs in Inner Mongolia were 5,421 with a profit of 79, and in Ningxia were 5,274 with a profit of 226 [19] - For silicomanganese, production costs in Inner Mongolia were 5,747 with a profit of 3, and in Guangxi were 6,241 with a loss of 521 [22]

Report Information - Report Title: Iron Ore Daily Report - Report Date: July 29, 2025 - Report Author: Commodity Research Institute, Black Research and Development Report [1][2] Core Data Futures Prices - DCE01: 770.5, up 13.5 from yesterday; DCE05: 749.0, up 11.0; DCE09: 798.0, up 12.0 [3] - I01 - I05: 21.5, up 2.5; I05 - I09: -49.0, down 1.0; I09 - I01: 27.5, down 1.5 [3] Spot Prices - PB powder: 770, down 12 from the day before yesterday; Newman powder: 766, down 11; Mac powder: 756, down 10 [3] - The optimal deliverable is PB powder, with a standard - converted price of 811, 01 - factory - warehouse basis of 46, 05 - factory - warehouse basis of 65, and 09 - factory - warehouse basis of 17 [3] Price Spreads - Spot variety spreads: e.g., Carajás fines - PB powder: 99, down 1; Newman powder - Jinbuba powder: 23, down 1 [3] - Import profits: e.g., Carajás fines: -4, up 4; Newman powder: 10, up 9 [3] Indexes - Platts 62% iron ore price: 100.1, down 2.5; Platts 65% iron ore price: 114.6, down 2.2; Platts 58% iron ore price: 87.4, down 2.1 [3] - Inner - outer market US - dollar spreads: e.g., SGX main - DCE01: 8.8, down 0.6; SGX main - DCE05: 11.2, down 0.8; SGX main - DCE09: 5.2, down 0.4 [3] Charts - The report includes multiple charts showing data such as the basis of the optimal deliverable against different contracts, cross - period arbitrage spreads, import profits of different iron ore varieties, price spreads between different iron ore products, and inner - outer market US - dollar spreads [8][9][10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic soybean meal and rapeseed meal markets are expected to be mainly in a state of oscillatory operation. The short - term upward momentum of soybean meal is limited, and the deep - decline space after the correction is also restricted. Rapeseed meal is likely to follow the soybean meal to oscillate, and its ability to have an independent market is relatively weak. The monthly spread of soybean meal is expected to have some downward pressure, while that of rapeseed meal shows a rebound, but the rebound space is limited. The spread between soybean meal and rapeseed meal is expected to oscillate [8]. - The trading strategy is to expect the market to be mainly in an oscillatory state for single - side trading, suggest expanding the MRM09 spread for arbitrage, and adopt a wait - and - see attitude for options [9]. 3. Summary by Related Catalogs 3.1 Market Review - Today, the US soybean futures showed a slight oscillatory trend with limited market changes. After the previous positive factors were fully reflected, there was some downward pressure recently, and the market gradually stabilized after the decline. The domestic soybean meal futures continued to decline, but the decline narrowed as the absolute price was relatively low and further negative factors were limited. Rapeseed meal also had a limited decline, and the market lacked new themes, continuing to be affected by soybean meal, with subsequent uncertainties remaining. The monthly spread of domestic soybean meal futures also showed a slight oscillation, and the downward space of the monthly spread was limited after the decline of the single - side price narrowed, but the spot pressure still existed. The monthly spread of rapeseed meal showed a rebound trend, mainly because the previous decline was relatively large and the further downward space was limited. However, since the near - term pressure on rapeseed meal was still obvious, the rebound space was expected to be limited [4]. 3.2 Fundamental Analysis International Market - The new US soybean crop is generally bearish, and the upward space is significantly limited after the recent rebound. The new soybean market is mainly characterized by ample supply and limited support. As of the week ending July 27, the good - to - excellent rate of US soybeans reached 70%, up from 68% in the previous week. As of the week ending July 24, the export inspection volume of old US soybean crops was 409,700 tons. The US soybean crushing data in June was good, with the NOPA - caliber soybean crushing volume reaching 185.709 million bushels, a year - on - year increase of 5.76%, and the crushing profit rebounded. - In the previous week, Brazilian farmers accelerated their selling progress, but the overall progress was still relatively slow, and there was still some pressure expected in the future. The Brazilian soybean crushing situation has generally improved recently. The soybean crushing volume in May announced by abiove continued to increase month - on - month. The demand for soybean meal and soybean oil was generally good, and the crushing profit improved overall under the background of the rapid increase in soybean oil prices recently. However, crushing had limited effect on alleviating the supply pressure, and the subsequent demand improvement space was also relatively limited. Due to China's large volume of soybean purchases, Brazil is expected to still have room for export growth, and the market pressure is still relatively obvious. - The domestic soybean crushing volume in Argentina may improve in the future, mainly because the subsequent exports may decrease under the influence of tariffs. However, the current domestic crushing profit in Argentina is average, so the improvement space is still relatively limited. Overall, the supply pressure of the international soybean market is mainly concentrated in South America. Especially when the subsequent crushing in Argentina decreases, soybean exports may become more obvious, and Brazil has a large output, so the pressure remains obvious when the subsequent domestic crushing decreases [5]. Domestic Market - The domestic spot market continued to be in a relatively loose state. The oil refinery operating rate remained at a high level, the market supply was sufficient, the提货量 (pick - up volume) increased accordingly, and the inventory gradually accumulated. The overall spot market trading performance was average. As of July 25, the actual soybean crushing volume of oil refineries was 2.2389 million tons, the operating rate was 62.94%, the soybean inventory was 6.4559 million tons, an increase of 33,500 tons or 0.52% from the previous week, and a year - on - year decrease of 10,700 tons or 0.17%. The soybean meal inventory was 1.0431 million tons, an increase of 44,700 tons or 4.48% from the previous week, and a year - on - year decrease of 302,800 tons or 22.5%. - Recently, the domestic demand for rapeseed meal has continued to show a gradual weakening trend, and the oil refinery operating rate has decreased. However, the overall supply was sufficient, and the inventory of granular rapeseed meal remained at a high level, so the overall supply pressure still existed. Although there was uncertainty in the subsequent supply of rapeseed and rapeseed meal, the demand also weakened, and there was still some near - term pressure. Therefore, rapeseed meal is expected to be mainly in an oscillatory operation. As of the week ending July 25, the rapeseed crushing volume of major coastal oil refineries was 56,000 tons, and the operating rate this week was 14.93%. The rapeseed inventory of major coastal oil refineries was 137,000 tons, a decrease of 25,000 tons from the previous week; the rapeseed meal inventory was 19,000 tons, an increase of 7,000 tons from the previous week [6]. 3.3 Macroeconomic Analysis - The Sino - US negotiations in London have been completed, but the market has not provided much clear information. Due to the lack of clear macro - guidance, the market continues to be worried about the uncertainty of subsequent supply. From the perspective of recent international trade changes, there are still many overall uncertainties. However, as the market gradually stabilizes, the macro - level disturbances are decreasing. Since China still has a high demand for the US soybean market in the long - term, it is not easy to see a sharp decline in the short term, especially in the absence of macro - guidance [7]. 3.4 Price and Spread Data Futures and Spot Basis - For soybean meal futures, the closing prices of contracts 01, 05, and 09 were 3028, 2744, and 2983 respectively, with changes of - 13, - 7, and - 7. The spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao were - 90, - 140, - 140, and - 130 respectively, with changes of 0, 10, 20, and 20 compared to the previous day. - For rapeseed meal futures, the closing prices of contracts 01, 05, and 09 were 2379, 2372, and 2660 respectively, with changes of - 14, 2, and 0. The spot basis in Nantong, Guangdong, and Guangxi were - 140, - 140, and - 150 respectively, with changes of 0, - 20, and - 20 compared to the previous day [4]. Monthly Spread - For soybean meal, the 59 - spread was - 239 (unchanged from the previous day), the 91 - spread was - 45 (an increase of 6 from the previous day), and the 15 - spread was 284 (a decrease of 6 from the previous day). - For rapeseed meal, the 59 - spread was - 288 (an increase of 2 from the previous day), the 91 - spread was 281 (an increase of 14 from the previous day), and the 15 - spread was 7 (a decrease of 16 from the previous day) [4]. Cross - Variety Futures Spread - The spread between soybean meal and rapeseed meal for contract 01 was 649 (an increase of 1 from the previous day), and for contract 09 was 323 (a decrease of 7 from the previous day). The oil - to - meal ratio for contract 01 was 2.704 (an increase of 0.048 from the previous day) [4]. Spot Spread - The spread between soybean meal and rapeseed meal was 604 (an increase of 27 from the previous day), the spread between rapeseed meal and sunflower meal was - 31 (a decrease of 34 from the previous day), and the spread between soybean meal and sunflower meal was 573 (an increase of 3 from the previous day) [4]. 3.5 Soybean Crushing Profit - The report provides the soybean crushing profit data from different origins (Argentina and Brazil) with different shipping dates, including CNF, CBOT price, contract, exchange rate, soybean meal price, soybean oil price, and the corresponding crushing profits (both on - the - spot and in the futures market) and their changes compared to the previous day [10].

Group 1: Market Analysis of Container Shipping - The peak of the peak - season freight rate has passed. Mainstream shipping companies have successively lowered their spot quotes for August, causing the EC futures market to fluctuate weakly. On July 29, EC2510 closed at 1460 points, down 2.85% from the previous day's close. The latest SCFIS European Line index released after Monday's trading was 2316.56 points, down 3.5% month - on - month, indicating a decline in spot freight rates [4]. - Spot freight rates show a divergence in quotes among mainstream shipping companies. Most shipping companies except MSC have either maintained or lowered their freight rates for the first half of August. The demand side is affected by tariff policies during the traditional peak season from July to August. The supply side shows that the average weekly capacity in July, August, and September 2025 is 264,200, 289,900, and 296,600 TEU respectively, with a slight decline in July and September compared to the previous week's schedule. The ship schedule in September is still abundant [5]. - Regarding tariffs, Trump extended the tariff exemption period to August 1st. The US has finalized tariffs of about 19 - 20% on Vietnam, Indonesia, and the Philippines, and 15% on the EU and Japan. The Sino - US negotiation has been extended for 90 days, and the cease - fire negotiation in the Israel - Palestine conflict is in progress [5]. Group 2: Trading Strategies for Container Shipping - Unilateral trading: It is expected that the futures market will remain weak. This week, the market is expected to be disturbed by macro - events such as tariff negotiations. For EC2510, some short positions can be closed for profit and some can be rolled over. The overall strategy is to short on rallies [6]. - Arbitrage: Conduct rolling operations on the 10 - 12 reverse spread [7]. Group 3: Industry News for Container Shipping - The US Secretary of Commerce said that the EU will pay a 15% tariff, with a few small commodities excluded. Trump will consider several agreements this week and then determine the tax rates [8]. - Trump said that the US will announce tariffs on drugs in the near future, and global tariffs will be around 15 - 20% [10]. - Trump expressed disappointment with Putin and is considering giving Russia less than two weeks to reach a cease - fire agreement [11]. - The Canadian Prime Minister claimed that the trade negotiation with the US is in a tense stage [12]. - A Dutch bank analyst said that it is unrealistic for the EU to purchase $750 billion worth of US energy products in three years without a significant increase in energy prices [12]. - Netanyahu said that Israel will continue to fight until the hostages are released and Hamas is defeated, and will cooperate with international institutions and the US and European countries to ensure the entry of a large amount of aid supplies into the Gaza Strip [13]. - The Iranian Foreign Minister said that if the aggression occurs again, Iran will respond more resolutely [13]. - Two senior assistants of Netanyahu went to the US on Sunday and will hold talks with White House officials on Iran and Gaza issues this week [13]. Group 4: Market Analysis of Dry Bulk Shipping - The Baltic Dry Index (BDI) fell on Monday due to the decline in freight rates of all ship types. The BDI dropped 31 points, or 1.37%, to 2226 points. The Capesize Index fell 55 points or 1.4% to 3774 points, and the Panamax Index dropped 40 points, or 2.2%, to 1798 points, the lowest since July 10th [16]. - On July 28, the freight rate of the Capesize iron ore route from Tubarao, Brazil to Qingdao was $24.59/ton, down 0.65% month - on - month, and the rate from Western Australia to Qingdao was $10.25/ton, down 0.34% month - on - month. As of July 25, the weekly freight rates of some Capesize coal and bauxite routes increased, while some Panamax coal routes decreased [17]. - From July 21st to July 27th, 2025, the total global iron ore shipments were 32.009 million tons, a month - on - month increase of 918,000 tons. In the fourth week of July 2025, a total of 10.4472 million tons of soybeans were loaded, with an average daily loading volume of 549,900 tons/day, a 12.41% increase compared to July last year [18]. - The Capesize ship market had few inquiries on the previous day, and the overall market was calm at the beginning of the week, with freight rates falling slightly. The demand for grain transportation in the Panamax ship market weakened, and although there were some coal cargoes released, the market capacity increased, resulting in a slight decline in freight rates [19]. Group 5: Industry News for Dry Bulk Shipping - Typhoon "Bamboo Grass" is expected to move northwest at a speed of 10 - 15 km/h, gradually intensify, and make landfall on the coast from Sanmen, Zhejiang to Qidong, Jiangsu between noon and evening on the 30th [20]. - China - US economic and trade teams held talks in Stockholm on July 28th. Trump said that the US is very close to reaching an agreement with China [21]. - The total inventory of imported iron ore at 47 ports in China was 142.8173 million tons, a week - on - week decrease of 1.0683 million tons. The total inventory of iron ore at seven major ports in Australia and Brazil was 13.549 million tons, a week - on - week decrease of 696,000 tons [21]. Group 6: Related Attachments - The report provides multiple graphs, including those related to container shipping such as SCFIS European and US - West lines, SCFI comprehensive index, and container freight rates of different routes; and those related to dry bulk shipping such as BDI, BPI, BCI, and BSI indices, as well as BDTI and BCTI [22][26][35][38][39].