最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 702.0 0.0 3.0 53.0 -138.0 25省终端可用天数 18.9 0.2 -1.0 -2.0 1.3 秦皇岛5000 629.0 -4.0 -3.0 44.0 -111.0 25省终端供煤 616.5 5.1 8.0 -23.5 -6.3 广州港5500 765.0 0.0 0.0 35.0 -135.0 北方港库存 2018.0 0.0 -51.0 -330.0 -185.4 鄂尔多斯5500 475.0 -5.0 -15.0 50.0 -135.0 北方锚地船舶 78.0 8.0 8.0 -32.0 -1.0 大同5500 530.0 -10.0 -30.0 30.0 -160.0 北方港调入量 153.0 -3.6 -11.1 5.9 -18.3 榆林6000 602.0 -20.0 -20.0 30.0 -176.0 北方港吞吐量 143.8 -9.7 -24.4 -25.5 -36.5 榆林6200 630.0 -20.0 -20.0 30.0 -174.0 CBCFI海运指数 790.8 - ...

Report Information - Report Title: Asphalt Thick Report [2] - Research Team: Research Center's Energy and Chemicals Team - Report Date: August 26, 2025 [3] Key Data Futures Contract Prices - BU主力合约: 3512 on August 25, up 29 from the previous day and 51 from the previous week [4] - BU06: 3372 on August 25, up 12 from the previous day and 54 from the previous week [4] - BU09: 3545 on August 25, up 29 from the previous day and 48 from the previous week [4] - BU12: 3432 on August 25, up 32 from the previous day and 62 from the previous week [4] - BU03: 3394 on August 25, up 32 from the previous day and 72 from the previous week [4] Trading Volume and Open Interest - Trading volume: 257,555 on August 25, up 46,827 from the previous day and 43,392 from the previous week [4] - Open interest: 411,487 on August 25, down 9,629 from the previous day and 24,832 from the previous week [4] Market Prices - Shandong market price: 3520 on August 25, up 20 from the previous day and down 100 from the previous week [4] - East China market price: 3720 on August 25, unchanged from the previous day and down 10 from the previous week [4] - South China market price: 3480 on August 25, unchanged from the previous day and down 40 from the previous week [4] - North China market price: 3650 on August 25, unchanged from the previous day and down 30 from the previous week [4] - Northeast market price: 3880 on August 25, unchanged from the previous day and the previous week [4] Spot Prices - Jingbo (Haiyun): 3680 on August 25, down 10 from the previous day and up 10 from the previous week [4] - Bihai (Xin Bohai): 3650 on August 25, unchanged from the previous day and down 30 from the previous week [4] Basis and Spread - Shandong - East China basis: -200 on August 25, up 20 from the previous day and down 90 from the previous week [4] - Shandong - Northeast basis: -360 on August 25, up 20 from the previous day and down 100 from the previous week [4] - East China - South China basis: 240 on August 25, unchanged from the previous day and up 30 from the previous week [4] - Shandong basis: 8 on August 25, down 9 from the previous day and down 151 from the previous week [4] - East China basis: 208 on August 25, down 29 from the previous day and down 61 from the previous week [4] - South China basis: -32 on August 25, down 29 from the previous day and down 91 from the previous week [4] - 03 - 06 spread: 22 on August 25, up 20 from the previous day and 18 from the previous week [4] - 06 - 09 spread: -173 on August 25, down 13 from the previous day and up 6 from the previous week [4] - 09 - 12 spread: 113 on August 25, down 7 from the previous day and 14 from the previous week [4] - 12 - 03 spread: 38 on August 25, unchanged from the previous day and down 10 from the previous week [4] - Consecutive first - consecutive second spread: 29 on August 25, down 6 from the previous day and 7 from the previous week [4] Crack Spread and Profit - Asphalt Brent crack spread: Data unavailable after August 15 [4] - Asphalt Mares profit: Data unavailable after August 15 [4] - Ordinary refinery comprehensive profit: 511 on August 15 [4] - Mares - type refinery comprehensive profit: 754 on August 15 [4] - Import profit (South Korea - East China): -126 on August 25, up 3 from the previous day and down 1 from the previous week [4] - Import profit (Singapore - South China): -1061 on August 25, up 4 from the previous day and down 26 from the previous week [4] Related Prices - Brent crude oil: 67.7 on August 25, up 0.1 from the previous day and 1.1 from the previous week [4] - Shandong gasoline market price: 7618 on August 25, down 51 from the previous day and 121 from the previous week [4] - Shandong diesel market price: 6476 on August 25, down 57 from the previous day and 126 from the previous week [4] - Shandong residual oil market price: 3635 on August 25, down 25 from the previous day and 5 from the previous week [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on August 26, 2025 [1][4][5] Group 3: Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 79440, three - month price is 79680, LME three - month price is 9809, and the ratio is 8.08 [1] - **Zinc**: Domestic spot price is 22300, three - month price is 22390, LME three - month price is 2806, and the ratio is 6.01 [1] - **Aluminum**: Domestic spot price is 20780, three - month price is 20740, LME three - month price is 2622, and the ratio is 7.91 [1] - **Nickel**: Domestic spot price is 119100, and the profit of spot import is - 1806.58 [1] - **Lead**: Domestic spot price is 16700, three - month price is 16870, LME three - month price is 1992, and the ratio is 11.23 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are 1000 (next month), 990 (three - month), 970 (four - month), 950 (five - month), with theoretical spreads of 495, 889, 1291, 1694 respectively [4] - **Zinc**: The spreads are 120 (next month), 115 (three - month), 110 (four - month), 105 (five - month), with theoretical spreads of 214, 335, 455, 576 respectively [4] - **Aluminum**: The spreads are 120 (next month), 90 (three - month), 55 (four - month), 30 (five - month), with theoretical spreads of 214, 330, 445, 560 respectively [4] - **Lead**: The spreads are 85 (next month), 90 (three - month), 115 (four - month), 135 (five - month), with theoretical spreads of 209, 314, 419, 524 respectively [4] - **Nickel**: The spreads are 850 (next month), 990 (three - month), 1320 (four - month), 1590 (five - month) [4] - **Tin**: The 5 - 1 spread is 1610, with a theoretical spread of 5594 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 665 and 335 respectively, with theoretical spreads of 251 and 836 [4] - **Zinc**: The spreads are - 25 and 95 respectively, with theoretical spreads of 166 and 296 [4] - **Zinc (repeated data)**: The spreads are - 25 and 95 respectively, with theoretical spreads of 134 and 277 [5] - **Lead**: The spreads are 80 and 165 respectively, with theoretical spreads of 158 and 270 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.56, 3.84, 4.72, 0.93, 1.23, 0.75 respectively [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for late August to early September (week 35 - 36). The final average price in week 35 was $2,550 (equivalent to 1,800 points), and in week 36, the current average quote is $2,250 (1,550 points). Most shipping companies face pressure to secure cargo at the end of the month, while MSK has relatively less pressure due to significant price cuts. [2][3][16][17] - The overall shipping capacity in September has been reduced due to the additional suspension of OA Alliance's FAL8 in week 37. The weekly average shipping capacity in September and October 2025 is 300,000 and 290,000 TEU respectively. The market situation in September is relatively loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1,250 - 1,300), with limited downside potential. Investors can consider long - positions in the December contract. [2][16] 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Contract Prices and Changes**: EC2508 closed at 2,127.7 with a 0.13% increase; EC2510 at 1,309.0 with a 1.21% decrease; EC2512 at 1,661.2 with a 3.50% decrease; EC2602 at 1,465.0 with a 3.17% decrease; EC2604 at 1,264.5 with a 1.94% decrease; EC2606 at 1,430.0 with a 2.73% decrease. [2][16] - **Open Interest Changes**: The open interest of EC2508 decreased by 92, EC2510 by 38, EC2512 increased by 1,086, EC2602 increased by 52, EC2604 increased by 120, and EC2606 increased by 20. [2][16] - **Month - to - Month Spreads**: The spread between EC2508 - 2510 was 818.7, showing a daily increase of 18.7 and a weekly increase of 103.6; the spread between EC2510 - 2512 was - 352.2, with a daily increase of 44.2 and a weekly increase of 64.4; the spread between EC2512 - 2602 was 196.2, with a daily decrease of 12.2 and a weekly decrease of 55.6. [2][16] 3.2 Index Information - **TTI**: Updated on August 18, 2025, it was 2,180.17 points, down 2.47% from the previous period and 2.71% from two periods ago. [2][16] - **SCH (European Line)**: Updated on August 22, 2025, it was $1,668 per TEU, down 8.31% from the previous period and 7.19% from two periods ago. [2][16] - **CCFI**: Updated on August 22, 2025, it was 1,757.74 points, down 1.85% from the previous period and 0.48% from two periods ago. [2][16] - **NCFI**: Updated on August 22, 2025, it was 1,083.74 points, down 8.85% from the previous period and 5.49% from two periods ago. [2][16] 3.3 Recent European Line Quotations - **Week 35**: The average price was $2,575 (equivalent to 1,770 points). BA Alliance quoted $2,500, MSK started at $2,300 and then rose to $2,490, and OA Alliance quoted between $2,700 - $2,800. [3][17] - **Week 36**: The average price was $2,250 (1,550 points). PA Alliance quoted between $2,200 - $2,300, MSK started at $2,100 and then rose to $2,200, and OA Alliance quoted between $2,300 - $2,400. [3][17] 3.4 Related News - On August 24, a senior Hamas official stated that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive to achieve political goals. [4][18] - On August 21, the US and the EU reached an agreement on the "Reciprocal, Fair, and Balanced Trade Agreement Framework." The US will impose a 15% tariff on most EU goods such as cars, pharmaceuticals, semiconductors, and wood, while some products like scarce natural resources, aircraft and parts, and generic drugs are exempt. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, and planned to purchase $750 billion worth of US liquefied natural gas, oil, and nuclear products by 2028, along with $40 billion worth of US AI chips. EU companies will also invest an additional $600 billion in US strategic industries. [4][18]

Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2][13][24] - Research Team: Research Center Energy and Chemicals Team [2][13][24] - Report Date: August 25, 2025 [2][13][24] Core Data Summary BR (Butadiene Rubber) - **Price and Volume Metrics**: On August 22, the closing price of the main contract was 11,660, down 115 from the previous day and 155 from the weekly comparison; the open interest was 35,755, a daily decrease of 2,681 but a weekly increase of 15,399; the trading volume was 89,334, down 17,547 from the previous day but up 26,069 from the weekly comparison; the warrant quantity was 12,190, unchanged from the previous day but up 1,720 from the weekly comparison; the long - short ratio was 14.67, a daily decrease of 1 but a weekly increase of 5 [3][14][25]. - **Basis and Spread**: The butadiene styrene basis was 590, a daily increase of 205; the 8 - 9 spread was 145, a daily increase of 75 and a weekly increase of 80; the 9 - 10 spread was 20, a daily increase of 40 and a weekly increase of 25 [3][14][25]. - **Spot Price**: The Shandong market price was 11,700, down 50 from the previous day but unchanged from the weekly comparison; the Transfar market price was 11,650, down 50 from the previous day but up 50 from the weekly comparison; the Qilu ex - factory price was 11,900, unchanged from the previous day but up 100 from the weekly comparison; CFR Northeast Asia was 1,450, unchanged; CFR Southeast Asia was 1,725, unchanged from the previous day but down 10 from the weekly comparison [3][14][25]. - **Processing and Trade Profits**: The spot processing profit was - 1, with a daily increase of 62 and a weekly increase of 36; the on - screen processing profit was 41, a daily decrease of 3 but a weekly decrease of 119; the import profit was - 82,362, a daily decrease of 108 and a weekly decrease of 790; the export profit was - 420, a daily increase of 49 but a weekly decrease of 2 [3][14][25]. BD (Butadiene) - **Price Metrics**: The Shandong market price was 9,315, down 110 from the previous day and 35 from the weekly comparison; the Jiangsu market price was 9,250, down 100 from the previous day and 50 from the weekly comparison; the Yangzi ex - factory price was 9,400, unchanged; CFR China was 1,080, unchanged from the previous day but up 10 from the weekly comparison [3][14][25]. - **Processing and Trade Profits**: The carbon four extraction profit data was unavailable; the butene oxidative dehydrogenation profit was 156, a daily decrease of 100 and a weekly decrease of 50; the import profit was 337, a daily decrease of 105 and a weekly decrease of 129; the export profit was - 945, a daily increase of 91 and a weekly increase of 114 [3][14][25]. Downstream Products - **Production Profits**: The butadiene rubber production profit was - 41, a daily decrease of 3 and a weekly decrease of 119; the butadiene styrene production profit was 938, unchanged from the previous day but up 100 from the weekly comparison; the ABS production profit data was unavailable; the SBS (791 - H) production profit was 1,145, unchanged [3][14][25]. Inter - and Intra - Product Spreads - **Inter - Product Spreads**: The Thai mixed - butadiene rubber spread was 2,900, a daily increase of 30 but a weekly decrease of 50; the 3L - butadiene styrene spread was 2,600, unchanged from the previous day and a weekly decrease of 50 [3][14][25]. - **Intra - Product Spreads**: The butadiene rubber standard - non - standard spread was 200, a daily increase of 50 but unchanged from the weekly comparison; the butadiene styrene 1502 - 1712 spread was 1,000, unchanged [3][14][25].

Report Information - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team - Report Date: August 25, 2025 [3] Core Data Summary BR (Butadiene Rubber) - **Price and Volume**: On August 22, the closing price of the main contract was 11,660, down 115 from the previous day and 155 from the previous week; the trading volume was 89,334, down 17,547 from the previous day but up 26,069 from the previous week; the open interest was 35,755, down 2,681 from the previous day but up 15,399 from the previous week; the warrant quantity was 12,190, unchanged from the previous day but up 1,720 from the previous week [4]. - **Price Structure**: The virtual - to - real ratio was 14.67, down 1 from the previous day but up 5 from the previous week; the butadiene rubber basis (Shun Ding) was 40, up 65 from the previous day and 155 from the previous week; the butadiene rubber basis (two - oil) was 240, up 115 from the previous day [4]. - **Market Price**: The Shandong market price was 11,700, down 50 from the previous day but unchanged from the previous week; the Chuanhua market price was 11,650, down 50 from the previous day but up 50 from the previous week; the Qilu ex - factory price was 11,900, unchanged from the previous day but up 100 from the previous week [4]. - **Profit**: The spot processing profit was - 1, and the margin processing profit was - 41, up 62 and down 3 from the previous day respectively; the import profit was - 82,362, up 108 from the previous day and 790 from the previous week; the export profit was - 420, up 49 from the previous day but down 2 from the previous week [4]. BD (Butadiene) - **Market Price**: The Shandong market price was 9,315, down 110 from the previous day and 35 from the previous week; the Jiangsu market price was 9,250, down 100 from the previous day and 50 from the previous week; the Yangzi ex - factory price was 9,400, unchanged from the previous day and the previous week; CFR China was 1,080, unchanged from the previous day but up 10 from the previous week [4]. - **Profit**: The carbon - four extraction profit was N/A; the butene oxidative dehydrogenation profit was 156, down 100 from the previous day and 50 from the previous week; the import profit was 337, down 105 from the previous day and 129 from the previous week; the export profit was - 945, up 91 from the previous day and 114 from the previous week [4]. Downstream Products - **SBS Production Profit (791 - H)**: It was 1,145, unchanged from the previous day and the previous week [4]. - **ABS Production Profit**: It was N/A [4]. - **SBR Production Profit**: It was 938, unchanged from the previous day but up 100 from the previous week [4]. Variety Spreads - **RU - BR**: It was - 20,130, up 2,586 from the previous day and down 15,679 from the previous week [4]. - **NR - BR**: It was - 23,245, up 2,591 from the previous day and down 15,599 from the previous week [4]. - **Thai Mixed - Shun Ding**: It was 2,900, up 30 from the previous day but down 50 from the previous week [4]. - **3L - SBR**: It was 2,600, unchanged from the previous day and down 50 from the previous week [4]. - **Shun Ding Standard - Non - Standard Spread**: It was 200, up 50 from the previous day but unchanged from the previous week [4]. - **SBR 1502 - 1712**: It was 1,000, unchanged from the previous day [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No relevant information provided 3. Summary According to the Content Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 765, down 1 from the previous day and 2 from the previous week; PB powder price is 767, down 2 and 5 respectively; Macfarlane powder price is 753, down 2 and 10; Jinbuba powder price is 740, down 3 and 4; Mixed powder price is 700, down 5 and unchanged from the previous week; Super special powder price is 651, down 1 and up 6; Carajás powder price is 873, down 7 and 6 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 810, down 2 and unchanged from the previous week; Brazilian coarse IOC6 price is 775, down 2 and up 11; Brazilian coarse SSFG price is 780, down 2 and up 11 [1] - **Other Iron Ores**: Ukrainian concentrate price is 878, up 1 and 2; 61% Indian powder price is 729, down 3 and 4; Karara concentrate price is 878, up 1 and 2; Roy Hill powder price is 737, down 2 and 5; KUMBA powder price is 826, down 2 and 5; 57% Indian powder price is 596, down 1 and up 6; Atlas powder price is 695, down 5 and unchanged from the previous week [1] - **Domestic Iron Ore**: Tangshan iron concentrate price is 977, unchanged from the previous day and week [1] Futures Market - **DCE Contracts**: i2601 contract price is 770.0, down 2.5 from the previous day and 6 from the previous week; i2605 contract price is 747.5, down 0.5 and 8; i2509 contract price is 789.0, down 2 and 3 [1] - **SGX Contracts**: FE01 contract price is 100.52, up 0.35 from the previous day and down 0.72 from the previous week; FE05 contract price is 98.21, up 0.31 and down 0.59; FE09 contract price is 101.17, up 0.42 and down 0.92 [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core View of the Report No core view is presented in the given content. 3. Summary by Relevant Catalogs Futures Market Data - **Contract Prices**: On August 22, the BU主力合约 price was 3483, up 18 from the previous day and 11 from the week before; BU06 was 3360, up 18 and 35 respectively; BU09 was 3520, up 24 and 10; BU12 was 3400, up 27 and 17; BU03 was 3362, up 22 and 18 [4]. - **Trading Volume and Open Interest**: The trading volume on August 22 was 210,728, an increase of 15,811 from the previous day but a decrease of 11,798 from the week before. The open interest was 421,116, a decrease of 2,897 from the previous day and 17,024 from the week before [4]. - **Delivery Volume**: The delivery volume remained at 30,940 on August 22, unchanged from the previous day and down 900 from the week before [4]. Spot Market Data - **Market Prices**: On August 22, the Shandong market price was 3,500, down 10 from the previous day and 140 from the week before; the East China market price was 3,720, unchanged from the previous day and down 10 from the week before; the South China market price was 3,480, down 10 and 50; the North China market price was 3,650, down 10 and 40; the Northeast market price was 3,880, unchanged [4]. - **Enterprise Prices**: The price of Jingbo (Haiyun) was 3,690, up 20 from the previous day and the week before; the price of Xinhai (Xin Bohai) was 3,650, down 10 and 40 [4]. Basis and Spread Data - **Regional Spreads**: On August 22, the Shandong - East China spread was -220, down 10 from the previous day and 130 from the week before; the Shandong - Northeast spread was -380, down 10 and 140; the East China - South China spread was 240, up 10 and 40 [4]. - **Basis**: The Shandong basis was 17, down 28 from the previous day and 151 from the week before; the East China basis was 237, down 18 and 21; the South China basis was -3, down 28 and 61 [4]. - **Inter - contract Spreads**: The 03 - 06 spread was 2, up 4 from the previous day and down 17 from the week before; the 06 - 09 spread was -160, down 6 and up 25; the 09 - 12 spread was 120, down 3 and 7; the 12 - 03 spread was 38, up 5 and down 1; the 连一 - 连二 spread was 33, down 7 and 3 [4]. Crack Spread and Profit Data - **Crack Spreads and Profits**: The asphalt Brent crack spread on August 20 was 74; the asphalt Ma Rui profit was -1; the ordinary refinery comprehensive profit was 496; the Ma Rui - type refinery comprehensive profit was 762. The import profit from South Korea to East China on August 22 was -133, down 2 from the previous day and 10 from the week before; the import profit from Singapore to South China was -1069, down 11 and 46 [4]. Related Price Data - **Related Product Prices**: On August 22, the Brent crude oil price was 67.7, up 0.8 from the previous day and 1.8 from the week before; the Shandong gasoline market price was 7669, up 14 and down 46; the Shandong diesel market price was 6633, up 17 and down 24; the Shandong residual oil market price was 3660, unchanged and up 30 [4].

Report Information - Report Title: Coke Daily Report - Report Date: August 25, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Category Coke Prices - **Shanxi Quasi - First Wet Quenching Coke**: The latest price is 1535.94, with a daily change of 54.61, a weekly change of 54.61, a monthly change of 273.06, and a year - on - year decrease of 9.81% [2] - **Hebei Quasi - First Wet Quenching Coke**: The latest price is 1725.00, with no daily, weekly change, a monthly change of 240.00, and a year - on - year decrease of 12.44% [2] - **Shandong Quasi - First Dry Quenching Coke**: The latest price is 1660.00, with no daily and weekly change, a monthly change of 220.00, and a year - on - year decrease of 17.41% [2] - **Jiangsu Quasi - First Dry Quenching Coke**: The latest price is 1700.00, with no daily and weekly change, a monthly change of 220.00, and a year - on - year decrease of 17.07% [2] - **Inner Mongolia Second - Grade Coke**: The latest price is 1180.00, with no daily and weekly change, a monthly change of 200.00, and a year - on - year decrease of 15.71% [2] Production and Utilization Rates - **Blast Furnace Operating Rate**: The latest rate is 90.25, with a weekly increase of 0.03, a monthly decrease of 0.56, and a year - on - year increase of 5.04% [2] - **Hot Metal Daily Average Output**: The latest output is 240.75, with a weekly increase of 0.09, a monthly decrease of 1.48, and a year - on - year increase of 7.26% [2] - **Coking Capacity Utilization Rate**: The latest rate is 74.13, with a weekly increase of 0.38, a monthly increase of 1.23, and a year - on - year increase of 2.33% [2] - **Coke Daily Average Output**: The latest output is 51.63, with a weekly decrease of 0.04, a monthly decrease of 1.47, and a year - on - year decrease of 5.20% [2] Inventory - **Coking Plant Inventory**: The latest inventory is 39.47, with a weekly increase of 0.16, a monthly decrease of 10.65, and a year - on - year decrease of 15.82% [2] - **Port Inventory**: The latest inventory is 214.62, with a weekly decrease of 0.49, a monthly increase of 16.49, and a year - on - year increase of 12.24% [2] - **Steel Mill Inventory**: The latest inventory is 609.59, with a weekly decrease of 0.21, a monthly decrease of 30.39, and a year - on - year increase of 13.52% [2] - **Steel Mill Inventory Days**: The latest number of days is 10.76, with a weekly decrease of 0.07, a monthly decrease of 0.69, and a year - on - year decrease of 0.46% [2] Futures Market - **Futures Price**: The latest price of contract 05 is 1754.5, with a daily decrease of 17.50, a weekly decrease of 66.00, a monthly decrease of 47.50, and a year - on - year decrease of 11.03%; the latest price of contract 09 is 1615.5, with a daily decrease of 8.50, a weekly decrease of 30.00, a monthly decrease of 106.50, and a year - on - year decrease of 14.55%; the latest price of contract 01 is 1663.5, with a daily decrease of 15.50, a weekly decrease of 61.50, a monthly decrease of 99.00, and a year - on - year decrease of 13.88% [2] - **Basis**: The latest basis of contract 05 is 85.22, with a daily increase of 76.22, a weekly increase of 124.72, a monthly increase of 341.12, and a year - on - year increase of 66.67%; the latest basis of contract 09 is 224.22, with a daily increase of 67.22, a weekly increase of 88.72, a monthly increase of 400.12, and a year - on - year increase of 124.17%; the latest basis of contract 01 is 176.22, with a daily increase of 74.22, a weekly increase of 120.22, a monthly increase of 392.62, and a year - on - year increase of 117.17% [2] - **Spread**: The 5 - 9 spread is - 91.00, with a daily increase of 2.00, a weekly increase of 4.50, a monthly decrease of 51.50, and a year - on - year decrease of 50.50%; the 9 - 1 spread is 139.00, with a daily decrease of 9.00, a weekly decrease of 36.00, a monthly increase of 59.00, and a year - on - year increase of 57.50%; the 1 - 5 spread is - 48.00, with a daily increase of 7.00, a weekly increase of 31.50, a monthly decrease of 7.50, and a year - on - year decrease of 7.00% [2]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market risk preference remains high despite the under - performance of domestic economic and financial data. Different metals have different supply - demand situations and price trends. For example, copper may have a small - scale inventory build - up in August but a tight - balance pattern after the off - season; aluminum is expected to have a small inventory build - up in August; zinc is expected to rebound in the short - term and be a short - position configuration in the long - term; nickel can focus on the opportunity of the shrinking ratio of nickel - stainless steel; stainless steel's fundamentals are weak and should pay attention to policy trends; lead prices are expected to remain in low - level oscillation; tin should be observed in the short - term and held near the cost line in the long - term; industrial silicon is expected to be in a tight balance in the short - term and oscillate at the cycle bottom in the long - term; lithium carbonate has large price elasticity when supply - side disturbances are hyped [1][2][5]. Summary by Metal Copper - **Price and Inventory Data**: From August 18th to 22nd, the spot premium of Shanghai copper decreased by 5, the waste - refined copper spread increased by 45, and the Shanghai Futures Exchange inventory decreased by 1009. - **Market Situation**: The risk - preference sentiment continued to rise this week. Although domestic economic and financial data were poor, it did not affect the stock market sentiment. The downstream orders were verified to have support around 7 - 8, and the substitution effect of refined and waste copper continued to appear. The waste copper and recycled copper market was still disturbed, and if the recycled rod production continued to decline, it might stimulate the consumption of refined copper. In August, there may be a small - scale inventory build - up, but the market may focus on the tight - balance pattern after the off - season [1]. Aluminum - **Price and Inventory Data**: From August 18th to 22nd, the Shanghai aluminum ingot price increased by 30, and the social inventory of Shanghai aluminum decreased. - **Market Situation**: The supply increased slightly from January to June. The demand in August is still in the seasonal off - season, which may improve slightly in the middle and late months. The inventory is expected to increase slightly in August. Pay attention to the demand situation in the short - term and the far - month inter - month and internal - external reverse arbitrage opportunities under the low - inventory pattern [1][2]. Zinc - **Price and Inventory Data**: From August 18th to 22nd, the Shanghai zinc ingot price decreased by 30, the social inventory remained unchanged, and the LME inventory decreased by 1300. - **Market Situation**: The zinc price fluctuated widely this week. The supply of domestic zinc increased in August, and the overseas mine supply in the second quarter exceeded expectations. The domestic demand was seasonally weak but had some resilience, and the overseas demand was average. The domestic social inventory oscillated upwards, and the overseas LME inventory decreased rapidly. In the short - term, it is expected to rebound, and it is recommended to wait and see; in the long - term, it is a short - position configuration. The internal - external positive arbitrage can be held, and attention can be paid to the inter - month positive arbitrage opportunity [5][6]. Nickel - **Price and Inventory Data**: From August 18th to 22nd, the price of 1.5% Philippine nickel ore remained unchanged, and the Shanghai nickel spot price decreased by 450. - **Market Situation**: The supply of pure nickel remained at a high level, the demand was weak overall, and the inventory of domestic and overseas nickel plates remained stable. In the short - term, the fundamental situation is general, and the macro - level is mainly about the game of anti - involution policies. The opportunity of the shrinking ratio of nickel - stainless steel can continue to be concerned [9][10]. Stainless Steel - **Price and Inventory Data**: From August 18th to 22nd, the price of 304 cold - rolled coil decreased by 50, and the price of 304 hot - rolled coil decreased by 75. - **Market Situation**: Some steel mills cut production passively, and the demand was mainly for rigid needs. The prices of nickel - iron and chrome - iron remained stable, and the inventory in Xijiao and Foshan decreased slightly. The fundamentals remained weak, and attention should be paid to the policy trend in the later stage [12][14]. Lead - **Price and Inventory Data**: From August 18th to 22nd, the spot premium remained unchanged, and the LME inventory decreased by 6550. - **Market Situation**: The lead price oscillated this week. The supply side had problems such as weak scrap volume and tight waste batteries. The demand side had high battery finished - product inventory and a "not - prosperous peak season". The inventory was expected to remain at a high level in August, and the lead price was expected to remain in low - level oscillation next week [15]. Tin - **Price and Inventory Data**: From August 18th to 22nd, the spot import profit decreased by 3915.73, and the LME inventory increased by 45. - **Market Situation**: The tin price fluctuated widely this week. The supply side had issues such as low processing fees at the mine end and potential production resumptions overseas. The demand side had limited solder elasticity and different trends in terminal electronics and photovoltaic consumption. The domestic inventory decreased slightly. In the short - term, it is recommended to wait and see; in the long - term, it can be held near the cost line [18]. Industrial Silicon - **Price and Inventory Data**: From August 18th to 22nd, the 421 Yunnan basis decreased by 110, and the 421 Sichuan basis decreased by 110. - **Market Situation**: The resumption of production of Xinjiang's leading enterprises was slower than expected. In August, the supply - demand was in a state of slight inventory reduction. In the short - term, the supply - demand balance may remain tight. In the long - term, the industrial silicon has a large over - capacity, and the price is expected to oscillate at the cycle bottom [22]. Lithium Carbonate - **Price and Inventory Data**: From August 18th to 22nd, the SMM electric - carbon price decreased by 1300, and the SMM industrial - carbon price decreased by 1300. - **Market Situation**: The futures price fluctuated greatly this week due to supply - side disturbances. The spot market had a strong peak - season effect, and the inventory was still high. The core contradiction is the supply - side disturbance under the background of over - supply in the long - term. The price has large elasticity when supply - side disturbances are hyped [23][24].