Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3343.85, 38.32, 1337.00, 1122.00, 63.96, and 9774.00 respectively, with changes of -20.55, -0.29, 1.00, -20.00, 1.31, and -68.00 [2] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, and US Dollar to Japanese Yen are 98.20, 1.16, 1.35, and 147.75 respectively, with changes of 0.42, -0.01, -0.00, and 0.37 [2] Group 2: Trading Data - The latest inventory of SHFE Silver is 1150.78, with a change of 15.68; the latest value of Gold ETF holdings is 961.36, with a change of -2.86; the latest value of Silver ETF holdings is 15071.31, with a change of -28.25 [3] - The deferred fee payment directions of SGE Silver and SGE Gold are both 1, with no change [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall view on copper prices is bullish, and attention can be paid to the opportunity of long overseas and short domestic positions in the remaining time of the third quarter [1]. - For aluminum, short - term fundamentals are acceptable. Hold at low prices under the low - inventory pattern, and pay attention to far - month inter - month and long overseas and short domestic positions; in the long term, pay attention to actual demand as overseas supply is the main variable [2]. - For zinc, in the short term, it shows a pattern of strong overseas and weak domestic. It is recommended to wait and see and focus on the sustainability of commodity sentiment. Long overseas and short domestic positions can be continued to hold, and attention can be paid to the opportunity of inter - month long positions [3]. - For nickel, the short - term real - world fundamentals are average. The opportunity for the contraction of the nickel - stainless steel price ratio can continue to be monitored [8]. - For stainless steel, the fundamentals remain weak overall. In the short term, the macro - level follows the anti - involution expectations, and attention should be paid to the later policy direction [12]. - For lead, it is expected that battery manufacturers will replenish their stocks next week, and the center of lead prices will rise [13]. - For tin, in the short term, it is recommended to lightly short at high prices as there are both raw material supply disturbances and consumption decline expectations [14]. - For industrial silicon, in the short term, the supply - demand balance has been achieved in August, and it may turn to surplus if one of the southwest region or Hesheng reaches full production. In the long - term, it will oscillate at the bottom of the cycle [17]. - For lithium carbonate, in the short term, the price has a large upward elasticity. In the long - term, if the resource - end disturbance risk is resolved, it will still oscillate at a low level [19]. Summary by Metal Copper - In the first half of the week, copper prices were supported around 78,000 yuan, and downstream purchasing improved. In the second half of the week, with the decline of the US dollar index and low domestic refined - scrap spreads, copper prices were strong, attempting to break through 79,000 yuan on Friday night [1]. Aluminum - Supply increased slightly, with aluminum ingot imports providing an increment from January to May. August is a seasonal off - peak for demand, with weak aluminum product exports, a decline in the photovoltaic sector, and some downstream production cuts. Overseas demand declined significantly. In August, inventory is expected to continue to accumulate slightly [2]. Zinc - This week, zinc prices fluctuated widely. On the supply side, domestic TC has difficulty rising, while imported TC is rising slowly. In August, the increase in smelting production was further realized. On the demand side, domestic demand weakened seasonally, and most spot prices outside Shanghai turned to discounts. Overseas, European demand is average, but some smelters face production resistance due to processing fees. Domestic social inventory is rising, while overseas LME inventory is decreasing rapidly [3]. Nickel - On the supply side, pure nickel production remains at a high level. On the demand side, it is generally weak, and the premium has been stable recently. In terms of inventory, both domestic and overseas nickel plate inventories remain unchanged [8]. Stainless Steel - On the supply side, some steel mills have cut production passively, and some in the north are affected by the parade. On the demand side, it is mainly driven by rigid demand, and some restocking has increased due to the macro - environment. In terms of cost, the prices of nickel - iron and chrome - iron remain stable. In terms of inventory, inventories in Xijiao and Foshan have decreased slightly, and exchange warehouse receipts remain unchanged [12]. Lead - This week, lead prices declined. On the supply side, the scrap volume is weak year - on - year, and the supply of waste batteries is tight. The recycling rate of recycled lead remains low. On the demand side, the inventory of finished batteries is high, and the market's expectation of the peak season has fallen short of reality. The domestic social inventory is rising, and LME registered warehouse receipts have decreased [13]. Tin - This week, tin prices fluctuated widely. On the supply side, the processing fees at the mine end are low, and some domestic smelters are reducing production and entering the maintenance period. Overseas, there are signals of复产 in Wa State, but the recruitment is difficult. On the demand side, the elasticity of solder is limited, and the terminal electronics and photovoltaic sectors are expected to slow down. Domestic inventory is rising, while overseas LME inventory is at a low level, with a risk of short - squeezing [14]. Industrial Silicon - In the short term, the supply - demand balance has been achieved in August, and it may turn to surplus if one of the southwest region or Hesheng reaches full production. In the long - term, the over - capacity situation is still serious, and it will oscillate at the bottom of the cycle [17]. Lithium Carbonate - In the short term, due to resource - end compliance disturbances and the approaching downstream peak season, the price has a large upward elasticity. In the long - term, if the resource - end risk is resolved, it will still oscillate at a low level [19].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment. It is recommended to continue holding short positions on the October contract and maintain the logic of shorting on rallies [2] Group 3: Summary Based on Relevant Contents Futures Contract Information - For the EC2508 contract, the previous closing price was 2083.9, with a change of 0.04%, a basis of 151.6, a previous trading volume of 92, and a previous open interest of 2556 with a change of - 73. Other contracts like EC2510, EC2512, etc. also have their respective price, change, basis, trading volume, and open interest data [2] - The month - to - month spreads such as EC2508 - 2510, EC2510 - 2512, etc. have their previous - day, two - day - ago, and day - on - day change data [2] Index Information - The SCHIS SCFI (European line) was updated on August 11, 2025, at 2235.48 points, down 2.71% from the previous period and 4.39% from two periods ago. The CCFI was updated on August 8, 2025, at 1799.05 points, up 0.53% from the previous period. The NCFI was updated on August 8, 2025, at 1257.71 points, down 8.7% from the previous period [2] Shipping Company Quotation Information - In week 34, shipping companies' prices dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). In week 35, the average shipping company quote was 2630 US dollars (1800 points) [3] - On Monday, MSK opened at 2200 US dollars; HPL dropped 400 to 2435 US dollars. On Wednesday, EMC dropped 200 to 2934 US dollars [9] News Information - On August 14, Hamas proposed a cease - fire request to Egypt, promising to evacuate and ensure the safety of the detained personnel. Israeli Deputy Foreign Minister Haskell said that after the war, Gaza must have a non - Israeli, peaceful and non - armed government [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - For PTA, with the low processing fee, additional maintenance increases. Although the sales of filament are weak, there is no further reduction in production in the short - term. The bottle - chip inventory decreases continuously at low operation rate. The polyester operation rate is expected to stabilize and has upward flexibility, and the supply - demand situation is expected to improve stage by stage. It is recommended to pay attention to the opportunity of expanding the processing fee by buying at low prices [1]. - For MEG, the domestic device has a partial delay in restart, and there are some unexpected overseas maintenance. The port inventory is expected to remain low with little short - term inventory accumulation pressure. The long - term has an inventory accumulation expectation due to the return of maintenance and new device production. The valuation is greatly affected by the subsequent evolution of the cost side, and it is recommended to pay attention to the restart progress of the satellite device [8]. - For polyester staple fiber, as the finished product inventory of the polyester yarn end decreases continuously, the subsequent downstream operation rate may increase. Although the supply of staple fiber may also increase, considering the low processing fee on the disk, it is recommended to pay attention to the opportunity of expanding the processing fee by buying at low prices [8]. - For natural rubber, the national explicit inventory remains stable with a low absolute level but no seasonal destocking. The price of Thai cup rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. 3. Summary by Related Catalogs PTA - **Market Data**: From August 8 to 14, 2025, the price of crude oil decreased by 7, PX CFR decreased by 45, PTA internal - market spot price changed little, and the processing fee fluctuated. The average daily trading basis of PTA spot was 2509(-13). The restart of 2.2 million tons of Jiaxing Petrochemical and 2.5 million tons of Shandong Weilian was reported [1]. - **Industry Situation**: The upstream PX domestic operation rate increased slightly, overseas operation rate decreased slightly, and PXN strengthened. The downstream polyester operation rate increased slightly, and the inventory continued to accumulate. The basis was weak, and the spot processing fee was still low [1]. MEG - **Market Data**: From August 8 to 14, 2025, the price of MEG internal - market decreased by 4, and the profit of MEG coal - based decreased. The basis for 09 was around +82. The 800,000 - ton Zhejiang Petrochemical restarted, and the 1.9 - million - ton Shenghong stopped production due to an accident [8]. - **Industry Situation**: The domestic operation rate was basically stable with some delayed restarts, and there was some unexpected overseas maintenance. The port inventory was expected to accumulate. The downstream inventory level increased, the basis was basically stable, and the oil - based profit recovered [8]. Polyester Staple Fiber - **Market Data**: From August 8 to 14, 2025, the price of staple fiber fluctuated, and the profit changed. The spot price was around 6453, and the market basis for 09 was around - 10 [8]. - **Industry Situation**: The upstream operation rate increased slightly to 90.6%, the sales were basically stable, and the inventory continued to accumulate. The downstream polyester yarn operation rate was stable, the raw material inventory was maintained, the finished product inventory decreased, and the profit improved slightly [8]. Natural Rubber - **Market Data**: From August 8 to 14, 2025, the prices of various types of rubber such as 20 - number rubber, US - dollar Thai mixed rubber, etc. fluctuated. The national explicit inventory remained stable [8]. - **Industry Situation**: Thai cup rubber price rebounded due to rainfall affecting tapping, and there was no seasonal destocking [8]. Aromatic Hydrocarbon and Derivatives (Benzene Series) - **Market Data**: From August 8 to 14, 2025, the prices of ethylene, pure benzene, styrene, etc. fluctuated. The profits of ABS, EPS, PS, etc. also changed [8]. - **Industry Situation**: No overall industry situation summary information was provided in the text. Only the price and profit data changes of various products were presented.

油脂油料早报 研究中心农产品团队 2025/08/15 隔 夜 市 场 信 息 ： 8月7日止当周美国大豆出口销售合计净增75.54万吨，符合预期 USDA出口销售报告显示，8月7日止当周，美国当前市场年度大豆出口销售净减37.76万吨，较之前一周减少181%， 较前四周均值减少235%。市场预估为净增20-70万吨。 当周，美国下一年度大豆出口销售净增113.3万吨。市场预估为净增40-90万吨。 当周，美国大豆出口装船53.31万吨。较之前一周减少23%，较前四周均值增加26%。 当周美国当前市场年度大豆新销售11.27万吨，下一市场年度大豆新销售113.35万吨。 8月7日止当周美国豆粕出口销售合计净增27.3万吨，符合预期 USDA出口销售报告显示，8月7日止当周，美国当前市场年度豆粕出口销售净增2.63万吨，较之前一周减少84%，较 前四周均值减少86%。市场预估为净增5-25万吨。 当周，美国下一年度豆粕出口销售净增24.67万吨。市场预估为净增10-25万吨。 当周，美国豆粕出口装船36万吨。较之前一周增加14%，较前四周均值增加15%。 当周美国当前市场年度豆粕新销售10.54万吨，下一市场年 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2025/08/15 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/08/08 | 401.51 | 455.43 | -2.75 | 648.45 | -193.02 | 22.94 | 53.92 | | 2025/08/11 | 401.32 | 454.60 | -2.85 | 644.43 | -189.83 | 22.30 | 53.28 | | 2025/08/12 | 396.94 | 452.82 | -3.23 | 638.66 | -185.84 | 22.10 | 55.88 | | ...

废钢早报 研究中心黑色团队 2025/08/15 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/08/08 | 2238 | 2314 | 2068 | 2266 | 2280 | 2168 | | 2025/08/11 | 2248 | 2315 | 2070 | 2262 | 2285 | 2171 | | 2025/08/12 | 2255 | 2320 | 2076 | 2272 | 2292 | 2182 | | 2025/08/13 | 2258 | 2324 | 2087 | 2274 | 2296 | 2183 | | 2025/08/14 | 2258 | 2322 | 2085 | 2270 | 2296 | 2174 | | 环比 | 0 | -2 | -2 | -4 | 0 | -9 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎， ...

跨期套利跟踪 2025/08/15 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -420 -440 -450 -450 理论价差 499 896 1302 1707 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -120 -105 -95 -110 理论价差 216 338 460 582 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -60 -85 -125 -180 理论价差 215 331 447 563 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -100 -80 -70 -45 理论价差 209 315 420 525 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -1280 -1140 -950 -660 锡 5-1 价差 1690 理论价差 5542 期现套利跟踪 2025/08/15 铜 当月合约-现货 次月合约-现货 价差 -15 -435 理论价差 75 453 锌 当月合约-现货 次月合约-现货 价差 90 -30 理论价差 65 196 免责声明: 以上内容所依据的信息均来源于交易 ...

玻璃产销：沙河98，湖北97，华东95，华南96 | | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/8/15 | | | | | | | | 玻 璃 | | | | | | | | | 2025/8/7 | 2025/8/13 | | 2025/8/14 周度变化 日度变化 | | | 2025/8/7 | 2025/8/13 | | 2025/8/14 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1173.0 | 1160.0 | 1164.0 | -9.0 | 4.0 | FG09合约 | 1076.0 | 1061.0 | 1053.0 | -23.0 | -8.0 | | 沙河长城 5mm大板 | 1147.0 | 1147.0 | 1164.0 | 17.0 | 17.0 | FG01合约 | 1220.0 | 1214.0 | 1220.0 | 0. ...

中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 694.0 4.0 21.0 61.0 -156.0 25省终端可用天数 19.7 -0.4 -0.3 -1.2 2.1 秦皇岛5000 630.0 3.0 19.0 60.0 -120.0 25省终端供煤 612.5 -1.0 4.0 -27.5 -10.3 广州港5500 760.0 0.0 10.0 40.0 -155.0 北方港库存 2363.0 -13.0 -123.0 -341.0 -123.5 鄂尔多斯5500 485.0 0.0 20.0 70.0 -145.0 北方锚地船舶 75.0 0.0 14.0 -18.0 16.0 大同5500 555.0 0.0 10.0 70.0 -135.0 北方港调入量 138.7 -6.1 14.1 -26.1 -8.1 榆林6000 612.0 10.0 20.0 45.0 -200.0 北方港吞吐量 153.6 14.8 0.9 9.8 14.1 ...