Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The overall economic situation shows mixed trends globally. In China, the real - estate market varies by region, and the new - energy vehicle market continues to grow. The US economy has limited change, with inflation and employment issues. The global long - term bond market is experiencing a sell - off, and the oil market may face supply - demand imbalances [9][10][11]. - Different commodity markets have diverse trends. For example, the stock index futures may be volatile in the short - term and long - term investors can consider buying on dips; the bond market is influenced by various factors and different strategies are proposed for different investment styles; the black, colored, agricultural, energy - chemical, and other commodity markets all have their own characteristics in terms of supply, demand, and price trends [13][14][15]. Summary by Related Catalogs Macro - finance - **Stock Index Futures**: Short - term trading may be volatile, and long - term investors can consider buying on dips. The A - share market shows a differentiated trend, with the GEM leading the rise. The market turnover has decreased, and the index may adjust its rhythm [13]. - **Treasury Bond Futures**: Conservative strategies can continue to consider the curve - steepening strategy, while aggressive strategies can consider buying on dips in the short - term. The bond market is boosted by the weakening of the equity market and the loosening of the capital supply. The PMI data shows signs of stabilization and differentiation [14][15]. Black - **Steel and Iron Ore**: The steel industry's supply policy has limited impact on the market. The downstream demand is weak, and the steel market will continue to adjust with limited space, maintaining a mid - term oscillating trend. Iron ore can be lightly short - sold [17][18]. - **Coking Coal and Coke**: The prices of coking coal and coke may continue to decline from high levels in the short - term. The supply may gradually recover after the parade, and the market sentiment has weakened as the eighth round of coke price increase has not been implemented [19]. - **Ferroalloys**: The black market sentiment is weak. Silicon iron can consider long - positions in the 10 - contract, while manganese silicon should be short - sold on rebounds in the medium - to - long - term [20]. - **Soda Ash and Glass**: Soda ash can be short - sold on rallies, and glass should be observed for now. The supply of soda ash is increasing, and the demand for photovoltaic glass is stable. The glass market has weak sales in various regions, and the inventory may increase [22]. Colored and New Materials - **Aluminum and Alumina**: Aluminum may oscillate at a high level in the short - term, and investors can consider buying on dips in the long - term. Alumina is expected to decline in the medium - term, and short - selling on rallies is recommended [24]. - **Zinc**: The social inventory of zinc is increasing, and the supply is expected to increase. The zinc price will oscillate downward [25]. - **Lithium Carbonate**: The market is in a state of high supply and demand, with insufficient upward - driving forces. It will mainly oscillate widely in the short - term [26]. - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate with limited downward space. Polysilicon is mainly affected by policy progress, and the market will have intense games [27][28]. Agricultural Products - **Cotton**: The cotton market is affected by the game between upstream and downstream. The supply is low, and the demand is weak. The long - term trend is to short on rallies [30][31][32]. - **Sugar**: The domestic sugar market has a short - term supply - demand surplus, and the sugar price is expected to decline. The global sugar market is also expected to have a supply surplus [33][34][35]. - **Eggs**: The short - term spot price of eggs is strong, but the 10 - contract is expected to be weak. It is recommended to trade on rebounds with caution [37]. - **Apples**: Investors can buy on dips or use a long - 10 - short - 01 spread strategy. The price of stored apples will be stable, and early - maturing apples will maintain a high - quality, high - price trend [38]. - **Corn**: Short the 01 - contract. The supply pressure of old - crop corn is increasing, and the new - crop corn has a certain expectation of a bumper harvest [39][40]. - **Jujubes**: It is recommended to wait and see. The market price in the production area is stable, and the price in the sales area has a slight decline [41]. - **Pigs**: Short the near - term contracts on rallies and consider long - positions in the 01 - contract. The supply pressure in September is still large, and the demand improvement is limited [41][42]. Energy - Chemical - **Crude Oil**: The market may shift to a supply - surplus pattern. It is advisable to short on rallies as the inventory may accumulate rapidly after the peak - demand season [43][44]. - **Fuel Oil**: The price will follow the movement of crude oil, and the short - term price range is estimated to be between $65 and $70 [44][45]. - **Plastics**: Polyolefins will oscillate weakly due to high supply pressure and weak demand [45][46]. - **Rubber**: Consider buying on dips and be cautious when chasing high prices. The short - term fundamentals have no obvious contradictions [46]. - **Methanol**: The price may continue to oscillate weakly due to port inventory accumulation. It is recommended to reduce short - positions due to rumors of plant shutdowns [46][47]. - **Caustic Soda**: Adopt a long - term long strategy after short - term trading. The transportation situation may improve after the parade, and the demand is expected to increase [48]. - **Asphalt**: It follows the movement of crude oil and is stronger than crude oil. The demand is in the peak season, but the supply is also increasing [49]. - **Polyester Industry Chain**: The prices of polyester products are expected to be bearish in the short - term due to the weakening of crude oil and the lack of supply - demand support [50]. - **Liquefied Petroleum Gas (LPG)**: It follows the cost of crude oil and has sufficient supply. The demand is difficult to strengthen significantly, and a long - term bearish view is maintained [50]. - **Paper Pulp**: Observe whether the port inventory continues to decline and whether the spot trading and demand improve after Chenming's resumption of production [52]. - **Logs**: The fundamentals are oscillating, and the spot price is affected by weak trading [53]. - **Urea**: Adopt a bearish strategy. The export news is negative, and the futures price is falling [54]. - **Synthetic Rubber**: Consider buying on dips. The short - term fundamentals have no obvious contradictions, and the price is supported by raw materials [55].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The short - term fundamental situation of the log market is in a weak and volatile state. The supply side has not improved significantly, the demand is weak but with limited downward space, and the inventory is expected to fluctuate and adjust. The spot price is affected by weak transactions, and the disk is mainly affected by funds and commodity sentiment. It is recommended to observe the disk in the short term [6][9][17]. 3. Summary According to the Directory 3.1 Part 1: Log Overview - **Supply - side**: The next - week port arrival is expected to increase, but the supply side has not improved for the time being. The import volume of coniferous logs, radiata pine, and spruce has decreased to varying degrees. Affected by the low departure from New Zealand and the increase in foreign - market quotes, the import willingness of domestic traders is suppressed, and the port arrival volume in August is not expected to increase significantly [6][7]. - **Demand and Inventory - side**: The off - season continues, and the port outbound is still weak. Although the terminal real - estate start - up rate has decreased month - on - month, the short - term demand is weak but with limited space. As the peak season approaches, the outbound is expected to improve gradually. The total port arrival is still low, but there are signs of demand recovery. With the decrease in port arrival this week, the inventory is expected to fluctuate and adjust [8][9]. - **Price and Spread**: The foreign - market quotes of radiata pine are expected to rise, and the spot price is relatively stable as the peak season approaches. The subsequent increase in foreign - market prices may support the domestic spot. The disk is mainly affected by funds and commodity sentiment and shows a volatile trend. The spot spread is relatively stable [10][11][13]. - **Cost and Profit**: The foreign - market quotes have rebounded, the import profit has declined, and the short - term fundamental situation is still in a weak and volatile state. Affected by the weak demand of downstream and terminal, the log profit and sawn - timber profit are expected to show a weak trend [14][15]. - **Strategy Recommendation**: The fundamental situation is in a volatile state. The spot price is adjusted due to weak transactions. It is recommended to observe the disk in the short term [16][17]. 3.2 Part 2: Log Balance Sheet The report provides a weekly log balance sheet from June 6, 2025, to August 29, 2025, including data on port arrival numbers, port arrival volumes, daily average log outbound volumes, apparent demand, inventory by region and tree species, and supply - demand differences [18][20]. 3.3 Part 3: Log Supply - Demand Analysis - **Supply - side**: It includes aspects such as New Zealand log shipment volume, log import, and import by tree species, but specific data and analysis are not fully presented in the provided content [25][26][28]. - **Demand - side**: It involves the daily average log outbound volume and the real - estate market, but specific data and analysis are not fully presented in the provided content [34][35][37]. - **Log Downstream Analysis**: It includes the price and profit analysis of sawn - timber, the analysis of downstream substitutes (aluminum alloy), but specific data and analysis are not fully presented in the provided content [42][43][49]. - **Inventory - side**: It includes the summary of inventory, inventory by tree species, and inventory by region, but specific data and analysis are not fully presented in the provided content [58][59][61]. 3.4 Part 4: Cost and Profit - **Log Import Cost and Profit**: The import cost and profit of logs are involved, but specific data and analysis are not fully presented in the provided content [72][73]. - **Log Delivery Profit**: The delivery profit of logs is involved, but specific data and analysis are not fully presented in the provided content [78]. 3.5 Part 5: Log Price and Spread Analysis - **Log Foreign - market Quotes**: The foreign - market quotes of logs are involved, but specific data and analysis are not fully presented in the provided content [83][84]. - **Seasonality of Radiata Pine and Spruce Prices**: The price seasonality of radiata pine and spruce is presented through graphs, but specific data and analysis are not fully presented in the provided content [87]. - **Seasonality of Radiata Pine and Spruce Spreads**: The spread seasonality of radiata pine and spruce is involved, but specific data and analysis are not fully presented in the provided content [90]. - **Radiata Pine and LG Basis**: The basis between radiata pine and LG is involved, but specific data and analysis are not fully presented in the provided content [96]. - **LG Main Contract Seasonal Chart and Inter - monthly Spread**: The seasonal chart and inter - monthly spread of the LG main contract are presented through graphs, but specific data and analysis are not fully presented in the provided content [98].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - A-share strategy suggests short-term oscillation and long-term buying on dips [13] - Treasury bond futures recommend a curve steepening strategy for a stable approach and short-term buying on dips for an aggressive one [14] - Black commodities are expected to have limited short-term adjustment space and maintain a mid-term oscillating market [16][17] - For non-ferrous metals and new materials, different metals have different outlooks, such as short-term high-level oscillation for Shanghai Aluminum and mid-term shorting on rallies for Alumina [22] - In the agricultural product sector, different products like cotton, sugar, and eggs have their own trading suggestions based on supply and demand [28][31][34] - Energy and chemical products also vary, with crude oil likely to turn into a supply - exceeding - demand situation and suggesting shorting on rallies [41][42] Summary by Related Catalogs Macro News - China and Russia strengthen cooperation, with China implementing a visa - free policy for Russia from September 15, 2025, to September 14, 2026 [9] - The central bank's MLF had a net injection of 300 billion yuan in August, while PSL had a net withdrawal of 160.8 billion yuan [9] - A - share margin trading balance reached 2.296991 trillion yuan as of September 1, breaking the historical peak, with a cumulative increase of over 26% since June 23 [10] - The US ISM manufacturing index in August was 48.7, lower than the expected 49, and the output index fell into the contraction range [10] - The Eurozone's CPI in August increased by 2.1% year - on - year, and the core CPI slightly declined to 2.3% [11] Macro Finance Strategy - Short - term A - shares may oscillate, and long - term investors can consider buying on dips. On September 2, A - shares adjusted, with over 4000 stocks falling, and the Shanghai Composite Index dropped 0.45% [13] Treasury Bond Futures - A stable strategy is to continue with the curve steepening strategy, and an aggressive one is to consider short - term buying on dips. The bond market reacted calmly to the slightly improved PMI data in August [14] Black Commodities Spiral Steel and Iron Ore - Supply policies have limited impact on steel supply and market conditions. The market may experience a "peak season without a boom" due to limited downstream demand [15][16] Coking Coal and Coke - Prices may continue to oscillate at high levels in the short term. Supply is expected to be tight in the short term, but there are also factors pressuring prices [18] Ferroalloys - Silicon iron 10 contract has the possibility of premium repair, while manganese silicon is mainly shorted on rallies in the medium - long term [19] Soda Ash and Glass - Soda ash can be shorted on rallies, and glass is currently under observation [20] Non - Ferrous Metals and New Materials Aluminum and Alumina - Shanghai Aluminum is expected to oscillate at a high level in the short term, and Alumina is recommended to be shorted on rallies in the medium term [22] Shanghai Zinc - Zinc prices are expected to oscillate downward due to increasing supply and weak demand [23] Lithium Carbonate - It is expected to operate weakly and oscillate in the short term [24] Industrial Silicon - It will continue to oscillate with limited downward adjustment space, and the复产 progress of Xinjiang's leading manufacturers is the core contradiction [24][25] Polysilicon - Policy expectations will continue to affect the market, and there is a contradiction between policy expectations and fundamental over - supply [26] Agricultural Products Cotton - Short - term observation is advisable, and it is recommended to be short on rallies in the long term [28] Sugar - It is recommended to take a short - biased approach due to expected supply increases [31] Eggs - Consider short - term long positions on the 12 - 01 contract and maintain a reverse arbitrage logic [34] Apples - Buy on dips or use a long 10 short 01 positive arbitrage combination [35] Corn - Short the 01 contract on rallies [37] Red Dates - Observe the market [38] Pigs - Short near - month contracts on rallies and consider long positions on the 01 contract at low levels [38] Energy and Chemical Products Crude Oil - It may turn into a supply - exceeding - demand situation, and shorting on rallies can be considered [41][42] Fuel Oil - Its price will follow crude oil, and the short - term operating range of crude oil is estimated to be between $65 and $70 [42] Plastics - Polyolefins are expected to oscillate weakly due to supply pressure [43] Rubber - Consider buying on dips and be cautious when chasing high prices [44] Methanol - It may continue to oscillate weakly, but rumors of gas restrictions in Iran may cause disturbances. Short positions can be reduced [45] Caustic Soda - Maintain a long - term long position after the short - term trading rhythm [46] Asphalt - It follows crude oil and is stronger than crude oil. The short - term operating range of crude oil is estimated to be between $65 and $70 [48] Polyester Industry Chain - Temporarily observe the market for unilateral operations and consider PX positive arbitrage opportunities [49] Liquefied Petroleum Gas - It is recommended to maintain a long - term short - biased view [49] Pulp - Observe whether port de - stocking continues and the spot transaction and demand after Chenming's resumption of production [50] Logs - Observe the market in the short term [50] Urea - Observe the market and consider shorting when the futures price approaches the policy - limited price [51] Synthetic Rubber - Look for low - buying opportunities and be cautious when chasing high prices [52]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures are expected to be mainly volatile in the short - term and consider buying on dips in the long - term. The bond futures' conservative strategy is the curve steepening strategy, and the aggressive strategy can consider buying on dips in the short - term [11][12]. - The black commodities are expected to adjust prices in the short - term and maintain a volatile market in the medium - term. For iron alloys, focus on the long opportunity of the silicon iron 10 - contract and maintain the medium - long - term short - selling strategy for manganese silicon [16][17]. - For non - ferrous metals and new materials, the Shanghai aluminum is expected to oscillate at a high level, and the alumina is recommended to be short - sold on rallies in the medium - term. The zinc price will oscillate downward, and the lithium carbonate will operate in a wide - range oscillation [21][22][23]. - In the agricultural products market, the cotton can be short - sold on rallies in the long - term, the sugar can be short - covered and observed, and the eggs' short positions can be closed on dips [28][30][34]. - In the energy and chemical industry, the crude oil can be short - sold on rallies, the fuel oil and asphalt prices will follow the oil price, and the plastics are expected to oscillate weakly [42][44][45]. Summary by Relevant Catalogs Macro - news - The Shanghai Cooperation Organization Summit was held, and a series of important documents were approved. The personal consumption loan fiscal subsidy policy was implemented, and the land market volume and price declined in August. The US may declare a housing emergency, and the eurozone unemployment rate dropped to a record low. South Korea's exports increased in August [8][9]. Macro - finance Stock Index Futures - The strategy is to be mainly volatile in the short - term and consider buying on dips in the long - term. The A - share market was strongly volatile on Monday, and the PMI data showed a slight rebound but the manufacturing was still below the boom level [11]. Treasury Bond Futures - The conservative strategy is the curve steepening strategy, and the aggressive strategy can consider buying on dips in the short - term. The funds were balanced and loose at the beginning of the month, and the market digested the PMI data [12]. Black Screw Steel and Iron Ore - The supply policy has limited impact on the steel market. The market may experience a situation where the peak season is not prosperous. The supply is expected to remain strong, and the price is expected to adjust in the short - term and oscillate in the medium - term [14][15][16]. Coking Coal and Coke - The prices of coking coal and coke may continue to oscillate at a high level in the short - term. The supply is expected to be tight in the short - term, but there is also downward pressure [16][17]. Ferroalloys - Focus on the long opportunity of the silicon iron 10 - contract, and maintain the medium - long - term short - selling strategy for manganese silicon. The current supply of both is in surplus [17]. Soda Ash and Glass - Soda ash can be short - sold on rallies, and glass can be observed. The supply of soda ash is expected to increase, and the demand for glass is weak [18][19]. Non - ferrous Metals and New Materials Aluminum and Alumina - Shanghai aluminum is expected to oscillate at a high level, and alumina is recommended to be short - sold on rallies in the medium - term. The demand for aluminum is weak, and the supply of alumina is in surplus [21]. Shanghai Zinc - The zinc price will oscillate downward due to increasing supply and weak demand [22]. Lithium Carbonate - It will operate in a wide - range oscillation in the short - term, and the inventory is expected to decrease in September [23]. Industrial Silicon - It will oscillate, and the resumption of production of large factories in Xinjiang is the core contradiction [24][25]. Polysilicon - The policy progress dominates the market. The short - term may be supported by the policy, but there is a contradiction between the policy expectation and the surplus fundamentals [26]. Agricultural Products Cotton - It can be short - sold on rallies in the long - term. The supply is low, the demand is weak, and it is affected by the macro and external cotton markets [28][29][30]. Sugar - It can be short - covered and observed. The domestic supply is relatively loose, and the international market has both positive and negative factors [30][31][32]. Eggs - The short positions can be closed on dips. The supply pressure is high, and the market is in a game between weak reality and the expectation of culling old hens [34]. Apples - Consider buying on dips or the long 10 - short 01 positive spread strategy. The price of early - maturing apples is high - quality and high - price, and the inventory apples' price is stable [36]. Corn - Short the 01 - contract. The old - crop price is falling, and the new - crop has a certain expectation of a bumper harvest [38]. Red Dates - Observe. The price in the producing area is stable, and the price in the selling area is weak [39]. Pigs - Short the near - term contracts on rallies and consider long opportunities for the 01 - contract. The supply pressure is high in September, and the demand improvement is limited [39][40]. Energy and Chemical Industry Crude Oil - Consider short - selling on rallies. The supply is expected to exceed demand, and the price may decline [42]. Fuel Oil - The price will follow the oil price, and the short - term oil price is expected to be in the range of $65 - 70. The demand is affected by shipping and refinery raw material demand [44]. Plastics - Oscillate weakly. The supply pressure is high, and the demand is weak [45]. Rubber - Consider buying on dips. The short - term fundamentals have no obvious contradictions, and there is a certain driving force for price increase [46]. Methanol - Consider reducing short positions. The port inventory is increasing, but there may be disturbances from the rumor of gas restrictions in Iran [47]. Caustic Soda - Maintain an oscillating strategy. The spot price is rising, but the futures are affected by the warehouse receipt problem [48]. Asphalt - Follow the oil price and be stronger than oil. The demand is in the peak season, and the supply is expected to increase in September [50]. Polyester Industry Chain - Observe in the short - term and consider the PX positive spread strategy. The cost is expected to oscillate, and the supply - demand structure of some products is expected to be optimistic [51]. Liquefied Petroleum Gas - Maintain a bearish view in the long - term. The supply is abundant, and the demand is difficult to exceed expectations [52]. Urea - Maintain a strong - oscillating strategy. The futures price is difficult to fall due to export rumors [53]. Synthetic Rubber - Consider low - buying opportunities. The fundamentals are gradually improving, but the upward movement is restricted by the weak market sentiment [54].

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The supply policy of the steel industry remains rigid, and the subsequent policy impact on the black commodity price is expected to be neutral. The manufacturing PMI improved in August 2025 but remained below the boom - bust line [2]. - There may be a situation where the peak season is not prosperous in the steel market due to the limited real downstream demand and the profit - taking of basis positive spreads [3]. - The black market is expected to experience short - term price adjustments and medium - term oscillations [5]. Summary by Related Catalogs Policy and Macro - economic Environment - The "Steel Industry Steady Growth Work Plan (2025 - 2026)" was introduced, with the average annual growth of the steel industry's added value at about 4% from 2025 - 2026. The subsequent policy on combating "involution" may be mild [2]. - In August 2025, the manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the non - manufacturing business activity index in June 2025 was 50.5%, showing continuous improvement [2][91]. Pricing and Market Rhythm - The basis positive spreads built in the early stage are entering the closing period, and the real downstream demand for steel is limited, which may lead to a situation where the peak season is not prosperous [3]. Supply and Demand Situation Demand Side - In the real estate sector, the high - frequency sales data of new houses declined month - on - month, and the year - on - year new construction area was negative. Although policies in some areas were relaxed, the overall demand for building materials was still weak [3]. - In infrastructure projects, there were many project starts, but there were still capital pressures, and the overall construction progress was slow, with the concrete delivery volume still showing a year - on - year decrease [3]. - For rolled steel, the demand from downstream industries such as machinery, automobiles, containers, and home appliances was acceptable, but the upward rebound elasticity of rolled steel was limited [3]. - The export policy is expected to have a significant impact on the "buying orders for export" after mid - September [3]. Supply Side - There may be a slight production restriction during the military parade, but the overall supply is expected to remain strong. The iron - making water output is expected to remain at a high level [4]. Cost and Profit - The futures prices of raw materials such as coking coal rebounded, and coke had the eighth round of price increases. The disk valuation is expected to be between the valley - electricity and flat - electricity valuations [4]. Key Strategy Recommendations - Steel, ore, coking coal, coke, and ferrosilicon are expected to fluctuate [5]. - For manganese silicon, it is recommended to be short on rallies in the medium term [5]. - For the spread between ferrosilicon and manganese silicon, a long position is recommended [5]. - The spread between rolled steel and spiral steel may decline from a high level [5]. - Pay attention to the long - term recovery of the steel - ore price ratio under production restrictions [5]. - For the basis of steel, pay attention to the closing of positive spreads in the peak season and the establishment of reverse spreads [5]. - Hold short positions in steel wide - straddle options [5].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The short - term strategy for stock index futures is mainly based on shock, and long - term investors can consider buying on dips. For treasury bond futures, conservative strategies can continue to focus on the curve steepening strategy, while aggressive strategies can consider buying on dips in the short term [13][14]. - For black commodities, the short - term price of steel and ore may adjust, and the medium - term will maintain a shock market. The price of coking coal and coke may continue to fluctuate at a high level in the short term. For ferroalloys, pay attention to the long - buying opportunity of the ferrosilicon 10 - contract, and maintain the medium - and long - term idea of short - selling on rebounds for manganese silicon [18][20][21]. - In the non - ferrous and new materials sector, the price of aluminum is expected to fluctuate at a high level in the short term, and it is recommended to wait and see. The price of alumina is expected to decline with shocks, and it is recommended to short on rallies. The price of lithium carbonate will mainly operate in a wide - range shock without new drivers. The price of industrial silicon will operate in a shock, and the price of polysilicon will also operate in a wide - range shock [25][26][27]. - For agricultural products, the price of cotton will follow the macro and external cotton market fluctuations, and it is advisable to wait and see in the short term and be bearish on rallies in the long term. The price of sugar is expected to be under pressure due to increased supply, and it is recommended to short on rallies in the short term. The price of eggs may not reverse in the short term, and it is recommended to take profit on short positions and wait and see. The price of apples can consider buying on dips or using a long - 10 short - 01 positive spread combination. The price of corn can consider shorting the 01 - contract on rallies or using an 11 - 1 positive spread. It is recommended to wait and see for jujubes. For live pigs, short on rallies for near - month contracts and consider long - buying opportunities for the 01 - contract [29][30][33]. - In the energy and chemical sector, the price of crude oil will operate in a strong shock in the short term and is expected to be weak in the medium and long term. The price of fuel oil will follow the price of crude oil. The price of plastics will be weak in a shock. It is advisable to pay attention to the long - buying opportunity of rubber on dips. The price of methanol will continue to be weak in a shock. The price of caustic soda will be strong, and a long - buying idea should be maintained. The price of asphalt will follow the price of crude oil. For the polyester industry chain, it is recommended to wait and see in the short term and consider a PX positive spread opportunity. The price of liquefied petroleum gas will follow the price of crude oil and is expected to be bearish in the long term. The price of pulp rebounds after hitting the bottom, and it is recommended to observe. The price of logs is expected to be in a shock, and it is recommended to observe. The price of urea will operate in a strong shock in the short term. The fundamentals of synthetic rubber are gradually improving, and it is recommended to pay attention to low - buying opportunities [39][40][46]. Summary by Relevant Catalogs Macro Information - In August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the non - manufacturing business activity index was 50.3%, up 0.2 percentage points from the previous month [10]. - From January to July, the total operating income of national state - owned and state - holding enterprises was flat compared with the previous year, and the total profit decreased by 3.3% year - on - year [10]. - Chinese official Li Chenggang visited the US and held talks with relevant US officials [10]. - In the first half of the year, Central Huijin "stood still" in ETF investments, and it spent over 210 billion yuan on increasing its holdings of 12 ETF products. By the end of the second quarter, the total market value of ETFs held by two companies reached 1.28 trillion yuan, accounting for about 30% of the total ETF scale [10]. - The US core PCE price index in July increased by 2.9% year - on - year and 0.3% month - on - month [11]. - Macron stated that France and Germany are determined to jointly defend the EU's legislative and digital sovereignty [11] Macro Finance Stock Index Futures - The short - term strategy is mainly based on shock, and long - term investors can consider buying on dips. The A - share market had a good performance on Friday, but the manufacturing industry is still below the prosperity level. The stock market accelerated after continuous rises in August, and the index showed differentiation. There is a possibility of rhythm adjustment for stock index futures [13]. Treasury Bond Futures - Conservative strategies can continue to focus on the curve steepening strategy, and aggressive strategies can consider buying on dips in the short term. The PMI data in August stabilized after a rapid decline. The stock index and long - term bonds showed a strong negative correlation. The key contradiction in the bond market lies in the stock index [14]. Black Commodities Steel and Ore - The short - term price may adjust, and the medium - term will maintain a shock market. The implementation of relevant policies has limited impact on the supply of steel products. The real demand in the downstream of steel is limited, and there may be a situation of "no peak season in the peak season". The supply is expected to remain strong, and the cost and profit are affected by the price of raw materials [18][19]. Coking Coal and Coke - The price may continue to fluctuate at a high level in the short term, and the capital game is intense. The supply of coking coal may be tight in the short term, and the demand from steel mills provides support, but there is also downward pressure [20]. Ferroalloys - Pay attention to the long - buying opportunity of the ferrosilicon 10 - contract. For manganese silicon, maintain the medium - and long - term idea of short - selling on rebounds. The current supply of both ferrosilicon and manganese silicon is in an oversupply situation [21][22]. Soda Ash and Glass - For soda ash, maintain the idea of short - selling on rallies, and leave the market flexibly if a positive feedback atmosphere emerges. For glass, it is recommended to wait and see. The supply of soda ash may increase, and the demand for photovoltaic glass is stable. The inventory pressure of glass has been relieved, but there is potential pressure on upstream shipments [23]. Non - ferrous and New Materials Aluminum and Alumina - The price of aluminum is expected to fluctuate at a high level in the short term, and it is recommended to wait and see. The price of alumina is expected to decline with shocks, and it is recommended to short on rallies. The demand for aluminum is weak, and the supply of alumina is in excess [25]. Lithium Carbonate - Without new drivers, the price will mainly operate in a wide - range shock. In September, the demand is in the peak season, and there may be inventory reduction, which will support the price [26]. Industrial Silicon and Polysilicon - The price of industrial silicon will operate in a shock, and the key lies in the resumption of production of leading manufacturers in Xinjiang. The price of polysilicon will operate in a wide - range shock, and policy expectations will affect the price [27][28]. Agricultural Products Cotton - The upstream - downstream game is intense, and the supply is low while the demand is weak. It is advisable to wait and see in the short term and be bearish on rallies in the long term. The price is affected by the international cotton price and macro factors. The domestic cotton inventory is low, but the downstream demand is weak [29]. Sugar - The import volume has increased significantly, and the short - term supply - demand relationship is relatively loose. It is recommended to short on rallies in the short term and pay attention to the support at the low point in mid - August. The international and domestic sugar markets are affected by multiple factors such as production and demand [30][31]. Eggs - The 10 - contract is a post - festival contract, and there is a game between weak reality and the expectation of concentrated culling of old hens. It is recommended to take profit on short positions and wait and see, and be cautious when buying at the bottom. The current supply pressure is high, but the futures position has reached a new high [33]. Apples - Consider buying on dips or using a long - 10 short - 01 positive spread combination. The price of early - maturing apples is high - quality and high - price, and the price of stored apples is relatively stable. The new - season Fuji apple price will be affected by early - maturing and old - season apples [35]. Corn - Consider shorting the 01 - contract on rallies or using an 11 - 1 positive spread. The domestic corn price is weak, and the supply and demand are under pressure. The policy grain supply and substitutes affect the demand, and the downstream processing demand is weak [35][36]. Jujubes - It is recommended to wait and see. The local rainfall in Xinjiang may affect the quality of jujubes, and the transaction price in the production area is stable [37]. Live Pigs - Short on rallies for near - month contracts and consider long - buying opportunities for the 01 - contract. The supply pressure in August was high, and it may continue in September. The demand is gradually recovering, but it is difficult to reverse the situation of "strong supply and weak demand" [37][38]. Energy and Chemical Crude Oil - The price will operate in a strong shock in the short term and is expected to be weak in the medium and long term. The negotiation between the US, Russia, and Ukraine will take a long time, and the inventory data shows that the peak - season demand is approaching the end. Pay attention to the progress of the Russia - Ukraine event and the OPEC+ meeting [39]. Fuel Oil - The price will follow the price of crude oil. The future focus is on whether the price reflects the expected supply - demand surplus or geopolitical and macro factors. The supply of fuel oil is affected by domestic refinery demand and inventory [39][40]. Plastics - The supply pressure is relatively large, and it is expected to be weak in a shock. The positive sentiment from the elimination of backward production capacity has faded, and the supply is high while the demand is weak [40]. Rubber - Pay attention to the long - buying opportunity on dips, and be cautious when chasing high. The short - term fundamentals have no obvious contradictions, and the raw material price and demand affect the price [40][41]. Methanol - The price will continue to be weak in a shock. The port inventory is increasing, and the supply pressure is relatively large. The spot price is weakening [42]. Caustic Soda - The spot price is strong, and a long - buying idea should be maintained. The transportation restriction has been lifted, and the demand is expected to increase. The futures price is also strong [43]. Asphalt - The price will follow the price of crude oil. The asphalt fundamentals are stable, and the price is affected by the international oil price [43][44]. Polyester Industry Chain - It is recommended to wait and see in the short term and consider a PX positive spread opportunity. The industry is in the transition period between the off - season and peak season, and the supply - demand relationship is expected to improve [46]. Liquefied Petroleum Gas - The price follows the crude oil price and is affected by the import volume. The supply is abundant, and the demand is difficult to exceed expectations. It is recommended to maintain a bearish view in the long term [47]. Pulp - The fundamentals are unchanged, and the price rebounds after hitting the bottom. Observe whether the port inventory continues to decline and the spot transaction and demand after Chenming's resumption of production [48]. Logs - The fundamentals are in a shock state, and the spot price is stable. The supply may face pressure, but the demand is expected to improve in the peak season [48]. Urea - The short - term export is optimistic, and the futures price will operate in a strong shock. The spot price is stable, and the downstream demand is weak. The factory maintenance is increasing, and the daily output is below 190,000 tons [49]. Synthetic Rubber - The fundamentals are gradually improving, and pay attention to low - buying opportunities. The industry chain has no obvious contradictions, and the price is affected by raw materials and demand [50].

Report Industry Investment Ratings - Not provided in the content Core Views of the Report - In the stock index futures market, the short - term may be dominated by shocks, and long - term investors may consider buying on dips [11]. - In the treasury bond futures market, the short - term may be volatile, and long - term investors can consider buying on dips [12]. - For black commodities, steel and ore prices are expected to have limited price movements and remain in a mid - term oscillatory market; coking coal and coke prices may continue to oscillate at high levels in the short term; ferroalloys suggest a mid - term rebound - selling strategy; for soda ash, maintain a high - selling strategy, and for glass, adopt a wait - and - see approach [14][17][18][19]. - In the non - ferrous and new materials sector, aluminum is expected to oscillate and decline at high levels in the short term, and alumina can be considered for short - term basis - repair long positions and mid - term high - selling; zinc prices will oscillate and weaken; lithium carbonate prices will mainly operate in a wide - range oscillation; industrial silicon and polysilicon prices will be affected by policies and fundamentals and operate in a wide - range oscillation [22][23][24][25]. - In the agricultural products market, cotton can be observed for the time being; sugar prices are restricted by the expected increase in processed sugar; for eggs, adopt a short - term rebound - selling strategy; for apples, consider buying on dips or a 10 - 01 long - short spread strategy; for corn, adopt a high - selling strategy for the 01 contract or a 11 - 1 long - short spread strategy; for dates, adopt a wait - and - see approach; for live pigs, adopt a high - selling strategy for near - term contracts and consider low - buying opportunities for the 01 contract [30][33][37][38][41][42]. - In the energy and chemical sector, crude oil is likely to shift to a supply - exceeding - demand pattern, and it can be considered to short on rallies; fuel oil prices will follow oil price fluctuations; plastics are expected to oscillate weakly; for rubber, consider buying on dips; methanol will continue to oscillate weakly; caustic soda can be considered for long positions after the basis is appropriate; asphalt follows oil prices; for the polyester industry chain, adopt a wait - and - see approach for single - side trading and consider a PX long - short spread strategy; LPG maintains a long - term bearish view; for paper pulp, observe port de - stocking and demand; for logs, observe the market; for urea, maintain an oscillatory view; for synthetic rubber, continue to focus on low - buying opportunities [45][46][47][48][50][51][52][53][54][55][56][57]. Summary by Relevant Catalogs Macro News - The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - Quality Development of Cities" was released, with goals set for 2030 and 2035 [6]. - China - Canada held the 28th China - Canada Economic and Trade Joint Committee, and the Chinese delegation will visit the US [6]. - China will continue to impose anti - dumping duties on imported phenol from the US, EU, South Korea, Japan, and Thailand for 5 years [6]. - Guotai Junan International launched cryptocurrency trading services in Hong Kong [7]. - The US Q2 real GDP annualized revised value increased by 3.3% quarter - on - quarter, and the core PCE price index increased by 2.5% [7]. - The number of initial jobless claims in the US last week was 229,000 [7]. - A lawsuit was filed regarding the independence of the US central bank [7]. - In July, China issued new local government bonds worth 703.2 billion yuan and refinancing bonds worth 510.3 billion yuan [7]. - Japan's 2 - year treasury bond auction demand hit a record low since 2009 [8]. Stock Index Futures - The short - term may be dominated by shocks, and long - term investors may consider buying on dips. A - share indices rebounded in the afternoon, and the market turnover was 3 trillion yuan. The government released relevant policies, and industrial enterprise profit data rebounded [11]. Treasury Bond Futures - The short - term may be volatile, and long - term investors can consider buying on dips. The capital market was balanced and loose, and the stock - bond seesaw was not obvious [12]. Black Commodities Spiral Steel and Iron Ore - Supply policies have limited impact on the market, and the market will remain in an oscillatory pattern. Seasonal demand is expected to turn from weak to strong, and the mid - term supply - demand contradiction is not prominent. The impact of policies on exports in September is worthy of attention. Production may be limited during the parade, but the impact is expected to be small. The cost and profit situation is favorable for the raw material price valuation of the futures market. Steel and ore prices are expected to have limited price movements and remain in an oscillatory market [14][15][16]. Coking Coal and Coke - Prices may continue to oscillate at high levels in the short term, and operations require caution. Short - term coal mine safety inspections may be strict, and coking enterprises' production restrictions are starting. The supply of coking coal may be tight in the short term, and the demand from steel mills is strong, but there are also factors that put pressure on prices [17]. Ferroalloys - Adopt a mid - term rebound - selling strategy and do not chase short positions. The stock market's decline has affected commodity sentiment, and the supply of ferroalloys may increase until the end of September. The supply - demand situation is weakening, and the volatility may continue to decline [18]. Soda Ash and Glass - For soda ash, maintain a high - selling strategy and flexibly exit if the positive feedback atmosphere intensifies; for glass, adopt a wait - and - see approach. Soda ash production has declined recently but is expected to return to normal, and the inventory pressure has been relieved. The demand for photovoltaic glass is expected to increase, but there is potential delivery pressure. The inventory of glass has decreased, but the mid - stream inventory is large, and the demand is mainly driven by speculation [19]. Non - Ferrous and New Materials Aluminum and Alumina - Aluminum is expected to oscillate and decline at high levels in the short term, and long - term investors can consider buying on dips. Alumina can be considered for short - term basis - repair long positions and mid - term high - selling. The inventory of aluminum is not performing well, and the market sentiment is weak. The market is trading the expectation of the Fed's interest rate cut, and the demand for aluminum is expected to increase in the peak season. The supply of alumina is excessive, and the market sentiment is poor [22]. Zinc - Social inventory is increasing, and zinc prices will oscillate and weaken. The processing fee is rising, and refineries are resuming production. The off - season is approaching, and the supply is expected to increase, while the downstream demand is weak [23]. Lithium Carbonate - Prices will mainly operate in a wide - range oscillation. The tight supply - demand situation provides support for prices, and attention should be paid to changes in supply - side disturbances [24]. Industrial Silicon and Polysilicon - Industrial silicon is expected to oscillate, and attention should be paid to the impact of key varieties in the previous anti - involution market. Polysilicon prices are mainly affected by policy progress, and the market sentiment has cooled slightly. The policy is expected to promote the exit of backward production capacity in the photovoltaic industry, and the market may enter a phase of near - month warehouse receipt valuation regression [25][28]. Agricultural Products Cotton - In the short term, Zhengzhou cotton may strengthen at high levels, and long - term investors can observe. The low domestic cotton inventory and seasonal peak demand support cotton prices. The price of US cotton rebounded overnight, and domestic cotton prices followed suit. Attention should be paid to macro - economic and supply - demand changes, and the long - term production increase pressure still exists [30][31][32]. Sugar - The low domestic sugar inventory is restricted by the expected increase in processed sugar. The import cost follows international sugar prices, and the technical indicators are weak, but there is support at the mid - August low. The international sugar price has demand support, and the Brazilian sugarcane production may decrease. The domestic sugar price is under pressure due to increased imports, but there is support from the mid - August low [33][35][36]. Eggs - The futures trading volume has reached a record high, and the market game has intensified. The 10 - contract has a weak reality and the expectation of concentrated old - hen culling. The current high egg production is difficult to reverse in the short term, and it is recommended to sell on rebounds for near - term contracts and operate with light positions [37]. Apples - Consider buying on dips or a 10 - 01 long - short spread strategy. The high - quality early - maturing apples in the western region are sold at high prices, and the price of stored apples is expected to be stable in the short term, while early - maturing apples are expected to maintain the high - quality - high - price trend [38][39][40]. Corn - Adopt a high - selling strategy for the 01 contract or a 11 - 1 long - short spread strategy. The domestic corn price is weak, and the futures price has strengthened due to short - covering. The corn market sentiment is bearish, with pressure on both supply and demand sides [41]. Dates - Adopt a wait - and - see approach. The rainy weather in some areas of Xinjiang may affect the quality of dates, and the futures price is strong. The transaction price in the production area is stable, and the price in the sales area has changed slightly [42]. Live Pigs - Adopt a high - selling strategy for near - term contracts and consider low - buying opportunities for the 01 contract. The spot price is weak, and the end - of - month price increase expectation has been falsified. The supply is high, but the inventory has decreased recently, and the government's storage policy has boosted the market sentiment [42][43]. Energy and Chemicals Crude Oil - It is likely to shift to a supply - exceeding - demand pattern, and it can be considered to short on rallies. The uncertainty of the Russia - Ukraine conflict has affected the market, and the market has returned to trading based on weak fundamentals. Attention should be paid to the progress of US - Russia negotiations and the OPEC+ quota adjustment in early September [45]. Fuel Oil - Prices will follow oil price fluctuations. The Brent crude oil price is rebounding, and the demand for crude oil still exists, but the long - term issue of supply surplus needs to be resolved. The domestic refinery's demand for raw materials affects the fuel oil market, and the Singapore fuel oil inventory is increasing [46]. Plastics - Polyolefins are expected to oscillate weakly. The positive sentiment brought by the elimination of backward production capacity in the petrochemical industry has faded, and the supply pressure is large, while the downstream demand is weak [47]. Rubber - Consider buying on dips and be cautious when chasing high prices. There are no obvious short - term contradictions in the fundamentals, and the upstream losses and downstream demand recovery provide support for prices [48]. Methanol - It will continue to oscillate weakly. The overall sentiment in the chemical industry has cooled, and the supply pressure is large. The port inventory is increasing, and the price is under pressure [48][49]. Caustic Soda - Consider long positions after the basis is appropriate. The spot price is strong, and the futures price is relatively strong compared to other chemical products. The supply is low - inventory, and the demand is increasing [50]. Asphalt - Follows oil prices. The asphalt market is in the transition from the off - season to the peak season, with only rigid demand support, and the inventory is decreasing as expected [51]. Polyester Industry Chain - Adopt a wait - and - see approach for single - side trading and consider a PX long - short spread strategy. The market sentiment has declined, and the PX price is under pressure, but there is support from the cost side. The PTA price is weak, but the downside space is limited. The ethylene glycol inventory has decreased, and the supply - demand situation is expected to improve. Short - fiber and bottle - chip prices follow the raw material price decline [52]. Liquefied Petroleum Gas (LPG) - Maintain a long - term bearish view. The short - term increase is due to reduced imports and the rebound of crude oil prices. The supply is abundant, and the demand is difficult to exceed expectations, especially in the off - season for civilian use [53]. Pulp - Observe whether the port de - stocking continues and whether the spot trading and demand improve after Chenming's resumption of production. The market is affected by the weak performance of softwood pulp [54]. Logs - Observe the market. The spot price is stable, the supply may face pressure due to increased arrivals this week, but the demand is expected to improve in the peak season [55]. Urea - Maintain an oscillatory view. The spot price is recognized by the market, and the trading volume has increased. The supply has decreased due to factory maintenance, and the demand has increased [56]. Synthetic Rubber - Continue to focus on low - buying opportunities and be cautious when chasing high prices. The fundamentals are improving, the inventory is decreasing, and the peak demand season is approaching, but there is pressure from the raw material side and the overall weak commodity sentiment [57].

交易咨询资格号： 证监许可[2012]112 晨会纪要 2025 年 8 月 28 日 | 联系人：王竣冬 | | --- | | 期货从业资格：F3024685 | | 交易咨询从业证书号：Z0013759 | | 研究咨询电话： | | 0531-81678626 | | 客服电话： | | 400-618-6767 | | 公司网址： | | www.ztqh.com | | [Table_QuotePic] 中泰微投研小程序 | | [Table_Report] 中泰期货公众号 | | 请务必阅读正文之后的免责声明部分 | | --- | 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_Finance] 交易咨询资格号：证监许可[2012]112 | 偏空 | 農荡 | 偏多 | | --- | --- | --- | | РУС | 菜粕 | 螺纹钢 | | 棕櫚油 | 热轧卷板 | 锰硅 | | 白糖 | 聚丙烯 | 鸡蛋 | | 沪锡 | 沪锌 | 沥青 | | 护银 | 沪金 | 铁矿石 | | 玻璃 | 들도 | 玉米淀粉 | | 沪铅 | 焦炭 | ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 2025 年 8 月 27 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 | 2025/8/27 | | 基于基本面研判 | | | | --- | --- | --- | --- | --- | | 趋势空头 | 震荡偏空 | 震荡 | 震荡偏多 | 趋势多头 | | | 原油 | 氧化铝 | 沪深300股指期货 | | | | 锌 | 铝 | 上证50股指期货 | | | | 三十债 | 液化石油气 | 中证500股指期货 | | | | 塑彩 | 沥青 | 中证1000指数期货 | | | | 纯碱 | 橡胶 | 短纤 | | | | 甲醇 | 合成橡胶 | 对二甲苯 | | | | 玉米 | 二债 | 乙二醇 | | | | 鸡蛋 | 棉纱 | PTA | | | | | 十债 | 苹果 | | | | | 棉花 | | | | | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The short - term fundamentals of the log market are in a weak and volatile state. The supply side has certain support, but the increase in arrivals in August may not be significant. The demand is currently weak but has limited downward space, and is expected to improve gradually as the peak season approaches. The inventory is expected to fluctuate and adjust. The prices of logs and wood products are relatively stable, and the import profit is declining. It is recommended to observe in the short - term and consider appropriate hedging at high prices according to one's own spot situation [6][9][11][15][17]. 3. Summary According to the Directory Part 1: Log Overview - **Supply Side**: The number of arriving ships remained the same at 8 from August 15th to 22nd, 2025, and the arrival volume increased by 3.30 million cubic meters to 28.4 million cubic meters. The import volume of coniferous logs decreased by 22.35 million cubic meters, and the import volume of radiata pine decreased by 20.96 million cubic meters. Although the arrivals are expected to increase next week, the arrival volume in August may not rise significantly due to factors such as less departure from New Zealand and rising outer - market quotes [6][7]. - **Demand and Inventory Side**: The weekly shipment volume increased slightly, with a national increase of 0.8 million cubic meters. The apparent demand decreased by 1.7 million cubic meters. The inventory in some regions and tree species showed a trend of destocking. Although the current demand is weak, it is expected to improve as the peak season approaches, and the inventory is expected to fluctuate and adjust [8][9]. - **Price and Spread**: The outer - market quotes of radiata pine are expected to rise, and the spot prices are relatively stable. The spread between spot prices is stable, and the basis can be considered at the level of 5.9m medium - grade A radiata pine. The futures prices are in a volatile state [10][11][13]. - **Cost and Profit**: The import cost of radiata pine and spruce increased slightly, and the import profit decreased. The profit of finished products is in a stable and weak state [14][15]. - **Strategy Recommendation**: The spot market is stable, and the supply side is under some pressure. The fundamentals are in a volatile state. It is recommended to observe in the short - term and consider appropriate hedging at high prices according to one's own spot situation [16][17]. Part 2: Log Balance Sheet The report provides the weekly balance sheet of logs from June 6th, 2025, to August 22nd, 2025, including arrival numbers, arrival volumes, daily average shipment volumes, apparent demand, inventory by region and tree species, and supply - demand differences [18][19][20]. Part 3: Log Supply - Demand Analysis - **Supply Side**: It includes aspects such as New Zealand's log shipment volume, log imports, and imports by tree species, but specific data and analysis are not fully presented in the provided content [22][25][26]. - **Demand Side**: It involves the daily average shipment volume of logs and the real - estate market, but specific data and analysis are not fully presented in the provided content [34][35][37]. - **Downstream Analysis**: It includes the price and profit analysis of wood squares and the analysis of downstream substitutes such as aluminum alloys, but specific data and analysis are not fully presented in the provided content [42][43][49]. - **Inventory Side**: It includes the inventory summary, inventory by tree species, and inventory by region, but specific data and analysis are not fully presented in the provided content [58][59][61]. Part 4: Cost and Profit - **Log Import Cost and Profit**: The import cost of radiata pine and spruce increased slightly, and the import profit decreased [72][73][77]. - **Log Delivery Profit**: Specific data and analysis are not fully presented in the provided content [78]. Part 5: Log Price and Spread Analysis - **Log Outer - Market Quotes**: The outer - market quotes of radiata pine are expected to rise, and the price of New Zealand radiata pine in August is in the range of 114 - 118 US dollars per cubic meter, an increase of 1 - 2 US dollars compared to July [82][83][11]. - **Seasonality of Radiata Pine and Spruce Prices**: The report provides the price seasonality charts of radiata pine and spruce from 2024 to 2025, but specific analysis is not fully presented in the provided content [86][87][88]. - **Seasonality of Radiata Pine and Spruce Spreads**: Specific data and analysis are not fully presented in the provided content [89][94]. - **Basis between Radiata Pine and LG**: Specific data and analysis are not fully presented in the provided content [95]. - **Seasonal Chart and Inter - Month Spread of LG Main Contracts**: The report provides the seasonal chart of the LG main contract from 2024 to 2025, but specific analysis is not fully presented in the provided content [97][98][100].