Report Overview - **Report Title**: Yangtze River Futures Precious Metals Weekly Report - **Report Date**: September 22, 2025 - **Reporting Institution**: Yangtze River Futures Co., Ltd. 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - Fed's 25 - basis - point rate cut has been implemented, and the dot - plot shows two more rate cuts this year. The market anticipates a lower end - point for this round of rate cuts, leading to a strong - side oscillation in precious metal prices. With the US economic data trending weaker and concerns about the US fiscal situation and Fed independence, precious metal prices are expected to have support at the bottom. Attention should be paid to the US August PCE data to be released on Friday [7][10][12]. 3. Summary by Directory 3.1 Market Review - **Gold**: Fed's 25 - basis - point rate cut was implemented, and the dot - plot shows two more rate cuts this year. The market anticipates a lower end - point for this round of rate cuts, and the price of US gold continued to oscillate strongly. As of last Friday, US gold closed at $3,719 per ounce, up 1.1% for the week. The upper resistance level is $3,760, and the lower support level is $3,640 [7]. - **Silver**: Fed's 25 - basis - point rate cut was implemented, and the dot - plot shows two more rate cuts this year. The market anticipates a lower end - point for this round of rate cuts, and the price of US silver continued to rise. As of last Friday, it had a weekly increase of 1.6%, closing at $43.4 per ounce. The lower support level is $42, and the upper resistance level is $45 [10]. 3.2 Weekly View - The Fed's 25 - basis - point rate cut was implemented, and the market anticipates a lower end - point for this round of rate cuts, causing precious metal prices to oscillate strongly. The US Bureau of Labor Statistics significantly revised down the total non - farm payrolls for March. The US August PPI data was lower than expected, and the dot - plot of the FOMC meeting shows two more rate cuts. Trump's influence on the Fed's independence is evident, and the results of trade negotiations between the US and multiple countries have been finalized, with the tariff increase generally lower than market expectations, leading to increased optimism about a trade agreement between the US and Europe. The number of initial jobless claims in the US last week exceeded expectations, and Powell said that changing economic risks give the Fed more reason to cut rates, and the impact of tariffs on consumer prices is unlikely to be persistent. With the US economic data trending weaker and concerns about the US fiscal situation and Fed independence, precious metal prices are expected to have support at the bottom. It is recommended to pay attention to the US August PCE data to be released on Friday [12]. 3.3 Overseas Macroeconomic Indicators The report presents multiple charts related to overseas macroeconomic indicators, including the US dollar index, euro - to - dollar and pound - to - dollar exchange rates, real interest rates (10 - year TIPS yield), US Treasury bond yields (10 - year and 2 - year), yield spreads (10Y - 2Y), Fed's balance sheet size and its weekly changes, gold - to - silver ratio, and WTI crude oil futures price trends, but no specific analysis is provided [16][18][21]. 3.4 Important Economic Data of the Week - **US August Retail Sales MoM**: The announced value was 0.6%, higher than the expected 0.2% and the previous value of 0.5% [26]. - **US Initial Jobless Claims for the Week Ended September 13**: The announced value was 231,000, lower than the expected 240,000 and the previous value of 263,000 [26]. 3.5 Important Macroeconomic Events and Policies of the Week - **Fed Meeting in September**: The Fed cut rates by 25 basis points, the first rate cut this year after a cut in December last year. The dot - plot indicates two more rate cuts this year, generally in line with expectations. The statement emphasizes the downward risk of employment compared to the July meeting. Powell believes that tariffs have a one - time impact on core commodity inflation, and the probability of persistently high inflation is low. - **Economic Forecast Adjustment**: The Fed slightly raised the economic growth forecasts for 2025 - 2027, with increases of 0.2%, 0.2%, and 0.1% respectively compared to the June forecasts, reaching 1.6%, 1.8%, and 1.9%. It maintained the forecast of an annual unemployment rate of 4.5% this year and slightly lowered the unemployment rate forecasts for 2026 and 2027 to 4.4% and 4.3%. The Fed is more optimistic about the economic growth outlook and believes that the risks in the job market are generally controllable [27]. 3.6 Inventory - **Gold**: COMEX inventory increased by 17,077.21 kg to 1,227,454.08 kg this week, and SHFE inventory increased by 4,479 kg to 57,429 kg [14]. - **Silver**: COMEX inventory decreased by 105,128.15 kg to 16,299,580.27 kg this week, and SHFE inventory decreased by 87,126 kg to 1,159,443 kg [14]. 3.7 Fund Holdings - **Gold**: As of September 16, the CFTC speculative fund net long position was 256,079 contracts, an increase of 728 contracts from last week [14][34]. - **Silver**: As of September 16, the CFTC speculative fund net long position was 48,778 contracts, a decrease of 2,111 contracts from last week [14][34]. 3.8 Key Points to Watch This Week - **Tuesday (September 23), 21:45**: US September SPGI Manufacturing PMI Flash - **Thursday (September 25), 20:30**: US Q2 Real GDP Annualized QoQ Final Value - **Friday (September 26), 20:30**: US August PCE Price Index YoY [36] Strategy Suggestion - Trade cautiously and within a range. Refer to the operating range of 820 - 855 for the SHFE gold December contract and 9,800 - 10,500 for the SHFE silver December contract [14].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Last week, Shanghai copper showed a pattern of being strong first and then weak, closing at 79,910 yuan/ton on Friday, with a weekly decline of 1.42%. After the Fed cut interest rates by 25 basis points, long - positions took profits and copper prices pulled back. Fundamentally, copper concentrate remained in short supply, and the spot rough smelting fee for copper concentrate was at a historical low. During the peak shutdown and maintenance period of smelters from September to October, combined with the insufficient supply of anode copper affected by tax policies, refined copper production might decline month - on - month. Meanwhile, the low domestic copper inventory provided support for copper prices. As the National Day approached, the downstream inventory - building demand might increase, and the demand in the peak season remained to be verified. Domestic policies might be introduced successively, and it was expected that copper prices would maintain a relatively strong and volatile pattern in the short term [7]. - The supply - side contradiction between mines and smelters persisted, with the spot rough smelting fee for copper concentrate remaining at a historical low. Although the port inventory of copper concentrate rebounded slightly, it was still at a low level over the years. The growth rate of domestic refined copper production remained stable, but in September, the production of electrolytic copper was expected to decrease due to the peak of smelter shutdowns and maintenance and the impact of policies on anode copper supply. On the demand side, downstream consumption showed no obvious improvement, but the operating rate increased slightly approaching the National Day. The operating rate of some copper products decreased, while that of copper foil increased. In terms of inventory, the inventory of the Shanghai Futures Exchange and domestic copper social inventory increased, while the LME copper inventory decreased. Considering factors such as the Fed's interest - rate cut rhythm uncertainty, the weak terminal consumption, and the support from peak - season consumption and high domestic maintenance, copper prices were expected to maintain a high - level and volatile operation before the holiday, and it was recommended to trade with a cautious long - position [4][5]. 3. Summaries According to the Table of Contents 3.1 Main Viewpoints and Strategies - **Supply - side**: As of September 18, the spot rough smelting fee for copper concentrate was - 41.4 dollars/ton, remaining at a historical low. As of September 12, the port inventory of domestic copper concentrate was 574,000 tons, rebounding slightly from a low level but still at a low level over the years. In August, China's electrolytic copper production was 1.1715 million tons, a month - on - month decrease of 0.24% and a year - on - year increase of 15.59%. In September, due to the peak of smelter shutdowns and maintenance and the impact of policies on anode copper supply, electrolytic copper production was expected to decrease [4][5][32]. - **Demand - side**: As of September 18, the weekly operating rate of major domestic refined copper rod enterprises rose to 70.49%, a month - on - month increase of 2.96 percentage points and a year - on - year decrease of 8.83 percentage points. Some enterprises stocked up in advance for the National Day holiday to avoid the risk of rising raw material prices. The decline in copper prices at the end of the week also increased downstream pick - up. In August, the operating rates of copper strips, copper tubes, and copper foils were 65.87%, 65.70%, and 78.44% respectively. The increase in copper prices reduced downstream purchasing willingness, and the growth of downstream orders was less than expected. The operating rate of copper tubes decreased due to the impact of US tariffs, while the operating rate of copper foils increased due to strong downstream demand for lithium - ion copper foils [4][5][36]. - **Inventory**: As of September 19, the copper inventory of the Shanghai Futures Exchange was 105,796 tons, a week - on - week increase of 12.51%. As of September 18, the domestic copper social inventory was 148,900 tons, a week - on - week increase of 3.19%. As of September 19, the LME copper inventory was 147,700 tons, a week - on - week decrease of 4.09% [4][5][48]. - **Strategy Suggestion**: Powell's statement on stagflation caused the US dollar to fall first and then rise, leading to a significant decline in precious metals and non - ferrous metals. High copper prices also suppressed demand, and market long - positions reduced their positions. After the decline in copper prices last week, market trading enthusiasm rebounded. Next week would be the inventory - building period before the National Day, and consumption might gradually recover. Currently, domestic smelters were in a high - maintenance period, but with the supplement of imported copper, the supply - side pressure was not obvious. The terminal consumption was still weak, and domestic and foreign inventories were stable with a slight increase but still fluctuating at a low level. The Fed's interest - rate cut rhythm was uncertain, and market expectations for future interest - rate cuts were divided. Domestic economic data was poor, and domestic policies might be further strengthened. Affected by the recovery of peak - season consumption and high domestic maintenance, copper prices were expected to maintain a high - level and volatile operation before the holiday, and it was recommended to trade with a cautious long - position [4][5]. 3.2 Macro and Industry News - **Macro Data Overview**: China and the US reached a basic framework consensus on properly resolving the TikTok issue. China's social consumer goods retail sales in August increased by 3.4% year - on - year, and the added value of industrial enterprises above a designated size increased by 5.2% year - on - year. From January to August, China's real estate development investment decreased by 12.9% year - on - year. US retail sales in August increased by 0.6% month - on - month, exceeding expectations. The Fed cut interest rates by 25 basis points as expected and emphasized the downward risk of employment [13]. - **Industry News Overview**: The Shanghai Futures Exchange would launch the bonded standard warehouse receipt trading of international copper varieties on September 19. The net long positions of COMEX copper increased. A small part of the Grasberg copper mine in Indonesia was still in operation after a mudslide accident. China's copper production increased slightly in August, and the production in September was expected to decline. The Shanghai Futures Exchange announced the listing benchmark price for the bonded standard warehouse receipt trading of international copper varieties [15]. 3.3 Spot and Futures Market and Positioning - **Premium and Discount**: At the beginning of the week, as it was the last trading day of the SHFE 2509 copper contract, the market's purchasing and sales sentiment declined. As copper prices rose, downstream purchasing sentiment was still poor, and the spot premium of Shanghai copper declined. Then, as copper prices fell approaching the weekend, purchasing sentiment increased, and the premium of Shanghai copper rose. The refined - scrap copper price difference narrowed slightly. The LME copper 0 - 3 maintained a stable discount, and the New York - London copper price difference changed little [18]. - **Domestic and Overseas Positions**: As of September 19, the trading volume of Shanghai copper futures was 73,378 lots per day on average during the week, a week - on - week increase of 3.91%. After the Fed's interest - rate cut, long - positions in Shanghai copper took profits and left the market. As of September 12, the net long positions of LME copper investment companies and credit institutions were 19,044.92 lots, a week - on - week decrease of 12.28%. As of September 16, the net long positions of COMEX copper asset management institutions were 42,097 lots, a week - on - week increase of 7.93%, and the net long positions of New York copper increased significantly [22]. 3.4 Fundamental Data - **Supply - side**: Similar to the supply - side content in "Main Viewpoints and Strategies", the spot rough smelting fee for copper concentrate remained at a low level, and the port inventory of copper concentrate was at a low level over the years. The production of electrolytic copper was expected to decrease in September [32]. - **Downstream Operating Rate**: The operating rate of refined copper rod enterprises increased slightly, but the growth of downstream orders was less than expected. The operating rate of copper tubes decreased, and the operating rate of copper foils increased [36]. - **Import and Export**: As of September 18, the Shanghai - London ratio of electrolytic copper was 8.01, and the ratio weakened during the week. The negative value of the spot copper import profit and loss narrowed slightly. In July, China's refined copper import volume was 296,900 tons, a year - on - year increase of 8.20%. In August, the import volume of unwrought copper and copper products was 425,100 tons, a year - on - year increase of 1.22% [40]. - **Inventory**: Similar to the inventory content in "Main Viewpoints and Strategies", the inventory of the Shanghai Futures Exchange and domestic copper social inventory increased, while the LME copper inventory decreased [48].

Report Information - Report Name: Yangtze River Futures Weekly Report on Meal and Oil [1] - Report Date: September 22, 2025 [1] - Researcher: Ye Tian [1] Report Industry Investment Rating - Not provided in the content Report's Core Viewpoints - **Soybean Meal**: Supply improvement is expected, and prices are likely to run weakly. Although the cost provides support, prices are unlikely to drop significantly. [5][7] - **Oils and Fats**: Fundamental support remains, and prices are expected to fluctuate at high levels. The decline in palm oil inventory accumulation and the supply gap in rapeseed before November are expected to limit the downward adjustment range of oil prices. [78][79] Summary by Directory Soybean Meal 1. Market Review - As of September 19, the spot price in East China was 2,930 yuan/ton, down 50 yuan/ton week-on-week. The M2601 contract closed at 3,014 yuan/ton, down 65 yuan/ton week-on-week. The basis price increased by 20 yuan/ton to 01 - 90 yuan/ton. [7][9] 2. Fundamental Data Review - **Price**: Spot and futures prices of soybean meal declined, while the basis price increased. The price difference between regions showed different trends. [13] - **Supply**: The USDA September supply and demand report adjusted the US soybean planting area, yield, and ending stocks. Brazil has started sowing, and the domestic supply is abundant. [7] - **Demand**: In 2025, the domestic aquaculture profit improved, and the high inventory of pigs and poultry supported the demand for feed. The demand for soybean meal is expected to increase by more than 5% year-on-year in the fourth quarter. [7] - **Cost**: The planting cost of US soybeans in the 25/26 season is estimated to be 1,135 cents/bushel, and the bottom price of domestic soybean meal cost has risen to 3,030 yuan/ton. [7] 3. Key Data Tracking - **Global Supply and Demand**: Global soybean supply and demand are tightening, with production declining to 426 million tons and the production-consumption gap narrowing to 1.98 million tons. [15] - **US Soybean Inventory-to-Sales Ratio**: The US soybean inventory-to-sales ratio has tightened to 6.89%. [25] - **Pressing and Export Demand**: As of the week of September 4, the cumulative export of US soybeans in the 24/25 season was 50.1059 million tons, a decrease of 2.74% compared to the same period last year. [26] - **Soybean Growth**: As of September 12, the good and excellent rate of US soybeans was 63%, the defoliation rate was 41%, and the harvest progress was 5%. [31] - **Brazilian Export Sales**: As of the latest data, Brazil's MT sales progress reached 91.94%, and the overall sales progress was good. [32] - **Weather Conditions**: In the next two weeks, precipitation in the main US soybean-producing areas will be low, while precipitation in the main Brazilian soybean-producing areas will improve. [39] - **US Soybean Planting Cost**: The planting cost of US soybeans in the 25/26 season is 1,135 cents/bushel. [44] - **Import and Purchase**: The domestic purchase of Brazilian vessels in the near term is progressing steadily and quickly, while the purchase of vessels in the far term is slow. The domestic soybean supply is abundant before November, but the supply may be insufficient after November. [58] - **Livestock Inventory**: The high inventory of pigs and poultry supports the demand for soybean meal, and the bottom demand support for soybean meal is strengthened. [76] Oils and Fats 1. Market Review - As of the week of September 19, the palm oil 01 contract rose 20 yuan/ton to 9,316 yuan/ton, the soybean oil 01 contract rose 6 yuan/ton to 8,328 yuan/ton, and the rapeseed oil 01 contract rose 221 yuan/ton to 10,068 yuan/ton. [79] 2. Fundamental Data Review - **Palm Oil**: The MPOB August report showed that the Malaysian palm oil inventory increased to 2.2 million tons, in line with market expectations. In September, the production is expected to decline, and the export demand remains, so the inventory accumulation rate is expected to slow down. [79][85] - **Soybean Oil**: The USDA September report adjusted the US soybean production and ending stocks, with a neutral to bearish impact. The domestic soybean supply is sufficient in the short term, but the supply may tighten after November. [79] - **Rapeseed Oil**: The anti-dumping measures against Canadian rapeseed have affected imports, and there is a supply gap before November, which supports the price of rapeseed oil. However, policy uncertainties and high inventory levels limit the room for price increases. [79] 3. Key Data Tracking - **Malaysian Palm Oil**: The MPOB August report had a neutral impact. In September, the production is expected to decline, and the export demand remains, so the inventory accumulation rate is expected to slow down. [79][96] - **Indonesian Palm Oil**: As of the end of June, Indonesia's palm oil inventory decreased by 13% month-on-month to 2.53 million tons. The production in June rebounded strongly, but the demand was also strong, resulting in a continued decline in inventory. [105] - **Indian Oil Imports**: In August, India's total vegetable oil imports increased by 4.75% month-on-month to 1.62 million tons. The inventory as of the week of September 1 was 1.865 million tons, an increase of 8.68% month-on-month. [117] - **Malaysian High-Frequency Data**: The export and production data of Malaysian palm oil in September showed different trends, with the export volume increasing and the production volume decreasing. [119]

Group 1: Report's Core View - The short - term A - share market may continue to fluctuate upwards, but short - term volatility should be watched out for. The style may become more balanced in the future, and a defensive allocation is recommended, focusing on opportunities in technology sector rotation, high - dividend, and cyclical sectors. The bond market is expected to be volatile and bearish [6]. - The "watch - the - stock - to - trade - bonds" principle dominates short - term trading, and the bond market is difficult to decline significantly before the stock market cools down [8]. Group 2: Stock Index Strategy Stock Index Trend Review - Last week, the A - share market showed a significant divergence. The Shanghai Composite Index representing large - cap blue - chips fell, while the Shenzhen Component Index, ChiNext Index, and STAR Market Index rose. The weakness of financial and real - estate sectors dragged down the Shanghai - related indices, while the growth - style sectors provided support for relevant indices [6]. Technical Analysis - The market maintained a differentiated pattern last week. The ChiNext and STAR Market indices were strong, while the SSE 50 was weak. After a ground - volume rebound on a certain day in August, there was a significant volume decline on Thursday, forming a divergence with the previous up - volume. The short - term profit - taking pressure was prominent [6]. Strategy Outlook - Reasonably control positions and pay attention to policies and sector rotation rhythms [6]. Group 3: Treasury Bond Strategy Treasury Bond Trend Review - The bond market oscillated last week. Although the central bank made a net injection, liquidity did not loosen significantly due to tax - period disturbances. Rumors of the central bank's bond - buying operation and the Fed's interest - rate cut provided some support [9]. Technical Analysis - The T - contract K - line oscillated upwards, with the MACD yellow and white lines intertwined, and the BOLL lines still opening downwards [9]. Strategy Outlook - The bond market is expected to be volatile and bearish. It is recommended to reduce positions in a timely manner [9]. Group 4: Key Data Tracking PMI - In July, the manufacturing PMI dropped to 49.3%, weaker than market expectations and seasonal trends. Both supply and demand sides weakened, with external demand falling more significantly on the demand side and production slowing on the supply side. Upstream non - ferrous and steel industries improved, while downstream export - oriented industries were suppressed [13]. Inflation - In a certain month, the year - on - year CPI was flat, and the month - on - month CPI rose by 0.4%. The year - on - year PPI decreased by 3.6%, and the month - on - month PPI decreased by 0.2%. There were positive changes in prices, but the year - on - year CPI and PPI remained sluggish [16]. Industrial Added Value - The year - on - year growth rate of industrial added value in a certain month dropped to 5.7%, and the growth rate of the service production index dropped to 5.8%. The decline in industrial added value was mainly due to the export - oriented industries such as automobiles, electronics, textiles, and electrical machinery [19]. Fixed - Asset Investment - The estimated year - on - year growth rate of fixed - asset investment in a certain month turned negative to - 5.2%. The reasons were complex, including short - term factors like extreme weather and statistical method issues, medium - term factors such as export - expectation decline and policy implementation, and long - term factors like the shrinking real - estate investment [22]. Social Retail Sales - The year - on - year growth rate of social retail sales in a certain month dropped to 3.7%, and that of above - quota retail sales dropped to 2.8%. The decline was mainly reflected in low - level fluctuations in catering revenue, weak sales of state - subsidized products, and a decline in real - estate - related consumption [25]. Social Financing - In a certain month, new social financing was 1.2 trillion yuan, and new RMB loans were negative. At the end of the month, the year - on - year growth rate of social financing stock was 9.0%, and that of M2 was 8.8%. Although the credit growth was negative, the growth rates of social financing, M1, and M2 improved. In the future, the social financing growth rate may peak and decline, and policies may be adjusted according to the situation [28]. Import and Export - In a certain month, China's exports were $3217.8 billion, imports were $2235.4 billion, and the trade surplus was $982.4 billion. The import and export performance was stronger than expected, mainly due to the "rush" behavior under the threat of US tariffs on semiconductors and pharmaceuticals [31]. Group 5: Weekly Focus - The report lists a series of US economic indicators to be focused on, including the second - quarter core PCE price index, personal consumption expenditure, real GDP, and initial jobless claims [33].

1. Report's Industry Investment Rating - Not provided in the given content 2. Report's Core Views - **Pig Industry**: The decline in pig prices has slowed down due to the support of the state's purchase and storage policies and the pre - holiday stocking for the Double Festivals. However, the supply in September is increasing, and the high weight of pigs restricts the rebound of prices. In the medium - and long - term, the supply before May next year is expected to increase, and the price outlook is not optimistic, except for a possible relative strengthening in the second half of next year [4][54]. - **Egg Industry**: The egg market is under pressure due to sufficient supply, with a near - weak and far - strong pattern in the futures market. In the short term, the support for egg prices is expected to weaken, and in the long - term, attention should be paid to the culling of laying hens and environmental protection policies [5][84]. - **Corn Industry**: During the new corn listing period, the futures price faces pressure to rebound. In the short term, the supply is relatively sufficient, and the price may be under pressure due to the concentrated listing. In the long - term, the cost support has decreased, and the price fluctuation center may move down, but attention should be paid to the weather in the production areas [6][106]. 3. Summary According to the Directory 3.1 Pig Industry 3.1.1 Week - on - Week Market Review - As of September 19, the national spot price was 12.63 yuan/kg, down 0.63 yuan/kg from last week; the Henan pig price was 12.93 yuan/kg, down 0.54 yuan/kg. The futures price of pig 2511 was 12,825 yuan/ton, down 430 yuan/ton from last week. The 11 - contract basis was 105 yuan/ton, down 110 yuan/ton from last week [4][54]. 3.1.2 Fundamental Data Review - Average weekly slaughter weight increased by 0.13 kg to 128.45 kg; the fat - to - standard price difference remained unchanged at 0.39 yuan. The daily average slaughter rate increased by 0.34% to 31.83%, and the daily average slaughter volume increased by 1,438 heads to 131,717 heads. The frozen product inventory rate increased by 0.26% to 17.91%. The self - breeding and self - raising profit was - 9.67 yuan/head, down 30.79 yuan/head, and the profit from purchasing piglets was - 222.56 yuan/head, down 27.75 yuan/head [16]. 3.1.3 Key Data Tracking - The inventory of breeding sows increased slowly from May to November 2024, decreased slightly in December 2024 and January 2025, increased again from May to June 2025, and decreased slightly in July. The production performance has improved, and the supply of pigs is expected to increase in the third and fourth quarters, especially after September [19]. 3.2 Egg Industry 3.2.1 Week - on - Week Market Review - As of September 19, the average price in the main egg - producing areas was 3.66 yuan/jin, up 0.08 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.59 yuan/jin, down 0.02 yuan/jin. The futures price of the main egg 2511 contract was 3,112 yuan/500 kg, up 72 yuan/500 kg from last Friday. The basis of the main contract was 308 yuan/500 kg, up 78 yuan/500 kg from last Friday [5][84]. 3.2.2 Fundamental Data Review - The national weekly utilization rate of hatching eggs for laying hens was 64%, unchanged from last week. The number of culled laying hens was 17.61 million, an increase of 130,000 from last week. The production and circulation inventories increased by 0.03 and 0.07 days respectively to 0.94 and 1.06 days [60]. 3.2.3 Key Data Tracking - The number of newly - opened laying hens in September corresponded to the relatively high replenishment in May 2025. The culling of laying hens was normal, and the overall egg supply was sufficient. In the long - term, the supply pressure is still large, but the growth rate is expected to slow down [84]. 3.3 Corn Industry 3.3.1 Week - on - Week Market Review - As of September 19, the closing price of corn at Jinzhou Port, Liaoning was 2,300 yuan/ton, down 10 yuan/ton from last Friday. The futures price of the main corn 2511 contract was 2,168 yuan/ton, down 29 yuan/ton from last Friday. The basis of the main contract was 132 yuan/ton, up 19 yuan/ton from last Friday [6][106]. 3.3.2 Fundamental Data Review - The corn arrival volume at the four northern ports decreased by 216,000 tons to 105,000 tons. The inventory at the northern and southern ports decreased by 530,000 tons and 55,000 tons respectively to 870,000 tons and 601,000 tons. The opening rate of deep - processing enterprises increased by 1.01% to 48.15% [91]. 3.3.3 Key Data Tracking - The old - crop corn in the market is in limited supply, and new - crop corn has started to be listed in some areas in the Northeast. The supply is relatively sufficient in the short term. In the long - term, the corn planting in the 25/26 season is stable, and the cost support has decreased [106].

Report Title - Yangtze River Futures Urea Weekly Report: Supply Recovery, Limited Demand Support [1] Core View - Urea prices fluctuated this week, with the futures price slightly down and the spot price also decreasing. The supply has increased as maintenance devices resumed operation, while agricultural demand is scattered. The supply - demand pattern of compound fertilizers has slightly improved, but urea production and sales are still weak, and enterprise inventories have continued to accumulate. The port is exporting, and attention should be paid to the support level of the 01 contract and the positive - spread trading opportunity of the 1 - 5 spread [3]. Market Changes - **Price**: On September 19, the closing price of the urea 2601 contract was 1,661 yuan/ton, a decrease of 2 yuan/ton from last week, a decline of 0.12%. The daily average price of urea in the Henan spot market was 1,625 yuan/ton, a decrease of 20 yuan/ton from last week, a decline of 1.22% [3][6]. - **Basis**: The main urea basis weakened. On September 19, the main basis in the Henan market was - 36 yuan/ton, and the weekly basis ranged from - 51 to - 35 yuan/ton [3][8]. - **Spread**: The 9 - 1 spread of urea weakened. On September 19, the 1 - 5 spread was - 61 yuan/ton, and the weekly range was from - 61 to - 48 yuan/ton [3][8]. Fundamental Changes Supply - China's urea operating load rate was 80.24%, an increase of 2.78 percentage points from last week. The operating load rate of gas - based enterprises was 71.94%, an increase of 0.61 percentage points from last week. The daily average urea output was 190,000 tons. Next week, some Shanxi manufacturers' devices are planned to stop or undergo maintenance, while the maintenance devices of Henan Xinlianxin are gradually resuming. It is expected that the spot supply will still increase, with the daily output ranging from 185,000 to 195,000 tons [10]. Cost - The anthracite market increased slightly. As of September 18, the含税 price of S0.4 - 0.5 anthracite washed small lumps in Jincheng, Shanxi was 840 - 920 yuan/ton, with the closing price up 10 yuan/ton from last week [14]. Demand - **Agricultural Demand**: National agricultural demand is scattered at this stage. Autumn harvest is underway in the Northwest, Jianghan, and Southwest regions. In Chongqing, the harvest of rice and corn is basically completed, and the soybean harvest is over 50%. In Sichuan, about 70% of the rice and 60% of the corn have been harvested. In Guizhou, about 40% of the autumn grain has been harvested. In Hubei, nearly 70% of the corn, nearly 60% of the soybeans, and nearly 20% of the single - cropping rice have been harvested [3][19]. - **Compound Fertilizer**: The capacity utilization rate of compound fertilizer enterprises was 38.63%, an increase of 0.81 percentage points from last week. The compound fertilizer inventory was 799,800 tons, a decrease of 26,400 tons from last week, and the domestic compound fertilizer inventory pressure was slightly relieved [3][19]. - **Other Industrial Demand**: The operating load rate of melamine enterprises was 55.76%, an increase of 2.72 percentage points from last week, with a weekly output of 27,480 tons. The national building materials and home furnishing prosperity index and the sales volume of large - scale building materials and home furnishing stores decreased, and the demand support in the panel market weakened [23]. Inventory - Urea enterprise inventory was 1.18 million tons, an increase of 34,000 tons from last week, showing continuous inventory accumulation for nearly two months. Urea port inventory was 837,000 tons, an increase of 102,000 tons from last week. There were 7,810 registered urea warehouse receipts, totaling 156,200 tons [3][25]. Key Points of Attention - Compound fertilizer start - up situation, urea device production reduction and maintenance situation, export policies, and coal price fluctuations [3]

Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The glass market has a neutral fundamental situation. During the peak season, demand provides weak support at the lower end, while there are positive factors such as macro - news and environmental policies at the upper end. Technically, the bulls are continuous and stable, and the bears are discontinuous, so the glass futures price often has a lower shadow line. It is recommended to maintain a long - position strategy for the 01 contract, paying attention to the support level of 1150 - 1160 [3][4]. - The callback - buying strategy is recommended for glass investment. The main logic is that the glass fundamentals have no obvious changes, the price is affected by coal environmental protection news, the inventory is generally decreasing, the cost of coal - gas production has increased, and the demand from the middle and lower reaches has a short - term replenishment [3]. Summary by Directory 01 Investment Strategy - Strategy: Callback buying [3][5]. - Main Logic: Last week, glass futures first rose and then fell. The fundamentals remained unchanged, and the price followed the coking coal futures due to coal environmental protection news. There were no changes in production lines, and the daily melting volume remained the same. The national factory inventory continued to decline, but the inventory in North China increased slightly due to rumors of production suspension in Shahe. The inventory in Hubei continued to decline, and the orders of processing plants in East and South China were good. The cost of coal - gas production increased, and the profit decreased, while the profit of petroleum - coke production increased. The middle and lower reaches had short - term replenishment, and the market sentiment improved. The supply and inventory of soda ash decreased slightly, and it was expected to fluctuate recently considering future capacity expansion [3]. - Outlook: The glass fundamentals are neither good nor bad. In the peak season, demand provides weak support, and there are positive factors such as macro - news and environmental policies. Technically, the bulls are strong, so a long - position strategy for the 01 contract is maintained, with attention to the 1150 - 1160 support level [4]. 02 Market Review: Spot Price Increase - Spot Price: As of September 19, the market price of 5mm float glass was 1,150 yuan/ton (unchanged) in North China, 1,140 yuan/ton (+30) in Central China, and 1,230 yuan/ton (+10) in East China. - Futures Price: Last Friday, the glass 01 contract closed at 1,216 yuan/ton, up 36 yuan for the week [12]. 03 Market Review: Widening of Monthly Spreads - Soda Ash - Glass Spread: As of September 19, the soda ash futures price was 1,318 yuan/ton, and the glass futures price was 1,216 yuan/ton, with a spread of 102 yuan/ton (-8). - Basis: Last Friday, the basis of the glass 01 contract was - 106 yuan/ton (+4). - Contract Spread: Last Friday, the 01 - 05 spread was - 127 yuan/ton (-23) [13][17]. 04 Profit: Increase in Gas Cost - Natural Gas Process: The cost was 1,579 yuan/ton (+1), and the gross profit was - 349 yuan/ton (+9). - Coal - Gas Process: The cost was 1,181 yuan/ton (+22), and the gross profit was - 31 yuan/ton (-22). - Petroleum - Coke Process: The cost was 1,093 yuan/ton (+1), and the gross profit was 47 yuan/ton (+29). - Fuel Prices: On September 19, the industrial natural gas price in Hebei was 3.8 yuan/m³, the CIF price of US 3% sulfur shot coke was 165 US dollars/ton, and the price of Yulin thermal coal was 598 yuan/ton [20]. 05 Supply: Unchanged - Daily Melting Volume: Last Friday, the glass daily melting volume was 159,455 tons/day (unchanged), with 225 production lines in operation [22]. - Production Line Changes: There were cold - repairs, restarts, new ignitions, and product conversions in some production lines [23][24]. 06 Inventory: Continued Inventory Reduction - National Inventory: As of September 19, the inventory of 80 glass sample manufacturers was 6,090.8 million weight boxes (-67.5). - Regional Inventory: The inventory in North China was 955.5 million weight boxes (+30.9), in Central China was 589 million weight boxes (-33.7), in East China was 1,320.7 million weight boxes (-18.1), in South China was 941.7 million weight boxes (-13.8), in Southwest China was 1,248 million weight boxes (+5.6), the Shahe factory inventory was 278 million weight boxes (+31), and the Hubei factory inventory was 417 million weight boxes (-32) [26]. - Production and Sales Rate: On September 18, the comprehensive production and sales rate of float glass was 100% (+4). - LOW - E Glass: On September 19, the operating rate of LOW - E glass was 48.1% (+1). - Order Days: In mid - September, the order days of glass deep - processing were 10.5 days (+0.1) [32]. 07 Deep - Processing: Recovery and Maintenance of Production and Sales Rate - The production and sales rate of glass deep - processing recovered and was maintained. The order days and the operating rate of LOW - E glass showed certain trends [32][34]. 08 Demand: Intense Competition in Automobile Prices, Year - on - Year Growth in Production and Sales - Automobile: In August, China's automobile production was 2.815 million units, a month - on - month increase of 224,000 units and a year - on - year increase of 323,000 units. The sales volume was 2.857 million units, a month - on - month increase of 264,000 units and a year - on - year increase of 404,000 units. - New - Energy Automobile: In August, the retail volume of new - energy passenger cars in China was 1.101 million units, with a penetration rate of 55.2% [42]. 09 Demand: Decline in Real Estate Development Investment - Real Estate: In August, China's real estate completion area was 26.5913 million m², a year - on - year decrease of 21%; the new construction area was 45.9487 million m² (-20%); the construction area was 43.7767 million m² (-29%); and the commercial housing sales area was 57.4415 million m² (-11%). - Transaction Area: From September 13 to September 19, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.54 million square meters, a month - on - month increase of 8% and a year - on - year increase of 2%. - Development Investment: In August, the real estate development investment was 672.942 billion yuan, a year - on - year decrease of 20% [48]. 10 Cost - Side: Soda Ash - Market Price Increase - Spot Price: As of last weekend, the mainstream market price of heavy soda ash was 1,325 yuan/ton (unchanged) in North China, 1,250 yuan/ton (unchanged) in East China, 1,300 yuan/ton (unchanged) in Central China, and 1,450 yuan/ton (unchanged) in South China. - Factory Price: The ex - factory prices of some heavy soda ash enterprises had certain changes. - Futures Price: Last Friday, the soda ash 2601 contract closed at 1,318 yuan/ton (+28). - Basis: Last Friday, the basis of soda ash in Central China for the 09 contract was - 18 yuan/ton (-28) [51][55][56]. 11 Cost - Side: Soda Ash - Cost Increase - Profit: As of last Friday, the profit of soda ash was - 71 yuan/ton (-16). - Other Prices: Last Friday, the market price of synthetic ammonia in Hubei was 2,100 yuan/ton (+111), and the ex - factory price of wet ammonium chloride in Xuzhou Fengcheng was 310 yuan/ton (unchanged). - Production Cost: The cost of the ammonia - soda process for soda ash enterprises was 1,320 yuan/ton (+44), with a gross profit of - 37 yuan/ton (unchanged); the cost of the co - production process was 1,739 yuan/ton (+57), with a gross profit of - 71 yuan/ton (-16) [57][58][59]. 12 Cost - Side: Soda Ash - Inventory Reduction - Production: Last week, the domestic soda ash production was 74.57 million tons (a month - on - month decrease of 1.54 million tons), including 41.77 million tons of heavy soda ash (a month - on - month decrease of 0.4 million tons) and 32.8 million tons of light soda ash (a month - on - month decrease of 1.14 million tons). The loss was 12.62 million tons (a month - on - month increase of 1.53 million tons). - Warehouse Receipts: At the end of last week, the number of soda ash warehouse receipts in the exchange was 0 (a month - on - month decrease of 6916). - Inventory: As of September 19, the national factory inventory of soda ash was 1.7556 million tons (a month - on - month decrease of 41,900 tons), including 1.0061 million tons of heavy soda ash (a month - on - month decrease of 28,400 tons) and 749,500 tons of light soda ash (a month - on - month decrease of 13,500 tons) [72]. 13 Cost - Side: Soda Ash - Improvement in Apparent Demand - Apparent Consumption: Last week, the apparent demand for heavy soda ash was 446,100 tons, a week - on - week decrease of 13,000 tons; the apparent demand for light soda ash was 341,500 tons, a week - on - week increase of 14,900 tons. - Production and Sales Rate: Last week, the production and sales rate of soda ash was 105.62%, a week - on - week increase of 2.39%. - Glass Factory Inventory: In August, the soda ash inventory of sample float glass factories was 23.6 days [75][80].

Group 1: Report Overview - Report Title: Aluminum Industry Chain Weekly Report [2] - Date: September 22, 2025 [1] - Research Team: Industrial Service Headquarters | Non - ferrous Metals Team [1] - Researcher: Wang Guodong [1] Group 2: Investment Ratings and Strategy Recommendations - Industry Investment Rating: Not provided - Strategy Recommendations: - Alumina: Suggested to wait and see [5] - Shanghai Aluminum (SHFE Aluminum): Suggested to go long on dips [5] - Cast Aluminum Alloy: Suggested to go long on dips or use the arbitrage strategy of going long AD and short AL [5] Group 3: Core Views - Despite inventory accumulation during the peak season, due to the Fed's 25 - basis - point interest rate cut and the opening of domestic policy windows, it's recommended to go long on dips and consider the arbitrage strategy of going long AD and short AL [4] Group 4: Summary by Directory 1. Macroeconomic Indicators - The report presents data on the US Treasury yield curve (10 - year and 2 - year yields), the US dollar index, the US Treasury real yield, inflation expectations, and the exchange rate of the US dollar against the Chinese yuan [7][8] 2. Bauxite - Domestic bauxite supply is tightening, with prices in Shanxi and Henan remaining stable. Mining activities are restricted by safety supervision, environmental inspections, and the rainy season. Since mid - August, alumina plants have increasingly used imported ores [11] - The mainstream transaction price of Guinea's bulk bauxite decreased by $0.1 per dry ton week - on - week to $74.9 per dry ton. The rainy season in Guinea supports the price, but the sharp drop in alumina prices exerts downward pressure. Long - term contract price negotiations for the fourth quarter will start in mid - to late September [11] 3. Alumina - As of last Friday, the built - in capacity of alumina was 11,462 tons, unchanged week - on - week, and the operating capacity was 9,795 tons, an increase of 40 tons week - on - week, with an operating rate of 85.15% [15] - The weighted price of domestic alumina spot was 3,010.2 yuan per ton, a week - on - week decrease of 37.3 yuan per ton [15] - The national alumina inventory was 371.9 tons, an increase of 3.9 tons week - on - week. The alumina industry is in a high - stable production state, with new capacities in Shandong, Guangxi, and the north gradually entering a stable production state [15] 4. Electrolytic Aluminum - As of last Friday, the built - in capacity of electrolytic aluminum was 4,523.2 tons, unchanged week - on - week, and the operating capacity was 4,442.9 tons, an increase of 2 tons week - on - week. The remaining capacity of Baise Yinhai's technical renovation project continued to resume production [22] 5. Inventory - The report shows the historical data of the social inventory of aluminum rods, aluminum ingots, Shanghai Futures Exchange (SHFE) aluminum futures inventory, and London Metal Exchange (LME) aluminum inventory from 2021 to 2025 [28][29][30][31] 6. Cast Aluminum Alloy - The starting rate of leading recycled aluminum alloy enterprises increased by 0.4% week - on - week to 55.9% [34] - The four - ministry joint notice on standardizing investment promotion behaviors requires the cleanup of local government's illegal tax rebates. The decline in aluminum prices has increased the enthusiasm of scrap aluminum traders to sell, and with the continuous mild recovery of the downstream, orders have recovered moderately, and the starting rate of recycled aluminum alloy has continued to rise [34] 7. Downstream Start - up - The starting rate of domestic aluminum downstream processing leading enterprises increased by 0.1% week - on - week to 62.2% [45] - Aluminum profiles: The starting rate of leading aluminum profile enterprises increased by 0.6% week - on - week to 54.6%. Industrial profiles, especially photovoltaic and automotive profiles, showed different trends, while the construction profile market remained sluggish [45] - Aluminum strips: The starting rate of leading aluminum strip enterprises decreased by 0.4% week - on - week to 68.2%. High aluminum prices at the beginning of the week suppressed downstream orders, and the increase in scrap aluminum prices may affect future starting rates [45] - Aluminum cables: The starting rate of domestic cable leading enterprises remained stable at 65.2%. Enterprises focused on power grid orders and some photovoltaic alloy cable orders, and purchased raw materials based on rigid demand due to high aluminum prices [49] - Primary aluminum alloy: The starting rate of leading primary aluminum alloy enterprises increased by 1% week - on - week to 57.6%. Short - term procurement slowdown in the downstream has affected the starting rate, and although most enterprises are optimistic about the peak season in September, some are more cautious about short - term expansion [49]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The overall view is that the macro - expectation is positive, and it is advisable to buy on dips [2][3] Summary by Directory 01 Black Plate Performance Comparison - The black plate showed a strong trend last week, with significant increases in coking coal and coke futures prices. The market focused on coal mine over - production inspections, and the central environmental protection inspection team demanded rectifications in the steel and coking industries in some provinces [3][4] 02 Futures Market Rise - Fall Comparison - The performance of the futures market was differentiated, with the black plate showing obvious strength [6][7] 03 Spot Prices - The second round of coke price cuts was implemented, while other varieties had small price increases [8] 04 Profits and Valuations - The profitability of steel mills slightly decreased, and the valuation of rebar futures increased [9][10] 05 Steel Supply and Demand - The steel demand improved month - on - month, and rebar inventory started to decline. The performance of demand in October should be closely monitored [3][12][13] 06 Iron Ore Supply and Demand - Global iron ore shipments increased, and the iron ore inventory of steel mills significantly rose [20][21] 07 Coking Coal Supply and Demand - Coking coal production continued to increase, and the inventory of coking coal in coking plants and ports increased significantly [3][23][24] 08 Coke Supply and Demand - Coke production remained stable, and the total coke inventory continued to accumulate [26][27] 09 Variety Spreads - The rebar's on - paper profit decreased, and the spread between hot - rolled coil and rebar narrowed [29][30] 10 Key Data/Policy/Information - There were various events including Sino - US economic and trade talks, central environmental protection inspections, Fed's interest rate cuts, and phone calls between leaders of China and the US. Also, there were reports on project shipments, coal mine over - production inspections, and environmental restrictions in Tangshan [35] Trading Strategies - For rebar, it is advisable to buy on dips, with RB2601 focusing on the [3100 - 3250] range [3] - For coking coal and coke, it is advisable to wait and see for the time being, or engage in short - term trading, focusing on the resumption progress of coking coal production [3] - For iron ore, it may run with a slightly strong trend, and it is advisable to wait and see for the time being [3]

Report Industry Investment Ratings - **Macrofinance**: Index futures are recommended for long - term bullish and buying on dips; Treasury bonds are recommended to stay on the sidelines [1][5] - **Black Building Materials**: Coking coal and rebar are recommended for range trading; Glass is recommended for buying on dips [1][7][8] - **Non - ferrous Metals**: Copper is recommended for sidelines or buying on dips with short - term trading; Aluminum is recommended for buying on dips after pullbacks; Nickel is recommended for sidelines or shorting on rallies; Tin, gold, and silver are recommended for range trading [1][10][11][15][16][18] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to oscillate; Soda ash is recommended for shorting the 01 contract and going long on the 05 contract [1][19][21][23][25][26][28][29][31] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to oscillate; PTA is expected to oscillate within the range of 4600 - 4950; Apples are expected to oscillate strongly; Jujubes are expected to oscillate weakly [1][34][35][37] - **Agriculture and Animal Husbandry**: Pigs and eggs are recommended for shorting on rallies; Corn is expected to oscillate widely; Soybean meal is expected to oscillate weakly; Oils are expected to oscillate strongly after a high - level correction [1][38][40][41][42][43] Core Viewpoints The report provides trading strategies for various futures products based on their market trends, supply - demand relationships, and macro - economic factors. It believes that the macro - financial market has long - term potential, while different sectors in the commodity market have different trends. For example, some products are in a range - bound state, some are affected by seasonal factors, and some are influenced by policy and international trade factors [1][5][7][11][34][38] Summaries by Categories Macrofinance - **Index Futures**: The market is in a short - term shock, but in the medium - term, it is expected to benefit from the loose US dollar liquidity environment. It is recommended to buy on dips [5] - **Treasury Bonds**: The market adjusted on Friday, and the technical repair may be over. It is recommended to stay on the sidelines and focus on the results of the China - US presidential call [5] Black Building Materials - **Coking Coal**: Multiple factors have boosted market sentiment, with coal prices rising across the board [7] - **Rebar**: The short - term pattern of weak industry and strong macro remains. It is recommended to buy on dips, focusing on the 3100 - 3250 range for the RB2601 contract [7] - **Glass**: The fundamentals are stable, and it is affected by coal news. It is recommended to buy on dips, focusing on the 1130 - 1160 support [8] Non - ferrous Metals - **Copper**: It is expected to remain in high - level shock before the holiday, and it is recommended to trade cautiously on the long side [11] - **Aluminum**: The price is under pressure from alumina, but the demand is in the peak season. It is recommended to buy on dips and consider the long AD short AL arbitrage strategy [11] - **Nickel**: The supply - demand side changes little, and it is recommended to short moderately on rallies [15] - **Tin**: The supply is tight, and the demand is recovering. It is recommended for range trading, with the reference range of 265,000 - 280,000 yuan/ton for the Shanghai Tin 10 contract [16] - **Silver and Gold**: They are expected to oscillate, and it is recommended for range trading, with reference ranges of 9800 - 10500 for the Shanghai Silver 12 contract and 820 - 855 for the Shanghai Gold 12 contract [16][18] Energy and Chemicals - **PVC**: The supply - demand is weak, and it is expected to oscillate in the short term, with the 01 contract focusing on the 4850 - 5050 range [20] - **Caustic Soda**: Considering pre - holiday restocking and alumina production expectations, it is expected to oscillate, with the 01 contract focusing on the 2550 - 2650 range [22] - **Styrene**: The supply - demand is weak, and it is expected to oscillate, focusing on the 6900 - 7200 range [25] - **Rubber**: The supply is increasing, and the demand is weak. It is expected to maintain a narrow - range arrangement, focusing on the 15600 support [25] - **Urea**: The supply is slightly lower than last year, and the demand is weak. It is recommended to focus on the 1630 - 1650 support for the 01 contract and the positive arbitrage opportunity for the 1 - 5 spread [26] - **Methanol**: The supply is recovering, and the demand is stable. It is expected to oscillate weakly, with the 01 contract focusing on the 2330 - 2450 range [28] - **Polyolefins**: The downstream demand is improving, and the supply pressure is relieved. It is expected to oscillate, with the L2601 contract focusing on the 7200 - 7500 range and the PP2601 contract focusing on the 6900 - 7200 range [30] - **Soda Ash**: It is recommended to short the 01 contract and go long on the 05 contract due to the expected supply surplus [33] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global supply - demand situation is improving, but the new cotton production may increase. It is recommended to prepare for hedging [34] - **PTA**: The cost and supply - demand are in a tug - of - war. It is expected to oscillate within the 4600 - 4950 range [34] - **Apples**: Affected by weather and market conditions, the price is expected to be strong [35] - **Jujubes**: The consumption is weak, and the price is expected to oscillate weakly [37] Agriculture and Animal Husbandry - **Pigs**: The supply exceeds demand, and the price is under pressure. It is recommended to short on rallies and focus on the long 05, 07 short 03 arbitrage [38] - **Eggs**: The short - term supply pressure is large, and the long - term growth rate may slow down. It is recommended to short lightly on rallies for the near - term contracts and be cautious about shorting for the 12 and 01 contracts [40] - **Corn**: It is in the period of new and old crop connection, and the price is under seasonal pressure. It is recommended to short on rallies for the 11 contract and focus on the 1 - 5 reverse arbitrage [41] - **Soybean Meal**: The supply is sufficient in September - October, and the price is under pressure, but it is supported by cost. It is recommended to focus on the 2980 support for the M2601 contract [42] - **Oils**: The domestic oils have a high - level correction, but the decline is limited. It is recommended to buy on dips and focus on some arbitrage opportunities [43]