Report Summary Report Industry Investment Rating No information provided. Core View The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 19, 2025. Summary by Category Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 79,280, LME price is 9,660, and the ratio is 8.22; for three - month contracts, the domestic price is 78,910, LME price is 9,757, and the ratio is 8.11. The equilibrium ratio for spot import is 8.18, with a profit of 96.04, and the spot export profit is - 446.22 [1]. - **Zinc**: Spot price in China is 22,300, LME price is 2,781, and the ratio is 8.02; for three - month contracts, the domestic price is 22,360, LME price is 2,790, and the ratio is 6.02. The equilibrium ratio for spot import is 8.67, with a profit of - 1806.11 [1]. - **Aluminum**: Spot price in China is 20,550, LME price is 2,596, and the ratio is 7.91; for three - month contracts, the domestic price is 20,570, LME price is 2,596, and the ratio is 7.92. The equilibrium ratio for spot import is 8.47, with a profit of - 1443.86 [1]. - **Nickel**: Spot price in China is 119,300, LME price is 14,860, and the ratio is 8.03. The equilibrium ratio for spot import is 8.26, with a profit of - 1996.18 [1]. - **Lead**: Spot price in China is 16,625, LME price is 1,930, and the ratio is 8.64; for three - month contracts, the domestic price is 16,815, LME price is 1,974, and the ratio is 11.32. The equilibrium ratio for spot import is 8.87, with a profit of - 443.17 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 260, - 260, - 270, and - 260 respectively, while the theoretical spreads are 498, 894, 1299, and 1703 [4]. - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 120, - 120, - 120, and - 115 respectively, while the theoretical spreads are 215, 337, 458, and 580 [4]. - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 160, - 185, - 225, and - 235 respectively, while the theoretical spreads are 215, 331, 446, and 562 [4]. - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 30, 55, 130, and 95 respectively, while the theoretical spreads are 209, 314, 418, and 523 [4]. - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 60, 320, 550, and 800 respectively [4]. - **Tin**: The spread between the 5 - 1 contracts is 1270, and the theoretical spread is 5544 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 80 and - 340 respectively, while the theoretical spreads are 446 and 847 [4]. - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 180 and 60 respectively, and the theoretical spreads are 191 and 321 (or 211 and 311 in another record) [4][5]. - **Lead**: The spreads between the current - month and next - month contracts and the spot are 135 and 165 respectively, while the theoretical spreads are 192 and 303 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.53, 3.84, 4.69, 0.92, 1.22, and 0.75 respectively; for LME (three - continuous contracts), they are 3.50, 3.76, 4.94, 0.93, 1.31, and 0.71 [5].

PART. 1: Long and Short Product Classification - Long products include stock index futures such as the SSE 50 futures (IH.CFE), CSI 300 futures (IF.CFE), and CSI 500 futures (IC.CFE), driven by bullish market sentiment with a 750D Px_M Percentile high and positive annualized rolling returns [5][6] - Metal products like SHFE copper (CU.SHF) and SHFE aluminum (AL.SHF) are also classified as long due to tight supply and stable annualized rolling returns [5] - Short products include government bond futures, particularly the 30-year bond (TL.CFE), which has a negative annualized rolling return due to rising interest rate expectations [6] - Black commodities such as DCE coking coal (JM.DCE) are under pressure from high inventory levels, while agricultural products like DCE soybean meal (M.DCE) are short due to ample supply [6] PART. 2: Volume Change and Trading Opportunities - Significant volume increase observed in DCE iron ore (I.DCE) with a volume ratio of 2.01 and an annualized rolling return of 0.1102, indicating a long opportunity [10] - SHFE rebar (RB.SHF) has seen recent position increases, but may experience short-term consolidation [10] - Arbitrage opportunities include inter-month arbitrage in coking coal (J.DCE) with widening price spreads and cross-product arbitrage in copper-aluminum ratios at historical highs [11][12] PART. 3: Core Logic - Stock index futures are supported by economic recovery expectations, but there are risks from policy adjustments [13] - The black commodities sector, particularly iron ore, is driven by steel mill restocking, though environmental production limits may suppress demand [13] - Government bond futures are in a bearish trend due to diminishing expectations for monetary policy easing [13] PART. 4: Summary - Long positions to focus on include CSI 500 futures, copper, and crude oil [15] - Short positions to consider are government bond futures, coking coal, and glass [15]

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 18, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 18, 2025, the domestic spot price was 79130, LME spot price was 9671, and the spot ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of 79.57. The domestic March price was 79050, LME March price was 9765, and the March ratio was 8.09 [1] - **Zinc**: The domestic spot price was 22450, LME spot price was 2830, and the spot ratio was 7.93. The equilibrium ratio for spot import was 8.66, with a profit of - 2054.98. The domestic March price was 22530, LME March price was 2836, and the March ratio was 5.92 [1] - **Aluminum**: The domestic spot price was 20710, LME spot price was 2621, and the spot ratio was 7.90. The equilibrium ratio for spot import was 8.47, with a profit of - 1487.44. The domestic March price was 20750, LME March price was 2620, and the March ratio was 7.91 [1] - **Nickel**: The domestic spot price was 119400, LME spot price was 14847, and the spot ratio was 8.04. The equilibrium ratio for spot import was 8.26, with a profit of - 1524.77 [1] - **Lead**: The domestic spot price was 16625, LME spot price was 1942, and the spot ratio was 8.60. The equilibrium ratio for spot import was 8.87, with a profit of - 519.03. The domestic March price was 16855, LME March price was 1986, and the March ratio was 11.33 [3] Cross - Period Arbitrage Tracking - **Copper**: On August 18, 2025, the spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 80, 70, 60, and 60 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4] - **Zinc**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 25, 50, 65, and 55 respectively, and the theoretical spreads were 215, 337, 458, and 580 [4] - **Aluminum**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 55, 35, - 10, and - 50 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4] - **Lead**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 120, 125, 145, and 175 respectively, and the theoretical spreads were 209, 313, 418, and 523 [4] - **Nickel**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 400, - 230, - 30, and 210 respectively [4] - **Tin**: The 5 - 1 spread was 1190, and the theoretical spread was 5541 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were - 170 and - 90 respectively, and the theoretical spreads were 483 and 933 [4] - **Zinc**: The spreads for the current - month contract - spot and the next - month contract - spot were 30 and 55 respectively, and the theoretical spreads were 204 and 335 [4] - **Lead**: The spreads for the current - month contract - spot and the next - month contract - spot were 105 and 225 respectively, and the theoretical spreads were 199 and 310 [5] Cross - Variety Arbitrage Tracking - On August 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.51, 3.81, 4.69, 0.92, 1.23, and 0.75 respectively, and for London (three - continuous) were 3.50, 3.75, 4.93, 0.93, 1.32, and 0.71 respectively [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on August 18, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Directory Power Coal - The basis data from August 11 to August 15, 2025, shows a trend of change, with values of - 115.4, - 113.4, - 108.4, - 106.4, and - 103.4 respectively. The spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, data such as basis, ratio, and spread are provided from August 11 to August 15, 2025 [6] - **Chemical Commodities** - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 11 to August 15, 2025, show different trends of change [8] - **Inter - period Spreads**: The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented [9] - **Inter - commodity Spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 11 to August 15, 2025, are provided [9] Black Metals - **Inter - period Spreads**: The inter - period spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are given [18] - **Inter - commodity Spreads**: The inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 11 to August 15, 2025, are presented [18] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 11 to August 15, 2025, are provided [19] Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 11 to August 15, 2025, are presented [26] - **London Market**: Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on August 15, 2025, are provided [32] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 11 to August 15, 2025, are presented [37] - **Inter - period Spreads**: The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are given [37] - **Inter - commodity Spreads**: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from August 11 to August 15, 2025, are presented [37] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 11 to August 15, 2025, are presented [48] - **Inter - period Spreads**: The inter - period spreads of next - month - current - month and next - quarter - current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [50]

Core Viewpoint - The listing of pure benzene futures and options on July 8 provides enhanced risk management tools for the upstream and downstream of the industry chain, which is crucial given China's position as the largest producer and consumer of pure benzene globally [1][2]. Industry Overview - China accounts for 39% of global pure benzene production capacity and 43% of apparent consumption in 2024, with East China being the largest production and consumption area [1]. - The production capacity concentration in China is moderate, with the top three companies holding nearly 40% of the market share, where Sinopec alone accounts for 17.6% [2]. Pricing and Sales Mechanisms - Different scale refineries have varying sales methods for pure benzene, with large refineries primarily using contracts and pricing based on Sinopec's East China price [2]. - Trade enterprises often reference prices from sources like Argus and Platts for their pure benzene procurement, with imports mainly from South Korea and Southeast Asia [3]. Market Conditions and Outlook - The pure benzene market is currently experiencing a downturn due to insufficient downstream demand, but a supply-demand increase is expected in the second half of the year with over 1 million tons of new capacity planned [7]. - Inventory levels for pure benzene and styrene have risen to higher levels this year, with expectations of a de-inventory trend in August, followed by a potential accumulation in September and October [8]. Production and Operational Insights - The production processes for pure benzene are diverse, with catalytic reforming and ethylene cracking being the most significant methods [5]. - Maintenance cycles for pure benzene facilities typically occur every three years, with minor repairs having a limited impact on the market [6]. Futures Market Participation - Companies are increasingly engaging in futures trading for hedging purposes, with a notable number of enterprises participating in the pure benzene futures market [11]. - The introduction of pure benzene futures and options has enriched the risk management tools available to industry players, enhancing market liquidity [12].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Report's Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 14, 2025. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,510 (domestic) and 9,763 (LME) with a ratio of 8.11; March price is 79,380 (domestic) and 9,842 (LME) with a ratio of 8.05. Spot import equilibrium ratio is 8.16, and the profit is - 39.06. Spot export profit is 42.08 [1]. - **Zinc**: Spot price is 22,560 (domestic) and 2,840 (LME) with a ratio of 7.95; March price is 22,640 (domestic) and 2,841 (LME) with a ratio of 5.94. Spot import equilibrium ratio is 8.65, and the profit is - 1,994.05 [1]. - **Aluminum**: Spot price is 20,760 (domestic) and 2,624 (LME) with a ratio of 7.91; March price is 20,765 (domestic) and 2,629 (LME) with a ratio of 7.91. Spot import equilibrium ratio is 8.48, and the profit is - 1,492.93 [1]. - **Nickel**: Spot price is 121,750 (domestic) and 15,099 (LME) with a ratio of 8.06. Spot import equilibrium ratio is 8.25, and the profit is - 1,531.68 [1]. - **Lead**: Spot price is 16,725 (domestic) and 1,974 (LME) with a ratio of 8.48; March price is 16,940 (domestic) and 2,017 (LME) with a ratio of 11.21. Spot import equilibrium ratio is 8.85, and the profit is - 719.66 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 370, 370, 390, and 410 respectively, while the theoretical spreads are 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 0, 40, 40, and 25 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 35, 10, - 35, and - 70 respectively, and the theoretical spreads are 215, 331, 446, and 562 [4]. - **Lead**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 30, 40, 60, and 85 respectively, and the theoretical spreads are 210, 315, 421, and 526 [4]. - **Nickel**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are - 20, 110, 310, and 600 respectively [4]. - **Tin**: The 5 - 1 spread is 1250, and the theoretical spread is 5593 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of current - month contract - spot and next - month contract - spot are - 430 and - 60 respectively, and the theoretical spreads are 23 and 517 [4]. - **Zinc**: The spreads of current - month contract - spot and next - month contract - spot are 40 and 40 respectively, and the theoretical spreads are 80 and 211 (also mentioned 78 and 207) [4][5]. - **Lead**: The spreads of current - month contract - spot and next - month contract - spot are 175 and 205 respectively, and the theoretical spreads are 105 and 217 [4]. Cross - Variety Arbitrage Tracking - For cross - variety ratios on August 14, 2025: Copper/Zinc (Shanghai "continuous three") is 3.51, Copper/Aluminum is 3.82, Copper/Lead is 4.69, Aluminum/Zinc is 0.92, Aluminum/Lead is 1.23, Lead/Zinc is 0.75; LME (continuous three) ratios are 3.47, 3.75, 4.93, 0.92, 1.32, and 0.70 respectively [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 13, 2025, which helps investors understand the current price relationships and potential arbitrage opportunities in the non - ferrous metals market [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 13, 2025, the domestic spot price was 79,160, the LME price was 9,681, and the spot import equilibrium ratio was 8.17 with a profit of 84.82. The March price had a ratio of 8.09 [1]. - **Zinc**: The domestic spot price was 22,510, the LME price was 2,823, and the spot import equilibrium ratio was 8.66 with a profit of - 1927.11. The March price ratio was 5.99 [1]. - **Aluminum**: The domestic spot price was 20,640, the LME price was 2,600, and the spot import equilibrium ratio was 8.49 with a profit of - 1445.13. The March price ratio was 7.94 [1]. - **Nickel**: The domestic spot price was 121,600, the LME price was 15,079, and the spot import equilibrium ratio was 8.25 with a profit of - 2046.03 [1]. - **Lead**: The domestic spot price was 16,775, the LME price was 1,966, and the spot import equilibrium ratio was 8.86 with a profit of - 633.39. The March price ratio was 11.25 [3]. Cross - Period Arbitrage Tracking - **Copper**: On August 13, 2025, the spreads between the next month, March, April, and May and the spot month were 0, 60, 20, and 10 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads were 35, 55, 55, and 35 respectively, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were 15, - 15, - 60, and - 80 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4]. - **Lead**: The spreads were 80, 90, 105, and 135 respectively, and the theoretical spreads were 209, 314, 420, and 525 [4]. - **Nickel**: The spreads were 540, 670, 840, and 1120 respectively [4]. - **Tin**: The 5 - 1 spread was 1330, and the theoretical spread was 5601 [4]. Cross - Variety Arbitrage Tracking On August 13, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.49, 3.82, 4.67, 0.91, 1.22, and 0.75 respectively, and in London (three - continuous) were 3.46, 3.76, 4.88, 0.92, 1.30, and 0.71 respectively [5].

Report Summary Industry Investment Rating - No industry investment rating information is provided in the reports [1][2][3] Core View - The reports present the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 12, 2025 [1][3] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 12, 2025, the domestic spot price was 79140, LME spot price was 9676, and the spot ratio was 8.12. The equilibrium ratio for spot import was 8.18 with a profit of - 117.15. The domestic three - month price was 79050, LME three - month price was 9759, and the three - month ratio was 8.10 [1] - **Zinc**: The domestic spot price was 22530, LME spot price was 2836, and the spot ratio was 7.94. The equilibrium ratio for spot import was 8.66 with a profit of - 2036.17. The domestic three - month price was 22610, LME three - month price was 2840, and the three - month ratio was 5.94 [1] - **Aluminum**: The domestic spot price was 20630, LME spot price was 2609, and the spot ratio was 7.91. The equilibrium ratio for spot import was 8.50 with a profit of - 1542.06. The domestic three - month price was 20690, LME three - month price was 2617, and the three - month ratio was 7.89 [1] - **Nickel**: The domestic spot price was 120900, LME spot price was 15028, and the spot ratio was 8.05. The equilibrium ratio for spot import was 8.26 with a profit of - 1921.73 [1] - **Lead**: The domestic spot price was 16725, LME spot price was 1974, and the spot ratio was 8.47. The domestic three - month price was 16885, LME three - month price was 2009, and the three - month ratio was 11.24. The equilibrium ratio for spot import was 8.86 with a profit of - 765.90 [3] Cross - Period Arbitrage Tracking - **Copper**: On August 12, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 560, 590, 570, and 560 respectively, while the theoretical spreads were 494, 887, 1288, and 1689 [3] - **Zinc**: The spreads were 90, 110, 115, and 100 respectively, and the theoretical spreads were 216, 337, 459, and 580 [3] - **Aluminum**: The spreads were 5, - 5, - 40, and - 80 respectively, and the theoretical spreads were 214, 330, 445, and 561 [3] - **Lead**: The spreads were 95, 95, 115, and 160 respectively, and the theoretical spreads were 209, 314, 419, and 524 [3] - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 1180, 1330, 1500, and 1730 [3] - **Tin**: The 5 - 1 spread was 1110, and the theoretical spread was 5566 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 635 and - 75 respectively, and the theoretical spreads were 26 and 546 [3] - **Zinc**: The spreads were - 30 and 60 respectively, and the theoretical spreads were 92 and 223 (also mentioned with theoretical spreads of 96 and 221) [3] - **Lead**: The spreads of the current - month and next - month contracts relative to the spot were 65 and 160 respectively, and the theoretical spreads were 97 and 209 [3] Cross - Variety Arbitrage Tracking - On August 12, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 3.50, 3.82, 4.68, 0.92, 1.23, and 0.75 respectively, and in London (three - continuous contracts) were 3.45, 3.76, 4.87, 0.92, 1.30, and 0.71 respectively [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, and tin) on August 7, 2025. It includes domestic and LME prices, price ratios, spreads, and theoretical spreads, which can be used by investors to analyze potential arbitrage opportunities [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: The domestic spot price is 78325, the LME spot price is 9602, with a ratio of 8.19. The equilibrium ratio for spot import is 8.17, and the profit is - 79.58. The domestic three - month price is 78290, the LME three - month price is 9665, with a ratio of 8.10 [1]. - **Zinc**: The domestic spot price is 22330, the LME spot price is 2761, with a ratio of 8.09. The equilibrium ratio for spot import is 8.67, and the profit is - 1602.01. The domestic three - month price is 22370, the LME three - month price is 2771, with a ratio of 6.08 [1]. - **Aluminum**: The domestic spot price is 20630, the LME spot price is 2576, with a ratio of 8.01. The equilibrium ratio for spot import is 8.49, and the profit is - 1251.83. The domestic three - month price is 20605, the LME three - month price is 2575, with a ratio of 8.01 [1]. - **Nickel**: The domestic spot price is 120100, the LME spot price is 14903, with a ratio of 8.06. The equilibrium ratio for spot import is 8.25, and the profit is - 1667.45 [1]. - **Lead**: The domestic spot price is 16700, the LME spot price is 1952, with a ratio of 8.57. The equilibrium ratio for spot import is 8.86, and the profit is - 567.51. The domestic three - month price is 16850, the LME three - month price is 1988, with a ratio of 11.25 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are - 290, - 280, - 290, and - 320 respectively, while the theoretical spreads are 495, 888, 1290, and 1691 [4]. - **Zinc**: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 20, 10, 0, and - 35 respectively, while the theoretical spreads are 215, 336, 456, and 577 [4]. - **Aluminum**: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 50, 5, - 40, and - 95 respectively, while the theoretical spreads are 214, 329, 444, and 559 [4]. - **Lead**: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 140, 135, 165, and 190 respectively, while the theoretical spreads are 209, 313, 418, and 522 [4]. - **Nickel**: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 270, 370, 530, and 750 respectively [4]. - **Tin**: The 5 - 1 spread is 780, and the theoretical spread is 5536 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month and next - month contracts relative to the spot are 255 and - 35 respectively, while the theoretical spreads are 232 and 624 [4]. - **Zinc**: The spreads for the current - month and next - month contracts relative to the spot are 30 and 50 respectively, and the theoretical spreads are 112 and 242 (also 103 and 234 in another record) [4][5]. - **Lead**: The spreads for the current - month and next - month contracts relative to the spot are 15 and 155 respectively, while the theoretical spreads are 108 and 220 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.50, 3.80, 4.65, 0.92, 1.22, and 0.75 respectively, and for LME (three - continuous) are 3.47, 3.71, 4.85, 0.94, 1.31, and 0.72 respectively [5].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports. 2. Report's Core View - **Soybean Oil**: The improvement of weather in the main soybean - producing areas in the US has led to a decline in US soybeans, dragging down domestic beans. There is no obvious progress in soybean imports from the Sino - US economic and trade talks. The export of about one million tons of soybean oil from China, fewer oilseed purchases in the fourth quarter, and an increase in direct imports of protein meal are expected to converge the oil mill's profit, which is beneficial to the price of oils. It is recommended to buy on dips for the soybean oil 2601 contract. Support is at 8000 - 8030 yuan/ton, and resistance is at 8400 - 8450 yuan/ton [3]. - **Rapeseed Oil**: Since July, the procurement and arrival of rapeseed in China have decreased, and the domestic rapeseed oil inventory has declined from its high. However, it is still at a relatively high level compared to the same period in recent years. With fewer rapeseed purchases in the third quarter, there is an expectation of future inventory reduction. The import profit of new - crop rapeseed is okay, but the uncertainty of China - Canada trade relations remains. It is advisable to trade within a range, buy on dips, and exit long positions at high levels. Support is at 9300 - 9330, and resistance is at 9683 - 9790 [3]. - **Palm Oil**: High - frequency data shows good production of Malaysian palm oil but weak export demand, increasing the inventory pressure in July. The willingness of the origin to support prices has weakened, improving the domestic import profit and increasing domestic inventory. The upward momentum of the futures price has weakened, with a short - term need for shock adjustment. Indonesia's palm oil production is lower than expected, and its inventory is at a low level. The US biodiesel policy is beneficial to the long - term demand for US soybean oil. From the perspective of the international soybean - palm oil price difference, palm oil is cost - effective, and there is restocking demand from India and China. There is support below the futures price. Indonesia is preparing for the B50 biodiesel test, potentially beneficial to the long - term price. It is recommended to buy on dips. Support is at 8704 - 8796, and resistance is at 9480 - 9490 [4]. - **Soybean No. 2 and Soybean Meal**: There is no obvious progress in soybean imports from the Sino - US economic and trade talks. The improvement of the good - rate of US soybeans and favorable weather in the main producing areas have led to a bottom - building of CBOT soybean futures prices. The increase in imports of low - priced soybean meal from Argentina and the promotion of soybean meal reduction and substitution in China have led to a continuous decline in soybean meal prices. It is recommended to wait and see for now. The support for the main soybean meal contract is at 2930 - 2950 yuan/ton, and the resistance is at 3080 - 3100 yuan/ton. The soybean No. 2 main 09 contract is expected to fluctuate and adjust, with resistance at 3750 - 3800 and support at 3550 - 3560 yuan/ton [4]. - **Rapeseed Meal**: Rapeseed meal shows a situation of both weak supply and demand. The cost - effectiveness of rapeseed meal is poor, and there is an expectation of inventory reduction in the third quarter. It is recommended to buy on dips. Support is at 2600 - 2621, and resistance is at 2791 - 2855 [4]. - **Corn and Corn Starch**: The external market is under pressure from the harvest in South America and the expected increase in US corn planting area. The domestic market is in a game between the release of old - crop corn and tight supply in some areas. It is recommended to reduce short positions on dips. The support for the corn 09 contract is at 2250 - 2260, and the resistance is at 2430 - 2450. For the corn starch 09 contract, the support is at 2600 - 2620, and the resistance is at 2830 - 2840 [5]. - **Soybean No. 1**: The gradual listing of new soybeans has increased supply, suppressing domestic soybean prices. It is recommended to wait and see for the main soybean No. 1 contract. The resistance for the 09 contract is at 4250 - 4300 yuan/ton, and the support is at 4000 - 4030 yuan/ton [6]. - **Peanut**: The low carry - over inventory of old - crop peanuts, the impact of the civil unrest in Sudan and the delay of port opening in Senegal on imports, and the high - level planting area and expected increase in yield of new - crop peanuts have different impacts on different contracts. It is recommended to take partial profit on short positions near the support level. The support for the 10 contract is at 8004 - 8020, and the resistance is at 8392 - 8398 [6]. - **Live Pig**: The futures price of live pigs is near - strong and far - weak. The spot price is likely to rise seasonally in August. It is recommended to reduce long positions on rallies for the 09 contract and wait for an opportunity to buy the 2511 contract on dips after the market cools down and the spot price rises [7]. - **Egg**: The egg 08 futures price has fallen back to the spot price, and the 09 contract has broken through the range. It is recommended to be cautious about short - selling, pay attention to the positive spread between September and January, and aggressive investors can buy the 09 contract on dips. The reference range is 3500 - 3800 points [8]. 3. Summary According to the Catalog Part One: Sector Strategy Recommendations a. Market Analysis - **Oilseeds**: Soybean No. 1 09 is expected to fluctuate, and it is recommended to wait and see; Soybean No. 2 09 is expected to fluctuate and adjust, and it is recommended to wait and see; Peanut 10 is expected to be weakly bearish, and it is recommended to take partial profit on short positions [11]. - **Oils**: Soybean oil 01 is expected to be strongly bullish, and it is recommended to buy on dips; Rapeseed oil 09 is expected to fluctuate within a range, and it is recommended to buy on dips; Palm 09 is expected to fluctuate and adjust, and it is recommended to buy on dips [11]. - **Protein**: Soybean meal 09 is expected to fluctuate, and it is recommended to wait and see; Rapeseed meal 09 is expected to be strongly bullish, and it is recommended to buy on dips [11]. - **Energy and By - products**: Corn 09 is expected to fluctuate and consolidate, and it is recommended to reduce short positions on dips; Corn starch 09 is expected to fluctuate and consolidate, and it is recommended to reduce short positions on dips [11]. - **Livestock**: Live pig 09 is expected to rebound, and it is recommended to reduce long positions on rallies; Egg 09 is expected to find the bottom, and it is recommended to buy on dips [11]. b. Commodity Arbitrage - **Inter - month Arbitrage**: It is recommended to wait and see for most varieties, except for the positive spread for soybean meal 11 - 1 and the positive spread for live pig 9 - 1 and egg 9 - 1 [12][13]. - **Inter - commodity Arbitrage**: For oils, it is recommended to be bearish on 09 soybean oil - palm oil, bullish on 09 rapeseed oil - soybean oil, and wait and see for 09 rapeseed oil - palm oil; For protein, 09 soybean meal - rapeseed meal is expected to fluctuate at a low level; For the oil - meal ratio, it is recommended to go long on the 09 soybean oil - meal ratio and wait and see for the 09 rapeseed oil - meal ratio; For energy and by - products, it is recommended to wait and see for 09 starch - corn [13]. c. Basis and Spot - Futures Strategies There are data on spot prices, price changes, and basis changes for various varieties, but no specific strategies are mentioned other than the data presentation [14]. Part Two: Key Data Tracking Tables a. Oils and Oilseeds - **Daily Data**: There are data on the import cost of soybeans, rapeseeds, and palm oil from different origins and different shipping dates [16]. - **Weekly Data**: There are data on the inventory and operating rate of beans, rapeseeds, palm oil, and peanuts [18]. b. Feed - **Daily Data**: There are data on the import cost of corn from different countries and different months [18]. - **Weekly Data**: There are data on the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises [19]. c. Livestock - There are daily and weekly data on live pigs and eggs, including spot prices, production, consumption, and profit - related data [20][21][22][23][24]. Part Three: Fundamental Tracking Charts - **Livestock End (Live Pigs and Eggs)**: There are charts showing the closing price of the main live pig contract, the closing price of the main egg contract, spot prices, and other related data [25][28][29][34]. - **Oils and Oilseeds**: There are charts showing the production, export, inventory, and other data of palm oil, soybean oil, and peanuts [37][47][51]. - **Feed End**: There are charts showing the inventory, consumption, and profit - related data of corn, corn starch, rapeseed meal, and soybean meal [55][57][59]. Part Four: Options Situation of Soybean Meal, Feed, Livestock, and Oils There are charts showing the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [71][72]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils There are charts showing the warehouse receipt situation of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [74][76][79].