Core Viewpoint - International gold prices have recently surged, reaching historical highs due to multiple favorable factors, including expectations of interest rate cuts by the Federal Reserve and geopolitical uncertainties [1] Group 1: Price Movements - As of September 2, 2023, London spot gold prices peaked at $3508.69 per ounce, while COMEX gold futures reached $3578.4 per ounce, both setting new historical records [1] - The recent price movements indicate a breakthrough of key resistance levels for precious metals [1] Group 2: Influencing Factors - The rise in gold prices is primarily supported by three fundamental factors: 1. Ongoing expectations for interest rate cuts by the Federal Reserve [1] 2. Increased risk from geopolitical tensions, which has heightened safe-haven demand [1] 3. A surge in speculative sentiment following technical breakthroughs in price [1]

Report Overview - Report Title: Energy and Chemicals Pure Benzene & Styrene Daily Report [1] - Report Date: August 27, 2025 [2] - Report Author: Tonghui Futures Research Department [3] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The pure benzene market is currently stable but may face downward pressure in September due to increased domestic production and imports [4]. - Styrene prices are "strong in the short - term and weak in the long - term", with medium - term pressure due to high supply and insufficient demand [5]. Summary by Section 1. Daily Market Summary (1) Fundamentals - **Price**: On August 26, the styrene main contract fell 1.00% to 7257 yuan/ton, with a basis of 68 (+43 yuan/ton); the pure benzene main contract fell 0.81% to 6156 yuan/ton [3]. - **Cost**: On August 26, Brent crude closed at 64.8 (+1.1 dollars/barrel), WTI crude closed at 68.8 dollars/barrel (+1.1 dollars/barrel), and the spot price of pure benzene in East China was 6072.5 yuan/ton (+0 yuan/ton) [3]. - **Inventory**: Styrene sample factory inventory was 20.3 tons (-0.3 tons), a 1.1% decrease; Jiangsu port inventory was 16.2 tons (+1.3 tons), an 8.5% increase. Pure benzene port inventory was 14.4 tons (-0.2 tons), a 1.1% decrease [3]. - **Supply**: Styrene may see reduced supply due to device maintenance at the end of August. Currently, the weekly output is 37.1 tons (+0.2 tons), and the factory capacity utilization rate is 78.5% (+0.3%) [3]. - **Demand**: The operating rates of downstream 3S vary. EPS capacity utilization is 61.0% (+2.9%), ABS is 71.1% (+0%), and PS is 57.5% (+1.1%) [3]. (2) Views - **Pure Benzene**: The short - term market is supported by low inventory and supply disruptions, but supply pressure may increase in September [4]. - **Styrene**: Short - term prices are relatively strong, but medium - term pressure remains due to high supply and weak demand [5]. 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - Styrene futures main contract fell 1.00% to 7257 yuan/ton, and the spot price fell 0.08% to 7618 yuan/ton. The basis increased by 172.00% [7]. - Pure benzene futures main contract fell 0.81% to 6156 yuan/ton. Prices in different regions showed various changes [7]. (2) Styrene & Pure Benzene Production and Inventory - Styrene production in China increased by 0.45% to 37.1 tons, and pure benzene production increased by 1.26% to 45.1 tons [8]. - Styrene port inventory in Jiangsu increased by 8.53% to 16.2 tons, and factory inventory decreased by 1.07% to 20.6 tons. Pure benzene port inventory decreased by 1.37% to 14.4 tons [8]. (3) Operating Rate - The capacity utilization rates of styrene and some downstream products changed. Styrene increased to 78.5%, EPS to 61.0%, and PS to 57.5%, while ABS remained unchanged at 71.1% [9]. 3. Industry News - On the 22nd, the Russia - Ukraine peace talks faced difficulties, causing international oil prices to rise [10]. - Global diesel shortages support refinery profits, affecting the crude oil and chemical industries [10]. - India plans to expand its petrochemical production to compete with China [10]. 4. Industrial Chain Data Charts - The report provides charts on pure benzene prices, styrene prices, styrene - pure benzene spreads, and inventory data of various products [15][18][20][23]