Group 1 - The Shanghai Futures Exchange's gold futures main contract experienced a slight increase, closing at 777.66 yuan, up 0.32% or 2.48 yuan, indicating a stable market trend [1] - Trading volume decreased to 129,189 contracts, while open interest fell by 3,651 contracts to 194,004 contracts, suggesting a reduction in market activity [1] - On August 16, COMEX gold futures saw a minor decline of 0.03%, settling at 3,382.2 USD per ounce, reflecting fluctuations in the international gold market [1]

Group 1 - A prominent oil trader known as the "King of Oil" has faced significant losses this year, marking a stark contrast to his previous successful track record [2][3][4] - Pierre Andurand, the head of Andurand Capital, reported a 57% loss in his flagship fund due to poor performance in cocoa trading [4][6] - Andurand's previous successes included accurately predicting major oil price movements, such as the historic drop in 2008 and the rebound in 2016 [7][9] Group 2 - In 2020, Andurand made a bold prediction about negative oil prices and successfully capitalized on market fluctuations, leading to substantial profits [9][10] - However, in the following year, he shifted focus to cocoa and copper, which resulted in significant losses as cocoa prices plummeted [10][12] - By August 2023, cocoa futures had dropped to $8,227 per ton, reflecting a year-to-date decline of 29.23% [13] Group 3 - The article also discusses the downfall of Hin Leong, a major oil trading company in Singapore, which faced a debt crisis amounting to $3 billion [20][21] - Hin Leong's financial troubles were exacerbated by the COVID-19 pandemic and a significant drop in oil prices, leading to bankruptcy proceedings [20][23] - The company's debts were owed to 23 international banks, with HSBC holding the largest exposure at $598 million [22]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Last week, the coking coal supply decreased slightly while demand remained stable. The coking coal 2601 contract fell from a high due to the Dalian Commodity Exchange's adjustment of trading limits, and attention should be paid to the support of the 20 - day moving average [3][4] - Last week, the supply and demand of coke were both stable. The coke 2601 contract also fell from a high and stopped falling at the 20 - day moving average. Attention should be paid to the 1.25 - 1.45 range of the coking coal - coke ratio [6][7] Group 3: Summary According to the Directory 1. Futures and Spot Market Quotes - The coking coal 2601 contract closed at 1230 on Friday last week, with a weekly increase of 0.24%. The mainstream spot market prices remained stable [3] - The coke 2601 contract closed at 1729.5 on Friday last week, with a weekly decrease of 0.26%. The mainstream spot market prices increased by 50 - 55 yuan/ton [3] 2. Fundamental Analysis Coking Coal - **Supply**: The utilization rate of the approved production capacity of 523 coking coal mines in the country was 83.7%, a decrease of 0.2% from the previous week. The utilization rate of the production capacity of 314 independent coal washing plants was 36.5%, an increase of 0.3% from the previous week, and the daily output of clean coal was 264,000 tons, an increase of 4,000 tons from the previous week. There were continuous disturbances at the coal mine end, and the supply of some coal types was tight. The inventory pressure of coking coal mines was small, the raw coal inventory decreased, and the clean coal inventory of coal washing plants increased [3] - **Demand**: The sixth round of coke price increase was implemented last week. The blast furnace operating rate of steel mills remained high, supporting the strong rigid demand for coking coal. The profit of coking enterprises was repaired, and the operating rate increased slightly. Downstream enterprises mainly purchased on - demand, and the proportion of auction failures increased [4] Coke - **Supply**: The utilization rate of the production capacity of the national full - sample independent coking enterprises was 74.34%, an increase of 0.31% from the previous week, and the daily output was 653,800 tons, an increase of 28,000 tons from the previous week. The profit of coking enterprises was repaired, and the inventory decreased. However, some coking enterprises in some regions received production restriction notices, and the supply was expected to be restricted. The coke spot at ports was stable and slightly stronger, and the inventory decreased slightly [6] - **Demand**: The blast furnace operating rate of 247 steel mills was 83.58%, a decrease of 0.16% from the previous week, and the daily pig iron output was 2.4066 million tons, an increase of 3,400 tons from the previous week. The profitability of steel mills decreased slightly but remained good. The rigid demand for coke remained, but the demand was mainly on - demand in the short term [6] 3. Inventory - **Coking Coal**: The total inventory of coking coal was 20.3817 million tons, a decrease of 357,500 tons from the previous week, including a decrease of 218,500 tons at ports, 110,400 tons at full - sample independent coking plants, and 28,600 tons at 247 sample steel mills [8] - **Coke**: The total inventory of coke was 8.8742 million tons, a decrease of 197,400 tons from the previous week, including a decrease of 30,400 tons at ports, 72,200 tons at full - sample independent coking plants, and 94,800 tons at 247 sample steel mills [8]

2025.08.18-08.22 螺纹钢、铁矿石 期货品种周报 01 P A R T 螺纹钢期货 01 中线行情分析 目录 02 品种交易策略 03 相关数据情况 Contents 中线行情分析 根据长城期货AI智能大数据量化策略模型综合分析，螺纹钢期货主 力合约进入震荡整理区间。 中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量220万吨，表观消费量190万吨，主要钢厂库存172万 吨，社会库存624万吨。长城期货AI智能投询品种诊断报告显示螺纹钢 期货主力资金暂无明显多空倾向。 2 观望等待整理阶段完成。 中线策略建议 3 品种交易策略 螺纹钢期货主力合约进入震荡整理区间。 n 上周策略回顾 n 本周策略建议 根据长城期货AI智能大数据量化策略模型，螺纹钢期货主力 合约进入震荡整理阶段，耐心等待新一轮中线趋势。 n 现货企业套期保值建议 耐心等待新一轮中线趋势明朗。 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 本 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Industrial silicon futures are currently in a large - range oscillation. The spot price of industrial silicon rose slightly last week. The AI intelligent investment consultation report shows that the daily price of industrial silicon is in a sideways phase, and the main force shows a strong bullish sentiment. It is expected that the industrial silicon 2511 contract will operate in the range of 7,700 - 10,000 [6][7]. - Lithium carbonate futures are also in a large - range oscillation. The spot price of lithium carbonate rose significantly last week. The AI intelligent investment consultation report shows that the daily price of lithium carbonate futures is in a strong upward phase, but the main force has an obvious bearish attitude. It is expected that the lithium carbonate 2511 contract will operate in the range of 65,000 - 100,000 [28][29]. 3. Summary According to the Directory Industrial Silicon Futures - **Mid - line Market Analysis** - The industrial silicon futures are in a large - range oscillation. As of August 15, the 421 price in Xinjiang was 9,150 yuan/ton, 10,000 yuan/ton in Yunnan, and 10,100 yuan/ton in Sichuan. The daily price is in a sideways phase, and the main force has a bullish sentiment. It is expected that the industrial silicon 2511 contract will operate between 7,700 and 10,000 [6][7]. - **Variety Trading Strategy** - Last week's strategy: Consider grid trading in the range. This week's strategy: Still consider grid trading in the range [10]. - **Related Data Situation** - As of April 19, 2024, the SHFE cathode copper inventory was 300,045 tons, an increase of 322 tons from the previous week, and it is at a relatively high level compared to the past five years. The LME copper inventory was 122,125 tons, and the ratio of cancelled warrants was 25.73%, at a relatively low level compared to the past five years [12][16]. Lithium Carbonate Futures - **Mid - line Market Analysis** - The lithium carbonate futures are in a large - range oscillation. As of August 15, the market price of battery - grade lithium carbonate was 83,000 yuan/ton, and that of industrial - grade lithium carbonate was 81,950 yuan/ton. The daily price of lithium carbonate futures is in a strong upward phase, but the main force has a bearish attitude. It is expected that the lithium carbonate 2511 contract will operate between 65,000 and 100,000 [28][29]. - **Variety Trading Strategy** - Last week's strategy: Buy a small amount when the lithium carbonate price pulls back to the range of 63,000 - 65,000. This week's strategy: Mainly wait and see [32]. - **Related Data Situation** - As of April 19, 2024, the SHFE electrolytic aluminum inventory was 228,537 tons, a decrease of 3,228 tons from the previous week, and it is at a relatively low level compared to the past five years. The LME aluminum inventory was 504,000 tons, and the ratio of cancelled warrants was 66.03%, also at a relatively low level compared to the past five years [34][35].

Report Overview - The report is a weekly futures report on soybean meal and soybean oil from August 18 - 22, 2025 [1][2] 1. Soybean Meal Futures 1.1 Investment Rating - Not provided 1.2 Core View - Soybean meal futures are expected to continue a wide - range oscillation pattern. It's recommended to stay on the sidelines [6] 1.3 Section Summaries 1.3.1 Mid - term Market Analysis - Mid - term trend: The main soybean meal contract is in a wide - range oscillation phase. The current domestic soybean meal inventory is still high, and the supply surplus situation is hard to reverse in the short term. However, there are expectations of tightened supply for new - season US soybeans, high export premiums for Brazilian soybeans, and uncertainties in Sino - US trade [6] - Strategy: It is recommended to wait and see [6] 1.3.2 Variety Trading Strategy - Last week's strategy review: The overall trend of soybean meal futures prices was sideways, with a strong bullish bias in funds. The M2601 contract was expected to maintain a slightly bullish oscillation in the short term, with an expected operating range of 2980 - 3200 [9] - This week's strategy suggestion: The overall trend of soybean meal futures prices is sideways, with a strong bullish bias in funds. The M2601 contract may continue a slightly bullish oscillation in the short term, with an expected operating range of 3000 - 3250 [10] 1.3.3 Variety Diagnosis - The main force is strongly bullish, with a multi - empty flow of 87.8. The capital energy is basically stable at - 4.3, but there is a high risk of market reversal with a multi - empty divergence of 99.1 [13] 1.3.4 Related Data - Data includes weekly production, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. Data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [18][21][24] 2. Soybean Oil Futures 2.1 Investment Rating - Not provided 2.2 Core View - Soybean oil futures are in a slightly bullish oscillation phase. It's recommended to stay on the sidelines [29] 2.3 Section Summaries 2.3.1 Mid - term Market Analysis - Mid - term trend: The main soybean oil contract is in a slightly bullish oscillation phase. In the 32nd week, soybean oil production decreased slightly, but due to hot weather, demand was suppressed, leading to accumulated inventory pressure. However, the USDA report cut US soybean planting area, and high Brazilian soybean premiums and fluctuations in competing oils increased cost support [29] - Strategy: It is recommended to wait and see [29] 2.3.2 Variety Trading Strategy - Last week's strategy review: The overall trend of soybean oil futures prices was in an upward channel, with a bullish bias in funds. The Y2601 contract was expected to continue a bullish run, with attention to possible short - term oscillations and corrections, and an expected operating range of 8100 - 8500 [32] - This week's strategy suggestion: The overall trend of soybean oil futures prices is in an upward channel, with a slightly bearish bias in funds. The Y2601 contract may continue a bullish run, and short - term oscillations and corrections should be noted [33] 2.3.3 Variety Diagnosis - The main force is slightly bearish, with a multi - empty flow of - 33.7. The main capital has a small inflow with a capital energy of 28.5, and there is a high risk of market reversal with a multi - empty divergence of 98.7 [37] 2.3.4 Related Data - Data includes weekly production, weekly inventory, basis, trading volume, weekly soybean arrivals, weekly soybean inventory, weekly soybean crushing volume, weekly soybean mill operating rate, weekly port inventory, and Brazilian soybean premiums. Data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [43][46][54]

Report Industry Investment Rating No relevant content provided. Core Views - **Copper**: Macroeconomic factors show the US PPI rising significantly, while the supply of copper concentrates is increasing, and the demand is weak. The copper price remains in a narrow - range fluctuation, waiting for market drivers [7]. - **Lithium Carbonate**: Due to the production reduction of CATL, the supply is expected to shrink, and the demand is in a small peak season. The price of lithium carbonate is expected to fluctuate at a high level in the short term [8][9]. - **Crude Oil**: Entering the end of the seasonal travel peak, the inventory of oil products is increasing. OPEC + plans to increase production in September, and the possibility of a cease - fire between Russia and Ukraine is rising. The medium - and long - term downward pressure on crude oil prices is increasing, and the short - term volatility is large [10]. - **Asphalt**: The supply is increasing, the demand is restricted by funds and weather, and the inventory is at a low level. It is recommended to close short positions temporarily [11][12]. - **PP**: The supply is increasing, the demand is weak, and it is about to enter the peak season. It is expected to fluctuate, and a 09 - 01 reverse spread is recommended [13]. - **Plastic**: The supply is increasing, the demand is in the off - season, and the inventory pressure is large. It is expected to fluctuate, and a 09 - 01 reverse spread is recommended [14][15]. - **PVC**: The supply is increasing, the demand is not improved, and the inventory is high. It is expected to fluctuate downward, and a 09 - 01 reverse spread is recommended [16]. - **Coking Coal**: After continuous price increases, the market sentiment cools down, and the price fluctuates at a high level [18]. - **Urea**: The demand is weak, the supply is expected to decrease, and the inventory is accumulating. The short - term trend is weak consolidation [19]. Summary by Relevant Catalogs Futures Market Overview - **Price Changes**: As of August 15, most domestic futures main contracts declined. Rapeseed meal dropped by over 3%, methanol and rapeseed oil by nearly 2%, and many others by over 1%. Polysilicon rose by over 4%, lithium carbonate by over 2%, and some others by over 1%. Stock index futures generally rose, while most treasury bond futures declined [4]. - **Fund Flows**: As of 15:07 on August 15, funds flowed into contracts such as CSI 1000 2509 and CSI 500 2509, and flowed out of contracts such as Shanghai Silver 2510 and Shanghai Gold 2510 [4]. Core Commodity Analysis Copper - **Macro**: The US PPI in July rose significantly, with a month - on - month increase of 0.9% and a year - on - year increase of 3.3%, both exceeding expectations [7]. - **Supply**: The Indonesian smelter's maintenance was extended, and China's copper concentrate imports in July increased by 18.24% year - on - year and 8.94% month - on - month. The TC/RC fees continued to rise, and the production enthusiasm of smelters was fair [7]. - **Demand**: Affected by high - temperature and rainy weather, the downstream demand was weak, and the terminal power grid performed well, while the real estate sector was a drag. The inventory in the Shanghai Futures Exchange did not show a significant increase, supporting the domestic copper price [7]. Lithium Carbonate - **Price**: The average price of battery - grade lithium carbonate was 82,700 yuan/ton, up 700 yuan/ton from the previous trading day; the average price of industrial - grade lithium carbonate was 80,400 yuan/ton, up 650 yuan/ton [8]. - **Supply**: CATL's mining end in Jianxiawo stopped production on August 10, with no short - term resumption plan. The monthly output of this mine accounted for 9% - 10% of the domestic lithium carbonate output, and the supply was expected to shrink [8]. - **Demand**: The demand in the power sector recovered with the return of subsidies, and the trading enthusiasm of traders increased [8][9]. Crude Oil - **Inventory**: The EIA data showed that the inventory of crude oil and diesel increased, and the gasoline inventory decreased slightly [10]. - **Supply**: OPEC + plans to increase production by 547,000 barrels per day in September, and the possibility of a cease - fire between Russia and Ukraine is rising, increasing the medium - and long - term downward pressure on prices [10]. - **Price**: Saudi Aramco raised the official selling price of Arab Light crude oil to Asia in September [10]. Asphalt - **Supply**: The weekly asphalt production rate increased by 1.2 percentage points to 32.9%, and the expected production in August decreased by 5.1% month - on - month and increased by 17.1% year - on - year [11]. - **Demand**: The downstream production rates mostly increased, but the demand was restricted by funds and weather. The national shipment volume decreased by 11.34% week - on - week [11][12]. - **Inventory**: The inventory - to - sales ratio of asphalt refineries increased slightly but remained at a low level in the same period in recent years [12]. PP - **Supply**: The production rate of PP enterprises decreased to about 83.5%, and the production ratio of standard - grade drawstring decreased to about 28.5%. New capacity is planned to be put into production in August, and the number of maintenance devices has increased slightly [13]. - **Demand**: The downstream demand was weak, and the new orders were limited. The downstream procurement was mainly for rigid needs, but the production rate of plastic weaving increased slightly [13]. Plastic - **Supply**: The plastic production rate dropped to about 87%, and new capacity was put into operation. The production rate decreased slightly recently [14][15]. - **Demand**: The downstream production rate increased slightly, but the agricultural film was still in the off - season, and the new orders decreased. The demand was mainly for rigid needs, and the inventory pressure was large [14][15]. PVC - **Supply**: The PVC production rate increased to 80.33%, and new capacity was put into production in August, with more planned in the future [16]. - **Demand**: The downstream production rate decreased slightly, and the demand was not improved. The real estate sector was still in the adjustment stage [16]. - **Inventory**: The social inventory continued to increase, and the inventory pressure was large [16]. Coking Coal - **Price**: The price in the Shanxi market remained unchanged, while the price of Mongolian 5 coking coal decreased by 44 yuan/ton [18]. - **Supply**: The supply data increased, the production of clean coal and raw coal increased, and the inventory of mine clean coal decreased [18]. - **Demand**: The profit of independent coking enterprises turned positive, the production of downstream coke increased, and the inventory decreased. However, the iron - making water production decreased, and the profitability of steel mills weakened [18]. Urea - **Supply**: Next week, many urea enterprises will conduct inspections, and the supply is expected to decrease [19]. - **Demand**: The production rate of compound fertilizer enterprises increased slightly, but the production rate of melamine decreased significantly, dragging down the domestic demand for urea [19]. - **Inventory**: The factory inventory increased, mainly due to the weak demand after the end of agricultural demand [19].

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report The report presents market performance, fundamentals, and trading strategies for various commodities across different sectors including basic metals, black industries, agricultural products, and energy chemicals. The overall view is that different commodities face diverse supply - demand situations, and trading strategies vary from commodity to commodity, with many suggesting a wait - and - see approach due to uncertainties [1][3][5]. 3. Summary by Relevant Catalogs Basic Metals - **Copper**: Market showed weak oscillations. Fundamental factors such as dollar rebound and commodity sentiment cooling pressured the price. Trading strategy is to temporarily hold off [1]. - **Aluminum**: The 2509 contract price decreased. Supply capacity increased slightly, while demand had no obvious improvement. With Fed's potential rate - cut and consumption season factors, it's advisable to wait and see [1]. - **Alumina**: The 2509 contract price dropped. Supply capacity was stable, and demand was high. It's in a stage of weak reality versus strong expectation, so it's recommended to wait and see [1]. - **Zinc**: The 2509 contract price fell, and inventory increased. Supply increment was significant, and consumption was in a deep - off - season. The trading strategy is to sell on rallies [1]. - **Lead**: The 2509 contract price declined. Supply was regionally differentiated, and consumption decreased due to high - temperature holidays. It's better to wait for inventory reduction or production cut signals [1][2]. - **Industrial Silicon**: The 11 - contract price rose. Supply increased, and demand showed marginal improvement. The market may have wide - range oscillations, so it's recommended to wait and see [2]. - **Lithium Carbonate**: The LC2511 contract price increased. Supply might be in short - term shortage, and demand was strong. Short - term oscillations are expected, and long - term, it may rise if supply doesn't improve, so small - position long - entry on dips can be considered [2]. - **Polysilicon**: The 11 - contract price fell. Supply might increase, and demand had no significant change. The price is expected to fluctuate between 45,000 - 53,000 yuan/ton [2]. - **Tin**: The price showed weak oscillations. Market sentiment and dollar factors pressured the price. It's expected to oscillate in a range in the short - term [2]. Black Industry - **Rebar**: The 2510 contract price dropped. Building material demand decreased, and supply - demand was balanced with structural differences. The 2510 short - position should be closed, and the price is expected to be in the 3150 - 3220 yuan/ton range [3][4]. - **Iron Ore**: The 2601 contract price declined. Iron - water production increased, and supply - demand was slightly strong. The 2601 short - position should be closed, and the price is expected to be in the 750 - 800 yuan/ton range [4]. - **Coking Coal**: The 2601 contract price fell. Iron - water production decreased slightly, and supply - demand was relatively loose. The 2601 short - position should be closed, and the price is expected to be in the 1200 - 1270 yuan/ton range [4]. Agricultural Products - **Soybean Meal**: CBOT soybeans fell. Supply was proximally loose and distally tight, and demand had differences. Short - term, US soybeans are strong within an oscillating range, and domestic prices follow international costs [5]. - **Corn**: The 2509 contract was weak. Wheat substitution, import increase, and new - crop cost reduction pressured the price. Futures are expected to oscillate after a decline [5]. - **Sugar**: The 01 contract price decreased. Brazilian production increased, and domestic supply pressured the price. Futures should be shorted, and call options should be sold [5][6]. - **Cotton**: US cotton prices fell. US export increased, and Brazilian production rose while Indian planting decreased. It's advisable to buy on dips and trade within the 14000 - 14300 yuan/ton range [6]. - **Log**: The 09 contract price dropped. Spot prices rose, and the market is expected to fluctuate around 800 yuan/cubic meter in the short - term [6]. - **Palm Oil**: Malaysian palm oil prices fell. Supply was in a seasonal increase, and demand had mixed trends. Fats and oils are still recommended for long - allocation, focusing on production and policies [6]. - **Eggs**: The 2510 contract was weak. Supply was sufficient, and demand might increase seasonally. Futures prices are expected to oscillate weakly [6]. - **Hogs**: The 2511 contract declined. Consumption was seasonally weak, and supply would increase. Pig prices are expected to decline in the medium - term [6][7]. Energy Chemicals - **LLDPE**: The main contract price dropped slightly. Supply increased, and demand improved in some areas. Short - term oscillations are expected to be weak, and long - term, short - entry on rallies for far - month contracts is recommended [8]. - **PVC**: The V01 contract price fell. Supply would increase, and demand was average with inventory accumulation. It's recommended to wait and see [8]. - **PTA**: PX supply was high, and PTA supply decreased. Polyester demand recovered. PX is recommended to wait and see, and PTA can be shorted on rallies in the long - term [8]. - **Rubber**: The RU2601 contract price decreased. Raw material prices were stable, and tire production had mixed trends. It's advisable to buy on dips [8]. - **Glass**: The fg01 contract price fell. Supply might increase, and demand was weak with inventory accumulation. It's recommended to wait and see [11]. - **PP**: The main contract price dropped. Supply increased, and demand was differentiated. Short - term oscillations are expected to be weak, and long - term short - entry on rallies for far - month contracts is recommended [11]. - **MEG**: Supply decreased, and inventory was low. Polyester demand recovered. It's recommended to wait and see [11]. - **Crude Oil**: The price rebounded. Supply pressure would increase, and demand was stable. It's advisable to short on rallies around 510 yuan/barrel [11]. - **Styrene**: The EB main contract price dropped. Supply might increase, and demand was under pressure. Short - term oscillations are expected to be weak, and long - term short - entry on rallies for far - month contracts is recommended [11][12]. - **Soda Ash**: The sa01 contract price fell. Supply was high with inventory increase, and demand from photovoltaic glass was weak. It's recommended to wait and see [12].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The suspension of the 24% tariff between China and the US for 90 days is a macro - level positive, but the market has returned to fundamental trading after a slight boost. PE supply is recovering with the restart of previously shut - down plants and new capacity from Jilin Petrochemical, while PP has low current overall开工率 but future supply pressure is high with the upcoming commissioning of Ningbo Daxie Petrochemical's new PP plant. Upstream and mid - stream inventories of polyolefins are accumulating, cost support is weak, and downstream demand is gradually transitioning to the peak season [2] Summary by Directory 1. Polyolefin Basis Structure - The L main contract closed at 7313 yuan/ton (-16), and the PP main contract closed at 7107 yuan/ton (+16). LL North China spot was 7270 yuan/ton (+20), LL East China spot was 7300 yuan/ton (+20), and PP East China spot was 7040 yuan/ton (+0). LL North China basis was - 43 yuan/ton (+36), LL East China basis was - 13 yuan/ton (+36), and PP East China basis was - 67 yuan/ton (-16) [1] 2. Production Profit and Operating Rate - PE operating rate was 84.1% (+3.0%), and PP operating rate was 77.3% (+0.4%). PE oil - based production profit was 404.4 yuan/ton (+35.8), PP oil - based production profit was - 75.6 yuan/ton (+35.8), and PDH - based PP production profit was 174.2 yuan/ton (-50.9) [1] 3. Polyolefin Non - Standard Price Difference - Not elaborated on in the provided content 4. Polyolefin Import and Export Profit - LL import profit was - 78.8 yuan/ton (-4.7), PP import profit was - 513.4 yuan/ton (-4.8), and PP export profit was 31.2 US dollars/ton (+0.6) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate was 13.1% (+0.4%), PE downstream packaging film operating rate was 49.3% (+0.6%), PP downstream plastic weaving operating rate was 41.1% (+0.0%), and PP downstream BOPP film operating rate was 60.8% (+0.0%) [1] 6. Polyolefin Inventory - Not elaborated on in the provided content Strategy - Unilateral: Neutral; - Inter - delivery spread: 09 - 01 reverse spread; - Inter - variety: None [3]

| | | | | 尿素早评20250814: 基本面仍有压力 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日度 | | 8月13日 单位 | | | 8月12日 | 变化值 (绝对值) | 変化值 (相对值) | | UR01 UR05 山东 期现价格 | 尿素期货价格 (收盘价) | | 元/吨 元/吨 元/吨 | 1747.00 1788.00 1730.00 | 1756.00 1796.00 1720.00 | -9.00 -8.00 10.00 | -0.51% -0.45% 0.58% -0.61% | | UR09 | | | 元/吨 | 1726.00 | 1727.00 | -1.00 | -0.06% | | 山西 | | | 元/吨 | 1620.00 | 1630.00 | -10.00 | | | 河南 | | | 元/吨 | 1740.00 | 1730.00 | 10.00 | 0.58% | | 国内现货价格 | | | | | | | | | 河北 | (小顆粒) | | 元/吨 | 1750.00 ...