Industry Investment Ratings No information provided regarding industry investment ratings. Core Views Polyester Industry - PX supply is expected to increase due to the restart of maintenance devices and good short - process benefits. Demand has some support but limited upside. PX11 is under observation, with support around 6600 and attention on oil price trends [2]. - PTA supply - demand is near a tight balance in September. Although the device maintenance execution is not as expected, the low absolute price is supported, but the driving force is limited. TA is under observation, paying attention to the support around 4600 and oil price trends [2]. - Ethylene glycol has a "strong reality, weak expectation" supply - demand pattern. Short - term futures have limited downside, but the fourth - quarter supply - demand is weak. Attention is paid to the support of EG2601 around 4300 [2]. - Short - fiber supply - demand is expected to improve in September, but the destocking amplitude is limited. It follows raw material fluctuations, with the disk processing fee oscillating between 800 - 1100 [2]. - Bottle - chip supply and procurement may both decrease in September, with inventory expected to increase. PR follows the cost - end fluctuation, and the processing fee has limited upside [2]. Urea Industry - Urea futures prices fell due to weak demand and high - supply pressure. Domestic agricultural and industrial demand is weak, and export demand is also under pressure. The market supply is sufficient, and the futures price may be under pressure. Attention is paid to the recovery of industrial demand in North China after the parade [8]. Methanol Industry - Methanol supply is expected to increase with the return of inland maintenance devices and high - level imports in September. Traditional downstream demand is weak. The market is under pressure due to significant inventory accumulation, and attention is paid to the inventory digestion rhythm [10][11][12]. Crude Oil Industry - Overnight oil prices fell due to concerns about increased OPEC+ supply in the fourth quarter. The disk may run weakly, with support levels for WTI at [62, 63], Brent at [65, 66], and SC at [470, 480]. Options can wait for opportunities to expand after increased volatility [19]. Polyolefin Industry - PE supply pressure is relatively limited in the short - term, and PP shows a "supply - demand double - increase" situation. Downstream industry开工率 has increased, but new orders have limited support. In September, the market shows a "supply - decrease, demand - increase" pattern, and it is recommended to hold the expanding position of the LP01 contract [23]. Chlor - alkali Industry - Caustic soda market is supported by rigid demand, with low inventory in Shandong. The spot price may remain firm, and the disk callback space is limited. Attention is paid to downstream purchasing rhythm and device fluctuations [48]. - PVC supply - demand remains oversupplied. Supply is expected to increase in September, while demand remains weak. It is expected to continue weak and volatile, with cost - end support [48]. Pure Benzene and Styrene Industry - Pure benzene supply is expected to remain high, while demand support is weak. Short - term absolute price is under pressure, but the downward space is limited if oil prices do not fall deeply [53]. - Styrene supply is high in the short - term, with weak driving force. However, there is an expectation of supply - demand improvement later. EB10 can be lightly long at low positions, and mainly short on rebounds later [53]. Summary by Directory Polyester Industry - **Prices and Spreads**: On September 3, WTI crude oil (October) was at 63.97 dollars/barrel, down 1.62 dollars or 2.5% from the previous day. Various polyester product prices and spreads changed, such as PTA, MEG, and different polyester fiber prices [2]. - **Inventory and Expected Arrival**: MEG port inventory was 44.9 million tons on September 1, down 10.2% from August 25, and the expected arrival was 4.4 million tons, up 122.7% [2]. - **Industry开工率**: Asian PX开工率 was 75.6% on August 29, down 0.7% from August 22; PTA开工率 was 70.4%, down 1.2% [2]. Urea Industry - **Futures and Spot Prices**: On September 3, the 01 - contract futures price was 1714 yuan/ton, down 1.83% from the previous day. Spot prices in different regions had different changes [7][8]. - **Supply and Demand**: Domestic urea daily output was 18.80 million tons on September 5, down 0.93% from September 4. Factory inventory increased slightly, and order days decreased [8]. Methanol Industry - **Prices and Spreads**: On September 3, MA2601 closed at 2382 yuan/ton, up 0.42% from the previous day. There were also changes in various price spreads and regional price differences [10]. - **Inventory**: As of Wednesday, methanol enterprise inventory was 34.1083%, up 2.31%; port inventory was 142.8 million tons, up 9.88% [11]. - **开工率**: Upstream domestic enterprise开工率 was 72.19% on Thursday, down 1.12% from the previous value; downstream MTO device开工率 was 78.56%, up 2.13% [12]. Crude Oil Industry - **Prices and Spreads**: On September 4, Brent was at 67.39 dollars/barrel, down 0.31% from the previous day; WTI was at 63.75 dollars/barrel, down 0.34% [19]. - **Refined Oil**: NYM RBOB was at 200.90 cents/gallon on September 4, down 0.15% from the previous day. Refined oil cracking spreads had different changes [19]. Polyolefin Industry - **Prices and Spreads**: On September 3, L2601 closed at 7247 yuan/ton, down 0.07% from the previous day. There were also changes in price spreads and basis [23]. - **Inventory and开工率**: PE enterprise inventory on Wednesday was 45.1 million tons, up 5.57%; PP装置开工率 on Thursday was 80.2%, up 2.6% [23]. Chlor - alkali Industry - **Prices and Spreads**: On September 3, Shandong 32% liquid caustic soda equivalent - to - 100% price was 2718.8 yuan/ton, unchanged from the previous day. PVC prices and price spreads also had changes [48]. - **Supply and Demand**: Caustic soda industry开工率 was 85.4% on August 29, down 0.8% from August 22; PVC total开工率 was 73.3%, down 2.3% [48]. Pure Benzene and Styrene Industry - **Prices and Spreads**: On September 3, CFR China pure benzene was at 734 dollars/ton, up 0.8% from the previous day. Styrene - related prices and spreads also changed [53]. - **Inventory and开工率**: Pure benzene Jiangsu port inventory was 1.10 million tons on September 1, up 8.0% from August 25; domestic pure benzene开工率 was 79.2% on August 29, up 0.2% from August 22 [53].

Report Industry Investment Ratings - Not provided in the given content Core Viewpoints - The copper price broke through and rose this week. With supply disturbances and expected decline in electrolytic copper production in September, there is obvious support at the bottom, and potential squeezing risks should be noted [1]. - For aluminum, supply slightly increased, and demand is expected to improve seasonally in September with inventory depletion. Attention should be paid to reverse spreads between distant months and inside - outside in the low - inventory pattern [1]. - The zinc price fluctuated narrowly this week. In the short term, it is expected to rebound and is recommended for observation; in the medium - to - long - term, it is suitable for short - side allocation. Inside - outside positive spreads can be held, and opportunities for positive spreads between months can be noted [5][6]. - The nickel market has high - level pure nickel production, weak overall demand, and stable premiums. With the situation in Indonesia to be continuously monitored, the short - term fundamental situation is average [7]. - The stainless - steel market has weak fundamentals with partial passive production cuts by steel mills, mainly rigid demand, and stable inventory in Xifu areas. Attention should be paid to the development of the situation in Indonesia [10]. - The lead price oscillated this week. Supply is expected to be tight, demand has a slight improvement, but inventory is at a high level. It is expected that the lead price will maintain a low - level oscillation next week [12]. - The tin price oscillated upward this week. The domestic market is in a situation of weak supply and demand in the short term. It is recommended to observe in the short term and hold at low prices near the cost line in the medium - to - long - term [15]. - For industrial silicon, the short - term supply - demand balance depends on the resumption rhythm of Hesheng. In the medium - to - long - term, it is expected to oscillate at the cycle bottom due to over - capacity [18]. - The lithium carbonate price declined this week. The core contradiction is the excess supply in the medium - to - long - term and the short - term compliance disturbances at the resource end. With the arrival of the peak season, the price has strong downward support [20][21]. Summary by Metal Copper - **Price and Market Data**: From August 28 to September 3, the spot premium of Shanghai copper decreased by 25, the waste - refined copper price difference increased by 39, and the LME inventory decreased by 200 [1]. - **Fundamentals**: Market orders remained resilient, and the copper rod operating rate showed no obvious distinction between peak and off - peak seasons. The rumor of tax rebate cancellation in some areas led to a tight waste - refined price difference, and the production of anode copper may be affected in September and October. The planned production of electrolytic copper in September decreased unexpectedly [1]. Aluminum - **Price and Market Data**: From August 28 to September 3, the prices of Shanghai, Yangtze River, and Guangdong aluminum ingots all increased by 20, and the domestic alumina price decreased by 12. The LME inventory remained unchanged [1]. - **Fundamentals**: Supply slightly increased, and demand was in the seasonal off - peak season in August with a slight improvement in the middle and late stages. The inventory is expected to deplete in September [1]. Zinc - **Price and Market Data**: From August 28 to September 3, the Shanghai zinc ingot price increased by 90, the domestic social inventory remained unchanged, and the LME inventory decreased by 375 [5]. - **Fundamentals**: The domestic TC of zinc ore has limited upward movement, and the import TC increased. The smelting increment in August was further realized. Domestic demand is seasonally weak but has certain resilience, and overseas demand has some resistance in production due to processing fees [5]. Nickel - **Price and Market Data**: From August 28 to September 3, the Shanghai nickel spot price decreased by 1550, and the LME inventory increased by 3996 [6][7]. - **Fundamentals**: Pure nickel production remained at a high level, demand was weak, and premiums were stable. The situation in Indonesia needs continuous monitoring [7]. Stainless Steel - **Price and Market Data**: From August 28 to September 3, the 304 cold - rolled coil price increased by 50, and the 430 cold - rolled coil price increased by 100 [10]. - **Fundamentals**: Steel mills had partial passive production cuts, demand was mainly rigid, and inventory in Xifu areas remained stable [10]. Lead - **Price and Market Data**: From August 28 to September 3, the spot premium increased by 5, and the LME inventory decreased by 3475 [12]. - **Fundamentals**: Supply is expected to be tight, demand has a slight improvement, but inventory is at a high level. It is expected that the lead price will maintain a low - level oscillation next week [12]. Tin - **Price and Market Data**: From August 28 to September 3, the spot import profit increased by 874.40, and the LME inventory increased by 20 [15]. - **Fundamentals**: The domestic market is in a situation of weak supply and demand in the short term. Supply is affected by smelter maintenance and overseas production resumption difficulties, and demand has a peak - season expectation but also a decline in photovoltaic growth [15]. Industrial Silicon - **Price and Market Data**: From August 28 to September 3, the 421 Yunnan basis decreased by 20, and the 553 East China basis decreased by 20 [18]. - **Fundamentals**: The resumption of production in Xinjiang is progressing steadily, and the production in Sichuan and Yunnan is stable. The short - term supply - demand balance depends on the resumption rhythm of Hesheng, and there is over - capacity in the medium - to - long - term [18]. Lithium Carbonate - **Price and Market Data**: From August 28 to September 3, the SMM electric - grade lithium carbonate price decreased by 1600, and the number of warehouse receipts increased by 2111 [20]. - **Fundamentals**: The price declined this week due to multiple factors. The core contradiction is the excess supply in the medium - to - long - term and the short - term compliance disturbances at the resource end. With the arrival of the peak season, the price has strong downward support [20][21].

1. Core Viewpoints - The supply - demand pattern of lithium carbonate in August improved to a tight balance, with the supply - demand gap continuously narrowing. It is expected to continue improving throughout the year, but the improvement will be limited. In the second half of the year, the growth rate of upstream supply is likely to remain stable, downstream demand still has some growth potential, and the cost side, especially the ore end, has little room for further decline. After recent sharp price fluctuations, the futures price is expected to stabilize, remaining above previous highs and mainly adjusting through wide - range oscillations [4][59]. 2. Report Industry Investment Rating - Not provided in the report. 3. Summary by Directory 3.1 First Part: Market Review and Logic Analysis 3.1.1 Futures Trend Review - The main lithium carbonate contract in August 2025 showed a bullish - then - bearish trend, opening at 69,080 yuan/ton on August 1st and closing at 77,180 yuan/ton on August 29th, with a monthly increase of 11.73%. High supply led to high inventory, and the subsequent production increase of downstream cathode material factories was lower than expected. The cost of the ore end was also supported. The import volume of lithium carbonate from Chile decreased, and the mica mining licenses in Yichun, Jiangxi were about to expire, which briefly drove the market up. Without obvious signs of demand recovery, the futures price may have some downward space. The basis showed a clear trend. After the shutdown of the Xianxiaowo Mine on August 9th, the basis weakened rapidly, indicating that the futures price rose much faster than the spot price. From the 20th, as the sentiment of funds to boost prices weakened, the spot price led the futures price again. If there is no supply - side disruption and demand remains weak, the spot price is expected to have a slight premium over the futures price, and the basis fluctuation range will narrow [5]. 3.2 Second Part: Fundamental Analysis 3.2.1 Supply Side - **Production**: - **Ore End**: In August, the production of domestic spodumene and lepidolite still faced cost - profit inversion, but their production trends diverged. Lepidolite production was affected by the mining license issue in Jiangxi, with the total output in August being 13,980 tons, a month - on - month decrease of 33.74%. Spodumene production was 6,670 tons, a month - on - month increase of 2.62%. The import of spodumene from Australia increased significantly in August, with an import volume of 576,138 tons, a month - on - month increase of 34.73%. The price of spodumene and lepidolite continued to rise steadily. Lithium ore was in a state of slight supply shortage in August, and the inventory decreased slightly. It is expected that the supply - demand gap will continue to narrow in the second half of the year, and there is limited downward space for prices under the support of ore costs [7]. - **Lithium Compound End**: In July, the import volume of lithium carbonate decreased slightly, and the dependence on Chilean imports declined. In August, the domestic production of lithium carbonate was 8,5240 tons, a month - on - month increase of 4.55%. The production was mainly battery - grade. The output from spodumene and lepidolite increased steadily, the output from salt - lake lithium extraction increased slightly due to warmer weather, and the output from waste lithium - battery recycling decreased significantly due to cost - profit inversion. The supply - demand pattern of lithium carbonate shifted from slight oversupply to slight shortage in August. It is expected that demand will recover in the second half of the year, and the supply - demand will remain in a tight - balance state. The production capacity of lithium hydroxide continued to increase, but the downstream demand was weak. The supply - strong and demand - weak pattern was obvious, and its price is expected to face downward pressure in the short term [13][14]. - **Cost - Profit**: The overall cost level of the ore end rebounded after reaching the bottom. The cost of enterprises producing lithium compounds from externally purchased spodumene was still high, mainly due to the ore cost. By the end of August, the cost of spodumene dropped to around 76,000 yuan/ton, and the processing cost rebounded slightly, with corresponding enterprises making small profits. The processing cost of lepidolite also rebounded, and the cost in late June recovered to around 80,000 yuan/ton, with corresponding enterprises in a continuous loss state. Salt - lake lithium extraction could still make a profit due to its low cost. The cost of waste - battery recycling remained stable, and the loss situation did not improve. Except for the salt - lake end, other production methods still had cost - profit inversion [24]. - **Inventory**: The registered warehouse receipts in the exchange recovered rapidly after being cancelled at the end of July, and the current inventory is around 30,000 tons. Affected by the sharp price fluctuations of futures and spot in August, the downstream's willingness to take delivery was low, and the downstream inventory decreased. The upstream production enterprises also adjusted their production, and the overall inventory of lithium carbonate decreased in August. For lithium hydroxide, the inventory of upstream and downstream decreased in August due to the reduction in supply, but the de - stocking rate is expected to remain low, and the price increase space may be limited [36]. 3.2.2 Demand Side - **Power/Energy - Storage Batteries**: The production of power batteries remained high and the price was stable under the background of high upstream supply and declining costs. The loading demand decreased in August due to weak terminal demand, and the support for upstream demand continued to weaken. The inventory of ternary power batteries increased slightly, and that of lithium - iron - phosphate power batteries remained basically unchanged. The inventory - sales ratio of power batteries showed a divergent trend in August. It is expected that the inventory de - stocking rate may decline to some extent in the second half of the year. The winning bid price and order volume of energy - storage batteries decreased in August, and the inventory - sales ratio was relatively low, with inventory pressure slightly higher than the same period in previous years. It is expected that demand will suppress the futures price in the short term [40]. - **Ternary Precursors/Materials**: In August, the prices and costs of ternary precursors and ternary materials rebounded, and the overall loss situation improved slightly but still remained in a loss state. As production increased slightly, the situation of supply surplus intensified. The 5 - series, 6 - series, and 8 - series materials still dominated. The supply - demand situation of ternary precursors improved limitedly under the background of increasing supply and decreasing demand, and the inventory de - stocking amplitude was restricted [41]. - **Iron Phosphate/Lithium Iron Phosphate**: Since June 2024, the production capacity of lithium iron phosphate has continued to increase, but the operating rate has been low due to weak downstream demand. The production has been at a high level, and the prices of iron phosphate and lithium iron phosphate have continued to weaken. The loss amplitude improved in August with the rebound of lithium carbonate futures and spot prices. The inventory remained stable, but considering the continuous high - level production, the subsequent production scheduling will still face pressure, and prices may be suppressed [50]. - **New Energy Vehicle Production and Sales**: In July 2025, the production of new energy vehicles was 1,243,000 units, a month - on - month decrease of 1.97%, higher than the historical average. The sales volume was 1,262,000 units, a month - on - month decrease of 5.04%, higher than the historical average. The export volume was 22,500 units, a month - on - month increase of 9.76%, higher than the historical average. The dealer inventory coefficient was 1.35, a month - on - month decrease of 0.0699, lower than the historical average, and the terminal inventory decreased, which supported the demand for lithium carbonate. The dealer inventory warning coefficient was 51.8, a month - on - month increase of 1.3, lower than the historical average. It is expected that demand will strengthen in August and September, and the inventory will decrease. Overall, the production of new energy vehicles decreased in July, demand remained stable, and the dealer inventory increased. It is expected that the inventory will increase again in August. The weak consumption growth of new energy vehicles in the second half of the year may have limited impact on the upstream power battery and lithium carbonate sectors [54]. 3.3 Third Part: Supply - Demand Pattern Analysis - **Supply Aspect**: The cost - profit inversion situation of the ore end has improved, while the continuous cost - profit inversion of the recycling end limits the production increase. It is expected to support the futures price in the short term [57]. - **Demand Aspect**: In August, the production scheduling of power batteries remained stable, but the growth was limited due to lower - than - expected downstream demand. The demand for new energy vehicles recovered weakly, and the increasing dealer inventory pressure limited the support for the futures price. The growth of energy - storage equipment was significant, but its inventory - sales ratio was in a state of decline, and it is expected to have limited support for downstream demand [58]. - **Summary**: The supply - demand pattern of lithium carbonate improved to a tight balance in August, and the supply - demand gap continued to narrow. It is expected to continue improving throughout the year, but the improvement will be limited. In the second half of the year, the upstream supply growth is likely to remain stable, downstream demand still has some growth potential, and the cost side, especially the ore end, has little room for further decline. After recent sharp price fluctuations, the futures price is expected to stabilize, remaining above previous highs and mainly adjusting through wide - range oscillations [59].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 4, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Industry Investment Rating - No information provided Core View - The Shanghai zinc market fluctuated weakly, with the main contract closing at 2,2285 yuan/ton, up 20 yuan or 0.09%. There is an increasing divergence between domestic and foreign markets, and the processing fees continue to rise. Although the zinc ingot production remains at a high level despite short - term disturbances from Guangxi smelters, the demand side is supported by policies but shows short - term weakness. The production restriction in North China suppresses the galvanizing consumption, and the pressure of supply - demand surplus is reflected in the inventory. The social inventory increased to 146,300 tons on Monday. The LME zinc inventory decreased by 375 tons to 55,225 tons, the lowest level since May 2023. The 0 - 3 spread B continued to strengthen to 20.44. The expectation of macro - interest rate cuts and continuous de - stocking in LME boosted the external market, but the divergence in the fundamental situation between domestic and foreign markets continued, resulting in a narrow - range oscillation of Shanghai zinc [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2509, the opening price was 22,255 yuan/ton, the closing price was 22,230 yuan/ton, the highest was 22,340 yuan/ton, the lowest was 22,200 yuan/ton, down 5 yuan or 0.02%, with a position of 9,610 and a position change of - 1,455. For SHFE zinc 2510, the opening price was 22,250 yuan/ton, the closing price was 22,285 yuan/ton, the highest was 22,390 yuan/ton, the lowest was 22,230 yuan/ton, up 20 yuan or 0.09%, with a position of 104,733 and a position change of - 2,929. For SHFE zinc 2511, the opening price was 22,245 yuan/ton, the closing price was 22,285 yuan/ton, the highest was 22,380 yuan/ton, the lowest was 22,215 yuan/ton, up 35 yuan or 0.16%, with a position of 66,280 and a position change of 1,473 [7]. 2. Industry News - **0 Zinc Transaction Prices**: On September 3, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,250 - 22,360 yuan/ton, that of Shuangyan was between 22,380 - 22,490 yuan/ton, and that of 1 zinc was between 22,180 - 22,290 yuan/ton. In the morning, the market quoted a premium of 20 - 30 yuan/ton to the SMM average price, and there were few quotes against the futures. In the second trading session, ordinary domestic brands were quoted at a discount of 30 yuan/ton to the 2510 contract, Honglu - v was quoted at a discount of 10 yuan/ton to the 2510 contract, Huize was quoted at a premium of 60 - 70 yuan/ton to the 2509 contract, and the high - end brand Shuangyan was quoted at a premium of 100 yuan/ton to the 2510 contract [8]. - **Regional Market Quotes**: In the Ningbo market, the mainstream brands of 0 zinc were traded at around 22,240 - 22,340 yuan/ton, and the regular brands were quoted at a discount of 40 yuan/ton to the 2510 contract and a premium of 30 yuan/ton to the Shanghai spot price. In the Tianjin market, 0 zinc ingots were mainly traded between 22,210 - 22,360 yuan/ton, and 1 zinc ingots were traded around 22,160 - 22,280 yuan/ton. In the Guangdong market, 0 zinc was mainly traded between 22,180 - 22,320 yuan/ton, and the mainstream brands were quoted at a discount of 80 yuan/ton to the 2510 contract and a discount of 10 yuan/ton to the Shanghai spot price [8]. 3. Data Overview - **Data Charts**: The report shows charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [10][12]

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views PTA - The PTA balance shows less - than - expected destocking month - on - month. It maintains a tight balance in September, with minor current supply - demand contradictions. Attention should be paid to the lower support [5][50]. PX - PX is in a tight - balance state for the polyester industry. There are few changes in maintenance, and the balance pressure is low. It should be operated with low - level oscillations, and its elasticity comes from PXN [6][72]. Ethylene Glycol - Ethylene glycol has a record - low port inventory, and it is difficult to accumulate inventory in the short term. The existing supply is high. With new device commissioning plans, the short - term outlook is cautiously bullish, and it should be treated as a low - buying opportunity during oscillations [7][107]. 3. Summaries by Related Catalogs Attention to the Peak Demand Season Expectation - Terminal orders have shown partial improvement, and the weaving operation rate has slightly increased. The operation rates of texturing, weaving, and dyeing are 79% (+7%), 68% (+5%), and 72% (+5%) respectively. Downstream raw material inventory is 10 - 20 days, and orders have slightly improved. The market anticipates a seasonal improvement in the peak season [9]. PTA Tight Balance - **Device Changes**: PTA device maintenance is less than expected. Hengli has one line under maintenance, and the other is undetermined. Dushan Energy is under maintenance, Fuhai Chuang's restart is postponed to mid - September, and new lines of Sanfangxiang are operating stably while the old line will stop after the new one stabilizes. YS Hainan and YS Dahua are under planned maintenance [43][50]. - **Inventory**: As of August 22, PTA social inventory remained stable, with a decrease of 8.3 tons to 212 tons (excluding credit warehouse receipts). The balance in September is tight [44]. - **Supply - Demand**: The PTA balance destocking is slightly less than expected. It maintains a tight balance from August to September. The supply side has device maintenance, and the demand side has stable polyester load and slightly improved weaving orders [50]. PX with Elasticity - **Supply**: The domestic PX load changes little, with a domestic load of 83.3% and an Asian load of 75.6%. Jinling Petrochemical slightly reduced its load, Fuhai Chuang will restart in early September, and Daxie plans to increase its load in September. Overseas, Idemitsu restarted, and Saudi Arabia slightly increased its load [72]. - **Balance**: The PX balance is acceptable, with PXN compressed to around $250 +. It should be operated with short - term oscillations [72]. EG Low Inventory and General Expectation - **Device Changes**: The overall domestic ethylene glycol load is 75%, and the coal - based load is 77%. Satellite's one - line maintenance is postponed to early October. Coal - chemical maintenance slightly increases in September. Overseas, Singapore's 900,000 - ton device's restart is postponed for several months [84][107]. - **Inventory**: As of September 1, the ethylene glycol port inventory in the East China main port area was about 44.9 tons, a month - on - month decrease of 5.1 tons, reaching a record low. The arrival volume is expected to be neutral in the short term, and the port inventory is expected to remain stable or slightly decrease [102]. - **Supply - Demand**: The ethylene glycol market has a strong reality of low inventory. The inventory is difficult to accumulate in the short term. The supply is high, and the demand has stable polyester load. It should be operated with short - term oscillations [107]. Spread Structure - No specific analysis of the spread structure is summarized in the report other than showing some price charts of different products such as PX, PTA, ethylene glycol, etc.

1. Report Industry Investment Rating No information provided in the text. 2. Report's Core View Polyolefin - In September, the polyolefin market shows a phased characteristic of "decreased supply and increased demand", with inventory being reduced and overall market pressure under control. It is recommended to continue holding the expanding position of the LP01 contract [2]. Caustic Soda - The caustic soda market is strong in the short - term. After the parade, there may be an increase in orders from other provinces, and some caustic soda plants may raise prices. It is necessary to pay attention to the downstream purchasing rhythm and device fluctuations [4]. PVC - The PVC market continues to be in a situation of oversupply. Although it is the traditional demand peak season in September, demand remains sluggish. It is expected to continue weak and volatile [4]. Crude Oil - Overnight oil prices rose. The supply side supports buying, while the demand side is under pressure. It is recommended to pay attention to the subsequent OPEC+ meetings. In the short - term, wait and see, use a positive arbitrage strategy, and look for opportunities to expand options after the volatility increases [7]. Methanol - The methanol supply is expected to increase, while the traditional downstream demand is weak. It is necessary to focus on the restart of MTO devices at ports and the inventory digestion rhythm. The 01 contract can consider the possibility of a decline in imports due to gas restrictions in Iran [17]. Urea - The urea futures price rebounded slightly, driven by supply - side maintenance and Indian tender news. However, weak demand limits the upside space [21]. PX - PX supply is expected to increase, and the supply - demand is in a tight balance in September. PX11 can focus on the area around 6800 [25]. PTA - PTA supply - demand is expected to improve, and the absolute price is supported in the short - term. [26] Ethylene Glycol - In September, domestic ethylene glycol supply is high, imports are revised down, and port inventories are low. Consider going long EG2601 or selling put options EG2601 - P - 4300 [26]. Short - fiber - In September, short - fiber supply - demand is expected to improve, but the inventory reduction is limited. The price fluctuates mainly with raw materials [26]. Bottle Chip - In September, bottle chip manufacturers maintain a 20% production cut. Demand declines slightly, and the upside space is limited [26]. Pure Benzene - Pure benzene supply is expected to remain high, demand support is weak, and the absolute price is under short - term pressure. However, the strong oil price restricts the downward space. For BZ2603, focus on the area around 5800 - 6000 [34]. Styrene - Short - term styrene supply is high, and the driver is weak. However, there is an expectation of supply - demand improvement in the future, and the downward space is limited. Consider going long lightly below 7000 and focus on the support around 6900, and then mainly short on rebounds [34]. 3. Summary According to Relevant Catalogs Polyolefin - **Price and Spread**: L2601, L2509, PP2601, PP2509 closing prices all decreased slightly. The basis of North China LL and the spreads of L2509 - 2601 and PP2509 - 2601 changed [2]. - **Inventory**: PE enterprise inventory decreased by 14.92%, and social inventory increased by 0.99%. PP enterprise inventory decreased by 5.91%, and trader inventory decreased by 1.81% [2]. - **Operating Rate**: PE device operating rate decreased slightly, and downstream weighted operating rate increased by 0.72%. PP device operating rate increased by 2.6%, and powder operating rate increased by 4.1% [2]. Caustic Soda and PVC - **Price and Export Profit**: FOB price of caustic soda in East China remained unchanged, and export profit decreased. PVC's CFR Southeast Asia price decreased, and export profit increased [4]. - **Operating Rate and Profit**: The caustic soda industry operating rate and PVC total operating rate decreased. The profit of externally - purchased calcium carbide PVC and Northwest integrated PVC decreased [4]. - **Demand**: The operating rate of some downstream industries of caustic soda and PVC changed, and PVC's pre - sales volume decreased [4]. - **Inventory**: The inventory of liquid caustic soda in East China decreased, while that in Shandong increased. PVC upstream factory inventory and total social inventory increased [4]. Crude Oil - **Price and Spread**: Brent, WTI, and SC prices all rose. The spreads of Brent M1 - M3, WTI M1 - M3, etc. changed significantly [7]. - **Refined Oil**: The prices of some refined oil products and their spreads changed, and the cracking spreads of some refined oil products also changed [7]. Methanol - **Price and Spread**: MA2601 and MA2509 closing prices decreased. The basis of Taicang and regional spreads changed [17]. - **Inventory**: Methanol enterprise inventory, port inventory, and social inventory all increased [17]. - **Operating Rate**: The operating rate of domestic upstream enterprises decreased, while that of overseas enterprises increased. The operating rate of downstream MTO devices increased [17]. Urea - **Price and Spread**: The prices of some urea products and their spreads changed [21]. - **Supply and Demand**: Domestic urea daily and weekly production decreased, and factory and port inventories increased [21]. PX, PTA, and Ethylene Glycol - **PX**: PX futures prices decreased, and spreads such as PX - crude oil and PX - naphtha decreased [24][25]. - **PTA**: PTA spot and futures prices changed slightly, and the processing fee increased [25]. - **Ethylene Glycol**: The price of ethylene glycol decreased, and the basis increased [25]. Pure Benzene and Styrene - **Upstream Price and Spread**: The prices of crude oil, naphtha, etc. changed, and the spreads of pure benzene - naphtha and ethylene - naphtha decreased [32]. - **Benzene and Styrene Price and Spread**: The prices of pure benzene and styrene decreased, and the basis and import profit changed [32]. - **Downstream Cash Flow**: The cash flows of some downstream products of pure benzene and styrene changed [33]. - **Inventory and Operating Rate**: The inventories of pure benzene and styrene in Jiangsu ports increased. The operating rates of some industries in the industrial chain changed [34].

Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views - The report analyzes various commodities and financial instruments, including energy, metals, agricultural products, and financial derivatives. It provides insights into market trends, supply - demand dynamics, and price outlooks for each category, suggesting trading strategies based on the analysis. Summary by Commodity Categories Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 11 contract up 1.34%. The oil market is sensitive to geopolitical events. After Q3, due to OPEC+ production increase and weaker demand, there is a risk of inventory build - up. Consider shorting SC11 contract above 495 yuan/barrel with protective options [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: Singapore and China's ship - fuel sales declined, but domestic refinery production was also low. With crude oil's geopolitical premium and delayed LU supply pressure, both LU and FU strengthened [22]. - **Asphalt**: In the traditional peak season, demand is increasing seasonally, and inventories are decreasing. The 10 - contract is supported at 3500 yuan/ton and is expected to be oscillating strongly in the short - term. Consider a spread strategy on BU and SC10 [23]. - **Liquefied Petroleum Gas**: After the off - season, it shows resilience. With rising import costs and rebounding demand, the spot price is up. The high - basis situation persists, and the short - term market is strong in the near - term and weak in the far - term [24]. Metals - **Precious Metals**: Overnight, the US manufacturing PMI was slightly lower than expected, increasing the Fed's rate - cut expectation and boosting precious metals. Hold long positions and focus on US employment data [3]. - **Copper**: Overnight, copper prices broke through key levels. Short - term prices are affected by the Fed's rate cut, consumption substitution, and capital resonance. Hold short - term long positions and pay attention to call - option premiums [4]. - **Aluminum**: Overnight, Shanghai aluminum was strongly oscillating. Downstream开工率 has been rising seasonally, and inventory is likely to remain low. It will test the resistance at 21000 yuan in the short - term [5]. - **Alumina**: Production capacity is at a historical high, and supply surplus is emerging. The price is weak but may not fall deeply below the high - cost capacity. Watch the support at 2830 - 3000 yuan [6]. - **Zinc**: In September, refinery maintenance will reduce output, and low inventory will drive a short - term rebound. However, the mid - term outlook is bearish, and consider shorting at 2.3 - 2.35 yuan/ton [8]. - **Nickel and Stainless Steel**: Due to political unrest in Indonesia, nickel prices rebounded. With inventory declines, the short - term market is oscillating instead of bearish [10]. - **Tin**: Overnight, Shanghai tin recovered some losses. There is a shortage of concentrates, but watch inventory and capital changes. Hold short - term long positions above 27.1 million [11]. - **Carbonate Lithium**: The futures price declined, and the market was quiet. Inventory changes were mixed. The market is oscillating [12]. - **Polysilicon**: It oscillated below 52,000 yuan/ton. The spot price rose, but actual trading needs attention. The PS2511 price is expected to face pressure at 53,000 yuan/ton [13]. - **Industrial Silicon**: The futures price rose slightly. Supply surplus will intensify in September, and the price may fall after the short - term rally. Watch the support at 8300 yuan/ton [14]. Building Materials - **Rebar & Hot - rolled Coil**: Night - session steel prices rebounded. Rebar demand and production increased, while hot - rolled coil's decreased. Inventory is rising. The market is under pressure, and the decline may slow down. Watch the demand improvement and production restrictions [15]. - **Iron Ore**: The overnight iron ore price rebounded. Global shipments increased, and domestic arrivals also rose. Demand may decline due to the parade. It is expected to oscillate at a high level [16]. - **Coke**: The price oscillated widely. The first round of price cuts was partially implemented, and inventory decreased slightly. The price is under short - term pressure and is highly volatile [17]. - **Coking Coal**: Similar to coke, the price oscillated widely. Production increased slightly, and inventory decreased. It is under short - term pressure and volatile [18]. - **Manganese Silicon**: Production is increasing, and inventory has not accumulated. Manganese ore prices may have limited downside. Observe the support at the previous low [19]. - **Silicon Iron**: Supply is rising, and demand is fair. Inventory is slightly decreasing [20]. Shipping - **Container Shipping Index (European Line)**: MSC announced empty - sailing plans for the Golden Week. The spot price is under pressure, but the downward space is limited. The market is expected to oscillate and be affected by other alliances' plans [21]. Chemicals - **Urea**: The futures price oscillated. Daily production decreased slightly, and inventory increased. The market is expected to oscillate [25]. - **Methanol**: Coastal available supply is abundant, and inventory is rising. However, with downstream demand expected to increase, the market outlook is optimistic [26]. - **Pure Benzene**: The price rebounded. Supply increased, and demand was weak. The market may improve in Q3. Watch downstream demand and oil prices [27]. - **Styrene**: Crude oil and pure benzene cannot support styrene effectively. Supply is high, demand is weak, and inventory is rising [28]. - **Polypropylene, Plastic & Propylene**: Propylene production inventory is controllable, but downstream acceptance is limited. Polyethylene demand is mixed, and polypropylene supply pressure is increasing [29]. - **PVC & Caustic Soda**: PVC supply pressure is high, demand is weak, and inventory is rising. It may oscillate weakly. Caustic soda is supported by demand but may face supply pressure later, with a wide - range oscillation expected [30]. - **PX & PTA**: Prices oscillated at a low level. Demand is improving, but the actual supply - demand situation has limited improvement. Watch device operations, oil prices, and polyester load [31]. - **Ethylene Glycol**: The price oscillated around 4350 yuan/ton. Supply increased, and demand was stable but weakening. Watch new capacity and policy changes [32]. - **Short - fiber & Bottle - chip**: Short - fiber supply - demand is stable, and it may be bullish in the medium - term if demand improves. Bottle - chip has over - capacity issues [33]. Agricultural Products - **Soybean & Soybean Meal**: Due to Sino - US trade uncertainties, the soybean meal market may oscillate in the short - term. It may be bullish in the medium - to long - term, but pay attention to supply in Q1 next year [37]. - **Soybean Oil & Palm Oil**: Prices rebounded after a short - term decline. Consider buying at low prices in the long - term, but manage risks [38]. - **Soybean (Domestic)**: The price rebounded as short - positions were reduced. Policy auctions increased supply, and new beans will be on the market soon. Watch the new - bean price [39]. - **Corn**: Dalian corn futures were weak. Feed companies may build inventory at 2150 yuan/ton. After the new - grain purchase enthusiasm fades, the price may be weak at the bottom [40]. - **Pig**: Spot prices were mixed, and futures prices were weak. Supply may increase in September, but demand may also rise during holidays. Prices may face downward pressure [41]. - **Egg**: Spot prices were stable, and futures prices rebounded. The industry is in capacity reduction, and consider long - positions in far - term contracts [42]. - **Cotton**: US cotton prices fell due to better weather. Chinese cotton may oscillate, with support below and limited upside in the short - term. Consider buying on dips [43]. - **Sugar**: US sugar may face pressure, and the domestic market has limited upside. The price is expected to oscillate [44]. - **Apple**: The price oscillated at a high level. Early - maturing apples had high prices, but supply may be stable. Short - term price may rise, but be cautious in the long - term [45]. - **Wood**: The price oscillated. Supply may remain low, and inventory pressure is small. Wait and see for now [46]. - **Pulp**: The futures price rose slightly. Supply is relatively loose, and demand is average. Adopt a wait - and - see or range - trading strategy [47]. Financial Instruments - **Stock Index**: The stock market oscillated, and futures contracts showed different trends. There are short - term macro uncertainties. Increase allocation in technology - growth sectors and also consider consumption and cyclical sectors [48]. - **Treasury Bond**: Treasury bond futures oscillated flat. US employment data and Fed's stance affect the market. Consider curve - steepening strategies in short - term hedging [49].

1. Report Industry Investment Ratings - p - Xylene: Long the spread between November and January contracts, short the spread between January and May contracts. Long PX and short EB. Go long on dips before mid - September [7] - PTA: Long the spread between November and January contracts, long PTA and short MEG [1] - MEG: Long PTA and short MEG. Do not chase long positions, consider the valuation high above 4550 [1][9] 2. Core Views - The supply - demand of p - Xylene is in a tight - balance pattern. The overnight oil price rebound supports PX. In September, supply will marginally increase, but PX demand from new PTA projects keeps the balance tight [7][8] - PTA's unilateral price is oscillating strongly with limited downside. Polyester开工率 is rising. After some PTA device incidents, it turns to a de - stocking pattern. PTA basis and spread are supported, but factory hedging may suppress the price [8] - MEG is in a unilateral oscillating market. Supply and demand both increase, and ports turn to a stocking pattern. The overall unilateral price support is limited. High coal - based profits impact the valuation of oil - based sources [9] 3. Summary by Relevant Catalogs Market Data - **Futures Prices**: PX, PTA, MEG, PF, and SC futures prices had different changes. For example, PX主力期货昨日收盘价 was 6866, down 0.17%; PTA主力 was 4772, down 0.25% [2] - **Futures Spreads**: PX11 - 1 spread yesterday closed at 72, up 4; PTA11 - 1 was - 10, down 2; MEG1 - 5 was - 39, down 1 [2] - **Spot Prices**: PX CFR China was 848 dollars/ton yesterday, down 0.67 dollars; PTA in East China was 4727 yuan/ton, down 13 yuan; MEG spot was 4507 yuan/ton, down 27 yuan [2] - **Spot Processing Margins**: PX - naphtha spread was 251.29 dollars/ton yesterday, down 3.5 dollars; PTA processing margin was 188.78 yuan/ton, down 32.89 yuan [2] Market Dynamics - **PX**: An East China factory postponed the restart of its PX and PTA devices. On September 1, Asian p - Xylene prices were basically stable, but concerns about upstream demand pressured the market. The Asian contract price negotiation for September p - Xylene cargoes failed to end by the end of August [2][3][4] - **PTA**: A 70 - ton PTA device in Taiwan, China restarted at the end of August; a 55 - ton and a 150 - ton device are restarting, and a 120 - ton device is expected to stop on September 4 [5] - **MEG**: The inventory at East China main ports was about 44.9 tons, down 5.1 tons. Different ports had different inventory changes [5] - **Polyester**: A 50 - ton polyester bottle - chip device in South China restarted, and a 35 - ton device in Northeast China stopped. Some polyester devices in other regions restarted or are expected to restart. The sales of polyester yarn and staple fiber were weak today [5][6] Trend Intensity - p - Xylene trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 0 [6]

1. Report Industry Investment Rating No information provided in the report 2. Core Views - The overall trend of soda ash futures is in a volatile phase, with supply slightly contracting and downstream demand remaining weak. High inventory levels are being slowly reduced, and the market is expected to continue to fluctuate in the short term. It is recommended to remain on the sidelines [6]. - The glass futures market is also in a volatile trend. The spot market has seen a slight increase in some areas, with inventory decreasing slightly in some regions due to downstream replenishment. However, high inventory levels are restricting price increases. The futures market is expected to continue to fluctuate weakly in the short term, and it is recommended to hold an empty position and wait and see [27]. 3. Summary by Directory Soda Ash Futures 3.1 Mid - term Market Analysis - Mid - term trend: Soda ash futures are in a volatile phase [6]. - Trend logic: The domestic soda ash spot market remained weak last week, with both light and heavy soda ash prices at low levels. Supply slightly contracted, but downstream demand was weak. High inventory was slowly reduced, and the futures market first rose and then fell, with insufficient rebound momentum [6]. - Strategy suggestion: It is recommended to remain on the sidelines [6]. 3.2 Variety Trading Strategy - Last week's strategy review: The soda ash market continued to be weak last week, with prices under pressure. The supply - demand imbalance in the futures market remained unchanged, and it was expected to maintain a narrow - range volatile and weak pattern. The operating range of Soda Ash 2601 was 1300 - 1450, and it was advisable to remain on the sidelines [9]. - This week's strategy suggestion: The domestic soda ash market remained weak last week, with prices at low levels. The futures market first rose and then fell, and it is expected to continue to fluctuate in the short term. The operating range of Soda Ash 2601 is 1300 - 1450, and it is advisable to remain on the sidelines [10]. 3.3 Relevant Data - The data includes China's weekly soda ash开工率,产量,轻质库存,重质库存,基差, and ammonia - alkali production cost in North China [11][14][16] Glass Futures 3.1 Mid - term Market Analysis - Mid - term trend: Glass is in a volatile trend [27]. - Trend logic: The domestic float glass market was stable with slight local increases last week. Inventory digestion and peak - season expectations drove downstream replenishment, but high inventory restricted price increases. The futures market first rose and then fell, and it is expected to continue to fluctuate weakly in the short term [27]. - Strategy suggestion: It is recommended to hold an empty position and wait and see [27]. 3.2 Variety Trading Strategy - Last week's strategy review: The domestic float glass market declined weakly last week, with prices generally falling. The futures market also weakened, and it was expected to remain weak in the short term. The expected operating range of Glass 2601 was 1150 - 1300, and it was advisable to hold an empty position and wait and see [30]. - This week's strategy suggestion: The domestic float glass spot market was stable with slight local increases last week. The futures market first rose and then fell, and it is expected to continue to fluctuate weakly in the short term. The expected operating range of Glass 2601 is 1150 - 1300, and it is advisable to hold an empty position and wait and see [31]. 3.3 Relevant Data - The data includes China's weekly float glass产量,开工率, production cost and production profit of the float process using natural gas as fuel,基差, and期末库存 [32][35][38]

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Report's Core View - The copper price broke upward this week. The market order transactions remained resilient, and the difference between refined and scrap copper prices was tight. There are concerns about anode copper production in September and October, and potential squeeze - out risks should be noted [1]. - For aluminum, supply increased slightly, with imports providing an increment from January to July. August was a seasonal off - peak for demand, but there was a slight improvement in the second half of the month. In September, inventory is expected to decline. Pay attention to far - month spreads and internal - external reverse arbitrage [1]. - The zinc price fluctuated narrowly this week. Supply increased in August, and demand was seasonally weak domestically but had some resistance overseas. Short - term rebound is expected, and it is recommended to wait and see in the short - term and take a short - position in the long - term. Internal - external positive arbitrage can be held, and positive spreads between months can be noted [4]. - For nickel, the production of pure nickel remained at a high level, demand was weak overall, and domestic inventory decreased slightly while overseas inventory remained stable. The situation in Indonesia needs continuous attention [6]. - The stainless - steel market had some passive production cuts by steel mills. Demand was mainly for rigid needs, costs were relatively stable, and inventory remained unchanged. Follow the situation of the Indonesian parade [9]. - The lead price fluctuated this week. Supply was expected to be tight, demand improved slightly, but inventory was at a high level. The price is expected to remain in a low - level oscillation next week [11]. - The tin price oscillated upward this week. The domestic market was in a state of weak supply and demand. It is recommended to wait and see in the short - term and hold positions at low prices close to the cost line in the long - term [14]. - For industrial silicon, the production in Xinjiang is expected to accelerate, and the southwest production is stable. The short - term supply - demand balance depends on the resumption of production of Hesheng. In the long - term, it will oscillate at the bottom of the cycle [17]. - The lithium carbonate price decreased this week. The core contradiction is the long - term over - capacity and short - term supply disruptions. The price has strong downward support [19][20]. Group 3: Summary by Metal Copper - **Price and Market Data**: From August 25 - 29, the Shanghai copper spot price increased by 55, the spread increased by 133, and the LME inventory increased by 950. The copper price broke upward this week [1]. - **Fundamentals**: Market orders were resilient, and the difference between refined and scrap copper prices was tight. Some regions' scrap copper rod production decreased, and there are concerns about anode copper production in September and October [1]. Aluminum - **Price and Market Data**: From August 25 - 29, the Shanghai aluminum ingot price remained unchanged, and the LME inventory decreased by 100. Supply increased slightly, and demand was in a seasonal off - peak in August [1]. - **Inventory and Outlook**: In September, inventory is expected to decline. Pay attention to far - month spreads and internal - external reverse arbitrage in the low - inventory situation [1]. Zinc - **Price and Market Data**: From August 25 - 29, the Shanghai zinc ingot price decreased by 120, and the LME inventory decreased by 1500. The zinc price fluctuated narrowly this week [4]. - **Supply and Demand**: Supply increased in August, domestic demand was seasonally weak, and overseas demand had some resistance. Short - term rebound is expected, and long - term short - position is recommended [4]. Nickel - **Price and Market Data**: From August 25 - 29, the Shanghai nickel spot price increased by 500, and the LME inventory decreased by 132. The production of pure nickel remained at a high level, and demand was weak [6]. - **Situation in Indonesia**: The parade in Indonesia turned into a riot, and the situation needs continuous attention [6]. Stainless Steel - **Price and Market Data**: From August 25 - 29, the price of 430 cold - rolled coil increased by 50, and the price of scrap stainless steel decreased by 30. Some steel mills had passive production cuts [9]. - **Supply and Demand**: Demand was mainly for rigid needs, costs were relatively stable, and inventory remained unchanged. Follow the situation of the Indonesian parade [9]. Lead - **Price and Market Data**: From August 25 - 29, the lead price oscillated, the LME registered warehouse receipts decreased by 10,000, and the exchange inventory reached a historical high of 70,000 tons [11]. - **Supply and Demand**: Supply was expected to be tight, demand improved slightly, but inventory was at a high level. The price is expected to remain in a low - level oscillation next week [11]. Tin - **Price and Market Data**: From August 25 - 29, the tin price oscillated upward, the LME inventory increased by 115, and the position increased by 15,147 [14]. - **Supply and Demand**: The domestic market was in a state of weak supply and demand. It is recommended to wait and see in the short - term and hold positions at low prices close to the cost line in the long - term [14]. Industrial Silicon - **Price and Market Data**: From August 25 - 29, the basis of 421 in Yunnan and Sichuan changed, and the warehouse receipt quantity decreased. The production in Xinjiang is expected to accelerate [17]. - **Supply and Demand**: The short - term supply - demand balance depends on the resumption of production of Hesheng. In the long - term, it will oscillate at the bottom of the cycle [17]. Lithium Carbonate - **Price and Market Data**: From August 25 - 29, the SMM electric and industrial carbon prices decreased by 350, and the warehouse receipt quantity increased by 930. The price decreased this week [19]. - **Supply and Demand**: The core contradiction is the long - term over - capacity and short - term supply disruptions. The price has strong downward support [19][20].