1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: The short - term external market is strong, but the continuous upward space of sugar price is limited. It is expected to maintain range - bound. In China, the inventory pressure is low in July, but the concentrated arrival of third - quarter shipments and increased imports in the second half of the year will bring pressure to domestic sugar sales. The price is expected to stop falling and stabilize after a sharp correction [3]. - **Pulp**: The fundamentals of pulp and its downstream have changed little. The import volume in July was high, and the demand is in the off - season. The price is difficult to rebound. The price increase is difficult to be transmitted, but the price is less likely to return to the June low [5]. - **Cotton**: The external market may continue to bottom - hunting, and the domestic market is a game between tight spot supply and weak downstream consumption. The price may continue to fluctuate and sort out in the short term [7]. - **Apples**: The current focus is on the end of the old season and the realization of the new season. The initial production estimate cannot provide a trend guide. The price of early - maturing apples has risen, but the sustainability needs to be tracked. The overall price of the apple 10 contract is expected to fluctuate within a range [8]. - **Jujubes**: The inventory is being depleted, and the spot price is running strongly. The 2601 contract is recommended for long - holding, and attention should be paid to the impact of weather on production [10]. 3. Summary According to Relevant Catalogs 3.1 First Part: Plate Strategy Recommendation - **Apples**: Temporarily wait and see. The support range is 7400 - 7500, and the pressure range is 8300 - 8400 [18]. - **Jujubes**: Hold long positions. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [18]. - **Sugar**: Try to go long when it回调 to the lower edge of the range. The support range is 5500 - 5530, and the pressure range is 5670 - 5700 [18]. - **Pulp**: Short on rallies. The support range is 5100 - 5200, and the pressure range is 5300 - 5400 [18]. - **Cotton**: Temporarily wait and see. The support range is 13500 - 13600, and the pressure range is 14200 - 14300 [18]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamentals**: In June 2025, the export volume decreased. The inventory in cold storage decreased. There are different estimates of production, with a slight increase or decrease [19]. - **Spot Market**: The mainstream transaction price in Shandong is stable. The shipment volume is general. The price of early - maturing apples varies greatly. The arrival at the wholesale market is small, and the price is stable [20][21]. 3.2.2 Jujube Market As of August 8, the inventory decreased. The arrival at the sales area increased, and the spot price was strong. Attention should be paid to terminal consumption and shipment sustainability [22]. 3.2.3 Sugar Market The domestic spot price is stable, and the price of the ICE raw sugar main contract is 16.54 cents/pound. The estimated profit of Brazilian sugar processing is high [24]. 3.2.4 Pulp Market The transaction of imported bleached softwood pulp is light. The price increase is not accepted by buyers. The price of bleached hardwood pulp has increased, and two companies plan to reduce production [27]. 3.2.5 Cotton Market - Vietnam's cotton textile and clothing production data from January to July 2025 shows an increase in textile production and a decrease in clothing production. - Brazil's cotton picking progress is advancing, but lags behind last year. - Australia's cotton export volume increased significantly in June. - Pakistan's cotton imports increased significantly from July 2024 to June 2025. - Thailand's cotton imports increased in June. - Egypt's cotton net signing and shipment volume increased in the week ending August 9 [28][29]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2510 | 8178 | 51 | 0.63% | | Jujube 2509 | 10385 | - 145 | - 1.38% | | Sugar 2509 | 5706 | 28 | 0.49% | | Pulp 2509 | 5216 | 14 | 0.27% | | Cotton 2601 | 13980 | 100 | 0.72% | [30] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.90 | 0.00 | 0.15 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5960 | 0 | - 540 | | Pulp (Shandong Yinxing) | 5850 | 0 | - 250 | | Cotton (yuan/ton) | 15177 | 16 | 407 | [33] 3.4 Fourth Part: Basis Situation No specific numerical analysis provided, only references to relevant figures [44][45][49]. 3.5 Fifth Part: Inter - Month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 193 | - 5 | 84 | Fluctuate repeatedly | Wait and see | | Jujube | 9 - 1 | - 1165 | - 1155 | - 580 | Range - bound | Wait and see | | Sugar | 9 - 1 | 98 | - 7 | - 235 | Range - bound | Wait and see | | Cotton | 1 - 5 | 70 | 20 | 105 | Range - bound | Temporarily wait and see | [51] 3.6 Sixth Part: Futures Positioning Situation No specific numerical analysis provided, only references to relevant figures [58][60][65]. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 9214 | 0 | - 970 | | Sugar | 17853 | - 387 | 1901 | | Pulp | 253327 | 1872 | - 239490 | | Cotton | 8087 | - 85 | - 2309 | [78] 3.8 Eighth Part: Option - Related Data No specific numerical analysis provided, only references to relevant figures [80][82][83].

Group 1: Report Information - Report title: Methanol Daily Report, August 13, 2025 [3] - Research area: Commodity research - Energy and chemical industry [1][2] - Researcher: Zhang Mengchao [8] Group 2: Market Review - Futures market: The futures price closed at 2391, up 6 or 0.25% [4] - Spot market: Various regions had different methanol prices, with production areas ranging from 2090 - 2230 yuan/ton, consumption areas from 2230 - 2320 yuan/ton, and ports from 2360 - 2380 yuan/ton [4] Group 3: Important News - Zhejiang Xingxing New Energy Technology Co., Ltd.'s 690,000 - ton/year methanol - to - olefins plant stopped on July 30, and the restart time is to be tracked [5] Group 4: Logic Analysis - Supply side: Coal mine开工率 in the northwest decreased, coal prices rebounded, methanol开工率 was high and stable, and domestic supply was loose [6] - Import side: The US dollar price fell slightly last week, import profit increased, foreign开工率 was high, and Iranian shipments to China increased [6] - Demand side: Traditional downstream entered the off - season, MTO开工率 increased, but some MTO plants had reduced loads or stopped [6] - Inventory: Port inventory increased, and inland enterprise inventory fluctuated slightly [6] - Overall: International装置开工率 was stable, imports recovered, demand was stable, and ports accelerated inventory accumulation. Methanol supply increased, and it was advisable to short at high prices [6] Group 5: Trading Strategies - Single - side: Short at high prices, do not chase short [7] - Arbitrage: Wait and see [7] - Options: Sell call options [10]

人民财讯8月12日电，碳酸锂期货主力合约午后走强涨超8%。 ...

棕榈油高位震荡偏强运行 摘 要： 行情展望： 马来西亚棕榈油局（MPOB）数据显示：马来西亚7月 毛棕榈油产量为181.24万吨，环比增加7.09%；棕榈油进 口为6.10万吨，环比减少12.82%；棕榈油出口为130.91 万吨，环比增加3.82%；棕榈油期末库存量为211.33万吨， 环比增加4.02%。 即将进入消费旺季，叠加生柴需求预期的兑现，国内 美豆缺席抬升豆系价格重心等一系列因素下，市场对于四 季度的价格预期较高。因此强预期和弱现实的局面下 01 合约相对 09 合约走强。只是由于产地近月挺价意愿强 烈，且 8 月 1-5 日马来西亚棕榈油产量环比大幅下降， 一定程度上对 09 合约有支撑，因此 9-1 价差仍然维持 窄幅震荡。短期内预计棕榈油高位震荡运行为主。 宁证期货投资咨询中心 期货交易咨询业务资格： 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：高剑飞 作者姓名：蒯三可 期货从业资格号：F0279818 期货交易咨询从业证号：Z0014742 邮箱：gaojianfei@nzfco.com 请务必阅读正文之后的免责条款部分 1 证监许可【201 ...

Report Overview - Report Name: Futures Weekly Report on Rebar and Iron Ore [2] - Report Date: August 11 - 15, 2025 [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - Rebar futures and iron ore futures are both in a consolidation phase, and investors should wait for the next clear trend [7][31] Summary by Section Rebar Futures 1. Mid - term Market Analysis - Mid - term trend: The main contract of rebar futures has entered a consolidation range [7] - Trend judgment logic: Weekly production is 2.21 million tons, apparent consumption is 2.11 million tons, major steel mills' inventory is 1.68 million tons, and social inventory is 5.89 million tons. The daily - level price is in a downward channel, and the capital side is slightly bearish [7] - Mid - term strategy: Wait for the consolidation phase to complete [7] 2. Variety Trading Strategy - Last week's strategy review: The main contract of rebar futures entered a consolidation range [10] - This week's strategy: Wait patiently for the next mid - term trend [10] - Hedging advice for spot enterprises: Wait for the consolidation phase to complete [11] 3. Relevant Data - Data sources: Wind, Mysteel, and the trading advisory department of Great Wall Futures [15] Iron Ore Futures 1. Mid - term Market Analysis - Mid - term trend: The main contract of iron ore futures has entered a consolidation phase [31] - Trend judgment logic: Global shipments last week were 30.61 million tons, arrivals at 45 major Chinese ports were 25.07 million tons, steel enterprises' inventory was 90.12 million tons, and domestic major ports' inventory was 136.57 million tons. The daily - level price is in a sideways phase, and the main capital shows a relatively obvious bullish attitude [31] - Mid - term strategy: Wait for the next clear trend during the consolidation phase [31] 2. Variety Trading Strategy - Last week's strategy review: The main contract of iron ore futures entered a consolidation range [34] - This week's strategy: Wait for the next clear trend during the consolidation phase [34] 3. Relevant Data - Data sources: Wind, Mysteel, and the trading advisory department of Great Wall Futures [37]

2025.8.11-8.15 电解铝 期货品种周报 20000元下方可以考虑中线布局多单。 3 中线策略建议 品种交易策略 n 上周策略回顾 中线行情分析 大区间震荡。 中线趋势判断 1 趋势判断逻辑 短期无新刺激政策，投资者风险偏好下降，资金撤离工业品板块，铝价波动 弹性收窄，而现实为库存累积、消费淡季等偏空因素，短期价格偏承压整理， 但8月是淡旺季交替区，加上近期美国制造指数出现回落，降息预期再度升温， 加上国内托底政策，8月或先弱后强。 2 8月或先弱后强。未来一周，沪铝2509合约区间看20300- 20900，暂短线交易为宜。 n 本周策略建议 8月下旬价格仍偏强对待，但当前成本端偏弱+社库持续累库， 暂难以支撑大的单边行情，未来一周，沪铝2509合约区间看 20500-21000。 n 现货企业套期保值建议 可考虑适量逢低配置期货虚拟库存。 【总体观点】 | | 2025年8月第2周 | | --- | --- | | 铝土矿市场 | 国产铝土矿基本面未见过剩，北方地区矿价预计持稳为主，西南地区铝土矿价格存上涨的趋势，受几内 | | | 亚雨季影响8月铝土矿供应有趋紧态势，但前期进口增量显著港口库 ...

Report Industry Investment Rating No information is provided in the content. Core Viewpoints - PTA: The spot basis of PTA is expected to fluctuate within a range, and the spot price is expected to move sideways in the short term. The continuous low processing margin has led to increased changes in PTA plants recently, but the cost side lacks support and the downstream polyester demand is average during the off - season [5]. - MEG: The visible inventory of ethylene glycol is expected to increase significantly next Monday, but the increase in port inventory is not sustainable. The supply - demand structure of ethylene glycol is basically balanced in the medium and short term, and the demand support will gradually strengthen over time. The short - term low - level support of ethylene glycol is expected to be strong [6]. Summary by Directory 1.前日回顾 No information is provided in the content. 2.每日提示 - **PTA** - **Fundamentals**: On Friday, a small number of polyester factories made bids, and an individual mainstream supplier sold goods. The August goods were traded at a discount of 15 - 20 to the 09 contract, and the goods for late September were traded around 09 + 5. The mainstream spot basis today is 09 - 18 [5]. - **Basis**: The spot price is 4670, and the basis of the 09 contract is - 14, with the futures price at a discount [5]. - **Inventory**: The inventory of PTA plants is 3.7 days, a decrease of 0.12 days compared to the previous period [5]. - **Market Trend**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [5]. - **Main Position**: The net short position is increasing [5]. - **Expectation**: Mainstream suppliers have been continuously selling goods this week, and the spot basis is running weakly. However, due to the continuous low processing margin, there have been more changes in PTA plants recently. In terms of price, the cost side lacks support and the downstream polyester demand is average during the off - season. It is expected that the PTA spot price will move sideways in the short term, and the spot basis will fluctuate within a range [5]. - **MEG** - **Fundamentals**: On Friday, the price of ethylene glycol was sorted at a low level, and the market negotiation was average. The price center of ethylene glycol fluctuated little during the day, and the spot was traded at a premium of 70 - 79 yuan/ton to the 09 contract. The negotiation in the market was stalemate. In the US dollar market, the price center of ethylene glycol was sorted at a low level, and the recent mainstream trading of vessel cargoes was around 520 - 524 US dollars/ton, with traders' buying moderately following up [7]. - **Basis**: The spot price is 4456, and the basis of the 09 contract is 72, with the futures price at a discount [7]. - **Inventory**: The total inventory in the East China region is 47.22 tons, an increase of 4.48 tons compared to the previous period [7]. - **Market Trend**: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average [7]. - **Main Position**: The net short position is decreasing [7]. - **Expectation**: The warehousing of ethylene glycol vessels was smooth last week, and it is expected that the visible inventory will increase significantly next Monday. However, the increase in port inventory is not sustainable, and the arrival volume of foreign vessels will decrease around the middle of the month. The supply - demand structure of ethylene glycol is basically balanced in the medium and short term, and the inventory in the main port trade tanks is low. As time goes by, the demand support will gradually strengthen. It is expected that the short - term low - level support of ethylene glycol will be strong [6]. 3.今日关注 No information is provided in the content. 4.基本面数据 - **PTA Supply - Demand Balance Sheet**: It details the PTA production capacity, production, import, total supply, polyester production, consumption, and inventory from January 2024 to December 2025 [10]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol production rate, production, import, total supply, polyester production, consumption, and port inventory from January 2024 to December 2025 [11]. - **Price - related Data**: There are charts and data on bottle - chip spot prices, production margins, capacity utilization, inventory, PTA and MEG basis, inter - month spreads, and spot spreads from 2019 - 2025 [14][16][17][19]. - **Inventory Analysis Data**: There are charts and data on the inventory of PTA, MEG, PET slices, and polyester fibers from 2020 - 2025 [40][41][43]. - **Upstream and Downstream Operating Rate Data**: It includes the operating rates of PTA, paraxylene, ethylene glycol, polyester factories, and Jiangsu and Zhejiang looms from 2020 - 2025 [51][52][54][56]. - **Profit - related Data**: There are charts and data on PTA processing fees, MEG production margins, and polyester fiber production margins from 2022 - 2025 [59][62][65].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The industry is currently influenced by both positive and negative factors. Positive factors include potential production cuts in some surveyed areas, possible poor quality of new - season jujubes, and rising spot prices. Negative factors are high inventory, a consumption off - season in August, and a likely normal but relatively small - yield year. The market is in the jujube expansion period in Xinjiang, and attention should be paid to fruit - setting and weather in the production areas, as well as sales volume and price in the sales areas. The recommended strategy is to wait and see in the short - term for single - side trading, and go long on the 09 contract and short on the 01 contract for inter - month trading [4]. Summary According to Related Catalogs Spot Prices (Main Production Areas) - The average purchase price of grey jujubes in Xinjiang's main production areas is 5.33 yuan/kg. The mainstream transaction prices in Aksu, Alar, and Kashgar are 4.8 yuan/kg, 5.2 yuan/kg, and 6.0 yuan/kg respectively [6]. Spot Prices (Main Sales Areas) - In the Hebei Cuierzhuang market, the arrival volume has doubled compared to last week. The finished product price has increased by 0.30 yuan/kg week - on - week, and the daily average transaction is 3 - 40% of the arrival volume. The grade prices are as follows: super - special grade is 11.50 yuan/kg, special grade is 9.50 - 10.80 yuan/kg, first - grade is 9.00 - 9.50 yuan/kg, second - grade is 7.80 - 8.20 yuan/kg, and third - grade is 6.50 yuan/kg [10]. Spot Prices (Hebei Cangzhou) - The spot grade price difference in the Hebei Cangzhou market is stable week - on - week. The price difference between special grade and first - grade is 0.92 yuan/kg, down 0.07 yuan/kg from last week, and the difference between first - grade and second - grade is 1.3 yuan/kg, up 0.2 yuan/kg from last week [13]. Sample Point Weekly Inventory - As of July 25, the physical inventory of 36 sample points is 9784 tons, a decrease of 255 tons from last week, a week - on - week decrease of 2.54%, and a year - on - year increase of 72.62% [16]. Sales Profit (Xinjiang Main Production Areas) - The average purchase price of grey jujubes in Xinjiang's main production areas is 5.33 yuan/kg, and the first - grade finished product price in the Hebei sales area is 9.00 - 9.50 yuan/kg. The freight from Aksu to Cangzhou is 400 yuan/ton, and the gross profit is 2.42 yuan/kg, up 0.20 yuan/kg from last week [19]. Futures - Spot Basis (Special Grade, First Grade) - The jujube futures price has weakened, the spot price is stable, and the futures - spot basis has strengthened slightly. The first - grade spot in Cangzhou is at a discount of 1040 yuan/ton compared to the standard delivery product [22]. Contract Price Difference - The change in the 1 - 5 month spread has narrowed, with a discount of 175 yuan/ton. The 5 - 9 month spread has a premium of 1330 yuan/ton, and the 9 - 1 month spread fluctuates, with a discount of 1155 yuan/ton. A positive spread arbitrage opportunity is considered for the 9 - 1 month spread [25]. Warehouse Receipt Quantity - As of August 8, the number of registered jujube warehouse receipts is 9214, and the number of valid forecasts is 1705, totaling 10919 [30].

期货交易咨询业务资格：证监许可【2011】1285号 华联期货PTA周报 供需有所改善 但成本驱动偏空 20250810 供应：上周PTA周均产能利用率76.10%，环比降低3.57个百分点，同比降低2.26个百分点，处在同期中性位。据隆 众，周内华东地区多套装置短停或检修，短线供应压力稍有缓解。 需求：上周聚酯行业周产量151.37万吨，环比增加0.68%，同比增加10.29%。截至8月7日江浙地区化纤织造综合开 工率55.75%，环比增加0.16个百分点，同比降低3.2个百分点。据隆众，下游加弹以及终端织造工厂谨慎观望心态 明显，消耗前期原料库存为主。涤纶长丝产销数据持续处于清淡水平。 库存：上周PTA行业库存量约373.15万吨，环比降低1.32%。PTA工厂库存3.7天，环比降低0.12天，同比降低0.15 天。库存端行业库存有所去化，但成品长丝累库库。 观点：成本方面原油连续下跌关注区间下沿支撑。TA加工费继续走弱，下游产品亏损有所改善。总体看短线供需 尚可，但外围市场波动较大，估值驱动偏弱，技术面区间震荡。 策略：操作方面关注2601合约4600-4800区间交易。 黄桂仁 交易咨询号：Z0014 ...

Report Title - "Hualian Futures Feed Weekly Report: Brazilian Premiums Rising Continuously, Soybean and Rapeseed Meal Prices May Fluctuate Strongly" [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The current growth of US soybeans is good, but the rainfall in the eastern part of the Corn Belt and the northern part of the Great Plains in the next two weeks may affect soybean growth [3]. - It is currently the peak season for Brazilian soybean exports, and Brazilian soybean premiums are continuously rising and are currently at a historical high [3]. - Domestic oil mills' purchasing progress for the fourth quarter is still slow, and the market expects a supply gap. This week, there was a large - volume transaction of the far - month basis of soybean meal. The long - term impact of the pig industry's anti - involution on soybean meal demand also needs attention [3]. - Against the background of an expected supply gap of imported soybeans in the domestic market in the fourth quarter, domestic soybean meal is expected to fluctuate strongly [3]. Summary by Directory Fundamental Viewpoints - As of August 3, the good - to - excellent rate of US soybeans was 69%, which was the same as the market expectation, lower than last week's 70% and last year's 68% [3]. - The Brazilian soybean premium is rising and is at a historical high [3]. - Domestic oil mills' purchasing for the fourth quarter is slow, and there are expectations of a supply gap. The far - month basis of soybean meal had large - volume transactions this week. The long - term impact of the pig industry's anti - involution on soybean meal demand needs attention [3]. - Domestic soybean meal is expected to fluctuate strongly due to the expected supply gap in the fourth quarter [3]. Strategy Viewpoints and Outlook - For unilateral trading, the support level of soybean meal 2601 can be referenced at 3000. For options, one can go long on volatility [5]. - For arbitrage, it is advisable to wait and see for now [5]. - In the outlook, factors to watch include the weather in US soybean - producing areas, the arrival of imported soybeans, domestic soybean meal demand, and China - Canada and China - US trade relations. Overall, soybean and rapeseed meal are expected to fluctuate strongly in the short term [5]. Industrial Chain Structure - Futures and Spot Markets - Last week, soybean meal futures fluctuated strongly due to market concerns about a shortage of soybeans in the domestic market in the fourth quarter [14]. - The July USDA report was slightly bearish. It lowered the export forecast of US soybeans for the 25/26 season and raised the domestic crushing volume. The reduction in exports was higher than the increase in crushing, resulting in an increase in ending stocks from 295 million bushels in June to 310 million bushels [14]. - The soybean - rapeseed meal spread fluctuated widely and is currently at a historically low level. It is advisable to wait and see [18]. - The 5 - 9 spread of soybean meal fluctuated weakly. It is advisable to wait and see [21]. Supply Side - As of July 31, 2025, the net sales volume of US soybeans in the market year was 467,842 tons [30]. - As of August 1, 2025, the weekly US soybean crushing profit was $2.71 per bushel, a 1.88% increase from the previous week and a 19.58% decrease from the same period last year [36]. - In June 2025, China imported 12.264 million tons of soybeans, a decrease of 1.6544 million tons from May and a 10.35% increase from June 2024. From January to June 2025, China's cumulative soybean imports were 49.37 million tons, a 1.83% increase year - on - year [39]. Demand Side - The report presents data on pig prices, pig - grain ratios, pig self - breeding and外购 profits, white - feather broiler and laying - hen breeding profits, but no specific demand - related conclusions are drawn [54][63] Inventory - As of August 1, the national port soybean inventory was 6.5559 million tons, a 1.55% increase from last week and a 1.74% decrease from last year. The domestic oil mill soybean meal inventory was 1.0416 million tons, a 0.14% decrease from last week and a 26.24% decrease from last year [70]. - As of August 8, the physical inventory days of domestic feed mills' soybean meal were 8.37 days, a 3.77% increase from August 1 and a 14.97% increase from the same period last year [73]. - As of August 1, the coastal oil mills' rapeseed inventory was 116,000 tons, a decrease of 21,000 tons from last week. The rapeseed meal inventory was 27,000 tons, an increase of 8,000 tons from last week. The unexecuted contracts were 46,000 tons, a decrease of 8,000 tons from last week [75]