Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - Palm oil has insufficient fundamental drivers, and risks of crude oil and macro - economic pullbacks should be guarded against [1] - Soybean oil is waiting for the South American sowing season and is in a state of oscillatory adjustment [1] 3) Summary by Relevant Catalogs a. Fundamental Tracking - **Futures Prices**: Palm oil's closing price (day session) was 9,408 yuan/ton with a 0.43% increase, and (night session) 9,440 yuan/ton with a 0.34% increase; soybean oil's closing price (day session) was 8,456 yuan/ton with a 0.55% increase, and (night session) 8,416 yuan/ton with a - 0.47% change; rapeseed oil's closing price (day session) was 9,950 yuan/ton with a 1.04% increase, and (night session) 9,737 yuan/ton with a - 2.14% change. CBOT soybean oil's closing price was 51.20 cents/pound with a - 1.41% change [1] - **Trading Volume and Open Interest**: Palm oil's trading volume decreased by 10 to 3 lots, and open interest decreased by 1 to 1,225 lots; soybean oil's trading volume increased by 8 to 110 lots, and open interest decreased by 103 to 2,988 lots; rapeseed oil's trading volume increased by 42 to 50 lots, and open interest remained unchanged at 5,121 lots [1] - **Spot Prices**: Palm oil (24 - degree, Guangdong) was 9,380 yuan/ton with a 60 - yuan increase; first - grade soybean oil (Guangdong) was 8,730 yuan/ton with a 30 - yuan increase; fourth - grade imported rapeseed oil (Guangxi) was 9,790 yuan/ton with a 90 - yuan increase; Malaysian palm oil FOB was 1,105 dollars/ton with no change [1] - **Basis**: Palm oil (Guangdong) basis was - 28 yuan/ton; soybean oil (Guangdong) basis was 274 yuan/ton; rapeseed oil (Guangxi) basis was - 160 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 292 yuan/ton; between soybean oil and palm oil futures was - 1,076 yuan/ton; palm oil 9 - 1 spread was - 118 yuan/ton; soybean oil 9 - 1 spread was 6 yuan/ton; rapeseed oil 9 - 1 spread was 132 yuan/ton [1] b. Macro and Industry News - The seasonally - adjusted non - farm payrolls in the US in August increased by 22,000, lower than the market expectation of 75,000. The non - farm payrolls in June were revised down from 14,000 to - 13,000, and in July were revised up from 73,000 to 79,000. After the revision, the total non - farm payrolls in June and July were 21,000 lower than before [2][3] - OPEC+ representatives said that OPEC+ in principle agreed to increase production again in October, with an expected increase of about 137,000 barrels per day, starting to gradually cancel the next layer of 1.66 million barrels per day of production cuts [3] - The Ministry of Commerce extended the anti - dumping investigation period for imported rapeseed from Canada until March 9, 2026 [3] c. Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0 [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For LPG, macro risks are intensifying, and crude oil costs are rising [1] - For propylene, the spot price support remains, but attention should be paid to the risk of price decline [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **LPG Futures Prices**: PG2510 closed at 4,421 yesterday with a 0.66% increase and 4,436 in the night session with a 0.34% increase; PG2511 closed at 4,342 yesterday with a 0.79% increase and 4,361 in the night session with a 0.44% increase; PL2601 closed at 6,405 yesterday with a -0.28% decrease and 6,425 in the night session with a 0.31% increase; PL2602 closed at 6,432 yesterday with a -0.23% decrease and 6,450 in the night session with a 0.28% increase [1] - **LPG Trading Volume and Open Interest**: PG2510 had a trading volume of 81,890 yesterday, a decrease of 3,573 from the previous day, and an open interest of 74,648, a decrease of 3,176 from the previous day; PG2511 had a trading volume of 17,534 yesterday, a decrease of 4,790 from the previous day, and an open interest of 36,095, an increase of 993 from the previous day; PL2601 had a trading volume of 4,421 yesterday, a decrease of 712 from the previous day, and an open interest of 8,146, an increase of 1,311 from the previous day; PL2602 had a trading volume of 34 yesterday, a decrease of 42 from the previous day, and an open interest of 862, an increase of 13 from the previous day [1] - **LPG Spreads**: The spread between Guangzhou domestic gas and the PG10 contract was 39 yesterday, compared to 138 the previous day; the spread between Guangzhou imported gas and the PG10 contract was 79 yesterday, compared to 138 the previous day; the spread between Shandong propylene and the PL01 contract was 230 yesterday, compared to 192 the previous day; the spread between East China propylene and the PL01 contract was 170 yesterday, compared to 127 the previous day; the spread between South China propylene and the PL01 contract was 70 yesterday, compared to 52 the previous day [1] - **LPG Industry Chain Data**: The PDH operating rate this week was 73.0%, down from 75.7% last week; the MTBE operating rate was 63.5%, unchanged from the previous level; the alkylation operating rate was 49.6%, up from 49.0% [1] 3.2 Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [5] 3.3 Market News - On September 2, 2025, the October CP paper cargo price for propane was 540 US dollars per ton, up 6 US dollars per ton from the previous trading day; the price for butane was 514 US dollars per ton, up 6 US dollars per ton from the previous trading day. The November CP paper cargo price for propane was 551 US dollars per ton, up 7 US dollars per ton from the previous trading day [6] - There are multiple domestic PDH device maintenance plans, including those of Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc. Additionally, Ningbo Jinfa's 1 (60) is expected to stop for maintenance for 3 weeks in early September [7] - There are domestic liquefied gas plant device maintenance plans, but specific details are not provided in the text [8]

Report Summary 1. Report Industry Investment Rating - The trend strength is 1, indicating a moderately bullish view. The range of trend strength is from -2 to 2, where -2 is the most bearish and 2 is the most bullish [2]. 2. Core View - Weekend group significantly reduced supply, and the spot price rebounded as expected. In August, the planned slaughter volume of large farms increased, and small farmers were forced to hold back pigs. There is still supply pressure in September. From September to October, the production cycle and inventory cycle resonate, and it's advisable to enter the 11 - 1 reverse spread. The enthusiasm for purchasing piglets declined, and the price drop accelerated, corresponding to a decrease in the cost of slaughter from March to May. Attention should be paid to the downward movement of the far - end price center, and stop - loss and take - profit should be set. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the resistance level is 14,500 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The price of Henan spot is 13,780 yuan/ton with a year - on - year change of 0; Sichuan spot is 13,250 yuan/ton, down 100 yuan/ton year - on - year; Guangdong spot is 14,740 yuan/ton, down 50 yuan/ton year - on - year [1]. - **Futures Prices**: The price of the pig 2511 contract is 13,555 yuan/ton, down 35 yuan/ton year - on - year; the pig 2601 contract is 13,870 yuan/ton, down 70 yuan/ton year - on - year; the pig 2603 contract is 13,135 yuan/ton, down 25 yuan/ton year - on - year [1]. - **Trading Volume and Open Interest**: The trading volume of the pig 2511 contract is 22,855 lots, down 7,687 lots from the previous day, and the open interest is 73,636 lots, down 1,327 lots from the previous day; the pig 2601 contract has a trading volume of 12,385 lots, down 1,050 lots, and an open interest of 48,313 lots, up 180 lots; the pig 2603 contract has a trading volume of 3,149 lots, down 941 lots, and an open interest of 31,772 lots, up 257 lots [1]. - **Price Spreads**: The basis of the pig 2511 contract is 225 yuan/ton, up 35 yuan/ton year - on - year; the basis of the pig 2601 contract is - 90 yuan/ton, up 70 yuan/ton year - on - year; the basis of the pig 2603 contract is 645 yuan/ton, up 25 yuan/ton year - on - year; the 11 - 1 spread is - 315 yuan/ton, up 35 yuan/ton year - on - year; the 1 - 3 spread is 735 yuan/ton, down 45 yuan/ton year - on - year [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Palm oil: There is no new fundamental driver, waiting for a pullback [1] - Soybean oil: The trading of soybean shortage in the fourth quarter has been suspended, undergoing a pullback and consolidation [1] 3. Section Summaries 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 9,344 yuan/ton (down 0.87% during the day, up 0.11% at night), soybean oil主力 at 8,442 yuan/ton (down 0.26% during the day, down 1.07% at night), and other futures prices also showed different changes [2] - **Trading Volume and Open Interest**: The trading volume and open interest of palm oil, soybean oil, and rapeseed oil futures all decreased [2] - **Spot Prices**: The spot price of palm oil in Guangdong remained unchanged, soybean oil increased by 10 yuan/ton, and rapeseed oil in Guangxi decreased by 30 yuan/ton [2] - **Basis**: The basis of palm oil in Guangdong was 126 yuan/ton, soybean oil was 318 yuan/ton, and rapeseed oil in Guangxi was -104 yuan/ton [2] - **Price Spreads**: The spreads between different futures contracts of various oils showed different changes [2] 3.2 Macro and Industry News - **USDA Drought Monitoring Report**: As of the week ending August 26, about 11% of the US soybean - growing areas were affected by drought, up from 9% the previous week and the same as last year [3] - **USDA Monthly Crushing Forecast**: The estimated soybean crushing volume in the US in July is expected to increase to 621.8 million short tons (2072 million bushels), a 5.1% increase from June and a 7.2% increase from July 2024. The estimated soybean oil inventory at the end of July is 1903 million pounds, a 0.5% increase from the end of June and a 5.2% decrease from July 2024 [4][6] - **Deral**: The rural economic department of Brazil's Paraná state expects the soybean planting area in the 2025/26 season to increase by 1% to about 5.8 million hectares, and the output may increase by 4% to about 22 million tons [6] - **South Mato Grosso, Brazil**: The sowing of the 2025/26 soybean crop will start on September 16 and may last until December 31 [6] - **SAGyP**: As of the week ending August 20, Argentine farmers sold 394,200 tons of 2024/25 soybeans and 118,900 tons of 2025/26 soybeans, with cumulative sales reaching 29.8956 million tons and 789,600 tons respectively [7] - **Canada Statistics**: The estimated rapeseed output in Canada in 2025 will increase by 3.6% to 19.9 million tons, with different changes in yield per acre and harvested area in different provinces [8] 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is 0, indicating a neutral outlook [9]

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views - The market sentiment of rebar and hot-rolled coil is volatile, with wide fluctuations [2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Data - **Futures Data**: The closing prices of RB2510 and HC2510 were 3,138 yuan/ton and 3,389 yuan/ton respectively, with daily increases of 31 yuan/ton, and daily increase rates of 0.71% and 0.92% respectively. The trading volumes were 1,200,313 lots (RB2510) and 508,110 lots (HC2510), and the open interests were 1,347,830 lots (RB2510) and 938,245 lots (HC2510), with changes of -63,773 lots and -59,902 lots respectively [3]. - **Spot Price Data**: The spot prices of rebar and hot-rolled coil in various regions increased to varying degrees, with the largest increase of 30 yuan/ton. The price of Tangshan billet was 3,050 yuan/ton, up 30 yuan/ton [3]. - **Basis and Spread Data**: The basis of RB2510 and HC2510 increased by 11 yuan/ton and 2 yuan/ton respectively. The spreads of RB2510 - RB2601 and HC2601 - RB2601 decreased by 10 yuan/ton and 4 yuan/ton respectively, while the spreads of HC2510 - HC2601, HC2510 - RB2510 increased by 3 yuan/ton and 9 yuan/ton respectively. The spot coil - rebar spread decreased by 1 yuan/ton [3]. 3.2 Macro and Industry News - **Steel Union Weekly Data (August 21)**: Rebar production decreased by 5.8 tons, hot-rolled coil production increased by 9.65 tons, and the total production of five major steel products increased by 6.43 tons. Rebar inventory increased by 19.85 tons, hot-rolled coil inventory increased by 3.97 tons, and the total inventory of five major steel products increased by 25.07 tons. Rebar apparent demand increased by 4.86 tons, hot-rolled coil apparent demand increased by 6.52 tons, and the total apparent demand of five major steel products increased by 21.97 tons [4]. - **Mid - August 2025 Data of Key Steel Enterprises**: The average daily production of crude steel, pig iron, and steel products increased by 2.0%, 0.5%, and 2.2% respectively compared with the previous period. The steel inventory of key enterprises increased by 4.0% compared with the previous ten - day period, by 26.7% compared with the beginning of the year, by 0.1% compared with the same ten - day period of last month, decreased by 4.7% compared with the same ten - day period of last year, and decreased by 5.8% compared with the same ten - day period of the year before last [4][5]. - **Other Data**: The Manufacturing Supply Index (MMSI) in July was 146.13, a month - on - month decrease of 4.83%. From January to July, the national general public budget revenue was 13,583.9 billion yuan, a year - on - year increase of 0.1% [5]. 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [5].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For palm oil, there is no new fundamental driver, and investors are advised to wait for a price pullback to initiate long positions [1]. - For soybean oil, the trading sentiment related to the potential soybean shortage in the fourth quarter has eased, and the price is expected to fluctuate within a high - level range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) was 9,488 yuan/ton with a - 0.23% change; (night session) 9,542 yuan/ton with a 0.57% change. Trading volume was 36,525 lots, a decrease of 12,233 lots, and open interest was 42,108 lots, a decrease of 13,283 lots [1]. - Soybean oil主力: Closing price (day session) was 8,536 yuan/ton with a 0.52% change; (night session) 8,514 yuan/ton with a - 0.26% change. Trading volume was 35,235 lots, an increase of 1,154 lots, and open interest was 52,615 lots, a decrease of 18,859 lots [1]. - Rapeseed oil主力: Closing price (day session) was 9,998 yuan/ton with a 0.03% change; (night session) 9,918 yuan/ton with a - 0.80% change. Trading volume was 14,288 lots, a decrease of 1,353 lots, and open interest was 24,389 lots, a decrease of 4,695 lots [1]. - Malaysian palm oil主力: Closing price was 4,493 ringgit/ton with a - 0.84% change; (night session) 4,482 ringgit/ton with a - 0.22% change [1]. - CBOT soybean oil主力: Closing price was 54.84 cents/pound with a - 0.87% change [1]. - **Spot Data**: - 24 - degree palm oil in Guangdong: Spot price was 9,620 yuan/ton, with a price increase of 80 yuan/ton [1]. - First - grade soybean oil in Guangdong: Spot price was 8,720 yuan/ton, with a price increase of 50 yuan/ton [1]. - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 9,910 yuan/ton, with a price increase of 30 yuan/ton [1]. - Malaysian palm oil FOB offshore price (continuous contract): Spot price was 1,115 dollars/ton, with a price increase of 15 dollars/ton [1]. - **Basis Data**: - Palm oil in Guangdong: Basis was 132 yuan/ton [1]. - Soybean oil in Guangdong: Basis was 184 yuan/ton [1]. - Rapeseed oil in Guangxi: Basis was - 88 yuan/ton [1]. - **Spread Data**: - Rapeseed - palm oil futures主力 spread: 309 yuan/ton, compared to 298 yuan/ton two days ago [1]. - Soybean - palm oil futures主力 spread: - 1,094 yuan/ton, compared to - 1,134 yuan/ton two days ago [1]. - Palm oil 9 - 1 spread: - 94 yuan/ton, compared to - 82 yuan/ton two days ago [1]. - Soybean oil 9 - 1 spread: 48 yuan/ton, compared to 34 yuan/ton two days ago [1]. - Rapeseed oil 9 - 1 spread: 107 yuan/ton, compared to 105 yuan/ton two days ago [1]. 3.2 Macro and Industry News - ITS reported that Malaysia's palm oil exports from August 1 - 25, 2025, were 1,141,661 tons, a 10.9% increase compared to the same period last month [2]. - Indonesia urged the EU to immediately cancel the anti - subsidy tax on imported biodiesel after the WTO supported several key claims in Indonesia's complaint. Indonesia and the EU are closer to signing a free - trade agreement after a political agreement in July [4]. - USDA's crop growth report showed that as of August 24, 2025, the good - to - excellent rate of US soybeans was 69%, higher than the market expectation of 67%, and the pod - setting rate was 89% [4]. - Secex data indicated that Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August, with an average daily export volume of 453,614.86 tons, a 24% increase compared to the average daily export volume in August last year [4]. - Canada's rapeseed exports in the week ending August 17 decreased by 64.34% to 90,800 tons. From August 1 to August 17, 2025, exports were 355,900 tons, a 46.16% decrease compared to the same period last year. As of August 17, the commercial inventory was 793,400 tons [5]. - In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a 13.13% increase from the previous month and a 3.65% decrease from the same period last year. The rapeseed oil production was 408,898 tons, a 12.15% increase from the previous month and a 5.89% decrease from the same period last year. The rapeseed meal production was 571,012 tons, a 12.62% increase from the previous month and a 1.42% decrease from the same period last year [5]. 3.3 Trend Intensity - Palm oil trend intensity was 0, and soybean oil trend intensity was also 0, indicating a neutral outlook [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The urea futures price was strong first and then weak. The spot price dropped to near the mid - June level, and the downstream acceptance may gradually increase. The prices of other raw materials for compound fertilizers, sulfur and potassium chloride, continued to rise. Attention should be paid to the release of July urea export data and the impact of Indian tenders on the futures market. The support level is 1700 - 1720, and the pressure level is 1820 - 1850 [2]. 3. Summary According to Relevant Catalogs Market Changes - **Price**: The urea futures price fluctuated between 1724 yuan/ton (low) and 1772 yuan/ton (high). On August 15, the closing price of the urea 2601 contract was 1737 yuan/ton, a 0.8% decrease from the previous week. The daily average price of urea in the Henan spot market was 1715 yuan/ton, a 3.16% decrease from the previous week [2][4]. - **Base Difference**: On August 15, the main base difference in the Henan market was - 22 yuan/ton. The main base difference of urea weakened, with the main contract switching from 09 to 01. The spot price of urea dropped significantly, supported by the futures market's expectations [8]. - **Spread**: The 9 - 1 spread of urea ran within a range, with the 01 contract at a premium. On August 15, the 9 - 1 spread was - 16 yuan/ton, with a weekly operating range of - 29 to - 11 yuan/ton [8]. Fundamental Changes - **Supply**: The operating load rate of Chinese urea plants was 84.45%, a 1.73 - percentage - point increase from the previous week. The operating load rate of gas - based enterprises was 75.47%, basically unchanged from the previous week. The daily urea output was 19.27 tons, and the daily output has recovered to around 200,000 tons [2][11]. - **Cost**: The price of anthracite continued to adjust strongly. As of August 14, the tax - included price of washed anthracite small pieces in Jincheng, Shanxi (S0.4 - 0.5) was 840 - 900 yuan/ton, with the closing price up 15 yuan/ton from the previous week. The gross profit margins of coal - based and gas - based urea both decreased slightly [14]. - **Demand**: Agricultural demand was scattered. The capacity utilization rate of compound fertilizer enterprises was 43.48%, a 1.98 - percentage - point increase from the previous week, reaching a medium - to - high level. The inventory of compound fertilizers was 82.65 tons, an increase of 2.61 tons from the previous week. The demand support from other industrial sectors such as melamine and urea - formaldehyde resin weakened [2][21]. - **Inventory**: Urea enterprise inventory was 860,000 tons, an increase of 77,000 tons from the previous week, showing inventory accumulation for three consecutive weeks. Urea port inventory was 742,000 tons, a decrease of 48,000 tons from the previous week, with partial digestion of port inventory. There were 3,573 registered urea warehouse receipts, totaling 71,460 tons [2][27]. Key Points of Attention - The operating conditions of compound fertilizer plants, the reduction and maintenance of urea plants, export policies, and coal price fluctuations [2].

Report Overview - The report is the "Iron Ore Basis and Spread Monitoring Daily Report" released by Everbright Futures on August 15, 2025, focusing on iron ore futures contract spreads, basis, and variety spreads [1] Contract Spreads - **Price Changes**: The closing prices of I05, I09, and I01 contracts decreased by 21.0, 14.5, and 20.0 respectively compared to the previous day [3] - **Spread Changes**: The spreads of I05 - I09, I09 - I01, and I01 - I05 were -38.0, 16.0, and 22.0 respectively, with changes of -6.5, 5.5, and 1.0 compared to the previous day [3] Basis Data - **Price Changes**: Most iron ore varieties' prices decreased, such as a 10.0 decrease for Carajás fines and a 15.0 decrease for BRBF [6] - **Basis Changes**: The basis of most varieties increased, like Carajás fines' basis increasing by 9 and BRBF's by 4 [6] Charts - The report provides multiple basis charts for different types of iron ore, including Brazilian fines, Australian medium - grade fines, etc [8][9][10] Variety Spreads Data - **Spread Changes**: Some spreads increased, like PB lump - PB fines increasing by 3.0, while others decreased, like BRBF - PB fines decreasing by 2.0 [13] Charts - The report presents various charts for variety spreads, such as block - powder spreads, high - medium grade fines spreads, etc [14][15][16][18][19][20] Rule Adjustments - **New Deliverable Varieties**: Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added with brand premiums of 0, effective from the I2202 contract [11] - **Premium Adjustments**: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [11] - **Quality Premium Adjustments**: The allowable range of iron grade was adjusted, and a dynamic adjustment mechanism for iron element premium was introduced [11]

Group 1: Report Overview - The report is about the hog market on August 14, 2025, indicating that the spot market is mainly weak [1] Group 2: Fundamental Data - **Spot Prices**: Henan's spot price is 13,930 yuan/ton with a year - on - year increase of 50; Sichuan's is 13,550 yuan/ton with a 200 increase; Guangdong's is 15,290 yuan/ton with no change [3] - **Futures Prices**: The prices of hog2509, hog2511, and hog2601 are 13,950 yuan/ton, 14,045 yuan/ton, and 14,295 yuan/ton respectively, with year - on - year changes of - 15, - 185, and - 130 [3] - **Trading Volume and Open Interest**: For hog2509, the trading volume is 9,835 lots (up 3,466 from the previous day) and the open interest is 18,627 lots (down 3,281 from the previous day); for hog2511, the trading volume is 47,508 lots (up 20,637) and the open interest is 66,230 lots (up 5,348); for hog2601, the trading volume is 18,115 lots (up 8,296) and the open interest is 45,776 lots (up 941) [3] - **Price Spreads**: The basis of hog2509, hog2511, and hog2601 are - 20 yuan/ton, - 115 yuan/ton, and - 365 yuan/ton respectively, with year - on - year changes of 65, 235, and 180; the hog 9 - 11 spread is - 95 yuan/ton (up 170 year - on - year), and the hog 11 - 1 spread is - 250 yuan/ton (down 55 year - on - year) [3] Group 3: Trend Intensity - The trend intensity is - 1, indicating a bearish view, with the range of [-2, 2] for trend intensity and different levels of strength classification [4] Group 4: Market Logic - In August, the planned slaughter volume of group farms increases, while individual farmers are forced to hold back hogs. Demand growth is limited, leading to large market pressure. Recent daily transactions are poor, and it's difficult to absorb market supply [5] - The September contract is entering the pre - delivery month, and on the tenth trading day, it enters the second phase of position limits. The futures price is still at a significant premium to the warehouse receipt cost, increasing the industry's willingness to deliver. Attention should be paid to the market of premium convergence [5] - Recently, the macro sentiment has strong support for the far - end contracts, resulting in a pattern of weak current situation and strong expectations. The spread structure maintains a reverse arbitrage, and stop - loss and take - profit should be noted. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [5]

Group 1: General Information - Report title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report date: August 13, 2025 [1] Group 2: Futures Contract Information - I05 contract: Today's closing price is 779.5 yuan/ton, up 11.5 yuan/ton from the previous day; I05 - I09 spread is -28.0 yuan/ton, up 0.5 yuan/ton from the previous day [3] - I09 contract: Today's closing price is 807.5 yuan/ton, up 11.0 yuan/ton from the previous day; I09 - I01 spread is 6.5 yuan/ton, down 1.0 yuan/ton from the previous day [3] - I01 contract: Today's closing price is 801.0 yuan/ton, up 12.0 yuan/ton from the previous day; I01 - I05 spread is 21.5 yuan/ton, up 0.5 yuan/ton from the previous day [3] Group 3: Basis Information 3.1 Basis Data - For various iron ore varieties like Carajás fines (Carajás fines: today's price is 888 yuan/ton, up 9.0 yuan/ton from the previous day; today's basis is 45 yuan/ton, up 5 yuan/ton from the previous day), different basis data are presented, with price changes ranging from 0 to 12.0 yuan/ton and basis changes from -5 to 9 yuan/ton [6] 3.2 Basis Chart - There are charts showing basis for different types of iron ore including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. [8][9][10] Group 4: Exchange Rule Adjustments - Since December 2nd, the main contract of iron ore is I2205. Some adjustments are made to the deliverable brands and related rules: 4 new deliverable varieties (Benxi Iron and Steel concentrate powder, IOC6, KUMBA, Ukrainian concentrate powder) are added with brand premium of 0 starting from I2202; brand premiums of some existing varieties are adjusted; quality difference and premium rules for substitutes are modified; 4 more brands (Taigang concentrate powder, Magang concentrate powder, Minmetals standard powder, SP10 powder) are added as deliverable brands with brand premium of 0 [11] - The adjusted deliverable brands and premiums apply to I2312 and subsequent contracts. Starting from the first trading day after the last delivery day of I2311, the exchange will handle the registration of standard warehouse receipts for iron ore futures according to the adjusted rules [12] Group 5: Variety Spread Information 5.1 Variety Spread Data - For example, PB lump - PB fines spread is 142.0 yuan/ton, unchanged from the previous day; PB fines - mixed fines spread is 74.0 yuan/ton, up 4.0 yuan/ton from the previous day, with various spread data presented [13] 5.2 Variety Spread Charts - There are charts showing different types of spreads such as lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [14][17][21] Group 6: Research Team Information - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their respective positions, work experience, and qualification numbers introduced [25]