Report Industry Investment Ratings - Copper: ★☆☆ (One star, indicating a partial bullish or bearish trend with limited operability on the trading floor) [1] - Aluminum: ななな - Alumina: なな女 - Cast Aluminum Alloy: 文文文 - Zinc: ☆☆☆ (Three stars, representing a clearer bullish or bearish trend with a relatively appropriate investment opportunity) [1] - Nickel and Stainless Steel: ☆☆☆ [1] - Tin: ☆☆☆ [1] - Lithium Carbonate: ☆☆☆ [1] - Industrial Silicon: ☆☆☆ [1] - Polysilicon: な☆☆ Core Views - The market is affected by factors such as Sino - US tariff policies, US inflation indicators, and Fed interest - rate expectations. Different metals show various price trends and investment opportunities due to their unique supply - demand fundamentals and market sentiments [2][3][4] - Each metal has its own price characteristics, resistance levels, and trading strategies, which are determined by factors like inventory, production capacity, and downstream demand [3][7][8] Summary by Metal Copper - Tuesday, Shanghai copper fluctuated and closed positive. Spot copper was reported at 79,150 yuan, and the premium of Shanghai flat - water copper widened to 170 yuan. Hold previous high - level short positions [2] Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum fluctuated narrowly. The spot discount in East China narrowed by 20 yuan to 30 yuan. Aluminum ingot social inventory increased by 23,000 tons compared to Thursday. Consumption remained weak. The peak of aluminum ingot social inventory may occur in August. Shanghai aluminum will mainly fluctuate in the short term, with resistance at 21,000 yuan [3] - Cast aluminum alloy followed the fluctuation of Shanghai aluminum. The Baotai spot price remained unchanged at 19,800 yuan. Scrap aluminum supply was tight, and the profit of the aluminum alloy industry was poor, showing some resilience relative to aluminum prices [3] - The operating capacity of alumina was at a historical high, the total industry inventory increased, and the market was in an oversupply state. Spot transaction prices showed signs of loosening, and spot indices in many places were slightly adjusted downward [3] Zinc - Sino - US tariff extension led to a warm macro - sentiment, and short - sellers reduced their positions, weakening the resistance to the rebound of Shanghai zinc. Downstream purchasing willingness was insufficient, and some traders lowered premiums to sell. There is a phased rebound space for Shanghai zinc, and wait for short - selling opportunities above 23,500 yuan/ton [4] Nickel and Stainless Steel - Shanghai nickel rebounded with active market trading. As the domestic anti - involution theme ended, nickel with a relatively poor fundamental situation will return to its fundamentals. Enter short positions actively as Shanghai nickel is in the middle - to - late stage of the rebound [7] Tin - Shanghai tin fluctuated during the session and closed down at the end, with increased positions in the market. Spot tin was reported at 270,600 yuan, with a real - time premium of 700 yuan to the delivery - month contract. Wait and see or choose to go short - term long at low prices [8] Lithium Carbonate - The futures price of lithium carbonate opened high and went low with active market trading. The total market inventory slightly decreased to 142,000 tons. Pay attention to risk management due to abnormal price fluctuations [9] Industrial Silicon - Industrial silicon increased positions and closed down at 8,890 yuan/ton. It is expected to fluctuate with support at the previous low of 8,300 yuan/ton. Pay attention to whether large factories in Xinjiang will resume production on a large scale [10] Polysilicon - Polysilicon fluctuated and slightly closed up. The production schedule in August was significantly increased, and inventory would still restrict the increase of its spot price. It is expected to operate in the range of 48,000 - 55,000 yuan/ton, and do not chase high at the upper limit [11]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The macro - face is favorable for the non - ferrous sector as there are expectations of interest rate cuts. The operating rate and output of primary lead smelters are rising, and primary lead maintains an advantage over secondary lead with stable by - product revenues. However, some primary lead smelters have adjusted their production decisions due to fluctuating lead prices. The supply of secondary lead shows regional differences, with a tight supply of waste batteries and low confidence among smelters, leading to a tight overall supply. The sewage inspection in Anhui has affected local secondary lead production, increasing supply uncertainty. On the demand side, lead demand is mainly in the lead - acid battery field. Approaching the traditional peak season, the actual demand has not yet seen a significant explosive growth but is in a slow recovery phase. The 8 - month consumption increment expectation is weak, but there is a possibility of improvement as the peak season deepens. Inventory has shown a slight downward trend recently, indicating an overall improvement in demand. Although the current demand has not effectively reduced inventory, it is expected to gradually strengthen and support the lead price. It is recommended to go long on SHFE lead at low prices this week [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the SHFE lead main contract is 16,915 yuan/ton, up 30 yuan; the 3 - month LME lead quote is 1,997.5 dollars/ton, down 6 dollars. The price difference between the 09 - 10 contracts of SHFE lead is 0 yuan/ton, up 5 yuan; the SHFE lead open interest is 96,155 lots, down 3,367 lots. The net position of the top 20 in SHFE lead is - 3,792 lots, up 530 lots; the SHFE lead warehouse receipts are 58,683 tons, up 201 tons. The SHFE inventory is 62,334 tons, down 949 tons; the LME lead inventory is 265,800 tons, down 2,575 tons [2] 3.2 Spot Market - The spot price of 1 lead on SMM is 16,775 yuan/ton, up 50 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Market is 16,960 yuan/ton, unchanged. The basis of the lead main contract is - 140 yuan/ton, up 20 yuan; the LME lead cash - 3 months spread is - 35.5 dollars/ton, down 4.21 dollars. The price of 50% - 60% lead concentrate in Jiyuan is 16,154 yuan, up 201 yuan; the price of domestic secondary lead (≥98.5%) is 16,800 yuan/ton, up 30 yuan [2] 3.3 Upstream Situation - The WBMS lead supply - demand balance is - 18,700 tons, up 7,100 tons. The number of secondary lead production enterprises is 68, unchanged. The capacity utilization rate of secondary lead is 34.15%, down 0.8%. The monthly output of secondary lead is 224,200 tons, down 67,500 tons. The average operating rate of primary lead is 75.65%, down 1.84%; the weekly output of primary lead is 33,800 tons, down 30 tons. The processing fee of 60% lead concentrate at major ports is - 60 dollars/kiloton, unchanged. The ILZSG lead supply - demand balance is 16,400 tons, up 48,800 tons. The global lead ore output is 399,700 tons, down 3,700 tons. The monthly lead ore import volume is 119,700 tons, up 24,800 tons [2] 3.4 Industry Situation - The monthly refined lead import volume is 815.37 tons, down 1,021.76 tons; the monthly refined lead export volume is 2,109.62 tons, up 223.33 tons. The average domestic processing fee of lead concentrate at the factory is 540 yuan/ton, unchanged. The average price of waste batteries in the market is 10,205.36 yuan/ton, up 1.79 yuan [2] 3.5 Downstream Situation - The monthly export volume of batteries is 41.45 million units, down 425,000 units. The average price of lead - antimony alloy (for batteries, 2% antimony content) is 20,000 yuan/ton, up 25 yuan. The Shenwan industry index of batteries and other power sources is 1,875.1 points, up 60.88 points. The monthly automobile production is 2.8086 million vehicles, up 166,600 vehicles; the monthly new - energy vehicle production is 1.647 million vehicles, up 73,000 vehicles [2] 3.6 Industry News - On August 11, Codelco received authorization from the Chilean Labor Inspection Office to resume partial operations at the El Teniente copper mine, which had been suspended for over a week due to a collapse accident that killed six workers. Areas not affected by the July 31 accident can resume operations, while some areas are still on hold for further inspection. Kashkari said that it may be appropriate to cut interest rates in the short term, and two interest rate cuts this year are reasonable. The subsequent market is trading on interest - rate cut expectations, which is favorable for the non - ferrous sector [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Precious Metals**: Domestic spot gold slightly rose by 0.14% to 783.18 yuan/gram. Supported by the Fed's interest - rate cut expectation and long - term central bank gold - buying, but with a temporary cooling of safe - haven demand. The market sentiment is cautious [3]. - **Copper**: The fundamentals show a pattern of weak supply and demand but are supported by macro expectations. The Fed's interest - rate cut expectation weakens the US dollar, and China's July export data boosts market sentiment. Supply concerns are raised by the mine shutdown, while consumption shows resilience. The spot premium reflects tight circulation [14]. - **Aluminum**: Aluminum prices are expected to fluctuate at a high level in the short term (20300 - 20800 yuan/ton) and may rise in the medium term. Alumina supply is expected to be in surplus, and the market may shift to cost - based pricing [34]. - **Zinc**: The fundamentals are weak in both supply and demand but are supported by macro expectations. High processing fees drive production growth, and social inventories increase. The Fed's September interest - rate cut expectation provides support, but the industry's over - supply problem remains [60]. - **Nickel and Stainless Steel**: The nickel - stainless steel market shows an oscillating trend. The cost of nickel - iron provides support, while the support from nickel ore is loosening [74]. - **Tin**: The fundamentals remain weak in supply and demand. The复产 expectations of tin mines are rising, but short - term supply is insufficient. Downstream consumption is suppressed by the off - season, and market sentiment is cautious due to tariff uncertainties [89]. - **Lithium Carbonate**: The shutdown of the mining end affects lithium supply, tightening the market. However, downstream inventory replenishment may limit the rise of spot prices. The futures market is more volatile [104]. - **Silicon Industry Chain**: The fundamentals of industrial silicon are unchanged. The approval of the second batch of polysilicon registered brands boosts future demand. Industrial silicon is expected to be in an oscillating and strengthening state, and polysilicon futures will be in a wide - range oscillation [116]. 3. Summary by Related Catalogs Precious Metals - **Price Movement**: Domestic spot gold rose 0.14% to 783.18 yuan/gram [3]. - **Influencing Factors**: Supported by the Fed's interest - rate cut expectation and long - term central bank gold - buying, with a temporary cooling of safe - haven demand. The US dollar and geopolitical policies are core influencing factors [3]. Copper - **Fundamentals**: Supply and demand are both weak, but macro expectations provide support. The Fed's interest - rate cut expectation weakens the US dollar, and China's July export data boosts sentiment. The social inventory of Shanghai copper increases to 8.19 tons but remains low. The mine shutdown causes supply concerns, and the rebound of the operating rate shows consumption resilience [14]. - **Price Data**: The latest prices of Shanghai copper futures and London copper 3M show increases, with daily price changes and increases ranging from 0.68% to 1.01% [15]. Aluminum - **Aluminum**: In the short term, it will fluctuate at a high level (20300 - 20800 yuan/ton). In the medium term, it may rise as the peak season approaches and the Fed is expected to cut interest rates [34]. - **Alumina**: Supply is expected to be in surplus, and the market may shift to cost - based pricing. The high - cost area's full cost of 3000 - 3150 yuan/ton can be seen as a support level [34]. - **Cast Aluminum Alloy**: The fundamentals are good, with scrap aluminum prices providing support and short - term demand being acceptable. The price difference with Shanghai aluminum is between 350 - 500 yuan/ton [35]. Zinc - **Fundamentals**: Supply and demand are weak, but macro expectations provide support. High processing fees drive production growth, and social inventories increase for seven consecutive weeks to 6.59 tons. The Fed's September interest - rate cut expectation provides support, but the over - supply problem remains [60]. - **Price Data**: The latest prices of Shanghai zinc futures and LME zinc show increases, with daily price changes and increases ranging from 0.33% to 0.5% [61]. Nickel and Stainless Steel - **Market Trend**: The nickel - stainless steel market shows an oscillating trend. The cost of nickel - iron provides support, while the support from nickel ore is loosening [74]. - **Price and Volume Data**: The prices of Shanghai nickel and stainless steel futures show different changes, and trading volume and open interest also change accordingly [75]. Tin - **Fundamentals**: The fundamentals remain weak in supply and demand. The复产 expectations of tin mines are rising, but short - term supply is insufficient. Downstream consumption is suppressed by the off - season, and market sentiment is cautious due to tariff uncertainties [89]. - **Price Data**: The latest prices of Shanghai tin futures and London tin show different changes, with daily price changes and increases ranging from - 0.68% to 0.22% [90]. Lithium Carbonate - **Market Influence**: The shutdown of the mining end affects lithium supply, tightening the market. However, downstream inventory replenishment may limit the rise of spot prices. The futures market is more volatile [104]. - **Price Data**: The prices of lithium carbonate futures and spot show significant increases, with daily and weekly price changes [105][110]. Silicon Industry Chain - **Market Outlook**: The fundamentals of industrial silicon are unchanged. The approval of the second batch of polysilicon registered brands boosts future demand. Industrial silicon is expected to be in an oscillating and strengthening state, and polysilicon futures will be in a wide - range oscillation [116]. - **Price Data**: The prices of industrial silicon spot and futures show increases, with daily price increases ranging from 0.51% to 3.33% [117][118].

Report Investment Rating - Aluminum: Neutral [10] - Alumina: Cautiously Bearish [10] - Aluminum Alloy: Neutral [10] Core View - The price of electrolytic aluminum fluctuates in the off - season, but there are still conditions for a squeeze. The consumption in the off - season has some resilience, and the social inventory shows signs of peaking. The export is strong, and the price may rise in the peak season. The long - term supply is limited while consumption grows steadily. Alumina has a north - south difference in the spot market, with the south strong and the north weak. The supply is in an excess situation, and the social inventory accumulation is accelerating. Aluminum alloy is in the off - season, and its price follows the aluminum price. There are opportunities for cross - variety arbitrage [6][7][8][9] Summary by Category Aluminum Price and Inventory - **Spot Price**: On August 7, 2025, the price of East China A00 aluminum was 20,690 yuan/ton, with a change of 60 yuan/ton from the previous trading day. The price of Central Plains A00 aluminum was 20,580 yuan/ton, and the price of Foshan A00 aluminum was 20,690 yuan/ton, also with a change of 60 yuan/ton [1] - **Futures Price**: The opening price of the main Shanghai aluminum contract on August 7, 2025, was 20,760 yuan/ton, and the closing price was 20,750 yuan/ton, with a change of 150 yuan/ton. The highest price was 20,830 yuan/ton, and the lowest was 20,725 yuan/ton [2] - **Inventory**: As of August 7, 2025, the domestic social inventory of electrolytic aluminum ingots was 564,000 tons, with no change from the previous period. The warehouse receipt inventory was 42,031 tons, a decrease of 631 tons from the previous trading day. The LME aluminum inventory was 469,500 tons, an increase of 1,575 tons [2] Alumina Price and Inventory - **Spot Price**: On August 7, 2025, the SMM alumina price in Shanxi was 3,240 yuan/ton, in Shandong was 3,220 yuan/ton, in Henan was 3,240 yuan/ton, in Guangxi was 3,315 yuan/ton, and in Guizhou was 3,330 yuan/ton. The FOB price of Australian alumina was 375 US dollars/ton [2] - **Futures Price**: The opening price of the main alumina contract on August 7, 2025, was 3,254 yuan/ton, and the closing price was 3,211 yuan/ton, a decrease of 11 yuan/ton or 0.34% from the previous trading day's closing price. The highest price was 3,291 yuan/ton, and the lowest was 3,191 yuan/ton [2] Aluminum Alloy Price, Inventory, and Cost - Profit - **Price**: On August 7, 2025, the purchase price of Baotai civil raw aluminum was 15,500 yuan/ton, and the purchase price of mechanical raw aluminum was 15,600 yuan/ton, with a change of 100 yuan/ton compared to the previous day. The Baotai quotation of ADC12 was 19,700 yuan/ton, also with a change of 100 yuan/ton [3] - **Inventory**: The social inventory of aluminum alloy was 48,400 tons, and the in - plant inventory was 60,700 tons [4] - **Cost - Profit**: The theoretical total cost was 20,065 yuan/ton, and the theoretical profit was - 165 yuan/ton [5] Market Analysis - **Electrolytic Aluminum**: The price of electrolytic aluminum fluctuates in the off - season. There are still conditions for a squeeze. The consumption in the off - season has some resilience, and the social inventory of aluminum ingots and aluminum rods may have peaked. The export is strong, and the price may rise in the peak season [6] - **Alumina**: The spot market shows a pattern of strong south and weak north. The warehouse receipt risk is basically released. The supply is in an excess situation, and the social inventory accumulation is accelerating [7][8] - **Aluminum Alloy**: It is in the off - season, and the price follows the aluminum price. There are opportunities for cross - variety arbitrage [9] Strategy - **Unilateral**: Aluminum is rated neutral, alumina is cautiously bearish, and aluminum alloy is neutral [10] - **Arbitrage**: Long the Shanghai aluminum calendar spread and long AD11 while short AL11 [10]

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Commodity Market Overview - The commodity market showed mixed results with significant movements in various sectors, including a rise in lumber and coking coal prices by over 2%, while egg prices fell by over 4% [1][2][4] - The China Commodity Futures Price Index closed at 1424.34 points, a slight increase of 0.01% from the previous trading day [1] Lumber Market Insights - Lumber prices surged by 2.81% due to optimistic expectations for the traditional consumption peak season in September and October, alongside increased foreign pricing [2] - The inventory levels of imported New Zealand lumber remained stable, but a significant increase in incoming shipments was noted, with 14 vessels expected, a 133% week-on-week increase [2] Precious Metals Performance - Gold and silver prices rebounded by over 1% following a significant downward revision of U.S. non-farm employment data, raising concerns about the U.S. labor market and economic conditions [3] - The market anticipates a potential interest rate cut by the Federal Reserve in September, which could further support precious metal prices in the long term [3] Egg Market Dynamics - Egg futures experienced a notable decline of over 4%, attributed to an early surge in spot prices and insufficient demand [4] - The upcoming seasonal demand period is expected to influence prices, with potential for a rebound in September contracts as the market prepares for holiday stocking [4] Industrial Silicon Trends - Industrial silicon prices fell by over 3%, primarily due to increased production from small to medium-sized enterprises in the Southwest region [5] - The demand for industrial silicon remains weak across its main downstream sectors, including organic silicon and polysilicon, with overall demand showing a downward trend [5] Energy Sector Developments - OPEC+ announced a significant increase in production, which has pressured international oil prices and led to declines in related energy and chemical products [6]

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector [5] Core Insights - The report indicates a strong rebound in meat and poultry prices due to increased stocking and the arrival of the consumption peak season [1][2] - The pig price has shown a week-on-week increase of 1.27%, with the average price reaching 14.33 yuan/kg as of August 1 [23] - The white feather broiler price has risen by 1.94% to 6.83 yuan/kg, while chick prices surged by 33.16% to 2.57 yuan/bird [33] - Corn and wheat prices have decreased slightly, with corn averaging 2402.75 yuan/ton (down 0.21%) and wheat at 2440.5 yuan/ton (down 0.17%) [48] Summary by Sections 1. Market Review - The agricultural, forestry, and fishery sector underperformed the market, with a decline of 2.97% in the sector index [14] - The animal husbandry segment saw a significant drop of 4.63% [14] 2. Key Data Tracking 2.1 Swine - The average weight of market pigs is 127.98 kg, down 0.5 kg week-on-week, with a frozen meat inventory rate of 14.54% [23] 2.2 White Feather Broilers - The market is experiencing limited supply, leading to price increases for both broilers and chicks [33] 2.3 Yellow Feather Broilers - Yellow chicken prices have increased by 8.33% to 5.46 yuan/jin, driven by improved supply-demand dynamics during the summer [43] 2.4 Feed Sector - The report notes a slight decrease in corn and wheat prices, while soybean meal prices have increased by 0.49% to 2977.71 yuan/ton [48] 3. Investment Recommendations - The report recommends focusing on the swine breeding sector, highlighting companies such as Muyuan Foods, Wens Foodstuffs, and Juxing Agriculture [4] - It also suggests monitoring the feed and animal health sectors, particularly Haida Group and Reap Bio [4] - In the planting chain, companies like Suqian Agricultural Development and Beidahuang are recommended due to favorable grain price trends [4] - The pet food sector is also highlighted for its growth potential, with recommendations for companies like Guibao Pet and Zhongchong Co [4]

Group 1 - The core viewpoint is that after a significant drop in pig prices in July, there has been a recovery in August, particularly in northern regions, with prices returning above 7 yuan per kilogram [2][4] - The support for the bottom of pig prices is believed to be strong, as the market is unlikely to see a complete and sustained drop back to previous lows [4] - Downstream consumption is gradually improving, with expectations of increased demand due to seasonal changes and upcoming holidays, which may lead to controlled pig sales [5][6] Group 2 - The trend of decreasing average weight of slaughtered pigs has been observed, reaching a six-year low, indicating effective measures in reducing production capacity and weight [6][8] - Despite the stabilization of pig prices, the overall supply pressure remains, making significant price increases challenging [8] - The fluctuations in pig prices also impact the corn and wheat markets, with current conditions suggesting that corn prices may remain strong in August due to stable demand from feed [10]

Report Industry Investment Rating No relevant content found. Core Viewpoints - Policy might correct the over - interpretation of anti - involution previously. During the summer heat, demand will weaken further and inventory is expected to rise. The market focus will shift to the peak - season consumption in August - September. For steel products, short - term short positions can be held, and those not yet in the market can enter short - term short positions after price rebounds. For iron ore, short - term short selling on price rebounds is recommended, with timely stop - profit and stop - loss, and conservative investors should stay on the sidelines [3][6]. Summary by Directory 1. Steel Products (Ribbed Bars and Hot - Rolled Coils) - **Policy and Market News**: Politburo meeting removed "low - price" from "low - price disorderly competition", changed "promote the orderly exit of backward production capacity" to "promote the governance of key industry production capacity", and emphasized optimizing market competition order. The July manufacturing PMI data in China was below expectations, and rapid price increases pressured terminal demand [3]. - **Supply and Demand**: This week, ribbed bar production and apparent demand decreased from an increasing trend, factory inventory decreased for the third consecutive week, and social inventory increased for the third consecutive week. The total inventory of five major steel products rose, and apparent demand declined. Seasonally, demand will weaken in summer heat, and inventory is expected to rise [3]. - **Technical Analysis**: Futures prices decreased with reduced positions, and long - position liquidation drove price drops [3]. - **Operation Suggestion**: Hold short - term short positions. Those not in the market can enter short - term short positions after price rebounds [3]. - **Data**: - **Prices**: Ribbed bar futures and spot prices, hot - rolled coil futures and spot prices all decreased. For example, the ribbed bar futures price decreased by 3.32% compared to the previous day and 2.70% compared to last week [3]. - **Production**: Ribbed bar production was 211.06 million tons, a 0.42% decrease from last week; hot - rolled coil production was 322.79 million tons, a 1.67% increase from last week [3]. - **Inventory**: Five - major - product social inventory increased by 1.65%, ribbed bar social inventory increased by 2.99%, and ribbed bar factory inventory decreased by 2.12% [3]. 2. Iron Ore - **Supply and Demand**: Steel mills' profitability is fair, but iron - water production has large downward pressure in the off - season. Even in the peak season, the room for growth is limited. Global iron - ore shipments are high and rising seasonally, and future arrivals are expected to remain high. Port inventory is slowly decreasing, but trade - mine inventory is high [6]. - **Market News**: After the Sino - US trade talks and Politburo meeting, positive factors were exhausted, and prices face large correction pressure [6]. - **Technical Analysis**: Futures prices stabilized in the short term, the oscillation range narrowed, and prices are expected to follow the trend of ribbed bars [6]. - **Operation Suggestion**: Short - term short selling on price rebounds, with timely stop - profit and stop - loss, and conservative investors should stay on the sidelines [6]. - **Data**: - **Prices**: Iron - ore spot and futures prices decreased. For example, the DCE iron - ore futures price decreased by 1.27% compared to the previous day and 3.95% compared to last week [7]. - **Supply**: Australian iron - ore shipments increased by 16.64% week - on - week, while Brazilian shipments decreased by 12.19% [7]. - **Inventory**: Port inventory increased by 0.04%, and trade - mine inventory decreased by 0.11% [7]. 3. Industry Information - **Steel Industry PMI**: In July 2025, the steel industry PMI was 50.5%, up 4.6 percentage points month - on - month, ending two consecutive months of decline and returning to the expansion range. In August, steel demand may continue a weak recovery, steel - mill production may rise slightly, and raw material and steel prices will oscillate [10]. - **Coking Coal and Coke**: The coking - coal long - term agreement price increased in July. Some coking - coal mines' production is restricted, and coking - plant profitability varies by region. The average national ton - coke profit is - 45 yuan/ton [11][12]. - **Other Products**: National float - glass inventory decreased for six consecutive weeks, and soda - ash factory inventory decreased for three consecutive weeks but remains at a high historical level [12].

Report Industry Investment Rating - Not provided Core View of the Report - The domestic demand for white sugar is recovering, and the performance of domestic futures prices is stronger than that of the external market. With multiple factors at play, the overall trend is expected to be volatile. It is recommended to pay attention to the arrival of goods at ports and summer consumption. For now, it is advisable to wait and see [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for white sugar is 5,834 yuan/ton, with a daily increase of 11 yuan; the main contract position is 332,040 lots, a decrease of 2,120 lots. The number of warehouse receipts is 21,098, a decrease of 261. The net long position of the top 20 futures holders is -8,305 lots, a decrease of 5,767 lots. The effective warehouse receipt forecast is 0. The estimated import processing price of Brazilian sugar within the quota is 4,482 yuan/ton, a decrease of 101 yuan; that of Thai sugar is 4,542 yuan/ton, a decrease of 102 yuan [2] Spot Market - The estimated price of imported Brazilian sugar outside the quota (with a 50% tariff) is 5,693 yuan/ton, a decrease of 133 yuan; that of imported Thai sugar is 5,772 yuan/ton, also a decrease of 133 yuan. The spot price of white sugar in Kunming is 5,920 yuan/ton, unchanged; in Nanning it is 6,050 yuan/ton, unchanged; and in Liuzhou it is 6,120 yuan/ton, unchanged [2] Upstream Situation - The national sugar crop sown area is 1,480 thousand hectares, an increase of 60 thousand hectares. The sown area of sugar cane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2] Industry Situation - The cumulative national sugar production is 1,116.21 million tons, an increase of 5.49 million tons; the cumulative national sugar sales volume is 811.38 million tons, an increase of 86.92 million tons. The national industrial sugar inventory is 304.83 million tons, a decrease of 81.43 million tons. The national sugar sales rate is 72.69%, an increase of 7.47 percentage points. The monthly import volume of sugar is 420,000 tons, an increase of 70,000 tons. The total monthly sugar exports from Brazil are 3.359 billion tons, an increase of 1.1024 billion tons [2] Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 2.9%, a decrease of 0.1 percentage points [2] Option Market - The implied volatility of at - the - money call options for white sugar is 7.46%, a decrease of 0.92 percentage points; that of at - the - money put options is 7.45%, a decrease of 0.93 percentage points. The 20 - day historical volatility is 5.33%, an increase of 0.07 percentage points; the 60 - day historical volatility is 7.03%, an increase of 0.01 percentage points [2] Industry News - Coca - Cola will launch a signature cola product using sucrose in the US market this fall. On Tuesday, the ICE raw sugar October contract closed down 0.61%, while the white sugar 2509 contract closed up 0.15%. Internationally, with the arrival of the monsoon season, the supply outlook for major Asian sugar - producing countries is good, and the expectation of loose supply has been weighing on raw sugar prices [2]