Group 1: Report Summary - Core view: Affected by the negative impact of the news of opening Australian rapeseed imports on rapeseed meal and the expectation of China-US talks, the soybean meal 01 contract showed weakness today and is expected to be range - bound in the short term. With the current poor crushing profit and the narrowing of the price difference between US soybeans and Brazilian soybeans to a normal range, there is limited downside space for M01 under cost support [6]. Group 2: Industry Data Basis Data - 43% soybean meal spot basis (against the main contract) on August 28: Dalian was 111 with a rise of 16; Tianjin was 21 with a rise of 6; Zhangjiagang had a rise of 6; Dongguan was -99 with a fall of -4; Zhanjiang was -79 with a fall of -14; Fangcheng was -59 with a fall of -14. Rapeseed meal spot basis in Guangdong was 22 with a rise of 19. M9 - 1 was -50 with a rise of 3 [4]. Spread Data - On August 28, the spot spread of soybean meal - rapeseed meal (in Guangdong) was 447 with a rise of 27, and the spread of the main contract was 376 [5]. Inventory Data - As of relevant time, domestic soybean inventory increased to a high level, the speed of soybean meal inventory accumulation slowed down but was still in the inventory - building cycle, and the number of days of soybean meal inventory in feed enterprises increased [6]. Supply and Demand Data Supply - USDA's August report raised the US soybean yield per acre from 52.5 to 33.6 (historical high), but unexpectedly reduced the planting area of US soybeans in the 25/26 season by 2.5 million acres to 80.9 million acres. The ending inventory of US soybeans in the 25/26 season was reduced from 310 million bushels in July to 290 million bushels. The Pro Farmer inspection results showed that the estimated yield per acre of new - crop US soybeans was 63 bushels, lower than the USDA's estimate. The good - to - excellent rate of US soybeans remained at 68%. In the next two weeks, there will be less rainfall in the production areas but lower temperatures, which may lead to an expected decline in the good - to - excellent rate. The expected arrival volume of domestic soybeans in August and September is over 10 million tons, and soybean meal is expected to be in the inventory - building cycle; the purchase of ships from October to January is slow, and there is an expected inventory reduction in the far - month under the current China - US trade policy [5][6]. Demand - In the short term, the high inventory of pigs and poultry is expected to support feed demand, but policy guidance to control the inventory and weight of pigs is expected to affect the far - month supply of pigs. The cost - performance of soybean meal is high, and the pick - up volume is at a high level. In some areas, wheat is used to replace corn, reducing the use of protein. This week, the downstream transactions of soybean meal were relatively cautious [6].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Group 2: Core Views Rubber Industry - New rubber listing is slow, overseas ship arrivals are few, inventory may continue to decline, fundamentals remain strong, and there is still upward potential. The 01 contract range is expected to be between 15,000 - 16,500. Pay attention to the raw material supply during the peak production period in the main producing areas. If the raw material supply is smooth, consider short - selling at high prices [1]. Industrial Silicon Industry - The cost of industrial silicon is rising, and there are news of capacity clearance. In August, supply and demand both increased, maintaining a tight balance. In the long - term, if some capacity is cleared, supply pressure will decrease. It is recommended to buy on dips, but be aware of the pressure from inventory and warehouse receipts [2]. Polysilicon Industry - In August, polysilicon supply and demand both increased, but the supply growth rate was higher, still facing inventory accumulation pressure. Future warehouse receipts are expected to increase. The price will mainly fluctuate at a high level, with the lower limit of the price range rising to 47,000 yuan/ton and the upper limit between 58,000 - 60,000 yuan/ton. It is recommended to buy on dips, and consider short - selling by buying put options at high prices when volatility is low [4]. Log Industry - The current main contract is the 2511 contract, and the market value fluctuates around the delivery cost and receiving value. The fundamentals are expected to improve marginally. The demand remains firm, and the inventory continues to decline. It is recommended to consider buying the 2601 contract on dips [5]. Glass and Soda Ash Industry - **Soda Ash**: The market is in a weak and volatile state. There is no growth expectation for demand, and the inventory may be further pressured. It is recommended to hold short positions [6]. - **Glass**: The market is also in a weak and volatile state. The market has a negative feedback loop, with the near - term 09 contract facing weak reality and the far - term 01 contract facing weak expectations. High - level short positions can be closed for profit and wait for new driving factors [6]. Group 3: Summary by Directory Rubber Industry Spot Prices and Basis - Yunnan state - owned whole - grade rubber (SCRWF) in Shanghai remained at 14,900 yuan/ton. The basis of whole - milk rubber (switched to the 2509 contract) decreased by 21.51% to - 1045 yuan/ton. Thai standard mixed rubber increased by 1.02% to 14,850 yuan/ton [1]. Inter - monthly Spreads - The 9 - 1 spread decreased by 3.14% to - 982 yuan/ton, the 1 - 5 spread decreased by 5.88% to - 90 yuan/ton, and the 5 - 9 spread increased by 3.37% to 1075 yuan/ton [1]. Fundamental Data - In June, Thailand's production increased by 44.23% to 392,600 tons, Indonesia's production decreased by 12.03% to 176,200 tons, India's production increased by 30.82% to 62,400 tons, and China's production increased by 6.8 tons to 103,200 tons. The weekly开工率 of semi - steel tires decreased by 0.36% to 72.77%, and that of all - steel tires decreased by 0.92% to 63.84%. In July, domestic tire production decreased by 8.16% to 94.364 million, tire exports increased by 10.51% to 66.65 million, and natural rubber imports increased by 2.47% to 474,800 tons [1]. Inventory Changes - Bonded area inventory decreased by 0.50% to 616,731 tons, and the warehouse futures inventory of natural rubber on the SHFE decreased by 3.47% to 44,857 tons [1]. Industrial Silicon Industry Spot Prices and Basis - The price of East China oxygen - passed S15530 industrial silicon decreased by 0.54% to 9,250 yuan/ton, and the basis decreased by 12.26% [2]. Inter - monthly Spreads - The 2509 - 2510 spread decreased by 40.00% to - 35 yuan/ton, the 2510 - 2511 spread increased by 33.33% to - 10 yuan/ton [2]. Fundamental Data - National industrial silicon production increased by 3.23% to 338,300 tons, Xinjiang's production decreased by 15.21% to 150,300 tons, Yunnan's production increased by 153.86% to 41,200 tons, and Sichuan's production increased by 31.05% to 48,500 tons. The national开工率 increased by 2.47% to 52.61%. Organic silicon DMC production decreased by 4.54% to 199,800 tons, polysilicon production increased by 5.10% to 101,000 tons, and industrial silicon exports increased by 8.32% to 74,000 tons [2]. Inventory Changes - Xinjiang's inventory decreased by 0.83% to 119,100 tons, Yunnan's factory inventory decreased by 0.94% to 31,600 tons, and social inventory decreased by 0.37% to 541,000 tons [2]. Polysilicon Industry Spot Prices and Basis - The average price of N - type re - feed material and N - type granular silicon remained unchanged at 49,000 yuan/ton and 46,000 yuan/ton respectively. The N - type material basis decreased by 314.52% to - 665 yuan/ton [4]. Futures Prices and Inter - monthly Spreads - The main contract price increased by 2.00% to 49,665 yuan/ton. The spread between the current month and the first - continuous contract decreased by 180.00% to - 80 yuan/ton [4]. Fundamental Data - Weekly polysilicon production increased by 6.53% to 31,000 tons, and monthly polysilicon production increased by 5.10% to 101,000 tons. Monthly polysilicon imports increased by 47.48% to 120 tons, exports decreased by 3.92% to 210 tons, and net exports decreased by 32.44% to 100 tons [4]. Inventory Changes - Polysilicon inventory decreased by 14.46% to 213,000 tons, and silicon wafer inventory increased by 3.68% to 180,500 GW [4]. Log Industry Futures and Spot Prices - The log 2509 contract decreased by 0.25% to 790 yuan/cubic meter, the 2511 contract increased by 0.86% to 821.5 yuan/cubic meter, and the 2601 contract increased by 1.03% to 836.5 yuan/cubic meter. The prices of main benchmark delivery spot products remained unchanged [5]. Import Cost Calculation - The RMB - US dollar exchange rate decreased to 7.149, and the import theoretical cost decreased to 814.95 yuan/cubic meter [5]. Monthly Data - Port shipments decreased by 1.51% to 1.733 million cubic meters, and the number of ships from New Zealand to China, Japan, and South Korea decreased by 11.32% to 47 [5]. Inventory and Demand - As of August 22, the national coniferous log inventory was 3.05 million cubic meters, and the daily average log delivery volume was 64,500 cubic meters [5]. Glass and Soda Ash Industry Glass - related Prices and Spreads - North China, East China, Central China, and South China glass quotes remained unchanged. The glass 2509 contract decreased by 1.52% to 970 yuan/ton [6]. Soda Ash - related Prices and Spreads - North China, East China, Central China, and Northwest soda ash quotes remained unchanged. The soda ash 2505 contract increased by 0.29% to 1379 yuan/ton, and the 2509 contract decreased by 0.29% to 1187 yuan/ton [6]. Supply - Soda ash开工率 decreased by 6.79% to 82.47%, and weekly soda ash production decreased by 6.79% to 719,000 tons. The daily melting volume of float glass and photovoltaic glass remained unchanged [6]. Inventory - Glass factory inventory decreased by 1.64% to 62,566,000 heavy boxes, soda ash factory inventory decreased by 2.26% to 1.8675 million tons, and soda ash delivery warehouse inventory increased by 0.89% to 500,700 tons [6]. Real Estate Data - The year - on - year growth rate of new construction area increased by 0.09% to - 0.09%, the construction area decreased by 2.43% to 0.05%, the completion area decreased by 0.03% to - 0.22%, and the sales area decreased by 6.50% to - 6.55% [6].

Report Summary 1. Report Industry Investment Ratings - The report recommends an oscillating and bullish stance on coking coal futures [4]. - It suggests an oscillating and bearish view on palm oil futures [23]. 2. Core Viewpoints of the Report - The coking coal futures have been oscillating upwards recently, driven by multiple factors, presenting both opportunities and challenges [3]. - The stock index futures are expected to shift from an upward trend to high - level oscillations [7]. - The gold market will experience short - term small - scale platform oscillations [11]. - The iron ore futures are showing obvious wide - range oscillations recently [15]. - The glass futures rebounded slightly today, and attention should be paid to the lower support [19]. - The palm oil market has a declining motivation for further chasing the rise and an increasing pressure for profit - taking [23]. - The pulp market is expected to maintain low - level oscillations before the Mid - Autumn Festival peak season [27]. 3. Summary by Related Catalogs Coking Coal Futures - Supply - side factors include tightened safety regulations in Shanxi leading to coal mine production cuts and reduced imports due to lower Mongolian port clearance and rising Australian coking coal arrival prices [4]. - Demand - side factors are strong demand from the steel industry, high hot metal production, and increased coking enterprise procurement after coke price hikes [4]. - Technically, the coking coal futures have broken through key moving averages, formed a bullish arrangement, and seen a significant increase in trading volume [4]. - The price increase benefits coking enterprises but may put pressure on steel enterprises [4]. Stock Index Futures - News includes the release of the 2025 list of China's top 500 private enterprises by the All - China Federation of Industry and Commerce and the introduction of new real - estate policies in many places [7]. - The market is expected to shift from an upward trend to high - level oscillations [7]. Gold Futures - The Jackson Hole Central Bank Symposium has increased the probability of a September interest rate cut by the Fed, which is positive for gold [12]. - The weekly adjustment of gold is relatively sufficient, and it will have short - term small - scale platform oscillations [11]. Iron Ore Futures - Technically, it had a significant upward movement today, with obvious wide - range oscillations recently [15]. - High hot metal production continues, but the pattern of strong raw materials and weak finished products remains, and negative feedback due to eroded steel mill profits should be watched out for [16]. Glass Futures - Technically, it rebounded slightly today, and attention should be paid to the lower support [19]. - Daily melting is basically stable, factory inventories continue to accumulate, and the recovery of downstream deep - processing orders is insufficient. Attention should be paid to restocking before the peak season [20]. Palm Oil Futures - The oil market has seen a large cumulative increase recently, but with rising inventory pressure and lack of demand support, the motivation for further chasing the rise is declining and the profit - taking pressure is increasing [23]. Pulp Futures - High inventory is the main constraint, downstream demand has not improved, and procurement remains average. The price of coniferous pulp in Shandong has decreased today, and it is expected to maintain low - level oscillations before the Mid - Autumn Festival peak season [27].

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The supply - demand situation in the international soybean market has improved significantly. The pressure on the supply side has gradually eased, and the carry - over stock provides obvious support at the current price. The domestic soybean market has a high arrival volume and large crushing volume, with obvious inventory accumulation pressure. For sugar, the global sugar market is expected to enter a stock - building phase, and the domestic sugar price is expected to follow the international sugar price trend. In the oil market, the price of palm oil is supported by the firm price in Indonesia, and the domestic vegetable oil market has different fundamentals. The corn market has different trends at home and abroad, and the pig market supply pressure is expected to improve. The peanut market has a weak downstream consumption, and the egg market has obvious supply - side pressure. The apple market is expected to have a slightly stronger short - term trend, and the cotton - yarn market is expected to be slightly stronger in the short term [4][12][19][26][33][39][49][57][67]. Summary by Related Catalogs Soybean/Meal - **External Market Conditions**: CBOT soybean index fell 0.09% to 1064.5 cents per bushel, and CBOT soybean meal index fell 0.78% to 291.8 dollars per short ton [2]. - **Relevant Information**: Brazil's soybean and soybean meal export volume forecasts were adjusted; Argentina's soybean planting area from March to May 2026 is expected to decline; domestic soybean inventory increased slightly, and soybean meal inventory increased [2][3]. - **Logic Analysis**: The international soybean market supply - demand situation has improved, and the domestic market has inventory accumulation pressure [4]. - **Strategy Recommendations**: Long soy and rapeseed meal on dips for far - month contracts; expand the MRM05 spread on dips; buy call options [7]. Sugar - **External Market Changes**: ICE US raw sugar price fluctuated, and London white sugar price rose [8]. - **Important Information**: Brazil's sugar and molasses exports increased slightly in the first four weeks of August; domestic processed sugar quotes were stable with general transactions; ICE raw sugar futures + options positions changed [9][10][11]. - **Logic Analysis**: The global sugar market is expected to enter a stock - building phase, and the domestic sugar price is affected by the international market [12]. - **Position Recommendations**: The short - term Zhengzhou sugar price is expected to follow the international market with a small - range oscillating trend; wait and see for arbitrage; consider selling out - of - the - money strangles [13][14][15]. Oilseeds - **External Market Conditions**: CBOT US soybean oil and BMD Malaysian palm oil prices changed [17]. - **Relevant Information**: Malaysia's palm oil production decreased in August; the US may exempt Indonesia's palm oil from tariffs; India's vegetable oil industry hopes to cancel tax credit restrictions; Russia will resume export tariffs on sunflower oil and its by - products [18][19]. - **Logic Analysis**: Malaysian palm oil is expected to continue to increase production and inventory, and domestic vegetable oil has different fundamentals [19]. - **Trading Strategies**: Consider buying on dips for short - term oil price corrections; expand the P15 spread on dips; wait and see for options [20][22]. Corn/Corn Starch - **External Market Changes**: CBOT corn futures fell [24]. - **Important Information**: South Africa's corn harvest will increase; domestic port corn inventory and shipment volume decreased; corn starch inventory decreased slightly [25]. - **Logic Analysis**: US corn has room for rebound, and domestic corn prices may fall [26]. - **Trading Strategies**: Go long on CBOT December corn on dips; go long on 01 corn on dips; wait and see for arbitrage and options [28][29][30]. Pig - **Relevant Information**: Pig prices rebounded in some regions; piglet and sow prices fell; the national average pork price decreased [32]. - **Logic Analysis**: The supply pressure is expected to improve, and the futures market is expected to fluctuate [33]. - **Strategy Recommendations**: Buy far - month contracts on dips; conduct LH91 reverse arbitrage; wait and see for options [36]. Peanut - **Important Information**: The national average peanut price fell; peanut production and oil mill demand are limited; peanut oil and peanut meal prices are stable; peanut and peanut oil inventories decreased [37][38]. - **Logic Analysis**: New - season peanuts are expected to have sufficient supply, and the market is in a short - term bottom - oscillating phase [39][41]. - **Trading Strategies**: 11 and 01 peanut contracts are in a bottom - oscillating phase, and try short - term long on 05 peanut contracts; wait and see for arbitrage; sell pk601 - C - 8200 options [42][43][44]. Egg - **Important Information**: Egg prices in main production and sales areas changed; the number of laying hens increased; egg sales volume decreased; inventory increased; egg farming profit improved [46][47][48]. - **Trading Logic**: The supply - side pressure is obvious, and short - selling can be considered on rallies [49]. - **Trading Strategies**: Short on rallies; short near - month contracts before the Spring Festival and long far - month contracts after the Spring Festival; sell out - of - the - money call options [50][51][52]. Apple - **Important Information**: Apple cold - storage inventory decreased; import and export volume changed; early - maturing apple varieties were on the market, and prices were polarized; apple prices in Shandong were stable, and storage profit decreased [54][55][56]. - **Trading Logic**: The short - term market trend is expected to be slightly stronger [57]. - **Trading Strategies**: Go long on dips for new - season apples and operate with low - buying and high - selling; wait and see for arbitrage; sell put options [60][61][62]. Cotton - Yarn - **External Market Influence**: ICE US cotton prices fell [64]. - **Important Information**: US cotton growing conditions improved; India's cotton planting area growth slowed; Brazil's cotton harvesting progress was slower than last year [65][66]. - **Trading Logic**: The short - term market is expected to be slightly stronger [67]. - **Trading Strategies**: US cotton and Zhengzhou cotton are expected to be slightly stronger in the short term; wait and see for arbitrage and options [68].

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views of the Report - **Short - term decline**: For soybean meal and rapeseed meal, soybean meal has a short - term decline due to factors like inventory build - up and improved crop conditions of US soybeans, while rapeseed meal is affected by high inventory, high warehouse receipts, and increased production estimates of Canadian rapeseed [2][6]. - **Short - term bullish**: Palm oil, soybean oil, and rapeseed oil are short - term bullish. Palm oil benefits from biodiesel policies and export data; soybean oil is influenced by the US EPA's renewable fuel exemption decisions; and rapeseed oil has cost support from manufacturers' price - holding and import prices [2]. - **Cautious bullish**: Cotton, jujube, and live pigs are cautiously bullish. Cotton has a supply - tight situation before new cotton listing and improving demand; jujube is expected to have a reduced production but with inventory pressure; live pigs face short - term selling pressure but long - term potential from capacity reduction [2]. 3. Summary by Variety Soybean Meal - **Market data**: The main contract's closing price is 3045 yuan/ton, down 1.17%. The national average spot price is 3073.14 yuan/ton, down 0.54%. The national average soybean crushing profit is - 92.7098 yuan/ton, down 74.20 yuan/ton [4]. - **Inventory situation**: As of August 22, 2025, the national port soybean inventory is 889.8 million tons, down 2.80 million tons from last week. The soybean meal inventory is 105.33 million tons, up 3.86 million tons from last week [5]. - **Market view**: It is in a short - term decline adjustment, with limited downward space due to Sino - US trade costs. Short - term short - selling below 3000 yuan needs caution [2][6]. Rapeseed Meal - **Market data**: The main contract's closing price is 2501 yuan/ton, down 0.99%. The national average spot price is 2628.95 yuan/ton, down 1.42%. The national average rapeseed spot crushing profit is - 329.1675 yuan/ton, down 50.94 yuan/ton [7]. - **Inventory situation**: As of August 22, the total rapeseed meal inventory in major regions is 61.38 million tons, down 2.14 million tons from last week [8]. - **Market view**: It is in a short - term adjustment. Caution is needed when going long, and short - term participation should wait for short - term stabilization. Attention should be paid to Sino - Australian relations and Canada's response to China's anti - dumping results [2][8]. Palm Oil - **Market data**: The main contract's closing price is 9500 yuan/ton, unchanged. The national average price is 9565 yuan/ton, up 0.31%. The national daily trading volume is 500 units, down 44.32%. The commercial inventory is 58.21 million tons, down 3.52 million tons from last week [9]. - **Export data**: Malaysia's palm oil exports from August 1 - 25 are expected to be 933437 tons, up 36.41% from the same period last month [10]. - **Market view**: It is in a high - level consolidation. Bullish operations should be cautious this week, but the long - term strategy is to go long on dips. Attention should be paid to the Russia - Ukraine negotiation's impact on crude oil prices and Malaysia's palm oil inventory estimate this month [2][10]. Cotton - **Market data**: The main contract CF2601 closes at 14075 yuan/ton, down 0.18%. The domestic spot price is 15335 yuan/ton, up 0.03%. The spinning mill's operating rate is 65.8%, up 0.3%, and the weaving factory's operating rate is 37.2%, up 0.2% [11]. - **Supply and demand situation**: The US cotton's excellent - good rate is 54%, down 1%. Brazil's cotton production is expected to be 393.5 million tons, down 0.3 million tons. In China, the new cotton is in the boll - opening stage, and the commercial inventory is 171.26 million tons, lower than the same period [12][13]. - **Market view**: It is recommended to go long on dips in the short term. After September, the long - short rhythm should be adjusted according to demand and new cotton prices [2][14]. Jujube - **Market data**: The main contract CJ2601 closes at 11360 yuan/ton, down 0.44%. The inventory of 36 sample enterprises is 9519 tons, down 167 tons from last week [15]. - **Production situation**: The new - season jujube production in southern Xinjiang is estimated to be 50 - 58 million tons, with a reduced production but less than in 2023/24 [16]. - **Market view**: It is recommended to go long on dips. Attention should be paid to weather impacts on quality and subsequent stocking [2][16]. Live Pigs - **Market data**: The main contract Lh2511 closes at 13745 yuan/ton, down 0.83%. The national average spot price is 13740 yuan/ton, down 0.65%. The slaughter enterprise's daily operating rate is 29.52%, up 0.52% [17]. - **Supply and demand situation**: The planned August slaughter volume of sample enterprises is 1322.57 million heads, up 5.26%. The demand is expected to improve in the next 1 - 2 months [18]. - **Market view**: Do not short blindly in the short term. Consider going long on far - month contracts on dips or conducting reverse arbitrage around strong contracts [2][19].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Fuel oil is expected to experience wide - range fluctuations, and its price remains weak in the short term. Low - sulfur fuel oil rebounded during the night session, and the price spread between high - and low - sulfur in the overseas spot market has temporarily stabilized [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data - **Price and Price Changes**: For fuel oil futures contracts (FU2510, FU2511), the closing prices were 2,821 yuan/ton and 2,815 yuan/ton respectively, with daily declines of 2.05% and 2.11%. The settlement prices were 2,829 yuan/ton and 2,817 yuan/ton, with declines of 2.11% and 1.88%. For low - sulfur fuel oil futures contracts (LU2510, LU2511), the closing prices were 3,485 yuan/ton, with daily declines of 1.11% and 1.27%. The settlement prices were 3,487 yuan/ton and 3,489 yuan/ton, with declines of 1.27% and 1.36% [1] - **Trading Volume and Open Interest**: The trading volume of FU2510 was 361,054 lots, a decrease of 14,742 lots, and the open interest was 82,271 lots, a decrease of 15,112 lots. The trading volume of FU2511 was 124,405 lots, a decrease of 14,578 lots, and the open interest was 50,170 lots, a decrease of 24,103 lots. The trading volume of LU2510 was 16,233 lots, an increase of 1,410 lots, and the open interest was 17,012 lots, a decrease of 3,876 lots. The trading volume of LU2511 was 97,234 lots, an increase of 21,163 lots, and the open interest was 70,718 lots, a decrease of 6,857 lots [1] - **Warehouse Receipts**: The total market warehouse receipts of fuel oil (FU) were 119,580, an increase of 19,270. The warehouse receipts of low - sulfur fuel oil (LU) were 35,110, an increase of 24,000 [1] 3.1.2 Spot Price Data - **High - Sulfur Fuel Oil**: In Singapore MOPS, the price was 396.5 US dollars/ton, a daily decline of 0.41%. In Singapore Bunker, it was 410.0 US dollars/ton, unchanged. In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, there were different degrees of price changes, with declines ranging from 0.25% to 0.70% [1] - **Low - Sulfur Fuel Oil**: In Singapore MOPS, the price was 489.5 US dollars/ton, a daily increase of 0.04%. In Singapore Bunker, it was 502.0 US dollars/ton, unchanged. In other regions, there were also different price changes, with increases in some regions such as Fujeirah Bunker (0.60%) and South Korea Bunker (1.17%) [1] 3.1.3 Spread Data - **Contract Spread**: The spread between FU10 - 11 was 6 yuan/ton, and the settlement spread was 12 yuan/ton. The spread between LU10 - 11 was 0 yuan/ton, and the settlement spread was - 2 yuan/ton. The spread between LU10 - FU10 was 664 yuan/ton, and the settlement spread was 670 yuan/ton [1] - **Other Spreads**: The spread between FU2510 and Singapore MOPS (3.5%S) was - 19.0 yuan/ton, a change of - 47.2 yuan/ton compared to the previous day. The spread between LU2510 and Singapore MOPS (0.5%S) was - 21.1 yuan/ton, a change of - 40.4 yuan/ton compared to the previous day. The spread between Singapore MOPS (0.5%S - 3.5%S) was 93.0 US dollars/ton, an increase of 1.9 US dollars/ton compared to the previous day [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low - sulfur fuel oil is also 0. The trend intensity ranges from - 2 to 2, where - 2 indicates the most bearish and 2 indicates the most bullish, and 0 represents a neutral view [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The ICE cotton futures price closed lower due to concerns about increased supply caused by good crop conditions in the US. In China, cotton is in a destocking state, with tight supply before the new - cotton harvest, and the spot price remains firm. The total quota for processing trade of imported cotton with sliding - scale duties in China in 2025 is 200,000 tons. Although inland spinning enterprises have no profit, there are expectations for the upcoming "Golden September and Silver October" peak demand season, and the operating rate has slightly rebounded. Overall, the quota news puts short - term downward pressure on the cotton futures price, but tight old - crop supply and improved demand expectations support the price. It is expected to fluctuate, and the medium - term trend is suppressed by the expected increase in new - crop cotton production. The report suggests short - term long positions on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main - contract closing price: 14,075 yuan/ton, down 25 yuan; cotton futures top - 20 net positions: - 54,437 hands, up 3,130 hands; main - contract cotton positions: 508,803 hands, up 739 hands; cotton warehouse receipts: 6,859 sheets, down 118 sheets. - Cotton yarn main - contract closing price: 20,100 yuan/ton, down 30 yuan; cotton yarn futures top - 20 net positions: - 500 hands, up 16 hands; main - contract cotton yarn positions: 22,463 hands, up 200 hands; cotton yarn warehouse receipts: 63 sheets, unchanged [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B): 15,342 yuan/ton, up 8 yuan; China Imported Cotton Price Index (FCIndexM:1% tariff): 13,492 yuan/ton, down 118 yuan; China Imported Cotton Price Index (FCIndexM:sliding - scale duty): 14,282 yuan/ton, down 85 yuan. - China Yarn Price Index (pure - cotton carded yarn 32S): 20,760 yuan/ton, unchanged; arrival price of imported pure - cotton carded yarn 32S: 21,897 yuan/ton, up 17 yuan; arrival price of imported pure - cotton combed yarn 32S: 23,767 yuan/ton, up 18 yuan [2]. 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons [2]. 3.4 Industry Situation - Cotton - yarn price difference: 5,418 yuan/ton, down 8 yuan; national industrial cotton inventory: 857,000 tons, up 7,000 tons; cotton imports: 50,000 tons, up 20,000 tons; cotton yarn imports: 110,000 tons, unchanged. - Imported cotton profit: 1,052 yuan/ton, up 184 yuan; national commercial cotton inventory: 2.1898 million tons, down 0.64 million tons [2]. 3.5 Downstream Situation - Yarn inventory days: 27.67 days, down 0.69 days; grey - cloth inventory days: 36.14 days, down 1.1 days; monthly cloth output: 2.7 billion meters, down 0.79 billion meters; monthly yarn output: 2.065 million tons, up 0.114 million tons. - Monthly clothing and clothing accessories export value: 1,516,175,900 US dollars, down 10,495,500 US dollars; monthly textile yarn, fabric and product export value: 1,160,400,900 US dollars, down 44,419,800 US dollars [2]. 3.6 Option Market - Implied volatility of at - the - money cotton call options: 10.8%, down 0.54%; implied volatility of at - the - money cotton put options: 10.82%, down 0.53%. - 20 - day historical volatility of cotton: 8.59%, up 0.21%; 60 - day historical volatility of cotton: 5.71%, up 0.03% [2]. 3.7 Industry News - In July 2025, China's textile and clothing sales decreased significantly. The retail sales of clothing, shoes, hats, and needle - textile products were 96.13 billion yuan, a year - on - year increase of 2.74% and a month - on - month decrease of 24.63%. From January to July, the cumulative retail sales were 841.44 billion yuan, a year - on - year increase of 4.25%. - On Tuesday, the ICE December cotton contract closed down 1.05%. On Wednesday, the cotton 2601 contract closed down 0.32%, and the cotton yarn 2511 contract closed down 0.3% [2].

1. Report Industry Investment Ratings - **Oils and Fats**: Neutral, expected to fluctuate [5] - **Protein Meal**: Neutral, expected to fluctuate [7] - **Corn/Starch**: Bearish, expected to fluctuate weakly [7] - **Hogs**: Neutral, expected to fluctuate [9] - **Natural Rubber**: Bullish, expected to fluctuate strongly [12] - **Synthetic Rubber**: Bullish, expected to fluctuate strongly [13] - **Cotton**: Bullish, expected to fluctuate strongly in the short term and bearish when new cotton is listed [13] - **Sugar**: Bearish, expected to fluctuate weakly in the long term and fluctuate within a range in the short term [15] - **Pulp**: Neutral, expected to fluctuate [18] - **Logs**: Bullish, recommended to buy far - month contracts on dips [20] 2. Core Views of the Report - The report analyzes the market conditions of various agricultural products, including factors such as supply and demand, weather, policies, and international trade. It provides short - and long - term outlooks and investment suggestions for each product, considering both domestic and international factors [5][7][9] 3. Summaries by Related Catalogs 3.1 Market Views - **Oils and Fats**: Due to technical pressure, US soybeans fell on Monday, and domestic oils continued to fluctuate. Macro factors such as the strengthening of the US dollar and the rise in crude oil prices, as well as industry factors like high soybean good - rate, uncertain export demand, and different supply - demand situations of different oils, affect the market. It is expected to fluctuate in the short term and be bullish in the medium term [5] - **Protein Meal**: Internationally, US soybean good - rate is high, Brazilian exports are peaking, and CFTC net short positions are decreasing. Domestically, spot is stronger than the futures. It is expected that the outer market will rise more than the inner market, and the basis may bottom out. Suggestions include selling hedges for oil mills and buying basis contracts for downstream enterprises [7] - **Corn/Starch**: The price trend is weak. Supply is gradually tightening, but the market expects a low probability of a supply gap. Demand is weak due to low profits in related industries. New - season corn production is normal, and it is expected to fluctuate weakly in the short term and may attract long - positions in the long term [7][8] - **Hogs**: Supply is abundant in the short, medium, and long term, but there are policies to guide capacity reduction. Demand may increase with the cooling weather, and there was a 10,000 - ton reserve purchase. It is expected to fluctuate, with the spot and near - term contracts remaining weak and the far - term contracts supported by capacity - reduction expectations [9] - **Natural Rubber**: The price may be affected by weather speculation. It is in the seasonal rising period, and there are various positive factors. The short - term supply may decrease, and demand is rigid. It is expected to fluctuate strongly in the short term [12] - **Synthetic Rubber**: The market follows natural rubber and is supported by the short - term tightness of raw material butadiene. It is expected to fluctuate strongly in the short term [13] - **Cotton**: Supply is tight, and the impact of import quotas is limited. Demand is improving, and the expected purchase price of ginned cotton by ginners is rising. It is expected to fluctuate strongly until October and may decline when new cotton is listed [13][14] - **Sugar**: International production in Brazil is increasing, and exports are at a peak. Domestic imports are rising. Supply is increasing, but the short - term downside is limited. It is expected to fluctuate weakly in the long term and within a range in the short term [15] - **Pulp**: The market has both positive and negative factors. The recovery of hardwood pulp trading and cost support are positive, while over - supply of paper and delivery pressure are negative. It is expected to fluctuate [18] - **Logs**: The short - term fundamentals are improving, with rising valuation and reduced supply pressure. However, there is delivery pressure. It is recommended to buy far - month contracts on dips within the range of 790 - 840 [20] 3.2 Variety Data Monitoring - Data monitoring is carried out for various products such as oils and fats, corn, hogs, cotton, sugar, pulp, and logs, but specific data details are not fully presented in the text [22][53][73] 3.3 Rating Standards - The rating standards include categories such as strongly bullish, bullish with fluctuations, neutral with fluctuations, bearish with fluctuations, and strongly bearish, with a time period of 2 - 12 weeks and a standard deviation calculation method provided [170] 3.4 Commodity Index - On August 26, 2025, the comprehensive index, commodity 20 index, and industrial products index all declined. The agricultural products index also declined by 0.49% on that day, with different historical and recent period fluctuations [172][174]

Core Viewpoint - The article emphasizes the importance of a powerful and comprehensive futures information app for investors, highlighting Sina Finance APP as the top choice due to its extensive features and data offerings [1]. Group 1: Comprehensive Functionality - Sina Finance APP provides a one-stop financial information platform that covers various financial markets, including futures, stocks, funds, and foreign exchange, catering to both novice and experienced investors [2]. Group 2: Real-time Market Data and Technical Analysis - The app offers real-time market data for various futures products, including international crude oil, gold, silver, and copper, with high data update frequency to keep investors informed [3] - It supports multiple time frame K-line charts and provides various technical indicators like MACD, KDJ, and Bollinger Bands for in-depth market analysis [3]. Group 3: Economic Calendar and Event Alerts - The economic calendar feature displays key financial events and data release times from major global economies, allowing investors to plan their strategies accordingly [4] - The app includes an event reminder function to alert investors about significant upcoming financial events, ensuring they do not miss critical market information [4]. Group 4: Community and Interaction - The futures community within the app serves as a platform for investors to share experiences, discuss market trends, and exchange trading insights, enhancing collaborative learning [5] - The community features contributions from professional analysts and seasoned investors, providing valuable market analysis and investment strategies [5]. Group 5: Basis Functionality and Hedging - The basis functionality offers detailed basis data and analysis tools, enabling investors to track basis trends and make informed investment decisions [6] - This feature also assists hedgers in formulating effective hedging strategies based on basis fluctuations, helping to mitigate risks associated with price volatility [6]. Group 6: Comprehensive and Accurate Data - The app excels in providing comprehensive and accurate market data from major global futures exchanges, covering sectors such as energy, metals, agricultural products, and finance [8] - Investors can easily access data from both domestic exchanges like Shanghai Futures Exchange and international exchanges like New York Mercantile Exchange and London Metal Exchange [8].

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