Group 1: Government Actions - The Indian government approved a one-time payment of 300 billion INR (approximately 3.4 billion USD) to state-owned fuel retailers to compensate for losses incurred from selling liquefied petroleum gas (LPG) at subsidized prices to impoverished households [1] Group 2: Market Analysis - Goldman Sachs maintains its natural gas price forecasts for the Dutch TTF at 37 EUR/MWh for 2025 and 30 EUR/MWh for 2026 [2] - The Commodity Futures Trading Commission (CFTC) reported a decrease of 12,941 contracts in net long positions for natural gas futures on NYMEX and ICE markets, bringing the total to 243,198 contracts as of the week ending August 5 [2] Group 3: Industry Insights - Hualian Futures noted a continued decline in domestic LPG production compared to last year, with low inventory levels rebounding and port capacity utilization rates falling to the median of recent years. Refinery capacity utilization remains at a multi-year low, while gas station capacity is neutral. The overall inventory at ports has rebounded to high levels, and U.S. inventories continue to rise. Demand is weak, with gasoline consumption at a four-year low and a slowdown in restaurant consumption, although chemical demand has increased [3] - Zhonghui Futures observed stabilization in costs alongside high basis levels, leading to increased positions. Oil prices have stabilized, and downstream chemical demand remains decent with PDH operating rates around 70%. Supply and inventory levels are neutral to bearish, with a slight increase in domestic production and rising port inventories. The strategy suggested is to maintain light positions and consider long positions within the range of 3750-3850 [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Not provided in the content 3. Summary by Relevant Catalogs Futures Contracts - The price of the BU main contract on August 11 was 3481, with a daily change of 3 and a weekly change of -177 [4][13] - The prices of other contracts such as BU06, BU09, BU12, and BU03 also showed different degrees of change [4][13] Trading Volume and Open Interest - On August 11, the trading volume was 239,377, with a daily change of -2359 and a weekly change of 11,788 - The open interest was 449,927, with a daily change of -4667 and a weekly change of -58,198 [4][13] Spot Market Prices - The low - end prices in the Shandong, East China, South China, North China, and Northeast markets showed different degrees of change, with the Shandong market low - end price at 3530 on August 11, down 20 from the previous day and 70 from the previous week [4][13] Basis and Spread - The Shandong basis was 49 on August 11, with a daily change of -23 and a weekly change of 107 - The East China basis was 169, with a daily change of -3 and a weekly change of 157 - For month - to - month spreads like 03 - 06, 06 - 09, etc., they also showed various changes [4][13] Crack Spread and Profit - The asphalt Brent crack spread was 38 on August 11, with a daily change of -29 and a weekly change of 58 - The asphalt Maru profit was -34, with a daily change of -25 and a weekly change of 53 - The comprehensive profit of ordinary refineries was 492, with a daily change of -13 and a weekly change of 69 [4][13] Related Prices - The Shandong market prices of gasoline, diesel, and residue oil also had corresponding changes [5][14]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping futures, along with related indicators such as spreads, basis, and price ratios, to help investors understand market trends and price relationships. 3. Summary by Relevant Catalogs Stock Index Futures Spread Daily Report - **Price Spreads**: Provides current values, changes from the previous day, 1 - year and all - time historical quantiles for various stock index futures spreads, including IF, IH, IC, and IM, covering both spot - futures spreads and inter - delivery spreads [1]. - **Cross - Variety Ratios**: Presents ratios and their changes for different cross - variety combinations, such as CSI 500/CSI 300, IC/IF, etc., along with their historical quantiles [1]. Treasury Bond Futures Spread Daily Report - **Basis**: Shows the basis, its change, and the percentile since listing for different treasury bond futures (TS, TF, T, TL), as well as the internal rate of return (IRR) for TS [2]. - **Inter - Delivery Spreads**: Reports the inter - delivery spreads and their changes and historical percentiles for different treasury bond futures contracts [2]. - **Cross - Variety Spreads**: Provides cross - variety spreads and their changes for different combinations of treasury bond futures [2]. Precious Metal Spot - Futures Daily Report - **Prices**: Presents domestic and foreign futures closing prices, spot prices, and their changes and percentage changes for gold and silver [4]. - **Basis**: Reports the basis, its change, and historical 1 - year quantiles for different combinations of precious metal spot and futures [4]. - **Price Ratios**: Shows price ratios and their changes for different precious metal combinations [4]. - **Interest Rates and Exchange Rates**: Provides data on 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, the US dollar index, and the offshore RMB exchange rate, along with their changes [4]. - **Inventory and Holdings**: Reports inventory and holding data and their changes for precious metals in different markets [4]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Presents spot quotes and their changes for different shipping companies on the Shanghai - Europe route [6]. - **Container Shipping Indexes**: Provides settlement price indexes and their changes for different container shipping routes, as well as Shanghai export container freight rates and their changes [6]. - **Futures Prices and Basis**: Reports futures prices, their changes, and basis data for container shipping futures contracts [6]. - **Fundamental Data**: Includes data on global container shipping capacity supply, port - related indicators, monthly export amounts, and overseas economic indicators, along with their changes [6]. Overseas and Domestic Data/Information Report - **Overseas Data**: Lists economic indicators and financial events in the eurozone and the US, including economic sentiment indexes, inflation rates, and small - business confidence indexes [9]. - **Domestic Data**: Presents economic indicators and events in different domestic sectors, such as port inventories, to - port forecasts, and production - sales ratios [9].

Report Summary 1. Report Industry Investment Rating - The investment rating for index futures is "shockingly bullish" [1] 2. Core View of the Report - On August 11, all the current - month contracts of the four major index futures rose. The trading volume of index futures increased, indicating that investors' trading enthusiasm has warmed up. The total positions of all types of index futures also increased [1][2] 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - **CSI 300 and its Futures**: The CSI 300 index closed at 4122.51, up 0.43%. Among its futures contracts, IF2508 closed at 4116, up 0.37% with a basis of - 6.51; IF2509 closed at 4104.8, up 0.43% with a basis of - 17.71; IF2512 closed at 4075.2, up 0.48% with a basis of - 47.31; IF2603 closed at 4044.6, up 0.56% with a basis of - 77.91 [1] - **SSE 50 and its Futures**: The SSE 50 index closed at 2789.9, up 0.03%. Among its futures contracts, IH2508 closed at 2788.4, up 0.01% with a basis of - 1.5; IH2509 closed at 2789.4, up 0.01% with a basis of - 0.5; IH2512 closed at 2791, up 0.06% with a basis of 1.1; IH2603 closed at 2790.4, up 0.10% with a basis of 0.5 [1] - **CSI 500 and its Futures**: The CSI 500 index closed at 6391.76, up 1.08%. Among its futures contracts, IC2508 closed at 6368.2, up 1.02% with a basis of - 23.56; IC2509 closed at 6298.8, up 1.07% with a basis of - 92.96; IC2512 closed at 6144.6, up 1.18% with a basis of - 247.16; IC2603 closed at 6006, up 1.20% with a basis of - 385.76 [1] - **CSI 1000 and its Futures**: The CSI 1000 index closed at 6943.94, up 1.55%. Among its futures contracts, IM2508 closed at 6925.6, up 1.56% with a basis of - 18.34; IM2509 closed at 6851.2, up 1.61% with a basis of - 92.74; IM2512 closed at 6663.8, up 1.72% with a basis of - 280.14; IM2603 closed at 6478.8, up 1.71% with a basis of - 465.14 [1] 3.2 Trading Volume and Position Changes - **Trading Volume**: The total trading volume of IF increased by 29586 lots, IH increased by 9620 lots, IC increased by 23858 lots, and IM increased by 55757 lots [2] - **Positions**: The total positions of IF increased by 14212 lots, IH increased by 6800 lots, IC increased by 9202 lots, and IM increased by 25544 lots [2] 3.3 Top 20 Member Position Changes - For IF, the long - position changes of different contracts varied, such as 623 lots for IF2508, 8267 lots for IF2509, etc. The short - position changes also differed, like 1360 lots for IF2508 [5] - For IH, the long - position changes included 557 lots for IH2508, 3754 lots for IH2509, etc. The short - position changes were also distinct [5] - For IC, the long - position changes were - 549 lots for IC2508, 5137 lots for IC2509, etc. The short - position changes were also different [5] - For IM, the long - position changes were 1995 lots for IM2508, 11368 lots for IM2509, etc. The short - position changes were also distinct [5] 3.4 Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [6] - **Important Drivers**: Before the US CPI data, the market was cautious. The Nasdaq rose and then fell. Lithium mining stocks soared, and gold was under pressure. In the domestic market, the Shanghai Composite Index rose 0.34%, the Shenzhen Component Index rose 1.46%, and the ChiNext Index rose 1.96%. The market was active with more than 4000 stocks rising [6]

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core View of the Report - The overall LPG market is expected to fluctuate as the basis is strong, the futures valuation is low, and there is no obvious fundamental driver [1] 3) Summary According to Relevant Catalogs Market Data - **Spot Prices**: On August 11, 2025, the prices of South China LPG, East China LPG, and Shandong LPG were 4360, 4401, and 4490 respectively, with daily changes of -20, -2, and -30. The cheapest deliverable was South China civil LPG at 4360 [1] - **International Market Prices**: Propane CFR South China was 555, propane CIF Japan was 519, and MB propane spot was 67. CP forecast contract price was 520, with a daily change of -2 [1] - **Other Product Prices**: Shandong ether - post carbon four was 4880, Shandong alkylated oil was 7830, paper import profit was -232, and the main basis was 561, with a daily change of -45 [1] Market Trends - **Futures Market**: The PG futures market showed a mixed trend. The futures price strengthened, the monthly spread fluctuated, and the 09 - 10 spread was -474 (+4). The basis strengthened to 606 (+161), and the 9 - 10 monthly spread was -478 (-39). The number of registered warehouse receipts was 10179 lots (+420) [1] - **International Market**: The international market fundamentals were loose. FEI and CP fluctuated, and MB weakened. North - Asia and Middle - East oil - gas price ratios declined, while the North - American oil - gas price ratio slightly increased. The internal - external price difference decreased significantly. The US - Asia arbitrage window opened [1] Weekly Outlook - **Supply and Demand**: Unloading port volume increased, port inventory rose, factory inventory decreased by 0.51%, and the commercial volume increased by 0.57%. PDH operating rate was 73.84% (+1.21pct), with some plants starting, restarting, or shutting down [1] - **Profitability**: PDH spot profit weakened, paper profit continued to improve. Alkylated oil production gross profit decreased. MTBE gas - fractionation etherification gross profit increased slightly, and isomerization etherification gross profit decreased slightly [1] - **Shipping and Costs**: VLGCs' waiting time at the Panama Canal increased, expected to decline later. Freight rates from the US Gulf to Japan and the Middle - East to the Far - East increased. FEI - MOPJ narrowed significantly, and the naphtha crack spread strengthened [1]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the reports. 2. Core Views - The reports mainly present the latest values, changes compared to the previous day, historical percentile rankings of various futures spreads, prices, and related economic indicators across different sectors including stock index futures, treasury bond futures, precious metals, container shipping, and provide a trading calendar with relevant data and information sources [1][2][6][8][9]. 3. Summary by Related Catalogs Stock Index Futures - **Price Spreads**: IC, IM, IF, and IH have different current - spot price spreads and inter - period price spreads. For example, the IC current - spot price spread is - 96.50, up 14.64 from the previous day, with a 1 - year historical percentile of 20% and an all - time percentile of 3.3096 [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and IC/IF are presented, along with their changes and historical percentile rankings. For instance, the CSI 500/CSI 300 ratio is 1.5405, up 0.0002 from the previous day, with a 1 - year historical percentile of 99.10% and an all - time percentile of 58.70% [1]. Treasury Bond Futures - **Basis and IRR**: Different types of treasury bond futures (TS, TF, T, TL) have their respective basis values, Internal Rate of Return (IRR), and changes compared to the previous day, as well as historical percentile rankings since listing. For example, the TS basis is 1.2966, up 0.0153 from the previous day, with a historical percentile of 12.40% [2]. - **Inter - period and Cross - Variety Spreads**: There are inter - period spreads and cross - variety spreads for different treasury bond futures, along with their changes and historical percentile rankings [2]. Precious Metals - **Futures and Spot Prices**: Domestic and foreign futures closing prices, spot prices of precious metals (gold and silver) are provided, along with their price changes and percentage changes. For example, the AU2510 contract closed at 787.80 yuan/gram on August 8, up 2.78 yuan or 0.35% from the previous day [6]. - **Basis and Ratios**: Basis values between spot and futures, and price ratios between different precious metals are presented, along with their changes and historical percentile rankings [6]. - **Interest Rates, Exchange Rates, Inventory, and Positions**: Information on interest rates (such as 10 - year US Treasury bond yield), exchange rates (such as the US dollar index), inventory (such as Shanghai Futures Exchange gold inventory), and positions (such as SPDR Gold ETF holdings) is provided, along with their changes and percentage changes [6]. Container Shipping - **Spot Quotes**: Spot freight rates from Shanghai to Europe for different shipping companies (MAERSK, CMA CGM, etc.) are given, along with their price changes and percentage changes. For example, MAERSK's Shanghai - Europe freight rate was 2878 US dollars/FEU on August 11, up 88 US dollars or 3.19% from the previous day [8]. - **Shipping Indexes**: Settlement price indexes of container shipping (SCFIS, SCFI) for different routes (European, US West, US East) are presented, along with their price changes and percentage changes [8]. - **Futures Prices and Basis**: Futures prices of container shipping contracts (EC2602, EC2510, etc.) and the basis of the main contract are provided, along with their price changes and percentage changes [8]. - **Fundamental Data**: Data on container shipping capacity supply, port - related indicators (port on - time rate, port calls), foreign trade indicators (monthly export amount), and overseas economic indicators (eurozone PMI, US manufacturing PMI) are given, along with their changes and percentage changes [8]. Trading Calendar - **Overseas Data/Information**: Economic indicators and financial events from overseas, such as the MPOB palm oil monthly report, Brazilian secex weekly report, and USDA export inspection and crop growth data in the US, are listed [9]. - **Domestic Data/Information**: Economic indicators and financial events in China, including global manganese ore shipping volume, iron ore shipping and arrival data, and SMM electrolytic copper social inventory, are provided [9].

Group 1: Report Overview - Report Title: Pure Benzene & Styrene Daily Report [1] - Report Date: August 11, 2025 [2] - Report Author: R & D Department of Tonghui Futures [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - Pure Benzene: Supply increases slightly due to new installations, demand remains stable, inventory decreases slightly. The supply - demand situation may improve marginally in August - September, but the improvement is limited due to high hidden inventory and weak terminal consumption [4] - Styrene: Supply is sufficient, demand is weak, showing a pattern of increasing supply and decreasing demand. It will remain in oversupply in August - September, but the relatively strong price of pure benzene provides some support [5] Group 4: Daily Market Summary Fundamental Information - Price: On August 8, the styrene main contract closed down 0.84% at 7,235 yuan/ton, with a basis of 60 (+11 yuan/ton); the pure benzene main contract closed down 0.70% at 6,204 yuan/ton [3] - Cost: On August 8, Brent crude oil closed at $63.9/barrel (-$0.5/barrel), WTI crude oil closed at $66.4/barrel (-$0.5/barrel), and the spot price of pure benzene in East China was 6,107.5 yuan/ton (-37.5 yuan/ton) [3] - Inventory: Styrene sample factory inventory was 211,000 tons (-6,000 tons), a 2.71% MoM decrease; Jiangsu port inventory was 159,000 tons (-5,000 tons), a 3.05% MoM decrease; pure benzene port inventory was 163,000 tons (-7,000 tons), a 4.12% MoM decrease [3] - Supply: A new styrene plant in Shandong was put into operation, with overall stable supply. Weekly styrene output was 359,000 tons (-2,000 tons), and factory capacity utilization was 77.7% (-1.2%) [3] - Demand: The capacity utilization rates of downstream 3S varied. EPS capacity utilization was 43.7% (-10.6%), ABS was 71.1% (+5.2%), and PS was 55.0% (+1.7%) [3] Views - Pure Benzene: Supply increases slightly, demand is stable, and inventory decreases due to typhoon - affected arrivals. The supply - demand pattern may improve marginally in 8 - 9 months, but the improvement is limited [4] - Styrene: Supply is sufficient, demand is weak, and it is expected to remain in oversupply in 8 - 9 months. However, the strong pure benzene price provides support [5] Group 5: Industry Chain Data Monitoring Price Data - Styrene: The main contract price decreased by 0.84% to 7,235 yuan/ton, and the spot price increased slightly [7] - Pure Benzene: The main contract price decreased by 0.70% to 6,204 yuan/ton, and prices in different regions also showed slight declines [7] - Upstream: Brent crude oil and WTI crude oil prices decreased, while naphtha prices remained unchanged [7] Production and Inventory Data - Production: Styrene production decreased slightly to 359,000 tons, and pure benzene production increased to 446,000 tons [8] - Inventory: Styrene and pure benzene inventories all decreased [8] Capacity Utilization Data - Styrene: Capacity utilization decreased to 77.7% [9] - Pure Benzene Downstream: The capacity utilization of some products changed, such as a decrease in caprolactam and an increase in adipic acid [9] - Styrene Downstream: EPS capacity utilization decreased significantly, while ABS and PS increased [9] Group 6: Industry News - China's shale cracking raw material supply affects naphtha costs, with expected record - high naphtha imports in 2025 [10] - Global diesel shortage supports refinery profits, having a structural impact on the crude oil and chemical chain [10] - India accelerates petrochemical expansion to counter China's dominance [10] Group 7: Industry Chain Data Charts - The report provides charts on pure benzene price, styrene price, styrene - pure benzene spread, inventory, and capacity utilization [11][21][22]

Report Industry Investment Rating - Not provided Core View of the Report - The overall LPG market is expected to fluctuate as the basis is strong, the futures valuation is low, and there is no fundamental driver [1] Summary by Relevant Catalog 1. Price Data - From August 4 - 8, 2025, the prices of South China LPG remained mostly stable at 4380 - 4390, East China liquefied gas slightly decreased from 4387 to 4403, and Shandong LPG remained at 4520 - 4530. Propane CFR South China increased from 540 to 555, propane CIF Japan fluctuated, MB propane fluctuated around 66 - 69, and CP forecast contract price increased from 521 to 522. Shandong ether - post carbon four increased from 4860 to 4910, and Shandong alkylation oil remained at 7830 - 7900. The paper import profit decreased from - 79 to - 207, and the main basis increased from 494 to 606. The daily change on August 8 showed that South China LPG was unchanged, East China liquefied gas decreased by 3, propane CFR South China increased by 5, MB propane increased by 1, CP forecast contract price increased by 4, Shandong ether - post carbon four increased by 50, and the paper import profit decreased by 39, and the main basis increased by 49 [1] 2. Market Conditions - On Friday, the cheapest deliverable was South China civil LPG at 4380. FEI decreased, CP increased. PP slightly decreased, the production profit of PP made from FEI improved, while the profit from CP slightly deteriorated, but the production cost of CP was lower than FEI. The PG futures weakened, and the monthly spread continued to weaken with the latest 09 - 10 at - 478 (- 10). The US - Far East arbitrage window opened [1] - The spot price center moved down, the cheapest deliverable was South China civil LPG at 4380. The PG futures trended weakly. The basis strengthened to 606 (+ 161). The inter - monthly reverse spread continued to strengthen with the 9 - 10 monthly spread at - 478 (- 39). The number of registered warehouse receipts was 10179 lots (+ 420), with 35 lots decreased in Qingdao Yunda and 455 lots increased in Wuchan Zhongda. The international market fundamentals were loose, FEI and CP fluctuated, and MB weakened. The North Asian - Middle Eastern oil - gas price ratio decreased, and the North American oil - gas price ratio slightly increased. The internal - external price difference decreased significantly, with PG - CP at 9.3 (- 21) and PG - FEI at - 2.5 (- 16). The US - Asia arbitrage window opened. The freight from the US Gulf to Japan was 148 (+ 16) and from the Middle East to the Far East was 85 (+ 11). The waiting time for VLGCs at the Panama Canal increased, possibly due to the peak of container ship arrivals from the previous Sino - US tariff rush shipments, but it is expected to decrease next [1] 3. Weekly View - The naphtha crack spread strengthened. The spot profit of PDH weakened, while the paper profit continued to improve. The production gross profit of alkylation oil decreased. The gross profit of MTBE gas separation and etherification slightly increased, and the gross profit of isomerization etherification slightly decreased. Fundamentally, the unloading volume increased, the port inventory increased, the factory inventory decreased by 0.51%, and the commercial volume increased by 0.57%. The PDH operating rate was 73.84% (+ 1.21pct), with Tianjin Bohua resuming operation, Jiangsu Ruiheng restarting, but Binhua shutting down due to a fault for an expected 20 days. Wanda Tianhong is expected to restart next week [1]

Report Summary 1. Investment Rating - The report maintains a reverse spread strategy for the hog market [1] 2. Core View - In August, the planned slaughter volume of group farms increases, while retail farmers passively hold back hogs. With limited demand growth, the market faces significant pressure. The daily trading volume is poor, making it difficult to absorb market supply. As the September contract enters the pre - delivery month and the second position limit on the tenth trading day, the futures price is still at a large premium to the warehouse receipt cost, increasing the industry's willingness to deliver. Attention should be paid to the market of premium convergence. Recently, the macro sentiment strongly supports the far - end contracts, presenting a situation of weak current reality and strong future expectations. The spread structure maintains a reverse spread, 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 [4] 3. Summary by Directory 3.1 Fundamental Tracking - **Spot Prices**: Henan's spot price is 13,880 yuan/ton, down 100 yuan/ton; Sichuan's is 13,300 yuan/ton, down 50 yuan/ton; and Guangdong's is 15,290 yuan/ton, unchanged [2] - **Futures Prices**: The prices of contracts LH2509, LH2511, and LH2601 are 13,930 yuan/ton, 14,180 yuan/ton, and 14,415 yuan/ton respectively, with year - on - year increases of 60 yuan/ton, 80 yuan/ton, and 20 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volumes of contracts LH2509, LH2511, and LH2601 are 8,931 lots, 34,996 lots, and 12,459 lots respectively, with changes of - 1,234 lots, + 287 lots, and + 830 lots compared to the previous day. The open interests are 26,443 lots, 60,194 lots, and 44,010 lots respectively, with changes of - 2,287 lots, + 596 lots, and + 853 lots compared to the previous day [2] - **Spreads**: The basis of contracts LH2509, LH2511, and LH2601 are - 50 yuan/ton, - 300 yuan/ton, and - 535 yuan/ton respectively, with year - on - year changes of - 160 yuan/ton, - 180 yuan/ton, and - 120 yuan/ton. The spreads between LH2509 and LH2511, and between LH2511 and LH2601 are - 250 yuan/ton and - 235 yuan/ton respectively, with year - on - year changes of - 20 yuan/ton and + 60 yuan/ton [2] 3.2 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view on the market. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [3] 3.3 Market Logic - In August, the market is under pressure due to increased supply and limited demand. The September contract's entry into the pre - delivery month and the large premium to the warehouse receipt cost increase the industry's delivery willingness. The macro sentiment supports far - end contracts, resulting in a reverse spread structure [4]

Report Overview - Report Title: "Asphalt Morning Report" [2] - Research Team: Research Center's Energy and Chemicals Team - Report Date: August 11, 2025 [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report Core View - Not explicitly stated in the given content 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices - The prices of various BU asphalt futures contracts decreased from July 10 to August 8. For example, the BU main contract dropped from 3629 to 3478, a decrease of 181 [4]. 3.2 Trading Volume and Open Interest - The trading volume increased by 7967 on a daily basis and decreased by 26929 on a weekly basis to 241736 on August 8. The open interest increased by 5075 daily and decreased by 44962 weekly to 454594 [4]. 3.3 Spot Market Prices - Spot prices in different regions showed varying degrees of decline. For instance, the low - end price in the Shandong market decreased by 50 from July 10 to August 8, reaching 3550 [4]. 3.4 Basis and Calendar Spreads - The basis in different regions generally increased. For example, the Shandong basis increased from - 49 to 72, a rise of 131. Calendar spreads such as 06 - 09 and 09 - 12 also showed certain changes [4]. 3.5 Crack Spreads and Profits - The asphalt Brent crack spread increased from - 96 to 67, a rise of 130. The ordinary refinery's comprehensive profit increased from 420 to 506, an increase of 88 [4]. 3.6 Related Prices - Brent crude oil prices decreased from 70.2 to 66.4, a decrease of 3.2. The gasoline and diesel prices in the Shandong market also showed certain fluctuations [4].