Report Title - PX & PTA & MEG Strategy Report for September 2025 [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PX supply is expected to reach a high level in September, with short - process MX being abundant and new MX production adding to PX output. However, downstream TA maintenance is increasing, and with the continuous compression of TA processing fees, TA devices may have further maintenance. Thus, PX fundamentals are weak, and it may show a weak and volatile trend without significant crude oil fluctuations [150]. - For PTA, although the polyester operating load is rising and the fundamentals are improving, the price performance is weak, and the TA processing fee is still compressed below 200 yuan/ton. The "Golden September and Silver October" demand is facing challenges, with increasing external tariff risks. The TA price is expected to have support and show an overall volatile trend [150]. - MEG's operating load has climbed to a high level. In September, there are both maintenance and restart of devices. The port inventory is low, and the spot liquidity is tight. With supply contraction and demand increase, the port inventory is expected to remain low, and the short - term price may be volatile and strong [150]. Summary by Relevant Catalogs 1. PX&PTA&MEG Price: Follow Crude Oil Price Oscillation - **Futures Prices**: From July 31 to August 28, 2025, PTA futures closing price decreased from 4808 yuan/ton to 4792 yuan/ton (-0.3%), MEG increased from 4414 yuan/ton to 4465 yuan/ton (1.2%), and PX decreased from 6928 yuan/ton to 6886 yuan/ton (-0.6%) [6]. - **Basis and Spread**: For PTA basis, it changed from - 17 yuan/ton to - 20 yuan/ton (-17.6%); MEG basis changed from 71 yuan/ton to 64 yuan/ton (-9.9%); PX basis changed from 188 yuan/ton to 97 yuan/ton (-48.6%). The TA - EG spread decreased from 394 yuan/ton to 327 yuan/ton (-17.0%), and the TA - PX*0.656 spread decreased from 337 yuan/ton to 313 yuan/ton (-7.2%) [16][19][22]. - **International and Domestic Price Differences**: The ethylene glycol price difference between Europe and China increased from 52 dollars/ton to 150 dollars/ton (186.8%) [26]. 2. PX&PTA&MEG Supply Situation: Focus on Device Recovery - **PX**: As of August 29, Asian PX operating load was 75.6% (month - on - month increase of 2.7 percentage points), and China's was 83.3% (month - on - month increase of 3.4 percentage points). The 160 - million - ton PX device of Fuhua Group restarted in early September. Multiple new reforming devices are expected to be put into operation starting from August, which may increase PX output [33][58][59]. - **PTA**: As of August 29, PTA operating load was 70.4% (month - on - month decrease of 9.3 percentage points). There were device maintenance and new device production. The autumn maintenance plan is concentrated in September - October [37][60]. - **MEG**: As of August 28, the overall operating load of ethylene glycol in mainland China was 75.13% (month - on - month increase of 5.79%). There are device restart and maintenance plans in September [52][61]. 3. PX&PTA&MEG Import and Export Situation: Tariff Extension for 90 Days - **Imports and Exports in July 2025**: China's PX imports were 78.20 million tons (month - on - month increase of 2.17%), PTA exports were 37.42 million tons (month - on - month increase of 46.66%), and ethylene glycol imports were 59.14 million tons (month - on - month decrease of 4.27%) [64][65][76]. - **Polyester Exports**: In July 2025, the total polyester export was 120.33 million tons, with a month - on - month decrease of 3.68%. Different polyester products had different export trends [75][77]. 4. PX&PTA&MEG Inventory Situation: Downstream Finished Product Inventory Rebounds - **PTA**: Polyester factories' PTA raw material inventory increased, and the number of warehouse receipts decreased [86]. - **MEG**: As of August 25, the ethylene glycol port inventory in the East China main port area was about 50 million tons, reaching a low level [89]. 5. Polyester Demand Situation: Terminal Demand Faces Challenges - **Domestic Polyester Data**: As of August 29, the polyester operating load was 90.3% (month - on - month increase of 2.5%). The inventory days of some polyester products changed, and the cash flow also changed [92]. - **Terminal Demand**: In July, textile and clothing exports faced downward pressure. With the extension of tariffs for 90 days, the export expectation of Chinese textiles and clothing is expected to improve [106][103]. 6. PX&PTA&MEG Positioning Situation - **Futures Positions**: From July 31 to August 28, 2025, PTA total positions decreased from 1,493,200 lots to 1,360,753 lots, MEG total positions decreased from 357,146 lots to 320,792 lots, and PX total positions increased from 243,421 lots to 289,662 lots [119].

Report Summary Investment Ratings - No industry investment ratings are provided in the report. Core Views - Palm oil: The fundamental situation has no new driving forces, and it is waiting for a pullback [1]. - Soybean oil: The trading of soybean shortages in the fourth quarter has暂缓, and it is in a range - bound consolidation [1]. Summary by Sections 1. Fundamental Data Tracking - **Futures Prices**: Palm oil's day - trading closing price was 9,424 yuan/ton with a - 0.67% change, and night - trading was 9,488 yuan/ton with a 0.68% change; soybean oil's day - trading was 8,536 yuan/ton (0.00% change) and night - trading was 8,402 yuan/ton (- 1.57% change); rapeseed oil's day - trading was 9,941 yuan/ton (- 0.57% change) and night - trading was 9,810 yuan/ton (- 1.32% change); Malaysian palm oil's day - trading was 4,470 ringgit/ton (- 0.51% change) and night - trading was 4,451 ringgit/ton (- 0.43% change); CBOT soybean oil was 53.46 cents/pound (- 2.57% change) [2]. - **Trading Volume and Open Interest**: Palm oil's trading volume was 29,423 lots (- 7,102 change) and open interest was 31,104 lots (- 11,004 change); soybean oil's trading volume was 25,058 lots (- 10,177 change) and open interest was 37,839 lots (- 14,776 change); rapeseed oil's trading volume was 12,749 lots (- 1,539 change) and open interest was 18,022 lots (- 6,367 change) [2]. - **Spot Prices**: 24 - degree palm oil in Guangdong was 9,470 yuan/ton (- 150 change); first - grade soybean oil in Guangdong was 8,850 yuan/ton (+ 130 change); fourth - grade imported rapeseed oil in Guangxi was 9,950 yuan/ton (+ 40 change); Malaysian palm oil FOB was 1,110 dollars/ton (- 5 change) [2]. - **Basis**: Palm oil in Guangdong was 46 yuan/ton; soybean oil in Guangdong was 314 yuan/ton; rapeseed oil in Guangxi was 9 yuan/ton [2]. - **Spreads**: Rapeseed - palm oil futures spread was 321 yuan/ton; soybean - palm oil futures spread was - 1,044 yuan/ton; palm oil 9 - 1 spread was - 76 yuan/ton; soybean oil 9 - 1 spread was 80 yuan/ton; rapeseed oil 9 - 1 spread was 120 yuan/ton [2]. 2. Macro and Industry News - **Malaysian Palm Oil Production**: From August 1 - 25, 2025, Malaysian palm oil yield decreased by 3.26% month - on - month, oil extraction rate increased by 0.4% month - on - month, and production decreased by 1.21% month - on - month [3]. - **Tax Exemption in Malaysia**: Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude and refined palm kernel oil from the sales and service tax (SST). Currently, these two products face a 5% special tax [5]. - **Indonesian Palm Oil Tariff**: The US has agreed in principle to exclude Indonesian palm oil, cocoa, and rubber from the 19% tariff, but the final agreement has no set schedule [5]. - **Indian Vegetable Oil Tax**: The Indian Vegetable Oil Producers' Association (IVPA) urges the government to cancel the tax credit refund restrictions implemented since July 2022 [6]. - **Pakistani Soybean Purchase**: Pakistan is expected to sign a purchase agreement to import about 1.1 million tons of soybeans from US exporters, with a total value of about 500 million dollars [6]. - **Brazilian Soybean Regulations**: A Brazilian federal judge has temporarily suspended a decision by the country's antitrust regulator regarding the "Amazon soybean ban" [7]. - **Brazilian Soybean Exports**: Brazil's soybean exports in August are expected to be 8.9 million tons, and soybean meal exports are expected to be 2.13 million tons [7]. - **Soybean Crushing Profit in Brazil**: In Mato Grosso from August 18 - 22, the soybean crushing profit was 387.05 reais/ton [7]. - **EU Oil Imports**: As of August 24, the EU's 2025/26 palm oil imports were 350,000 tons, soybeans were 1.96 million tons, and rapeseed was 390,000 tons, all lower than last year [8]. - **Russian Sunflower Oil Tax**: Russia will resume export tariffs on sunflower oil and its by - products from September [8]. 3. Trend Intensity - Palm oil trend intensity is 0, and soybean oil trend intensity is 0, indicating a neutral stance [9].

Report Summary 1. Investment Rating There is no investment rating provided in the report. 2. Core View - Long - term and medium - term oil prices are bearish. Short - term, Brent is expected to stay in the range of $65 - $67. - The fundamentals of asphalt are weak. In August, supply increased both month - on - month and year - on - year, while the improvement in demand was limited. The de - stocking speed of the industry chain slowed down, and the inventory level was lower than the same period last year. - The supply and demand of asphalt lack clear drivers. The price will fluctuate weakly, with lower volatility than that of crude oil. The BU main contract is expected to trade between 3450 - 3550 yuan/ton [7]. 3. Summary by Section 3.1 Related Data - **Futures Prices and Positions**: On August 20, 2025, the price of BU2510 (main contract) rose by 1 yuan to 3454 yuan/ton, with a 0.03% increase. The main contract's position decreased by 0.2 million lots to 21.8 million lots, a 1.01% decline, while trading volume increased by 0.4 million lots to 14.6 million lots, a 2.85% increase. - **Basis and Spread**: The BU11 - 12 spread decreased by 2 yuan to 50 yuan/ton, a 3.85% decline, and the BU10 - 11 spread increased by 6 yuan to 50 yuan/ton, a 13.64% increase. The basis of Shandong - main contract, East China - main contract, and South China - main contract all increased. - **Industrial Chain Spot Prices**: The low - end prices in Shandong and East China and the market price in South China remained unchanged. The prices of Shandong gasoline and diesel decreased, while the price of Shandong petroleum coke remained stable. - **Spread and Profit**: Asphalt refinery profit decreased by 13.97 yuan to - 13.51 yuan, a 2999.02% decline. The comprehensive profit of refined oil decreased by 26.92 yuan to 469.84 yuan, a 5.42% decline [2]. 3.2 Market Research and Judgment - **Market Overview** - National average asphalt price on August 20 was 3816 yuan/ton, unchanged from the previous day. - In North China, rainfall limited terminal construction, and some traders cut prices. - In East China, the market preferred low - priced resources, and the high - end prices of some refineries were weakening. - In South China, demand was low, and some refineries might cut prices. - In Shandong, the mainstream transaction price was stable at 3670 - 3850 yuan/ton, and the spot price of mainstream brands was 3540 - 3680 yuan/ton. The price of some long - term locked contracts might suppress the spot market. - In the Yangtze River Delta, the mainstream transaction price of heavy - traffic asphalt was stable at 3750 - 3800 yuan/ton. Supply might increase, but prices would likely remain stable. - In South China, the mainstream transaction price was stable at 3480 - 3530 yuan/ton. Some refineries might cut prices, and short - term demand was hard to improve significantly due to rainfall [5][6]. - **Market Outlook** - Oil prices are bearish in the medium and long term. Short - term, Brent is expected to be in the $65 - $67 range. - The fundamentals of asphalt are weak. Supply increased in August, while demand improvement was limited. The de - stocking speed slowed down, and inventory was lower than the same period last year. - The supply and demand of asphalt lack clear drivers. The price will fluctuate weakly, with lower volatility than that of crude oil. The BU main contract is expected to trade between 3450 - 3550 yuan/ton [7]. 3.3 Related Attachments The report provides six figures, including the closing price and position of the BU main contract, and the market prices of asphalt, gasoline, and diesel in East China and Shandong [9].

Group 1 - The core viewpoint indicates that lithium carbonate prices are expected to remain strong in the short term, with fluctuations likely due to supply and demand dynamics [2] - Weekly supply of lithium carbonate has slightly increased, with spodumene supply rising while mica supply has decreased [2] - The production of positive electrodes remains robust, with weekly retail sales increasing and penetration rates reaching approximately 58% [2] Group 2 - The domestic futures market saw significant price movements, with lithium carbonate rising over 4% and other commodities like palm oil and various chemicals also experiencing gains [3] - Conversely, coal futures dropped nearly 3%, and other commodities such as eggs and various chemicals saw declines exceeding 1% [3]

Group 1: Report Overview - The report focuses on LPG and propylene markets, with the date of August 6, 2025 [1] - The cost support for LPG is weak, and the supply - demand pattern of propylene is loose, showing short - term weak and volatile trends [1] Group 2: Futures Price, Position, and Spread Futures Price - PG2509 closed at 3,845 yesterday with a - 1.31% daily increase, and 3,829 at night with a - 0.42% increase; PG2510 closed at 4,281 yesterday with a - 0.65% daily increase, and 4,308 at night with a 0.63% increase; PL2601 closed at 6,512 yesterday with a 0.48% daily increase, and 6,476 at night with a - 0.55% increase; PL2602 closed at 6,571 yesterday with a 0.52% daily increase, and 6,542 at night with a - 0.44% increase [2] Position and Transaction Volume - For PG2509, the yesterday's trading volume was 94,257 (an increase of 1,692), and the night - trading position was 101,941 (an increase of 5,819); for PG2510, the yesterday's trading volume was 33,586 (an increase of 1,922), and the night - trading position was 78,899 (an increase of 8,017); for PL2601, the yesterday's trading volume was 1,971 (a decrease of 166), and the night - trading position was 4,461 (a decrease of 25); for PL2602, the yesterday's trading volume was 104 (a decrease of 91), and the night - trading position was 968 (a decrease of 49) [2] Spread - The spread between Guangzhou domestic gas and PG09 contract was 505 yesterday (454 the day before); the spread between Guangzhou imported gas and PG09 contract was 495 yesterday (484 the day before); the spread between Shandong propylene and PL01 contract was - 337 yesterday (- 321 the day before); the spread between East China propylene and PL01 contract was - 212 yesterday (- 156 the day before); the spread between South China propylene and PL01 contract was - 287 yesterday (- 156 the day before) [2] Group 3: Industry Chain Data - This week, the PDH operating rate was 72.6% (73.1% last week), the MTBE operating rate was 67.8% (69.0% last week), and the alkylation operating rate was 49.7% (46.2% last week) [2] Group 4: Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0. The range of trend intensity is [- 2,2], with - 2 being the most bearish and 2 being the most bullish [10] Group 5: Market Information Saudi CP Expectations - On August 4, 2025, the September Saudi CP expectation for propane was 516 dollars/ton, down 10 dollars/ton from the previous trading day; for butane, it was 486 dollars/ton, down 10 dollars/ton. The October Saudi CP expectation for propane was 532 dollars/ton, down 9 dollars/ton from the previous trading day; for butane, it was 502 dollars/ton, down 9 dollars/ton [11] Domestic PDH Device Maintenance Plans - Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with the end time to be determined [12] Domestic LPG Factory Device Maintenance Plans - Many production enterprises have device maintenance plans, including Shandong's Shengli Heavy Oil with a 60 - day whole - plant maintenance from June 16, 2025, to mid - August 2025 [12]

Group 1: Sugar Core View - Global sugar supply is expected to be loose due to a 15.07% year-on-year increase in Brazil's sugar production to 340,600 tons in the first half of July and an 18% expected increase in India's new season production to 34.9 million tons. In the domestic market, the Nanning spot price has a premium, but import pressure persists, and the peak consumption season provides limited support [3]. Specific Data - Sugar futures closing prices on August 4, 2025: SR01 at 5636 with a daily increase of 0.28% and a weekly decrease of 1.16%; SR03 at 5609 with a daily increase of 0.25% and a weekly decrease of 1.06%; SR05 at 5574 with a daily increase of 0.07% and a weekly decrease of 1.17%; SR07 at 5571 with no daily change and a weekly decrease of 1.1%; SR09 at 5718 with a daily decrease of 0.26% and a weekly decrease of 2.17%; SR11 at 5657 with a daily increase of 0.07% and a weekly decrease of 1.63%; SB at 16.2 with a daily decrease of 0.92% and a weekly decrease of 1.40%; W at 465 with a daily decrease of 0.53% and a weekly decrease of 1.96% [4]. - Sugar basis data on August 1, 2025: Nanning - SR01 with a basis of 410, a daily increase of 35, and a weekly increase of 66; Nanning - SR03 with a basis of 435, a daily increase of 35, and a weekly increase of 57; Nanning - SR05 with a basis of 460, a daily increase of 41, and a weekly increase of 53; Nanning - SR07 with a basis of 459, a daily increase of 38, and a weekly increase of 42; Nanning - SR09 with a basis of 297, a daily increase of 60, and a weekly increase of 123; Nanning - SR11 with a basis of 377, a daily increase of 32, and a weekly increase of 99 [9]. - Sugar import price data on August 4, 2025: Brazilian import quota - within price at 4466 with a daily decrease of 14 and a weekly decrease of 46; out - of - quota price at 5673 with a daily decrease of 18 and a weekly decrease of 61; Thai import quota - within price at 4542 with a daily decrease of 14 and a weekly decrease of 22; out - of - quota price at 5772 with a daily decrease of 18 and a weekly decrease of 28 [12]. Group 2: Cotton Core View - The current decline in cotton prices is conducive to the outflow of high - premium warehouse receipts. However, the expectation of tight domestic cotton supply at the end of the year remains unchanged, which may still strongly support cotton prices. In the short term, cotton prices may gradually enter a volatile pattern. Attention should be paid to the implementation of domestic import quota policies, the de - stocking speed of cotton in the off - season, and the adjustment of the Sino - US trade agreement [14]. Specific Data - Cotton and cotton yarn futures closing prices on August 4, 2025: Cotton 01 at 13805 with an increase of 20 (0.15%); Cotton 05 at 13760 with an increase of 30 (0.22%); Cotton 09 at 13675 with an increase of 90 (0.66%); Cotton yarn 01 at 19705 with an increase of 25 (0.13%); Cotton yarn 05 at 0 with a decrease of 19960 (- 100%); Cotton yarn 09 at 19825 with an increase of 85 (0.43%) [15]. - Cotton and cotton yarn price spreads: Cotton basis at 1675 with no change; Cotton 01 - 05 at 55 with no change; Cotton 05 - 09 at 145 with no change; Cotton 09 - 01 at - 200 with no change; Cotton - yarn spread at 6145 with no change; Domestic - foreign cotton spread at 1709 with a decrease of 35; Domestic - foreign yarn spread at - 536 with an increase of 14 [16]. Group 3: Red Dates Core View - Recently, the weather in the production areas has changed rapidly, and there are still differences in the market's view of the new - season production. Red date prices may fluctuate temporarily. Attention should be paid to the growth of grey dates. With sufficient supply of old dates and no major problems in the future weather in the production areas, red date prices will still face pressure [20]. Group 4: Apples Core View - Under the impact of seasonal fruits, the sales speed is limited. In Shandong, the number of packaged apples is limited due to the busy farming season. In Shaanxi, the apple supply is concentrated in northern Shaanxi, and the secondary production areas are almost cleared. For new - season apples, the opening prices of Qinyang apples are the same as last year, but the prices have recently declined to varying degrees [24]. Specific Data - Apple futures closing prices on August 4, 2025: AP01 at 7744 with a daily increase of 0.77% and a weekly decrease of 1.91%; AP03 at 7725 with a daily increase of 0.66% and a weekly decrease of 1.1%; AP04 at 7779 with a daily increase of 0.93% and a weekly decrease of 1.03%; AP05 at 7838 with a daily increase of 0.49% and a weekly decrease of 0.87%; AP10 at 7826 with a daily increase of 0.88% and a weekly decrease of 2.81%; AP11 at 7642 with a daily increase of 0.88% and a weekly decrease of 1.90%; AP12 at 7704 with a daily increase of 0.8% and a weekly decrease of 1.42% [25]. - Apple spot prices on August 4, 2025: Qixia first - and second - grade 80 at 3.8 with no daily or weekly change; Luochuan semi - commercial 70 at 4.5 with no daily change and a weekly decrease of 6%; Jingning paper - bagged 75 at 5.6 with no daily change and a weekly decrease of 6.67%; Yiyuan paper - bagged 70 at 2.3 with no daily or weekly change; Wanrong paper - plus - film 75 at 2.8 with no daily or weekly change [25].

Core Insights - LME aluminum inventory has reached a near three-year low on June 26, but has since entered an upward trend, with the latest inventory level at 462,800 tons, marking a four-month high [1] - SHFE aluminum inventory has also been on the rise, increasing for five consecutive weeks, with a weekly increase of 1.5% to 117,527 tons, reaching a one-and-a-half-month high as of August 1 [1] Inventory Trends - As of August 1, 2025, LME aluminum inventory stands at 462,800 tons, while SHFE inventory is at 117,527 tons [6] - The LME inventory has shown a consistent increase from 450,825 tons on July 25 to 462,800 tons on August 1, indicating a significant upward trend [6] - SHFE inventory has also increased from 103,197 tons on July 11 to 117,527 tons on August 1, reflecting a similar upward movement [6] Market Implications - Generally, a decline in inventory levels at domestic and international exchanges tends to support futures prices, while an increase may exert downward pressure on prices [3]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - PX fundamentals maintain a weak balance, with obvious resilience in terminal demand. In the short - term, PX prices follow the cost of crude oil. In the future, during the peak seasons of "Golden September and Silver October", there is significant potential for demand and production to increase [139]. - For PTA, with large - scale device maintenance plans in August and new device production, the monthly output is expected to change little. Downstream demand provides resilient support. If oil prices are further pressured, TA prices will follow suit. Attention should be paid to demand recovery, tariff implementation progress, and significant oil price fluctuations [139]. - Regarding MEG, the supply is recovering well, and there is still room for domestic production to increase. The downstream demand provides resilient support. The inventory inflection point may arrive, and supply - demand will shift to inventory accumulation. Short - term prices are expected to be weakly adjusted, and subsequent attention should be paid to changes in coal and oil prices [139]. 3. Summary According to the Table of Contents 3.1 PX&PTA&MEG Price: Following Crude Oil Price Fluctuations - **Futures Prices**: From July 4 to August 1, 2025, PTA's closing price increased from 4710 yuan/ton to 4744 yuan/ton (a 0.7% increase), MEG's increased from 4277 yuan/ton to 4405 yuan/ton (a 3.0% increase), and PX's increased from 6672 yuan/ton to 6812 yuan/ton (a 2.1% increase) [6]. - **Basis and Spread**: PTA's basis decreased from 97 yuan/ton to - 12 yuan/ton (a - 112.4% change), MEG's basis decreased from 77 yuan/ton to 74 yuan/ton (a - 3.9% change), and PX's basis decreased from 263 yuan/ton to 219 yuan/ton (a - 16.6% change). The TA - EG spread decreased from 433 yuan/ton to 339 yuan/ton (a - 21.7% change), and the TA - PX*0.656 spread decreased from 333 yuan/ton to 275 yuan/ton (a - 17.4% change) [16][19][23]. - **Domestic and Foreign Spreads**: For ethylene glycol, the CFR China price increased by 3.1%, the FOB US Gulf price increased by 6.6%, the FD Northwest Europe price decreased by 7.5%, and the ethylene glycol spread (Europe - China) decreased by 54.6% from July 4 to July 31, 2025 [26]. 3.2 PX&PTA&MEG Supply Situation: Focus on Device Recovery - **PX**: As of August 1, the Asian PX operating load was 73.4% (a 0.4 - percentage - point increase month - on - month), and China's was 81.1% (a 4.5 - percentage - point decrease month - on - month). Some devices had unexpected outages or restarts [34]. - **PTA**: As of August 1, the PTA operating load was 72.6% (a 5.1 - percentage - point decrease month - on - month). New devices were put into production, and some existing devices were under maintenance [38]. - **MEG**: As of August 1, the overall operating load of ethylene glycol in mainland China was 68.64% (a 0.97 - percentage - point decrease month - on - month), and the operating load of synthetic - gas - based ethylene glycol was 74.04% (a 5.79 - percentage - point increase month - on - month). Some overseas devices were scheduled for maintenance [52][56]. 3.3 PX&PTA&MEG Import and Export Situation: High Global Trade Concerns - **PX**: In June 2025, China imported 76.54 million tons of PX, a 0.94% decrease from the previous month. The cumulative import volume from January to June was 450.03 million tons, a 2.38% increase year - on - year [60]. - **PTA**: In June 2025, China exported 25.52 million tons of PTA, a 3.78% decrease from the previous month. The cumulative export volume from January to June was 185.68 million tons, a 16.90% decrease year - on - year [61]. - **MEG**: In June 2025, China's monthly import volume of ethylene glycol was 61.78 million tons, a 2.34% increase month - on - month and a 1.30% decrease year - on - year. The cumulative import volume increased by 19.91% year - on - year [62]. - **Polyester**: In June 2025, the total export volume of polyester products was 124.9 million tons. The cumulative export volume from January to June was 719.2 million tons, a 17% year - on - year increase [66]. 3.4 PX&PTA&MEG Inventory Situation: Increase in Downstream Finished - Product Inventory - **PTA**: Polyester factories' PTA raw material inventory increased, and the number of warehouse receipts decreased [77]. - **MEG**: As of July 28, the port inventory in the main eastern China ports was about 52.1 million tons, and the inventory accumulation was postponed [80]. 3.5 Polyester Demand Situation: Terminal Demand Underperforms Expectations - **Domestic Polyester Data**: As of August 1, 2025, the polyester operating load was 88.1%, a 2.3% decrease from July 4. The inventory days and cash - flow of some products also changed [83]. - **Textile and Apparel Exports**: In June 2025, textile and apparel exports were 273.1 billion US dollars, a 0.1% year - on - year decrease. From January to June, the cumulative export was 1439.8 billion US dollars, an 0.8% increase [98]. 3.6 PX&PTA&MEG Positioning Situation - **Futures Positions**: On August 1, 2025, compared with July 4, PTA's total position decreased by 202,221 hands, MEG's decreased by 4207 hands, and PX's increased by 23,384 hands [113].

Core Insights - The main contract price for soda ash (SA2509) fluctuated between 1158 and 1457 CNY/ton in July, closing at 1247 CNY/ton with a weekly increase of 5.59% [1] - Soda ash production reached 3.1639 million tons in July, a month-on-month increase of 30,800 tons, representing a growth rate of 0.98% [1] - The capacity utilization rate for soda ash companies was 81.95% in July, down by 1.91% from the previous month [1] - Total inventory of soda ash manufacturers at the end of July was 1.7958 million tons, an increase of 27,000 tons, or 1.53% month-on-month [1] Market Trends - In August, the domestic soda ash market is expected to stabilize initially before weakening, with new price transactions slowing down and a forecast of stable to declining prices [1] - Supply of soda ash is expected to increase post-maintenance, leading to ample availability, while downstream demand remains weak with a focus on essential needs, resulting in decreased high-price transactions and weakened purchasing intentions [1] - The sentiment in the market has shifted from a strong rebound in July to a return to fundamentals, with traders advised to monitor inventory changes and downstream demand [1]

今日黄金期货价格实时行情（2025年7月31日） 备注：以上 黄金期货价格仅供参考，更多 黄金期货行情实时价格、 黄金期货一手要多少钱请以官方价 格为准，如有对黄期货价格有何疑问可咨询本站客服。 今日黄金期货价格（2025年7月31日） | 名称 | 最新价 | 开盘价 | 昨收价 | 最高价 | 最低价 | 报价单位 | | --- | --- | --- | --- | --- | --- | --- | | 沪金主力 | 770.68 | 771.30 | 773.78 | 772.44 | 768.08 | 元/克 | 打开APP，查看更多高清行情>> ...