Group 1: Investment Ratings - No investment ratings provided in the reports Group 2: Core Views - The continuous rise of gold recently is mainly due to central banks' continuous gold purchases. Before the interest - rate cut is realized, gold shows a bullish trend, but the rhythm needs attention [1] - For coking coal, both domestic and foreign supplies are recovering. The downstream开工率 will recover this week, and the spot market has average trading volume. Short - term interval operation is recommended [1] - The capital market expects a tight money supply in the third quarter, which is negative for the bond market. Attention should be paid to the logic of liquidity easing and the stock - bond seesaw [3] - The significant increase in the number of initial jobless claims in the US leads to market expectations of three interest - rate cuts by the Fed this year. Before the interest - rate cut is realized, silver fluctuates with a bullish bias [3] - For iron ore, the demand has good resilience, and the supply contracts in the short term. The price is expected to remain high and strong, but the upside space is cautiously optimistic [4] - For rebar, the macro - economic outlook is positive. The steel demand shows a weak recovery in September. After a weak adjustment, the steel price may rebound if production can be controlled. In the short term, the price may fluctuate weakly [5] - The pig price is stable, with short - term oversupply. After a continuous decline, the price may stop falling and stabilize. Attention should be paid to the group - farm slaughter rhythm and demand recovery [6] - For palm oil, production decreased in early September, and the futures price rebounded. The price is expected to oscillate and rebound in the short term [6] - For soybeans, the supply - demand pattern of weak supply and weak demand remains unchanged. The domestic soybean price rebounds, but the upside space is limited [7] - For methanol, the domestic methanol market is mixed. The 01 contract is expected to oscillate in the short term, and it is recommended to wait and see [8] - For LLDPE, the price trend is weak, with high supply and rising inventory. The L2601 contract is expected to oscillate weakly in the short term, and it is recommended to wait and see [9] - For soda ash, the domestic soda ash market is weakly stable. The 01 contract is expected to oscillate in the short term, and it is recommended to wait and see or do short - term long on dips [10] - For crude oil, OPEC+ supply increases significantly, and the demand does not improve significantly. The oil price is expected to be under pressure, and a short - selling strategy on rallies is recommended [10][11] - For rubber, it is in a situation of low inventory and weak demand. It should be treated with an oscillating view, and attention should be paid to the weather in the main production areas [11] - For PTA, the supply - demand balance is expected to weaken, and the cost side is under pressure. A short - selling strategy on highs is recommended [12] Group 3: Summaries by Variety Gold - The proportion of gold in global central bank reserves (excluding the Fed) has exceeded US Treasury bonds for the first time since 1996, making gold the top reserve asset. Central banks' continuous gold purchases drive the price up. The market has fully priced in a September interest - rate cut, but a reversal may occur after the cut [1] Coking Coal - The capacity utilization rate of 523 coking coal mines is 82.7%, a 6.9% increase from the previous period. The daily output of raw coal and clean coal has increased, and the inventory has decreased. Both domestic and foreign supplies are recovering, and the downstream开工率 will recover this week [1] Short - term Treasury Bonds - Most short - term Shibor varieties have risen. The capital market expects a tight money supply in the third quarter, which is negative for the bond market. Attention should be paid to the logic of liquidity easing and the stock - bond seesaw [3] Silver - US CPI data is in line with expectations, but the number of initial jobless claims has increased significantly. The market expects three interest - rate cuts by the Fed this year. The US dollar index has fallen, and precious metals have risen. However, risk preference has declined, putting pressure on silver. Before the interest - rate cut is realized, silver fluctuates with a bullish bias [3] Iron Ore - From September 1st to 7th, the global iron ore shipment volume decreased by 800.6 tons compared with the previous period. The shipment volume from Australia and Brazil decreased by 572.5 tons. The demand for iron ore has good resilience, and the supply contracts in the short term. The price is expected to remain high and strong, but the upside space is cautiously optimistic [4] Rebar - As of the week of September 11th, the output, factory inventory, and apparent demand of rebar have decreased, while the social inventory has increased. The macro - economic outlook is positive, and the steel demand shows a weak recovery in September. After a weak adjustment, the steel price may rebound if production can be controlled. In the short term, the price may fluctuate weakly [5] Pig - On September 11th, the average pork price in the national agricultural product wholesale market increased by 0.1% compared with the previous day. The pig price is stable, with short - term oversupply. After a continuous decline, the price may stop falling and stabilize. Attention should be paid to the group - farm slaughter rhythm and demand recovery [6] Palm Oil - From September 1st to 10th, the export volume of Malaysian palm oil decreased by 1.24% compared with the same period last month, and the production decreased by 3.17%. The futures price of palm oil has rebounded, and the price is expected to oscillate and rebound in the short term [6] Soybeans - The sales pace of Argentine soybeans has slowed down. The domestic new - season soybeans are sporadically on the market, and the supply - demand pattern of weak supply and weak demand remains unchanged. The domestic soybean price rebounds, but the upside space is limited [7] Methanol - The market price of methanol in Jiangsu Taicang has decreased. The domestic methanol capacity utilization rate has decreased, and the port inventory has increased. The 01 contract is expected to oscillate in the short term, and it is recommended to wait and see [8] LLDPE - The price of LLDPE has a weak trend. The supply remains at a high level, the production enterprise inventory has increased, and the downstream开工率 is expected to rise. The L2601 contract is expected to oscillate weakly in the short term, and it is recommended to wait and see [9] Soda Ash - The mainstream price of heavy - quality soda ash has oscillated weakly. The weekly output has increased, and the manufacturer's inventory has decreased slightly. The float glass开工率 is stable, and the inventory has decreased slightly. The 01 contract is expected to oscillate in the short term, and it is recommended to wait and see or do short - term long on dips [10] Crude Oil - OPEC+ increased oil production in August, and the IEA has adjusted the supply and demand forecasts. The supply has increased significantly, and the demand has not improved significantly. The oil price is expected to be under pressure, and a short - selling strategy on rallies is recommended [10][11] Rubber - The raw material prices in Thailand are stable. From January to August this year, China's automobile production and sales exceeded 20 million for the first time. However, the sales growth rate of passenger cars decreased in August, and the demand is still weak. Rubber is in a situation of low inventory and weak demand, and attention should be paid to the weather in the main production areas [11] PTA - The social inventory of PTA has decreased, and the capacity utilization rate is 77.29%. The pre - maintenance devices are expected to restart, and the supply - demand balance is expected to weaken. The cost side is under pressure, and a short - selling strategy on highs is recommended [12]