Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Report's Core View - The methanol 2601 contract is expected to show a weakening trend. In the short - term, medium - term, and intraday, it will be in a state of shock, with an intraday weakening shock. The core reason is that the coal price is weakening, and the methanol supply - demand structure is weak [1][5]. 3) Summary by Related Catalogs 3.1 Variety Morning Meeting Minutes - For the methanol 2601 contract, the short - term view is shock, the medium - term view is shock, the intraday view is shock and weakening, and the reference view is weakening operation. The core logic is that the coal price is weakening, causing the methanol to shock and weaken [1]. 3.2 Main Variety Price Market Driving Logic - Commodity Futures Energy and Chemical Sector - The intraday view of methanol is shock and weakening, and the medium - term view is shock. The reference view is weakening operation. As the previous macro - driving force weakens, methanol returns to a market dominated by a weak supply - demand structure. Currently, the supply pressure of domestic and foreign methanol is still high, and downstream demand is in the off - season. The weak supply - demand structure causes the price center to face a downward shift. Although the domestic methanol futures 2601 contract had an oversold rebound on Tuesday night, with the price rising slightly by 0.50% to 2398 yuan/ton, it lacks the power to continue rising. It is expected that the domestic methanol futures 2601 contract will maintain a shock and weakening trend on Wednesday [5].

Report Industry Investment Rating - No relevant information provided Core View of the Report - On Wednesday, most domestic commodities declined, with industrial products mostly falling and agricultural products showing mixed performance [1] Summary by Related Catalogs Black Series - Black series generally declined. Recently, there were continuous disturbances on the coking coal supply side, but market sentiment cooled at high levels, and steel mills delayed the implementation of coke price increases. The inventory of five major steel products increased by 23470 tons to 1.37536 million tons, reaching a more than two - month high. High - temperature weather continued, terminal demand remained weak, and speculative demand weakened. However, there were still production - cut expectations, and the overall pressure on available spot resources was not large, so the futures price fluctuations were limited [1] Basic Metals - Basic metals showed mixed performance. For copper, the lower - than - expected CPI increase in the US in July supported a September interest rate cut, the US dollar weakened, and US stocks reached new highs, supporting the strong performance of Shanghai copper. For lithium carbonate, the futures price fluctuated within a range. Downstream enterprises started peak - season stocking, demand improved, but the supply side of lithium - spodumene extraction also increased significantly, making up for the reduction in lithium - mica and salt - lake production. The supply - side disturbances were not fully realized, and the market was more sensitive to supply disturbances, so lithium carbonate continued to oscillate at a high level [1] Energy Products - Energy products weakened again. API crude oil inventory increased more than expected, and SC crude oil returned to a downward trend. In the short term, OPEC+ will maintain production increases in September, and there are concerns about the impact of tariff policies on demand, so oil prices will oscillate weakly. Geopolitical risks may cause a temporary supply shortage and support short - term oil price increases. In the long term, due to OPEC+'s production - increase strategy, weakening peak - season demand, inventory accumulation due to poor refinery profits, and the increasing substitution rate of the new - energy industry, oil prices will still face pressure [1] Oilseeds and Oils - Most oilseeds and oils rose. Stimulated by China's preliminary anti - dumping ruling on Canada and the unexpectedly positive USDA August supply - demand report, oilseeds and oils rose significantly. The USDA August report lowered the global soybean production and ending inventory, with US soybean production reduced to 4.292 billion bushels and ending inventory to 290 million bushels, which boosted the soybean meal price. In the short term, under the influence of multiple positive factors, oilseeds and oils may continue to be strong [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Gold is expected to move in a volatile manner, with a short - term downward trend, medium - term oscillation, and an intraday view of being weakly volatile. The core logic is that the rebound of the US dollar is negative for gold prices, and the better - than - expected US economic data has an impact on gold prices [1][3]. - Copper is considered to be strong in the short - term, with an intraday view of being strongly volatile and medium - term oscillation. After the impact of US tariffs, the copper price dropped significantly. With the increase in downstream replenishment willingness and the narrowing of the refined - scrap price difference, the copper price is expected to stabilize and rebound [1][5]. 3. Summary by Variety Gold (AU) - **Time - cycle Views**: Short - term: decline; Medium - term: oscillation; Intraday: weakly volatile; Reference view: volatile operation [1][3]. - **Core Logic**: Yesterday, the gold price first declined and then rose. US economic data released at 20:30 Beijing time was better than expected, causing the gold price to decline and then rebound. Short - term attention should be paid to the support at the 3300 level and the trend of the US dollar index [3]. Copper (CU) - **Time - cycle Views**: Short - term: rise; Medium - term: oscillation; Intraday: strongly volatile; Reference view: strong in the short - term [1][5]. - **Core Logic**: Last night, the copper price increased slightly with positions. The main contract price of Shanghai copper recovered the 78,000 level. On the industrial level, downstream replenishment willingness increased as the price declined, and the narrowing of the refined - scrap price difference provided support. The narrowing of the LME import loss reflects the pattern of strong domestic and weak overseas. On the capital level, the position of Shanghai copper decreased, and after the market digested the negative impact of tariffs, the copper price is expected to continue to stabilize and rebound [5].