Group 1: Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] Group 2: Core View of the Report - The current LPG market shows a pattern of "strong overseas and weak domestic". Although overseas supply has tightened marginally recently and the external market price is relatively firm, the domestic market's reaction is limited. The inversion of the price of ether - after carbon four and civil gas suppresses the PG market. In the short - term, the fundamentals of LPG have both positive and negative factors. In the medium - term, the overseas supply growth trend continues, and the global supply - demand balance is expected to be oversupplied, with resistance to upward price movement. The escalation of the geopolitical situation is worthy of attention [1] Group 3: Market Analysis Summary - On January 8, the regional prices were as follows: Shandong market, 4380 - 4460; Northeast market, 3890 - 4150; North China market, 4130 - 4420; East China market, 4300 - 4500; Yangtze River market, 4780 - 4950; Northwest market, 4200 - 4350; South China market, 4800 - 4950 [1] - In the first half of February 2026, the CIF price of frozen propane in East China, China was 593 US dollars/ton, down 3 US dollars/ton, and butane was 588 US dollars/ton, down 3 US dollars/ton. In RMB, propane was 4582 yuan/ton, down 26 yuan/ton, and butane was 4543 yuan/ton, down 26 yuan/ton. In South China, the CIF price of frozen propane was 586 US dollars/ton, down 3 US dollars/ton, and butane was 581 US dollars/ton, down 3 US dollars/ton. In RMB, propane was 4528 yuan/ton, down 26 yuan/ton, and butane was 4489 yuan/ton, down 26 yuan/ton [1] - The domestic LPG spot price remained stable overall yesterday, with a slight decline in Shandong civil gas. The East China LPG market was mainly stable, with fair downstream purchasing enthusiasm, moderate trading, limited current demand, general purchasing motivation of industry players, and strong market wait - and - see sentiment [1]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core View of the Report - The current sugar market shows a pattern of "strong international and weak domestic". International sugar prices are dominated by Brazil's production increase and crude oil fluctuations, while the domestic market faces dual pressures of processed sugar impact and weak demand. In the long - term, with a global surplus, the upside space for sugar prices is limited, and an interval - oscillation approach is recommended. In August, key factors to watch include Brazil's crushing progress, import arrival rhythm, and policy regulation intensity [4]. 3) Summary According to Relevant Catalogs Domestic Sugar Price Data - On August 11, 2025, the spot prices of sugar in different regions were as follows: 6010 yuan/ton in Nanning Warehouse, Guangxi; 5825 yuan/ton in Kunming; 5700 yuan/ton in Dali, Yunnan; and 6090 yuan/ton in Rizhao, Shandong. The prices in all these regions had no change compared to the previous day [4]. - The futures prices were: SR09 at 5678 yuan/ton (down 2 yuan), SR01 at 5573 yuan/ton (unchanged), and the spread SR09 - 01 was 105 yuan (down 2 yuan) [4]. Exchange Rate and International Commodity Data - The exchange rates on August 11, 2025, were: RMB/USD at 7.2015 (up 0.0010), Brazilian Real/RMB at 1.2818 (up 0.0212), and Indian Rupee/RMB at 0.084 (down 0.0004) [4]. - The prices of international commodities were: ICE raw sugar main contract at 16.27 (unchanged), London white sugar main contract at 573 (up 3), and Brent crude oil main contract at 66.32 (unchanged) [4].

1. Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 12, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 2. Market Review - **Futures Market Quotes**: The Shanghai zinc futures market showed a pattern of reduced positions and rising prices. The main contract closed at 22,590 yuan/ton, up 85 yuan or 0.38%. The net long positions of the top 20 seats decreased by 195 lots, and the 08 - 09 spread widened to 30. The domestic zinc concentrate processing fee in August remained stable at 3,900 yuan/metal ton, while the imported zinc concentrate price increased by 3.5 dollars/dry ton to 82.25 dollars/dry ton. The inventory in the domestic zinc market continued to accumulate, reaching 119,000 tons on Monday. The LME zinc inventory decreased by 1,075 tons to 80,425 tons, with the problem of low inventory and high cancellation ratio still existing. The import window remained closed. The rising price of the futures market put pressure on the purchasing sentiment, and the premium continued to decline. The Shanghai market had a discount of 10 yuan/ton to the 09 contract, the Tianjin market had a discount of 10 yuan/ton to the Shanghai market, and the Guangdong market had a discount of 65 yuan/ton to the 09 contract and 20 yuan/ton to the Shanghai spot, with the spread between Shanghai and Guangdong narrowing. The Shanghai zinc futures price stood above the middle track of the Bollinger Bands, but there were signs of a decline on the hourly chart, and the risk of a decline from the high level increased due to the weak fundamentals [7]. 3. Industry News - **Price and Premium in Different Regions**: On August 11, 2025, the mainstream transaction prices of 0 zinc in different regions were as follows: in the Shanghai market, the mainstream transaction price of 0 zinc was 22,515 - 22,635 yuan/ton, and that of Shuangyan brand was 22,625 - 22,775 yuan/ton; in the Ningbo market, the mainstream transaction price of 0 zinc was 22,495 - 22,605 yuan/ton; in the Tianjin market, the mainstream transaction price of 0 zinc was 22,470 - 22,640 yuan/ton; in the Guangdong market, the mainstream transaction price of 0 zinc was 22,440 - 22,610 yuan/ton. The premiums and discounts of different brands to the 2509 contract also varied in different regions [8][9]. 4. Data Overview - **Graphs**: The report includes graphs such as the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, with data sources from SMM, Wind, and the research and development department of CCB Futures [11][15]