1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The oil price will continue to fluctuate. The IEA warns that the global oil market will face a large - scale surplus of up to 4.09 million barrels per day next year [1]. - The prices of fuel oil (FU and LU) are expected to be bearish, with Asian low - sulfur market facing supply and demand dilemmas and high - sulfur market supported by stable demand but with sufficient supply [1][3]. - The asphalt price is temporarily viewed bearishly due to abundant market resources, weak downstream demand, and supply decline being less than demand decline [3]. - PX&TA are expected to fluctuate following the cost side in the short term, while the ethylene glycol price is expected to be under pressure with high supply and limited demand growth [3][5]. - The rubber price is expected to fluctuate due to increased supply and weak overseas demand [5]. - The methanol price is expected to maintain a bottom - oscillating trend, with potential supply changes due to Iranian device conditions and port inventory trends [5][6]. - The polyolefin price is expected to bottom - oscillate, with a shift to a supply - strong and demand - weak situation but with valuation - related factors limiting further decline [6]. - The PVC price is expected to bottom - oscillate, with high - level supply, weak domestic demand, and potential export - market changes [6][7]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, WTI 12 - month contract rose 0.2 dollars to 58.69 dollars/barrel (0.34% increase), Brent 1 - month contract rose 0.3 dollars to 63.01 dollars/barrel (0.48% increase), and SC2512 fell 2.8 yuan/barrel to 451.6 yuan/barrel (0.62% decrease). US commercial crude inventory increased by 6.4 million barrels to 427.58 million barrels as of November 7, higher than the market expectation. The IEA predicts a large - scale surplus in the global oil market next year [1]. - **Fuel Oil**: On Thursday, FU2601 fell 3.71% to 2595 yuan/ton, LU2601 fell 4.41% to 3164 yuan/ton. Singapore and Fujeirah fuel oil inventories increased. Asian low - sulfur market has supply and demand issues, while high - sulfur market is supported by stable demand [1][3]. - **Asphalt**: On Thursday, BU2601 fell 1.05% to 3029 yuan/ton. This week, domestic asphalt shipments decreased by 18.7%, and the capacity utilization rate of modified asphalt enterprises decreased. In November, production and consumption both declined, with supply decline less than demand [3]. - **Polyester**: TA601 rose 0.64% to 4700 yuan/ton, EG2601 rose 0.03% to 3892 yuan/ton, and PX601 rose 0.92% to 6836 yuan/ton. Some glycol devices are under maintenance. PX&TA are expected to follow the cost side, and ethylene glycol is under supply pressure [3][5]. - **Rubber**: On Thursday, RU2601 rose 170 yuan/ton to 15390 yuan/ton, NR rose 220 yuan/ton to 12400 yuan/ton, and BR rose 50 yuan/ton to 10480 yuan/ton. Rubber supply increased, and overseas demand weakened [5]. - **Methanol**: The supply is currently at a high level, and Iranian devices may stop in November - December, leading to a potential decline in January arrivals. Port inventory is expected to start de - stocking from mid - December to early January [5][6]. - **Polyolefin**: The price of polyolefin products shows a downward trend in profit. It is expected to shift to a supply - strong and demand - weak situation, but valuation factors may limit further decline [6]. - **PVC**: The price oscillated on Thursday. Supply is at a high level, domestic demand is weak, and the cancellation of BIS certification may boost exports, but anti - dumping needs attention [6][7]. 3.2 Daily Data Monitoring - The table shows the basis data of various energy - chemical products on November 14, 2025, including spot price, futures price, basis, basis rate, and the change of basis rate compared with previous days, as well as the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The EIA report shows that last week, US crude inventory increased, while gasoline and distillate inventories decreased. As of November 7, US commercial crude inventory increased by 6.4 million barrels to 427.58 million barrels, and Cushing crude inventory decreased by 346,000 barrels [12]. - The IEA warns that the global oil market will face a large - scale surplus of up to 4.09 million barrels per day next year, which is equivalent to nearly 4% of global oil demand and much higher than other forecasts [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: There are 29 figures showing the closing prices of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, etc. [14][15][16] - **4.2 Main Contract Basis**: There are 31 figures showing the basis of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc. [30][34][37] - **4.3 Inter - period Contract Spreads**: There are 15 figures showing the spreads between different contracts of various energy - chemical products, such as fuel oil, asphalt, etc. [42][44][47] - **4.4 Inter - variety Spreads**: There are 10 figures showing the spreads between different varieties of energy - chemical products, such as crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [58][60][63] - **4.5 Production Profits**: There are 2 figures showing the production profits of LLDPE and PP [66]. 3.5 Team Member Introduction - The research team includes members such as Zhong Meiyan (Assistant Director and Energy - Chemical Director), Du Bingqin (Crude Oil, Gas, etc. Analyst), Di Yilin (Natural Rubber/Polyester Analyst), and Peng Haibo (Methanol/Propylene, etc. Analyst), each with rich experience and achievements [71][72][73]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Silicon ferroalloy is expected to experience wide - range fluctuations due to the potential increase in cost - end factors. - Manganese ferroalloy will have wide - range fluctuations due to sector sentiment resonance [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: - Silicon ferroalloy 2601 closed at 5586 yuan/ton, up 26 yuan from the previous trading day, with a trading volume of 160,696 and an open interest of 169,595. Silicon ferroalloy 2605 closed at 5650 yuan/ton, up 40 yuan, with a trading volume of 2,153 and an open interest of 9,414. - Manganese ferroalloy 2601 closed at 5798 yuan/ton, up 22 yuan, with a trading volume of 148,442 and an open interest of 351,061. Manganese ferroalloy 2605 closed at 5848 yuan/ton, up 26 yuan, with a trading volume of 8,599 and an open interest of 43,675 [1]. - **Spot Data**: - The aggregated price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5220 yuan/ton. The price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5620 yuan/ton. - The price of manganese ore Mn44 block was 40.0 yuan/ton - degree, up 0.2 yuan. The price of small - sized semi - coke in Shenmu was 760 yuan/ton. - The spot - futures price difference of silicon ferroalloy (spot - 01 futures) was - 366 yuan/ton, down 26 yuan. The spot - futures price difference of manganese ferroalloy (spot - 01 futures) was - 178 yuan/ton, down 22 yuan [1]. - **Spread Data**: - The near - far month spread of silicon ferroalloy 2601 - 2605 was - 64 yuan/ton, down 14 yuan. The near - far month spread of manganese ferroalloy 2601 - 2605 was - 50 yuan/ton, down 4 yuan. - The cross - variety spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 was 212 yuan/ton, down 4 yuan. The cross - variety spread of manganese ferroalloy 2605 - silicon ferroalloy 2605 was 198 yuan/ton, down 14 yuan [1]. 3.2 Macro and Industry News - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 million tons, down 2.8 million tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton from the previous average price. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1]. - On November 6th, the price of 72 silicon ferroalloy in Shaanxi was 5000 - 5200 yuan/ton, in Ningxia was 5200 - 5250 yuan/ton (up 25 yuan), in Qinghai was 5150 - 5250 yuan/ton, in Gansu was 5150 - 5250 yuan/ton, and in Inner Mongolia was 5150 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi was 5700 yuan/ton, in Ningxia was 5650 - 5700 yuan/ton (down 50 yuan), in Qinghai was 5600 - 5700 yuan/ton (down 75 yuan), in Gansu was 5650 - 5700 yuan/ton, and in Inner Mongolia was 5650 - 5700 yuan/ton. The FOB price of 72 silicon ferroalloy was 1020 - 1040 US dollars/ton (down 10 US dollars), and the FOB price of 75 silicon ferroalloy was 1110 - 1130 US dollars/ton. The northern quotation of 6517 silicon - manganese was 5550 - 5650 yuan/ton, and the southern quotation was 5600 - 5700 yuan/ton [2]. - A steel mill in Shandong set the price of silicon - manganese at 5720 yuan/ton (cash - inclusive delivered to the factory) and the purchase volume was 1000 tons. A steel mill in Jiangsu set the price of silicon - manganese at 5800 yuan/ton (acceptance - inclusive delivered to the factory) and the purchase volume was 3000 tons. Xinyu Iron and Steel set the purchase price of silicon ferroalloy at 5770 yuan/ton, down 30 yuan/ton from the previous round, with a purchase volume of 600 tons [3]. 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, representing weak, relatively weak, neutral, relatively strong, and strong, where - 2 is the most bearish and 2 is the most bullish [3].

Core Viewpoint - Silicon iron futures showed a slight increase of 0.65%, with the main contract trading at 5542.00 yuan, indicating a strong fluctuation in the market [1][2]. Group 1: Market Performance - The main contract for silicon iron futures reached a peak of 5588.00 yuan during trading [1]. - As of the latest update, the contract price is reported at 5542.00 yuan, reflecting a 0.65% increase [1]. Group 2: Institutional Perspectives - Everbright Futures expects the silicon iron price to remain in a state of fluctuation in the short term, citing high supply levels and limited demand [2]. - Nanhua Futures anticipates that iron alloy prices will also experience fluctuations due to high inventory and weak demand, although cost support is present [3]. - Zhonghui Futures adopts a bearish outlook on silicon iron, noting high supply levels and increased inventory, while also highlighting potential upward pressure on coal prices [4].

Group 1 - The core viewpoint of the articles indicates that the lithium carbonate futures market is experiencing a strong upward trend, with prices fluctuating between 78,000 and 83,000 yuan/ton in the short term [1][2] - The main contract for lithium carbonate opened at 80,000 yuan/ton, reaching a high of 81,620 yuan and a low of 79,580 yuan, with a daily increase of 2.03% [1] - Market inventory has decreased significantly, with total inventory down by 2,200 tons to 132,700 tons, and downstream inventory reduced by 2,000 tons to 58,000 tons, indicating a recovery in market trading [1] Group 2 - According to Guotou Anxin Futures, the rebound in lithium prices is supported by high operating rates of leading cathode material manufacturers and a decrease in market inventory [1] - Jinrui Futures notes that the fundamental recovery and continuous inventory reduction are driving significant price increases, with expectations for prices to remain strong in the near term [1] - Nanhua Futures highlights that increased supply from salt lake production and potential recovery of "Jianxiawo" could lead to a weaker price trend, while demand from lithium battery material companies is expected to grow, providing support for prices [2]

Report Information - Reported Industry: Soybean Meal [1] - Report Date: October 14, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Report Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - Change the previous bullish view to a sideways view. The near - term market focuses on the reality of high supply and high inventory of soybean meal. However, with the 23% import tariff on US soybeans, the depletion of soybean inventory at Chinese ports in the middle of the fourth quarter will support the futures market. Also, there is potential upside as US soybean yield may be further adjusted downwards, making it difficult to form a unilateral trend in the short - to - medium term [6] - Future attention points include when the US resumes report publication and the production adjustments in the report, the results of China - US trade negotiations, and whether Argentina's export policy will be liberalized again, which will affect the valuation of the 01 contract [6] 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Review**: - Domestic soybean meal futures contracts showed different price movements. For example, the price of the bean粕2601 contract increased by 0.27%, the bean粕2603 contract by 0.38%, and the bean粕2511 contract by 0.76% [6] - The US soybean futures contract on the external market fluctuated, with the main contract at 1010 cents. Due to the recent China - US trade disputes, the CBOT soybean futures dropped significantly on Friday night and then stabilized on Sunday [6] - **Operation Suggestions**: - The current view is changed from bullish to sideways. Although the near - term market faces high supply and high inventory, the depletion of soybean inventory at Chinese ports in the middle of the fourth quarter and the potential reduction in US soybean yield will support the market [6] - Pay attention to the resumption of US report publication, China - US trade negotiation results, and Argentina's export policy, which will affect the valuation of the 01 contract [6] 3.2行业要闻 (Industry News) - As of the week of October 7, about 39% of US soybean - growing areas were affected by drought, compared with 37% in the previous week and 43% in the same period last year [9] - As of October 10, the soybean planting area in Mato Grosso, Brazil, for the 2025/26 season had reached 21.22% of the expected total, up from 15.03% in the previous week and 8.81% in the same period last year [9] - Brazilian farmers had sown 12.48% of the expected soybean planting area in 2025, significantly higher than the 5.28% sowing progress in the same period last year [10]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Coal and coke supply and demand are both increasing, and downstream enterprises are starting pre - holiday stockpiling, which supports the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [4] Group 3: Summary Based on Related Content Market Situation - Last week, the prices of coal and coke futures fluctuated strongly as a whole, and the price center shifted upward. The Fed cut interest rates as expected, and the dot - plot indicated two more cuts this year. In the spot market, coal prices in Shanxi rebounded slightly, and some coking enterprises in Inner Mongolia planned to raise coke prices due to rising costs [3] - Recently, due to the severe air quality situation in Tangshan, coking enterprises were required to extend the coking time by 30% from September 15th to September 30th. However, the current production restrictions are mainly voluntary, and the specific plan is not clear [3] Production and Operation Data - Last week, the profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from the previous week. The daily average hot - metal output increased slightly by 0.47 million tons to 2.4102 million tons, and steel mills as a whole did not reduce production [3] Market Outlook - In the coal mine sector, last week, coal mines in Shanxi continued to resume production, and output continued to rise. Although the policy is expected to improve, the market is worried about coal mine production cuts due to the over - production inspection in Inner Mongolia. In the short term, there is still room for a slight increase in production in major coal - producing areas, and the market will remain strong before the holiday [3]

1. Report Industry Investment Ratings - All three major commodities (cotton, sugar, and pulp) are rated as neutral [3][6][9] 2. Core Views - The global cotton supply - demand pattern has shifted from loose to tight according to USDA, but the lack of abnormal weather in major producing areas makes the market skeptical. In China, short - term supply tightness supports cotton prices, but weak downstream demand creates pressure. Mid - term, good new cotton growth may suppress prices [2] - For sugar, Brazilian data shows a trade - off between sugar production and other factors. In China, slow domestic sales, high import profits, and large imports are increasing domestic spot pressure. A possible new - season delay may lead to a price increase in the fourth quarter [5][6] - Regarding pulp, supply pressure remains high due to increased imports and domestic capacity. Weak demand both in Europe, the US, and China, along with low terminal demand and high inventory, means the market is likely to remain weak in the short - term [7][8][9] 3. Summary by Relevant Catalogs Cotton Market News and Key Data - Cotton 2601 futures closed at 14,030 yuan/ton, down 25 yuan/ton (-0.18%) from the previous day. The Xinjiang arrival price of 3128B cotton was 15,038 yuan/ton, down 42 yuan/ton. The national average price was 15,210 yuan/ton, down 30 yuan/ton [1] - As of August 15, India's new - season cotton planting area was 10.8 million hectares, a 2.7% decrease from the previous year. In Mato Grosso, the picking progress was 40%, 17 percentage points behind the same period last year [1] Market Analysis - Internationally, USDA's reduction in global cotton production and ending stocks led to a short - term increase in US cotton prices, but the market is skeptical. Domestically, tight supply in the short - term supports prices, but weak downstream demand creates pressure. Mid - term, new cotton listing may suppress prices [2] Strategy - A neutral stance is recommended. Low inventory and the approaching textile peak season support prices, but policy regulation and long - term industry factors limit the upside [3] Sugar Market News and Key Data - Sugar 2601 futures closed at 5688 yuan/ton, up 12 yuan/ton (+0.21%) from the previous day. The spot price in Nanning, Guangxi was 5970 yuan/ton, unchanged. In Kunming, Yunnan, it was 5855 yuan/ton, also unchanged [4] - In July 2025, China's sugar - related imports totaled 7.43 tons, and the domestic refined sugar production in July was 41 tons, a 64.7% year - on - year increase [4] Market Analysis - Internationally, Brazilian sugar data shows a complex situation. In China, slow domestic sales, high import profits, and large imports are increasing domestic spot pressure [5][6] Strategy - A neutral stance is recommended. Short - term price is likely to fluctuate within a range due to supply pressure, but a possible new - season delay may lead to a price increase in the fourth quarter [6] Pulp Market News and Key Data - Pulp 2511 futures closed at 5130 yuan/ton, down 6 yuan/ton (-0.12%) from the previous day. The spot price of Chilean Silver Star softwood pulp in Shandong was 5800 yuan/ton, down 10 yuan/ton [6] Market Analysis - Supply pressure remains high due to increased imports and domestic capacity. Weak demand both in Europe, the US, and China, along with low terminal demand and high inventory, means the market is likely to remain weak [7][8] Strategy - A neutral stance is recommended. With no significant improvement in the market fundamentals, short - term prices are likely to remain in a low - level oscillation [9]

Market Overview - Cotton yarn futures experienced low-level fluctuations, with the main contract reported at 20,130.00 yuan/ton, a slight decrease of 0.17% [1] Market Data - As of August 18, the number of cotton yarn futures warehouse receipts was 69, a decrease of 5 from the previous trading day [2] - The average price of 3128-grade cotton arriving nationwide was 15,342 yuan/ton, an increase of 50.00 yuan/ton; the price of 32s pure cotton yarn was 21,555 yuan/ton, up by 41.00 yuan/ton [2] - Spinning profit stood at -1,321.2 yuan/ton, a decline of 14.00 yuan/ton [2] Export Performance - In July, China's textile and apparel exports fell by 1.3% year-on-year and 2.3% month-on-month, indicating increasing downward pressure [2] - Cumulative exports from January to July reached 1.23 trillion yuan, reflecting a year-on-year growth of 1.8%, with a slowdown in growth highlighting industry challenges [2]

Core Viewpoint - The short fiber futures market is experiencing a decline in prices, with the main contract closing at 6338.00 yuan/ton, down 1.18% [1] Market Summary - As of August 13, the number of short fiber futures warehouse receipts remained stable at 5753 contracts compared to the previous trading day [2] - The PF spot market prices are stable, with trading focus maintaining a similar level. The basis quotes range from 09-30 to 09+170, with specific sources quoting prices such as Zhonglei at 09+170 and Yida at 09+140 [2] - As of August 7, the inventory of polyester short fibers in Chinese factories is 7.78 days, a decrease of 0.12 days from the previous period, while physical inventory stands at 15.10 days, down 0.25 days [2] Institutional Perspectives - Donghai Futures notes that the weakening of the sector is leading to lower short fiber prices, with terminal orders remaining average. Although short fiber production has slightly rebounded, negative feedback from the terminal persists, indicating limited accumulation of short fiber inventory [3] - Southwest Futures highlights that short-term short fiber supply remains at a high level, with demand showing some improvement. The supply-demand imbalance is not significant, and short-term prices may fluctuate with costs, emphasizing the need to monitor risk and macro policy adjustments [3]

Report Industry Investment Rating No relevant content provided. Core Views - On August 12, 2025, A-share major indices closed up collectively, with the Shanghai Composite Index achieving a seven - day consecutive rise and hitting a new high for the year. The trading volume of the Shanghai and Shenzhen stock markets reached 1881.5 billion yuan, an increase of 54.5 billion yuan from the previous day [1]. - The policies related to coal production verification have affected supply, with some coal mines shutting down. There are expectations of tightened coking coal supply and steel mill production restrictions [2]. - Due to large net short positions of speculators, there was short - covering in the US sugar market, leading to the upward movement of the Zhengzhou sugar 2601 contract [2]. - The 90 - day suspension of the 24% reciprocal tariffs between China and the US boosted market sentiment, causing the upward movement of Shanghai rubber [3]. - The USDA lowered the forecast of US soybean production, leading to a 2.18% increase in CBOT soybeans on August 12. In the domestic market, although there is high supply pressure in the short - term, concerns about future supply shortages support the strong and volatile adjustment of soybean meal prices [3][5]. - The current low - season for pork consumption, high - temperature weather, and expected increase in group - farm pig slaughter are keeping the pig market in a state of loose supply and demand [5]. - On August 12, the palm oil market had many fundamental positive factors, and its price continued to rise [6]. - The 90 - day extension of the Sino - US tariff truce supported copper prices. The supply and demand situation made the copper price show an oscillatory trend [6]. - Positive news in the steel market, including macro - level agreements and industry - level production restriction expectations, drove steel prices to run strongly in the short term [6]. - The supply of iron ore tightened, and the demand was resilient, resulting in an oscillatory trend of iron ore prices [7]. - The asphalt market had low demand but was supported by low inventory, with prices oscillating in the short term [7]. - The log market had a game between strong expectations and weak reality, with weak spot trading, and prices were affected by multiple factors [7][8]. - The cotton inventory decreased, and the price of the Zhengzhou cotton main contract showed certain trends [8]. - The adjustment of mineral resource policies and the tightening of the Guinean bauxite mining policy increased the risk of bauxite supply interruption, and the Shanghai aluminum market was oscillating [9]. Summary by Variety Stock Index Futures - On August 12, the Shanghai Composite Index rose 0.50% to 3665.92 points, the Shenzhen Component Index rose 0.53% to 11351.63 points, the ChiNext Index rose 1.24% to 2409.40 points, and the Science and Technology Innovation 50 Index rose 1.91% to 1069.81 points. The CSI 300 Index closed at 4143.82, a rise of 21.31 [1]. Coke and Coking Coal - On August 12, the coke weighted index closed at 1792.3, a rise of 80.7; the coking coal weighted index closed at 1292.3 yuan, a rise of 85.6 [1]. Zhengzhou Sugar - Affected by short - covering in the US sugar market and an increase in spot prices, the Zhengzhou sugar 2601 contract moved up on August 12. Brazil's sugar and molasses exports in July 2025 were 3.5937 million tons, a decrease of 4.98% compared to the same period last year [2]. Rubber - The 90 - day suspension of the 24% reciprocal tariffs between China and the US boosted market sentiment. On August 12, Shanghai rubber oscillated upward. In the first half of 2025, US tire imports increased by 6.8% year - on - year, and the estimated total tire shipments in 2025 increased by 0.9% compared to 2024 [3]. Soybean Meal - Internationally, on August 12, CBOT soybeans rose 2.18%. The USDA lowered the forecast of US soybean production for the 2025/26 season. Domestically, on August 12, the M2601 main contract closed at 3091 yuan/ton, a rise of 0.62%. Although there is high supply pressure in the short - term, concerns about future supply shortages support the price [3][5]. Live Pigs - On August 12, the live pig futures price oscillated. The LH2511 main contract closed at 14230 yuan/ton, a rise of 0.64%. The current low - season for pork consumption and expected increase in group - farm pig slaughter keep the market in a state of loose supply and demand [5]. Palm Oil - On August 12, the palm oil price continued to rise. The main contract P2509 closed at 9362, a rise of 1.56%. From August 1 - 10, 2025, Malaysia's palm oil exports increased by 23.67% compared to the same period last month [6]. Shanghai Copper - The 90 - day extension of the Sino - US tariff truce supported copper prices. The supply and demand situation made the copper price show an oscillatory trend [6]. Steel - On August 12, rb2510 closed at 3258 yuan/ton, and hc2510 closed at 3484 yuan/ton. Positive news drove steel prices to run strongly in the short term [6]. Iron Ore - On August 12, the iron ore 2509 main contract rose 1.7% to 807.5 yuan. The supply tightened, and the demand was resilient, resulting in an oscillatory trend [7]. Asphalt - On August 12, the asphalt 2510 main contract rose 0.57% to 3506 yuan. The low - demand but low - inventory situation made the price oscillate in the short term [7]. Logs - On August 12, the log 2509 contract had certain price movements. The spot prices in Shandong and Jiangsu remained unchanged. The market had a game between strong expectations and weak reality, and prices were affected by multiple factors [7][8]. Cotton - On the night of August 12, the Zhengzhou cotton main contract closed at 14090 yuan/ton. The cotton inventory decreased by 85 contracts [8]. Alumina and Shanghai Aluminum - On August 12, ao2509 closed at 3308 yuan/ton. Policy adjustments increased the risk of bauxite supply interruption. al2509 closed at 20735 yuan/ton, and the market was oscillating [9].