Report Investment Ratings - **Buy with Caution**: Rapeseed Meal, Rapeseed Oil, Live Pigs [1] - **Hold**: Soybeans, Soybean Meal, Corn [1] - **No Clear Rating**: Eggs [1] Core Views - The price of Soybean No.1 is fluctuating at a low level, and the price increase faces resistance during the harvest period. The domestic market has uncertainty risks regarding the long - term soybean supply. [2] - Under the unclear Sino - US trade tariff situation, domestic soybean meal is in a continuous shock, and there are no trend trading opportunities for now. [3] - For soybean oil and palm oil, there is a risk of increased price fluctuations in the short term. The long - term view is to buy on dips. [3] - The domestic rapeseed meal and rapeseed oil markets are affected by the rebound of external oilseed futures prices. The market is short - term bullish and awaits the US Department of Agriculture's report and trade negotiation news. [5] - Dalian corn futures are running weakly, and the overall market atmosphere is weak. [6] - The price of live pigs continues to decline, and the futures price is relatively strong. The outlook for the near - term futures price is not optimistic. [7] - The egg futures are increasing in position and falling. The off - season contracts in the second half of this year are relatively weak, and an inverse spread trading strategy is recommended. [8] Section Summaries Soybean No.1 - Today, 32,000 tons of domestic soybeans were auctioned at a reserve price of 4,200 yuan/ton, all of which were unsold. The price of Soybean No.1 is fluctuating at a low level, and the spread between Soybean No.1 and No.2 is narrowing. The price increase faces resistance during the harvest period. The short - term weather in the Northeast is favorable for soybean growth. There is uncertainty about the long - term soybean supply. [2] Soybeans & Soybean Meal - Due to unclear Sino - US trade tariffs, US new - crop soybeans are difficult to enter the domestic market. Brazilian soybean premiums are rising, and domestic procurement in the fourth quarter is slow. The soybean meal inventory has reached a new high this year. The US soybean has an early high - yield expectation, and the soybean meal market is expected to be volatile. [3] Soybean Oil & Palm Oil - There is a risk of increased price fluctuations in the short term. The market is waiting for the guidance of the US biodiesel policy. The long - term view is to buy on dips. Palm oil may enter a production - reduction cycle in the fourth quarter, and there is uncertainty about the long - term soybean oil supply. [3] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed meal and rapeseed oil markets are affected by the rebound of external oilseed futures prices. The rapeseed meal performs stronger than rapeseed oil. The market awaits the US Department of Agriculture's report and trade negotiation news. [5] Corn - Dalian corn futures are running weakly. The auction of imported corn by the China National Grain Reserves Corporation has a low transaction rate, and the overall market atmosphere is weak. [6] Live Pigs - The spot price of live pigs continues to decline, reaching a new low this year. The futures price is relatively strong. The planned slaughter volume of large - scale enterprises in August is expected to increase by 6.6% month - on - month. The outlook for the near - term futures price is not optimistic. [7] Eggs - The egg futures are increasing in position and falling. The 12 - month contract has a high premium. The spot price is basically stable. The market should pay attention to the holiday stocking demand and the impact of cold - storage eggs. The off - season contracts in the second half of this year are relatively weak. [8]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The oil market may shift to a weaker trend dominated by pessimistic supply - demand fundamentals, with geopolitical risk premiums significantly reduced [2]. - For precious metals, maintain a "buy - on - dips" strategy during the oscillation period and be cautious when prices are high [3]. - For various commodities, different investment strategies are proposed based on their respective supply - demand situations, cost factors, and policy impacts, such as holding previous short positions for copper, waiting for short - selling opportunities for zinc, etc. Summary by Commodity Categories Energy Commodities - **Crude Oil**: Overnight international oil prices declined. After the US announced a 25% tariff on India for buying Russian oil (to be implemented in 21 days), the supply risk of Russian oil weakened due to positive signals from US - Russia talks. The post - peak - season supply - demand outlook is loose, and the market may turn pessimistic [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: SC continued to fall, and fuel - related futures followed the downward trend. The Asian fuel oil market has sufficient arrivals in August, and the low - sulfur fuel oil market is under pressure, while high - sulfur resources are relatively supported [22]. - **Natural Gas**: No relevant content provided. - **Liquefied Natural Gas (LNG)**: No relevant content provided. - **Coal**: For coke and coking coal, the prices are affected by the "anti - involution" policy expectations, with high volatility in the short term. Coke is bullish in the short term, while coking coal should be cautiously chased up [17][18]. Base Metals - **Copper**: Overnight copper prices dropped, and the market mainly tracks macro - economic indicators. Hold previous short positions [4]. - **Aluminum**: Shanghai aluminum slightly declined overnight. The apparent consumption is in the off - season, but the aluminum rod production has rebounded. It will oscillate in the short term, with resistance at 21,000 yuan [5]. - **Zinc**: The expiration of the main contract falls in the "Golden September and Silver October" period. The fundamentals are strong overseas and weak domestically. Wait for short - selling opportunities above 23,500 yuan/ton [8]. - **Nickel**: The Shanghai nickel is in the middle - to - late stage of the rebound. Actively enter short positions [10]. - **Tin**: Overnight tin prices oscillated and closed higher. It is expected to oscillate, and it is advisable to wait and see [11]. - **Lead**: The supply of refined lead has regional differences. It is expected to oscillate between 16,600 - 17,500 yuan/ton, and it is advisable to go long on dips [9]. Precious Metals - **Gold & Silver**: Overnight precious metals oscillated strongly. Factors such as the US tariff, economic outlook concerns, and interest - rate cut expectations pushed up the gold price. Maintain a "buy - on - dips" strategy [3]. Chemical Commodities - **Carbonate Lithium**: The futures price of carbonate lithium rebounded with increased volume. After the price rebound, look for high - level short - selling positions [12]. - **Industrial Silicon**: The industrial silicon futures slightly rose. The supply pressure remains, and it is expected to oscillate in the short term, with support at 8,500 yuan/ton [13]. - **Polysilicon**: The polysilicon futures slightly declined. It is expected to oscillate between 48,000 - 53,000 yuan/ton [14]. - **Urea**: After the policy became clear, the urea market declined. The short - term supply - demand is loose, and the focus is on export policy changes [24]. - **Methanol**: In the short term, the methanol market is weak, and the port is expected to accumulate inventory. In the long term, pay attention to the demand during the "Golden September and Silver October" [25]. - **Pure Benzene**: The pure benzene futures price is weak. There is an expectation of improved supply - demand in the third - quarter mid - to - late stage, and it is advisable to conduct monthly - spread trading [26]. - **PVC & Caustic Soda**: PVC is expected to oscillate weakly in the short term, while caustic soda is under pressure in the long term [27]. - **PX & PTA**: Affected by weak oil prices, PX and PTA prices declined. Pay attention to the possible valuation repair of PTA [28]. - **Ethylene Glycol**: The ethylene glycol price oscillated and declined due to port inventory pressure [29]. - **Short - fiber & Bottle - grade Chips**: Consider a long - position strategy for short - fiber in the medium term, while the long - term over - capacity of bottle - grade chips restricts the repair of processing margins [30]. Building Materials - **Rebar & Hot - rolled Coil**: Night - session steel prices declined. Pay attention to the subsequent production - restriction intensity in Tangshan and other places, and the overall market sentiment is cautious [15]. - **Iron Ore**: The iron ore price is expected to oscillate at a high level in the short term, with attention to policy - driven production - restriction progress [16]. Agricultural Commodities - **Soybean & Soybean Meal**: The US soybean may have an early - harvest expectation. Before the tariff issue is clear, the soybean meal market will oscillate [34]. - **Soybean Oil & Palm Oil**: The price of soybean oil and palm oil is expected to oscillate. Maintain a "buy - on - dips" strategy [35]. - **Rapeseed & Rapeseed Oil**: Rapeseed oil maintains a neutral view, while rapeseed meal futures may oscillate weakly [36]. - **Soybean No.1**: The soybean No.1 price rebounded from a low level. Pay attention to the weather in domestic production areas and policy guidance [37]. - **Corn**: The Dalian corn futures may continue to be weak at the bottom. Pay attention to the supply in the circulation stage [38]. - **Live Pigs**: The live - pig futures price in the near - term is not optimistic, and pay attention to the capacity - reduction logic in the far - term [39]. - **Eggs**: Adopt a reverse - spread strategy on the futures market. The price in the first half of next year is more supported [40]. - **Cotton**: The Zhengzhou cotton has stabilized. Temporarily wait and see or conduct intraday trading [41]. - **Paper Pulp**: The paper pulp futures slightly rose. Temporarily wait and see [42]. Shipping - **Container Freight Index (European Line)**: Shipping companies are accelerating price cuts. The freight rate is expected to decline rapidly, and maintain a bearish view [21]. Financial Futures - **Stock Index Futures**: The stock index futures closed down. Maintain an increased allocation to technology - growth and low - level consumer sectors [43]. - **Treasury Bond Futures**: The treasury bond futures oscillated. Pay attention to the opportunity for curve steepening in short - term multi - variety hedging [44].