Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The A - share market on August 8, 2025, showed a slight decline, with decreased trading volume. Various futures products have different price trends and influencing factors, including supply - demand relationships, policy expectations, and international events [1]. - The prices of different futures are affected by multiple factors such as international relations, inventory changes, production adjustments, and consumption seasons. The market trends of each product are complex and variable, and investors need to pay attention to relevant information and policy changes [1][3][5][6]. 3. Summary by Product **Stock Index Futures** - On August 8, the A - share market's three major indices declined slightly. The Shanghai Composite Index fell 0.12% to 3635.13 points, the Shenzhen Component Index dropped 0.26% to 11128.67 points, and the ChiNext Index decreased 0.38% to 2333.96 points. The trading volume of the two markets was 1710.2 billion yuan, a decrease of 115.3 billion yuan from the previous day. The CSI 300 index also underwent a correction, closing at 4104.97, a decrease of 9.70 [1]. **Coke and Coking Coal** - On August 8, the coke weighted index fluctuated narrowly, closing at 1706.9, up 0.4; the coking coal weighted index was also in narrow - range consolidation, closing at 1203.7 yuan, up 3.8 [1][2]. - For coke, the fifth price increase has been implemented. The raw material inventory has rebounded, the iron - making capacity is high, and the coal mine inventory pressure has been transferred downstream. The total coking coal inventory has increased for 4 consecutive weeks, and the average loss of 30 independent coking plants is 16 yuan/ton [3]. - For coking coal, the price of Tangshan Meng 5 clean coal is 1230. The mine - end inventory is generally decreasing, and the total inventory has increased for 4 consecutive weeks, being moderately high. Some mines will implement the "276 - working - day" system, which may lead to a decline in daily coal production [3]. **Zhengzhou Sugar** - Concerns about reduced sugar supply from Brazil have boosted the US sugar price. The CFTC data shows that speculators increased their net short positions in ICE raw sugar futures and options by 17,654 contracts to 139,137 contracts as of the week ending August 5 [3]. **Rubber** - The Thai Meteorological Department's warning of bad weather from August 10 - 13 has affected the Shanghai rubber futures, which rose slightly at night on August 8. The inventory of natural rubber and 20 - grade rubber in the Shanghai Futures Exchange has different changes [4]. **Soybean Meal** - In the international market, the excellent rate of US soybeans is high, and the probability of weather speculation is low. The export sales volume of US soybeans has rebounded significantly. In the domestic market, the supply of soybeans is sufficient, but the terminal demand is limited. The procurement volume of soybeans for the fourth quarter is low, causing concerns about future supply shortages [5]. **Live Pigs** - On August 8, the live - pig futures price rose slightly. In the short term, the reduction in the scale farm's slaughter volume and the intention of secondary fattening to replenish stocks support the price, but the weak consumption demand suppresses it. In the medium term, the pig supply is abundant, and the price increase space is limited [6]. **Palm Oil** - On the night of August 8, the palm oil market continued the main - contract transfer, with prices fluctuating slightly. The export volume of Malaysian palm oil from August 1 - 10 is expected to be 482,576 tons, a 23.3% increase from the previous month [6]. **Shanghai Copper** - The expectation of a Fed rate cut in September is over 90%, providing upward momentum for copper prices, but overseas uncertainties still exist. In terms of supply - demand, the arrival of Asian copper is expected to increase in mid - to - late August, and the low - season demand is weak, but low inventory supports the price [7]. **Iron Ore** - On August 8, the iron ore 2509 main contract fluctuated and closed down 0.19%, at 790 yuan. The global iron ore shipment decreased last week, the port inventory increased slightly, and the iron - making capacity remained high. The iron ore price is in a short - term oscillatory trend [7]. **Asphalt** - On August 8, the asphalt 2510 main contract fluctuated and fell 1.58%, closing at 3478 yuan. The asphalt production capacity utilization rate decreased last week, and the demand is affected by rainfall, but low supply and inventory provide support, so the short - term price fluctuates [7]. **Cotton** - On the night of August 8, the main contract of Zhengzhou cotton closed at 13,670 yuan/ton. The base - price quotation of Xinjiang's designated delivery warehouse is at least 380 yuan/ton, and the cotton inventory decreased by 77 lots compared with the previous day [7][8]. **Logs** - On August 8, the 2509 log contract opened at 831.5, with the lowest at 823.5, the highest at 835.5, and closed at 830.5, with a reduction of 664 lots. The external price increase has driven up the domestic futures price. The supply - demand relationship has no major contradiction, and there is a game between strong expectations and weak reality, with weak spot transactions [8]. **Steel** - Recently, high costs and low demand have been in conflict, causing the steel price to fluctuate. The coal mine production and inventory are decreasing, and some coking enterprises have launched the sixth price increase. The steel demand in the off - season is weak, but the steel mills' production reduction is limited due to good profits. The market is expected to be supported by the expectation of stricter coal - mine safety supervision and possible steel - mill production restrictions, and the steel price may be slightly stronger in the short term [9]. **Alumina and Aluminum** - For alumina, the price is firm, and the smelter's profit is good, so the production enthusiasm is high. The electrolytic aluminum production has increased, but the overall capacity is approaching the upper limit, so the increase is small. The demand is weak in the off - season, and the inventory may accumulate slightly in the short term [9]. - For Shanghai aluminum, the bauxite shipment will decrease due to the rainy season in Guinea and mining disturbances, and the port inventory may also decline. The alumina price has increased, and the domestic production capacity and output have increased slightly. The overall alumina market may be in a stage of slight supply - demand increase [10].