1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Fats and Oils - Palm oil futures may face a new round of decline after the end of the current rally, with long - term risks of falling below 4000 ringgit. Domestically, Dalian palm oil futures may encounter short - term resistance around 8650 yuan and should be watched for effective support around 8500 yuan. - CBOT soybean oil is mainly affected by the price trend of new - crop US soybeans and trade relations. Domestically, the spot basis is dragged down by the oil mill's full inventory, but the possibility of a large - scale reduction in the basis is low due to the expected limited soybean imports in the fourth quarter [1]. Corn - In the short term, the market sentiment is gradually digested. Corn's decline is limited due to the tight supply of remaining grain, and the futures price will fluctuate narrowly. It is recommended to wait and see the subsequent policy release [3]. Sugar - The global sugar supply is becoming more abundant, putting pressure on raw sugar prices. Although the low inventory in Guangxi supports the spot price, considering the expected increase in imports, the domestic sugar market is expected to be bearish after a rebound [8]. Cotton - The downstream cotton industry remains weak, and the overall demand is insufficient. The short - term domestic cotton price may oscillate in a higher range than in mid - June. However, if the downstream situation continues to deteriorate, there is a risk of price decline [10]. Meal - The domestic soybean and soybean meal inventories are rising, and the soybean meal basis is stable. However, with a high volume of arrivals expected, attention should be paid to the sustainability of demand. The soybean meal futures price is currently in the bottom - grinding stage [12]. Livestock (Pigs) - The current pig farming profit has returned to a low level, and the market is cautious about expanding production capacity. Although there is short - term bullish sentiment for a potential market improvement in July and August, the 09 contract is facing increasing upward pressure [16]. Eggs - The supply of eggs in the market is sufficient, but the price has reached a phased low. Traders may replenish their stocks at low prices, and the demand is expected to improve. Egg prices in most regions are expected to stabilize and then rise slightly, while a few regions may see a slight decline [18]. 3. Summary by Related Catalogs Fats and Oils - **Price Changes**: On July 9, 2025, compared with July 8, the spot price of Jiangsu first - grade soybean oil increased by 40 yuan to 8170 yuan, a 0.49% increase; the futures price of Y2509 decreased by 26 yuan to 7920 yuan, a 0.33% decrease. The spot price of Guangdong 24 - degree palm oil increased by 120 yuan to 8700 yuan, a 1.75% increase; the futures price of P2509 increased by 34 yuan to 8678 yuan, a 0.39% increase. The spot price of Jiangsu fourth - grade rapeseed oil increased by 50 yuan to 9680 yuan, a 0.52% increase; the futures price of OI509 decreased by 88 yuan to 9510 yuan, a 0.92% decrease [1]. Corn - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of corn 2509 decreased by 2 yuan to 2319 yuan/ton, a 0.09% decrease; the basis increased by 2 yuan to 41 yuan, a 5.13% increase. The futures price of corn starch 2509 increased by 1 yuan to 2677 yuan/ton, a 0.04% increase; the basis decreased by 1 yuan to 23 yuan, a 4.17% decrease [3]. Sugar - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of sugar 2601 increased by 17 yuan to 5606 yuan/ton, a 0.30% increase; the futures price of sugar 2509 increased by 32 yuan to 5779 yuan/ton, a 0.56% increase. The spot price in Nanning increased by 20 yuan to 6040 yuan, a 0.33% increase; the spot price in Kunming increased by 485 yuan to 6365 yuan, an 8.25% increase [7]. Cotton - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of cotton 2509 increased by 45 yuan to 13830 yuan/ton, a 0.33% increase; the futures price of cotton 2601 increased by 25 yuan to 13785 yuan/ton, a 0.18% increase. The commercial inventory decreased by 29.71 tons to 282.98 tons, a 9.5% decrease; the industrial inventory decreased by 2.71 tons to 90.30 tons, a 2.9% decrease [10]. Meal - **Price and Market Data**: On July 10, 2025, compared with the previous value, the spot price of Jiangsu soybean meal remained unchanged at 2800 yuan; the futures price of M2509 increased by 12 yuan to 2947 yuan, a 0.41% increase. The spot price of Jiangsu rapeseed meal remained unchanged at 2480 yuan; the futures price of RM2509 increased by 10 yuan to 2586 yuan, a 0.39% increase [12]. Livestock (Pigs) - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of live - hog 2511 decreased by 85 yuan to 13600 yuan/ton, a 0.62% decrease; the futures price of live - hog 2509 decreased by 10 yuan to 14265 yuan/ton, a 0.07% decrease. The spot price in Henan decreased by 970 yuan to 14080 yuan; the spot price in Shandong decreased by 1030 yuan to 14170 yuan [15]. Eggs - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of egg 09 contract increased by 17 yuan to 3596 yuan/500KG, a 0.47% increase; the futures price of egg 08 contract increased by 39 yuan to 3484 yuan/500KG, a 1.13% increase. The egg - to - feed ratio decreased by 0.10 to 2.19, a 4.37% decrease; the farming profit decreased by 6.27 yuan/feather to - 36.71 yuan/feather, a 20.60% decrease [18].

Group 1 - The rumor regarding Tangshan's sintering machine production cut of 30% from July 4 to 15 has been confirmed by approximately half of the steel mills, with a likelihood of confirmation from the remaining mills. Current production is 270,000 tons per day with a capacity utilization rate of 83%, which may drop to 70% under the new policy, resulting in a reduction of 30,000 tons per day [1] - In the Ordos region, most coal mines are maintaining stable production, with some previously reduced or shut down mines gradually resuming operations, leading to a recovery in overall coal supply [1] - India's palm oil imports surged by 61% month-on-month in June, reaching 953,000 tons, the highest level in 11 months, while total edible oil imports increased by 30% to 1,530,000 tons, marking a seven-month high [1] Group 2 - As of July 2, 2025, China's methanol port inventory totaled 673,700 tons, an increase of 3,200 tons from the previous period, with East China seeing an increase of 13,500 tons and South China experiencing a decrease of 10,300 tons [2] - The Indonesian government plans to shorten the mining quota (RKAB) duration from three years to one year to improve industry governance and better control coal and mineral supplies [2] - Monitoring by the National Grain and Oil Information Center indicates that soybean procurement for August shipping is nearly complete, with September shipping at nearly 50% and no purchases for October to December shipping, highlighting the need to monitor future purchases and import arrivals of soybeans [2]

Group 1: Iron Ore and Coal Market - Global iron ore shipments totaled 34.31 million tons from May 27 to June 2, an increase of 2.42 million tons month-on-month. Shipments from Australia and Brazil accounted for 28.69 million tons, with Australia alone contributing 19.21 million tons, a decrease of 0.93 million tons [1] - Mongolia's ER company held an online auction for coking coal on June 3, with a starting price of 750 CNY/ton for Mongolian 3 premium coal. The auction for 12,800 tons ended with no bids, marking the 18th consecutive failed auction since April 22 [1] Group 2: Soybean and Palm Oil Market - As of late May, commercial soybean inventories in major oil mills in China rose to nearly 7 million tons due to concentrated imports. It is expected that 12 million tons of imported soybeans will arrive in June, followed by 9.5 million tons in July and 8.5 million tons in August, indicating sufficient domestic supply [1] - Malaysia's palm oil exports in May reached 1,230,787 tons, a 13.21% increase from the previous month [1] - India's edible oil imports in May surged by 37% to 1.18 million tons, the highest level in five months, with palm oil imports skyrocketing by 87% to 600,000 tons, the highest in six months [2] Group 3: Oil Prices and Wood Inventory - Domestic gasoline and diesel prices were adjusted upward by 65 CNY and 60 CNY per ton, respectively, effective from June 3. The average increase for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel is 0.05 CNY per liter [2] - As of May 30, the total inventory of coniferous logs in China decreased by 20,000 cubic meters to 341,000 cubic meters, a reduction of 0.58% week-on-week, reaching a three-and-a-half-month low [2] Group 4: Aluminum and Lead Production - In May 2025, China's metallurgical-grade alumina production increased by 2.66% month-on-month and 4.06% year-on-year. The built production capacity was approximately 11.08 million tons, with actual operating capacity declining by 0.46% and an operating rate of 77.3%. The average profit in the alumina industry exceeded 400 CNY/ton as of May 30 [2] - A medium-sized lead smelting plant in Yunnan is expected to undergo routine maintenance in mid-June for 30-40 days, which will reduce lead production by nearly 2,000 tons in June, while silver production is expected to remain normal [2]