1. Report Industry Investment Ratings - The investment rating for coking coal and palm oil is bearish with oscillations [3][22] - The investment suggestion for pulp is to hold off and observe [25] 2. Core Views of the Report - The decline in coking coal futures prices is due to multiple factors including supply, demand, inventory, and policy. The market should be treated with a bearish outlook [3] - The A - share margin trading balance has reached a record high, and the market is expected to continue high - level oscillations in the short term [6] - The probability of a September interest rate cut in the US has increased, which is favorable for gold. Gold shows signs of breaking through the platform in the short term [11] - Iron ore prices are in a narrow - range consolidation. Attention should be paid to the support level below, and the risk of negative feedback due to eroded steel mill profits should be watched [14][15] - Glass prices are in a narrow - range consolidation. Attention should be paid to the support level below and the inventory replenishment situation approaching the peak season [18][19] - The upward momentum in the palm oil market has declined, and the market should be treated with a bearish outlook [22] - The pulp market shows signs of stopping the decline, but the upward drive is limited. It is expected to remain in low - level oscillations before the Mid - Autumn Festival peak season [25] 3. Summaries by Related Catalogs 3.1 Coking Coal Futures - Supply: The safety inspection in major production areas has been relaxed, coal mines have resumed production, and the weekly output has increased by about 4%. The arrival of Russian coal at ports in mid - to late August has increased supply pressure [3] - Demand: Downstream coking plants have reduced their enthusiasm for replenishing coking coal due to slow steel mill procurement. Steel mill profits have limited recovery, and iron - water production is at a medium - low level, suppressing coking coal demand [3] - Inventory and Policy: Port inventory has increased by 140% year - on - year. If demand does not improve, inventory pressure will drive prices down. Looser production - limit expectations before the September 3 parade and potential relaxation of over - production verification policies may increase supply [3] 3.2 A - share Market - The A - share margin trading balance has reached 2.3 trillion yuan, breaking the historical record. Central Huijin's large - scale purchase of ETFs has reached a record 1.28 trillion yuan. The market is expected to continue high - level oscillations in the short term [6] 3.3 Gold - The US July PCE price data met expectations, increasing the probability of a September interest rate cut, which is favorable for gold. Gold has adjusted sufficiently on the weekly chart and shows short - term upward signs [11] 3.4 Iron Ore - Technically, iron ore prices are in a narrow - range consolidation. Attention should be paid to the support level below. The pattern of strong raw materials and weak finished products persists, and the risk of negative feedback due to eroded steel mill profits should be watched [14][15] 3.5 Glass - Technically, glass prices are in a narrow - range consolidation. Attention should be paid to the support level below. Daily melting is stable, factory inventories are accumulating, and downstream deep - processing orders have limited improvement. Attention should be paid to inventory replenishment approaching the peak season [18][19] 3.6 Palm Oil - The recent cumulative increase in the oil market is large. With rising inventory pressure and lack of demand support, the upward momentum has declined, and the market should be treated with a bearish outlook [22] 3.7 Pulp - The pulp price in Shandong has increased, and the market shows signs of stopping the decline. However, the upward drive is limited, trading sentiment is weak, and it is expected to remain in low - level oscillations before the Mid - Autumn Festival peak season [25]