1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - The report provides daily research and analysis on various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. It presents the latest price trends, fundamental data, and macro - industry news for each commodity, along with trend strength ratings to help investors understand the market situation and potential investment opportunities [2][7][13] 3. Summary by Commodity Precious Metals - **Gold**: After the JH meeting, Powell's dovish stance influenced the market. The trend strength is 1, indicating a slightly bullish outlook. Yesterday, the closing price of沪金2510 was 783.22 with a daily increase of 0.26%, and the night - closing price was 785.02 with a 0.29% increase [6][7][11] - **Silver**: It is expected to reach the previous high. The trend strength is 1. Yesterday, the closing price of沪银2510 was 9377 with a 0.77% increase, and the night - closing price was 9405 with a 0.90% increase [7][11] Base Metals - **Copper**: With the fall of the US dollar, the copper price rose. The trend strength is 1. Yesterday, the closing price of沪铜主力合约 was 78,930 with a - 0.33% change, and the night - closing price was 78990 with a 0.08% increase [13][15] - **Zinc**: It shows a weak and oscillating trend. The trend strength is 0. Yesterday, the closing price of沪锌主力 was 22170 with a - 0.63% change [16][17] - **Lead**: The reduction in inventory supports the price. The trend strength is 0. Yesterday, the closing price of沪铅主力 was 16910 with a 0.12% increase [19][20] - **Tin**: It is in a range - bound oscillation. The trend strength is 1. Yesterday, the closing price of沪锡主力合约 was 272,680 with a 0.33% increase [22][25] - **Aluminum**: It is in a range - bound oscillation. The trend strength is 0. The closing price of沪铝主力合约 was 20750 [26][28] - **Alumina**: There is an obvious supply surplus. The trend strength is - 1 [26][28] - **Cast Aluminum Alloy**: It is in a range - bound oscillation. The trend strength is 0 [26][28] - **Nickel**: It runs in a narrow - range oscillation. The trend strength is 0. The closing price of沪镍主力 was 120,990 [29][34] - **Stainless Steel**: It has a short - term low - level oscillation. The trend strength is 0. The closing price of the stainless steel主力 was 12,850 [29][34] Energy and Chemicals - **Carbonate Lithium**: The inventory reduction is limited, and it is in a range - bound oscillation. The trend strength is - 1 [35][37] - **Industrial Silicon**: Attention should be paid to the upside space. The trend strength is - 1 [38][41] - **Polysilicon**: The upstream inventory is being reduced, and market information should be monitored. The trend strength is - 1 [39][41] - **Iron Ore**: Due to the repeated macro - expectations, it has a wide - range oscillation. The trend strength is 0. The closing price of I2601 was 790.5 with a 1.93% increase [42] - **Rebar**: It has a wide - range oscillation. The trend strength is 0. The closing price of RB2510 was 3,129 with a 0.55% increase [44][47] - **Hot - Rolled Coil**: It has a wide - range oscillation. The trend strength is 0. The closing price of HC2510 was 3,385 with a 0.83% increase [45][47] - **Silicon Iron**: Market information disturbances lead to a wide - range intraday oscillation. The trend strength is 0 [48][50] - **Manganese Silicon**: Market information disturbances lead to a wide - range intraday oscillation. The trend strength is 0 [48][50] - **Coke**: It has a wide - range oscillation. The trend strength is 0. The closing price of J2601 was 1672.5 with a 0.2% increase [51] - **Coking Coal**: It has a wide - range oscillation. The trend strength is 0. The closing price of JM2601 was 1175 with a 1.8% increase [51] - **Log**: It oscillates repeatedly. The trend strength is 0 [53][56] - **Para - Xylene**: The supply - demand is still in a tight balance, and it is in a high - level oscillating market [59] - **PTA**: The trend is weaker than expected. It is recommended to go long on PTA and short on MEG [59] - **MEG**: A positive spread arbitrage on the monthly difference is suggested, with limited upside space [59] Others - **LPG**: The supply - demand remains loose, and it has a short - term weak oscillation [5] - **Propylene**: The supply - demand tightens, and the spot price is at a high level [5] - **PVC**: The trend still faces pressure [5] - **Fuel Oil**: The price continued to decline at night and remains weak in the short term [5] - **Low - Sulfur Fuel Oil**: The decline in the domestic market continues, and the spread between high - and low - sulfur in the foreign spot market has temporarily stabilized [5] - **Short - Fiber**: The raw material support weakens, and it oscillates weakly [5] - **Bottle Chip**: The raw material support weakens, and it oscillates weakly [5] - **Offset Printing Paper**: It oscillates at a low level and has limited upward momentum [5] - **Pure Benzene**: It oscillates weakly [5] - **Palm Oil**: There is no new fundamental driver, and it is waiting for a correction [5] - **Soybean Oil**: The trading of the soybean shortage in the fourth quarter is suspended, and it is in a correction [5] - **Soybean Meal**: The US soybeans are stable, and the Dalian soybean meal oscillates [5] - **Soybean No. 1**: It oscillates [5] - **Corn**: It oscillates [5] - **Sugar**: It has a narrow - range consolidation [5] - **Cotton**: Pay attention to the new crop situation, and the futures price oscillates strongly [5] - **Egg**: The sentiment for the far - end is weak [5] - **Live Pig**: With the new delivery warehouse announcement, there is a basis market for the near - month contract [5] - **Peanut**: Pay attention to the listing of new peanuts [5]

Group 1 - The core viewpoint of the article highlights the mixed performance of basic metal futures on the Shanghai Futures Exchange during the night session on August 29, with some metals experiencing gains while others saw declines [1][2]. Group 2 - Nickel futures increased by 0.53%, while tin futures rose by 0.37% [1]. - Stainless steel futures gained 0.27%, and copper futures were up by 0.22% [1]. - In contrast, aluminum futures fell by 0.02%, zinc futures decreased by 0.16%, lead futures dropped by 0.24%, and alumina futures saw a decline of 1.12% [1].

Group 1 - The core viewpoint of the article highlights the mixed performance of basic metal futures on the Shanghai Futures Exchange during the night session on August 27, with some metals experiencing gains while others saw declines [1][2]. Group 2 - Nickel futures increased by 1.11%, indicating a positive trend in this metal [1]. - Aluminum futures rose by 0.72%, reflecting a stable demand in the market [1]. - Tin futures saw a modest increase of 0.36%, suggesting a slight uptick in market activity [1]. - Zinc futures experienced a gain of 0.22%, indicating a minor positive shift [1]. - Stainless steel futures rose slightly by 0.04%, showing minimal change [1]. - Copper futures declined by 0.05%, indicating a slight decrease in market interest [1]. - Lead futures fell by 0.15%, reflecting a downward trend [1]. - Alumina prices dropped significantly by 1.73%, suggesting potential oversupply or reduced demand [1].

Group 1 - The black metal futures market in China experienced a collective decline on August 20, with manganese silicon futures dropping over 2% [1] - As of the latest data, iron ore futures fell by 0.97% to 763.00 CNY/ton, hot-rolled coil futures decreased by 0.93% to 3391.00 CNY/ton, manganese silicon futures dropped by 2.61% to 5814.00 CNY/ton, and silicon iron futures fell by 2.10% to 5602.00 CNY/ton [1][2] Group 2 - On August 19, the warehouse futures data for black metals showed an increase in rebar futures warehouse receipts by 15,137 tons compared to the previous trading day, while iron ore futures receipts decreased by 100 contracts [3] - The data also indicated an increase in stainless steel warehouse receipts by 19,010 tons and a slight increase in hot-rolled coil futures receipts by 880 tons [3] - Conversely, silicon iron futures receipts decreased by 114 contracts, and manganese silicon futures receipts fell by 407 contracts [3] Group 3 - As of August 19, several black metal varieties exhibited a phenomenon of "backwardation," where spot prices were higher than futures prices [3] - The basis for rebar was 102 CNY with a basis rate of 3.14%, while the basis for manganese silicon was -130 CNY with a basis rate of -2.23% [3]

Group 1 - LME zinc inventory decreased to 75,850 tons, marking a near two-year low [1] - SHFE zinc inventory increased by 16.51% to 76,803 tons, reaching a near five-month high [1] - The trend of declining inventories in domestic and international exchanges generally supports futures prices, while increasing inventories may exert downward pressure [3] Group 2 - Comparison of LME and SHFE zinc inventories since 2023 shows significant fluctuations [4]

Group 1 - The core viewpoint of the article highlights the mixed performance of basic metal futures on the Shanghai Futures Exchange during the night session on August 19, with some metals experiencing slight gains while others faced declines [1][2]. Group 2 - Shanghai aluminum rose by 0.07%, while lead increased by 0.03% [1]. - Nickel fell by 0.10%, tin decreased by 0.18%, and copper dropped by 0.23% [1]. - Stainless steel declined by 0.27%, zinc fell by 0.63%, and alumina experienced a significant drop of 1.28% [1].

Core Viewpoint - The aluminum oxide futures market is experiencing a downward trend with weak performance, influenced by supply and demand dynamics, and various market factors [1] Group 1: Market Performance - On August 15, the aluminum oxide futures market showed a decline, with the main contract opening at 3236.0 CNY/ton and fluctuating between a high of 3268.0 CNY and a low of 3160.0 CNY, reflecting a drop of approximately 2.12% [1] - The overall market sentiment indicates a weak performance for aluminum oxide, with prices expected to remain under pressure due to oversupply and limited demand growth [1] Group 2: Institutional Perspectives - Guangzhou Futures noted that the aluminum oxide futures have turned into a discount, with continuous increases in warehouse receipts and an impending referendum in Guinea affecting supply, leading to an oversupply situation [1] - Copper Crown Jin Yuan Futures highlighted a stalemate in the aluminum oxide market, with expectations of long-term capacity increases and short-term impacts from events affecting transportation and production [1] - Wukuang Futures pointed out ongoing disturbances in domestic and international ore supply, which may support ore prices, but the oversupply situation in aluminum oxide production remains challenging [1]

Group 1 - As of 20:30, New York gold futures decreased by 0.18% [1] - New York silver futures fell by 0.82% [1] - New York copper futures dropped by 0.76% [1]

Group 1 - The black metal futures market in China experienced a collective decline on August 14, with iron ore futures dropping nearly 3% [1] - As of the latest data, iron ore futures fell by 2.88% to 775.50 CNY/ton, rebar futures decreased by 1.97% to 3184.00 CNY/ton, silicon iron futures dropped by 2.25% to 5914.00 CNY/ton, and wire rod futures fell by 1.79% to 3406.00 CNY/ton [1][2] Group 2 - On August 13, the inventory data for black metal futures showed an increase in rebar futures warehouse receipts by 9919 tons to 106673 tons, while iron ore futures receipts increased by 400 contracts to 3600 contracts [3] - Stainless steel warehouse receipts decreased by 422 tons to 103518 tons, and silicon iron futures receipts decreased by 40 contracts to 21898 contracts [3] Group 3 - The basis data as of August 13 indicated that rebar, wire rod, hot-rolled coil, and stainless steel contracts experienced a "backwardation" phenomenon, where spot prices were higher than futures prices [3] - The basis and basis rate for various products showed that rebar had a basis of 79 CNY with a basis rate of 2.37%, while silicon iron had a negative basis of -538 CNY with a basis rate of -9.76% [4]

Group 1 - The London Metal Exchange (LME) reported a decrease in tin inventory last week, but there was an increase in the first two days of this week, with the latest inventory level at 1,765 tons [1] - The Shanghai Futures Exchange indicated that tin inventory continued to accumulate for the fourth consecutive week, with a weekly increase of 1.75% to 7,805 tons, marking a two-month high [1] - Generally, a continuous decline in inventories on domestic and international exchanges supports price levels, while an increase may exert downward pressure on prices [3] Group 2 - A comparison of LME and Shanghai Futures Exchange tin inventories since July 2025 shows the following data: as of August 12, 2025, LME inventory was 1,765 tons, while the Shanghai Futures Exchange inventory was 7,805 tons [4][5]