Group 1 - The core viewpoint of the article indicates that Malaysia's palm oil production is expected to increase by 3.03% from the same period last month, based on data from the Malaysian Palm Oil Association (MPOA) [1] Group 2 - The production increase is attributed to various regions, with the Peninsular Malaysia showing a rise of 1.50%, Sabah increasing by 5.34%, Sarawak by 7.06%, and Kalimantan by 5.81% [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report The overall market sentiment has shown a mixed picture. Overseas, the global risk appetite has cooled to some extent, while in China, the risk appetite has increased due to policy stimulus expectations and the extension of the tariff truce period. Different asset classes have different short - term trends and investment suggestions, and various commodity sectors also face different supply - demand and price situations. [2] Summary by Related Catalogs Macro - finance - Overseas, the US dollar reduced its decline after the Fed meeting minutes showed only two policymakers supported last month's rate cut, and the global risk appetite cooled. In China, the economic data in July slowed down and fell short of expectations. The Chinese Premier indicated measures to boost consumption and stabilize the real estate market, and the Sino - US tariff truce was extended by 90 days, increasing domestic risk appetite. For assets, the stock index is expected to oscillate strongly at a short - term high, and it is advisable to be cautious when going long; the treasury bond is expected to oscillate and correct at a high level, and it is advisable to wait and see; for the commodity sector, black metals are expected to correct in the short term, non - ferrous metals to oscillate, energy and chemicals to oscillate weakly, and precious metals to oscillate at a high level, all requiring cautious observation. [2] Stock Index - Driven by sectors such as liquor, semiconductors, and small metals, the domestic stock market rose significantly. The economic data in July was weak, but policy stimulus expectations increased, and the short - term macro - upward driving force strengthened. The market's trading logic focuses on domestic incremental stimulus policies and trade negotiation progress. It is advisable to be cautious when going long in the short term. [3] Precious Metals - Precious metals rose on Wednesday. The Fed meeting minutes showed only two policymakers advocated rate cuts, and the probability of a 25 - basis - point rate cut in September was 83%. Weak employment data and a weakening US dollar index led to the rise of precious metals. The long - term positive logic of precious metals remains unchanged, and attention should be paid to entry opportunities at key points. [4] Black Metals - **Steel**: On Wednesday, the domestic steel futures and spot markets were flat, with prices slightly falling and low trading volume. Demand weakened, and inventories in some areas increased. Supply of rebar was relatively low, and that of plates was stable. There were rumors of production control in Cangzhou, and iron - water production may further decline. It is advisable to view the steel market with a weak - oscillation mindset in the short term. [4][5] - **Iron Ore**: On Wednesday, the futures and spot prices of iron ore continued to be weak. Although steel mill profits were high and iron - water production rebounded slightly last week, with the approaching of important events in early September, production - restriction policies may be further strengthened, and port transportation and ore handling volumes will be affected. The supply side increased, and port inventories were accumulating. Iron ore prices may weaken in the short term. [5] - **Silicon Manganese/Silicon Iron**: On Wednesday, the spot and futures prices of silicon iron and silicon manganese fell. Manganese ore prices continued to decline. Manufacturers were actively starting production, and some had plans to increase production. The开工 rate and daily output of both silicon manganese and silicon iron increased. It is advisable to view the ferroalloy market with a weak - oscillation mindset in the short term. [6] - **Soda Ash**: On Wednesday, the main soda - ash contract was weak. The supply - surplus pattern remained unchanged, with new installations expected to be put into operation in the fourth quarter. Demand was weak, and profits decreased week - on - week. Soda ash is likely to fall rather than rise due to high supply, high inventory, and weak demand. [7] - **Glass**: On Wednesday, the main glass contract was weak. Supply changes were small, demand was still weak in the real - estate industry, and although downstream deep - processing orders increased in mid - August, overall demand remained stable. Profits decreased as prices fell. Glass prices follow the real - world logic due to near - month delivery. [7] Non - ferrous Metals and New Energy - **Copper**: With the approaching of the Jackson Hole central bank meeting, the expectation of a rate cut has increased, which is short - term positive for copper prices. However, high tariffs and the slowdown of the US economy pose risks. Copper mine production is growing faster than expected, and domestic demand will weaken marginally. The strong copper price is hard to sustain. [8][9] - **Aluminum**: On August 19, the US added 407 product categories to the steel and aluminum tariff list. Aluminum prices fell slightly on Wednesday. The fundamentals of aluminum have weakened, with domestic social inventories increasing significantly and LME inventories also rising. Aluminum prices are expected to oscillate in the short term, with limited medium - term upside. [9] - **Aluminum Alloy**: The supply of scrap aluminum is tight, increasing production costs and causing losses for some regenerative aluminum plants. Demand is weak as it is the off - season. Aluminum alloy prices are expected to oscillate strongly in the short term, but the upside is limited. [10] - **Tin**: The combined开工 rate of Yunnan and Jiangxi decreased slightly. The supply of tin ore is tight but improving, and refined tin production has not decreased significantly. Demand is weak, and although inventory decreased this week, downstream procurement is still cautious. Tin prices are expected to oscillate in the short term, and the upside is restricted. [10] - **Lithium Carbonate**: On Wednesday, lithium carbonate futures hit the daily limit down. The prices of lithium carbonate and lithium ore decreased. The industry's profit situation has improved, and production enthusiasm is high. Lithium carbonate prices are expected to oscillate at a high level. [11] - **Industrial Silicon**: On Wednesday, the main industrial - silicon contract fell. The spot price decreased, and the futures price was at a discount. With the weakening of black metals and the oscillation of polysilicon, industrial silicon is expected to oscillate within a range. [11] - **Polysilicon**: On Wednesday, the main polysilicon contract fell slightly. Spot prices were stable, and the number of warehouse receipts increased, indicating increased hedging pressure. The photovoltaic industry is expected to regulate the market, and polysilicon prices are expected to oscillate at a high level, with a possibility of weakening later. [12][13] Energy and Chemicals - **Crude Oil**: EIA data showed a significant decrease in US crude oil and gasoline inventories last week, leading to a rebound in oil prices. However, Cushing inventory has increased for 7 consecutive weeks. Due to the uncertainty of the Russia - Ukraine peace talks and long - term supply increases, the long - term outlook for oil prices is still bearish, and short - term stability is expected. [14] - **Asphalt**: The processing margin of asphalt is approaching the previous low, but the crude - oil processing margin has rebounded slightly, providing some price support. The spot price has slightly recovered, but inventory de - stocking is limited. With the expected decline of crude oil prices due to OPEC+ production increases, asphalt is expected to remain in a weak - oscillation pattern. [14] - **PX**: The adjustment of upstream refinery capacity in China has strengthened the support for downstream chemicals. Although PX is in a tight supply situation in the short term, it is expected to oscillate as PTA device recovery is limited. [15] - **PTA**: The polyester sector rebounded due to capacity adjustment, and PTA was also lifted. Downstream demand has slightly rebounded, but processing margins are low, limiting supply. PTA prices are expected to oscillate narrowly, with the upside restricted by crude oil prices and terminal orders in September. [15] - **Ethylene Glycol**: The restriction on new capacity and excess raw - material capacity has supported ethylene glycol prices. Although port inventory has decreased slightly, factory inventory is still high, and supply is expected to increase slightly. With the recovery of terminal orders in August, ethylene glycol is expected to maintain an oscillation pattern. [16] - **Short - fiber**: The short - fiber price rose slightly due to sector resonance. Terminal orders have increased slightly, but inventory accumulation is limited. It is advisable to short on rallies in the medium term. [16] - **Methanol**: The price of methanol in Taicang followed the futures and strengthened, while the basis weakened. Inland demand increased as some methanol plants restarted, but port inventory increased due to imports and plant overhauls. The price is expected to oscillate and rise in the short term and maintain a weak - oscillation pattern in the medium term. [17] - **PP**: The supply pressure of PP has increased as device开工 rates have risen and new capacity is to be put into operation. Although downstream demand has increased slightly, there is no obvious peak - season stocking. With policy support, PP prices are expected to oscillate weakly in the 09 contract and attention should be paid to the 01 contract for peak - season stocking. [17] - **LLDPE**: The supply pressure of LLDPE remains high, and demand has shown a turning point. The 09 contract is expected to oscillate weakly, while the 01 contract is supported by policy expectations, and attention should be paid to demand, stocking, and policy implementation. [18] Agricultural Products - **US Soybeans**: The November soybean contract on the CBOT rose slightly. US soybean growers urged the government to reach a trade agreement with China, and the results of the Midwest crop inspection were mixed. [19] - **Soybean and Rapeseed Meal**: The pressure of full - stockpiling of soybeans and soybean meal in domestic oil mills has been relieved. Canadian rapeseed imports are restricted, but China's purchase of Australian rapeseed has eased the supply risk. The price of soybean and rapeseed meal has risen, and there is still a risk preference for rapeseed meal. [19] - **Soybean and Rapeseed Oil**: ICE rapeseed rebounded after two days of decline. The supply of domestic rapeseed oil is expected to shrink as port inventory decreases and imports are low. The cost of soybean oil is expected to be strong, with high short - term inventory pressure but improved supply - demand in the fourth quarter. [20] - **Palm Oil**: The prices of CBOT soybeans, soybean meal, Malaysian palm - oil futures, and international crude oil rose. The export of Malaysian palm oil in August 1 - 20 increased significantly, but the inverted soybean - palm oil price spread may affect future demand. [20] - **Corn**: The national corn price is slightly weak. With the listing of spring corn, sufficient supply, and the potential impact of state - reserve auctions and rice auctions, the corn market remains weak. [20] - **Pigs**: Pig prices may have a seasonal rebound from late August to September, but the amplitude is limited. The cost of secondary fattening has increased due to stricter transportation inspections. The spot price has stabilized, and attention should be paid to the consumption peak during the start of the school term. [21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Macroeconomically, the upcoming tri - party meeting between the US, Russia, and Ukraine and the speech of Fed Chairman Powell at the Jackson Hole Annual Meeting are the focuses. The A - share market hit a new high in the past decade, and the bond market was under pressure. [2][3] - Precious metals: The prices of gold and silver are expected to remain volatile in the short term as the market awaits Fed policy guidance and the development of the US - Europe - Russia - Ukraine relations. [4][5] - Copper: The price of copper is expected to maintain a high - range oscillation in the short term, with the market focusing on Powell's stance and the tight supply of copper concentrates providing cost support. [6][7] - Aluminum: The price of aluminum is expected to be adjusted in a volatile manner due to the cooling of the Fed's interest - rate cut expectation and weak consumption in the off - season. [8] - Alumina: The supply pressure of alumina is expected to increase, and the futures price may move down with a fluctuating center. [10] - Zinc: The zinc price is expected to be weak and volatile due to continuous inventory accumulation and the strengthening of the US dollar. [11] - Lead: The lead price is expected to have a narrow - range oscillation due to weak supply and demand and high inventory. [12] - Tin: The tin price is expected to have a narrow - range oscillation due to the weak supply and demand situation. [13][14] - Industrial silicon: The price of industrial silicon is expected to be volatile, with the supply side showing a marginal relaxation and the demand side having limited transactions. [15][16] - Lithium carbonate: The lithium price may still rise slightly driven by sentiment, but the increase is expected to be limited. [17][18] - Nickel: The nickel price is expected to be volatile, with the market paying attention to the review progress of illegal nickel mines in Indonesia. [19] - Crude oil: The oil price is expected to remain volatile as the market needs to pay attention to the geopolitical situation. [20] - Soybean and rapeseed meal: The Dalian soybean meal may be strong in a volatile manner, with the US soybean having a good growth condition and the domestic near - term supply being sufficient. [21][22] - Palm oil: The palm oil may be strong in a volatile manner, with the export demand being strong and the production increase narrowing. [24][25] 3. Summary According to Relevant Catalogs 3.1 Main Variety Views 3.1.1 Macro - Overseas: After the "Trump - Zelensky meeting", Trump called Putin to arrange a tri - party meeting. The market was calm, with the US dollar index rising to 98.1, the 10Y US Treasury yield rising to 4.33%, and the stock and commodity markets showing different trends. [2] - Domestic: The A - share market broke through the 2021 high of 3731 points, with the trading volume reaching 2.81 trillion yuan. The bond market was under pressure, and the 10Y and 30Y Treasury yields rose to 1.77% and 2.037% respectively. [3] 3.1.2 Precious Metals - On Monday, COMEX gold futures fell 0.14% to $3378.00 per ounce, and COMEX silver futures rose 0.24% to $38.07 per ounce. The market is waiting for Fed policy guidance and the development of the US - Europe - Russia - Ukraine relations. [4] 3.1.3 Copper - On Monday, the Shanghai copper main contract oscillated around 79000, and the LME copper fell slightly at night. The market is concerned about Powell's speech, and the probability of a September interest - rate cut has dropped to 84.6%. China's copper imports in July were 480,000 tons, a year - on - year increase of 10%. [6] 3.1.4 Aluminum - On Monday, the Shanghai aluminum main contract closed at 20,595 yuan/ton, down 0.63%, and the LME aluminum closed at $2588.5 per ton, down 0.56%. The electrolytic aluminum inventory increased, and the market is waiting for Powell's speech at the Jackson Hole Annual Meeting. [8] 3.1.5 Alumina - On Monday, the alumina futures main contract closed at 3171 yuan/ton, down 1.12%. The supply pressure is expected to increase, and the inventory has risen significantly. [9][10] 3.1.6 Zinc - On Monday, the Shanghai zinc main contract was weak and volatile, and the LME zinc was also weak. The social inventory increased to 135,400 tons, and the zinc price is expected to be weak and volatile. [11] 3.1.7 Lead - On Monday, the Shanghai lead main contract had a narrow - range oscillation, and the LME lead was weak. The social inventory decreased slightly, and the lead price is expected to have a narrow - range oscillation due to weak supply and demand. [12] 3.1.8 Tin - On Monday, the Shanghai tin main contract had a narrow - range oscillation, and the LME tin was also narrow - range oscillating. The supply and demand are both weak, and the tin price is expected to have a narrow - range oscillation. [13][14] 3.1.9 Industrial Silicon - On Monday, the industrial silicon main contract was weakly oscillating. The supply side showed a marginal relaxation, and the demand side had limited transactions. The price is expected to be volatile. [15][16] 3.1.10 Lithium Carbonate - On Monday, the lithium carbonate opened higher and oscillated. The raw material prices rose, but the real - demand increment was less than the supply. The lithium price may rise slightly driven by sentiment, but the increase is limited. [17][18] 3.1.11 Nickel - On Monday, the nickel price oscillated. The nickel ore supply is expected to be loose, and the stainless - steel market is weak. The market is concerned about the review of illegal nickel mines in Indonesia. [19] 3.1.12 Crude Oil - On Monday, the crude oil oscillated. The tri - party meeting released positive signals, but the market still worried about the sanctions on Russian oil. The oil price is expected to remain volatile. [20] 3.1.13 Soybean and Rapeseed Meal - On Monday, the soybean meal and rapeseed meal futures rose. The US soybean had a good growth condition, and the Dalian soybean meal may be strong in a volatile manner. [21][22] 3.1.14 Palm Oil - On Monday, the palm oil futures rose. The Malaysian palm oil production increase in the first half of August narrowed, and the export demand was good. The palm oil may be strong in a volatile manner. [24][25] 3.2 Yesterday's Main Futures Market Closing Data - The data shows the closing prices, price changes, price change rates, trading volumes, and open interests of various futures contracts, including metals, agricultural products, and energy products. [26][29] 3.3 Industrial Data Perspective - The data presents the price changes, inventory changes, and other indicators of various industrial products from August 15 to August 18, including copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coking coal, coke, and agricultural products. [30][32][34]

据船运调查机构SGS公布数据显示，预计马来西亚8月1-15日棕榈油出口量为537183吨，较上月同期出 口的399366吨增加34.5%。 （文章来源：新华财经） ...

Summary of Key Points from Conference Call Records Industry Overview - **Express Delivery Industry**: Significant progress in anti-involution, with Guangdong leading price increases, followed by other provinces. Companies to watch include Shentong, YTO, Yunda, Zhongtong, and Jitu Express for their potential in emerging markets [3][3][3]. - **Aviation Industry**: Stocks showed unusual activity due to industry self-discipline notifications. Current market conditions are at a bottom, suggesting potential for recovery. Recommended stocks include major Hong Kong airlines and Huaxia Airlines in A-shares, along with Spring Airlines and Juneyao Airlines [4][4][4]. - **Coking Coal Market**: Prices are expected to rise significantly, benefiting companies like Jiayou International. Recovery in the African market, particularly with Zijin Mining's Kamoa mine, will support its operations [5][5][5]. - **Chemical Industry**: The chemical product price index (CCPI) is at 4,034 points, with a slight decline recently. However, a recovery is anticipated in Q4 2023 to Q1 2024. Key companies include Wanhua Chemical and Satellite Chemical, with the latter showing a low valuation despite a solid performance [6][6][6]. - **Refrigerant Market**: Prices are on the rise due to limited supply, enhancing manufacturers' pricing power. Companies like Juhua and Sanmei are expected to see significant growth potential [8][8][8]. - **Palm Oil Market**: Prices have increased, benefiting Zanyu Technology's operations in Indonesia, with production expected to double in the second half of the year [9][9][9]. - **Agricultural Chemicals**: Strong demand is noted, particularly for glyphosate, with prices rising significantly. Companies like Sinochem and Xingfa Group are highlighted for their growth potential [11][11][11]. - **Copper Industry**: Current valuations suggest significant upside potential for Jiangxi Copper and China Nonferrous Mining, with both companies positioned for recovery [14][14][14]. Company-Specific Insights - **China Shenhua**: Plans to acquire high-quality assets from the State Energy Group, expected to enhance asset scale and profitability. The acquisition includes multiple core assets and is projected to significantly boost net assets and profits [16][16][16]. - **Wanhua Chemical**: Reported a net profit of 3.04 billion yuan in Q2, exceeding expectations, with improvements in TDI gross margins and overall business performance [6][6][6]. - **Jiayou International**: Anticipated profit growth in coking coal trade due to rising market prices and recovery in African operations [5][5][5]. - **Zanyu Technology**: Expected profit increase from its Indonesian base, with production capacity projected to double [10][10][10]. Additional Considerations - **Market Sentiment**: The Shanghai Composite Index has surpassed 3,700 points, indicating a potential slow bull market, particularly in cyclical stocks like express delivery, aviation, and coking coal [2][2][2]. - **Policy Impact**: Anti-involution policies and other regulatory measures are expected to support price recovery in various sectors, particularly in chemicals and coal [12][12][12]. - **Investment Recommendations**: Focus on high-dividend coal companies and turnaround potential in coking companies under current market conditions [19][19][19]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape and potential investment opportunities.

Core Insights - Malaysia's palm oil exports in July reached 1,309,059 tons, reflecting a month-on-month increase of 3.82% [1] - The country's palm oil imports for July were 61,039 tons, showing a month-on-month decrease of 12.82% [1] - Malaysia's palm oil production in July was 1,812,417 tons, marking a month-on-month growth of 7.09% [1] - The palm oil inventory in Malaysia stood at 2,113,278 tons, which is a month-on-month increase of 4.02% [1]

Report Summary 1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Precious Metals**: The US economic data continues to be weak, and precious metals are oscillating upward. The current focus has shifted from tariffs to economic data, and precious metals are supported by easing expectations in the short - term, with the medium - to long - term allocation logic remaining unchanged [2][3]. - **Black Metals**: The inventory increase of steel has expanded, and the futures and spot prices of steel and iron ore have continued to be weak. Steel prices are expected to oscillate within a range in the short - term [4][5][6]. - **Soda Ash and Glass**: Glass production is expected to decrease, with short - term price expected to oscillate within a range [9]. - **Non - ferrous and New Energy Metals**: There is a game between strong expectations and weak reality. The prices of copper, aluminum, and other metals are affected by various factors such as macro policies, inventory, and demand, with expected short - term oscillations [10]. - **Energy and Chemicals**: The spot market is weak, and the supply - demand situation of crude oil, asphalt, PX, PTA, and other products is complex, with most products expected to maintain an oscillating pattern [14]. - **Agricultural Products**: Attention should be paid to the guidance of the August USDA and MPOB supply - demand reports. The prices of various agricultural products such as soybeans, oils, and grains are affected by factors like weather, supply - demand, and policies [18]. 3. Summary by Category Precious Metals - **Market Performance**: Last week, precious metals oscillated upward. The main contract of Shanghai Gold closed at 786.90 yuan/gram, and the main contract of Shanghai Silver closed at 7279 yuan/kilogram [3]. - **Influencing Factors**: The news of the US imposing a 39% tariff on Swiss gold triggered a sharp rise in the COMEX premium. The US economic data continued to weaken, with the July ISM non - manufacturing index at 50.1. The market expects the Fed to cut interest rates in September with a probability of nearly 90% [3]. - **Outlook**: Precious metals are supported by easing expectations in the short - term, and the medium - to long - term allocation logic remains unchanged. Next week, focus on the July US CPI data [3]. Black Metals Steel - **Market Situation**: The futures and spot markets of domestic steel continued to be weak last Friday, with low trading volumes. The inflation data in July improved, and market sentiment recovered to some extent [5]. - **Fundamentals**: Real demand continued to weaken, with the inventory of five major steel products increasing by 230,000 tons week - on - week, and the apparent consumption continuing to decline. Steel supply was at a high level, with the output of five major steel products increasing by 17,900 tons week - on - week, and the output of rebar increasing by 100,000 tons [5]. - **Cost and Outlook**: The price of coking coal strengthened, and the cost support for steel remained strong. Steel prices are recommended to be treated with an interval oscillation mindset in the short - term [5]. Iron Ore - **Market Performance**: The futures and spot prices of iron ore continued to be weak last Friday. The daily output of hot metal continued to decline, and real demand was weak, with the hot metal output expected to further decrease [6]. - **Influencing Factors**: There were increasing rumors of production restrictions in the northern region [6]. Glass - **Supply**: The daily melting volume of glass remained stable week - on - week. There are expectations of production cuts due to macro anti - involution policies [9]. - **Demand**: The terminal real estate industry remained weak, but demand improved slightly, with the downstream deep - processing orders at 9.55 days at the end of July, increasing month - on - month [9]. - **Profit**: The profits of float glass using natural gas, coal, and petroleum coke as fuels decreased week - on - week. The glass price is expected to oscillate within a range in the short - term [9]. Non - ferrous and New Energy Metals Copper - **Macro Factors**: Tariffs have basically been implemented, and the US - China 90 - day tariff truce agreement may be extended. The Fed's interest - rate cut expectations have increased significantly. The Comex copper inventory is at a multi - year high, and the terminal demand may weaken marginally [10]. Aluminum - **Market Performance**: The closing price of aluminum fell last Friday, affected by the decline in alumina. Alumina production remained high, with increased in - plant inventory and a large accumulation of warehouse receipts [10]. - **Fundamentals**: The fundamentals of aluminum have weakened recently, with domestic social inventory increasing by 100,000 tons and LME inventory increasing by 130,000 tons compared to the low in late June [10]. Aluminum Alloy - **Supply and Cost**: The supply of scrap aluminum is tight, and the production cost of recycled aluminum plants has increased, leading to losses and production cuts [10]. - **Demand**: It is in the off - season, and manufacturing orders are growing weakly. The price is expected to oscillate strongly in the short - term but with limited upside [10][11]. Tin - **Supply**: The combined operating rate of Yunnan and Jiangxi increased by 0.41% to 59.64%. The mining end is expected to be more relaxed [11]. - **Demand**: Terminal demand is weak, with a 38% year - on - year decrease in new photovoltaic installations in June. The price is expected to oscillate in the short - term, with limited upside [11]. Carbonate Lithium - **Supply**: The Fengxiawo Mine has stopped production, which is a short - term positive for supply. The production and inventory pressure are accumulating [12]. - **Outlook**: It is expected to oscillate strongly in the short - term, and attention should be paid to the hedging pressure [12]. Industrial Silicon - **Supply**: The production in the north and south regions has increased, with a weekly output of 79,478 tons, an 8.1% week - on - week increase. The price is expected to oscillate at a low level [12]. Polysilicon - **Market Situation**: It is a key anti - involution industry, with expectations remaining. The spot price provides support, and the short - term is expected to oscillate at a high level [13]. Energy and Chemicals Crude Oil - **Market Trends**: The US - Russia peace talks are ongoing, and the market expects the Russia - Ukraine conflict to ease. The spot market is weak, and the demand for crude oil is expected to decrease while supply increases [14]. - **Outlook**: There is long - term pressure on crude oil prices [14]. Asphalt - **Cost and Market**: The cost support of asphalt is weak due to the falling crude oil prices. The spot market is average, with low - to - medium trading volumes and limited inventory reduction [14]. - **Outlook**: Asphalt will continue to maintain a weak oscillating pattern [14]. PX - **Market Situation**: Short - term PTA device production has been cut, and PX devices are also operating at a limited capacity. The PXN spread is around 260 US dollars, and the PX outer market is at 831 US dollars. It will oscillate in the short - term [14]. PTA - **Market Indicators**: The PTA basis has continued to decline slightly, and downstream operating rates have increased slightly. The processing fee is low, and some major devices have cut production [15][16]. - **Outlook**: Supply and demand are expected to balance in August, and PTA will maintain an interval oscillation [16]. Ethylene Glycol - **Inventory and Supply**: Port inventory has decreased slightly to 516,000 tons, but the expected import volume will increase, and domestic device operating rates will recover [16]. - **Outlook**: It may show a situation of slightly increased supply and demand in the short - term and maintain an oscillation [16]. Short - fiber - **Market Performance**: The price of short - fiber has decreased due to the weakening of the sector. Terminal orders are average, and inventory has accumulated slightly [16]. - **Outlook**: It is recommended to short at high levels in the medium - term [16]. Methanol - **Supply - Demand Situation**: There are concentrated maintenance in the supply of methanol, and the demand in the inland region is boosted by the restart of olefin plants, while the port is weak due to olefin maintenance and increased imports [16]. - **Outlook**: The overall supply - demand contradiction is not prominent, with obvious regional differentiation, and the price is expected to oscillate [16]. PP - **Supply - Demand**: The cost - profit of PP has improved, and new production capacity is planned to be put into operation in mid - to late August. Demand is in the off - season, and industrial inventory has increased [17]. - **Outlook**: The 09 contract price fluctuation may be limited, and the 01 contract is still considered weak [17]. LLDPE - **Supply - Demand**: The supply pressure remains, and the demand shows signs of improvement. The 09 contract is expected to oscillate weakly, and the 01 contract is short - term weak [17]. Agricultural Products US Soybeans - **Market Indicators**: The net short position of soybean funds in the CBOT market has increased significantly. The US weather is favorable for crop growth, and new soybean sales are cold [18]. - **Outlook**: Attention should be paid to the August USDA supply - demand report. Soybean exports may be adjusted downward, and the price is expected to be under pressure [18]. Soybean and Rapeseed Meal - **Supply - Demand**: Domestic oil mills' soybean and soybean meal inventories have continued to increase, and the spot market is weak. Soybean meal is traded around the cost logic, and rapeseed meal is expected to oscillate in the short - term [18]. Soybean and Rapeseed Oil - **Soybean Oil**: The spot trading of soybean oil has improved, and there is a supply - tightening expectation in the fourth quarter. The soybean - palm oil spread is inverted, and there are opportunities for long - soybean - oil and short - palm - oil arbitrage [19]. - **Palm Oil**: The production and inventory of Malaysian palm oil have increased in July, and exports are weak. The domestic import profit is inverted, and the price is expected to be under pressure at a high level in the short - term [19]. Corn - **Supply**: Corn will be listed in Anhui and Xinjiang in late August, with sufficient supply expected. The spot price is stable in August [19]. Live Pigs - **Market Situation**: Pig prices rebounded over the weekend. There is reluctance to sell at low prices, and the supply pressure may ease after the Beginning of Autumn [20].

Core Viewpoint - The implementation of "reciprocal tariffs" by the U.S. is reshaping global trade dynamics into a more pronounced zero-sum game, with significant implications for ASEAN countries and the broader multilateral trade system [1][8]. Group 1: Impact of Reciprocal Tariffs - The U.S. has established a framework for "reciprocal tariffs" that allows for unilateral adjustments, replacing the multilateral agreements advocated by the WTO, thus granting the White House substantial discretionary power [2]. - ASEAN countries face challenges in forming a unified response due to their diverse political and economic structures, leading to individual negotiations with the U.S. [1][2]. - The new tariff structure has resulted in varying tax rates for ASEAN countries, with Vietnam facing a 20% tariff, which could significantly impact its export sectors and employment [3][4]. Group 2: Economic and Political Repercussions - The tariffs are not merely a tax adjustment but a strategic tool for the U.S. to compel concessions from other nations, creating a dynamic balance rather than mutual reductions in trade barriers [2][8]. - The tariffs have led to increased tensions in the region, as seen in the military conflict between Thailand and Cambodia, which was influenced by U.S. trade policies [5]. - The RCEP agreement is seen as a potential counterbalance to U.S. tariffs, with expectations of increased intra-regional trade and reduced tariffs over time, although immediate benefits may be limited due to varying levels of development among ASEAN members [6][7]. Group 3: Long-term Considerations - The long-term outlook suggests that the U.S. may continue to rely on tariffs as a tool for trade negotiations, creating a prolonged period of uncertainty for global trade and investment [8]. - ASEAN countries must enhance internal coordination and develop resilient supply chains to mitigate the adverse effects of U.S. tariffs and maintain competitiveness in the global market [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market is influenced by overseas rate - cut expectations and tariff policies, while China's July import and export data exceeded expectations. The equity market may enter a shock - consolidation phase after rising and shrinking in volume, and bond market opportunities are worthy of attention [2][3]. - Precious metals are boosted by the increasing expectation of the Fed's rate cut, and their prices are expected to remain in a shock - upward trend in the short term [4][5]. - Copper prices are expected to remain in a strong - shock trend in the short term due to China's strong trade data, the return of overseas supplies, and the expected rate cut by the Fed [6][7]. - Aluminum prices are in a shock state due to the game between the macro - positive and the general fundamentals [8][9]. - Alumina prices are expected to be under pressure and fluctuate in the short term, and the center of gravity may gradually shift down in the medium term [10]. - Zinc prices are expected to maintain an external - strong and internal - weak pattern due to overseas liquidity concerns and the decline of the US dollar [11]. - Lead prices lack continuous positive stimuli and turn to a shock state after the optimistic sentiment is digested [12][13]. - Tin prices follow macro - news, with an external - strong and internal - weak pattern in the short term [14]. - Industrial silicon prices are expected to maintain a strong - shock trend in the short term due to the uncalmed anti - involution sentiment [15][16]. - Lithium carbonate prices are cautiously bullish in the short term, but the drag of resource disturbances subsiding on prices should be vigilant [17][18]. - Nickel prices may be dragged down by the weakening macro - expectations in the short term [19][20]. - Crude oil prices are in a weak - shock state as the risk of sanctions cools down [21]. - Steel prices are expected to maintain a shock trend due to continuous inventory accumulation [23]. - Iron ore prices are expected to be in a weak - shock trend, and the impact of northern military - parade production restrictions should be focused on in the medium term [24]. - Soybean meal prices may shock and strengthen, but the upward momentum is relatively weak [25][26]. - Palm oil prices may shock and adjust [28]. 3. Summary According to Related Catalogs 3.1 Macro - Overseas: Trump nominated Milan as a Fed governor, and the selection of the Fed chairman has started. The reciprocal tariffs have come into effect, and the EU maintains a 15% tariff cap on US chip exports. The US dollar index fell below 98, US bond yields rose slightly, the US stock market opened high and closed low, the gold price exceeded $3400, the copper price rose, and the oil price fell due to the expectation of US - Russia negotiations [2]. - Domestic: In July 2025, China's exports and imports denominated in US dollars both exceeded expectations, with a trade surplus of $98.2 billion. Exports to the EU and ASEAN increased, partially offsetting the decline in exports to the US. The A - share market was in a narrow - range shock, and the bond market rose. The central bank announced a 700 - billion - yuan 3 - month repurchase [3]. 3.2 Precious Metals - On Thursday, international precious metal futures continued to rise. The increasing expectation of the Fed's rate cut, weak employment data, and Trump's nomination of a dovish Fed governor have strengthened the rate - cut expectation, boosting precious metals. It is expected that precious metal prices will maintain a shock - upward trend in the short term [4][5]. 3.3 Copper - On Thursday, the main contract of Shanghai copper fluctuated narrowly, and LME copper encountered resistance and fell after failing to break through $9700. China's July copper ore imports increased significantly. Due to the strong trade data, the return of overseas supplies, and the expected rate cut by the Fed, copper prices are expected to remain in a strong - shock trend in the short term [6][7]. 3.4 Aluminum - On Thursday, the main contract of Shanghai aluminum rose 0.73%, and LME aluminum fell 0.42%. The macro - positive supports aluminum prices, but the fundamentals are general, with inventory remaining flat this week and consumption in the off - season. Aluminum prices are in a shock state [8][9]. 3.5 Alumina - On Thursday, the main contract of alumina futures fell 0.34%. There are short - term supply disturbances, and the exchange's warehouse receipts have increased rapidly. The consumption side suppresses the price. In the short term, the price is expected to be under pressure and fluctuate, and the center of gravity may gradually shift down in the medium term [10]. 3.6 Zinc - On Thursday, the main contract of Shanghai zinc fluctuated narrowly during the day and shifted down at night, while LME zinc rose. The LME inventory has decreased, and there are signs of a short squeeze. The domestic market is in the off - season with inventory accumulation. Zinc prices are expected to maintain an external - strong and internal - weak pattern [11]. 3.7 Lead - On Thursday, the main contract of Shanghai lead fluctuated narrowly during the day and horizontally at night, and LME lead rose. The social inventory has decreased slightly, but the global visible inventory is high, and the demand is weak. Lead prices lack continuous positive stimuli and are in a shock state [12][13]. 3.8 Tin - On Thursday, the main contract of Shanghai tin fluctuated strongly during the day and horizontally at night, and LME tin rose. The market's rate - cut expectation has pushed up the price, and the inventory shows an external - strong and internal - weak pattern. Tin prices follow macro - news, with limited short - term supply - demand contradictions [14]. 3.9 Industrial Silicon - On Thursday, the main contract of industrial silicon fluctuated narrowly. The inventory has increased slightly due to the increase in production in the southwest during the wet season. The anti - involution sentiment is still fermenting, and industrial silicon prices are expected to maintain a strong - shock trend in the short term [15][16]. 3.10 Carbonate Lithium - On Thursday, the price of carbonate lithium futures fluctuated strongly. The market focuses on resource disturbances at home and abroad, but the domestic lithium ore supply is abundant. The spot market is in a wait - and - see state. The short - term price is driven by expectations, but the drag of resource disturbances subsiding should be vigilant. It is cautiously bullish in the short term [17][18]. 3.11 Nickel - On Thursday, nickel prices fluctuated. The US labor market shows signs of cooling, and new tariff disturbances have emerged. The supply of nickel ore is increasing, and the demand for nickel iron is weak. Nickel prices may be dragged down by weakening macro - expectations in the short term [19][20]. 3.12 Crude Oil - On Thursday, crude oil prices fluctuated weakly. Saudi Arabia raised oil prices for Asian customers, and the expectation of a US - Russia summit has cooled the market's concern about supply disturbances. Crude oil prices are in a weak - shock state [21]. 3.13 Steel and Iron Ore - Steel: On Thursday, steel futures fluctuated. The output increased slightly, the apparent demand declined, and the inventory accumulated. Due to the expected production restrictions for the military parade, the inventory pressure is not large, and steel prices are expected to maintain a shock trend [23]. - Iron Ore: On Thursday, iron ore futures fluctuated. The supply is stable, the demand is still resilient, and the export of steel products continues to contribute to the increase. It is expected to be in a weak - shock trend, and the impact of northern military - parade production restrictions should be focused on in the medium term [24]. 3.14 Bean and Rapeseed Meal - On Thursday, the soybean meal contract rose, and the rapeseed meal contract fell. The drought - affected area of US soybeans decreased, and the export sales slightly exceeded expectations. The supply of distant - end soybeans is expected to be tight, and Brazilian discounts are rising. Soybean meal prices may shock and strengthen, but the upward momentum is relatively weak [25][26]. 3.15 Palm Oil - On Thursday, the palm oil contract fell, and the soybean oil contract was flat. The production of palm oil in Indonesia and Malaysia has increased, but the implementation of Indonesia's B40 biodiesel policy provides support. Palm oil prices may shock and adjust [28]. 3.16 Metal Main Varieties' Trading Data - The report provides the closing prices, price changes, price change percentages, trading volumes, and open interests of various metal futures contracts such as copper, aluminum, zinc, etc. on August 7 [29]. 3.17 Industrial Data Perspective - The report shows the price changes, inventory changes, and other data of metals such as copper, nickel, zinc, etc. from August 6 to August 7 [31][34].

Core Insights - Malaysia's palm oil inventory is expected to rise to 2.23 million tons in July, the highest level since December 2023, marking the fifth consecutive month of increase [1] - Palm oil production in July increased by 8.3% to 1.83 million tons, the highest level in 11 months [1] - Export volume is projected to grow by 3.2%, but demand from overseas buyers remains weak [1] - The anticipated increase in supply and weak demand may exert pressure on benchmark prices during the peak production period, typically in October [1]