Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel fundamentals are peaking, with seasonal demand decline and supply - demand pressure. However, high iron - water production and export demand, along with previous policies, have driven the market up. The price center of the steel market is expected to shift from policy to fundamentals, and steel prices may show a short - term weakening trend [4][5]. - For coking coal and coke, although the market sentiment has cooled recently, the supply will be affected by policies in the medium term, and the price center of coking coal will gradually rise [10]. - Iron ore prices are expected to fluctuate in the short term as the factors driving price increases weaken and the terminal steel demand is under pressure [15]. - For ferroalloys, both silicon - iron and manganese - silicon need to be wary of the adjustment risks caused by the rapid increase in supply [20]. 3. Summary by Category Steel - **Related Information**: Some steel mills in Tangshan received oral notices of environmental protection production restrictions. From August 25 - September 3, sintering machines will be restricted by 30%, and from August 31 - September 3, blast furnaces may be restricted by 40%. The spot prices of steel in Shanghai, Beijing, and Tianjin have declined. The State Council emphasized boosting investment and stabilizing the real estate market [2][3]. - **Logic Analysis**: The black - metal sector oscillated last Friday night. Steel production resumed overall last week, with a slight reduction in rebar production and an increase in hot - rolled coil production. The overall inventory of the five major steel products increased, and the demand for building materials declined. The fundamentals of steel are peaking, but high iron - water production and export demand, along with previous policies, have driven the market up. The price center is expected to shift to fundamentals, and steel prices may weaken [4][5]. - **Trading Strategies**: Unilateral trading suggests a weakening trend; for arbitrage, it is recommended to enter positive spreads at low basis levels and hold; for options, it is recommended to wait and see [6][7][8]. Coking Coal and Coke - **Related Information**: The coke price in Xingtai is planned to increase, with a 50 - yuan/ton increase for tamping wet - quenched coke and a 55 - yuan/ton increase for tamping dry - quenched coke [9]. - **Logic Analysis**: Recently, the prices of some coal mines have corrected, and the downstream purchasing enthusiasm has weakened. In the medium term, coal supply will be affected by policies, and the price center of coking coal will gradually rise. The impact of over - production inspections on coal mine production is emerging [10]. - **Trading Strategies**: Unilateral trading suggests waiting for a correction and then going long on far - month contracts [11]. Iron Ore - **Related Information**: The State Council emphasized boosting investment and stabilizing the real estate market. The A - share market value exceeded 100 trillion yuan on August 18. From August 11 - 17, the global iron - ore shipment volume increased. The spot prices of some iron - ore varieties in Qingdao Port have changed [12][14]. - **Logic Analysis**: The iron - ore price oscillated at night. The mainstream ore shipments are stable, and the non - mainstream shipments in August are at a high level year - on - year. The demand for terminal steel is under pressure, and the factors driving price increases have weakened. The short - term ore price will fluctuate [15]. - **Trading Strategies**: Unilateral, arbitrage, option, and spot - futures trading all suggest waiting and seeing [13]. Ferroalloys - **Related Information**: The manganese - ore inventory in Tianjin Port increased, while that in Qinzhou Port decreased. The coke price in Xingtai is planned to increase [18]. - **Logic Analysis**: For silicon - iron, the supply is increasing rapidly, and the demand is at a high level but the rebar apparent demand is declining. For manganese - silicon, the supply is also increasing, the demand is high in the short term, and the cost is supported. Both need to be wary of supply - related adjustment risks [20]. - **Trading Strategies**: Unilateral trading suggests using it as a short - position variety in the industrial chain; for arbitrage, it is recommended to conduct positive spreads when the basis is low; for options, it is recommended to sell straddle option combinations at high prices [21].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The sixth round of price increases for coke has been fully implemented, with marginal profit improvement for coke enterprises. The average daily pig iron output this week was 240,660 tons, a week - on - week increase of 340 tons, providing certain rigid demand support for raw materials. However, with the approaching of major events in September, there are expectations of production restrictions in Shandong, Hebei and other places, and downstream procurement enthusiasm may continue to decline. - Domestic supply is constantly disturbed, coal mine inventories are still at a low level, and short - term fundamental contradictions are not prominent. It is expected that the short - term futures market will still have support [31]. 3. Summary by Directory 3.1 This Week's Market Review - The price of coking coal in the domestic market first rose and then fell this week. On the 14th, steel mills in Hebei, Tianjin and other places raised the tender price for coke procurement, which was the sixth round of price increases. The increases were 50 yuan/ton for tamped wet - quenched coke, 55 yuan/ton for tamped dry - quenched coke, 70 yuan/ton for top - charged wet - quenched coke, and 75 yuan/ton for top - charged dry - quenched coke [4]. 3.2 Macroeconomic and Industrial News - From August 12th, China and the US continued to suspend the implementation of 24% reciprocal tariffs for 90 days. - On August 15th, US President Trump and Russian President Putin held a meeting in Alaska, discussing issues such as the Ukraine issue and Russia - US relations, but no agreement was reached. - Nine departments issued the Implementation Plan for the Loan Interest Subsidy Policy for Service Industry Business Entities, with an annual interest subsidy ratio of 1 percentage point for a maximum of 1 year. - From January to July, the national fixed - asset investment (excluding rural households) was 2.88229 trillion yuan, a year - on - year increase of 1.6%. Infrastructure investment increased by 3.2% year - on - year, manufacturing investment increased by 6.2% year - on - year, and real estate development investment decreased by 12.0% year - on - year. In July, the added value of large - scale industries increased by 5.7% year - on - year and 0.38% month - on - month. From January to July, it increased by 6.3% year - on - year. In July, the total retail sales of consumer goods were 387.8 billion yuan, a year - on - year increase of 3.7%. From January to July, it was 2.84238 trillion yuan, a year - on - year increase of 4.8%. - In the first seven months of 2025, the cumulative increase in social financing scale was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year; RMB loans increased by 12.87 trillion yuan. At the end of July, M2 increased by 8.8% year - on - year, M1 increased by 5.6%, the stock of social financing scale increased by 9%, and the new RMB loans were - 5 billion yuan (the first negative growth since July 2005). - In early August 2025, key steel enterprises produced 20.74 million tons of crude steel, with an average daily output of 2.074 million tons, a daily - output increase of 4.7% month - on - month; 19.14 million tons of pig iron, with an average daily output of 1.914 million tons, a daily - output increase of 3.2% month - on - month; 20.05 million tons of steel, with an average daily output of 2.005 million tons, a daily - output decrease of 4.1% month - on - month. It is estimated that the national daily output of crude steel was 2.68 million tons, a month - on - month increase of 4.7%; the daily output of pig iron was 2.33 million tons, a month - on - month increase of 3.2%; and the daily output of steel was 4.13 million tons, a month - on - month increase of 0.7% [6][7][8]. 3.3 Fundamental Analysis - Supply side: Some coal mines in Shanxi returned to the production - increasing rhythm this week, but due to underground conditions and the implementation of the "276 - working - day" policy, the overall production increase in Shanxi was slow. Some coal mines in Shaanxi stopped production due to moving faces, resulting in a significant decline in output. - Demand side: The sixth round of price increases for coke was fully implemented this week. The average daily pig iron output was 240,660 tons, a week - on - week increase of 340 tons, providing certain rigid demand support for raw materials. However, with the approaching of major events in September, there are expectations of production restrictions in Shandong, Hebei and other places, and downstream procurement enthusiasm may continue to decline [2]. 3.4 Market Outlook and Investment Strategies - Supply side: Some coal mines resumed production this week, but some reduced production due to various factors. Overall supply recovery was slow. The average daily customs clearance at the Ganqimaodu Port decreased to 1,024 vehicles due to system adjustments, and the impact has now been basically eliminated. - Demand side: Coke production increased slightly, and the procurement rhythm of downstream enterprises slowed down after restocking. Coal mine inventories in some areas began to accumulate, but overall inventories decreased slightly due to pre - sales. - Investment strategies: For single - side trading, focus on range - bound operations; for inter - period arbitrage, adopt a wait - and - see approach; for coking profits, also adopt a wait - and - see approach [31].

每经AI快讯，8月14日，双焦期货继续下挫，焦煤主力合约日内跌超5%，现报1225元/吨。焦炭主力合 约日内大跌4%，现报1712元/吨。 ...

8月12日，双焦期货持续上涨，焦煤连续主力合约涨6.19%，报1303.5元/吨；焦炭连续主力合约涨 3.69%，报1798元/吨。 ...

每经AI快讯，8月12日，双焦期货持续上涨，焦煤连续主力合约涨6.19%，报1303.5元/吨，焦炭连续主 力合约涨3.69%，报1798元/吨。 ...

Report Industry Investment Ratings - **Macro Finance**: Index futures and government bonds are expected to fluctuate [1][6]. - **Black Building Materials**: Rebar is recommended for temporary observation, iron ore and coking coal are expected to fluctuate [1][8]. - **Non - ferrous Metals**: Copper is suitable for range trading or observation, aluminum is recommended to buy on dips, nickel is suggested to observe or short on rallies, tin, gold, and silver are suitable for range trading [1][11]. - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are expected to fluctuate; polyolefins are expected to have wide - range fluctuations; soda ash is recommended for a short - 09 and long - 05 arbitrage [1][21]. - **Cotton Spinning Industry Chain**: Cotton and cotton yarn are expected to have a fluctuating adjustment, apples and jujubes are expected to fluctuate weakly [1][36]. - **Agriculture and Animal Husbandry**: Pigs and eggs are recommended to short on rallies, corn is expected to have range fluctuations, soybean meal is expected to have limited increases, and oils are at a high - level with an increasing risk of correction [1][40]. Core Viewpoints - The market is affected by various factors such as macro - policies, supply - demand relationships, and international events, resulting in different trends for different varieties. For example, the Fed's interest - rate cut expectations, China's economic data, and trade policies all have an impact on the market [6][11]. - Most varieties are in a state of fluctuating operation, and investors should choose appropriate investment strategies according to the characteristics of each variety, such as range trading, short - long arbitrage, and buying on dips [1]. Summaries by Catalog Macro Finance - **Index Futures**: Affected by the Fed's interest - rate cut expectations and China's economic data, the stock market turnover and index continue to recover, and the index futures are expected to fluctuate [6]. - **Government Bonds**: In the short term, the market lacks a clear trend, and the yield is at a neutral level, so it is expected to fluctuate [6]. Black Building Materials - **Rebar**: The supply - demand is relatively balanced in the off - season, and the short - term is expected to remain volatile. Investors can observe or conduct short - term trading [8]. - **Iron Ore**: Although the supply is increasing, considering the possible macro - benefits in the fourth quarter, the iron ore is expected to fluctuate strongly and can be used as a long - leg in the short - other - black - varieties strategy [8][9]. - **Coking Coal and Coke**: The coking coal supply is tight, and the coke market has mixed factors. Both are expected to fluctuate in the short term [9][10]. Non - ferrous Metals - **Copper**: Supported by factors such as China's economic improvement and low inventory, but facing the pressure of inventory accumulation and weak downstream demand, it is expected to fluctuate in the range of 78000 - 79500 yuan/ton [11]. - **Aluminum**: The bauxite supply is decreasing, but the downstream demand is weak. It is recommended to buy on dips after the price falls [12][14]. - **Nickel**: With an oversupply pattern in the medium - long term, it is expected to fluctuate, and it is recommended to short on rallies [17]. - **Tin**: The supply gap is improving, and the demand is in the off - season. It is suitable for range trading in the range of 25.5 - 27.5 million yuan/ton [19]. - **Gold and Silver**: Affected by the Fed's policies and trade policies, they are expected to fluctuate and are suitable for range trading [19][20]. Energy and Chemicals - **PVC**: With high supply and uncertain export sustainability, it is expected to fluctuate in the range of 4900 - 5100 [21][23]. - **Caustic Soda**: With high supply and stable demand, it is expected to fluctuate in the range of 2400 - 2550 [23][24]. - **Styrene**: With limited fundamental benefits and a warm macro - environment, it is expected to fluctuate in the range of 7100 - 7400 [25][26]. - **Rubber**: With limited cost and supply support and weak downstream demand, it is expected to fluctuate in the range of 15200 - 15600 [27][28]. - **Urea**: With supply and demand in a balanced state, it is suitable for range operation in the range of 1700 - 1830 [30]. - **Methanol**: With supply and demand stabilizing, it is expected to fluctuate in the short term [31][32]. - **Polyolefins**: With high supply pressure and low - season demand, they are expected to fluctuate in the range of L2509: 7200 - 7500 and PP2509: 6900 - 7200 [32][33]. - **Soda Ash**: It is recommended for a short - 09 and long - 05 arbitrage due to the weak spot market and expected inventory accumulation [33][35]. Cotton Spinning Industry Chain - **Cotton and Cotton Yarn**: Affected by global supply - demand and domestic production expectations, they are expected to have a fluctuating adjustment [36][37]. - **Apples and Jujubes**: With slow sales and normal new - fruit growth, they are expected to fluctuate weakly [37][39]. Agriculture and Animal Husbandry - **Pigs**: In the short term, the supply exceeds demand, and the price is under pressure. Different contracts have different trends, and investors can consider arbitrage strategies [40][42]. - **Eggs**: With high supply and uncertain demand, it is recommended to short on rallies [42][44]. - **Corn**: The short - term supply - demand game is intense, and it is expected to fluctuate in the range of 2250 - 2350 [44][45]. - **Soybean Meal**: In the short term, the supply is abundant, and the price increase is limited. In the long term, there are supply gaps, and different contracts have different investment strategies [46][47]. - **Oils**: With expected negative reports and high inventory, there is an increasing risk of correction, but there are also some supporting factors. Different varieties have different trends, and investors can consider arbitrage strategies [48][55].

Group 1 - The futures market for coking coal and coke is experiencing a downward trend, with institutions indicating that the focus may shift towards supply and demand fundamentals [1] - The overall performance of black commodities is expected to remain weak in the short term [1] - Current coking coal futures prices are in a state of discount, while spot prices are providing some support to the futures market [1]

Report Industry Investment Ratings - **Macro Finance**: Index futures are expected to fluctuate, while treasury bonds are expected to weaken [1][6]. - **Black Building Materials**: Rebar, iron ore, and coking coal and coke are expected to fluctuate [1][9]. - **Non - ferrous Metals**: Copper, aluminum, nickel, tin, gold, and silver are expected to trade within a range or be observed [1][12]. - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are expected to fluctuate; polyolefins are expected to have wide - range fluctuations; short - term short positions are recommended for soda ash's 09 contract [1][23]. - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to adjust in a fluctuating manner; apples and jujubes are expected to be strong in a fluctuating market [1][38]. - **Agriculture and Animal Husbandry**: Pigs and eggs are recommended to be short - sold on rallies; corn and soybean meal are expected to trade within a range; oils are expected to be strong in a fluctuating market [1][41]. Core Views The report analyzes the market trends of various futures varieties based on global economic data, trade policies, and supply - demand fundamentals. Factors such as trade frictions, economic data releases, and policy changes have significant impacts on futures prices. Each variety has its own unique supply - demand situation and influencing factors, resulting in different price trends and investment suggestions [6][9][12]. Summary by Related Catalogs Macro Finance - **Index Futures**: With various international trade policies, economic data, and domestic policy factors, the index futures are expected to fluctuate. The dense disclosure period of mid - year reports in late August may lead to minor fluctuations [6]. - **Treasury Bonds**: The market risk appetite has significantly increased, which may still restrict the bond market. Although there was a phased rebound on Wednesday, it is expected to weaken in a fluctuating manner [7]. Black Building Materials - **Rebar**: After the Sino - US talks and the Politburo meeting, the over - optimistic expectations have cooled. The supply and demand are in a relatively balanced state, and it is expected to enter a short - term fluctuating pattern [9]. - **Iron Ore**: Although there are expectations of production cuts for the military parade, the high profit of domestic finished products and export situation support the iron ore price. It is expected to adjust and fluctuate at a high level [9]. - **Coking Coal and Coke**: The coking coal market has supply disturbances and cautious demand. The coke market has a tight supply - demand pattern, and there is still an expectation of a fifth price increase [10]. Non - ferrous Metals - **Copper**: Affected by trade policies and seasonal factors, the copper price is expected to enter a range - bound trading situation [12]. - **Aluminum**: Due to factors such as changes in bauxite prices, production capacity changes, and weakening downstream demand, the aluminum price is recommended to be observed [14]. - **Nickel**: The nickel industry has an oversupply situation in the medium and long term, and it is recommended to short - sell on rallies [18]. - **Tin**: The supply and demand gap of tin ore is improving, and it is recommended to conduct range - bound trading [19]. - **Silver and Gold**: With the decline in market risk aversion, the precious metal prices are weakly fluctuating, but there is support at the bottom, and range - bound trading is recommended [20]. Energy and Chemicals - **PVC**: With high supply, uncertain export sustainability, and policy - driven expectations, it is expected to fluctuate in the short term [24]. - **Caustic Soda**: The supply is abundant, the demand growth is slowing down, and it is expected to fluctuate. There may be opportunities to go long on dips for the far - month 10 contract [26]. - **Styrene**: The fundamentals have limited positive factors, and the macro - environment is relatively warm. It is expected to fluctuate [29]. - **Rubber**: Supported by cost and with the end of the price correction, it is expected to be strong in a fluctuating market [31]. - **Urea**: The supply is slightly reduced, the demand is gradually increasing, and the price is expected to be weak first and then strong [32]. - **Methanol**: The supply and demand are stabilizing, and it is expected to fluctuate in the short term [34]. - **Polyolefins**: Affected by the macro - environment and supply - demand fundamentals, it is expected to decline in the short term [35]. - **Soda Ash**: After the positive feedback, the price is over - estimated, and short - term short positions are recommended for the 09 contract [36]. Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With an increase in global cotton production and consumption, and a relatively tight spot market, the price is expected to adjust in a fluctuating manner [38]. - **Apples**: With low inventory, the price is expected to remain high and strong in a fluctuating market [39]. - **Jujubes**: With good second - and third - crop flower fruit - setting and strong demand in the sales area, the price is expected to be strong in the short term [39]. Agriculture and Animal Husbandry - **Pigs**: With weak supply - demand fundamentals, short - selling on rallies is recommended, and attention can be paid to the long 05 and short 03 arbitrage [41]. - **Eggs**: In the short term, the price increase is limited due to supply and demand factors. In the fourth quarter, the supply pressure may ease. Short - selling on rallies is recommended for the 09 contract, and long - buying on dips is recommended for the 12 and 01 contracts [43]. - **Corn**: The short - term supply and demand are in a game, and range - bound trading is recommended. Attention can be paid to the 9 - 1 reverse arbitrage [44]. - **Soybean Meal**: In the short term, it is recommended to be cautious when going long; in the medium and long term, long positions can be established on dips [46]. - **Oils**: Supported by various factors, short - term long positions are recommended for the 09 contracts of soybean oil, palm oil, and rapeseed oil, and attention can be paid to the spread rebound strategy of soybean oil and palm oil's 09 contracts [48].

Report Industry Investment Ratings - **Macrofinance**: Index futures are expected to move up in a volatile manner, and government bonds are expected to strengthen in a volatile manner [1][6]. - **Black Building Materials**: Rebar is expected to move sideways, iron ore and coking coal and coke are expected to strengthen in a volatile manner [1][8][9]. - **Non - ferrous Metals**: Copper, tin, gold, and silver are recommended for range trading or waiting and seeing; aluminum is recommended to wait and see; nickel is recommended to wait and see or short on rallies [1][11][13][16]. - **Energy and Chemicals**: PVC, caustic soda, styrene, and rubber are expected to strengthen in a volatile manner; soda ash is recommended to wait and see; urea and methanol are expected to move sideways; polyolefins are expected to have wide - range fluctuations [1][20][22][25][26]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to strengthen in a volatile manner; apples and jujubes are expected to move sideways [1][37][38]. - **Agriculture and Animal Husbandry**: Pigs and eggs are recommended to short on rallies; corn is expected to have high - level fluctuations; soybean meal and oils are expected to move in a range [1][40][42][43]. Core Views The report provides investment ratings and trading suggestions for various futures products in different industries. It analyzes the market conditions, including supply - demand relationships, cost factors, policy expectations, and macro - economic factors, to predict the price trends of these futures products. Traders are advised to adjust their investment strategies according to the characteristics and influencing factors of each product. Summaries by Catalog Macrofinance - **Index Futures**: There is a slow - bull market with a possible double - top situation. The market is affected by factors such as US - EU trade issues, Chinese housing policies, and large - scale hydropower projects [6]. - **Government Bonds**: The current loose capital situation supports the bond market, but the short - term upward space is limited due to the increase in market risk appetite. It is necessary to wait for the cooling of the stock and commodity markets to consider layout. Short - term long - bond strategies are not recommended [6]. Black Building Materials - **Rebar**: The price is expected to move sideways. Although the price has risen to a certain level, the fundamentals are in a relatively balanced state. It is necessary to pay attention to the Politburo meeting and the implementation of crude steel production restrictions [8]. - **Iron Ore**: The price is expected to strengthen in a volatile manner. The increase in industry - related meetings and the increase in blast furnace复产 have positive impacts on the raw material side. The supply is relatively stable, and the demand is strong [8][9]. - **Coking Coal and Coke**: The price is expected to strengthen in a volatile manner. For coking coal, the supply is affected by environmental protection and accidents, and the demand is strong. For coke, the supply is in a contraction state, and the demand is multi - dimensional. It is necessary to pay attention to steel mill profits and cost fluctuations [9][10]. Non - ferrous Metals - **Copper**: The price is expected to move in a range. The US copper import tariff policy, domestic consumption season, and economic situation affect the price. The supply is expected to increase, which will restrict the price increase [11]. - **Aluminum**: The price is expected to fall and then stabilize. The supply of bauxite and alumina is expected to change, and the demand is affected by the season. The arrival of aluminum ingots will increase, and the high price will suppress demand [13]. - **Nickel**: The price is expected to move sideways. The supply of the nickel industry is in an over - supply situation, and the consumption growth is limited. It is recommended to short on rallies [16]. - **Tin**: The price is expected to move in a range. The supply of tin ore has improved limitedly, and the demand is in the off - season. It is recommended to conduct range trading [17]. - **Silver and Gold**: The price is expected to move in a range. The US economic data, geopolitical situation, and tariff policy affect the price. It is recommended to conduct range trading [18][19]. Energy and Chemicals - **PVC**: The price is expected to strengthen in a volatile manner. Although the supply is high and the export sustainability is uncertain, the current policy expectations are dominant. It is necessary to pay attention to macro - data, export, inventory, and raw material prices [20][21]. - **Caustic Soda**: The price is expected to strengthen in a volatile manner. The supply is abundant, and the demand has rigid support but the growth rate is slowing down. It is necessary to pay attention to macro - factors and the relationship between supply and demand [22][23]. - **Styrene**: The price is expected to move weakly in a range. The supply has a resumption and future production increase expectations, and the demand has the risk of weakening. It is necessary to pay attention to oil prices, raw material supply, and macro - policies [24][25]. - **Rubber**: The price is expected to strengthen in a volatile manner. The macro - environment and cost factors support the price, and the inventory has decreased slightly. It is necessary to pay attention to production area weather and downstream demand [26][28]. - **Urea**: The price is expected to move sideways. The supply is slightly reduced, the demand has certain support, and the inventory is decreasing. It is necessary to pay attention to the relationship between supply and demand [30]. - **Methanol**: The price is expected to move sideways. The supply is affected by device maintenance, the demand of methanol - to - olefins has increased slightly, and the traditional demand is weak. It is necessary to pay attention to the supply - demand relationship [32]. - **Polyolefins**: The price is expected to move weakly in a range. The supply pressure is large, the demand is in the off - season, and the inventory has a slight decline. It is necessary to pay attention to macro - policies, cost, and downstream demand [33][34]. - **Soda Ash**: It is recommended to wait and see. The supply is at a high level, and the demand is under pressure. Although the short - term macro - drive is strong, the long - term support is uncertain [36]. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The price is expected to strengthen in a volatile manner. Although the downstream consumption is light, the spot market is tight [37]. - **Apples**: The price is expected to move sideways. The trading in the production area is cautious, and the sales area is affected by competing fruits. The low - inventory situation supports the high - level range movement [38]. - **Jujubes**: The price is expected to be stable. The new - season production in the production area is in the growth stage, and the sales area has low arrivals and general consumption [38]. Agriculture and Animal Husbandry - **Pigs**: The price is expected to move weakly in a range. The overall supply pressure is large, and the price is affected by factors such as seasonality, government policies, and enterprise production [40][41]. - **Eggs**: The 09 contract is recommended to short on rallies, and the 12 and 01 contracts are recommended to go long on dips. The short - term supply pressure is relieved, but the long - term supply may increase [42][43]. - **Corn**: The price is expected to have high - level fluctuations. The short - term supply is relatively loose, and the long - term supply - demand relationship is tightening. It is recommended to be cautious about bottom - fishing and pay attention to 9 - 1 reverse arbitrage [43][44][45]. - **Soybean Meal**: The price is expected to move in a range. The short - term supply is sufficient, and the long - term cost and supply - demand contradictions may stimulate the price to rebound. It is recommended to be cautious about chasing up in the short - term and go long on dips in the long - term [45][46]. - **Oils**: The price is expected to move in a range. The short - term prices of soybean oil, palm oil, and rapeseed oil are under pressure. It is recommended to be cautious about chasing up [46][51].

Group 1 - The core viewpoint of the article indicates a strong market sentiment, with double焦 (coke and coking coal) futures continuing to rise due to favorable spot transaction conditions and being in a price increase cycle [1] - Institutions analyze that the current spot transactions for double焦 are performing well, suggesting a bullish outlook for the market [1] - Environmental production restrictions in 乌海 (Uhuai) are expected to contribute to a strong short-term performance in the coking coal market, leading to anticipated fluctuations in the futures market [1]