Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint LPG prices are still driven by geopolitical factors. The ongoing conflict has led to high oil prices and a reduction in LPG production. Although the current PDH operation is okay, the lack of raw materials poses a potential risk. The market is currently focused on the possibility of negotiations between the two parties. The trading strategy is to hold long positions with a bullish bias [7]. 3. Summary by Directory 3.1 Oil and Gas Market - The freight rate for shipping Saudi crude oil from the Red Sea to Asia by shipowners has plummeted in the past few weeks due to more tankers flocking to Yanbu Port to carry oil diverted from the closure of the Strait of Hormuz [3]. - US President Trump said that after what he called a "fruitful dialogue" between the US and Iran, the US will postpone the strike on Iran's energy infrastructure, which has caused confusion about the participants in the dialogue and the specific scope of the agreement [3]. - The Wall Street Journal reported that Saudi Arabia and the United Arab Emirates have taken steps to intervene in the Iranian war, which may mean an escalation of the conflict [3]. - A Chinese fuel tanker has sailed out of the Persian Gulf through the Strait of Hormuz on a route previously used by other ships with Iran's approval [3]. 3.2 Spot Overview - **Shandong Region**: The estimated price of civil LPG in Shandong is 6,560 yuan/ton, a daily increase of 10 yuan/ton. The market had a smooth sales volume and premium performance yesterday, but the market's upward momentum decreased after the early morning plunge in crude oil prices. Due to the tight supply-demand fundamentals, the mainstream prices remained stable with sporadic small increases today. The ether post - market in Shandong was generally stable with sporadic price changes, and the overall trading atmosphere was okay. Although the short - term decline in crude oil prices was a constraint, the low - supply expectations inside and outside the region still exist. Each manufacturer's shipments and inventory are controllable, and they are holding prices and waiting. It is expected that the ether post - market in Shandong will remain generally stable and sporadically try to increase prices tomorrow [5]. - **East China Region**: The mainstream transaction price of imported LPG in East China is 7,570 yuan/ton, an increase of 45 yuan/ton from the previous working day. Today, the mainstream price of imported LPG in the East China market is between 7,350 - 7,800 yuan/ton. With limited future arrivals, terminals are reluctant to sell, and importers have a firm attitude. Although the decline in crude oil prices affects market sentiment, most terminals have low inventories, and domestic gas prices are strong. Today, the imported LPG in East China remained generally stable with individual increases [5]. - **South China Region**: The average transaction price of domestic LPG in South China is 7,105 yuan/ton, a daily increase of 25 yuan/ton; the average price of imported LPG is 7,300 yuan/ton, remaining stable from yesterday. Today, the South China market was generally stable with sporadic adjustments. Some low - priced areas still had price increases, while high - priced resources gradually stabilized, and some even showed signs of weakening. As prices are at a high level, the decline in international oil prices affects sentiment, and downstream inventory levels are high, the market's trading atmosphere has become weaker, and industry players are mostly on the sidelines. However, due to concerns about the supply side in the volatile situation, it is expected that prices will remain at a high level in the short term [6]. - **North China Region**: The benchmark price of civil LPG in North China is 6,288 yuan/ton, a decrease of 8 yuan/ton from the previous working day. Today, the North China market was generally stable with individual price drops. Downstream buyers entered the market cautiously, and production and sales were controllable [6].

Core Viewpoint - The A-share market showed overall weakness on March 19, with major indices declining, while the coal and CPO concept sectors experienced significant gains, indicating a divergence in market performance [1][5][8]. A-share Market Performance - The A-share market exhibited a lackluster performance, with the Shanghai Composite Index down by 0.95% to 4024.23, and the Shenzhen Component Index down by 1.11% to 14030.34, with nearly 4700 stocks declining [5][6]. - The overall trading volume in the A-share market reached 1.31 trillion [6]. Sector Performance - The coal sector emerged as one of the strongest performers, with stocks like Shaanxi Black Cat hitting the daily limit up, and other coal stocks such as Daya Energy and Shaanxi Coal also showing gains [8][9]. - The CPO concept sector saw a significant rise, with the CPO concept index increasing by over 3%, and individual stocks like Changguang Huaxin rising by over 15% [9][10]. Futures Market - In the domestic futures market, liquefied gas futures surged by 10.99%, reaching a new high for the year [3][17]. - Low-sulfur oil futures also experienced a substantial increase, with intraday gains exceeding 14% before narrowing [18]. Hong Kong Market Performance - The Hong Kong market displayed overall weakness, with the Hang Seng Index dropping by over 2%, led by declines in stocks like Zijin Mining and Tencent Holdings [2][12]. - However, Chery Automobile saw a significant increase of over 9% following its earnings announcement, projecting a revenue increase from RMB 269.9 billion to RMB 300.3 billion for 2025, representing an 11.3% growth [12]. Notable Stock Movements - Eden Software experienced a dramatic rise, with intraday gains exceeding 50% following the announcement of a strategic cooperation agreement with Super Fusion Digital Technology [11][15].

Group 1: Macroeconomic Data Overview - GDP growth rate in Q4 2025 was 4.5% year-on-year, down from 4.8% in the previous quarter and 5.4% in the same period last year [1] - Manufacturing PMI in January 2026 was 49.3%, up from 49.0% in the previous month and 49.1% in the same period last year [1] - Non-manufacturing PMI in January 2026 was 49.4%, down from 50.1% in the previous month and 50.2% in the same period last year [1] - Social financing scale in January 2026 was 722.08 billion yuan, up from 81.78 billion yuan in the previous month and 705.46 billion yuan in the same period last year [1] - M0 growth rate in January 2026 was 2.7% year-on-year, down from 10.6% in the previous month and 17.2% in the same period last year [1] - M1 growth rate in January 2026 was 4.9% year-on-year, down from 6.2% in the previous month and up from 0.4% in the same period last year [1] - M2 growth rate in January 2026 was 9.0% year-on-year, up from 8.2% in the previous month and 7.0% in the same period last year [1] - New RMB loans in January 2026 were 471 billion yuan, up from 22 billion yuan in the previous month and down from 513 billion yuan in the same period last year [1] - CPI growth rate in January 2026 was 0.2% year-on-year, the same as in the previous month and down from 0.5% in the same period last year [1] - PPI growth rate in January 2026 was -1.4% year-on-year, up from -2.1% in the previous month and -2.3% in the same period last year [1] - Fixed asset investment in December 2025 decreased by 3.8% year-on-year, down from a 0.5% decline in the previous month and a 3.2% increase in the same period last year [1] - Total retail sales of consumer goods in December 2025 increased by 3.7% year-on-year, down from 4.5% in the previous month and up from 3.5% in the same period last year [1] - Exports in December 2025 increased by 6.60% year-on-year, down from 8.20% in the previous month and 10.67% in the same period last year [1] - Imports in December 2025 increased by 5.70% year-on-year, down from 7.40% in the previous month and up from 0.84% in the same period last year [1] Group 2: Commodity Investment Reference Comprehensive - On March 2, due to the escalating Iran situation, 12 domestic futures varieties' main contracts hit the daily limit, and precious metals such as gold and silver rose sharply. Exchanges and banks issued risk warnings [2] - The Chinese Foreign Ministry urged all parties to stop military actions and avoid further escalation of tensions [2] - Due to the recent rise in international oil prices, the premium rates of many on - site crude oil theme funds soared, and some funds issued risk warnings. Two funds will be suspended from trading on March 3 [2] - Affected by multiple factors, the A - share resource sector continued to strengthen, and the configuration value of cyclical varieties was prominent [3] - On March 2, 26 domestic commodity varieties had positive basis, and 41 had negative basis [3] - The China Phosphate Fertilizer Industry Association and other associations called on the industry to ensure supply and stabilize prices [4] Metals - As international gold prices rose, domestic gold stores suspended selling investment gold bars and switched to selling craft gold bars, which are 200 - 300 yuan more expensive per gram [5] - The Hong Kong MPF Authority is considering allowing MPF to invest in gold ETFs and will review the investment scope this year [5] - On February 27, copper inventory reached a new high in over 11 months, while tin, zinc, aluminum, lead, and nickel inventories decreased [6] - As of March 2, the silver ETF's holdings decreased, and the gold ETF's holdings remained unchanged [6] - Rio Tinto suspended aluminum supply negotiations with Japanese customers due to the Middle East conflict [7] - The Central Bank of Uganda plans to buy 100 kg of gold from March to June [7] - Floods cut off the main copper export channel in the Democratic Republic of the Congo [7] Energy and Chemicals - Japan's economy minister said there was no immediate impact on Japan's power and gas supply from the suspension of Qatar's LNG production [8] - Iran closed the Strait of Hormuz. Goldman Sachs estimated that European natural gas prices could rise by 130% and oil prices by $18 per barrel [8] - Qatar's LNG production suspension caused a significant shock to the European natural gas market, with futures prices rising by up to 50% [8] - Thailand banned oil product exports, launched an energy monitoring center, and took measures to ensure fuel reserves and protect consumers [9] - Russia's LNG exports increased by 5.8% from January to February [10] - The daily crude oil exports through the Strait of Hormuz dropped to 4 million barrels [11] - Brazil's oil production in January increased by 14.6% year - on - year [11] Agricultural Products - Argentina's agricultural product export revenue in February decreased by 41% year - on - year [12] - Indonesia raised the export tariff on crude palm oil to 12.5% from March 1 [12] Group 3: Financial News Compilation Open Market - On March 2, the central bank conducted 19 billion yuan of 7 - day reverse repurchase operations, with a net injection of 19 billion yuan [13] Important News - The Chinese Foreign Ministry responded to issues such as the closure of the Strait of Hormuz and the so - called missile purchase agreement [14] - Chinese Foreign Minister Wang Yi had phone calls with foreign ministers of Iran, Oman, and France, urging to stop military actions [14] - US President Trump said military actions against Iran might last 4 - 5 weeks, and Iran's top security official refused to negotiate [15] - The 14th National People's Congress Fourth Session will hold a press conference on March 4 [15] - The National Development and Reform Commission will strengthen communication with private enterprises [16] - China opposed the UK's sanctions on Chinese enterprises [16] - In 2025, the inter - provincial trade sales in China increased by 4.5% year - on - year [16] - Economists expect China's GDP growth target in 2026 to be around 5%, the deficit rate around 4%, and CPI growth around 2% [17] - Sichuan issued a document to promote rural revitalization [17] - The pilot of local government special bonds' "self - review and self - issuance" advanced steadily [18] - The China Inter - bank Market Dealers Association optimized the issuance process of science and technology innovation bonds [18] - As of the end of February, there were 1446 ETFs in the domestic market [18] - The US government lost a lawsuit, and over $175 billion in illegal tariffs will be refunded [20] - There were bond - related events such as bond suspension, debt restructuring, and redemption [20] - There were overseas credit rating changes for some Chinese enterprises [20] Bond Market Summary - The inter - bank bond market was strong, with most bond yields falling, and bond futures rising [21] - In the exchange bond market, some bonds rose and some fell, and the real - estate bond index and high - yield urban investment bond index had different performances [21] - The convertible bond index fell, and some convertible bonds had significant gains or losses [22] - Most money market interest rates showed different trends, and some bond issuance had specific yields and multiples [23][24] - European and US bond yields rose [25] Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index rose [27] Research Report Highlights - According to a survey, investors' focus in the bond market is on inflation, AI, and real estate, and the bond market is expected to be volatile [28] - CITIC Construction Investment is bullish on US bonds in the medium - term [28] - Shenwan Hongyuan believes that the downward space of certificate of deposit rates is limited, and long - term bond rates may have limited downward space [29] - Huatai Securities believes that the A - share market may be volatile in the short - term but will be determined by policies and industry trends in the medium - term. It gives suggestions on stock and convertible bond investment [29][30] Today's Reminders - Many bonds will be listed, issued, paid, and have principal and interest repaid on March 3 [31] Group 4: Stock Market News - On Monday, the Shanghai Composite Index rose 0.47%, while the Shenzhen Component Index and ChiNext Index fell. A - share trading volume reached a one - month high. Resource - related sectors rose, while AI - related and consumer sectors fell [32] - The A - share resource sector continued to strengthen, and the resource price increase trend may continue in March [33] - The Hang Seng Index and related indexes fell, with some sectors performing differently. Southbound funds had net purchases [33]

Core Viewpoint - The domestic futures market opened with mixed performance on February 25, 2026, with some contracts showing gains while others experienced declines [3][7]. Price Movements - Notable increases were observed in the prices of 20 rubber and lithium carbonate, both rising over 2% [3][7]. - Other commodities such as tin, soda ash, cotton, and rubber also saw gains close to 2% [3][7]. - Conversely, liquefied gas and polysilicon experienced declines exceeding 1% [3][7]. Detailed Contract Performance - Lithium carbonate (contract 2605 M) reached a price of 164,500, marking a 2.17% increase [4]. - 20 rubber (contract 2604 M) was priced at 13,950, reflecting a 2.12% rise [4]. - Tin (contract 2803 M) showed a price of 394,290, with a 1.97% increase [4]. - In contrast, liquefied gas (contract 2504 M) fell to 4,526, down by 1.35% [8]. - Polysilicon (contract 2605 M) was priced at 47,405, down 1.23% [8].

Group 1 - The core viewpoint of the articles indicates a significant decline in liquefied gas futures prices, with the December closing average at 4188 yuan/ton, down 120 yuan/ton or 2.79% from the previous month [1] - The international crude oil prices showed a mixed trend, with WTI averaging $57.87/barrel, down $1.61/barrel or -2.70%, and Brent averaging $61.64/barrel, down $2.02/barrel or -3.18% [1] - Domestic liquefied gas supply in December was 2.1686 million tons, a slight decrease of 0.25% month-on-month but an increase of 5.49% year-on-year [1] Group 2 - The basis in South China strengthened significantly to 405 yuan/ton, expanding by 239 yuan/ton month-on-month, primarily due to the sharp decline in futures prices [2] - The average daily trading volume of the main contract decreased significantly to 19,245 lots, with the average daily open interest at 57,544 lots, down 20,880 lots month-on-month [2] - The outlook for January predicts weak fluctuations in international crude oil prices, with chemical processing profits remaining in substantial losses, likely exerting negative pressure on demand [2]

Group 1 - The core viewpoint of the article highlights the mixed performance of domestic futures contracts on December 12, 2025, with notable increases in certain metals and significant declines in others [5][6][8] - The main futures contract for tin (沪锡) rose over 4%, while silver (沪银) increased by more than 3%, and polysilicon, zinc, and international copper all saw gains exceeding 2% [5][6] - Conversely, liquefied gas and coking coal experienced declines of over 4%, with red dates and coking coal down more than 3%, and glass, eggs, and PVC dropping over 2% [5][6] Group 2 - In late November 2025, the main tin contract price surged to 323,700 yuan/ton, a three-and-a-half-year high, driven by supply concerns from geopolitical conflicts in the Democratic Republic of Congo and expectations of macroeconomic easing [5][8] - Following the signing of a peace agreement between the Democratic Republic of Congo and Rwanda on December 4, 2025, market fears regarding disruptions in African tin supply were alleviated [5][8] - Looking ahead to 2026, the tin market is expected to experience marginal supply easing and seasonal demand pressure, with global inventories remaining low and macroeconomic conditions supportive, leading to a forecasted trading range for the main tin contract of 280,000 to 330,000 yuan/ton in Q1 2026 [5][8]

Group 1: Commodity Market Overview - The domestic commodity futures market shows a clear divergence this week, with non-ferrous and precious metals performing strongly while the energy and chemical sectors continue to weaken [1] - Copper futures lead the non-ferrous metals sector with a rise of over 2%, while zinc follows with a 1.4% increase [1] - In the precious metals sector, silver futures stand out with a remarkable increase of over 6% [1] Group 2: Copper Market Dynamics - The copper market has seen prices break through key resistance levels, reaching historical highs, driven by supply tightness and increasing demand [2] - Major copper-producing countries like Chile are underperforming in production, leading to a shortage of copper concentrate and low processing fees [2] - Demand from sectors such as renewable energy and grid construction continues to rise, providing solid support for copper prices [2] Group 3: Silver Market Performance - Silver futures have surged over 6%, primarily due to expectations of a shift in the Federal Reserve's monetary policy and concerns over copper production adjustments [3] - The market anticipates that geopolitical risks may lead to a technical correction in silver prices if supportive factors diminish [3] Group 4: Palm Oil Market Trends - The palm oil market has shown stability, with futures prices rising over 1% due to increased imports from India, which grew by 4.6% month-on-month [4] - The price of palm oil remains approximately $100 per ton lower than soybean oil, encouraging Indian buyers [4] - Despite high domestic oilseed inventories, the demand growth from India is expected to support palm oil prices in the short term [4] Group 5: Liquefied Gas Market Insights - Liquefied gas futures have shown strong performance, supported by tightening supply and demand dynamics in the Far East market [5] - Supply reductions from the Middle East due to equipment maintenance and increased domestic demand have contributed to this trend [5] - The stock market, particularly the energy and chemical sectors, has also performed well, indicating a correlation with liquefied gas futures [5]

Core Viewpoint - The domestic futures market experienced significant movements, with the European shipping index rising over 6% and various commodities showing mixed performance [1] Group 1: Commodity Performance - The European shipping index increased by more than 6% [1] - Liquefied gas and silver in Shanghai rose by over 3% [1] - Propylene saw an increase of over 2% [1] - Crude oil, palm oil, fuel oil, tin in Shanghai, international copper, and rubber all rose by more than 1% [1] - Palladium declined by over 2% [1] - Coking coal fell by nearly 2% [1]

Market Overview - The Dalian Commodity Exchange's liquefied gas futures opened at 4370 CNY/ton and reached a high of 4409 CNY/ton, with a current price of 4387 CNY/ton, reflecting a 1.67% increase [1] - On August 20, liquefied gas futures had an opening price of 4295 CNY/ton, a closing price of 4354 CNY/ton, and a trading volume of 98,400 contracts [2] Market News - As of August 20, the number of liquefied petroleum gas futures warehouse receipts was 13,298 contracts, which is an increase of 20 contracts compared to the previous trading day [2] Institutional Insights - Dongwu Futures noted that while overseas market exports remain loose, the recovery in East Asian chemical procurement provides support, leading to price stabilization. The overall import recovery in early August suggests potential for further price adjustments due to refinery gas costs and crude oil influences [3] - Ruida Futures highlighted a significant unexpected drop in U.S. crude oil inventories, indicating short-term tightness. However, expectations of OPEC+ production increases and geopolitical easing in regions like Gaza and Ukraine continue to suppress oil prices, maintaining a loose supply-demand balance. Domestic prices for both domestic and imported gas are rising, but downstream trading activity is declining due to price increases, although importers are showing increased willingness to arbitrage [3]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - Domestically, the economy shows downward pressure as the manufacturing PMI declines. It enters a policy observation period, and incremental policies may be introduced if economic data continues to weaken. Overseas, it's an inflation observation period. Despite a hawkish speech from Powell, the Fed's core targets are employment and inflation. With poor non - farm data and high inflation in the US service sector, there may be fluctuations in the Fed's interest - rate cut expectations [2]. - For the RMB exchange rate, without new shock factors, it is expected to be supported in the 7.15 - 7.23 range, with a likely central anchor at 7.20 [4]. - The A - share market is expected to show a structural and volatile trend. The adjustment of US tariff policies may reduce risk appetite [6]. - For the bond market, there is a mild price repair. Although the stock market is strong, the bond market is at most suppressed, and a band - trading strategy is recommended [7]. - For the shipping industry, the container shipping index is expected to be volatile and may decline in the medium - term [9]. - In the precious metals market, due to the increased expectation of a Fed rate cut in September, gold and silver are expected to be strong in the medium - to - long - term and are mainly controlled by bulls in the short - term [11]. - In the non - ferrous metals market, copper may be volatile and weak; aluminum is expected to be under pressure and volatile; alumina is expected to be weak; cast aluminum alloy is expected to be volatile; zinc is expected to rebound after reaching the bottom; nickel and stainless steel are expected to be volatile in the short - term; tin may rise slightly; and the recommended strategies vary for each metal [13][15][16][17][18][19]. - In the black metals market, steel products' prices have limited upward and downward space; iron ore is expected to be strong; coking coal and coke may have increased price fluctuations, and the medium - to - long - term trend is not pessimistic; silicon iron and silicon manganese are not overly pessimistic despite the decline in sentiment [21][23][26][27]. - In the energy and chemical market, crude oil is under supply pressure and has limited upward space; LPG is in a loose supply situation; PX - TA can be considered for expanding processing fees at low prices; MEG - bottle chips are expected to be range - bound; methanol's fundamentals are weak in the short - term; PP is driven up by coal prices; PE needs to wait for demand recovery; PVC's pricing returns to the industry, and short - selling is recommended; pure benzene and styrene are expected to be volatile; fuel oil is weak; low - sulfur fuel oil is recommended for short - selling; asphalt is expected to be weakly volatile; urea is expected to be weakly volatile; glass, soda ash, and caustic soda show a pattern of near - term weakness and long - term strength; pulp is expected to be volatile after a decline; and propylene's price in the Shandong market has a slight increase [31][33][35][37][39][42][45][47][48][50][51][53][54][56][58][59][60][61][66]. - In the agricultural products market, for live pigs, short - selling at high prices is recommended; for oilseeds, long - buying in the far - month contracts is recommended [67][69]. Summaries by Relevant Catalogs Financial Futures Macro - Market information includes policies on financial support for new - type industrialization in China, the US service - sector PMI causing concerns about stagflation, Trump's statements on tariffs and the Fed, and the high proportion of seriously overdue consumer loans in the US [1]. RMB Exchange Rate - The previous trading day's RMB exchange - rate performance shows a decline in the on - shore RMB against the US dollar. Trump's tariff policies and the decline in the US non - manufacturing index are important factors. Without new shock factors, the short - term exchange rate is expected to be supported in the 7.15 - 7.23 range [3][4]. Stock Index - The stock index continued to rise yesterday, and the small - cap stocks were strong. The A - share market is expected to show a structural and volatile trend due to policy support and the adjustment of US tariff policies [5][6]. Treasury Bonds - Treasury futures fluctuated upward, and the price is in a mild repair state. The bond market is at most suppressed by the strong stock market, and a band - trading strategy is recommended [7]. Shipping - The container shipping index futures opened low and fluctuated. The spot prices of major shipping companies have been continuously reduced, and the futures price is expected to be volatile and may decline in the medium - term [8][9]. Commodities Non - Ferrous Metals - **Gold & Silver**: The price of precious metals rose due to the increased expectation of a Fed rate cut in September. They are expected to be strong in the medium - to - long - term and are mainly controlled by bulls in the short - term [11]. - **Copper**: The copper price rebounded slightly, mainly to correct the previous decline. It may be volatile and weak in the short - term, and investors are advised to hold cash and wait [13][14]. - **Aluminum Industry Chain**: Aluminum is expected to be under pressure and volatile; alumina is expected to be weak; cast aluminum alloy is expected to be volatile, and an arbitrage strategy can be considered when the price difference is large [15][16]. - **Zinc**: Zinc is expected to rebound after reaching the bottom. The supply is gradually changing from tight to surplus, and the demand is weak in the traditional off - season [16][17]. - **Nickel & Stainless Steel**: They are expected to be volatile in the short - term. The fundamentals of nickel have no obvious changes, and the supply of nickel - iron is supported by the expected increase in steel - mill production in August. The stability of the stainless - steel price needs to be tested [18]. - **Tin**: Tin rose slightly, showing strong resilience. The supply problem has not been resolved, and the demand weakness has not fully affected the price. Inventory hedging can be considered at an appropriate time [19]. Black Metals - **Steel Products**: Steel products' prices have limited upward and downward space. Although the export orders have weakened, the market pressure is temporarily relieved, and the coal - mine inspection and military - parade limit - production expectations provide support [20][21]. - **Iron Ore**: Iron ore is expected to be strong. The short - term fundamentals are good, and the supply is neutral while the demand is expected to remain high. The price is expected to break through the 800 - yuan pressure level [22][23]. - **Coking Coal & Coke**: The prices of coking coal and coke rose strongly. The "anti - involution" policy may lead to increased price fluctuations, and the medium - to - long - term trend is not pessimistic. It is not recommended for non - spot - handling investors to participate in the 09 - contract delivery game [25][26]. - **Silicon Iron & Silicon Manganese**: Although the sentiment has declined, there is no need to be overly pessimistic. The supply is increasing, and the demand is supported by high steel - mill profits in the short - term, but the long - term demand is uncertain [27][28]. Energy and Chemicals - **Crude Oil**: The crude oil price fell overnight, and the market is under supply pressure. The seasonal demand is weakening, and the upward space is limited [30][31]. - **LPG**: LPG is in a loose supply situation. The domestic supply is abundant, and the demand has little change. The price is expected to be under pressure [32][33]. - **PX - PTA**: The PX - TA price has fallen. The current TA processing fee is at a historical low, and there are many expected TA maintenance plans. It is recommended to expand the processing fee at low prices [34][35]. - **MEG - Bottle Chips**: The "anti - involution" premium has been squeezed out, and the fundamentals have insufficient driving force. They are expected to be range - bound [36][37]. - **Methanol**: The "anti - involution" sentiment has subsided, and the methanol market has returned to fundamentals, which are weak in the short - term. Attention should be paid to downstream resistance and port - to - inland price differences [38][39]. - **PP**: PP's price rose driven by coal prices. The supply pressure is increasing, and the demand is weak, so the market is in a weak pattern [40][42]. - **PE**: PE's price was driven up by the coal - market. The current demand is weak, and the inventory is high, but the demand is expected to recover in August [43][45]. - **PVC**: PVC's pricing has returned to the industry. The supply is increasing, the demand is weak, and the inventory is rising. Short - selling is recommended [46][47]. - **Pure Benzene & Styrene**: Pure benzene and styrene are expected to be volatile. The supply and demand of pure benzene are both increasing, and the supply of styrene is expected to increase in August and September [48][50]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Fuel oil is weak, and low - sulfur fuel oil is recommended for short - selling due to weak supply, demand, and high inventory [51][53]. - **Asphalt**: Asphalt is expected to be weakly volatile, following the cost - end. The supply has increased, but the demand is affected by weather and funds. The medium - to - long - term demand is expected to improve [53][54]. - **Urea**: Urea is under pressure. Although the export demand provides some support, the agricultural demand is weakening [55][56]. - **Glass, Soda Ash & Caustic Soda**: They show a pattern of near - term weakness and long - term strength. Soda ash has a strong supply and weak demand; glass is in a weak - balance state; and caustic soda may start the delivery logic in August [57][58][59][60]. - **Paper Pulp**: Paper pulp is expected to be volatile after a decline. The supply and inventory are high, and the demand has no obvious long - term increase, but there is seasonal support in August [61][62]. - **Propylene**: The price of propylene in the Shandong market has a slight increase. The supply is loose, and the demand has little change. The cost is affected by multiple factors [64][66]. Agricultural Products - **Live Pigs**: The spot price of live pigs is stable, and the supply exceeds demand. It is recommended to short - sell at high prices [67]. - **Oilseeds**: The outer - market US soybeans are weak, and the inner - market soybeans are pricing the far - month supply gap. It is recommended to long - buy in the far - month contracts [68][69].