. 贵金属有色金属产业日报 2025/08/25 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢周报（8.18-8.22） 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 观点和策略 2 基本面 3 技术分析 一、观点和策略 沪镍观点：本周镍价继续偏弱运行，周初成交清淡，随着镍价进一步回落，成交有所好转。 产业链上，矿价继续维稳，镍铁价格稳中有升，成本线坚挺。不锈钢库存有所回升，接下 来要期待金九银十能否提振消费，去库存。新能源汽车产销数据较好，但三元电池装车量 同比下降，总体需求提振受限。中长线过剩格局不变。 操作策略： 沪镍主力：20均线上下震荡运行。 不锈钢主力：20均线上下宽幅震荡。 二、基本面分析 1、产业链周度价格变化 2、镍矿市场状况分析 3、电解镍市场状况分析 4、镍铁市场状况分析 5、不锈钢市场状况分析 6、新能源汽车产销情况 4 产业链梳理总结 1、产业链 ...

Group 1: General Information - The report is a daily report on the precious metals and non - ferrous metals industry dated August 22, 2025 [2] Group 2: Precious Metals (Gold and Silver) Investment Rating - Not provided Core View - Fed's September rate - cut expectation and central bank gold purchases support gold prices, but geopolitical situation easing weakens safe - haven demand, and dollar fluctuations limit the upside of gold prices. The market awaits Powell's speech at the global central bank conference. Gold ETFs and long - term structural buying remain the pillars of demand [3] Details - SHFE gold and silver futures prices and related indicators such as COMEX gold prices and gold - silver ratios are presented in graphs [4] - Gold and silver long - term fund holdings and inventories in SHFE and COMEX are shown [12][14][15] Group 3: Copper Investment Rating - Not provided Core View - In the short term, copper prices may continue to fluctuate. The previous support level of 77,000 yuan per ton can be raised to 78,000 yuan per ton. The Fed's meeting minutes next week and Powell's speech may have limited impact on copper prices. The strong support of the dollar index puts pressure on the overall valuation of non - ferrous metals [16] Details - Copper futures and spot data, including prices, price changes, and spreads, are provided. For example, the latest price of Shanghai copper main contract is 78,690 yuan/ton with a daily increase of 0.19% [17][20] - Copper import profit and loss, concentrate processing fees, and warehouse receipts data are also presented [27][31][33] Group 4: Aluminum Investment Rating - Not provided Core View - For aluminum, the US tariff expansion has a certain impact on China's exports, but the impact is weaker than before. Aluminum prices are likely to correct rather than reverse considering the September peak - season expectation and rate - cut expectation. For alumina, the fundamentals are weak, with supply in excess, and the price is expected to fluctuate weakly in the short term. Cast aluminum alloy has good fundamentals, and its futures price generally follows the Shanghai aluminum price [35][36] Details - Aluminum, alumina, and aluminum alloy futures and spot prices, spreads, and inventory data are given. For instance, the latest price of Shanghai aluminum main contract is 20,630 yuan/ton with a daily increase of 0.19% [37][49][55] Group 5: Zinc Investment Rating - Not provided Core View - On the supply side, smelting profit has recovered, and the supply is gradually changing from tight to excessive. The mine supply is loose. On the demand side, the traditional off - season is weak. LME inventory is decreasing with a certain squeeze - out risk. In the short term, zinc prices are expected to fluctuate based on macro - observation [62] Details - Zinc futures and spot prices, spreads, and inventory data are shown. The latest price of Shanghai zinc main contract is 22,275 yuan/ton with a daily increase of 0.16% [63][71][75] Group 6: Nickel Investment Rating - Not provided Core View - Nickel ore is relatively stable, with high domestic arrival inventory. Nickel iron is still relatively firm in the short term. Stainless steel prices are weak, and sulfuric acid nickel prices are stable. Future trends depend on macro - level guidance [78] Details - Nickel and stainless - steel futures prices, trading volume, positions, and inventory data are presented. The latest price of Shanghai nickel main contract is 119,610 yuan/ton [79] Group 7: Tin Investment Rating - Not provided Core View - Macro data from the US is in line with expectations. The repeated delay of Myanmar's tin mine full - resumption of production supports tin prices. In the short term, tin prices may fluctuate [92] Details - Tin futures and spot prices, inventory data, and related indicators such as LME tin spreads are provided. The latest price of Shanghai tin main contract is 265,930 yuan/ton [93][98][102] Group 8: Lithium Carbonate Investment Rating - Not provided Core View - The market's sensitivity to news is decreasing. In the short term, prices may rebound due to supply - side disturbances and enter a wide - range oscillation [107] Details - Lithium carbonate futures and spot prices, spreads, and inventory data are given. The latest price of lithium carbonate futures main contract is 78,960 yuan/ton [108][111][115] Group 9: Silicon Investment Rating - Not provided Core View - The increase in polysilicon production schedules boosts the demand for industrial silicon. In the medium term, the downside space of industrial silicon is limited, and it is expected to fluctuate strongly in the future [117] Details - Industrial silicon futures and spot prices, spreads, and production and inventory data are presented. The latest price of industrial silicon main contract is 8,745 yuan/ton with a daily increase of 1.27% [117][118][132]

镍与不锈钢日评20250822:"反内卷"情绪变化快、波动大 | 交易日期(日) | 2025-08-21 | 2025-08-20 | 2025-08-14 | 较昨日变化 | 近两周走势 | 期货近月合约 | 收盘价 | 119700.00 | 119930.00 | 121000.00 | -230.00 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | J | 119830.00 | 120060.00 | 121200.00 | -230.00 | 期货连一合约 | 收盘价 | 期货连二合约 | -270.00 | 收盘价 | 120030.00 | 120300.00 | 121340.00 | | | | | 120290.00 | 120510.00 | -220.00 | 期货连三合约 | 收盘价 | 121530.00 | 1 | 119830.00 | 119930.00 | 121200.00 | -100.00 | ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **沪镍**: The external market has declined, showing pressure at the 15,000 level. The tight supply of imported nickel has been alleviated to some extent. The medium - and long - term oversupply pattern remains unchanged. The price of nickel is expected to oscillate around the 20 - day moving average for the 2510 contract [2]. - **不锈钢**: The spot price of stainless steel remains flat. The cost line has risen slightly, and the inventory has decreased. Attention should be paid to the consumption situation during the "Golden September and Silver October" period. The price of stainless steel is expected to have a wide - range oscillation around the 20 - day moving average for the 2510 contract [4]. 3. Summary by Directory **Price Overview** - **Nickel**: On August 21, the price of SHFE nickel main contract was 119,830 yuan, down 230 yuan from the previous day; LME nickel was 14,940, down 105. The price of SMM1 electrolytic nickel was 121,100 yuan, up 200 yuan [12]. - **Stainless Steel**: On August 21, the price of stainless steel main contract was 12,795 yuan, down 25 yuan from the previous day. The price of cold - rolled coil 304*2B in major regions remained unchanged [12]. **Inventory** - **Nickel**: As of August 21, LME nickel inventory was 209,598, an increase of 252; SHFE nickel warehouse receipts were 22,588, an increase of 29. The total inventory increased by 281 [15]. - **Stainless Steel**: As of August 15, the national stainless steel inventory was 1.0789 million tons, a decrease of 27,400 tons from the previous period. On August 21, stainless steel warehouse receipts were 118,640, a decrease of 1,129 [19][20]. **Cost** - **Nickel Ore and Ferronickel**: The price of red - soil nickel ore CIF remained stable on August 21. The price of high - nickel ferronickel was 929 yuan/nickel point, up 0.5 yuan from the previous day [23]. - **Stainless Steel Production Cost**: The traditional production cost of stainless steel was 12,896 yuan, the scrap - steel production cost was 13,584 yuan, and the low - nickel + pure - nickel production cost was 16,513 yuan [25]. **Influencing Factors** - **Positive Factors**: The "Golden September and Silver October" consumption expectation and anti - involution policies [7]. - **Negative Factors**: The domestic production continues to increase significantly year - on - year, there is no new growth point in demand, and the long - term oversupply pattern remains unchanged. The installed capacity of ternary batteries has decreased year - on - year [7].

Group 1: Nickel Variety Market Analysis - On August 20, 2025, the main contract 2510 of Shanghai Nickel opened at 120,330 yuan/ton and closed at 119,930 yuan/ton, a change of -0.48% from the previous trading day's close, with a trading volume of 63,676 lots and an open interest of 50,856 lots [1] - The main contract of Shanghai Nickel switched to the 2510 contract. The night session opened flat at 120,430 yuan/ton, fluctuating between 120,200 - 121,080 yuan/ton. Affected by weak new - energy demand and stainless - steel inventory pressure, it failed to break through the key resistance level of 121,000 yuan/ton. The night session closed down 0.33% at 120,450 yuan/ton, with a trading volume of 63,118 lots, about 15% less than the previous day. The day session briefly rose to 120,940 yuan/ton but then fell to an intraday low of 119,620 yuan/ton due to increased domestic inventory and the continued decline of LME nickel. The final closing price dropped to 120,060 yuan/ton, a decline of 0.46%, with a trading volume of 77,982 lots, about 23% more than the night session. LME nickel fell 0.73% and 0.60% on August 19 and 20 respectively, reaching a two - week low of 15,060 US dollars/ton [2] - The nickel ore market is mainly in a wait - and - see attitude, and the nickel ore price is stable. In the Philippines, the FOB price of 1.3% nickel ore resources in September is mostly 32 US dollars. The downstream nickel - iron market is stabilizing, but iron plants are still in losses and are not willing to accept high - priced nickel ore. In Indonesia, the second - phase nickel ore domestic trade benchmark price in August decreased slightly by 0.03 - 0.04 US dollars; the current mainstream premium is +24, with a premium range of +23 - 25. Some Indonesian iron plants expect the premium in the second phase of August to decline [3] - In July 2025, China's refined nickel imports were 38,164 tons, a 124% increase from the previous month and a 703% increase from the same period last year. Among them, the imports of other unwrought non - alloy nickel were 35,506 tons, accounting for 93% of the refined nickel imports. Jinchuan Group's sales price in the Shanghai market was 122,200 yuan/ton, a 600 - yuan increase from the previous trading day. The spot trading of refined nickel was fair. The spot premiums of various brands of refined nickel were stable, with a slight increase in the spot premiums of Jinchuan and Russian nickel [3] Strategy - In the short term, nickel prices will be weak, with large inventory pressure and a significant increase in imports. In the medium term, the pattern of oversupply is difficult to reverse, and the upside space is limited. The strategy is mainly range - bound operation for the single - side trading, and there are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [4] Group 2: Stainless Steel Variety Market Analysis - On August 19, 2025, the main contract 2510 of stainless steel opened at 12,925 yuan/ton and closed at 12,820 yuan/ton, with a trading volume of 149,736 lots and an open interest of 135,764 lots [5] - The main contract of stainless steel opened at 13,000 yuan/ton in the night session, then quickly dropped to an intraday low of 12,855 yuan/ton due to the decline of LME nickel, and finally closed down 140 yuan at 12,885 yuan/ton, a decline of 1.07%, with a trading volume of 134,000 lots, about 18% more than the previous day. The night session showed the characteristic of short - side active position - increasing, and the net short positions of the top 20 seats increased to 11,449 lots. The day session briefly rebounded to 12,895 yuan/ton but then fell again due to the accumulation of stainless - steel social inventory and the expectation of the release of Indonesian nickel ore quotas. The final closing price dropped to 12,820 yuan/ton, a decline of 0.50%, with a trading volume of 149,700 lots, a five - day high. The stainless - steel futures warehouse receipts on the Shanghai Futures Exchange decreased by 2,215 tons to 44,298 tons, a decline of 4.76% [6] - The spot market trading of stainless steel is increasingly light, mainly concentrated on low - price resources. Affected by the decline of the futures market and the completion of downstream restocking, there is a strong bearish sentiment in the future market. The stainless - steel price in the Wuxi market is 13,050 yuan/ton, and that in the Foshan market is also 13,050 yuan/ton. The premium of 304/2B is 310 - 510 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 927.5 yuan/nickel point [6] Strategy - Currently in the traditional off - season of consumption, with weak demand and no fundamental change in the fundamentals, it is expected that the stainless - steel price will fluctuate weakly in the near future. The strategy is mainly range - bound operation for the single - side trading, and there are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [7]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **沪镍**: The external market rebounded after a decline, with significant pressure from the 20 - day moving average. The supply shortage of imported nickel has been alleviated to some extent. The cost line has slightly increased, and stainless - steel inventory continues to decline. New energy vehicle production and sales data are good, but the installed capacity of ternary batteries has decreased year - on - year. The long - term oversupply pattern remains unchanged. The 2510 contract is expected to fluctuate around the 20 - day moving average [2]. - **不锈钢**: The spot price of stainless steel remains flat. The short - term nickel ore price is stable, and the shipping cost is firm. The nickel iron price has increased steadily, and the cost line has risen slightly. The stainless - steel inventory has decreased. Attention should be paid to the consumption situation during the "Golden September and Silver October" period. The 2510 contract is expected to have a wide - range fluctuation around the 20 - day moving average [4]. 3. Summary by Directory 3.1 Price Overview - **镍**: On August 20, the closing price of the Shanghai nickel main contract was 120,060 yuan, down 390 yuan from the previous day; the LME nickel price was 15,045 yuan, down 15 yuan. The price of SMM1 electrolytic nickel was 120,900 yuan, down 750 yuan [11]. - **不锈钢**: On August 20, the closing price of the stainless - steel main contract was 12,820 yuan, down 65 yuan from the previous day. The price of cold - rolled 304*2B stainless steel in major regions remained unchanged [11]. 3.2 Inventory - **镍**: As of August 20, the LME nickel inventory was 209,346 tons, an increase of 18 tons; the Shanghai Futures Exchange nickel warehouse receipt was 22,559 tons, a decrease of 282 tons [14]. - **不锈钢**: As of August 20, the stainless - steel futures warehouse receipt was 119,769 tons, a decrease of 2,334 tons. As of August 15, the national stainless - steel inventory was 1.0789 million tons, a decrease of 27,400 tons month - on - month [18][19]. 3.3 Raw Material Prices - **镍 ore**: On August 20, the price of red - clay nickel ore with a Ni1.5% grade was 57 US dollars per wet ton, and the price of red - clay nickel ore with a Ni0.9% grade was 29 US dollars per wet ton, both remaining unchanged from the previous day [22]. - **镍 iron**: On August 20, the price of high - nickel iron was 928.5 yuan per nickel point, an increase of 0.5 yuan; the price of low - nickel iron was 3,420 yuan per ton, remaining unchanged [22]. 3.4 Production Costs - **不锈钢**: The traditional production cost was 12,896 yuan, the scrap - steel production cost was 13,584 yuan, and the low - nickel + pure - nickel production cost was 16,510 yuan [24]. 3.5 Import Costs - **镍**: The imported price was converted to 121,436 yuan per ton [28]. 3.6 Influencing Factors - **Likely to be Bullish**: The expected consumption during the "Golden September and Silver October" period and the anti - involution policy [7]. - **Likely to be Bearish**: The domestic production continues to increase significantly year - on - year, there is no new growth point in demand, and the long - term oversupply pattern remains unchanged; the installed capacity of ternary batteries has decreased year - on - year [7].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For the nickel variety, the supply - demand contradiction remains unresolved, and with the decline in liquidity during the delivery month, nickel prices are expected to continue range - bound oscillations, and the supply surplus pattern remains unchanged with limited upside potential [1][2]. - For the stainless - steel variety, domestic stainless - steel production remains at a high level. Although the downstream stainless - steel inventory has decreased week - on - week, the real - estate industry is sluggish, and the manufacturing industries such as home appliances and automobiles mainly make purchases based on rigid demand, making it difficult to support price rebounds [3][5]. Group 3: Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On August 18, 2025, the Shanghai nickel main contract 2509 opened at 120,710 yuan/ton and closed at 120,340 yuan/ton, a - 0.29% change from the previous trading day's close. Affected by the rise in LME nickel prices, the night - session opened with a small rally but failed to break through the 121,000 yuan/ton resistance level. Due to the approaching delivery month, market liquidity declined, and the price fluctuated narrowly in the range of 120,500 - 120,800 yuan/ton, finally closing near 120,600 yuan/ton, a slight 0.12% drop from the previous day's settlement price. The day - session continued to be weak, hitting a 5 - day low of 120,140 yuan/ton, and then rebounding to around 120,700 yuan/ton in the afternoon, with a trading volume of only 78,000 lots, indicating insufficient bullish power [1]. - **Nickel Ore**: The nickel - ore market was calm on the day, with prices stable. In the Philippines, 1.3% nickel - ore resources in September were traded at FOB 29 - 32, and there were differences in ore - end prices. Although the loss situation of downstream iron plants has improved, they are not willing to accept high - priced nickel - ore raw materials. In Indonesia, the August (second - phase) nickel - ore domestic trade benchmark price is expected to drop slightly by 0.03 - 0.04 US dollars, and the current mainstream premium is +24, with a premium range of +23 - 25. Some Indonesian iron plants expect the August (second - phase) premium to decline due to thin profits [2]. - **Spot**: Jinchuan Group's Shanghai market sales price was 122,600 yuan/ton, a 100 - yuan/ton increase from the previous trading day. The nickel price was weak on the day, and downstream enterprises were still in a wait - and - see mood, with general refined - nickel spot trading. The premium of Jinchuan nickel remained unchanged at 2,200 yuan/ton, the premium of imported nickel decreased by 50 yuan/ton to 350 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous day's Shanghai nickel warrant volume was 23,051 (910.0) tons, and the LME nickel inventory was 210,414 (- 1,248) tons [2]. Strategy - **Unilateral**: Mainly adopt range - bound operations. - **Inter - period, Inter - variety, Spot - Futures, Options**: No relevant strategies are provided [2]. Stainless - Steel Variety Market Analysis - **Futures**: On August 18, 2025, the stainless - steel main contract 2510 opened at 13,015 yuan/ton and closed at 13,010 yuan/ton. Affected by the decline in LME nickel prices, the night - session opened with a small dip to around 13,000 yuan/ton. Although the domestic stainless - steel social inventory decreased by 27,000 tons week - on - week to 1.079 million tons, concerns about high - supply pressure dominated the sentiment. The price fluctuated narrowly in the range of 12,980 - 13,020 yuan/ton, finally closing at 13,010 yuan/ton, a 0.15% drop from the previous day's settlement price. The trading volume shrank to 46,000 lots, and the open interest decreased by about 2,000 lots, indicating reduced capital participation. The day - session continued to be weak, hitting a 3 - day low of 12,965 yuan/ton, and then rebounding to around 13,010 yuan/ton in the afternoon, with a trading volume of only 78,000 lots, showing insufficient bullish power [3]. - **Spot**: Although some traders tentatively raised prices in the morning, downstream acceptance of high prices was still low, with few actual transactions. As the futures market declined, the spot price basically returned to last week's level in the afternoon, with little overall fluctuation. The stainless - steel price in the Wuxi market was 13,125 yuan/ton, and in the Foshan market was also 13,125 yuan/ton. The 304/2B premium was 195 - 345 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 926.0 yuan/nickel point [4]. Strategy - **Unilateral**: Neutral. - **Inter - period, Inter - variety, Spot - Futures, Options**: No relevant strategies are provided [5].

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年8月19日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘下探之后反弹，上方均线压力较大。上周挪威镍有一定补充，进口货源偏紧的情况有 一定缓解。产业链上，矿价稳定，镍铁价格稳中有升，矿端挺价且有一定上探迹象，成本线有小幅上升。 不锈钢库存继续下降，后期金九银十消费或继续提振。新能源汽车产销数据较好，但三元电池装车量同 比下降。中长线过剩格局不变。偏空 2、基差：现货121650，基差1310，偏多 3、库存：LME库存210414，-1248，上交所仓单23051，+910，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2510：20均线上下震荡运行。 不锈钢 每日观点 1、基 ...

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Report's Core Views - In the short - term, Shanghai nickel may continue its weak and volatile trend. In the long - term, the oversupply pattern of refined nickel remains unchanged, with continuous release of nickel intermediate product capacity and loosening of mine - end prices, limiting the upside space of nickel prices [3] - In the short - term, stainless steel may also continue its weak and volatile trend. In the long - term, the increase in the domestic trade benchmark price of Indonesian nickel ore and the upward shift of stainless steel cost support may limit the decline, but the global oversupply pattern remains unchanged, making it difficult for stainless steel prices to break through [5] Group 3: Summary by Related Catalogs Nickel Variety Market Analysis - On August 14, 2025, the main contract 2509 of Shanghai nickel opened at 122,700 yuan/ton and closed at 121,200 yuan/ton, down 1.26% from the previous trading day's close. The trading volume was 102,257 lots, and the open interest was 66,437 lots. Night - trading showed limited capital participation and a wait - and - see attitude. Day - trading saw short - position funds actively increasing positions, and market sentiment turned pessimistic [1] - The nickel ore market remained calm, with prices stable. Sea freight slightly increased due to weather and shipping capacity. In the Philippines, mines were reluctant to lower prices. In Indonesia, the August (Phase II) domestic trade benchmark price of nickel ore was expected to drop slightly, and some iron plants were bearish on the premium [2] - Jinchuan Group's sales price in the Shanghai market was 124,700 yuan/ton, down 200 yuan/ton from the previous day. Spot trading of refined nickel improved slightly, with changes in premiums for different types of nickel [2] Strategy - Short - term: Shanghai nickel may continue its weak and volatile trend. Long - term: The oversupply pattern of refined nickel remains unchanged, and the upside space of nickel prices is limited. Unilateral strategy: mainly range - bound operation; no strategies for inter - period, cross - variety, spot - futures, and options [3] Stainless Steel Variety Market Analysis - On August 14, 2025, the main contract 2510 of stainless steel opened at 13,175 yuan/ton and closed at 13,025 yuan/ton. The trading volume was 160,562 lots, and the open interest was 135,237 lots. Night - trading showed limited capital participation and a wait - and - see attitude. Day - trading saw short - position funds actively increasing positions, and market sentiment turned pessimistic [3][4] - After the stainless steel futures price rose earlier in the week, the spot price increased, but downstream acceptance was poor. As the futures price fell, the spot price also dropped due to the pressure of sales [4] Strategy - Short - term: Stainless steel may continue its weak and volatile trend. Long - term: The increase in the domestic trade benchmark price of Indonesian nickel ore and the upward shift of cost support may limit the decline, but the global oversupply pattern remains unchanged, and prices are difficult to break through. Unilateral strategy: neutral; no strategies for inter - period, cross - variety, spot - futures, and options [5]