贵金属日报 2025-08-27 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 贵金属 沪金涨 0.21 %，报 781.86 元/克，沪银跌 0.30 %，报 9326.00 元/千克；COMEX 金涨 0.24 %， 报 3441.10 美元/盎司，COMEX 银涨 0.22 %，报 38.69 美元/盎司； 美国 10 年期国债收益率 报 4.26%，美元指数报 98.24 ； 市场展望： 昨夜公布的美国经济数据表现强势，这令金银价格短线承压，但特朗普对于联储理事库克职位 的解除则进一步削弱联储的独立性，美联储在中期货币政策转向鸽派是具备确定性的。 美国 7 月耐用品订单环比值为-2.8%，高于预期的-4%以及前值的-9.4%。美国 8 月里奇蒙德联 储制造业指数为-7，高于预期的-11 以及前值的-20。美国 8 月谘商会消费者信心指数为 97.4， 高于预期的 96.2。耐用品订单数据公布后金银价格短线回落。 同时，特朗普于昨日宣布解除美联储理事库克的职位，理由是其在财务交易中涉 ...

Group 1: Market Performance - Shanghai gold futures (Au) dropped 0.13% to 775.04 yuan/gram, while Shanghai silver futures (Ag) rose 0.16% to 9225.00 yuan/kilogram. COMEX gold futures rose 0.02% to 3378.80 dollars/ounce, and COMEX silver futures rose 0.19% to 38.10 dollars/ounce [1]. - The US 10 - year Treasury yield was reported at 4.34%, and the US dollar index was at 98.11 [1]. - In the detailed data, Au(T + D) closed at 774.80 yuan/gram, up 0.22% from the previous trading day; Ag(T + D) closed at 9227.00 yuan/kilogram, up 0.42%. London gold was at 3332.40 dollars/ounce, down 0.09%, and London silver was at 37.73 dollars/ounce, down 1.53% [3]. Group 2: Market Outlook and Influencing Factors - There is an expectation of further easing of overseas geopolitical risks, which has a negative impact on gold prices. After the meeting between Trump and Zelensky, it was reported that Ukraine will buy weapons worth hundreds of billions of dollars from the US, and Trump will arrange a meeting between Putin and Zelensky, leading to a phased release of overseas geopolitical risks [1]. - Fed Chair Powell will speak at the Jackson Hole central bank annual meeting on the evening of August 22, Beijing time. The impact of imported inflation in the US is gradually emerging, and the Trump administration is putting pressure on the Fed to cut interest rates due to US debt interest payments. Powell's speech will significantly affect the prices of gold and silver. There is a driving force for the expectation of an interest - rate cut to further increase in the fourth quarter when the new Fed chairperson will be announced [2]. Group 3: Trading Strategy - Currently, in the precious metals strategy, it is recommended to wait for Powell's specific statement. If his monetary policy speech is significantly dovish, it is recommended to enter long positions in silver on dips. The reference operating range for the main contract of Shanghai gold futures is 765 - 794 yuan/gram, and for the main contract of Shanghai silver futures is 9045 - 9526 yuan/kilogram [2]. Group 4: Data Summary - A detailed summary of key gold and silver data is provided, including closing prices, trading volumes, open interest, inventories, and historical quantiles for different markets such as COMEX, LBMA, SHFE, etc. For example, COMEX gold's closing price (active contract) was 3381.70 dollars/ounce, with a trading volume of 11.55 million lots, down 28.99% from the previous period [5]. - The report also presents various charts showing the relationships between gold and silver prices, trading volumes, open interest, and other factors, as well as the near - far month structure and internal - external price differences of gold and silver [10][19][51].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The US PPI data in July significantly exceeded expectations, with the year - on - year PPI at 3.3%, the month - on - month PPI at 0.9%, and the month - on - month import price index at 0.4%. Fed officials have different views on inflation, and the Trump administration's selection of the new Fed chair has influenced their statements [2]. - Fed Chair Powell will speak at the Jackson Hole Central Bank Symposium on August 22. The market expects a 25 - basis - point interest rate cut in the September FOMC meeting with a probability of 92.1%, and also prices in another rate cut in October. The fourth quarter will be the time to announce the new Fed chair, which may further boost the rate - cut expectation. It is recommended to wait for Powell's statement. If it is dovish, consider going long on gold and silver. The reference operating range for the main contract of Shanghai Gold is 765 - 794 yuan/gram, and for Shanghai Silver is 9045 - 9526 yuan/kilogram [3]. 3. Summary According to Related Catalogs 3.1 Market Quotes - On August 18, Shanghai Gold fell 0.01% to 775.08 yuan/gram, Shanghai Silver rose 0.10% to 9217.00 yuan/kilogram; COMEX Gold fell 0.04% to 3381.70 dollars/ounce, COMEX Silver fell 0.13% to 38.02 dollars/ounce; the US 10 - year Treasury yield was 4.33%, and the US dollar index was 97.85 [2]. - For other market data on August 18, such as Au(T + D), London Gold, SPDR Gold ETF holdings, etc., specific closing prices, changes, and percentage changes are provided [4]. 3.2 Gold and Silver Key Data Summary - For gold on August 15, COMEX Gold's closing price, trading volume, open interest, and inventory had different changes compared to the previous day, with the closing price down 0.02%, trading volume down 28.99%, open interest down 0.78%, and inventory down 0.02%. Similar data for other gold - related indicators like LBMA Gold, SHFE Gold, and Au(T + D) are also presented [6]. - For silver on August 15, COMEX Silver's closing price, open interest, and inventory had changes, with the closing price down 0.04%, open interest down 3.00%, and inventory up 0.11%. Similar data for other silver - related indicators like LBMA Silver, SHFE Silver, and Ag(T + D) are also provided [6]. 3.3 Charts and Their Information - Multiple charts show the relationships between gold and silver prices and various factors such as the US dollar index, real interest rates, trading volume, open interest, and the near - far month structure. For example, there are charts of COMEX Gold price vs. the US dollar index, COMEX Gold price vs. real interest rates, etc. [11][12] - There are also charts showing the near - far month structures of COMEX Gold, London Gold - COMEX Gold, Shanghai Gold, and related spreads, as well as similar charts for silver [20][21][37][38] - Charts about the net long positions of managed funds in COMEX Gold and Silver and their prices are presented [40] - Charts of the total holdings of Gold ETFs and Silver ETFs are provided [47] - Charts of the internal - external spreads of gold and silver, including their MA5 and seasonal patterns, are shown [50][51][57]

Report Industry Investment Rating No information provided in the text. Core Viewpoints of the Report - The release of the US July CPI data last night is generally favorable for the Fed to implement further easing policies. With the weakening of US economic data and the easing of inflation, the Fed's implementation of further loose monetary policy is certain. It is recommended to buy precious metals on dips, with the reference operating range for the main contract of Shanghai Gold being 766 - 787 yuan/gram and for the main contract of Shanghai Silver being 9075 - 9520 yuan/kilogram [2][4]. Summary According to Relevant Contents Market Quotes - Shanghai Gold (Au) fell 0.11% to 776.28 yuan/gram, and Shanghai Silver (Ag) rose 0.39% to 9205.00 yuan/kilogram; COMEX Gold rose 0.11% to 3402.60 US dollars/ounce, and COMEX Silver fell 0.11% to 37.96 US dollars/ounce; the US 10 - year Treasury yield was reported at 4.29%, and the US dollar index was reported at 98.05 [2]. - The closing prices and changes of various precious metal varieties and related indicators are presented in detailed tables, including Au(T + D), London Gold, SPDR Gold ETF holdings, etc. For example, Au(T + D) closed at 773.17 yuan/gram, down 2.69 yuan or - 0.35% from the previous trading day [5]. US CPI Data Analysis - The US July CPI year - on - year value was 2.7%, lower than the expected 2.8% and in line with the previous value, and the month - on - month value was 0.2%, in line with expectations and lower than the previous value of 0.3%. The core CPI year - on - year value was 3.1%, higher than the expected 3% and the previous value of 2.9%, and the month - on - month value was 0.3%, in line with expectations and higher than the previous value of 0.2% [2]. - The lower - than - expected overall CPI in July was due to the decline in oil prices, and the higher - than - expected core CPI was due to the "sudden" increase in used - car inflation compared to the previous month, along with the impact of imported inflation on household prices. In terms of overall CPI, the energy - related CPI year - on - year value decreased by 1.6%, and the month - on - month value decreased by 1.1%, mainly driven by the decline in oil prices. In terms of core inflation, the housing inflation with a high proportion continued to decline slowly, and the used - car price index year - on - year value in July was 4.8%, significantly higher than the previous value of 2.8%, and the month - on - month value rose from - 0.7% in June to + 0.5%, which was the main contributor to the higher - than - expected core CPI year - on - year value [3]. Market Outlook and Strategy - With the weakening of US economic data and the easing of inflation, the Fed's implementation of further loose monetary policy is certain. It is recommended to buy precious metals on dips, with the reference operating range for the main contract of Shanghai Gold being 766 - 787 yuan/gram and for the main contract of Shanghai Silver being 9075 - 9520 yuan/kilogram [4]. Data Graphs and Analysis - Multiple graphs are presented, including the relationship between COMEX gold price and the US dollar index, the relationship between COMEX gold price and real interest rate, the price and volume relationship of Shanghai Gold and Shanghai Silver, the near - far month structure of COMEX gold and silver, the net long positions of COMEX gold and silver management funds, the total holdings of gold and silver ETFs, and the internal and external price differences of gold and silver [12][22][41].

Core Viewpoint - The article discusses the recent shift in global risk appetite driven by expectations of a change in the Federal Reserve's monetary policy, leading to a rebound in major stock indices and significant movements in commodities and currencies [1][2]. Group 1: Market Performance - Major stock indices globally experienced a rebound, with the Russian RTS index leading gains due to anticipated meetings between US and Russian leaders [2]. - In developed markets, US stocks saw a comprehensive recovery, with the Nasdaq rising by 3.9%, S&P 500 by 2.4%, and Dow Jones by 1.3% [2]. - Emerging markets also showed strong performance, particularly the Russian RTS which increased by 7.9%, and Vietnam's Ho Chi Minh index which surged by 6.0% [2]. Group 2: Bond Market - The Chinese bond market exhibited a "bull steepening" trend, with the yield curve shifting downward and the 10Y-2Y spread widening [3]. - In contrast, the US bond market showed a "bear flattening" characteristic, with the yield curve moving upward and a near 90% probability of a rate cut by the Federal Reserve in September [3]. Group 3: Commodities and Currencies - Oil prices faced downward pressure due to OPEC+'s decision to significantly increase production in September, reversing previous cuts and alleviating supply concerns [3]. - The British pound strengthened despite the Bank of England's cautious rate cut, as inflation rates rebounded to 3.6% in May and June [3].

Group 1 - The core viewpoint of the report indicates that market expectations for interest rate cuts have intensified, with the probability of a rate cut in September reaching 88.9% and a total of three cuts anticipated within the year [1][8][10] - Recent economic data has shown signs of weakening, with the ISM non-manufacturing PMI for July at 50.1, below previous values and forecasts, and initial jobless claims rising to 226,000, exceeding expectations [2][9][10] - The report highlights that the Nasdaq Composite Index reached a historical high, reflecting a positive trend in major equity markets, particularly in the materials sector, which saw significant gains [1][38][45] Group 2 - In the asset price section, major global asset classes exhibited mixed performance, with COMEX silver showing the highest increase at +4.43%, while NYMEX light crude oil experienced the largest decline at -5.11% [33][52] - The report notes that the U.S. equity market, particularly the materials sector, has shown strong performance, with the materials industry in the U.S. rising by 5.01% [38][45] - The foreign exchange market saw the Japanese yen appreciating by 1.54% against the RMB, while the ruble depreciated by 1.79% [46][48] Group 3 - The report provides updates on significant economic data, including the Eurozone consumer confidence index continuing to rise, and the UK manufacturing PMI showing an increase [63][71] - Japan's unemployment rate remained unchanged, indicating stability in the labor market [74][76] - The report tracks important data releases for the upcoming week, including U.S. CPI data and other key economic indicators [78]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Trump's key appointments to the Fed's理事 positions will pressure the Fed into a further easing cycle, which is a continuous positive factor for gold and silver prices [1]. - The market has increased its expectations for the Fed's subsequent loose monetary policy. The Fed is likely to implement further loose monetary policies due to Trump's personnel appointments and significantly lower - than - expected employment data. It is recommended to buy precious metals on dips. The reference operating range for the main contract of Shanghai Gold is 777 - 801 yuan/gram, and for the main contract of Shanghai Silver is 9081 - 9520 yuan/kilogram [1][2]. 3. Summary by Related Catalogs Market Quotes - **Domestic Futures**: Shanghai Gold (Au) rose 0.12% to 786.80 yuan/gram, and Shanghai Silver (Ag) rose 0.02% to 9279.00 yuan/kilogram. Au(T + D) closed at 783.27 yuan/gram, up 0.16%; Ag(T + D) closed at 9249.00 yuan/kilogram, up 0.27% [1][3]. - **International Futures**: COMEX gold fell 0.82% to 3462.70 dollars/ounce, and COMEX silver fell 0.12% to 38.50 dollars/ounce. London gold rose 0.31% to 3394.15 dollars/ounce, and London silver fell 0.22% to 38.29 dollars/ounce [1][3]. - **ETF Holdings**: SPDR Gold ETF holdings increased by 0.06% to 959.64 tons, and SLV Silver ETF holdings decreased by 0.80% to 14990.80 tons [3]. - **Other Market Indicators**: The 10 - year US Treasury yield was 4.27%, and the US dollar index was 98.22. The Dow Jones Index rose 0.47%, the S&P 500 rose 0.78%, and the Nasdaq Index rose 0.98% [1][3]. Market Outlook - Trump's appointment of Milan as a Fed理事 and the potential selection of Waller as the new Fed chairman will increase Trump's influence on the Fed's monetary policy, putting pressure on the Fed to cut interest rates. Fed理事 Bowman supports interest rate cuts in the remaining three policy meetings this year [1]. - The market expects an 89.3% probability of a 25 - basis - point interest rate cut by the Fed in September and a 53.5% probability of a further rate cut in October [2]. Key Data Summary of Gold and Silver - **Gold**: COMEX gold's closing price (active contract) was 3458.20 dollars/ounce, down 0.70%; trading volume increased by 28.40% to 31.25 million lots; open interest increased by 0.99% to 44.96 million lots; inventory decreased by 0.22% to 1200 tons [5]. - **Silver**: COMEX silver's closing price (active contract) was 38.51 dollars/ounce, down 0.05%; open interest decreased by 5.32% to 16.13 million lots; inventory increased by 0.07% to 15754 tons [5]. Price and Volume Charts - Multiple charts show the relationship between the prices, trading volumes, and open interests of COMEX gold, Shanghai gold, COMEX silver, and Shanghai silver, as well as their historical trends and near - far month structures [7][9][11]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Trump's nomination of his camp members as "temporary" Fed governors will impact the Fed's independence in the short - term, supporting gold and silver prices [2] - Trump's appointment of Stephen Milan as a Fed governor and the rising probability of Waller becoming the new Fed chair, along with lower - than - expected employment data, make it certain that the Fed will implement further loose monetary policies [2][3] - It is recommended to buy on dips in the precious metals strategy. The reference operating range for the main contract of Shanghai gold is 777 - 801 yuan/gram, and for the main contract of Shanghai silver is 9081 - 9520 yuan/kilogram [3] Group 3: Summary Based on Related Catalogs Market Quotes - Shanghai gold rose 0.26% to 785.44 yuan/gram, Shanghai silver rose 0.43% to 9241.00 yuan/kilogram; COMEX gold rose 0.99% to 3488.00 dollars/ounce, COMEX silver rose 0.93% to 38.65 dollars/ounce; the US 10 - year Treasury yield was 4.23%, and the US dollar index was 98.00 [2] - For gold, the closing price of the active contract of COMEX was 3482.70 dollars/ounce, up 1.48%; the trading volume was 24.34 million lots, up 69.43%; the open interest was 44.53 million lots, down 9.02%. For silver, the closing price of the active contract of COMEX was 38.53 dollars/ounce, up 1.57%; the open interest was 17.03 million lots, down 1.93% [6] Market Outlook - Trump's personnel appointments put strong pressure on the Fed's monetary policy independence, and combined with poor employment data, the Fed will implement further loose monetary policies [3] Investment Strategy - Recommend buying precious metals on dips, with the reference range for Shanghai gold's main contract being 777 - 801 yuan/gram and for Shanghai silver's main contract being 9081 - 9520 yuan/kilogram [3]

Group 1: Market Performance - Shanghai gold rose 0.52% to 784.50 yuan/gram, and Shanghai silver rose 0.73% to 9067.00 yuan/kilogram; COMEX gold rose 0.10% to 3429.70 US dollars/ounce, and COMEX silver rose 0.27% to 37.43 US dollars/ounce [2] - The yield of 10-year US Treasury bonds was reported at 4.22%, and the US dollar index was reported at 98.68 [2] - The closing prices of various precious metal products such as Au(T+D), London gold, and SPDR gold ETF holdings showed different degrees of changes, with some rising and some falling [4] Group 2: Market Outlook - San Francisco Fed President Daly made a dovish statement on monetary policy this morning. Driven by last Friday's non-farm payroll data, the probability of the Fed making a larger rate cut has increased, and the prices of gold and silver have been supported [2] - After the non-farm payroll data was released last Friday, the market's expectation of the Fed's subsequent loose monetary policy rebounded significantly. The CME interest rate observer showed that the probability of the Fed implementing a 25-basis-point rate cut in the September interest rate meeting rose to 94.4%, and it was also expected that the Fed would continue to cut interest rates by 25 basis points in the October interest rate meeting [3] Group 3: Investment Strategy - With Trump strongly pressuring the independence of the Fed's monetary policy through personnel appointments, coupled with employment data far lower than expected, it is certain that the Fed will implement further loose monetary policies subsequently. In terms of precious metal strategies, it is recommended to buy on dips. The reference operating range for the main contract of Shanghai gold is 773 - 801 yuan/gram, and the reference operating range for the main contract of Shanghai silver is 8885 - 9287 yuan/kilogram [3] Group 4: Data Summary - The report provides detailed data summaries of gold and silver, including closing prices, trading volumes, open interest, inventories, and other data, as well as their daily changes, daily price increases and decreases, and historical quantiles in the past year [7] Group 5: Charts and Graphs - The report includes multiple charts and graphs showing the relationship between precious metal prices, trading volumes, open interest, and other factors, as well as the structure of near and far months and price differences at home and abroad [9][10][12]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures market has policy support, and there are opportunities to go long on dips. The bond market is affected by the stock - commodity market, and the interest rate is expected to decline in the long - term. The precious metals market is under pressure due to the hawkish stance of the Fed. Different metals in the non - ferrous metals market have different price trends based on their supply - demand fundamentals. The black building materials market is affected by policies and demand, and prices may fluctuate. The energy and chemical market has various trends for different products based on supply - demand and cost factors. The agricultural products market also shows different trends for different products such as livestock, grains, and oils [2][5][7] Summary by Relevant Catalogs Macro - financial Stock Index - **News**: The Politburo meeting emphasized the attractiveness and inclusiveness of the capital market. The Guangzhou Futures Exchange adjusted trading limits for some contracts of industrial silicon, polysilicon, and lithium carbonate. Ningde Times' net profit increased by 33.02% year - on - year. Zhongchuan Emergency will be under risk warning from August 1st [2] - **Base Ratio**: Different base ratios are provided for IF, IC, IM, and IH contracts in different periods [2] - **Trading Logic**: The policy's support for the capital market is confirmed, and there are opportunities to go long on dips [2] Treasury Bonds - **Market Quotes**: On Wednesday, the main contracts of TL, T, TF, and TS all rose [3] - **News**: The Politburo meeting emphasized the implementation of fiscal and monetary policies. The Sino - US economic and trade talks agreed to extend relevant tariffs and counter - measures for 90 days [3] - **Liquidity**: The central bank conducted 3090 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1585 billion yuan [3] - **Strategy**: The interest rate is expected to decline in the long - term, but the stock and commodity markets may suppress the bond market in the short - term [6] Precious Metals - **Market Quotes**: Both domestic and foreign gold and silver prices declined. The US 10 - year Treasury yield was 4.38%, and the US dollar index was 99.82 [7] - **Market Outlook**: The hawkish stance of the Fed and the strong US economic data are negative factors for precious metals [7] Non - ferrous Metals Copper - **Market Quotes**: LME copper fell 0.74%, and SHFE copper was affected. The inventory and basis changed [10] - **Price Outlook**: The pressure on copper prices is relieved, and the price is expected to stabilize in the short - term [10] Aluminum - **Market Quotes**: LME aluminum rose slightly, and SHFE aluminum was in a volatile state. The inventory and basis changed [11] - **Price Outlook**: The price is expected to oscillate due to the low inventory and weak demand [11] Zinc - **Market Quotes**: SHFE zinc index rose slightly. The inventory and basis changed [12] - **Price Outlook**: The long - term price is bearish, and short - term attention should be paid to the Fed's decision and market risks [12][13] Lead - **Market Quotes**: SHFE lead index fell slightly. The inventory and basis changed [14] - **Price Outlook**: The supply is tightening, and the price may strengthen if the smelter inspection expands [14] Nickel - **Market Quotes**: Nickel prices oscillated narrowly. The prices of nickel ore, nickel iron, and refined nickel changed [15] - **Price Outlook**: The price is expected to decline, and short positions can be held or shorted on rallies [15] Tin - **Market Quotes**: Tin prices oscillated narrowly. The inventory and price of upstream tin concentrate changed [16] - **Price Outlook**: The supply and demand are weak in the short - term, and the price is expected to oscillate weakly [16] Carbonate Lithium - **Market Quotes**: The spot index was flat, and the futures price fell. The trading limits were adjusted [18] - **Price Outlook**: The fundamentals are expected to improve, but there is high uncertainty, and speculators are advised to be cautious [18] Alumina - **Market Quotes**: The index rose, and the spot price and basis changed. The inventory increased slightly [19] - **Price Outlook**: The over - capacity pattern may remain, and short - term waiting and watching are recommended [19] Stainless Steel - **Market Quotes**: The futures price was flat, and the spot price and basis changed. The inventory decreased [20] - **Price Outlook**: The price may be affected by supply and demand, and attention should be paid to terminal demand [20] Casting Aluminum Alloy - **Market Quotes**: The futures price rose slightly, and the spot price was flat. The inventory increased slightly [21] - **Price Outlook**: The price is under pressure due to the weak supply and demand in the off - season [21] Black Building Materials Steel - **Market Quotes**: The prices of rebar and hot - rolled coil fell. The inventory and basis changed [23] - **Price Outlook**: The overall fundamentals are weak, and attention should be paid to terminal demand and cost support [24] Iron Ore - **Market Quotes**: The futures price fell, and the spot price and basis changed [25] - **Price Outlook**: The short - term price may be adjusted, and risk control is needed [26] Glass and Soda Ash - **Glass**: The spot price was flat. The inventory decreased. The price is expected to oscillate in the short - term [27] - **Soda Ash**: The spot price was stable. The inventory decreased. The price is expected to oscillate in the short - term [28] Manganese Silicon and Ferrosilicon - **Market Quotes**: The prices of manganese silicon and ferrosilicon fell. The spot price and basis changed [29] - **Price Outlook**: The short - term price fluctuates greatly, and speculation is not recommended. The long - term fundamentals are bearish [30][31] Industrial Silicon - **Market Quotes**: The futures price fell. The spot price and basis changed [33] - **Price Outlook**: The price is expected to oscillate with high volatility, and waiting and watching are recommended [34] Energy and Chemicals Rubber - **Market Quotes**: NR and RU prices fell. The supply concern decreased [37] - **Price Outlook**: The price is expected to oscillate downward, and short - term waiting and watching are recommended [39] Crude Oil - **Market Quotes**: WTI and Brent crude oil rose, while INE crude oil fell. The inventory data changed [40] - **Price Outlook**: The price has upward momentum in the short - term but is limited by the off - season demand [41] Methanol - **Market Quotes**: The futures price fell, and the spot price rose. The basis changed [42] - **Price Outlook**: The supply may increase and demand may weaken, and waiting and watching are recommended [42] Urea - **Market Quotes**: The futures price fell, and the spot price was flat. The basis changed [43] - **Price Outlook**: The supply and demand are weak, and long positions can be considered on dips [43] Styrene - **Market Quotes**: The spot and futures prices rose, and the basis strengthened [44] - **Price Outlook**: The price may rise with the cost after the inventory is reduced [44] PVC - **Market Quotes**: The futures price rose, and the spot price and basis changed [46] - **Price Outlook**: The supply is strong and demand is weak, and the price may fall back [46] Ethylene Glycol - **Market Quotes**: The futures price rose, and the spot price and basis changed [47] - **Price Outlook**: The fundamentals may turn weak, and the price may decline [47] PTA - **Market Quotes**: The futures price rose, and the spot price and basis changed [48] - **Price Outlook**: The supply may increase and inventory may accumulate, and long positions can be considered on dips [50] p - Xylene - **Market Quotes**: The futures price rose, and the spot price and basis changed [51] - **Price Outlook**: The price may go down with inventory, and long positions can be considered on dips [51] Polyethylene PE - **Market Quotes**: The futures price rose [52] - **Price Outlook**: The price may be affected by cost and supply, and short positions can be held [52] Polypropylene PP - **Market Quotes**: The futures price fell [53] - **Price Outlook**: The price may follow the crude oil trend in July [53] Agricultural Products Live Pigs - **Market Quotes**: The pig price was stable with local fluctuations [57] - **Price Outlook**: The price may rise slightly today. Attention should be paid to the spread opportunities [57] Eggs - **Market Quotes**: The egg price was stable [58] - **Price Outlook**: The short - term price may oscillate, and short positions can be considered after the rebound [58] Soybean and Rapeseed Meal - **Market Quotes**: The US soybean price fell, and the domestic soybean meal price rose slightly [59] - **Price Outlook**: The soybean import cost may be affected by trade relations, and long positions can be considered on dips [60][61] Oils - **Market Quotes**: The domestic palm oil oscillated, and the net long positions of three major oils changed [62] - **Price Outlook**: The price is expected to oscillate, and there may be an upward trend in the fourth quarter [63] Sugar - **Market Quotes**: The Zhengzhou sugar futures price fell [64] - **Price Outlook**: The supply may increase, and the price may continue to decline [65] Cotton - **Market Quotes**: The Zhengzhou cotton futures price fell [66] - **Price Outlook**: The price is bearish in the short - term due to the weak consumption and unresolved trade issues [66]