China government bond futures opened with most-active contracts: 2-year (TS) unchanged; 5-year (TF) down 0.02%; 10-year (T) down 0.02%; 30-year (TL) down 0.06%.

Since late July China’s tungsten market has moved out of the violent 1H volatility into a calmer consolidation. August extended that trend: prices have traded close to cost support and underpinned by long-term contracts, and observed volatility has narrowed materially. Spot volumes are driven by real delivery demand; speculative buying and stockpiling are weak, and market participants are focused on fundamental data. Near term, prices are likely to trade in a range-bound, mildly weak pattern — downside capped by cost floors and a strategic‑resource premium, while upside will require confirmed transactions and evidence of seasonal demand realization. In September, focus will shift to actual consumption and new long‑order pricing; the interplay of supply-side rigidity versus rising imports and the conversion pace of emerging demand will shape further direction.

日經225指數8月31日（週一）開盤下跌731.46點，跌幅1.10%，報65674.10點。