1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints of the Report - The report provides short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil futures, along with their core driving logics [5][6][7] 3. Summary by Variety Soybean Meal (M) - **Viewpoints**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏弱; Reference view:震荡偏弱 [5][6] - **Core Logic**: Optimistic expectations of Sino - US trade continue to ferment, enhancing the expectation of good US soybean exports. Seasonally, US soybean futures are in a sensitive period for weather themes and tend to rise. The trading logic of the soybean market comes from the increase in import costs, but the rebound will face domestic fundamental suppression. It fluctuates with US soybean futures intraday and mainly moves in a weakly oscillating manner [5] Palm Oil (P) - **Viewpoints**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏强; Reference view:震荡偏强 [6][7] - **Core Logic**: Attention is paid to the impact of the Malaysian Palm Oil Board report on the market. Before the report, the market expects the Malaysian palm oil inventory to increase for three consecutive months, pressuring the rebound of palm oil futures. The export competition between Indonesia and Malaysia continues. In China, as palm oil purchases increase, domestic supply is supplemented, and the palm oil inventory rises from a low level. The entire oil and fat sector stops falling and rebounds, and palm oil maintains a weakly bullish oscillating trend in the short term [7] Soybean Oil (Not elaborated in detail in the given text, only listed in the table) - **Viewpoints**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏强; Reference view:震荡偏强 [6] - **Core Logic**: Related to US tariff policies, US soybean oil inventory, biodiesel demand, domestic raw material supply rhythm, and oil mill inventory [6]

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Report Core Viewpoints - Gold: In the short - term, it is expected to be volatile and weak; in the medium - term, it is expected to be volatile. The recommended strategy is to wait and see. The core logic is that the Sino - US relations tend to ease, causing the gold price to rise and then fall with significant upward resistance. Also, the decline in the gold - silver ratio since June indicates a cooling of market risk - aversion demand, and it is expected that the gold - silver ratio will continue to weaken [1][3]. - Nickel: In the short - term, it is expected to rise; in the medium - term, it is expected to be volatile. The recommended strategy is to be bullish in the short - term. The core logic is that the macro - atmosphere has improved, which is beneficial to the nickel price. Although the industry has long - term pressure, it is neutral in the short - term. Technically, the nickel price has support at the 122,000 level and is expected to continue to rebound [1][5]. 3. Summary by Variety Gold - Short - term view: Volatile and weak [1] - Medium - term view: Volatile [1] - Reference view: Wait and see [1] - Core logic: The gold - silver ratio declined significantly in June due to the rise of silver. The decline of the gold - silver ratio since late April indicates a cooling of market risk - aversion demand. It is expected that the gold - silver ratio will continue to weaken [3]. Nickel - Short - term view: Rise [1] - Medium - term view: Volatile [1] - Reference view: Bullish in the short - term [1] - Core logic: The nickel price was strongly volatile yesterday, with the main contract price oscillating between 122,000 - 123,000. The night - session price fell below 122,000 and then rebounded. The improved macro - atmosphere is beneficial to the nickel price. The industry has long - term pressure but is neutral in the short - term. Technically, there is support at the 122,000 level, and the price is expected to continue to rebound [5].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 6 月 10 日） ◼ 品种观点参考 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石供需格局在走弱，钢厂生产趋弱，矿石终端消耗高位偏弱运行，且淡季仍将下行，需求端 利好效应趋弱；相反海外矿石供应积极，且财年末有所冲量，即便内矿生产受限导致产量下降，但矿 石整体供应维持高位。目前来看，供强需弱局面铁矿石基本面走弱，矿价继续承压，相对利好则是期 价贴水较大，下行存有阻力，多空因素博弈下预计矿价将震荡偏弱运行，关注成材表现情况。 （仅供参考，不构成任何投资建议） 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 6 月 10 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 偏弱 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 供需格局弱稳，钢价低位震荡 | 观点参考 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局弱稳运行，钢厂保板材供应为主，螺纹钢产量延续下降，供应有所收缩。相应 的需求表现同样不佳，高频指标偏弱运行，淡季特征有所显现。总之，供需双弱局面下螺纹基本面 表现偏弱，钢价继续承压，但低库存格局下现实矛盾相对有限，预计后续走势延续震荡寻底态势， ...

Group 1: Report Industry Investment Rating - There is no report industry investment rating provided in the content [1][4] Group 2: Core Viewpoints of the Report - The short - term view of TL2509 is to oscillate, the medium - term view is to oscillate, the intraday view is to oscillate strongly, and the overall view is to oscillate due to the weakening of macro - economic indicators [1] - For the TL, T, TF, TS varieties, the intraday view is to oscillate strongly, the medium - term view is to oscillate, and the reference view is to oscillate. The macro - economic indicators are weakening, increasing the expectation of monetary policy easing, but short - term interest rate cuts are difficult to implement, so the Treasury bond futures will mainly oscillate in the short term [4] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term (within one week) view is to oscillate, the medium - term (two weeks to one month) view is to oscillate, the intraday view is to oscillate strongly, and the overall view is to oscillate. The core logic is the weakening of macro - economic indicators [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For the TL, T, TF, TS varieties, the intraday view is to oscillate strongly, the medium - term view is to oscillate, and the reference view is to oscillate. Yesterday, Treasury bond futures oscillated. The inflation data in May continued to weaken, and the weakening of macro - economic indicators increased the expectation of monetary policy easing, pushing down the Treasury bond yield. Although the uncertainty of the tariff outlook deepens and the domestic macro - economic indicators are weakening marginally, the main tone of moderately loose monetary policy remains unchanged. With the market's interest - rate cut expectation basically zero, the expectation of future easing policies will increase, providing strong support for the bottom of Treasury bond futures. However, short - term interest rate cuts are difficult to implement, and the downward space for market interest rates is limited, so Treasury bond futures will mainly oscillate in the short term [4]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 6 月 10 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2509 | 震荡 | 震荡 | 下跌 | 低位震荡 | 供应压力仍存，焦煤再次走弱 | | 焦炭 | 2509 | 震荡 | 震荡 | 震荡 偏弱 | 低位震荡 | 氛围难言乐观，焦炭低位震荡 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 观点参考 品种：焦煤（JM） 日内观点：下跌 中期观点：震荡 参考观点：低位震荡 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the China-US tariff war eased, but there are still significant uncertainties. Trump's tariff policy is influenced by the "Great and Beautiful" Act. If it passes the Senate, the tariff policy may ease; otherwise, it may intensify [1][33]. - The suspension of the tariff war promoted panic exports, leading to a month-on-month increase in the manufacturing PMI in May. The improvement in demand was mainly supported by external demand, but enterprises were worried about future demand, as indicated by the continuous decline in the finished - product inventory index [1][34]. - Despite the easing of the tariff war, its negative impact has formed, squeezing enterprises' willingness to produce and invest. Enterprises prefer to maintain the original re - export trade rather than direct exports due to the expiration of the tariff suspension period in early July [2][34]. 3. Summary According to the Table of Contents 3.1 Tariff War Risk Temporarily Eased, but Uncertainty Remains 3.1.1 Tariff War News Since May - In the China - US high - level economic and trade talks from May 10 - 11, significant progress was made, including a substantial reduction in bilateral tariffs and the establishment of a bilateral consultation mechanism. However, there is a risk of tariff war escalation after the 90 - day suspension period ends on July 9 [7][8]. - There were legal disputes over Trump's tariff policy in May. On May 28, a federal court blocked Trump's tariff policy, but on May 29, the federal appeals court temporarily suspended the lower - court's ruling. On June 3, Trump increased steel and aluminum tariffs from 25% to 50% [8]. - There are internal differences in the US on tariff policy, but Trump adheres to a tough stance, making the future of the tariff war uncertain [9]. 3.1.2 Assessment of Trump's Future Tariff Policy - Trump's tariff policy is stubborn. His purposes include creating political legacies and expanding family assets, as well as generating fiscal revenue for tax cuts. The "Great and Beautiful" Act's passage in the Senate will affect the intensity of his tariff policy [10][11]. 3.2 Tariff War Suspension Promoted Panic Exports, and the Manufacturing PMI Rose Month - on - Month in May - In May, the manufacturing PMI rebounded by 0.5 points to 49.5 but remained in the contraction range. The panic - export effect drove the recovery of most sub - indicators except price - related and finished - product inventory indicators [12]. - In terms of production, the PMI production index rose by 0.9 points to 50.7, higher than the rebound of the demand index and the seasonal average. Enterprises accelerated production during the 90 - day buffer period to ship goods [12][13]. - In terms of demand, the new order index rose by 0.6 points, and the new export order index rose by 2.8 points, indicating that external demand supported the improvement. However, the finished - product inventory index continued to decline by 0.8 points, reflecting enterprises' concerns about future demand [13]. 3.3 Enterprises Remain Cautious about Direct Trade with the US and Prefer Re - export Trade - In May, the weekly average throughput of monitored ports increased slightly month - on - month, and the import container data of the Port of Los Angeles showed a recovery but did not reach previous highs. Enterprises prefer re - export trade due to the cumulative effect of tariffs and the short suspension period [18]. - Different industries are affected differently by tariff policies. Strategic emerging industries are less affected, while traditional labor - intensive foreign - trade enterprises are more cautious. Forward - looking indicators show that the actual production and operation recovery of enterprises is slower than expected [24]. - In April, more than half of the 13 export - dependent industries saw profit improvements, but there was a deviation between price - volume changes and profit recovery. Profit improvement driven by cost reduction is not sustainable, so enterprises choose to reduce inventory [29]. 3.4 Summary - The China - US tariff war eased in May, but Trump's tariff policy remains uncertain, depending on the "Great and Beautiful" Act's passage in the Senate [1][33]. - The suspension of the tariff war promoted panic exports and a month - on - month increase in the manufacturing PMI in May. External demand supported the improvement in demand, but enterprises were worried about future demand [1][34]. - The negative impact of the tariff war has formed, squeezing enterprises' willingness to produce and invest. Enterprises prefer re - export trade due to the expiration of the tariff suspension period in early July [2][34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The domestic Shanghai rubber futures contract 2509 is expected to maintain a stable and fluctuating trend. The methanol futures contract 2509 may show a slightly stronger fluctuating trend. Crude oil futures prices at home and abroad are likely to maintain a slightly stronger fluctuating trend [4][5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics Rubber - As of June 1, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 609,700 tons, a decrease of 5,000 tons or 0.80% from the previous period. The inventory in the bonded area was 86,900 tons, a decrease of 3.99%, and the general trade inventory was 522,800 tons, a decrease of 0.25%. - As of the week of June 6, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 64.05%, a decrease of 8.46 percentage points from the previous week and 16.12 percentage points from the same period last year. The capacity utilization rate of China's all - steel tire sample enterprises was 55.65%, a decrease of 5.15 percentage points from the previous week and 5.94 percentage points from the same period last year. - In May 2025, the inventory warning index of Chinese automobile dealers was 52.7%, a decrease of 5.5 percentage points from the same period last year and 7.1 percentage points from the previous month. - In May 2025, the China Logistics Prosperity Index was 50.6%, a slight decrease of 0.5 percentage points from the previous month. The China Warehousing Index was 50.5%, a slight decrease of 0.2 percentage points from the previous month. - In May 2025, about 83,000 heavy - duty trucks were sold in China, a slight decrease of 5% from April and an increase of about 6% from the same period last year. From January to May 2025, the cumulative sales of heavy - duty trucks in China were about 435,500, a slight increase of about 1% year - on - year [8][9]. Methanol - As of the week of June 6, 2025, the average domestic methanol operating rate was 83.33%, a slight increase of 0.38% week - on - week, a slight decrease of 0.81% month - on - month, and a significant increase of 10.55% from the same period last year. The average weekly methanol output in China reached 1.9859 million tons, a slight increase of 19,200 tons week - on - week, a significant decrease of 71,900 tons month - on - month, and a significant increase of 290,900 tons from the same period last year. - As of the week of June 6, 2025, the domestic formaldehyde operating rate was 29.40%, a slight increase of 0.01% week - on - week. The dimethyl ether operating rate was 6.03%, a slight decrease of 3.82% week - on - week. The acetic acid operating rate was 87.82%, a slight increase of 3.90% week - on - week. The MTBE operating rate was 45.09%, a significant increase of 5.30% week - on - week. - As of the week of June 6, 2025, the average operating load of domestic coal (methanol) to olefin plants was 80.97%, a slight increase of 1.06 percentage points week - on - week and a significant increase of 4.24 percentage points month - on - month. As of June 6, 2025, the futures market profit of domestic methanol to olefin was 133 yuan/ton, a significant decrease of 118 yuan/ton week - on - week and a significant decrease of 205 yuan/ton month - on - month. - As of the week of June 6, 2025, the port methanol inventory in East and South China was 458,400 tons, a significant increase of 64,000 tons week - on - week, a slight increase of 43,300 tons month - on - month, and a slight decrease of 1,800 tons from the same period last year. As of the week of June 5, 2025, the total inland methanol inventory in China reached 370,600 tons, a slight increase of 15,600 tons week - on - week, a significant increase of 66,700 tons month - on - month, and a slight decrease of 22,500 tons from the same period last year [10][11][12]. Crude Oil - As of the week of May 30, 2025, the number of active oil drilling rigs in the United States was 461, a slight decrease of 4 rigs week - on - week and a decrease of 35 rigs from the same period last year. The average daily crude oil production in the United States was 13.408 million barrels, a slight increase of 7,000 barrels per day week - on - week and an increase of 308,000 barrels per day year - on - year. - As of the week of May 30, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) reached 436 million barrels, a significant decrease of 4.304 million barrels week - on - week and a significant decrease of 19.863 million barrels from the same period last year. The crude oil inventory in Cushing, Oklahoma, reached 24.086 million barrels, a slight increase of 576,000 barrels week - on - week. The U.S. Strategic Petroleum Reserve (SPR) inventory reached 401.8 million barrels, a slight increase of 509,000 barrels week - on - week. The U.S. refinery operating rate was maintained at 93.4%, a slight increase of 3.2 percentage points week - on - week, a slight increase of 4.8 percentage points month - on - month, and a slight decrease of 2.00 percentage points year - on - year. - Since June 2025, international crude oil futures prices have shown a stable and fluctuating trend, and the market's bullish power has increased. As of June 3, 2025, the average non - commercial net long positions in WTI crude oil were maintained at 167,957 contracts, a slight increase of 2,263 contracts week - on - week and a significant decrease of 10,254 contracts or 5.75% from the May average. As of June 3, 2025, the average net long positions of Brent crude oil futures funds were maintained at 155,519 contracts, a significant increase of 7,688 contracts week - on - week and a significant increase of 19,984 contracts or 14.74% from the May average [12][13][14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 13,750 yuan/ton | +200 yuan/ton | 13,725 yuan/ton | +75 yuan/ton | +25 yuan/ton | -75 yuan/ton | | Methanol | 2,340 yuan/ton | -2 yuan/ton | 2,277 yuan/ton | +13 yuan/ton | +63 yuan/ton | -13 yuan/ton | | Crude Oil | 450.7 yuan/barrel | +0.1 yuan/barrel | 474.3 yuan/barrel | +8.2 yuan/barrel | -23.6 yuan/barrel | -8.1 yuan/barrel | [16] 3.3 Related Charts - The report provides various charts related to rubber (such as rubber basis, Shanghai Futures Exchange rubber futures inventory, etc.), methanol (such as methanol basis, methanol domestic port inventory, etc.), and crude oil (such as crude oil basis, U.S. crude oil commercial inventory, etc.) [17][30][43].

Report Industry Investment Rating No relevant content provided. Core Views - The main contract price of rebar fluctuated with a daily decline of 0.03%, and both trading volume and open interest decreased. The supply and demand of rebar weakened, with production and demand both showing poor performance. Given the low inventory, the rebar price will continue to oscillate and search for a bottom, and attention should be paid to the demand situation [4]. - The main contract price of hot-rolled coil fluctuated with a daily decline of 0.06%, trading volume decreased while open interest increased. The supply of hot-rolled coil continued to rise, while demand was weak and stable. With the increase in inventory, the price of hot-rolled coil will be under pressure. Considering the easing of Sino-US trade risks, the price of hot-rolled coil will continue to oscillate at a low level, and attention should be paid to the demand situation [6]. - The main contract price of iron ore oscillated downward with a daily decline of 0.71%, and both trading volume and open interest decreased. The fundamentals of iron ore were weakly stable. With the weakening of steel mill production in the off-season, the demand for iron ore was weak, while the supply was increasing. Given the deep discount of the futures price, the iron ore price will continue to oscillate at a low level, and attention should be paid to the performance of steel products [6]. Summary by Directory 1. Industry Dynamics - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, and the core CPI increased by 0.6% year-on-year. The PPI decreased by 0.4% month-on-month and 3.3% year-on-year. Some sectors showed positive price changes [8]. - In the first five months of 2025, China's total goods trade import and export value was 17.94 trillion yuan, a year-on-year increase of 2.5%. Exports were 10.67 trillion yuan, an increase of 7.2%, while imports were 7.27 trillion yuan, a decrease of 3.8%. In May, the total import and export value was 3.81 trillion yuan, a year-on-year increase of 2.7% [9]. - In May 2025, China exported 10.578 million tons of steel, a month-on-month increase of 1.1%, and imported 48,100 tons of steel, a month-on-month decrease of 7.9%. China imported 98.131 million tons of iron ore and concentrates, a month-on-month decrease of 4.9%, and imported 36.04 million tons of coal and lignite, a month-on-month decrease of 4.7% [10]. 2. Spot Market - The spot prices of rebar, hot-rolled coil, and other products are presented in a table, including prices in different regions and price changes [11]. 3. Futures Market - The futures prices of the main contracts of rebar, hot-rolled coil, and iron ore are presented in a table, including closing prices, price changes, trading volumes, and open interest changes [13]. 4. Related Charts - **Steel Inventory**: Charts show the weekly changes and total inventory of rebar and hot-rolled coil [15][16][18]. - **Iron Ore Inventory**: Charts show the inventory of 45 ports, 247 steel mills, and domestic mines, as well as seasonal inventory changes [20][21][25]. - **Steel Mill Production**: Charts show the blast furnace operating rate, capacity utilization rate, profitability of 247 steel mills, and the operating rate and profitability of independent electric furnaces [29][30][31]. 5. Future Outlook - **Rebar**: The supply and demand of rebar weakened. Production continued to decline, and demand was also poor. With low inventory, the rebar price will continue to oscillate and search for a bottom, and attention should be paid to the demand situation [38]. - **Hot-rolled Coil**: The supply of hot-rolled coil continued to rise, while demand was weak and stable. With the increase in inventory, the price will be under pressure. Considering the easing of Sino-US trade risks, the price will continue to oscillate at a low level, and attention should be paid to the demand situation [39]. - **Iron Ore**: The fundamentals of iron ore were weakly stable. Demand was weakening, while supply pressure was increasing. Given the deep discount of the futures price, the price will continue to oscillate at a low level, and attention should be paid to the performance of steel products [40].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Copper**: The macro - atmosphere has warmed up, and capital attention has increased. Last week, copper prices fluctuated upwards, with the main contract price once reaching the 79,000 - yuan mark on Thursday. The rise is due to the easing of Sino - US relations and financial attribute - driven catch - up growth. However, after the holiday, the social inventory of electrolytic copper increased slightly, and the spread between July and August contracts continued to narrow, pressuring the futures price. In the short term, the warming macro - atmosphere will drive copper prices to fluctuate upwards. Looking ahead to June, there are signs of a recovery in the macro - level [3][60]. - **Aluminum**: The macro - atmosphere has warmed up, but capital attention has decreased. Last week, aluminum prices fluctuated around the 20,000 - yuan mark with a narrowing amplitude and a decline in open interest. Trump's statement on May 30 to raise steel and aluminum tariffs to 50% may increase market tariff expectations and is bearish for aluminum prices in the long - term globally. In the short - and medium - term, the continuous increase in bauxite port inventory at the industrial upstream, good downstream demand, continuous depletion of electrolytic aluminum social inventory, and low downstream initial inventory support aluminum prices. It is expected that the futures price will maintain a volatile trend [4][60]. 3. Summary by Directory 3.1 Macro Factors - On the evening of June 5, Chinese President Xi Jinping had a phone call with US President Trump. Trump expressed respect for President Xi, and both sides recognized the importance of Sino - US relations. The Geneva economic and trade talks were successful. - The Chinese Vice - Premier He Lifeng will visit the UK from June 8 - 13 and will hold the first meeting of the Sino - US economic and trade consultation mechanism with the US [8]. 3.2 Copper - **Volume and Price Trends**: Last week, copper prices fluctuated upwards, with the main contract price once reaching the 79,000 - yuan mark on Thursday. Various price - related charts such as copper futures price trends, copper's Shanghai - London ratio, and others are presented [3][10][11]. - **Declining Copper Ore Processing Fees**: Since January, copper ore processing fees have been continuously decreasing, indicating a tight copper ore supply and over - capacity in smelting. The domestic copper ore port inventory is similar to that of the same period last year, reflecting an expected tightness in the domestic ore end [24]. - **Slowing Electrolytic Copper De - stocking**: The de - stocking of electrolytic copper has slowed down, as shown by the trends of domestic electrolytic copper social inventory and overseas futures inventory [28][29]. - **Downstream Initial Demand**: The monthly capacity utilization rate of copper downstream industries is presented, including data on refined copper rods, copper tubes, copper bars, and copper strips [31][32]. 3.3 Aluminum - **Volume and Price Trends**: Last week, aluminum prices fluctuated around the 20,000 - yuan mark, with a narrowing amplitude and a decline in open interest. Multiple price - related charts such as aluminum price trends, aluminum's Shanghai - London ratio, and others are provided [4][33][34]. - **Upstream Industry Chain**: The port inventory of bauxite has been continuously increasing, and the price trend of alumina is also shown [45][46][49]. - **Seasonal De - stocking of Electrolytic Aluminum**: The overseas electrolytic aluminum inventory (LME + COMEX) and domestic electrolytic aluminum social inventory show a trend of change, indicating seasonal de - stocking [50][51]. - **Downstream Initial Demand**: The capacity utilization rate of aluminum rods and the processing fee and inventory of 6063 aluminum rods are presented [53][54][57]. 3.4 Conclusion - **Copper**: In the short term, the warming macro - atmosphere will drive copper prices to fluctuate upwards. In June, there are signs of a macro - level recovery. However, the industrial end is in the off - season, with poor consumption expectations and rising inventory, which will put pressure on copper prices [3][60]. - **Aluminum**: The futures price is expected to maintain a volatile trend. In the long - term, Trump's tariff increase statement is bearish for aluminum prices globally, but in the short - and medium - term, the increase in upstream bauxite inventory, good downstream demand, and low downstream inventory support aluminum prices. If the domestic macro - situation continues to improve, aluminum prices will show a stronger volatile trend [4][60].