周度报告—氧化铝 国内氧化铝新投现变数 | [T走ab势le_评R级an：k] | 氧化铝：震荡 | | | | | --- | --- | --- | --- | --- | | 报告日期： | 2025 5 月 | 年 | 11 | 日 | [Table_Summary] ★几内亚矿价进一步降低，国内氧化铝新投现变数 有 色 金 属 原料：上周国内矿石价格处于下行通道，山西矿 58/5 的含税报 价 700 元/吨，河南的 58/5 的含税价格为 668 元/吨, 贵州 60/6 铝土矿的到厂含税价格维持 596 元/吨。五一假期间检查组再次 入驻山西地区，节后相关部门加强对矿山检查。受安全环保、资 源整合及品位下降等影响，国内矿整体供应仍呈现紧缺的状态， 复产矿山以及存量矿山的产出稳定性有待观察。进口方面，大型 矿企对二季度长协价格做出修订，几内亚主流矿 45/3 价格下调 至 75 美元/干吨（CIF）。部分低品质散弹矿石报价到 72 美元/ 干吨。国内用户对该价格仍较排斥，远期价格有意压至 CIF 68-70 美元/吨。GIC 码头恢复作业，先前矿山积压库存开始陆续发出。 GIC 方面表示纠纷问题会 ...

周度报告—工业硅/多晶硅 工业硅需求不见起色，关注多晶硅减产力度 | [T走ab势le_评R级an：k] | 工业硅：震荡/多晶硅：看涨 | | | | | | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 月 | 年 | 5 | 11 | 日 | [★Ta工bl业e_硅Summary] 价格持续下跌后，北方和云南产能出现减产，但四川进入平水 期后部分硅厂逐步复产。需求端仍无起色，有机硅大厂检修、 多晶硅大厂延迟复产，对工业硅需求减少。多晶硅厂家近期对 工业硅粉单的采购价格在 9500-10000 元/吨。后续关注供给端 边际变化。 ★投资建议 工业硅：工业硅盘面快速跌破我们此前测算的 9000 元/吨一 线，价格下跌或进一步带来供给端的边际变化。策略上，前期 空单可部分止盈，不建议左侧做多，建议关注出现明确的规模 性减产、丰水期西南复产不及预期、仓单明显流出等信号后， 再考虑右侧抄底。此外，关注大厂的现金流风险。 多晶硅：价格下跌后，关注供给端变化，以及 5-6 月份需求排 产是否有超预期的可能。现货博弈加剧，盘面额外关注仓单问 题。在仓单大规模生成之 ...

周度报告-外汇期货 d[Table_Title] 美联储鹰派利率会议，美元反弹 | 走势评级: | | --- | [★Ta本bl周e_全Su球mm市a场ry]概述 市场风险偏好微升，股市多数上涨，债券收益率多数上行，美 债收益率升至 4.38%。美元指数涨 0.31%至 100.3，非美货币涨跌 互现，离岸人民币跌 0.38%，欧元跌 0.42%，英镑涨 0.27%，日 元跌 0.28%，瑞郎跌 0.52%，比索、兰特、泰铢收涨，韩元涨 2.5%，澳元、加元、新西兰元、林吉特收跌。金价反弹 2.6%至 3325 美元/盎司，VIX 指数回落至 21.9，现货商品指数收跌，布 油反弹 4%至 63.8 美元/桶。 外 ★市场交易逻辑 汇 期 货 中美高层在瑞士举行会谈，针对关税进行谈判，美国与英国达 成协议，由于美国对英国为顺差国，因而谈判较为容易，具体 协议细节还未公布，但市场对于关税缓和的预期增加，推动市 场风险偏好回升。美联储 5 月利率会议按兵不动，符合市场预 期，会议声明中强调关税增加了失业率和通胀的上行风险，但 影响程度具有较大的不确定性，美联储选择继续观察关税最终 的规模、幅度和时间长度，以及对 ...

周度报告-国债期货 基本面利多确定，把握回调买债机会 [Table_Summary] ★一周复盘：国债期货高位震荡 国 债 期 货 本周（05.05-05.11）国债期货高位震荡。周二，央行通过逆回购 大量净回笼资金，资金面并未继续转松，短端品种表现偏弱。 市场预期 4 月经济指标走弱，长端品种表现略偏强。周三，早 盘央行官宣降准降息，利率短暂下行后机构止盈意愿快速上 升，国债期货震荡调整。短端品种表现强于长端。周四，资金 面边际转松，股市进一步走强动力不足，国债期货震荡上涨， 曲线走陡。周五，早盘资金面转松，国债期货震荡上涨，但 4 月出口数据超市场预期，午后国债期货震荡走弱。截至 5 月 9 日 收盘，两年、五年、十年和三十年期国债期货主连合约结算价 分别为 102.356、106.105、109.035 和 120.320 元，分别较上周末 变动-0.012、+0.005、-0.015 和-0.520 元。 ★基本面利多确定，把握回调买债机会 展望后市，市场应在震荡中逐渐走强，建议把握时机做多。基 本面利多是相对确定的，债市中长期走强的方向也是明确的， 只是也要注意，国债期货价格依旧不低且短期或有贸易谈 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The agreement between the US and the UK on tariff trade has led to a rise in market risk appetite, with the gold price falling by over 2%, the US dollar index strengthening, and the US stock index futures showing a short - term risk preference recovery. However, tariff negotiations remain complex, and the long - term impact is uncertain [2][3][14][17]. - In the commodity market, different sectors have different trends. For example, the steel price continues to decline, the inventory of some metals and energy products shows changes, and the prices of agricultural products are affected by factors such as supply and demand and policy [6][24][41]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The US and the UK reached a tariff trade agreement, reducing the US tariff on British - made cars to 10% and the beef tariff close to zero. The gold price fell by over 2%. In the short term, gold is under pressure, but the negotiation is complex, and there is still room for correction [14]. - Investment advice: Pay attention to the progress of US trade negotiations, and be aware of the short - term correction risk of gold [14]. 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - Trump criticized Powell for not cutting interest rates. The US and the UK reached the first trade agreement since the Trump tariff war, leading to a significant recovery in market risk appetite and a strengthening of the US dollar index. The US dollar index is expected to maintain a short - term rebound [15][17][18]. 1.3 Macro Strategy (US Stock Index Futures) - Trump announced a major agreement with the UK. The US House of Representatives Committee will start deliberating on Trump's tax - cut plan next week. The short - term market risk preference recovers, but tariff negotiations tend to be long - term, and it is not recommended to chase high [19][20]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 158.6 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 158.6 billion yuan. The current one - sided market opportunities are limited, and attention can be paid to various arbitrage strategies, such as the curve - steepening strategy. The opportunity to steepen the curve has initially emerged, and subsequent changes in capital interest rates should be continuously monitored [21][22][23]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - As of March 31, Canada's rapeseed ending inventory was 5.8694 million tons, a significant year - on - year decrease. The oil market continued to fluctuate. The short - term palm oil price has reached the support level, and it is recommended to wait for the MPOB report data before operating [24]. 2.2 Agricultural Products (Soybean Meal) - Brazil announced the 25/26 sanitary interval schedule. The USDA weekly export sales report met expectations. The domestic soybean meal futures price is expected to fluctuate, and the spot will continue to be under pressure. Attention should be paid to the USDA monthly supply and demand report on May 12 [25][27][28]. 2.3 Agricultural Products (Sugar) - Brazil's sugar and molasses exports in April decreased by 17.65% year - on - year. In China, the sugar production in Guangxi increased, and the sales rate reached 63.96%, a 6 - percentage - point year - on - year increase. The domestic sugar price has strong resistance to decline in the short term, but the external market is under pressure, and the Zhengzhou sugar is expected to fluctuate weakly in the second quarter of 2025. Attention should be paid to the sugar factory's inventory reduction progress [30][33][34]. 2.4 Agricultural Products (Corn Starch) - Deep - processing enterprises continued to raise prices to promote purchases, but the effect was not good. The overseas cassava starch startup rate decreased seasonally. The CS - C futures spread is expected to have small fluctuations [35][36][37]. 2.5 Agricultural Products (Corn) - The inventory of deep - processing enterprises continued to decline. It is recommended to hold the 07 long positions and pay attention to the 7 - 9 and 7 - 11 positive spread opportunities. If the import auction starts, focus on the transaction rate and price [38]. 2.6 Black Metals (Rebar/Hot - Rolled Coil) - In April, China's heavy - truck market sales were about 90,000 vehicles, and the national passenger - car market retail sales were 1.791 million vehicles. The inventory of the five major steel products increased by 289,700 tons week - on - week. The steel price continued to decline, and the short - term downward space is difficult to open. It is recommended to hold a light position and wait and see in the short term, and use the rebound hedging strategy for the spot [39][40][41]. 2.7 Black Metals (Steam Coal) - After the holiday, the port coal inventory was full, and the coal price may decline rapidly again. It is recommended to pay attention to whether the price can hold at the 600 - yuan level [43]. 2.8 Black Metals (Iron Ore) - FMG's iron ore shipments in the first quarter of 2025 were 46.1 million tons. With the seasonal weakening of demand, the iron ore price is expected to fluctuate weakly [44][45][46]. 2.9 Black Metals (Coking Coal/Coke) - The port coke spot market was stable. During the May Day holiday, the supply of coking coal was sufficient, and the second round of coke price increase was postponed. In the short term, it will maintain a volatile trend, and in the long term, it will be weak [47][48]. 2.10 Non - ferrous Metals (Nickel) - In April, the total actual output of nickel pig iron in China and Indonesia was 181,500 tons of metal, with a month - on - month increase of 3.62% and a year - on - year increase of 24.34%. It is recommended to wait and see or conduct band operations in the short term [48][49][50]. 2.11 Non - ferrous Metals (Copper) - Several copper - related companies had acquisition and project progress. The UK - US trade agreement may increase market risk appetite and benefit the copper price. The domestic copper inventory continued to decline, supporting the price. It is recommended to conduct band operations in the short term and gradually stop profiting from the positive spread strategy [51][53][54]. 2.12 Non - ferrous Metals (Polysilicon) - Tongwei has no plan to destock through the polysilicon futures delivery. The 06 contract price rebounded after reaching a low point. It is expected that the polysilicon will continue to destock in May. Long positions and positive spreads can continue to be held [55][56][57]. 2.13 Non - ferrous Metals (Industrial Silicon) - The organic silicon DMC price is expected to fluctuate. The demand for industrial silicon is weak, and it is recommended to partially stop profiting from previous short positions and wait for clear signals before considering bottom - fishing [58]. 2.14 Non - ferrous Metals (Lithium Carbonate) - Liontown received 15 million Australian dollars in support from the Western Australian government, and BYD and Tsingshan Holdings withdrew from the Chilean lithium processing plant plan. In the long term, the lithium carbonate market is in surplus, and the cost support may move down. It is not recommended to chase short positions at the current point, and wait for rebound short - selling opportunities [59][60][62]. 2.15 Non - ferrous Metals (Lead) - The lead ingot social inventory continued to increase. The lead market is in a situation of weak supply and demand, and the short - term price is expected to fluctuate. It is recommended to wait and see in the short term and pay attention to high - level internal - external positive spread opportunities [63][64][65]. 2.16 Non - ferrous Metals (Zinc) - Pan American and Lundin Mining's zinc production increased in the first quarter of 2025. The zinc social inventory decreased slightly. The short - term zinc price is supported by low inventory and strong spot, but the medium - term demand is weak. It is recommended to pay attention to short - selling opportunities on rallies and internal - external positive spread opportunities [66][67][68]. 2.17 Energy Chemicals (Liquefied Petroleum Gas) - China's LPG weekly commodity volume decreased by 1.6% week - on - week, and the inventory increased. The short - term price is expected to maintain a volatile trend [70][71][72]. 2.18 Energy Chemicals (Carbon Emissions) - The CEA price is in an oscillating adjustment phase. In 2025, the overall supply - demand relationship of carbon emission allowances is relatively loose, and the price is expected to be weak in the short term [74][75]. 2.19 Energy Chemicals (PTA) - The terminal operating rate in Jiangsu and Zhejiang increased. The PTA price is expected to be oscillatingly strong or continue to rebound in the short term [76][77][78]. 2.20 Energy Chemicals (Styrene) - China's styrene production increased this week. The styrene price is expected to fluctuate weakly in the near future. The cost end drags down the price, and the downstream profit expansion space is limited [79][80][81]. 2.21 Energy Chemicals (Caustic Soda) - On May 8, the caustic soda market in Shandong had an upward transaction, and the enterprise inventory was at a low level. The caustic soda spot price rebounded, but the overall commodity market is weak, and the caustic soda market is difficult to rise significantly [82][83]. 2.22 Energy Chemicals (Pulp) - The price of imported wood pulp in the spot market was mainly stable. The short - term pulp market is expected to be oscillatingly weak [84]. 2.23 Energy Chemicals (PVC) - The spot price of PVC powder decreased. Although the inventory is decreasing and the basis is strengthening, the market expects negative impacts from tariffs, and the PVC performance may continue to be weak [85]. 2.24 Energy Chemicals (Bottle Chips) - The export quotation of bottle chips increased slightly in some areas. The supply pressure of bottle chips is increasing, and the processing fee is expected to be under pressure [86][87][88]. 2.25 Energy Chemicals (Soda Ash) - As of May 8, the total inventory of domestic soda ash manufacturers increased by 1.74%. The soda ash futures price continued to fall, and the market sentiment was weak. It is recommended to short on rallies in the medium term and pay attention to the impact of maintenance on the 09 contract [89]. 2.26 Energy Chemicals (Float Glass) - The inventory of float glass manufacturers increased significantly this week. The glass price continued to fall, and the demand is expected to decline seasonally. The glass price is expected to be under pressure, and attention should be paid to real - estate policy variables [90][91]. 2.27 Shipping Index (Container Freight Rate) - Maersk's EBIT in the first quarter of 2025 was 1.253 billion US dollars. Affected by the peace talks between the Houthi and the US, the European - line futures weakened. It is recommended to treat the market as a wide - range oscillation and wait and see in the short term [92].

热点报告-玉米 [Table_Title] 第二轮上涨如期启动，新作预期能否阻碍旧作 ★ 价格展望 目前玉米价格的上涨尚未吸引大量新增的供应入场，而能量需求相 对刚性，也较难因涨价而被挤出，因此，玉米的产需缺口预计尚未 缩减。除去确实难以存放的政策储备粮，额外的政策粮拍卖预计将 在现货超涨之后再进行投放；而预期之内的数量的投放，并不会扭 转我们的平衡表，其拍卖成交率和成交价预计将成为反映市场需求 热度或者库存松紧程度的指标。中期看，现实库存趋紧将继续驱动 玉米价格上涨。只是短期在北港基差仍然偏弱、部分贸易商群体仍 然谨慎的情况下，拍卖预期或会抑制期货价格的上涨势头。 翘尾？ [T走ab势le_评R级an：k] 报告日期： 2025 年 5 月 8 日 ★[Ta库ble存_S趋um紧m，ar2y4]/25 年的第二轮上涨如期启动 今年贸易商心态一直较为谨慎，第一轮上涨结束后，贸易商积极出 货和套保，导致 3-4 月中上旬期间，玉米期货价格明显承压。直到 表明库存趋紧的现象逐步出现：1）深加工企业库存下滑，持续提价 促收但未能刺激到车量增加；2）中储粮转向净轮出状态后，拍卖成 交逐渐好转，来到成交率、溢价率双高的 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The gold market is affected by factors such as China's increased gold reserves, the Fed's interest - rate decision, and Sino - US trade negotiations. In the short term, gold is in a volatile phase, while in the long term, tariffs bring stagflation risks to the US economy, which is bullish for gold [12]. - The Fed's May interest - rate meeting was hawkish, maintaining the interest - rate level and remaining concerned about inflation. As a result, the US dollar index is expected to rise in the short term [16]. - US stock index futures are expected to be volatile and weak in the near term due to the Fed's continued suspension of rate cuts and the long - term nature of tariff games [18]. - In the commodity market, different products have different trends. For example, palm oil is expected to be weak and volatile, while rapeseed oil has strong support; steel prices are in a volatile state; and the container shipping market is expected to be volatile with a wait - and - see approach recommended [20][35][78]. 3. Summary by Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The Fed's interest - rate decision (upper limit) on May 7 was 4.5%, with high unemployment and inflation risks rising. China's gold reserves increased by 2.18 tons in April [11][12]. - In the short term, Sino - US trade negotiations and the Fed's non - eagerness to cut rates are bearish for gold, but in the long term, tariffs bring stagflation risks to the US economy, which is bullish for gold. It is recommended to pay attention to the progress of Sino - US trade negotiations, and gold is in a volatile phase [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Ukraine is considering using the euro instead of the US dollar as a reference currency. The EU will announce further measures against US tariffs. The Fed maintained the benchmark interest rate at 4.25% - 4.50% [13][14][15]. - The Fed's May interest - rate meeting was hawkish, and the US dollar index is expected to rise in the short term [16]. 3.1.3 Macro Strategy (US Stock Index Futures) - The Fed maintained the federal funds rate target range at 4.25% - 4.50%. The Sino - US tariff negotiation released positive signals, but the tariff game is expected to be long - term [18]. - US stock index futures are expected to be volatile and weak in the near term [18]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The import cost of 24 - degree palm oil in South China decreased significantly on May 7. The total trading volume of soybean oil and palm oil on May 7 increased by 293% compared to the previous trading day [19][20]. - Palm oil is expected to be weak and volatile, while rapeseed oil has strong support. It is recommended to go long on rapeseed oil and short on palm oil [20][22]. 3.2.2 Agricultural Products (Soybean Meal) - Before the release of the USDA's May supply - demand report, analysts estimated the soybean production in Brazil and Argentina in the 24/25 season and the ending stocks of US soybeans. The trading volume of soybean meal increased significantly, mainly due to the increase in forward basis contracts [23][24]. - The futures price of soybean meal is expected to be volatile, and the spot price still has room to fall [26]. 3.2.3 Agricultural Products (Corn Starch) - The operating rate of corn starch continued to increase, and the inventory accumulated. The loss continued, and the operating rate is expected to decline later [27]. - The CS - C futures spread is expected to have small fluctuations [28]. 3.2.4 Agricultural Products (Corn) - The inventory in the northern ports continued to decline. The market is worried about the import reserve auction, which may suppress the futures price in the short term [29]. - The 07 contract of corn should be dealt with from a medium - term bullish perspective, and 7 - 9 and 7 - 11 positive spreads are recommended [29]. 3.2.5 Agricultural Products (Sugar) - The sugarcane area affected by drought in the Guangxi Sugar Group reached 175.53 million mu. The sugar mills in Yunnan and Hainan have different production and sales situations [30][31][32]. - Zhengzhou sugar is expected to be weak and volatile in the second quarter of 2025, and attention should be paid to the de - stocking progress of sugar mills [33]. 3.2.6 Black Metals (Rebar/Hot - Rolled Coil) - Australia launched an anti - dumping sunset review investigation on Chinese steel bars. The steel price was volatile, and the market expectation was weak, but the fundamentals provided support [34][35]. - It is recommended to hold a light - position wait - and - see attitude for short - term unilateral trading and use a rebound hedging strategy for spot trading [36]. 3.2.7 Agricultural Products (Pigs) - New Hope sold 1.596 million pigs in April 2025. The spot price of pigs decreased slightly before the festival and increased after May Day [37][38]. - It is recommended to wait and see, and the previous short positions can be held flexibly [39]. 3.2.8 Black Metals (Coking Coal/Coke) - The price of coking coal in the northwest market was weakly stable. The second round of coke price increase was put on hold, and the market was waiting and seeing [40]. - In the short term, coking coal and coke are expected to be volatile, and in the long term, they are expected to be weak and volatile [40]. 3.2.9 Non - ferrous Metals (Polysilicon) - The Guangzhou Futures Exchange modified the regulations on futures registered brands, but polysilicon was not affected. There were rumors of transactions of rod - shaped silicon by leading enterprises, and the industry may discuss production control to support prices [40][41]. - After the price decline, attention should be paid to the supply - side changes and the possibility of demand exceeding expectations in May - June. It is not recommended to chase short positions, and long positions on the left side can be considered [43]. 3.2.10 Non - ferrous Metals (Industrial Silicon) - The operating capacity of organic silicon monomers increased and decreased in different regions. The demand was weak, and the price of industrial silicon fell below 9000 yuan/ton [44]. - It is recommended to partially close the previous short positions and not to go long on the left side. Wait for clear signals to consider bottom - fishing on the right side [44]. 3.2.11 Non - ferrous Metals (Nickel) - GreenMei will focus on high - nickel and doped medium - nickel high - voltage ternary precursor products. The price of nickel was volatile, and the cost of nickel - iron production was high, with a high probability of production reduction [45][47]. - It is recommended to wait and see or conduct band trading within the range [48]. 3.2.12 Non - ferrous Metals (Copper) - Goldman Sachs raised the copper price forecast for the second and third quarters. The macro factors are in an important observation window, and the domestic inventory is decreasing, which supports the price [49][51]. - It is recommended to conduct band trading for copper prices, and gradually take profits on the Shanghai copper positive spread strategy [52]. 3.2.13 Non - ferrous Metals (Lead) - Teck is considering other export options for its US concentrates due to the trade war. The lead market is in a situation of weak supply and demand, and the demand is weaker [53][54]. - It is recommended to look for short - selling opportunities on rallies and pay attention to the spot and import changes after the festival [55]. 3.2.14 Non - ferrous Metals (Zinc) - Teck is considering other export options for its US concentrates due to the trade war. The zinc price was volatile, and the demand is expected to weaken in the future [56][58]. - It is recommended to look for short - selling opportunities on rallies on the mid - line and maintain the mid - line positive spread strategy between domestic and foreign markets [58]. 3.2.15 Non - ferrous Metals (Lithium Carbonate) - Chile's lithium export volume in April was 24,404 tons. The core trading logic is to test the cost support of the resource end, and short - term trading rhythm should be noted [59]. - It is not recommended to chase short positions or bottom - fish based on valuation. Wait for rebound short - selling opportunities [60]. 3.2.16 Energy and Chemicals (Crude Oil) - The EIA commercial crude oil inventory decreased, and the gasoline inventory increased slightly. The short - term rebound driving force of oil prices is weak, and the downward risk is high [61][62]. - Oil prices still have a downward risk in the short term [63]. 3.2.17 Energy and Chemicals (Urea) - The inventory of urea enterprises decreased, and the price was stable with slight increases. The urea export may be relaxed in the future, but the probability of significant relaxation in the short - to - medium term is very low [63][64][65]. - Pay attention to the profit - taking opportunity of the urea 9/1 positive spread [65]. 3.2.18 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong increased slightly, and the supply is expected to decrease. The demand is mild [66][68]. - The caustic soda market is expected to have limited upward movement [68]. 3.2.19 Energy and Chemicals (Pulp) - The price of imported wood pulp was stable with slight increases in some areas. The short - term pulp market is expected to be weak and volatile [69]. - The pulp market is expected to be in a weak and volatile pattern in the short term [69]. 3.2.20 Energy and Chemicals (PVC) - The spot price of PVC powder increased slightly, and the futures price first rose and then fell. The market expects tariffs to have a negative impact on demand in the next month [70][72]. - PVC is expected to be weak [72]. 3.2.21 Energy and Chemicals (Bottle Chips) - The export quotes of bottle - chip factories increased, and the supply pressure increased due to the high operating rate. The processing fee is expected to be under pressure [73][74][75]. - The short - term fundamental contradiction is not significant, but the supply pressure is increasing, and the processing fee is expected to be under pressure [75]. 3.2.22 Energy and Chemicals (Soda Ash) - The price of soda ash in the Shahe area was volatile, and the supply decreased slightly. The downstream demand was average [76]. - In the medium term, it is recommended to short on rallies, and in the short term, pay attention to the impact of maintenance on the 09 contract [76]. 3.2.23 Energy and Chemicals (Float Glass) - The price of float glass in Hubei was stable. The glass futures price was slightly volatile, and the spot price was stable. The market is expected to be weak in the absence of positive policies [77]. - The glass futures price is expected to be in a low - level range, and attention should be paid to real - estate policy variables [77]. 3.2.24 Shipping Index (Container Freight Rates) - Maersk and CMA CGM imposed PSS on some routes from China. The US line is over - booked, and the freight rate has increased, which may boost the shipping companies' sentiment. The market is expected to be volatile, and a wait - and - see approach is recommended [78]. - In the absence of obvious driving factors, it is recommended to treat the market with a volatile mindset and wait and see [79].

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