Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report [1][2][3] Group 2: Core Viewpoint of the Report - A-shares are gradually recovering from the impact of the Middle East situation, with major indices rising. Chinese private enterprises, especially leading ones, show potential for investment value recovery. The current period is a good window for Hong Kong IPOs. Given the significant geopolitical risks in the Middle East and uncertainties in the Israel-Iran conflict, A-share investment is advised to remain defensive, and option suggestions are suspended [1][2][3] Group 3: Summary by Related Catalogs Market Performance - On Monday, oil prices were relatively stable. A-share major indices rebounded with trading volume reaching 1.46 trillion yuan. The CSI 1000 index closed at 6147 points, up 41 points or 0.68%; the CSI 500 index closed at 5767 points, up 27 points or 0.48%; the SSE 50 index closed at 2685 points, up 8 points or 0.32%; the S&P China A50 index closed at 3873 points, up 9 points or 0.25%. Among industry and theme ETFs, game, fintech, film and television, media, and software leading ETFs led the gains, while gold stock, innovative drug, and medical ETFs led the losses. Among sector indices, film and television theaters, wind power equipment, games, non-metallic materials, and Huawei computing power index led the gains, while precious metals, sports, aquaculture, feed, and chemical fiber indices led the losses. Net outflows of settled funds from stock index futures of S&P China A50, CSI 1000, SSE 50, and CSI 500 were 3.5 billion, 3 billion, 800 million, and 500 million yuan respectively [1] Macroeconomic Data - In May, the real year-on-year growth of industrial added value above designated size was 5.8%, and the month-on-month growth was 0.61%. The total retail sales of consumer goods were 4.1326 trillion yuan, a year-on-year increase of 6.4%, 1.3 percentage points faster than the previous month, and a month-on-month increase of 0.93%. From January to May, the national fixed asset investment was 1.91947 trillion yuan, a year-on-year increase of 3.7%. Infrastructure investment increased by 5.6% year-on-year, manufacturing investment increased by 8.5%, and real estate development investment decreased by 10.7% [1] Market News - Goldman Sachs believes that the investment value of Chinese private enterprises is recovering, especially leading companies. The top ten private enterprises in China are Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip, and Anta. The speed of mainland companies' IPOs in Hong Kong has accelerated, raising HK$52.2 billion in a week, with over 200 companies queuing up. This is the best window period for Hong Kong IPOs since the second half of 2021. Foreign long - term funds and sovereign funds have returned to Hong Kong [1][2] Other News - Stablecoins can help retailers like Walmart and Amazon save billions in fees and achieve instant settlement. Traditional payment providers like Visa and Mastercard aim to be key infrastructure providers in the stablecoin ecosystem. Scientists are targeting neuromorphic computing technology to address the AI energy crisis. The Middle East situation is a "major uncertainty" for the Fed, and it may trigger a US economic recession. US President Trump said the US is not currently involved in Israel's military strike on Iran but may be involved in the future [2]

市场快讯 -- 伊以地缘冲突持续,甲醇期价快速拉升 2. 伊朗南帕尔斯天然气产量暂时中断,伊朗4套甲醇装置停产,共 计产能660万吨,其余装置维持低负荷。冲突导致伊朗甲醇供给暂 时中断。伊朗甲醇进口占比30%左右。 3. 国内甲醇生产维持高位,6月预计进口120-130万吨左右,需求 端利润压缩明显,需警惕甲醇持续上涨后下游负反馈。 操作建议:前期多单继续持有,单边谨慎追多等回调布局多单。 风险点:地缘冲突缓解 伊朗甲醇装置恢复 需求端负反馈 数据来源:wind,隆众资讯 研究员:吴志桥 从业资格F03085283 交易咨询:Z0019267 联系方式:wuzhigiao@greendh.com 免费单场。本报告中的自民均成绩于1天预算，我公司创这些信息的能确的意味和完整整作不作的印传语。不但还就信告自己出版事变更。这不知无诉分析师做出的印度处还希望比较好更变。在任何解证下，很牛肉的是夏就就让你里,我 面积达期货ລ持买卖的出炉或邮箱。在任何份配下，卖公可不断提供中的任何的密度的经贸易使用比任何序或的组织。 投资者带此改政、双风和自我承揽。我公司可能发出与本能信息见产歌的其 > 甲醇: 截至6月16日发稿为止, ...

Report Summary Core View - In May, the raw coal production of industrial enterprises above designated size was 400 million tons, a year-on-year increase of 4.2%, and the growth rate was 0.4 percentage points faster than that in April. From January to May, the raw coal production of industrial enterprises above designated size was 1.99 billion tons, a year-on-year increase of 6.0%. Coal enterprises are prone to adopt a volume-for-price business strategy when coal prices decline, falling into a prisoner's dilemma where the lower the coal price, the higher the production [2]. Specific Data - In May, the raw coal production of industrial enterprises above designated size was 400 million tons, with a daily output of 13 million tons. From January to May, the cumulative production was 1.99 billion tons, which was the highest level in the same period in history. This output was 80 million tons higher than the same period in 2023 and 130 million tons higher than the same period in 2024 [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The upward trend of the global economy remains unchanged despite the significant escalation of geopolitical risks in the Middle East and the inflationary impact caused by rising oil prices [1] - The pulse-like increase in crude oil prices is likely to exceed expectations, and the surge in crude oil may drive a collective rise in commodities [1][2] - Safe-haven assets such as gold and silver are performing strongly, and the escalation of the Middle East situation is beneficial to the freight rates of container shipping on the European route [2] - Global large institutional investors are continuously reducing their holdings of US assets and shifting to European and Chinese stock markets, which is favorable for the A-share market [2] Summary by Related Catalogs Important Information - Israel launched a strike on Iran on the early morning of June 13th local time, and the military operation against Iranian nuclear facilities will continue for several days [1] - Iran is seriously considering whether to block the Strait of Hormuz [1] - In the worst-case scenario of the Strait of Hormuz being blocked, Iranian oil exports may decrease by 2.1 million barrels per day, and oil prices could soar to the range of $120 - $130 [1] - The US will not change the current level of tariffs on Chinese goods even if the trade agreement between the two countries is not finalized [1] - European pension funds have started to increase foreign exchange hedging, leading to a large amount of US dollar selling [1] - Trump's tariffs will cause the US inflation rate to rise by at least 3% year-on-year and cost ordinary households $1000 in income [1] - US President Trump must hand over the command of the California National Guard to Governor Newsom [1] Global Economic Logic - Geopolitical risks in the Middle East have significantly escalated, but the global economic outlook has been stabilized by the China-US phased framework agreement [1] - The US May Markit manufacturing PMI final value was 52.0, indicating continued expansion, and consumer credit in April doubled to $17.9 billion [1] - The spot price of 40 - foot containers on the Shanghai - US West Line has exceeded $5000 [1] - China is addressing cut - throat competition, and the European Central Bank's 8th interest rate cut and Germany's 30% expansion of military scale have promoted the recovery of European manufacturing [1] Global Asset Allocation - The attack on Iranian nuclear facilities by Israel will likely cause a more intense and extensive pulse - like increase in crude oil prices [1] - Gold and silver, as safe - haven assets, are performing strongly, and silver is expected to start a trending upward movement [2] - The escalation of the Middle East situation is beneficial to the freight rates of container shipping on the European route [2] - The surge in crude oil may drive a collective rise in commodities [2] - Global large institutional investors are shifting from US assets to European and Chinese stock markets, which is favorable for the A - share market [2] - The global market has entered an inflation shock mode, and the A - share market has entered a defensive state [2]

市场快讯 -- 以色列对伊朗发动袭击,原油涨停 | | | | | | | 2025/6/13 | 实时价 | 漆味 | 漆烘幅 | 日增仓 | 持仓量 | 成交量 | 成交持仓比 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (手) | (万手) | (万手 | | | 原油2507(元/桶) | 535.2 | 44.1 | 8 98% | | -3.278 - 2.10 | | 13.43 - 6.39 | | ICE原油(美元/桶) | 75 | 5.64 | 8.13% | | | | | | WTI原油(美元/桶) | 73.81 | 5.77 | 18% | | | | | | 燃料油2509(元/吨) | 3234 | 252 | 450% | | 26.615 ++ 24.07 | 76.19 | 3.17 | | 沥青2509(元/吨) | 3683 | 175 | 4.99% | 26.615 | 24.07 | 76.19 | 3.17 | 倘若以色列空袭伊朗设施,或者霍尔木兹海峡被封锁,进而引发 局部冲突, ...

Report Industry Investment Rating - Bullish on the four major stock indexes [2] Core View of the Report - The Sino-US economic and trade teams have reached a framework agreement, stabilizing the global economy. Global asset reallocation is beneficial to A-shares. The four major stock indexes are expected to rise, and the growth style is expected to lead the gains [2]. Summary by Relevant Catalogs Market Review - On Thursday, the market was waiting for the official release of the details of the Sino-US framework agreement. The main indexes of the two markets fluctuated narrowly. The trading volume of the two markets was 1.27 trillion yuan, with little change. The CSI 1000 Index closed at 6,192 points, up 5 points or 0.09%; the CSI 500 Index closed at 5,799 points, up 6 points or 0.12%; the Shanghai-Shenzhen 300 Index closed at 3,892 points, down 2 points or -0.06%; the Shanghai 50 Index closed at 2,691 points, down 1 point or -0.03% [1]. - Among industry and theme ETFs, the top gainers were the Innovative Drug ETF (Hong Kong, Shanghai and Shenzhen), Gold Stocks ETF, Science and Technology Innovation Pharmaceutical Index ETF, Innovative Drug ETF, etc. Among the sector indexes, the top gainers were the Film and Television Theater, Precious Metals, Biological Products, Communication Equipment, and Chemical Pharmaceutical indexes. The top losers were the Wine ETF, Semiconductor Materials ETF, and Semiconductor Equipment ETF [1]. Important Information - Beijing Business Daily reported that an increase in property income can stimulate consumption, and a rise in wage levels can increase the amount of funds in the stock market, which is the basis for the continued improvement of the A-share market in the future [1][2]. - The relevant person in charge of the Ministry of Industry and Information Technology said that automobile enterprises' initiative to promise "payment terms not exceeding 60 days" is an active response to the national call, a manifestation of social responsibility and corporate responsibility, and is of great significance for building a win-win development ecosystem of "complete vehicle - parts" [1][2]. - The President of Volcengine revealed that the daily average token usage of Doubao's large model exceeded 16.4 trillion, a 137-fold increase compared to when it was first released last year. According to an IDC report, Doubao's large model ranks first in the usage volume of public cloud large model services in China, accounting for 46.4% [1]. - The European Central Bank released a report showing that as the gold price hits new highs, the proportion of gold in global foreign exchange reserves reached 20% last year, surpassing the euro's 16% and ranking second [1]. - Despite the fact that the yields of Southeast Asian sovereign bonds have fallen to record lows, foreign investors are still flocking in, starting a "sell-off of the US" capital migration wave. Investors are avoiding US policy risks and betting on interest rate cuts by Southeast Asian central banks [1]. - NVIDIA CEO Jensen Huang said that NVIDIA is establishing AI technology centers in seven European countries and plans to build more than 20 large AI factories for training and supporting AI models in Europe, with the ultimate goal of establishing a complete AI ecosystem in the region and increasing the AI computing power in the region by 10 times before 2026 [1]. - The EU clearly stated that it refuses to rush into a compromise at the negotiation table, believing that only a principled agreement can be reached in the best - case scenario, and the specific details need to be continued after July. The EU has prepared two rounds of counter - measures covering more than $100 billion worth of US goods. If the negotiation breaks down, the EU's counter - measures will take effect by July 14 at the latest [2]. - US Treasury Secretary Bessent said that the US is willing to extend the current 90 - day tariff suspension period for its major trading partners beyond July 9, as long as they show "good faith" in the ongoing trade negotiations [2]. - Due to the intensification of regional tensions, the US State Department has authorized non - essential personnel and their families to leave Bahrain and Kuwait, and the families of US military personnel in Bahrain can also leave temporarily [2]. - The US core PPI in May was 3.0% year - on - year, the lowest level since August 2024, with the previous value at 3.1% [2]. Market Logic - The market was waiting for the details of the Sino - US framework agreement. The Sino - US economic and trade teams reached a framework agreement, which is beneficial to the A - share market. The increase in property income and wage levels can increase the amount of funds in the stock market, which is the basis for the continued improvement of the A - share market [1][2] Future Outlook - The Sino - US economic and trade teams have reached a framework agreement, stabilizing the global economy. Global asset reallocation is beneficial to A - shares. The four major stock indexes are expected to rise, and the growth style is expected to lead the gains. Overseas "smart money" is optimistic about Chinese assets [2] Trading Strategy - Stock index futures directional trading: Bullish on the four major stock indexes, expecting the growth style to lead the gains [2] - Stock index options trading: Choose to buy out - of - the - money long - term call options on growth - type indexes [2]

早盘提示 Morning session notice | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 周三在中美伦敦磋商达成框架协议利好鼓舞下，两市主要指数快速上行，收复周三 的跌幅。两市成交额 1.25 万亿元，有所减量。中证 1000 指数收 6186 点，涨 24 点， | | | | | 涨幅 0.40%；中证 500 指数收 5792 点，涨 34 点，涨幅 0.61%；沪深 300 指数收 3894 | | | | | 点，涨 29 点，涨幅 0.75%；上证 50 指数收 2692 点，涨 15 点，涨幅 0.59%。行业 | | | | | 与主题 ETF 中涨幅居前的是稀土 ETF、稀有金属 ETF、游戏 ETF、锂电池 ETF、证券 | | | | | ETF 龙头，跌幅居前的是大数据 ETF、科创医药指数 ETF、创新药 ETF。两市板块指 | | | | | 数中涨幅居前的是稀土永磁、养殖业、能源金属、游戏、商用车指数，跌幅居前的 | | | | | 是可控核聚变、生物制品、通信工程、日用化工、航天 ...

格林大华期货有限公司 GELIN DAHUA FUTURES CO.,LTD. EIA原油周度数据报告 交易咨询资格:Z0021310 联系方式:wangchen@greendh.com 研究员:王琛 从业资格:F03104620 数据解读:EIA公布最新一期库存数据显示,裁止至上周,原油库存比去年同期低5.93%;比过去五年同期低8%;汽油 库存比去年同期低1.59%;比过去五年同期低2%:馏份油库存比去年同期低1.74%。比过去五年同期低17%。美国商业石 油库存总量增长616.2万桶。美国流厂加工总量平均每天1722.6万桶。比前一周增加22.8万桶;炼油厂开工率94.3%,比前 一周增长0.9个百分点。原油需求旺季来临,炼厂高开工率带动原油库存持续下降,而汽柴油需求处于今年季节性低点 。据EIA发布的《短期能源展望》,随着油价下跌导致生产商减少钻井活动,该机构预计美国原油产量将在未来18个月 内下降。EIA预计,全球石油库存增加将在预测期内推动原油价格走低。布伦特原油现货价格在5月份连续第四个月下 跌,平均每桶64美元,比4月份下跌4美元/桶。我们预测,到今年年底,布伦特原油价格将跌至平均61美元桶, ...

Group 1: Report Industry Investment Rating - The investment rating for the macro and financial - bond sector is "oscillating" [1] Group 2: Core View of the Report - On Wednesday, the main contracts of treasury bond futures opened higher and fluctuated horizontally at a high level throughout the day. The 30 - year treasury bond futures main contract TL2509 rose 0.23%, the 10 - year T2509 rose 0.06%, the 5 - year TF2509 rose 0.07%, and the 2 - year TS2509 rose 0.02%. The treasury bond futures may continue to oscillate in the short - term. Transaction - type investors are advised to conduct band operations [1][2] Group 3: Summary by Related Catalogs Market Review - On Wednesday, the main contracts of treasury bond futures opened higher across the board and fluctuated horizontally at a high level. The 30 - year treasury bond futures main contract TL2509 rose 0.23%, the 10 - year T2509 rose 0.06%, the 5 - year TF2509 rose 0.07%, and the 2 - year TS2509 rose 0.02% [1] Important Information - In the open market, the central bank conducted 164 billion yuan of 7 - day reverse repurchase operations on Wednesday, with 214.9 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 50.9 billion yuan [1] - In the money market, the overnight interest rate in the inter - bank money market on Wednesday was basically the same as the previous trading day. The weighted average of DR001 for the whole day was 1.37% (1.36% the previous trading day), and the weighted average of DR007 for the whole day was 1.53% (1.51% the previous trading day) [1] - In the cash bond market, the closing yields of inter - bank treasury bonds on Wednesday declined compared with the previous trading day. The yield to maturity of 2 - year treasury bonds decreased by 1.45 BP to 1.42%, the 5 - year decreased by 0.30 BP to 1.54%, the 10 - year decreased by 1.49 BP to 1.64%, and the 30 - year decreased by 2.05 BP to 1.85% [1] - On June 11, Li Chenggang, China's chief trade negotiator and vice - minister of commerce, said that at the first meeting of the China - US economic and trade consultation mechanism, both sides had professional, rational, in - depth, and candid communication. Both sides in principle reached a framework for implementing the consensus of the phone call between the two heads of state on June 5 and the Geneva talks. The progress of the London talks is beneficial for further enhancing mutual trust between China and the US, promoting the stable and healthy development of China - US economic and trade relations, and injecting positive energy into the global economy [1] - The US CPI in May increased by 2.4% year - on - year (estimated 2.4%, previous value 2.3%); month - on - month it increased by 0.1% (estimated 0.2%, previous value 0.2%). The US core CPI in May increased by 2.8% year - on - year (estimated 2.9%, previous value 2.8%); month - on - month it increased by 0.1% (estimated 0.3%, previous value 0.2%) [1] Market Logic - China's exports denominated in US dollars in May increased by 4.8% year - on - year, lower than the market expectation of 6.2% and the previous value of 8.1%, but still maintained relatively fast positive growth. In May, China's CPI decreased by 0.2% month - on - month, and PPI decreased by 0.4% month - on - month. The price level remained low, which is beneficial for bond market bulls [1] - On June 11, China issued a press release on the first meeting of the China - US economic and trade consultation mechanism, indicating that both sides had positive communication. Although there was no joint statement like the previous Geneva talks, it still showed a positive side. On Wednesday, both China's stock market and bond market rose, without a one - way impact on risk preference [1][2] Trading Strategy - Transaction - type investors are advised to conduct band operations [2]

Group 1: Corn Report Industry Investment Rating - Low long [1] Core View - Short - term: The bullish sentiment in the spot market is rising, and the market is operating strongly. Medium - term: The supply pattern in China is expected to gradually tighten, and the spot price will still run strongly. However, the narrowing price difference between corn and wheat and the increase in wheat substitution limit the upside space. Long - term: Policy grain source release and wheat substitution expectations may limit the price upside, and China's corn pricing logic remains import substitution + planting cost, with policy orientation being the key focus [1]. Summary by Related Catalogs Market Review - Overnight, the main contract of CBOT corn futures rose and then fell, with a daily decline of 0.06%. Overnight, the domestic corn futures fluctuated narrowly, and the 2507 contract closed at 2378 yuan/ton with a change of 0% [1]. Important Information - Yesterday, the upward trend of corn spot prices continued. The mainstream purchase price in Northeast China was 2217 yuan/ton, stable compared with the previous day; the mainstream average purchase price in North China was 2445 yuan/ton, up 6 yuan/ton from the previous day with a narrowing increase. The prices at north - south ports also continued to rise. The purchase price at Jinzhou Port was 2290 - 2325 yuan/ton, up 10 - 15 yuan/ton, and the transaction price at Shekou Port was 2450 yuan/ton, up 10 yuan/ton. As of June 11, the corn futures warehouse receipts decreased by 100 lots, totaling 216,495 lots. The wheat - corn price difference in Shandong was 0 yuan/ton. Feed enterprises will increase the wheat substitution ratio from 5% - 10% in Q1 to 25% - 30% in Q2. On June 11, the planned sales volume of China Grain Reserves Corporation's corn auction was 56,000 tons, all of which were sold. The planned quantity of the corn purchase - sale two - way transaction of China Grain Reserves Beijing Company was 19,000 tons, and the transaction quantity was 8,000 tons, with a transaction rate of 43% [1]. Trading Strategy - Long - term: Range - bound operation; Medium - term: Maintain a low - long thinking; Short - term: Expect to reach 2400 yuan, and then the expectation turns into pressure. The upper pressure of the 2507 contract is 2390 - 2400 yuan, and that of the 2509 contract is 2420 yuan. Currently, the pressure is effective, and the market starts to organize and repair [1]. Group 2: Live Pigs Report Industry Investment Rating - Range [3] Core View - Short - term: Before the weight pressure is relieved, it is difficult for pig prices to rise, and they may continue to fluctuate weakly. Medium - term: There is still an expectation of increased pig supply, and whether there will be a seasonal upward trend from July to September depends on whether the weight reduction can be completed in June. Long - term: The inventory of breeding sows is still higher than the normal level, and if there is no epidemic, the pig production capacity will continue to be realized throughout the year [3]. Summary by Related Catalogs Market Review - Yesterday, live pig futures fluctuated strongly. The LH2509 contract rose 0.26% to close at 13,600 yuan/ton, and the LH2511 contract rose 0.11% to close at 13,325 yuan/ton [3]. Important Information - On the 11th, the national average live pig price was 14.04 yuan/kg, up 0.02 yuan/kg from the previous day. This morning, pig prices were weak in the north and stable in the south. In April 2025, the inventory of breeding sows was 40.38 million, flat month - on - month and up 1.3% year - on - year. At the end of April, the inventory of medium and large pigs increased by 6.5% year - on - year and 0.6% month - on - month. On June 11, the price difference between fat and standard pigs was 0.05 yuan/jin, the same as the previous day. On June 5, the average weekly slaughter weight of live pigs was 125.84 kg, down 0.05 kg from the previous week with a significantly narrowing week - on - week decline. On June 11, the live pig futures warehouse receipts did not change, with a cumulative total of 525 lots [3]. Trading Strategy - Long - term: High short; Medium - term: Range; Short - term: Fluctuate and organize, test the support effect. The short - term support of the 2509 contract is 13,300 - 13,400 yuan, and the short - term pressure is 13,700 - 13,800 yuan. The lower support of the 2511 contract is 13,000 - 13,100 yuan, and the short - term pressure is 13,400 - 13,500 yuan [3]. Group 3: Eggs Report Industry Investment Rating - High short [3] Core View - Short - term: The egg supply is stable, and downstream purchases are based on demand, so the short - term egg price is mainly weak and stable. Medium - term: The number of newly - laid hens is increasing, and the theoretical inventory of laying hens is still increasing, combined with the seasonal decline expectation during the plum - rain season, so the near - month futures contracts are still bearish. However, after the spot price remains low from June to July, the concentrated large - scale culling by farmers may lead to a phased supply reduction, and combined with the Mid - Autumn Festival consumption peak season, it may drive a phased rebound in the spot price from August to September [3]. Summary by Related Catalogs Market Review - Yesterday, egg futures showed mixed trends. The JD2507 contract fell 0.35% to close at 2825 yuan/500 kg, and the JD2508 contract rose 0.14% to close at 3515 yuan/500 kg [3]. Important Information - On the 11th, the spot price was mainly weak and stable. The average price of eggs in the main producing areas was 2.66 yuan/jin, down 0.08 yuan/jin from the previous day; the average price in the main selling areas was 3.04 yuan/jin, down 0.05 yuan/jin from the previous day. The spot price of Guantao eggs remained the same as the previous day at 2.56 yuan/jin. On the 11th, the average inventory in the production link was 0.99 days, up 0.02 days from the previous day; the inventory in the circulation link was 1.04 days, up 0.02 days from the previous day. On the 11th, the average price of old hens was 4.51 yuan/jin, down 0.05 yuan/jin from the previous day. As of June 5, the weekly culling age of old hens was 515 days, 6 days less than the previous week. In May, the inventory of laying hens was about 1.334 billion, with a month - on - month increase of 0.38% and a year - on - year increase of 7.23%. The theoretical estimated inventory of laying hens in June is 1.34 billion, with a month - on - month increase of 0.45% [3]. Trading Strategy - Previously, it was recommended to pay attention to the band short - selling opportunity after the 2507 contract was under pressure. This week, if the 2800 support is effective, the previous short positions can consider partial profit - taking. Currently, it is recommended to take partial profit and wait and see. If the spot price further weakens, the 07 contract still has some room to squeeze the premium. The 08/09 contracts test the lower support, with the 08 contract being relatively strong and the 09/10 contracts being relatively weak. You can also wait for the band low - long opportunity of the 8/9 contracts after the premium repair is completed [3][4].