Report Summary 1. Hot News - Citi postponed the expected time of the Fed's next interest rate cut from July to September, and now expects the Fed to cut rates by 75 basis points this year, with 25 basis - point cuts in September, October, and December, while the market expects only about 46 basis - point cuts by the end of the year [1] - In the first five months, China's imports of iron ore were 486 million tons, a decrease of 5.2%, with an average import price of 707.2 yuan per ton, a drop of 16.4%; crude oil imports were 230 million tons, an increase of 0.3%, at 3864.3 yuan per ton, a drop of 10.6%; coal imports were 189 million tons, a decrease of 7.9%, at 559 yuan per ton, a drop of 22.5%; natural gas imports were 49.053 million tons, a decrease of 9.5%, at 3274 yuan per ton, a drop of 6.8%; soybean imports were 37.108 million tons, a decrease of 0.7%, at 3233.9 yuan per ton, a drop of 13.9%; refined oil imports were 15.98 million tons, a decrease of 26.8%, at 4323.2 yuan per ton, a drop of 0.1% [1] - In May 2025, China's consumer price index (CPI) decreased by 0.1% year - on - year. The average CPI from January to May decreased by 0.1% compared with the same period last year. In May, the CPI decreased by 0.2% month - on - month [1] - On June 9 local time, He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice - Premier of the State Council, started the first meeting of the China - US economic and trade consultation mechanism with the US side in London, UK [1] - California Governor Gavin Newsom said on social media that Trump incited trouble and illegally federalized the National Guard, and he would sue the Trump administration over the National Guard deployment issue [1] 2. Key Focus - Key commodities to focus on include styrene, corn, soda ash, urea, and coking coal [1] 3. Night - session Performance - The performance of commodity futures main contracts in the night session is presented in a chart, but specific data for each commodity is not detailed in text [1] 4. Sector Performance - Non - metallic building materials rose 2.62%, precious metals rose 30.32%, oilseeds and oils rose 11.58%, soft commodities rose 2.63%, non - ferrous metals rose 19.87%, coal, coke, steel, and minerals rose 13.43%, energy rose 2.41%, chemicals rose 12.98%, grains rose 1.46%, and agricultural and sideline products rose 2.70% [2] 5. Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, but specific data for each sector is not detailed in text [4] 6. Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.43% daily, 1.56% monthly, and 1.43% year - to - date; the Hang Seng Index rose 1.63% daily, 3.83% monthly, and 20.55% year - to - date [5] - In the fixed - income category, the 10 - year Treasury bond futures rose 0.09% daily, 0.25% monthly, and 0.07% year - to - date [5] - In the commodity category, the CRB Commodity Index rose 0.21% daily, 3.82% monthly, and 1.61% year - to - date; London spot gold rose 0.47% daily, 1.11% monthly, and 26.71% year - to - date [5] - In other categories, the US Dollar Index fell 0.19% daily, 0.42% monthly, and 8.72% year - to - date; the CBOE Volatility Index remained unchanged daily, fell 9.69% monthly, and fell 3.34% year - to - date [5]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - Not provided in the given content Group 3: Summary of Key Data Production and Operation Indicators - The current week's soybean meal production is 1.5683 million tons, a week - on - week decrease of 1.10%, and the previous value was 1.5857 million tons [1] - The current week's oil refinery operating rate is 63.10%, a week - on - week decrease of 1.04%, and the previous value was 63.76% [1] Inventory Indicators - The current week's oil refinery soybean inventory is 5.4118 million tons, with a week - on - week change of 0.00%, the same as the previous value [1] - The current week's oil refinery soybean meal inventory is 0.264 million tons, with a week - on - week change of 0.00%, the same as the previous value [1] - The current week's feed enterprise soybean meal inventory is 6.31 days, a week - on - week increase of 5.34%, and the previous value was 5.99 days [1] - The current week's oil refinery unexecuted contracts are 3.3979 million tons, with a week - on - week change of 0.00%, the same as the previous value [1] Import and Cost Indicators - The current week's soybean arrival volume is 2.405 million tons, a week - on - week increase of 5.71%, and the previous value was 2.275 million tons [1] - The current week's Brazilian soybean duty - paid cost is 3,649 yuan/ton, a week - on - week increase of 3.11%, and the previous value was 3,539 yuan/ton [1] - The current week's Brazilian soybean near - month futures crushing profit is 153 yuan, a week - on - week decrease of 24.63%, and the previous value was 203 yuan [1] Consumption Indicators - The current week's soybean meal apparent consumption is 1.4976 million tons, with a week - on - week change of 0.00%, the same as the previous value [1]

Report Summary 1. Market Performance Overnight - International precious metal futures closed mixed, with COMEX gold futures flat at $3,346.70 per ounce and COMEX silver futures up 2.12% at $36.91 per ounce [2] - International oil prices strengthened, with the U.S. oil main contract up 1.24% at $65.38 per barrel and the Brent crude main contract up 0.96% at $67.11 per barrel [3] - London base metals closed mixed, with LME copper up 1.03% at $9,769.02 per ton and LME nickel down 0.76% at $15,325.9 per ton [4] - Domestic futures main contracts were mixed. Styrene (EB) rose more than 1%, while coking coal fell more than 2% [4] - U.S. agricultural product futures fell across the board, with CBOT corn futures down 2.15%, CBOT wheat futures down 2.25%, and CBOT soybean futures down 0.12% [4] 2. Macroeconomic News - As of June 9, 2025, the Shanghai Export Container Settlement Freight Index (European route) was 1,622.81 points, up 29.5% from the previous period [7] - Citigroup postponed its forecast for the Fed's next rate cut from July to September and now expects a total of 75 basis points of cuts this year [7] - In the first five months, China's imports of iron ore decreased by 5.2%, crude oil increased by 0.3%, coal decreased by 7.9%, natural gas decreased by 9.5%, soybeans decreased by 0.7%, and refined oil decreased by 26.8% [7] - In May 2025, China's CPI was down 0.1% year-on-year and 0.2% month-on-month [8] - On June 9, the first meeting of the China-U.S. economic and trade consultation mechanism was held in London [9] - California Governor Gavin Newsom said he would sue the Trump administration over the National Guard deployment issue [9] 3. Energy and Chemical Futures - The local quotation of photovoltaic glass in the market has fallen below 12 yuan per square meter, with the lowest transaction price approaching 11.5 yuan per square meter [13] - As of June 6, the total inventory of coniferous logs in China was 3.39 million cubic meters, down 0.59% from the previous week [13] - As of June 8, 2025, the total inventory of natural rubber in Qingdao was 605,500 tons, down 0.67% from the previous period [13] - Morgan Stanley said OPEC+ may be significantly increasing oil production quotas, but the actual output increase is not obvious [13] - The U.S. Bank's commodities research head said OPEC+'s oil production increase plan is part of Saudi Arabia's strategy to start a long - term but moderate price war [13] - Iran's Foreign Ministry spokesman said the U.S. plan on the Iran nuclear deal is unacceptable [14] 4. Metal Futures - The listing benchmark prices for casting aluminum alloy futures contracts AD2511 - AD2605 are set at 18,365 yuan per ton [18] - The Shanghai Gold Exchange warned of high market volatility and advised members and investors to take risk - prevention measures [18] - China's lithium hydroxide production in June 2025 is expected to be 20,200 tons, down 5.8% month - on - month [19] 5. Black - series Futures - Mysteel's global iron ore shipments totaled 3.5104 million tons, up 79,400 tons week - on - week [21] - China's 47 - port iron ore arrivals totaled 2.6739 million tons, up 76,500 tons week - on - week [21] - As of the week of June 6, the total manganese ore inventory at ports was 420,200 tons, up 13,200 tons from the previous period [21] 6. Agricultural Product Futures - The central government will conduct a 10,000 - ton centralized procurement of frozen pork on June 11, 2025 [25] - As of June 6, 2025, the commercial inventory of soybean oil in key regions of China was 812,700 tons, up 7.66% week - on - week [25] - Analysts expect Brazil's 2024/2025 soybean production to be 169.27 million tons and Argentina's to be 4.904 million tons [25] - With the arrival of imported soybeans, the soybean commercial inventory of major oil mills has reached nearly 7 million tons [26] - APK - Inform lowered its forecast for Ukraine's 2025 grain production by 4.3% to 52.9 million tons [27] - As of June 9, 2025, the port inventory of imported soybeans in China was 5.9568 million tons, up 215,970 tons from June 3 [28] - As of last Thursday, Brazilian farmers in the central - southern region had harvested 1.9% of the 2025 second - season corn, the slowest pace since 2021 [28] - In the week ending June 5, 2025, the U.S. soybean export inspection volume was 547,040 tons, and the U.S. shipped 0 tons of soybeans to China [31] - As of June 8, the U.S. soybean good - to - excellent rate was 68%, the planting rate was 90%, and the emergence rate was 75% [31] 7. Financial Markets Commodities - The first recycled metal variety, casting aluminum alloy futures and options, was listed on the Shanghai Futures Exchange on June 10, with the benchmark price for 7 contracts set at 18,365 yuan per ton [33] Bonds - Domestic inter - bank bond yields were mixed, and the central bank conducted 173.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection [36] - Japan is considering repurchasing some long - term bonds, and Japanese investors sold a large amount of German and U.S. sovereign bonds in April [36] - U.S. Treasury yields fell across the board due to concerns about bond auctions, supply - demand adjustments, and investor sentiment [37] - European bond yields generally declined due to weak economic fundamentals in the eurozone [37] Foreign Exchange - Hong Kong will maintain the linked exchange rate system and strengthen its role as an offshore RMB business center [38] - The on - shore RMB closed at 7.1838 against the U.S. dollar on Monday, up 9 basis points from the previous trading day [38] - The three major RMB exchange rate indices fell last week, hitting new lows [41] - The U.S. dollar index fell 0.19% at the New York close, and non - U.S. currencies generally rose [41] 8. Upcoming Economic Data and Events - Key economic data to be released include South Korea's April current account, the U.K.'s May unemployment rate, etc. [44] - Key events include China's central bank's reverse repurchase maturity, EIA's monthly short - term energy outlook report, and various conferences and corporate events [46]

地址 ：北 京市 朝阳 区朝阳 门外 大街 甲 6 号万 通中 心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/06/09 隔夜夜盘市场走势 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 总机：010-8535 6666 地址 ：北 京市 朝阳 区朝阳 门外 大街 甲 6 号万 通中 心 D 座 20 层 （100020） 重要资讯 1. 国际贵金属期货收盘涨跌不一，COMEX 黄金期货跌 1.31%报 3331.00 美元/盎 司，本周累计上涨 0.47%。COMEX 白银期货涨 0.91%报 36.13 美元/盎司，本周 累计上涨 9.39%。 2. 国际油价集体上涨，美油主力合约涨 2.21%报 64.77 美元/桶，周涨 6.55%； 布油主力合约涨 2%报 66.65 美元/桶，周涨 6.16%。 3. 伦敦基本金属收盘全线下跌，LME 期铜跌 0.71%报 9670.50 美元/吨，本周累 计上涨 1.82%；LME 期铝跌 1.07%报 2451.50 美元/吨，本周累计上涨 0.31%。 4. 国内期货主力合约涨跌不一。沥青、 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 冠通每日交易策略 制作日期：2025 年 6 月 06 日 热点品种 豆粕： 豆粕主力 09 合约今日盘面高开后震荡上升，收盘涨幅 1.90%。国际方面，美国 目前估计大豆种植面积为 8400 万英亩，较上一年度减少 3.4%，比美国农业部 3 月 31 日种植意向报告估计的 8350 万英亩多 50 万英亩。2025/26 年度美国大豆 产量预估为 1.17 亿吨（预估区间 1.08-1.22 亿吨），较上次预估持平，因种植 季早期天气条件温和，种植进度稳健，但夏季的长期天气前景仍然相当黯淡。国 内方面，截止 5 月 30 日，油厂大豆实际压榨量 226.82 万吨，开机率为 63.76%， 大豆库存 582.88 万吨，较上周增加 22.25 万吨，增幅 3.97%，同比去年增加 98.98 万吨，增幅 20.45%。豆粕库存 29.8 万吨，较上周增加 9.11 万吨，增幅 44.03%， 同比去年减少 55.81 万吨，减幅 65.19%。综合来看，豆粕期货前期盘面呈现一 轮上涨后，近 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The urea market is currently in a downward trend due to weak demand. However, with the recent rebound in coal port prices and potential concentrated agricultural demand and export stimulus next week, there may be a small - scale rebound in the urea market, but the overall trend remains bearish [1] 3. Summary by Relevant Catalogs Strategy Analysis - Urea prices opened low and continued to decline during the day today. Upstream factory prices are diverging, with those having export orders remaining firm and those without facing significant sales pressure. The supply side has a daily output above 200,000 tons, which restricts the upside. The demand side is weak, with scattered agricultural purchases during the wheat harvest and a decline in the compound fertilizer factory's operating rate, which is about 10% lower than the same period last year. Upstream factories are accumulating inventory, but there may be an opportunity to reduce inventory after the recovery of agricultural demand [1] Futures and Spot Market Conditions Futures - The urea main 2509 contract opened at 1,736 yuan/ton and closed at 1,720 yuan/ton, a decrease of 1.09%. The open interest was 244,734 lots (-977 lots). Among the top twenty - position holders, long positions increased by 3,146 lots and short positions decreased by 585 lots. On June 6, 2025, the number of urea warehouse receipts was 6,069, a decrease of 288 compared to the previous trading day [2] Spot - Upstream factory prices are diverging. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei ranges from 1,770 to 1,830 yuan/ton, and the transaction center continues to move down [3] Fundamental Tracking Basis - The mainstream spot market quotation decreased, and the futures closing price also declined. Based on Shandong, the basis strengthened compared to the previous trading day, and the basis of the September contract was 110 yuan/ton (-8 yuan/ton) [7] Supply Data - According to Feiyitong data, on June 6, 2025, the national daily urea output was 194,600 tons, unchanged from the previous day [8]

【冠通研究】 期现共振上行，仍需关注需求边际转弱 制作日期：2025 年 6 月 6 日 【策略分析】 沪铜今日高开低走日内上行。5 月 31 日当周，初请失业金人数增加 8000 人至 24.7 万人，远超经济学家预期的 23.5 万人。美国 5 月 ADP 就业人数增加 3.7 万人，为自 2023 年 3 月以来的最低水平，远逊预期的 11.4 万人，前值为 6.2 万人，美国经济数据 疲软，业内增加对美联储降息的概率。5 月 SMM 中国电解铜产量环比增加 1.26 万吨，升 幅为 1.12%，同比上升 12.86%。截止 5 月 30 日，我国现货粗炼费(TC)-43.45 美元/干 吨，RC 费用-4.34 美分/磅，TC/RC 费用依然处于负值，但下滑幅度明显放缓。国内精炼 铜产量维持高位，同比增速大幅增加，位于历年同期高位水平，目前市场对铜供应紧张 预期尚未兑现，实质供应尚未减弱。需求方面，国内 PMI 数据向好，并且淡季需求韧性 强，对铜价提供支撑，本月需求承接力度将继续走弱。目前铜价依然在宽幅区间震荡， 主要影响因素为宏观环境变化，基本面除需求短期边际走弱步入淡季外，暂无明显变 化，虽需求 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The soybean meal futures market will show a volatile trend as the upward drive has weakened after the previous rally [3]. - The overall trend of urea is bearish, and attention should be paid to the short - term support from subsequent agricultural demand release and exports [4][5]. - Copper prices are oscillating in a wide range. With terminal demand support and supply shortage expectations, the amplitude is limited, and the progress of copper tariffs should be monitored [9][10]. - Crude oil prices have rebounded but still face downward pressure due to factors such as supply pressure and trade war concerns [11][13]. - Asphalt is expected to oscillate at a high level in the near term, and it is recommended to go long on the 09 - 12 spread as it gradually enters the peak season [14]. - PP is expected to oscillate weakly due to factors such as high inventory pressure and slow downstream recovery [15][16]. - Plastic is expected to oscillate weakly in the near term because of high inventory and slow new order follow - up [17]. - PVC is in a weak oscillation state as the demand has not improved substantially and the inventory pressure is large [18][19]. - The negative feedback of lithium carbonate continues. Although there may be a technical rebound in the short - term, the fundamental weakness remains unchanged, and it is recommended to wait and see [20]. - For coking coal, short - term rebound signs appear, but the long - term bearish trend remains unchanged, and it is recommended to reduce short positions and wait and see [21][22]. - Rebar prices may decline if demand does not improve substantially, as the "supply - demand double - weak, insufficient cost support" pattern remains unchanged [23]. - Hot - rolled coil prices lack upward momentum, and there is a risk of trend - based decline after the sentiment fades [25]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - As of the close on June 5, domestic futures contracts showed mixed performance. Coking coal and Shanghai tin rose more than 1%, while alumina and urea fell nearly 3% [7]. - In terms of capital flow, as of 15:26, CSI 1000 2506, CSI 500 2506, and Shanghai gold 2508 had capital inflows, while crude oil 2507, lithium carbonate 2507, and apple 2510 had capital outflows [7]. 3.2 Specific Commodity Analysis 3.2.1 Soybean Meal - The 09 contract of soybean meal opened higher and oscillated, with a closing increase of 0.68%. The estimated soybean planting area in the US is 84 million acres, a 3.4% decrease from the previous year. The domestic soybean inventory increased by 3.97% week - on - week and 20.45% year - on - year, and the soybean meal inventory increased by 44.03% week - on - week but decreased by 65.19% year - on - year [3]. 3.2.2 Urea - Urea prices opened low and dropped nearly 3% during the day. The supply side has a daily output of over 200,000 tons, and the demand side is in the wheat harvest stage with sporadic agricultural demand and a decline in the compound fertilizer factory's operating rate [4][5]. 3.2.3 Copper - Shanghai copper opened low and was under pressure. The supply is expected to be tight, but the actual supply has not weakened. The demand is supported by good domestic PMI data and strong off - season demand resilience. Copper prices are oscillating, and the progress of copper tariffs should be monitored [9][10]. 3.2.4 Crude Oil - In June, crude oil prices rebounded due to factors such as OPEC+ production increase and supply disruptions. However, supply pressure remains high, and there is still downward pressure on prices [11][13]. 3.2.5 Asphalt - The asphalt operating rate decreased to 27.7%, and the expected output in June increased. The downstream operating rate decreased, and the inventory is at a low level. It is expected to oscillate at a high level, and it is recommended to go long on the 09 - 12 spread [14]. 3.2.6 PP - The downstream operating rate of PP decreased to 50.29%. The enterprise operating rate increased to about 84%, and the inventory is at a high level. It is expected to oscillate weakly [15][16]. 3.2.7 Plastic - The plastic operating rate decreased to about 84%, and the downstream operating rate is at a low level. The inventory is high, and it is expected to oscillate weakly [17]. 3.2.8 PVC - The PVC operating rate increased to 78.19%, and the downstream operating rate is low. The inventory is still high, and it is in a weak oscillation state [18][19]. 3.2.9 Lithium Carbonate - Lithium carbonate prices are close to the bottom, but the supply pressure is large, and the demand growth is slow. It is recommended to wait and see [20]. 3.2.10 Coking Coal - Coking coal prices rebounded due to news, but the supply is loose, and the long - term trend is bearish. It is recommended to reduce short positions and wait and see [21][22]. 3.2.11 Rebar - The demand for rebar is in the off - season, and the supply pressure is not relieved. The cost support is insufficient, and there is a risk of price decline [23]. 3.2.12 Hot - rolled Coil - The supply of hot - rolled coil is at a high level, the demand is weak, and the inventory may start to accumulate. Prices lack upward momentum and are at risk of decline [25].

Group 1: Hot News - The number of ADP employed people in the US in May increased by 37,000, lower than the expected 110,000 and the previous value of 62,000, with the slowest hiring rate since March 2023. After the data release, US President Trump called for a rate cut by Powell [2]. - The US ISM non - manufacturing PMI in May was 49.9, contracting for the first time in nearly a year, lower than the expected 52.0 and the previous value of 51.6 [2]. - Zhengzhou Commodity Exchange adjusted the application method for general - month hedging position limits for caustic soda, p - xylene, and bottle chips, and raised the combined limits for hedging and speculative positions of 14 varieties such as PTA [2]. - There was a rumor that Mongolia would raise the coal mineral resource tax to 20%, but as of now, there is no official decision on coal - related tax changes [2]. - Brazil's National Association of Grain Exporters (Anec) predicted that Brazil's soybean exports in June would be 12.55 million tons, lower than last year's 13.83 million tons and May's 14.2 million tons. It maintains the outlook of exporting 1.1 billion tons of soybeans in 2025, which would set a new record [2]. - Saudi Arabia hopes that OPEC+ will continue to accelerate oil production increases in the coming months, aiming to regain market share, and wants an increase of at least 411,000 barrels per day in August and possibly September [3]. Group 2: Commodity Market Capital Proportion - The capital proportions of different commodity sectors are: non - metallic building materials 2.57%, precious metals 29.99%, oilseeds 11.62%, soft commodities 2.45%, non - ferrous metals 20.38%, coal - coking - steel - ore 13.59%, energy 2.39%, chemicals 12.81%, grains 1.51%, and agricultural and sideline products 2.69% [4]. Key Attention - Key commodities to focus on are urea, rebar, Shanghai copper, and plastic [6]. Night - session Performance - Information about the night - session performance of commodity futures main contracts includes their price changes and position - increasing ratios [6]. Position Changes - Data shows the changes in commodity futures sector positions in the past five days [7]. Group 3: Performance of Major Asset Classes Equity - The daily, monthly, and annual percentage changes of various equity indices are presented, such as the Shanghai Composite Index with a daily increase of 0.42%, a monthly increase of 0.86%, and an annual increase of 0.73% [9]. Fixed - income - The daily, monthly, and annual percentage changes of different - term treasury bond futures are provided, for example, the 10 - year treasury bond futures had a daily increase of 0.09%, a monthly increase of 0.04%, and an annual decrease of 0.15% [9]. Commodity - The daily, monthly, and annual percentage changes of commodities are shown, like the CRB commodity index with a daily decrease of 0.09%, a monthly increase of 2.11%, and an annual decrease of 0.06% [9]. Others - The daily, monthly, and annual percentage changes of the US dollar index and CBOE volatility are given, with the US dollar index having a daily decrease of 0.47%, a monthly decrease of 0.63%, and an annual decrease of 8.91% [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides a comprehensive overview of overnight market trends, important news, and financial market developments across various sectors including commodities, stocks, bonds, and foreign exchange. It also includes information on upcoming economic data releases and events. Summary by Categories Overnight Market Trends - Spot gold rebounded due to a weaker dollar, closing up 0.61% at $3373.72 per ounce, while spot silver closed down 0.03% at $34.492 per ounce [2] - International crude oil prices dropped as Saudi Arabia was reported to push for OPEC+ to increase production significantly. WTI crude closed down 1.05% at $62.17 per barrel, and Brent crude closed down 1.15% at $64.67 per barrel [2] - Domestic night - session futures contracts had mixed results. Some commodities like coking coal, coke, and LPG rose, while others like bottle chips, PTA, and caustic soda fell [3] - CBOT agricultural futures mostly rose, with soybeans up 0.36%, wheat up 1.49%, and corn down 0.06% [3] - London base metals had mixed closes, with LME tin up 1.41% and LME copper up 0.11% [4] Important News Macroeconomic News - A US - Canada trade agreement may be reached next week, perhaps before the G7 summit on June 15 [7] - The EU and the US had a constructive trade talk, and they are making progress on tariff negotiations [7] - Zhengzhou Commodity Exchange adjusted the application method for hedging positions for some varieties and raised the combined limits for hedging and speculative positions for 14 varieties [7] - The US May ADP private employment report showed only 37,000 new jobs, far below the expected 114,000. Trump called for the Fed to cut interest rates [7] - The Fed's Beige Book indicated that economic activity has slightly declined since the last report, and price increases were at a moderate pace [7] Energy and Chemical Futures - Japan's commercial crude oil and gasoline inventories increased in the week ending May 31 [9] - The refined oil inventory at the Port of Fujairah in the UAE dropped 13% to a five - month low in the week ending June 2 [11] - US commercial crude oil inventory (excluding strategic reserves) decreased by 4.304 million barrels to 436 million barrels in the week ending May 30, while the strategic petroleum reserve increased by 509,000 barrels [11] - Saudi Arabia hopes OPEC+ to increase oil production by at least 411,000 barrels per day in August and possibly September [11] Metal Futures - Peru's copper production is expected to increase slightly to 2.8 million tons this year, and mining investment is expected to reach at least $4.8 billion [13] - A North China monomer enterprise started a 15 - day maintenance, which is expected to affect DMC production by about 4,000 tons [14] - An East China lead smelter has复产, but its production is unstable due to environmental inspections. A South China zinc smelter's equipment maintenance is expected to affect production by about 2,000 tons [14] - CZSPT released the guidance price range for imported zinc concentrate processing fees for the end of Q3 2025: $80 - $100 per dry ton [14] Black - series Futures - As of now, there is no official decision on Mongolia's coal mineral resource tax increase [17] - In late May, the social inventory of 5 major steel products in 21 cities decreased by 4.7% month - on - month [17] - The online auction of Mongolian coking coal on June 4 had all lots go unsold [17] - Some steel mills in Tangshan plan to cut coke prices on June 6 [17] - On June 4, the national building materials social inventory, factory inventory, and production all decreased compared to the previous week [18] - The UK Prime Minister aims to get the US to reduce steel tariffs on the UK to zero [19] Agricultural Futures - Malaysia's May 2025 palm oil inventory is expected to be 2.01 million tons, up 7.74% from April; production is expected to be 1.74 million tons, up 3%; and exports are expected to be 1.3 million tons, up 17.9% [21] - Chinese oil mills' soybean crushing volume is expected to reach about 9 million tons in June [23] - As of May 30, CBOT soybean deliverable inventory decreased by 4.70% from the previous week [23] - ICAC's forecast for the 2025/2026 global cotton season remains stable, with production and consumption estimated at about 26 million tons and 25.7 million tons respectively, and trade volume increased to 9.7 million tons [23] - Indonesia's 2024/2025 palm oil production is estimated at 48.8 million tons, and Malaysia's at 19 million tons, remaining unchanged from the previous forecast [23] - As of May 28, the national pig price and corn price both decreased, while the pig - to - corn ratio increased [24] - By the end of May, Guangxi's sugar sales and sales rate increased year - on - year [24] - Brazil's June soybean export is estimated at 12.55 million tons, lower than last year and May [24] - The expected US soybean export net sales for the 2024/25 and 2025/26 market years are in the ranges of 10 - 50 million tons and 0 - 10 million tons respectively [25] Financial Markets Stocks - A - share major indices rose, with the brokerage and consumer sectors performing strongly. The Shanghai Composite Index rose 0.42%, the Shenzhen Component Index rose 0.87%, and the ChiNext Index rose 1.11% [28] - The Hong Kong Hang Seng Index rose 0.6%, with nuclear power, pharmaceutical, and consumer stocks performing well [28] - In May 2025, A - share new accounts increased by 22.86% year - on - year but decreased by 19.16% month - on - month [28] - Brokers generally expect the A - share market to perform well in the second half of 2025 and are also optimistic about the Hong Kong stock market [29] - In May, over 60 A - share companies announced share repurchase plans, and nearly 150 companies implemented share repurchases [29] - Since April, the Hong Kong stock market has seen a wave of share repurchases, with the trend continuing in June [30] - This year, the total IPO fundraising in the Hong Kong stock market has exceeded HK$77.6 billion, a more than seven - fold increase from last year [30] Industry News - The Ministry of Industry and Information Technology plans to promote the development of the AI industry and empower new - style industrialization [31] - The National Energy Administration launched the first batch of pilot projects for the construction of a new - style power system [31] - The National Railway Administration is seeking public opinions on the management regulations for the power source system transformation of old - style railway diesel locomotives [32] - Shenzhen released a plan to promote the high - quality development of service trade and digital trade [33] - In May, Shanghai's new - house supply and sales increased significantly [33] - In May, Shenzhen's second - hand housing transactions decreased slightly month - on - month but increased year - on - year [34] - Shanghai issued a notice to promote the quality improvement and expansion of infrastructure REITs [34] - The "high - interest, high - rebate" car loan model has been stopped in some areas [34] - In May, the wholesale sales of new - energy passenger vehicles in China reached 1.24 million, a 38% increase year - on - year [35] Overseas News - The US and Russian presidents discussed the Russia - Ukraine conflict and the Iran nuclear issue in a 75 - minute call [37] - Trump's tariff policy is expected to cut the US deficit by $2.8 trillion in 10 years but may lead to economic contraction and inflation [37] - The Fed's Beige Book shows that the US economic activity has slightly declined, and businesses face cost - increasing pressure from tariffs [37] - US mortgage applications dropped to a five - week low, and the refinancing index also decreased [38] - The Canadian Prime Minister criticized the US steel and aluminum tariffs [38] - The Bank of Canada maintained its benchmark interest rate at 2.75% for the second time, being cautious about the economic outlook [39] - Japan's 2024 birth rate and total fertility rate reached record lows [40] - Australia's Q1 GDP growth was lower than expected [40] - The European Central Bank approved Bulgaria's application to adopt the euro in 2026 [41] International Stocks - US major stock indices had mixed closes, with the Dow down 0.22%, the S&P 500 up 0.01%, and the Nasdaq up 0.32% [42] - Trump's "retaliatory tax" in the "Beautiful Big Bill" may weaken foreign investors' interest in US assets [42] - European stock markets rose for the second day, with the German DAX index hitting a record high [43] - Virgin Australia Airlines plans to raise A$685 million through an IPO [45] Commodities - International precious metal futures generally rose, with COMEX gold up 0.60% and COMEX silver up 0.06% [46] - International oil prices declined, with US crude down 1.06% and Brent crude down 1.1% [46] - London base metals mostly rose, with LME tin up 1.65%, LME aluminum up 0.95%, and LME copper up 0.16% [46] Bonds - Yields of major domestic inter - bank interest - rate bonds declined, and Treasury bond futures rose [47] - CITIC Securities and China Merchants Securities completed the first batch of bond refinancing book - building on the Shanghai Stock Exchange [49] - European bond yields had mixed movements, and the market expects the ECB to cut interest rates [49] - US bond yields all decreased due to factors such as increased risk - aversion and lower - than - expected PCE inflation [50] Foreign Exchange - The on - shore RMB against the US dollar rose 5 points at the 16:30 close and 207 points in night trading [51] - The US dollar index dropped 0.47% due to weak economic data and increased expectations of Fed rate cuts, while most non - US currencies rose [51]