Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, specific ratings for some products are as follows: - **Bullish**: Jiao Coal, Coke, Ethylene Glycol [1] - **Bearish**: None explicitly stated - **Neutral (Oscillating)**: Most of the products, including stocks, treasury bonds, gold, various non - ferrous metals, building materials, agricultural products, and energy - chemical products [1] Core Views of the Report - Domestic factors have limited driving force on the stock index, with weak fundamentals and a relatively policy - vacuum environment. Overseas variables dominate short - term fluctuations. Although there are positive signals in Sino - US economic and trade relations recently, the stock index is expected to fluctuate strongly in the short term, but caution is needed due to the possible repetition of Sino - US tariff signals [1]. - Different factors drive the trends of various commodities. For example, asset shortage and weak economy are favorable for bond futures, but the central bank's warning of interest - rate risks restricts the upward space; the long - term upward logic of gold is solid, but it may fluctuate in the short term [1]. Summary by Related Catalogs Macro - finance - **Stock Index**: Driven by overseas variables in the short term, expected to fluctuate strongly, but be cautious of the repetition of Sino - US tariff signals [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but the central bank's warning of interest - rate risks restricts the upward space, expected to oscillate [1]. - **Gold**: May oscillate in the short term, with a solid long - term upward logic [1]. - **Yin**: Expected to continue to be strong in the short term, but beware of a pull - back [1]. Non - ferrous Metals - **Copper**: Sino - US talks boost market sentiment, but sufficient supply restricts the upward space, expected to oscillate [1]. - **Aluminum**: Low inventory supports the price, but weakening downstream demand and volatile macro - sentiment may lead to a weakening oscillation [1]. - **Alumina**: Spot price is stable, futures price is weak, and increased production pressure on the futures price, expected to oscillate [1]. - **Zinc**: Inventory increase on Monday pressures the price, and the subsequent downward space depends on the sustainability of social inventory reduction on Thursday [1]. - **Nickel**: Short - term oscillation following the macro - environment, long - term pressure from primary nickel surplus, pay attention to inventory changes [1]. - **Stainless Steel**: Short - term bottom - oscillation, long - term supply pressure exists, pay attention to steel mill production arrangements [1]. - **Tin**: Supply contradiction intensifies in the short term, expected to oscillate at a high level [1]. - **Industrial Silicon**: Supply shows improvement, demand is low, and inventory pressure is huge, expected to oscillate [1]. - **Polysilicon**: Downstream production scheduling drops rapidly, futures premium over spot, and warehouse receipts increase [1]. - **Lithium Carbonate**: Mine prices continue to fall, downstream procurement is inactive, and raw material inventory is high [1]. Building Materials - **Rebar and Hot - rolled Coil**: In the window period of switching from peak to off - peak season, with loose cost and supply - demand balance, no upward price drive is observed, expected to oscillate [1]. - **Iron Ore**: There is an expectation of iron - water peak, and supply may increase in June, pay attention to steel pressure, expected to oscillate [1]. - **Silicon Manganese**: Short - term supply - demand balance, slight increase in production, acceptable demand, but heavy warehouse - receipt pressure, expected to oscillate [1]. - **Silicon Iron**: Cost is affected by coal, some alloy plants resume production, and there is still pressure of supply surplus, expected to oscillate [1]. - **Glass Film**: Supply and demand are both weak, with the arrival of the off - peak season, demand weakens, and the price continues to be weak, expected to oscillate [1]. - **Soda Ash**: Maintenance resumes, direct demand is acceptable, but concerns about supply surplus resurface, and terminal demand is weak, price is under pressure, expected to oscillate [1]. - **Coking Coal**: The spot price continues to weaken, and the futures price rebounds to repair the discount. It can still be short - sold, with the upper limit of the target price at 780 - 800 [1]. - **Coke**: The logic is the same as that of coking coal, with the continuous decline of coal - entering - furnace cost, the price drops synchronously, expected to decline [1]. Agricultural Products - **Palm Oil**: The MPOB released a May report with expected production + 3%, export + 17%, and inventory + 9%. There may be a gap - opening market if there are unexpected data [1]. - **Soybean Oil**: A game between weak fundamentals and fluctuations of other oils, expected to oscillate [1]. - **Rapeseed Oil**: The expectation of China - Canada negotiations is blocked, and there is a lack of key negative driving factors, beware of a rebound in the market [1]. - **Cotton**: Affected by trade negotiations and weather premiums in the short term, with strong macro - uncertainty in the long term, expected to oscillate weakly [1]. - **Sugar**: Brazil's 2025/26 sugar production is expected to reach a record high. If crude oil is weak, it may affect the sugar - production ratio [1]. - **Wheat**: Supported by the purchase - support policy, with tightening supply and increasing demand, expected to oscillate strongly [1]. - **Soybeans**: The pressure of Brazilian soybean arrivals is mainly reflected in the basis and near - month contracts. The market lacks upward momentum, expected to oscillate [1]. - **Pulp**: Demand is light at present, but the downward space is limited, it is recommended to wait and see [1]. - **Logs**: Supply is abundant, demand is light, it is recommended to hold short positions or short after a rebound [1]. - **Hogs**: The futures price is at a discount to the spot price, and the futures price is expected to be stable [1]. Energy - Chemical Products - **Crude Oil**: Affected by Sino - US calls, geopolitical situation, and summer consumption peak [1]. - **Natural Rubber**: The futures - spot price difference has fully converged, raw material prices have fallen, and inventory has decreased significantly, expected to oscillate [1]. - **BR Rubber**: The short - term fundamentals are loose, expected to oscillate. Pay attention to the support of butadiene maintenance and demand improvement in the long term [1]. - **PTA**: The tight situation has been alleviated, and short - fiber costs are closely related. Some factories have planned maintenance [1]. - **Ethylene Glycol**: Coal - to - ethylene glycol profit expands, imports are blocked, and it continues to destock. It is expected to decline [1]. - **Short - fiber**: The short - term tight situation has been alleviated, and short - fiber factories have planned maintenance [1]. - **Styrene**: The speculative demand has weakened, the device load has increased, inventory has risen, and the basis has weakened, expected to oscillate [1]. - **Urea**: The daily production is still high, and the short - term export demand is expected to increase, and the market may rebound [1]. - **Methanol**: The domestic start - up rate remains high, inventory is increasing, and traditional downstream demand is weak, expected to oscillate weakly [1]. - **PP**: The support of maintenance is limited, orders are for rigid demand, and the price is expected to oscillate strongly [1]. - **PVC**: Maintenance is about to end, new devices are put into operation, and the off - peak season is coming, supply pressure increases, expected to oscillate weakly [1]. - **LPG**: The price is weak, in a narrow - range fluctuation, and is expected to oscillate weakly in the short term [1]. Others - **Three - cloud Line**: The market shows a strong expectation and weak reality. The peak - season contracts can be lightly long - tested, and attention can be paid to 6 - 8 reverse spreads and 8 - 10, 12 - 4 positive spreads [1].

Group 1: Report Information - Report issued by ITG Guomao Futures' Agricultural Products Research Center on June 10, 2025, with analyst Huang Xianglan [2][3] Group 2: Spot Basis Data - 43% soybean meal spot basis in Dalian was -39 on June 9, up 11; in Tianjin -79, up 11; in Rizhao -139, up 31; in Zhangjiagang -119, down 9; in Dongguan -159, up 31; in Zhanjiang -119, up 11; in Fangcheng -119, up 21 [4] - Rapeseed meal spot basis in Guangdong was -184 on June 9, down 6 [4] Group 3: Spread Data - M9 - 1 was -41; N9 - RM9 was -3; RM9 - 1 was 263; spot spread of soybean meal - rapeseed meal in Guangdong was 430, up 40; spot spread of soybean meal - rapeseed meal was 405, up 3 [4][5] Group 4: Supply Situation - Domestic arrivals of Brazilian soybeans in May, June, and July 2025 are expected to exceed 10 million tons each month. As of June 9, the ship - buying progress is 94.4% for June, 80.6% for July, and 33.8% for August. US soybean planting progress is fast, and the weather in the next two weeks is expected to be favorable for early growth [5] Group 5: Demand Situation - From the perspective of inventory, pig supply is expected to increase steadily before September; poultry inventory remains at a high level. The cost - effectiveness of soybean meal has significantly improved, leading to increased downstream transactions and better提货 [6] Group 6: Inventory Situation - As of last week, domestic soybean inventory continued to accumulate and is currently at a relatively high level in the same period. Soybean meal inventory also continued to accumulate but is still at a low level. With the significant recovery of开机 and pressing, soybean meal inventory is expected to accumulate at an accelerated pace in June [6] Group 7: Core View - The precipitation in Nebraska and surrounding areas in the US production area has been relatively low recently, but there is no high - temperature cooperation. Brazilian premium has slightly declined tonight. Domestic soybean and soybean meal continue to accumulate inventory, but the inventory accumulation speed of soybean meal is currently relatively slow. Domestic basis continues to decline. The pressure of Brazilian soybean arrivals is expected to continue to be reflected in the basis and near - month contracts. As domestic ship - buying progresses, the short - term upward space of M09 is expected to be relatively limited [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report presents the latest data on shipping derivatives, including freight rate indices, contract prices, positions, and month spreads. It also analyzes the impact of Sino - US trade relations on the shipping market and provides a trading strategy of holding the 12 - 4 calendar spread [2][5][8]. 3. Summary Based on Related Content Shipping Derivatives Data - **Freight Rate Indices**: The Shanghai Export Container Freight Index (SCFI) and China Export Container Freight Index (CCFI) both increased. The SCFI - US West had a significant increase of 27.19%, and the SCFIS - Northwest Europe soared by 29.62% [5]. - **Contract Prices**: All EC contracts (EC2506 - EC2604) showed positive growth, with the highest increase of 1.10% in EC2512 [5]. - **Positions**: Some contracts' positions decreased, such as EC2506 and EC2508, while others like EC2410 increased [5]. - **Month Spreads**: The 10 - 12 month spread decreased by 10.6, the 12 - 2 month spread decreased by 2.8, and the 12 - 4 month spread increased by 8.3 [5]. Trade - related News - **Tariff Adjustments**: China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will cut tariffs on Chinese goods from 145% to 30% for 190 days [5]. - **Trade Frictions**: There are signs of a resurgence in Sino - US trade frictions, with disputes over compliance with agreements and plans for US sanctions on Chinese technology [6]. - **Trade Negotiations**: The US negotiation team has internal differences, which complicate trade talks with China and Japan. A new round of Sino - US trade talks will be held in London on June 9 [7]. - **Chinese Official Visit**: Chinese Vice - Premier He Lifeng will visit the UK from June 8 - 13 and hold the first meeting of the Sino - US economic and trade consultation mechanism with the US [7]. Market Analysis - **Spot Market**: Shipping companies are eager to raise prices in late June. The market average transaction price in the first week of June was 23,500 $/FEU, and the high - end (75% percentile) was 27,000 $/FEU. Geopolitical uncertainties and potential capacity shortages can push up freight rates [8]. - **Futures Market**: The price increases in the spot market have stimulated the futures market to fluctuate upwards, especially for the near - month contracts of June and August [8]. Strategy - The report recommends holding the 12 - 4 calendar spread [9].

Group 1: Industry Investment Rating - N/A Group 2: Core Views - Polyester downstream load remains at 91.8% despite the expected cut - off, and recent promotions have helped with inventory reduction [2] - PTA will reduce inventory in the following time, and the price - basis increase sales actions of major factories have had a significant impact on the market, making PTA spot supplies tight [2] - The change in large PTA factories' sales strategies, especially the behavior of canceling warehouse receipts to sell spot, is effectively changing the market's view on PTA's forward - spread positions [2] - It's difficult for downstream reductions to form a unified force, and even though polyester has been promoting centralized production cuts, it's hard to have an effective impact on the market, and the downstream's resistance to the upstream seems weak [2] Group 3: Summary by Indicators Price Changes - PTA spot price dropped from 4895 to 4830, a decrease of 65 [2] - MEG inner - market price fell from 4408 to 4382, a decrease of 26 [2] - PTA closing price decreased from 4652 to 4602, a decrease of 50 [2] - MEG closing price dropped from 4261 to 4256, a decrease of 5 [2] - 1.4D direct - spinning polyester staple fiber price decreased from 6600 to 6575, a decrease of 25 [2] - Polyester staple fiber basis decreased from 103 to 94, a decrease of 9 [2] - 7 - 9 spread increased from 94 to 138, an increase of 44 [2] - Polyester staple fiber cash - flow increased from 240 to 246, an increase of 6 [2] - 1.4D imitation large - chemical fiber price increased from 5880 to 5881, an increase of 1 [2] - The price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased from 720 to 694, a decrease of 26 [2] - East China water - bottle chip price increased from 5918 to 5921, an increase of 3 [2] - Hot - filling polyester bottle chip price increased from 5918 to 5921, an increase of 3 [2] - Carbonated - grade polyester bottle chip price increased from 6018 to 6021, an increase of 3 [2] - Outer - market water - bottle chip price remained unchanged at 780 [2] - Bottle chip spot processing fee increased from 256 to 323, an increase of 67.29 [2] - T32S pure polyester yarn price remained unchanged at 10600 [2] - T32S pure polyester yarn processing fee increased from 4000 to 4025, an increase of 25 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price increased from 14460 to 14590, an increase of 130 [2] - Polyester - cotton yarn profit decreased from 1658 to 1626, a decrease of 32.57 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7130 [2] - Hollow staple fiber 6 - 15D cash - flow increased from 268 to 332, an increase of 64.29 [2] - Primary low - melting - point staple fiber price remained unchanged at 7250 [2] Market Conditions - In the spot market of polyester staple fiber, the prices of production enterprises are stable, traders' prices fluctuate within a range, downstream purchases as needed, and on - site transactions are limited [2] - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is between 5880 - 5990 yuan/ton, with the average price dropping by 15 yuan/ton compared to the previous working day. Polyester raw materials and bottle chip futures are weakly volatile, most supply - side quotes are stable, downstream demand is cautious, and market transactions are light [2] Load and Production and Sales - Direct - spinning staple fiber load (weekly) increased from 88.90% to 91.30%, an increase of 0.02 [3] - Polyester staple fiber production and sales rate decreased from 60.00% to 76.00%, a decrease of 16.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

国贸期货有限公司 成为一流的衍生品综合服务商 官 方 网 站 服 热线 客 400-8888-598 www.itf.com.cn 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/6/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX更金 | CONEX日银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/登司) | (美元/盗司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/6/9 | 3324. 93 | 36. 30 | 3345. 70 | 36. 51 | 774.72 | 8909.0 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据目报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/10 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/6 | 2025/6/9 | 变动值 | 行情综述 | | SC | INE原油(元/桶) PTA-SC(元/陣) | 466. 1 1264.8 | 474.3 1155. 2 | 8. 20 -109.59 | 成交情况: PTA:PTA行情下跌,PTA新产能顺利投产,下游聚酯工 厂再度释放减产言论,预估PTA去库存速度放缓,利空 | | | | | | | PTA行情。仓单数量上升且主力供应商排货偏慢,本周 | | | PTA/SC(比价) | 1. 3734 | 1. 3352 | -0. 0383 | PTA现货流动性偏少,支撑本周现货基差,但6月中下 旬货源基差相对偏低。 | | PX | CFR中国PX | 81 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - In the short term, methanol prices will fluctuate within a range. In the medium to long term, the methanol spot market may shift from a strong to a weakening oscillatory trend [1] Group 3: Summary by Relevant Catalogs Spot Price - On June 9, 2025, the prices of methanol in multiple regions increased slightly. The inventory of enterprises in the main production areas in the northwest was low, and the willingness of downstream and traders to replenish at low prices increased, leading to higher auction transaction prices. The positive sentiment in the futures market drove smooth new - order transactions in the afternoon, and some enterprises stopped selling to support prices, pushing up the spot prices. Downstream buyers were mainly on the sidelines, and procurement became more rational after the previous low - price replenishment [1] Supply - Domestic methanol production increased by 200 to 285,678, and the domestic operating rate rose by 0.06 to 88.74. The international operating rate remained unchanged at 68.73 [1] Inventory - Both enterprise and port inventories remained unchanged at 354,950 and 522,960 respectively [1] Demand - The number of pending orders remained unchanged at 249,892 [1] Operating Rates of Related Products - The operating rates of MTO, dimethyl ether, methyl chloride, MTBE, etc. remained unchanged. The operating rate of formaldehyde in Shandong decreased by 10 to 910 [1] Associated Product Prices - The prices of acetic acid and methane chloride decreased by 30 and 170 respectively, while the price of MTBE increased by 60 [1]

投资咨询业务资格:证监会许可【2012】31号 | - | | --- | | 糖 | | 1 国内 | | 小 库存 | 巴西糖配额外进口利润 --- 2019 -- 2020 ----- 2021 23/24 - 19/20 ------ 20/21 ------ 21/22 ------- 22/23 - 24/25 2400 800 2023 -- 2022 2024 1600 600 800 400 -800 200 -1600 -2400 0 12月 11月 5月 10月 1月 2月 3月 4月 6月 7月 8月 9月 郑糖9-1月差 柳州-09基差 - SR1909-SR2001 SR1809-SR1901 ---- SR2009-SR2101 -- SR1909 - SR1809 ------ SR2009 ==== SR2109 SR2109-SR2201 ---- SR2309-SR2401 -- SR2209-SR2301 600 1200 -- SR2309 SR2409 SR2509 SR2209 SR2409-SR2501 SR2509-SR2601 400 800 200 400 ...

Report Industry Investment Rating - Not provided Core Viewpoint - Boosted by sentiment and minor restocking by downstream industries, the price of lithium carbonate rebounded. However, the contradiction of continuous decline in ore prices remains unchanged. After the price rebound, the supply of lithium carbonate increased rapidly while demand leveled off. It is expected that the price of lithium carbonate will return to a weaker trend following the downstream restocking rhythm [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 60,250 yuan, up 50 yuan; the average price of SMM industrial - grade lithium carbonate is 58,650 yuan, up 50 yuan [1] Futures Contract Prices - The closing price of lithium carbonate 2506 is 60,540 yuan, with a 0.2% increase; lithium carbonate 2507 is 60,700 yuan, with a - 0.16% decrease; lithium carbonate 2508 is 60,980 yuan, with a - 0.2% decrease; lithium carbonate 2509 is 60,960 yuan, with a - 0.33% decrease; lithium carbonate 2510 is 61,140 yuan, with a - 0.23% decrease [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 628 yuan, up 2 yuan; lithium mica (Li20: 1.5% - 2.0%) is 675 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1185 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 5620 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 6540 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,385 yuan, up 80 yuan; ternary material 811 (polycrystalline/power type) is 144,280 yuan, down 170 yuan; ternary material 523 (single - crystal/power type) is 114,705 yuan, down 50 yuan; ternary material 613 (single - crystal/power type) is 121,705 yuan, down 150 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the difference between battery - grade lithium carbonate and the main contract product is - 450 yuan, down 210 yuan; the difference between the near - month and the next - month contract is - 280 yuan, up 140 yuan; the difference between the near - month and the second - next - month contract is - 260 yuan, up 220 yuan [2] Inventory - The total inventory (weekly, tons) is 132,432 tons, up 861 tons; the inventory of smelters (weekly, tons) is 57,116 tons, up 881 tons; the inventory of downstream industries (weekly, tons) is 41,076 tons, down 540 tons; other inventory (weekly, tons) is 34,240 tons, up 520 tons; the registered warehouse receipts (daily, tons) is 33,119 tons, down 190 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,831 yuan, and the profit is - 1421 yuan; the cash cost of purchasing lithium mica concentrate externally is 64,355 yuan, and the profit is - 6439 yuan [3] Industry News - Tibet Mining cut the price by 75% and continued to sell its lithium assets. On June 2nd, it adjusted the listing price of 100% equity of Ziyin Zhabuye Lithium Industry Co., Ltd. to 176.9213 million yuan. Since September 2022, it has tried to sell this subsidiary multiple times. The initial listing price of 684 million yuan received no bids, and now the price has dropped by 75% compared to the first listing price but still has no takers [3]

Report Summary 1. Market Investment Rating - No investment rating information is provided in the report. 2. Core View - Domestic factors have a weak driving force on the stock index, with a weak fundamental performance and a relatively policy - vacuum situation. Overseas variables dominate the short - term fluctuations of the stock index. Short - term positive signals in Sino - US economic and trade relations are expected to boost the equity market, and the stock index is expected to run strongly in the short term. However, be vigilant about the repeated signals of Sino - US tariffs and be cautious about chasing up [7]. 3. Summary by Content Money Market - DRO01 closed at 1.38, down 3.50bp; DR007 closed at 1.51, down 1.97bp; GC001 closed at 1.43, down 2.00bp; GC007 closed at 1.55, down 1.00bp; SHBOR 3M closed at 1.65, down 0.20bp; LPR 5 - year closed at 3.50, down 10.00bp; 1 - year treasury bond closed at 1.41, unchanged; 5 - year treasury bond closed at 1.50, up 0.45bp; 10 - year treasury bond closed at 1.66, up 0.25bp; 10 - year US treasury bond closed at 4.51, up 11.00bp [4]. - The central bank conducted 173.8 billion yuan of 7 - day reverse repurchase operations yesterday, with an operating rate of 1.40%. There were no reverse repurchase maturities on the same day, resulting in a net investment of 173.8 billion yuan [4]. - This week, 930.9 billion yuan of reverse repurchases in the central bank's open market will mature. After the bank assessment at the beginning of the month, the money market has become looser. The central bank uses medium - and short - term liquidity management tools to maintain a reasonable and sufficient liquidity at the end of the year [5]. Stock Index Market - The CSI 300 rose 0.29% to 3885.2; the SSE 50 fell 0.08% to 2686.8; the CSI 500 rose 0.76% to 5805.7; the CSI 1000 rose 1.07% to 6219. The trading volume of the two markets in Shanghai and Shenzhen was 1.2864 trillion yuan, an increase of 134.4 billion yuan from the previous trading day. Most industry sectors rose, with chemical pharmaceuticals, biological products, medical services, household light industry, small metals, batteries, and diversified finance leading the gains, while only railway and highway, and precious metals sectors fell [6]. - The trading volume and open interest of stock index futures increased. IF trading volume was 88,193, up 37.8; IF open interest was 242,722, up 6.7; IH trading volume was 44,361, up 27.2; IH open interest was 84,420, up 7.6; IC trading volume was 76,382, up 42.4; IC open interest was 220,628, up 6.1; IM trading volume was 172,233, up 27.4; IM open interest was 324,544, up 3.2 [6]. Inflation and Foreign Trade Data - 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, with the same decline as last month, and decreased by 3.3% year - on - year, with the decline expanding by 0.6 percentage points compared to last month [7]. - In May, China's exports (in US dollars) increased by 4.8% year - on - year (the previous value was 8.1%); imports decreased by 3.4% (the previous value was a 0.2% decrease); the trade surplus was 103.22 billion US dollars, compared with a previous trade surplus of 96.18 billion US dollars. Tariff policies continue to have a structural impact on exports, with direct exports to the US continuing to decline, while exports to non - US countries show a significant year - on - year increase due to "re - export trade", offsetting some of the impact of direct trade with the US [7]. Stock Index Futures Premium and Discount Situation - The premium and discount rates of IF, IH, IC, and IM contracts in different periods are provided, including the current month, next month, current quarter, and next quarter contracts [8].