Report Industry Investment Ratings - Crude Oil: ★☆★, indicating a relatively balanced short - term trend with some upward drivers but limited operability on the trading floor [1] - Fuel Oil: ★★★, representing a clear upward trend and a relatively appropriate investment opportunity [1] - Low - Sulfur Fuel Oil: ★☆☆, suggesting a bullish bias but limited operability on the trading floor [1] - Asphalt: ★★★, showing a clear upward trend and a relatively appropriate investment opportunity [1] - Liquefied Petroleum Gas: ★☆☆, indicating a bearish bias but limited operability on the trading floor [1] Core Viewpoints - The impact of OPEC+'s rapid production increase policy on oil prices in Q3 is temporarily limited, but after the peak season, if the US tariff policy continues, oil prices may face downward pressure. Crude oil is expected to have a higher bottom and be volatile and bullish in Q3 [1] - For fuel oil, high - sulfur fuel oil is weak due to low demand and eased supply risks, while low - sulfur fuel oil follows crude oil with a short - term bullish crack spread [2] - The actual asphalt production in June exceeded the plan, inventory started to accumulate, demand recovery is delayed, and the fundamental weakness restricts the upward space of asphalt prices [2] - The international LPG market has a loose supply, overseas prices may be under pressure, and the LPG futures market is expected to be volatile and bearish [3] Summary by Commodity Crude Oil - Yesterday, international oil prices opened low and closed high, with the SC08 contract rising 1.88% during the trading day [1] - OPEC+'s actual monthly production increase is less than the target increase, and Q3 is a seasonal peak for gasoline and jet fuel demand, so the production increase can be well absorbed. After Q3, if the US tariff policy continues, oil prices may decline [1] - The final result of the US tariff game may not be higher than the level in early April, and crude oil is expected to have a higher bottom and be volatile and bullish in Q3 [1] Fuel Oil & Low - Sulfur Fuel Oil - Crude oil led the rise in oil product futures, followed by low - sulfur fuel oil (LU), while high - sulfur fuel oil (FU) was relatively weak [2] - High - sulfur fuel oil demand is low, and supply risks are eased, leading to a continuous weakening of FU's single - side price and crack spread [2] - Low - sulfur fuel oil supply pressure was limited due to the coking profit and diesel crack spread, but demand lacks a clear driver, and LU follows crude oil with a short - term bullish crack spread [2] Asphalt - In June, the actual refinery production exceeded the plan by 10000 tons (+4.3%), and inventory started to accumulate by 24000 tons in late June [2] - In July, the shipment volume of 54 sample refineries decreased slightly, and the cumulative shipment volume since the beginning of the year decreased from an 8% year - on - year increase to 7% [2] - High temperature and rainfall may delay demand recovery, and Q3 is a key window for demand observation. The asphalt price follows crude oil, but the weakening fundamentals limit the upward space [2] Liquefied Petroleum Gas - The international LPG market supply is generally loose, and overseas prices may be under pressure due to OPEC's expected production increase in August [3] - Last week, new maintenance led to a decline in chemical demand, but the decline in import costs promoted the repair of PDH margins. Attention should be paid to the rebound rhythm of PDH operating rates [3] - In summer, the supply pressure increases, overseas prices are under pressure, and the futures market is volatile and bearish [3]

Report Industry Investment Ratings - The investment ratings for different agricultural products are as follows: Pig and egg are rated ★☆☆, indicating a slightly bearish or bullish trend with limited operability on the trading floor [1]. Core Viewpoints - The report provides a comprehensive analysis of various agricultural products including soybeans, soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, pigs, and eggs, considering factors such as weather, policy, supply - demand, and market sentiment to evaluate their market trends [2][3][4]. Summary by Product Soybeans - In the Northeast region, the temperature is high and precipitation is abundant this week, and the soil moisture is suitable. Future rainfall in North China, Northeast China, and the eastern part of Northwest China will be 30% - 60% more than usual, which is beneficial for crop growth. All 16,272 tons of domestic soybeans in the planned rotation sales were sold at an average price of 4,277 yuan/ton. The weather in US soybean - producing areas is conducive to crop growth in the coming week. Short - term focus should be on weather and policy guidance [2]. Soybeans and Soybean Meal - As of the week ending July 6, the US soybean good - to - excellent rate was 66%, the same as the previous week and market expectations, but lower than 68% last year. The emergence rate was 96% and the flowering rate was 32%. Future rainfall in most US soybean - producing areas will fluctuate slightly around the normal level, and the temperature will be slightly lower than normal. The Trump administration has threatened to impose tariffs ranging from 25% to 40% on multiple countries, with the implementation postponed to August 1. The Dalian soybean meal market is expected to fluctuate [3]. Soybean Oil and Palm Oil - Palm oil is strong and soybean oil follows. In June, Malaysia's palm oil production decreased, demand increased, and inventory decreased. The market's expectation for its supply - demand has improved. Attention should be paid to the MPOB report. High - temperature risks in Ukraine and the EU for sunflower seeds may boost palm oil prices. In the third quarter, overseas palm oil is in a seasonal production - increasing cycle. In the long - term, biodiesel development can support vegetable oil prices, so a long - term strategy of buying on dips is recommended. Short - term focus should be on policy and weather [4]. Rapeseed Meal and Rapeseed Oil - The rapeseed market shows a pattern of strong oil and weak meal, related to the decline of Canadian rapeseed powder and the rise of vegetable oil. Due to rainfall in Canada, the rapeseed price dropped by 3%, and rapeseed meal is expected to remain weak. Rapeseed oil follows the rise of palm oil. The long - term supply of domestic rapeseed products is more uncertain, and the far - month oil - to - meal ratio may increase. Rapeseed meal is expected to remain weak in the short - term, and rapeseed oil will mainly follow the vegetable oil sector [6]. Corn - Since July, Dalian corn has been falling due to CGSG auctions. Last week's high auction success rate and premium affected market expectations, and the supply from some grass - roots traders increased. The auction results have declined slightly in the past two days. Shandong's spot supply has increased, and the north - south port inventories have risen slightly with weak demand. The corn market has few contradictions, and the futures may continue to fluctuate [7]. Pigs - The pig futures fluctuate narrowly, and the spot price is stable. After the recent rise in the futures and fall in the spot, the basis has narrowed significantly. The inventory of breeding sows increased in June, and there is long - term production capacity pressure, so the upward space of the futures is limited, and the pig price may decline in the medium - to - long - term [8]. Eggs - The egg spot price continues to fall, and the futures contracts of August, September, December, and later hit new lows. The 18 - contract still has a premium of over 1,000 yuan to the spot. The weekly old - hen culling has slowed down. The long - term egg price cycle has not bottomed out, and a short - selling strategy on the futures is recommended [9].

| | | | Millio | 国投期货 | 软商品日报 | | --- | --- | --- | | | 操作评级 | 2025年07月08日 | | 棉花, | ☆☆☆ | 曹凯 首席分析师 | | 纸浆 | ☆☆☆ | F03095462 Z0017365 | | 白糖 | な女女 | 胡华轩 高级分析师 | | 苹果 | ★☆☆ | F0285606 Z0003096 | | 木材 | 女女女 | | | 20号胶 | ☆☆☆ | 黄维 高级分析师 | | 天然橡胶 | ななな | F03096483 Z0017474 | | 丁二烯橡胶 ☆☆☆ | | | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | (棉花&棉纱) (白糖) 今天郑棉小幅上涨，棉花现货交投大多冷清：基差总体持稳，纯棉纱成交依旧偏清淡，下游需求仍旧不足，纺企开机继续下 行，纺企成品库存继续上升，库存压力有所显现。截至6月15号。棉花商业库存为312.69万吨，较5月底减少33.18万吨，消化仍 然良好，棉花库存仍存偏紧预期。宏观上，美国和越南达成贸易协议，美国 ...

Report Industry Investment Rating - Gold: ★☆☆, indicating a bullish bias but limited operability in the market [1] - Silver: ★★★, suggesting a clearer bullish trend and relatively appropriate investment opportunities currently [1] Core View of the Report - Overnight, precious metals fluctuated significantly, first declining and then rising. Last week's better - than - expected US non - farm payroll data supported the Fed to remain on hold, and the market abandoned bets on a rate cut in July. The market focus shifted to the upcoming changes in US tariff policies. Precious metals continued to oscillate, waiting for the outcome of tariff negotiations, and may fluctuate until the deadline [1] Summarized According to Related Content Tariff Policy Changes - Trump sent tariff letters to 14 countries, imposing a 25% tariff on imported goods from Japan and South Korea starting from August 1st, and 25% - 40% tariffs on Malaysia, South Africa, Indonesia, Myanmar, Thailand, etc. An additional 10% tariff will be imposed on any country aligning with the anti - US policies of BRICS countries. The deadline for reciprocal tariff suspension was extended to August 1st. White House officials stated that specific country tariffs and industry tariffs will not be superimposed [1] - The EU claimed that trade negotiations with the US have made good progress. The Portuguese Finance Minister believed that the US and the EU are likely to reach a very low - tariff agreement, possibly below 10%. A source said that the EU is seeking an agreement with the US to offset the trade deficit in the automotive sector and may obtain basic tariff exemptions on aircraft and spirits [2] Fed - related Statements - Kevin Warsh, a top candidate for Fed chair, called for a rate cut to a lower level. White House trade advisor Peter Navarro also urged the Fed's board of governors to intervene in Powell's stance [2]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Report's Core View The report analyzes the market conditions of various non - ferrous metals and related products, provides short - and medium - term trend judgments and investment strategies based on factors such as supply, demand, inventory, and macro - environment. It recommends short - selling strategies for some metals like tin and aluminum, and suggests different trading directions according to the specific situation of each variety [1]. 3. Summary by Variety Copper - **Market sentiment and macro - factors**: After the "Big Beautiful" bill was signed, market attention shifted to tariffs. The probability of the Fed cutting interest rates in late July is considered low, and the US dollar index rebounded. The US labor market is generally stable [1]. - **Domestic supply and demand**: It is in the consumption off - season. SMM social inventory increased by 11,000 tons to 142,900 tons, and the copper product start - up rates declined. Except for stable power grid demand, the demand for home appliances and motors decreased significantly. The processing fee has bottomed out but improved little. The copper output in June decreased slightly, and the refined copper output is expected to increase in July [1]. - **Overseas news**: Chile's copper output in May reached the highest this year, with a year - on - year increase of 9.4%. The Cobre Panama mine has shipped over 33,000 tons of copper concentrate after easing relations with the government [1]. - **Trend**: The Shanghai copper price was blocked at 81,000 yuan. In the medium - and long - term, it is recommended to focus on short - selling at high levels. In the short - term, the Shanghai copper main contract will first fill the gap at 78,900 yuan [1]. Aluminum and Alumina - **Alumina situation**: The transaction of Guinea bauxite is deadlocked, and the price is stable at $75 per ton. The operating capacity of alumina increased by 400,000 tons to 9.355 million tons, and the total industry inventory increased slightly. The futures - spot price of alumina increased, and the futures month - spread widened [1]. - **Supply**: The domestic electrolytic aluminum operating capacity is stable at 4.39 - 4.4 million tons, with no expected capacity changes in the short term [1]. - **Demand**: The start - up rate of the aluminum processing industry decreased by 0.1% to 58.7%. Different sectors such as aluminum plate and strip, aluminum cable, aluminum profile, and aluminum foil all face challenges in demand [1]. - **Inventory and spot**: Aluminum ingot and aluminum rod social inventories increased. The spot price in some regions decreased, and the aluminum rod processing fee in South China remained at a very low level [1]. - **Trend**: There is inventory accumulation, weak downstream start - up, and the spot price turned to a discount. The high position of the Shanghai aluminum index indicates large market differences. Attention should be paid to whether long - positions will reduce their positions [1]. Zinc - **Market trend**: The zinc price rebounded but did not break through the previous high, showing a weak trend. The import window remained closed [1]. - **Supply**: LME inventory continued to decline, mainly due to imports to China. The TC continued to rise, and new smelting capacities contributed to the increase. Some smelters increased or resumed production, while others reduced or suspended production. The social inventory increased, indicating a possible inventory inflection point [1]. - **Consumption**: It is in the off - season. The "Big and Beautiful" bill and US economic data affected the market's expectation of the Fed's interest rate cut. Both domestic and foreign demand are under pressure, and the consumption negative feedback dragged down the zinc price [1]. - **Trend**: With increasing supply and weak demand, the strategy of short - selling on rebounds remains unchanged [1]. Lead - **Market situation**: The London lead price was driven up by external funds, which also pulled up the Shanghai lead price. The Shanghai lead price stabilized above 17,000 yuan [1]. - **Spot and supply**: The supply of lead concentrates remains tight. The TC of domestic and imported ores decreased. The production of primary lead increased overall, and some refineries actively shipped. The refined - scrap lead price difference remained low. The total supply of lead ingots increased year - on - year, and the proportion of primary lead production increased [1]. - **Consumption**: LME lead inventory decreased, and overseas consumption was weak. The domestic consumption is in the transition period between off - season and peak season. The start - up rate of lead - acid battery enterprises increased, but the downstream was afraid of high prices, and the social inventory increased [1]. - **Trend**: Consumption is advanced, and the marginal increase in demand is affected by US tariffs. The difference between peak and off - seasons is gradually blurred. Long - positions can be held with 17,000 yuan as the support, and attention should be paid to the pressure level of 17,800 yuan [1]. Nickel and Stainless Steel - **Futures market**: The Shanghai nickel price rebounded, and the market was active. The Shanghai stainless steel performance was slightly weaker [1]. - **Macro and demand**: The "anti - involution" theme has fermented, but the downstream is in the off - season, and the procurement intention is low [1]. - **Spot and supply**: The premium of different nickel products varies. The change in the Indonesian nickel ore quota period affected the market sentiment. The upstream price support weakened. The nickel iron inventory increased, the pure nickel inventory decreased, and the stainless steel inventory decreased slightly but remained at a high level [1]. - **Trend**: The Shanghai nickel is still in a short - selling trend, and short - positions should be held [1]. Tin - **Market trend**: The domestic and overseas tin prices were blocked at 270,000 yuan and $34,000 respectively, and the trading volume and open interest decreased. The previous rise of the tin price was mainly driven by funds [1]. - **Supply**: The geopolitical risk between the DRC and Rwanda decreased. The domestic concentrate processing fee remained low, and the resumption of supply from mines is expected to be delayed until August. The output in July may increase slightly or remain flat. The Malaysian smelter resumed production, and the LME inventory remained unchanged [1]. - **Consumption**: After entering the delivery month, the domestic spot price increase was limited. The social inventory increased. The market is concerned about the impact of photovoltaic policies and UK tariffs on tin demand [1]. - **Trend**: The short - selling strategy remains unchanged. Hold the short - positions at the previous high of 268,000 - 272,000 yuan, and the tin price may fall back to 262,000 yuan [1]. Lithium Carbonate - **Futures market**: The lithium carbonate price fluctuated at a low level, trying to break through upwards, and the market divergence decreased [1]. - **Spot market**: The Shanghai electrolytic carbon spot price stabilized and increased by 2%. The price increase was supported by the expected improvement in demand in July and some rigid procurement orders. The market is in a tug - of - war between upstream and downstream [1]. - **Macro and demand**: There is an expected increase in production in July, but the actual recovery needs to be observed. The market demand is divided, with a slight decline in power battery orders and good performance in energy storage demand [1]. - **Supply**: The total market inventory continued to rise. The smelter inventory decreased slightly, the downstream inventory decreased slightly, and the trader inventory increased. The price of Australian ore rebounded, and the mid - stream production decreased slightly [1]. - **Trend**: The lithium carbonate futures price rebounded. With high inventory and rising ore prices, there is still room for rebound under the influence of the "anti - involution" theme [1]. Industrial Silicon - **Price**: The futures price fluctuated between 7,700 - 8,200 yuan per ton, and the spot price increased by 450 yuan per ton [1]. - **Supply**: The start - up in Xinjiang decreased significantly, while some enterprises in Yunnan resumed production in the wet season, but the electricity price is higher than that in Sichuan [1]. - **Inventory**: The de - stocking rhythm did not continue, and the social inventory increased by 10,000 tons [1]. - **Demand**: The "anti - involution" of polysilicon boosted the market, and the demand from the organic silicon industry provided support [1]. - **Trend**: The silicon price is expected to continue to fluctuate within a range due to the marginal improvement in demand and the unresolved supply pressure [1]. Polysilicon - **Price**: The price center of polysilicon moved up significantly, mainly due to the emphasis on "anti - involution" in the photovoltaic industry [1]. - **Supply**: With the arrival of the wet season in the southwest, leading enterprises may increase production, and the total output is expected to exceed 100,000 tons [1]. - **Inventory**: The inventory increased by 2,000 tons to 272,000 tons, and the number of warehouse receipts increased slightly [1]. - **Demand**: The silicon wafer price continued to decline, the battery sector relied on export orders, the component new orders were insufficient, and the terminal procurement decreased due to policy transition [1]. - **Trend**: The "anti - involution" expectation has not been fully digested, and the theme still has room for development [1]. Recommended Strategies - Short - sell Shanghai tin above 270,000 yuan. In the long - term, the fundamental trend will suppress the high tin price [1]. - Short - sell Shanghai aluminum on rallies. The high open interest may lead to a market reversal, and short - selling can be considered due to weak downstream demand [1].

| | 操作评级 | 2025年07月08日 | | --- | --- | --- | | 铜 | | 肖静 首席分析师 | | | な女女 | F3047773 Z0014087 | | 铝 | ★☆☆ | | | | | 刘冬博 高级分析师 | | 氧化铝 | な☆☆ | F3062795 Z0015311 | | 铸造铝合金 文文文 | | | | 锌 | ★☆☆ | 吴江 高级分析师 | | | | F3085524 Z0016394 | | 铝 | ★☆☆ | 张秀睿 中级分析师 | | 镇及不锈钢 立☆☆ | | | | | | F03099436 Z0021022 | | 锡 | ★☆☆ | | | 碳酸锂 | ななな | 孙芳芳 中级分析师 | | | | F03111330 Z0018905 | | 工业硅 | ななな | | | 多晶硅 | な女女 | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【铜】 周二沪铜震荡收阳，2507合约加速减仓。今日现铜79795元，上海铜升水缩至85元，广东贴水扩至50元。晚间继 续关注特朗普关 ...

昨日国际油价低开高走，布伦特09合约涨1.59%。我们认为0PEC+的快速增产政策对三季度的油价 冲击暂时有限，一方面考虑到部分产油国的实际产量已远高于目标产量且同步存在减产补偿计划的 约束，OPEC+实际月度增产量均小于产量目标的上调幅度；另一方面，三季度为汽油、航煤需求的 季节性旺季，本轮增产在夏季尚可得到需求端较好的承接。而度过三季度旺季之后，若美国的对等 关税政策依然延续，OPEC+产量的回归将对基本面产生更直接的利空压力，在中东地缘局势保持可 控的情景下油价重心面临进一步下移。豁免期延续至8月1日的美国对等关税最终博弈结果或不高于4 月初水平，原油短期仍持三季度底部抬升、震荡偏强的判断。 【责金属】 隔夜贵金属偏弱震荡。上周美国非农数据超预期支持美联储继续保持观望，市场放弃对7月降息押 注。市场焦点转向即将到期的美国关税政策变动,特朗普威胁对部分国家加征关税。贵金属延续震 荡等待政策落地对市场情绪的影响。 (铜) 隔夜铜价走低，美盘铜日内跌幅大，特朗普向日韩及东盟国家放出一系列对等关税消息，并威胁金 砖国家关税税率。周内继续关注2507合约减仓速度，国内消费谈季明显，SMM社库增加1.1万吨至 14 ...

6月俄罗斯发运量796.95万桶，环比减少22.43%；中东地区发运量4002.37万桶，环比下降16.4%；美国装船量 597.98万桶，环比减少5.14%；发运总量较上月减少1047.98万桶。各大区中总到港量最高的地区为东北亚，到 港量为3107.57万桶，环比小幅增加。上月中国石脑油到港量为879.9万桶，环比减少231.95万桶，其中来自中东 市场概览 地区的进口占比最高，为53.72%，其次为南亚和东北亚，其中来自南亚的货源进口占比环比有所提升，其他地 区进口量均有所减少。 | | 俄罗斯发运 | 中东发运 | 美国发运 | 东北亚-中国 | 中东-中国 | 俄罗斯-中国 | 南亚-中国 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年5月 | 1027.39 | 4787.51 | 630.38 | 135.74 | 541.98 | 134.92 | 120.3 | | 2025年6月 | 796.95 | 4002.37 | 597.98 | 133.09 | 472.69 | 34.42 | 171.64 | | 1-6 ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - From June 30 to July 4, 2025, both global and domestic major asset classes including stocks, bonds, and commodities closed higher. Globally, stocks outperformed commodities, which in turn outperformed bonds when measured in US dollars. Domestically, the same pattern of stocks > commodities > bonds was observed. Attention should be paid to whether the US tariff policy will be upgraded as President Trump's latest remarks on tariffs may impact major asset prices [3]. 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stocks, Bonds, and Commodities Closed Higher Weekly - The number of new non - farm jobs added in the US in June was higher than expected. On July 4, local time, Trump signed the "big and beautiful" tax and spending bill. The US dollar index continued to decline weekly, while stocks, bonds, and commodities closed higher. Overall, in US dollar terms, stocks > commodities > bonds [3][6]. 3.2 Global Stock Market Overview: US Stocks Led the Gains - From June 30 to July 4, market sentiment was relatively positive, but the performance of global major stock markets was divergent. Geographically, US stocks led the gains, while the Asia - Pacific region underperformed. Emerging markets performed worse than developed markets. The VIX index fluctuated at a low level weekly [8]. 3.3 Global Bond Market Overview: The Yield of 10 - Year US Treasury Bonds Rose Weekly - Better - than - expected non - farm data cooled the market's expectation of a US dollar interest rate cut. The yields of medium - and long - term US Treasury bonds increased. The yield of 10 - year US Treasury bonds rose 6BP to 4.35% weekly. The bond market rose weekly. Globally, high - yield bonds > credit bonds > government bonds [15]. 3.4 Global Foreign Exchange Market Overview: The US Dollar Index Declined Weekly - From June 30 to July 4, although recent US economic and employment data remained resilient, the US dollar index still declined slightly weekly. Most major non - US currencies appreciated against the US dollar, and the RMB exchange rate closed slightly higher. The US dollar index fell 0.28% weekly [16]. 3.5 Global Commodity Market Overview: International Oil and Gold Prices Closed Higher Weekly - The expectation of traditional peak - season consumption supported the rebound of international oil prices. Due to the high uncertainty in the global economic operation, international gold prices also rebounded. Most major agricultural products rose, while non - ferrous metal prices showed mixed performance [18]. 3.6 Domestic Major Asset Performance: Stocks, Bonds, and Commodities All Closed Higher - From June 30 to July 4, the China Manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month. The China Non - Manufacturing Business Activity Index in June was 50.5%, up 0.2 percentage points from the previous month. The Caixin China Manufacturing PMI in June was 50.4%, consistent with the trend of the official manufacturing PMI. The Caixin China Services PMI in June was 50.6%. Stocks, bonds, and commodities closed higher weekly. Overall, stocks > commodities > bonds [19]. 3.7 Domestic Stock Market Overview: Most Major Broad - Based A - Share Indexes Rose - The expectation of "anti - involution" in industries increased. Most major broad - based A - share indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, large - cap blue - chips performed prominently. In terms of sectors, steel and banks led the gains, while the comprehensive finance sector underperformed. The Shanghai Composite Index rose 1.40% weekly [20]. 3.8 Domestic Bond Market Overview: The Bond Market Ran Strongly - From June 30 to July 4, the central bank's open - market operations resulted in a net withdrawal of 137.53 billion yuan. The overall liquidity remained stable. The bond market fluctuated strongly weekly. Overall, government bonds > credit bonds > corporate bonds [22]. 3.9 Domestic Commodity Market Overview: The Commodity Market Rebounded - The domestic commodity market closed higher weekly. Among major commodity sectors, the black sector led the gains [23]. 3.10 Major Asset Price Outlook: Pay Attention to Whether the US Tariff Policy Will Be Upgraded - Overall, President Trump's latest remarks on tariffs may have an impact on major asset prices. Attention should be paid to the outcome of the US tariff negotiations [27].

| | | | VY V SDIC FUIL FUIURES | | 2025年07月07日 | | --- | --- | --- | | | 操作评级 | | | | | 杨蕊霞 农产品组长 | | 豆一 | な☆☆ | F0285733 Z0011333 | | 豆油 | ななな | 吴小明 首席分析师 | | 棕榈油 | ななな | | | 豆粕 | ななな | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 菜油 | ななな | F0302203 Z0012037 | | 菜粕 | ななな | | | 玉米 | ななな | 宋腾 高级分析师 | | | | F03135787 Z0021166 | | 生猪 | ★☆☆ | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 本周东北地区大部气温偏高，降水偏多，土壤铺情适宜。预计未来10天，华北、东北地区及西北地区东部多阵雨或雷阵雨天 气，较常年同期偏多3～6成、降雨利于补充土壤水分，对作物生长有利。政策方面短期国产大豆举行购销 ...