Group 1: Overall Market Conditions - The proportion of long positions in commodities has rebounded, with the precious metals and energy sectors rising, and the non - ferrous sector slightly falling. Currently, the relatively strong sectors are agriculture and energy, while the non - ferrous sector is relatively weak [2] Group 2: Sector - Specific Analysis Precious Metals - The time - series momentum of gold has significantly rebounded, and the trading volume of Shanghai silver has slightly increased, with a significant repair of short - cycle momentum [2] Non - Ferrous Metals - The overall trading volume in the non - ferrous sector has decreased, and the cross - sectional divergence has narrowed. Except for copper, varieties such as zinc and nickel have declined [2] Black Metals - The divergence in the term structure of the black sector has narrowed. The position factors of iron ore and rebar have weakened marginally, and volatility has decreased [2] Energy and Chemicals - The short - cycle momentum of the energy and chemical sector has rebounded as a whole, but the trading volume has not increased significantly [2] Agricultural Products - The trading volume of oils has slightly rebounded. Palm oil remains relatively strong in the cross - section of the term structure, with a signal to go long on the oil - meal ratio [2] Group 3: Factor Analysis Factor Returns - Last week, the supply factor increased by 0.04%, the demand factor decreased by 0.45%, the inventory factor decreased by 0.44%, the spread factor increased by 0.04%, and the synthetic factor decreased by 0.55%. This week, the comprehensive signal is long [2] Fundamental Factors - For methanol, the import volume has slightly decreased, the domestic plant operating rate has slightly increased, and the supply side remains neutral; the device loads of methanol - to - olefins and acetic acid have increased, and the demand side has turned long; the inventory in inland areas and ports has continued to increase, and the inventory side is slightly bearish; the futures and spot prices of methanol have risen significantly, and the spread side is long [2] Group 4: Commodity - Specific Analysis Glass - Last week, the inventory factor weakened by 0.42%, and the synthetic factor decreased by 0.32%. This week, the comprehensive signal is long. The supply side is long, the demand side is slightly bearish, the inventory side has weakened to neutral, and the spread side is slightly long [3] Iron Ore - Last week, the supply factor remained unchanged, the inventory factor weakened by 0.02%, the spread factor strengthened by 0.01%, and the synthetic factor weakened by 0.01%. This week, the comprehensive signal has turned bearish. The supply side has turned bearish, the demand side remains neutral, the inventory side has turned bearish, and the spread side remains neutral [3] Shanghai Lead - Last week, the supply factor weakened by 0.39%, the demand factor remained unchanged, the inventory factor weakened by 0.19%, the spread factor weakened by 0.28%, and the synthetic factor weakened by 0.22%. This week, the comprehensive signal remains bearish. The supply side remains bearish, the demand side remains neutral, the inventory side has turned bearish, and the spread side remains bearish [3]

| 《八》国投期货 | | 软商品日报 | | --- | --- | --- | | | 操作评级 | 2025年06月17日 | | 棉花 | な女女 | 曹凯 首席分析师 | | 纸浆 | ななな | F03095462 Z0017365 | | 白糖 | ななな | 黄维 高级分析师 | | 苹果 | ★☆☆ | F03096483 Z0017474 | | 木材 | ☆☆☆ | | | 天然橡胶 | ★☆☆ | 胡华轩 高级分析师 | | 20号胶 | ★☆☆ | F0285606 Z0003096 | | 丁二烯橡胶 ★☆☆ | | | | | | 010-58747784 gtaxinstitute@essence.com.cn | (棉花&棉纱) 今天郑棉小幅上涨，国内棉花成交一般,基差稳中偏强,中美谈判别好对于价格有所提振，但具体细节仍有待观察。纯棉纱成 交依旧偏清淡，主要淡季行情下下游需求仍旧不足，市场信心弱，看涨情绪不高。从目前中美谈判情况来看，虽然表态比较积 极，但落实到具体措施仍有较多不确定性。市场对于后期库存有偏紧的预期，截至5月底棉花商业库存为345.87万吨，环比减少 69.3 ...

Report Industry Investment Ratings - **Douyi**: ★☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - **Doupo**: ★★★ (Three stars, representing a clearer bullish trend and relatively appropriate investment opportunities) [1] - **Douyou & Palm Oil**: ★★★ (Three stars for bullish trend) and ★★★ (Three stars for bullish trend) [1] - **Caipo**: ★☆☆ (One star, bullish bias) [1] - **Caiyou**: ★★★ (Three stars, bullish trend) [1] - **Corn**: ★★★ (Three stars, bullish trend) [1] - **Pigs**: ★★★ (Three stars, bullish trend) [1] - **Eggs**: ★★★ (Three stars, bullish trend) [1] Core Views - The prices of agricultural products are affected by multiple factors including international policies, geopolitical situations, and weather conditions. The US EPA biodiesel policy is generally bullish for the agricultural product market, especially for soybeans and related products [2][3][4]. - Different agricultural products have different trends and investment strategies. For example, long - term investment in vegetable oils should be considered on dips, while the strategy for Caiyou may need short - term adjustment to a wait - and - see approach [4][6]. Summary by Related Catalogs Soybeans - **Douyi**: The domestic soybean market is oscillating strongly. The recent auction purchase session failed, and attention should be paid to the actual transaction of reserve soybeans in Heilongjiang. Short - term weather in the Northeast is favorable for crops. The US EPA biodiesel policy is bullish, and in the medium term, weather will be the main factor affecting prices [2]. - **Soybeans & Doupo**: Affected by the Israel - Iran war, crude oil, and the US biodiesel policy, US soybeans and Dalian Doupo are rising. The US soybean's good - to - excellent rate is slightly lower than expected. Future US weather is favorable for soybean growth. Domestic spot prices are rising, and the expected increase in crushing rate will lead to an increase in Doupo inventory. Uncertainties in Sino - US trade remain, and attention should be paid to the changes in the oil sector and future weather from June to August [3]. Oils - **Douyou & Palm Oil**: The domestic oil - meal ratio has retreated after a high. The US EPA biodiesel policy is bullish for the long - term trend of vegetable oils, and a long - term strategy of buying on dips is recommended [4]. - **Caiyou**: The main contract of Caiyou has increased in positions. Domestic Caiyou imports are limited, and the crushing rate is low. It is expected to gradually reduce inventory, but there is a risk of short - term upward resistance [6]. Others - **Caipo**: The main contract of Caipo has slightly reduced positions. The strategy is to maintain a bullish view [6]. - **Corn**: Affected by wheat policies, Dalian corn futures are oscillating. The price difference between new - season wheat and corn is narrowing, leading to substitution. Corn traders expect higher prices, and the supply in Shandong is low. North - South port inventories are decreasing, and the processing enterprise's operating rate is falling. Corn futures may continue to oscillate [7]. - **Pigs**: The September futures contract of pigs has slightly rebounded, and the far - month contracts are relatively weak. Spot prices are stable. Relevant departments have proposed a regulation target for sow inventory, and the policy aims to stabilize pig prices. However, the industry still faces large pressure on pig slaughter [8]. - **Eggs**: The near - month egg futures are falling again, showing a pattern of near - weak and far - strong. Spot prices are rebounding. The elimination of old chickens is accelerating, but there is no sign of a bottom - reversal yet. A rapid price rebound may be unfavorable for the elimination of old chickens and lead to price fluctuations [9].

Report Industry Investment Ratings - Thread: ★★★, indicating a clearer long trend and a relatively appropriate investment opportunity currently [1] - Hot Roll: ☆☆☆, representing a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Iron Ore: ★★★, suggesting a clearer long trend and a relatively appropriate investment opportunity currently [1] - Coke: ☆☆☆, meaning a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Coking Coal: ☆☆☆, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Silicon Manganese: ☆☆☆, representing a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Silicon Iron: ★★★, suggesting a clearer long trend and a relatively appropriate investment opportunity currently [1] Core Viewpoints - The overall market is in a state of shock, with weak domestic demand, and the market is cautious. The future trend depends on terminal demand and relevant domestic and foreign policies [2][3] Summary by Related Catalogs Steel - The steel market is in a short - term shock. The demand for thread and hot roll is weak, and the negative feedback expectation of iron water production is fermenting. The overall domestic demand is weak, and the market sentiment is cautious [2] Iron Ore - The iron ore market is expected to oscillate. The supply pressure is increasing, the terminal demand is weak in the off - season, and the market uncertainty is strong due to policy expectations and geopolitical risks [3] Coke - The coke price oscillates downward. The iron water production decreases slightly, the overall supply is abundant, and the price rebound space is limited under inventory pressure [4] Coking Coal - The coking coal price oscillates downward. The coal mine output decreases slightly, the supply is abundant, and the price rebound space is limited under inventory pressure [5] Silicon Manganese - The silicon manganese price oscillates downward. The inventory level decreases due to previous production cuts, but the supply pressure increases, and the price is under pressure [6] Silicon Iron - The silicon iron price oscillates. The supply decreases, the demand is fair, and there is a certain possibility of inventory reduction [7]

gtaxinstitute@essence.com.cn 隔夜铜价震荡收阳，伦铜库存降至10.7万吨。美伦两市显性库存呈强翘翘板效应，两市合计库存约 30万吨级，与年初相比减少4-5万吨左右（且仍有相当部分海运在途）。英美达成贸易协定，欧盟 与日本暂未敲定。沪铜最后交易日现铜78645元，上海升水缩至30元，广东平水，洋山铜溢价降至 39美元，国内社库小增至14.77万吨。空头择机换月至2508，7.95万以上考虑止损。 【铝】 隔夜沪铝窄幅波动。周一铝锭社库下降0.2万吨，铝棒增0.4万吨，去库有放缓迹象。近期强现实弱 预期造成Back结构加深短期有利于多头，不过需警惕指数持仓激增至60万手后出现变盘，沪铝完成 对前期缺口的回补后技术面无强烈向上驱动,关注淡季负反馈何时兑现以及月差收窄后的远月活空 机会。 (铸造铝合金) 铸造铝合金维持震荡， 保太ADC12报价维持在19600元。铝和铸造铝合金现货价差扩大至千元具备较 好的做缩价差机会，但盘面上AL2511与AD2511价差仅在400元左右波动空间不足,谈李阶段价差如 有扩大考虑多AD空AL介入。 (氧化铝) (原油) 隔夜国际油价大幅回落，布伦特08合约 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The US EPA issued a proposed rule for the RFS from 2026 - 2027, which is unexpectedly bullish. The total demand for raw materials is expected to grow in the next two years [20]. - There is a price premium for North American domestic raw materials over overseas raw materials in producing renewable diesel. The premium is dynamic and may widen if the RIN price rises. The bottom of the US soybean oil price is relatively stable, but there is a risk of a 10% - 20% upward fluctuation in the long - term. The demand from small refineries is uncertain [20]. - Due to the increasing biomass diesel obligation and differential subsidies for domestic and foreign raw materials, North American soybean oil and rapeseed oil will be used for biomass diesel production, while overseas raw materials will be used in the food and oleochemical markets. The price of raw materials for biomass diesel is more elastic [21]. - The US is expected to increase domestic soybean crushing and reduce soybean exports without increasing the soybean planting area. This may affect China's soybean imports, and the CBOT soybean price will be supported [22]. Summary by Related Catalogs Policy Introduction - On June 13, 2025, the US EPA issued a proposed rule for the RFS from 2026 - 2027, which led to a sharp rise in US soybean oil prices. A virtual public hearing will be held on July 8, 2025, and an additional meeting may be held on July 9, 2025 [2]. - The policy aims to provide market certainty for producers, offer lower oil prices for consumers, support the US biofuel industry, and enhance energy security and employment [3]. - The main contents of the policy include setting strong growth targets for major renewable fuels, prioritizing the US by reducing the value of foreign renewable fuels and raw materials, and canceling electricity as a qualified renewable fuel to achieve the goal of canceling the EV mandate [3]. Policy Details - The EPA proposed to set the total RV0 for 2026 at 24.02 billion RINs, an almost 8% increase from 2025, and 24.46 billion RINs for 2027, a nearly 2% increase from the previous year [5]. - The obligated quantities of biomass diesel for 2026 and 2027 are set at 5.61 billion gallons and 5.86 billion gallons respectively, exceeding market expectations [6]. - The proposed policy will increase the production of US biomass diesel, raise the operating rate, and increase the demand for raw materials [6]. Impact on Raw Material Prices and Demand - North American domestic raw materials for renewable diesel have a premium of about 10 cents per pound (about $220 per ton) over overseas raw materials. The premium is dynamic and may widen if the RIN price rises. The US soybean oil price is more volatile, and there is a risk of a 10% - 20% upward fluctuation in the long - term. The demand from small refineries is uncertain [10]. - The increasing biomass diesel obligation and differential subsidies will lead to the use of North American soybean oil and rapeseed oil for biomass diesel production, while overseas raw materials will be used in the food and oleochemical markets. The price of raw materials for biomass diesel is higher than that in other industries [11]. - Compared with 2024, the total demand for biomass diesel in 2026 is flat, and it increases in 2027. The global demand for vegetable oil is expected to increase, with North America leading the growth [13][14]. - The US may increase domestic soybean crushing and reduce soybean exports without increasing the soybean planting area. The USDA expects the 2025/26 soybean crushing volume to be 2.49 billion bushels (67.76 million tons), a 2.8% increase year - on - year. The domestic soybean crushing capacity has increased, and there is a probability of further increase by 2030. This may affect China's soybean imports, and the CBOT soybean price will be supported [18][22].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Report's Core View No clear core view is presented in the given content. The document mainly provides a large amount of data on various financial products such as ETFs and indices, including historical volatility, implied volatility, and related price trends. 3. Summary by Related Catalogs 3.1 50ETF - On June 16, 2025, the underlying price was 2.753, with 5HV at 8.25%, 10HV at 5.68%, 20HV at 5.92%, and the current month's IV at 11.21%. The IV percentile for the current month in the past 1 year was 4.80%, and in the past 2 years was 2.40%. The next month's IV was 12.16%, with an IV percentile of 5.70% in the past 1 year and 11.30% in the past 2 years [1][2]. - The current month's contract has 7 days until expiration [1]. 3.2 Shanghai 300ETF - On June 16, 2025, the underlying price was 3.990, with 5HV at 9.45%, 10HV at 6.81%, 20HV at 6.89%, and the current month's IV at 0.32%. The IV percentile for the current month in the past 1 year was 0.40%, and in the past 2 years was 0.20%. The next month's IV was 0.36%, with an IV percentile of 0.40% in the past 1 year and 0.20% in the past 2 years [9]. - The current month's contract has 7 days until expiration [9]. 3.3 Shenzhen 300ETF - On June 16, 2025, the underlying price was 4.026, with 5HV at 9.82%, 10HV at 7.08%, 20HV at 7.04%, and the current month's IV at 13.11%. The IV percentile for the current month in the past 1 year was 20.40%, and in the past 2 years was 16.70%. The next month's IV was 12.75%, with an IV percentile of 12.20% in the past 1 year and 10.10% in the past 2 years [15]. - The current month's contract has 7 days until expiration [15]. 3.4 Shanghai CSI 500ETF - On June 16, 2025, the underlying price was 5.797, with 5HV at 10.82%, 10HV at 9.26%, 20HV at 9.77%, and the current month's IV at 0.00%. The IV percentile for the current month in the past 1 year was 0.40%, and in the past 2 years was 0.20%. The next month's IV was 0.00%, with an IV percentile of 0.40% in the past 1 year and 0.20% in the past 2 years [26]. - The current month's contract has 7 days until expiration [26]. 3.5 Shenzhen CSI 500ETF - On June 16, 2025, the underlying price was 2.319, with 5HV at 12.27%, 10HV at 10.15%, 20HV at 10.73%, and the current month's IV at 14.23%. The IV percentile for the current month in the past 1 year was 0.40%, and in the past 2 years was 14.10%. The next month's IV was 15.64%, with an IV percentile of 1.20% in the past 1 year and 25.80% in the past 2 years [37]. - The current month's contract has 7 days until expiration [37]. 3.6 ChiNext ETF - On June 16, 2025, the underlying price was 2.037, with 5HV at 16.59%, 10HV at 13.76%, 20HV at 14.11%, and the current month's IV at 17.99%. The IV percentile for the current month in the past 1 year was 2.40%, and in the past 2 years was 9.80%. The next month's IV was 19.57%, with an IV percentile of 8.00% in the past 1 year and 23.90% in the past 2 years [49]. - The current month's contract has 7 days until expiration [49]. 3.7 Shenzhen 100ETF - On June 16, 2025, the underlying price was 3.725, with 5HV at 11.72%, 10HV at 9.51%, 20HV at 11.55%. The data for the current month's IV and related IV percentiles showed errors (VALUE!) [59]. - The current month's contract has -1 days until expiration [59]. 3.8 Science and Technology Innovation 50ETF - On June 16, 2025, the underlying price was 1.021, with 5HV at 12.36%, 10HV at 13.16%, 20HV at 12.46%, and the current month's IV at 18.11%. The IV percentile for the current month in the past 1 year was 0.40%, and in the past 2 years was 4.90%. The next month's IV was 20.29%, with an IV percentile of 2.10% in the past 1 year and 17.30% in the past 2 years [68]. - The current month's contract has 7 days until expiration [68]. 3.9 Science and Technology Innovation 50ETF E Fund - On June 16, 2025, the underlying price was 0.995, with 5HV at 11.77%, 10HV at 13.04%, 20HV at 12.35%, and the current month's IV at 17.64%. The IV percentile for the current month in the past 1 year was 9.30%, and in the past 2 years was 5.70%. The next month's IV was 19.64%, with an IV percentile of 8.00% in the past 1 year and 17.30% in the past 2 years [78]. - The current month's contract has 7 days until expiration [78]. 3.10 300 Index - On June 16, 2025, the underlying price was 3873.795, with 5HV at 9.23%, 10HV at 6.91%, 20HV at 7.42%, and the current month's IV at 11.17%. The IV percentile for the current month in the past 1 year was 1.60%, and in the past 2 years was 0.80%. The next month's IV was 13.05%, with an IV percentile of 11.40% in the past 1 year and 5.90% in the past 2 years [88]. - The current month's contract has 4 days until expiration [88]. 3.11 1000 Index - On June 16, 2025, the underlying price was 6147.460, with 5HV at 13.88%, 10HV at 12.77%, 20HV at 13.82%, and the current month's IV at 15.88%. The IV percentile for the current month in the past 1 year was 0.40%, and in the past 2 years was 19.60%. The next month's IV was 17.74%, with an IV percentile of 0.40% in the past 1 year and 28.40% in the past 2 years [90]. - The current month's contract has 4 days until expiration [90]. 3.12 Shanghai Composite 50 Index - On June 16, 2025, the underlying price was 2685.009, with 5HV at 7.42%, 10HV at 5.31%, 20HV at 6.19%, and the current month's IV at 11.56%. The IV percentile for the current month in the past 1 year was 3.60%, and in the past 2 years was 1.80%. The next month's IV was 43.63%, with an IV percentile of 51.80% in the past 1 year and 75.80% in the past 2 years [100]. - The current month's contract has 4 days until expiration [100].

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【尿素】 周末雨水过后，尿素现货市场走货有所好转。农业采购部分启动,复合肥夏季高氮肥生产进入尾声,生产企业 持续大幅累库。出口虽然有序放开,但法检流程推进较慢,部分货源被锁定，周期内满口库存小幅增长。尿素 供应充足延续,短期受农需启动以及国际尿素供应紧缺提振,行情止跌反弹。 【聚烯烃】 聚烯烃期货主力合约日内上行收涨。聚乙烯方面，油价走高从成本端对市场形成提振。国内LLDPE市场仍处于需 求谈季，下游行业整体需求表现缺乏显著完点。尽管基本面依旧疲弱，但盘面已经充分反映基本面利空，后期 随着农膜订单的积累，基本面有好转预期。聚丙烯方面,PP下游领域淡季特征明显,下游工厂盈利状况不佳, 对涨价后货源接受度不高，现货消化力度依旧偏弱，加之检修有所减少，供应近期小幅增加。不过价格已经处 于低位区间,随着成本端支撑走强,市场情绪仍有所修复。 | Million | ER FRANCE | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2025年06月16日 | | 尿素 | ななな | 甲醇 | 女女女 | 庞春艳 首席分析师 | | 苯乙烯 | な ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The commodity market is under pressure from both liquidity and demand, and is expected to fluctuate weakly in the short term. The main driving factor for large - scale assets has shifted from the positive news of the China - US - UK economic and trade consultations to the re - escalation of the Israel - Iran conflict. The risk appetite of large - scale assets has declined under the impact of oil prices. However, due to the weak US dollar, the impact on A - shares is relatively limited. The conflict between Israel and Iran remains intense, and although the risk of the war getting out of control is low, there is a certain probability of short - term stalemate and recurrence, so uncertainty is high. The market is expected to fluctuate and repair in the short term [1]. Summary by Related Catalogs Market Review - Last week, the overall commodity market rose by 2.14%. The energy and chemical sector had a relatively large increase of 4.36%, while the agricultural products and precious metals sectors rose by 1.08% and 0.59% respectively. The non - ferrous metals and black sectors fell by 1.09% and 0.35% respectively. In terms of specific varieties, the top - rising varieties were crude oil, fuel oil, and LU, with increases of 13.69%, 12.14%, and 8.62% respectively. The top - falling varieties were soda ash, urea, and zinc, with decreases of 4.62%, 3.43%, and 2.55% respectively. The funds in the market increased, mainly flowing into the petrochemical and precious metals sectors [1][5]. Market Outlook - **Precious Metals**: Amid the intensifying conflict between Israel and Iran and the continuous geopolitical tension, the safe - haven sentiment in the precious metals market has significantly increased. As of June 16, 2025, gold futures have maintained high - level fluctuations, and funds have continuously flowed into safe - haven assets. Coupled with the unchanged expectation of the Fed's interest rate cut this year and the marginal weakening of economic data such as non - farm payrolls, the macro - level continues to support the strong gold price. Silver has followed the upward trend under the overall boost of the precious metals sector, but its industrial demand recovery is not obvious, so its trend is a bit erratic [2]. - **Non - Ferrous Metals**: At the macro - level, as the Fed's interest rate meeting approaches, the market still has disputes over the monetary policy path. However, the expectation of China's economic recovery continues to ferment, and overseas copper mine disturbances continue, providing strong support for copper prices. Aluminum has benefited from the slow resumption of electrolytic aluminum production and stable power supply, with a marginal improvement in the supply - demand structure. Zinc, nickel, etc. are restricted by the external market trends and have relatively limited elasticity. Although the geopolitical situation has not directly impacted the supply chain, the risk premium has begun to emerge [2]. - **Black Metals**: Under the dual effects of the recovery of steel production and the seasonal weakening of demand, the supply - demand contradiction in the market has emerged. Although the policy side has continuously released positive signals, including targeted easing in the real estate and manufacturing directions, the effectiveness remains to be verified. The prices of coking coal and coke have had a phased rebound, mainly driven by supply disruptions at the mine end and the expectation of production cuts due to coking enterprises' losses, but they are still in the stage of bottom - building through fluctuations [2]. - **Energy**: Affected by the escalation of the conflict between Israel and Iran, the market's safe - haven sentiment has significantly increased, driving the rapid rebound of international crude oil prices. Domestic crude oil futures have risen strongly, leading to a general sharp increase in varieties such as fuel oil and asphalt. The geopolitical disturbances on the supply side and the US production expectations are in a tug - of - war, and short - term oil price fluctuations may intensify. The overall market is concerned about the stance of OPEC and the Fed's policy trends [3]. - **Chemicals**: Driven by the soaring cost of crude oil prices, major chemical products such as PTA, plastics, and methanol have seen a concentrated upward movement. At the same time, the maintenance of some devices and the downstream restocking demand support the spot market, driving the futures prices to rebound. The technical oversold rebound of some varieties has also led to sentiment repair, and the short - term popularity of the overall sector has increased, but the disconnection between raw material transmission and terminal acceptance still needs to be vigilant [3]. - **Agricultural Products**: Climate disturbances and the external market have jointly boosted the sentiment of some sectors, especially the strong performance of oils and meals. Rapeseed meal has risen due to the substitution relationship and the rigid demand from the feed end, and oils have steadily increased against the background of the recovery of the international market. Staple grains such as corn and rice have continued to fluctuate, and sugar has shown a relatively strong performance due to the production - sales game. The continuous support from the policy level for agriculture and external disturbance factors are intertwined, putting the overall sector in a relatively bullish atmosphere [3]. Commodity Fund Overview - Gold ETFs generally performed well. For example, the net value of most gold - related ETFs increased, with the weekly yields of some gold ETFs reaching around 1.55%. The trading volume of many gold ETFs also increased significantly, such as the trading volume of the Qianhai Kaiyuan Gold ETF increasing by 136.59%. The energy - chemical ETF (such as the Jianxin Energy and Chemical Futures ETF) had a weekly yield of 3.09%. The soybean meal ETF had a weekly yield of 1.91%, the non - ferrous metals ETF decreased by 0.47%, and the silver fund had a weekly yield of 0.71%. The overall performance of commodity - related ETFs was positive, with the total scale and trading volume of commodity - related ETFs increasing [42].