Report Investment Rating - Not provided in the content Core Viewpoints - In the context of strong demand growth, insufficient supply release, and a long - term bullish trend in gold, geopolitical crises, continuous central bank gold purchases, a loose monetary environment, and the weakening of the US dollar's credit support the long - term strength of gold prices. The report maintains that gold is expected to reach a high of $3,800 - $4,000 per ounce this year, corresponding to a RMB price of 880 - 930 yuan per gram. For silver, it is expected to break through 10,000 yuan per kilogram this year, with the US silver above $42 per ounce. Investors can buy long positions in gold and silver on dips [3][26]. Summary by Relevant Aspects Silver Market Demand - Silver is the core material for photovoltaic cell conductive paste, with about 80 tons of silver consumed per 1GW of photovoltaic installed capacity. In 2024, global new photovoltaic installed capacity exceeded 600GW, and the demand for silver paste increased by over 25% year - on - year. In 2025, global photovoltaic installed capacity continued to grow steadily, leading to a rapid increase in the industrial demand for silver. It is predicted that global photovoltaic installed capacity will increase from 390GW in 2023 to 1000GW in 2030. In 2024, China's new photovoltaic installed capacity was 277.57GW, maintaining its global leading position and strongly supporting domestic silver demand. Additionally, the semiconductor industry, servers, and high - performance chips also show a surging demand for silver conduction [5]. Supply - 70% of global silver is a by - product of copper, lead, and zinc mines. Affected by the low prices of base metals, global silver production has declined in recent years. In 2024, global silver production was 25,000 tons, a 2% year - on - year decline. The contraction in supply has led to a 45% decline in the London Bullion Market Association's silver inventory over the past three years to 26,000 tons, only enough to cover 5 months of industrial demand [8]. Price Influence - Silver has both industrial and precious metal attributes and is affected by gold prices. The current domestic "silver/gold" ratio is around 11.2, which is in the undervalued area [11]. Geopolitical Factors - On June 1, 2025, the Russia - Ukraine conflict reached a historic turning point. Ukraine launched a special military operation, and Russia urgently initiated the deployment procedure of 300,000 - ton strategic nuclear weapons, casting a shadow of nuclear deterrence over Eurasia. In addition, the situations in India - Pakistan and the Middle East remain unstable, which drives up the prices of precious metals [14]. Central Bank Gold Purchases - The People's Bank of China increased its gold reserves by 70,000 ounces in April 2025, which was the sixth consecutive month of gold purchases since November 2024. Since November 2022, the central bank has restarted gold purchases, buying 62.21 tons in 2022, 224.88 tons in 2023, 44.17 tons in 2024, and 14.9 tons in the first four months of 2025. As of the end of April, the central bank held 2,295 tons of gold, indicating the substitution demand for US dollar assets and the official recognition of the long - term value of gold [15]. Monetary Policy - On May 15, 2025, the People's Bank of China lowered the reserve requirement ratio of financial institutions by 0.5 percentage points, injecting about 1 trillion yuan of liquidity into the market. This was the second reserve requirement ratio cut since September 2024. Since 2021, China has been in a cycle of interest rate and reserve requirement ratio cuts, and the interest rate level has been declining. In addition, the monetary policies of major economies such as Europe and the United States are also becoming more accommodative. The Federal Reserve entered an interest rate cut cycle in December 2023, and there is still an expectation of several interest rate cuts this year. Europe is also in a long - term interest rate cut cycle. The global loose monetary environment remains unchanged, and the expectation of further interest rate cuts by major economies will further push up the price of gold [18][20]. US Dollar and Gold - The US federal government debt reached $37 trillion in May 2025, up from $36 trillion in November 2024, with the debt scale expanding at an accelerating pace. The Federal Reserve's continuous bond purchases have led to currency over - issuance, weakening the US dollar's purchasing power in the long run. When the US dollar's credit is damaged, gold, as a non - credit currency, is often favored. The US dollar is likely to enter a long - term depreciation channel, and gold will benefit from the currency substitution demand. Recently, the US dollar index has continued to decline, falling below 110 since January [22][23]. Gold Price Technical Analysis - Technically, the gold price is still supported by the support line. Every "pullback" is supported by the strong support line, and May was no exception. Now, gold has returned to the upward price trend [24].

Report Summary 1) Report Industry Investment Ratings - Alumina futures: Oscillating with a bearish bias [3] - Stock index futures: Bullish, recommend buying on dips [6] - Gold: Bullish in the long - term, recommend buying on dips [11] - Iron ore: Oscillating with a bullish bias [14] - Glass: Oscillating with a bullish bias for now [17] - Urea: Expected to be weak in the short - term [20] 2) Core Viewpoints - On June 5, 2025, the sharp drop in alumina futures attracted market attention. The supply - demand imbalance, with over - capacity on the supply side and weak demand, may lead to continued downward pressure on prices, but Guinea's mining policies bring uncertainties [3]. - A - shares closed up for three consecutive days. The financial regulatory authority's support for science and technology innovation and the research on science and technology insurance policies are positive for the market [6][7]. - Gold is in a short - term oscillating pattern but is bullish in the long run [11]. - For iron ore, although there are risks of over - valuation due to weak reality, the continuous decline in port inventory supports the market [14][15]. - For glass, the supply side has no major cold - repair due to losses, and demand needs the stimulation of real estate policies [17][18]. - Urea has a high daily output and slow agricultural demand, so it is expected to be weak in the short - term [20]. 3) Summary by Related Catalogs Alumina Futures - On June 5, 2025, the futures price dropped nearly 3% at the morning close. Supply is increasing due to new capacity and restored supply from Guinea, while demand is weak with low downstream purchasing willingness [3]. Stock Index Futures - A - shares had three consecutive positive closes. The financial regulatory authority's support for science and technology innovation and policy research on science and technology insurance are positive. Recommend buying on dips [6][7]. Gold - Gold is in a short - term oscillating pattern, but long - term bullish. Recommend buying on dips and avoid chasing high prices [10][11]. Iron Ore - At the end of the quarter, mines are increasing shipments, and iron - water production is seasonally weak. However, the continuous decline in port inventory supports the market. Consider an oscillating and bullish view [14][15]. Glass - The supply side has no major cold - repair due to losses, and factory inventories are high. Downstream demand needs the effect of real - estate stimulation policies. Technically, it oscillated down today but did not break the low in the daily - line level. Keep an oscillating and bullish view for now [17][18]. Urea - The domestic daily output is about 205600 tons, with an operating rate of about 87.23%. Agricultural demand is slow, and downstream follow - up is limited. The price is expected to be weak in the short - term [20].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The sharp rise in coking coal futures on June 4, 2025, was triggered by rumors of Mongolia imposing a resource tax on coal exports and a technical rebound after 18 months of continuous decline. However, the sustainability of the upward trend is doubtful due to oversupply and weak demand [3][4]. - For stock index futures, with the thawing of the China - EU Comprehensive Investment Agreement, it may further stimulate negotiations between the US and China. The recommended operation strategy is high - selling and low - buying [7][8]. - Gold is in a short - term oscillatory pattern. It is advisable to go long but not chase the rise, and instead buy on dips [11][12]. - Iron ore has a risk of overvaluation due to the weak reality of seasonal decline in molten iron production and the ongoing quarterly end shipment rush by mines. However, the continuous decline in port inventory supports the market, and it is a strong variety in the black series. The outlook is oscillatory and bullish [15][16]. - Glass is expected to see a significant change only after the effects of real - estate stimulus policies are evident or major policies are introduced. Technically, it shows strong signs of a rebound from an oversold position, and the outlook is oscillatory and bullish [18][19]. - Urea is expected to continue its weak adjustment in the short term due to slow progress in agricultural demand and limited follow - up from downstream players, despite a relatively high daily output and operating rate [20]. 3. Summary by Related Catalogs Coking Coal Futures - **Reasons for the sharp rise**: Rumors of Mongolia's coal export tax increase and a technical rebound after 18 months of decline. On June 3, the position increased by 29,000 lots, and short - covering boosted the upward trend [3]. - **Sustainability of the rise**: Doubtful, as there is an oversupply (domestic coal mine output increased by 16 - 20% year - on - year, Mongolian imports reached a record high with 1,200 vehicles per day, and port inventory was 3.594 million tons) and weak demand (decline in steel mill molten iron production, coking enterprises' losses of 39 yuan per ton of coke) [4]. Stock Index Futures - **Market situation**: A - share indexes continued to close higher, with the CSI 1000 index performing well. The thawing of the China - EU Comprehensive Investment Agreement may further stimulate US - China negotiations [8]. - **Operation strategy**: High - selling and low - buying [7]. Gold - **Market situation**: After the holiday, the overseas market hit a new high, and Shanghai gold opened sharply higher and then adjusted. It is currently in an oscillatory pattern [12]. - **Operation strategy**: Go long but not chase the rise, and buy on dips [11]. Iron Ore - **Market situation**: The end - of - quarter shipment rush by mines is ongoing, and molten iron production is seasonally weak, increasing the risk of overvaluation. However, the continuous decline in port inventory supports the market [16]. - **Outlook**: Oscillatory and bullish [15]. Glass - **Market situation**: There has been no major cold - repair situation due to losses on the supply side, factory inventories are high, and downstream deep - processing orders have weak restocking power [19]. - **Outlook**: Oscillatory and bullish, awaiting the effects of real - estate stimulus policies or major policy introductions [18]. Urea - **Supply situation**: The domestic daily output is about 205,600 tons, and the operating rate is about 87.23% [20]. - **Demand situation**: Agricultural demand progress is slow, and downstream follow - up is limited [20]. - **Price outlook**: Weak adjustment in the short term [20].

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 5 / 0 6 / 0 4 GOLDTRUST FUTURES CO.，LTD 2025年6月3日烧碱期货出现暴跌怎么看？ ibaotu.com 热点聚焦 从供应端来看，虽然新增产能没有大规模释放，但前期高开工率使得烧碱供应持续处于高位，企业 库存不断累积。数据显示，全国20万吨及以上液碱样本企业厂库库存达到较高水平 ，库存压力给价 格带来巨大下行压力。 临近交割月，多头担忧交割风险，纷纷集中平仓，空头则利用高库存和需求疲软的现状集中做空， 恐慌性抛售加剧，最终导致烧碱期货暴跌。后续来看，若供应端和需求端现状难以改善，烧碱期货 价格或许还将面临下行压力。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ GOLDTRUST FUTURES CO.，LTD 在需求方面，氧化铝企业由于矿石紧张等因素，开工率提升预期未能实现，对烧碱的需 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Multiple factors have jointly driven the sharp rise in pulp futures prices. The global economic recovery has increased the demand for pulp, while supply has been affected by natural disasters, environmental policies, and other factors. This has significantly impacted related industries, and continuous attention should be paid to market dynamics [3]. - A - share major indices have generally closed higher with increased trading volume. The stock index is stronger than the spot index, but the overall pattern is still volatile, suitable for high - selling and low - buying strategies [6]. - Gold has adjusted due to the suspension of US tariffs by the judiciary and its own oscillatory adjustment. For Shanghai gold, 750 - 755 is an important support level, and buying on dips is advisable [9][10]. - Iron ore faces high - valuation risks due to supply surplus pressure and the approaching seasonal off - season for domestic demand. Technically, it has reached the strong support area at the lower edge of the oscillation range [13]. - The demand for glass continues to await the effects of real - estate stimulus or major policy announcements. Technically, it has oscillated lower today, and a bearish outlook is maintained [18]. - The domestic urea daily output is about 205,600 tons, with an operating rate of approximately 87.23%. Agricultural demand is progressing slowly, and the price is expected to continue weak adjustment in the short term [21]. 3. Summary by Related Catalogs Pulp Futures - **Reasons for price increase**: Global economic recovery has led to a surge in demand for packaging paper, increasing pulp demand. On the supply side, natural disasters in major production areas, stricter environmental policies, changes in international trade, rising transportation costs, and energy prices have all contributed to the price increase [3]. - **Impact on related industries**: Paper - making enterprises' costs have increased significantly, squeezing profit margins, especially for small and medium - sized enterprises. The packaging industry also faces rising material costs and may seek alternative materials or negotiate price increases with customers [3]. - **Suggestion**: Continuously monitor market supply - demand dynamics, policy changes, and international trends, and avoid chasing up [3]. Stock Index Futures - **Market situation**: A - share major indices have generally closed higher with increased trading volume. The stock index is stronger than the spot index, but the overall pattern is still volatile [6]. - **Strategy**: A high - selling and low - buying strategy is appropriate [6]. Gold - **Market situation**: Gold has adjusted due to the suspension of US tariffs by the judiciary and its own oscillatory adjustment [10]. - **Strategy**: For Shanghai gold, 750 - 755 is an important support level, and buying on dips is advisable [9]. Iron Ore - **Market situation**: In May, downstream export reduction and increased shipments have led to large supply - surplus pressure, and domestic demand is approaching the seasonal off - season, increasing high - valuation risks [13]. - **Technical analysis**: It has reached the strong support area at the lower edge of the oscillation range [13]. Glass - **Market situation**: The demand continues to await the effects of real - estate stimulus or major policy announcements. The current daily melting is at a low level, the spot production and sales have improved slightly, but the factory inventory is still high, and the downstream deep - processing order restocking power is weak [18][19]. - **Technical analysis**: It has oscillated lower today, and a bearish outlook is maintained [18]. Urea - **Supply situation**: The domestic urea daily output is about 205,600 tons, with an operating rate of approximately 87.23% [21]. - **Demand situation**: Agricultural demand is progressing slowly, and downstream players' follow - up is limited, with overall average performance [21]. - **Price trend**: The price is expected to continue weak adjustment in the short term [21].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On May 28, 2025, the rubber futures market tumbled, with the main natural rubber contract dropping 4.19% to 13,830 yuan/ton. The decline was due to increased supply expectations and weak demand. The report suggests not chasing short positions as the decline is limited [3]. - The A - share market's three major indices continued to adjust, with the CSI 1000 being strong in the morning and weakening at noon; the Hong Kong stock market opened higher and then oscillated lower. Technically, the index maintained a high - level weak oscillation pattern [6][7]. - The gold market has broken through a small platform, and the low point on May 15th can be considered the end of the adjustment. It is expected to reach the high point on May 9th. There is resistance at a certain point, and it is recommended to wait for a pull - back to buy rather than chasing the rise [9][10]. - For iron ore, due to reduced downstream exports and increased shipments in May, there is a large supply surplus pressure. As domestic demand is about to enter the seasonal off - season, there is a high - valuation risk. Technically, it is recommended to adopt a bearish and oscillating view [13]. - For glass, demand growth depends on the effect of real - estate stimulus or major policy introductions. Technically, it should be viewed with a bearish outlook as the overall trend remains unchanged [16]. - For urea, with a domestic daily output of about 205,600 tons and an operating rate of about 87.23%, agricultural demand is progressing slowly, and downstream players are less involved. The price is expected to continue weak adjustment in the short term [18]. 3. Summary by Relevant Catalogs Hot Focus - Rubber Futures - On May 28, 2025, the natural rubber main contract fell 4.19% to 13,830 yuan/ton. Although short - term rainfall in Southeast Asian producing areas affected supply and supported prices, after the rainy season, supply is expected to increase. The end of La Nina and expected ENSO neutrality in the Northern Hemisphere summer reduce the probability of extreme weather affecting production. On the demand side, the EU's anti - dumping investigation on Chinese tires and high inventory in tire factories may lead to weaker开工 rates [3]. Technical Analysis - Stock Index Futures - The A - share market's three major indices continued to adjust, and the Hong Kong stock market opened high and then fell. Technically, the index maintained a high - level weak oscillation pattern [6][7]. Technical Analysis - Gold - The gold market has broken through a small platform, and the low point on May 15th can be considered the end of the adjustment. It is expected to reach the high point on May 9th. There is resistance at a certain point, and it is recommended to wait for a pull - back to buy rather than chasing the rise [9][10]. Technical Analysis - Iron Ore - In May, reduced downstream exports and increased shipments led to a large supply surplus. As domestic demand is about to enter the seasonal off - season, there is a high - valuation risk. Technically, it had a narrow - range consolidation today, and the trend is bearish [13]. Technical Analysis - Glass - Demand growth depends on the effect of real - estate stimulus or major policy introductions. Technically, it oscillated lower today, and the overall bearish trend remains unchanged [16]. Technical Analysis - Urea - The domestic urea daily output is about 205,600 tons, and the operating rate is about 87.23%. Agricultural demand is progressing slowly, and downstream players are less involved. The price is expected to continue weak adjustment in the short term [18].

金信期货日刊 本刊由金信期货研究院撰写 GOLDTRUST FUTURES CO.，LTD 焦炭期货创新低，释放出什么信号？ ibaotu.com 热点聚焦 从宏观层面看，全球经济增速放缓，国内经济结构调整仍在持续，这使得工业生产需求减弱，作为 重要工业原料的焦炭需求也随之降低。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 在供求关系上，焦炭供应端产能扩张，新增焦化厂不断投产，而需求端钢铁行业受房地产市场低迷、 建筑工程开工率不足的影响，产量下降，对焦炭采购量减少，供大于求的局面愈发明显。 政策层面，环保政策趋严，部分焦炭生产企业因环保不达标而限产、停产，钢铁行业也面临同样问 题，需求进一步收缩。与此同时，原料成本的下降也推动了焦炭价格走低，炼焦煤价格下跌，降低 了焦炭的生产成本。 焦炭期货价格创新低，是宏观经济、供求关系、政策、原料成本等多因素共同作用的结果。不要追 空，把握超跌反弹多的机会 。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考， ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On May 26, the main contract of rebar futures fell below 3000 yuan/ton, hitting a new low since September 12, 2024, due to multiple factors including supply - demand, cost, and macro - economic environment. In the future, with lackluster off - season consumption, EAF steel mills may cut production, and the steel market is in a low - valuation area, presenting short - term long opportunities from oversold rebounds [3]. - Today, the A - share market rose and then fell. The three major indices (Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index) closed in the red, while the CSI 1000 closed strongly in the green. The capital flow shrank by 14.56 billion compared to last Friday, and the index continued to show a weak high - level oscillating pattern [6][7]. - Gold's internal and external markets broke through a small platform upwards, with the low on May 15 confirmed as the end of this wave of adjustment. It is expected to rise to the high on May 9. There is resistance near a certain point, and it is recommended to wait for adjustments to buy on dips instead of chasing the rise [10][11]. - In May, due to reduced downstream exports and increased shipments, iron ore faces large supply - surplus pressure, and domestic demand is about to enter the seasonal off - season. The weak reality increases the risk of high valuation. Technically, it hit a new low today, and a bearish oscillating view is taken [15]. - For glass, demand growth depends on the effects of real - estate stimulus or major policy announcements. Currently, daily melting is at a low level, spot sales have improved slightly, but factory inventories are still high, and downstream deep - processing orders lack restocking motivation. Technically, it showed narrow - range fluctuations today, and a bearish oscillating view is taken [17][18]. - For PTA, the PX plant operating rate remains low, and major manufacturers like Zhejiang Petrochemical and Shenghong plan to conduct maintenance in May, leading to tight spot circulation. Meanwhile, the downstream polyester industry has poor demand, suppressing the PTA futures price. Technically, it shows signs of a phased peak [21]. 3. Summary by Related Catalogs Hot Focus - Rebar futures price decline is due to complex supply (blast furnace production cuts but EAF restarts) and weak demand (slowdown in manufacturing investment, low real - estate sales). Cost pressure comes from falling coking coal prices and increased iron ore shipments. In the future, off - season consumption is poor, and EAF steel mills may cut production [3]. Technical Analysis - Stock Index Futures - The A - share market was volatile today. The capital flow shrank by 14.56 billion compared to last Friday, and the index maintained a weak high - level oscillating pattern [6]. Technical Analysis - Gold - Gold broke through a small platform upwards, with the low on May 15 as the end of the adjustment. It is expected to rise to the high on May 9. Wait for dips to buy instead of chasing the rise [10][11]. Technical Analysis - Iron Ore - In May, iron ore has supply - surplus pressure due to reduced exports and increased shipments, and domestic demand is entering the off - season. Technically, it hit a new low, with a bearish oscillating view [15]. Technical Analysis - Glass - Glass demand growth depends on real - estate policies. Currently, daily melting is low, sales have improved slightly, but inventories are high, and downstream restocking motivation is weak. Technically, it showed narrow - range fluctuations, with a bearish oscillating view [17][18]. Technical Analysis - PTA - PX plant operating rate is low, and major manufacturers plan maintenance in May, causing tight spot circulation. Downstream polyester demand is poor, suppressing PTA prices. Technically, it shows signs of a phased peak [21].

感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 从供应端来看，国内煤矿生产持续高位运行，4月原煤产量同比增长3.8%，1 - 4月累计产量同比增长 6.6% ，山西、内蒙古和陕西等主要产煤大省产量均有不同程度增长。进口方面，虽海运煤进口利润 下降，但蒙古煤"五一"后日通过量仍维持高位，5月17日中蒙第二条跨境铁路开工，后续进口能力 还将提升，内蒙古288口岸库存高企，成交冷清，贸易商降价出货，进一步打压价格。 需求端同样表现疲软。钢铁行业作为焦煤主要消费领域，当前处于淡旺季转换阶段，上周247家钢厂 日均铁水产量环比减少0.87万吨，有见顶迹象，且在低利润背景下，钢厂采购谨慎，无集中补库需 求。而焦化厂面临钢厂连续压价，已历12轮提价，后续还有第13轮提价可能，市场情绪谨慎，采购 推迟，导致煤焦销售不畅，库存连续累积。 综合来看，除非国内煤矿大幅减产或需求端超预期反弹，否则焦煤价格仍将承压，短期内弱势格局 难改。 金信期货日刊 本刊由金信期货研究院撰 ...

Group 1: Report General Information - Report Title: "GOLDTRUST FUTURES CO., LTD - Goldtrust Futures Daily" [1][2] - Report Date: May 23, 2025 [1] Group 2: Crude Oil Futures Analysis - **Core View**: On May 22, 2025, the crude oil futures market experienced a sharp decline due to multiple factors. From the supply side, some oil - producing countries unexpectedly increased production, with OPEC+ over - increasing production, some countries not strictly implementing production cuts, and the US shale oil production increasing by 1.6 million barrels per day. If Iran signs a nuclear agreement with the US, its production may exceed 4 million barrels per day and release oil reserves. From the demand side, global economic growth is weak, the US manufacturing PMI is below the boom - bust line at 49.1, China's refinery operating rate is only 80%, and energy structure transformation is accelerating, suppressing long - term oil demand. Investors should closely monitor the market and adjust strategies, and relevant enterprises should prepare in advance. The market should be treated with a volatile and bearish outlook [3][4]. Group 3: Technical Analysis of Different Futures Stock Index Futures - **Core View**: The index has reached a record high, and it is likely to experience high - level fluctuations [7]. Gold Futures - **Core View**: The internal and external gold markets have broken through a small platform upwards. It can be basically confirmed that the low point on May 15 is the end of this wave of adjustment, and the upward target is expected to reach the high point on May 9. There is resistance at a certain point, and the market should be mainly bullish in the future [11][12]. Iron Ore Futures - **Core View**: In May, the decrease in downstream exports and the increase in shipments have led to a large supply surplus pressure, and domestic demand is about to enter the seasonal off - season. The weak reality increases the risk of high - valued iron ore. Technically, it is in a wide - range fluctuation, with a slight adjustment today, and should be regarded as a volatile market [15]. Glass Futures - **Core View**: The continuous increase in demand depends on the effects of real - estate stimulus or the introduction of major policies. Technically, there was a large decline today, and the market should be regarded as a volatile one. Currently, the daily melting volume is low, the spot production and sales have improved, but the factory inventory is still high, and the downstream deep - processing orders have weak restocking power [17][18]. PTA Futures - **Core View**: Fundamentally, the PX plant operating rate remains low, large factories plan to conduct maintenance in May, the spot circulation is tight, and the downstream polyester industry has poor demand, which suppresses the PTA futures price and makes it difficult to break through the pressure level. Technically, there are signs of a phased peak [20].