Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - On June 11, 2025, the rebar futures price rose to 2991 yuan/ton, driven by macro - economic factors, policies, market supply - demand, and market expectations [3][4]. - For stock index futures, it is expected that the market will likely maintain high - level fluctuations [7]. - Gold is in a short - term oscillatory pattern but is bullish in the long run, and the operation should focus on going long, with low - buying recommended instead of chasing the rise [11][12]. - Iron ore is a strong variety in the black series. Despite over - valuation risks due to weak reality, the continuous decline in port inventory supports the market, and a bullish - oscillatory view is recommended [15][16]. - For glass, an oscillatory - bullish view remains, waiting for the effect of real - estate stimulus or major policy announcements [18]. - Urea prices are in a weak adjustment. With domestic daily production at about 20.56 tons and an 87.23% operating rate, agricultural demand is slow, and when reaching the previous support area, there is a risk of a strong rebound from the long side [22]. 3. Summary by Related Catalogs Rebar Futures - The price increase is due to domestic economic recovery driving demand, government environmental policies reducing supply, supply - demand imbalances caused by cost and policy factors, and positive market expectations [4]. Stock Index Futures - The market is expected to maintain high - level fluctuations, with the background of China and the US reaching an agreement framework in principle [7]. Gold - It is in a short - term oscillatory pattern, but long - term bullish. Operationally, it is advisable to go long and choose low - buying [11][12]. Iron Ore - There is an over - valuation risk due to weak reality, but the continuous decline in port inventory supports the market. Technically, the lower support is effective, and a bullish - oscillatory view is recommended [15][16]. Glass - Supply has not seen significant cold - repair due to losses, factory inventories are high, and downstream demand is weak. An oscillatory - bullish view remains, waiting for real - estate stimulus or major policies [18][19]. Urea - Domestic daily production is about 20.56 tons with an 87.23% operating rate. Agricultural demand is slow, prices are in a weak adjustment, and when reaching the previous support area, there is a risk of a long - side rebound [22].

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 5 / 0 6 / 1 1 GOLDTRUST FUTURES CO.，LTD ibaotu.com 热点聚焦 2025年6月10日焦煤期货上涨，是多因素共振的结果。从宏观层面看，政策端稳增长信号加强，宏观 预期边际改善，为市场注入信心，资金活跃度提升，推动焦煤期货价格上扬。 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！ 从供需角度而言，前期焦煤价格持续下行，5月主力合约跌幅近22% ，期货相较现货跌幅更大，盘面 存在强烈修复基差需求。6月3日，焦煤主力合约一度大幅下探，贴水现货成本较多，超跌状态显著， 为反弹提供了内在动力。同时，成本端给予一定支撑，山西部分煤种价格逼近现金成本线，煤矿减 产预期渐浓，供应收缩预期升温，也推动了价格上涨。 不过，此次上涨持续性存疑。供应端，5月焦煤进口量维持高位，蒙煤口岸成交价持续下滑。需求端， 虽当前钢厂铁水日产量处于高位，但6月为传统淡季，南方雨季也抑制开工，产量后续大概率环比回 落，且现货 ...

Group 1: Report Core View - The sharp rise in Shanghai silver futures is driven by multiple factors, including geopolitical risks, expectations of Fed rate cuts, increasing industrial demand, and the undervaluation of silver relative to gold. In the long - term, the expansion of the new energy industry will support silver prices, but there are short - term uncertainties [3] - A - share major indices are rising strongly, with the 1000 index showing the strongest performance. The market is expected to continue a strong and volatile upward trend this week [6][7] - Gold is in a short - term oscillatory pattern but is bullish in the long - term. It's advisable to buy on dips rather than chase the rally [10][11] - Iron ore has a high over - valuation risk due to weak reality, but the continuous decline in port inventory supports the market. It should be viewed with an oscillatory and bullish mindset [14][15] - Glass is running slightly stronger today. An oscillatory and bullish view remains, pending the effects of real - estate stimulus or major policy announcements [17][18] - Urea's price is in a weak adjustment. With domestic daily production at about 205600 tons and an operating rate of about 87.23%, agricultural demand is slow. When it reaches the previous support area, short - position holders should be wary of a strong long - position rebound [20] Group 2: Industry Investment Rating - No information provided Group 3: Summary by Related Catalogs Hot Focus: Shanghai Silver Futures - Reasons for the sharp rise: geopolitical risks increasing investors' risk - aversion, expectations of Fed rate cuts in 2025 weakening the US dollar and driving funds into the silver market, surging industrial demand in the new energy industry, and the expectation of the return of the gold - silver ratio [3] - Outlook: short - term uncertainties exist, but long - term industrial demand expansion will support prices [3] Technical Analysis: Stock Index Futures - Market situation: A - share major indices are rising strongly, with the 1000 index being the strongest [7] - Outlook: expected to continue a strong and volatile upward trend this week [6] Technical Analysis: Gold - Market situation: in a short - term oscillatory pattern [11] - Outlook: bullish in the long - term, advisable to buy on dips [10][11] Technical Analysis: Iron Ore - Market situation: over - valuation risk due to weak reality, but port inventory decline supports the market [15] - Outlook: view with an oscillatory and bullish mindset [14] Technical Analysis: Glass - Market situation: supply has no major cold - repair due to losses, factory inventory is high, and downstream demand is not strong [18] - Outlook: oscillatory and bullish view remains, pending real - estate stimulus or major policies [17] Technical Analysis: Urea - Supply: domestic daily production is about 205600 tons, and the operating rate is about 87.23% [20] - Demand: agricultural demand is slow, and downstream follow - up is limited [20] - Outlook: price is in a weak adjustment, and short - position holders should be wary of a long - position rebound at the previous support area [20]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - On June 6, 2025, the Shanghai silver futures market saw a significant increase, with the main contract rising nearly 4% and hitting a record high of 8,804 yuan/kg. The increase was driven by factors such as geopolitical risks, expectations of Fed rate cuts, growing industrial demand, and the undervaluation of silver relative to gold [3]. - The silver market remains uncertain. While geopolitical easing and a shift in Fed policy could curb price increases, long - term industrial demand from the new energy sector may support prices [4]. - The stock index is expected to continue a strong and volatile upward trend next Monday due to a phone call [7]. - Gold is in a short - term oscillatory pattern but is still bullish in the long run. It's advisable to buy on dips rather than chase the price [11][12]. - Iron ore is a strong black - series variety. Despite overvaluation risks due to weak reality, falling port inventories support the market, and a bullish and oscillatory view is appropriate [15][16]. - Glass needs the effect of real - estate stimulus or major policy changes. Technically, it maintains a bullish and oscillatory view [17][18]. - Urea is expected to continue a weak adjustment in the short term, with a daily production of about 205,600 tons and an 87.23% operating rate, and slow agricultural demand [19]. 3. Summary by Related Catalogs 3.1 Shanghai Silver Futures - **Price Movement**: On June 6, 2025, the main contract of Shanghai silver futures rose nearly 4% to a record high of 8,804 yuan/kg [3]. - **Driving Factors**: Geopolitical risks, expectations of Fed rate cuts in 2025, increased industrial demand from the new energy sector, and the undervaluation of silver relative to gold [3]. - **Outlook**: Uncertainty exists. Short - term price increases may be curbed, but long - term industrial demand from new energy could support prices [4]. 3.2 Stock Index - **Market Outlook**: Expected to continue a strong and volatile upward trend next Monday due to a phone call [7]. 3.3 Gold - **Market Pattern**: Currently in a short - term oscillatory pattern, but bullish in the long run [12]. - **Operation Suggestion**: Buy on dips rather than chase the price [11]. 3.4 Iron Ore - **Market Situation**: Despite overvaluation risks from weak reality, falling port inventories support the market, remaining a strong black - series variety [15][16]. - **Technical View**: A bullish and oscillatory view is appropriate as the support level was tested effectively today [15]. 3.5 Glass - **Market Condition**: Supply has no major cold - repair due to losses, high factory inventories, and weak downstream demand. It awaits real - estate stimulus or major policies [17][18]. - **Technical Outlook**: Maintains a bullish and oscillatory view with a high - closing positive line today [17]. 3.6 Urea - **Supply**: Domestic daily production is about 205,600 tons, with an operating rate of about 87.23% [19]. - **Demand**: Agricultural demand is slow, and downstream participation is limited [19]. - **Price Trend**: Expected to continue a weak adjustment in the short term [19].

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].