1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The call between Chinese and US leaders briefly boosted market risk appetite, but the intensifying internal division in the US may lead to more market volatility in June. Attention should be paid to the non - farm payroll data to assess the impact of tariff policies on the US economy [2]. - In the domestic market, the A - share risk appetite continued to rise, the bond market weakened, and the domestic policy may be in a vacuum period in June with the economy in a weak recovery [3]. - The silver price is expected to continue its catch - up trend, the copper price is expected to oscillate upward, the aluminum price will remain under pressure and oscillate, the alumina price will continue to oscillate, the zinc price will oscillate and converge, the lead price will have a narrow - range oscillation, the tin price will oscillate strongly, the industrial silicon price will oscillate weakly at a low level, the lithium carbonate price difference has a correction expectation, the nickel price will oscillate, the oil price may rebound in the short - term but has a long - term downward pressure, the steel price will oscillate, the iron ore price will oscillate, the soybean and rapeseed meal prices will oscillate strongly, and the palm oil price will oscillate [4][7][9][11][12][13][15][17][18][22][23][24][26][28][30]. 3. Summary by Related Catalogs 3.1 Macro - Overseas: The call between Chinese and US leaders focused on trade and key mineral disputes, and reached a consensus on continued consultations. The internal division in the US intensified, and the European Central Bank cut interest rates by 25 basis points as expected [2]. - Domestic: The A - share risk appetite continued to rise, the bond market weakened, and the central bank announced a 10000 - billion - yuan outright reverse - repurchase operation [3]. 3.2 Precious Metals - Gold: The gold futures price slightly declined due to the signal of eased trade tensions from the Sino - US leaders' call [4]. - Silver: The international silver price rose strongly by 3.3%, breaking through the strong resistance level of $35 per ounce. It has a strong catch - up demand and the catch - up logic is expected to continue [4][6]. 3.3 Base Metals - Copper: The Shanghai copper main contract continued to oscillate strongly, and the London copper steadily rose. The European Central Bank cut interest rates, and the supply - side disturbances continued to drive the copper price upward [7][8]. - Aluminum: The Shanghai aluminum main contract closed down slightly. The social inventory of aluminum ingots continued to decline, but the consumption side was weak. The aluminum price remained under pressure and oscillated [9][10]. - Alumina: The alumina futures main contract fell by 2.9%. The market was both bullish and bearish, and the price continued to oscillate [11]. - Zinc: The Shanghai zinc main contract oscillated narrowly. The downstream consumption weakened marginally, and the inventory increased slightly. The zinc price oscillated and converged [12]. - Lead: The Shanghai lead main contract oscillated horizontally. The inventory continued to increase, and the lead price had a narrow - range oscillation with insufficient one - way driving force [13]. - Tin: The Shanghai tin main contract rose after a night - session gap - up. The London tin continued to rise, driving the Shanghai tin to break through the moving - average pressure. The tin price was expected to oscillate strongly [14][15]. - Industrial Silicon: The industrial silicon main contract continued to fall. The supply - side rebound was limited, and the demand was weak. The price oscillated weakly at a low level [16][17]. 3.4 Energy Metals - Lithium Carbonate: The lithium carbonate futures price oscillated, and the spot price fell. The price difference had a correction expectation, and the far - month short positions needed to be cautious [18][19]. - Nickel: The nickel price oscillated. The ore shortage situation was expected to improve, and the short - term nickel price would oscillate [21][22]. 3.5 Energy - Crude Oil: The crude oil price was temporarily stable. The geopolitical situation was tense, and the OPEC + was expected to increase production in July and August. The oil price may rebound in the short - term but had a long - term downward pressure [23]. 3.6 Steel - Steel: The steel futures rebounded. The steel supply and demand were both weak, and the steel price was expected to oscillate [24][25]. - Iron Ore: The iron ore futures oscillated and rebounded. The market sentiment was boosted by the Sino - US leaders' call, and the iron ore price was expected to oscillate [26]. 3.7 Agricultural Products - Soybean and Rapeseed Meal: The soybean and rapeseed meal prices oscillated and rose. The market sentiment improved, and the short - term prices were expected to oscillate strongly [27][28]. - Palm Oil: The palm oil price oscillated. The MPOA data showed a moderate increase in the Malaysian palm oil production, and the short - term price was expected to oscillate [29][30].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, the cold US data and Trump's call for a rate cut have led to market speculation on rate - cut expectations. In the US, the May ISM services PMI fell below the boom - bust line, the ADP employment data was far below expectations, and the Fed's Beige Book showed a slight weakening of economic activity. Domestically, the A - share market rebounded with increased trading volume, and the bond market had a V - shaped rebound. The domestic economy is expected to continue a weak recovery in Q2, and domestic policies are waiting for the July meeting window [2][3]. - Different commodities have different price trends. Gold prices rebounded due to weak US data; copper prices are expected to continue strong oscillations; aluminum prices are expected to be under pressure and oscillate; alumina prices are expected to oscillate favorably; zinc prices are in a stalemate; lead prices are in a stable consolidation; tin prices are expected to oscillate strongly; industrial silicon prices are expected to continue to explore the bottom; lithium carbonate prices are expected to be under pressure; nickel prices are expected to oscillate; oil prices are expected to oscillate weakly; steel prices are expected to be under pressure and oscillate; iron ore prices are expected to oscillate; and agricultural product prices such as soybean meal and palm oil are expected to oscillate [3][6][8][11][12][14][15][16][18][21][23][24][26][27][28]. 3. Summaries According to Related Catalogs 3.1 Macro - Overseas: The May ISM services PMI in the US was 49.9, falling below the boom - bust line. The ADP employment data in May was only 3.7 million, far lower than the expected 11 million. The Fed's Beige Book showed a slight decline in economic activity, and the dollar index fell to 98.7, with the 10Y US Treasury yield dropping to 4.36%. Attention should be paid to Trump's tariff negotiations, tax - cut bills, and the non - farm payroll report on Friday [2]. - Domestic: The A - share market rebounded with the trading volume of the two markets rising to 1.16 trillion. The bond market had a V - shaped rebound, with the 10Y and 30Y yields at 1.67% and 1.89% respectively. The domestic economy is expected to continue a weak recovery in Q2, and domestic policies are waiting for the July meeting window [3]. 3.2 Precious Metals - International precious metal futures prices rose on Wednesday. COMEX gold futures rose 0.60% to $3397.40 per ounce, and COMEX silver futures rose 0.06% to $34.66 per ounce. Weak US data and geopolitical and economic uncertainties have led investors to turn to gold as a safe - haven asset [3]. 3.3 Copper - Macro: The Fed's Beige Book showed a slight decline in US economic activity, and the ADP employment data was far lower than expected, with the dollar index weakening and boosting copper prices. - Industry: First Quantum will spend about $20 million per month to maintain its Cobre Panama copper mine. The mine has 121,000 tons of concentrates, but some have deteriorated. The president is interested in renegotiating the mine's operation. LME copper inventories fell to 141,000 tons. Copper prices are expected to continue strong oscillations [6][7]. 3.4 Aluminum - Macro: The weak US economic data led to a decline in the US dollar index and a rebound in metal prices. - Fundamentals: The proportion of molten aluminum may increase, and the supply of aluminum ingots may decline. However, the consumption off - season is approaching, and consumption is expected to decline. Aluminum prices are expected to be under pressure and oscillate [8][9][10]. 3.5 Alumina - Guinea's mine disruptions due to force majeure have led to a technical vacation, which is beneficial for the rebound of alumina prices. The current supply - demand is relatively balanced, and the spot is slightly tight. Alumina prices are expected to oscillate favorably [11]. 3.6 Zinc - The spot premium of zinc remains high, but downstream demand is weak. The CZSPT released the import zinc concentrate procurement dollar processing fee guidance price for Q3 2025. A Canadian mine was temporarily closed due to wildfires. The supply is expected to recover strongly in June and July, but the current spot arrival is insufficient. Zinc prices are in a stalemate, with short - term sideways movement and medium - to - long - term downward pressure [12][13]. 3.7 Lead - The downstream demand for lead is weak after the holiday, and the supply pressure has increased marginally. The support at around 16,500 yuan for lead prices is effective, and the rebound momentum is insufficient. Lead prices are expected to maintain a consolidation trend [14]. 3.8 Tin - Downstream restocking has led to a significant decline in inventories, supporting the rebound of tin prices. However, the willingness of funds to chase the rise is insufficient, and the consumption side is weak. Tin prices are expected to oscillate strongly, with attention paid to the pressure near the moving average [15]. 3.9 Industrial Silicon - The supply rebound of industrial silicon is limited, and the demand is weak. The social inventory has risen slightly, and the spot market is still in a downward trend. Industrial silicon prices are expected to continue to explore the bottom [16][17]. 3.10 Lithium Carbonate - The lithium carbonate futures price oscillated strongly, while the spot price fell. The new production capacity launch is slowing down. Technically, there is no sign of active bullish pulling. The spot price is weak, and the fundamentals lack factors to boost prices. Lithium carbonate prices are expected to be under pressure, and it is advisable to short on rallies [18][19][20]. 3.11 Nickel - The weak US economic data may cause economic expectations to weaken. The supply of nickel ore may recover, and some Indonesian nickel - iron plants have cut production. However, stainless - steel mills have reduced production, and the market is in a wait - and - see state. Nickel prices are expected to oscillate [21][22]. 3.12 Crude Oil - The US - Iran peace talks have made new progress, and Saudi Arabia wants to increase production significantly, but there are differences within OPEC +. The short - term bearish sentiment is strong, and oil prices are expected to oscillate weakly [23]. 3.13 Steel (Screw and Coil) - The steel futures rebounded, but the real - estate market dragged down demand, and the seasonal demand for rebar weakened. The steel consumption decreased during the college entrance examination. Steel prices are expected to be under pressure and oscillate [24][25]. 3.14 Iron Ore - The spot trading volume of iron ore increased, and the supply was relatively loose. However, steel mills' off - season shutdowns and maintenance increased, and iron ore prices are expected to oscillate [26]. 3.15 Soybean and Rapeseed Meal - The weather in the US soybean - producing areas is good, and the news of the easing of China - Canada trade relations has affected the rapeseed market. The domestic spot price is under pressure, and the soybean meal futures are expected to oscillate [27]. 3.16 Palm Oil - The sharp decline in rapeseed oil prices has dragged down the entire oil and fat sector. The expected increase in palm oil production and inventory has put pressure on prices. Palm oil prices are expected to oscillate widely [28][29].

Report Title - Macro Weekly Report: Overseas Risk-Aversion Sentiment Intensifies, Domestic Weak Recovery Continues [1] Core Views - Overseas, there are signs of partial recovery in the US "soft data", with the Michigan Consumer Sentiment Index rising in May and inflation expectations falling from their highs. However, the manufacturing sector remains sluggish due to tariff disruptions, with the May ISM Manufacturing PMI contracting for three consecutive months, weaker than expected, and the import sub-index hitting a 16-year low, while the price sub-index remains high. Overall, the US economic fundamentals remain resilient, and the GDPNow model has revised up its Q2 economic growth forecast to 4.6%. This week, attention is focused on the May non-farm payroll report and the services PMI. Last week, the US dollar index maintained a weak oscillation, and the gold price returned to a high level, reflecting three risks: internal conflicts in the US weakening its sovereign credit, setbacks in the US tariff negotiations with other countries, and renewed conflicts in war-torn countries. In June, attention is on the progress of Trump's tax cut bill in the Senate and the trade court's ruling on tariffs [2]. - Domestically, the manufacturing sector's sentiment improved slightly in May, with both supply and demand improving. The reduction in Sino-US tariffs has led to a marginal recovery in production driven by pre-export activities, and new orders have significantly improved due to external demand. However, price pressures remain, and the signs of companies "trading price for volume" and actively reducing inventory continue. In addition, the sentiment in the service and construction sectors remains lower than in previous years, indicating that domestic demand is still the main drag in the second quarter, and more policy support is urgently needed in the context of weak inflation. In June, attention is on the possibility of a meeting between the Chinese and US presidents [3] Section Summaries Overseas Macro - US May Manufacturing PMI Weakens: The May ISM Manufacturing PMI was weak, indicating that the "rush to import" may have ended. The May ISM Manufacturing PMI was 48.5, lower than the expected 49.5 and the previous value of 48.7, remaining in the contraction range for three consecutive months. New orders continued to shrink, external demand was under pressure, costs were high, and employment was weak. The import sub-index hit a 16-year low, suggesting that the peak of "rush to import" may have passed under tariff disruptions. The trade surplus has led the GDPNow to revise up the Q2 economic growth rate to 4.6%. Meanwhile, the final value of the US May Markit Manufacturing PMI was 52.0, slightly lower than the expected 52.3 and the initial value of 52.3, still in the expansion range. The difference between the two may be due to the ISM PMI's high dependence on external demand, supply chains, and large manufacturers, making it more sensitive to policy shocks and external uncertainties [5]. - Consumer Confidence Recovers, Inflation Expectations Fall from Highs: After the easing of tariff negotiations, the US "soft data" has improved. The final value of the US May Michigan Consumer Sentiment Index was 52.2, higher than the expected 51.0 and the initial value of 50.8. With the significant reduction in Sino-US tariffs, consumer confidence has recovered, but the absolute level remains at a historical low, indicating that consumers are still highly concerned about the future economy. The final value of the one-year inflation expectation in May was 6.6%, lower than the expected 7.1% and the initial value of 7.3%; the final value of the 5 - 10-year inflation expectation was 4.2%, lower than the expected 4.5% and the initial value of 4.6%, ending four months of sharp increases [7]. Domestic Macro - China's May Manufacturing Sentiment Improves as Expected: The May Manufacturing PMI rose slightly to 49.5, in line with expectations and up from the previous value of 49.0. There were differences among enterprises of different sizes, with large enterprises rising 1.5 to 50.7, entering the expansion range, while medium and small enterprises remained in the contraction range. Both supply and demand improved, with external demand making a prominent contribution. Production rose 0.9 to 50.7, returning to the expansion range; new orders rose 0.6 to 49.8, approaching the boom-bust line; new export orders rose significantly by 2.8 to 47.5, showing obvious marginal improvement. Overall, with the phased easing of Sino-US tariff frictions, enterprises have seized the window period to accelerate production, and the release of export orders has driven the recovery of the production side. Prices were weak, and enterprises actively reduced inventory. The raw material inventory rose to 47.4, and the finished product inventory fell 0.8 to 46.5. In terms of prices, the purchase price of raw materials in April fell 0.1 to 46.9, and the ex-factory price fell 0.1 to 44.7, indicating that the signs of companies "trading price for volume" and actively reducing inventory continue [10]. - Construction and Service Sectors Remain Sluggish, Domestic Demand Recovery is Weak: In the non-manufacturing sector, the May Service PMI was 50.2, slightly higher than the previous value of 50.1 but lower than the level of previous years. Driven by the May Day holiday, tourism, travel, and catering consumption were active, and the sentiment in the transportation and accommodation industries rose to the expansion range; high - growth industries such as postal, communication, and the Internet continued to grow steadily. The Construction PMI was 51.0, lower than the previous value of 51.9 and at the lowest level in the same period over the years, with real estate construction remaining sluggish [11]. Performance of Major Asset Classes - Equity: The performance of equity markets varied. In the A-share market, the Wind All - A Index was at 5074.29, with a weekly decline of -0.02%, a monthly increase of 2.39%, and a year - to - date increase of 1.04%. The Shanghai Composite Index was at 3347.49, with a weekly decline of -0.03%, a monthly increase of 2.09%, and a year - to - date decline of -0.13%. In the Hong Kong stock market, the Hang Seng Index was at 23289.77, with a weekly decline of -1.32%, a monthly increase of 5.29%, and a year - to - date increase of 15.44%. Overseas, the Dow Jones Industrial Average was at 42270.07, with a weekly increase of 1.60%, a monthly increase of 3.94%, and a year - to - date decline of -0.64% [19]. - Bonds: In the domestic bond market, the 1 - year Treasury yield was 1.46%, with a weekly increase of 1.51 basis points, a monthly increase of 0.08 basis points, and a year - to - date increase of 35.30 basis points. In the overseas bond market, the 2 - year US Treasury yield was 3.89%, with a weekly decline of 11.00 basis points, a monthly increase of 29.00 basis points, and a year - to - date decline of 36.00 basis points [22]. - Commodities: The Nanhua Commodity Index was at 2349.69, with a weekly decline of -1.62%, a monthly decline of -2.40%, and a year - to - date decline of -5.88%. The CRB Commodity Index was at 290.43, with a weekly decline of -2.10%, a monthly increase of 0.57%, and a year - to - date decline of -2.12%. COMEX Gold was at 3313.10, with a weekly decline of -1.57%, a monthly decline of -0.18%, and a year - to - date increase of 25.45% [23]. - Foreign Exchange: The US dollar to RMB exchange rate was 7.1953, with a weekly increase of 0.08%, a monthly decline of -0.93%, and a year - to - date decline of -1.42%. The US dollar index was at 99.4393, with a weekly increase of 0.32%, a monthly decline of -0.20%, and a year - to - date decline of -8.34% [26]. High - Frequency Data Tracking - Domestic: The report includes data on the congestion index of 100 cities, the subway passenger volume of 23 cities, the commercial housing transaction area of 30 cities, the second - hand housing transaction area of 12 cities, passenger car sales, and the apparent consumption of rebar [28]. - Overseas: The report includes data on the Redbook commercial retail sales and the number of unemployment benefit claims in the US [32]. This Week's Important Economic Data and Events - The report lists important economic data and events for this week, including China's May Caixin Manufacturing PMI, the eurozone's May CPI annual and monthly rates, the US's May ADP employment data, and the US's May ISM Non - Manufacturing PMI [39].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Last week, the CBOT July soybean contract fell 18.5 to close at 1042.25 cents per bushel, a decline of 1.74%; the September bean meal contract rose 16 to close at 2968 yuan per ton, an increase of 0.54%; the South China bean meal spot price fell 60 to close at 2880 yuan per ton, a decline of 2.04%; the September rapeseed meal contract rose 81 to close at 2637 yuan per ton, an increase of 3.17%; the Guangxi rapeseed meal spot price rose 60 to close at 2490 yuan per ton, an increase of 2.47% [4][7]. - Favorable weather in the US soybean - growing areas and smooth sowing progress, combined with the uncertainty of the US biodiesel policy leading to a decline in US soybean oil, caused US soybeans to close lower in a volatile manner. In China, the oil mill crushing volume continued to rise, the bean meal inventory gradually increased, the supply became more abundant, the spot price was under pressure to fall, and the basis declined. The old - crop Canadian rapeseed had good demand, combined with the recovery of the aquaculture industry and the expectation of tightened imports, rapeseed meal showed strong performance; the Dalian bean meal had support from far - month expectations and was driven by rapeseed meal, so it closed slightly higher in a volatile manner [4][7]. - Affected by the negative impact of the US biodiesel policy, US soybean oil broke through the recent support level. With the US soybean sowing progress over 80% and good weather conditions conducive to the end of the sowing season, US soybeans declined in a volatile manner. In China, the increase in the oil mill crushing rate led to more supply, putting pressure on the spot price to fall; the strengthening of rapeseed meal, the non - purchase of new - season US soybeans for the time being, and the uncertainty of Sino - US relations provided support for the Dalian bean meal. Overall, the Dalian bean meal may move in a volatile manner [4][11]. 3. Summary by Relevant Catalogs Market Data - The CBOT July soybean contract fell 18.5 to 1042.25 cents per bushel, a decline of 1.74%; the CNF import price of Brazilian soybeans dropped 5 to 441 dollars per ton, a decline of 1.12%; the CNF import price of US Gulf soybeans fell 7 to 456 dollars per ton, a decline of 1.51%; the Brazilian soybean crushing profit on the disk increased 52.16 to 95.29 yuan per ton; the September bean meal contract rose 16 to 2968 yuan per ton, an increase of 0.54%; the September rapeseed meal contract rose 81 to 2637 yuan per ton, an increase of 3.17%; the bean - rapeseed meal price difference decreased 65 to 331 yuan per ton; the East China bean meal spot price fell 40 to 2860 yuan per ton, a decline of 1.38%; the South China bean meal spot price fell 60 to 2880 yuan per ton, a decline of 2.04%; the South China spot - futures price difference decreased 76 to - 88 yuan per ton [5]. Market Analysis and Outlook - **US Soybean Situation**: As of the week of May 25, 2025, the US soybean planting progress was 76%, lower than the market expectation of 78%, the emergence rate was 50%. As of the week of May 20, about 16% of the US soybean - planting areas were affected by drought. The future 15 - day precipitation in the US soybean - growing areas is expected to be 65 - 75mm, slightly higher than the average. As of the week of May 22, the US soybean export inspection volume was 19.49 tons, and the export net sales increased 14.6 tons. The cumulative export inspection volume of US soybeans this crop year was 4433 tons, and the cumulative export sales volume was 4846 tons, with a sales progress of 96.2%. China did not purchase US soybeans during the week, and the cumulative purchase volume this year was 2248 tons. As of the week of May 23, the US soybean crushing profit was 1.85 dollars per bushel [8][9]. - **South American Soybean Situation**: As of the week of May 24, the 2024/2025 Brazilian soybean harvesting progress was 99.5%. Anec expected Brazil's May soybean exports to reach 1403 tons. As of the week of May 28, the Argentine soybean harvesting progress was 80.7%, and the dry and less - rainy climate in the next two weeks is conducive to the end of the harvesting work [9][10]. - **Domestic Situation**: As of the week of May 23, the main oil mill soybean inventory decreased 26.2 tons to 560.63 tons, the bean meal inventory increased 52 tons to 20.69 tons, the unexecuted contract decreased 69.84 tons to 335.4 tons, and the national port soybean inventory decreased 8.3 tons to 675.3 tons. As of the week of May 30, the national daily average bean meal trading volume was 8.258 tons, the daily average提货量 was 18.608 tons, the main oil mill crushing volume was 226.82 tons, and the feed enterprise bean meal inventory days were 5.99 days [10][11]. Industry News - Datagro expects Brazil's 2024/25 soybean production to reach 1.720 billion tons and corn production to be 1.327 billion tons [12]. - In the fourth week of May 2025, Brazil's cumulative soybean shipments were 1115.43 tons, and the daily average shipment volume increased 8.96% year - on - year; the cumulative bean meal shipments were 170.46 tons, and the daily average shipment volume increased 3.44% year - on - year [12][13]. - In April 2025, Canada's soybean crushing volume decreased 7.2% month - on - month, and the rapeseed crushing volume decreased 10.27% month - on - month [13]. - From May 19 to May 23, the soybean crushing profit in Mato Grosso state, Brazil was 605.05 reais per ton [13]. - As of May 25, the EU's 2024/25 palm oil imports were 257 tons, soybean imports were 1269 tons, bean meal imports were 1732 tons, and rapeseed imports were 632 tons [14]. - Argentina's 2024/25 soybean production is expected to slightly decline to 4870 tons [15]. - Canada's 2025/26 rapeseed production forecast is lowered by 1% to 1800 tons, and the planting area is expected to decrease by 3.5% [16]. - Australia's 2025/26 rapeseed production forecast is 620 tons, supported by long - term weather prospects [17]. Relevant Charts The report provides multiple charts, including the trend of the US soybean continuous contract, the CNF arrival price of Brazilian soybeans, the RMB spot exchange rate trend, the regional crushing profit, the bean meal main contract trend, the spot - futures price difference of bean meal, the management fund's CBOT net position, the regional bean meal spot price, the bean meal M 9 - 1 inter - month price difference, the US soybean - growing area precipitation and temperature, the Argentine soybean harvesting progress, the US soybean sowing progress, the US soybean export - related data, the US oil mill crushing profit, the bean meal weekly average trading volume, the bean meal weekly average提货量, the port soybean inventory, the oil mill soybean inventory, the oil mill weekly crushing volume, and the oil mill crushing rate [18][20][23][24] etc.

Report Title - Palm Oil Weekly Report [1] Report Date - June 3, 2025 [3] Investment Rating - Not provided Core Views - Last week, the BMD Malaysian palm oil main contract rose 51 to close at 3,878 ringgit/ton, up 1.33%; the palm oil 09 contract rose 54 to close at 8,060 yuan/ton, up 0.67%; the soybean oil 09 contract fell 136 to close at 7,638 yuan/ton, down 1.75%; the rapeseed oil 09 contract fell 43 to close at 9,348 yuan/ton, down 0.46%; the CBOT US soybean oil main contract fell 2.32 to close at 46.9 cents/pound, down 4.71%; the ICE canola active contract fell 5.6 to close at 711 Canadian dollars/ton, down 0.78% [4]. - The oil and fat sector showed a differentiated trend, with palm oil performing strongly. Malaysia is upgrading its B10 policy to B20, and Indonesia has enforced the B40 policy, which may boost the incremental demand for biodiesel. The increase in Malaysian palm oil production has narrowed, and the export demand has improved significantly. India will lower import tariffs, which is conducive to expanding the export demand of producing countries. Meanwhile, the uncertainty of the US biodiesel policy remains, which may be negative for the demand of US soybean oil, causing it to decline. The domestic supply of soybean oil has increased, showing relative weakness [4][7]. - Macroeconomically, the manufacturing PMI data in Europe and the US have slowed down. The trade trends of major economies affect market sentiment. The US dollar index has weakened in a volatile manner, geopolitical risks have intensified, and crude oil has rebounded from a low level and closed higher. Fundamentally, India's reduction of import tariffs on crude edible oils may be beneficial to expanding the export demand for palm oil. The biodiesel policies of relevant countries still have great uncertainty. Attention should be paid to the evolution of these policies. In addition, waiting for the guidance from the MPOB report, combined with the support of rising crude oil prices and other multiple factors, palm oil may fluctuate widely in the short term [4][11]. Summary by Directory Market Data - The CBOT soybean oil main contract fell from 49.22 to 46.9 cents/pound, down 2.32 cents or 4.71%. The BMD Malaysian palm oil main contract rose from 3,827 to 3,878 ringgit/ton, up 51 ringgit or 1.33%. The DCE palm oil contract rose from 8,006 to 8,060 yuan/ton, up 54 yuan or 0.67%. The DCE soybean oil contract fell from 7,774 to 7,638 yuan/ton, down 136 yuan or 1.75%. The CZCE rapeseed oil contract fell from 9,391 to 9,348 yuan/ton, down 43 yuan or 0.46%. The spot price of 24-degree palm oil in Guangzhou rose from 8,600 to 8,630 yuan/ton, up 30 yuan or 0.35%. The spot price of first-grade soybean oil in Rizhao fell from 8,030 to 7,870 yuan/ton, down 160 yuan or 1.99%. The spot price of imported third-grade rapeseed oil in Jiangsu Zhangjiagang fell from 9,610 to 9,560 yuan/ton, down 50 yuan or 0.52% [5]. Market Analysis and Outlook - According to SPPOMA data, from May 1 - 25, 2025, the yield per unit area of fresh fruit bunches in Malaysia decreased by 1.06%, the oil extraction rate increased by 0.34%, and palm oil production increased by 0.73%. According to MPOA data, from May 1 - 20, 2025, Malaysian palm oil production increased by 3.51% compared with the same period last month. Among them, the production in the Malay Peninsula increased by 4.09%, the production in Sabah increased by 4.52%, the production in Sarawak decreased by 2.15%, and the production in Borneo increased by 2.75% [8]. - According to ITS data, Malaysia's palm oil exports from May 1 - 31, 2025, were 1,320,914 tons, a 17.9% increase compared with the same period last month. According to SGS data, Malaysia's palm oil product exports from May 1 - 25, 2025, were 947,248 tons, a 34.71% increase compared with the same period last month. According to AmSpec Agri data, Malaysia's palm oil exports from May 1 - 25, 2025, were 991,702 tons, a 7.34% increase compared with the same period last month [8][9]. - Indonesia has lowered the reference price of crude palm oil in June to $856.38 per ton. Under the new reference price, the export tariff for crude palm oil in June will be $52 per ton, lower than $74 per ton last month [9]. - Malaysia will increase the biodiesel blending ratio for ground transportation vehicles from B10 to B20. Currently, Indonesia, the world's largest palm oil producer, has implemented a mandatory B40 blending plan and is considering further increasing it to B50 [9]. - The White House is considering a plan to clear the backlog of small refinery biofuel exemptions, and the US renewable fuel credit has decreased by 4%. In March 2025, Indonesia's palm oil production was 4.39 million tons, exports (including refined palm oil products) were 2.88 million tons, higher than 2.56 million tons in the same period last year, and the palm oil inventory at the end of March was 2.04 million tons, down from 2.25 million tons last month [10]. - India will halve the basic import tariff on crude edible oils to 10%, effectively reducing the total import tariff on these three oils from 27.5% to 16.5% [10]. - As of the week ending May 23, 2025, the total inventory of the three major oils in key national regions was 1.8018 million tons, a decrease of 0.0067 million tons from the previous week and an increase of 0.0809 million tons compared with the same period last year. Among them, the soybean oil inventory was 0.6972 million tons, an increase of 0.0409 million tons from the previous week and a decrease of 0.2182 million tons compared with the same period last year; the palm oil inventory was 0.3387 million tons, a decrease of 0.021 million tons from the previous week and a decrease of 0.0573 million tons compared with the same period last year; the rapeseed oil inventory was 0.7659 million tons, a decrease of 0.0266 million tons from the previous week and an increase of 0.3564 million tons compared with the same period last year. As of the week ending May 30, 2025, the average daily trading volume of soybean oil in key national regions was 13,400 tons, down from 36,420 tons the previous week; the average daily trading volume of palm oil was 593 tons, up from 504 tons the previous week [11]. Industry News - In 2024, Malaysia's palm oil exports to Algeria increased by nearly 82% to about 79,000 tons. Algeria's expanding food processing industry may drive future demand [12]. - Malaysia's Plantation and Commodities Ministry will explain its sustainable palm oil practices to EU representatives. The EU delegation is expected to visit Malaysia in September and October [12]. - Malaysia's Commodities Minister is concerned about the EU classifying the country as a "standard risk" country under the new EUDR, stating that the classification is based on old data. The MPOA CEO previously said that this classification may exclude palm oil producers, especially small farmers, from the EU market [13]. - Sarawak has produced 4.85 million tons of fresh oil palm fruit bunches, an 8.6% increase compared with the same period last year. The production of crude palm oil has also increased by 3.7% to 0.91 million tons [14]. Relevant Charts - The report includes charts showing the trends of the main contracts of Malaysian palm oil and US soybean oil, the futures price indices of the three major oils, the spot price trends of palm oil, soybean oil, and rapeseed oil, the basis differences of soybean oil and palm oil, the spreads between different oil contracts, the import profit of palm oil, the monthly inventory, production, and export volume of Malaysian and Indonesian palm oil, and the commercial inventory of the three major domestic oils [15][18][20]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall industrial data last week was average, with the apparent demand for steel increasing month-on-month and inventory declining. However, due to the upcoming national high school entrance examination and college entrance examination, construction in many cities was affected, weakening spot demand. The terminal real estate market was a drag, and combined with the seasonal weakening of rebar demand and the impact of tariffs on hot-rolled coil exports, steel demand was weak. Steel prices are expected to fluctuate weakly [1][5] Summary by Relevant Catalogs Transaction Data - SHFE rebar had a closing price of 2961 yuan/ton, a decrease of 19 yuan, a decline of 0.64%, a total trading volume of 9,514,050 lots, and a total open interest of 3,170,785 lots [2] - SHFE hot-rolled coil had a closing price of 3076 yuan/ton, a decrease of 35 yuan, a decline of 1.13%, a total trading volume of 3,363,117 lots, and a total open interest of 1,552,234 lots [2] - DCE iron ore had a closing price of 702.0 yuan/ton, an increase of 3.5 yuan, an increase of 0.50%, a total trading volume of 2,120,072 lots, and a total open interest of 716,254 lots [2] - DCE coking coal had a closing price of 726.0 yuan/ton, a decrease of 73.5 yuan, a decline of 9.19%, a total trading volume of 3,455,596 lots, and a total open interest of 634,111 lots [2] - DCE coke had a closing price of 1308.0 yuan/ton, a decrease of 56.0 yuan, a decline of 4.11%, a total trading volume of 134,599 lots, and a total open interest of 59,538 lots [2] Market Review - Last week, steel futures fluctuated weakly, the market sentiment was poor, and both futures and spot prices declined in resonance. In the spot market, the price of Tangshan steel billets was 2890 (-50) yuan/ton, the Shanghai rebar quote was 3120 (-60) yuan/ton, and the Shanghai hot-rolled coil was 3170 (-90) yuan/ton [4] - Macroscopically, the plenary meeting of the Expert Consultation Group of the State Council's Anti-Monopoly and Anti-Unfair Competition Commission was held in Beijing. The US Trade Representative's Office announced an extension of the exemption period for the 301 investigation on China's behavior, policies, and practices in technology transfer, intellectual property, and innovation [4] - Industrially, last week's rebar production was 2.26 million tons, a month-on-month decrease of 60,000 tons, apparent demand was 2.49 million tons, an increase of 20,000 tons, rebar mill inventory was 1.86 million tons, a decrease of 10,000 tons, social inventory was 3.95 million tons, a decrease of 220,000 tons, and total inventory was 5.81 million tons, a decrease of 230,000 tons. Hot-rolled coil production was 3.2 million tons, an increase of 140,000 tons, mill inventory was 750,000 tons, a decrease of 20,000 tons, social inventory was 2.58 million tons, a decrease of 50,000 tons, total inventory was 3.33 million tons, a decrease of 70,000 tons, and apparent demand was 3.27 million tons, an increase of 140,000 tons [5] Industry News - The US Trade Representative's Office extended the exemption period for the 301 investigation on China's behavior, policies, and practices in technology transfer, intellectual property, and innovation from May 31, 2025, to August 31, 2025 [6][7] - From January to April, the total profit of industrial enterprises above the designated size in China was 2.11702 trillion yuan, a year-on-year increase of 1.4%, 0.6 percentage points faster than from January to March. Among them, the steel industry's profit from January to April was 16.92 billion yuan [10] - The US Federal Court on May 28, 2025, blocked the tariff policy announced by former President Trump on April 2, 2025, and ruled that Trump's act of imposing comprehensive tariffs on countries with more exports than imports to the US was an overstep of authority [10] - The plenary meeting of the Expert Consultation Group of the State Council's Anti-Monopoly and Anti-Unfair Competition Commission was held in Beijing, emphasizing key tasks such as accelerating the construction of a unified national market, comprehensively rectifying "involutionary" competition, and strengthening competition supervision and law enforcement [10] Related Charts - The report includes charts on the trends of rebar and hot-rolled coil futures and their spreads, basis, spot regional price differences, smelting profits of long-process steel mills, short-process electric furnace profits in the East China region, blast furnace operating rates of 247 national steel mills, daily average pig iron production of 247 steel mills, rebar and hot-rolled coil production, social and mill inventories, total inventories, and apparent consumption [8][11][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, copper prices fluctuated within a range. The resumption of Trump's tariff ban and Powell's expression of the Fed's independent monetary - policy - making stance after the first meeting with Trump dampened the expectation of easing this year. The rebound of the US dollar index limited the upward movement of copper prices. Meanwhile, the shutdown of the underground operation in the Kakula section of the Kamoa copper mine and the record - low mid - year long - term TC quote of Antofagasta to CSPT provided strong support for copper prices from the supply side [2][8]. - Globally, the trade pattern still faces significant uncertainty risks. There are differences between the Fed and Trump in monetary - policy stances. Attention should be paid to the evolution of trade policies, their impact on the global supply chain, and the risk of stagflation in the US economy. Fundamentally, overseas mine - end disturbances are frequent, domestic refined copper remains in a tight balance, and social inventories are oscillating at a low level, providing solid support for copper prices. In the short term, copper prices are expected to maintain a range - bound oscillation, and attention should be paid to the pressure level of the previous LME copper price at $9,600 per ton [3][10]. 3. Summary According to Relevant Catalogs 3.1 Market Data - **Price Changes**: From May 23rd to May 30th, LME copper decreased from $9,614/ton to $9,497/ton, a decline of $117 or 1.22%; COMEX copper dropped from 486.5 cents/pound to 470.2 cents/pound, a decrease of 16.3 cents or 3.35%; SHFE copper fell from 78,270 yuan/ton to 77,600 yuan/ton, a decline of 670 yuan or 0.86%; International copper rose from 68,700 yuan/ton to 68,880 yuan/ton, an increase of 180 yuan or 0.26%. The Shanghai - London ratio increased from 8.14 to 8.17, the LME spot premium increased from $31.14/ton to $50.08/ton, a rise of 60.82%, and the Shanghai spot premium increased from 165 yuan/ton to 170 yuan/ton [4]. - **Inventory Changes**: As of May 30th, the total inventory of LME, COMEX, SHFE, and Shanghai bonded area decreased to 487,852 tons, a decline of 6.04% compared to May 23rd. Among them, LME inventory decreased by 30,925 tons to 148,450 tons, a decline of 17.24%; COMEX inventory increased by 10,965 short tons to 180,629 short tons, a rise of 6.46%; SHFE inventory increased by 7,120 tons to 105,773 tons, a rise of 7.22%; Shanghai bonded area inventory decreased by 18,500 tons to 53,000 tons, a decline of 25.87% [7]. 3.2 Market Analysis and Outlook - **Price Fluctuation Reasons**: The resumption of Trump's tariff ban and Powell's stance on independent monetary - policy - making restricted the upward movement of copper prices. The shutdown of the underground operation in the Kakula section of the Kamoa copper mine and the record - low TC quote provided support from the supply side. Overseas mine - end disturbances intensified, COMEX inventory exceeded LME inventory after three years, the Yangshan copper warrant premium was high, social inventories were at a low level, and the near - month B structure of the futures market widened slightly [2][8]. - **Inventory Situation**: As of May 30th, the total global inventory continued to decline. LME copper inventory decreased significantly, the LME 0 - 3B structure widened, and the proportion of cancelled warrants continued to rise to 51.5%. SHFE inventory rebounded slightly from a low level, Shanghai bonded area inventory decreased, the Yangshan copper bill of lading premium remained above $90, and COMEX inventory exceeded LME inventory for the first time in three years. The rise of the Shanghai - London ratio was mainly due to the rebound of the US dollar index [8]. - **Macro - situation**: The Fed's latest meeting minutes showed that the US economy continued to expand steadily, unemployment was low, inflation was generally controllable but rising, and trade policies had a large impact on the economic outlook. Powell expressed the Fed's independent stance, while Trump thought Powell's non - interest - rate - cut decision was wrong. The EU should be vigilant against potential economic downturn risks. In China, industrial enterprise profits from January to April increased by 1.4% year - on - year, showing a positive trend [9]. - **Supply - demand Situation**: The spot TC remained below - $40/ton, and Antofagasta's mid - year long - term TC quote to CSPT was a record - low - $15/ton, increasing concerns about raw - material supply shortages. Domestic refined copper was in a tight balance. On the demand side, power - grid investment projects were being tendered, copper - cable enterprises' weekly operating rate was about 80%, and orders for refined - copper rod enterprises were abundant. Although there was an expected significant decline in photovoltaic installation in May, emerging markets such as data centers, artificial intelligence, and new - energy vehicles brought strong growth expectations. Domestic social inventories remained around 140,000 tons, and the near - month B structure rebounded slightly [10]. 3.3 Industry News - **Supply - demand Forecast**: In March 2025, the global refined copper market had a supply surplus of 17,000 tons, narrowing from 180,000 tons in February. Overseas investment banks predicted a possible shortage in the global refined copper market in the second half of the year, and the risk of a "copper shortage" was increasing. Chile raised the global average copper price forecast for 2025 to $4.3 per pound [11]. - **Mine - end Incidents**: The underground operation of the Kakula mine in the Kamoa - Kakula copper mine was suspended due to increased water inflow. The mine was formulating a drainage plan, and the surface infrastructure was not affected. The Freeport Indonesia copper smelter in East Java resumed operation ahead of schedule and was expected to start producing cathode copper in the fourth week of June and reach full - capacity production in December [12][13]. - **Processing - fee and Market Transaction**: The processing fee for 8mm T1 cable rods in East China last week was in the range of 450 - 650 yuan/ton, a slight decrease of 30 - 50 yuan/ton compared to the previous week. The trading activity in the East China refined - copper rod market increased, while in South China, trading was mostly postponed to after the holiday. It was expected that the operating rate of domestic refined - copper rod enterprises would remain high in early June [14]. 3.4 Relevant Charts The report provides 18 charts, including the price trends of SHFE copper and LME copper, inventory changes in LME, COMEX, SHFE, and Shanghai bonded area, copper premium trends, copper import profit - loss trends, copper concentrate spot TC, and the net - long - position ratio of non - commercial traders in COMEX copper and the net - position changes of investment funds in LME copper, etc [15][22][36].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Last week, the main contract price of Shanghai zinc futures showed a weak and volatile trend. The market anticipates a Fed rate cut in September due to the smallest increase in the US core PCE in over four years. Concerns over tariffs have resurfaced, and the market's risk appetite is cautious. [3][4][11] - In May, the monthly output of refined zinc was 549,400 tons, slightly lower than expected. However, the supply is expected to recover strongly in June, with an estimated increase to 590,200 tons. The demand side shows strong resilience during the off - season, but there is a lack of continuous new export orders. [4][11][14] - Overall, the strong current fundamentals persist, and the inventory inflection point has yet to arrive, causing the decline in zinc prices to be impeded. However, with the strong recovery of refined zinc supply in June and the expected seasonal decline in consumption, the supply - demand balance is tilting marginally, and a bearish view on zinc prices is maintained. [4][12] Group 3: Summary by Directory 1. Transaction Data - The closing price of SHFE zinc on May 24 was 22,185 yuan/ton, and on June 2, it was 22,225 yuan/ton, with an increase of 40 yuan/ton. The closing price of LME zinc on May 24 was 2,712.5 dollars/ton, and on June 2, it was 2,693 dollars/ton, with a decrease of 19.5 dollars/ton. The Shanghai - London ratio increased from 8.18 to 8.25. [5] - The inventory of SHFE decreased by 1,763 tons, the inventory of LME decreased by 15,350 tons, and the social inventory decreased by 0.54 million tons. The spot premium decreased by 20 yuan/ton. [5] 2. Market Review - The main contract price of Shanghai zinc futures, ZN2507, rose rapidly on Monday evening last week due to rumors of an extended maintenance at a large smelter in Guangxi. However, the actual impact was lower than expected, and the price gave back its gains, ending at 22,225 yuan/ton, with a weekly increase of 0.05%. [6] - LME zinc's price center slightly moved up along the 5 - day moving average, but faced significant pressure from the 20 - day moving average, ending at 2,629.5 dollars/ton, with a weekly decline of 3.06%. It stabilized and rebounded weakly on June 2. [6] - In the spot market, the supply of goods remained tight, and traders held up prices. The spot premium increased slightly in the first half of the week but stabilized in the second half as downstream procurement declined. [7] - As of May 30, the LME zinc inventory decreased by 14,350 tons, the SHFE inventory decreased by 1,763 tons, and the social inventory decreased by 0.54 million tons. [8] - In terms of macro - factors, the US Federal Court initially blocked Trump's tariff policy, but the decision was later suspended. The Fed is cautious about rate cuts, and the market still anticipates a rate cut in September. Trump plans to raise the import steel tariff from 25% to 50% starting from June 4. The US has extended the exemption period for the 301 investigation on China until August 31. [9] - In China, the profit of industrial enterprises above a designated size increased by 3% year - on - year in April. The official manufacturing PMI in May was 49.5%, up 0.5 percentage points month - on - month, while the non - manufacturing PMI was 50.3%, down 0.1 percentage points month - on - month. [10] 3. Industry News - As of the week ending May 30, the weekly processing fees for domestic and foreign zinc concentrates were reported at 3,600 yuan/metal ton and 45 dollars/dry ton respectively, with a month - on - month increase of 100 yuan/metal ton and no change for the latter. [13] - The refined zinc output in May was 549,400 tons, slightly lower than expected, with a month - on - month increase of 1.08% and a year - on - year increase of 2.46%. The output in June is expected to be 590,200 tons, a month - on - month increase of 7.43%. [14] 4. Related Charts - The report provides multiple charts, including price trends of SHFE and LME zinc, internal and external price ratios, spot premiums, inventory levels, zinc ore processing fees, and downstream enterprise operating rates. [16][17][24][25]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overseas shipment volume of iron ore decreased week - on - week last week but remained at the highest level in the same period of the past three years, while the arrival volume increased week - on - week. On the demand side, due to the increase in furnace shutdown and maintenance during the off - season of steel mills recently, the molten iron output continued to decline. As the demand for steel products entered the off - season and the molten iron output decreased, it is expected that iron ore will fluctuate weakly [1][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 2961 | - 19 | - 0.64 | 9514050 | 3170785 | Yuan/ton | | SHFE Hot - Rolled Coil | 3076 | - 35 | - 1.13 | 3363117 | 1552234 | Yuan/ton | | DCE Iron Ore | 702.0 | 3.5 | 0.50 | 2120072 | 716254 | Yuan/ton | | DCE Coking Coal | 726.0 | - 73.5 | - 9.19 | 3455596 | 634111 | Yuan/ton | | DCE Coke | 1308.0 | - 56.0 | - 4.11 | 134599 | 59538 | Yuan/ton | [2] 3.2 Market Review - **Demand Side**: Recently, due to the increase in furnace shutdown and maintenance during the off - season of steel mills, the molten iron output continued to decline. Last week, the blast furnace operating rate of 247 steel mills was 83.87%, a week - on - week increase of 0.18 percentage points and a year - on - year increase of 2.22 percentage points; the blast furnace iron - making capacity utilization rate was 90.69%, a week - on - week decrease of 0.63 percentage points and a year - on - year increase of 2.52 percentage points; the steel mill profitability rate was 58.87%, a week - on - week decrease of 0.87 percentage points and a year - on - year increase of 6.06 percentage points; the daily average molten iron output was 2.4191 million tons, a week - on - week decrease of 16,900 tons and a year - on - year increase of 60,800 tons [4]. - **Supply Side**: Last week, the overseas shipment volume decreased week - on - week but was at the highest level in the same period of the past three years, and the arrival volume increased week - on - week. The total global iron ore shipment volume last week was 3.1887 million tons, a week - on - week decrease of 159,100 tons. The total iron ore shipment volume from Australia and Brazil was 2.79 million tons, a week - on - week increase of 14,500 tons. The total Australian shipment volume was 2.0132 million tons, a week - on - week increase of 124,500 tons, among which the volume shipped from Australia to China was 1.7812 million tons, a week - on - week increase of 146,200 tons. The total Brazilian shipment volume was 776,800 tons, a week - on - week decrease of 110,000 tons. The iron ore shipment volume from 19 ports in Australia and Brazil was 2.7292 million tons, a week - on - week increase of 23,100 tons. The Australian shipment volume was 1.9708 million tons, a week - on - week increase of 143,100 tons, among which the volume shipped from Australia to China was 1.7425 million tons, a week - on - week increase of 163,500 tons. The Brazilian shipment volume was 758,300 tons, a week - on - week decrease of 120,000 tons. In terms of inventory, the inventory of imported iron ore at 47 ports across the country was 14.46958 million tons, a week - on - week decrease of 122,250 tons; the daily average port clearance volume was 338,780 tons, a decrease of 4,410 tons [1][5]. 3.3 Industry News - On the 25th local time, US President Trump said that the EU requested to extend the tariff negotiation deadline to July 9th, and he had agreed to this request. Trump said that the conversation with the EU on tariff issues was "very pleasant." On the 23rd, Trump posted on social media that he proposed to impose a 50% tariff on goods from the EU starting from June 1st [9]. - The National Bureau of Statistics reported that from January to April, the total profit of industrial enterprises above the designated size in the country reached 2.11702 trillion yuan, a year - on - year increase of 1.4%, 0.6 percentage points faster than that from January to March. Among them, the steel industry made a profit of 1.692 billion yuan from January to April [9]. - The US Federal Court on May 28th local time blocked the tariff policy announced by US President Trump on April 2nd (Liberation Day) from taking effect and ruled that Trump's act of imposing comprehensive tariffs on countries with more exports than imports to the US exceeded his authority [9]. 3.4 Relevant Charts The report provides multiple charts related to the iron and steel industry, including the futures and spot price trends of rebar, hot - rolled coils, and iron ore, the basis trends, steel mill profit situations, steel production and inventory data, and iron ore shipment, arrival, and inventory data [8][10][12][14].

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The macro - risk preference is under pressure, and the fundamentals remain weak. The output of primary lead will decrease slightly month - on - month, but the output of secondary lead smelters will recover, with a significant expected month - on - month increase. The supply pressure will increase marginally. The consumption side remains in the off - season, and due to the Dragon Boat Festival holiday, some enterprises are on vacation. There is a mismatch between supply and demand, and there is still pressure on inventory accumulation. However, the cost support is solid, and there may be fluctuations near the lower edge of the shock box [3][6][7] Group 3: Summary by Directory Transaction Data - From May 26th to June 2nd, the SHFE lead price dropped from 16,795 yuan/ton to 16,620 yuan/ton, a decrease of 175 yuan/ton; the LME lead price dropped from 1,994 dollars/ton to 1,981 dollars/ton, a decrease of 13 dollars/ton. The Shanghai - London ratio decreased from 8.42 to 8.39. The SHFE inventory decreased by 1,928 tons to 46,500 tons, and the LME inventory decreased by 9,875 tons to 284,150 tons. The social inventory decreased by 0.09 million tons to 4.94 million tons. The spot premium decreased by 20 yuan/ton to - 180 yuan/ton [4] Market Review - Last week, the price of the main SHFE lead contract PB2507 continued to decline in a volatile manner, breaking through the lower edge of the shock box on Thursday night and ending at 16,620 yuan/ton, with a weekly decline of 1.42%. The LME lead price fluctuated sideways, ending at 1,963.5 dollars/ton, with a weekly decline of 1.53%. In the spot market, on May 30th, the price of lead in the Shanghai market was 16,535 - 16,565 yuan/ton, with a discount of 20 - 0 yuan/ton to the SHFE lead 2506/2507 contract. Downstream enterprises were mostly on the sidelines, with some willing to buy at low prices, while others had no purchasing plans due to the upcoming holiday or a pessimistic outlook on the market [5] Industry News - As of the week of May 30th, the weekly processing fees for domestic and foreign zinc concentrates were reported at 600 yuan/metal ton and - 35 dollars/dry ton respectively, remaining flat month - on - month. In May, the refined lead output was 331,200 tons, slightly lower than expected, with a month - on - month increase of 3.53% and a year - on - year increase of 14.7%. It is expected that the output in June will be 320,400 tons, a month - on - month decrease of 3.3%. The output of secondary refined lead in May was 222,500 tons, far lower than expected, with a month - on - month decrease of 36.4% and a year - on - year decrease of 16.9%. It is expected that the output in June will recover to 267,900 tons, a month - on - month increase of 19.9% [8] Related Charts - The report provides 14 related charts, including SHFE and LME lead prices, Shanghai - London ratio, inventory, premium, price difference between primary and secondary lead, waste battery price, secondary lead enterprise profit, lead ore processing fee, output, social inventory, and refined lead import profit and loss [9][12][13]