Report Industry Investment Rating No relevant content provided. Core View of the Report - The aluminum market is expected to experience large - range oscillations, with a relatively strong oscillation trend from late May to early June. The low inventory during the off - season and the expectation of rush - to - export continue to support the aluminum price, but the off - season characteristics of terminal operating rates are obvious, and the hype about the Guinea mining rights theme has cooled down. The resistance above 20,500 is still significant, and the aluminum price is expected to oscillate strongly at high levels. The Shanghai Aluminum 2507 contract is expected to trade in the range of 19,800 - 20,500 during the week around the Dragon Boat Festival, and it is advisable to wait and see or conduct short - band trading [5][12]. Summary by Related Catalogs Mid - term Market Analysis - **Trend Judgment**: The aluminum market is in a large - range oscillation, and it should be treated as a relatively strong oscillation from late May to early June. The low inventory during the off - season and the expectation of rush - to - export support the aluminum price, but the resistance above 20,500 is large, and it is recommended to hold a moderate amount of long positions [5]. Variety Trading Strategy - **Last Week's Strategy Review**: It was believed that the Shanghai Aluminum 2507 contract would continue to consolidate around 20,000, with an expected range of 19,800 - 20,500. It was advisable to wait and see or conduct short - band trading [7]. - **This Week's Strategy Suggestion**: The Shanghai Aluminum 2507 contract is expected to trade in the range of 19,800 - 20,500 during the week around the Dragon Boat Festival. It is advisable to wait and see or conduct short - band trading [8]. - **Suggestion for Spot Enterprises' Hedging**: Spot enterprises can consider making appropriate purchases at low prices [9]. Overall View Supply Side - **Bauxite Market**: The supply of domestic ore is expected to change little in the short term and remains tight. Although the import volume of bauxite reached a record high in April, some suppliers declared force majeure, which may affect imports after June [10]. - **Alumina Market**: As of May 22, China's alumina production capacity was 112.2 million tons, with an operating capacity of 86.35 million tons and an operating rate of 76.96%. The supply change is limited, and the spot is still in short supply. The profit margin has recovered, and enterprises' production willingness has increased. The price of domestic alumina futures is expected to be between 3,000 - 3,400 yuan/ton next week [10]. - **Electrolytic Aluminum Production**: As of May 22, the theoretical operating capacity of the domestic electrolytic aluminum industry was 43.865 million tons, an increase of 20,000 tons from the previous week. The global primary aluminum production growth rate is only 1.9%, and the room for further production increase this year is limited [10]. Demand Side - **Aluminum Profiles**: The national profile operating rate decreased by 0.5 percentage points to 56% this week, with significant regional differentiation in the building materials sector. The operating rate is expected to decline slightly in the short term [11]. - **Aluminum Sheets, Strips, and Foil**: The operating rate of leading aluminum sheet and strip enterprises increased by 0.4 percentage points to 67.6%. The export of terminal aluminum products has recovered, but it is still difficult to offset the seasonal decline in domestic consumption. The operating rate of aluminum foil leading enterprises decreased by 0.5 percentage points to 70.6%, and the industry is in the traditional off - season. The operating rate is expected to decline [11]. - **Aluminum Cables**: The operating rate of leading domestic aluminum cable enterprises decreased slightly by 0.4 percentage points to 64.8%, and it is expected to remain stable [11]. - **Alloys**: The operating rate of leading primary aluminum alloy enterprises remained stable at 54.6%, and it is expected to remain stable but weak. The operating rate of leading recycled aluminum enterprises decreased by 0.4 percentage points to 54.6%, and the terminal demand is weak. The operating rate is expected to continue to decline [11]. Inventory - **Electrolytic Aluminum**: The latest social inventory of aluminum ingots is 556,000 tons, a decrease of about 4% from the previous week and about 28% lower than the same period last year, reaching the lowest level since 2017. The social inventory of aluminum rods is 127,000 tons, a decrease of about 2% from the previous week and about 35% lower than the same period last year. The LME electrolytic aluminum inventory has been declining slightly since May 2024 and is currently at the lowest level since 1990 [11]. Profit - **Alumina Profit**: The average cash cost of the Chinese alumina industry is about 2,600 yuan/ton, and the profit is about 600 yuan/ton, up from about 450 yuan/ton last week [12]. - **Electrolytic Aluminum Profit**: The average production cost of domestic electrolytic aluminum is about 17,700 yuan/ton, and the theoretical profit is about 2,600 yuan/ton, down from 2,900 yuan/ton last week [12]. Market Expectation - There are no significant positive or negative factors in the macro - level next week. The supply side is stable, and the "rush - to - export" will continue to support demand. However, if the alumina price drops from a high level, the Shanghai Aluminum price may fall below 20,000. It is difficult to break through the upper limit of the 20,300 range [12]. Important Industry Link Price Changes - The price of Guinea bauxite increased slightly due to the willingness of mainstream mines to support prices. The coal market is weak, and the alumina price rose first and then fell, experiencing profit - taking [13]. Important Industry Link Inventory Changes - The domestic bauxite port inventory has increased for 6 consecutive weeks, and the alumina inventory has decreased slightly. The social inventory of aluminum ingots and aluminum rods is at a low level, and the LME aluminum inventory continues to decline [15][16]. Supply - Demand Situation - The average cash cost of the domestic alumina industry is about 2,620 yuan/ton, and the profit is about 600 yuan/ton. The production cost of electrolytic aluminum is about 17,700 yuan/ton, and the theoretical profit is about 2,600 yuan/ton. The theoretical import loss of electrolytic aluminum is about 1,100 yuan/ton [18]. - The operating rate of domestic aluminum processing downstream leading enterprises decreased by 0.2 percentage points to 61.4% this week, and it is expected to decline slightly next week [24][25]. Futures - Spot Structure - The current Shanghai Aluminum futures price structure is still neutral and relatively strong. The low inventory and the possible rush - to - export in China support the spot price against the futures price [29]. - Based on the past 10 - year statistical data, the probability of rise and fall in May and June is relatively balanced. Shanghai Aluminum is currently running close to the high - price range of the past 10 years, and it may continue to oscillate in the next week, with possible adjustments after the Dragon Boat Festival [34]. Spread Structure - The LME (0 - 3) is at a discount of $6.6/ton, and the A00 aluminum ingot spot is at a premium of 80 yuan/ton. The spread between aluminum ingots and ADC12 is about - 2,490 yuan/ton, and the spread between primary aluminum and alloy is at a relatively low level in recent years, which supports the electrolytic aluminum price [36][41][42]. Market Capital Situation - The net long position of the LME aluminum variety has continued to rise in the recent three weeks, and the short - term market may continue to rebound slightly. The net long position of the Shanghai Futures Exchange electrolytic aluminum variety has turned to a slight net short position this week, and the short - term may still have a slight adjustment [44][47].

Group 1: Report Overview - Report Title: Industrial Silicon and Lithium Carbonate Futures Weekly Report [2] - Report Period: May 26 - 30, 2025 [1] Group 2: Industrial Silicon Futures 1. Mid - term Market Analysis - Mid - term Trend: Industrial silicon futures prices maintain a weak trend [7] - Trend Logic: Domestic southwest wet - season electricity price is expected to drop from 0.35 yuan/kWh to 0.28 yuan/kWh, potentially lowering marginal cost by 200 - 300 yuan/ton; in March, exports to Europe increased 38% month - on - month but the average price fell 23.76% year - on - year; AI report shows prices in a downward channel [7] - Strategy Suggestion: Due to supply - demand contradictions and high inventory, it is recommended to wait and see [8] 2. Variety Trading Strategy - Last Week's Strategy Review: Prices maintained a weak trend, and it was recommended to wait and see [11] - This Week's Strategy Suggestion: Prices maintain a weak trend, and it is recommended to wait and see [11] 3. Relevant Data - As of April 19, 2024, SHFE cathode copper inventory was 300,045 tons, up 322 tons from the previous week, and at a relatively high level compared to the past five years [13] - As of April 19, 2024, LME copper inventory was 122,125 tons, with a cancelled warrant ratio of 25.73%, and at a relatively low level compared to the past five years [17] Group 3: Lithium Carbonate Futures 1. Mid - term Market Analysis - Mid - term Trend: Lithium carbonate futures prices fluctuate weakly [32] - Trend Logic: Last week, the spot price of lithium carbonate continued to fall, the cost support weakened as the ore price declined, downstream demand was mainly for rigid needs, and the market was oversupplied; the AI report shows prices in a downward channel [33] - Strategy Suggestion: Given the pessimistic market sentiment, prices may continue to fall, and it is recommended to wait and see [33] 2. Variety Trading Strategy - Last Week's Strategy Review: There is a possibility of continuous decline in lithium carbonate prices, and aggressive investors can consider buying put options [36] - This Week's Strategy Suggestion: There is a possibility of continuous decline in lithium carbonate prices, and aggressive investors can consider buying put options [37] 3. Relevant Data - As of April 19, 2024, SHFE electrolytic aluminum inventory was 228,537 tons, down 3,228 tons from the previous week, and at a relatively low level compared to the past five years [39] - As of April 19, 2024, LME aluminum inventory was 504,000 tons, with a cancelled warrant ratio of 66.03%, and at a relatively low level compared to the past five years [41]

Group 1: Report Overview - Report Title: Gold and Silver Futures Weekly Report [2] - Report Period: May 26 - May 30, 2025 [1] Group 2: Gold Futures 1. Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend [7] - Trend Logic: Last week's gold price increase was driven by a weakening US dollar, rising risk - aversion demand, differentiated macro - economic data, and changes in market expectations for Fed policies. In the short term, gold faces pressure from policy expectation adjustments and technical corrections. In the long term, geopolitical risks, central banks' shift to loose policies, and the acceleration of de - dollarization will support the upward movement of gold prices [7] - Mid - term Strategy: It is recommended to wait and see [8] 2. Variety Trading Strategy - Last Week's Strategy Review: Gold was under pressure at short - term highs, and it was recommended to wait and see. The support level for the main gold contract 2508 was 732 - 741, and the resistance level was 750 - 759 [10] - This Week's Strategy: It is recommended to allocate gold call options on dips. The support level for the main gold contract 2508 is 768 - 772, and the resistance level is 810 - 814 [11] 3. Relevant Data - Data includes the price trends of Shanghai Gold and COMEX gold, SPDR Gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference [17][19][21] Group 3: Silver Futures 1. Mid - term Market Analysis - Mid - term Trend: The overall trend of Shanghai Silver futures is in a sideways consolidation, possibly in the middle of the trend [30] - Trend Logic: Affected by the US dollar index, geopolitical risks, and Fed policy expectations, silver's short - term volatility has increased. However, the medium - term supply - demand fundamentals support the price center. The continuous global silver supply - demand gap, China's stimulus plans, and growing industrial demand, along with the enhanced safe - haven property of silver due to geopolitical risks [30] - Mid - term Strategy: It is recommended to use a grid trading strategy. The expected operating range for the Shanghai Silver contract 2508 is 7000 - 8800 [30] 2. Variety Trading Strategy - Last Week's Strategy Review: It was expected that the silver contract 2508 would oscillate in a large range, and a grid trading strategy was recommended with the range of 7000 - 8800 [32] - This Week's Strategy: It is expected that the silver contract 2508 will oscillate in a large range, and a grid trading strategy is recommended with the range of 7000 - 8800 [32] 3. Relevant Data - Data includes the price trends of Shanghai Silver and COMEX silver, SLV Silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and silver internal - external price difference [41][43][45]

豆粕、豆油 期货品种周报 01 P A R T 豆粕期货 2025.05.26-05.30 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 中线行情分析 中线趋势来看，豆粕主力处于宽幅震荡的阶段。 中线趋势判断 1 趋势判断逻辑 品种交易策略 n 上周策略回顾 豆粕期价整体趋势处于下行通道中,资金方面略微偏空。供 应宽松格局下预计M2509短期内弱势震荡，运行区间：2850- 3000，可考虑区间操作。 n 本周策略建议 豆粕期价整体趋势横盘阶段,资金方面较为偏多。短期内M2509 预计宽幅震荡整理，运行区间：2850-3000，可考虑区间操作。 品种诊断情况 据Mysteel数据：第20周油厂大豆实际压榨量190.55万吨，开机率为 53.56%。大豆库存586.83万吨，较上周增加51.92万吨，增幅9.71%；豆 粕库存12.17万吨，较上周增加2.05万吨，增幅20.26%。巴西大豆收割接 近尾声，出口高峰叠加国内大豆到港量攀升，油厂压榨率持续回升，供 应宽松预期明确。然而，豆粕累库节奏速度较慢且阿根廷洪涝灾害引发 的减产担忧提振市场情绪，为价格注入阶段性支撑。综合 ...

2025.05.26-05.30 螺纹钢、铁矿石 期货品种周报 01 P A R T 螺纹钢期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 中线行情分析 根据长城期货AI智能大数据量化策略模型分析，螺纹钢期货主力合 约本周预计运行区间为3100至2950，建议关注3100一线的压力位 置。中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量231万吨，表观消费量247万吨，主要钢厂库存187万 吨，社会库存629万吨。长城期货AI智能投询品种诊断报告显示螺纹钢 期货价格日线级别处于横盘阶段，资金方面则空方阵营略占优势。 2 钢材现货客户可考虑分步实施卖出保值策略。 中线策略建议 3 品种交易策略 钢材现货客户可考虑分步实施卖出保值策略。 n 上周策略回顾 n 本周策略建议 现货客户可考虑分步实施卖出保值策略，参考运行区间为 3100至2950，可留意3100一线的压力位置。 n 现货企业套期保值建议 钢材生产企业可考虑分步实施50%现货比例的卖出保值策略。 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 相关数据情况 本报告数据来源 ...

2025.05.19-05.23 螺纹钢、铁矿石 期货品种周报 01 P A R T 螺纹钢期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 长城期货AI智能大数据量化策略模型分析螺纹钢期货主力合约本周 运行区间为3130至2980，建议关注3130一线的压力位置。 中线趋势判断 1 趋势判断逻辑 螺纹钢周度产量226万吨，表观消费量260万吨，主要钢厂库存185万 吨，社会库存650万吨。长城期货AI智能投询品种诊断报告显示螺纹钢 期货价格日线级别处于下行通道中。 2 目录 中线行情分析 钢材现货客户可考虑分步实施卖出保值策略。 中线策略建议 3 钢材现货客户可考虑分步实施卖出保值策略。 n 上周策略回顾 n 本周策略建议 现货客户可考虑分步实施卖出保值策略，参考运行区间为 3130至2980，可留意3130一线的压力位置。 n 现货企业套期保值建议 钢材生产企业可考虑分步实施50%现货比例的卖出保值策略。 相关数据情况 品种交易策略 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相 ...

Report Overview - Report Title: Weekly Report on Soybean Meal and Soybean Oil Futures [2] - Report Period: May 19 - 23, 2025 [1] 1. Soybean Meal Futures 1.1 Investment Rating - Not provided 1.2 Core View - The soybean meal futures price is expected to continue its weak oscillatory consolidation in the medium - term, and short - term M2509 is expected to oscillate weakly in the range of 2850 - 3000 [6][10] 1.3 Section Summaries 1.3.1 Medium - term Market Analysis - Medium - term trend: The main soybean meal contract is in a stage of weak oscillatory consolidation [6] - Trend logic: In the 19th week, the actual soybean crushing volume of oil mills was 1.846 million tons, with an operating rate of 51.89%. Soybean inventory was 5.3491 million tons, a week - on - week increase of 0.6027 million tons (12.70%); soybean meal inventory was 101,200 tons, a week - on - week increase of 19,100 tons (23.26%). The concentrated listing of Brazilian soybeans and the easing of Sino - US trade relations have led to a more abundant global soybean supply. The increase in domestic imports and the recovery of the oil mill operating rate have strengthened the loose pattern of soybean meal. However, the current terminal breeding feed demand is fair, and the historically low soybean meal inventory restricts the phased release of supply, providing some support for prices [6] - Strategy suggestion: It is recommended to wait and see [6] 1.3.2 Variety Trading Strategy - Last week's strategy review: The overall trend of the soybean meal futures price was in a downward channel, with slightly more funds on the long side. M2509 was expected to continue its weak oscillation in the short term, with an operating range of 2850 - 3000, and interval operations could be considered [9] - This week's strategy suggestion: The overall trend of the soybean meal futures price is in a downward channel, with slightly more funds on the short side. Under the loose supply pattern, M2509 is expected to oscillate weakly in the short term, with an operating range of 2850 - 3000, and interval operations can be considered [10] - Variety diagnosis: The long - short flow is - 48.5, indicating that the main force is slightly bearish; the capital energy is 12.7, and the funds are basically stable; the long - short divergence is 96.1, indicating a high risk of market reversal [13] 1.3.3 Relevant Data - Data sources include Wind, Mysteel, and the Trading Consultation Department of Great Wall Futures [17][20][22] - Relevant data include weekly production, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio of soybean meal [17][19][22] 2. Soybean Oil Futures 2.1 Investment Rating - Not provided 2.2 Core View - The soybean oil futures price is expected to continue its range - bound oscillation in the medium - term, and short - term Y2509 is expected to maintain the range - bound oscillation pattern in the range of 7650 - 8000 [27][31] 2.3 Section Summaries 2.3.1 Medium - term Market Analysis - Medium - term trend: The overall trend of the main soybean oil contract continues the range - bound oscillation [27] - Trend logic: According to Mysteel data, in the 19th week, the actual soybean oil production of 125 oil mills was 350,700 tons, an increase of 61,400 tons from the previous week. The commercial inventory of soybean oil in key national regions was 654,400 tons, an increase of 27,600 tons from the previous week. With the increase in soybean supply to oil mills and the recovery of the operating rate, the increase in crushing volume has led to a more abundant soybean oil supply, but weak terminal consumption has kept market transactions sluggish. The current soybean oil inventory is still at a historical low, and the easing of Sino - US trade relations has improved the macro sentiment, providing support. However, the uncertainty of the US biodiesel policy and the fluctuations in crude oil prices have added to market disturbances [27] - Strategy suggestion: It is recommended to wait and see [27] 2.3.2 Variety Trading Strategy - Last week's strategy review: The overall trend of the soybean oil futures price was in a sideways consolidation stage, with more funds on the long side. It was expected to maintain the range - bound oscillation in the short term. The operating range of Y2509 was 7650 - 8000, and interval operations could be considered [30] - This week's strategy suggestion: The overall trend of the soybean oil futures price is in a sideways consolidation stage, with more funds on the short side. Due to the loose supply - demand situation of soybean oil futures, combined with crude oil fluctuations and policy disturbances, it is expected to maintain the range - bound oscillation pattern in the short term. The operating range of Y2509 is 7650 - 8000, and interval operations can be considered [31] - Variety diagnosis: The long - short flow is - 56.5, indicating that the main force is relatively bearish; the capital energy is - 2.2, and the funds are basically stable; the long - short divergence is 63.0, indicating a low risk of market reversal [34] 2.3.3 Relevant Data - Data sources include Wind, Mysteel, and the Trading Consultation Department of Great Wall Futures [40][44][49] - Relevant data include weekly production, weekly inventory, basis, trading volume of soybean oil, as well as weekly arrival volume, weekly inventory, weekly crushing volume, weekly operating rate of soybeans, and weekly port inventory [38][41][45]

2025.05.19-05.23 黄金、白银 期货品种周报 01 P A R T 黄金期货 中线行情分析 沪金期货整体趋势处在上升通道中，当前可能处于趋势尾声。 中线趋势判断 1 趋势判断逻辑 中美贸易缓和降低短期避险需求、美联储鹰派立场支撑美元走强、全球 央行购金节奏阶段性放缓、技术面修正压力显现以及地缘风险边际收敛。 尽管中长期仍受去美元化和央行购金支撑，但短期市场需消化政策预期 与流动性拐点的影响。需关注5月20日后美联储政策路径、6月欧洲央行 降息节奏及中美贸易谈判进展，以判断黄金是否能重回上行通道。 2 建议观望。 中线策略建议 3 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 品种交易策略 n 上周策略回顾 黄金短期回调，等待时机配置买入看涨期权。黄金主力合约2508 下方支撑：776－785，上方压力828-837。 n 本周策略建议 黄金短期高位承压，建议观望。黄金主力合约2508下方支撑： 732－741，上方压力750－759。 品种诊断情况 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 精选指标情况 本报告数据来源为Wind、Myst ...

2025.05.19-05.23 纯碱、玻璃 期货品种周报 01 P A R T 纯碱期货 中线行情分析 纯碱期货处于震荡阶段。 中线趋势判断 1 趋势判断逻辑 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 本周企业检修致供应下降，企业待发支撑下现货价格稳定。 纯碱需求淡稳，下游补库，采购可按需进行，消费及开工稳 健，出口情绪提升、部分企业接单量增。本周浮法拟新增一 条 500 吨产线点火、光伏保持稳定。预期纯碱2509运行区间 1250-1400，可考虑空仓观望。 本周有企业加入检修，个别企业陆续恢复，整体供应呈现下降预期， 预计产量67+万吨，开工率79+%。供应下降，企业待发支撑，现货 价格相对稳定。纯碱需求淡稳，下游有补库，当前现货价格尚可， 根据自身情况采购。整体消费波动不大，装置开工相对稳健。近期 出口情绪提升，有企业接单量增加。上周，浮法日熔量15.67万吨， 环比增加1 6 0 0吨，光伏日熔量9 . 8 8万吨，环比稳定。本周，浮法 预期一条500点火，光伏预期稳定。 综上所述，短期看，纯碱走势呈现稳定态势，情绪改善。 2 建议观望 中线策略建议 3 品 ...

Report Overview - Report period: May 19 - 23, 2025 [1] - Report title: Weekly Report on Industrial Silicon and Lithium Carbonate Futures [2] Industrial Silicon Futures 1. Investment Rating - Not provided 2. Core View - Industrial silicon futures prices maintain a weak trend due to poor supply - demand fundamentals, and it is recommended to wait and see [7][8] 3. Summary by Directory 3.1 Mid - line Market Analysis - Mid - line trend: Industrial silicon futures prices maintain a weak trend [7] - Trend logic: Affected by poor supply - demand fundamentals, prices continue to decline. Weak demand in the photovoltaic industry, cautious downstream procurement, low trading volume in the silicone market, and limited demand from aluminum alloy manufacturers [7] - Strategy recommendation: Wait and see due to the existing supply - demand contradiction in the industrial silicon market [8] 3.2 Variety Trading Strategy - Last week's strategy: Maintain a weak trend, recommend waiting and seeing [11] - This week's strategy: Maintain a weak trend, recommend waiting and seeing [11] 3.3 Related Data Situation - As of April 19, 2024, the cathode copper inventory on the Shanghai Futures Exchange was 300,045 tons, an increase of 322 tons from the previous week, and the current inventory is at a relatively high level compared to the past five years [13] - As of April 19, 2024, the LME copper inventory was 122,125 tons, and the proportion of cancelled warrants was 25.73%. The current inventory is at a relatively low level compared to the past five years [17][21][23] Lithium Carbonate Futures 1. Investment Rating - Not provided 2. Core View - Lithium carbonate futures prices operate weakly in a volatile manner. There is a possibility of continuous decline, and radical investors can consider buying put options [28][34] 3. Summary by Directory 3.1 Mid - line Market Analysis - Mid - line trend: Lithium carbonate futures prices operate weakly in a volatile manner [28] - Trend logic: The spot price of lithium carbonate fell last week. Some integrated production enterprises face cost inversion. Downstream enterprises mainly stock up for rigid needs and are highly watchful. The overall market has oversupply. However, recent Sino - US tariff adjustments may increase the export expectation of energy - storage batteries and long - term demand for lithium carbonate. Technically, the daily line of lithium carbonate futures is basically in a downward channel [29] - Strategy recommendation: Wait and see due to the pessimistic market sentiment and the possibility of continuous decline in lithium carbonate prices [29] 3.2 Variety Trading Strategy - Last week's strategy: There is a possibility of continuous decline in lithium carbonate prices. Radical investors can consider buying put options [33] - This week's strategy: There is a possibility of continuous decline in lithium carbonate prices. Radical investors can consider buying put options [34] 3.3 Related Data Situation - As of April 19, 2024, the electrolytic aluminum inventory on the Shanghai Futures Exchange was 228,537 tons, a decrease of 3,228 tons from the previous week, and the current inventory is at a relatively low level compared to the past five years [36] - As of April 19, 2024, the LME aluminum inventory was 504,000 tons, and the proportion of cancelled warrants was 66.03%. The current inventory is at a relatively low level compared to the past five years [39][44]