1. Report Industry Investment Ratings - **Macro - finance**: Index futures are expected to oscillate; Treasury bonds are expected to oscillate upward [1][5] - **Black building materials**: Rebar - temporary wait - and - see; Iron ore - oscillate weakly; Coking coal and coke - oscillate [1][5][6] - **Non - ferrous metals**: Copper - consider moderately building long positions after market panic fully subsides; Aluminum - moderately go long at low prices; Nickel - suggest waiting or shorting on rallies; Tin - range trading; Gold - build long positions at low prices after sufficient price pull - back; Silver - range trading [1][11][13] - **Energy and chemicals**: PVC - oscillate; Soda ash - hold short positions in call options; Caustic soda - oscillate; Rubber - oscillate; Urea - oscillate; Methanol - oscillate [1][20][21] - **Cotton textile industry chain**: Cotton and cotton yarn - oscillate weakly; Apple - oscillate strongly; PTA - oscillate weakly [1][26][27] - **Agriculture and animal husbandry**: Live pigs - oscillate weakly; Eggs - near - month contracts are strongly supported, far - month contracts are bearish on rallies; Corn - go long at low prices; Soybean meal - weak in the near - term, strong in the long - term; Oils and fats - weakly oscillate [1][30][32] 2. Core Views - The global market is affected by the US tariff policy, with high volatility and uncertainty. The tariff war between the US and other countries has a significant impact on various asset prices, and the subsequent game is still intense [5][11][18] - Different commodities have different supply - demand fundamentals and price trends. Some are affected by supply - side factors such as production capacity and inventory, while others are influenced by demand - side factors such as consumption and export [6][20][31] - The bond market is affected by factors such as the expectation of reserve requirement ratio cuts and interest rate cuts, and the risk premium has not been fully priced, resulting in high volatility [5] 3. Summary by Categories Macro - finance - **Index futures**: Affected by the tariff war, although the offshore RMB has risen sharply, the game is still ongoing, and the index futures may oscillate [5] - **Treasury bonds**: Market expectations of reserve requirement ratio cuts and interest rate cuts have risen and then fallen. The tariff game is volatile, and the bond market may show a two - way wide - range oscillation pattern [5] Black building materials - **Rebar**: The price is affected by tariff policies. Although direct exports to the US are small, indirect exports are impacted. It is advisable to wait and see in the short term [6] - **Iron ore**: Supply is strong, and the growth of molten iron is expected to slow down. Affected by foreign tariff policies and domestic reserve requirement ratio cut and interest rate cut expectations, it is recommended to wait and see [6][7] - **Coking coal and coke**: The coking coal market is in a state of tight supply - demand balance, but price upward resistance increases. The coke market is in a stalemate between policy negatives and industrial games, and price fluctuations intensify [8][9] Non - ferrous metals - **Copper**: The tariff war increases the probability of a global economic recession, causing copper prices to decline. However, the long - term demand logic remains, and the short - term fundamentals are still resilient [11] - **Aluminum**: The overall supply of the ore end is improving, and the demand of downstream processing enterprises is weakening. It is recommended to strengthen observation and pay attention to policy changes [13] - **Nickel**: Affected by policies and supply - demand factors, the nickel price is expected to oscillate widely. It is recommended to wait or conduct range trading [15][16] - **Tin**: The supply of tin ore is tight, and the downstream semiconductor industry is expected to recover. It is recommended to build long positions at low prices [17] - **Gold and silver**: Affected by the US tariff policy, the market has a strong expectation of economic recession, and the prices have pulled back. It is recommended to build long positions at low prices after sufficient pull - backs [18][19] Energy and chemicals - **PVC**: The long - term demand is weak, and the supply pressure is large. The current situation is difficult to change. It mainly follows the market fluctuations and is expected to oscillate strongly in the short term [20] - **Caustic soda**: The profit is neutral, the inventory is high, and the downstream demand is weak. The price is expected to oscillate weakly [21] - **Rubber**: The fundamental situation is weak, but affected by the suspension of tariffs and the rise of oil prices, the price is expected to oscillate strongly in the short term [22] - **Urea**: The supply is abundant, the demand is relatively stable, and the inventory is in the process of seasonal destocking. It is recommended for range trading [24][25] - **Methanol**: The supply is at a high level, the demand is relatively stable, and the inventory is decreasing. It is expected to oscillate widely [25][26] - **Soda ash**: The supply is increasing, and the price is under pressure. It is recommended to hold short positions in call options [26] Cotton textile industry chain - **Cotton**: The market consumption is not strong, but the acceptance of low prices is high, and it is expected to continue to oscillate [27] - **Apple**: The inventory is low, the sales are good, and the price is expected to oscillate strongly, but macro risks need to be noted [27] - **PTA**: Although the supply - demand situation is good, the price is under pressure due to cost and consumption factors, and it is recommended to pay attention to the support level [29] Agriculture and animal husbandry - **Live pigs**: The short - term supply pressure is large, and the consumption is in the off - season. The price is expected to oscillate weakly. It is recommended to short on rallies [30][31] - **Eggs**: The short - term supply pressure is large, and the long - term supply is expected to increase. It is recommended to wait and see for near - month contracts and be bearish on far - month contracts [32] - **Corn**: The short - term spot price has support, and the long - term supply - demand is tightening, but the upside space is limited. It is recommended to go long at low prices [33] - **Soybean meal**: The short - term price is affected by sentiment and supply - demand, and the long - term price is expected to rise. It is recommended to short near - term contracts on rallies and go long on the far - term contract [34][35] - **Oils and fats**: Affected by the US tariff policy and supply - demand factors, the price is expected to oscillate weakly in the short term and may first fall and then rise in the long term [36][38]

棉纺策略日报 简要观点 ◆ 棉花：承压下行 国内棉花供需基本够用，可能略趋紧，新疆轧花厂销售压力已经释放， 大约释放 60%，未点价 40%，资源集中到几个巨头贸易商手上，零散 贸易商队伍庞大，普遍吃货不够，买货难，基差不断上涨，中国以外资 源相对充裕，外盘相对弱些，外盘 CFTC 持仓，基金持仓是净空头（5 万多万多手，22.68 吨/手），产业是净多头（5 万多手），未点价，想 接货，到了交割期，基金不想接货，总会平衡，最终达到一个平衡，双 方会平仓。国内由于产业链环节产能过剩，消费难以有增量，造成内卷， 利润越来少，限制棉花涨幅。对等关税政策调整，除了中国，美国宣布 对大部分国家暂停 90 天关税，并且在此期间大幅降低"对等关税"至 10%，目前中美博弈进入激烈阶段，面对出口严峻的形势，认为 4 月开 始进入压力冲击阶段，二季度不乐观。到了下半年，我们要面对几个变 数，一是新疆喀什等地区开发的盐碱地，大约 200 万亩，只能种植棉 花，其他种植作物不挣钱，会改种棉花，新疆可能增面积达 10%，新 年度棉花丰产可能到 720-750 万吨，这个是比较利空的，巴西种植 3 月 13 日已经结束，播种进度 9 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The short - term price of live pigs will fluctuate around 14 yuan/kg, but in the medium - to - long - term, due to increased supply and weak demand, the risk of price decline intensifies. Egg prices are under pressure in the short - term, and the supply will continue to increase in the long - term. For oils, they may rise slightly in the short - term and decline in the second quarter, then rebound in the third quarter. The short - term price of soybean meal is supported, but the 05 and 07 contracts have limited upside space, while the 09 contract is bullish. Corn prices are expected to be stable with an upward trend, with limited upside space in the long - term [1][2][5][8][9]. 3. Summary by Related Catalogs Live Pigs - On April 10, the spot prices in Liaoning, Henan, Sichuan, and Guangdong were stable. In April, the supply of live pigs increased, with the planned slaughter volume of key provincial breeding enterprises up 3.25% month - on - month. The short - term price will fluctuate around 14 yuan/kg. In the medium - to - long - term, from April to September 2024, the supply will increase, and the price decline risk intensifies. The strategy is to sell short on rebounds, and sell out - of - the - money call options for 07 and 09 contracts [1]. Eggs - On April 10, the price in Shandong Dezhou was stable, while the price in Beijing increased. In April, the supply pressure is large, but the supply - demand pattern has marginally improved. In the long - term, the supply will continue to increase in the second quarter and the upward trend in the second half of the year may be hard to reverse. For the 05 contract, non - holders should be cautious about shorting, and the far - month contracts are under pressure [2]. Oils Palm Oil - On April 9, the Malaysian palm oil futures price fell. The export in March increased slightly, but the production increased more, and the inventory is expected to rise. The short - term price may rebound slightly, and the 06 contract should focus on the 4000 support level. In the long - term, the price is likely to decline [5]. Soybean Oil - Although the US may increase biodiesel blending, the overall fundamentals are bearish. The short - term price of US soybeans is weak, and the domestic soybean oil price may be boosted in the short - term. In the medium - term, the supply pressure is large, and the price may first fall and then rise in the long - term [6]. Rapeseed Oil - The export of Canadian rapeseed is affected. The domestic supply pressure is large in April, but the inventory may start to decline in May. In the long - term, the price is expected to stop falling and rebound [7]. - Overall, domestic oils may rise slightly in the short - term, with rapeseed oil being the strongest, followed by soybean oil and palm oil. In the long - term, they may decline in the second quarter and rebound in the third quarter. The strategy is to wait and see for the 09 contracts and focus on the spread - widening strategy of the 09 rapeseed - palm oil spread [8]. Soybean Meal - On April 9, the US soybean futures price rose. The short - term price of domestic soybean meal is supported, but the 05 and 07 contracts have limited upside space due to large supply from April to July. The 09 contract is bullish in the long - term. The strategy is to be cautious about chasing long for 05 and 07 contracts, and go long on the 09 contract [8]. Corn - On April 9, the price in Jinzhou Port was stable, while the price in Shandong Weifang Xingmao decreased. The short - term price has support, and in the long - term, the supply - demand is tightening, but the upside space is limited. The strategy is to be bullish on the overall trend, buy on dips for the 05 contract, and focus on the 5 - 9 and 5 - 7 positive spreads [9][10]. Today's Futures Market Overview - The table shows the prices and daily changes of various futures and spot products such as CBOT soybeans, soybean meal, corn, etc. on different trading days [11].

◆ 烧碱： 能源化工日报 日度观点: ◆ PVC： 4 月 9 日 PVC 主力 05 合约收盘 4861 元/吨（-46），常州市场价 4750 元 /吨（-50），主力基差-111 元/吨（-4），广州市场价 4840 元/吨（-70）， 杭州市场价 4780 元/吨（-60）；兰炭中料 675（0）元/吨，乌海电石 2700 （0）元/吨，乙烯 7100（0）元/吨。长期看 PVC 需求在地产拖累下持续 低迷，出口受反倾销和 BIS 认证等压制，且出口体量总体占比小（12% 左右）；供应端有不少新投计划，且烧碱利润高开工持续维持高位，库 存高企供应压力较大；基本面需求不足、产能过剩，供需宽松格局，偏 空配。4 月中旬开始环比有增多同比偏少，出口以价换量持稳状态，内 需季节性恢复；估值中性，当前 PVC 难改供需疲软格局，基本面驱动有 限。交易宏观权重在加大，主要跟随大盘波动，4 月 10 日凌晨关税暂停， 宏观风险偏好有提升，油价上涨，今日盘面预计震荡偏强。宏观面，一 是关注关税战的进一步发展情况，包括其他国家是否对华加征关税。二 是海外经济预期，三是关注国内刺激政策力度，降准降息预期等。基本 面关注出 ...

Report Industry Investment Ratings - **Macro Finance**: Index futures are expected to fluctuate weakly, while treasury bonds are expected to fluctuate upward [1][5] - **Black Building Materials**: Rebar, iron ore are expected to fluctuate weakly, and coking coal and coke are expected to fluctuate [1][5][6] - **Non - ferrous Metals**: Copper is recommended to moderately layout long positions after the market panic is fully released; aluminum is recommended to strengthen observation; nickel is recommended to observe or short on rallies; tin is recommended for range - bound operations; gold is recommended to build long positions at low prices after sufficient price corrections; silver is recommended for range - bound operations [1][10][12][14] - **Energy and Chemicals**: PVC, caustic soda, rubber are expected to fluctuate weakly; urea and methanol are expected to fluctuate; soda ash is recommended to hold short positions in call options [1][19][20][21] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to fluctuate weakly; apples are expected to fluctuate strongly; PTA is expected to fluctuate weakly [1][26][27][28] - **Agriculture and Animal Husbandry**: Pigs are expected to fluctuate weakly; eggs are strongly supported in the near - term and short on rallies in the far - term; corn is recommended to go long at low prices; soybean meal is weak in the near - term and strong in the far - term; oils are expected to fluctuate weakly [1][30][32][33] Core Views The report comprehensively analyzes the futures market trends of various industries. It is affected by multiple factors such as US tariff policies, supply - demand relationships, and market sentiment. Different industries and varieties show different trends and investment opportunities, and investors need to pay attention to policy changes, supply - demand dynamics, and market sentiment [5][10][19] Summary by Directory Macro Finance - **Index Futures**: In the short - term, it is under pressure. After the government introduces favorable policies, it may rebound. In the medium - term, if there are super - expected policies, the internal driving force will be enhanced; otherwise, it may still be under pressure [5] - **Treasury Bonds**: Since early April, the extreme risk - aversion sentiment has driven the yield to decline too fast. There is a need for adjustment. Considering the uncertainty of trade policies, the interest rate decline process may be repeated [5] Black Building Materials - **Rebar**: Affected by the tariff storm, the direct and indirect exports of steel will be impacted. In the short - term, the market sentiment is affected, and the actual demand is under pressure. It is expected to fluctuate weakly [6] - **Iron Ore**: The tariff negative impact has eased. The supply side is strong, and the iron - water growth rate is expected to slow down. It is recommended to observe around the US tariff and domestic policies [6] - **Coking Coal and Coke**: For coking coal, the supply pressure has recovered, and the demand is mainly rigid. For coke, the supply is increasing steadily, and the demand is improving marginally. Both are affected by the overall market and need to pay attention to terminal demand and inventory [7][8] Non - ferrous Metals - **Copper**: The US tariff war increases the probability of a global economic recession, causing copper prices to decline. However, the long - term demand logic remains, and the short - term fundamentals are still resilient [10] - **Aluminum**: The overall supply of the ore end is improving, and the demand of downstream processing enterprises is declining. There is a short - term downward risk, and it is recommended to strengthen observation [12] - **Nickel**: Affected by policies and supply - demand relationships, the nickel ore price has an upward expectation, but the refined nickel is in an oversupply pattern. It is recommended to observe or short on rallies [14][15] - **Tin**: The semiconductor industry is expected to recover, and the tin ore supply is tight. The price is expected to fluctuate greatly, and it is recommended to build long positions at low prices [16] - **Gold and Silver**: Affected by the US tariff policy, the market has a recession expectation, and the prices have corrected. However, the central bank's gold - buying demand and downstream industrial demand support the prices. It is recommended to build long positions at low prices after sufficient price corrections [17][18] Energy and Chemicals - **PVC**: The long - term demand is sluggish, the supply is under pressure, and the supply - demand pattern is loose. It is expected to fluctuate weakly, and it is necessary to pay attention to macro policies and export and maintenance dynamics [19] - **Caustic Soda**: The profit is neutral, the inventory is high, and the market sentiment is poor. However, the export orders may improve. It is recommended to be cautiously bearish and pay attention to inventory and production capacity changes [21] - **Rubber**: It is mainly affected by the macro - environment. The overseas demand is weak, and the domestic supply is loose. It is recommended to be bearish before the tariff impact changes [21] - **Urea**: The supply is slightly reduced, the demand is stable, and the inventory is in the seasonal destocking stage. It is necessary to pay attention to the price correction risk caused by the US tariff policy [23][24] - **Methanol**: The supply is at a high level, the demand of the main downstream is stable, and the inventory is in the destocking stage. It is necessary to pay attention to the price correction risk caused by the tariff policy [24][25] - **Soda Ash**: The supply is increasing, and the price is under pressure. It is recommended to hold short positions in call options [25] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply is expected to increase slightly, and the consumption is also expected to increase. The market consumption is not strong, and it is expected to fluctuate weakly [26] - **Apples**: The inventory is low, and the price is expected to fluctuate strongly, but it is necessary to pay attention to macro risks [27] - **PTA**: The cost has collapsed due to external factors, and the terminal export orders are not good. Although the supply - demand is good and the inventory is decreasing, the price is not optimistic [28][29] Agriculture and Animal Husbandry - **Pigs**: In the short - term, the price fluctuates around 14 yuan/kg. In the medium - to long - term, the supply is increasing, and the price is under pressure. It is recommended to short on rallies [30][31][32] - **Eggs**: In the short - term, the supply pressure is large, but the supply growth rate is weakened. In the long - term, the supply will continue to increase. It is recommended to observe in the near - term and short on rallies in the far - term [32] - **Corn**: In the short - term, the spot price is easy to rise and difficult to fall. In the medium - to long - term, the supply - demand is tightening, but the upside space is limited. It is recommended to go long at low prices [33][34] - **Soybean Meal**: In the short - term, the 05 and 07 contracts are under pressure, and the 09 contract is expected to be strong. It is recommended to short on rallies for 05 and 07 and go long for 09 [34][35][36] - **Oils**: In the short - term, it is expected to fluctuate weakly. In the medium - to long - term, the supply of soybean oil and palm oil will increase, and the price may decline first and then rebound. It is recommended to observe and pay attention to spread trading [36][38][39]

饲料养殖产业日报 日度观点 ◆生猪： 4 月 9 日辽宁现货 14-14.3 元/公斤，较上日跌 0.1 元/公斤；河南 14.3- 14.9 元/公斤，较上日跌 0.1 元/公斤；四川 14.2-14.7 元/公斤，较上日稳 定；广东 15.2-15.8 元/公斤，较上日稳定，今日早间猪价北跌南稳。目前 行业养殖利润仍存，短期规模场多控重出猪均摊生产成本，且肥标价差虽缩 窄但仍处高位，养殖端降重出猪意愿不足，二育低位入场积极性较好，以及 屠宰库存偏低，猪价低位也会考虑冻品入库，均支撑价格。不过价格涨高后 二次育肥介入谨慎，大猪出栏积极性增强，而终端消费增量有限，屠企大多 亏损，猪价上方承压，短期猪价围绕 14 元/公斤震荡整理，关注企业出栏节 奏、二育和屠宰冻品入库情况。中长期来看，能繁母猪存栏 2024 年 5-11 月持续缓增，生产性能提升，在疫情平稳情况下，4-9 月供应呈增加态势， 根据仔猪数据和存栏结构，2024 年 11-2025 年 2 月仔猪同比增加，2 月中 大猪存栏占比增长，二季度出栏压力仍大，叠加生猪体重偏高，而上半年消 费淡季，在供强需弱格局下，猪价下跌风险加剧，向成本回归，关注二育 ...

棉纺策略日报 简要观点 ◆ 棉花：承压下行 国内棉花供需基本够用，可能略趋紧，新疆轧花厂销售压力已经释放， 大约释放 60%，未点价 40%，资源集中到几个巨头贸易商手上，零散 贸易商队伍庞大，普遍吃货不够，买货难，基差不断上涨，中国以外资 源相对充裕，外盘相对弱些，外盘 CFTC 持仓，基金持仓是净空头（5 万多万多手，22.68 吨/手），产业是净多头（5 万多手）,未点价，想接 货，到了交割期，基金不想接货，总会平衡，最终达到一个平衡，双方 会平仓。国内由于产业链环节产能过剩，消费难以有增量，造成内卷， 利润越来少，限制棉花涨幅。4 月 3 日美国宣布了全球对等关税措施， 加征关税的幅度之大，尤其针对发展中国家加征幅度最大基本在 30% 以上，发达国家加征在 20%以上还算容易接受，其中纺织品出口国家 中国加征 34%（34%+20%=54%，中国关税加征最多）、越南 46%、 孟加拉 37%、巴基斯坦 29%、印度 26%、土耳其 10%，其他泰国 36%、 韩国 25%、日本 24%、马来西亚 24%、印度尼西亚 32%、南非 30%、 欧盟 20%。中美博弈进入激烈阶段，面对出口严峻的形势，认为 ...

黑色产业日报 简要观点 ◆ 螺纹钢 周二，螺纹钢期货价格继续下挫，杭州中天螺纹钢 3160 元/吨，较前一 日下跌 30 元/吨，05 合约基差 121（+14），主要受关税风波影响，美 国威胁再加征 50%关税。就钢材而言，关税对直接出口影响不大，2024 年中国对美钢材出口量 89 万吨，仅占出口总量的 0.8%，不过间接影响 相对较大，根据 Mysteel 测算，去年我国钢铁间接出口量达到 1.4 亿吨， 其中对美国出口达到 1000 多万吨，叠加部分转出口也受到影响，因此 后期钢材直接与间接出口均会受到一定冲击。美国对等关税政策是否会 按期落地仍需观察，另外国内除了关税反击以外，是否会出台财政与货 币政策也需要进一步观察。短期来看，一方面市场情绪受到冲击，另一 方面钢材实际需求承压，预计钢价震荡偏弱运行。(数据来源：同花顺 iFinD，Mysteel) 产业服务总部 黑色产业团队 2025/4/9 公司资质 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字[2014]1 号 ◆ 铁矿石 研究员 周二，铁矿期货价格大幅下跌，特朗普放言对华可再加征 50%关税，整 体看黑色系是对周一的补跌。现货方面， ...

金融期货日报 股指 ◆ 核心观点： 2025-04-09 公司资质 短期来看，股指承压，待政府出台利好政策后，股指或将跟随政策力度出现 不同程度的反弹。中期来看，若出台超预期政策，我国经济结构改善，则股 指内生动能将显著增强。若无超常规政策出台与有效推进，则海外经济下行 风险较大的情况下，或对我国经济造成扰动，股指或仍承压运行。 ◆ 策略建议： 承压运行 国债 ◆ 核心观点： 4 月初以来极致的避险情绪带动收益率下行斜率过快，整条曲线已大幅平行 下移约 10-15BP，行情演绎过快存在一定调整需求，叠加资金面较节前有所 收紧，当 10Y 国债来到年初极度抢跑降准降息的位置时，市场开始对近几个 交易日的大涨进行纠偏。前期过度乐观的做多情绪已逐步修正，当前收益率 水平下，止盈与欠配需求相互交织。考虑到贸易政策的不确定性，短线交易 盘更倾向于获利了结，利率下行过程存在反复。 ◆ 策略建议： 短期看好 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字{2014}1 号 金融期货团队 研究员： 张志恒 从业编号：F03102085 投资咨询编号：Z0021210 联系人： 彭博 咨询电话：(027) 6577716 ...

Report Industry Investment Ratings - PVC: Bearish allocation, with an overall cautious and bearish outlook, but potential support if domestic stimulus policies exceed expectations; otherwise, the market will face further pressure if trade frictions worsen and economic expectations deteriorate [2] - Caustic Soda: Cautiously bearish, with cautious downward movement in the market [3] - Rubber: Bearish, with a negative outlook especially before the substantial change in tariff impact [4] - Urea: Concerns about price corrections due to a bearish sentiment on commodities influenced by US tariff policies [6] - Methanol: Concerns about price corrections due to a bearish sentiment on commodities influenced by tariff policies [7] Core Views - The report analyzes the market conditions of PVC, caustic soda, rubber, urea, and methanol, covering aspects such as price trends, supply - demand fundamentals, cost factors, and macro - economic impacts. It provides investment outlooks and key points to watch for each product [2][3][4] Grouped Summaries PVC - On April 8, the closing price of the PVC main 05 contract was 4,907 yuan/ton (-22), the Changzhou market price was 4,800 yuan/ton (0), and the main basis was - 107 yuan/ton (+22). Long - term demand is weak due to real - estate drag and export constraints, with high inventory and over - supply. The market is bearish, mainly following the broader market, and is affected by macro factors such as tariff wars, US recession expectations, and domestic stimulus policies [2] Caustic Soda - On April 8, the caustic soda main SH05 contract closed at 2,372 yuan/ton (-105). As of April 3, 2025, the inventory of fixed liquid caustic soda sample enterprises decreased by 2.99% week - on - week and increased by 12.07% year - on - year. The market is cautiously bearish, with attention on factors such as Weiqiao's delivery volume, inventory reduction, alumina production, and exports [3] Rubber - On April 8, the rubber sector declined significantly. The market is currently macro - driven, with weak overseas demand due to tariffs. The fundamentals are weak, with increasing expectations of tapping, loose port inventory, and weakening raw materials. The rubber sector is bearish before the tariff impact changes substantially [4] Urea - The urea main contract closed down 2.91% at 1,804 yuan/ton. The supply is abundant with a slight decrease in daily output, and the cost is stable. The demand from compound fertilizer enterprises decreased slightly, and industrial demand is stable. The inventory decreased, and there are concerns about price corrections due to US tariff policies [6] Methanol - The methanol main contract closed down 0.33% at 2,381 yuan/ton. The domestic supply is high, and the downstream methanol - to - olefins industry is stable. Both domestic and port inventories are decreasing. There are concerns about price corrections due to tariff policies [7]