大宗商品涨跌不一，国际原油市场疲软，金价再度飙涨

Group 1: Commodity Market Overview - Commodity prices showed mixed trends during the week from May 19 to May 23, with gold prices experiencing a significant rebound [1] - In the energy and chemical sector, coking coal fell by 1.59%, while crude oil rose by 0.46% [1] - The black metal sector saw iron ore and rebar prices decline by 0.76% and 0.65%, respectively [1] Group 2: Gold Market Insights - Gold prices surged, with London gold increasing by 4.86% to $3,357.2 per ounce, and COMEX gold rising by 5.65% to $3,386.5 per ounce [1] - The World Gold Council reported an average daily trading volume of $441 billion in April, a 48% month-over-month increase, indicating strong structural demand for gold [2] - Geopolitical risks, particularly related to U.S. tariffs proposed by President Trump, have heightened market sensitivity, contributing to gold's price support [2] Group 3: Trade Tensions and Agricultural Commodities - Soybean meal prices saw a slight increase after five weeks of decline, with the main contract rising by 1.83% to 2,952 yuan/ton [4] - Concerns over potential impacts of U.S. tariffs on soybean meal exports to the EU have intensified market apprehension [4] - The market sentiment for soybean meal remains bearish due to supply surplus and export uncertainties, with a notable increase in net short positions [4][5] Group 4: Economic Data and Implications - China's economic indicators for January to April showed a retail sales growth of 4.7% and fixed asset investment growth of 4.0%, indicating stable growth despite external pressures [7] - The chief economist at GF Securities noted that economic data reflects resilience, but investment growth remains a concern [7] - The ongoing trade tensions and tariff discussions are expected to require more macroeconomic policy support for sustained growth [9] Group 5: U.S. Treasury Market Developments - The recent auction of 20-year U.S. Treasury bonds faced weak demand, with yields surpassing 5% for the second time, reflecting market concerns over U.S. fiscal health [10] - Moody's downgraded the U.S. sovereign credit rating, which has contributed to rising yields and declining bond prices [10] - The passage of the "One Big Beautiful Bill" in the U.S. House of Representatives is expected to further exacerbate fiscal challenges, potentially increasing upward pressure on bond yields [11]