SZAP(SZ:000061) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-02 02:43Commodity Market Overview - The commodity futures market showed mixed performance during the week of May 26 to May 30, with black commodities being the weakest sector, leading to market attention [1] - Energy and chemical sectors saw significant declines, with fuel down 4.85% and crude oil down 2.97%, while basic metals led gains with nickel up 1.14% and copper up 1.33% [1] - Agricultural products exhibited a mixed trend, with palm oil rising while live pig prices fell [1] Gold Market Analysis - After a strong performance in April, gold prices fell in May, with COMEX gold dropping to a low of $3123 per ounce and experiencing a volatility of over 10% within the month [2] - The decline in gold prices is attributed to easing global tariff concerns, which previously drove prices up, leading to a phase of consolidation in the gold market [2][3] - Analysts expect short-term corrections in gold prices, but a long-term upward trend is anticipated due to factors such as declining dollar credit and ongoing central bank gold purchases [3] Oil Market Dynamics - Oil prices continued to show a downward trend, with WTI crude at $60.79 per barrel and Brent crude at $62.61 per barrel [4] - OPEC+ agreed to a significant production increase of 410,000 barrels per day, reflecting Saudi Arabia's strategy to regain market share from U.S. shale producers [4][5] - Demand forecasts for global oil consumption have been downgraded, with OPEC's predictions for 2025 and 2026 showing a decrease of 50,000 barrels per day from previous estimates [5] Manufacturing Sector Insights - The manufacturing Purchasing Managers' Index (PMI) rose to 49.5% in May, indicating a slight improvement in economic activity [6] - High-tech manufacturing continued to expand, with a PMI of 50.9%, while the service sector also showed signs of stability [6][7] - Analysts suggest that recent financial policies and easing trade tensions contributed to the rebound in manufacturing activity [7] Sector-Specific Trends - In the energy and chemical sector, OPEC+'s planned production increases are expected to exert downward pressure on oil prices, while domestic fuel oil inventories are rising [8] - The black commodity sector is facing weak demand for iron ore, with steel production declining and inventory levels remaining high [9] - In the agricultural sector, palm oil prices are rebounding due to improved export demand, while soybean crushing in China is at high levels, impacting domestic oil prices [10]