Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The rebound of international oil prices is limited, and the downward risk will increase near the upper edge of the shock range [2]. - Gold prices are highly volatile, and it is recommended to wait and see cautiously [3]. - Copper market rebounds, but it is recommended to short - allocate [4]. - Aluminum price rebounds with limited height and continues to fluctuate in the short term [5]. - Alumina is in a long - term surplus pattern, and it is advisable to be short on rallies [6]. - Zinc price rebounds, but it is recommended to short - allocate [7]. - Lead price fluctuates in a narrow range, and it is necessary to track refinery dynamics [8]. - Nickel is at the end of a rebound, waiting for the right time to short [9]. - Tin price is recommended to hold short positions [10]. - Lithium carbonate is in a downward channel, and it is advisable to hold short positions [11]. - Polysilicon is expected to maintain a volatile trend in the short term [12]. - Industrial silicon may maintain bottom - range fluctuations [13]. - Steel prices are volatile, and it is necessary to pay attention to demand and policies [14]. - Iron ore is expected to fluctuate mainly [15]. - Coke price is expected to fluctuate weakly [16]. - Coking coal price is expected to fluctuate weakly [17]. - Manganese silicon is recommended to short on rallies [18]. - Ferrosilicon is recommended to short on rallies [19]. - The container shipping index (European line) is expected to decline in a volatile pattern in the short term [20]. - Fuel oil cracking is still supported, while low - sulfur fuel oil cracking declines [21]. - Asphalt is expected to fluctuate before demand improves [22]. - Liquefied petroleum gas is expected to continue to fluctuate [23]. - Urea price is expected to stabilize and then rise slightly [24]. - Methanol is expected to adjust in a volatile pattern in the short term [25]. - Styrene price fluctuates at a low level [26]. - Polypropylene and plastic demand is weak, and supply pressure may ease [27]. - PVC may fluctuate at a low level, and it is advisable to wait and see for caustic soda [28]. - PX and PTA fundamentals are weak, and it is necessary to pay attention to market changes [29]. - Ethylene glycol supply and demand may both decline, and the near - month contract is relatively strong [30]. - Short - fiber and bottle - chip demand is expected to weaken [31]. - Glass price may have limited decline space [32]. - Rubber demand weakens, and different rubber varieties have different strategies [33]. - Soda ash price may rebound in the short term but is in a long - term surplus pattern [34]. - Soybean and soybean meal supply may change from tight to loose [35]. - Soybean oil and palm oil need to pay attention to supply and demand changes [36]. - Rapeseed meal and rapeseed oil may fluctuate [37]. - Soybean price needs to pay attention to policies and supply - demand changes [38]. - Corn price may continue to decline in a volatile pattern [39]. - Pig price may face pressure in the medium term [40]. - Egg price is expected to be bearish in the long term [41]. - Cotton price is expected to fluctuate, and it is advisable to wait and see or short on rallies [42]. - Sugar price is expected to fluctuate, and it is advisable to wait and see [43]. - Apple price needs to observe fruit - setting conditions, and it is advisable to wait and see [44]. - Wood price is expected to decline [45]. - Pulp price is affected by macro factors, and it is advisable to wait and see [46]. - A - share market may perform after sorting out [47]. - Treasury bond futures maintain a strong volatile range, and a steepening strategy is recommended [48]. Summary by Related Catalogs Energy - Crude Oil: Overnight international oil prices rebounded, but the rebound space is limited due to factors such as short - term geopolitical support, trade - war impact on demand, and OPEC+ production increase [2]. - Fuel Oil & Low - Sulfur Fuel Oil: The global heavy - oil shortage pattern is difficult to change, supporting fuel oil cracking, while low - sulfur fuel oil cracking declines due to factors such as increased supply and trade impact [21]. - Liquefied Petroleum Gas: The external price is stable, but domestic supply is in a short - term surplus, and the price is expected to fluctuate [23]. Metals - Precious Metals: Gold price fell from a historical high, and it is recommended to wait and see cautiously due to factors such as price volatility [3]. - Base Metals - Copper: Copper price rose, but it is recommended to short - allocate due to factors such as economic growth downgrade and supply - demand situation [4]. - Aluminum: Aluminum price continued to fluctuate, and the rebound height is limited due to factors such as inventory and demand outlook [5]. - Alumina: Alumina price stopped falling and stabilized temporarily, but it is in a long - term surplus pattern, and it is advisable to be short on rallies [6]. - Zinc: Zinc price may be supported in the short term but is recommended to short - allocate due to factors such as supply - demand and profit situation [7]. - Lead: Lead price fluctuates in a narrow range, and the rebound space is limited due to factors such as inventory and demand [8]. - Nickel & Stainless Steel: Nickel price is at the end of a rebound, waiting for the right time to short [9]. - Tin: Tin price fluctuates in a narrow range, and it is recommended to hold short positions [10]. - Iron & Steel Related - Iron Ore: Iron ore price is expected to fluctuate mainly, with supply and demand in a normal state and some support in the short term [15]. - Coke: Coke price is expected to fluctuate weakly due to factors such as inventory and tariff impact [16]. - Coking Coal: Coking coal price is expected to fluctuate weakly due to factors such as inventory and demand [17]. - Manganese Silicon: Manganese silicon price is recommended to short on rallies due to factors such as inventory increase [18]. - Ferrosilicon: Ferrosilicon price is recommended to short on rallies due to factors such as weak demand and inventory increase [19]. Chemicals - Polyolefins - Polypropylene & Plastic: Demand is weak, but supply pressure may ease due to increased maintenance [27]. - PVC & Caustic Soda: PVC may fluctuate at a low level, and it is advisable to wait and see for caustic soda due to factors such as inventory and demand [28]. - Aromatics & Derivatives - PX & PTA: Fundamentals are weak, and it is necessary to pay attention to market changes such as trade and oil prices [29]. - Benzene Ethylene: Price fluctuates at a low level due to factors such as supply - demand reduction [26]. - Others - Methanol: It is expected to adjust in a volatile pattern in the short term due to factors such as supply - demand and inventory [25]. - Urea: Price is expected to stabilize and then rise slightly due to factors such as supply - demand change [24]. - Ethylene Glycol: Supply and demand may both decline, and the near - month contract is relatively strong [30]. - Short - Fiber & Bottle - Chip: Demand is expected to weaken [31]. Agricultural Products - Oilseeds & Oils - Soybean & Soybean Meal: Supply may change from tight to loose in the short term [35]. - Soybean Oil & Palm Oil: Need to pay attention to supply and demand changes [36]. - Rapeseed Meal & Rapeseed Oil: May fluctuate [37]. - Grains - Corn: Price may continue to decline in a volatile pattern due to factors such as supply - demand and market divergence [39]. - Wheat: No relevant content. - Soft Commodities - Cotton: Price is expected to fluctuate, and it is advisable to wait and see or short on rallies due to factors such as trade and supply - demand [42]. - Sugar: Price is expected to fluctuate, and it is advisable to wait and see [43]. - Apple: Price needs to observe fruit - setting conditions, and it is advisable to wait and see [44]. - Livestock - Pig: Price may face pressure in the medium term due to factors such as supply increase [40]. - Egg: Price is expected to be bearish in the long term due to factors such as increased supply [41]. Others - Shipping: The container shipping index (European line) is expected to decline in a volatile pattern in the short term due to factors such as supply - demand and tariff impact [20]. - Building Materials - Glass: Price may have limited decline space due to factors such as cost support [32]. - Wood: Price is expected to decline due to factors such as supply - demand and inventory [45]. - Paper Pulp: Price is affected by macro factors, and it is advisable to wait and see due to factors such as high inventory [46]. Financial - Equities: A - share market may perform after sorting out due to factors such as global risk - preference change and central - bank buying [47]. - Fixed Income: Treasury bond futures maintain a strong volatile range, and a steepening strategy is recommended [48].
综合晨报-20250423
Guo Tou Qi Huo·2025-04-23 05:14