TONGWEI CO.,LTD(SH:600438) Dong Zheng Qi Huo·2025-05-09 00:42Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The agreement between the US and the UK on tariff trade has led to a rise in market risk appetite, with the gold price falling by over 2%, the US dollar index strengthening, and the US stock index futures showing a short - term risk preference recovery. However, tariff negotiations remain complex, and the long - term impact is uncertain [2][3][14][17]. - In the commodity market, different sectors have different trends. For example, the steel price continues to decline, the inventory of some metals and energy products shows changes, and the prices of agricultural products are affected by factors such as supply and demand and policy [6][24][41]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The US and the UK reached a tariff trade agreement, reducing the US tariff on British - made cars to 10% and the beef tariff close to zero. The gold price fell by over 2%. In the short term, gold is under pressure, but the negotiation is complex, and there is still room for correction [14]. - Investment advice: Pay attention to the progress of US trade negotiations, and be aware of the short - term correction risk of gold [14]. 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - Trump criticized Powell for not cutting interest rates. The US and the UK reached the first trade agreement since the Trump tariff war, leading to a significant recovery in market risk appetite and a strengthening of the US dollar index. The US dollar index is expected to maintain a short - term rebound [15][17][18]. 1.3 Macro Strategy (US Stock Index Futures) - Trump announced a major agreement with the UK. The US House of Representatives Committee will start deliberating on Trump's tax - cut plan next week. The short - term market risk preference recovers, but tariff negotiations tend to be long - term, and it is not recommended to chase high [19][20]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 158.6 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 158.6 billion yuan. The current one - sided market opportunities are limited, and attention can be paid to various arbitrage strategies, such as the curve - steepening strategy. The opportunity to steepen the curve has initially emerged, and subsequent changes in capital interest rates should be continuously monitored [21][22][23]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - As of March 31, Canada's rapeseed ending inventory was 5.8694 million tons, a significant year - on - year decrease. The oil market continued to fluctuate. The short - term palm oil price has reached the support level, and it is recommended to wait for the MPOB report data before operating [24]. 2.2 Agricultural Products (Soybean Meal) - Brazil announced the 25/26 sanitary interval schedule. The USDA weekly export sales report met expectations. The domestic soybean meal futures price is expected to fluctuate, and the spot will continue to be under pressure. Attention should be paid to the USDA monthly supply and demand report on May 12 [25][27][28]. 2.3 Agricultural Products (Sugar) - Brazil's sugar and molasses exports in April decreased by 17.65% year - on - year. In China, the sugar production in Guangxi increased, and the sales rate reached 63.96%, a 6 - percentage - point year - on - year increase. The domestic sugar price has strong resistance to decline in the short term, but the external market is under pressure, and the Zhengzhou sugar is expected to fluctuate weakly in the second quarter of 2025. Attention should be paid to the sugar factory's inventory reduction progress [30][33][34]. 2.4 Agricultural Products (Corn Starch) - Deep - processing enterprises continued to raise prices to promote purchases, but the effect was not good. The overseas cassava starch startup rate decreased seasonally. The CS - C futures spread is expected to have small fluctuations [35][36][37]. 2.5 Agricultural Products (Corn) - The inventory of deep - processing enterprises continued to decline. It is recommended to hold the 07 long positions and pay attention to the 7 - 9 and 7 - 11 positive spread opportunities. If the import auction starts, focus on the transaction rate and price [38]. 2.6 Black Metals (Rebar/Hot - Rolled Coil) - In April, China's heavy - truck market sales were about 90,000 vehicles, and the national passenger - car market retail sales were 1.791 million vehicles. The inventory of the five major steel products increased by 289,700 tons week - on - week. The steel price continued to decline, and the short - term downward space is difficult to open. It is recommended to hold a light position and wait and see in the short term, and use the rebound hedging strategy for the spot [39][40][41]. 2.7 Black Metals (Steam Coal) - After the holiday, the port coal inventory was full, and the coal price may decline rapidly again. It is recommended to pay attention to whether the price can hold at the 600 - yuan level [43]. 2.8 Black Metals (Iron Ore) - FMG's iron ore shipments in the first quarter of 2025 were 46.1 million tons. With the seasonal weakening of demand, the iron ore price is expected to fluctuate weakly [44][45][46]. 2.9 Black Metals (Coking Coal/Coke) - The port coke spot market was stable. During the May Day holiday, the supply of coking coal was sufficient, and the second round of coke price increase was postponed. In the short term, it will maintain a volatile trend, and in the long term, it will be weak [47][48]. 2.10 Non - ferrous Metals (Nickel) - In April, the total actual output of nickel pig iron in China and Indonesia was 181,500 tons of metal, with a month - on - month increase of 3.62% and a year - on - year increase of 24.34%. It is recommended to wait and see or conduct band operations in the short term [48][49][50]. 2.11 Non - ferrous Metals (Copper) - Several copper - related companies had acquisition and project progress. The UK - US trade agreement may increase market risk appetite and benefit the copper price. The domestic copper inventory continued to decline, supporting the price. It is recommended to conduct band operations in the short term and gradually stop profiting from the positive spread strategy [51][53][54]. 2.12 Non - ferrous Metals (Polysilicon) - Tongwei has no plan to destock through the polysilicon futures delivery. The 06 contract price rebounded after reaching a low point. It is expected that the polysilicon will continue to destock in May. Long positions and positive spreads can continue to be held [55][56][57]. 2.13 Non - ferrous Metals (Industrial Silicon) - The organic silicon DMC price is expected to fluctuate. The demand for industrial silicon is weak, and it is recommended to partially stop profiting from previous short positions and wait for clear signals before considering bottom - fishing [58]. 2.14 Non - ferrous Metals (Lithium Carbonate) - Liontown received 15 million Australian dollars in support from the Western Australian government, and BYD and Tsingshan Holdings withdrew from the Chilean lithium processing plant plan. In the long term, the lithium carbonate market is in surplus, and the cost support may move down. It is not recommended to chase short positions at the current point, and wait for rebound short - selling opportunities [59][60][62]. 2.15 Non - ferrous Metals (Lead) - The lead ingot social inventory continued to increase. The lead market is in a situation of weak supply and demand, and the short - term price is expected to fluctuate. It is recommended to wait and see in the short term and pay attention to high - level internal - external positive spread opportunities [63][64][65]. 2.16 Non - ferrous Metals (Zinc) - Pan American and Lundin Mining's zinc production increased in the first quarter of 2025. The zinc social inventory decreased slightly. The short - term zinc price is supported by low inventory and strong spot, but the medium - term demand is weak. It is recommended to pay attention to short - selling opportunities on rallies and internal - external positive spread opportunities [66][67][68]. 2.17 Energy Chemicals (Liquefied Petroleum Gas) - China's LPG weekly commodity volume decreased by 1.6% week - on - week, and the inventory increased. The short - term price is expected to maintain a volatile trend [70][71][72]. 2.18 Energy Chemicals (Carbon Emissions) - The CEA price is in an oscillating adjustment phase. In 2025, the overall supply - demand relationship of carbon emission allowances is relatively loose, and the price is expected to be weak in the short term [74][75]. 2.19 Energy Chemicals (PTA) - The terminal operating rate in Jiangsu and Zhejiang increased. The PTA price is expected to be oscillatingly strong or continue to rebound in the short term [76][77][78]. 2.20 Energy Chemicals (Styrene) - China's styrene production increased this week. The styrene price is expected to fluctuate weakly in the near future. The cost end drags down the price, and the downstream profit expansion space is limited [79][80][81]. 2.21 Energy Chemicals (Caustic Soda) - On May 8, the caustic soda market in Shandong had an upward transaction, and the enterprise inventory was at a low level. The caustic soda spot price rebounded, but the overall commodity market is weak, and the caustic soda market is difficult to rise significantly [82][83]. 2.22 Energy Chemicals (Pulp) - The price of imported wood pulp in the spot market was mainly stable. The short - term pulp market is expected to be oscillatingly weak [84]. 2.23 Energy Chemicals (PVC) - The spot price of PVC powder decreased. Although the inventory is decreasing and the basis is strengthening, the market expects negative impacts from tariffs, and the PVC performance may continue to be weak [85]. 2.24 Energy Chemicals (Bottle Chips) - The export quotation of bottle chips increased slightly in some areas. The supply pressure of bottle chips is increasing, and the processing fee is expected to be under pressure [86][87][88]. 2.25 Energy Chemicals (Soda Ash) - As of May 8, the total inventory of domestic soda ash manufacturers increased by 1.74%. The soda ash futures price continued to fall, and the market sentiment was weak. It is recommended to short on rallies in the medium term and pay attention to the impact of maintenance on the 09 contract [89]. 2.26 Energy Chemicals (Float Glass) - The inventory of float glass manufacturers increased significantly this week. The glass price continued to fall, and the demand is expected to decline seasonally. The glass price is expected to be under pressure, and attention should be paid to real - estate policy variables [90][91]. 2.27 Shipping Index (Container Freight Rate) - Maersk's EBIT in the first quarter of 2025 was 1.253 billion US dollars. Affected by the peace talks between the Houthi and the US, the European - line futures weakened. It is recommended to treat the market as a wide - range oscillation and wait and see in the short term [92].