Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs strengthening, and different investment strategies are recommended for various commodities based on their specific fundamentals and market conditions [5][8][10] Summary by Related Catalogs Treasury Bonds - Last trading day, futures closed with mixed results: 30 - year down 0.08%, 10 - year flat, 5 - year up 0.03%, 2 - year up 0.02%. The central bank conducted 157 billion yuan of 7 - day reverse repurchase operations, with a net injection of 65 billion yuan. It's expected that there will be no trend - based market, and caution is advised [5][6] Stock Index Futures - Last trading day, futures showed mixed performance. The eight - department joint measures support small - and - micro - enterprise financing. Despite weak recovery momentum, China's equity assets are still favored in the long - term, and going long on stock index futures is considered [7][8][9] Precious Metals - Last trading day, gold rose 3.23% and silver 2.45%. Given the complex global trade and financial environment, the long - term bull market trend of precious metals is expected to continue, and going long on gold futures is considered [10][11] Rebar and Hot - Rolled Coil - Last trading day, futures showed weak oscillations. The real - estate downturn suppresses rebar prices, but peak - season demand may provide short - term support. Investors can look for opportunities to short on rebounds, with light positions [12][13] Iron Ore - Last trading day, futures rebounded slightly. High iron - water production supports demand, and supply pressure has eased. Investors can look for opportunities to buy at low levels, with light positions [14][15] Coking Coal and Coke - Last trading day, futures oscillated. Coking coal supply is loose, and coke prices may resume downward adjustment. Investors can look for opportunities to short on rebounds, with light positions [16][17] Ferroalloys - Last trading day, manganese - silicon and silicon - iron futures declined. Manganese - ore supply may be disrupted, and investors can consider out - of - the - money call options for manganese - silicon; for silicon - iron, short - sellers can consider exiting at the bottom [17][18] Crude Oil - Last trading day, INE crude oil rose. OPEC + production increase and potential consumption decline due to tariffs are concerns. Short - selling the main contract is considered [19][20][21] Fuel Oil - Last trading day, fuel oil rose. Although trade demand has recovered, short - selling the main contract is considered [22][23] Synthetic Rubber - Last trading day, futures fell 1.94%. Supply pressure persists, but demand and cost factors suggest short - term strength with limited upside [24][25] Natural Rubber - Last trading day, futures declined. Supply may increase, and demand may improve. A weak - oscillation trend is expected [26][27] PVC - Last trading day, futures rose 0.32%. Supply is increasing, and demand for exports is good, but the upside is limited [28][29][30] Urea - Last trading day, futures rose 0.22%. Policy adjustments and upcoming agricultural demand may lead to a strong - oscillation trend [31][32] PX - Last trading day, the PX2509 contract rose 1.17%. Short - term caution is needed due to crude - oil price fluctuations and supply - demand changes [33] PTA - Last trading day, the PTA2509 contract rose 1.14%. Supply - demand structure has improved, but cost support is insufficient. Interval trading is considered [34] Ethylene Glycol - Last trading day, futures fell 0.23%. Supply has decreased, and demand has improved, but cost factors limit the upside. Oscillation adjustment is expected [35][36] Short - Fiber - Last trading day, the 2506 contract rose 0.37%. Terminal demand has slightly recovered, but cost support is weak. Follow - up cost - based oscillation is expected [37] Bottle Chips - Last trading day, the 2506 contract rose 0.36%. Raw - material prices are oscillating, and supply - demand fundamentals have improved. Follow - up cost - based operation is expected [38][39] Soda Ash - Last trading day, the 2509 contract rose 0.47%. Short - term supply has decreased, but long - term oversupply persists. A stable - oscillation trend is expected [40] Glass - Last trading day, the 2509 contract rose 0.98%. There is no obvious driving force in the market, and short - term sentiment may recover [41][43] Caustic Soda - Last trading day, the 2509 contract fell 1.33%. Production has decreased, and demand is limited. Attention should be paid to enterprise operations and liquid - chlorine prices [44] Pulp - Last trading day, the 2507 contract rose 0.59%. Supply is abundant, and demand is weak. A short - term rebound is expected, but long - term factors need attention [45][46][47] Lithium Carbonate - Last trading day, futures rose 0.59%. Supply is increasing, and demand is weakening. Risk control is recommended in the short - term [48] Copper - Last trading day, Shanghai copper rose. After a significant increase, there is a callback pressure. Short - selling the main contract is considered [49][50] Tin - Last trading day, Shanghai tin fell. Supply is expected to increase, and demand is uncertain. A bearish - oscillation trend is expected [51] Nickel - Last trading day, Shanghai nickel rose. Cost support is strong, but demand is weak. Attention should be paid to macro - sentiment recovery [52] Industrial Silicon/Polysilicon - Last trading day, industrial - silicon futures fell, and polysilicon futures rose. Supply - demand contradictions persist, and a bearish view is maintained [53] Soybean Oil and Soybean Meal - Last trading day, soybean - meal futures rose 1.91%, and soybean - oil futures rose 0.23%. Supply is expected to be abundant, and different strategies are recommended for each [54][55][56] Palm Oil - Malaysian palm oil fell. Domestic imports have decreased, and inventory is low. Considering expanding the soybean - palm oil price spread [57][58][59] Rapeseed Meal and Rapeseed Oil - Canadian rapeseed futures showed mixed results. Chinese imports and inventories have changed. Buying rapeseed meal after a correction is considered [60][61] Cotton - Last trading day, domestic cotton oscillated. Tariff suspension may benefit exports. Buying on dips is considered [62][63][65] Sugar - Last trading day, domestic sugar oscillated weakly. Brazilian production is low, and domestic inventory is low. Interval trading is recommended [66][68][69] Apples - Last trading day, apple futures had little change. Some regions may have reduced production, and inventory is low. Buying after a correction is considered [71][72][73] Hogs - Yesterday, the national average hog price fell. Supply is increasing, and demand is weak. Temporary observation is recommended [74][75] Eggs - Last trading day, the average egg price was flat. Supply is increasing, and selling on rebounds is considered [76][77] Corn and Starch - Last trading day, corn futures rose 0.09%, and starch futures fell 0.15%. Supply pressure exists in the short - term, and temporary observation is recommended [78][79] Logs - Last trading day, the 2507 contract was flat. Supply is increasing, and demand is weak. The market has no obvious driving force [80][81]
西南期货早间评论-20250522
Xi Nan Qi Huo·2025-05-22 01:57