中原期货晨会纪要-20250522

Report Industry Investment Rating No relevant information provided. Core View of the Report The report presents a comprehensive analysis of various financial markets, including macro - indicators, commodity futures, and stock indices. It provides daily market tracking data, macro - economic news, and morning views on major varieties, aiming to help investors understand market trends and potential investment opportunities [2][6][9]. Summary by Related Catalogs 1. Commodity Index Daily Market Tracking - Macro - indicators: On May 22, 2025, the Dow Jones Industrial Index dropped 1.914% to 41860.44, the Nasdaq Index fell 1.411% to 18872.64, and the S&P 500 declined 1.614% to 5844.61. The Hang Seng Index rose 0.618% to 23827.78. SHIBOR overnight remained unchanged at 1.51, the dollar index increased 0.038% to 99.64, and the dollar - to - RMB (CFETS) rate stayed at 7.21 [2]. - Foreign and Domestic Futures: COMEX gold rose 0.729% to 3316.60, COMEX silver increased 0.947% to 33.58. Among domestic metals, silver rose 0.157% to 8285.00, while copper fell 0.423% to 77770.00. In the energy sector, NYMEX crude dropped 1.462% to 61.34, and ICE Brent oil fell 1.555% to 64.58 [2]. 2. Macro - economic News - Policy Support: Eight departments including the Financial Regulatory Administration jointly issued measures to support small and micro - enterprise financing, aiming to increase loan issuance and regulate lending fees [6]. - International Trade: China supports 33 least - developed African countries to use the 100% tariff - free policy, with imports from these countries reaching $21.42 billion from December 1 last year to March this year, a 15.2% year - on - year increase [7]. - Domestic Economy: The on - shore RMB against the US dollar rose 142 basis points on May 21. Some regions in China introduced policies to support housing consumption and promote regional economic development [7]. 3. Morning Views on Major Varieties - Agricultural Products: Peanut prices are strong due to factors like the farming season, but traders' purchasing enthusiasm is low. The oil market is expected to be volatile. Sugar presents a mixed fundamental situation, and corn is in a supply - demand weak pattern [10]. - Energy and Chemicals: The caustic soda market is expected to see a slight price increase in the short term. The urea market may continue to fluctuate at a high level [12]. - Industrial Metals: Copper and aluminum face upward pressure. Alumina prices are expected to be strong. Steel products are in a low - level range - bound state. Ferroalloys have a supply - strong and demand - weak pattern. The price of lithium carbonate is under pressure [13][15]. - Options and Finance: A - share indices rose on May 21. The global stock market was mostly down on Wednesday. The real - estate market is in a downward trend, and investors should focus on structural opportunities in the market [15].