金信期货日刊-20250530

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Multiple factors have jointly driven the sharp rise in pulp futures prices. The global economic recovery has increased the demand for pulp, while supply has been affected by natural disasters, environmental policies, and other factors. This has significantly impacted related industries, and continuous attention should be paid to market dynamics [3]. - A - share major indices have generally closed higher with increased trading volume. The stock index is stronger than the spot index, but the overall pattern is still volatile, suitable for high - selling and low - buying strategies [6]. - Gold has adjusted due to the suspension of US tariffs by the judiciary and its own oscillatory adjustment. For Shanghai gold, 750 - 755 is an important support level, and buying on dips is advisable [9][10]. - Iron ore faces high - valuation risks due to supply surplus pressure and the approaching seasonal off - season for domestic demand. Technically, it has reached the strong support area at the lower edge of the oscillation range [13]. - The demand for glass continues to await the effects of real - estate stimulus or major policy announcements. Technically, it has oscillated lower today, and a bearish outlook is maintained [18]. - The domestic urea daily output is about 205,600 tons, with an operating rate of approximately 87.23%. Agricultural demand is progressing slowly, and the price is expected to continue weak adjustment in the short term [21]. 3. Summary by Related Catalogs Pulp Futures - Reasons for price increase: Global economic recovery has led to a surge in demand for packaging paper, increasing pulp demand. On the supply side, natural disasters in major production areas, stricter environmental policies, changes in international trade, rising transportation costs, and energy prices have all contributed to the price increase [3]. - Impact on related industries: Paper - making enterprises' costs have increased significantly, squeezing profit margins, especially for small and medium - sized enterprises. The packaging industry also faces rising material costs and may seek alternative materials or negotiate price increases with customers [3]. - Suggestion: Continuously monitor market supply - demand dynamics, policy changes, and international trends, and avoid chasing up [3]. Stock Index Futures - Market situation: A - share major indices have generally closed higher with increased trading volume. The stock index is stronger than the spot index, but the overall pattern is still volatile [6]. - Strategy: A high - selling and low - buying strategy is appropriate [6]. Gold - Market situation: Gold has adjusted due to the suspension of US tariffs by the judiciary and its own oscillatory adjustment [10]. - Strategy: For Shanghai gold, 750 - 755 is an important support level, and buying on dips is advisable [9]. Iron Ore - Market situation: In May, downstream export reduction and increased shipments have led to large supply - surplus pressure, and domestic demand is approaching the seasonal off - season, increasing high - valuation risks [13]. - Technical analysis: It has reached the strong support area at the lower edge of the oscillation range [13]. Glass - Market situation: The demand continues to await the effects of real - estate stimulus or major policy announcements. The current daily melting is at a low level, the spot production and sales have improved slightly, but the factory inventory is still high, and the downstream deep - processing order restocking power is weak [18][19]. - Technical analysis: It has oscillated lower today, and a bearish outlook is maintained [18]. Urea - Supply situation: The domestic urea daily output is about 205,600 tons, with an operating rate of approximately 87.23% [21]. - Demand situation: Agricultural demand is progressing slowly, and downstream players' follow - up is limited, with overall average performance [21]. - Price trend: The price is expected to continue weak adjustment in the short term [21].