Report Summary 1) Report Industry Investment Ratings - Alumina futures: Oscillating with a bearish bias [3] - Stock index futures: Bullish, recommend buying on dips [6] - Gold: Bullish in the long - term, recommend buying on dips [11] - Iron ore: Oscillating with a bullish bias [14] - Glass: Oscillating with a bullish bias for now [17] - Urea: Expected to be weak in the short - term [20] 2) Core Viewpoints - On June 5, 2025, the sharp drop in alumina futures attracted market attention. The supply - demand imbalance, with over - capacity on the supply side and weak demand, may lead to continued downward pressure on prices, but Guinea's mining policies bring uncertainties [3]. - A - shares closed up for three consecutive days. The financial regulatory authority's support for science and technology innovation and the research on science and technology insurance policies are positive for the market [6][7]. - Gold is in a short - term oscillating pattern but is bullish in the long run [11]. - For iron ore, although there are risks of over - valuation due to weak reality, the continuous decline in port inventory supports the market [14][15]. - For glass, the supply side has no major cold - repair due to losses, and demand needs the stimulation of real estate policies [17][18]. - Urea has a high daily output and slow agricultural demand, so it is expected to be weak in the short - term [20]. 3) Summary by Related Catalogs Alumina Futures - On June 5, 2025, the futures price dropped nearly 3% at the morning close. Supply is increasing due to new capacity and restored supply from Guinea, while demand is weak with low downstream purchasing willingness [3]. Stock Index Futures - A - shares had three consecutive positive closes. The financial regulatory authority's support for science and technology innovation and policy research on science and technology insurance are positive. Recommend buying on dips [6][7]. Gold - Gold is in a short - term oscillating pattern, but long - term bullish. Recommend buying on dips and avoid chasing high prices [10][11]. Iron Ore - At the end of the quarter, mines are increasing shipments, and iron - water production is seasonally weak. However, the continuous decline in port inventory supports the market. Consider an oscillating and bullish view [14][15]. Glass - The supply side has no major cold - repair due to losses, and factory inventories are high. Downstream demand needs the effect of real - estate stimulation policies. Technically, it oscillated down today but did not break the low in the daily - line level. Keep an oscillating and bullish view for now [17][18]. Urea - The domestic daily output is about 205600 tons, with an operating rate of about 87.23%. Agricultural demand is slow, and downstream follow - up is limited. The price is expected to be weak in the short - term [20].
金信期货日刊-20250606
Jin Xin Qi Huo·2025-06-06 01:10