申银万国期货首席点评：白银闪亮，黑色暗淡

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The overall market shows a complex situation with different trends in various sectors due to factors such as trade policies, economic data, and central bank policies [2][3][4] - Precious metals: Gold is in a long - term uptrend with short - term fluctuations, while silver is currently strong. Steel market faces supply - demand imbalance, and the crude oil market has short - term support but long - term pressure [2][3][4] 3. Summary by Relevant Catalogs 3.1 Main News International News - US May non - farm payrolls added 139,000, exceeding expectations. The probability of the Fed maintaining interest rates in June is 99.9%, and the probability of a 25 - basis - point cut by July is 16.5% [5] Domestic News - Canadian Prime Minister expressed willingness to restart Canada - China relations and strengthen cooperation in various fields [6] Industry News - As of June 6, the Shanghai Export Container Freight Index increased by 167.64 points, and the China Export Container Freight Index rose by 3.3% [7] 3.2 Outer - disk Daily Earnings - S&P 500 increased by 0.09%, FTSE China A50 Futures decreased by 0.17%, and ICE Brent crude oil rose by 0.72% from June 6 to June 9 [8] 3.3 Morning Comments on Major Varieties Financial - Stock Index: Currently in a state of shock, with low implied volatility of stock index options. If there are new stimuli, it may choose a direction and increase volatility [10][11] - Treasury Bonds: Showed mixed performance. The market funds are relatively loose, and the price is supported to some extent, but it is necessary to pay attention to the progress of trade negotiations [12] Energy and Chemical - Crude Oil: SC night session fluctuated upward. Short - term support exists, but long - term pressure comes from a 1.2 - million - barrel - per - day increase in production [4][13] - Methanol: Short - term bullish, with an increase in import arrivals expected [14] - Rubber: Supply pressure is increasing, and the short - term trend is expected to be weak [15] - Polyolefins: May gradually stop falling and build a bottom, with limited driving force [16][17] - Glass/Soda Ash: Both are in a cycle of inventory digestion, and attention should be paid to the balance of supply and demand [18] Metal - Precious Metals: Gold is in shock, and silver is strong in the short term. The gold - silver ratio is being repaired [2][19] - Copper: May fluctuate in a range due to the balance of supply and demand factors [20] - Zinc: Short - term price may fluctuate widely, affected by factors such as US tariffs [21] - Aluminum: May fluctuate in the short term, with weakening demand [22][23] - Nickel: May show a shock - strong trend in the short term, with mixed supply and demand factors [24] - Lithium Carbonate: The fundamental situation has not improved substantially, and attention should be paid to low - level capital games [25] Black - Iron Ore: Has short - term support but may be weak in the later stage, affected by factors such as steel mill production and global shipments [26] - Steel: Faces a situation of weak supply and demand, with rebar weaker than hot - rolled coils in the short term [3][27] - Coking Coal/Coke: Futures prices are at a low level, and the market is uncertain. Attention should be paid to the negative feedback [28][29] Agricultural Products - Oils and Fats: The pattern of strong supply and weak demand remains, and attention should be paid to the MPOB report [30] - Protein Meal: Expected to be bullish in the short term due to improved US soybean export prospects and domestic inventory accumulation [31] - Corn/Corn Starch: The long - term supply gap may exist, and the main contract can be treated as bullish at a low level [32] - Cotton: Zhengzhou cotton is under pressure at a high level, and attention should be paid to export orders [33] Shipping Index - Container Shipping to Europe: The market is expected to fluctuate, and attention should be paid to the price increase in July and August [34][35]