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Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Views of the Report - Continuous geopolitical conflicts, particularly the situation in the Middle East, have significant impacts on various commodity markets, leading to price fluctuations and supply - side disturbances [7][39][144]. - Different commodities show diverse trends due to factors such as supply - demand relationships, cost changes, and market sentiment. For example, some commodities are affected by supply shortages, while others are influenced by changes in downstream demand [8][12][83]. 3. Summary by Related Catalogs Metals - Aluminum: Macro - level negative impacts temporarily offset concerns about overseas supply. Although there are issues with logistics and supply in the Middle East, the upward movement of the aluminum market is restricted. However, overseas spot shortages and potential supply disruptions in the Middle East may support prices in the future. The trend strength is 0 [8][9][35]. - Gold and Silver: Recently, precious metals have declined rapidly. Gold is considered for bottom - fishing or avoidance, while silver is treated with a short - selling mindset. The trend strength of gold is 0, and that of silver is 0 [10]. - Copper: A decrease in domestic inventory limits price declines. The trend strength is - 1 [21][23]. - Zinc: The fundamentals provide support, and prices have stabilized. The trend strength is 0 [24][26]. - Lead: A decrease in inventory limits price declines. The trend strength is 0 [27][28]. - Tin: After a decline, it has partially recovered. The trend strength is 0 [30][32]. - Platinum and Palladium: The platinum and palladium sectors are under significant pressure, and a pessimistic view is maintained. The trend strength of both is - 1 [36][38]. - Nickel and Stainless Steel: Macro - risk preferences put pressure on nickel, but contradictions in the ore end limit the downward flexibility. Stainless steel is pressured by fundamentals and the macro - environment, but real - world costs provide support. The trend strength of both is 0 [40][47]. - Lithium Carbonate: Affected by negative news, the trend strength is - 1 [48][52]. - Industrial Silicon and Polysilicon: Industrial silicon should focus on the downward space, and polysilicon's spot price has declined. The trend strength of industrial silicon is 0, and that of polysilicon is - 1 [53][56]. Energy and Chemicals - LPG: Supply - side extreme disturbances have led to a joint upward movement in domestic and international markets. It is strong in the short - term, but there is a divergence between futures and spot logic. The trend strength is 1 [11][12][132]. - Propylene: Due to geopolitical disturbances in the cost end, there is an expected reduction in supply. The trend strength is 1 [129][132]. - Fuel Oil and Low - Sulfur Fuel Oil: Fuel oil follows the decline of crude oil, and its price remains at a high level in the short - term. The upward momentum of low - sulfur fuel oil has slowed, and the price difference between high - and low - sulfur fuels in the overseas spot market continues to rise. The trend strength of both is - 1 [138]. - Methanol: It shows a relatively strong oscillation. The trend strength is 0 [111][116]. - Urea: It shows a wide - range oscillation. The trend strength is 0 [117][120]. - Benzene and Styrene: They are expected to be relatively strong and oscillating. The trend strength of benzene is 1, and that of styrene is 1 [121][122][160]. - Soda Ash: The spot market has little change. The trend strength is 1 [124][127]. - PVC: It shows a wide - range oscillation. The trend strength is 0 [136]. Building Materials and Related Products - Iron Ore: It shows a pattern of near - term strength and long - term weakness, and the 5 - 9 positive spread should continue to be held. The trend strength is 1 [57][59]. - Rebar and Hot - Rolled Coil: Market sentiment is weak, and they show wide - range oscillations. The trend strength of both is 0 [60][64]. - Silicon Iron and Manganese Silicon: They are affected by sector sentiment resonance and may be affected by weather - related Australian ore exports in the short - term, showing wide - range oscillations. The trend strength of both is 0 [65][67]. - Coke and Coking Coal: They show wide - range oscillations. The trend strength of both is 0 [68][71]. - Steam Coal: The port market is strong, but market expectations are divided. The trend strength is 1 [73][75]. - Log: Due to cost increases, the price shows a high - level oscillation. The trend strength is 0 [76][79]. - Glass: The price of the original film is stable. The trend strength is 0 [108][109]. Agricultural Products - Palm Oil and Soybean Oil: Palm oil is at a high level and prone to panic, and callback risks should be guarded against. The driving force of the soybean - related sector for soybean oil is limited, and attention should be paid to the Sino - US consultation process. The trend strength of both is - 1 [162][168]. - Soybean Meal and Soybean: Overnight, US soybeans rose slightly, and Dalian soybean meal may rebound and oscillate. The spot price of soybeans in the production area follows the adjustment of the futures price, and the futures price may oscillate. The trend strength of both is 0 [169][171]. - Corn: It shows an oscillating operation. The trend strength is 0 [172][174]. - Sugar: Raw sugar is gaining momentum, and it shows a relatively strong oscillation. The trend strength is 1 [175][177]. - Cotton: Attention should be paid to external market fluctuations. The trend strength is 0 [179][183]. - Eggs: They show a weak oscillation. The trend strength is - 1 [184][185]. - Hogs: The spot price has weakened again, and the weight - reduction drive is approaching. The trend strength is - 2 [187][189]. - Peanuts: Attention should be paid to the impact of the macro - environment. The trend strength is 0 [191][193]. Others - Container Freight Index (European Line): It shows a wide - range oscillation, and attention should be paid to geopolitical sentiment disturbances. The trend strength is 1 [140][148]. - Short - Fiber and Bottle Chip: They show high - level fluctuations. The trend strength of both is 0 [150][151]. - Offset Printing Paper: It is recommended to take a wait - and - see approach. The trend strength is 0 [153].