1. Report Industry Investment Ratings No relevant content provided. 2. Core Views The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, agricultural products, and energy chemicals. It assesses the market performance, fundamentals, and offers trading strategies for each sector. 3. Summary by Category Precious Metals - **Gold Market** - Market Performance: On Thursday, precious metal prices fluctuated, with London gold reaching $4150 per ounce [2]. - Fundamentals: Putin discussed a peace plan, China's industrial profits showed changes, and there were various inventory changes in gold and silver [2]. - Trading Strategy: Buy gold at the lower support level, and short - term long silver due to overseas market tensions [2]. - **Silver Market** - Market Performance: Reflects in inventory and price changes in different markets [2]. - Fundamentals: Inventory changes in multiple regions and import data from India [2]. - Trading Strategy: Short - term long due to overseas market tensions [2]. Base Metals - **Aluminum** - Market Performance: The electrolytic aluminum main contract closed +0.21% at 21,500 yuan/ton, with a domestic 0 - 3 month spread of - 150 yuan/ton [3]. - Fundamentals: High - load production in electrolytic aluminum plants, stable weekly aluminum product start - up rate [3]. - Trading Strategy: Prices are expected to fluctuate due to a warm macro - environment, inventory reduction, and expanding spot discounts [3]. - **Alumina** - Market Performance: The main contract closed +0.15% at 2724 yuan/ton, with a domestic 0 - 3 month spread of 18 yuan/ton [3]. - Fundamentals: No long - cycle maintenance and production reduction, high - load production in electrolytic aluminum plants [3]. - Trading Strategy: Prices are expected to be weakly fluctuating before large - scale production cuts due to supply - demand surplus and cost support [3]. - **Industrial Silicon** - Market Performance: The main 01 contract closed at 9115 yuan/ton, up 95 yuan/ton, with a decrease in positions and funds [3]. - Fundamentals: Decrease in furnace start - up, expected decline in south - west start - up rate, and different demand situations in downstream industries [3]. - Trading Strategy: The market is expected to trade between 8600 - 9400 yuan/ton, and it is recommended to wait and see [3]. - **Polysilicon** - Market Performance: The main 01 contract closed at 55235 yuan/ton, down 660 yuan/ton, with changes in positions and funds [4]. - Fundamentals: Slight decline in weekly production, inventory accumulation, and weakening demand in downstream industries [4]. - Trading Strategy: It is recommended to wait and see due to expected decline in downstream production and market uncertainties [4]. Agricultural Products - **Soybean and Soybean Meal** - Market Performance: CBOT soybeans are in short - term oscillation [5]. - Fundamentals: Near - term supply contraction, long - term large supply from South America, strong US soybean crushing, and uncertain exports [5]. - Trading Strategy: Wait for new drivers in the US soybean market, and the domestic market's mid - term trend depends on tariff policies and production [5]. - **Corn** - Market Performance: Corn futures prices fluctuate narrowly, with different trends in spot prices in North and Northeast China [5]. - Fundamentals: Supply delay due to weather, low inventory, strong demand from deep - processing industries, and expected increase in new - crop production [5]. - Trading Strategy: Pay attention to selling hedging opportunities as Northeast supply increases [5]. - **Fats and Oils** - Market Performance: The Malaysian palm oil market rose due to flood concerns [5]. - Fundamentals: High production in the producing areas, expected inventory accumulation in the near term, and seasonal production reduction in the long term [5]. - Trading Strategy: Trade the flood - related disturbances and pay attention to future production and biodiesel policies [5]. - **Sugar** - Market Performance: Zhengzhou sugar 01 contract closed at 5411 yuan/ton, up 0.24% [5]. - Fundamentals: International sugar prices are expected to decline in the long term, and the domestic market faces pressure in the fourth quarter [5]. - Trading Strategy: Short in the futures market and sell call options [5]. - **Cotton** - Market Performance: US cotton futures prices rebounded overnight, and international crude oil prices stopped falling [6]. - Fundamentals: Changes in international cotton export and import data, and stable domestic downstream demand [6]. - Trading Strategy: Buy at low prices, with a strategy in the 13600 - 13900 yuan/ton range [6]. - **Eggs** - Market Performance: Egg futures prices rebounded, and spot prices were stable [6]. - Fundamentals: Decrease in laying hen inventory, increased stocking by traders, and short - term strong egg prices with limited sustainability [6]. - Trading Strategy: Egg futures prices are expected to fluctuate [6]. - **Pigs** - Market Performance: Pig futures prices rebounded, and spot prices continued to fall [6]. - Fundamentals: Abundant pig supply, expected seasonal increase in demand, and possible concentrated slaughter near the winter solstice [6]. - Trading Strategy: Pig futures prices are expected to be weakly fluctuating [6]. Energy Chemicals - **LLDPE** - Market Performance: The main contract continued to decline slightly, with stable basis and general market transactions [7]. - Fundamentals: New device production, reduced supply pressure, and weakening downstream demand [7]. - Trading Strategy: Short - term weak oscillation, and in the long term, it is recommended to short at high prices or conduct month - spread reverse arbitrage [7]. - **PVC** - Market Performance: V01 closed at 4546, up 1% [7]. - Fundamentals: Low prices, increased inventory, increased supply, and weak demand [7]. - Trading Strategy: Short or conduct reverse arbitrage due to weak supply - demand [7]. - **PTA** - Market Performance: PX and PTA prices showed certain trends, with a specific spot basis [8]. - Fundamentals: High domestic PX supply, short - term PTA supply decline, and overall supply - demand situations in related industries [8]. - Trading Strategy: Take profit on PX long positions, and stop loss on PTA processing - fee short positions [8]. - **Rubber** - Market Performance: RU2601 oscillated upward, with continued night - session gains [8]. - Fundamentals: Stable raw material prices, different production situations in tire factories [8]. - Trading Strategy: Short - term strong oscillation due to rainfall affecting production [8]. - **Glass** - Market Performance: FG01 closed at 1060, up 1.9% [8]. - Fundamentals: Bottom - up rebound due to cold - repair and cost support, high inventory, and weak real - estate data [8]. - Trading Strategy: Exit reverse arbitrage due to upstream production cuts [8]. - **PP** - Market Performance: The main contract continued to decline slightly, with stable basis and general market transactions [8]. - Fundamentals: New device production, increased supply, and weakening demand [8]. - Trading Strategy: Short - term weak oscillation, and in the long term, short at high prices or conduct month - spread reverse arbitrage [8]. - **MEG** - Market Performance: East China spot price and basis are provided [9]. - Fundamentals: High - level supply, inventory accumulation, and situations in related industries [9]. - Trading Strategy: Short at high prices for the 01 contract and take partial profit on short positions [9]. - **Benzene and Styrene** - Market Performance: The main contract fluctuated slightly, with a certain market trading atmosphere [9]. - Fundamentals: Inventory situations in pure benzene and styrene, and weak downstream demand [9]. - Trading Strategy: Short - term oscillation, with limited upward space [9]. - **Soda Ash** - Market Performance: sa01 closed at 1190, up 1% [9]. - Fundamentals: Supply - demand balance, high inventory, and downstream demand situations [9]. - Trading Strategy: Wait and see due to supply - demand balance [9].

Retail Data Overview - In September 2025, U.S. retail sales increased by 0.2% month-on-month, below the expected 0.4% and down from the previous 0.6%[2] - Core retail sales (excluding autos and gas) rose by 0.3%, matching expectations but revised down from a previous 0.6%[2] Market Reaction - Following the retail data release, the Dow Jones, S&P 500, and Nasdaq indices rose by 1.43%, 0.91%, and 0.67% respectively[3] - The 10-year U.S. Treasury yield fell by 3 basis points to 4.01%, while the 2-year yield also decreased by 3 basis points to 3.43%[3] Consumer Sentiment and Spending - Consumer confidence index dropped from 58.2 to 55.1 in September, indicating reduced consumer spending willingness[7] - Non-essential spending decreased in categories such as non-store retail (-0.7%), sports and hobbies (-2.5%), and clothing (-0.7%)[5][9] Economic Outlook - The report suggests that the combination of tariff policies and government shutdown risks has negatively impacted consumer spending capacity[4] - Despite the weak September data, the potential for a December interest rate cut remains uncertain, with a 50% probability forecasted[4][12] Future Consumption Trends - The fourth quarter is traditionally a peak consumption season in the U.S., with events like Thanksgiving and Christmas expected to boost demand[8] - The easing of trade tensions and the resumption of government operations are anticipated to improve consumer sentiment moving forward[8]

Core Insights - The trade tensions between the US and China have escalated, particularly under Trump's administration, which has implemented significant tariffs on Chinese goods, impacting various sectors, especially agriculture [2][3][5] - The US agricultural sector, despite its strength, is facing challenges due to retaliatory tariffs from China, leading to a sharp decline in exports and financial strain on American farmers [3][5][10] - China is actively seeking alternative sources for agricultural imports, reducing its reliance on US products, which has implications for global trade dynamics [5][8][10] Group 1: US Agricultural Sector - The US is a leading agricultural exporter, with corn production reaching 386 million tons in 2023, significantly outpacing China [2] - The agricultural workforce constitutes only 1.5% of the US population, yet it supports 18% of global food supply, showcasing high efficiency and productivity [2] - In response to tariffs, US agricultural exports to China have plummeted, with soybean exports dropping nearly 50% in the first half of 2025 [3][10] Group 2: China's Response and Strategy - China has imposed retaliatory tariffs of up to 34% on US agricultural products, targeting key exports like soybeans and corn, which directly affects US farmers [3][5] - China is diversifying its agricultural imports, increasing purchases from Brazil and Argentina, which have seen significant growth in their export volumes to China [5][8] - The Chinese government is investing in agricultural technology and practices to enhance productivity and reduce dependency on US imports, including initiatives like the "vegetable basket project" [8][10] Group 3: Trade Dynamics and Future Outlook - The ongoing trade war is reshaping global supply chains, with companies relocating to other Asian countries to avoid US tariffs, while Chinese firms are seizing opportunities to invest in manufacturing [10][12] - Despite temporary agreements, the core issues remain unresolved, and the agricultural sector in the US continues to face significant challenges due to the tariffs [10][12] - The long-term outlook suggests that China's agricultural sector is strengthening, potentially leading to a shift in the balance of power in global agriculture [12][13]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 were $44.5 million, a 10% increase from $40.4 million in Q3 2024, but below the record $47.2 million in Q2 2025 [3][9] - Adjusted net income for Q3 was $14.4 million, slightly above last year's figure, with adjusted earnings per share at $0.39 for the quarter and $0.42 for the nine months of 2025 [3][11] - The company achieved a debt-free status after repaying $86 million in total during 2025 and $350 million over the last three years [3][13] Business Line Data and Key Metrics Changes - The fleet days increased by 7% due to the addition of two vessels, contributing to the revenue growth [9] - Voyage expenses rose to $7.2 million, driven by increased port and bunker expenses, while operational utilization decreased to 90.3% due to idle time [10] - TCE revenues for the quarter were $37.3 million, reflecting seasonal low activity [10] Market Data and Key Metrics Changes - Global LPG exports grew by 5% in the first nine months of 2025, with US exports showing close to 6% growth [15][16] - The European market is expected to see a record import of 8 million metric tons of competitive US LPG in 2025, significantly impacting pricing and demand [16] - Chinese LPG imports recorded a 1% growth in the first eight months of 2025, despite trade tensions affecting overall trade dynamics [17][18] Company Strategy and Development Direction - The company aims to maintain a conservative approach with a visible revenue stream, securing $130 million in contracted revenues [4] - There is a focus on selling older tonnage and replacing it with newer vessels, with a recent agreement to sell the "Eco Invictus" [4] - The company has achieved a cash flow break-even of $6,500-$7,000 daily, enhancing competitiveness even in a declining market [14] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the seasonal weakness in Q3 but expressed optimism for the short term as the market enters a firming mode [23] - There is a positive outlook for sustained market expansion through 2030, driven by US production and demand growth in Asia [18][23] - The geopolitical situation is expected to stabilize, which should improve market sentiment and rates [23] Other Important Information - The company has scheduled dry dockings for two more vessels in Q4, totaling six for the next year [6] - The company maintains strong liquidity with cash of $70 million and zero debt, positioning it well for future opportunities [12][13] Q&A Session Summary - No specific questions or answers were provided in the transcript, indicating a focus on the presentation rather than an interactive Q&A session.

Core Insights - China's foreign trade showed steady growth in the first half of 2018, with total import and export value reaching 14.12 trillion yuan, a 7.9% increase year-on-year [2] - Exports amounted to 7.51 trillion yuan, growing by 4.9%, while imports reached 6.61 trillion yuan, increasing by 11.5%, resulting in a trade surplus of 901.3 billion yuan, which narrowed by 26.7% [2] - Trade with the United States also saw slight growth, with total trade value of 1.93 trillion yuan, a 5.2% increase year-on-year [2] Trade Performance - In June, exports grew by 11.3% year-on-year, exceeding expectations, while imports grew by 14.1%, falling short of forecasts [3][5] - The trade surplus for June was significantly higher than expected at 41.61 billion USD [3] - The decline in import growth was attributed to a high base effect from the previous year and a rise in commodity prices [5][6] Import and Export Dynamics - The import growth rate outpaced export growth by 6.6 percentage points in the first half of the year, indicating a shift towards increased imports [7] - The government has emphasized policies to expand imports, which have been reflected in the data, with a continuous narrowing of trade surplus since Q3 2016 [7][9] - The recent policy measures include lowering import tariffs on consumer goods and expanding import channels [9] Future Outlook - The first half of 2018 laid a solid foundation for stable foreign trade growth for the year, despite potential challenges from international uncertainties and trade protectionism [9] - Experts predict that while export growth may slow down in the second half of the year, import growth is expected to remain robust [9]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the ethylene glycol and paraffin wax industries, focusing on production methods, market dynamics, and future forecasts [1][2][3][4][10][11]. Ethylene Glycol Insights - **Production Methods**: Ethylene glycol is produced mainly through oil-based and coal-based routes. The oil-based method is more expensive but mature, while the coal-based method is cheaper but results in lower UV transmittance [1][4]. - **Market Demand**: By 2025, domestic demand for ethylene glycol is expected to saturate, with a projected increase of 1.7 million tons in new capacity. Imports are anticipated to rise by 14.64%, primarily from Saudi Arabia and Taiwan [1][6]. - **Economic Impact**: Macroeconomic factors, including US-China trade tensions and geopolitical issues in the Middle East, significantly affect the ethylene glycol market, leading to market volatility and supply chain instability [1][7]. - **Price Forecast**: For December 2026, prices in East China are expected to range between 3,800-4,300 RMB per ton due to an imbalance in supply and demand [9]. Paraffin Wax Insights - **Market Dynamics**: China is a major player in the paraffin wax market, with a high export ratio. However, high-end wax still relies on imports. From January to September 2025, imports decreased by 25%, while exports fell by 0.66% [1][13][16]. - **Price Trends**: Paraffin wax prices hit a five-year low in September 2025, showing a trend of initial decline followed by a slight recovery, influenced by inventory levels and market conditions [17]. - **Future Supply and Demand**: The supply of paraffin wax in 2026 is expected to exceed that of 2025, but demand for candles is projected to decline due to EU anti-dumping measures, leading to a price trend of initial increase followed by a decrease of approximately 200 to 300 RMB per ton [2][24]. Production Capacity and Key Players - **Major Producers**: Key domestic producers include PetroChina and Sinopec, with significant refining capacities across various plants [14][15]. - **Production Capacity**: The effective capacity for paraffin wax in China is around 1.62 million tons, with a general decline in apparent consumption noted in 2025 [13][16]. Additional Considerations - **Market Influences**: The paraffin wax market is influenced by inventory demand, market conditions, raw material costs, and transportation expenses. The operational status of refineries also plays a crucial role [20]. - **Future Growth Areas**: Despite challenges, growth in high-end applications such as electronic components, automotive lubricants, and pharmaceuticals is expected to stabilize demand [22][23]. This summary encapsulates the critical insights from the conference call regarding the ethylene glycol and paraffin wax industries, highlighting production methods, market dynamics, and future forecasts.

Electricity Consumption - In October, total electricity consumption reached 857.2 billion kWh, a year-on-year increase of 10.4%[5] - The growth rates for the primary, secondary, and tertiary industries were 13.2%, 6.2%, and 17.1% respectively, with residential electricity consumption growing by 23.9%[5] - The tertiary industry and urban-rural residents contributed 5.9 percentage points to the overall electricity consumption growth[5] Employment Data - In September, the U.S. non-farm employment increased by 119,000, significantly exceeding the expected 51,000[7] - The unemployment rate in the U.S. reached 4.4%, the highest since October 2021, up from the previous value of 4.3%[7] Japan's Bond Yield - As of November 21, Japan's 10-year government bond yield rose to 1.8%, marking a significant increase and reaching levels not seen since 2008[17] - The 40-year bond yield peaked at 3.73%, while the 30-year yield reached 3.36%[17] China-Japan Relations - The Chinese Ministry of Culture and Tourism advised citizens to avoid traveling to Japan, impacting Japanese tourism and consumer stocks significantly[10] - China's suspension of Japanese seafood imports due to nuclear contamination concerns has led to a drastic drop in Japan's seafood export value to China, falling over 90% from 2022 levels[10] Youth Unemployment - In October, the unemployment rate for urban youth aged 16-24 was 17.3%, while the rate for those aged 25-29 was 7.2%[13] - The total estimated unemployed population in China for the 16-59 age group is approximately 41.95 million, with an overall estimate of around 45 million[13]

Core Viewpoint - The recent government shutdown in the U.S. was expected to boost the cryptocurrency market, but Bitcoin and the overall crypto market have failed to recover, with Bitcoin dropping below $100,000 and nearing $90,000, erasing all gains made in 2025 [2] Market Performance - Bitcoin reached a historical high of $126,000 on October 6, 2025, but has since fallen over 28%, currently trading around $90,000 [2] - The recent decline is characterized by a "death cross" pattern, with Bitcoin breaking below the critical 50-week moving average, historically indicating the end of bull markets [2] Macro Environment - Investor expectations for a Federal Reserve rate cut in December have diminished, with only a 48.6% probability remaining for a 25 basis point cut [3] - The macroeconomic environment has worsened, leading to significant sell-offs and concentrated liquidations of leveraged positions, exacerbating the downward trend [3] Market Sentiment - The current market conditions are attributed to a combination of short-term liquidity issues, persistent selling pressure, and weak investor sentiment rather than a single triggering factor [4] - Despite easing tensions in U.S.-China relations, Bitcoin struggles to find support, with liquidity remaining thin since the market crash on October 10 [4] Institutional Involvement - Unlike previous bear markets, Bitcoin has seen increased institutional participation, with major financial institutions accepting Bitcoin as collateral, indicating a maturation of the asset class [5] - Recent data shows that most investors selling Bitcoin are still in profit, suggesting a lack of panic selling or large-scale margin calls [5] Investment Strategies - Analysts recommend that retail investors avoid trying to time the market and instead adopt a dollar-cost averaging approach for long-term investments [6] - Long-term investors should focus on macro signals rather than solely technical trends, as Bitcoin's potential for recovery is tied to global liquidity conditions [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the market performance, fundamentals, and provides trading strategies for various commodity futures, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It also points out that each commodity has its own supply - demand characteristics and market influencing factors, and investors should make decisions based on these factors and market signals. Summary by Commodity Categories Precious Metals - Gold rebounded at night on Tuesday, with London gold back above $4000. The US employment data was weak, and domestic gold ETFs continued to flow in. It is recommended to buy at the lower support level [4]. - Silver's tight situation is gradually easing, and it is recommended to gradually reduce long positions [4]. Base Metals - Copper prices oscillated weakly. The supply of copper ore remained tight, and domestic weekly start - up data improved. It is advisable to wait for clearer macro signals [3]. - Aluminum prices may continue to decline in the short term. The electrolytic aluminum plants maintained high - load production, and the social inventory of aluminum ingots increased [3]. - Alumina prices are expected to be weak. Some alumina plants carried out early maintenance or reduced loads, and the supply - demand surplus pattern was difficult to change [5]. - Industrial silicon prices are expected to fluctuate between 8600 - 9400 yuan/ton. The supply decreased slightly, and the organic silicon industry planned to cut production by 30% [5]. - Lithium carbonate prices have support in the short term but face weak long - term expectations. The demand was strong in November - December, but the long - term demand was expected to decline [5]. - Polysilicon prices are affected by news. The supply decreased slightly, and the market was disturbed by news, so it is recommended to wait and see [5]. - Tin prices oscillated strongly. The supply of tin ore was tight, and the market was concerned about the continued low exports from Indonesia [5]. Black Industry - Rebar futures are undervalued, and hot - rolled coil futures are overvalued. The supply and demand of steel were weak, and the structural differentiation was significant. It is recommended to hold short positions in hot - rolled coil 2605 [7]. - Iron ore prices may decline. The supply and demand of iron ore were weak, and the futures were in a forward - discount structure [7]. - Coking coal prices may decline. The steel mills continued to lose money, and the coking coal futures were in a forward - premium structure [7]. Agricultural Products - Soybean meal: US soybeans are short - term strong, but the bullish factors have basically emerged. The domestic market may be weak in the short term, and the medium - term trend depends on tariff policies and production in the producing areas [8]. - Corn: As the supply of corn in Northeast China is approaching, the futures price is expected to decline. It is recommended to hold short positions [9]. - Oils: The overall trend of oils is expected to be oscillating and strong. Attention should be paid to future production and biodiesel policies [9]. - Sugar: It is recommended to short in the futures market and sell call options. The international sugar market may decline in the long term, and the domestic market will follow [9]. - Cotton: It is recommended to wait and see. The international cotton harvest rate was lower than in previous years, and the domestic commercial inventory was higher [9]. - Eggs: The futures price is expected to be weak. The supply pressure decreased, but the demand was weak [9]. - Pigs: The futures price is expected to be weak. The supply was abundant, and the demand increased seasonally [9]. - Apples: It is recommended to wait and see. The high - quality apple production decreased, and the inventory decreased [10]. Energy Chemicals - LLDPE: In the short term, it will oscillate, and in the long term, it is recommended to short at high prices. The supply pressure increased, and the demand declined [10]. - PVC: It is recommended to short or conduct a reverse spread. The supply increased, and the demand was weak [10]. - PTA: It is recommended to short the processing margin in the far - month contracts. The supply pressure was large in the long term [10]. - Rubber: It is recommended to operate in a band - trading manner. The raw material prices were strong, and the inventory increased [10][11]. - Glass: It is recommended to conduct a reverse spread. The supply and demand were weak, and the inventory was high [11]. - PP: In the short term, it will oscillate weakly, and in the long term, it is recommended to short at high prices. The supply pressure increased, and the demand was weak [11]. - MEG: It is recommended to short at high prices. The supply pressure was large in the long term, and the demand entered the off - season [11]. - Crude oil: The price is expected to oscillate in the short term. The supply was affected by sanctions and geopolitical risks, and the demand was in the off - season [11][12]. - Styrene: In the short term, it will oscillate. The supply and demand improved marginally, but the overall contradiction was still large [12]. - Soda ash: It is recommended to wait and see. The supply and demand were balanced [12]. - Urea: The price is expected to oscillate. The supply was sufficient, and the demand was in the off - season, but the export news had a certain impact [12].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Various commodity futures markets show different trends and characteristics, and corresponding trading strategies are proposed based on market performance, fundamentals, etc. [1][2][3][4][5][6][7][8][9][10] Summary by Commodity Category Precious Metals - **Gold**: Market price dropped on Friday, with London gold falling below $4,100/ounce. The US will release multiple economic data, and Fed officials have different views on interest rate cuts. Domestic gold ETFs continue to flow in, and inventories in different places change. It is recommended to buy at the lower support level. [1] - **Silver**: There is a short - squeeze situation. It is recommended to gradually reduce long positions. [1] Base Metals - **Copper**: Price was weak on Friday. The market traded Fed officials' hawkish remarks, and the probability of a December interest rate cut is low. Supply is tight, and demand has improved. It is recommended to treat it with an oscillatory mindset. [2] - **Aluminum**: The price of the electrolytic aluminum main contract fell on Friday. Supply is increasing, and demand has slightly improved. Overseas supply disturbances have pushed up prices, but the short - term trend depends on the movement of main funds. [2] - **Alumina**: The price of the main contract fell on Friday. Supply is in surplus, and some factories are overhauling or reducing production. The price is expected to be oscillatory and weak in the short term. [3] - **Industrial Silicon**: The main contract price fell on Friday. Supply has decreased, and demand is supported. The price is expected to oscillate between 8,600 - 9,400, and it is recommended to wait and see. [3] - **Lithium Carbonate**: The price of the main contract fell on Friday. Current demand is high, but the long - term demand is expected to decline. It is recommended to try long positions at low levels and be cautious about chasing high prices, or consider selling put options. [3] - **Polycrystalline Silicon**: The main contract price fell on Friday. Supply has decreased, and demand is weakening. It is recommended to wait and see. [3] - **Tin**: Price oscillated weakly on Friday. The market traded Fed officials' hawkish remarks, and the supply of tin ore is tight. It is recommended to treat it with an oscillatory mindset. [4] Black Industry - **Rebar Steel**: The main contract price rose slightly. Steel supply and demand are weak, and there is a significant structural differentiation. It is recommended to wait and see and try to short the hot - rolled coil contract. [5] - **Iron Ore**: The main contract price rose slightly. Supply and demand are weak, and the price is expected to decline marginally. It is recommended to wait and see and try to short the iron ore contract. [5] - **Coking Coal**: The main contract price fell slightly. Supply and demand are weak, and the futures valuation is high. It is recommended to wait and see and try to short the coking coal contract. [5] Agricultural Products - **Soybean Meal**: CBOT soybeans fell on Friday. Supply is shrinking, and demand is growing rigidly. The US soybeans are expected to oscillate, and the domestic market is relatively strong in the short term. [6] - **Corn**: Futures prices oscillated narrowly, and some spot prices weakened. Supply is delayed due to weather, and there is a short - term supply - demand tightness, but the long - term price is expected to decline. It is recommended to sell hedging at high prices. [7] - **Oils and Fats**: Palm oil prices showed different trends. The supply of Malaysian palm oil is high in the near term and is expected to decrease seasonally in the long term. It is recommended to use a reverse spread strategy. [7] - **Sugar**: ICE raw sugar and Zhengzhou sugar showed different trends. The international market is affected by India's export policy, and the domestic market will follow the international trend. It is recommended to short in the futures market or sell call options. [7] - **Cotton**: US cotton prices fell, and domestic cotton prices oscillated narrowly. International data adjustments are negative for cotton prices. It is recommended to wait and see. [7] - **Eggs**: Futures and spot prices fell. Supply pressure has decreased, and demand has weakened. The price is expected to oscillate weakly. [7] - **Pigs**: Futures prices oscillated narrowly, and spot prices fell. Supply is abundant, and demand is expected to increase seasonally. The price is expected to oscillate in a range. [7] - **Apples**: The main contract price rose last week. Due to extreme weather, the supply of high - quality apples is reduced, and the price is high. It is recommended to wait and see. [7] Energy and Chemicals - **LLDPE**: The main contract price oscillated slightly on Friday. Supply pressure is increasing but at a slower pace, and demand is weakening. It is recommended to oscillate in the short term and short at high prices in the long term. [8] - **PVC**: The main contract price fell. Supply is increasing, and demand recovery is less than expected. It is recommended to short. [8] - **PTA**: PX and PTA prices have different trends. Supply pressure is high in the long term, and it is recommended to take profit on long positions in PX and short the processing fee in PTA. [8] - **Rubber**: The main contract price fell on Friday. Supply is expected to increase, and it is recommended to oscillate between 14,500 - 15,500. [9] - **Glass**: The main contract price fell. Supply has decreased, and demand is weak. It is recommended to use a reverse spread or short strategy. [9] - **PP**: The main contract price oscillated slightly on Friday. Supply is increasing, and demand is weak. It is recommended to oscillate weakly in the short term and short at high prices in the long term. [9] - **MEG**: The spot price is given. Supply pressure is high in the long term, and it is recommended to short at high prices above the 01 contract. [9] - **Crude Oil**: Oil prices oscillated this week due to the game between fundamental negatives and geopolitical risks. It is recommended to oscillate in the short term and short at high prices if Russian oil production reduction is less than expected. [9][10] - **Styrene**: The main contract price rebounded slightly on Friday. Supply and demand are improving in the short term but are weak in the long term. It is recommended to oscillate in the short term. [10] - **Soda Ash**: The main contract price fell. Supply and demand are both increasing, and it is recommended to wait and see. [10]