Pharmaceutical stocks mostly gained Friday, as traders appeared to shrug off or even cheer President Donald Trump's rollout of a new tariff plan for drugmakers. ...

Core Viewpoint - Despite dissatisfaction with President Trump's tax reform and tariff plans, a positive outlook on the economy is solidifying his political standing [1] Group 1 - The Wall Street Journal survey indicates a growing optimism about the economy among the public [1] - The political implications of economic perceptions are significant for Trump's administration [1] - Public sentiment towards economic policies remains mixed, yet overall economic confidence is rising [1]

Core Viewpoint - The White House assistant Blair emphasized that the tariff plan is transparent and that funds are flowing into the United States [1] Group 1 - The tariff plan is designed to be clear and understandable [1] - The implementation of the tariff plan is resulting in increased financial inflow to the U.S. [1]

Group 1 - The U.S. Treasury Secretary, Becerra, commented on Trump's tariff plan, noting that market reactions have been relatively calm [1]

Core Viewpoint - The Mexican President, Andrés Manuel López Obrador, has announced that Mexico is also developing a tariff plan to address economic challenges and protect local industries [1] Group 1 - The tariff plan aims to support domestic production and reduce reliance on imports [1] - The initiative is part of a broader strategy to enhance economic sovereignty and competitiveness in the region [1] - The announcement reflects a growing trend among countries to implement protective measures in response to global economic pressures [1]

Core Viewpoint - The U.S. tariff plan is seen as suppressive to bilateral trade, necessitating balanced and comprehensive countermeasures from the EU [1] Group 1 - The EU's Šefčovič emphasizes the need for a well-rounded response to the U.S. tariff strategy [1]

Core Viewpoint - The Vice President of the European Commission, Šefčovič, stated that the U.S. tariff plan acts as an obstacle to trade between both parties [1] Group 1 - The U.S. tariff plan is perceived as a hindrance to trade relations [1]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views - Gold: Trump's latest tariff plan led to the selling of US stocks and bonds. With the early extension of the suspension period, the gold price first rose and then fell. The impact of tariffs will decline again, and the gold price is expected to be volatile. The premium of Shanghai gold has converged to 2.3 yuan/gram. Although there have been recent news of additional tariffs in some regions, the gold price has shown limited reaction [4]. - Silver: Trump's latest tariff plan also affected silver. With the extension of the tariff suspension period, the silver price oscillated and closed down. It has returned to following the gold price, and the impact of tariffs has decreased. The silver price is expected to be weakly volatile. The premium of Shanghai silver remains at around 420 yuan/kg [5]. 3. Summary by Directory 3.1. Previous Day's Review - **Gold**: US stocks and bonds were sold due to Trump's tariff plan. The US three major stock indexes closed down across the board, European major stock indexes had mixed closing results, US bond yields rose collectively (the 10 - year US bond yield rose 3.56 basis points to 4.377%), the US dollar index rose 0.58% to 97.55, the offshore RMB depreciated against the US dollar to 7.1796, and COMEX gold futures rose 0.10% to $3346.40 per ounce. The gold basis was -4.4 (spot at a discount to futures), gold futures warehouse receipts increased by 3000 kg to 21456 kg, the 20 - day moving average was downward with the K - line below it, and the main net long position increased [4]. - **Silver**: Similar to gold, the silver price oscillated and closed down. COMEX silver futures fell 0.39% to $36.94 per ounce. The silver basis was -16 (spot at a discount to futures), the Shanghai silver futures warehouse receipts decreased by 9051 kg to 1330695 kg, the 20 - day moving average was downward with the K - line above it, and the main net long position decreased [5]. 3.2. Daily Tips - **Gold**: The logic is that after Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation, making it difficult for the gold price to fall. The verification between the expected and actual policies of the new US government will continue, and the sentiment for the gold price is high, still prone to rise and hard to fall [9]. - **Silver**: Silver still mainly follows the gold price. The concern about tariffs has a stronger impact on the silver price, and there is a risk of an enlarged increase. Factors such as global turmoil, rising US stagflation expectations, tense situations in Russia - Ukraine and the Middle East, and tariff concerns are positive for silver. On the other hand, factors like the end of interest rate cuts, improved economic expectations, insufficient European fiscal expansion, and the end of the Russia - Ukraine conflict are negative for silver [12][13]. 3.3. Today's Focus - 07:50: Japan's May trade balance - 12:30: The Reserve Bank of Australia announces the interest rate decision - 13:30: RBA Governor Bullock holds a monetary policy press conference - Time TBD: EU finance ministers' meeting, with ECB Vice - President Guindos participating - 18:00: US June NFIB Small Business Optimism Index - 22:00: ECB Governing Council member and Bundesbank President Nagel speaks - 03:00 (next day): US May consumer credit [14] 3.4. Fundamental Data - **Gold and Silver Price Movements**: Various gold and silver futures and spot prices, as well as the US dollar index, showed different changes. For example, Shanghai gold 2510 fell 0.54%, Shanghai silver 2508 fell 0.50%, etc. [15]. - **Price Spreads**: The spreads between different gold and silver contracts and the relationship between domestic and foreign spot prices are presented through charts [16][20]. - **Market Sentiment Indicators**: The 10 - year US bond yield rose 3.56 basis points to 4.377%, and the TIPS inflation expectation and other related data are shown [24]. 3.5. Position Data - **Gold**: The long positions of the top 20 in Shanghai gold increased by 152 (0.08%) to 200,758, short positions increased by 181 (0.29%) to 62,978, and the net position decreased by 29 (-0.02%) to 137,780 [26][27]. - **Silver**: The long positions of the top 20 in Shanghai silver decreased by 5,018 (-1.25%) to 397,792, short positions decreased by 5,409 (-1.65%) to 321,461, and the net position increased by 391 (0.51%) to 76,331 [28][29]. - **ETF Positions**: Gold ETF positions decreased slightly, while silver ETF positions oscillated and were higher than the same period in the past two years [31][34]. - **Warehouse Receipts**: Shanghai gold warehouse receipts continued to increase, COMEX gold warehouse receipts continued to decrease but remained at a high level, Shanghai silver warehouse receipts changed to an increase and were higher than last year, and COMEX silver warehouse receipts decreased slightly [35][36][38].

Report Information - Report Title: PTA Daily Report - Date: July 8, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jin, Feng Zeren [1][3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - On July 7, the closing price of PTA's main futures contract TA2509 was 4,710 yuan/ton, down 28 yuan/ton or 0.59%. With international crude oil fluctuating narrowly and PTA's fundamentals lacking major new news, PTA prices are expected to fluctuate within a narrow range [5] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The closing price of PTA's main futures contract TA2509 on July 7 was 4,710 yuan/ton, down 28 yuan/ton, with a trading volume of 863,534 lots and a decrease of 2,777 lots. The closing price of TA2601 was 4,640 yuan/ton, down 24 yuan/ton, with a trading volume of 169,785 lots and an increase of 11,751 lots. Due to the narrow - range fluctuation of international crude oil and the lack of major new news in PTA fundamentals, PTA prices are expected to fluctuate narrowly [5] 3.2 Industry News - The strong US job market supports the Fed to keep interest rates unchanged. Investors await clarification of President Trump's tariff plans. OPEC and its allies are expected to further increase crude oil production in August, leading to a cautious decline in international oil prices. On July 4, the electronic trading price of WTI crude oil futures for August 2025 was $66.50 per barrel, down $0.50 or 0.75%. The settlement price of Brent crude oil futures for September 2025 was $68.30 per barrel, down $0.50 or 0.73%. The Asian xylene market continued to decline, with FOB South Korea closing at $715/ton and CFR China at $735/ton. The PTA price in the East China market was 4,802 yuan/ton, down 34 yuan/ton, and the daily average negotiation basis was at a premium of 98 yuan/ton over futures 2509, remaining stable [6] 3.3 Data Overview - The report presents multiple data charts, including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, processing margins, spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and Jianxin Futures Research and Development Department [10][12][16]

Core Viewpoint - The U.S. Secretary of Commerce, Gina Raimondo, stated that changes in legislation would not necessitate adjustments to the tariff plans [1] Group 1 - The current tariff plans are designed to remain stable despite potential legislative changes [1]