Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that for the iron ore 2509 contract, the short - term, medium - term trend is sideways, and the intraday trend is slightly sideways down. It is recommended to pay attention to the pressure at the MA60 line as the fundamentals are likely to weaken and the upward driving force is not strong [1]. 3. Summary by Content 3.1 Variety View Reference - The short - term, medium - term trend of iron ore 2509 is sideways, and the intraday trend is slightly sideways down. The view is to pay attention to the pressure at the MA60 line, with the core logic being that the fundamentals are likely to weaken and the upward driving force is not strong [1]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore has changed little. High terminal consumption of ore supports the ore price, but the steel market is facing seasonal weakness, limiting the increase in ore demand and weakening the positive effect. - Although the port arrivals and overseas miners' shipments are falling, the overall decline is not large, and domestic ore production is active, keeping the overall supply at a high level. - Due to the warming of market sentiment, the discounted ore price has rebounded from a low level. However, the increase in ore demand is limited, while the supply remains high. The fundamentals are still likely to weaken, and the upward driving force is expected to be weak. Attention should be paid to the performance of finished steel [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Sino-US trade relationship shows signs of easing, with the negotiation outcome mainly depending on the US. The market expects the US to reduce tariffs to 80%, while China hopes to restore tariffs to the level before April. Short - term domestic macro - policies are in a vacuum, and future incremental policies will depend on tariff impacts and the performance of the equity market [3]. - Short - term demand has basically peaked but the inflection point is yet to come. In the medium term, the market has not fully priced in the negative impact on the export end. As supply continues to rise, the iron ore supply - demand is expected to remain in a loose pattern [3]. - It is recommended to conduct range - bound operations. The price range for the i2509 contract is 690 yuan/ton - 720 yuan/ton, and for the outer - market FE06 contract, it is 95 - 98 US dollars/ton. Short positions should be held [3]. Summaries by Related Catalogs Logic - After the holiday, the iron ore price was generally weak. The monetary policy on May 7th caused a price pulse, and the Politburo meeting at the end of April and the monetary policy in early May both saw the fulfillment of positive factors. The terminal demand expectation is still weak. Although the high export data in April showed high resilience, the "rush - to - export" growth rate significantly declined. The weekly high - frequency data shows that the decline in the apparent demand for finished products last week exceeded the previous and seasonal levels. The rebar inventory decreased seasonally, while the hot - rolled coil inventory slightly increased. Future attention should be paid to the expected changes in exports and the impact of the weakening manufacturing processing profit on hot - rolled coils [2]. Supply - In April, iron ore imports increased both month - on - month and year - on - year. The import volume in April was 10313.80 million tons, with the year - on - year growth rate rising from - 6.5% in March to 1.3%, and the import value year - on - year rising from - 21.5% in March to - 12.2%. May is the peak season for overseas ore shipments, and mainstream mines are expected to see a steady recovery in shipments, with the supporting strength of the supply side weakening marginally [2]. Demand - Domestic demand is generally at a high level in the same historical period. The molten iron production has remained above 245 million tons per day for two consecutive weeks (Steel Union data). Considering the decline in the apparent demand for finished products and the expected impact on the export end, the upward potential of molten iron is limited, and there is a high probability that the short - term demand has reached its peak. However, the current profitability rate of steel mills is relatively high. It is necessary to wait for the verification of negative factors on the export end. It is expected that the molten iron production will remain at a relatively high level next week [3]. Inventory - Given the current high domestic demand level, the port inventory in May will remain relatively stable or tend to be destocked. However, overall, the inventory is at a high level, and the phased destocking at a high inventory level cannot provide upward momentum. Future attention should be paid to the recovery amplitude of supply - side shipments and the inflection point of the demand side [3].

◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA10 一线压力 | 供需格局弱稳，矿价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 5 月 12 日） 观点参考 ◼ 行情驱动逻辑 铁矿石供需格局迎来变化，钢厂生产趋稳，矿石需求维持高位，继续给予矿价支撑，但钢材需求 面临季节性走弱，难以承接高铁水局面，预计矿石需求将触顶，利好效应趋弱。与此同时，海外矿商 发运积极，而内矿供应回升，铁矿石供应维持高位，且增量预期未退。总之，中美贸易谈判取得实质 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of Iron Ore 2509 is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. Attention should be paid to the pressure at the MA5 line, and the core logic is the concern of demand reaching the peak, which puts pressure on the ore price [2] - The supply - demand pattern of iron ore has weakened. Although the steel mill production is stable and the ore demand is at a high level, the poor performance of steel prices and the hidden worries of steel demand lead to concerns about the peak of ore demand. Meanwhile, the supply of iron ore has returned to a high level, so the ore price is under pressure and runs weakly, and attention should be paid to the performance of finished products [3] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For Iron Ore 2509, the short - term is weak and volatile, the medium - term is volatile, and the intraday is weak and volatile. The view is to pay attention to the pressure at the MA5 line, with the core logic of demand reaching the peak concern and the ore price under pressure [2] Market Driving Logic - The supply - demand situation of iron ore has weakened. The steel mill production is stable, and the ore demand is at a high level, which supports the ore price. However, the poor steel price and the hidden worries of steel demand lead to concerns about the peak of ore demand, and the positive effect is weakening. Overseas miners are actively shipping, the domestic ore supply is stable, the iron ore supply has returned to a high level, and there is still an expectation of increase. Overall, the fundamentals of iron ore are weakening, and the ore price is under pressure and runs weakly, and attention should be paid to the performance of finished products [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The iron ore 2509 contract is expected to be volatile in the short - and medium - term, and weakly volatile intraday. Attention should be paid to the pressure at the MA20 line, as the fundamental outlook is weakening and the ore price is under pressure [1]. - The iron ore supply - demand pattern has not changed significantly. High supply and demand co - exist, the fundamentals have not improved, and there are concerns about demand reaching its peak. The ore price is under pressure, but the macro - environment is warming. The ore price will continue to run in a weakly volatile manner, and attention should be paid to the performance of finished steel [2]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2509 contract, the short - term view is volatile, the medium - term view is volatile, and the intraday view is weakly volatile. The reference view is to pay attention to the pressure at the MA20 line, and the core logic is that the fundamental outlook is weakening and the ore price is under pressure [1]. Market Driving Logic - The supply - demand situation of iron ore shows high supply and demand. Steel mills are actively producing during the peak season, and ore demand is good, supporting the ore price. However, the profit situation of steel mills is changing, and there is an expectation of weakening steel demand, so the incremental space for ore demand is limited. Overseas ore supply remains high, and domestic ore supply is stable, so the supply pressure of iron ore persists. The fundamentals have not improved, and there are concerns about demand reaching its peak. The ore price is under pressure, while the macro - environment is warming. The ore price will continue to run in a weakly volatile manner, and attention should be paid to the performance of finished steel [2].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The external environment is favorable for Treasury bond futures, but considering the current relatively low Treasury bond yields, China's economic recovery trend, and the possibility of tariff adjustments, it is recommended to remain cautious [6]. - Despite the impact of tariffs on the domestic economic recovery rhythm and the increase in global recession risks, the long - term performance of Chinese equity assets is still optimistic, and it is advisable to consider going long on stock index futures [9]. - The long - term bullish trend of precious metals continues, and it is recommended to go long on gold futures on dips [12]. - For steel products such as rebar and hot - rolled coils, investors can focus on short - selling opportunities on rebounds, and for iron ore, they can focus on buying opportunities at low levels [14][17]. - For coking coal and coke, investors can focus on short - selling opportunities on rebounds [19]. - For ferroalloys, consider opportunities in out - of - the - money call options for manganese silicon and short - covering opportunities for ferrosilicon [22]. - Consider going long on the main contracts of crude oil and fuel oil [25][27]. - Synthetic rubber and natural rubber are expected to be in a weak and volatile state, PVC is expected to be in a bottom - oscillating state, and urea requires attention to export changes [28][29][34]. - For PX, PTA, and other chemical products, consider range - bound operations [38][39]. - For ethylene glycol, short - term bottom - oscillating is expected, and cautious participation is recommended [41]. - For short - fiber and bottle - chip, they are expected to follow the cost side and oscillate, and cautious participation is recommended [42][43]. - For soda ash, short - term disk adjustments may occur, and short - sellers at low levels should adjust their positions [46]. - For glass, the post - holiday market sentiment is expected to be weak [47]. - For caustic soda, pay attention to enterprise inventory and delivery volume data changes [48]. - For pulp, the market is in a weak pattern [51]. - Lithium carbonate is expected to be in a weak operation [52]. - Consider going long on the main contract of Shanghai copper, and have a bearish and oscillating view on tin [56][57]. - Nickel is expected to remain in a supply - surplus pattern, and industrial silicon and polysilicon are expected to continue to decline in price [58][59]. - For soybean oil and soybean meal, adopt a wait - and - see attitude for soybean meal and consider out - of - the - money call options for soybean oil at the bottom [61]. - Consider the opportunity to widen the soybean oil - palm oil spread, and consider buying opportunities for rapeseed meal after a pullback [63][65]. - For cotton, sugar, apples, and other agricultural products, a wait - and - see attitude is recommended [67][71][74]. - For live pigs, consider waiting and seeing, and for eggs, consider reverse - spread opportunities [77][79]. - For corn and corn starch, a wait - and - see attitude is recommended [81]. - For logs, the market is in a weak state with no obvious driving force [84]. 3. Summary by Related Catalogs Treasury Bonds - On the previous trading day, most Treasury bond futures closed down. The central bank conducted 405 billion yuan of reverse repurchase operations on May 6, with a net withdrawal of 682 billion yuan. The Caixin China Services PMI in April was 50.7, and the comprehensive PMI output index declined, indicating a slowdown in the expansion of domestic enterprise production and operation activities [5]. - The external environment is favorable for Treasury bond futures, but considering various factors, it is recommended to remain cautious, and the volatility is expected to increase [6][7]. Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The market is worried about the decline in corporate profit growth due to tariffs, but domestic asset valuations are low, and policies have hedging space. The long - term performance of Chinese equity assets is still optimistic, and it is advisable to consider going long on stock index futures [8][9][10]. Precious Metals - On the previous trading day, gold and silver futures rose. The complex global trade and financial environment, the increase in the risk of global recession due to tariffs, and the possible passive easing of monetary policies are expected to drive up the price of gold. It is recommended to go long on gold futures on dips [11][12][13]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The downward trend of the real estate industry suppresses the price of rebar, but the peak - season demand may provide short - term support. The valuation of steel prices is low, and investors can focus on short - selling opportunities on rebounds [14]. Iron Ore - On the previous trading day, iron ore futures oscillated. The increase in iron ore demand and the decrease in supply and inventory support the price. The valuation of iron ore is relatively high, and investors can focus on buying opportunities at low levels [16][17]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures fell sharply. The supply of coking coal is loose, and the trading atmosphere has weakened. The shipment of coke has improved, but the possibility of further price increases is low. The futures may continue to decline, and investors can focus on short - selling opportunities on rebounds [19]. Ferroalloys - On the previous trading day, manganese silicon and ferrosilicon futures fell. The supply of ferroalloys is still high, and the demand is weak. The supply of manganese ore may be disturbed. Consider opportunities in out - of - the - money call options for manganese silicon and short - covering opportunities for ferrosilicon [21][22]. Crude Oil - On the previous trading day, INE crude oil fell sharply due to OPEC's plan to increase production by 411,000 barrels per day in June. The increase in production may lead to price fluctuations, but factors such as Sino - US talks are favorable for crude oil. Consider going long on the main contract [23][24][25]. Fuel Oil - On the previous trading day, fuel oil followed crude oil and fell sharply. The reduction in Singapore's inventory may support the price, and the relaxation of US sanctions on Russia may be negative for high - sulfur fuel oil. Consider going long on the main contract [26][27]. Synthetic Rubber - On the previous trading day, synthetic rubber rose. The supply pressure continues, the demand improvement is limited, and the cost side rebounds. It is expected to oscillate weakly [28][29]. Natural Rubber - On the previous trading day, natural rubber futures rose. The global supply is expected to increase, and the demand is affected by tariffs. It is expected to oscillate weakly [29][30]. PVC - On the previous trading day, PVC futures fell. The supply pressure eases marginally, the demand recovers weakly, and the price is expected to oscillate at the bottom [31][34]. Urea - On the previous trading day, urea futures rose. The approach of the summer corn fertilizer preparation period and potential Indian tenders may affect the price. Pay attention to export policy changes [35][36]. PX - On the previous trading day, PX futures fell. PX devices are under centralized maintenance, and the downstream demand has improved. It is expected to follow the cost side and oscillate, and range - bound operations are recommended [37][38]. PTA - On the previous trading day, PTA futures fell. The supply is affected by device maintenance, the demand is affected by tariffs, and the cost side is under pressure. It is expected to oscillate, and range - bound operations are recommended [39]. Ethylene Glycol - On the previous trading day, ethylene glycol futures fell. The supply is expected to increase, the inventory is high, and the demand is weak. It is expected to oscillate at the bottom, and cautious participation is recommended [40][41]. Short - Fiber - On the previous trading day, short - fiber futures fell. The supply is at a relatively high level, the demand is weak, and it is expected to follow the cost side and oscillate. Cautious participation is recommended [42]. Bottle - Chip - On the previous trading day, bottle - chip futures fell. The cost support is insufficient, the supply is increasing, and the demand is gradually recovering. It is expected to follow the cost side and oscillate [43]. Soda Ash - On the previous trading day, soda ash futures fell. In May, device maintenance will be concentrated, which may lead to short - term disk adjustments. The supply is high, and the inventory is stable [44][46]. Glass - On the previous trading day, glass futures fell. The production line is at a low level, the demand is weak, and the post - holiday market sentiment is expected to be weak [47]. Caustic Soda - On the previous trading day, caustic soda futures rose. Some devices will enter the maintenance period in May, and the demand is limited. Pay attention to enterprise inventory and delivery volume data changes [48][49]. Pulp - On the previous trading day, pulp futures fell. The inventory is accumulating, the supply is increasing, and the market is in a weak pattern [50][51]. Lithium Carbonate - On the previous trading day, lithium carbonate futures fell. The supply is high, the demand is weak, and it is expected to be in a weak operation [52]. Copper - On the previous trading day, Shanghai copper oscillated upward. Although the ICSG expects a supply surplus of refined copper, Sino - US talks may boost demand. Consider going long on the main contract [53][55][56]. Tin - On the previous trading day, Shanghai tin rose. The supply shortage may ease with the resumption of mines, and the downstream demand is affected by Sino - US trade. A bearish and oscillating view is taken [57]. Nickel - On the previous trading day, Shanghai nickel fell. The cost support is strong, but the demand may weaken in the off - season. It is expected to remain in a supply - surplus pattern [58]. Industrial Silicon and Polysilicon - On the previous trading day, industrial silicon and polysilicon futures continued to decline. The demand in the industrial chain is weak, the supply decline is limited, and the price is expected to continue to be under pressure [59]. Soybean Oil and Soybean Meal - On the previous trading day, soybean oil and soybean meal futures fell. The supply of soybeans is expected to be loose, the demand for soybean oil and soybean meal is expected to increase slightly. Adopt a wait - and - see attitude for soybean meal and consider out - of - the money call options for soybean oil at the bottom [60][61]. Palm Oil - Malaysian palm oil prices fell. The market is concerned about the May production outlook, and the inventory may increase. Consider the opportunity to widen the soybean oil - palm oil spread [62][63]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices fell. The import of rapeseed in the EU has increased, and China has imposed tariffs on Canadian rapeseed products. Consider buying opportunities for rapeseed meal after a pullback [64][65]. Cotton - The domestic cotton market showed a volatile trend. The planting area in China has increased, and the demand is affected by tariffs. A wait - and - see attitude is recommended [66][67][68]. Sugar - The domestic sugar market showed a volatile trend. Brazil is entering the production acceleration period, and the sugar production in India is lower than expected. The domestic inventory is neutral, and a wait - and - see attitude is recommended [69][71][72]. Apples - The domestic apple futures showed a sharp rise and then a fall. The cold - storage inventory is low, and the new - year production increase is expected. A wait - and - see attitude is recommended [73][74][75]. Live Pigs - The price of live pigs showed a slight decline. The supply may increase after the holiday, and the demand will enter a short - term off - season. Consider waiting and seeing [76][77]. Eggs - The price of eggs fell. The supply is expected to increase in May, and the pre - holiday stocking may provide support. Consider reverse - spread opportunities [78][79]. Corn and Corn Starch - Corn futures closed flat, and corn starch futures rose. The supply of corn is expected to be in a surplus state, and the demand is weak. A wait - and - see attitude is recommended [80][81]. Logs - On the previous trading day, log futures rose. The supply is affected by holidays and weather, and the demand is weak. The market is in a weak state with no obvious driving force [82][83][84].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 5 月 7 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA5 一线支撑 | 供需格局平稳，矿价低位震荡 | 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石供需格局平稳运行，钢厂生产积极，矿石需求表现强劲给予矿价支撑，但存触顶担忧，利 好效应趋弱。与此同时，海外矿石供应高位运行，而内矿供应相对平稳，整体铁矿石供应维持高位。 目前来看，铁矿石需求表现强劲，给予矿价支撑，但 ...

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The supply - demand pattern of iron ore is relatively good. Steel mills are actively producing, and the terminal consumption of ore is rising at a high level. This week, the average daily hot metal output and imported ore consumption of sample steel mills increased again week - on - week, both hitting new highs for the year. With pre - holiday stockpiling, ore demand is strong, supporting the relatively strong operation of ore prices. However, steel profits are shrinking recently, and steel prices are not performing well, so there are doubts about whether high demand can be maintained. Domestic port arrivals have declined, while overseas miners' shipments are stable. The overseas ore supply is stable, and domestic ore production is weakening. In the short term, the ore supply is weakly stable. With high demand and pre - holiday stockpiling, ore demand is strong, but the expectation of supply increase remains, and there are concerns about demand reaching a peak. The fundamental expectation is weakening, and the upward driving force is not strong. Under the game of multiple factors, it is expected that ore prices will continue to fluctuate at a low level, and attention should be paid to the performance of finished steel products [2] 3. Summary by Related Catalogs Inventory - The inventory of iron ore at 45 ports is 14,261.00, with a week - on - week increase of 205.00, a decrease of 259.40 compared with the end of last month, and a decrease of 498.11 compared with the same period last year. The imported ore inventory of 247 steel mills is 9,073.03, with a week - on - week increase of 20.11, a decrease of 37.42 compared with the end of last month, and a decrease of 306.90 compared with the same period last year [1] Supply - The arrival volume of iron ore at 45 ports is 2,325.30, a week - on - week decrease of 200.20, a decrease of 185.30 compared with last month, and a decrease of 63.50 compared with the same period last year. The global 19 - port iron ore shipment volume is 2,925.50, a week - on - week increase of 17.80, a decrease of 159.20 compared with last month, and a decrease of 84.80 compared with the same period last year. The domestic port arrivals have declined, while overseas miners' shipments are stable. According to the shipping schedule, the domestic port arrival volume is expected to increase steadily, and the overseas ore supply is stable. Domestic ore production is weakening, and the short - term ore supply is weakly stable [1][2] Demand - The average daily hot metal output of 247 steel mills is 244.35, a week - on - week increase of 4.23, an increase of 7.07 compared with last month, and an increase of 15.63 compared with the same period last year. The average daily consumption of imported ore of 247 steel mills is 301.39, a week - on - week increase of 3.29, an increase of 7.89 compared with last month, and an increase of 21.92 compared with the same period last year. The average weekly value of iron ore transactions at main ports is 107.68, a week - on - week increase of 6.12, a decrease of 0.78 compared with last month, and an increase of 1.34 compared with the same period last year. The average daily hot metal output and imported ore consumption of sample steel mills increased again week - on - week, both hitting new highs for the year. With pre - holiday stockpiling, ore demand is strong, but there are doubts about whether high demand can be maintained due to shrinking steel profits and poor steel prices [1][2]

Report Industry Investment Rating No relevant content provided. Core Views - This week, the iron ore price fluctuated. As of Friday's close, the main contract of iron ore futures closed at 699 yuan/ton, a week-on-week decline of 1.27%. The Mysteel 62% Australian powder forward price index was 98.4 US dollars/ton, a week-on-week increase of 0.05 US dollars/ton, or 0.05%. The price of PB powder at Qingdao Port was 756 yuan/ton, a week-on-week decrease of 6 yuan/ton, or 0.79% [3]. - In terms of supply, the latest data from Mysteel shows that the global iron ore shipments this period were 29.08 million tons, a decrease of 140,000 tons week-on-week. Among them, the shipments from Australia increased slightly, while the shipments from non-mainstream regions decreased significantly. The arrivals at 45 ports of iron ore this period were 25.255 million tons, an increase of 3.368 million tons week-on-week, or 15.4%, which is at a relatively high level in the same period of the past three years [3]. - In terms of demand, the blast furnace operating rate of 247 steel mills surveyed by Mysteel was 83.56%, an increase of 0.28% week-on-week and 4.70% year-on-year. The blast furnace ironmaking capacity utilization rate was 90.15%, a decrease of 0.04% week-on-week and an increase of 5.56% year-on-year. The steel mill profitability rate was 54.98%, an increase of 1.3% week-on-week and 6.5% year-on-year. The daily average pig iron output was 2.4012 million tons, a decrease of 0.1 million tons week-on-week and an increase of 1.39 million tons year-on-year [3]. - In terms of inventory, the total iron ore inventory at 45 ports in the country was 140.56 million tons, a decrease of 2.85 million tons week-on-week, showing a slight de-stocking trend at the ports. The daily average port clearance volume at 45 ports was 3.0951 million tons, a decrease of 0.0854 million tons week-on-week [4]. - Overall, the short-term iron ore fundamentals have no prominent contradictions. In the later stage, attention should be paid to the impact of supply-side changes on the industrial chain. In the long run, the iron ore market still presents a pattern of relatively loose supply and demand [2][4]. Strategies - Unilateral: Pay attention to the opportunity to sell for hedging after the price rebounds (preferably swap hedging) [5]. - Inter-period: None [5]. - Cross-variety: None [6]. - Spot-futures: None [6]. - Options: None [6].