Group 1 - The core viewpoint indicates that the CPI in May remains at -0.1%, reflecting a trend of negative growth in consumer prices for four out of the first five months of the year, with the market closely monitoring price trends as a key macroeconomic variable [2][3] - The PPI in May shows a year-on-year decline of 3.3%, which is a larger drop compared to the previous month's decline of 2.7%, indicating a worsening trend in producer prices [2] - The decline in CPI is primarily attributed to falling energy and food prices, with vegetable prices dropping by 8.3% year-on-year and energy prices decreasing by 6.1%, significantly impacting the overall CPI [2] Group 2 - The current price level is described as stable yet weak, with ongoing negative growth potentially having adverse effects on macroeconomic growth, leading to delayed consumer spending on major purchases and increased corporate inventory [4] - The downward trend in prices is causing actual interest rates to rise, with the one-year fixed deposit rate falling below 1%, resulting in a real interest rate of 1.05%, which may discourage private sector leverage [5] - The central bank's recent interest rate cuts aim to support the real economy and encourage investment and consumption, particularly in the real estate sector, but persistent price declines may weaken the effectiveness of these policies [6] Group 3 - To enhance price levels, it is essential to promote consumption, and addressing policy bottlenecks that affect consumer spending is crucial [7]

Group 1 - The core point of the article is that the U.S. Consumer Price Index (CPI) data for May came in below expectations, leading to a rise in U.S. stock index futures as concerns over potential price pressures from increased tariffs were alleviated [1] Group 2 - The lower-than-expected CPI report has calmed fears regarding the impact of potential tariff increases by Trump on consumer prices [1] - The market reaction indicates a positive sentiment among investors following the CPI data release [1] - The overall economic outlook appears more stable with the easing of inflation concerns, which could influence future investment strategies [1]

金十数据6月11日讯，比特币下跌，停留在11万美元的心理关键水平以下。Trade Nation分析师大卫·莫里 森在一份报告中说，美国通胀数据公布前投资者持谨慎态度，该数据可能显示关税导致物价上涨。莫里 森表示："市场明显缺乏信心，倾向于观望，直到今天的美国通胀数据对利率预期提供更清晰的信息。" CPI前，市场倾向于观望 ...

美国5月季调后CPI及核心CPI月率、未季调CPI及核心CPI年率将于十分钟后公布。 ...

决战CPI之夜 直击黄金数据行情！CPI会否给黄金带来新方向？顺姐正在用订单流实时分析，点击观看 相关链接 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper is expected to continue its volatile pattern for some time, with the range of 78,000 - 80,000 yuan/ton being closely watched. Favorable factors for bulls include a weak US dollar, inventory reduction, low inventory levels, tight domestic spot supply, and uncertainty over potential tariff hikes in the US 232 investigation. Key bearish factors are the US government's inconsistent tariff stance and the resulting uncertainty in the global economic outlook [1]. - Aluminum is undergoing a weak adjustment. Alumina enterprises are resuming production, leading to increased pressure on spot inventory. The reduction in bauxite price support has caused alumina prices to adjust based on cost. Aluminum ingot inventory is decreasing, but the speed of turnover and inventory reduction has slowed down. The price of aluminum alloy may fluctuate around the Baotai price in the short - term [1][2]. - Nickel is expected to remain range - bound. Although the cost of raw materials is firm and the fundamentals of primary nickel are improving, upward movement is restricted by weak downstream demand. Attention should be paid to the premium of nickel ore and the inventory of primary nickel [2]. 3. Summary According to Relevant Catalogs 3.1 Research Views Copper - Overnight, LME copper fell 0.45% to $9,725/ton, and SHFE copper主力 dropped 0.13% to 79,030 yuan/ton. Domestic spot imports are in a continuous loss. In May, US consumers' inflation expectations declined for the first time since 2024, and consumer confidence improved. China's May CPI decreased by 0.1% year - on - year, and PPI's year - on - year decline widened to 3.3%. China's exports in May increased by 4.8% year - on - year in US dollars, while imports decreased by 3.4%. LME copper inventory decreased to 120,400 tons, Comex copper inventory increased to 173,215 tons, SHFE copper warehouse receipts decreased to 33,746 tons, and BC copper warehouse receipts increased to 804 tons. With the arrival of the off - season, terminal demand orders are gradually slowing down [1]. Aluminum - On the first trading day, aluminum alloy showed a pattern of rising and then falling. The main contract AD2511 closed at 19,190 yuan/ton, up 4.49%. Alumina showed a weak and volatile trend, with the overnight AO2509 closing at 2,888 yuan/ton, down 0.24%. Shanghai aluminum also showed a weak and volatile trend, with the overnight AL2507 closing at 20,050 yuan/ton, up 0.25%. The SMM alumina price dropped to 3,262 yuan/ton, and the aluminum ingot spot premium was 70 yuan/ton. Alumina enterprises are resuming production, and inventory pressure is increasing. The reduction in bauxite price support has led to an adjustment in alumina prices based on cost. The proportion of molten aluminum has increased, and the arrival of aluminum ingots has decreased, but the speed of inventory reduction has slowed down [1][2]. Nickel - Overnight, LME nickel fell 0.23% to $15,330/ton, and Shanghai nickel fell 0.25% to 121,360 yuan/ton. LME nickel inventory decreased to 198,126 tons, and domestic SHFE nickel warehouse receipts decreased to 21,041 tons. The LME 0 - 3 month premium remained negative, and the import nickel premium was 100 yuan/ton. Nickel ore prices are firm, and domestic nickel - iron transaction prices show a slight rebound. In the stainless - steel sector, raw material prices are stable, and inventory has increased on a weekly basis. Production cuts in China and Indonesia in June will gradually ease the overall oversupply situation, but in the medium - term, it will still be constrained by weak terminal demand. In the new energy sector, prices are stable, and there is little new demand in June. In June, the supply of primary nickel continued to decline month - on - month, and domestic weekly inventory decreased [2]. 3.2 Daily Data Monitoring Copper - Market prices: The price of flat - copper increased by 400 yuan/ton, the price of 1 bright scrap copper in Guangdong rose by 300 yuan/ton, and the refined - scrap price difference in Guangdong increased by 119 yuan/ton. The prices of downstream products such as oxygen - free copper rods and low - oxygen copper rods also increased. - Inventory: LME copper inventory decreased by 2,000 tons, Comex copper inventory increased by 1,672 tons, SHFE copper warehouse receipts decreased by 496 tons, and the total social inventory (including bonded areas) remained unchanged [4]. Lead - Market prices: The average price of 1 lead increased by 110 yuan/ton, and the prices of recycled lead products also rose. The price of lead concentrate at the factory increased by 100 yuan/ton in some areas. - Inventory: LME lead inventory decreased by 1,950 tons, and SHFE lead warehouse receipts increased by 399 tons [4]. Aluminum - Market prices: The Wuxi and Nanhai aluminum prices decreased, and the price difference between Nanhai and Wuxi widened. The price of some aluminum alloy products decreased, and the processing fee of some downstream aluminum products increased. - Inventory: LME aluminum inventory decreased by 2,100 tons, SHFE aluminum warehouse receipts decreased by 175 tons, and the total social inventory of electrolytic aluminum remained unchanged, while the social inventory of alumina increased by 4.1 tons [5]. Nickel - Market prices: The price of Jinchuan nickel decreased by 1,100 yuan/ton, and the prices of some stainless - steel products also declined. The price of nickel ore was stable, and the price of new - energy nickel products decreased. - Inventory: LME nickel inventory decreased by 966 tons, SHFE nickel warehouse receipts decreased by 151 tons, and the total social inventory of nickel decreased by 2,178 tons [5]. Zinc - Market prices: The main settlement price of zinc decreased by 1.2%, and the prices of spot zinc and zinc alloy products dropped. The LME 0 - 3 premium decreased. - Inventory: LME zinc inventory decreased by 1,050 tons, SHFE zinc inventory increased by 793 tons, and the social inventory increased by 0.28 million tons [6]. Tin - Market prices: The main settlement price of tin increased by 0.3%, and the spot price and the price of tin concentrate rose. The LME 0 - 3 premium decreased. - Inventory: LME tin inventory decreased by 25 tons, and SHFE tin inventory decreased by 735 tons [6]. 3.3 Chart Analysis - The report provides multiple charts, including those related to spot premiums, SHFE near - far month spreads, LME inventory, SHFE inventory, social inventory, and smelting profits of various non - ferrous metals from 2019 to 2025. These charts visually display the historical trends of relevant data [7][8][13][20][26][32][39]. 3.4 Non - ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, a gold intermediate investment analyst, an outstanding metal analyst of the Shanghai Futures Exchange, and the best industrial product futures analyst of Futures Daily and Securities Times. He has over a decade of experience in commodity research, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won multiple industry awards [46]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on aluminum and silicon research. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, with a focus on lithium and nickel research [47].

Group 1: CPI Analysis - In May, the CPI decreased by 0.1% year-on-year, slightly better than the expected decline of 0.2%[2] - The core CPI increased by 0.6% year-on-year, up from 0.5% in the previous period[2] - The cumulative CPI increase for the first five months of this year is 0%, which is weaker than the 0.4% increase during the same period from 2021 to 2024[3] - Food prices showed a cumulative decrease of 0.6% year-on-year, compared to a decrease of 1% in the previous four years[3] Group 2: PPI Analysis - The PPI decreased by 3.3% year-on-year, worse than the expected decline of 3.2%[2] - The cumulative PPI decrease for the first five months of this year is -1.5%, weaker than last year's -0.5%[3] - In the first five months, the prices of production materials, particularly in the mining sector, showed significant weakness, with a cumulative decrease of 8.7% in extraction[5] - Among 32 comparable industries, only 10 showed stronger prices compared to last year, primarily in downstream manufacturing and electric heating sectors[5] Group 3: Price Trends and Influences - Energy prices decreased by 2.3% year-on-year, significantly impacting the overall CPI decline, accounting for nearly 70% of the total drop[4] - The price of gasoline fell by 3.8%, contributing to a 0.13 percentage point decrease in the CPI[7] - The proportion of CPI items experiencing price increases rose from 24% to 29%, indicating a broader inflationary trend[55] - The PPI's year-on-year decline expanded from 2.7% to 3.3%, reflecting ongoing pressures in the production sector[49]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In May, the month - on - month decline of PPI remained the same as in April, and the year - on - year decline of CPI also stayed unchanged. However, after excluding the impact of supply factors such as oil prices and food, marginal new structural changes emerged [1][9]. - In terms of PPI, the drag effect based on trade eased after excluding the 0.2 - percentage - point drag of oil prices. The PPI of export - oriented industries improved marginally, and the price of PPI durable consumer goods manufacturing industry rebounded [1][9]. - In terms of CPI, food performed better than the seasonal level, but the upward momentum of core consumer goods prices continued to weaken. Attention should be paid to the launch of a new round of consumption - promotion policies [2][13]. 3. Summary According to the Directory 3.1 May Price Trend: Potential Changes Behind the "Unchanged" Trend - **PPI**: The month - on - month decline in May remained at - 0.4%. After excluding the 0.2 - percentage - point drag of oil prices, the drag effect based on trade eased. The PPI of export - oriented industries improved marginally after the progress of the China - US trade meeting in May. The price of PPI durable consumer goods manufacturing industry rebounded, with a month - on - month increase of 0.1% in May and the year - on - year decline narrowing from 3.7% in April to 3.3% [1][9][11]. - **CPI**: Food performed better than the seasonal level, but the upward momentum of core consumer goods prices continued to weaken. Food supply tightening supported prices, short - term consumption demands such as tourism and clothing continued to be released, while prices of rent, furniture, and cars linked to residents' long - term income were still falling. Core consumer goods have dragged down CPI for two consecutive months after excluding the impact of gold prices, and a new round of consumption - promotion policies may be launched [2][13]. 3.2 May CPI: Food and Tourism Perform Better than Seasonal Levels, but Month - on - Month Decline Continues Due to Oil Price Drag - **Overall Situation**: In May 2025, the listing of fresh vegetables supported the food item, tourism in non - food items performed better than the seasonal level. However, affected by oil prices, durable consumer goods, and rent, CPI declined month - on - month to - 0.2% and remained at - 0.1% year - on - year. The factors affecting CPI month - on - month change from high to low were: services (0)> livestock meat (- 0.01pct)> fresh produce (- 0.03pct)> core consumer goods (- 0.03pct)> energy (- 0.13pct) [2][16]. - **Food Item**: The month - on - month decline of the food item fell back to around - 0.2%, stronger than the seasonal level, affecting CPI to decline by about 0.04 percentage points. Beef prices rose due to reduced imports, while pork prices fell. Fresh vegetable prices decreased, while limited supplies of fresh fruits and aquatic products supported food prices [2][19]. - **Non - food Item**: The month - on - month decline of the non - food item exceeded the seasonal level, falling to - 0.2%, affecting CPI to decline by about 0.16 percentage points. Oil prices dropped, clothing was the main supporting item in core consumer goods, while furniture and car prices still had a drag. Travel - related prices in services were resilient, but rent was still weak [23][24][25]. 3.3 May PPI: Oil Price Drag Increases, Price Decline of Export Industries Narrows, and Month - on - Month Decline Remains at - 0.4% - **Overall Situation**: The month - on - month decline of PPI remained around - 0.4%, mainly dragged down by production materials, while the performance of living materials improved. In May, production material prices decreased by 0.6% (- 0.1pct), and the prices of living materials turned from negative to flat [30]. - **By Industry**: The number of industries with price declines among industrial producers was still around two - thirds. The drag factors were the crude oil industry chain, building - material - related prices, and energy prices such as coal and gas. The supporting factors were export - related industries such as automobiles and machinery, and the non - ferrous metal industry [4][31][36].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On June 10, the SM2509 contract closed at 5,542 yuan/ton, down 0.18%, and the Inner Mongolia silicon-manganese spot was reported at 5,450 yuan/ton. For the first five months of 2025, China's goods trade imports and exports increased by 2.5% year-on-year, with exports of 10.67 trillion yuan, up 7.2%, and imports of 7.27 trillion yuan, down 3.8%. Fundamentally, manufacturers' production cuts have led to the operating rate reaching a low level in the same period, but the overall inventory is still relatively high. In terms of cost, the port inventory of imported manganese ore at the raw material end increased by 132,000 tons this period, the downstream hot metal output peaked and declined, and the raw material coal prices rose significantly, improving the pessimistic sentiment. In terms of profit, the spot profit in Inner Mongolia is -180 yuan/ton, and in Ningxia it is -370 yuan/ton. In the market, steel mills are cautious in procurement, and the tender prices continue to decline. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. - On June 10, the SF2509 contract closed at 5,174 yuan/ton, up 0.27%, and the Ningxia ferrosilicon spot was reported at 5,170 yuan/ton. In May, the PPI decreased by 3.3% year-on-year, with the decline rate 0.6 percentage points larger than the previous month. Among them, the ferrous metal smelting and rolling processing industry decreased by 10.2% year-on-year in May, with the decline rate 1.6 percentage points larger than the previous month. In terms of demand, the current production profit of ferroalloys is negative, the settlement electricity price in Ningxia has been lowered, weakening the cost support, and the overall demand expectation for steel is still weak. Attention should be paid to the market sentiment disturbance under the change of tariff policies. In terms of profit, the spot profit in Inner Mongolia and Ningxia is -330 yuan/ton. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价为5,542元/吨，较前一日下跌10元；SF主力合约收盘价为5,174元/吨，与前一日持平 [2]。 - SM期货合约持仓量为648,759手，较前一日增加4,965手；SF期货合约持仓量为456,759手，较前一日减少13,260手 [2]。 - 锰硅前20名净持仓为 -30,777手，较前一日减少390手；硅铁前20名净持仓为 -15,948手，较前一日减少1,107手 [2]。 - SM1 - 9月合约价差为28元/吨，较前一日减少4元；SF1 - 9月合约价差为 -12元/吨，较前一日减少8元 [2]。 - SM仓单为100,048张，较前一日减少717张；SF仓单为15,415张，较前一日减少47张 [2]。 3.2 Spot Market - 内蒙古锰硅FeMn68Si18价格为5,450元/吨，与前一日持平；内蒙古硅铁FeSi75 - B价格为5,260元/吨，与前一日持平 [2]。 - 贵州锰硅FeMn68Si18价格为5,500元/吨，与前一日持平；青海硅铁FeSi75 - B价格为5,110元/吨，与前一日持平 [2]。 - 云南锰硅FeMn68Si18价格为5,450元/吨，较前一日下跌50元；宁夏硅铁FeSi75 - B价格为5,170元/吨，与前一日持平 [2]。 - 锰硅指数均值为5,411元/吨，较前一周下跌104元；SF主力合约基差为 -4元/吨，与前一日持平 [2]。 - SM主力合约基差为 -92元/吨，较前一日增加10元 [2]。 3.3 Upstream Situation - 南非矿:Mn38块:天津港价格为31元/吨度，与前一日持平；硅石（98%，西北）价格为210元/吨，与前一日持平 [2]。 - 内蒙古乌海二级冶金焦价格为900元/吨，较前一日下跌70元；兰炭（中料，神木）价格为640元/吨，与前一日持平 [2]。 - 锰矿港口库存为420.3万吨，较前一周增加13.3万吨 [2]。 3.4 Industry Situation - 锰硅企业开工率为35.03%，较前一周增加0.26个百分点；硅铁企业开工率为32.78%，较前一周增加2.34个百分点 [2]。 - 锰硅供应为171,885吨，较前一周增加1,960吨；硅铁供应为97,300吨，较前一周增加12,400吨 [2]。 - 锰硅厂家库存为186,600吨，较前半月减少14,500吨；硅铁厂家库存为6.77万吨，较前半月减少0.74万吨 [2]。 - 锰硅全国钢厂库存为15.15天，较前一月减少0.29天；硅铁全国钢厂库存为15.20天，较前一月减少0.24天 [2]。 - 五大钢种锰硅需求为125,793吨，较前一周减少1,093吨；五大钢种硅铁需求为20,324.7吨，较前一周减少249.8吨 [2]。 3.5 Downstream Situation - 247家钢厂高炉开工率为83.54%，较前一周减少0.35个百分点；247家钢厂高炉产能利用率为90.63%，较前一周减少0.04个百分点 [2]。 - 粗钢产量为8,601.9万吨，较前一月减少682.24万吨 [2]。 3.6 Industry News - 国务院总理李强主持以“深化科技成果转化机制改革，推动科技创新和产业创新融合发展”为主题的第十四次专题学习，着力破解科技成果转化瓶颈，提高转化效能，促进创新发展，坚持有效市场和有为政府相结合，完善支持政策和市场服务 [2]。 - 5月，CPI同比下降0.1%，环比下降0.2%，其中食品价格下降0.2%，猪肉价格同比上涨3.1%，影响CPI上涨约0.04个百分点；PPI同比下降3.3%，环比下降0.4% [2]。 - 前5个月，我国货物贸易进出口总值17.94万亿元，其中出口10.67万亿元，增长7.2%；进口7.27万亿元，下降3.8%。东盟、欧盟、美国为我国前三大贸易伙伴，贸易总值分别为3.02万亿元、2.3万亿元、1.72万亿元，分别增长9.1%、2.9%、下降8.1%。我国对共建“一带一路”国家合计进出口9.24万亿元，增长4.2% [2]。

Report Industry Investment Ratings - Iron ore: Rebound and short [2] - Coking coal and coke: Rebound [2] - Rebar: Volatile [2] - Glass: Rebound [2] - Shanghai and Shenzhen 300 Index Futures/Options: Volatile [2][4] - Shanghai 50 Index Futures/Options: Rebound [2][4] - CSI 500 Index Futures/Options: Upward [4] - CSI 1000 Index Futures/Options: Upward [4] - 2 - year Treasury Bond: Volatile [4] - 5 - year Treasury Bond: Volatile [4] - 10 - year Treasury Bond: Rebound [4] - Gold: High - level volatile [4] - Silver: Strong - side volatile [4] - Pulp: Weak - side volatile [6] - Logs: Volatile [6] - Edible oils: Weak - side volatile [6] - Meal products: Rebound [6] - Live pigs: Volatile [8] - Rubber: Volatile [8] - PX: On - the - fence [8][10] - PTA: Try shorting at high prices [10] - MEG: On - the - fence [10] - PR: On - the - fence [10] - PF: On - the - fence [10] Core Viewpoints - The overall supply - demand relationship in the black - series commodities market is gradually loosening, with the iron ore market facing the impact of reduced demand and increased tariffs, and the coking coal and coke markets suffering from high supply and weak demand [2]. - The real - estate market remains in an adjustment period, which restricts the demand for glass [2]. - The stock index shows a certain degree of differentiation, and the market sentiment is affected by economic data and policies [4]. - The price of gold is influenced by multiple factors such as central - bank gold purchases, inflation, and trade policies [4]. - The pulp market is under pressure due to cost reduction and weak demand [6]. - The supply of logs is expected to decrease, while the demand remains relatively stable [6]. - The edible - oil market is in a weak - side volatile state due to factors such as production increase and seasonal consumption [6]. - The meal - product market is expected to rebound, affected by weather conditions and supply - demand relationships [6]. - The live - pig market is in a situation of weak supply and demand, and the price is expected to remain weakly volatile [8]. - The rubber market presents a pattern of increasing supply and decreasing demand, and the price lacks strong upward momentum [8]. - The polyester - related product markets have different supply - demand situations, and the prices are affected by cost and downstream demand [8][10]. Summary by Categories Black - Series Commodities - **Iron ore**: The global iron - ore shipping volume has rebounded, but the iron - water production has declined for four consecutive weeks, and the supply - demand relationship is gradually loosening. The port inventory is still decreasing, but attention should be paid to the continuous decline of iron - water production. Trump's tariff increase has a negative impact on the market. It is recommended to hold short positions and add positions during emotional rebounds [2]. - **Coking coal and coke**: Some coal mines have stopped or reduced production, but the high - supply and weak - demand pattern is difficult to change. The coke enterprises' profits will be compressed, and the inventory pressure is increasing. The market mainly follows the trend of finished products [2]. - **Rebar**: Trump's tariff increase has weakened the market sentiment. The supply is at a high level, and the demand is poor. The total inventory of steel products is decreasing, but the decline has slowed down. The price is likely to fall rather than rise [2]. Building Materials - **Glass**: The fundamentals lack positive factors, and the price has rebounded due to environmental - protection restrictions. The production capacity utilization rate has increased, and the inventory has decreased for the first time in two months. In the long term, the demand is difficult to recover significantly due to the adjustment of the real - estate industry [2]. Financial Futures - **Stock index futures/options**: The performance of different stock indexes varies. The market is affected by economic data such as CPI and PPI, and it is recommended to hold long positions [4]. - **Treasury bonds**: The market interest rate is consolidating, and the Treasury - bond price has a narrow - range rebound. It is recommended to hold long positions with a light position [4]. Precious Metals - **Gold and silver**: The pricing mechanism of gold is changing, and it is affected by central - bank gold purchases, inflation, and trade policies. The short - term price is affected by factors such as the US non - farm data and tariff policies. Attention should be paid to economic data and trade negotiations [4]. Forestry Products - **Pulp**: The cost support for pulp prices has weakened, and the demand has entered the off - season. It is expected to be weakly volatile [6]. - **Logs**: The demand is relatively stable, and the supply is expected to decrease. The price is expected to be volatile [6]. Agricultural Products - **Edible oils**: The Southeast Asian palm - oil production is in an increasing cycle, and the domestic edible - oil market is affected by factors such as production increase and seasonal consumption. It is expected to be weakly volatile [6]. - **Meal products**: The meal - product market is expected to rebound, affected by weather conditions and supply - demand relationships. Attention should be paid to weather and supply - arrival situations [6]. - **Live pigs**: The live - pig market is in a situation of weak supply and demand, and the price is expected to remain weakly volatile with limited downward space [8]. - **Rubber**: The supply is expected to increase, and the demand has decreased. The price lacks strong upward momentum [8]. Chemical Products - **PX**: The supply has increased, and the demand is affected by polyester production reduction. The price follows the trend of oil prices, and the PXN spread still has support [8][10]. - **PTA**: The supply - demand relationship has weakened, and the spot price follows the cost - end to fluctuate within a range. Attention should be paid to the changes in polyester devices [10]. - **MEG**: The short - to - medium - term supply - demand structure is good, and the price is supported. Attention should be paid to the change in polyester load [10]. - **PR**: The raw - material support is weak, and the market is adjusted weakly and steadily [10]. - **PF**: The market is expected to be sorted warmly under the game of multiple factors [10].