Report Date - The report is dated May 7, 2025 [1] Industry Investment Ratings - Not provided Core Views - The report provides an analysis of the soybean oil and palm oil markets, stating that soybean oil is in a process of bottom - seeking with oscillations and is relatively strong among varieties, while palm oil is short - term weak with support below [2][3] Summary by Relevant Catalogs 1. Fundamental Tracking Futures Data - Palm oil主力: Closing price (day session) is 7,974 yuan/ton with a decline of 2.14%, closing price (night session) is 7,912 yuan/ton with a decline of 0.78%. Trading volume is 549,475 lots, an increase of 45,312 lots, and open interest is 367,565 lots, an increase of 20,597 lots [2] - Soybean oil主力: Closing price (day session) is 7,760 yuan/ton with a decline of 0.92%, closing price (night session) is 7,746 yuan/ton with a decline of 0.18%. Trading volume is 299,059 lots, an increase of 12,309 lots, and open interest is 583,917 lots, an increase of 1,935 lots [2] - Rapeseed oil主力: Closing price (day session) is 9,216 yuan/ton with a decline of 0.87%, closing price (night session) is 9,236 yuan/ton with an increase of 0.22%. Trading volume is 299,742 lots, an increase of 9,457 lots, and open interest is 280,976 lots, an increase of 4,397 lots [2] Spot Data - Palm oil (24 - degree, Guangdong): Spot price is 8,620 yuan/ton, a decrease of 130 yuan/ton [2] - First - grade soybean oil (Guangdong): Spot price is 8,140 yuan/ton, a decrease of 60 yuan/ton [2] - Fourth - grade imported rapeseed oil (Guangxi): Spot price is 9,270 yuan/ton, a decrease of 50 yuan/ton [2] Basis Data - Palm oil (Guangdong): Spot basis is 646 yuan/ton [2] - Soybean oil (Guangdong): Spot basis is 380 yuan/ton [2] - Rapeseed oil (Guangxi): Spot basis is 54 yuan/ton [2] Spread Data - Rapeseed - palm oil futures main contract spread: 1,242 yuan/ton, compared to 1,149 yuan/ton two trading days ago [2] - Soybean - palm oil futures main contract spread: - 214 yuan/ton, compared to - 316 yuan/ton two trading days ago [2] - Palm oil 5 - 9 spread: 456 yuan/ton, compared to 468 yuan/ton two trading days ago [2] - Soybean oil 5 - 9 spread: 140 yuan/ton, compared to 150 yuan/ton two trading days ago [2] - Rapeseed oil 5 - 9 spread: 24 yuan/ton, compared to 9 yuan/ton two trading days ago [2] 2. Macro and Industry News - In Myanmar, the wholesale reference price of palm oil in the Yangon market dropped from 6,735 kyats per viss (about 1.5 kg) last week (April 28 - May 4) to 6,700 kyats per viss as of the week ending May 11. The Ministry of Commerce is taking measures to control prices. Myanmar's annual palm oil consumption is about 1 million tons, local production is about 400,000 tons, and it imports about 700,000 tons from Malaysia and Indonesia [3][4] - As of the week ending May 2, 2025, the U.S. soybean crushing profit was $2.16 per bushel, a 5.3% decline from the previous week. The average crushing profit in 2024 was $2.44 per bushel, lower than $3.29 per bushel in 2023 [4] - Brazilian farmers plan to expand the soybean planting area in the main planting areas by about 500,000 hectares in the 2025/26 season starting in September. The current - season soybean planting area reached a record 47.8 million hectares, and the harvest was 172.1 million tons [4] - From April 28 to May 2, the soybean crushing profit in Mato Grosso state, Brazil, was 623.09 reais/ton, down from 643.31 reais/ton the previous week [5] - As of May 4, the EU's 2024/25 palm oil imports were 2.43 million tons (compared to 2.96 million tons in the same period last year), soybean imports were 11.73 million tons (compared to 10.92 million tons last year), and rapeseed imports were 5.68 million tons (higher than 5 million tons last year) [5] - In 2024, Germany produced about 3.6 million tons of biodiesel, an increase of 100,000 tons year - on - year. Over half of the raw materials came from rapeseed, and about 1.45 million tons of rapeseed oil was processed into biodiesel, approximately equivalent to the 2024 rapeseed harvest [6] 3. Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7]

Core Viewpoint - PVC futures prices are maintaining low levels, with a slight increase observed in the spot market, indicating a mixed outlook for the industry amid seasonal demand fluctuations and macroeconomic uncertainties [1] Price and Market Activity - As of April 28, PVC futures price (V2509) closed at 4989 CNY/ton, up 0.28%, with a trading volume of 720,000 lots, an increase of 100,000 lots from the previous period, while open interest decreased by 30,000 lots to 910,000 lots [1] - In the East China region, the price of acetylene-based PVC is quoted between 4740 - 4860 CNY/ton, with traders experiencing sluggish sales and downstream manufacturers primarily purchasing based on essential needs at lower prices [1] Cost Factors - Recent maintenance of some acetylene production facilities has led to a rebound in acetylene prices, which reached 2500 CNY/ton in the Inner Mongolia region, an increase of 50 CNY/ton [1] Supply Dynamics - The operating rate of the PVC industry was reported at 78.63% as of April 25, reflecting a week-on-week increase of 1.28 percentage points, with weekly production at 459,400 tons, up by 7,500 tons, marking a 1.66% increase [1] - The industry is experiencing a prolonged period of concentrated maintenance, with a slowdown in maintenance efforts [1] Demand Insights - A recent drop in PVC prices has stimulated some speculative demand, with pre-sale orders from PVC producers reaching 602,000 tons as of April 25, an increase of 6.02% [1] - As the May Day holiday approaches, expectations of increased downtime among downstream manufacturing enterprises are noted, with the comprehensive operating rate in downstream industries remaining stable at 48.16% [1] Export and Inventory Trends - Demand in the Indian market is reported to be decent, particularly in agriculture, while real estate demand remains weak, leading to a cautious purchasing stance among local buyers [1] - PVC social inventory has decreased for seven consecutive weeks, standing at 420,600 tons as of April 25, down 4.71% week-on-week and down 29.04% year-on-year [1] Overall Market Outlook - With the May Day holiday approaching and the current spring construction peak season, the expected reduction in demand is limited, while supply is entering a seasonal reduction phase [1] - Despite high export volumes and continuous decline in social inventory, the overall fundamentals of the PVC market show marginal improvement, although macroeconomic and financial sentiment remains uncertain, leading to insufficient upward momentum [1]

Report Industry Investment Rating - No relevant information provided in the reports. Core Views - The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and industrial futures, such as prices, spreads, and related economic indicators, to help investors understand market trends and price movements [1][2][4][7]. Summary by Related Catalogs Stock Index Futures Spread - **Price Difference Data**: Provides price differences and their changes for IF, IH, IC, and IM futures, including spot - futures spreads and inter - period spreads, along with historical percentile data [1]. - **Cross - Variety Ratios**: Presents cross - variety ratios such as CSI 500/Shanghai - Shenzhen 300, IC/IF, etc., and their historical percentile data [1]. Treasury Bond Futures Spread - **Basis and IRR**: Displays basis and IRR data for TS, TF, T, and TL treasury bond futures, along with their changes and historical percentiles [2]. - **Inter - Period Spreads**: Provides inter - period spreads for different maturities of TS, TF, T, and TL futures, and their changes and historical percentiles [2]. - **Cross - Variety Spreads**: Presents cross - variety spreads such as TS - TF, TS - T, etc., and their changes and historical percentiles [2]. Precious Metal Futures and Spot - **Futures and Spot Prices**: Shows domestic and foreign futures closing prices, spot prices, and their changes and price change rates for gold and silver [4]. - **Basis and Ratios**: Provides basis data for gold and silver, as well as price ratios such as COMEX gold/silver and SHFE gold/silver, and their historical percentiles [4]. - **Interest Rates, Exchange Rates, and Inventories**: Displays data on 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, offshore RMB exchange rate, and inventory and position data for gold and silver [4]. Industrial Futures and Spot - **Spot Quotes**: Presents spot quotes for shipping companies on the Shanghai - Europe route and their changes and price change rates [7]. - **Shipping Indexes**: Displays settlement price indexes for shipping routes, Shanghai export container freight rates, and their changes and price change rates [7]. - **Futures Prices and Basis**: Provides futures prices and their changes and price change rates for EC contracts, as well as basis data for the main contract [7]. - **Fundamental Data**: Includes data on global container shipping capacity supply, Red Sea detour situation, foreign trade - related indicators, overseas economic indicators, and OECD composite leading indicators [7]. Data and Information Calendar - **Overseas Data/Information**: Lists macro - economic data and energy - chemical data for the US, including time, data sources, and economic indicators [9]. - **Domestic Data/Information**: Presents data on energy - chemical, black - nonferrous, and special commodities in China, including time, data sources, and economic indicators [9].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The supply pressure of logs remains, and the overall demand is under pressure, with spot prices continuously decreasing. The current valuation of the log futures is moderately low, and the possibility of a deep decline is limited. It is expected to fluctuate within the range of 820 - 860 yuan per cubic meter. Attention should be paid to information related to log futures delivery on April 1st [3][4] 3. Summary by Relevant Catalogs Futures and Spot Prices - Futures prices of log contracts 2507, 2509, and 2511 decreased on March 28th compared to March 27th, with declines of -0.48%, -0.41%, and -0.94% respectively. The basis of 07, 09, and 11 contracts increased, and the spreads between 7 - 9, 9 - 11, and 7 - 11 contracts changed. Spot prices of most log varieties in ports remained stable, while some in Taicang Port decreased [2] - The import theoretical cost increased slightly from 862.94 yuan on March 27th to 863.52 yuan on March 28th, and the RMB - US dollar exchange rate also increased slightly [2] Supply - Monthly port throughput increased by 50.98% from 131.1 million cubic meters on December 31st to 197.9 million cubic meters on February 28th. The number of ships in the port increased by 18.37% from 49 to 58 [2] - Weekly log inventory in major ports increased. As of March 21st, the inventory in China was 364 million cubic meters, a 4.30% increase from March 14th. In Shandong and Jiangsu, the inventories also increased [2][3] Demand - Weekly average daily log出库量 decreased. As of March 21st, the average daily log出库量 in China was 6.42 million cubic meters, a 1% decrease from March 14th. In Shandong, it increased by 2%, while in Jiangsu, it decreased by 2% [2][3]