Report Summary Core Viewpoints - As of April 19, 2025, the soybean harvest rate in Brazil's 2024/25 season was 92.5%, up from 88.3% the previous week and 83.2% the same period last year [1] - In the first three weeks of April, Brazil exported 9,422,639.91 tons of soybeans, with a daily average export volume of 724,818.45 tons, a 9% increase from the daily average export volume of 667,629.19 tons in the whole month of April last year The total export volume in April last year was 14,687,842.09 tons [1] Spot Prices - The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from April 16 to April 22, 2025 [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report Last week, Shanghai copper stabilized and rebounded, with the main contract rising 1.21% to close at 76,140 yuan/ton. Geopolitical factors and the macro - economic situation affected copper prices. Domestically, consumption is entering the peak season, but downstream consumption willingness is average. The industry is mainly driven by rigid demand. In terms of inventory, LME copper inventory increased slightly, while SHFE copper inventory decreased. The PMI is declining, and the copper market is in a tight balance in 2023 and will be in surplus in 2024. The processing fee is recovering slowly, and CFTC non - commercial net long positions are flowing out [4][9][11]. 3. Summary by Directory 3.1 Market Review - Last week, Shanghai copper's main contract rose 1.21% to close at 76,140 yuan/ton. Geopolitical factors from the Russia - Ukraine war and the macro - economic situation affected copper prices. Domestically, consumption is entering the peak season, but downstream consumption willingness is average. LME copper inventory was 213,400 tons with a slight increase, and SHFE copper inventory decreased by 11,330 tons to 171,611 tons [4]. 3.2 Fundamental Analysis - **PMI**: The PMI is declining [9]. - **Supply - Demand Balance**: In 2023, the copper market is in a tight balance, and it will be in surplus in 2024. The Chinese annual supply - demand balance table shows details of production, import, export, apparent consumption, actual consumption, and supply - demand balance from 2018 - 2024 [11][14]. - **Inventory**: Exchange inventory remains at a high level, and bonded area inventory remains at a low level [15][18]. 3.3 Market Structure - **Processing Fee**: The processing fee is recovering slowly [22]. - **CFTC Position**: CFTC non - commercial net long positions are flowing out [25]. - **Futures - Spot Price Difference**: No specific information provided. - **Import Profit**: No specific information provided. - **Warehouse Receipt**: No specific information provided.