Group 1 - The core point of the article highlights the dramatic shift in the status of cryptocurrency mogul Sun Yuchen, who has transitioned from being a target of U.S. law enforcement to becoming a prominent figure in the Trump administration's cryptocurrency initiatives [1][2] - Sun Yuchen confirmed his position as the largest holder of "Trump Coin," with a stake valued at approximately $23 million, which has granted him access to an exclusive VIP reception with the President [1][2] - The Tron blockchain network, operated by Sun, has been identified as a popular channel for cryptocurrency crime, with over half of illegal cryptocurrency activities (approximately $26 billion) occurring on this network as of last year [2] Group 2 - Sun's fortunes changed after he invested $75 million in the cryptocurrency project World Liberty Financial, launched by Trump and his sons, which led to his appointment as an advisor and subsequent purchases of "Trump Coin" [3] - His relationship with World Liberty has facilitated direct connections with the Trump family, including interactions with Eric Trump and Binance founder Zhao Changpeng at various events [3] - The U.S. Securities and Exchange Commission (SEC) has charged Sun with fraudulently manipulating the market for Tron’s TRX token, although the SEC requested a court to pause the lawsuit earlier this year, surprising many observers [2]

Group 1 - The recent progress in stablecoin legislation in the U.S. has led to increased market expectations for regulatory clarity during Trump's presidency, resulting in Bitcoin's price rising by 2.7% and surpassing $110,000, a new historical high [1][3] - The proposed bipartisan stablecoin legislation aims to enhance consumer protection and impose stricter regulations on money laundering and foreign issuers, ensuring that both domestic and foreign issuers face the same rules [3] - Bitcoin has been viewed as a safe-haven asset during financial market turmoil caused by trade tariffs introduced by the Trump administration, with recent discussions around rising national debt further supporting this narrative [3] Group 2 - Bitcoin has risen approximately 14% year-to-date, outperforming other risk assets like the Nasdaq 100 index, which has declined by about 2% since December [5] - Demand for Bitcoin has surged, particularly from companies like Michael Saylor's Strategy, which has accumulated over $50 billion worth of Bitcoin, and other firms adopting similar purchasing strategies [5] - Various investment products, including convertible bonds and preferred shares, are being offered by Bitcoin miners and newly established companies in the crypto industry, providing investors with different exposure to Bitcoin [5] Group 3 - The Chicago Mercantile Exchange (CME) has seen a 23% increase in Bitcoin futures open interest since April's year-to-date low, while approximately $3.6 billion has been injected into about 12 Bitcoin ETFs in the U.S. since May [4] - A significant increase in demand for short-term call options on Bitcoin has been observed, with many bets placed for prices to reach $110,000, $120,000, and even $300,000 by June 27 [3][4]

// 今日关注 // 1、国家发改委：内卷式竞争扭曲了市场机制、扰乱了公平竞争秩序，必须加以整治 2、华熙生物回应"点名券商"事件：透明质酸遭踩踏和抹黑，两大协会力挺"科学正名" 3、降至"1字头"，多家银行下调大额存单产品利率 4、英伟达回应在上海设立新办公空间 5、国际机构预测：2025有色金属供应过剩加剧 // 宏观预警 // 1、财政部：1-4月全国一般公共预算收入80616亿元，同比下降0.4% 财政部数据显示，1-4月，全国一般公共预算收入80616亿元，同比下降0.4%。其中，全国税收收入 65556亿元，同比下降2.1%；非税收入15060亿元，同比增长7.7%。分中央和地方看，中央一般公共预 算收入33928亿元，同比下降3.8%；地方一般公共预算本级收入46688亿元，同比增长2.2%。 3、17新华联控MTN001违约进展：重整计划执行期限延长至2025年8月23日 新华联控股有限公司发行的"17新华联控MTN001"因公司破产重整于2022年8月9日提前到期并停止计 息，构成违约。截至2025年4月，北京一中院裁定将新华联控股等六家公司实质合并重整计划的执行期 限延长至2025年8月2 ...

（原标题：隔夜美股 | 三大指数大幅收高 中国金龙指数涨5.4%） 智通财经APP获悉，周一，三大指数大幅收高，中美两国经过周末谈判后同意临时性大幅降低关税，提 高了市场对贸易战局势缓从而避免经济陷入衰退的希望。本周市场关注CPI与PPI等通胀数据。 【美股】截至收盘，道指涨1160.72点，涨幅为2.81%，报42410.10点；纳指涨779.43点，涨幅为4.35%， 报18708.34点；标普500指数涨184.28点，涨幅为3.26%，报5844.19点。英伟达(NVDA.US)涨5.4%，特斯 拉(TSLA.US)涨6.7%，苹果(AAPL.US)涨6.3%。纳斯达克中国金龙指数涨5.4%，阿里巴巴(BABA.US)涨 近6%，万国数据(GDS.US)涨14%。 【欧股】德国DAX30指数涨73.99点，涨幅0.31%，报23563.43点；英国富时100指数涨52.53点，涨幅 0.61%，报8607.33点；法国CAC40指数涨106.35点，涨幅1.37%，报7850.10点；欧洲斯托克50指数涨 83.71点，涨幅1.58%，报5393.45点；西班牙IBEX35指数涨116.34点，涨幅0 ...

金十数据5月13日讯，美国证交会（SEC）主席阿特金斯在当地时间周一表示，允许经纪商担任数字资 产托管人的现行框架可能需要废止并替换，并透露正考虑授予对冲基金自主托管加密资产的权限。目前 全美仅有两家机构获得"特殊目的经纪交易商"许可。阿特金斯在数字资产圆桌会议上指出，这一低迷响 应源于上届政府设置的"重大限制"。他强调："经纪交易商从未被禁止托管非证券类加密资产或加密证 券。"但他同时指出，SEC可能需要明确客户保护与资本金要求如何适用于此类机构。阿特金斯已要求 SEC工作人员探索制定加密货币监管新路径，包括研究是否修订托管规则以允许对冲基金、交易公司及 投资顾问实行数字资产自行托管。 美国证交会：或对加密经纪商规则进行彻底改革 ...

Group 1 - The U.S. Treasury Secretary, Becerra, indicated that the digital asset market could become a significant buyer of U.S. Treasury bonds, potentially creating up to $2 trillion in demand over the next few years [1] - As of the end of last year, JPMorgan estimated that approximately $114 billion of U.S. Treasury bonds were used as reserves for stablecoins, which, while less than 2% of the total circulation, is growing rapidly [1] - Becerra acknowledged low participation rates from primary dealers in recent Treasury auctions, suggesting regulatory issues may be limiting their ability to participate [1] Group 2 - Becerra emphasized the need for the U.S. to become the preferred destination for digital assets and to create a robust market structure for global best practices [2] - There are significant divisions in Congress regarding cryptocurrency regulation, with Republican proposals for a new regulatory framework facing opposition from some Democratic members [3] - Concerns have been raised about potential conflicts of interest related to former President Trump's involvement in the cryptocurrency space, particularly with his launch of a MEME coin [3]

本文由第三方AI基于财新文章 [https://a.caixin.com/7KAEJKQc](https://a.caixin.com/7KAEJKQc) 提炼总结而成，可能与原文真实意图存在偏差。不代表财新观点和立场。推荐点击链接阅读原文细致比对和校验 Summary of Key Points Industry or Company Involved - The summary primarily discusses the political and economic implications of Donald Trump's second term as President of the United States, focusing on trade policies, tariffs, and their effects on the U.S. economy and global markets. Core Points and Arguments 1. **Impact of Tariffs on Global Trade**: Trump's administration has implemented extensive tariffs, significantly affecting global trade dynamics and increasing inflation risks in the U.S. and abroad [9][20][28]. 2. **Economic Growth Projections**: The International Monetary Fund (IMF) has downgraded U.S. economic growth forecasts for 2025 to 1.8%, a reduction of 0.9 percentage points from earlier estimates, largely due to the impact of tariffs [9][28]. 3. **Consumer and Business Confidence**: There has been a notable decline in consumer and business confidence in the U.S., attributed to the uncertainty surrounding Trump's trade policies [9][19][20]. 4. **Stock Market Reactions**: Following the announcement of tariffs, the S&P 500 index dropped by 8%, and the dollar index fell by 9%, indicating market volatility and investor concerns [12][19]. 5. **Political Support and Public Opinion**: Trump's approval ratings have plummeted, with a CNN poll indicating a 41% satisfaction rate, the lowest for a president at the 100-day mark in 70 years [13][29]. 6. **Trade Negotiations**: Despite the imposition of tariffs, the U.S. has not yet finalized any trade agreements with key partners, although negotiations are ongoing with countries like Japan and South Korea [21][22]. 7. **Inflation and Economic Indicators**: Inflation expectations among consumers have risen significantly, with the Michigan Consumer Sentiment Index reflecting a decline in consumer confidence [26][28]. 8. **Sector-Specific Impacts**: The airline industry has retracted its profit forecasts due to weakened domestic travel demand, influenced by the broader economic uncertainty [25][24]. Other Important but Possibly Overlooked Content 1. **Internal Administration Conflicts**: There are reports of internal discord within Trump's cabinet, particularly regarding trade policy, which may hinder effective governance [10][32]. 2. **Long-term Economic Risks**: Analysts warn that the current trajectory of U.S. economic policy could lead to prolonged stagnation or recession, especially with the upcoming midterm elections in 2026 [29][30]. 3. **Public Sentiment on Immigration Policies**: Trump's immigration policies have faced backlash, with a shift in public opinion as support for his immigration stance has turned negative [41][43]. 4. **Global Economic Integration**: The IMF notes that the current global economic landscape is characterized by high integration, making the impacts of U.S. tariffs more pronounced across supply chains [23][28]. 5. **Market Reactions to Federal Reserve Policies**: Trump's public criticism of the Federal Reserve and calls for interest rate cuts have raised concerns about the independence of monetary policy [19][20]. This summary encapsulates the key themes and insights from the discussions surrounding Trump's administration and its implications for the U.S. economy and global trade dynamics.

英国财政部：拥有英国客户的加密货币公司也必须符合关于透明度、消费者保护和运营韧性的明确标 准。 ...

Core Viewpoint - The recent surge in cryptocurrency prices, particularly Bitcoin, is attributed to statements made by former President Trump regarding the need for clear regulatory policies in the cryptocurrency sector and the appointment of Paul Atkins as the SEC chairman, who is perceived as more favorable towards the industry [1][2][3]. Group 1: Cryptocurrency Market Performance - In the past 24 hours, Bitcoin rose over 6% to surpass $93,000 per coin, while Ethereum increased by over 13% and Solana by over 9% [1][2]. - The total cryptocurrency market capitalization has exceeded $3 trillion, currently standing at $3.054 trillion, with a 24-hour trading volume of approximately $153.89 billion [1]. - The market experienced over $600 million in liquidations, with approximately 168,000 traders affected, predominantly from short positions [1]. Group 2: Regulatory Developments - Trump's recent comments emphasized the necessity for clear regulatory frameworks for the cryptocurrency industry, suggesting that SEC Chairman Paul Atkins is the right person to ensure regulatory certainty [2][3]. - Atkins, who has previously advocated for reduced regulation on cryptocurrencies, was confirmed as SEC chairman with a Senate vote of 52 to 44 [2]. Group 3: Market Reactions and Predictions - Following Trump's remarks, market sentiment improved, leading to significant gains in U.S. stock indices, with all three major indices rising over 2.5% [3]. - Companies related to cryptocurrencies, such as Coinbase and MicroStrategy, saw their stock prices increase significantly, with MicroStrategy's Bitcoin holdings now showing a profit of $13.5 billion [4][3]. - Analysts predict a potential market correction, with Bitcoin possibly retracing to $88,000 per coin due to overbought conditions [4]. Group 4: Bitcoin's Decoupling from Tech Stocks - Bitcoin has shown a strong rebound of over 24% since its low of $74,500 per coin on April 7, indicating a potential decoupling from the volatility of U.S. tech stocks [5]. - The cryptocurrency is now being compared more closely to gold, especially amid trade uncertainties, suggesting a shift in its market behavior [5][6]. Group 5: Strategic Reserve Plans - The U.S. government's plan to include Bitcoin in its strategic reserves is seen as a move to enhance Bitcoin's status as a safe-haven asset [6]. - Trump's executive order from March outlines a strategy for the government to acquire more Bitcoin, potentially funded through tariff revenues, with further details expected soon [6].

1. Report Industry Investment Ratings - **Foreign Exchange Futures (US Dollar Index)**: Short - term rebound [15] - **Gold**: Short - term market volatility increases, and the risk of correction after a rapid rise increases [17] - **US Stock Index Futures**: Fed officials' attitude change repairs short - term market sentiment, but the downward trend in the US stock market is not reversed [20] - **Stock Index Futures**: Wait for the Politburo meeting in April to set the future policy direction [25] - **Black Metals (Coking Coal/Coke)**: After a sharp short - term decline, market sentiment is released. The near - month contract has weak performance in delivery games, and the main contract fluctuates weakly [27] - **Agricultural Products (Soybean Meal)**: Futures prices remain volatile for the time being. Soybean meal spot is strong in the short term but is expected to decline gradually in May [31] - **Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil)**: In the short term, the oil market lacks clear guidance. It is recommended to go long on rapeseed oil and short on palm oil [34] - **Agricultural Products (Sugar)**: Zhengzhou sugar is expected to fluctuate weakly under the influence of the external market in Q2 2025. Pay attention to the weather in the producing areas and the Brazilian crushing production [39] - **Agricultural Products (Corn Starch)**: The current CS - C futures spread is expected to have small fluctuations [40] - **Agricultural Products (Corn)**: Long the 07 contract in the medium - to - long term. The 5 - 7 spread is expected to fluctuate narrowly, and pay attention to the 7 - 9 and 7 - 11 positive spread opportunities [42] - **Black Metals (Rebar/Hot - Rolled Coil)**: In the short term, it is recommended to be cautious with light positions and pay attention to spot rebound hedging opportunities [46] - **Non - ferrous Metals (Polysilicon)**: Pay attention to the PS2506 - 2507/PS2507 - PS2508 positive spread opportunities [48] - **Non - ferrous Metals (Industrial Silicon)**: Partially stop profit on previous short positions. Do not go long on the left side. Consider going long on the right side after clear signals appear [49] - **Non - ferrous Metals (Lithium Carbonate)**: Adopt a bearish approach and pay attention to shorting opportunities at the upper edge of the range [51] - **Non - ferrous Metals (Copper)**: In the short term, copper prices may continue to fluctuate strongly. Adopt a band - trading strategy and pay attention to the domestic - foreign reverse arbitrage strategy [54] - **Non - ferrous Metals (Nickel)**: Hold previous long positions. Investors without positions should wait and see and pay attention to position management [58] - **Non - ferrous Metals (Lead)**: Wait and see in the short term. Hold previous long positions and wait for high - selling opportunities. Hold the domestic - foreign reverse arbitrage [62] - **Non - ferrous Metals (Zinc)**: Pay attention to the mid - line rebound shorting opportunities near the moving average. Adopt the domestic - foreign positive arbitrage strategy in the mid - line [67] - **Energy Chemicals (Crude Oil)**: Oil prices are expected to maintain range - bound fluctuations [71] - **Energy Chemicals (Urea)**: The futures price is expected to enter a volatile pattern with the possibility of a pulse - type rebound in the short term. In the medium term, the price may decline due to supply pressure [74] - **Energy Chemicals (Bottle Chips)**: Pay attention to the implementation of the industry's joint production reduction [77] - **Energy Chemicals (Caustic Soda)**: The rebound of caustic soda spot weakens, and the futures price falls. Pay attention to macro - impacts [79] - **Energy Chemicals (Pulp)**: The short - term market is dominated by macro - factors. It is recommended to wait and see [81] - **Energy Chemicals (PVC)**: Pay attention to the impact of tariffs on commodity demand and domestic stimulus policies [82] - **Energy Chemicals (Carbon Emissions)**: CEA prices are expected to continue to decline in the short term [85] - **Energy Chemicals (Soda Ash)**: Soda ash futures prices are expected to be under pressure. Adopt a mid - line short - selling strategy [86] - **Energy Chemicals (Float Glass)**: Near - month contracts are expected to be under pressure. Consider going long on far - month contracts at low prices, but do not be overly optimistic about the rebound space [87] 2. Core Views - Trump changed his stance on firing Powell in advance, hoping that the Fed would cut interest rates quickly. Market risk appetite rebounded significantly, and the US dollar index rebounded [14]. - Spot gold prices fell after rising to $3500. Market speculative fever cooled down. Trump's statement of not firing Powell led to a rebound in overseas market risk appetite and a correction in gold prices [16]. - The IMF lowered the global economic growth forecast for 2025. In the Chinese stock market, on April 22, the stock index sentiment was strong, and the market rose slightly with increased trading volume. The Shanghai Composite Index reached 3300 points. The expectation of domestic demand policies is strengthening [3]. - The year - on - year decline in new home sales in 10 major cities was 18.5%. Steel prices fluctuated and declined. The market was sensitive to overseas trade risks and was in a game between weakening demand expectations and relatively strong reality [4]. - The US announced the final anti - dumping and counter - subsidy tax rulings on photovoltaic products from four Southeast Asian countries. The polysilicon contract valuation is low, and positive spread opportunities can be关注 [5]. - US API crude oil inventory data affected the market, and oil prices rebounded due to geopolitical conflict news [6]. 3. Summaries According to the Catalog 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Richmond Fed President Tom Barkin said the US economy is in good shape, but there are concerns about corporate investment and consumer spending [12]. - The US, Ukraine, and European allies will hold talks on a peace plan. Trump said he has no intention of firing Fed Chairman Powell and hopes for faster interest - rate cuts. Market risk appetite rebounded, and the US dollar index rebounded [13][14]. 3.1.2 Macro Strategy (Gold) - Trump said the cryptocurrency industry needs clear regulatory policies. Spot gold prices fell after reaching a high. The end of the market driven by end - of - the - world options and Trump's statement led to a rebound in risk appetite and a correction in gold prices [16]. 3.1.3 Macro Strategy (US Stock Index Futures) - The IMF lowered the global economic growth forecast for 2025. US officials signaled a relaxation of tariff policies, and Trump said he has no intention of firing Powell. Market sentiment improved in the short term, but the downward trend in the US stock market is not reversed [18][20]. 3.1.4 Macro Strategy (Stock Index Futures) - Multiple regions in China are planning to introduce a new round of stimulus policies. The IMF lowered the global economic growth forecast for 2025. On April 22, the stock index sentiment was strong, and the Shanghai Composite Index reached 3300 points. The expectation of domestic demand policies is strengthening [21][22]. 3.2 Commodity News and Comments 3.2.1 Black Metals (Coking Coal/Coke) - The Mongolian imported coking coal market is weak. The first round of coke price increase has been implemented, but further increases are difficult. The supply of coke is relatively high, and inventories are decreasing. The coking coal market is under pressure, and the main contract fluctuates weakly [26][27]. 3.2.2 Agricultural Products (Soybean Meal) - ADM will close a soybean processing plant in South Carolina. Brazil's soybean exports in the first three weeks of April were 9423 million tons. The domestic soybean meal spot is in short supply, and futures prices remain volatile [28][29]. 3.2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil exports from April 1 - 20 increased by 3.64% month - on - month. Brazil's soybean harvest progress as of April 19 was 92.5%. The oil market rebounded slightly. It is recommended to go long on rapeseed oil and short on palm oil [32][33]. 3.2.4 Agricultural Products (Sugar) - India plans to increase sugarcane production by 7% in the next three years. Pakistan's sugar exports in the first 9 months of the 2024/25 season increased significantly. A sugar factory in Guangxi cleared its inventory ahead of schedule. Zhengzhou sugar is expected to fluctuate weakly in Q2 2025 [35][39]. 3.2.5 Agricultural Products (Corn Starch) - The domestic corn starch spot price is stable. Due to high raw material costs and weak downstream demand, the market is in a stalemate. After the export restriction policy was lifted, starch exports increased, and the futures spread is expected to have small fluctuations [40]. 3.2.6 Agricultural Products (Corn) - The price of corn in the Northeast is stable, while that in North China is rising. The average national corn price on April 21 was 2198.33 yuan/ton. It is recommended to go long on the 07 contract in the medium - to - long term and pay attention to positive spread opportunities [41][42]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - The year - on - year decline in new home sales in 10 major cities was 18.5%. India imposed a 12% temporary safeguard tax on flat steel products. Steel prices fluctuated and declined. The market is in a game between weakening demand expectations and relatively strong reality. It is recommended to be cautious with light positions [43][46]. 3.2.8 Non - ferrous Metals (Polysilicon) - The US announced the final anti - dumping and counter - subsidy tax rulings on photovoltaic products from four Southeast Asian countries. It is expected that polysilicon production will increase in May, and inventory will decrease. Pay attention to positive spread opportunities [47][48]. 3.2.9 Non - ferrous Metals (Industrial Silicon) - In March, the export of silicone increased significantly. The price of industrial silicon has fallen below the cash cost line. Some manufacturers plan to reduce production. It is recommended to partially stop profit on previous short positions and wait for clear signals to go long [49]. 3.2.10 Non - ferrous Metals (Lithium Carbonate) - A lithium mine in Inner Mongolia obtained a mining license. Some salt factories are undergoing maintenance, and the supply is expected to decrease slightly. However, the decline in ore prices makes it difficult for prices to rebound. Adopt a bearish approach [50][51]. 3.2.11 Non - ferrous Metals (Copper) - A copper mine project in Zambia was approved for mining, and a company in Yingtan plans to expand its recycled copper project. Macro - factors are less negative for copper prices. In the short term, copper prices may fluctuate strongly. Consider a band - trading strategy and domestic - foreign reverse arbitrage [52][54]. 3.2.12 Non - ferrous Metals (Nickel) - Indonesia announced the second - phase nickel ore domestic trade benchmark price in April, which decreased. Stainless steel mills are reducing production. The price of nickel is expected to repair its valuation. Hold previous long positions and wait and see for investors without positions [55][58]. 3.2.13 Non - ferrous Metals (Lead) - Some lead refineries in Central and East China reduced production due to raw material shortages. The supply of lead may decline earlier than demand. Short - term tightness is possible. It is recommended to wait and see and hold previous long positions [61][62]. 3.2.14 Non - ferrous Metals (Zinc) - Some zinc - mining companies' production in Q1 2025 decreased. The zinc market is in a situation of weak supply and demand, with demand being weaker. Adopt a mid - line short - selling strategy and domestic - foreign positive arbitrage [63][67]. 3.2.15 Energy Chemicals (Crude Oil) - US API crude oil inventory decreased. The US announced new sanctions on Iran. Oil prices rebounded due to geopolitical conflict news and are expected to range - bound [68][71]. 3.2.16 Energy Chemicals (Urea) - In March 2025, urea imports decreased, and exports increased. The futures price of urea is expected to enter a volatile pattern with the possibility of a pulse - type rebound in the short term. In the medium term, the price may decline due to supply pressure [72][74]. 3.2.17 Energy Chemicals (Bottle Chips) - The export price of bottle chips is mostly stable, with some slight decreases. The polyester raw material market is weak. The supply of bottle chips may increase under high - capacity operation. Pay attention to the implementation of industry - wide production reduction [75][77]. 3.2.18 Energy Chemicals (Caustic Soda) - On April 22, the price of liquid caustic soda in Shandong was adjusted. The supply decreased slightly, and the demand was good. The futures price of caustic soda fell. Pay attention to macro - impacts [78][79]. 3.2.19 Energy Chemicals (Pulp) - The spot price of imported wood pulp weakened. The futures price of pulp was affected by macro - factors. It is recommended to wait and see [80][81]. 3.2.20 Energy Chemicals (PVC) - The spot price of PVC powder decreased, and the futures price fluctuated downward. The downstream purchasing enthusiasm increased. Pay attention to the impact of tariffs and domestic stimulus policies [82]. 3.2.21 Energy Chemicals (Carbon Emissions) - The National Energy Administration released the "China Green Power Certificate Development Report (2024)". The CEA price is under pressure due to a large supply surplus. It is expected to continue to decline in the short term [83][85]. 3.2.22 Energy Chemicals (Soda Ash) - On April 22, the soda ash market in Shahe adjusted weakly. The supply of soda ash is high, and the demand is not strong. Soda ash futures prices are expected to be under pressure. Adopt a mid - line short - selling strategy [86]. 3.2.23 Energy Chemicals (Float Glass) - On April 22, the price of float glass in Shahe was stable. The glass futures price fluctuated slightly. Near - month contracts are expected to be under pressure. Consider going long on far - month contracts at low prices, but do not be overly optimistic about the rebound space [87].