Group 1 - The core point of the article is that Vietnam and the United States are reportedly close to reaching a trade framework that will impose tariffs based on the proportion of foreign products in goods [1] Group 2 - The agreement will specifically apply tariffs according to the composition of foreign products within the goods [1]

Currency Market Overview - The Euro to Dollar (EUR/USD) exchange rate halted its upward trend that began on June 18, fluctuating around 1.1800 during European trading on Wednesday [1] - The British Pound to Dollar (GBP/USD) has risen for the fourth consecutive trading day, trading above 1.3700 on Thursday [1] - The Dollar to Yen (USD/JPY) maintained its overnight rebound, fluctuating around 143.50 [1] - The Australian Dollar to Dollar (AUD/USD) remained in a range below the year-to-date high of 0.6590 reached on Tuesday [1] - The New Zealand Dollar to Dollar (NZD/USD) showed positive momentum near 0.6050 [1] - The Dollar to Canadian Dollar (USD/CAD) fluctuated in a narrow range around 1.3650 [1] Key Economic Indicators - The market is awaiting the release of the U.S. ADP employment figures for June at 20:15 [1] Federal Reserve Insights - Federal Reserve Chair Jerome Powell stated that it is too early to assert whether a rate cut in July is premature, indicating flexibility in decision-making [2][4] - U.S. Treasury Secretary Janet Yellen expressed confidence that the Federal Reserve will cut rates before autumn, with a guarantee of a cut by September at the latest [5] International Central Bank Commentary - Bank of Japan Governor Kazuo Ueda noted that current interest rates are below neutral levels, with any rate hike dependent on three inflation dynamics [7] - European Central Bank President Christine Lagarde mentioned that while the mission is not complete, the goals have been achieved, emphasizing vigilance regarding inflation [8] - Bank of England Governor Andrew Bailey indicated that the direction of interest rates remains downward, with significant uncertainty regarding terminal rate levels [9] Technical Analysis - The EUR/USD is showing short-term overbought conditions with immediate support at 1.1800 and further support at 1.1740 and 1.1700-1.1690 [16] - The AUD/USD maintains a bullish outlook, with potential resistance at 0.6583 and further at 0.6650, while initial support is at 0.6529 [17] - The GBP/USD has shown a slight decline below the 20-period simple moving average, with next support at 1.3650 [17]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report notes that domestic and foreign zinc ore imports are rising, zinc ore processing fees are continuously increasing, and the sulfuric acid price has risen significantly, leading to further repair of smelter profits and increased production enthusiasm. New production capacities are being released, and previously overhauled capacities are resuming production, accelerating supply growth. The import window is currently closed, reducing the inflow of imported zinc. On the demand side, the downstream is in the off - season, with a year - on - year decline in the operating rate of processing enterprises. Zinc prices are running weakly, and consumption is gradually weakening. With enterprises having made more low - price purchases earlier, inventory shipment speed has slowed, and the spot premium has been significantly reduced. Domestic social inventories are stable. However, the overseas LME zinc premium has risen, and inventories continue to decline, driving up domestic prices. Technically, positions are decreasing, and prices are back in the previous operating range. It is expected to oscillate and adjust in the short term. The report suggests temporarily observing the market [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Zinc main contract is 22,230 yuan/ton, down 25 yuan; the 08 - 09 contract spread of Shanghai Zinc is 55 yuan/ton, down 5 yuan [3]. - The LME three - month zinc quotation is 2,713.5 dollars/ton, down 27.5 dollars; the total position of Shanghai Zinc is 263,829 lots, down 4,934 lots [3]. - The net position of the top 20 in Shanghai Zinc is 13,712 lots, down 2,430 lots; the Shanghai Zinc warehouse receipt is 6,624 tons, down 200 tons [3]. - The SHFE inventory is 43,633 tons (weekly), up 769 tons; the LME inventory is 114,900 tons (daily), down 2,575 tons [3]. 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,290 yuan/ton, up 10 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,260 yuan/ton, up 360 yuan [3]. - The basis of the ZN main contract is 60 yuan/ton, up 35 yuan; the LME zinc premium (0 - 3) is - 18.75 dollars/ton, down 8.52 dollars [3]. - The ex - factory price of 50% zinc concentrate in Kunming is 17,160 yuan/ton, down 230 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,850 yuan/ton, unchanged [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 124,700 tons (monthly), down 104,100 tons; the ILZSG zinc supply - demand balance is - 69,100 tons (monthly), up 10,400 tons [3]. - The global zinc ore production of ILZSG is 1.0075 million tons (monthly), down 4,300 tons; the domestic refined zinc production is 583,000 tons (monthly), up 7,000 tons [3]. - The zinc ore import volume is 455,900 tons (monthly), up 124,900 tons [3]. 3.4产业情况 - The refined zinc import volume is 35,156.02 tons (monthly), down 22,615.39 tons; the refined zinc export volume is 483.88 tons (monthly), up 266.83 tons [3]. - The zinc social inventory is 61,600 tons (weekly), up 2,700 tons [3]. 3.5下游情况 - The monthly output of galvanized sheets is 2.32 million tons, down 130,000 tons; the monthly sales volume of galvanized sheets is 2.34 million tons, down 120,000 tons [3]. - The monthly new housing construction area is 23,1836,100 square meters, up 5,347,770 square meters; the monthly housing completion area is 18,3851,400 square meters, up 2,737,290 square meters [3]. - The monthly automobile production is 2.642 million vehicles, up 38,000 vehicles; the monthly air - conditioner production is 19.6788 million units, up 3.4764 million units [3]. 3.6 Option Market - The implied volatility of the at - the - money call option of zinc is 15.54% (daily), down 0.57%; the implied volatility of the at - the - money put option of zinc is 15.53% (daily), down 0.57% [3]. - The 20 - day historical volatility of the at - the - money option of zinc is 7.38% (daily), down 0.42%; the 60 - day historical volatility of the at - the - money option of zinc is 16.78% (daily), down 0.14% [3]. 3.7 Industry News - Powell did not rule out the possibility of a rate cut in July, stating that if not for tariffs, a rate cut would have occurred, and tariffs are expected to affect inflation [3]. - The US ISM manufacturing PMI in June was 49, higher than the expected 48.8 and the previous value of 48.5. Indicators for raw material payment prices showed signs of slightly accelerating inflation. Import and export indicators were still in contraction, but the decline rate slowed. The order backlog index had the largest decline in a year [3]. - The eurozone manufacturing sector showed signs of stabilization in June, with the PMI rising to 49.5, the highest since August 2022, and output growth for the fourth consecutive month. New orders stabilized in June [3]. - Facing the July 9 deadline for tariff restart, the Trump administration adjusted its trade negotiation strategy, shifting from seeking a comprehensive reciprocal agreement to a more limited phased agreement to avoid re - imposing severe tariffs on some countries [3].

Core Viewpoint - The Euro/USD exchange rate has shown significant movement, with the Euro reaching a new high of 1.1830 before a slight decline, influenced by various economic and geopolitical factors [2][3]. Economic Indicators - The European Central Bank (ECB) President Christine Lagarde emphasized the need for vigilance regarding inflation, as the Euro ended an eight-day rally [3]. - The U.S. dollar rebounded from previous lows following the Senate's approval of President Trump's comprehensive tax reform, which affected the Euro's upward momentum [3]. Geopolitical Factors - Recent geopolitical tensions have eased, contributing to a stronger interest in risk assets, thereby supporting the Euro and other risk-related currencies [5]. - Investors remain cautious about potential changes in Washington's trade stance, especially with the U.S. tariff suspension deadline approaching on July 9 [6]. Central Bank Policies - The divergence in policies between the ECB and the Federal Reserve continues, with the Fed maintaining interest rates at 4.25%-4.50% while adjusting inflation and unemployment forecasts due to tariff-related cost pressures [7][8]. - The ECB recently lowered its deposit rate to 2.00%, with Lagarde indicating that further easing would depend on a significant deterioration in external demand [8]. Market Sentiment - Speculators have increased their net long positions in the Euro, reaching the highest level since January 2024, while commercial participants have raised their net short positions [9]. - The total open interest in Euro contracts has also risen to approximately 762.6K, marking a two-week high [9]. Technical Analysis - Key resistance levels are identified at the 2025 high of 1.1829, with potential targets at the September 2018 high of 1.1815 and the June 2018 high of 1.1852 [10]. - Initial support is noted at the 55-day simple moving average of 1.1403, followed by lower support levels [10]. Outlook - The Euro's upward trend is expected to continue unless geopolitical or macroeconomic shocks occur, driven by reduced risk aversion and growing confidence in potential Fed policy easing [12].

有色商品日报 有色商品日报（2025 年 7 月 2 日） 一、研究观点 | 品 种 | | | | 点评 | | --- | --- | --- | --- | --- | | | 隔夜 LME 铜震荡走高，上涨 0.66%至 9943 | 美元/吨；SHFE 铜主力上涨 0.46%至 80390 | | | | | 元/吨；现货进口维系亏损态势。宏观方面，美国 6 月 | ISM 制造业 PMI 指数为 49，连 | | | | | 续四个月萎缩，预期为 48.8，前值为 48.5。美国 5 月 | JOLTS 职位空缺 776.9 万人，高 | | | | | 于预期的 730 万人，前值为 739.1 | 万人，该数值大幅超出市场预期，显示市场韧性。 | | | | | 美联储主席鲍威尔在一次会议上未排除 7 | 月降息可能，称若非关税已降息，关税料将 | | | | | 对通胀产生影响。关税方面，7 月 9 | 日关税重启最后期限，特朗普政府正在调整贸易 | | | | 铜 | | 谈判策略，从寻求全面互惠协议转向更有限的分阶段协议，以避免对部分国家重新征 | | | | | 收严厉关税。库存方面， ...

Report Industry Investment Rating - All the commodities in the report are rated as "oscillating" [1][2][3][4][5][7] Core Viewpoints - The oil price fluctuates to find a direction under the background of OPEC+ production increase and inventory changes, and is expected to continue the oscillating rhythm in the short term [1] - The high - sulfur fuel oil may have a short - term rebound, but it is recommended to short the high - sulfur cracking spread on rallies; the low - sulfur fuel oil supply is sufficient, and the internal and external price difference is expected to remain low [2] - The asphalt supply is expected to increase, and it is recommended to short the cracking spread on rallies [2] - The polyester products are affected by device conditions and downstream demand, and the prices are expected to oscillate [3] - The rubber price is expected to oscillate weakly due to the balance of supply and demand [3][5] - The methanol price is expected to oscillate as the import volume may increase and the MTO profit is compressed [5] - The polyolefin supply is high but the increase is limited, and the price center moves with the cost [5] - The PVC price is expected to continue oscillating due to the off - season demand and the change of basis and monthly spread structure [5][7] Summary by Directory Research Views - **Crude Oil**: On Tuesday, the oil price center moved slightly higher. OPEC+ is expected to announce an 8 - month daily production increase of 411,000 barrels on July 6. Trump's trade remarks and inventory data affect the oil price, which is expected to oscillate [1] - **Fuel Oil**: The fuel oil futures prices fell on Tuesday. The inventory of imported raw material oil in Shandong decreased year - on - year. The high - sulfur fundamentals are slightly stronger, and the price may rebound briefly, while the low - sulfur supply is sufficient [2] - **Asphalt**: The asphalt futures price rose on Tuesday. The July production is expected to increase. The pricing center may shift back to the north after the peak season in the north [2] - **Polyester**: The prices of TA, EG, and PX fluctuated on Tuesday. The MEG and PTA devices are affected, and the downstream demand is weak, so the prices are expected to oscillate [3] - **Rubber**: The rubber futures prices rose on Tuesday. The heavy - truck sales increased in June, but the raw material price decreased, and the inventory increased slightly, so the price is expected to oscillate weakly [3][5] - **Methanol**: The methanol spot prices are given. With the recovery of Iranian devices, the import volume may increase, and the MTO profit compression may lead to device maintenance, so the price is expected to oscillate [5] - **Polyolefins**: The prices and profits of polyolefins are provided. The supply is high but the increase is limited, and the price center moves with the cost [5] - **Polyvinyl Chloride**: The PVC market prices in East, North, and South China decreased. With the off - season demand, the price is expected to continue oscillating [5][7] Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and other data of various energy - chemical commodities on July 2, 2025, including crude oil, liquefied petroleum gas, asphalt, fuel oil, etc [8] Market News - Investors are concerned about the trade negotiations before the July 9 tariff deadline set by Trump. The US Treasury Secretary warns that tariffs may be raised significantly [10] - The US API crude oil inventory unexpectedly increased by about 700,000 barrels last week, and there were also changes in other inventory data [10] Chart Analysis - **Main Contract Prices**: The report presents the closing price charts of main contracts of various commodities from 2021 to 2025, such as crude oil, fuel oil, PTA, etc [12][13][14][16][19][22][23][25] - **Main Contract Basis**: The basis charts of main contracts of various commodities are provided, including crude oil, fuel oil, etc [27][29][33][36][39][40] - **Inter - period Contract Spreads**: The report shows the spread charts of different contracts of various commodities, such as fuel oil, asphalt, PTA, etc [42][44][47][50][51][55][57][58] - **Inter - commodity Spreads**: The spread and ratio charts between different commodities are presented, including crude oil internal and external spreads, fuel oil high - low sulfur spreads, etc [59][61][65][66] - **Production Profits**: The production profit charts of ethylene - made ethylene glycol, PP, LLDPE, etc are shown [68][70] Team Member Introduction - **Zhong Meiyan**: The assistant director of the institute and the director of energy - chemical research, with rich experience and many awards [72] - **Du Bingqin**: An analyst of crude oil, natural gas, fuel oil, asphalt, and shipping, with professional background and achievements [73] - **Di Yilin**: An analyst of natural rubber and polyester, with awards and media exposure [74] - **Peng Haibo**: An analyst of methanol, PE, PP, and PVC, with relevant academic and practical experience [75] Contact Information - The company is located at Unit 703, 6th Floor, No. 729, Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [77]

Report Industry Investment Ratings - **Bullish**: Gold, Aluminum, Alumina, Stainless Steel, Nickel, Copper, Zinc [1] - **Bearish**: Palm Oil, Rapeseed Oil, Crude Oil, Fuel Oil, Shandong Gasoline, Natural Rubber, BR Rubber, PTA, PVC, LPG [1] - **Neutral or Sideways**: Treasury Bonds, Silver, Industrial Silicon, Carbonate Lithium, Rebar, Hot Rolled Coil, Iron Ore, Coke, Glass, Soda Ash, Cotton, Sugar, Corn, Soybean Meal, Pulp, Logs, Live Pigs, Benzene, Styrene, Chlor - Alkali, Container Shipping on the European Route [1] Core Viewpoints - In the short term, the stock index is likely to fluctuate strongly driven by sentiment and liquidity, and subsequent attention should be paid to macro - incremental information for direction guidance [1] - The market uncertainty has resurfaced, and the gold price has stabilized and rebounded. The macro and commodity attributes may still support the silver price, but the fundamentals may limit its upside [1] - The recent improvement in market sentiment and the low - level operation of electrolytic aluminum inventory have led to a strong aluminum price. The Fed's expected interest - rate cut has boosted market risk appetite and commodity prices [1] - The supply - side impact of some metal - related events is limited, and metal prices are affected by macro - sentiment and related metal price movements [1] - For agricultural products, factors such as production forecasts, policy changes, and price differentials affect market trends. For example, Brazilian sugar production is expected to change, and domestic corn and soybean meal have different outlooks [1] - In the energy and chemical sectors, geopolitical situations, supply - demand relationships, and cost factors influence prices. For instance, the cooling of the Middle East situation and OPEC+ actions affect oil prices [1] Summary by Related Catalogs Macro - financial - **Stock Index**: In the short term, it is likely to fluctuate strongly driven by sentiment and liquidity, and subsequent attention should be paid to macro - incremental information for direction guidance [1] - **Treasury Bonds**: Currently in a period of asset - liability and weak economy, but the central bank's recent interest - rate risk warning suppresses the upside [1] - **Gold**: The market uncertainty has resurfaced, and the price has stabilized and rebounded [1] - **Silver**: The macro and commodity attributes may still support the price, but the fundamentals may limit its upside [1] Non - ferrous Metals - **Copper**: Recently, the market risk appetite has recovered, and the short - term price is strong due to the squeeze - out situation of US copper and LME copper [1] - **Aluminum**: The recent improvement in market sentiment and the low - level operation of electrolytic aluminum inventory have led to a strong price [1] - **Alumina**: The Fed's expected interest - rate cut has boosted market risk appetite and commodity prices, and it is short - term strong [1] - **Zinc**: Affected by news, it fell in the short term, but rebounded with the sharp rise in copper prices. Attention should be paid to the impact of macro - sentiment [1] - **Nickel**: After the improvement in commodity sentiment, the price rebounded from the short - term bottom, but the upside is limited. In the long - term, the surplus of primary nickel still exerts pressure [1] - **Stainless Steel**: The spot trading has improved periodically, but the long - term supply pressure remains. Short - term operation is recommended [1] - **Tin**: The supply of mines is difficult to recover in the short term, and the price rebounded with the improvement of macro - sentiment [1] Ferrous Metals - **Rebar and Hot Rolled Coil**: There are short - term factory production restrictions. Temporarily wait and see [1] - **Iron Ore**: Short - term production has increased slightly, demand is weakening, supply - demand is relatively loose, and the price is under pressure [1] - **Coke and Coking Coal**: Focus on selling hedging opportunities when the futures are at a premium [1] Agricultural Products - **Palm Oil**: According to Malay high - frequency data, it is likely to accumulate inventory in June, which is bearish [1] - **Rapeseed Oil**: Before the anti - dumping investigation result of Canadian rapeseed is announced, it is expected to fluctuate [1] - **Cotton**: In the short term, there are disturbances such as trade negotiations and weather premiums; in the long term, macro - uncertainty is strong. The domestic cotton price is expected to fluctuate weakly [1] - **Sugar**: Brazil's 2025/26 sugar production is expected to reach a record high, but the long - term production may be affected by the crude oil price [1] - **Corn**: The short - term is affected by import and auction news, and the C09 contract is expected to fluctuate strongly later [1] - **Soybean Meal**: The US soybean supply - demand balance sheet is expected to be tight, and the domestic soybean meal price is expected to rise in the fourth quarter [1] Energy and Chemicals - **Crude Oil and Fuel Oil**: The Middle East situation has cooled, OPEC+ may continue to increase production, and the long - term supply - demand tends to be loose [1] - **Shandong Gasoline**: Affected by cost and demand factors, it is bearish [1] - **Natural Rubber and BR Rubber**: The downstream demand is weakening, the supply is expected to increase, and the price is bearish [1] - **PTA and Ethylene Glycol**: The market is affected by factors such as device maintenance, supply - demand, and cost [1] - **PVC and Chlor - Alkali**: After the end of maintenance, new devices are put into production, and the supply pressure increases, and the price is expected to fluctuate weakly [1] - **LPG**: The 7 - month CP price has been lowered, and the short - term price has a downward space [1] Shipping - **Container Shipping on the European Route**: The freight rate is expected to peak in mid - July, and the subsequent capacity deployment is sufficient [1]

Group 1 - The core viewpoint is that Japan is the largest foreign investor in the United States, contributing significantly to job creation in the U.S. [1] - The Japanese government, led by Prime Minister Shigeru Ishiba, emphasizes the importance of maintaining national interests while focusing on investment rather than tariffs [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The economic situation in China, the US, and the Eurozone shows mixed trends, with trade - related factors and policy expectations influencing the markets. Macro - inflation trading is heating up, and investors should pay attention to specific sectors such as commodities and precious metals [1][3][4]. - The uncertainty of trade policies and the divergence between the US government and the Fed on monetary policy add to the complexity of the economic and market environment [3]. 3. Summary by Relevant Content Market Analysis - In China, the May data was mixed. Investment data weakened, especially in the real - estate sector, and exports were under pressure. Only consumption showed resilience. The June official manufacturing PMI and other indices improved slightly, but the manufacturing PMI remained below the boom - bust line. The central bank's net injection in June was high, and attention should be paid to potential policy support from the July Politburo meeting [1]. - The US 5 - month retail sales declined significantly, mainly due to the drop in car purchases. The June Markit manufacturing PMI remained in expansion, and the price index had a large increase. The Fed is cautious about taking action on tariffs, and the "Big Beautiful" bill's passage is uncertain [3]. - The Eurozone's June manufacturing PMI reached a high level since 2018, and the June CPI met the ECB's target, providing a basis for pausing rate - cuts [2]. Trade Negotiations - The US tariff delay policy is approaching its expiration. The EU is willing to accept the "benchmark country tax" but seeks exemptions and quotas. The EU - US trade negotiation is ongoing, and the EU denies making concessions in the technology field. The UK - US trade agreement has taken effect, and Canada has canceled the digital service tax to promote trade negotiations. India and the US are deadlocked in trade negotiations [2]. Policy and Legislation - The Fed plans to relax key bank capital regulations. The stable - coin legislation may be introduced in mid - July, but its prospects are unclear due to the divergence between the US government and the Fed. The US Senate has suspended the review of the "Big Beautiful" bill due to internal Republican disagreements [3]. Sector - Specific Analysis - In the commodity market, the macro - inflation trading is heating up. The non - ferrous sector with supply constraints and gold related to inflation expectations are worthy of attention. The black sector depends on domestic policy expectations. Anti - dumping duties on stainless steel products from certain regions will continue for 5 years. In the energy sector, the EU will extend sanctions on Russia, and the oil price is affected by geopolitical factors. Attention should be paid to the OPEC meeting on July 6 [4]. Strategy - For commodities and stock index futures, it is recommended to allocate long positions in industrial products and gold at low prices [5]. Key Data - China's June official manufacturing PMI was 49.7%, non - manufacturing business activity index was 50.5%, and comprehensive PMI output index was 50.7%, up 0.2, 0.2, and 0.3 percentage points respectively from the previous month [1]. - The US 5 - month retail sales decreased by 0.9% month - on - month, the largest decline since March 2023 [3]. - The Eurozone's June manufacturing PMI was 49.5, and the June CPI initial value increased by 2% year - on - year [2][7].

Group 1: Report Industry Investment Ratings No relevant content found Group 2: Core Views of the Report - Fed Chair Powell indicated that stable economic activity allows the Fed to study the impact of tariff hikes on prices and economic growth before resuming rate cuts. If not for concerns about tariffs, the Fed might have continued to gradually cut rates this year. A well - known journalist believes that if the final tariff increase is lower than Trump's April announcement, the Fed's rate - cut strategy may change [8] - For caustic soda, the spot price decline is not over, but the impact of liquid chlorine should be noted. Although the supply pressure is large, due to the rapid decline in liquid chlorine prices, the cost of caustic soda has increased, and the far - month valuation may be repaired, but the continuous rebound space may be limited [10][12] - For the Container Freight Index (European Line), the price - cut inflection point is postponed. The 08 contract will fluctuate and consolidate, and it is advisable to short the 10 contract at high prices [13][19] Group 3: Summaries According to Related Catalogs Gold and Silver - Gold: The expectation of interest - rate cuts is rising, and silver continues to rise. The prices of gold and silver in various markets showed different changes in the previous trading day, including price increases, changes in trading volume, positions, inventories, and spreads [20][21] - Trend intensity: Gold trend intensity is - 1, and silver trend intensity is 1 [24] Copper - Copper: The strong spot price supports the price. The prices, trading volumes, positions, inventories, and spreads of copper futures and spot markets changed in the previous trading day. Macro and industry news include the US manufacturing PMI situation, trade agreement impacts, and China's copper import data [26] - Trend intensity: Copper trend intensity is 1 [28] Zinc - Zinc: The fundamentals are under pressure. The prices, trading volumes, positions, and other data of zinc in the futures and spot markets changed in the previous trading day. There is news about the expansion project of a lead - zinc mine [29][30] - Trend intensity: Zinc trend intensity is - 1 [30] Lead - Lead: There is an expectation of a peak season, which supports the price. The relevant data of lead in the futures and spot markets changed in the previous trading day, and there is news about the expansion project of a lead - zinc mine [32][33] - Trend intensity: Lead trend intensity is 1 [33] Tin - Tin: Driven by the macro - environment, the price goes up. The prices, trading volumes, positions, and inventories of tin in the futures and spot markets changed in the previous trading day, and there are some macro and industry news [35][36] - Trend intensity: Tin trend intensity is 0 [37] Nickel and Stainless Steel - Nickel: The support from the ore end has loosened, and the smelting end limits the upward elasticity. Stainless steel: The inventory has slightly decreased, and the steel price is repaired but with limited elasticity. The relevant data of nickel and stainless steel in the industrial chain changed in the previous trading day, and there are news about nickel - related production and shutdown in Indonesia [39][40] - Trend intensity: Nickel trend intensity is 0, and stainless steel trend intensity is 0 [42] Lithium Carbonate - Lithium carbonate: The spot trading is light, and it runs weakly with fluctuations. The prices, trading volumes, positions, and other data of lithium carbonate in the futures and spot markets changed in the previous trading day, and there are news about lithium - related agreements [43][45] - Trend intensity: Lithium carbonate trend intensity is - 1 [45] Industrial Silicon and Polysilicon - Industrial silicon: The upstream supply disturbances increase, and the market sentiment should be noted. Polysilicon: The market news continues to cause disturbances, and the upward space should be noted. The relevant data of industrial silicon and polysilicon in the futures and spot markets changed in the previous trading day, and there is news about the photovoltaic glass industry [46][48] - Trend intensity: Industrial silicon trend intensity is 1, and polysilicon trend intensity is 1 [48] Iron Ore - Iron ore: The expectations fluctuate, and it fluctuates widely. The prices, trading volumes, positions, and other data of iron ore in the futures and spot markets changed in the previous trading day, and there is news about industrial enterprise profits [49] - Trend intensity: Iron ore trend intensity is 0 [49] Rebar and Hot - Rolled Coil - Rebar and hot - rolled coil: Both fluctuate widely. The prices, trading volumes, positions, and other data of rebar and hot - rolled coil in the futures and spot markets changed in the previous trading day, and there are news about economic indicators and steel production and inventory [51][52][53] - Trend intensity: Rebar trend intensity is 0, and hot - rolled coil trend intensity is 0 [54] Ferrosilicon and Silicomanganese - Ferrosilicon and silicomanganese: Affected by the sector sentiment, they fluctuate weakly. The prices, trading volumes, positions, and other data of ferrosilicon and silicomanganese in the futures and spot markets changed in the previous trading day, and there are news about ferrosilicon and silicomanganese prices [55][56] - Trend intensity: Ferrosilicon trend intensity is 0, and silicomanganese trend intensity is 0 [57] Coke and Coking Coal - Coke and coking coal: Affected by the downstream environmental - protection production cuts, they fluctuate weakly. The prices, trading volumes, positions, and other data of coke and coking coal in the futures and spot markets changed in the previous trading day, and there are news about coal prices and positions [60][62] - Trend intensity: Coke trend intensity is 0, and coking coal trend intensity is 0 [62] Steam Coal - Steam coal: The daily consumption recovers, and it stabilizes with fluctuations. The trading situation of steam coal in the previous trading day is introduced, and there are news about coal prices and positions [64][66] - Trend intensity: Steam coal trend intensity is 0 [67] Logs - Logs: The main contract switches, and it fluctuates widely. The prices, trading volumes, positions, and other data of logs in the futures and spot markets changed in the previous trading day, and there is news about the US dollar index [68][70] - Trend intensity: Log trend intensity is - 1 [70] Paraxylene, PTA, and MEG - Paraxylene: Go long on the positive spread at low prices. PTA: Go long on PX and short on PTA. MEG: Stop the profit of going long on PTA and short on MEG. The prices, trading volumes, spreads, and other data of paraxylene, PTA, and MEG in the futures and spot markets changed in the previous trading day, and there are news about the polyester market [71][73]