Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The Asian low - sulfur fuel oil market is supported by the tight supply of 0.5% sulfur marine fuel, and the closure of the arbitrage window from the West to Singapore will limit cargo arrivals in the first half of July. The Asian high - sulfur fuel oil market is supported by the seasonal demand peak of utilities in the Middle East during summer. However, sufficient supplier inventories and weak downstream bunker demand may suppress the market fundamentals in the short term. The fuel oil is expected to run strongly. FU2509 will run strongly in the range of 3250 - 3350, and LU2508 will run strongly in the range of 3800 - 3900 [3] - The market is driven by the resonance of supply - side production cuts to be observed and neutral demand. There are potential risks such as the breakdown of OPEC+ internal unity and the escalation of war risks [4] 3. Summary by Directory 3.1 Daily Prompt - Singapore high - sulfur fuel oil has a price of 474.18 dollars/ton with a basis of 219 yuan/ton; Singapore low - sulfur fuel oil has a price of 543.5 dollars/ton with a basis of 120 yuan/ton, showing a spot premium over futures. The price is above the 20 - day line which is upward - sloping. High - sulfur主力 holds more long positions with a decrease in long positions, while low - sulfur主力 holds short positions with a decrease in short positions [3] - The overnight Middle East geopolitical risk first decreased and then increased. The possible US intervention in the Israel - Iran conflict raises market risk concerns [3] 3.2 Long - Short Focus - **Likely to be Bullish**: OPEC+ extends additional production cuts (implementation to be tracked), and China releases import quotas [4] - **Likely to be Bearish**: The optimism on the demand side remains to be verified, and there is a possibility of relaxation of sanctions on Russia [4] 3.3 Fundamental Data - **Futures Market**: The previous price of the FU主力 contract was 3169, and the current price is 3246, with a rise of 77 (2.43%); the previous price of the LU主力 contract was 3825, and the current price is 3854, with a rise of 29 (0.76%). The previous FU basis was 80, and the current one is 219, with a rise of 139 (173.50%); the previous LU basis was - 16, and the current one is 120, with a rise of 136 (- 827.08%) [5] - **Spot Market**: The prices of Zhoushan high - sulfur and low - sulfur fuel oils remained unchanged. The price of Singapore high - sulfur fuel oil rose from 445.99 to 474.18 dollars/ton (6.32%), the price of Singapore low - sulfur fuel oil rose from 519.50 to 543.50 dollars/ton (4.62%), the price of Middle - East high - sulfur fuel oil rose from 426.41 to 454.08 dollars/ton (6.49%), and the price of Singapore diesel rose from 613.79 to 640.83 dollars/ton (4.41%) [6] 3.4 Inventory Data - Singapore fuel oil inventory on the week of June 11 was 23.119 million barrels, an increase of 1.71 million barrels [3][8] 3.5 Spread Data - The report shows the historical data of the spread between high - and low - sulfur futures from 2021 - 09 - 07 to 2025 - 06 - 07 [13]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **沪镍**: The overall view of Shanghai nickel is that it will oscillate. In the short - term, the spot trading is poor, the downstream purchases on a need - basis, the ore price may be under pressure, and the stainless steel has a certain negative impact on the nickel price. Although the new energy vehicle data is good, the medium - and long - term oversupply pattern remains unchanged. The basis is positive, but the inventory and the position situation are negative [2]. - **不锈钢**: The stainless steel is also expected to oscillate. The spot price is flat, the nickel ore price is falling, and the nickel iron price shows signs of stopping the decline. The basis is positive, but the inventory situation is negative [4]. 3. Summary by Directory 3.1 Nickel and Stainless Steel Price Overview - **沪镍**: On May 16, the closing price of the main contract of Shanghai nickel was 124,060, up 460 from the previous day. The nickel index on the Wuxi trading center was 124,000, down 1,050 [11]. - **不锈钢**: The average price of stainless steel was 13,887.5, and the price remained unchanged compared with the previous day [4]. 3.2 Nickel and Stainless Steel Inventory - **沪镍**: As of May 16, the LME nickel inventory was 195,222, a decrease of 3,924; the Shanghai Futures Exchange nickel warehouse receipts were 23,501, an increase of 157 [2][14]. - **不锈钢**: On May 16, the national stainless steel inventory was 1.1083 million tons, a decrease of 4,700 tons from the previous period. The stainless steel futures warehouse receipts were 157,878, a decrease of 837 [4][18][19]. 3.3 Nickel Ore and Nickel Iron Price - On May 16, the price of red - soil nickel ore CIF (Ni1.5%) was 58.5 US dollars per wet ton, and the price of red - soil nickel ore CIF (Ni0.9%) was 31 US dollars per wet ton, both remaining unchanged from the previous day [22]. 3.4 Stainless Steel Production Cost - The traditional production cost of stainless steel was 13,256, the scrap steel production cost was 13,825, and the low - nickel + pure - nickel production cost was 17,005 [24]. 3.5 Nickel Import Cost - The converted import price of nickel was 127,134 yuan per ton [27].