Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The US "soft data" has significantly recovered, with the May consumer confidence index and Dallas Fed business activity index exceeding expectations. Market risk appetite has been boosted, leading to a strong rebound in US stocks, a rise in the US dollar index, and a decline in gold, copper, and oil prices. In China, industrial enterprise profits have shown a weak recovery, and the A-share market has been volatile and differentiated [2][3]. - Precious metal prices are under pressure due to the easing of the US - EU trade war and the return of market risk appetite. Gold and silver futures closed lower on Tuesday [4]. - Copper prices are expected to oscillate at a high level. The rebound of the US dollar index puts pressure on copper prices, while disruptions in overseas mines and low domestic inventories provide support [5][6]. - Aluminum prices are expected to continue to oscillate. Low inventory provides support, but the expectation of the consumption off - season exerts pressure. Attention should be paid to inventory changes [7][8]. - Alumina prices are expected to oscillate with both support and pressure. The reduction of imported bauxite in Guinea provides bottom - price support, while the resumption of production in domestic southern enterprises limits the upside [9][10]. - Zinc prices are expected to return to low - level oscillation. The market has digested the news of extended maintenance in South China, and supply is expected to recover [11]. - Lead prices are expected to maintain range - bound oscillation. Tight lead ore supply and cost support limit the adjustment space, but weak consumption lacks a strong rebound driver [12]. - Tin prices are expected to continue high - level adjustment. Supply and demand are relatively balanced, and the market is waiting for more driving factors [13][14]. - Industrial silicon prices are expected to continue to decline. Supply is tightening, but demand is weak, and social inventory has decreased slightly due to reduced production [15][16]. - Lithium carbonate prices are experiencing a large - scale position - changing. Short - term long - short competition may intensify. Attention can be paid to the effectiveness of the bottom signal of the 09 contract [17][18]. - Nickel prices are expected to oscillate at a low level. Although macro - economic data is better than expected, weak demand drags down prices [19][20]. - Oil prices are expected to oscillate weakly in the short term. OPEC + is expected to maintain significant production increases in July, and the US - Iran negotiation has eased contradictions [21]. - Steel prices are expected to run weakly. Spot trading volume has increased slightly, but demand is weak, and the market sentiment is poor [22]. - Iron ore prices are expected to run weakly. Supply pressure is emerging, and demand is weakening as the steel market enters the off - season [23][24]. - Bean and rapeseed meal prices are expected to oscillate. US soybean sowing progress is slightly lower than expected, and Brazilian exports are normal. Rapeseed meal prices are supported by tight supply [25][26]. - Palm oil prices are expected to continue to oscillate. There is no clear driving factor, and the market is waiting for new information [27]. Group 3: Summary by Directory 1. Metal Main Varieties Yesterday's Trading Data - SHFE copper closed at 77,900 yuan/ton, down 0.47%; LME copper closed at 9,596 dollars/ton, down 0.19% [28]. - SHFE aluminum closed at 20,040 yuan/ton, down 0.57%; LME aluminum closed at 2,483 dollars/ton, up 0.69% [28]. - SHFE zinc closed at 22,330 yuan/ton, up 0.65%; LME zinc closed at 2,709 dollars/ton, down 0.13% [28]. - SHFE lead closed at 16,825 yuan/ton, up 0.18%; LME lead closed at 1,989 dollars/ton, down 0.28% [28]. - SHFE nickel closed at 122,310 yuan/ton, down 0.38%; LME nickel closed at 15,380 dollars/ton, down 1.22% [28]. - SHFE tin closed at 264,050 yuan/ton, down 0.21%; LME tin data was not available [28]. - COMEX gold closed at 3,327.40 dollars/ounce, down 0.90%; SHFE silver closed at 8,217.00 yuan/kg, down 0.76%; COMEX silver closed at 33.39 dollars/ounce, down 0.76% [28]. - SHFE rebar closed at 2,980 yuan/ton, down 0.80%; SHFE hot - rolled coil closed at 3,111 yuan/ton, down 0.86% [28]. - DCE iron ore closed at 698.5 yuan/ton, down 1.13% [28]. 2. Industrial Data Perspective - For copper, SHFE copper主力 was at 77,900 yuan/ton, down 370 yuan; LME copper 3 - month was at 9,596 dollars/ton, down 18 dollars. LME inventory decreased by 2,575 tons to 162,150 tons [29]. - For nickel, SHFE nickel主力 was at 122,310 yuan/ton, down 470 yuan; LME nickel 3 - month was at 15,380 dollars/ton. LME inventory was 199,998 tons [29]. - For zinc, SHFE zinc主力 was at 22,330 yuan/ton, up 145 yuan; LME zinc was at 2,709 dollars/ton, down 3.5 dollars. LME inventory decreased by 2,350 tons to 151,150 tons [30]. - For lead, SHFE lead主力 was at 16,825 yuan/ton, up 30 yuan; LME lead was at 1,988.5 dollars/ton, down 5.5 dollars. LME inventory decreased by 1,650 tons to 292,375 tons [30]. - For aluminum, SHFE aluminum连三 was at 19,925 yuan/ton, down 105 yuan; LME aluminum 3 - month was at 2,483 dollars/ton. LME inventory decreased by 3,000 tons to 381,575 tons [30]. - For alumina, SHFE alumina主力 was at 3,018 yuan/ton, down 42 yuan; the national average spot price of alumina was 3,275 yuan/ton, up 19 yuan [30]. - For tin, SHFE tin主力 was at 264,050 yuan/ton, down 550 yuan; LME tin data was not available. LME inventory decreased by 2,665 tons to 0 tons [30]. - For precious metals, there were no significant changes in SHFE gold and silver prices on May 27 compared to the previous day. COMEX gold and silver inventories had some changes [31][34]. - For steel products, the rebar主力 was at 2,980 yuan/ton, down 24 yuan; the iron ore主力 was at 698.5 yuan/ton, down 8 yuan [34]. - For lithium carbonate, relevant price data on May 27 was not fully available [34]. - For industrial silicon, the industrial silicon主力 was at 7,610 yuan/ton, down 305 yuan [34]. - For beans and rapeseeds, CBOT soybean主力 was at 1,061.75 cents/bushel; the bean粕主力 was at 2,966 yuan/ton, up 16 yuan; the菜粕主力 was at 2,599 yuan/ton, up 33 yuan [34][36].

Group 1 - The core point of the news is the unexpected shift in the U.S.-EU trade negotiations, where President Trump agreed to extend the deadline for tariff discussions to July 9 after a phone call with EU Commission President Ursula von der Leyen [1][2] - Trump had previously threatened to impose a 50% tariff on EU goods starting June 1, citing a lack of progress in negotiations and accusing the EU of taking advantage of the U.S. in trade [1][3] - The EU's new trade proposal aims to address tariffs and non-tariff barriers, as well as enhance economic security and cooperation on global challenges [3][4] Group 2 - The White House expressed frustration over the EU's lack of substantial proposals, particularly regarding the U.S. demand for a digital tax to be included in negotiations [4] - The U.S. Treasury Deputy Secretary highlighted the complexity of negotiating with the EU as a whole while also addressing non-tariff barriers with individual European countries [4] - If no agreement is reached, the EU has prepared a list of retaliatory tariffs valued at €21 billion, including U.S. corn, wheat, motorcycles, and clothing, and is discussing another list worth €95 billion targeting Boeing aircraft, cars, and bourbon whiskey [4]

Report Industry Investment Rating No relevant content provided. Core View of the Report - In the coming week (May 26 - May 30), both the prices of Dalian soybean meal and soybean futures are expected to fluctuate. For soybean meal, the negative factors have been priced in, and there is limited downside, but there is no clear positive driver, so the price is expected to oscillate, and the focus will gradually shift to the weather in the U.S. soybean - producing areas. For domestic soybeans, the limited remaining supply and firm spot prices are supportive, while the potential state reserve release is a resistance, so the price is expected to trade in a range [6]. Summary by Related Catalogs 1. Price Movements Last Week (May 19 - May 23) - **U.S. Soybean Futures**: The U.S. soybean futures prices first rose due to concerns about floods in Argentina and slow spring - sowing progress, as well as short - covering, and then fell due to concerns about an escalating U.S. - EU trade war. The weekly increase of the U.S. soybean main 07 contract was 0.93%, and that of the U.S. soybean meal main 07 contract was 1.47% [1]. - **Domestic Soybean Meal and Soybean Futures**: Domestic soybean meal futures prices first fell due to weak spot markets and then rose because of the rebound of the spot market, the reduced marginal impact of previous negative factors, and the rebound of U.S. soybeans. The weekly increase of the domestic soybean meal main m2509 contract was 1.83%. Domestic soybean futures prices first rose and then fell. The support came from the firm spot price and limited remaining supply, while the resistance was the expected state reserve release. The weekly increase of the domestic soybean main a2507 contract was 0.10% [2]. 2. International Soybean Market Fundamentals Last Week (May 19 - May 23) - **U.S. Soybean Sales and Shipment**: The net sales of U.S. soybeans decreased week - on - week, in line with expectations. In the week ending May 15, the 2024/25 U.S. soybean export shipment was about 250,000 tons, a week - on - week decrease of about 42%, and the cumulative export shipment was about 44.15 million tons, a year - on - year increase of about 12%. The shipment to China was 0, and the cumulative shipment to China was about 22.41 million tons (compared with about 23.7 million tons last year). The total weekly net sales of the current and next market years were about 325,000 tons (compared with about 770,000 tons the previous week) [2]. - **U.S. Soybean Planting Progress**: As of the week ending May 19, the U.S. soybean planting progress was 66% (market expectation: 65%), 52% last year, and the five - year average was 53%, which was slightly bearish [2]. - **Brazilian Soybean CNF Premium, Import Cost, and Crushing Margin**: As of the week ending May 23, the average CNF premium of Brazilian soybeans for July - August delivery increased slightly week - on - week, the average import cost decreased slightly, and the average crushing margin increased [2]. - **U.S. Soybean Main - Producing Area Weather Forecast**: From May 25 to June 7, the precipitation in the U.S. soybean main - producing areas will be slightly above normal, and the temperature will be low first and then high, which will mainly have a neutral impact on the planting progress [2]. 3. Domestic Soybean Meal Spot Market Last Week (May 19 - May 23) - **Trading Volume**: The trading volume of soybean meal increased week - on - week, mainly due to the large - scale trading of far - month basis futures. The average daily trading volume of mainstream oil mills was about 390,000 tons, compared with about 80,000 tons the previous week [4]. - **Pick - up Volume**: The pick - up volume of soybean meal increased week - on - week. The average daily pick - up volume of major oil mills was about 179,000 tons, compared with about 157,000 tons the previous week [4]. - **Basis**: The basis of soybean meal (Zhangjiagang) decreased week - on - week. The weekly average was about - 4 yuan/ton, compared with about 168 yuan/ton the previous week and about - 89 yuan/ton last year [4]. - **Inventory**: The inventory of soybean meal increased week - on - week and decreased year - on - year. As of the week ending May 16, the inventory of mainstream oil mills was about 100,000 tons, a week - on - week increase of about 34% and a year - on - year decrease of about 83% [4]. - **Crushing Volume**: The soybean crushing volume increased week - on - week and is expected to increase slightly next week. The weekly crushing volume was about 2.21 million tons (compared with 1.91 million tons the previous week and 2.01 million tons last year), and the operating rate was about 62% (compared with 54% the previous week and 57% last year). Next week, the crushing volume is expected to be about 2.25 million tons (compared with 2.16 million tons last year), and the operating rate will be 57% (compared with 61% last year) [4]. - **Imported Soybean Auction**: The成交 rate of the imported soybean auction was about 32%, and the成交 price decreased. On May 21, the planned auction volume was about 266,700 tons, the actual成交 volume was about 85,600 tons, and the average price was about 3,540 yuan/ton (compared with about 3,643 yuan/ton on May 13) [4]. 4. Domestic Soybean Spot Market Last Week (May 19 - May 23) - **Soybean Price**: The soybean price was firm. In Northeast China, the purchase price of clean soybeans was 4,180 - 4,280 yuan/ton, basically flat or up 40 yuan/ton in some areas; in the Inner - Pass region, it was 5,100 - 5,240 yuan/ton, flat; in the sales areas, the price of Northeast edible soybeans was 4,580 - 4,820 yuan/ton, up 60 - 100 yuan/ton [5]. - **Northeast Production Area Situation**: Most of the new - season crop sowing in the Northeast has been completed. Some farmers are reluctant to sell, and traders are facing difficulties in sourcing, so they are turning to platform auctions. The market is still waiting for the state reserve release [5]. - **Sales Area Situation**: The soybean price in the sales areas increased due to the increase in the origin price, but the demand is weak due to seasonal factors, and the trading volume of dealers is slow [5].

Report Title - EU Carbon Market Market Briefing (Issue No. 55, 2025) [1] Report Industry Investment Rating - Not provided Core View - EUA has re - linked with TTF, and its price has rebounded significantly. The report suggests interval operation, with a pressure level of €75 and a support level of €66 [2] Summary by Related Catalogs Market Conditions - **Primary Market**: The auction price is 66.71 euros/ton (-0.13%), and the bid coverage ratio is 1.55 [2] - **Secondary Market**: The closing price of EUA futures is 70.1 euros/ton (2.94%), and the trading volume is 35,600 lots (0.05) [2] Strategy - It is recommended to conduct interval operations, with a pressure level of €75 and a support level of €66 [2] Core Logic - **Likely Positive Factors**: Tensions between Russia and Ukraine may bring geopolitical risk premiums; new sanctions on Russia by US senators; European major stock indices closed higher [2] - **Likely Negative Factors**: Trump's "Freedom Day" tariff plan may suppress the European economy; the end of the heating season and increased renewable energy generation are unfavorable to carbon prices; the EU may weaken its 2040 climate goals; Finland will close a coal - fired power plant [2][3]