Report Industry Investment Rating There is no information about the industry investment rating in the provided content. Core Viewpoints - The sentiment towards copper is neutral, with short - term prices expected to oscillate at high levels due to factors such as raw material supply tightness, weakening consumption resilience, high near - month contract positions, and increased export expectations [1]. - Aluminum prices are expected to fluctuate weakly, supported by inventory depletion but pressured by tariff hikes and seasonal demand weakness [3]. - Lead prices are likely to remain weak as downstream consumption weakens despite potential small rebounds driven by a warmer commodity market [4]. - Zinc prices face significant downward risks due to oversupply and weak terminal consumption, despite possible small rebounds from a warmer market [6]. - Tin prices are supported by supply uncertainties and strong low - price buying demand, with the supply side facing short - term uncertainties [7]. - Nickel's short - term fundamentals show a slight improvement, but the long - term outlook is bearish, and it is advisable to short on rebounds [8]. - Lithium carbonate prices are expected to oscillate at the bottom as the short - term fundamentals remain unchanged and the inventory pressure persists [10]. - Alumina prices are expected to be anchored by costs, and it is recommended to short on high prices as the capacity surplus persists [13]. - Stainless steel market will continue to be under pressure in the short term due to high inventory, weak demand, and other negative factors [15]. Summary by Metals Copper - Last week, LME copper rose 1.83% to $9670/ton, and SHFE copper closed at 78620 yuan/ton. Three - exchange inventories decreased by 0.9 tons, with different trends in each exchange. The import loss of spot copper widened, and the export window for spot feed - processing opened. The short - term price is expected to oscillate between 77200 - 79200 yuan/ton for SHFE copper and 9450 - 9800 dollars/ton for LME copper [1]. Aluminum - Last week, SHFE aluminum closed flat, and LME aluminum rose 0.12% to $2451/ton. Domestic aluminum ingot inventories continued to decline, and the spot basis decreased. The supply increased slightly, and demand weakened. The price is expected to fluctuate between 19800 - 20200 yuan/ton for SHFE aluminum and 2380 - 2500 dollars/ton for LME aluminum [3]. Lead - As of Friday, SHFE lead index rose 0.49% to 16775 yuan/ton, and LME lead 3S rose to $1990.5/ton. Fed's dovish remarks and strong non - farm data may drive a small rebound, but weak downstream consumption and high inventories will keep prices weak [4]. Zinc - As of Friday, SHFE zinc index rose 0.14% to 22289 yuan/ton, and LME zinc 3S fell to $2690/ton. A warmer market may cause a small rebound, but oversupply and weak consumption pose significant downward risks [6]. Tin - Last week, tin prices rebounded from the bottom. Supply may face a 500 - 1000 - ton reduction in June, and smelters plan to cut production. Demand has not increased significantly, and downstream purchasing enthusiasm declines as prices rise. The price is expected to range from 230000 - 260000 yuan/ton domestically and 28000 - 31000 dollars/ton overseas [7]. Nickel - Last week, nickel prices oscillated. Nickel ore supply is tight, nickel - iron prices rebounded, MHP prices are high, and nickel sulfate prices may strengthen. The short - term outlook is slightly better, but the long - term is bearish. The price is expected to range from 115000 - 128000 yuan/ton for SHFE nickel [8]. Lithium Carbonate - The MMLC index was flat on Friday, and the futures contract rebounded slightly. The current lithium salt production is high, and the inventory pressure persists. The price is expected to oscillate at the bottom, with the main contract ranging from 59520 - 61540 yuan/ton [10]. Alumina - On June 6, the alumina index fell 1.36% to 2899 yuan/ton. The import window opened, and the inventory decreased. Due to capacity surplus, prices are expected to be cost - anchored, and it is recommended to short on high prices. The main contract AO2509 is expected to range from 2800 - 3200 yuan/ton [13]. Stainless Steel - On Friday, the stainless - steel main contract closed at 12680 yuan/ton. Spot prices were mostly stable, and inventories increased. The market will continue to be under pressure due to high inventory, weak demand, and other factors [15].

Group 1 - The first meeting of the China-US economic and trade consultation mechanism is about to be held [1] - CBOT agricultural futures experienced a slight decline on Monday [1] - There is uncertainty regarding changes in weather conditions affecting agricultural commodities [1]

Special report on Guotai Junan Futures 2 综述 1 综述 国泰君安期货·黑色与建材 原木周度报告 国泰君安期货研究所·张广硕 期货从业资格号：Z0020198 日期：2025年6月8日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 综述 01 供应 02 需求及库存 03 行情走势 04 其他 05 市场回顾 新西兰船期数据 国内主港库存 国内主港日均出货量 行情走势 现货价格行情 主流材种区域价差 树种、规格间价差 海运费 汇率 ◆ 现货价格走势：对于主流交割品3.9米30+辐射松，山东市场报价750元/方，较上周持平，江苏市场报价775元/方， 较上周持平，目前两地区价差为-25。山东地区3.9米40+辐射松报价810元/方，较上周持平；山东地区5.9米30+ 辐射松报价760元/方，较上周持平。欧洲材云杉、冷杉在江苏市场上的交易量较少，仍处于缺货状态。（千里目 数据） ◆ 供应：截止到6月1日，6月从新西兰出发的船只总共有1条，其中有1条去往中国大陆，0条去往中国台 ...

焦煤在800关口附近遇阻回落，中美贸易摩擦降温难敌基本面疲软，叠加市场情绪已经降温，反弹行情 是否已经结束？机构称存在二次探底可能！ 相关链接 期货热点追踪 ...

期货热点追踪 马棕油3800支撑稳固！但4000阻力难破，6月棕榈油是宽幅震荡还是趋势下跌？ 相关链接 ...

Core Viewpoint - The main contract for silver futures in Shanghai has seen an intraday increase of 4%, reaching a price of 8815 yuan per kilogram [1] Group 1 - The Shanghai silver futures market is experiencing significant upward movement, indicating strong market interest and potential volatility [1]

期货热点追踪 USDA出口净销售报告：玉米、大豆需求坚挺，小麦出现洗船。 相关链接 ...

期货热点追踪 几内亚矿端扰动结束？3000关口失守，空头再度发力！氧化铝还能追空吗？ 相关链接 ...

马棕油价格结束二连涨，4000关口是否已经成为短期顶部？下跌行情重启了吗？ 相关链接 期货热点追踪 ...

Report Title - The report is titled "Asphalt: Continued Volatility" and was released on June 5, 2025 [1] Investment Rating - There is no information about the report's industry investment rating provided in the given content Core View - The core view is that the asphalt market will continue to experience volatility [1] Summary by Directory Fundamental Tracking - **Futures Data**: BU2507 closed at 3,506 yuan/ton yesterday with a 0.69% increase, and 3,504 yuan/ton last night with a -0.06% change; BU2508 closed at 3,492 yuan/ton yesterday with a 0.55% increase, and 3,490 yuan/ton last night with a -0.06% change. Trading volume and open interest of BU2507 decreased, while the open interest of BU2508 increased slightly [2] - **Spot Market**: The wholesale price in Shandong increased by 45 yuan/ton to 3,670 yuan/ton, and in the Yangtze River Delta by 20 yuan/ton to 3,600 yuan/ton. The refinery operating rate decreased by 1.28% to 32.57%, and the refinery inventory rate increased by 0.16% to 30.76% [2] - **Spread Data**: The basis (Shandong - 07) was 164 yuan/ton, the 07 - 08 inter - period spread was 14 yuan/ton, the Shandong - South China spread was 265, and the East China - South China spread was 195 yuan/ton, with corresponding changes compared to the previous day [2] Trend Intensity - The asphalt trend intensity is 0, indicating a neutral outlook. The trend intensity ranges from -2 (most bearish) to 2 (most bullish) [9] Market Information - As of June 3, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 84.6 tons, a 2.6% decrease from May 29. The refinery warehouses in the Northeast had the largest de - stocking amplitude. The total inventory of 104 domestic asphalt social warehouses was 187.3 tons, a 0.1% decrease from May 29, with obvious de - stocking in the Northwest [14]