原油系期货主力合约直线拉涨，燃料油涨超3%，SC原油、低硫燃料油涨超2%。 ...

Core Insights - The U.S. corn crop is experiencing its worst start in six years in terms of good-to-excellent ratings, raising concerns about future yields and market dynamics [1] - The upcoming weather patterns in June are expected to influence market speculation, particularly regarding soybean prices [1] Group 1 - The current good-to-excellent rating for U.S. corn is at its lowest level in six years, indicating potential challenges for the crop yield [1] - Market participants are advised to monitor weather developments closely as they will play a crucial role in shaping the agricultural commodity prices in the coming months [1] Group 2 - The focus will shift to how soybean prices will react to the anticipated weather changes, which could lead to increased volatility in the market [1] - The period after June is expected to be critical for weather-related trading activities, impacting both corn and soybean markets [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For soda ash, the supply has decreased and demand has recovered, but there is still inventory accumulation. In the medium - short term, production is under downward pressure, with insufficient downstream procurement potential and weak demand. In the long - term, there is an oversupply situation. The futures price lacks continuous upward momentum, and the price will re - enter a downward channel with a likely weak and volatile trend [8]. - For glass, the supply has significantly declined and may continue to fall. The demand is in a traditional off - season with weak cyclical demand, and downstream procurement enthusiasm is difficult to improve. With the deep adjustment of the real estate industry, the demand for glass is not effectively boosted. In the short term, as it enters the traditional off - season, the overall enterprise inventory is slightly decreasing, and the price may show a strong and volatile trend, with short - term rebound opportunities [9]. 3. Summary by Relevant Catalogs 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market on May 27**: The main futures contract SA509 fluctuated downward, hitting a new contract low. The closing price was 1231 yuan/ton, down 29 yuan/ton or 2.30%, with an increase of 56,719 lots in positions. The spot price of heavy - quality soda ash in the central China region was 1380 - 1460 yuan/ton, with a change of 0/-20 yuan/ton compared to the previous day, and the light - quality soda ash price remained unchanged. As of May 22, the weekly production of soda ash in China dropped to 663,800 tons, a month - on - month decrease of 2.04%, and the capacity utilization rate dropped to 78.63%. The enterprise shipment volume was 699,000 tons, a month - on - month increase of 4.81%, and the weekly enterprise inventory of heavy - quality soda ash remained at 860,000 tons with a slight reduction [7][8]. - **Glass Market on May 27**: The main futures contract FG509 had an opening price of 1022 yuan/ton, a closing price of 1031 yuan/ton, up 12 yuan/ton or 1.17%, with a decrease of 28,030 lots in positions. The FG601 contract had a closing price of 1084 yuan/ton, up 6 yuan/ton or 0.55%, with an increase of 6745 lots in positions. In the future, the glass supply has dropped significantly to the level of February this year and may continue to fall. The demand is in a traditional off - season, and downstream procurement enthusiasm is difficult to improve in the short term [7][9]. 3.2 Industry News - The Ministry of Finance plans to re - issue the 2025 Special Treasury Bonds (Phase II) for Capital Injection into Central Financial Institutions on June 4. The re - issued bonds are 7 - year fixed - rate coupon - bearing bonds with a competitive tender face value of 105 billion yuan and no additional bids from Class A members. The coupon rate is the same as the previously issued bonds of the same period, at 1.57%. - According to Zhuochuang Information, the market price of baking soda in Henan is stable with average trading. The mainstream ex - factory price of food - grade baking soda is estimated at 1180 - 1260 yuan/ton. - The domestic float glass market is generally stable with minor fluctuations. Some factories slightly lowered their prices, and the trading atmosphere is average. In North China, the price is stable with weak demand support; in East China, some factories lowered the price by 1 yuan per weight box; in Central China, the price is stable with strong downstream wait - and - see sentiment; in South China, factories adjusted their ex - factory policies for shipment at the end of the month, with some offering discounts and others planning price increases; in Southwest China, the price is stable with average trading [14].

Report Industry Investment Rating - No information provided Core View - Zhengzhou sugar (Zheng sugar) is expected to maintain a weak and volatile trend [4] Summary by Relevant Catalogs Domestic Spot Price and Futures Data - On May 26, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6200 yuan/ton with no change; in Kunming it was 5970 yuan/ton, down 5 yuan; in Dali, Yunnan it was 5900 yuan/ton, up 10 yuan; in Rizhao, Shandong it was 6260 yuan/ton with no change [4] - The price of SR09 was 5835 yuan/ton, up 2 yuan; SR01 was 5699 yuan/ton, up 6 yuan; the spread between SR09 - 01 was 136 yuan, down 4 yuan [4] Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.1915, down 0.0291; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004 [4] - The price of ICE raw sugar's main contract was 17.31, with no change; the price of London white sugar's main contract was 573, up 3; the price of Brent crude oil's main contract was 65.03, with no change [4] Supply and Market Analysis - In the second half of April in the central - southern region of Brazil, the sugarcane crushing volume increased year - on - year, the sugar - making ratio remained high, and the expected sugar production in the 2025/2026 crushing season may reach 42 million tons, leading to a strong global supply surplus [4] - Earlier, when ICE raw sugar fell below 18 cents per pound, it triggered domestic sugar purchases. The near - month purchase volume exceeded one million tons. Imported sugar is expected to arrive at ports gradually from mid - to - late June, increasing supply pressure in the third quarter [4] - The cost of out - of - quota imports from Brazil dropped to 5980 yuan/ton, and the price difference with domestic spot prices narrowed to 150 yuan/ton. The recovery of import profits will stimulate subsequent purchases [4] - From January to March, the import of syrups and premixes was 242,000 tons (equivalent to about 156,000 tons of sugar), and low - cost substitutes continue to squeeze the consumption space of domestic sugar [4]

美豆价格小幅上涨，天气炒作能否推动价格持续走高？需求增速超供应会否推动玉米价格回升？ 相关链接 期货热点追踪 ...

Group 1 - Asian buyers are aggressively purchasing 10 million barrels of Murban crude oil, leading to a significant shift in demand dynamics [1] - The surge in demand for Murban crude is causing U.S. crude oil to be sidelined in the Asian market [1] - The competitive pricing and quality of Murban crude are key factors driving this trend among Asian buyers [1]

Group 1 - The core viewpoint of the article highlights the significant drop in lead prices, which fell over 1% in a single day, raising questions about the potential for further declines given the high inventory levels of 295,000 tons [1] Group 2 - The article discusses the pressure on lead prices due to the substantial inventory, suggesting that the market may face challenges in absorbing this excess supply [1] - It raises concerns about the future trajectory of copper prices, indicating that the current market conditions may influence copper's performance moving forward [1]

期货热点追踪 美豆油价格走低拖累棕榈油，交易员称马棕油支撑与阻力位分别在.... 相关链接 ...

期货热点追踪 铁水产量维持高位，下游需求强劲，铁矿石价格为什么就是涨不动？ 相关链接 ...

期货热点追踪 铜需求"抢出口"红利耗尽！9500美元会是年内大顶？ 相关链接 ...