Market Overview - The market is characterized by a constant tug-of-war between bullish and bearish sentiments, with fluctuations in price movements being common. The focus should be on preserving capital and developing strategies to respond to market changes [1] Gold Market Insights - Despite optimistic expectations regarding the US-China trade agreement, gold prices opened strong on June 9, 2023. Increased risk appetite has led to a rebound in the stock market, reducing the demand for gold as a safe haven, which has prevented gold prices from reaching new highs since peaking at $3,500 in April [1] - The upcoming high-level trade talks between the US and China, along with previous positive communications between leaders, may sustain market optimism, putting pressure on gold's short-term outlook. Additionally, a strong US employment report could bolster the dollar, further suppressing gold prices [1] Technical Analysis of Gold Prices - Gold prices tested a low of $3,293 before rebounding to $3,338, but closed below the critical resistance level of $3,335, leading to a further decline to $3,301. The current market remains in a weak oscillating pattern, with key support at $3,293 and resistance at $3,338 [2] - The core trading range is identified between $3,338 and $3,293, with a breakdown below $3,293 potentially opening up further declines to $3,245. Conversely, a breakout above $3,340 could lead to a rally towards $3,400 [2] Trading Strategies - For long positions, it is suggested to enter lightly when gold prices retreat to the $3,300-$3,310 range, with a stop-loss set below $3,290 and a target of $3,335-$3,345 [3] - For short positions, if prices rebound to $3,345 and face resistance, a light short position may be considered, with a stop-loss above $3,355 and a target of $3,325 [3] Domestic Gold Market Performance - Domestic gold prices followed international trends, with notable increases observed. The Shanghai gold market reached a high of 781, while accumulated gold peaked at 774 and financing gold at 772. Short-term profits were noted for positions established at 772 for Shanghai gold and 765 for accumulated and financing gold [3] - Although the long-term outlook for gold remains bullish, short-term adjustments are still anticipated, with potential buying opportunities expected around the 750 level [3]

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Reports - Rapeseed oil contract 2509 may test the lower support platform in the short term [2] - Soybean meal may fluctuate within a range in the short term [3] - Corn futures prices will mainly fluctuate within a range in the short term, and attention should be paid to the situation of new wheat listing and weather changes [4] - Copper prices show signs of breaking away from the moving - average system, and attention should be paid to its effectiveness for defense [5] - Carbonate lithium contract 2507 may fluctuate weakly, and short positions can be taken on rallies [6][7] - Steel is starting to repair its valuation, and a short - term strategy of buying on dips is recommended [8] - Coking coal and coke may rebound from oversold levels at low positions due to news disturbances [9] - Iron ore 2509 will mainly fluctuate in the short term, and traders are reminded to be cautious about investment risks [10] - WTI crude oil will mainly fluctuate around $60 - $65 per barrel [11] - Attention should be paid to the downstream operating rate of Shanghai rubber. After the bearish factors are realized, the price will rebound with improved sentiment [12] - PVC futures prices will oscillate at a low level with a still - weak fundamental situation [13] - Soda ash futures prices are expected to continue to oscillate in the bottom - range in the short term [14] Group 3: Summaries by Commodity Rapeseed Oil - **Spot Information**: The price of imported third - grade rapeseed oil in Dongguan Zhongliang, Dongguan, is 9,270 yuan/ton (converted as OI09 + 120), up 50 yuan/ton from the previous trading day [2] - **Market Analysis**: Domestic rapeseed is about to be listed. Near - month imported rapeseed supply is abundant, while far - month supply is tight. Downstream demand is neutral, and inventories may remain high in the short and medium term [2] Soybean Meal - **Spot Information**: Spot prices in Zhangjiagang are 2,770 yuan/ton, Tianjin 2,850 yuan/ton, Rizhao 2,790 yuan/ton, and Dongguan 2,780 yuan/ton [3] - **Market Analysis**: Sino - US trade has reached a phased agreement, but long - term contradictions remain. Tariffs and weather drive international soybean prices. In China, soybean supply is recovering, and the supply pressure of soybean meal is emerging. Downstream procurement is weak, and inventories are slowly accumulating [3] Corn - **Spot Information**: The average purchase price of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia is 2,204 yuan/ton; in North China and Huanghuai, it is 2,423 yuan/ton. The purchase prices in Jinzhou Port and Bayuquan Port are 2,270 - 2,300 yuan/ton [4] - **Market Analysis**: Abroad, good weather in US corn - growing areas eases concerns, but Sino - US trade may increase import pressure. Domestically, there is a supply shortage during the grain - transition period. Wheat may replace corn in feed use, and downstream demand is weak [4] Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 78,290 - 78,540 yuan, down 700 yuan. The import copper ore index is - 43.56, up 0.72 [5] - **Market Analysis**: US economic data and political factors affect the possible interest - rate cut path. Global trade frictions continue. Domestic policies support the market. Raw material issues persist, and copper inventories are declining [5] Carbonate Lithium - **Spot Information**: The market price of battery - grade carbonate lithium (99.5%) is 60,800 yuan/ton, and industrial - grade (99.2%) is 59,150 yuan/ton, with a price difference of 1,650 yuan/ton, unchanged from the previous trading day [6] - **Market Analysis**: Cost pressure is increasing, ore prices are falling, and inventories are high. Supply capacity utilization is above average, and demand is differentiated. Phosphoric acid iron - lithium batteries and ternary batteries are shrinking [6] Steel - **Spot Information**: The price of Shanghai rebar is 3,090 yuan, the Tangshan start - up rate is 83.56%, social inventory is 532.76 million tons, and steel mill inventory is 200.4 million tons [8] - **Market Analysis**: The steel fundamentals are improving, with a lower valuation. Policy supports the real - estate industry. Raw material prices are weak, and inventory levels are low [8] Coking Coal and Coke - **Spot Information**: The price of main coking coal (Meng 5) is 1,205 yuan/ton, and the price of quasi - first - grade metallurgical coke in Rizhao Port is 1,340 yuan/ton. The port inventory of imported coking coal is 337.38 million tons, and coke inventory is 246.10 million tons [9] - **Market Analysis**: Supply is relatively loose, demand is low due to steel mill production cuts, and inventories are slightly increasing. The average profit per ton of coke is approaching the break - even point [9] Iron Ore - **Spot Information**: The Platts iron ore index is 97.2, the price of Qingdao PB (61.5%) powder is 735 yuan, and Australian powder ore (62% Fe) is 737 yuan [10] - **Market Analysis**: Supply and demand factors are mixed. Australian shipments are falling, Brazilian shipments are rising, and port inventories are decreasing. Domestic steel mill demand is weak, and overseas demand is differentiated [10] Crude Oil - **Spot Information**: No specific spot price information provided - **Market Analysis**: Geopolitical tensions in the Middle East and OPEC+ production decisions affect supply. OPEC has lowered global demand growth forecasts, and trade disputes raise concerns about demand [11] Rubber - **Spot Information**: The price of domestic full - latex rubber is 13,500 yuan/ton, Thai smoked three - piece rubber is 20,000 yuan/ton, Vietnamese 3L standard rubber is 14,950 yuan/ton, and 20 - grade rubber is 14,100 yuan/ton [12] - **Market Analysis**: Trade - war tariffs and oversupply drag down rubber prices. After the bearish factors are realized, the price will rebound. Supply is abundant with full - scale tapping in domestic and Southeast Asian regions [12] PVC - **Spot Information**: The mainstream price of East China 5 - type PVC is 4,680 yuan/ton, and ethylene - based PVC is 5,000 yuan/ton, both unchanged from the previous period [13] - **Market Analysis**: Supply capacity utilization is increasing, demand from downstream enterprises is still weak, and social inventories are decreasing [13] Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1,373.75 yuan/ton, unchanged from the previous period [14] - **Market Analysis**: Supply is increasing with a higher start - up rate and production. Inventories are slightly increasing, and demand is average, with downstream resistance to high - priced goods [14]

Report Summary 1. Report Industry Investment Ratings No information provided on industry investment ratings in the given reports. 2. Core Views - **Vegetable Oils and Grains** - Rapeseed oil 2509 contract may oscillate within a platform range in the short - term [1] - Soybean meal may oscillate weakly in the short - term [1] - Corn futures prices are expected to oscillate within a range in the short - term, with attention on new wheat listings and weather changes [1] - **Metals** - Copper prices will continue to fluctuate around the moving average system, with overall changes being minor, and the defense line set at the upper edge of the moving average system [2] - The lithium carbonate 2507 contract may oscillate weakly, and short - selling on rallies is advisable [3][4] - Steel is starting to repair its valuation, and a short - term bullish approach on dips is recommended [5] - Coking coal and coke may rebound from oversold lows due to news disturbances [6] - Iron ore 2509 will oscillate in the short - term, and traders are advised to be cautious [7] - **Energy and Chemicals** - WTI crude oil will mainly oscillate around $60 - $65 per barrel [8] - Rubber will be weak overall, with attention on downstream rubber processing plant operating rates [9] - PVC futures prices will oscillate at low levels due to weak fundamentals [10] - Soda ash futures will continue to oscillate within the bottom - range in the short - term [11] 3. Summary by Commodity Vegetable Oils and Grains - **Rapeseed Oil** - **Spot Price**: The price of imported Grade 3 rapeseed oil in Qinzhou is 9300 yuan/ton, down 70 yuan/ton from the previous trading day [1] - **Market Analysis**: After the Dragon Boat Festival, domestic rapeseed will be listed soon. Near - term imported rapeseed supply is abundant, while long - term supply is tight. Downstream demand is neutral, and short - to - medium - term inventory may remain high [1] - **Soybean Meal** - **Spot Price**: Spot prices in various regions have declined, such as 2770 yuan/ton in Zhangjiagang (-30) [1] - **Market Analysis**: Sino - US trade has reached a phased agreement, but long - term contradictions remain. US soybean sowing is going smoothly, and Brazil is in the peak export season. Domestic soybean supply is recovering, and the pressure on soybean meal supply is emerging. Demand is weak, and inventory accumulation is slow [1] - **Corn** - **Spot Price**: Different regions have different prices, such as 2204 yuan/ton in Northeast China and Inner Mongolia [1] - **Market Analysis**: US corn growing conditions are good, and there are concerns about long - term imports. Domestically, there is a supply shortage during the transition period between old and new grains. Wheat may replace corn in the feed sector, and weather will affect prices. Downstream demand is weak [1] Metals - **Copper** - **Spot Price**: The price of Shanghai 1 electrolytic copper is 78350 - 78620 yuan/ton, up 40 yuan/ton [2] - **Market Analysis**: US employment data and political factors affect the possible end of the interest - rate cut cycle. Domestic policies support the market. Raw material supply issues persist, and copper inventory is declining, making the market more complex [2] - **Lithium Carbonate** - **Spot Price**: Battery - grade lithium carbonate (99.5%) is 60800 yuan/ton, and industrial - grade (99.2%) is 59150 yuan/ton, with no change from the previous day [3] - **Market Analysis**: Cost pressure is increasing, ore prices are falling, and inventory is high. Supply is still above average, and demand is divided. Overall, prices are falling, and attention should be paid to upstream production cuts [3] - **Steel** - **Spot Price**: Shanghai rebar is 3090 yuan, with a Tangshan开工率 of 83.56%, social inventory of 532.76 million tons, and steel mill inventory of 200.4 million tons [5] - **Market Analysis**: The steel fundamentals are improving, with a neutral - low valuation. Policy supports the real estate industry. Demand is down year - on - year, raw material prices are weak, and inventory is low. The market is driven by policy expectations and fundamentals [5] - **Coking Coal and Coke** - **Spot Price**: The price of Mongolian 5 coking coal is 1205 yuan/ton, and the price of quasi - first - grade metallurgical coke in Rizhao Port is 1340 yuan/ton [6] - **Market Analysis**: Supply is abundant, demand is weak due to steel mill production cuts, inventory is slowly increasing, and profit is approaching the break - even point [6] - **Iron Ore** - **Spot Price**: The Platts iron ore index is 97.2, and the price of Qingdao PB (61.5) powder is 735 yuan [7] - **Market Analysis**: Supply and demand factors are mixed. Australian shipments are down, Brazilian shipments are up, and port inventory is decreasing. Domestic steel mill demand is weak, and overseas demand is divided [7] Energy and Chemicals - **Crude Oil** - **Market Analysis**: Tensions in the Middle East and OPEC+ production decisions have led to supply concerns. OPEC has lowered future demand growth forecasts, and there are concerns about global demand [8] - **Rubber** - **Spot Price**: Different types of rubber have different prices, such as 13350 yuan/ton for domestic whole - latex [9] - **Market Analysis**: Overseas orders and domestic demand should be monitored. The trade war and oversupply are dragging down prices. Supply is abundant as domestic and Southeast Asian rubber trees are in the tapping season [9] - **PVC** - **Spot Price**: The mainstream price of East China Type 5 PVC is 4680 yuan/ton, unchanged from the previous period [10] - **Market Analysis**: Production capacity utilization has increased, demand is still mainly for rigid needs, and inventory has decreased. The fundamentals are still weak, and futures prices are oscillating at low levels [10] - **Soda Ash** - **Spot Price**: The national mainstream price of heavy soda ash is 1371.88 yuan/ton, down 6.25 yuan/ton [11] - **Market Analysis**: Production has increased due to new capacity. Inventory has decreased, and demand is average. The market lacks new drivers and may oscillate at the bottom in the short - term [11]

Group 1: Soybean Oil - Spot market: The price of first - grade soybean oil in Zhangjiagang Yijiang is 8,200 yuan/ton, down 30 yuan/ton from the previous trading day [1] - International soybean situation: It's the U.S. soybean sowing and growing season and the South American soybean harvesting and exporting season. Brazil's soybean harvest is almost complete, and the South American new - crop harvest is likely to be abundant. The USDA May 2025 report shows the 2025/26 soybean yield forecast is 52.5 bushels/acre, up from 50.7 bushels/acre in 2024/25 [1] - Domestic industry: The medium - term de - stocking cycle of soybean oil may be ending. After the arrival of South American imported soybeans and customs clearance, the soybean oil inventory may rebound from a low level [1] - Reference view: The soybean oil 2509 contract may fluctuate and consolidate in the short term [1] Group 2: Soybean Meal - Spot information: The spot prices of 43 soybean meal in different regions are: Zhangjiagang 2,840 yuan/ton (unchanged), Tianjin 2,940 yuan/ton (down 10 yuan/ton), Rizhao 2,870 yuan/ton (down 20 yuan/ton), Dongguan 2,860 yuan/ton (down 40 yuan/ton) [2] - Market analysis: There is a phased agreement in Sino - U.S. trade, but long - term contradictions remain. Tariff policies and weather are the main drivers of international soybean prices. The supply of soybeans is gradually recovering, the oil mill operating rate is increasing, and the supply of soybean meal is expected to change from tight to loose. The high price of soybean meal boosts market transactions, and the downstream feed demand was underestimated. The soybean inventory of oil mills has returned to a high level, and the inventory accumulation speed of soybean meal is slow in the short term [2] - Reference view: Soybean meal may fluctuate within a range in the short term [2] Group 3: Corn - Spot information: The mainstream purchase prices of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia are 2,195 yuan/ton; in North China and the Huang - Huai region, it's 2,412 yuan/ton. The purchase prices in Jinzhou Port and Bayuquan Port are 2,270 - 2,290 yuan/ton [3] - Market analysis: Externally, the Sino - U.S. joint statement on tariff reduction leads to an expectation of loose long - term corn imports, with limited short - term impact on domestic futures prices. The May USDA report has a negative impact on U.S. corn futures prices. Domestically, the supply pressure is relieved as the weather warms up, the planting season arrives, and the remaining grain in the producing areas is basically sold out. The downstream demand is weak, and the market sentiment causes the futures price to decline [3] - Reference view: The short - term downward momentum of the futures price weakens, and there may be a rebound demand after the decline [3] Group 4: Copper - Spot information: The price of Shanghai 1 electrolytic copper is 78,130 - 78,340 yuan, down 250 yuan. The import copper ore index is - 43.56, up 0.72 [4] - Market analysis: Global tariff disputes and the U.S. tariff policy fluctuations make the market volatile. Domestic support policies give a positive market expectation. The raw material supply problem persists, and the domestic copper inventory is declining. The game between reality and expectation, and between the domestic and foreign markets makes the market more complex [4] - Reference view: Continue to pay attention to the impact of the moving - average system on copper prices, and set the overall defense line at the upper edge of the moving - average system [4] Group 5: Lithium Carbonate - Spot information: The market price of battery - grade lithium carbonate (99.5%) is 61,000 yuan/ton (down 250 yuan/ton), and that of industrial - grade lithium carbonate (99.2%) is 59,350 yuan/ton (down 250 yuan/ton). The price difference between the two is 1,650 yuan/ton, unchanged from the previous day [5] - Market analysis: The cost of lithium carbonate production has decreased, but the profit margin has not expanded. The production is still at a high level, and the supply may increase further. The demand has improved but is still insufficient to drive the price up. The inventory has decreased overall. Pay attention to the upstream production reduction [5] - Reference view: The lithium carbonate 2507 contract may fluctuate weakly. It's advisable to go short on rallies [5][6] Group 6: Steel - Spot information: The price of Shanghai rebar is 3,170 yuan. The Tangshan operating rate is 83.56%. The social inventory is 532.76 million tons, and the steel mill inventory is 200.4 million tons [7] - Market analysis: The fundamentals of steel are gradually improving, with a weaker near - term and stronger long - term situation. The cost is dynamically changing, and the inventory level is low. The short - term market is dominated by macro - policy expectations, showing a pattern of strong supply and demand [7] - Reference view: Due to the declining demand, it's advisable to wait and see until the market stabilizes [7] Group 7: Coking Coal and Coke - Spot information: The price of main coking coal (clean coal, Meng 5) is 1,205 yuan/ton; the price of metallurgical coke (quasi - first - grade) in Rizhao Port is 1,340 yuan/ton. The port inventory of imported coking coal is 337.38 million tons, and the port inventory of coke is 246.10 million tons [8] - Market analysis: The supply is relatively loose, the demand is low, the inventory is gradually increasing, and the profit is approaching the break - even point [8] - Reference view: Coking coal and coke may fluctuate weakly at a low level [8] Group 8: Iron Ore - Spot information: The Platts iron ore index is 97.2. The price of Qingdao PB (61.5%) powder is 735 yuan, and the price of Australian iron ore powder (62% Fe) is 737 yuan [9] - Market analysis: The supply and demand factors are intertwined. The global iron ore shipment has decreased slightly, the port inventory has decreased, the domestic demand has slightly declined, and the overseas demand is differentiated. The U.S. tariff policy and environmental protection restrictions suppress the price increase [9] - Reference view: The iron ore 2509 contract may fluctuate in the short term. Traders should be cautious [9] Group 9: Crude Oil - Market analysis: The U.S. - Iran negotiation has encountered setbacks, and the OPEC+ production increase plan has uncertainties. The supply may shrink. The OPEC has lowered the global demand growth forecast, and the geopolitical situation is unstable [10] - Reference view: The WTI main contract may fluctuate between 58 - 65 dollars/barrel [10] Group 10: Rubber - Market analysis: The U.S. trade war and tariff policies suppress the rubber price. The supply is abundant as the rubber - producing areas are in the harvesting season. The global supply and demand are both loose [10] - Reference view: Pay attention to the downstream operating rate of Shanghai rubber. The rubber market is weak overall [10] Group 11: PVC - Spot information: The mainstream price of East China 5 - type PVC is 4,650 yuan/ton, unchanged from the previous period. The price difference between ethylene - based and calcium - carbide - based PVC is 350 yuan/ton, unchanged [11] - Market analysis: The production enterprise operating rate has decreased slightly. The demand is still mainly for rigid needs. The social inventory has decreased. The futures price is oscillating weakly at a low level [11] - Reference view: The fundamentals are still weak, and the futures price will oscillate weakly at a low level [11] Group 12: Soda Ash - Spot information: The national mainstream price of heavy soda ash is 1,402.50 yuan/ton, down 1.88 yuan/ton [12] - Market analysis: The supply has increased, the inventory has decreased, and the demand is average. The market lacks new driving forces [12] - Reference view: The futures price is expected to continue to oscillate within the bottom - range in the short term [12]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. It is recommended to be cautious about treasury bonds, optimistic about the long - term performance of Chinese equity assets, and consider going long on stock index futures. For various commodities, different investment strategies are proposed based on their respective fundamentals and market conditions [6][9]. Summary by Related Catalogs Treasury Bonds - Last trading day, treasury bond futures closed down across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell by 0.65%, 0.26%, 0.15%, and 0.06% respectively. The Fed is cautious about interest rate cuts, and the US government's tariff policy is uncertain. It is expected that there will be no trend - based market, and one should remain cautious [5][7]. Stock Index - Last trading day, stock index futures showed mixed performance. The main contracts of IF, IH, IC, and IM changed by 0.68%, 0.25%, 1.89%, and 2.35% respectively. Although the domestic economic recovery momentum is weak, the long - term performance of Chinese equity assets is still promising. Considering the significant progress of the Sino - US trade agreement, one can consider going long on stock index futures [8][9][10]. Precious Metals - Last trading day, the main contracts of gold and silver showed declines. The "de - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. The long - term bull market trend of precious metals is expected to continue, and one can consider going long on gold futures [11][12]. Steel Products (including Rebar, Hot - Rolled Coil) - Last trading day, rebar and hot - rolled coil futures showed weak oscillations. The real - estate industry's downward trend has not reversed, and the demand for rebar is declining. There is a risk of further price decline, but the valuation is low, and there are signs of a stop - fall. Investors can focus on short - selling opportunities [13][14]. Iron Ore - Last trading day, iron ore futures rebounded slightly. The supply - demand pattern has weakened marginally, but the valuation is high. It has found support near the previous low. Investors can focus on low - level buying opportunities [16]. Coking Coal and Coke - Last trading day, coking coal and coke futures continued to decline. The supply of coking coal is loose, and the demand for coke has weakened. The futures have reached new lows, and investors can focus on short - selling opportunities [18][19]. Ferroalloys - Last trading day, the main contracts of manganese silicon and ferrosilicon declined. The demand for ferroalloys is weak, and the supply is relatively high. One can consider opportunities for out - of - the - money call options on manganese silicon and exiting short positions on ferrosilicon [21][22]. Crude Oil - Last trading day, INE crude oil rose significantly. The OPEC + meeting is approaching, and there are concerns about oversupply. The US tariff policy is uncertain. It is suitable for short - term operations, and one can temporarily observe the main contract [23][24][25]. Fuel Oil - Last trading day, fuel oil showed a trend of rising and then falling, with a relatively strong performance. The cost - side crude oil is expected to rise due to the OPEC meeting, and the court's ruling on tariffs is beneficial to fuel oil prices. One can temporarily observe the main contract [26][27][28]. Synthetic Rubber - Last trading day, the main contract of synthetic rubber rose slightly. The supply pressure persists, the demand improvement is limited, and the cost has declined. It is expected to continue to oscillate weakly [29][30]. Natural Rubber - Last trading day, the main contract of natural rubber showed mixed performance. The demand side is worried about the future, and the inventory has increased against the season. One should wait for the market to stabilize and temporarily observe [31][33]. PVC - Last trading day, the main contract of PVC declined. The short - term fundamentals change little, and it fluctuates with the macro - sentiment. It is expected to oscillate at the bottom [34][36]. Urea - Last trading day, the main contract of urea declined. In the short term, the cost has decreased, and the demand has not been released. In the second half of the year, exports and agricultural demand may drive the price to rise. One can consider going long at low levels [37][39]. PX - Last trading day, the main contract of PX rose. The supply - demand structure is tight, and the PXN spread has support. It should be treated with a cautious and bullish mindset [40]. PTA - Last trading day, the main contract of PTA rose. The supply - demand structure has improved, and the cost has support. It may oscillate and strengthen in the short term, and one can operate in the low - level range [41][42]. Ethylene Glycol - Last trading day, the main contract of ethylene glycol rose. The supply has increased, the inventory has decreased slightly, and the demand has improved. It is expected to oscillate and adjust, and one should pay attention to inventory and policy changes [43]. Short - Fiber - Last trading day, the main contract of short - fiber rose. The downstream demand has slightly recovered, and the cost has a driving force. It is expected to oscillate and strengthen following the cost, and one can participate cautiously at low levels [44]. Bottle Chips - Last trading day, the main contract of bottle chips rose. The raw material cost has support, and the supply - demand fundamentals have improved. It is expected to oscillate following the cost, and one should participate cautiously [45]. Soda Ash - Last trading day, the main contract of soda ash declined. The long - term supply exceeds demand, and the inventory is sufficient. It is expected to oscillate steadily [46]. Glass - Last trading day, the main contract of glass declined. The actual supply - demand fundamentals have no obvious driving force, and the market sentiment is weak [47][50]. Caustic Soda - Last trading day, the main contract of caustic soda declined. The supply - demand is relatively loose, with obvious regional differences. One should pay attention to device operations and liquid chlorine prices [51]. Pulp - Last trading day, the main contract of pulp rose slightly. The domestic and international supply is abundant, but the downstream consumption is weak. It is expected to rebound briefly, and one should pay attention to production cuts and consumption - stimulating policies [52]. Lithium Carbonate - Last trading day, the main contract of lithium carbonate declined. The supply is increasing, the demand is weakening, and the supply - demand surplus situation has not changed significantly. The price is difficult to reverse before the large - scale clearance of mine capacity [53]. Copper - Last trading day, Shanghai copper oscillated higher. The court's ruling on tariffs is beneficial to the market sentiment, and there is a basis for copper price increase. One can operate with a long - bias on the main contract [54][55]. Tin - Last trading day, Shanghai tin declined. The supply is expected to increase, and the demand is improving. The price is expected to face pressure and oscillate downward [56]. Nickel - Last trading day, Shanghai nickel rose. The cost has support, but the downstream demand is weak. The supply - demand surplus situation may continue, and one should pay attention to opportunities after the macro - sentiment recovers [57]. Soybean Oil and Soybean Meal - Last trading day, the main contracts of soybean oil and soybean meal declined. The supply of soybeans is expected to be loose, the upward pressure on soybean meal is high, and one can observe. The downward space of soybean oil is limited, and one can consider out - of - the - money call options [58][59]. Palm Oil - Malaysian palm oil has risen for five consecutive days. Malaysia plans to increase the biodiesel blending ratio. One can focus on opportunities to widen the spreads between rapeseed oil and palm oil and between soybean oil and palm oil [60][61]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed market is mixed. The domestic inventory of rapeseed, rapeseed meal, and rapeseed oil is at a low or high level in recent years. One can focus on buying opportunities for rapeseed meal after a pull - back [62][63][64]. Cotton - Last trading day, domestic cotton futures declined slightly. The suspension of tariffs is beneficial to cotton exports. The supply - demand situation is complex, and one can wait for a pull - back to go long [65][68][69]. Sugar - Last trading day, domestic sugar futures declined slightly. The Brazilian sugar production is lower than expected, and the domestic inventory is low. One can operate within the oscillation range [70][71][72]. Apples - Last trading day, domestic apple futures oscillated. There are signs of production reduction in some areas, and the inventory is lower than last year. One can focus on buying opportunities after a pull - back [72][73]. Live Pigs - Last trading day, the main contract of live pigs rose. The supply is increasing, and the demand is weak after the Dragon Boat Festival. One can consider positive spreads on the peak - season contracts [74][77]. Eggs - Last trading day, the price of eggs was stable. The egg production capacity is increasing, and the price decline risk has been released in the main contract. One can consider short - selling after a rebound [78][79]. Corn and Starch - Last trading day, the main contracts of corn and corn starch rose. The domestic corn supply - demand is approaching balance, but there is short - term supply pressure. Corn starch follows the corn market, and one can temporarily observe [80][81][82]. Logs - Last trading day, the main contract of logs rose slightly. The expected arrival volume at ports has increased, and the spot price has declined. The market has no obvious driving force, and the support for the futures price is weak [83][84].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. It is recommended to be cautious about the overall market [6]. - For different commodities, there are various investment suggestions, such as considering long positions in stock index futures, gold futures, and copper futures; being cautious about PX, PTA, short - fiber, etc.; and waiting for opportunities in some commodities like urea and cotton [9][11][57]. Summary by Commodity Categories Bonds and Stocks - **Treasury Bonds**: The previous trading day, most treasury bond futures closed down. The central bank conducted reverse repurchase operations, and the Ministry of Finance announced local government bond issuance. It is expected that there will be no trend - following market, and caution is advised [5][7]. - **Stock Index Futures**: The previous trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is weak, the long - term performance of Chinese equity assets is still optimistic, and it is considered to go long on stock index futures [9][10]. Precious Metals - **Precious Metals**: The previous trading day, gold and silver futures had small increases. Due to the complex global trade and financial environment and the trends of "de - globalization" and "de - dollarization", the long - term bull market trend of precious metals is expected to continue, and it is considered to go long on gold futures [11][12]. Base Metals - **Copper**: The previous trading day, Shanghai copper fluctuated lower. The US International Court's ruling on tariffs is beneficial to market sentiment, and it is considered to take long positions in Shanghai copper [56][57]. - **Tin**: The previous trading day, Shanghai tin fell. With the resumption of production in some mines and the increase in production costs in some regions, it is expected that the upward pressure on tin prices is large, and a bearish and volatile view is taken [58]. - **Nickel**: The previous trading day, Shanghai nickel fell. Although the cost support is strong, the downstream demand is weak, and it is necessary to pay attention to opportunities after the repair of macro - sentiment [59]. Energy - **Crude Oil**: The previous trading day, INE crude oil oscillated downward. There are concerns about oversupply in the crude oil market, and it is suitable for short - term operations. It is recommended to wait and see for the main crude oil contract [23][26]. - **Fuel Oil**: The previous trading day, fuel oil rose first and then fell. The global trade demand is recovering, but the increase in inventories in some regions is negative for prices. It is recommended to wait and see for the main fuel oil contract [27][29]. Chemicals - **PVC**: The previous trading day, the PVC main contract fell. The short - term fundamentals change little, and it is expected to continue to oscillate [35][37]. - **Urea**: The previous trading day, the urea main contract fell. The cost has decreased in the short term, and the agricultural demand has not been released. It is expected that the price will stabilize and rebound later, and it is advisable to go long at low prices [38][40]. - **PX**: The previous trading day, the PX main contract fell. The short - term supply - demand structure has weakened slightly, and it is recommended to participate cautiously [41]. - **PTA**: The previous trading day, the PTA main contract fell. The short - term supply - demand structure has improved, but the cost support is insufficient, and interval operations are considered [42][43]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, soybean meal rose slightly, and soybean oil fell slightly. The supply of soybeans is expected to be loose, and it is recommended to wait and see for soybean meal; for soybean oil, it is possible to pay attention to out - of - the - money call options at the bottom [60][62]. - **Palm Oil**: The Malaysian palm oil closed up. The inventory is at a relatively low level in the same period in recent years. It is recommended to pay attention to the opportunity of expanding the spread between rapeseed oil and palm oil, and soybean oil and palm oil [63][64]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day, rapeseed futures fell. The inventory of rapeseed, rapeseed meal, and rapeseed oil is at a relatively high or low level in the same period in recent years. It is recommended to pay attention to the opportunity of going long after the callback of rapeseed meal [65][67]. - **Cotton**: The previous trading day, domestic cotton futures fell slightly. The suspension of tariffs is beneficial to short - term exports. It is recommended to go long after the callback [68][72]. - **Sugar**: The previous trading day, domestic sugar futures fell slightly. The global sugar production is expected to recover. It is recommended to conduct interval operations [73][77]. - **Apple**: The previous trading day, apple futures oscillated. The inventory in cold storage is lower than that of last year, and it is recommended to pay attention to the opportunity of going long after the callback [78][79]. - **Live Pigs**: The previous trading day, the main live - pig contract rose slightly. The supply is increasing, and the demand is weak after the Dragon Boat Festival. It is recommended to consider the positive spread opportunity of the peak - season contract [80][82]. - **Eggs**: The previous trading day, the main egg contract fell. The supply of eggs is expected to increase in June, and it is recommended to go short after the rebound [83][84]. - **Corn and Starch**: The previous trading day, the corn and corn starch main contracts rose. The domestic corn supply - demand is approaching balance, and it is recommended to wait and see for corn starch [85][87]. - **Logs**: The previous trading day, the main log contract rose. The arrival of logs at ports has increased, and the market has no obvious driving force [88][89].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report analyzes various futures products, including bonds, stocks, precious metals, and commodities, and provides investment suggestions based on market trends, supply - demand relationships, and macro - economic factors. For example, it is bullish on the long - term performance of Chinese equity assets and suggests considering going long on stock index futures; it believes that the long - term bull market trend of precious metals is expected to continue and suggests considering going long on gold futures [8][9][11]. Summary by Related Catalogs Bonds - **Market Performance**: On the previous trading day, treasury bond futures closed down across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell by 0.26%, 0.11%, 0.03%, and 0.02% respectively [5]. - **Analysis**: The current macro - economic data is stable, but the recovery momentum is still to be strengthened. The central bank carried out 448 billion yuan of 7 - day reverse repurchase operations, with a net investment of 91 billion yuan. The current treasury bond yield is at a relatively low level. It is recommended to remain cautious as there is still uncertainty [5]. - **Strategy**: It is expected that there will be no trend - based market, and it is advisable to remain cautious [6]. Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures fell by 0.51%, 0.51%, 0.24%, and 0.10% respectively [7]. - **Analysis**: From January to April, the total profit of industrial enterprises above designated size increased by 1.4% year - on - year. As of the end of April 2025, the net asset value of public funds managed by institutions reached 33.12 trillion yuan. Although the domestic economy is stable, the recovery momentum is weak, and the market lacks confidence in corporate profits. However, Chinese equity assets are still favored in the long - term due to low valuations and economic resilience [8][9]. - **Strategy**: Be bullish on the long - term performance and consider going long on stock index futures [10]. Precious Metals - **Market Performance**: On the previous trading day, the main contract of gold closed at 771.6, down 0.73%, and the night - session closed at 770.7; the main contract of silver closed at 8,217, down 0.76%, and the night - session closed at 8249 [11]. - **Analysis**: In April, US durable goods orders had a significant decline. The current global trade and financial environment is complex, and the "de - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold [11]. - **Strategy**: The long - term bull market trend is expected to continue, and it is advisable to consider going long on gold futures [12]. Steel Products (Rebar, Hot - Rolled Coil) - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures continued to fall. The spot price of Tangshan billet was 2900 yuan/ton, the spot price of Shanghai rebar was 2960 - 3100 yuan/ton, and the price of Shanghai hot - rolled coil was 3200 - 3220 yuan/ton [13]. - **Analysis**: The real - estate industry's downward trend has not reversed, and the demand for rebar is declining with over - capacity. The peak demand season is ending, and the price support may weaken. The fundamentals of hot - rolled coils are similar to those of rebar. The current steel price valuation is low, but the futures have broken through the support level [13][14]. - **Strategy**: Investors can focus on short - selling opportunities, take profits in a timely manner, and pay attention to position management. They can participate with a light position [14][15]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures continued to correct. The spot price of PB powder at the port was 735 yuan/ton, and the price of Super Special powder was 610 yuan/ton [16]. - **Analysis**: The daily output of molten iron remains high, supporting the iron ore price. Although the import and domestic production of iron ore decreased in the first quarter, imports increased significantly after April. The port inventory has decreased. The valuation of iron ore is relatively high among black - series products [16]. - **Strategy**: Investors can focus on low - level buying opportunities, take profits when the price rebounds, and stop losses if the price falls below the previous low. They can participate with a light position [16][17]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures continued to fall [18]. - **Analysis**: The supply of coking coal is still abundant, and the trading atmosphere has weakened. Although the steel mills' molten iron output is high, some mills' purchasing willingness has decreased. The profit of coking enterprises has improved, but the spot price has started to decline again [18]. - **Strategy**: Investors can focus on short - selling opportunities, take profits in a timely manner, and pay attention to position management. They can participate with a light position [19][20]. Ferroalloys - **Market Performance**: On the previous trading day, the main contract of ferromanganese silicon fell 1.23% to 5616 yuan/ton, and the main contract of ferrosilicon fell 1.73% to 5452 yuan/ton. The spot prices also declined [21]. - **Analysis**: The shipment of manganese ore from Gabon decreased, and the port inventory increased slightly. The production of rebar increased slightly, but the demand for ferroalloys is weak, and the supply is still high. The high inventory of ferroalloys exerts pressure on the market [21]. - **Strategy**: For ferromanganese silicon, consider virtual call options at low - level intervals; for ferrosilicon, short - sellers can consider exiting at the bottom, and also consider virtual call options if there are large - scale spot losses [22]. Crude Oil - **Market Performance**: On the previous trading day, INE crude oil fluctuated slightly, being suppressed by the 10 - day moving average [23]. - **Analysis**: The CFTC data shows that fund managers reduced their net long positions in US crude oil futures and options. The number of US oil and gas rigs decreased for the fourth consecutive week. OPEC+ is discussing a possible large - scale production increase in July [24]. - **Strategy**: The OPEC+ meeting is approaching, and there are concerns about oversupply in the crude oil market. It is suitable for short - term operations. Consider temporarily observing the main contract [25][26]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil fluctuated downward, breaking through the moving - average group. The Asian ultra - low - sulfur fuel - oil market eased, while the high - sulfur fuel - oil market continued to rise. The crack spread in the Asian fuel - oil market decreased [27]. - **Analysis**: The tariff friction is gradually being resolved, and global trade demand is recovering, which is positive for fuel - oil prices. However, the inventory in the ARA region has increased, which is negative for prices [28]. - **Strategy**: Consider short - selling the main contract of fuel oil [29]. Synthetic Rubber - **Market Performance**: On the previous trading day, the main contract of synthetic rubber rose 0.60%. The mainstream price in Shandong remained stable at 11,800 yuan/ton, and the basis narrowed [30]. - **Analysis**: The supply pressure persists, the demand improvement is limited, and the cost has declined. The processing loss of synthetic rubber has increased, the production capacity utilization rate is high, the demand from tire enterprises is weak, and the inventory has increased [30]. - **Strategy**: It is expected to fluctuate [31]. Natural Rubber - **Market Performance**: On the previous trading day, the main contract of natural rubber rose 0.87%, and the main contract of 20 - grade rubber rose 2.60%. The Shanghai spot price remained stable at 14,350 yuan/ton, and the basis narrowed [32]. - **Analysis**: The market is still worried about the future, and the domestic inventory has increased against the season. The supply is affected by rain, and the demand from tire enterprises may decline slightly. The social inventory is relatively high [32]. - **Strategy**: It is expected to fluctuate [34]. PVC - **Market Performance**: On the previous trading day, the main contract of PVC fell 1.58%, and the spot price decreased by 70 - 80 yuan/ton. The basis remained stable [35]. - **Analysis**: The short - term fundamentals have not changed much, mainly following the macro - sentiment. The supply is increasing, the export demand is good, but the domestic demand is weak. The production capacity utilization rate has increased, and the inventory has decreased [35][36]. - **Strategy**: It is expected to continue to fluctuate [37]. Urea - **Market Performance**: On the previous trading day, the main contract of urea fell 0.17%. The price in Shandong Linyi decreased to 1850 yuan/ton, and the basis remained stable [38]. - **Analysis**: The short - term cost has decreased, and the agricultural demand has not been released intensively. However, exports will be an incremental demand in the second half of the year, and the agricultural demand will start later. The domestic daily production is expected to remain at around 200,000 tons, and the inventory has increased [38][39]. - **Strategy**: If the price continues to fall, investors can consider going long. Pay attention to policy changes and the spread between domestic and foreign markets [38][40]. PX - **Market Performance**: On the previous trading day, the main contract of PX2509 rose by 0.06%. The PXN spread was adjusted to 260 US dollars/ton, and the PX - MX spread was 100 US dollars/ton [41]. - **Analysis**: The restart of maintenance devices and the delay of planned maintenance have increased the PX load to 78%. The import volume in April decreased. The international crude oil price is fluctuating, and attention should be paid to the OPEC meeting [41]. - **Strategy**: In the short term, the crude oil price fluctuates, and the supply - demand structure weakens slightly. It is advisable to participate cautiously, pay attention to the change in crude oil prices and macro - policies, and control risks [41]. PTA - **Market Performance**: On the previous trading day, the main contract of PTA2509 fell by 0.17%. The spot price in East China was 4913 yuan/ton, and the basis rate was 3.85% [42]. - **Analysis**: The restart of some devices has increased the PTA load to 77.1%. Some polyester devices have been overhauled, and the terminal orders have decreased. The cost support is insufficient [42]. - **Strategy**: In the short term, the supply - demand structure of PTA has improved, and the inventory has decreased, but the cost support is weak. It is advisable to operate within a range and control risks [42]. Ethylene Glycol - **Market Performance**: On the previous trading day, the main contract of ethylene glycol fell by 0.5% [43]. - **Analysis**: The restart and maintenance of ethylene - glycol devices are concurrent, and the overall operating load is 58.25%. The port inventory has decreased, and the planned arrival volume is also decreasing. The downstream polyester operating rate has decreased, but the demand has improved slightly [43]. - **Strategy**: In the short term, the supply of ethylene glycol has decreased, the port arrival volume has decreased, and the demand has improved, but the cost lacks driving force. It is expected to fluctuate. Pay attention to port inventory and macro - policy changes [43]. Short - Fiber - **Market Performance**: On the previous trading day, the main contract of short - fiber 2506 fell by 0.31% [44]. - **Analysis**: The operating load of short - fiber devices has increased to 96.2%. The downstream terminal demand has improved slightly, but the cost support is insufficient. The processing fee is being compressed, and there may be production cuts in the future [44]. - **Strategy**: In the short term, it will fluctuate following the cost. It is advisable to participate cautiously and control risks [44]. Bottle Chips - **Market Performance**: On the previous trading day, the main contract of bottle chips 2506 rose by 0.1% [45]. - **Analysis**: The supply of polyester bottle - chip devices has increased to 84.3%, and the growth space may be limited. The downstream soft - drink consumption has continued to recover. The raw - material price is fluctuating, and the cost support has weakened [45][46]. - **Strategy**: In the future, it is expected to follow the cost. It is advisable to participate cautiously and pay attention to raw - material price changes [46]. Soda Ash - **Market Performance**: On the previous trading day, the main contract 2509 closed at 1231 yuan/ton, down 2.30% [47]. - **Analysis**: New production capacity has been put into operation, and the industry's operating load has increased. The inventory has decreased slightly, but the new orders are poor, and some manufacturers have lowered their prices [47]. - **Strategy**: In the long - term, the oversupply situation of soda ash is difficult to reverse, and the downstream demand is weak. The price is expected to fluctuate steadily [47]. Glass - **Market Performance**: On the previous trading day, the main contract 2509 closed at 1031 yuan/ton, up 1.18% [48]. - **Analysis**: Some production lines have resumed production, but the overall number of production lines has not changed much. The actual supply - demand situation has no obvious driving force, and the market price in North China has been low [48][49]. - **Strategy**: The market sentiment is weak, and the actual supply - demand contradiction is not prominent [50]. Caustic Soda - **Market Performance**: On the previous trading day, the main contract 2509 closed at 2449 yuan/ton, down 1.17% [51]. - **Analysis**: Some devices are under maintenance, and the production has increased slightly. The inventory is at a neutral level. The demand for caustic soda is mainly for rigid needs, and the supply is still relatively loose. There are regional differences [51]. - **Strategy**: Pay attention to the operation of enterprise devices and the price fluctuation of liquid chlorine [51]. Pulp - **Market Performance**: On the previous trading day, the main contract 2507 closed at 5274 yuan/ton, down 2.77% [52]. - **Analysis**: A foreign pulp factory is preparing for annual maintenance. The domestic inventory has decreased slightly, and the downstream operating rate has fluctuated. The consumption is weak, and the market is in a wait - and - see state [52][53]. - **Strategy**: The domestic supply is high, and the international supply is abundant. The price may rebound in the short - term due to tariff progress. Pay attention to the actual production cuts of international pulp mills and domestic consumption - stimulation policies [53]. Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract of lithium carbonate rose by 0.86% to 60,920 yuan/ton [54]. - **Analysis**: Sino - US trade has made positive progress, but the mine price has decreased, and the production rate has increased. The supply is increasing, and the demand is weakening during the traditional off - season. The inventory is increasing, and the oversupply situation remains unchanged [54]. - **Strategy**: Before the large - scale clearance of mine production capacity, the price is difficult to reverse [54]. Copper - **Market Performance**: On the previous trading day, Shanghai copper fluctuated upward, closing above the moving average. The spot price decreased, and the premium also decreased [55]. - **Analysis**: Sino - US tariffs are affecting the real economy, and the US refined - copper inventory is increasing. There is still uncertainty about copper tariffs, and the price may fall after rising [56]. - **Strategy**: Consider short - selling the main contract of Shanghai copper [57]. Tin - **Market Performance**: On the previous trading day, Shanghai tin fell by 0.4% to 264,290 yuan/ton [58]. - **Analysis**: A tin mine in Congo (Kinshasa) is resuming production, and the复产 expectation in Myanmar is increasing. The domestic processing fee is low, and the raw - material inventory of smelters is shrinking. The downstream production is good, and the inventory is decreasing. There is a game between the current shortage and the expected supply increase [58]. - **Strategy**: The price is expected to face upward pressure and fluctuate downward [58]. Nickel - **Market Performance**: On the previous trading day, Shanghai nickel fell by 0.18% to 122,300 yuan/ton [59]. - **Analysis**: Sino - US trade negotiations have made new progress, and the macro - sentiment has improved. The supply of nickel ore is expected to tighten, and the cost support is strong, but the downstream nickel - iron plants are suffering losses. The demand

1、现货市场：张家港益江一级豆油 8200 元/吨，较上一交易日跌 70 元/吨。 2、国际大豆：当前时间窗口下，正处美豆播种、省长与南美豆收割、出口季，目前巴西豆 收割基本完成。总体来看，南美新作丰产格局或将大概率成为事实。美国农业部 5 月 US DA 报告显示，2025/26 年度大豆单产预估为 52.5 蒲式耳/英亩，2024/25 年度预估为 50.7 蒲式 耳/英亩。 3、国内产业层面：综合供需端，豆油中期去库周期或逐渐进入尾声阶段，关注后市南美进 口大豆到港、海关检验放行后，豆油库存或低位反弹。 4、参考观点：豆油 2509 合约，短线或震荡整理。 （2）国际大豆：关税政策和天气为价格主要驱动因素。 （3）国内豆粕供需面：大豆供给逐渐恢复，油厂开机率提升，豆粕供给预期由紧转为宽松。 豆粕价格走高提振市场成交，下游饲料需求被低估，油厂压车问题仍存，豆粕提货良好。 油厂大豆库存回升至高位，豆粕库存累库速度短期较缓。 参考观点：豆粕短线或震荡偏强。 现货信息：东北三省及内蒙重点深加工企业新玉米主流收购均价 2195 元/吨；华北黄淮重 点企业新玉米主流收购均价 2414 元/吨；锦州港（15%水/容重 ...

Group 1: Soybean Oil - Current spot price of Zhangjiagang Yijiang Grade 1 soybean oil is 8,260 yuan/ton, down 50 yuan/ton from the previous trading day [1] - South American new - crop soybeans are likely to achieve a bumper harvest, and the USDA May report shows that the estimated soybean yield per acre in the 2025/26 season is 52.5 bushels, up from 50.7 bushels in the 2024/25 season [1] - The medium - term destocking cycle of soybean oil may be coming to an end, and the inventory may rebound from a low level after the arrival of South American imported soybeans and customs clearance [1] - The short - term trend of the soybean oil 2509 contract may be range - bound [1] Group 2: Soybean Meal - Spot prices of 43% soybean meal in different regions: Zhangjiagang 2,860 yuan/ton (+30), Tianjin 2,950 yuan/ton (+20), Rizhao 2,880 yuan/ton (+20), Dongguan 2,900 yuan/ton (+10) [2] - Although a phase - one agreement has been reached in China - US trade, long - term contradictions still exist; US soybeans have risen due to weather speculation caused by rainfall in the production areas [2] - The supply of soybeans is gradually recovering, the oil mill operating rate is increasing, and the supply of soybean meal is expected to shift from tight to loose. Downstream enterprises will adopt a just - in - time procurement strategy [2] - The short - term trend of soybean meal may be oscillating strongly [2] Group 3: Corn - The mainstream purchase prices of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia are 2,195 yuan/ton, and in North China and the Huang - Huai region are 2,414 yuan/ton. The purchase prices in Jinzhou Port and Bayuquan Port are 2,260 - 2,270 yuan/ton [3] - The Sino - US joint statement has led to expectations of looser corn imports in the medium and long term, and the May USDA report has increased the US production and ending stocks, which is bearish for US corn futures prices [3] - In China, the supply pressure has been relieved, but downstream demand is weak, and the futures price has declined due to market sentiment [3] - The short - term futures price will oscillate weakly, and mid - term investors should focus on band - trading long opportunities [3] Group 4: Electrolytic Copper - The price of Shanghai 1 electrolytic copper is 78,290 - 78,630 yuan, up 230 yuan, with a premium of 200 - 350 yuan. The imported copper ore index is - 43.05, up 0.06 [4] - The gradual easing of global tariffs and domestic policy support are beneficial to the market, but raw material issues and inventory declines have complicated the market [4] - Copper prices have not completely shaken off the influence of the moving average, and the upper limit of the moving average system is set as the overall defense line [4] Group 5: Lithium Carbonate - The market price of battery - grade lithium carbonate (99.5%) is 63,000 yuan/ton, and that of industrial - grade lithium carbonate (99.2%) is 60,850 yuan/ton, with a price difference of 2,150 yuan/ton, remaining unchanged from the previous trading day [5] - Cost support has weakened, supply is high, demand has improved but not enough to drive prices up, and inventory has increased. The spot and futures prices have declined, and attention should be paid to the 60,000 yuan/ton support level [6] - The lithium carbonate 2507 contract may oscillate weakly, and investors can go short on rallies [7] Group 6: Steel Rebar - The price of Shanghai steel rebar is 3,190 yuan, the Tangshan operating rate is 83.69%, the social inventory is 416.46 million tons, and the steel mill inventory is 187.76 million tons [8] - The fundamentals of steel have improved, the contango structure has weakened, and the current valuation is moderately low. Policy support has increased the apparent demand, and the cost is dynamically adjusted. The inventory is at a low level [8] - The short - term market is dominated by macro - policy expectations, and the fundamentals are also improving. The market shows a pattern of strong supply and demand. Investors should focus on the switching rhythm between macro - policy expectations and fundamental data and conduct range trading [8] - The negative feedback in the black market has been gradually reflected in the market, and investors can take a long position at low levels [8] Group 7: Coking Coal and Coke - The price of main coking coal (Meng 5) is 1,155 yuan/ton, and the price of quasi - first - grade metallurgical coke in Rizhao Port is 1,290 yuan/ton. The port inventory of imported coking coal is 301.56 million tons, and the port inventory of coke is 223.10 million tons [9] - The supply is relatively loose, the demand is weak, the inventory is slightly increasing, and the average profit per ton of coke is approaching the break - even point [9] - Due to the loose supply, coking coal and coke will oscillate weakly at low levels [9] Group 8: Iron Ore - The Platts iron ore index is 100.15, the price of Qingdao PB (61.5%) powder is 765 yuan, and the price of Australian iron ore powder (62% Fe) is 764 yuan [10] - The global iron ore shipment volume has slightly decreased, the port inventory has decreased, the domestic demand has increased but procurement is still cautious, and overseas demand is differentiated. The US tariff policy has restricted the upward space of iron ore prices [10] - The short - term trend of the iron ore 2509 contract will be range - bound, and investors are advised to be cautious [10] Group 9: Crude Oil - The resurgence of twists and turns in the US - Iran negotiations has reduced the expectation of supply increase, but the downgrade of the US sovereign credit rating has led to the overall oscillation of crude oil prices. In the medium and long term, the price center will move down [11] - OPEC+ will increase production by 411,000 barrels per day in June, and the market expects an oversupply [11] - The WTI main contract will oscillate between 55 - 65 US dollars per barrel [11] Group 10: Rubber - With the improvement of the Sino - US trade situation, the fundamentals have improved slightly, but the rebound height is restricted. The supply is loose, and the market is affected by macro - factors [12][13] - The overall supply of rubber exceeds demand, and the market will oscillate [13] Group 11: PVC - The mainstream price of East China Type 5 PVC is 4,830 yuan/ton, remaining unchanged; the mainstream price of ethylene - based PVC is 5,000 yuan/ton, down 50 yuan/ton; the price difference between ethylene - based and calcium - carbide - based PVC is 170 yuan/ton, up 50 yuan/ton [14] - The PVC production enterprise operating rate has decreased, the downstream demand has not improved significantly, and the social inventory has decreased. The futures price has rebounded, but the fundamentals have not improved significantly, and the upward space is limited [14] - The fundamentals are still weak, and the futures price will oscillate at low levels [15] Group 12: Soda Ash - The national mainstream price of heavy soda ash is 1422.19 yuan/ton, remaining unchanged. The mainstream prices in East China, North China, and Central China are also unchanged [16] - The weekly operating rate of soda ash has decreased, the production has decreased, the inventory has decreased, and the demand is average. The market is expected to continue wide - range oscillation [16] - The 09 contract oscillated narrowly yesterday, and the market is expected to continue wide - range oscillation in the short term [16]

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views - Soybean oil 2509 contract may fluctuate within a range in the short - term [1] - Soybean meal may oscillate with a slight upward trend in the short - term [1] - Corn futures prices may oscillate weakly in the short - term, and mid - term investors should watch for band - buying opportunities [1][2] - Copper prices have not completely shaken off the influence of moving averages, with the upper limit of the moving average system as the overall defense line [3] - The lithium carbonate 2507 contract may oscillate weakly, and investors can short at high prices [5][6] - For black commodities, negative feedback is gradually reflected in the market, and investors can take a long position at low levels [7] - Coking coal and coke may oscillate weakly at low levels due to ample supply [8] - Iron ore 2509 may oscillate in the short - term, and traders are advised to be cautious [9] - WTI crude oil may oscillate between $55 and $65 per barrel [10] - Rubber may oscillate, with an overall supply exceeding demand [11][12] - PVC futures prices may oscillate at low levels due to weak fundamentals [13][14] - Soda ash futures may continue to oscillate widely in the short - term [15] 3. Summary by Related Catalogs 3.1 Soybean Oil - **Spot Market**: The price of first - grade soybean oil in Zhangjiagang Yijiang is 8310 yuan/ton, unchanged from the previous trading day [1] - **International Soybeans**: In the current time frame, it is the season for US soybean sowing and growth and South American soybean harvesting and export. Brazil's soybean harvest is almost complete, and the new South American soybean crop is likely to be a bumper harvest. The USDA May 2025 report shows that the estimated soybean yield per acre in the 2025/26 season is 52.5 bushels, compared to 50.7 bushels in the 2024/25 season [1] - **Domestic Industry**: The medium - term de - stocking cycle of soybean oil may be ending. After the arrival of imported South American soybeans and customs clearance, soybean oil inventory may rebound from a low level [1] 3.2 Soybean Meal - **Spot Information**: The spot prices of 43% soybean meal in Zhangjiagang, Tianjin, and Dongguan are 2830 yuan/ton (- 20), 2930 yuan/ton (- 10), and 2890 yuan/ton (+ 20) respectively [1] - **Market Analysis**: Macroscopically, China and the US have reached a phased trade agreement, but long - term contradictions remain. Internationally, US soybean prices have risen due to weather speculation caused by rainfall in the producing areas. Domestically, soybean supply is gradually recovering, oil mill operating rates are increasing, and the supply of soybean meal is expected to shift from tight to loose. As downstream enterprises build safety stocks, they will switch to a just - in - time procurement and rolling replenishment model. Oil mill soybean inventories have risen to a high level, and the speed of soybean meal inventory accumulation is slow in the short term [1] 3.3 Corn - **Spot Information**: The average purchase price of new corn in key deep - processing enterprises in the three northeastern provinces and Inner Mongolia is 2195 yuan/ton; in key enterprises in North China and the Huanghuai region, it is 2414 yuan/ton. The purchase prices in Jinzhou Port (15% moisture/content 680 - 720) and Bayuquan (content 680 - 730/15% moisture) are 2260 - 2270 yuan/ton [1] - **Market Analysis**: Externally, the China - US joint statement on tariff reduction has led to expectations of looser long - term corn imports, which affects short - term prices emotionally but has limited negative impact on domestic futures prices. The May USDA report has raised US corn production and ending stocks, which is negative for US corn futures. Domestically, as the weather warms and the planting season approaches, the remaining grain in the producing areas has basically been sold. The north - south ports have started the de - stocking process, reducing short - term supply pressure. Downstream demand is weak, with cautious purchasing by downstream enterprises, low breeding profits leading to on - demand procurement by breeding enterprises, and low operating rates of corn deep - processing enterprises due to losses. Under the influence of the easing of China - US relations and the news of policy grain release, futures prices have declined periodically [1][2] 3.4 Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 78290 - 78630 yuan/ton, up 230 yuan/ton, with a premium of 200 - 350 yuan/ton. The imported copper ore index is - 43.05, up 0.06 [3] - **Market Analysis**: Globally, the gradual easing of tariff confrontations is conducive to a positive outlook for the commodity market, in line with the international background and the possible end of the interest - rate cut cycle in 2025. Domestically, continuous policy support from the central bank, the CSRC, and the finance department has boosted market sentiment. However, raw material shocks are intensifying, and the mining problem has not been completely resolved. With the rapid decline of domestic copper inventories, the game between reality and expectation, as well as between the domestic and foreign markets, has intensified, complicating market analysis [3] 3.5 Lithium Carbonate - **Spot Information**: The market price of battery - grade lithium carbonate (99.5%) is 63000 yuan/ton (- 300), and that of industrial - grade lithium carbonate (99.2%) is 60850 yuan/ton (- 450). The price difference between battery - grade and industrial - grade lithium carbonate is 2150 yuan/ton (+ 100) [4] - **Market Analysis**: Fundamentally, the prices of various ores in the cost side have dropped significantly. Although the production cost of lithium carbonate has decreased, the profit margin has not expanded due to the rapid decline in lithium salt prices. In terms of supply, the weekly operating rate of the lithium carbonate industry has slightly decreased, but the overall output remains high. As the temperature rises, the production capacity of salt - lake lithium extraction will further increase, and the supply of low - cost lithium salt will increase, potentially suppressing market prices. In terms of demand, the production of cathode materials is stable, and the power battery market is growing steadily. The terminal consumer market has potential due to the launch of new technology models and policy incentives, but it is not strong enough to drive prices up. In terms of inventory, the weekly inventory has continued to accumulate. As of May 16, the weekly inventory is 131920 (+ 351) physical tons, including 56522 (+ 1670) physical tons in smelters, 41428 (- 728) physical tons in downstream enterprises, and 33970 (- 591) physical tons in other sectors. The monthly inventory in April is 96202 physical tons, a year - on - year increase of 51% and a month - on - month increase of 7%, with downstream inventory at 45169 (+ 5876) physical tons and smelter inventory at 51033 (+ 256) physical tons. Overall, due to the weakening cost support and macro - disturbances, both spot and futures prices have declined, and the subsequent focus is on the 60,000 yuan/ton integer support level [5] 3.6 Steel - **Spot Information**: The price of Shanghai rebar is 3170 yuan/ton, the operating rate in Tangshan is 83.56%, the social inventory of rebar is 532.76 million tons, and the inventory in rebar steel mills is 200.4 million tons [7] - **Market Analysis**: The fundamentals of the steel industry are gradually improving, with a weaker near - term and stronger long - term outlook, and the contango structure has weakened. The current valuation of steel is moderately low. In terms of cost and inventory, policy support for the real estate industry is helping it to stabilize. The apparent demand for steel has decreased year - on - year, and raw material prices have oscillated weakly this week. The cost center of steel is dynamically changing. Both social and steel mill inventories of steel are decreasing, and the overall inventory level is low. In the short term, macro - policy expectations dominate the market, and the fundamentals are also improving, showing a situation of strong supply and demand. Attention should be paid to the switching rhythm between macro - policy expectations and fundamental data [7] 3.7 Coking Coal and Coke - **Spot Information**: The price of main coking coal (clean coal, Mongolia 5) is 1205 yuan/ton; the price of metallurgical coke (quasi - first - grade) at Rizhao Port is 1340 yuan/ton; the inventory of imported coking coal at ports is 337.38 million tons; and the inventory of coke at ports is 246.10 million tons [8] - **Market Analysis**: In terms of supply, domestic production capacity is steadily recovering, and the capacity utilization rate of coking plants is stable. Although there are some disturbances in Mongolian coal imports, the overall volume remains high. In terms of demand, steel mills are reducing production, and there is an expectation of a decline in hot metal production, resulting in weak overall demand. In terms of inventory, independent coking enterprises maintain a low - inventory strategy for raw materials, and the overall inventory is slightly increasing. In terms of profit, the average profit per ton of coke is stable and approaching the break - even point [8] 3.8 Iron Ore - **Spot Information**: The Platts iron ore index is 100.1, the price of Qingdao PB (61.5%) powder is 763 yuan/ton, and the price of Australian iron ore powder (62% Fe) is 765 yuan/ton [9] - **Market Analysis**: The iron ore market is currently influenced by both positive and negative factors. On the supply side, Australian shipments have decreased after the end of the quarterly rush, while Brazilian shipments have continued to increase, and the global total shipments have slightly decreased. The port inventory has decreased by 112.39 million tons to 1.48 billion tons, indicating a short - term reduction in arrival pressure. On the demand side, the domestic steel mill's hot metal production has increased to 240.22 million tons per day, and the resumption of blast furnaces has led to a 2.46 - million - ton increase in the daily consumption of imported ore. However, steel mills are still cautious in raw material procurement and mainly replenish inventory as needed. Overseas demand is divided, with increased production in Indian steel mills supporting some demand, but the substitution effect of Southeast Asian electric arc furnaces is strengthening, reducing the dependence on iron ore. In addition, the repeated adjustment of US tariff policies has intensified the volatility of global commodity prices, and market concerns about the trade war have limited the upward space for iron ore prices [9] 3.9 Crude Oil - **Market Analysis**: The resurgence of波折 in the US - Iran negotiations has reduced the expectation of increased supply, supporting oil prices. However, the downgrade of the US sovereign credit rating by institutions has led to continued oscillation in crude oil prices. In the medium - to - long - term, the upside of oil prices is restricted. In terms of supply and demand, OPEC+ will increase production by 411,000 barrels per day in June, and the market expects an oversupply. In the long - term, the price center of crude oil will shift downward, but the WTI main contract has technical support at $55 per barrel and may oscillate around this level. OPEC has significantly lowered the global demand growth rate for the next two years. The escalation of the US trade war and the unpredictable policies of the Trump administration have raised concerns about global demand. The repeated delays in the Russia - Ukraine peace talks and the resurgence of波折 in the US - Iran negotiations have increased uncertainty [10] 3.10 Rubber - **Market Analysis**: Attention should be paid to overseas orders and domestic demand. The limited improvement in the fundamentals and the repeated situation after the positive news of the easing of the China - US trade war have restricted the rebound of rubber prices, which are mainly in a weak oscillation. Fundamentally, the tapping of domestic whole - latex has started, with 70% of the areas in Yunnan tapped and the supply of glue in Hainan increasing. In Southeast Asian producing areas, the tapping in northeastern Thailand has started, and the southern part will start tapping after May, resulting in an overall loose supply. Currently, the global supply and demand of rubber are both loose. Market speculation about the trade war and other macro - narratives, as well as the possible US automobile tariff, may seriously suppress global rubber demand, and rubber prices are generally weak. Attention should be paid to factors such as domestic rubber imports and inventory changes [11][12] 3.11 PVC - **Spot Information**: The mainstream price of East China 5 - type PVC is 4830 yuan/ton, unchanged from the previous period; the mainstream price of ethylene - based PVC is 5000 yuan/ton, down 50 yuan/ton; the price difference between ethylene - based and calcium - carbide - based PVC is 170 yuan/ton, up 50 yuan/ton [13] - **Market Analysis**: In terms of supply, the operating rate of PVC production enterprises last week was 77.70%, a week - on - week decrease of 2.64% and a year - on - year decrease of 0.85%. Among them, the operating rate of calcium - carbide - based PVC was 77.69%, a week - on - week decrease of 3.64% and a year - on - year increase of 0.18%, and the operating rate of ethylene - based PVC was 77.73%, a week - on - week decrease of 0.02% and a year - on - year decrease of 3.87%. In terms of demand, there has been no significant improvement in domestic downstream product enterprises, and transactions are mainly based on rigid demand. In terms of inventory, as of May 15, the PVC social inventory (47 samples) decreased by 3.07% week - on - week to 64.15 million tons, a year - on - year decrease of 26.96%. Among them, the inventory in East China was 58.39 million tons, a week - on - week decrease of 4.11% and a year - on - year decrease of 26.84%, and the inventory in South China was 5.77 million tons, a week - on - week increase of 8.86% and a year - on - year decrease of 28.09%. On May 21, the futures price rebounded. Previously, affected by macro - sentiment, the PVC futures price rebounded significantly, but there has been no obvious improvement in the fundamentals, and the upward space may be limited, with the futures price oscillating at a low level [13] 3.12 Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1421.25 yuan/ton, unchanged from the previous period. The mainstream prices in East China, North China, and Central China are 1450 yuan/ton, 1500 yuan/ton, and 1400 yuan/ton respectively, all unchanged from the previous period [15] - **Market Analysis**: In terms of supply, the overall operating rate of soda ash last week was 80.27%, a week - on - week decrease of 7.47%. The soda ash production was 67.77 million tons, a week - on - week decrease of 6.31 million tons, a decline of 8.52%. The scheduled maintenance has led to a decrease in supply. In terms of inventory, the manufacturer's inventory last week was 171.20 million tons, a week - on - week decrease of 1.07 million tons, a decline of 0.63%, and the enterprise inventory has not fluctuated much. It is understood that the social inventory is on a downward trend, with a decline of more than 1 million tons and a total of more than 36 million tons. The demand is average, and downstream enterprises replenish inventory for low - priced goods on a rigid - demand basis but still resist high - priced goods. Overall, due to the combination of plant maintenance and the realization of new production capacity, the futures market is expected to continue to oscillate widely in the short term. Attention should be paid to plant maintenance dynamics and unexpected events [15]