Report Industry Investment Rating - Not provided in the content Core Viewpoints - Urea market shows a weak trend with supply increasing and demand being scattered. The market will continue to face pressure without new positive drivers, but there may be opportunities for a rebound. The outlook is "Oscillating" [2] - The soda ash market fluctuates widely, with supply slightly increasing and demand being stable but with limited support. The market will continue to oscillate at the bottom in the short - term, and there may be some support in the medium - term, while facing pressure in the long - term. The outlook is "Oscillating" [2] - The glass market is firm but with a weakening night - session trend. Supply is stable, demand is weak, and the market will continue to consolidate at the bottom in the short - term. The outlook is "Oscillating" [2] Market Information Summary Urea - On May 26, the urea futures warehouse receipts were 7104, a decrease of 444 from the previous trading day, and the effective forecast was 0 [5] - On May 26, the daily output of the urea industry was 206,800 tons, an increase of 22,000 tons from the previous working day and 355,000 tons from the same period last year. The operating rate was 89.92%, a 10.8 - percentage - point increase from 79.12% in the same period last year [5] - On May 26, the spot prices of small - particle urea in various domestic regions decreased, with Shandong at 1860 yuan/ton (-20), Henan at 1850 yuan/ton (-30), etc. [5] Soda Ash & Glass - On May 26, the number of soda ash futures warehouse receipts was 0, a decrease of 147 from the previous trading day, with an effective forecast of 4781; the number of glass futures warehouse receipts was 0, a decrease of 2358 from the previous trading day [7] - On May 26, the spot prices of soda ash in various regions showed some adjustments, with prices in the southwest and northwest regions decreasing [7] - On May 26, the operating rate of the soda ash industry was 81.59%. The total capacity was adjusted from 39.8 million tons to 41.1 million tons [7] - On May 26, the average price of the float glass market was 1234 yuan/ton, a daily decrease of 3 yuan/ton, and the daily output of the industry was 157,500 tons, remaining unchanged from the previous day [7] Chart Analysis Summary - The content provides multiple charts including those related to urea and soda ash, such as price trends, basis, contract spreads, and spot price trends, but no specific analysis of these charts is provided in the text [10][11][12] Research Team Members - Zhang Xiaojin, the research director of resource products at Everbright Futures Research Institute, focuses on sugar industry research and has won multiple awards [25] - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for researching futures varieties such as urea, soda ash, and glass, and has won many honors [25] - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys, and has won relevant honors [25]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report indicates that the precious metals market has adjusted adequately, and it is now a good time to consider long positions. The recent U.S. CPI data has influenced gold prices, and the resilience of inflation supports the bullish outlook for gold as long as long-term U.S. Treasury yields remain above 4% [4] - For copper, trade pricing is expected to reverse, with significant inventory accumulation noted in COMEX copper. The report suggests that the price difference between New York and London copper is narrowing, which may indicate a loss of arbitrage profits [5] - Tungsten prices have continued to rise, increasing by 14.84% since early April due to reduced mining quotas and environmental inspections, leading to supply constraints [6] - The report suggests that rare earth export controls may be relaxed, and it recommends positioning for potential opportunities as the market remains cautious [6] Summary by Sections Industry Overview - The closing index for the industry is at 4695.15, with a weekly high of 5020.22 and a low of 3700.9 [1] Price Movements - Basic metals saw LME copper decrease by 1.92%, aluminum by 0.36%, and zinc by 1.27%. Precious metals experienced a decline in COMEX gold by 1.51% and silver by 1.99% [20] Inventory Levels - Global visible copper inventory increased by 28,367 tons, while aluminum saw a decrease of 2,370 tons, and zinc decreased by 3,175 tons [27]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report indicates that the precious metals market has adjusted adequately, and it is now a good time to go long. The recent U.S. CPI data has influenced gold prices, and the resilience of inflation supports the bullish outlook for gold as long as long-term U.S. Treasury yields remain above 4% [4] - For copper, trade pricing is expected to reverse, with significant inventory accumulation noted in COMEX copper. The report suggests that the demand side remains favorable due to the suspension of tariffs, particularly for aluminum, which is recommended for investment [5] - Tungsten prices continue to rise due to tightened production indicators and environmental inspections, with a 14.84% increase since early April. The report highlights strong demand from the manufacturing sector and potential applications in high-tech industries [6] - The rare earth market is experiencing price stabilization, with potential easing of export controls. The report advises investors to consider buying on dips as the market awaits developments regarding export regulations [6] Summary by Sections Section 1: Market Performance - The non-ferrous metals sector saw a weekly increase of 0.5%, ranking 16th among sectors [13] Section 2: Prices - Basic metals prices: LME copper decreased by 1.92%, aluminum by 0.36%, zinc by 1.27%, lead increased by 0.65%, and tin decreased by 0.03%. Precious metals: COMEX gold fell by 1.51%, silver by 1.99%, while palladium rose by 1.15% and platinum fell by 2.37% [20][21] Section 3: Inventory - Global visible inventories showed an increase of 28,367 tons for copper, while aluminum saw a decrease of 2,370 tons, zinc decreased by 3,175 tons, lead decreased by 1,697 tons, and nickel decreased by 3,740 tons [27]