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].

1、现货市场：张家港益江一级豆油 8310 元/吨，较上一交易日持平。 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，短线或区间震荡整理。 现货信息：43 豆粕各地区现货报价：张家港 2830 元/吨（-20）、天津 2930 元/吨（-10）、 东莞 2890 元/吨（20）。 市场分析：（1）宏观面: 中美贸易达成阶段性协议，但长期矛盾仍存。 （2）国际大豆：因产区降雨形成天气炒作，美豆走高。 （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。 随着下游企业安全库存的建立，将转为随用随采，滚动补库的方式。油厂大豆库存回升至 高位，豆粕库存累库速度短期较缓。 参 ...

路威酩轩CEO：欧洲必须与美国达成贸易协议，但形势并不乐观。双方都必须做出让步。欧洲在与美国 的贸易谈判中必须采取更具建设性的态度。 ...

现货信息：43 豆粕各地区现货报价：张家港 2850 元/吨（-30）、日照 2860 元/吨（-30）、 东莞 2870 元/吨（-10）。 市场分析：（1）宏观面: 中美贸易达成阶段性协议，但长期矛盾仍存。 （2）国际大豆：市场交易重心转移至北美播种季，巴西大豆进入出口高峰期。 （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。 随着下游企业安全库存的建立，将转为随用随采，滚动补库的方式。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：豆粕短线或区间震荡。 1、现货市场：张家港益江一级豆油 8310 元/吨，较上一交易日涨 40 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 ...

本次下调落实后，2 0 2 5年以来，国内成品油零售限价已达5次下调，国内多地9 2 #汽油将有望 自 2 1 年 底 之 后 重 新 进 入 " 6 元 时 代 " ， 0 # 柴 油 亦 有 望 进 入 2 1 年 以 来 的 低 位 水 平 ， 部 分 省 份 进 入" 6 . 5元"以内。 作 者丨费心懿 编 辑丨骆一帆 国家发展改革委今日消息，根据近期国际市场油价变化情况，按照现行成品油价格形成机制， 2 0 2 5年5月1 9日2 4时汽、柴油零售限价分别下调2 3 0元/吨、2 2 0元/吨，折升价9 2 #汽油、9 5 # 汽油、0 #柴油分别下调0 . 1 8元、0 . 1 9元、0 . 1 9元。 消费者用油成本减少， 以油箱容量为5 0升的家用轿车为例，加满一箱9 2 #汽油将少花 9 元 。 以 月 跑 2 0 0 0 公 里 ， 百 公 里 平 均 油 耗 8L 的 燃 油 汽 车 为 例 ， 下 次 调 价 窗 口 开 启 前 （ 6 月 3 日 2 4 时 ） ， 单 辆 车 的 燃 油 成 本 将 减 少 1 4 元 左 右 。 物 流 行 业 ， 以 月 跑 1 0 0 0 ...

Group 1 - The euro has retraced earlier gains against the dollar, currently reported at 1.1180 [1] - The European Union is revising proposals for a potential trade agreement with the United States as a first step towards serious negotiations [1] - The Trump administration has not provided clear information and continues to make demands that negotiation representatives consider unrealistic [1]

智通财经5月15日电，美国正考虑在双边关税谈判中修订日美贸易协议的可能性。 (日本时事通讯社) ...

金十数据5月15日讯，据日本时事通讯社：美国正考虑在双边关税谈判中修订日美贸易协议的可能性。 ...

周四(5月15日)亚洲交易时段，澳元兑美元延续近期涨势，盘中触及0.6444，日内涨幅达0.36%。澳大利 亚最新就业数据表现强劲，叠加市场对中美贸易协议的乐观预期，共同构成支撑澳元走强的双重动能。 尽管利率市场已将澳洲联储下周降息25个基点的概率从90%下调至80%，但货币宽松预期仍主导市场定 价。 金融市场定价显示，交易员正消化两大央行政策路径的分野。根据ASX澳洲联储利率追踪器，货币市场 目前预计5月20日会议降息50个基点至3.60%的概率为54%，反映市场对澳洲联储加速宽松的强烈预期。 这种政策分化格局——美联储按兵不动而澳洲联储持续降息——可能在中长期对澳元构成结构性压力。 技术面分析亦呈现矛盾信号：日线图显示澳元兑美元维持在九天指数移动平均线（EMA）上方，14日 相对强弱指数（RSI）持稳于50中性水平上方，暗示短期上行动能犹存。 从价位结构看，0.6440区域构成当前多空争夺焦点。若有效突破去年12月高点0.6515，或将打开通向 0.6687的上行通道，该价位是2024年11月创下的七个月高点。下行方面，九天EMA所在的0.6429构成首 道支撑，失守则可能下探50日EMA的0.6355。 ...

金十数据5月13日讯，美股周二上涨，标普500指数抹去了今年迄今的跌幅，低于预期的通胀数据为股市 涨势增添了动力。股市走势延续了过去一个月的反弹势头，使标普500指数今年上涨了0.1%。在特朗普 4月2日宣布 "解放日"关税之前，贸易紧张局势加剧已经对美股造成了伤害，投资者抛售美国资产并下 调了对经济增长的预期，导致该指数最高暴跌15%。但4月9日在特朗普暂停对大多数国家征收对等关税 后，交易员重新涌入股市。Putnam Investments股票基金经理Shep Perkins说，"过去几个月的主要趋势瞬 间发生了逆转。中美贸易协议是一个巨大的利好惊喜。" 标普500指数抹去年内跌幅 美股涨势延续 ...