Core Insights - The current spot price for 1 electrolytic copper in Shanghai is reported at 78,510.00 CNY per ton, with a premium of 640.00 CNY over the futures main price of 77,870.00 CNY per ton [1] - The futures market shows a slight decline, with the main contract closing at 77,870.00 CNY per ton, down 0.15%, with a trading volume of 73,407 lots on May 28 [2] Price Overview - The price list for 1 electrolytic copper shows various quotes: - Shanghai Huatuo: 78,510 CNY/ton - Guangdong Nanshu: 78,500 CNY/ton - Shanghai YS: 78,495 CNY/ton [2] Market Capacity and Inventory - In 2025, 29 major domestic copper strip and sheet processing enterprises have a combined effective capacity of 2.034 million tons, accounting for 48.7% of the national effective total capacity [3] - As of May 28, the Shanghai Futures Exchange recorded a copper futures warehouse receipt of 34,861 tons, a decrease of 100 tons from the previous trading day, with a cumulative reduction of 6,357 tons over the past week, representing a decrease of 15.42% [3] Market Analysis - The market is facing price suppression due to global economic weakness expectations driven by tariff policies, alongside a backdrop of a mild recession and high interest rates in the U.S. [4] - Support for prices is expected from tight copper raw material supply and potential new restocking demand following tariff easing [4] - Recent trends show a continuous reduction in LME and SHFE inventories, indicating that spot premiums and backwardation structures may persist for an extended period, supporting a strong price fluctuation [4]

Core Viewpoint - Liquefied petroleum gas (LPG) futures are experiencing a downward trend, with the main contract reported at 4267.00 yuan/ton, reflecting a decline of 2.18% [1] Market Overview - Hungary's Prime Minister Orban has rejected the EU's plan to halt imports of Russian oil and gas [2] - As of May 12, the Dalian Commodity Exchange reported 6762 LPG futures warehouse receipts, an increase of 415 from the previous trading day [2] - The average domestic price of liquefied gas was 4918 yuan/ton, down by 16 yuan/ton [2] - Anticipation of increased market supply is expected as major refineries, including Jiujiang Petrochemical, Shanghai Gaoqiao, and Beihai Refining, are set to complete maintenance [2] Institutional Insights - Hualian Futures noted that the recent decrease in LPG domestic production is below levels seen in the past two years, while port inventory levels have rebounded to high levels [3] - The PDH weekly capacity utilization rate has dropped to a one-year low, indicating weak profitability [3] - The reduction in import tariffs is expected to stimulate domestic stockpiling, with potential increases in supply from third-party imports to fill gaps in the U.S. market [3] - The demand outlook remains uncertain due to fluctuating trade negotiations, but the sharp change in tariff levels is likely to trigger significant overseas stockpiling demand, benefiting polypropylene, a major downstream product of LPG [3] Technical Analysis - The market is currently seeing a downward trend in LPG prices, with the main contract support at around 4290 and resistance at approximately 4500 [4] - Increased external supply from refineries and competitive shipping at ports are contributing to a downward shift in market price levels [4]