金十数据6月12日讯，美国总统特朗普：希望（美联储）降低利率，我们拥有大量的短期债务，我喜欢 长期低息债务。如果我们降低利率1%，就意味着少支付1%。我不会解雇美联储主席鲍威尔，他只需将 利率降低即可，我们的通胀数据表现良好。 美联储：不会解雇鲍威尔 他要做的是降息 ...

美国总统特朗普：不会解雇美联储主席鲍威尔，他只需将利率降低即可，我们的通胀数据表现良好。 订阅美联储动态 +订阅 订阅特朗普动态 +订阅 ...

北京时间6月12日晚间， 美元指数周四一路走低跌近1%，为三年来最低水平。整体来看，美元正面临多重压力叠加：经济数据疲软、地缘局势紧张以及 技术面破位，市场对其短期反弹空间持谨慎态度。而避险货币的强势表现，进一步凸显出全球投资者对前景不确定性的担忧。 | 全球商品 中国商品 原油 | | 黄金白银 | | --- | --- | --- | | 贵金属 已 | | | | 伦敦金现 | 伦敦银现 COMEX黄金 | | | 3391.020 36.352 | | 3411.7 | | +36.120 +1.08% +0.132 +0.36% | | +68.0 +2.03% | | COMEX日银 SHFE黄金 | | SHFE自银 | | 36.460 787.44 | | 8832 | | +0.199 +0.55% +6.48 +0.83% | | -2 -0.02% | | 能源化工 c | | | | NYMEX WTI原 | ICE布油 ICE轻质低硫原 | | | 67.18 68.83 | | 64.81 | | -0.97 -1.42% -0.94 -1.35% -0.91 -1.38% | ...

报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 785.16 | 7.62 沪银主力合约收盘价(日,元/千克) | 8819 | -83 | | | 主力合约持仓量:沪金(日,手) | 172351 | 3606 主力合约持仓量:沪银(日,手) | 432670 | -22562 | | | 沪金主力前20名净持仓(日,手) | 142292 | 7939 沪银主力前20名净持仓(日,手) | 117220 | -12800 | | 现货市场 | 仓单数量:黄金(日,千克) | 17847 | 30 仓单数量:白银(日,千克) | 1226150 | -3666 | | | 上海有色网黄金现货价(日,元/克) | 781.8 | 6.6 上海有色网白银现货价(日,元/千克) | 8807 | -63 | | | 沪金主力合约基差(日,元 ...

Group 1: Gold Market Analysis - Spot gold surged after the CPI announcement, driven by optimistic inflation data, leading to increased bets on a potential rate cut by the Federal Reserve in September [1] - Despite the bullish sentiment, gold's gains were limited by Trump's announcement of substantial progress in US-China negotiations, which shifted market dynamics [1] - Technical analysis indicates a significant resistance level at $3380, with potential upward movement if gold breaks above $3375, targeting $3410 [1] Group 2: Oil Market Analysis - Reports of Israel preparing for actions against Iran have escalated tensions in the Middle East, causing a sharp increase in international oil prices, reaching a two-month high [1] - The price of WTI crude oil successfully broke through the $66 mark and approached the strong resistance zone at $69, which is near the 200-day SMA [1] - If the price remains below $69, there is a possibility of a pullback to the $66 level, with key support at $66.2/66.5 and potential testing of $65.2 if broken [1]

Report Industry Investment Ratings - Not provided in the given content Core Views - Global market shows a differentiated pattern, with the Fed's rate - cut expectations constrained by inflation resilience and the ECB hinting at the end of the easing cycle. The equity market is supported by loose funds, but external disturbances and volume - energy sustainability should be watched [3]. - Crude oil may oscillate strongly in the short - term, but its upside is limited in the long - term without major geopolitical impacts on supply [4]. - Gold is expected to remain in a high - level oscillation, and investors should pay attention to US CPI, PPI data, and the Fed's interest - rate meeting [5][6]. - Silver will maintain a high - level oscillation, and US inflation data will affect its short - term direction [7]. - Most chemical products are expected to have a weak or bearish short - term trend, with supply - demand contradictions and inventory changes being important influencing factors [8][9][10][11][12][13][14][15][16]. - Rubber may have a weak rebound after the short - term negative factors are realized, but it is still affected by the oversupply situation [17][18]. - Methanol's futures price is in an oscillation range, and the progress of Sino - US negotiations and macro sentiment should be watched [19]. - Agricultural products show different trends. Corn may oscillate in the short - term, peanuts may decline slightly but have limited downside, cotton may be strong in the short - term, and the prices of other agricultural products are also affected by supply - demand and seasonal factors [20][21][22][23][24][25][26][27][28][29][30][31]. - Metal prices have different trends. Copper may touch the bubble price line, aluminum may oscillate in a range, alumina shows a weak adjustment, and other metals are also affected by factors such as cost, supply - demand, and global economic situation [32][33][34][35][36][37][38][39][40]. - Black metal products' prices also vary. Stainless steel may oscillate at a low level, and steel products like rebar and hot - rolled coil can be considered for light - position long positions at low prices, while iron ore and coal may oscillate in the short - term [41][42][43][44][45][46] Summary by Industry Macro - Index - Market analysis: Global markets are differentiated. The Fed's rate - cut expectations are constrained, and the ECB hints at the end of the easing cycle. The central bank maintains a "broad credit, stable currency" policy. The equity market is supported by loose funds, with capital flowing to non - banking finance and technology sectors. Index futures show short - covering and a decline in the PCR indicator [3]. - Reference view: Pay attention to Sino - US negotiations and the Fed's policy implementation. Short - term holding along the 5 - day moving average is advisable. Be wary of the risk of insufficient volume energy [3]. Crude Oil - Macro and geopolitics: The second - round Sino - US negotiations reach a "framework agreement in principle," and the oil price may oscillate strongly. Focus on the key level of $65 per barrel for WTI [4]. - Market analysis: OPEC lowers global demand growth forecasts, and US policies cause concerns about demand. Although US crude oil inventories decline, refined product inventories increase. Geopolitical tensions in the Middle East increase supply uncertainty, and OPEC+ plans to increase production [4]. - Reference view: Watch whether WTI can break through $65 per barrel in the short - term. In the long - term, the upside is limited without major geopolitical impacts [4]. Gold - Macro and geopolitics: US economic resilience pressures short - term gold prices, but multiple factors support it in the long - term. Policy uncertainty and geopolitical risks limit the downside space, and the Fed's policy also affects the price [5]. - Market analysis: Shanghai Gold Exchange's gold futures warehouse receipts are stable with a slight increase. The spot price has a discount compared to the futures price [6]. - Operation suggestion: Gold is expected to oscillate. Investors should watch US CPI, PPI data, and the Fed's interest - rate meeting [6]. Silver - Market price: On June 11, the international spot silver price oscillated narrowly [7]. - Market analysis: Shanghai Futures Exchange's silver futures warehouse receipts increased significantly. Global economic growth expectations are lowered, and trade tensions ease, reducing the safe - haven demand for silver [7]. - Operation suggestion: Silver will maintain a high - level oscillation. Pay attention to US inflation data [7]. Chemicals PTA - Spot information: The East China spot price decreased, and the basis is positive [8]. - Market analysis: Oil price fluctuations affect PTA costs. PTA device maintenance and restart coexist, with an overall increase in the operating rate and a decrease in inventory days. Polyester and textile loads decline, and weak orders may intensify supply - demand contradictions [8]. - Reference view: It may oscillate bearishly in the short - term [8]. Ethylene Glycol - Spot information: The East China spot price is flat, and the basis is positive [9]. - Market analysis: The supply side shows a slight decline in the overall operating rate and an increase in coal - based production. Demand is weak due to the off - season. Inventories in the East China main port increase, and future arrivals may limit the upside [9]. - Reference view: The price may be under pressure and oscillate in the short - term [9]. PVC - Spot information: The East China 5 - type PVC spot price increased, and the ethylene - calcium price difference decreased [10][11]. - Market analysis: The production capacity utilization rate increased, but downstream demand is still weak. Inventories decreased. The futures price oscillated at a low level without significant fundamental improvement [10][11]. - Reference view: The fundamentals are weak, and the futures price will oscillate at a low level [11]. PP - Spot market: The spot prices in different regions fluctuate slightly [12]. - Market analysis: The production capacity utilization rate increased, and production volume rose. Demand is in the off - season, and downstream orders decreased. Inventories of production enterprises increased. The futures price oscillated at a low level [12]. - Reference view: Demand is weak, and the futures price may oscillate at a low level [13]. Plastic - Spot market: The spot prices in different regions have different changes [14]. - Market analysis: The production capacity utilization rate increased slightly. The downstream average operating rate changed little. Inventories of production enterprises increased. The futures price may oscillate [14]. - Reference view: The fundamentals are weak, and the futures price may oscillate in the short - term [14]. Soda Ash - Spot information: The heavy - soda prices in different regions are stable [15]. - Market analysis: The overall operating rate and production volume increased. Factory inventories increased slightly, and social inventories decreased. Demand is average, and the market lacks new drivers [15]. - Reference view: The futures price is expected to continue to oscillate at the bottom in the short - term [15]. Glass - Spot information: The 5mm glass prices in different regions are stable [16]. - Market analysis: The operating rate and production volume decreased slightly. Inventories increased, and demand is weak. The futures price may oscillate weakly in the short - term [16]. - Reference view: The futures price is expected to oscillate weakly in the short - term [16]. Rubber - Market price: The prices of different types of rubber and raw materials are provided [17]. - Market analysis: Sino - US trade negotiations and typhoons affect the price. The supply is abundant as domestic and Southeast Asian rubber trees are in the tapping season. Downstream tire operating rates decline, and trade - war concerns suppress demand, but there is a rebound expectation after the negative factors are realized [17]. - Reference view: Pay attention to downstream operating rates. It may start a weak rebound after short - term negative factors are realized [18]. Methanol - Spot information: The East China spot price increased, and prices in other regions vary [19]. - Market analysis: The futures price increased slightly. Port inventories increased. Supply pressure is high, and demand from MTO devices recovers, while traditional downstream demand is in the off - season [19]. - Reference view: The futures price is in an oscillation range. Watch Sino - US negotiations and macro sentiment [19]. Agricultural Products Corn - Spot information: Corn purchase prices in different regions are provided [20]. - Market analysis: Good weather in US corn - growing areas and Sino - US trade relations affect imports. The domestic market is in the transition period between old and new grains, with tight supply in the short - term. Wheat substitution and weather are key factors. Downstream demand is weak [20][21]. - Reference view: The corn futures price may oscillate between 2300 - 2400 yuan/ton in the short - term [21]. Peanut - Spot price: Peanut prices in different regions are provided [22]. - Market analysis: The domestic peanut planting area is expected to increase in 2025. The market is in the inventory - consumption period, with low imports and low inventory levels. Demand is in the off - season, but low inventories may support the price [22]. - Reference view: The peanut price may decline slightly in the short - term, but the downside is limited. Band - trading is advisable [22]. Cotton - Spot information: The Chinese cotton spot price index and Xinjiang cotton arrival price are provided [23]. - Market analysis: Sino - US relations ease, boosting the market. In the long - term, cotton supply is expected to be abundant. In the short - term, low imports and low commercial inventories support the price, but downstream demand is weak [23]. - Reference view: The cotton price may be strong in the short - term. Watch whether it can fill the previous gap [23]. Pig - Spot market: The average price of live pigs in major production and sales areas increased slightly [24]. - Market analysis: Farmers resist low - price sales, reducing supply. Demand is weak due to warm weather, and terminal consumption lacks improvement [24]. - Reference view: The live - pig futures price may oscillate weakly. Watch the slaughter situation [24]. Egg - Spot market: The national average egg price is stable [25]. - Market analysis: Farmers' enthusiasm for replenishing chickens decreases, and old - hen culling increases, supporting the price. Demand may increase in the tourism and catering industries during the summer vacation, but the plum - rain season suppresses consumption [25]. - Reference view: The egg futures price is undervalued. It is advisable to wait and see [25]. Rapeseed Meal - Spot market: The rapeseed meal price in Fangchenggang increased [27]. - Market analysis: Domestic and near - term imported rapeseed supplies are abundant, while far - term imports are tight. Demand is weak due to a small price difference with soybean meal and the off - season. Watch Sino - Canadian and Sino - US trade relations [27]. - Reference view: Watch the performance of rapeseed meal futures at the upper pressure level [27]. Rapeseed Oil - Spot market: The rapeseed oil price in Fangchenggang is stable [28]. - Market analysis: Domestic and near - term imported rapeseed supplies are abundant, while far - term imports are tight. Demand is neutral, and inventories may remain high in the short - to - medium - term [28]. - Reference view: The rapeseed oil futures price may oscillate near the platform [28]. Soybean No. 2 - Spot information: Import costs of US, Brazilian, and Argentine soybeans are provided [29]. - Market analysis: Sino - US trade talks boost market confidence. Good weather in US soybean - growing areas and the peak season of Brazilian soybean exports affect the price [29]. - Reference view: The soybean No. 2 futures price may oscillate strongly in the short - term [29]. Soybean Meal - Spot information: Soybean meal prices in different regions are provided [30]. - Market analysis: Pay attention to Sino - US trade talks. Internationally, trade talks boost confidence, and tariffs and weather are key factors. Domestically, oil - mill production is high, and downstream demand is weak, but inventory accumulation is slow [30]. - Reference view: The soybean meal futures price may oscillate strongly in the short - term [30]. Soybean Oil - Spot information: Soybean oil prices in different regions are provided [31]. - Market analysis: Internationally, supply pressure and falling oil prices put pressure on soybean oil. Domestically, oil - mill production is high, and demand is in the off - season, with inventory accumulation pressure increasing [31]. - Reference view: The soybean oil futures price may oscillate in the short - term [31] Metals Copper - Spot information: The price of Shanghai 1 electrolytic copper increased, and the import copper ore index also rose [32]. - Market analysis: US economic data reduces recession concerns and rate - cut expectations. Global tariffs and domestic policies affect the market. Raw material issues and inventory changes make the market more complex [33]. - Reference view: The copper price may touch the bubble price line. Consider removing defenses based on signals [33]. Aluminum - Spot information: The Shanghai spot aluminum price increased [34]. - Market analysis: The cost of alumina increases, supporting the theoretical cost of electrolytic aluminum. Supply is expected to be in surplus, and demand is in the off - season. Inventories decline, and the spot market is at a premium, but demand limits the upside [34]. - Reference view: The aluminum futures price may oscillate in a range [34]. Alumina - Spot information: The national average alumina price decreased slightly, and prices in different regions vary [35]. - Market analysis: Sino - US trade talks boost market sentiment. Supply slightly decreases as smelters' profits improve. Demand is mainly for rigid needs, and inventories start to accumulate. The price is under pressure [35]. - Reference view: The alumina futures price shows a weak adjustment trend [35]. Cast Aluminum Alloy - Spot information: The national and East China spot prices of cast aluminum alloy are stable [36]. - Market analysis: The high price of scrap aluminum supports the cost. Supply is in surplus as the industry expands. Demand from new - energy vehicles and electronics is resilient but limited by tariffs and the global economy. Inventories are high and may continue to accumulate [36]. - Reference view: The cast aluminum alloy futures price may be strong [37]. Lithium Carbonate - Spot information: The prices of battery - grade and industrial - grade lithium carbonate are stable [38]. - Market analysis: The upstream raw - material market shows signs of stabilization, supply is stable but the structure is adjusting, and demand is weak. The price may oscillate at the bottom [38]. - Reference view: Conservative investors can wait and see, while aggressive investors can trade in the range [38]. Industrial Silicon - Spot information: The prices of different grades of industrial silicon are stable [39]. - Market analysis: Supply increases slightly, and demand is weak as downstream industries cut production or have low operating rates. Inventories are digested slowly, and the price is under pressure. Technically, it may rebound [39]. - Reference view: The industrial silicon futures price may oscillate strongly at the bottom [39]. Polysilicon - Spot information: The prices of different types of polysilicon are stable [40]. - Market analysis: Supply shows no obvious contraction, and demand is weak overall, with some differentiation. Exports decline. The market's supply - demand contradiction is not alleviated [40]. - Reference view: The polysilicon futures price may oscillate. Watch the previous low - point support [40] Black Metals Stainless Steel - Spot information: The price of cold - rolled stainless steel coil increased [41]. - Market analysis: Technically, it may change from a one - sided decline to a low - level oscillation. Fundamentally, the raw - material market is quiet, and cost supports the price, but weak demand restricts the upside [41]. - Reference view: It may oscillate widely at a low level. Wait and see for now [41]. Rebar - Spot information: The price of rebar in Shanghai is stable [42]. - Market analysis: Technically, it is stabilizing. Fundamentally, external talks are going well, raw - material prices are stabilizing, costs are dynamic, and demand is in the off - season, but inventories are low and the valuation is low [42][43]. - Reference view: The overall valuation is low. Consider light - position long positions at low prices [43]. Hot - Rolled Coil - Spot information: The price of hot - rolled coil in Shanghai is stable [44]. - Market analysis: Technically, it is stabilizing. Fundamentally, external talks are going well, raw - material prices are stabilizing, costs are dynamic, apparent demand recovers, and inventories are low with a low valuation [44]. - Reference view: The overall valuation is low. Consider light - position long positions at low prices [44]. Iron Ore - Spot information: The iron ore price index and futures price are provided [45]. - Market analysis: Supply pressure eases as global shipments increase and domestic production rises slightly. Demand weakens as steel - mill operating rates decline, but current iron - water production is still high. Port inventories increase, and demand in the off - season is expected to be weak. Sino - US tariff easing boosts sentiment, but steel - billet exports are uncertain. Non - mainstream ore production cuts support the price, but reduced steel - mill profits may suppress demand [45]. - Reference view: The iron ore futures price may oscillate in the short - term. Watch port inventory

Report Industry Investment Ratings - **Macro Finance**: Index futures are expected to move sideways, and treasury bonds are expected to strengthen sideways [1][5]. - **Black Building Materials**: Rebar and iron ore are recommended for temporary observation, and coking coal and coke are expected to move sideways [1][7][8]. - **Non - ferrous Metals**: Copper is recommended for cautious trading within a range, aluminum is recommended for light - short attempts, nickel is recommended for observation or shorting on rallies, tin, gold, and silver are recommended for trading within a range [1][11][14][16]. - **Energy and Chemicals**: PVC, caustic soda, styrene, and rubber are expected to be weak in a sideways trend; soda ash's 01 contract follows a short - selling strategy; urea and methanol are expected to move sideways; polyolefins are expected to have a wide - range sideways movement [1][19][21][23]. - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to rebound in a sideways trend, apples are expected to move sideways, and PTA is expected to move sideways within a range [1][35][36]. - **Agriculture and Animal Husbandry**: Pigs and eggs are recommended for shorting on rallies, corn is recommended for operation within the range of [2300, 2360], soybean meal is recommended for buying on dips, and oils are recommended for shorting on rallies [1][38][40][42]. Core Views The report provides investment strategies and market outlooks for various futures products based on current market conditions, including macro - economic factors, supply - demand fundamentals, and geopolitical events. It suggests that different futures markets will show different trends, such as sideways movement, strengthening, or weakening, and gives corresponding trading suggestions [1][5][7]. Summary by Directory Macro Finance - **Index Futures**: The current stock index futures market shows a pattern of "strong small - cap and stable large - cap". After the negotiation benefits come to an end, the technology sector related to IM has positive catalysts, and domestic stock indices are expected to move sideways [5]. - **Treasury Bonds**: With the continuous loosening of the capital market, rumors of continued inquiry and renewal of repurchase - style reverse repos, and the conclusion of Sino - US consultations, the market's buying power has further increased. The bond market is expected to strengthen sideways, and it is recommended to allocate on dips [5]. Black Building Materials - **Rebar**: The price of rebar futures fluctuated strongly on Wednesday. The fundamentals show that the apparent demand for rebar has declined, and the supply - demand is relatively balanced. In the later stage, there may be a slight accumulation of inventory. It is expected that the price will move weakly in a sideways trend, and it is recommended to observe or conduct short - term trading [7]. - **Iron Ore**: The iron ore market is supported by steel mill production and Sino - US negotiations. The supply and demand fundamentals have little impact, and it is more affected by macro - news. It is expected to move sideways, and it is recommended to observe [7]. - **Coking Coal and Coke**: The supply - demand pattern of coking coal and coke remains loose. The short - term market is expected to continue to move sideways. Attention should be paid to factors such as coal mine inventory reduction, coking enterprise profit repair, and steel terminal demand [8][10]. Non - ferrous Metals - **Copper**: Sino - US economic and trade consultations have not made a breakthrough, but the US information is optimistic. The market expects the US to impose tariffs on copper, and the LME copper inventory has decreased. The domestic copper market has low inventory and weak consumption. It is expected to move sideways at a high level, and it is recommended for cautious trading within a range [11]. - **Aluminum**: Guinea's mine - end disturbances have not yet affected the current supply of bauxite, but the impact cannot be ignored. The downstream demand for aluminum is weakening, and the inventory is decreasing. It is recommended to strengthen observation [13]. - **Nickel**: The macro - environment is complex. The nickel ore market is tight, but the downstream demand is weak. The refined nickel is in an oversupply situation. It is expected to move weakly in a sideways trend, and it is recommended for observation or shorting on rallies [14]. - **Tin**: The supply - demand gap of tin ore is gradually improving, but the US tariff policy suppresses downstream demand. It is expected to move sideways, and it is recommended for trading within a range [16]. - **Gold and Silver**: US economic data shows resilience, and the tariff policy causes market concerns. The central bank's gold - buying demand and risk - aversion sentiment support the prices of precious metals. It is expected that the prices will continue to move sideways, and it is recommended for cautious trading within a range [17]. Energy and Chemicals - **PVC**: In the long - term, PVC demand is weak due to the real - estate drag, and the supply pressure is large. The inventory is currently being reduced, and the macro - factors are dominant. It is expected to be weak in a sideways trend, and attention should be paid to the tariff negotiation progress and domestic stimulus policies [20]. - **Caustic Soda**: The supply is sufficient, and the demand is limited. The non - aluminum off - season reduces the purchasing willingness for high - priced caustic soda. It is expected to be weak in a sideways trend, and attention should be paid to factors such as alumina production and 6 - 8 month maintenance [22]. - **Styrene**: The short - term is affected by the strong oil price and is expected to continue to rebound, but the overall valuation is high, and the supply - demand is tending to be loose. It is recommended to short on rallies [25]. - **Rubber**: The terminal demand is weak, and the short - term fundamentals lack effective drivers. It is expected to move sideways, and attention should be paid to macro - news [26]. - **Urea**: The supply is high, and the demand is limited. The overall supply - demand pattern remains unchanged, and it is expected to be weak in a sideways trend. Attention should be paid to factors such as compound fertilizer start - up and urea device maintenance [29]. - **Methanol**: The supply is loose, the main downstream demand is okay, but there are maintenance plans for olefin devices, and the traditional downstream demand support is insufficient. It is expected to be weak in a sideways trend [31]. - **Polyolefins**: The supply pressure remains, the demand enters the traditional off - season, and the inventory has different trends. It is expected to move sideways in a weak trend, and attention should be paid to downstream demand and domestic policies [33]. - **Soda Ash**: The spot market is weak, the downstream market is not good, and the inventory is accumulating. It is recommended to short the 01 contract [34]. Cotton and Textile Industry Chain - **Cotton**: The global cotton supply - demand is still loose, but the recent improvement in Sino - US relations is expected to cause the cotton price to rebound in a sideways trend [35]. - **Apples**: The trading atmosphere in the apple market is average, and the market is affected by factors such as the off - season and the impact of other fruits. It is expected to move sideways [35]. - **PTA**: Affected by the decline in oil prices and the weakening of downstream polyester demand, the PTA price is under short - term pressure. It is expected to move sideways within a range [36]. Agriculture and Animal Husbandry - **Pigs**: The supply is strong, and the demand is weak. The short - term pig price is expected to be in a low - level sideways trend, and it is recommended to short on rallies [39]. - **Eggs**: The short - term demand is weak, and the supply is sufficient. The medium - term supply is expected to increase, and the long - term supply pressure may be relieved. Different strategies are recommended for different contracts [41]. - **Corn**: The short - term market supply - demand game intensifies, and the price has support. The medium - and long - term supply - demand tightens, but the price increase space is limited. It is recommended to operate within a range and pay attention to substitutes [43]. - **Soybean Meal**: The short - term is affected by US soybean weather, and the medium - and long - term is affected by cost and supply - demand. It is recommended to buy on dips [45]. - **Oils**: The overall fundamentals of oils are mixed. Different oils have different supply - demand situations. It is recommended to trade within a range and pay attention to the oil - meal ratio short - selling strategy [50].

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