Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report analyzes various futures markets, including bonds, stocks, precious metals, and commodities. It suggests that investors should remain cautious in the bond market, be optimistic about the long - term performance of Chinese equity assets, and consider long - positions in gold futures. For different commodities, it provides specific trading strategies based on their supply - demand fundamentals, cost factors, and market sentiment [6][8][11]. Summary by Related Catalogs Bonds - **Market Performance**: On the previous trading day, Treasury bond futures showed a mixed performance. The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures had different price changes. The central bank conducted 530.8 billion yuan of reverse repurchase operations on April 30, with a net injection of 422.8 billion yuan. In April, the manufacturing PMI declined, while the non - manufacturing and composite PMIs remained in the expansion zone [5]. - **Analysis and Strategy**: The external environment is favorable for Treasury bond futures, but the current yield is relatively low. The Chinese economy shows a stable recovery trend, and there is room for domestic demand policies. Tariffs may be adjusted repeatedly, so investors are advised to remain cautious, expecting increased volatility [6][7]. Stocks - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures had different price changes [8]. - **Analysis and Strategy**: Although tariffs disrupt the domestic economic recovery rhythm and global recession risks increase, domestic asset valuations are low, and there is policy - hedging space. The report is optimistic about the long - term performance of Chinese equity assets and suggests considering long - positions in stock index futures [8][9]. Precious Metals - **Market Performance**: On the previous trading day, gold and silver futures prices declined. In April, the US non - farm payrolls increased, and the unemployment rate remained stable. The US GDP in the first quarter declined [10]. - **Analysis and Strategy**: The complex global trade and financial environment, potential central bank policy easing, and tariff impacts are expected to drive up gold prices. The long - term bullish trend of precious metals continues, and investors are advised to buy gold futures on dips [10][11][12]. Steel and Related Products - **Rebar and Hot - Rolled Coil**: On the previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The real - estate downturn suppresses rebar demand, but the peak - season demand may provide short - term support. The valuation is low, and the price has support at the previous low. Investors can look for short - selling opportunities on rebounds and manage positions carefully [13]. - **Iron Ore**: On the previous trading day, iron ore futures oscillated. The increase in iron ore demand and the decrease in supply and inventory support the price. The valuation is relatively high among black - series products, and the price has support at the previous low. Investors can look for long - buying opportunities at low levels and set stop - losses [14][15]. - **Coking Coal and Coke**: On the previous trading day, coking coal and coke futures continued to decline. Coking coal supply is loose, and coke demand has improved slightly, but the possibility of price increases is low. The price may test the previous low again. Investors can look for short - selling opportunities on rebounds [17]. - **Ferroalloys**: On April 30, manganese - silicon and silicon - iron futures prices declined. Manganese - ore supply may be disrupted, and the supply of ferroalloys is still high while demand is weak. With the arrival of the peak season for steel demand, the supply - demand situation is improving. Investors can consider call options for manganese - silicon and exiting short - positions for silicon - iron [19][20]. Energy - **Crude Oil**: On the previous trading day, INE crude oil prices dropped significantly. The CFTC data shows changes in WTI crude oil and natural gas futures positions. The number of US oil and gas rigs decreased, and OPEC + agreed to increase oil supply in June. The report suggests waiting and seeing for crude oil futures [21][22][23]. - **Fuel Oil**: On the previous trading day, fuel oil prices followed crude oil and dropped significantly. The market structure of high - sulfur fuel oil has slightly improved. The possible relaxation of US sanctions on Russia and the expected signing of tariff agreements have different impacts on fuel oil prices. The report suggests short - selling fuel oil futures [23][24]. Rubber - **Synthetic Rubber**: On the previous trading day, synthetic rubber futures prices declined. Supply pressure persists, demand improvement is limited, and the cost has weakened. The short - term trend is expected to be weak [25][26]. - **Natural Rubber**: On the previous trading day, natural rubber futures prices showed mixed results. The expected increase in global supply and the impact of tariffs on demand are expected to keep the price in a weak oscillation [27][28]. Chemical Products - **PVC**: On the previous trading day, PVC futures prices declined. Supply pressure has eased marginally, demand is weakly recovering, and the price is expected to oscillate at the bottom [29][30]. - **Urea**: On the previous trading day, urea futures prices increased. The approaching summer fertilizer - preparation period may increase demand, but supply elasticity is high. The potential Indian tender and domestic export - policy adjustment may affect the price. Investors should pay attention to export changes [31][32]. - **PX**: On the previous trading day, PX futures prices declined. PX device maintenance has reduced the load, and downstream PTA demand has improved. The short - term crude - oil price is under pressure, and PX is expected to oscillate with the cost [33]. - **PTA**: On the previous trading day, PTA futures prices declined. The planned maintenance of PTA devices and the expected improvement in exports may provide some support, but the external crude - oil price is under pressure. The price is expected to oscillate [34]. - **Ethylene Glycol**: On the previous trading day, ethylene glycol futures prices declined. The restart of coal - based devices and high inventory limit the price rebound. The price is expected to oscillate at the bottom [35]. - **Short - Fiber**: On the previous trading day, short - fiber futures prices declined. The supply load is high, downstream demand is weak, and the price is expected to follow the cost and oscillate [36]. - **Bottle Chips**: On the previous trading day, bottle - chip futures prices increased. The raw - material price is under pressure, and the supply - demand fundamentals lack drivers. The price is expected to follow the cost and oscillate [37]. - **Soda Ash**: On the previous trading day, soda - ash futures prices declined. Device maintenance in May may cause short - term price adjustments, but the supply is still high, and the market is weak in the short term [38][39]. - **Glass**: On the previous trading day, glass futures prices declined. The production line is at a low level, inventory changes little, and demand is weak. The post - holiday market sentiment is expected to be weak [40]. - **Caustic Soda**: On the previous trading day, caustic - soda futures prices increased. The demand from the alumina and non - alumina industries is limited, but device maintenance in May may provide some drivers [41][42]. - **Paper Pulp**: On the previous trading day, paper - pulp futures prices declined. Inventory is accumulating, supply is increasing, and market trading is light. The price reflects a pessimistic outlook [43]. - **Lithium Carbonate**: On the previous trading day, lithium - carbonate futures prices declined. The supply is high, demand is weakening, and the price is expected to be weak [44][45]. Non - Ferrous Metals - **Copper**: On the previous trading day, Shanghai copper futures prices dropped significantly. Although the ICSG expects a copper supply surplus, the demand may recover after the tariff friction eases. The report suggests long - buying Shanghai copper futures [46][47]. - **Tin**: On the previous trading day, LME tin prices increased. The复产 of major mines may ease the supply shortage, but the impact of Sino - US trade on the downstream electronics market remains. The price is expected to be under pressure and oscillate weakly [48]. - **Nickel**: On the previous trading day, LME nickel prices increased. The supply of nickel ore is tightened, and the cost provides support, but the downstream acceptance of high prices is low. The demand may weaken in the off - season, and the market is expected to remain in a supply - surplus situation. Investors are advised to wait and see [49]. - **Industrial Silicon/Polysilicon**: On the previous trading day, industrial - silicon and polysilicon futures prices declined. The supply - demand imbalance persists, and the market is pessimistic about the future demand. The prices are expected to be weak [50][51]. Agricultural Products - **Soybean Oil and Soybean Meal**: On April 30, soybean - meal futures prices declined, and soybean - oil futures prices increased. The smooth progress of US soybean planting and the Brazilian soybean harvest increase supply. The demand for soybean oil and soybean meal is expected to increase slightly. The report suggests waiting and seeing for soybean - meal futures and considering call options for soybean - oil futures at the bottom [52][53]. - **Palm Oil**: Malaysian palm - oil prices declined. The inventory may increase, and the domestic import volume has changed. The report suggests considering the opportunity to expand the spread between soybean oil and palm oil [54][55][56]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed prices declined. China has imposed tariffs on Canadian rapeseed products. The inventory of rapeseed, rapeseed meal, and rapeseed oil has changed. The report suggests considering long - buying rapeseed meal after a pullback [57][58]. - **Cotton**: During the holiday, the external cotton price increased. The planting progress in the US and China has been reported. The high - level tariffs between China and the US affect demand, and the domestic downstream demand is weak. The report suggests waiting and seeing [59][60][61]. - **Sugar**: During the holiday, the external raw - sugar price fluctuated slightly. Brazil is entering the production - acceleration period, and the Indian sugar production is lower than expected. The domestic sugar inventory is neutral, and the import volume is low. The report suggests waiting and seeing [62][63][64]. - **Apples**: On the previous trading day, domestic apple futures prices oscillated. The inventory is low, and the consumption is good. The new - year production is expected to increase. The report suggests waiting and seeing [66][67][68]. - **Pigs**: During the holiday, the pig price increased first and then stabilized. The supply is expected to increase after the holiday, and the demand may weaken. The price is expected to oscillate weakly first and then strengthen. The report suggests waiting and seeing [69][70][71]. - **Eggs**: During the holiday, the egg price increased slightly. The supply is expected to increase in May, and the price may decline after the Dragon Boat Festival. The report suggests holding reverse spreads [72]. - **Corn and Starch**: On April 30, corn and corn - starch futures prices increased. The US corn planting is progressing smoothly, and the Brazilian corn production is expected to increase. The domestic corn supply is under pressure in the short term, and the demand is slightly increasing. Corn - starch production and demand are weak, and the inventory is high. The report suggests waiting and seeing [73][74]. - **Logs**: On the previous trading day, log futures prices declined. The supply is affected by holidays and weather, and the demand from the real - estate sector is weak. The market has no obvious drivers, and the price is expected to be weak [75][76][77].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Cotton is expected to move in a sideways manner. After the holiday, the domestic cotton price is likely to react much weaker than the foreign cotton. It is advisable to stay cautious and adopt a hedging strategy when there is a rebound [1]. - PTA is expected to have a short - term rebound, but due to the decline in international oil prices during the May Day holiday, the PTA price may slide [2]. - Ethylene glycol is expected to move in a sideways consolidation. However, due to the influence of the macro - environment, the price is expected to face downward pressure [2][3]. - Short - fiber is expected to move weakly in a sideways manner. After the holiday, the price is likely to decline [4]. - Sugar is expected to trade in a high - level sideways range. After the holiday, the sugar price will keep trading in a high - level sideways range [5]. - For apples, it is recommended to wait and see for now. After the holiday, the apple price may fall from a high level [5]. Summary According to Relevant Catalogs Macro Key Information - In April, the manufacturing PMI was 49.0%, a decrease of 1.5 percentage points from the previous month. The non - manufacturing PMI and the composite PMI were 50.4% and 50.2% respectively, remaining in the expansion range. The US economy shrank in the first quarter, with GDP declining by 0.3% annually [8][9]. Fundamental Information Tracking of Each Variety Cotton - On April 30, the CC Index price was 14,183 yuan/ton, down 49 yuan/ton from the previous trading day. The CY Index C32S price was 20,410 yuan/ton, down 80 yuan/ton. As of April 30, 2025, the total cotton warehouse receipts were 12,355 (- 41) sheets [8][9]. - As of April 28, 2025, the overall cotton sowing progress in Xinjiang was about 99.7%, and the emergence rate was 61.7% [9]. - As of April 29, the non - commercial futures plus options net long positions in the ICE cotton futures market increased by 13,260 sheets compared with the previous week [9]. PTA - As of April 28, the PTA spot price was 4,570 yuan/ton. The domestic PTA weekly average capacity utilization rate reached 80.04%, a significant increase [14]. Ethylene Glycol - The total capacity utilization rate of Chinese ethylene glycol was 61.93%, with the integrated device capacity utilization rate at 67.01% and the coal - based ethylene glycol capacity utilization rate at 53.17%. The weekly output was 54.97 million tons, a slight increase [10][14]. Short - fiber - As of the 24th, the domestic short - fiber weekly output was 16.14 million tons, with the capacity utilization rate average at 85.36%. The average polymerization cost was 5,112.14 yuan/ton, and the industry cash flow was - 30.14 yuan/ton [11][14]. Sugar - In the first four weeks of April, Brazil exported 128.19 million tons of sugar and molasses, a year - on - year decrease of 26.33%. It is expected that India's sugar export volume may be only 60 - 70 million tons in the 2024/25 crushing season [12][14]. Apple - As of April 24, 2025, the inventory of apple cold storages in the main producing areas was 309.98 million tons, a decrease of 44.58 million tons from the previous week. The prices of apples in Shandong and Shaanxi producing areas are provided [13][15]. Important Data Tracking of Each Variety The report provides various data trend charts for each variety, including cotton price, PTA futures price, ethylene glycol capacity utilization rate, etc. [21][26][30]

Core Viewpoint - Trump's aggressive tariff policies are aimed at curbing China's economic rise, with tariffs on Chinese goods reaching as high as 50%, which could significantly impact global trade dynamics and the economies of allied nations [3][5][11]. Group 1: Tariff Policies and Economic Impact - Trump's tariffs are described as a "nuclear weapon" against China, with the potential to cause inflation in the U.S. and disrupt global supply chains, affecting major companies like Apple and Nike [5][11]. - The trade war is expected to lead to increased costs for American consumers, with warnings from analysts about the potential for a significant rise in inflation [5][13]. - The ongoing tariff battle is likely to have a detrimental effect on the global economy, with the International Monetary Fund lowering growth forecasts and predicting a possible recession by 2026 if the trade war escalates [13][19]. Group 2: Reactions from Allies and Global Trade - European allies, while frustrated with U.S. unilateralism, are compelled to comply with Trump's demands to impose tariffs on Chinese goods, despite the negative impact on their own economies [7][9]. - Countries in Southeast Asia and Latin America, which have benefited from U.S.-China trade, are now facing challenges as the trade war escalates, leading to increased costs and disrupted markets [9][11]. - China's response includes a focus on domestic demand and investment in key sectors like renewable energy and semiconductors, indicating a strategic shift to mitigate the impact of U.S. tariffs [11][17]. Group 3: Long-term Implications - The trade war is characterized as a long-term struggle for economic dominance, with both the U.S. and China unwilling to back down, potentially leading to significant global economic consequences [15][17]. - The conflict is expected to create a challenging environment for global consumers, with rising prices and potential job losses in the U.S. as a result of the tariffs [15][19]. - The outcome of this trade war remains uncertain, with both nations facing risks, and the ultimate impact likely to be felt globally rather than just between the U.S. and China [17][19].

Group 1 - Goldman Sachs reports that the increasing demand for gold from global central banks has structurally raised the gold-silver ratio, predicting that gold prices will continue to outperform silver prices [1][3] - The current gold-silver ratio is approximately 102, up from 84.7 a year ago, indicating a significant shift in market dynamics [1] - Gold prices have surged over 28% this year, reaching a historical high of $3,500.05 per ounce in April, driven by geopolitical uncertainties and strong demand for safe-haven assets [3][4] Group 2 - Goldman Sachs maintains a bullish long-term outlook for gold, forecasting that gold prices could reach $3,700 per ounce by the end of the year and potentially $4,000 per ounce by mid-2026 [4][5] - In the event of a substantial global economic recession, inflows into gold-related ETFs could push prices to around $3,880 per ounce by year-end, with extreme scenarios suggesting prices could rise to $4,500 per ounce by 2025 [5] - The investment community is closely monitoring the Federal Reserve's monetary policy, as concerns over its independence have impacted market confidence in the dollar [5][6] Group 3 - Wall Street institutions are increasingly turning to gold as a defensive asset, with HSBC downgrading U.S. equities and emphasizing the need for investors to increase gold holdings amid inflationary risks [7] - Recent data shows that major global gold ETFs have attracted over $12 billion in inflows over the past two months, marking the largest scale since 2020 [8] - Predictions from investment strategists suggest that gold prices could reach $5,000 within the next 18-24 months, reflecting a strong bullish sentiment in the market [8]

住友商事CEO：我们正面临前所未有的全球经济衰退风险。 ...

Group 1: Gold Market Analysis - The current price of spot gold is around $3306, showing a consolidation trend after profit-taking due to easing trade tensions following U.S. President Trump's tariff policy changes [1][2]. - Short-term outlook suggests gold prices may remain within the range of $3260 to $3380, with potential for a breakout above $3500 if the Federal Reserve signals stronger rate cuts or if trade tensions escalate again [1][2]. - Key support levels for gold are identified at $3260 and $3268, with a bullish outlook maintained as long as these levels hold [4]. Group 2: Oil Market Analysis - Brent crude oil prices have dipped to $63.16, reflecting market concerns over potential global economic recession due to unpredictable tariff strategies from the U.S. [5][6]. - The oil market is facing downward pressure from rising inventories and potential OPEC+ production increases, with a bearish sentiment prevailing unless trade tensions ease or demand shows signs of recovery [5][6]. - Short-term trading strategy for oil suggests focusing on selling on rebounds, with resistance levels at $60.0 to $61.0 and support levels at $57.0 to $56.0 [6].

Group 1 - The geopolitical situation is overall easing, and global oil demand is declining, while OPEC+ maintains its stance on increasing production, leading to a higher probability of a price reduction in the next round of refined oil price adjustments [1][4] - Domestic refined oil prices have undergone nine rounds of adjustments, showing a pattern of "three increases, four decreases, and two stasis," resulting in a year-to-date decrease of 425 yuan/ton for gasoline and 410 yuan/ton for diesel compared to the end of 2024 [2] - The recent price adjustment coincides with the "May Day" holiday, allowing private car owners to travel at lower fuel costs [2] Group 2 - During the current pricing cycle, the international oil price change rate has been narrowing, with the average price of reference crude oil at 64.82 yuan/barrel and a change rate of 0.65% as of April 30 [4] - Despite some upward pressure on international oil prices due to U.S. sanctions on Iranian liquefied petroleum gas and a larger-than-expected decline in U.S. crude oil inventories, uncertainties in U.S. tariff policies are overshadowing global economic growth and fuel demand prospects [4] - The next price adjustment window will open on May 19, with expectations of a price reduction due to the overall easing of geopolitical tensions and OPEC+'s stance on increasing production [4]

智通财经记者 | 田鹤琪 国内成品油价迎年内第二次搁浅。 4月30，国家发改委发布消息称，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，本次国内汽、柴油 价格（标准品）不作调整。相关价格联动及补贴政策按现行规定执行。价格执行时间自今日24时起。 本轮是2025年第九次调价，也是年内的第二次搁浅。本次调价过后，2025年成品油调价将呈现"三涨四跌两搁浅"的格 局。 据卓创资讯测算，4月29日收盘，国内第10个工作日参考原油变化率0.66%，预计汽柴油上调30元/吨，因本周期内原油 变化率对应的汽柴油零售限价调整幅度不足50元/吨，不满足50元/吨的调价必要条件。 本计价周期以来，国际原油价格走势震荡下行，国内测算的原油变化率正值区间不断回落。 图片来源：隆众资 讯 下一轮成品油价存在下调概率。 隆众资讯表示，展望后市，全球经济面临衰退风险，市场对需求前景仍不乐观，且美国与伊朗谈判进展顺利、俄乌和谈 也出现转机，地缘局势整体趋于缓和。此外，欧佩克+维持增产立场，也打压业者心态。整体来看，预计下一轮成品油 调价下调的概率较大。 卓创资讯成品油分析师高青翠分析认为，未来美联储大概率维持高利率，且美国贸易政 ...

数据显示，4月29日上海0#锌锭现货价格报价22970.00元/吨，相较于期货主力价格（22550.00元/吨）升 水420.00元/吨。 （4月29日）今日全国锌价格一览表 期货市场上看，4月29日收盘，沪锌期货主力合约报22550.00元/吨，涨幅0.16%，最高触及22610.00元/ 吨，最低下探22465.00元/吨，日内成交量达103421手。 分析观点： 广州期货研报：美方对中方的对等关税征收态度发生松动，表示将降低关税或实行关税分级政策，中方 对待美方滥收关税行为表示坚决抵制，中美市场近期公布经济数据表现超预期，交投市场对全球经济衰 退担忧减弱，市场交易情绪回暖。秘鲁ANTA锌矿遭遇事故影响生产，海内外TC价格保持，矿端远期有 较大增量预期，但从部分地区报的TC水平上看，矿端暂未进入供应宽松周期，国内精炼锌供应相对紧 张，3月冶炼开工环比小幅走增但同比数据为负，现货某高端牌号缺货，整体市场报出较高升水，周度 社库出现小幅累増，下游需求上看，镀锌开工较好，氧化锌、锌合金开工情况平平。锌价供应未有明显 超预期增量，需求旺季缓慢修复，在远期供应过剩的压力之下，短期价格反弹但上方空间有限， | 规格 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report analyzes various commodities including bonds, stocks, precious metals, and industrial and agricultural products, providing market trends, influencing factors, and investment strategies for each [5][8][10]. - Overall, the market is affected by factors such as tariffs, economic policies, and supply - demand relationships, with different commodities showing different trends and investment opportunities [6][8][22]. Summary by Commodity Bonds - Last trading day, most bond futures closed higher. The central bank conducted 159.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 91 billion yuan. The government plans to implement more active fiscal and monetary policies [5]. - Although external environment is favorable for bond futures, current bond yields are relatively low. China's economy shows a stable recovery trend, so it is recommended to be cautious [6]. - It is expected that the fluctuation range will increase, and caution should be maintained [7]. Stocks - Last trading day, stock index futures showed mixed performance. Although tariffs disrupt the domestic economic recovery rhythm and global recession risk increases, domestic asset valuations are low and policies have hedging space [8]. - It is still optimistic about the long - term performance of Chinese equity assets and suggests waiting for long - entry opportunities [9]. Precious Metals - Last trading day, gold and silver futures prices declined. The US consumer confidence index and inflation expectations have certain impacts [10]. - The complex global trade and financial environment, potential monetary policy easing, and tariff environment are expected to drive up the price of gold. It is still optimistic about the long - term value of gold, and it is recommended to take profit on previous long positions and wait for new long - entry opportunities [10][11]. Industrial Metals - **Steel Products (including rebar, hot - rolled coil)**: Last trading day, prices slightly declined. The real - estate industry's downturn suppresses demand, but the peak demand season may provide short - term support. Valuations are low, and there are signs of technical support. It is recommended to look for short - selling opportunities on rebounds [12]. - **Iron Ore**: Last trading day, prices slightly adjusted. The increase in iron ore demand and the decrease in supply and inventory support prices. Valuations are relatively high. It is recommended to look for long - entry opportunities at low levels [14]. - **Coking Coal and Coke**: Last trading day, prices slightly declined. Coking coal supply is loose, while coke demand has improved to some extent. There are signs of a technical bottom. It is recommended to look for short - selling opportunities on rebounds [16]. - **Ferroalloys**: Last trading day, prices declined. Manganese ore supply may be disrupted, and the supply - demand situation of ferroalloys is gradually improving. It is recommended to consider call options on manganese silicon and short - covering opportunities on silicon iron [18][19]. - **Copper**: Last trading day, prices rose. The cooling of tariff disputes and the possibility of a Fed rate cut in June support prices. It is expected that prices will be strong, and long - entry operations are recommended [48][49]. - **Tin**: Last trading day, prices declined. Affected by tariffs, price fluctuations have intensified. The supply side has both positive and negative factors, and demand is good. It is expected that prices will fluctuate, and risk control is needed [50][51]. - **Nickel**: Last trading day, prices declined. Affected by tariffs, the market sentiment is pessimistic. The supply side has cost support, but demand may weaken in the off - season. It is recommended to control risks and wait and see [52]. - **Industrial Silicon/Polysilicon**: Last trading day, prices declined. The supply - demand imbalance persists, and costs are expected to decrease. It is recommended to short - sell at high levels on rebounds [53][55]. Energy and Chemicals - **Crude Oil**: Last trading day, prices fluctuated upward. The increase in net long positions of speculators and the increase in the number of oil and gas rigs are noteworthy. The Sino - US negotiation and OPEC's production policy are uncertain. It is recommended to wait and see [20][23]. - **Fuel Oil**: Last trading day, prices followed crude oil and fluctuated higher. The high - sulfur fuel oil market may enter the peak demand season, and the low - sulfur fuel oil market is stable. Due to the sanctions on Russia, the supply of high - sulfur fuel oil is expected to be tight. It is recommended to wait and see [24][25]. - **Synthetic Rubber**: Last trading day, prices rose. Supply pressure persists, demand improvement is limited, and costs are stable. It is expected that prices will fluctuate [26][28]. - **Natural Rubber**: Last trading day, prices showed mixed performance. The supply is expected to increase, and demand is affected by tariffs. It is expected that prices will be weakly volatile [29][30]. - **PVC**: Last trading day, prices declined. Supply pressure eases, demand recovers weakly, and inventory removal is slow. It is expected that prices will fluctuate at the bottom [31][33]. - **Urea**: Last trading day, prices declined. Agricultural demand will weaken seasonally, and new production capacity will be released. It is expected that prices will be weakly volatile in the short term [34][35]. - **PX**: Last trading day, prices rose. PX device maintenance reduces supply, and downstream demand improves. Affected by crude oil prices, it is expected that prices will fluctuate with the cost side [36][37]. - **PTA**: Last trading day, prices rose. Supply increases, demand improvement is less than expected, and costs provide support. It is expected that prices will fluctuate with the cost side [38]. - **Ethylene Glycol**: Last trading day, prices declined. Supply increases, inventory removal is difficult, and demand is affected by tariffs. It is expected that prices will fluctuate at the bottom [39][40]. - **Short - Fiber**: Last trading day, prices rose. Supply is at a relatively high level, demand is weak, and costs provide limited support. It is expected that prices will fluctuate with the cost side [41]. - **Bottle Chips**: Last trading day, prices rose. Raw material prices recover, supply increases slightly, and demand improves. It is expected that prices will fluctuate with the cost side [42]. - **Soda Ash**: Last trading day, prices declined. Supply remains high, demand is weak, and inventory removal is slow. It is expected that the market will remain weak in the short term [43]. - **Glass**: Last trading day, prices declined. Production lines are at a low level, inventory changes little, and demand is affected by tariffs. It is expected that the market sentiment will be weak [44]. - **Caustic Soda**: Last trading day, prices declined. Some large - scale devices are under maintenance, demand from the alumina industry is limited, and the market turns weak again [45]. - **Pulp**: Last trading day, prices declined slightly. Inventory accumulates, downstream start - up rates vary, and the market is weak and volatile [46]. Agricultural Products - **Soybean Oil and Soybean Meal**: Last trading day, soybean meal prices declined, and soybean oil prices rose. Argentine weather is favorable for soybean harvesting, and domestic soybean supply is expected to be loose. It is recommended to wait and see for soybean meal and consider call options on soybean oil at the bottom [56][57]. - **Palm Oil**: Malaysian palm oil prices rose. Domestic imports increase, and inventory accumulates. It is recommended to wait and see [58][60]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed prices rose. China has imposed tariffs on Canadian rapeseed products. Inventory shows different trends. It is recommended to consider the opportunity to expand the spread between soybean and rapeseed products [61][62]. - **Cotton**: Last trading day, prices fluctuated. The spring sowing of Xinjiang cotton is almost completed, and weather is a key factor. Textile exports are affected by tariffs. It is recommended to short - sell at high levels on rebounds in the long - term [63][68]. - **Sugar**: Last trading day, domestic sugar prices rose slightly, and international sugar prices rose significantly. Indian sugar production is lower than expected, and domestic supply pressure is not large. It is recommended to wait and see [70][72]. - **Apple**: Last trading day, prices rose significantly. Inventory is low, consumption is good, and spot prices are strong. It is recommended to go long at low levels after corrections [74][75]. - **Pig**: Last trading day, prices declined. Supply increases, consumption is in the off - season, and prices are expected to decline in the short term. It is recommended to take profit on previous short positions [76][78]. - **Egg**: Last trading day, prices were stable. Egg supply is expected to increase, and consumption is in the off - season. It is recommended to pay attention to reverse spread opportunities [79][80]. - **Corn and Corn Starch**: Last trading day, prices rose. Corn supply is still under pressure in the short term, but the bottom is supported. Corn starch follows the corn market. It is recommended to wait and see [81][83]. - **Log**: Last trading day, prices rose. Log prices decline, inventory is relatively neutral, and the real - estate market is in the destocking cycle. The spot market provides weak support for the futures market [84][85].