Production Sector - The coke oven operating rate is at 73.40%, down 0.54% from the previous week[7] - The blast furnace operating rate increased to 83.84%, up 0.45% from the previous week[7] - The PTA operating rate decreased to 78.61%, down 4.39% from the previous week[7] Consumption Sector - Weekly box office revenue is 28,100,000 CNY, a decrease of 9,000,000 CNY from the previous week[7] - Average daily retail sales of passenger cars are 60,333.45 units, down 593.05 units from the previous week[7] - Average daily wholesale sales of passenger cars are 75,186.70 units, down 371.50 units from the previous week[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities is 205.32 million square meters, an increase of 28.45% from the previous week[7] - The land transaction premium rate in 100 major cities is 7.09%, up 5.64% from the previous week[7] - The area of land sold in 100 major cities is 828.87 million square meters, down 428.98 million square meters from the previous week[7] Trade and Inflation - The Shanghai export container freight index is 1,869.59, down 218.65 from the previous week[8] - The average wholesale price of pork is 20.33 CNY/kg, up 0.07 CNY from the previous week[8] - The consumer price index (CPI) shows overall weak food prices, while the producer price index (PPI) indicates a rebound in domestic and international commodity prices[40][42] Transportation - The subway passenger volume in Beijing is 1,023.73 million, an increase of 58.08% from the previous week[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) is 12,848.43, up 432.71 from the previous week[8]

Summary of Conference Call Records Industry Overview - The focus is on the bond market and macroeconomic conditions in China, particularly regarding interest rates and fiscal policies [1][2][3]. Key Points and Arguments 1. **Interest Rate Outlook**: The bond market is expected to experience a wide range of fluctuations in the second half of the year, with the 10-year government bond yield projected to range between 1.5% and 1.8% [2][3][11]. 2. **Monetary Policy**: There is an expectation that monetary policy will not undergo significant easing, with limited room for interest rate cuts and a potential 50 basis points for reserve requirement ratio adjustments [3][7]. 3. **Fiscal Stimulus**: A new policy financial tool with a total scale of 500 billion is anticipated, with 100 billion allocated for private investment, which is expected to have a significant multiplier effect on GDP [5][6]. 4. **GDP Growth Target**: The GDP growth target for the year is around 5%, with expectations that investment will precede consumption in driving this growth [6][5]. 5. **Impact of External Tariffs**: The negative impact of external tariffs on exports is expected to be less severe than previously anticipated, with a gradual improvement in data post-June [4][5]. 6. **Debt Supply**: The total supply of bonds is projected to be around 6.88 trillion, with a monthly net financing of approximately 1.15 trillion, which is stable compared to previous years [8][9]. 7. **Institutional Behavior**: Institutional behaviors are expected to influence the bond market significantly, with banks and insurance companies adjusting their strategies based on market conditions [10][12][17]. 8. **Credit Market Performance**: The credit market is expected to outperform interest rate products, with strategies suggested for public institutions to adopt diagonal strategies for credit yield [30][31]. Other Important but Possibly Overlooked Content - **Consumer Spending**: The government has approved 300 billion for consumer spending, with 160 billion already in progress, indicating a proactive approach to stimulate consumption [6]. - **Long-term Rate Predictions**: Long-term interest rates are expected to gradually decline, potentially reaching below 1.5% by the end of 2025 or 2026, although significant downward movement is limited [29]. - **Market Sensitivity**: There is an increasing sensitivity of the macroeconomic environment to changes in the debt financial cycle, which may affect future predictions and risk assessments [32]. This summary encapsulates the essential insights from the conference call, focusing on the bond market, monetary policy, fiscal measures, and broader economic implications.

Report Title - Copper Weekly Report 20250622: Macro and fundamental factors are intertwined, and copper will remain volatile in the short term [1] Report Industry Investment Rating - Not provided Core View - Macro and fundamental factors are intertwined, and copper will remain volatile in the short term [1] Summary by Directory Price Data - Warehouse receipts are flowing out, and the premium of copper spot is under pressure [10] - This week, the LME copper 0 - 3M premium continued to strengthen week - on - week [11] Fundamental Data - This week, the average price of the copper concentrate TC index decreased by $0.03/ton week - on - week to - $44.78/ton, still negative [15] - According to SMM, the inventory of copper concentrates at nine ports decreased by 100,700 tons week - on - week to 712,100 tons [17] - The week - on - week change of the refined - scrap copper price difference was limited [20] - The domestic electrolytic copper production in June is expected to decrease month - on - month but increase year - on - year [22] - Copper imports still remain in an inverted state [24] - This week, the spot inventory of electrolytic copper and the bonded area inventory increased [25] - The LME copper inventory decreased again, while the COMEX copper inventory continued to accumulate [27] - This week, the operating rate of refined copper rods increased week - on - week but fell short of expectations. Terminal demand was weak, and the finished product inventory of refined copper rods increased [30] - From June 1st to 15th, the retail sales of new energy vehicles in the national passenger car market increased by 38% year - on - year [33] - Domestic photovoltaic module production continued to decline in June [34] - The "trade - in" national subsidy will continue, and 138 billion yuan of central funds will be allocated in the third and fourth quarters [36] Macroeconomic Data - China's social financing in May increased by 2.29 trillion yuan, and the gap between M2 and M1 narrowed [40] - The US CPI in May increased by 2.4% year - on - year, and the core CPI increased by 0.1% month - on - month, falling below expectations for the fourth consecutive month [42] - The Federal Reserve kept interest rates unchanged, expecting two interest rate cuts this year and hinting at an increased risk of stagflation [43]

"大浪淘沙"，在不确定中找寻确定性 2025 年 06 月 22 日 执业证号：S0100524060005 执业证号：S0100525030001 执业证号：S0100524080007 邮箱：taochuan@mszq.com 邮箱：linyan@mszq.com 邮箱：shaoxiang@mszq.com ➢ 我们一直认为：作为一个慢变量，宏观应该是经济和金融市场中相对容易预 测的部分。但在经历了近期的市场波动后，外界也许更加理解我们为什么会说： 今年预测不到的事，远比我们自认为能预测的事要多。当"百年未有之大变局" 下遇到了历史上数一数二"善变"的美国总统，全球宏观研究员和外贸企业突然 成为了同一拨"被害者"。唯一能庆幸的是相比后者，至少我们不用安排自己的产 品"海面两万里"（抢转口或是出口）。 2025 年三季度宏观经济与大类资产展望 1.2025 年 5 月财政数据点评：5 月财政：找 寻"抗风险"的答案-2025/06/21 2.经济动态跟踪："国补"继续下的消费后劲- 2025/06/19 3.美联储政策观察：6 月议息：谁能"逼"出 联储的降息？-2025/06/18 4.重新讨论变局下的资 ...

Group 1 - The bond market in 2025 is expected to show increased volatility, leading to a general strengthening of bond fund net values, with over 90% of bond funds experiencing growth [1] - As of June 20, 2025, 6,575 bond funds have reported net value increases, with 6 funds achieving over 10% growth, highlighting significant investment opportunities in the bond market [1] - The top-performing fund, Huashang Fengli Enhanced Open A, recorded a net value increase of 13.75%, while other funds in the top ten also showed substantial growth, primarily in mixed bond and convertible bond categories [1] Group 2 - The macroeconomic environment in China remains positive, with expectations for continued economic growth throughout the year, supported by favorable policies in the real estate and stock markets [2] - Since June, bond fund performance has remained strong, with 141 products showing net value growth of over 1%, indicating robust market conditions [2] - The convertible bond market is currently in a relatively stable valuation range, with potential for breakthroughs if the technology sector performs well [2] Group 3 - The collaboration of domestic economic policies and increased counter-cyclical adjustments is anticipated to promote stable economic growth throughout the year [3] - The overall macro liquidity environment in 2025 is expected to enhance market risk appetite, with investment opportunities in domestic demand, technology, and dividend stocks [3] Group 4 - The bond market is expected to experience a trend-driven performance in the third quarter of 2025, indicating potential for significant market movements [4]

宏观经济分析报告 | | 政策动向等待数据确认 | | --- | --- | | | -宏观经济周报 | | 分析师:周喜 | SAC NO: S1150511010017 2025年6月20日 | | 证券分析师 . | 就外围环境而言,美国方面,尽管与 GDP 联系更为密切的"控制组"零售销 | | 周喜 | 售 5 月环比增速较此前有所改善,但在前期抢购热潮消退下,整体零售销 | | 022-28451972 | | | zhouxi@bhzq.com | 售环比增速还是现近 1 年以来最大降幅,特别是汽车销售成为主要拖累。 | | | 另外,代表服务业的餐厅和酒吧销售额环比增速也出现大幅下降。中美临时 | | 宋亦威 | 关税协议有助于短期消费者情绪缓和,但更实质的劳动力市场走弱风险仍 | | SAC NO: S1150514080001 | 会给消费带来压力。同样,5月工业产出也释放出经济放缓的信号,剔除波 | | 022-23861608 | | | songyw@bhzq.com | 动较大的汽车制造业外的其他制造业产出环比增速连续两月下滑,尚在讨 | 研 究 报 F 周 报 有色金属价格涨跌 ...

1. Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings. 2. Core Views of the Report Crude Oil - Overnight crude oil prices showed a strong - side oscillation, mainly driven by geopolitical uncertainties such as the ongoing conflict between Israel and Iran and the uncertainty of Trump's policies. Some in the market believe that the current oil price has factored in a risk premium of about $10, and potential supply disruptions may push the oil price to break through further. - From a macro and fundamental perspective, the Fed kept interest rates unchanged but anticipates two rate cuts this year, potentially stimulating the economy and boosting crude oil demand. Also, the largest decline in US crude oil inventories in a year last week supported the strong - side oscillation of oil prices. - In the short - term, the high - level oscillation trend is likely to continue, but market risks have increased. It is recommended to take a wait - and - see approach on the long side. Resistance levels are $75 - 76 for WTI, $78 - 79 for Brent, and 580 - 590 yuan for SC [51]. Methanol - Amid geopolitical conflicts, there is a strong sentiment for long - side allocation in the market. For ports, the import forecast has been revised down. If Iranian supply is interrupted, it may lead to the shutdown of supporting MTO plants or profit squeezing, potentially reducing production and alleviating the supply - demand contradiction at ports. It is necessary to monitor the situation in Iran and MTO dynamics. - In the inland area, prices have slightly weakened, with the increase driven by the futures market. On the supply side, plant restarts have led to an increase in production, while demand is in the off - season, limiting the room for valuation expansion. A short - term positive spread strategy is recommended [54]. Caustic Soda and PVC - For caustic soda, recent开工 has declined, and the capacity utilization rate in Shandong has dropped to 83%. Although some production may resume as costs decline, the driving force for caustic soda is limited. The main alumina plants in Shandong have continuously lowered their purchase prices, weakening the drive for the spot market. Non - aluminum demand is weak, and inventory is not an effective driving factor. The current caustic soda spot price is falling, and it is recommended to wait and see [57][58]. - For PVC, the short - term contradiction has not intensified further, and the price has strengthened due to the sharp increase in energy prices under geopolitical conflicts and the macro - sentiment. However, in the long - term, the supply - demand contradiction is prominent as the domestic real - estate sector is in a downward trend, dragging down terminal demand. With fewer maintenance plans in June and new plant startups in June - July, supply pressure is expected to increase. It is recommended to wait and see in the short - term and maintain a mid - term short - selling strategy [58]. Styrene - Market fluctuations mainly follow changes in crude oil and styrene futures. With downstream public tenders and low styrene inventory in commercial tanks, and the strong - side movement of oil prices, pure benzene's price only slightly followed due to its own supply - demand structure. Styrene port inventory has been declining, and spot supply is limited. Geopolitical factors have driven up crude oil prices, strengthening the near - term basis. Although integrated styrene plants have restarted, most of the supply is for contract fulfillment, resulting in limited market - flowing goods. - It is necessary to pay attention to the possible weakening of styrene's supply - demand balance due to high profits. Styrene's valuation is likely to be restored through price declines considering pure benzene's inventory and import pressure. It is recommended to wait and see in the short - term and look for short - side opportunities from the resonance of raw material prices in the medium - term [65]. Polyolefins (LLDPE and PP) - The sharp increase in oil prices has suppressed costs. Propylene and methanol have strengthened, while coal prices have shown a weak oscillation, compressing profits to a record low. Under the situation of weak supply and demand, inventory is differentiated (PP inventory accumulates, while PE inventory decreases). - Dynamically, there are many short - term PP maintenance plans, but new production capacity has been put into operation smoothly, leading to an increase in output. PE's start - up rate has increased, and more maintenance in mid - to late June may alleviate inventory accumulation. Demand is affected by the off - season and US tariffs, and the end of national subsidies at the beginning of the month has affected the demand for PP small household appliances. For PE, a positive spread strategy is recommended, and for PP, a mid - term short - side strategy can be considered, while paying attention to the start - up situation of marginal production capacity (MTO, PDH) [68]. Urea - The core drivers are the concentration of exports and the sentiment boost caused by international geopolitical events, which are demand - side dominated. The Israel - Iran conflict has pushed up international prices, and the expected increase in exports has stimulated domestic buying sentiment, driving both futures and spot prices to rebound. - Secondary drivers include the high daily production on the supply side with potential support from local maintenance and the short - term positive impact of inventory reduction. Although industrial demand is weak and the agricultural sector is cautious, it has not reversed the upward trend. A cautiously bullish approach can be maintained in the short - term, and long positions can be established at low levels based on the export and inventory reduction logic. However, strict risk control is required as the basis has narrowed after the rapid price increase, and the futures market has shown over - buying signals [76]. Polyester Industry Chain - **PX**: Middle - East geopolitical news has continued to affect oil prices, and the significant reduction of 1.1 billion barrels in EIA crude oil inventories has supported oil prices, which are expected to remain strong in the short - term. Although PX supply has increased recently and downstream factories have signaled production cuts, the market is worried about raw material supply due to the escalation of Middle - East geopolitics, and the short - term supply - demand of PX is relatively tight. PX09 is expected to be strong in the short - term; it is recommended to wait and see on the 9 - 1 month spread of PX; and reduce positions at low levels for the strategy of narrowing the PX - SC spread. - **PTA**: PTA supply has increased significantly recently, and downstream factories have signaled production cuts, so the supply - demand is gradually weakening. However, due to the tight spot circulation and the rigid demand replenishment of some polyester factories, the short - term basis of PTA is still strong, but there is an expectation of decline. Affected by the strong oil prices and the tight supply - demand of PX, PTA is expected to be supported strongly in the short - term. TA is expected to be strong in the short - term, pay attention to the pressure above 5000 yuan; look for reverse - spread opportunities above 200 for TA9 - 1. - **Ethylene Glycol (MEG)**: The supply - demand structure of MEG in June is still good. Although the supply of Saudi goods is expected to increase, the arrival of North American goods is limited, so both implicit and explicit inventories are expected to decrease. However, short - term demand is weak, and with the restart of MEG plants such as those in Saudi - China, Hengli, and Henan Coal Industry, the short - term supply - demand pattern is expected to be loose. Affected by the rising oil prices due to the Middle - East situation and the shutdown of some Iranian plants, MEG is expected to be strong in the short - term. Pay attention to the pressure around 4600 yuan for EG09 in the short - term. - **Short - fiber**: The current supply - demand of short - fiber is generally weak. Due to the strong backwardation structure of PTA, the spot processing fee of short - fiber has been significantly compressed. Short - fiber factories plan to cut production in July. With low inventory in short - fiber factories and strong raw materials, the absolute price of short - fiber is expected to oscillate strongly in the short - term, and the processing fee is expected to be restored. The strategy for PF is the same as that for PTA; focus on expanding the low - level PF processing fee on the futures market and pay attention to the implementation of production cuts later. - **Polyester Bottle - chips**: June is the peak season for soft - drink consumption. According to CCF, since the end of May, Sanfangxiang has shut down 1 million tons of polyester bottle - chip production capacity, and other major bottle - chip manufacturers also plan to cut production at the end of June and early July. The supply - demand of bottle - chips is expected to improve, and the processing fee may rebound from the bottom. The absolute price still follows the cost side. The strategy for PR is the same as that for PTA; the main - contract processing fee on the futures market is expected to fluctuate in the range of 350 - 600 yuan/ton, and look for opportunities to expand the processing fee at the lower end of the range [79]. 3. Summaries Based on Related Catalogs Crude Oil and Related Products - **Price and Spread Changes**: On June 20, compared with June 18, Brent rose by $2.15 to $78.85, a 2.80% increase; WTI rose by $0.22 to $75.36, a 0.29% increase; SC rose by 15.50 yuan to 574.50 yuan, a 2.77% increase. Various spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 also showed significant changes [51]. - **Month - to - Month Structure**: There are data on the month - to - month structures of USDL, Gasoil, WTI, Dubai, RBOB, etc., showing the price differences between different contract months [1][6][8]. Methanol - **Price and Spread**: On June 20, compared with June 18, MA2601, MA2509, and related spreads such as MA91 and the regional spreads of methanol all showed price and spread changes. For example, MA91 spread increased by 11 to 28, a 64.71% increase [54]. - **Inventory and Start - up Rate**: Methanol enterprise inventory decreased by 3.10% to 36.735%, methanol port inventory decreased by 10.09% to 58.6 million tons, and methanol social inventory decreased by 7.52% to 95.4%. The start - up rates of upstream and downstream enterprises also changed, with the upstream domestic enterprise start - up rate increasing by 3.06% to 77.44% [54]. Caustic Soda and PVC - **Price and Spread**: On June 19 compared with June 18, prices of products such as Shandong 32% liquid caustic soda, Shandong 50% liquid caustic soda, and various PVC futures contracts changed. For example, SH2509 decreased by 10 to 2288, a 0.4% decrease [57]. - **Supply and Demand Indicators**: Caustic soda and PVC开工 rates, overseas quotations, export profits, and inventory data all showed changes. For example, the caustic soda industry开工 rate decreased by 2.6% to 85.7, and PVC total social inventory decreased by 1.8% to 35.5 million tons [57][58]. Styrene - **Upstream and Downstream Prices**: On June 19 compared with June 18, prices of upstream products such as Brent crude oil, CFR Japan naphtha, and downstream products such as styrene in the spot and futures markets changed. For example, styrene's East - China spot price rose by 90 to 8100, a 1.1% increase [62][63]. - **Start - up Rate and Inventory**: The start - up rates of domestic pure benzene, styrene, and downstream products such as PS, EPS, and ABS changed, and inventory data of pure benzene, styrene, and downstream products also showed changes. For example, styrene's start - up rate increased by 2.1% to 73.8, and styrene port inventory decreased by 11.5% to 9.3 million tons [65]. Polyolefins - **Price and Spread**: On June 19 compared with June 18, prices of L2601, L2509, PP2601, PP2509 and related spreads, as well as spot prices of East - China PP and North - China LLDPE changed. For example, L2601 rose by 37 to 7399, a 0.50% increase [68]. - **Inventory and Start - up Rate**: PE and PP enterprise and social inventories, as well as the start - up rates of upstream and downstream enterprises, changed. For example, PE enterprise inventory decreased by 1.83% to 49.9 million tons, and PP装置开工率 increased by 2.1% to 78.6 [68]. Urea - **Price and Spread**: On June 19 compared with June 18, prices of urea futures contracts, spot prices in different regions, and various spreads changed. For example, the 01 contract decreased by 11 to 1725, a 0.63% decrease [72]. - **Supply and Demand Indicators**: Domestic urea daily and weekly production, inventory, and production enterprise order days changed. For example, domestic urea daily production decreased by 0.54% to 20.13 million tons, and domestic urea factory inventory decreased by 3.49% to 113.60 million tons [76]. Polyester Industry Chain - **Price and Spread**: On June 19 compared with June 18, prices of upstream products such as Brent crude oil, CFR Japan naphtha, and downstream products such as POY, FDY, and DTY in the polyester industry chain, as well as various spreads and processing fees changed. For example, POY150/48 price decreased by 10 to 7130, a 0.1% decrease [79]. - **Start - up Rate and Inventory**: The start - up rates of PX, PTA, MEG, and various polyester products, as well as MEG inventory and arrival expectations, changed. For example, PTA开工率 increased by 2.9% to 82.6, and MEG port inventory decreased by 2.8% to 61.6 million tons [79].

Group 1 - The dialogue conference "Talent Leading, Innovation Driven" focused on the high-quality development of human resources, emphasizing the importance of high-end human resources in empowering advanced manufacturing development [2][3] - The president of Shanghai University of Finance and Economics highlighted the intrinsic link between macroeconomic conditions and human resources, stating that China's human resource dividend and high-tech talent dividend are in a robust growth phase, which is foundational for future high-quality development [2] - With the rapid development of industries like artificial intelligence, there is a growing talent gap. Recommendations include short-term strategies for attracting AI talent and long-term reforms in education and training systems to cultivate more AI professionals [2][3] Group 2 - Enterprises are seen as reservoirs for nurturing talent, and the provincial state-owned enterprises are encouraged to collaborate with universities and research institutions to research key technologies through competitive mechanisms [3] - The development of advanced manufacturing and emerging industries requires a highly skilled workforce, and there is a call for educational reforms to enhance the quality of labor [3] - The release of the "Shandong Province Human Resources International Service Item List" aims to integrate Shandong's human resources service industry into the global supply chain, enhancing the professionalism and trade convenience of international services [4]

软商品日报 光大期货软商品日报（2025 年 6 月 19 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周三，ICE 美棉下跌 1.45%，报收 66.57 美分/磅，CF509 环比上涨 0.3%，报收 13540 | 震荡 | | | 元/吨，主力合约持仓环比基本持平，新疆地区棉花到厂价为 14756 元/吨，较前一 | | | | 日下降 6 元/吨，中国棉花价格指数 3128B 级为 14857 元/吨，较前一日下降 5 元/ | | | | 吨。国际市场方面，国际地缘冲突仍在持续，美联储 6 月议息会议按兵不动，符合 | | | | 市场预期，但变态偏鹰，预计年内降息次数仍为 2 次，但支持不降息的官员数量增 | | | | 加，美棉价格承压下行。国内市场方面，受外部宏观扰动，昨夜郑棉期价重心略有 | | | | 下移。国内陈棉库存处于近年来同期偏低水平，但短期也无库存短缺担忧，新棉丰 | | | | 产预期较强。下游需求表现相对偏弱，纺织企业开机负荷环比小幅下降，库存水平 | | | | 在持续累积，基本面上行驱动有限。综合来看，预计 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints Nickel - Yesterday, the Shanghai nickel market remained weak, with limited fundamental changes. The industry's over - supply and weak consumption continued to exert pressure. In the short - term, the market is expected to fluctuate weakly in the range of 118,000 - 124,000 yuan/ton [1]. Stainless Steel - The stainless - steel market showed a narrow - range oscillation. Fundamentals remained weak, with supply at a high level and demand recovering slowly. The market is expected to operate weakly, with the main contract ranging from 12,400 - 13,000 yuan/ton [4]. Lithium Carbonate - The lithium carbonate futures market oscillated, with fundamentals under pressure. The short - term market is expected to operate weakly in the range of 56,000 - 62,000 yuan/ton, and attention should be paid to upstream dynamics [6]. Tin - The tin market has a tight supply of tin ore and weakening demand. An approach of shorting on rallies based on inventory and import data inflection points is recommended [8]. Zinc - The zinc market has a continuous loose trend in the ore supply. The demand is showing a marginal weakening trend. In the medium - to - long - term, a shorting - on - rallies strategy is suggested, with the main contract focusing on the support level of 21,000 - 21,500 yuan/ton [10]. Aluminum - The alumina market is expected to see an increase in supply and potential inventory accumulation. The medium - term price is expected to reach the cash cost of 2,700 yuan/ton. The aluminum market is supported in the short - term but may face pressure in Q3, with the price expected to range around 20,000 yuan/ton [13]. Copper - The copper market is in a situation of "strong reality + weak expectation". The short - term price is expected to oscillate, with the main contract ranging from 77,000 - 80,000 yuan/ton [14]. Summary by Catalog Nickel - **Price and Basis**: SMM 1 electrolytic nickel and 1 Jinchuan nickel prices remained unchanged. The price of 1 imported nickel increased by 0.13%. The futures import loss decreased by 5.75%. The price of 8 - 12% high - nickel pig iron decreased by 0.27% [1]. - **Cost**: The cost of integrated MHP and external - purchased raw materials for producing electrowon nickel decreased, while the cost of integrated high - grade nickel matte increased [1]. - **New Energy Materials Price**: The price of battery - grade nickel sulfate decreased by 0.36%, and the price of battery - grade lithium carbonate remained unchanged [1]. - **Spread**: The spreads between different contract months showed various changes [1]. - **Supply and Demand, Inventory**: China's refined nickel production decreased by 2.62%, and imports increased by 8.18%. Inventories in various regions decreased to different extents [1]. Stainless Steel - **Price and Basis**: The spot prices of 304/2B stainless steel remained stable, and the futures - spot spread decreased by 11.54% [4]. - **Raw Material Price**: The price of 8 - 12% high - nickel pig iron decreased by 0.27%, and the price of South African 40 - 42% chrome concentrate decreased by 1.77% [4]. - **Spread**: The spreads between different contract months changed [4]. - **Fundamental Data**: China's 300 - series stainless - steel crude - steel production increased by 0.36%, imports increased by 10.26%, and exports decreased by 4.85% [4]. Lithium Carbonate - **Price and Basis**: The prices of battery - grade and industrial - grade lithium carbonate remained stable, while the price of battery - grade lithium hydroxide decreased [6]. - **Spread**: The spreads between different contract months decreased [6]. - **Fundamental Data**: In May, the production of battery - grade lithium carbonate increased by 2.33%, and the demand increased by 4.81%. In April, imports increased by 56.33% and exports increased by 233.72% [6]. Tin - **Spot Price and Basis**: The prices of SMM 1 tin and Yangtze 1 tin increased by 0.11%, and the LME 0 - 3 premium increased by 20.74% [8]. - **Internal - External Ratio and Import Profit/Loss**: The import loss decreased by 1.10% [8]. - **Spread**: The spreads between different contract months showed significant changes [8]. - **Fundamental Data (Monthly)**: In April, tin ore imports increased by 18.48%, and in May, SMM refined tin production decreased by 2.37% [8]. Zinc - **Price and Basis**: The price of SMM 0 zinc ingot increased by 0.86%, and the premium decreased [10]. - **Ratio and Profit/Loss**: The import loss decreased, and the Shanghai - London ratio increased [10]. - **Spread**: The spreads between different contract months changed slightly [10]. - **Fundamental Data**: In May, refined zinc production decreased by 1.08%, and in April, imports increased by 2.40% and exports increased by 75.76% [10]. Aluminum - **Price and Spread**: The price of SMM A00 aluminum increased by 1.36%, and the premium decreased. The prices of alumina in different regions decreased slightly [13]. - **Ratio and Profit/Loss**: The import loss increased, and the Shanghai - London ratio decreased [13]. - **Spread**: The spreads between different contract months increased [13]. - **Fundamental Data**: In May, alumina production increased by 2.66%, and electrolytic aluminum production increased by 3.41% [13]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper increased by 0.15%, and the premium decreased. The refined - scrap spread increased by 1.08% [14]. - **Spread**: The spreads between different contract months decreased [14]. - **Fundamental Data**: In May, electrolytic copper production increased by 1.12%, and in April, imports decreased by 19.06% [14].