Core Viewpoint - The situation in Ukraine in 2022 is perceived to be significantly better than the current state, according to Russian President Putin, indicating a potential deterioration if Kyiv refuses to engage in negotiations [1] Group 1 - President Putin suggests that the current conditions in Ukraine are worse than in 2022, highlighting a shift in the geopolitical landscape [1] - The statement implies that ongoing refusal to negotiate by Kyiv could lead to further negative developments in the region [1]

Group 1 - The core viewpoint is that President Putin expresses skepticism about Germany's ability to act as a mediator in negotiations with Ukraine [1]

Group 1 - The timing for the next round of direct negotiations between Russia and Ukraine is currently uncertain, as stated by the Russian presidential press secretary Peskov [1] - Russia will assess the potential timeline for continuing negotiations in the coming days [1] - The first direct negotiations in three years took place on May 16 in Istanbul, Turkey, followed by a second round on June 2 [1]

Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, specific ratings for some products are as follows: - **Bullish**: Jiao Coal, Coke, Ethylene Glycol [1] - **Bearish**: None explicitly stated - **Neutral (Oscillating)**: Most of the products, including stocks, treasury bonds, gold, various non - ferrous metals, building materials, agricultural products, and energy - chemical products [1] Core Views of the Report - Domestic factors have limited driving force on the stock index, with weak fundamentals and a relatively policy - vacuum environment. Overseas variables dominate short - term fluctuations. Although there are positive signals in Sino - US economic and trade relations recently, the stock index is expected to fluctuate strongly in the short term, but caution is needed due to the possible repetition of Sino - US tariff signals [1]. - Different factors drive the trends of various commodities. For example, asset shortage and weak economy are favorable for bond futures, but the central bank's warning of interest - rate risks restricts the upward space; the long - term upward logic of gold is solid, but it may fluctuate in the short term [1]. Summary by Related Catalogs Macro - finance - **Stock Index**: Driven by overseas variables in the short term, expected to fluctuate strongly, but be cautious of the repetition of Sino - US tariff signals [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but the central bank's warning of interest - rate risks restricts the upward space, expected to oscillate [1]. - **Gold**: May oscillate in the short term, with a solid long - term upward logic [1]. - **Yin**: Expected to continue to be strong in the short term, but beware of a pull - back [1]. Non - ferrous Metals - **Copper**: Sino - US talks boost market sentiment, but sufficient supply restricts the upward space, expected to oscillate [1]. - **Aluminum**: Low inventory supports the price, but weakening downstream demand and volatile macro - sentiment may lead to a weakening oscillation [1]. - **Alumina**: Spot price is stable, futures price is weak, and increased production pressure on the futures price, expected to oscillate [1]. - **Zinc**: Inventory increase on Monday pressures the price, and the subsequent downward space depends on the sustainability of social inventory reduction on Thursday [1]. - **Nickel**: Short - term oscillation following the macro - environment, long - term pressure from primary nickel surplus, pay attention to inventory changes [1]. - **Stainless Steel**: Short - term bottom - oscillation, long - term supply pressure exists, pay attention to steel mill production arrangements [1]. - **Tin**: Supply contradiction intensifies in the short term, expected to oscillate at a high level [1]. - **Industrial Silicon**: Supply shows improvement, demand is low, and inventory pressure is huge, expected to oscillate [1]. - **Polysilicon**: Downstream production scheduling drops rapidly, futures premium over spot, and warehouse receipts increase [1]. - **Lithium Carbonate**: Mine prices continue to fall, downstream procurement is inactive, and raw material inventory is high [1]. Building Materials - **Rebar and Hot - rolled Coil**: In the window period of switching from peak to off - peak season, with loose cost and supply - demand balance, no upward price drive is observed, expected to oscillate [1]. - **Iron Ore**: There is an expectation of iron - water peak, and supply may increase in June, pay attention to steel pressure, expected to oscillate [1]. - **Silicon Manganese**: Short - term supply - demand balance, slight increase in production, acceptable demand, but heavy warehouse - receipt pressure, expected to oscillate [1]. - **Silicon Iron**: Cost is affected by coal, some alloy plants resume production, and there is still pressure of supply surplus, expected to oscillate [1]. - **Glass Film**: Supply and demand are both weak, with the arrival of the off - peak season, demand weakens, and the price continues to be weak, expected to oscillate [1]. - **Soda Ash**: Maintenance resumes, direct demand is acceptable, but concerns about supply surplus resurface, and terminal demand is weak, price is under pressure, expected to oscillate [1]. - **Coking Coal**: The spot price continues to weaken, and the futures price rebounds to repair the discount. It can still be short - sold, with the upper limit of the target price at 780 - 800 [1]. - **Coke**: The logic is the same as that of coking coal, with the continuous decline of coal - entering - furnace cost, the price drops synchronously, expected to decline [1]. Agricultural Products - **Palm Oil**: The MPOB released a May report with expected production + 3%, export + 17%, and inventory + 9%. There may be a gap - opening market if there are unexpected data [1]. - **Soybean Oil**: A game between weak fundamentals and fluctuations of other oils, expected to oscillate [1]. - **Rapeseed Oil**: The expectation of China - Canada negotiations is blocked, and there is a lack of key negative driving factors, beware of a rebound in the market [1]. - **Cotton**: Affected by trade negotiations and weather premiums in the short term, with strong macro - uncertainty in the long term, expected to oscillate weakly [1]. - **Sugar**: Brazil's 2025/26 sugar production is expected to reach a record high. If crude oil is weak, it may affect the sugar - production ratio [1]. - **Wheat**: Supported by the purchase - support policy, with tightening supply and increasing demand, expected to oscillate strongly [1]. - **Soybeans**: The pressure of Brazilian soybean arrivals is mainly reflected in the basis and near - month contracts. The market lacks upward momentum, expected to oscillate [1]. - **Pulp**: Demand is light at present, but the downward space is limited, it is recommended to wait and see [1]. - **Logs**: Supply is abundant, demand is light, it is recommended to hold short positions or short after a rebound [1]. - **Hogs**: The futures price is at a discount to the spot price, and the futures price is expected to be stable [1]. Energy - Chemical Products - **Crude Oil**: Affected by Sino - US calls, geopolitical situation, and summer consumption peak [1]. - **Natural Rubber**: The futures - spot price difference has fully converged, raw material prices have fallen, and inventory has decreased significantly, expected to oscillate [1]. - **BR Rubber**: The short - term fundamentals are loose, expected to oscillate. Pay attention to the support of butadiene maintenance and demand improvement in the long term [1]. - **PTA**: The tight situation has been alleviated, and short - fiber costs are closely related. Some factories have planned maintenance [1]. - **Ethylene Glycol**: Coal - to - ethylene glycol profit expands, imports are blocked, and it continues to destock. It is expected to decline [1]. - **Short - fiber**: The short - term tight situation has been alleviated, and short - fiber factories have planned maintenance [1]. - **Styrene**: The speculative demand has weakened, the device load has increased, inventory has risen, and the basis has weakened, expected to oscillate [1]. - **Urea**: The daily production is still high, and the short - term export demand is expected to increase, and the market may rebound [1]. - **Methanol**: The domestic start - up rate remains high, inventory is increasing, and traditional downstream demand is weak, expected to oscillate weakly [1]. - **PP**: The support of maintenance is limited, orders are for rigid demand, and the price is expected to oscillate strongly [1]. - **PVC**: Maintenance is about to end, new devices are put into operation, and the off - peak season is coming, supply pressure increases, expected to oscillate weakly [1]. - **LPG**: The price is weak, in a narrow - range fluctuation, and is expected to oscillate weakly in the short term [1]. Others - **Three - cloud Line**: The market shows a strong expectation and weak reality. The peak - season contracts can be lightly long - tested, and attention can be paid to 6 - 8 reverse spreads and 8 - 10, 12 - 4 positive spreads [1].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - High - sulfur fuel oil spot window transactions are active with high transaction prices, supporting the continuous recovery of high - sulfur spot discounts. In the short term, attention should be paid to the progress of the Russia - Ukraine negotiations and the return of Russian refineries from spring seasonal maintenance. Russian high - sulfur exports are currently stable. Mexican high - sulfur exports are falling as the secondary production capacity of its refineries improves. There is no substantial progress in US - Iran negotiations, and Middle - East high - sulfur exports declined in May. On the demand side, high - sulfur seasonal power generation demand provides support, and high - sulfur import demand in Egypt and Saudi Arabia remains at a high level [8]. - Low - sulfur fuel oil spot discounts fluctuate, but low - sulfur supply continues to increase while downstream demand remains weak. The operation of the Nigerian Dangote gasoline plant is still unstable, with continuous low - sulfur production supply. South Sudan's low - sulfur raw material supply has gradually returned to the level at the beginning of 2024, with 8 low - sulfur cargo loading expected from May to June. The first 600,000 - barrel cargo in May is expected to arrive in the Singapore - Malaysia region in late May. Al - Zour's low - sulfur exports have rebounded to the high level during normal refinery operation. China's low - sulfur production is expected to increase in June, with sufficient domestic market supply and stable demand [8]. Group 3: Summary by Directory 1. Related Data - FU main contract price was 2927 on June 9, 2025, down 16 from the previous trading day and up 14 from the previous week. Its main contract position was 85,000 lots, down 9,000 lots from the previous trading day and down 26,000 lots from the previous week. FU warehouse receipts were 28,950 tons, unchanged from the previous trading day and the previous week [3]. - LU main contract price was 3514 on June 9, 2025, down 11 from the previous trading day and up 48 from the previous week. Its main contract position was 68,000 lots, down 3,000 lots from the previous trading day and up 4,000 lots from the previous week. LU warehouse receipts were 1,000 tons, unchanged from the previous trading day and down 24,000 tons from the previous week [3]. - FU 7 - 9 spread was 53 on June 9, 2025, down 32 from the previous trading day and the previous week. LU 7 - 8 spread was 69, unchanged from the previous trading day and up 26 from the previous week. LU - FU main contract spread was 587, up 5 from the previous trading day and up 34 from the previous week [3]. - FU07 - foreign market 07 spread was - 21.6 on June 9, 2025, down 3.6 from the previous trading day and down 26.9 from the previous week. LU08 - foreign market 07 spread was 7.1, down 4.4 from the previous trading day and down 2.0 from the previous week [3]. 2. Market Research and Judgment Market Overview - High - sulfur fuel oil (FU) warehouse receipts were 28,950 tons, unchanged from the previous trading day; low - sulfur fuel oil (LU) warehouse receipts were 10,000 tons, unchanged from the previous trading day [5]. - The high - sulfur Jun/July spread decreased from 18.4 to 16.5 dollars per ton, and the low - sulfur Jun/July spread decreased from 7.5 to 6.8 dollars per ton [6]. Important News - The US Treasury Department announced sanctions against more than 30 individuals and entities related to Iran on Friday, stating that these individuals and entities are part of a "shadow banking" network that launders billions of dollars through the global financial system. At least two of the companies are associated with the National Iranian Tanker Company [7]. 3. Related Attachments - There are multiple charts including Singapore high - sulfur spot discounts, Singapore low - sulfur spot discounts, Singapore high - low sulfur spreads, Singapore LSFO - GO spreads, high - sulfur fuel oil cracking, and low - sulfur fuel oil cracking, with data sources from Galaxy Futures and Reuters [9].

金十数据6月9日讯，土耳其外交消息人士表示，俄乌代表团乌克兰问题下一轮谈判日期尚未确定，但土 耳其方面愿意组织谈判。俄罗斯和乌克兰代表团第二轮谈判6月2日在土耳其伊斯坦布尔举行，谈判持续 了一个多小时。俄乌双方交换了涉冲突解决问题的备忘录。 （俄罗斯卫星网） 消息人士：俄乌下一轮谈判日期尚未确定，土耳其愿组织谈判 ...

Group 1 - The core point of the article is the ongoing tensions between Russia and Ukraine, highlighted by recent communications between President Putin and President Trump, as well as the rejection of a ceasefire proposal by Russia [1][2][3][4] Group 2 - Putin and Trump discussed the recent attacks on Russian airports and the Iranian nuclear issue during their phone call, with Trump indicating that the U.S. was unaware of Ukraine's plans to strike Russian airports [1] - Russia has firmly rejected Ukraine's proposal for a 30-day or 60-day ceasefire, stating that it would allow Ukraine to regroup militarily [2] - Putin characterized Ukraine's actions as terrorism aimed at disrupting the negotiation process, asserting that the attacks were politically motivated [3] - Ukrainian President Zelensky expressed willingness to meet with Putin despite the rejection of the ceasefire proposal, suggesting that if Russia does not show willingness for peace, severe sanctions should be imposed [4]

Core Points - The meeting between Ukrainian President's Office Chief Yermak and U.S. Secretary of State Rubio focused on key issues including negotiations with Russia, the situation on the front lines, and the necessity of enhancing support for Ukraine's air defense [1] Group 1 - The discussions included the outcomes of the meeting in Istanbul with Russia and the subsequent negotiation processes [1] - Emphasis was placed on the importance of returning all individuals kidnapped by Russia, including children [1] - The necessity for increased support for Ukraine in the air defense sector was highlighted during the talks [1]

Group 1 - The Russian and Ukrainian sides announced plans to exchange captured personnel over the weekend, with an expected exchange of 1,200 individuals, marking the largest swap to date [1] - Russia is prepared to transfer over 6,000 bodies of Ukrainian soldiers, utilizing specialized refrigerated vehicles for transport, indicating ongoing humanitarian communication between the two sides [1] - Ukrainian President Zelensky stated that both sides agreed to exchange 500 captives each, with prior agreements suggesting a minimum of 1,000 exchanges [2] Group 2 - The discussions in Istanbul included a proposal for a ceasefire lasting 30 to 60 days, with the possibility of a meeting between the leaders of both nations contingent on meaningful preparations [1] - The Russian side committed to providing a list of exchanged personnel in advance, although Ukraine has yet to receive this list [2] - The negotiations also included an agreement to exchange severely injured soldiers and young soldiers under the age of 25 on a "all for all" basis [2]

俄罗斯总统新闻秘书德米特里·佩斯科夫表示，俄罗斯和乌克兰将在研究备忘录后商定新一轮谈判。克 里姆林宫的发言人说："需要一些时间来审议双方交换的备忘录中的方案。当双方准备就绪时，我们将 商定新一轮谈判的具体时间。"他表示，对组织谈判有联系，在联系过程中将为后续会谈"找到双方都能 接受的日期"。 克里姆林宫披露在伊斯坦布尔与乌克兰谈判后的计划 ...