"关于你提到的具体问题，我目前没有可以提供的信息。"郭嘉昆说。 （文章来源：中国基金报） 据北京日报，10月22日，外交部发言人郭嘉昆主持例行记者会。 法新社记者提问，美国总统特朗普表示，他预计在下周举行的APEC峰会上中美会在贸易问题上达成协 议，但他也称中美元首届时未必会见面。中方对此有何评论？ 郭嘉昆说，元首外交对中美关系发挥着不可替代的战略引领作用，中美两国元首保持着密切的交往和沟 通。 ...

10月22日，外交部发言人郭嘉昆主持例行记者会。法新社记者提问，美国总统特朗普表示，他预计中美 会在下周举行的APEC峰会上就贸易问题上达成协议，但他称中美元首届时未必会见面。中方对此有何 评论？ 郭嘉昆说，元首外交对中美关系发挥着不可替代的战略引领作用，中美两国元首保持着密切的交往和沟 通。"关于你提到的具体问题，我目前没有可以提供的信息。" 智通财经记者 杨文钦 朱郑勇 责任编辑：刘万里 SF014 ...

来源｜北京日报 编辑｜瑜见 郭嘉昆说，元首外交对中美关系发挥着不可替代的战略引领作用，中美两国元首保持着密切的交往和沟 通。 "关于你提到的具体问题，我目前没有可以提供的信息。"郭嘉昆说。 10月22日，外交部发言人郭嘉昆主持例行记者会。 法新社记者提问，美国总统特朗普表示，他预计在下周举行的APEC峰会上，中美会在贸易问题上达成 协议，他也称中美元首届时未必会见面。中方对此有何评论？ ...

据北京日报，10月22日，外交部发言人郭嘉昆主持例行记者会。 "关于你提到的具体问题，我目前没有可以提供的信息。"郭嘉昆说。 法新社记者提问，美国总统特朗普表示，他预计在下周举行的APEC峰会上中美会在贸易问题上达成协议，但他也称中美元首届时未必会见面。中方 对此有何评论？ 郭嘉昆说，元首外交对中美关系发挥着不可替代的战略引领作用，中美两国元首保持着密切的交往和沟通。 ...

2025 年 10 月 15 日 商 品 研 究 豆粕：贸易担忧情绪再起，或反弹震荡 豆一：反弹震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 | | | 收盘价 （日盘） 涨 跌 | 收盘价 （夜盘） 涨 跌 | | --- | --- | --- | --- | | | DCE豆一2601 （元/吨） | 3967 +0（+0.00%） | 3984 +15（+0.38%） | | 期 货 | DCE豆粕2601 （元/吨） | 2902 -34（-1.16%） | 2915 +3（+0.10%） | | | CBOT大豆11 （美分/蒲） | 1006.25 -2.0（-0.20%） | | | | CBOT豆粕12 （美元/短吨） | 274.8 +0.3（+0.11%） | n a | | | | 豆粕 | （43%） | | | 山东 （元/吨） | 较昨-10或持平； 2960～2980， 2026年2-4月M2601+10/+20， 持平； | 现货基差M2601+90， 较昨+20； 12-1月M2601+4 ...

杰富瑞：即使中国收紧稀土出口管制，导致紧张局势升级，中美贸易协议仍有可能达成。最新的限制措施可能旨在增强中国在与华盛顿的贸易谈判中的筹码。如果两国关系进一步升级，中国将占据上风。“中国由于其社会主义制度，能够比美国承受更多痛苦，并且持续更长时间”。“特朗普是一位交易撮合者，而非理想主义者，这意味着他愿意接受妥协，（尤其是在）痛苦过大或成本/收益不利于他的情况下。” ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The new round of Sino - US tariff game has suddenly escalated. Trump's actions have political motives and negotiation considerations, aiming to force China to make concessions and reshape the negotiation framework with higher tariffs. The persistence of this round of friction may be stronger than that in April [7]. - In the market, there are certain risk - aversion features in the capital market after the holiday, but long - term funds may still be providing support. The market has not entered a systematic de - leveraging stage. The mid - term investment mainlines are clear, including technology and semiconductor industries, resource assets such as rare earth and gold, and large financial sectors like banks and securities [8]. 3. Summary According to Relevant Catalogs Market Review - **Market Performance** - Most major market indices rose last week, with the Shanghai Composite Index having the largest increase of 0.37%. Among major industries, the utility index and energy index performed relatively well, with weekly increases of 3.69% and 3.13% respectively, while the telecommunications service index and information technology index performed weakly, with decreases of 2.79% and 2.22% respectively [9][13]. - Among 30 Shenwan primary industries, 17 rose. The industries with larger increases were non - ferrous metals, coal, and steel, rising 4.44%, 4.41%, and 4.18% respectively. The industries with larger decreases were media, electronics, and power equipment, falling 3.83%, 2.63%, and 2.52% respectively [9][16]. - **Trading Volume** - The average daily trading volume of the Wind All - A Index last week was 26029.82 billion yuan (the previous value was 21876.96 billion yuan), at an extremely high historical level (98.00% of the three - year historical quantile) [9][19]. - **Valuation Tracking** - As of October 10, 2025, the valuation (PE_TTM) of the Wind All - A Index was 22.47, an increase of 0.13 from the previous week, at the 92.50% quantile of the past five - year history. Among 30 Shenwan primary industries, 17 saw a recovery in valuation (PE_TTM) [9][23]. Market Observation - **Analysis of the Sino - US Tariff Game** - Trump's actions in threatening to impose "significantly increased tariffs" on Chinese goods have both political motives and negotiation considerations. He hopes to force China to make concessions and reshape the negotiation framework. The persistence of this round of friction may be stronger than that in April due to China's stance, Trump's lower political pressure, and the uncertainty of the APEC summit [7]. - In the market, there are risk - aversion features, but long - term funds may still be providing support, and the market has not entered a systematic de - leveraging stage. The mid - term mainlines are technology and semiconductor industries, resource assets such as rare earth and gold, and large financial sectors [8]. - **Investment Recommendations** - Due to the sudden and persistent nature of this round of Sino - US friction, investors should not simply copy the "quick bottom - fishing" strategy in April. The adjustment space of the index is expected to be controllable. The mid - term mainlines are technology and semiconductor industries, resource assets such as rare earth and gold, large financial sectors, and the Hong Kong stock market may have phased allocation opportunities in high - dividend and new - consumption sectors [8]. Economic Calendar - This week, important domestic economic data to be released include China's export and import annual rates in US dollars, trade balance, new RMB loans, social financing scale, M2 money supply year - on - year, CPI, and PPI. Overseas, important data include the US unadjusted CPI year - on - year, PPI year - on - year, retail sales year - on - year, and core retail sales month - on - month. There are also important events such as speeches by the Fed Chairman and the Fed's financial regulatory vice - chairman [25].

Group 1 - Chicago futures market saw a decline in corn, wheat, and soybean prices on the 3rd, with December corn contracts closing at $4.18 per bushel, down 5 cents (1.18%), December wheat at $5.22 per bushel, down 6.25 cents (1.18%), and November soybeans at $10.32 per bushel, down 9.5 cents (0.91%) [1] - The drop in soybean prices is attributed to a lack of demand from China, leading to a bearish sentiment in the Chicago futures market for agricultural products, with potential losses of 14-16 million tons in Chinese import demand if the US-China trade agreement is not reached by mid-November [1] - Key moving averages indicate that December corn's 50-day moving average is at $4.145, while November soybeans have a 100-day moving average at $10.2975 and a 50-day moving average at $10.235, with wheat prices significantly below their moving averages [1] Group 2 - Importers and end-users are reluctant to chase higher prices in the Chicago futures market, with China continuing to purchase Brazilian soybeans and sellers from Brazil and Argentina becoming more aggressive [2] - The USDA has revised down the forecast for US farm net cash income for 2025 by $13 billion to $180.7 billion, indicating a potential impact on the agricultural sector [2] - Weather forecasts suggest mild temperatures for the next 8-9 days, with a low risk of early frost before September 17, which may affect crop conditions in the Midwest [2]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - Different futures products show diverse market trends and investment outlooks. Some products are expected to have bullish long - term trends, while others may face short - term adjustments or remain in a range - bound state. Overall, investors need to make decisions based on the specific fundamentals and market conditions of each product [5][9][11]. 3. Summary by Product Bonds - **Market Performance**: On the previous trading day, Treasury bond futures closed higher across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose by 0.23%, 0.03%, 0.07%, and 0.03% respectively [5]. - **Macro - economic Data**: From January to July, the national general public budget revenue was 13.5839 trillion yuan, a year - on - year increase of 0.1%. The national tax revenue was 11.0933 trillion yuan, a year - on - year decrease of 0.3%, and non - tax revenue was 2.4906 trillion yuan, a year - on - year increase of 2%. Stamp duty was 255.9 billion yuan, a year - on - year increase of 20.7%, among which securities trading stamp duty was 93.6 billion yuan, a year - on - year increase of 62.5% [5]. - **Outlook**: It is expected that Treasury bond futures will have no trend - based market and investors should remain cautious [6][7]. Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures fell by 0.50%, 1.19%, 0.13%, and 0.03% respectively [8][9]. - **Outlook**: Although the domestic economic recovery momentum is weak and corporate profit growth is at a low level, due to the low valuation of domestic assets and the resilience of the Chinese economy, the long - term performance of Chinese equity assets is still optimistic, and existing long positions can be held [9][10]. Precious Metals - **Market Performance**: On the previous trading day, the closing price of the gold main contract was 775.06, a decline of 0.33%, and the night - session closing price was 772.61. The closing price of the silver main contract was 9,187, a decline of 0.77%, and the night - session closing price was 9061 [11]. - **Outlook**: The long - term bullish trend of precious metals is expected to continue. Consider going long on gold futures [11][12]. Steel and Related Products - **Rebar and Hot - Rolled Coil**: On the previous trading day, rebar and hot - rolled coil futures fell slightly. Policy changes are currently the main factor affecting the market, and the price of finished products follows the price of coking coal. In the medium term, the price will return to the industrial supply - demand logic. The downward trend of the real estate industry and over - capacity are the core factors suppressing rebar prices. Investors can pay attention to buying opportunities during pullbacks and manage positions carefully [13]. - **Iron Ore**: On the previous trading day, iron ore futures pulled back slightly. Policy is the main factor affecting the market, and the iron ore price follows the coking coal price. The short - term supply - demand pattern is strong, but it may weaken in the medium term. Investors can pay attention to buying opportunities during pullbacks and manage positions carefully [15]. - **Coking Coal and Coke**: On the previous trading day, coking coal and coke futures continued to decline. The current price still has bullish support due to policy - related supply reductions. In the short term, they may continue to adjust, and investors can pay attention to buying opportunities during pullbacks and manage positions carefully [17]. - **Ferroalloys**: On the previous trading day, the main contracts of manganese silicon and silicon iron fell. The short - term demand has a slight increase, but the supply is still excessive. After a decline, investors can consider long positions when the spot market falls into a loss - making range [19][20]. Energy Products - **Crude Oil**: On the previous trading day, INE crude oil oscillated downward, hitting a new low. Trump's arrangement of a tri - party meeting and CFTC data showing a net short position indicate that the crude oil price may be weak. The main contract should be put on hold for now [21][22][24]. - **Fuel Oil**: On the previous trading day, fuel oil oscillated downward. The Asian fuel oil spot market has sufficient supply, and the market shows mixed signals of improvement. The main contract strategy is to narrow the spread between high - and low - sulfur fuel oils [25][26]. Rubber Products - **Synthetic Rubber**: On the previous trading day, the main contract of synthetic rubber rose. Losses have led to reduced supply, and the macro - sentiment is positive. Wait for the market to stabilize and then participate in the rebound [27][28]. - **Natural Rubber**: On the previous trading day, the main contracts of natural rubber and 20 - grade rubber rose. The macro - market sentiment has improved, and there are supply - side disturbances. Consider going long after a pullback [29][30]. Chemical Products - **PVC**: On the previous trading day, the main contract of PVC fell. The oversupply situation continues, but the downward space may be limited, and it will continue to oscillate at the bottom [31][32]. - **Urea**: On the previous trading day, the main contract of urea rose. The market expects relaxed export restrictions to India. In the short term, it will oscillate, and in the medium term, it should be treated bullishly [33][34]. - **PX**: On the previous trading day, the main contract of PX rose. In the short term, the supply - demand situation has weakened, and the cost and demand support are insufficient. It may oscillate and adjust. Consider range - bound operations [35]. - **PTA**: On the previous trading day, the main contract of PTA rose. In the short term, the processing fee is under pressure, supply may decrease, demand improves slightly, and the cost support is weak. It may oscillate and be sorted out. Consider range - bound participation [36][37]. - **Ethylene Glycol**: On the previous trading day, the main contract of ethylene glycol rose. In the short term, the supply increase may suppress the market, but overseas device maintenance may reduce imports. Consider range - bound participation and pay attention to port inventory and import changes [38]. - **Short - Fiber**: On the previous trading day, the main contract of short - fiber rose. In the short term, the supply remains at a relatively high level, demand improves, and the supply - demand contradiction is not significant. It may follow the cost to oscillate [39][40]. - **Bottle Chips**: On the previous trading day, the main contract of bottle chips rose. Raw material prices oscillate, and there are more device overhauls. The market is supported, but the main logic lies in the cost end, and it is expected to follow the cost to oscillate [41]. - **Soda Ash**: On the previous trading day, the main contract of soda ash fell. The supply is increasing, and downstream demand is stable. It is expected to oscillate lightly and stably in the short term. Pay attention to controlling positions [42][43]. - **Glass**: On the previous trading day, the main contract of glass fell. The production line is stable, inventory reduction has slowed down, and downstream demand is weak. In the short term, go short at high levels, and pay attention to controlling positions [44]. - **Caustic Soda**: On the previous trading day, the main contract of caustic soda fell. Supply fluctuates little, and demand is under pressure. The price is expected to be weak in the short term [45][46]. - **Pulp**: On the previous trading day, the main contract of pulp fell. Supply contraction expectations dominate, but demand improvement is uncertain. The high inventory and macro - sentiment are in a game. [47][48] - **Lithium Carbonate**: On the previous trading day, the main contract of lithium carbonate fell. The trading logic has shifted to policy - related and mining - license events. The supply - demand surplus pattern remains, and investors should operate with a light position and control risks [49]. Non - Ferrous Metals - **Copper**: On the previous trading day, Shanghai copper oscillated slightly. The import window is open, and downstream consumption is average. There is a shortage of copper concentrate, and factors such as the Fed's interest - rate cut expectation and smooth Sino - US trade negotiations support copper prices. Consider going long on the main contract [51][52][53]. - **Tin**: On the previous trading day, Shanghai tin oscillated. The supply is tight, and consumption is weak. It is expected to oscillate [54]. - **Nickel**: On the previous trading day, Shanghai nickel fell. The market is in an oversupply pattern, and it is expected to oscillate [55][56]. Agricultural Products - **Soybean Oil and Soybean Meal**: On the previous trading day, soybean meal rose, and soybean oil fell. The domestic soybean supply is relatively loose, and the cost support is enhanced. Consider exiting long positions at high levels and then looking for long - position opportunities at support levels [57][58]. - **Palm Oil**: Malaysian palm oil prices have fluctuations. The export volume has increased, and the domestic inventory is high. Consider holding long positions with a light position [59][60]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed prices fell. China's import sources may change, and the inventory of related products is at a high level. Consider reducing and holding long positions [61][63]. - **Cotton**: Domestic and foreign cotton prices show different trends. The US cotton supply - demand report is bullish, but the domestic textile export is under pressure. It is expected that the price will be strong in the short term [64][66]. - **Sugar**: Domestic and foreign sugar production and import data show different situations. It is recommended to wait and see [67][68]. - **Apples**: Apple futures fell slightly. The expected reduction in production has been falsified, and the market is expected to produce a small increase. It is recommended to wait and see [70][71][72]. - **Hogs**: The national average price of hogs rose slightly. The supply is increasing, and demand is weak in the short term. Consider an inverse spread strategy [73][75][76]. - **Eggs**: The average price of eggs remained stable. The supply is increasing, and consumption is not as expected. It is recommended to wait and see [77][78]. - **Corn and Starch**: Corn and corn starch futures fell. The short - term supply - demand tends to balance, but the new - season corn has a strong production expectation. It is recommended to wait and see, and corn starch follows the corn market [79][80]. - **Logs**: On the previous trading day, the main contract of logs fell. The spot market has improved, and the demand is slightly better than the arrival volume. It is expected to oscillate at a high level [81][84].

Report Industry Investment Rating No relevant content provided. Report's Core View - The report analyzes various futures markets, including bonds, stocks, precious metals, and commodities, and provides investment suggestions based on market trends and fundamental analysis [5][7][9]. Summary by Relevant Catalogs Treasury Bonds - Last trading day, most treasury bond futures closed higher, with the 30 - year, 10 - year, and 5 - year contracts rising, and the 2 - year contract unchanged [5]. - The central bank conducted 160.7 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 122.5 billion yuan on the day [5]. - S&P maintained China's sovereign credit rating and outlook. China's macro - policies will continue to support the economy [5]. - China's exports and imports in July increased year - on - year. The macro - economic recovery momentum needs strengthening, and treasury bond futures are expected to have no trend and require caution [6]. Stock Index Futures - Last trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is weak, considering the low valuation of domestic assets and China's economic resilience, the long - term performance of Chinese equity assets is optimistic, and long positions in stock index futures are considered [7]. Precious Metals - Last trading day, gold and silver futures rose. China's gold reserves increased for the 9th consecutive month in July. Due to the complex global trade and financial environment, the "de - globalization" and "de - dollarization" trends, and the possible Fed rate cut, the long - term bull market of precious metals is expected to continue, and long positions in gold futures are considered [9]. Steel Products (Rebar, Hot - Rolled Coil) - Last trading day, rebar and hot - rolled coil futures fluctuated. Policy changes currently dominate the market, and prices may return to the industrial supply - demand logic in the medium term. The downward trend of the real estate industry suppresses rebar prices, while potential steel industry policies may be positive. Investors can pay attention to buying opportunities on dips and manage positions [11]. Iron Ore - Last trading day, iron ore futures fluctuated. Policy affects the market, and iron ore prices follow coking coal. The short - term supply - demand pattern is strong, but may weaken in the medium term. Technically, it is supported, and investors can pay attention to buying opportunities on dips and manage positions [13]. Coking Coal and Coke - Last trading day, coking coal and coke futures rose. After previous fluctuations, they are returning to the industrial supply - demand logic. A coal production inspection policy has affected supply, and they may continue to be strong. Investors can pay attention to buying opportunities on dips and manage positions [15]. Ferroalloys - Last trading day, manganese silicon and silicon iron futures fell. Manganese ore supply has fluctuations, and ferroalloy production is rising while demand is weak, with high inventory. After a decline, investors can consider long positions at low levels [17]. Crude Oil - Last trading day, INE crude oil declined due to the progress of US - Russia negotiations. OPEC+ increased production, and the market is waiting for the September meeting. The US non - farm data was poor, and geopolitical risks decreased. The main contract is recommended to be on the sidelines [20][21]. Fuel Oil - Last trading day, fuel oil declined, blocked by the 5 - day moving average. Singapore's high - sulfur fuel oil inventory is high, and Asian supply is abundant. The market expects more fuel oil arrivals, and the main contract is recommended to short the spread between high - and low - sulfur fuel oil [23]. Synthetic Rubber - Last trading day, synthetic rubber rose. Raw material prices recovered, and the industry's capacity utilization increased. Wait for the market to stabilize and then participate in the rebound [25]. Natural Rubber - Last trading day, natural rubber rose. Supply disturbances slowed down, and the market corrected. The decline space is limited, and long positions can be considered on dips [27]. PVC - Last trading day, PVC rose. The supply - demand imbalance persists, but the downward space is limited, and it will continue to fluctuate at the bottom [30]. Urea - Last trading day, urea fell. In the short term, it will fluctuate with the spot, and in the medium term, it is considered bullish [34]. PX - Last trading day, PX fluctuated. The supply - demand balance is tight in the short term, and the cost support from crude oil weakens. It may fluctuate, and interval trading is considered [37]. PTA - Last trading day, PTA fell. Supply changes little, demand may weaken, and the cost support from crude oil weakens. However, due to the pressure on processing fees and increased production cuts by large manufacturers, the downside is supported, and interval trading is considered [38]. Ethylene Glycol - Last trading day, ethylene glycol fell. The overall supply is high, but overseas maintenance may reduce imports, and inventory is decreasing. Interval trading is considered, focusing on port inventory and imports [40]. Short - Fiber - Last trading day, short - fiber fell. Supply is high, demand has improved, and it may follow cost fluctuations [41]. Bottle Chips - Last trading day, bottle chips fell. Raw material prices fluctuate, device maintenance increases, and inventory is stable. The market is expected to follow cost fluctuations [44]. Soda Ash - Last trading day, soda ash fell. Production increased this week, and inventory rose. The downstream demand is weak, and the market is expected to be stable in the short term [45]. Glass - Last trading day, glass fell. The number of production lines is stable, and inventory is increasing. The destocking speed slows down, and the downstream demand is weak [46]. Caustic Soda - Last trading day, caustic soda fell. Production increased after previous maintenance, and inventory rose. The demand for aluminum products provides some support, and the market is returning to the fundamental logic [47]. Pulp - Last trading day, pulp rose. High port inventory and international shipping suppress the market. The demand for household paper is weak, and the supply - demand balance is weak [49]. Lithium Carbonate - Last trading day, lithium carbonate rose. The supply is uncertain due to mining license issues. The supply - demand pattern remains unchanged, with high production and consumption improving, but high inventory. It is recommended to observe and control risks [50]. Copper - Last trading day, Shanghai copper rose. The copper concentrate is in short supply, and the domestic smelting cost has no room to decline. The Chinese stimulus policy is not satisfactory, but the Fed rate - cut expectation supports the price. The main contract is recommended to be on the sidelines [53]. Tin - Last trading day, Shanghai tin rose. The supply of tin ore is tight, and the production may increase in the fourth quarter. The overall supply is still short, and the price is expected to fluctuate [55]. Nickel - Last trading day, Shanghai nickel fell. The price of nickel ore is weakening, and the supply of refined nickel is in surplus. The price is expected to fluctuate [57]. Soybean Oil and Soybean Meal - Last trading day, soybean meal and soybean oil rose. The low price stimulates demand, and the soybean crushing volume is high. The inventory of soybean meal and soybean oil is rising. Consider long positions in soybean meal after adjustment and exiting long positions in soybean oil at high levels [58]. Palm Oil - Malaysian palm oil prices fell due to concerns about inventory and production increases and weak export demand. Consider long positions in palm oil [60]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices rebounded. China's imports of rapeseed decreased in June, while imports of rapeseed oil and rapeseed meal increased. Consider long positions in rapeseed products [62]. Cotton - Last trading day, domestic cotton fluctuated, and overseas cotton fell. The global and domestic cotton supply is expected to be loose, and the demand is weak. Short positions are recommended after a rebound [64]. Sugar - Last trading day, domestic sugar fluctuated weakly, and overseas sugar fell due to crude oil. The sugar production in India and Brazil is expected to increase. China's sugar imports increased in June. It is recommended to observe [67]. Apples - Last trading day, apple futures fluctuated. The expected apple production in the new season will increase slightly. Short positions are recommended after a rebound [69]. Pigs - Yesterday, the national average pig price fell. The supply is increasing, and the demand is weak in the summer. Consider reverse - spread strategies [72]. Eggs - Last trading day, the egg price was stable in the main production areas and fell in the main sales areas. The production cost is high, and the profit is low. The egg supply is expected to increase in August. Consider reverse - spread strategies [75]. Corn and Corn Starch - Last trading day, corn and corn starch rose. The domestic corn supply - demand is approaching balance, and the consumption is recovering. The new - season corn is expected to be abundant, and the price has pressure. Consider call options for old - crop contracts. Corn starch follows corn [77]. Logs - Last trading day, logs rose. The import of New Zealand logs is expected to increase, and the price is rising. The demand from downstream factories is increasing, and the short - term market sentiment is bullish [80].