Group 1 - The crisis in the Western world regarding rare earth resources is a result of long-term strategic misjudgments and arrogance [1] - Western countries underestimated China's legal framework in the rare earth sector, which rendered their usual sanctions ineffective [4] - The technological advancements in rare earth purification and recycling in China have created a significant gap, undermining Western plans for alternatives [6] Group 2 - The EU is struggling to secure rare earth quotas from China, highlighting its dependency on Chinese supplies, especially in the automotive sector [8] - Serbia's unique position as a candidate for EU membership and its friendly relations with China provide a pathway for rare earth supply, which is crucial for European companies facing production halts [10] - China's rare earth control policies are the result of over a decade of legal and strategic planning, marking a shift in the value perception of these resources [11] Group 3 - The ongoing U.S.-China competition in the rare earth sector is not just about resource acquisition but also involves technology, legal frameworks, and strategic patience [12] - The recent U.S.-China agreement on rare earth exports reflects a complex negotiation landscape, where concessions were made in other sectors in exchange for rare earth supply [13]

Report Industry Investment Rating No specific industry investment ratings are provided in the report. Core Viewpoints - For commodity futures, maintain a bearish outlook on coking coal, soda ash, and Shanghai nickel [1]. - The A - share market is expected to maintain a pattern of sector rotation and bullish oscillations before further policy incentives [1]. - The bond market is likely to remain range - bound, with the current liquidity environment providing some support, but caution is needed regarding the upside potential [1]. - Gold and silver are expected to oscillate bullishly, and strategies such as buying on dips based on long - term moving averages or holding short positions in out - of - the - money put options are recommended [4]. - Copper, aluminum, and nickel in the non - ferrous metals sector are expected to oscillate within a range, with different influencing factors for each metal [4]. - Lithium carbonate is expected to oscillate bearishly due to limited improvement in fundamentals and oversupply [4]. - Silicon energy is expected to oscillate, and it is recommended to sell put options as the current price is unlikely to drop significantly [6]. - The black metal sector is expected to oscillate, and different strategies are recommended for different varieties such as rebar, hot - rolled coil, and iron ore [6]. - Coking coal and coke are expected to oscillate bearishly due to supply - demand imbalances [8]. - Soda ash and float glass are expected to be bearish, and corresponding short - position strategies are recommended [8]. - Crude oil is expected to oscillate bearishly, but there is a potential risk of a sharp increase, and it is recommended to buy call options for protection [8]. - Methanol is expected to oscillate, with limited upside potential due to increasing supply [10]. - Polyolefins are expected to decline due to increasing supply pressure [10]. - Cotton is expected to oscillate, and it is recommended to maintain the previous long - allocation strategy and wait for the outcome of trade negotiations [10]. - Rubber is expected to oscillate bearishly due to an oversupply situation [10]. Summary by Catalog Stock Index - On Wednesday, the A - share market oscillated upward, with the ChiNext leading the gains. The trading volume of the Shanghai and Shenzhen stock markets decreased slightly to 1.29 trillion yuan (previous value: 1.45 trillion yuan). Sectors such as non - ferrous metals, agriculture, forestry, animal husbandry, and fishery, and non - bank finance led the gains, while the pharmaceutical and communication industries declined slightly [1]. - The Sino - US second - round trade negotiation reached a framework for implementing the Geneva consensus, with limited incremental positive news. The recent trading volume of the A - share market has rebounded slightly but remains at a low level, making it difficult to support continuous market growth. Before further policy incentives, the market is expected to maintain a pattern of sector rotation and bullish oscillations [1]. Treasury Bond - Yesterday, the bond market opened higher and then oscillated bullishly, with the TL contract remaining stronger. The Ministry of Commerce's international trade negotiation representative stated that China and the US have reached an agreement framework in principle, with no unexpected content. The central bank continued to conduct net withdrawals in the open market, and the capital cost remained loose, with DR001 below 1.4%. Supported by the central bank's announced repurchase volume, the bond market sentiment was relatively positive. Overall, the bond market is expected to remain range - bound [1]. Gold and Silver - The Sino - US second - round trade negotiation ended with details unknown, and the market has different interpretations. In May, the year - on - year growth rate of the US CPI rebounded but was lower than expected, increasing the expectation of a Fed rate cut. The Middle East situation has become tense. In the short term, safe - haven sentiment and the long - term cycle are favorable for gold prices. It is recommended to buy on dips based on long - term moving averages or hold short positions in out - of - the - money put options. After the convergence of the gold - silver ratio, silver will generally follow the trend of gold prices [4]. Non - Ferrous Metals Copper - Yesterday, Shanghai copper oscillated during the morning session and opened lower at night, then oscillated horizontally. The Sino - US reached an agreement framework in principle, with no unexpected content. The US dollar index weakened again, falling below 98.5. The supply of the mining end remains tight, and domestic smelting enterprises are under increasing cost pressure. Affected by macro uncertainties and the domestic consumption off - season, the overall demand is cautious. The macro environment remains highly uncertain, and prices are still affected by market sentiment and capital in the short term [4]. Aluminum and Alumina - Yesterday, the alumina price remained low, and Shanghai aluminum trended strongly, rising 0.4% at night. The Sino - US reached an agreement framework in principle, with no unexpected content. The US dollar index weakened again, falling below 98.5. The ore disturbance in Guinea is unlikely to end in the short term, but there is no progress for now. The domestic and foreign ore inventories are still abundant, and the supply concern is limited. The previously reduced production capacity is gradually resuming, increasing the supply pressure. Although the demand for Shanghai aluminum is uncertain, the current inventory is at a low level, and the supply of scrap aluminum in the market has tightened further, increasing the concern about the supply of primary aluminum. Overall, the supply of alumina remains highly uncertain, but the short - term impact is weakening. The expectation of production resumption increases the supply pressure, and the price may continue to operate close to the cost line. Shanghai aluminum has clear supply constraints and low inventory, providing strong support at the bottom [4]. Nickel - The supply of nickel ore in the Philippines is gradually recovering, but there are still disturbances in the Indonesian mining end. The nickel - iron production capacity is abundant, and the supply is loose, but downstream stainless - steel plants are reducing production due to losses, putting pressure on the nickel - iron price. The intermediate product project has a cost advantage, and the production capacity and output continue to grow. The demand for nickel from the new energy sector is limited by the weakening market share of ternary batteries, and intermediate products continue to flow into the production of refined nickel. The operating rate of China's leading refined - nickel enterprises remains high, and the oversupply situation continues. The Philippines has removed the original ore export ban clause, alleviating the concern about nickel ore exports. Coupled with the expected seasonal increase in Philippine ore supply, the fundamental pressure on nickel has further increased, and the price is under downward pressure. However, on the one hand, the market had previously expected that the Philippine nickel ore ban would be difficult to implement, and on the other hand, Indonesia has a clear intention to strengthen nickel ore management, providing some support for the nickel ore price. The odds of a unilateral short - selling strategy are limited, and it is recommended to continue holding short positions in call options [4]. Lithium Carbonate - After the lithium price rebounded from an oversold level, the actual improvement in fundamentals is still limited. Policy - driven consumption growth in the terminal new - energy vehicle market, but the inventory of battery cells in the intermediate link and the production schedule of cathode enterprises have not increased significantly, and the demand transmission efficiency is not ideal. In the past two weeks, the enthusiasm of lithium salt smelters for production has been boosted, and the expectation of production reduction has continued to be disappointed. The inventory of upstream smelters is at a high level, and the loose supply situation suppresses the rebound space of the lithium price [4]. Silicon Energy - The number of operating silicon furnaces increased last week, and there is still an expected increase in the future in Yunnan and Sichuan. The downstream demand is weak, with the output of organic silicon and polysilicon remaining at a low level compared to the same period in the past two years. Technically, the July contract has not effectively broken below the 7000 - yuan integer mark and has rebounded for several consecutive days, showing signs of stopping the decline. Overall, the supply is slightly more abundant than the demand, but it is unlikely that the price will drop significantly at the current level. It is recommended to sell put options [6]. Steel and Ore Rebar - Yesterday, the spot price of rebar rebounded steadily, with prices in Shanghai, Hangzhou, and Guangzhou increasing by 20, 10, and 10 respectively. The small - sample trading volume of construction steel decreased to 9.98 tons. The Sino - US second - round trade negotiation ended, and the official did not announce specific details or complete executable terms, leading to different market interpretations. The fundamentals of construction steel are relatively clear, with the terminal demand declining seasonally. Long - process steel mills are still profitable and reducing production slowly, while short - process steel mills in the southwest region have started to avoid peak production. It is expected that the inventory of rebar in the Steel Union sample will continue to decrease this week, but the decline rate will slow down. The raw material price is firm in the short term, but the long - term supply is expected to be loose. The rebar futures price is expected to oscillate in the short term, waiting for the accumulation of fundamental contradictions. It is recommended to continue holding short positions in out - of - the - money call options [6]. Hot - Rolled Coil - Yesterday, the spot price of hot - rolled coil increased steadily, with prices in Shanghai and Lecong increasing by 20 and 10 respectively. The spot trading was average. The Sino - US second - round trade negotiation ended, and the official did not announce specific details or complete executable terms, leading to different market interpretations. The demand for plates is relatively resilient, while the demand for construction steel is seasonally weakening. In the case of good profitability, there is no clear constraint on the supply of blast - furnace hot metal. The overall inventory reduction speed of steel products has gradually slowed down, and some plate varieties are accumulating inventory passively. The raw material price is firm in the short term, but the coal mine is still accumulating inventory passively, and the long - term supply of iron ore is expected to be loose. The hot - rolled coil futures price is expected to oscillate in the short term, waiting for the accumulation of fundamental contradictions. It is recommended to continue holding the previously recommended short positions in the hot - rolled coil 10 - contract and set a stop - loss line [6]. Iron Ore - The Sino - US second - round trade negotiation ended, and the official did not announce specific details or complete executable terms, leading to different market interpretations. The static supply - demand structure of iron ore is relatively healthy. However, the steel consumption will decline seasonally, and the domestic daily hot - metal production has reached its peak. The supply of imported iron ore is expected to increase significantly in June, mainly due to the seasonal shipping pattern of foreign mines and the new mine投产 plan. It is expected that the supply - demand structure of iron ore will shift from relatively tight to slightly loose in June. Considering that the valuation of iron ore in the black chain is relatively high and the long - term supply of iron ore is clearly in a loose pattern, it is still believed that the probability of a long - term price correction for iron ore is high. It is recommended that cautious investors continue to hold the iron ore 9 - 1 positive spread combination, and aggressive investors can patiently hold short positions in the I2601 contract and set a stop - loss line [6]. Coal and Coke Coking Coal - Due to factors such as the traditional safety production month, some coal mines in the production area have reduced production, and the marginal supply of raw coal has tightened. However, steel and coking enterprises have slowed down the production rhythm and raw material procurement due to the off - season expectation. The inventory of coking coal mines is at a historical high, and the situation of pit - mouth auctions is difficult to improve. The supply - demand imbalance is still obvious, and the coal price has returned to the downward trend [8]. Coke - The central environmental protection inspection team has entered multiple northern provinces, and there is an expectation of production restrictions on coke ovens. The terminal steel consumption has entered the off - season, and the demand fulfillment expectation is weakening. Steel mills continue to adopt a low - inventory turnover strategy for raw material procurement, and the pressure on coking plants to reduce inventory has increased. The demand decline rate is higher than the supply decline rate, and the coke price is difficult to reverse the weak situation [8]. Soda Ash and Float Glass Soda Ash - The old production line of Haihua was ignited, and the daily production of soda ash increased slightly to 10.74 tons yesterday. The demand has no bright spots, and the supply is more abundant than the weekly demand. The high inventory of soda ash plants is still difficult to digest. The inventory in the intermediate delivery warehouse decreased by 1.8 tons to 32.71 tons. The soda ash price lacks the momentum to rebound. It is recommended to patiently hold the previously recommended short positions in the soda ash 09 - contract, set a stop - loss line to lock in some profits in advance. New positions can be shorted on rallies based on the cash cost of ammonia - soda or the selling - delivery cost (1280 - 1290) [8]. Float Glass - Affected by factors such as seasonal patterns, the downward cycle of real - estate completion, and the poor sustainability of speculative demand, the demand for float glass is expected to weaken marginally in the off - season. Yesterday, the average sales - to - production ratio in the four major production areas remained at 98%. The overall supply is stable, with the weekly production basically maintaining at 110 tons. It is expected that the inventory of glass plants will decrease slightly by 10,000 heavy boxes this week, but it is difficult to digest the high inventory. Without incremental real - estate stabilization policies or further expansion of the cold - repair scale by glass plants, the glass price does not have the conditions for a bottom - reversal. For the single - side strategy, it is recommended to hold the previous short positions in the glass FG509 - contract and set a stop - loss line to lock in some profits in advance. For the combination strategy, based on the expectation that industry losses will force glass plants to carry out cold - repair, it is recommended to patiently hold a small - position long position in the glass 01 - contract and a short position in the soda ash 01 - contract (the latest spread is - 135), or the glass 9 - 1 reverse - spread strategy (the latest spread is - 60) [8]. Crude Oil - Geopolitically, US media reported that Trump has lost hope that Iran will agree to terminate all uranium - enrichment activities in the nuclear agreement. Late at night, the US announced the evacuation of personnel from the Middle East, further increasing the market's concern about a hot war in the Middle East. However, from the Sunday agenda, this evacuation is more likely to be a bargaining chip for pressure negotiation. From a rational perspective, the probability of a hot war in the Middle East is still low. Overall, the market is highly concerned about the geopolitical risk in the Middle East, and there is a risk of an unexpected sharp increase in oil prices. It is recommended to buy call options to protect existing positions [8]. Methanol - This week, the arrival volume reached 46 tons (+13 tons), a two - year high. The arrival volume in Jiangsu increased by 7 tons, and that in South China increased by 3.5 tons. As a result, the port inventory increased by 7.1 tons to 65.22 tons, showing a significant increase for the fourth consecutive week. It is expected that the monthly import volume of China will remain above 130 tons in June and July. After the spot price rebounded last week, the trading volume improved significantly, resulting in only a 2% increase in the production enterprise inventory and a 15% increase in the order backlog. However, with the operating rate approaching 90%, the production enterprise inventory will continue to accumulate under the high - production background. The supply is increasing, and the rebound height of methanol is limited [8]. Polyolefins - The Sino - US reached an agreement framework in principle, and the negotiation between the US and Iran broke down, causing the international crude oil price to rise significantly. This week, the spot trading of polyolefins improved, and downstream and mid - stream enterprises actively replenished inventory, resulting in a decrease in the production enterprise inventory. The inventory of PE decreased by 1.74%, and that of PP decreased by 3.93%, but both remained at a relatively high level this year. The social inventory did not change significantly, with PE increasing by 0.57% and PP decreasing by 4.25%, both remaining at a medium level this year. The operating rate rebounded rapidly this week, and it is expected that the production volume will return to a high level in July. Coupled with the new production capacity put into operation in the second quarter, the supply pressure will increase again, and the polyolefin price is likely to decline [10]. Cotton - In terms of supply, the growth of domestic cotton needs to pay attention to the impact of high temperatures in the short term, and the annual production is expected to decline slightly year - on - year. The weather in the US cotton - growing area is poor, and the planting area is expected to decline significantly. In terms of demand, according to a May survey by BCO on textile enterprises, the overall operating rate of enterprises rebounded slightly in May, the cotton consumption increased, and the enterprise orders were concentrated within one month. In May, most enterprises received more orders, but the order volume was still at a relatively low level compared to the same period in history. The downstream market was stable and improving in May, showing overall resilience. The terminal clothing consumption remained basically unchanged year - on - year, and it is still necessary to wait for the outcome of the trade negotiation. Overall, there is no clear directional negative factor in the short - term fundamentals. It is recommended to maintain the previous long - allocation strategy and wait for the clarity of the trade negotiation situation [10]. Rubber - The Sino - US negotiation has made phased progress, and the macro sentiment has eased slightly. However, the fundamentals of natural rubber are expected to maintain a pattern of increasing supply and decreasing demand. The terminal automobile market is facing an off - season test, and the inventory of finished products of tire enterprises is at a high level. The rubber - tapping progress in domestic and Southeast Asian rubber forests is smooth, and there is no negative impact on the weather conditions in the producing areas. The expectation of an increase in raw material supply is gradually being realized,

Core Viewpoint - The progress in trade negotiations may limit the rise in gold prices, as optimism surrounding the US-China trade agreement increases and negotiations with other partners may yield short-term advancements [1] Group 1 - Financial expert Nikos Tzabouras indicates that the appeal of precious metals as a safe haven has strengthened due to the US court maintaining President Trump's so-called "reciprocal" tariffs during the appeal process [1] - The optimistic sentiment regarding the US-China trade agreement could suppress gold prices, potentially locking them within a narrow price range [1]

Core Insights - Copper prices have rapidly declined, dropping over 1% in a single day, raising questions about the impact of U.S.-China trade agreement expectations on the market [1] - Analysts are examining whether changes in inventory levels could serve as a key factor in supporting copper prices [1] Group 1 - The rapid decline in copper prices indicates market volatility and potential shifts in demand or supply dynamics [1] - The expectations surrounding the U.S.-China trade agreement are influencing market sentiment and could affect future pricing trends [1] - Inventory changes are being closely monitored as they may provide critical support for copper prices amid fluctuating market conditions [1]

Market Overview - The market is characterized by a constant tug-of-war between bullish and bearish sentiments, with fluctuations in price movements being common. The focus should be on preserving capital and developing strategies to respond to market changes [1] Gold Market Insights - Despite optimistic expectations regarding the US-China trade agreement, gold prices opened strong on June 9, 2023. Increased risk appetite has led to a rebound in the stock market, reducing the demand for gold as a safe haven, which has prevented gold prices from reaching new highs since peaking at $3,500 in April [1] - The upcoming high-level trade talks between the US and China, along with previous positive communications between leaders, may sustain market optimism, putting pressure on gold's short-term outlook. Additionally, a strong US employment report could bolster the dollar, further suppressing gold prices [1] Technical Analysis of Gold Prices - Gold prices tested a low of $3,293 before rebounding to $3,338, but closed below the critical resistance level of $3,335, leading to a further decline to $3,301. The current market remains in a weak oscillating pattern, with key support at $3,293 and resistance at $3,338 [2] - The core trading range is identified between $3,338 and $3,293, with a breakdown below $3,293 potentially opening up further declines to $3,245. Conversely, a breakout above $3,340 could lead to a rally towards $3,400 [2] Trading Strategies - For long positions, it is suggested to enter lightly when gold prices retreat to the $3,300-$3,310 range, with a stop-loss set below $3,290 and a target of $3,335-$3,345 [3] - For short positions, if prices rebound to $3,345 and face resistance, a light short position may be considered, with a stop-loss above $3,355 and a target of $3,325 [3] Domestic Gold Market Performance - Domestic gold prices followed international trends, with notable increases observed. The Shanghai gold market reached a high of 781, while accumulated gold peaked at 774 and financing gold at 772. Short-term profits were noted for positions established at 772 for Shanghai gold and 765 for accumulated and financing gold [3] - Although the long-term outlook for gold remains bullish, short-term adjustments are still anticipated, with potential buying opportunities expected around the 750 level [3]

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Reports - Rapeseed oil contract 2509 may test the lower support platform in the short term [2] - Soybean meal may fluctuate within a range in the short term [3] - Corn futures prices will mainly fluctuate within a range in the short term, and attention should be paid to the situation of new wheat listing and weather changes [4] - Copper prices show signs of breaking away from the moving - average system, and attention should be paid to its effectiveness for defense [5] - Carbonate lithium contract 2507 may fluctuate weakly, and short positions can be taken on rallies [6][7] - Steel is starting to repair its valuation, and a short - term strategy of buying on dips is recommended [8] - Coking coal and coke may rebound from oversold levels at low positions due to news disturbances [9] - Iron ore 2509 will mainly fluctuate in the short term, and traders are reminded to be cautious about investment risks [10] - WTI crude oil will mainly fluctuate around $60 - $65 per barrel [11] - Attention should be paid to the downstream operating rate of Shanghai rubber. After the bearish factors are realized, the price will rebound with improved sentiment [12] - PVC futures prices will oscillate at a low level with a still - weak fundamental situation [13] - Soda ash futures prices are expected to continue to oscillate in the bottom - range in the short term [14] Group 3: Summaries by Commodity Rapeseed Oil - **Spot Information**: The price of imported third - grade rapeseed oil in Dongguan Zhongliang, Dongguan, is 9,270 yuan/ton (converted as OI09 + 120), up 50 yuan/ton from the previous trading day [2] - **Market Analysis**: Domestic rapeseed is about to be listed. Near - month imported rapeseed supply is abundant, while far - month supply is tight. Downstream demand is neutral, and inventories may remain high in the short and medium term [2] Soybean Meal - **Spot Information**: Spot prices in Zhangjiagang are 2,770 yuan/ton, Tianjin 2,850 yuan/ton, Rizhao 2,790 yuan/ton, and Dongguan 2,780 yuan/ton [3] - **Market Analysis**: Sino - US trade has reached a phased agreement, but long - term contradictions remain. Tariffs and weather drive international soybean prices. In China, soybean supply is recovering, and the supply pressure of soybean meal is emerging. Downstream procurement is weak, and inventories are slowly accumulating [3] Corn - **Spot Information**: The average purchase price of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia is 2,204 yuan/ton; in North China and Huanghuai, it is 2,423 yuan/ton. The purchase prices in Jinzhou Port and Bayuquan Port are 2,270 - 2,300 yuan/ton [4] - **Market Analysis**: Abroad, good weather in US corn - growing areas eases concerns, but Sino - US trade may increase import pressure. Domestically, there is a supply shortage during the grain - transition period. Wheat may replace corn in feed use, and downstream demand is weak [4] Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 78,290 - 78,540 yuan, down 700 yuan. The import copper ore index is - 43.56, up 0.72 [5] - **Market Analysis**: US economic data and political factors affect the possible interest - rate cut path. Global trade frictions continue. Domestic policies support the market. Raw material issues persist, and copper inventories are declining [5] Carbonate Lithium - **Spot Information**: The market price of battery - grade carbonate lithium (99.5%) is 60,800 yuan/ton, and industrial - grade (99.2%) is 59,150 yuan/ton, with a price difference of 1,650 yuan/ton, unchanged from the previous trading day [6] - **Market Analysis**: Cost pressure is increasing, ore prices are falling, and inventories are high. Supply capacity utilization is above average, and demand is differentiated. Phosphoric acid iron - lithium batteries and ternary batteries are shrinking [6] Steel - **Spot Information**: The price of Shanghai rebar is 3,090 yuan, the Tangshan start - up rate is 83.56%, social inventory is 532.76 million tons, and steel mill inventory is 200.4 million tons [8] - **Market Analysis**: The steel fundamentals are improving, with a lower valuation. Policy supports the real - estate industry. Raw material prices are weak, and inventory levels are low [8] Coking Coal and Coke - **Spot Information**: The price of main coking coal (Meng 5) is 1,205 yuan/ton, and the price of quasi - first - grade metallurgical coke in Rizhao Port is 1,340 yuan/ton. The port inventory of imported coking coal is 337.38 million tons, and coke inventory is 246.10 million tons [9] - **Market Analysis**: Supply is relatively loose, demand is low due to steel mill production cuts, and inventories are slightly increasing. The average profit per ton of coke is approaching the break - even point [9] Iron Ore - **Spot Information**: The Platts iron ore index is 97.2, the price of Qingdao PB (61.5%) powder is 735 yuan, and Australian powder ore (62% Fe) is 737 yuan [10] - **Market Analysis**: Supply and demand factors are mixed. Australian shipments are falling, Brazilian shipments are rising, and port inventories are decreasing. Domestic steel mill demand is weak, and overseas demand is differentiated [10] Crude Oil - **Spot Information**: No specific spot price information provided - **Market Analysis**: Geopolitical tensions in the Middle East and OPEC+ production decisions affect supply. OPEC has lowered global demand growth forecasts, and trade disputes raise concerns about demand [11] Rubber - **Spot Information**: The price of domestic full - latex rubber is 13,500 yuan/ton, Thai smoked three - piece rubber is 20,000 yuan/ton, Vietnamese 3L standard rubber is 14,950 yuan/ton, and 20 - grade rubber is 14,100 yuan/ton [12] - **Market Analysis**: Trade - war tariffs and oversupply drag down rubber prices. After the bearish factors are realized, the price will rebound. Supply is abundant with full - scale tapping in domestic and Southeast Asian regions [12] PVC - **Spot Information**: The mainstream price of East China 5 - type PVC is 4,680 yuan/ton, and ethylene - based PVC is 5,000 yuan/ton, both unchanged from the previous period [13] - **Market Analysis**: Supply capacity utilization is increasing, demand from downstream enterprises is still weak, and social inventories are decreasing [13] Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1,373.75 yuan/ton, unchanged from the previous period [14] - **Market Analysis**: Supply is increasing with a higher start - up rate and production. Inventories are slightly increasing, and demand is average, with downstream resistance to high - priced goods [14]

Report Summary 1. Report Industry Investment Ratings No information provided on industry investment ratings in the given reports. 2. Core Views - **Vegetable Oils and Grains** - Rapeseed oil 2509 contract may oscillate within a platform range in the short - term [1] - Soybean meal may oscillate weakly in the short - term [1] - Corn futures prices are expected to oscillate within a range in the short - term, with attention on new wheat listings and weather changes [1] - **Metals** - Copper prices will continue to fluctuate around the moving average system, with overall changes being minor, and the defense line set at the upper edge of the moving average system [2] - The lithium carbonate 2507 contract may oscillate weakly, and short - selling on rallies is advisable [3][4] - Steel is starting to repair its valuation, and a short - term bullish approach on dips is recommended [5] - Coking coal and coke may rebound from oversold lows due to news disturbances [6] - Iron ore 2509 will oscillate in the short - term, and traders are advised to be cautious [7] - **Energy and Chemicals** - WTI crude oil will mainly oscillate around $60 - $65 per barrel [8] - Rubber will be weak overall, with attention on downstream rubber processing plant operating rates [9] - PVC futures prices will oscillate at low levels due to weak fundamentals [10] - Soda ash futures will continue to oscillate within the bottom - range in the short - term [11] 3. Summary by Commodity Vegetable Oils and Grains - **Rapeseed Oil** - **Spot Price**: The price of imported Grade 3 rapeseed oil in Qinzhou is 9300 yuan/ton, down 70 yuan/ton from the previous trading day [1] - **Market Analysis**: After the Dragon Boat Festival, domestic rapeseed will be listed soon. Near - term imported rapeseed supply is abundant, while long - term supply is tight. Downstream demand is neutral, and short - to - medium - term inventory may remain high [1] - **Soybean Meal** - **Spot Price**: Spot prices in various regions have declined, such as 2770 yuan/ton in Zhangjiagang (-30) [1] - **Market Analysis**: Sino - US trade has reached a phased agreement, but long - term contradictions remain. US soybean sowing is going smoothly, and Brazil is in the peak export season. Domestic soybean supply is recovering, and the pressure on soybean meal supply is emerging. Demand is weak, and inventory accumulation is slow [1] - **Corn** - **Spot Price**: Different regions have different prices, such as 2204 yuan/ton in Northeast China and Inner Mongolia [1] - **Market Analysis**: US corn growing conditions are good, and there are concerns about long - term imports. Domestically, there is a supply shortage during the transition period between old and new grains. Wheat may replace corn in the feed sector, and weather will affect prices. Downstream demand is weak [1] Metals - **Copper** - **Spot Price**: The price of Shanghai 1 electrolytic copper is 78350 - 78620 yuan/ton, up 40 yuan/ton [2] - **Market Analysis**: US employment data and political factors affect the possible end of the interest - rate cut cycle. Domestic policies support the market. Raw material supply issues persist, and copper inventory is declining, making the market more complex [2] - **Lithium Carbonate** - **Spot Price**: Battery - grade lithium carbonate (99.5%) is 60800 yuan/ton, and industrial - grade (99.2%) is 59150 yuan/ton, with no change from the previous day [3] - **Market Analysis**: Cost pressure is increasing, ore prices are falling, and inventory is high. Supply is still above average, and demand is divided. Overall, prices are falling, and attention should be paid to upstream production cuts [3] - **Steel** - **Spot Price**: Shanghai rebar is 3090 yuan, with a Tangshan开工率 of 83.56%, social inventory of 532.76 million tons, and steel mill inventory of 200.4 million tons [5] - **Market Analysis**: The steel fundamentals are improving, with a neutral - low valuation. Policy supports the real estate industry. Demand is down year - on - year, raw material prices are weak, and inventory is low. The market is driven by policy expectations and fundamentals [5] - **Coking Coal and Coke** - **Spot Price**: The price of Mongolian 5 coking coal is 1205 yuan/ton, and the price of quasi - first - grade metallurgical coke in Rizhao Port is 1340 yuan/ton [6] - **Market Analysis**: Supply is abundant, demand is weak due to steel mill production cuts, inventory is slowly increasing, and profit is approaching the break - even point [6] - **Iron Ore** - **Spot Price**: The Platts iron ore index is 97.2, and the price of Qingdao PB (61.5) powder is 735 yuan [7] - **Market Analysis**: Supply and demand factors are mixed. Australian shipments are down, Brazilian shipments are up, and port inventory is decreasing. Domestic steel mill demand is weak, and overseas demand is divided [7] Energy and Chemicals - **Crude Oil** - **Market Analysis**: Tensions in the Middle East and OPEC+ production decisions have led to supply concerns. OPEC has lowered future demand growth forecasts, and there are concerns about global demand [8] - **Rubber** - **Spot Price**: Different types of rubber have different prices, such as 13350 yuan/ton for domestic whole - latex [9] - **Market Analysis**: Overseas orders and domestic demand should be monitored. The trade war and oversupply are dragging down prices. Supply is abundant as domestic and Southeast Asian rubber trees are in the tapping season [9] - **PVC** - **Spot Price**: The mainstream price of East China Type 5 PVC is 4680 yuan/ton, unchanged from the previous period [10] - **Market Analysis**: Production capacity utilization has increased, demand is still mainly for rigid needs, and inventory has decreased. The fundamentals are still weak, and futures prices are oscillating at low levels [10] - **Soda Ash** - **Spot Price**: The national mainstream price of heavy soda ash is 1371.88 yuan/ton, down 6.25 yuan/ton [11] - **Market Analysis**: Production has increased due to new capacity. Inventory has decreased, and demand is average. The market lacks new drivers and may oscillate at the bottom in the short - term [11]

Group 1: Soybean Oil - Spot market: The price of first - grade soybean oil in Zhangjiagang Yijiang is 8,200 yuan/ton, down 30 yuan/ton from the previous trading day [1] - International soybean situation: It's the U.S. soybean sowing and growing season and the South American soybean harvesting and exporting season. Brazil's soybean harvest is almost complete, and the South American new - crop harvest is likely to be abundant. The USDA May 2025 report shows the 2025/26 soybean yield forecast is 52.5 bushels/acre, up from 50.7 bushels/acre in 2024/25 [1] - Domestic industry: The medium - term de - stocking cycle of soybean oil may be ending. After the arrival of South American imported soybeans and customs clearance, the soybean oil inventory may rebound from a low level [1] - Reference view: The soybean oil 2509 contract may fluctuate and consolidate in the short term [1] Group 2: Soybean Meal - Spot information: The spot prices of 43 soybean meal in different regions are: Zhangjiagang 2,840 yuan/ton (unchanged), Tianjin 2,940 yuan/ton (down 10 yuan/ton), Rizhao 2,870 yuan/ton (down 20 yuan/ton), Dongguan 2,860 yuan/ton (down 40 yuan/ton) [2] - Market analysis: There is a phased agreement in Sino - U.S. trade, but long - term contradictions remain. Tariff policies and weather are the main drivers of international soybean prices. The supply of soybeans is gradually recovering, the oil mill operating rate is increasing, and the supply of soybean meal is expected to change from tight to loose. The high price of soybean meal boosts market transactions, and the downstream feed demand was underestimated. The soybean inventory of oil mills has returned to a high level, and the inventory accumulation speed of soybean meal is slow in the short term [2] - Reference view: Soybean meal may fluctuate within a range in the short term [2] Group 3: Corn - Spot information: The mainstream purchase prices of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia are 2,195 yuan/ton; in North China and the Huang - Huai region, it's 2,412 yuan/ton. The purchase prices in Jinzhou Port and Bayuquan Port are 2,270 - 2,290 yuan/ton [3] - Market analysis: Externally, the Sino - U.S. joint statement on tariff reduction leads to an expectation of loose long - term corn imports, with limited short - term impact on domestic futures prices. The May USDA report has a negative impact on U.S. corn futures prices. Domestically, the supply pressure is relieved as the weather warms up, the planting season arrives, and the remaining grain in the producing areas is basically sold out. The downstream demand is weak, and the market sentiment causes the futures price to decline [3] - Reference view: The short - term downward momentum of the futures price weakens, and there may be a rebound demand after the decline [3] Group 4: Copper - Spot information: The price of Shanghai 1 electrolytic copper is 78,130 - 78,340 yuan, down 250 yuan. The import copper ore index is - 43.56, up 0.72 [4] - Market analysis: Global tariff disputes and the U.S. tariff policy fluctuations make the market volatile. Domestic support policies give a positive market expectation. The raw material supply problem persists, and the domestic copper inventory is declining. The game between reality and expectation, and between the domestic and foreign markets makes the market more complex [4] - Reference view: Continue to pay attention to the impact of the moving - average system on copper prices, and set the overall defense line at the upper edge of the moving - average system [4] Group 5: Lithium Carbonate - Spot information: The market price of battery - grade lithium carbonate (99.5%) is 61,000 yuan/ton (down 250 yuan/ton), and that of industrial - grade lithium carbonate (99.2%) is 59,350 yuan/ton (down 250 yuan/ton). The price difference between the two is 1,650 yuan/ton, unchanged from the previous day [5] - Market analysis: The cost of lithium carbonate production has decreased, but the profit margin has not expanded. The production is still at a high level, and the supply may increase further. The demand has improved but is still insufficient to drive the price up. The inventory has decreased overall. Pay attention to the upstream production reduction [5] - Reference view: The lithium carbonate 2507 contract may fluctuate weakly. It's advisable to go short on rallies [5][6] Group 6: Steel - Spot information: The price of Shanghai rebar is 3,170 yuan. The Tangshan operating rate is 83.56%. The social inventory is 532.76 million tons, and the steel mill inventory is 200.4 million tons [7] - Market analysis: The fundamentals of steel are gradually improving, with a weaker near - term and stronger long - term situation. The cost is dynamically changing, and the inventory level is low. The short - term market is dominated by macro - policy expectations, showing a pattern of strong supply and demand [7] - Reference view: Due to the declining demand, it's advisable to wait and see until the market stabilizes [7] Group 7: Coking Coal and Coke - Spot information: The price of main coking coal (clean coal, Meng 5) is 1,205 yuan/ton; the price of metallurgical coke (quasi - first - grade) in Rizhao Port is 1,340 yuan/ton. The port inventory of imported coking coal is 337.38 million tons, and the port inventory of coke is 246.10 million tons [8] - Market analysis: The supply is relatively loose, the demand is low, the inventory is gradually increasing, and the profit is approaching the break - even point [8] - Reference view: Coking coal and coke may fluctuate weakly at a low level [8] Group 8: Iron Ore - Spot information: The Platts iron ore index is 97.2. The price of Qingdao PB (61.5%) powder is 735 yuan, and the price of Australian iron ore powder (62% Fe) is 737 yuan [9] - Market analysis: The supply and demand factors are intertwined. The global iron ore shipment has decreased slightly, the port inventory has decreased, the domestic demand has slightly declined, and the overseas demand is differentiated. The U.S. tariff policy and environmental protection restrictions suppress the price increase [9] - Reference view: The iron ore 2509 contract may fluctuate in the short term. Traders should be cautious [9] Group 9: Crude Oil - Market analysis: The U.S. - Iran negotiation has encountered setbacks, and the OPEC+ production increase plan has uncertainties. The supply may shrink. The OPEC has lowered the global demand growth forecast, and the geopolitical situation is unstable [10] - Reference view: The WTI main contract may fluctuate between 58 - 65 dollars/barrel [10] Group 10: Rubber - Market analysis: The U.S. trade war and tariff policies suppress the rubber price. The supply is abundant as the rubber - producing areas are in the harvesting season. The global supply and demand are both loose [10] - Reference view: Pay attention to the downstream operating rate of Shanghai rubber. The rubber market is weak overall [10] Group 11: PVC - Spot information: The mainstream price of East China 5 - type PVC is 4,650 yuan/ton, unchanged from the previous period. The price difference between ethylene - based and calcium - carbide - based PVC is 350 yuan/ton, unchanged [11] - Market analysis: The production enterprise operating rate has decreased slightly. The demand is still mainly for rigid needs. The social inventory has decreased. The futures price is oscillating weakly at a low level [11] - Reference view: The fundamentals are still weak, and the futures price will oscillate weakly at a low level [11] Group 12: Soda Ash - Spot information: The national mainstream price of heavy soda ash is 1,402.50 yuan/ton, down 1.88 yuan/ton [12] - Market analysis: The supply has increased, the inventory has decreased, and the demand is average. The market lacks new driving forces [12] - Reference view: The futures price is expected to continue to oscillate within the bottom - range in the short term [12]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. It is recommended to be cautious about treasury bonds, optimistic about the long - term performance of Chinese equity assets, and consider going long on stock index futures. For various commodities, different investment strategies are proposed based on their respective fundamentals and market conditions [6][9]. Summary by Related Catalogs Treasury Bonds - Last trading day, treasury bond futures closed down across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell by 0.65%, 0.26%, 0.15%, and 0.06% respectively. The Fed is cautious about interest rate cuts, and the US government's tariff policy is uncertain. It is expected that there will be no trend - based market, and one should remain cautious [5][7]. Stock Index - Last trading day, stock index futures showed mixed performance. The main contracts of IF, IH, IC, and IM changed by 0.68%, 0.25%, 1.89%, and 2.35% respectively. Although the domestic economic recovery momentum is weak, the long - term performance of Chinese equity assets is still promising. Considering the significant progress of the Sino - US trade agreement, one can consider going long on stock index futures [8][9][10]. Precious Metals - Last trading day, the main contracts of gold and silver showed declines. The "de - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. The long - term bull market trend of precious metals is expected to continue, and one can consider going long on gold futures [11][12]. Steel Products (including Rebar, Hot - Rolled Coil) - Last trading day, rebar and hot - rolled coil futures showed weak oscillations. The real - estate industry's downward trend has not reversed, and the demand for rebar is declining. There is a risk of further price decline, but the valuation is low, and there are signs of a stop - fall. Investors can focus on short - selling opportunities [13][14]. Iron Ore - Last trading day, iron ore futures rebounded slightly. The supply - demand pattern has weakened marginally, but the valuation is high. It has found support near the previous low. Investors can focus on low - level buying opportunities [16]. Coking Coal and Coke - Last trading day, coking coal and coke futures continued to decline. The supply of coking coal is loose, and the demand for coke has weakened. The futures have reached new lows, and investors can focus on short - selling opportunities [18][19]. Ferroalloys - Last trading day, the main contracts of manganese silicon and ferrosilicon declined. The demand for ferroalloys is weak, and the supply is relatively high. One can consider opportunities for out - of - the - money call options on manganese silicon and exiting short positions on ferrosilicon [21][22]. Crude Oil - Last trading day, INE crude oil rose significantly. The OPEC + meeting is approaching, and there are concerns about oversupply. The US tariff policy is uncertain. It is suitable for short - term operations, and one can temporarily observe the main contract [23][24][25]. Fuel Oil - Last trading day, fuel oil showed a trend of rising and then falling, with a relatively strong performance. The cost - side crude oil is expected to rise due to the OPEC meeting, and the court's ruling on tariffs is beneficial to fuel oil prices. One can temporarily observe the main contract [26][27][28]. Synthetic Rubber - Last trading day, the main contract of synthetic rubber rose slightly. The supply pressure persists, the demand improvement is limited, and the cost has declined. It is expected to continue to oscillate weakly [29][30]. Natural Rubber - Last trading day, the main contract of natural rubber showed mixed performance. The demand side is worried about the future, and the inventory has increased against the season. One should wait for the market to stabilize and temporarily observe [31][33]. PVC - Last trading day, the main contract of PVC declined. The short - term fundamentals change little, and it fluctuates with the macro - sentiment. It is expected to oscillate at the bottom [34][36]. Urea - Last trading day, the main contract of urea declined. In the short term, the cost has decreased, and the demand has not been released. In the second half of the year, exports and agricultural demand may drive the price to rise. One can consider going long at low levels [37][39]. PX - Last trading day, the main contract of PX rose. The supply - demand structure is tight, and the PXN spread has support. It should be treated with a cautious and bullish mindset [40]. PTA - Last trading day, the main contract of PTA rose. The supply - demand structure has improved, and the cost has support. It may oscillate and strengthen in the short term, and one can operate in the low - level range [41][42]. Ethylene Glycol - Last trading day, the main contract of ethylene glycol rose. The supply has increased, the inventory has decreased slightly, and the demand has improved. It is expected to oscillate and adjust, and one should pay attention to inventory and policy changes [43]. Short - Fiber - Last trading day, the main contract of short - fiber rose. The downstream demand has slightly recovered, and the cost has a driving force. It is expected to oscillate and strengthen following the cost, and one can participate cautiously at low levels [44]. Bottle Chips - Last trading day, the main contract of bottle chips rose. The raw material cost has support, and the supply - demand fundamentals have improved. It is expected to oscillate following the cost, and one should participate cautiously [45]. Soda Ash - Last trading day, the main contract of soda ash declined. The long - term supply exceeds demand, and the inventory is sufficient. It is expected to oscillate steadily [46]. Glass - Last trading day, the main contract of glass declined. The actual supply - demand fundamentals have no obvious driving force, and the market sentiment is weak [47][50]. Caustic Soda - Last trading day, the main contract of caustic soda declined. The supply - demand is relatively loose, with obvious regional differences. One should pay attention to device operations and liquid chlorine prices [51]. Pulp - Last trading day, the main contract of pulp rose slightly. The domestic and international supply is abundant, but the downstream consumption is weak. It is expected to rebound briefly, and one should pay attention to production cuts and consumption - stimulating policies [52]. Lithium Carbonate - Last trading day, the main contract of lithium carbonate declined. The supply is increasing, the demand is weakening, and the supply - demand surplus situation has not changed significantly. The price is difficult to reverse before the large - scale clearance of mine capacity [53]. Copper - Last trading day, Shanghai copper oscillated higher. The court's ruling on tariffs is beneficial to the market sentiment, and there is a basis for copper price increase. One can operate with a long - bias on the main contract [54][55]. Tin - Last trading day, Shanghai tin declined. The supply is expected to increase, and the demand is improving. The price is expected to face pressure and oscillate downward [56]. Nickel - Last trading day, Shanghai nickel rose. The cost has support, but the downstream demand is weak. The supply - demand surplus situation may continue, and one should pay attention to opportunities after the macro - sentiment recovers [57]. Soybean Oil and Soybean Meal - Last trading day, the main contracts of soybean oil and soybean meal declined. The supply of soybeans is expected to be loose, the upward pressure on soybean meal is high, and one can observe. The downward space of soybean oil is limited, and one can consider out - of - the - money call options [58][59]. Palm Oil - Malaysian palm oil has risen for five consecutive days. Malaysia plans to increase the biodiesel blending ratio. One can focus on opportunities to widen the spreads between rapeseed oil and palm oil and between soybean oil and palm oil [60][61]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed market is mixed. The domestic inventory of rapeseed, rapeseed meal, and rapeseed oil is at a low or high level in recent years. One can focus on buying opportunities for rapeseed meal after a pull - back [62][63][64]. Cotton - Last trading day, domestic cotton futures declined slightly. The suspension of tariffs is beneficial to cotton exports. The supply - demand situation is complex, and one can wait for a pull - back to go long [65][68][69]. Sugar - Last trading day, domestic sugar futures declined slightly. The Brazilian sugar production is lower than expected, and the domestic inventory is low. One can operate within the oscillation range [70][71][72]. Apples - Last trading day, domestic apple futures oscillated. There are signs of production reduction in some areas, and the inventory is lower than last year. One can focus on buying opportunities after a pull - back [72][73]. Live Pigs - Last trading day, the main contract of live pigs rose. The supply is increasing, and the demand is weak after the Dragon Boat Festival. One can consider positive spreads on the peak - season contracts [74][77]. Eggs - Last trading day, the price of eggs was stable. The egg production capacity is increasing, and the price decline risk has been released in the main contract. One can consider short - selling after a rebound [78][79]. Corn and Starch - Last trading day, the main contracts of corn and corn starch rose. The domestic corn supply - demand is approaching balance, but there is short - term supply pressure. Corn starch follows the corn market, and one can temporarily observe [80][81][82]. Logs - Last trading day, the main contract of logs rose slightly. The expected arrival volume at ports has increased, and the spot price has declined. The market has no obvious driving force, and the support for the futures price is weak [83][84].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. It is recommended to be cautious about the overall market [6]. - For different commodities, there are various investment suggestions, such as considering long positions in stock index futures, gold futures, and copper futures; being cautious about PX, PTA, short - fiber, etc.; and waiting for opportunities in some commodities like urea and cotton [9][11][57]. Summary by Commodity Categories Bonds and Stocks - **Treasury Bonds**: The previous trading day, most treasury bond futures closed down. The central bank conducted reverse repurchase operations, and the Ministry of Finance announced local government bond issuance. It is expected that there will be no trend - following market, and caution is advised [5][7]. - **Stock Index Futures**: The previous trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is weak, the long - term performance of Chinese equity assets is still optimistic, and it is considered to go long on stock index futures [9][10]. Precious Metals - **Precious Metals**: The previous trading day, gold and silver futures had small increases. Due to the complex global trade and financial environment and the trends of "de - globalization" and "de - dollarization", the long - term bull market trend of precious metals is expected to continue, and it is considered to go long on gold futures [11][12]. Base Metals - **Copper**: The previous trading day, Shanghai copper fluctuated lower. The US International Court's ruling on tariffs is beneficial to market sentiment, and it is considered to take long positions in Shanghai copper [56][57]. - **Tin**: The previous trading day, Shanghai tin fell. With the resumption of production in some mines and the increase in production costs in some regions, it is expected that the upward pressure on tin prices is large, and a bearish and volatile view is taken [58]. - **Nickel**: The previous trading day, Shanghai nickel fell. Although the cost support is strong, the downstream demand is weak, and it is necessary to pay attention to opportunities after the repair of macro - sentiment [59]. Energy - **Crude Oil**: The previous trading day, INE crude oil oscillated downward. There are concerns about oversupply in the crude oil market, and it is suitable for short - term operations. It is recommended to wait and see for the main crude oil contract [23][26]. - **Fuel Oil**: The previous trading day, fuel oil rose first and then fell. The global trade demand is recovering, but the increase in inventories in some regions is negative for prices. It is recommended to wait and see for the main fuel oil contract [27][29]. Chemicals - **PVC**: The previous trading day, the PVC main contract fell. The short - term fundamentals change little, and it is expected to continue to oscillate [35][37]. - **Urea**: The previous trading day, the urea main contract fell. The cost has decreased in the short term, and the agricultural demand has not been released. It is expected that the price will stabilize and rebound later, and it is advisable to go long at low prices [38][40]. - **PX**: The previous trading day, the PX main contract fell. The short - term supply - demand structure has weakened slightly, and it is recommended to participate cautiously [41]. - **PTA**: The previous trading day, the PTA main contract fell. The short - term supply - demand structure has improved, but the cost support is insufficient, and interval operations are considered [42][43]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, soybean meal rose slightly, and soybean oil fell slightly. The supply of soybeans is expected to be loose, and it is recommended to wait and see for soybean meal; for soybean oil, it is possible to pay attention to out - of - the - money call options at the bottom [60][62]. - **Palm Oil**: The Malaysian palm oil closed up. The inventory is at a relatively low level in the same period in recent years. It is recommended to pay attention to the opportunity of expanding the spread between rapeseed oil and palm oil, and soybean oil and palm oil [63][64]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day, rapeseed futures fell. The inventory of rapeseed, rapeseed meal, and rapeseed oil is at a relatively high or low level in the same period in recent years. It is recommended to pay attention to the opportunity of going long after the callback of rapeseed meal [65][67]. - **Cotton**: The previous trading day, domestic cotton futures fell slightly. The suspension of tariffs is beneficial to short - term exports. It is recommended to go long after the callback [68][72]. - **Sugar**: The previous trading day, domestic sugar futures fell slightly. The global sugar production is expected to recover. It is recommended to conduct interval operations [73][77]. - **Apple**: The previous trading day, apple futures oscillated. The inventory in cold storage is lower than that of last year, and it is recommended to pay attention to the opportunity of going long after the callback [78][79]. - **Live Pigs**: The previous trading day, the main live - pig contract rose slightly. The supply is increasing, and the demand is weak after the Dragon Boat Festival. It is recommended to consider the positive spread opportunity of the peak - season contract [80][82]. - **Eggs**: The previous trading day, the main egg contract fell. The supply of eggs is expected to increase in June, and it is recommended to go short after the rebound [83][84]. - **Corn and Starch**: The previous trading day, the corn and corn starch main contracts rose. The domestic corn supply - demand is approaching balance, and it is recommended to wait and see for corn starch [85][87]. - **Logs**: The previous trading day, the main log contract rose. The arrival of logs at ports has increased, and the market has no obvious driving force [88][89].