Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 6 月 26 日星期四 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | 甲醇 | 震荡偏 24.07 强 ⼯率 | 【行情复盘】 周三夜盘甲醇主力合约期货价格上涨 31 元/吨至 2419 元/吨，华东主流地区甲醇现 货价格上涨 10 元/吨至 2650 元/吨。多头持仓增加 12386 手至 54.78 万手，空头持 仓增加 16030 手至 61.67 万手。 【重要资讯】 1、供应方面，国内甲醇开工率 88.65%，环比上涨 0.76%。海外甲醇开工率 55.11%， 环比下降 15.8%。 2、库存方面，中国甲醇港口库存总量在 67.05 万吨，较上一期数据增加 8.41 万吨。 其中，华东地区累库，库存增加 5.90 万吨；华南地区累库，库存增加 2.51 万吨。 中国甲醇 ...

Group 1: Report Overview - Date: June 26, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operational Suggestions - The lithium carbonate futures fluctuated strongly, with limited increase compared to the previous day. The spot price center moved slightly up, with electric carbon rising 300 to 60,200. The spot price was still lower than the futures price, and the delivery loss had significantly narrowed, but the exchange warehouse receipts were still decreasing. Attention should be paid to the delivery problem of the 07 contract in the short term [12]. - The prices of Australian ore and lithium mica ore both increased, and the price center of cathode materials also moved up. The price - cut tide in the industry chain had暂缓, and with the improvement of the current macro - environment, the market bullish sentiment was increasing. The short - term stop - falling sign of lithium carbonate was obvious, but due to the high supply and high inventory of lithium carbonate, the rebound space of lithium carbonate futures was expected to be limited [12]. Group 3: Industry News - The SMM battery - grade lithium carbonate index price was 60,311 yuan/ton, a daily increase of 360 yuan/ton. The battery - grade lithium carbonate was 59,700 - 60,700 yuan/ton, with an average price of 60,200 yuan/ton, a daily increase of 300 yuan/ton. The industrial - grade lithium carbonate was 58,100 - 59,100 yuan/ton, with an average price of 58,600 yuan/ton, a daily increase of 300 yuan/ton. The lithium carbonate spot market continued the pattern of oversupply, and the supply - demand contradiction was still prominent. The market had sufficient tradable goods, and the inventory pressure was not effectively relieved. The demand side had no significant incremental expectation, and downstream cathode material enterprises maintained a cautious procurement strategy, mainly for rigid - demand procurement. The lithium carbonate price had approached the industry average cost line, and the market had entered a volatile stage of long - short game. The slight rebound of the futures price had a certain conduction effect on the spot market, driving the transaction center of point - price trading based on the futures price to move up slightly, but the overall market sentiment was still cautious [13]. - The General Office of the Ministry of Commerce issued a notice on organizing the 2025 New Energy Vehicle Consumption Season in Thousands of Counties and Towns from July to December 2025. Local governments should implement the policy of trading in old cars for new ones, set up special areas for trading in old cars for new ones in the new energy vehicle consumption season event venues, and launch more marketable new energy vehicle models. They should promote the reform pilot of automobile circulation and consumption, combine the new energy vehicle consumption season activities with the pilot construction work, plan to carry out special promotions and test - drive experiences for intelligent connected new energy vehicles, and promote the commercial application of high - level intelligent driving cars under safe and legal conditions. They should also create diversified post - market consumption scenarios for automobiles and extend the automobile consumption chain [13][14]

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年6月26日 4 基差 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 天胶： 1、基本面：供应开始增加，国外现货偏强，国内库存开始增加，轮胎开工率高位 中性 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 3 基本面数据 多空因素及主要风险点 2、基差：现货13750，基差-20 中性 3、库存：上期所库存周环比减少，同比减少；青岛地区库存周环比增加，同比增加 中性 4、盘面：20日线向下，价格20日线上运行 中性 5、主力持仓：主力净空，空减 偏空 6、预期：市场情绪主导，短线交易 多空因素及主要风险点 • 利多 • 1、下游消费高位 • 2、原料价格偏强 • 3、现货价格抗跌 • 利空 • 1、供应增加 • 2、外部环境偏空 • 风险点 • 世界经济衰退、国内经济增长不如预 ...

周三，玻璃、纯碱主力合约呈震荡小幅上涨格局，分别收涨0.3%至1017元/吨，收涨0.43%至1166元/ 吨。当天，内盘原油价格继续大幅下跌，油化工板块跌幅有所收窄，化工品价格波动逐渐回归到基本供 需关系。 纯碱供应处于较高水平，碱厂库存面临去化难题 近期，纯碱的供应量一直处于较高的水平，并且后续产能恢复以及新产能投产所带来的压力依然存在。 最新数据显示，纯碱开工率达到了86.12%，整体开工情况保持稳定。上周纯碱的产量为75.47万吨，相 较于前一周增加了1.46万吨，涨幅为1.97%。在利润方面，上周合成碱的利润呈现出分化态势，其中联 碱法的利润为99.50元/吨，较前一周下跌了40元/吨；而氨碱法的利润为25.20元/吨，较前一周增加了 4.50元/吨。 瑞达期货：纯碱预计供给依旧宽松，价格将继续承压 供应端来看，国内纯碱开工率上涨，纯碱产量上涨，但整体上涨速度趋缓，市场供应依旧宽松，国内纯 碱利润下滑，但目前利润依旧为正，由此反馈出纯碱产量增速将进一步放缓，后续冷修有望增加，需求 端玻璃产线无太大变化，整体产量小幅增加，维持在底部，刚需生产迹象明显。光伏玻璃整体出现需求 下滑迹象，预计继续下滑，对于 ...

Report Industry Investment Rating No relevant information provided. Core Views - The urea market is currently in a state of loose supply and demand, and the price is expected to be volatile and slightly stronger in the short term. Attention should be paid to the export situation of domestic urea [3]. - The geopolitical risks in the Middle East have sharply cooled down, greatly alleviating the market's concerns about the interruption of crude oil supply. It is recommended to operate cautiously and buy put options on crude oil with a light position [6]. - The copper price is expected to remain volatile and slightly stronger in the near term. However, due to the weakness of the spot market, the premium will weaken, which is expected to drive downstream purchases at low prices. Attention should be paid to the inflation data in the later period [12]. - The upward space of lithium carbonate is limited, and the pattern of oscillation and short - bias remains unchanged [14]. - It is recommended to operate cautiously in the asphalt market and go long on the 09 - 12 spread at low prices [15]. - PP, plastic, PVC, and other products are expected to be in a low - level oscillation pattern due to factors such as increased supply, weak demand, and cooling geopolitical risks in the Middle East [17][18][20]. - The rebound amplitude of coking coal may slow down under the easing of geopolitical conflicts [21]. - The price of rebar is expected to maintain a weak oscillation pattern in the short term due to high supply, pressure on raw materials, and weak demand [23]. - The hot - rolled coil market will still face significant downward pressure, and the price is expected to continue the weak oscillation trend [25]. Summary by Related Catalogs Hot - Spot Varieties Urea - The urea futures market opened low and moved high, rising nearly 3% during the day. The spot market sentiment became high, and the export and port - collection accelerated, increasing enterprise shipments [3]. - On the supply side, some Henan plants had temporary shutdowns, and the daily urea output dropped below 200,000 tons in the short term. On the demand side, the market's enthusiasm for stockpiling increased after the rebound, but the compound fertilizer market was tepid [3]. - The inventory decreased this period, mainly due to the opening of port inspections, which relieved the inventory pressure in the factories [3]. Crude Oil - After the US military's intervention in attacking Iranian nuclear facilities, the market was concerned about Iran's retaliatory actions, but the retaliatory actions were weak, and Israel and Iran reached a cease - fire agreement, sharply cooling down the geopolitical risks in the Middle East [4][6]. - Crude oil has entered the seasonal travel peak season, the US crude oil inventory has continued to decline to a low level, and OPEC + production increases are less than expected, but the market is currently focused on geopolitical risks in the Middle East [6]. - It is recommended to operate cautiously and buy put options on crude oil with a light position [6]. Futures Market Overview - As of the close on June 25, domestic futures main contracts showed mixed trends. Some contracts such as red dates and urea rose by more than 2%, while SC crude oil fell by more than 8% [8]. - The major contracts of stock index futures generally rose, while the major contracts of treasury bond futures showed different trends [8]. Capital Flow - As of 15:16, the main contracts of domestic futures had capital inflows in contracts such as CSI 1000 2509, and outflows in contracts such as Shanghai copper 2507 [10]. Core Views (Commodity - Specific) Copper - Shanghai copper opened low and moved high, showing a strong oscillation during the day. The cease - fire between Israel and Iran eased geopolitical conflicts, but there was still uncertainty [12]. - On the supply side, the copper supply was still increasing, and the tight - supply expectation in the copper - smelting end was only reflected in the data. On the inventory side, the global copper inventory decreased, but the US copper inventory continued to accumulate rapidly [12]. - On the demand side, the terminal market was relatively weak, and the downstream mainly purchased at low prices and for rigid needs. The copper price is expected to be volatile and slightly stronger, but the spot market is weak [12]. Lithium Carbonate - Lithium carbonate opened high and moved low, showing a slightly strong oscillation. The average price of battery - grade and industrial - grade lithium carbonate increased [14]. - In May 2025, the import volume of lithium carbonate decreased, but it was still at a relatively high level. The downstream was still waiting and watching, and the inventory continued to accumulate. The upward space is limited, and the pattern of oscillation and short - bias remains unchanged [14]. Asphalt - The asphalt start - up rate decreased, and the June production plan increased. The downstream start - up rates showed mixed trends, and the inventory ratio continued to decline [15]. - The geopolitical risks in the Middle East have cooled down, and the asphalt price has fallen sharply with crude oil. It is recommended to operate cautiously and go long on the 09 - 12 spread at low prices [15]. PP - The downstream start - up rate of PP decreased, and the enterprise start - up rate also declined. The inventory pressure was still large, and it is expected to be in a low - level oscillation pattern [17]. Plastic - The plastic start - up rate increased, but the downstream start - up rate decreased. The inventory pressure was still large, and it is expected to be in a low - level oscillation pattern [18]. PVC - The PVC start - up rate decreased, and the downstream start - up rate continued to decline slightly. The export was restricted, and the inventory pressure was still large. It is expected to be in a low - level oscillation pattern [20]. Coking Coal - Coking coal opened low and moved low, and then rebounded at the end of the session. The supply pressure was relieved, but the demand also weakened. The futures price is expected to stimulate downstream purchases, but the rebound amplitude may slow down [21]. Rebar - The rebar price fell slightly. The supply was still at a relatively high level, the cost of raw materials was under pressure, the demand was weak in the off - season, and the inventory accumulation pressure was increasing. It is expected to maintain a weak oscillation pattern [23]. Hot - Rolled Coil - The hot - rolled coil price showed a slight decline. The supply pressure was still there, the raw material cost support was limited, the terminal demand was weak, and the inventory was slowly rising. It is expected to continue the weak oscillation trend [25].

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-06-25 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2509：2620至2680区间震荡 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，菜粕油厂开机处于低位，菜粕 库存维持低位支撑盘面。菜粕现货需求短期进入旺季，进口油菜籽到港量增多但油厂库 存短期无压力，盘面短期震荡偏强。中国对加拿大油渣饼进口加征关税短期利多菜粕， 但未对油菜籽进口加征关税，利多程度也或有限。中性 2.基差：现货2600，基差-62，贴水期货。偏空 3.库存：菜粕库存1.01万吨，上周1.55万吨，周环比减少34.84%，去年同期2.8万吨，同比 减少63.93%。 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘小幅反弹。产业链上，矿价继续坚挺，矿山继续挺价，但镍铁价格继续下行，国内镍 铁企业亏损程度进一步扩大，减产预期加强，倒逼矿价的可能性更大。不锈钢交易所仓单继续流出，库 存上升，需求偏弱。新能源汽车产销数据较好，电池向（6镍）倾向，有利于镍的需求提升。中长线过 剩格局不变。偏空 2、基差：现货119000，基差1550，偏多 3、库存：LME库存203928，-216，上交所仓单21581，+103，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2507：震荡偏弱运行，重心下移。 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短期镍矿价格坚挺，矿山挺价，镍铁 ...

Core Points - The company is holding its second extraordinary general meeting of shareholders in 2025 on July 8, 2025, at 14:30 [5] - The meeting will combine on-site and online voting methods, with shareholders required to register and provide necessary documentation to participate [1][3] - A key agenda item is the proposal to engage in commodity futures hedging and trading to mitigate risks associated with raw material price fluctuations, particularly for industrial silicon [5][10] Meeting Procedures - Shareholders and authorized representatives have the right to speak, inquire, and vote during the meeting, with specific registration requirements for speaking [2] - Voting will be conducted through a combination of on-site and online methods, with each share granting one vote [3][5] - The meeting will be presided over by the chairman, Mr. Ji Jinshu, and will include a verification process for attendance and voting eligibility [5] Proposal Details - The company aims to conduct futures hedging and trading to reduce the impact of raw material price volatility on production costs [6] - The maximum margin required for these activities will not exceed a specified limit and will be funded from the company's own resources [6] - The proposal includes risk analysis and control measures to ensure that trading activities are conducted prudently and in compliance with regulations [7][9] Risk Management - The company has identified several risks associated with futures trading, including market, funding, internal control, technical, and policy risks [7][8] - A comprehensive risk management framework has been established, including adherence to internal policies and regular monitoring of trading activities [9]

Core Viewpoint - The market's expectations for an early interest rate cut by the Federal Reserve have weakened, raising questions about whether gold can maintain its position above the 3300 USD mark [1] Group 1 - The current market sentiment indicates a shift in expectations regarding the Federal Reserve's monetary policy, particularly concerning interest rate cuts [1] - There is a focus on the performance of gold, specifically its ability to hold above the 3300 USD threshold amidst changing market conditions [1] - The article invites participation in a trading group aimed at capitalizing on market opportunities, highlighting a sense of urgency with limited availability [1]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Report's Core View The report provides a comprehensive analysis of various non - ferrous metals including copper, alumina, electrolytic aluminum, etc., covering market trends, supply - demand relationships, and trading strategies. It emphasizes the impact of factors such as inventory levels, production capacity changes, and macro - economic indicators on metal prices, and offers corresponding trading suggestions for different metals [7][15][24]. 3. Summary by Related Catalogs Copper - **Market Review**: The Shanghai Copper 2507 contract closed at 78,640 yuan/ton, up 0.4%, with the Shanghai Copper Index adding 10,391 lots to 535,600 lots. Spot premiums declined due to end - of - quarter inventory clearance and capital needs [2]. - **Important Information**: First Quantum Minerals halted operations at the accident area of the Zambian Trident project. Sentinel Copper's 2025 copper production guidance is 20 - 230,000 tons. Jiangxi Shangxin's 80,000 - ton copper product project is under environmental assessment. A new study shows that Ivanhoe Electric's Santa Cruz copper project could produce 72,000 tons of copper cathode annually in the first 15 years [3][4]. - **Logic Analysis**: Antofagasta insists on a long - term processing fee of - 15 dollars/ton. LME inventory decreased, and the ratio may decline further. Domestic smelters increased refined copper exports, and the spot premium dropped due to end - of - half - year factors. Copper price upside is limited [7]. - **Trading Strategy**: For single - side trading, focus on LME delivery risks. For arbitrage, continue to hold the borrow strategy. For options, adopt a wait - and - see approach [8][9]. Alumina - **Market Review**: The Alumina 2509 contract fell 4 yuan to 2,903 yuan/ton. Spot prices in various regions declined [11]. - **Important Information**: India's latest alumina deal was 30,000 tons at 366 dollars/ton. Expected end - of - month production capacity may change due to short - term maintenance. Yunnan Aluminum will strengthen bauxite resource acquisition [12]. - **Logic Analysis**: Although the expected production capacity increase may be affected by short - term maintenance, the short - term surplus of bauxite remains. Alumina prices are expected to fluctuate between full cost and cash cost of high - cost production capacity [15]. - **Trading Strategy**: For single - side trading, prices are expected to fluctuate at a low level. For arbitrage and options, adopt a wait - and - see approach [16][17]. Electrolytic Aluminum - **Market Review**: The Shanghai Aluminum 2508 contract fell 105 yuan/ton to 20,315 yuan/ton. Spot prices in different regions declined [19]. - **Important Information**: Israel and Iran agreed to a cease - fire. US and Eurozone PMI data were released. China's May photovoltaic new - installed capacity increased significantly. The Tongliao green - power aluminum project entered the core equipment installation stage [20][21]. - **Logic Analysis**: High aluminum prices led to inventory increases. Low inventory and Middle - East situation uncertainties will affect aluminum prices. After the seasonal off - season in August, low - inventory - driven price differentials may expand [24]. - **Trading Strategy**: For single - side trading, prices are expected to fluctuate widely. For arbitrage, consider a 9 - 12 positive spread later. For options, adopt a wait - and - see approach [25]. Casting Aluminum Alloy - **Market Review**: The Casting Aluminum Alloy 2511 contract fell 70 yuan to 19,625 yuan/ton. Spot prices remained stable [27]. - **Important Information**: May automobile production and sales increased, and new - energy vehicle production and sales grew significantly. Guizhou Guangyu plans a 200,000 - ton recycled aluminum project [27]. - **Logic Analysis**: Domestic recycled casting aluminum alloy production slightly decreased, and the market lacks continuous driving forces. Prices are expected to fluctuate with aluminum prices [29]. - **Trading Strategy**: For single - side trading, prices are expected to fluctuate with aluminum prices. For arbitrage, consider trading when the price difference between aluminum alloy and aluminum is between - 200 and - 1,000 yuan. For options, adopt a wait - and - see approach [30][31]. Zinc - **Market Review**: The Shanghai Zinc 2508 rose 0.85% to 21,920 yuan/ton. Spot premiums remained stable, but downstream purchasing willingness was low [34]. - **Important Information**: As of June 23, SMM's seven - region zinc ingot inventory decreased. Some zinc smelters in South China were affected by heavy rain [35]. - **Logic Analysis**: Under macro - influence, zinc prices may fluctuate. Domestic zinc consumption is in the off - season, and supply has increased significantly in June. Zinc prices may decline with inventory accumulation [36]. - **Trading Strategy**: For single - side trading, consider shorting in the far - month contracts at high prices. For arbitrage and options, adopt a wait - and - see approach [37]. Lead - **Market Review**: The Shanghai Lead 2508 rose 0.44% to 16,960 yuan/ton. Spot prices and downstream battery production enterprises' procurement were stable [38]. - **Important Information**: As of June 23, SMM's five - region lead ingot inventory decreased [41]. - **Logic Analysis**: Domestic primary lead smelter operating rates are high, but lead concentrate imports decreased. Recycled lead smelters are in losses. Supply may tighten, and demand is in the off - season. Lead prices are expected to fluctuate within a range [42]. - **Trading Strategy**: For single - side trading, consider going long in the far - month contracts at low prices. For arbitrage and options, adopt a wait - and - see approach [43]. Nickel - **Market Review**: The Shanghai Nickel main contract NI2508 fell 420 to 117,630 yuan/ton. Spot premiums of different nickel types changed [45]. - **Important Information**: The wet - process phase III ONC project's tailings pond in Indonesia was completed. LME revised lending rules. Iran and Israel declared a cease - fire [46][47]. - **Logic Analysis**: The easing of the Middle - East situation and weakening demand in June led to a supply - demand imbalance. LME inventory increased, and nickel prices are expected to decline and test the bottom again [48]. - **Trading Strategy**: For single - side trading, prices are expected to decline. For arbitrage, adopt a wait - and - see approach. For options, consider selling call options [49][52]. Stainless Steel - **Market Review**: The main SS2508 contract fell 35 to 12,440 yuan/ton. Spot prices of cold - rolled and hot - rolled products are given [54]. - **Important Information**: World stainless steel crude steel production in Q1 2025 increased year - on - year. Qing Shan added a public warehouse in Foshan, and its July high - carbon ferrochrome long - term procurement price was flat [55]. - **Logic Analysis**: US tariffs on steel appliances will affect demand. Supply reduction by Chinese and Indonesian steel mills is insufficient, and inventory is difficult to reduce. Nickel ore prices are firm, but NPI prices are falling [56]. - **Trading Strategy**: For single - side trading, prices are expected to continue to decline. For arbitrage, adopt a wait - and - see approach [57][58]. Tin - **Market Review**: The main Shanghai Tin 2507 contract rose 780 to 263,800 yuan/ton. Spot prices increased, but trading was light [60]. - **Important Information**: Global PMI data were released, and Congo - Kinshasa and Rwanda will sign a peace agreement [62]. - **Logic Analysis**: Shanghai Tin continued to fluctuate within a range. Tin ore supply is currently tight, but the annual supply - demand tightness expectation has eased. Demand is in the off - season [63]. - **Trading Strategy**: For single - side trading, pay attention to the tin ore resumption rhythm. For options, adopt a wait - and - see approach [64][65]. Industrial Silicon - **Market Review**: The industrial silicon futures main contract closed at 7,485 yuan/ton, up 1.08%. Spot prices were stable [66][67]. - **Important Information**: May's social electricity consumption data were released [68]. - **Logic Analysis**: Although demand increased in June, production also increased. The supply - demand surplus situation remains. Futures prices rebounded due to market sentiment and downstream procurement. Prices may decline as production increases [71]. - **Trading Strategy**: For single - side trading, consider shorting later. For options, sell out - of - the - money call options. For arbitrage, participate in Si2511 and Si2512 reverse spreads [71]. Polysilicon - **Market Review**: The polysilicon futures main contract closed at 31,085 yuan/ton, up 0.48%. Spot prices declined [73]. - **Important Information**: China's new photovoltaic and wind power installed capacities from January to May 2025 increased significantly [74]. - **Logic Analysis**: In June, polysilicon production increased, and inventory decreased. Silicon wafer prices fell, and spot prices are under pressure. The futures market logic has changed, and prices are expected to decline [75]. - **Trading Strategy**: For single - side trading, consider shorting. For arbitrage and options, adopt a wait - and - see approach [78]. Lithium Carbonate - **Market Review**: The main 2509 contract rose 1,800 to 60,700 yuan/ton. Spot prices of different types of lithium carbonate declined [79]. - **Important Information**: IEA predicted global lithium production. Relevant departments promoted new - energy vehicle safety management and consumption. A lithium - boron mining project in Tibet was approved [80][81]. - **Logic Analysis**: Market rumors and warrant cancellations led to a price rebound. New - energy vehicle sales may be stimulated, but the growth rate may slow down. Lithium salt plants may resume production in July, and inventory is expected to increase [82]. - **Trading Strategy**: For single - side trading, consider shorting on rebounds. For arbitrage, adopt a wait - and - see approach. For options, sell out - of - the - money call options [83].