1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views of the Report - Palm oil: High - level volatility intensifies, and attention should be paid to the impact of crude oil [2]. - Soybean oil: Supported by the cost of US soybeans, it may experience a short - term correction [2]. - Soybean meal: Adjust and fluctuate, waiting for the USDA report [2]. - Soybean: Spot prices catch up, and the market adjusts and fluctuates [2]. - Corn: Fluctuate with an upward bias [2]. - Sugar: Fluctuate with a bullish bias [2]. - Cotton: Waiting for new drivers [2]. - Eggs: Maintain a sideways trend [2]. - Pigs: The impact of commodity sentiment is realized, and it returns to the industrial logic [2]. - Peanuts: Fluctuate [2]. 3. Summary by Relevant Catalogs 3.1 Palm Oil and Soybean Oil - **Fundamental Tracking** - Palm oil main contract: Day - session closing price was 9,720 yuan/ton, up 5.45%; night - session closing price was 9,742 yuan/ton, with a change of 0.23% - 0.18%. Trading volume was 892,943 lots, an increase of 363,533 lots, and open interest was 385,075 lots, an increase of 9,545 lots. The spot price in Guangdong was 9,830 yuan/ton, up 630 yuan/ton, and the basis was 110 yuan/ton [5]. - Soybean oil main contract: Day - session closing price was 8,672 yuan/ton, up 3.09%; night - session closing price was 8,656 yuan/ton. Trading volume was 936,143 lots, an increase of 585,844 lots, and open interest was 656,575 lots, a decrease of 12,368 lots. The spot price in Guangdong was 9,350 yuan/ton, up 500 yuan/ton, and the basis was 678 yuan/ton [5]. - **Macro and Industry News** - Trump said the US military action against Iran would end "soon", and the overnight crude oil price dropped significantly. Indonesia may resume the plan to launch mandatory B50 - grade palm oil biodiesel in the middle of this year. Thailand will increase the biodiesel blending ratio from 5% to 7% from March 14. As of last Thursday, Brazilian farmers had harvested 51% of the 2025/26 soybean crop, slower than the same period last year [6][8][9]. 3.2 Soybean and Soybean Meal - **Fundamental Tracking** - DCE soybean 2605: Day - session closing price was 4,815 yuan/ton, up 153 yuan (+3.28%); night - session closing price was 4,798 yuan/ton, down 34 yuan (-0.70%). - DCE soybean meal 2605: Day - session closing price was 2,995 yuan/ton, up 102 yuan (+3.53%); night - session closing price was 2,994 yuan/ton, down 12 yuan (-0.40%) [13]. - **Macro and Industry News** - On March 9, CBOT soybean futures closed mixed, with the benchmark contract down 0.4% due to profit - taking by long positions and active technical selling. Traders are closely watching the USDA's March supply - demand report. Analysts expect a slight adjustment to US and global supply forecasts, a downward adjustment to Brazil's soybean production forecast, and an upward adjustment to Brazil's corn production forecast [15]. 3.3 Corn - **Fundamental Tracking** - C2605: Day - session closing price was 2,395 yuan/ton, up 0.04%; night - session closing price was 2,391 yuan/ton, down 0.17%. Trading volume was 1,545,357 lots, an increase of 754,521 lots, and open interest was 1,435,081 lots, a decrease of 84,461 lots. - C2607: Day - session closing price was 2,404 yuan/ton, unchanged; night - session closing price was 2,402 yuan/ton, down 0.08%. Trading volume was 240,888 lots, an increase of 137,970 lots, and open interest was 412,214 lots, an increase of 3,654 lots [17]. - **Macro and Industry News** - Northern corn bulk shipping port prices increased by 10 - 20 yuan/ton, and Guangdong Shekou bulk shipping quotes increased by 10 yuan/ton. Northeast corn prices increased by 20 - 40 yuan/ton, and North China corn prices increased by 10 - 50 yuan/ton [18]. 3.4 Sugar - **Fundamental Tracking** - Raw sugar price was 14.59 cents/pound, up 0.49 cents. The mainstream spot price was 5,490 yuan/ton, up 110 yuan/ton. The futures main - contract price was 5,436 yuan/ton, up 65 yuan/ton. The 5 - 9 spread was - 13 yuan/ton, unchanged; the 9 - 1 spread was - 108 yuan/ton, up 11 yuan/ton; the mainstream spot basis was 54 yuan/ton, up 45 yuan/ton [21]. - **Macro and Industry News** - As of February 28, the sugar production in the 25/26 sugar - crushing season in India increased by 12% year - on - year. India approved an additional 500,000 tons of sugar exports. China imported 580,000 tons of sugar in December (+190,000 tons). CAOC expects the domestic sugar production in the 25/26 sugar - crushing season to be 11.7 million tons, consumption to be 15.7 million tons, and imports to be 5 million tons. ISO expects a global sugar supply surplus of 1.63 million tons in the 25/26 sugar - crushing season [21][22][23]. 3.5 Cotton - **Fundamental Tracking** - CF2605: Day - session closing price was 15,285 yuan/ton, down 0.07%; night - session closing price was 15,245 yuan/ton, down 0.26%. Trading volume was 1,224,720 lots, an increase of 832,993 lots, and open interest was 1,161,023 lots, a decrease of 6,682 lots. - CY2605: Day - session closing price was 21,280 yuan/ton, up 0.35%; night - session closing price was 21,190 yuan/ton, down 0.42%. Trading volume was 24,053 lots, a decrease of 1,999 lots, and open interest was 14,518 lots, an increase of 1,045 lots [26]. - **Macro and Industry News** - Cotton spot one - price offers increased, but overall trading was cold. After the futures correction, there was some basis - locking trading. ICE cotton futures continued to rebound slightly due to the significant drop in crude oil prices and the alleviation of market concerns [27][28]. 3.6 Eggs - **Fundamental Tracking** - Egg 2604: Closing price was 3,271 yuan/500 kg, up 0.89%. Trading volume increased by 71,666 lots, and open interest decreased by 22,238 lots. - Egg 2605: Closing price was 3,427 yuan/500 kg, up 1.24%. Trading volume increased by 190,688 lots, and open interest decreased by 19,256 lots [32]. 3.7 Pigs - **Fundamental Tracking** - Henan spot price was 10,480 yuan/ton, down 50 yuan/ton; Sichuan spot price was 10,350 yuan/ton, down 50 yuan/ton; Guangdong spot price was 10,860 yuan/ton, down 100 yuan/ton. - Pig 2605: Closing price was 11,200 yuan/ton, up 40 yuan/ton; Pig 2607: Closing price was 12,300 yuan/ton, up 120 yuan/ton; Pig 2609: Closing price was 13,210 yuan/ton, up 70 yuan/ton [36]. 3.8 Peanuts - **Fundamental Tracking** - PK604: Closing price was 7,956 yuan/ton, up 1.22%. Trading volume was 30,197 lots, an increase of 19,710 lots, and open interest was 25,846 lots, a decrease of 5,231 lots. - The spot price of Liaoning 308 general peanuts was 9,100 yuan/ton, down 200 yuan/ton; the spot price of Henan Baisha general peanuts was 7,400 yuan/ton, unchanged [39]. - **Spot Market Focus** - In Henan, the price of Nanyang Baisha general peanuts was around 3.8 - 3.95, and that of Kaifeng large peanuts was around 3.8 - 4.0. In Jilin, the price of 308 general peanuts was around 4.5 - 4.6. In Liaoning, the price of 308 general peanuts was around 4.5 - 4.6. In Shandong, the overall supply was small, and the price was stable [40].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - On February 25, platinum and palladium prices rose overall. The PT2606 contract closed up 7.13% to 58 yuan/gram, and the PD2606 contract closed up 4.59% to 45.95 yuan/gram. [6] - Macroeconomic factors such as tariff policy uncertainty and Middle - East geopolitical tensions support the precious metals market. [6] - In the short - term, new tariff policies on key minerals may affect the short - term upward trend of the market. In the long - term, the global platinum supply - demand gap persists, and the global palladium supply - demand balance sheet is expected to improve, providing long - term support for platinum and palladium. [6] - In the short - term, platinum and palladium are expected to remain relatively strong but with high volatility. It is recommended that investors follow the trend and mainly go long at low prices. [6] 3. Summary by Relevant Catalogs Domestic Prices - Platinum: The platinum futures main contract closing price was 586 yuan/gram, up 6.19% from the previous value; the spot price of platinum (99.95%) was 600 yuan/gram; the basis (spot - futures) was - 18 yuan/gram, up 207.69%. [4] - Palladium: The palladium futures main contract closing price was 457.95 yuan/gram, up 4.45%; the spot price of palladium (99.95%) was 453.5 yuan/gram, up 4.25%; the basis (spot - futures) was - 4.45 yuan/gram, up 28.99%. [4] International Prices - London spot platinum was 2278.1 dollars/ounce, up 5.65%; London spot palladium was 1805.984 dollars/ounce, up 2.97%. [4] - NYMEX platinum was 2287.6 dollars/ounce, up 5.99%; NYMEX palladium was 1837 dollars/ounce, up 3.70%. [4] Internal - External 15 - point Spread - The dollar/renminbi central parity rate was 6.9321, down 0.13%. [4] - The spread between Guangzhou platinum and London platinum was 12.27 yuan/gram, up 52.11%; the spread between Guangzhou platinum and NYMEX platinum was 9.88 yuan/gram, up 31.06%. [4] Ratios and Inventory - The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2796, an increase of 0.0210. The ratio of London spot platinum to palladium was 1.2294, an increase of 0.0320. [5] - NYMEX platinum inventory was 186,269 troy ounces, with a change of 0.00%; NYMEX palladium inventory was 578,195 troy ounces, with a change of 0.00%. [5] Positions - NYMEX total platinum position was 69,291, up 0.33%; non - commercial net long position of platinum was 12,347, up 2.18%. [5] - NYMEX total palladium position was 16,538, down 1.52%; non - commercial net long position of palladium was 513, down 4.09%. [5]

Group 1 - The core viewpoint of the article highlights a significant increase in gold and silver prices due to rising inflation concerns and geopolitical tensions in the Middle East [1] - The U.S. Supreme Court ruling may lead to increased federal borrowing, raising investor concerns about U.S. debt credit, which in turn drives demand for gold as a risk hedge [1] - Recent data shows that the U.S. core Personal Consumption Expenditures (PCE) price index rose by 3.0% year-on-year in December, exceeding market expectations, contributing to inflationary pressures [1] Group 2 - As of the latest close, the April gold futures price on the New York Mercantile Exchange reached $5,080.90 per ounce, marking a 1.67% increase [1] - The March silver futures price on the New York Mercantile Exchange closed at $82.343 per ounce, reflecting a 6.07% increase [1] - For the week, gold futures rose by 0.69% and silver futures surged by 5.62%, driven by ongoing geopolitical tensions and inflationary pressures in the U.S. [1]

Market Overview - The market is characterized by a constant tug-of-war between bullish and bearish sentiments, leading to fluctuations in price movements [1] - The focus should be on strategies to protect capital and respond to market changes rather than predicting market direction [1] Gold Market Analysis - On May 29, spot gold experienced fluctuations, opening at $3285.91 per ounce, reaching a high of $3294.46, and a low of $3245.29, closing at $3280.01, reflecting a decline of 0.34% [1] - Gold prices have fallen for four consecutive days due to multiple factors: a U.S. court ruling boosting market risk appetite, a hawkish stance from the Federal Reserve's meeting minutes, rising U.S. Treasury yields, and the dollar index returning to the 100 mark [1] - Despite the recent decline, medium to long-term support factors are accumulating, particularly due to delayed expectations for Fed rate cuts and escalating geopolitical tensions in the Middle East [1] - The market is closely watching the upcoming U.S. PCE price index release, which will provide critical guidance for assessing the Fed's policy direction and future gold price trends [1] Technical Analysis - The current prediction for gold indicates a potential downward adjustment from $3365, with two possible scenarios: one suggesting a five-wave upward movement and the other indicating a three-wave ABC structure [2] - The recent drop below the key support level of $3280 confirms the three-wave ABC structure, suggesting that gold may not reach new highs in the short term and is currently in the final Z-wave downward adjustment [2] Trading Strategy - A short position strategy is recommended: if gold rebounds to the $3300-$3310 range and faces resistance, a light short position can be initiated with a stop-loss above $3320 and a target set at $3270-$3280 [4]