Report Industry Investment Rating No relevant information provided. Core Viewpoints - Focus on the US-Iran talks today for crude oil, and continue to look for shorting opportunities in polyolefin varieties [1] - Most of the analyzed commodities have a bearish or cautious outlook due to factors such as supply - demand imbalances, cost pressures, and geopolitical issues Summary by Commodity Crude Oil - **Logic**: OPEC+ discussing large - scale production increase in July and potential new Iran nuclear deal create supply - demand concerns; medium - term supply surplus exists [2][3] - **Technical Analysis**: Daily - level medium - term decline, hourly - level short - term oscillation; hold short positions on the hourly cycle [2][3] Styrene (EB) - **Logic**: Cost pressure from falling crude oil, increased supply expected due to ethylene plant maintenance recovery and new capacity in Q2 [6] - **Technical Analysis**: Hourly - level short - term decline; hold short positions on the hourly cycle with a stop - loss at 7465 [6] PX - **Logic**: Low profit, ongoing plant maintenance, increased downstream PTA demand; cost logic dominates after crude oil decline [7][10] - **Technical Analysis**: Hourly - level short - term rise; wait for shorting opportunities after breaking the support [10] PTA - **Logic**: Both supply and demand increase, but cost logic dominates after crude oil decline [11][13] - **Technical Analysis**: Hourly - level short - term rise; wait for shorting opportunities after breaking the support [13] PP - **Logic**: Limited impact from ethylene plant failure, narrowing export profit, future supply and cost pressures [17] - **Technical Analysis**: Hourly - level short - term decline; hold short positions on the hourly cycle, with short - term pressure and take - profit at the May 21 high [17] Methanol - **Logic**: Slightly lower domestic start - up, low traditional demand, potential port inventory build - up [18] - **Technical Analysis**: Hourly - level decline; hold short positions on the hourly cycle, with take - profit at the May 22 high [18] Rubber - **Logic**: Short - term positive sentiment digested, high tire inventory, low demand, potential supply increase [21] - **Technical Analysis**: Daily - level medium - term decline, hourly - level short - term oscillation; short at the upper end of the range on the hourly cycle [21] PVC - **Logic**: Expected increase in start - up after maintenance, weak terminal real - estate demand [25] - **Technical Analysis**: Daily - level medium - term decline, hourly - level short - term decline; look for shorting opportunities on the hourly cycle [25] Ethylene Glycol (EG) - **Logic**: Improved demand from polyester, but future supply pressure from new ethylene capacity [27] - **Technical Analysis**: Daily - level medium - term decline, hourly - level short - term rise; hold 15 - minute short positions, stop - loss at 4455 [27] Plastic - **Technical Analysis**: Daily - level medium - term decline, hourly - level short - term decline; transfer 15 - minute short positions to the hourly cycle [28][30] Synthetic Rubber (BR) - **Logic**: Limited impact from ethylene plant failure, future supply increase of butadiene putting pressure on cost [32] - **Technical Analysis**: Daily - level medium - term decline, hourly - level short - term decline; transfer 15 - minute short positions to the hourly cycle after breaking support [32]