Group 1 - The Federal Circuit Court ruled that the tariffs imposed by the Trump administration under the International Emergency Economic Powers Act were illegal, leading to potential implications for U.S. trade policy and negotiations [1][3] - The ruling may undermine the credibility of previous trade agreements made by the U.S. with various countries, as they lacked legislative backing and could be viewed as mere "paper commitments" [3] - The decision could open alternative policy channels, allowing lobbying groups in industries like steel and aluminum to push for non-tariff barriers such as anti-dumping measures and national security reviews [3] Group 2 - The ruling has significant implications for U.S. national security strategy, as it may shift the administration's focus towards multilateral approaches and "rules-based" strategies in trade, particularly in areas like digital trade and supply chain standards [4] - The decision may also impact India's trade dynamics, as it could lead to reduced export costs for Indian goods, but simultaneously expose India to potential trade relief measures from the U.S. [6] - The deepening energy ties between India and Russia, highlighted by Modi and Putin's discussions, may complicate India's position as it navigates U.S. pressures while seeking to maintain strategic autonomy [6][8] Group 3 - The interactions between Modi and Putin symbolize a strong trust and strategic partnership, which India is leveraging to secure energy supplies and enhance its bargaining power amid U.S. pressures [8] - The evolving geopolitical landscape suggests that as the U.S. ties trade to national security, India's ability to balance relations with both Russia and the U.S. will become increasingly challenging [8] - The recent court ruling, along with political statements from U.S. officials, indicates a broader reconfiguration of power and partnerships in the global trade environment [8]

Core Viewpoint - International gold prices have rebounded strongly due to rising risk aversion and expectations of interest rate cuts, reaching historical highs and maintaining bullish momentum, although caution is advised regarding potential pullbacks [1][3]. Price Movement Summary - Gold opened at $3475.85 per ounce, peaked at $3508 before retreating, then fluctuated to a low of $3470.17, and ultimately closed at $3533.15, marking a daily increase of $57.3 or 1.65% [3]. - The price is expected to face resistance around $3500, with potential support levels at $3450 or $3400 for re-entry opportunities [1][10]. Market Outlook - The market is anticipating U.S. economic data releases, including July JOLTs job openings and factory orders, which are expected to be bearish for gold prices [5]. - Trump's announcement regarding tariffs could impact gold prices significantly, with potential pullbacks if the appeals are rejected, while a favorable outcome could maintain bullish trends [6]. Technical Analysis - The weekly chart indicates that gold has successfully tested the midline support and is poised for further upward movement, with bullish prospects strengthened by the widening Bollinger Bands [8]. - The daily chart shows that gold has encountered resistance near $3535, and if it fails to close above this level, a period of consolidation or pullback may occur, although the overall bullish trend remains intact [10]. Support and Resistance Levels - Key support levels for gold are identified at $3500 and $3480, while resistance levels are at $3545 and $3575 [11].

Group 1 - The U.S. stock market experienced a decline, with the Dow Jones falling by 0.55%, the S&P 500 down by 0.69%, and the Nasdaq decreasing by 0.82% [3] - Major European indices also fell, with Germany's DAX30 down by 2.29%, the UK's FTSE 100 down by 0.87%, and the Euro Stoxx 50 down by 1.42% [3] - In Hong Kong, the Hang Seng Index dropped by 0.47% to 25,496.55 points, while the Hang Seng Tech Index fell by 1.22% to 5,728.46 points, with a total market turnover of HKD 328.12 billion [4] - The A-share market saw all three major indices decline, with the Shanghai Composite Index down by 0.45%, the Shenzhen Component down by 2.14%, and the ChiNext Index down by 2.85%, with a total turnover of CNY 2.87 trillion [5] Group 2 - The wholesale sales of new energy passenger vehicles in China increased by 24% year-on-year in August, reaching 1.3 million units [11] - The gold price reached a new historical high, closing at USD 3,533.43 per ounce, up by 1.64% [6] - WTI crude oil prices rose by 1.46% to USD 65.37 per barrel, while Brent crude oil increased by 1.38% to USD 69 per barrel [6] - The semiconductor sector in Hong Kong faced significant declines, with companies like Hua Hong Semiconductor and SMIC dropping over 4% and 5% respectively [4]

Core Viewpoint - The U.S. Trade Representative, Tai, indicated that if tariff rulings "go in the opposite direction," there are other tools available, suggesting that tariff litigation has not harmed trade negotiations [1] Group 1 - The statement emphasizes the readiness to utilize alternative measures if tariff decisions are unfavorable [1] - The assertion that tariff litigation has not negatively impacted trade negotiations highlights the resilience of ongoing discussions [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The increase in Malaysia's biodiesel blending ratio in transport vehicles and the rainfall in the US soybean - growing areas may impact the market. The MPOB April report on Malaysian palm oil is bearish, while the USDA May report on US soybeans is bullish. [7][18] - Attention should be paid to the subsequent production and export changes of Malaysian palm oil and the impact on the inventory - building rhythm, as well as the impact of US weather on soybean production. [18] 3. Summary by Relevant Catalogs 01 Overnight Quotes - Overnight quotes for commodities such as Malaysian palm oil, Brent crude, US crude, US soybeans, and related products, as well as currency quotes including the US dollar index and various exchange rates, are presented, along with their price changes. For example, the closing price of Malaysian palm oil 08 (BMD) is 3903.00, with a previous day's decline of 0.87% and an overnight decline of - 0.76%. [1] 02 Spot Quotes - Spot prices, basis, and basis changes for futures contracts such as DCE palm oil 2505, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions are provided. For instance, the spot price of DCE palm oil 2509 in East China is 8620, with a basis of 450 and a basis change of 0. [2] 03 Important Fundamental Information - Production Area Weather - The future weather outlook (June 3 - 7) for US soybean - producing states shows that temperature and precipitation are close to or higher than normal levels in most areas. The Midwest has more rainfall, which is beneficial for sown areas, but may affect sowing in some southern regions. [3][6] - Policy and Market News - Malaysia plans to increase the biodiesel blending ratio in transport vehicles from B10 to B20. Indonesia has implemented a B40 mandatory blending plan and is considering raising it to B50. [7] - An EU anti - deforestation law will impose new import restrictions. Four countries are classified as "high - risk" and major palm - oil producing countries are "standard - risk", with different compliance inspection rates. [8] - Export and Inventory Data - Market expectations for US soybean, soybean meal, and soybean oil export sales are given. Canadian rapeseed export volume decreased by 10.36% to 16.01 tons in the week ending May 25, but increased by 59.29% year - on - year from August 1, 2024, to May 25, 2025. As of May 25, the commercial inventory was 91.99 tons. [8][9] - Domestic Supply and Demand - On May 29, the total trading volume of soybean oil and palm oil increased by 1026% compared to the previous day. The trading volume of soybean meal in major oil mills increased, and the overall oil mill startup rate was 63.44%, up 0.75% from the previous day. [11] 04 Macro - economic News - International News - The probability of the Fed maintaining interest rates in June is 96.2%, and the probability of a 25 - basis - point cut is 3.8%. US economic data such as initial jobless claims, GDP, and the existing home sales index are released. [13] - There are developments regarding US tariffs and trade agreements, including a federal court's suspension of a tariff - related ruling. [14] - Domestic News - The central bank conducted 2660 billion yuan of 7 - day reverse repurchase operations on May 29, with a net investment of 1115 billion yuan. [16] 05 Supply - Demand Reports - The MPOB April report on Malaysian palm oil shows a significant increase in production and inventory, which is bearish. The USDA May report on US soybeans shows an increase in exports and a decrease in ending stocks, which is bullish. [18] 06 Capital Flows - On May 29, 2025, the futures market had a net capital inflow of 197.96 billion yuan. Commodity futures had a net outflow of 22.39 billion yuan, while stock index futures had a net inflow of 220.35 billion yuan. [22] 07 Arbitrage Tracking No relevant content provided.

Core Viewpoint - The recent news regarding Trump's tariff decisions is considered a secondary issue as long as it does not lead to a market collapse [1] Group 1 - Adam Sarhan, CEO of 50 PARK INVESTMENT, commented that despite the headlines, the tariff news is not a primary concern for investors [1] - The market is looking forward, as Trump has already lifted most tariffs, making court rulings merely newsworthy [1] - There is speculation that Trump may be prepared to appeal before the rulings are made, indicating a potential for ongoing uncertainty [1]

Group 1 - The Trump administration is requesting an appellate court to suspend a tariff ruling [1] - The U.S. government may ask the Supreme Court to maintain the tariffs unchanged by Friday [1]

Core Viewpoint - The Trump administration has requested the appellate court to suspend the tariff ruling, indicating ongoing legal and trade policy challenges [1] Group 1 - The request for suspension highlights the administration's strategy to manage trade relations and tariffs amid ongoing disputes [1] - This legal action may impact various industries reliant on imports and exports, potentially leading to shifts in market dynamics [1] - The outcome of this appeal could set a precedent for future tariff-related cases and influence investor sentiment [1]

Core Viewpoint - The President of Mexico, Andrés Manuel López Obrador, stated that the country will wait to understand the specific scope of the U.S. court's ruling on tariffs [1] Group 1 - The Mexican government is closely monitoring the developments regarding the U.S. court's decision on tariffs [1]

Group 1 - Spot gold has reached $3310 per ounce, with a daily increase of 0.71% [1] - The White House National Economic Council Director Hassett stated that the judge's ruling on tariffs will be overturned [1]