Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Views - On June 24, 2025, the urea price skyrocketed, becoming the focus of the agricultural materials market. The price had previously been on a downward trend, but reversed on June 16. International market disturbances, approaching corn top - dressing season, and the futures market's pull effect contributed to the price increase. However, supply - side pressure remains, and attention should be paid to agricultural demand and raw material coal prices. Traders and farmers should avoid blind chasing and focus on the 1800 - 1850 pressure zone [3]. - After the Israel - Iran cease - fire, the policy environment is favorable. The stock index futures market is expected to continue to rise in a volatile manner [7]. - The Fed's decision not to cut interest rates has led to an adjustment in the gold market, but the long - term upward trend remains. Investors can buy in batches at low prices [11][12]. - For iron ore, supply has increased month - on - month, iron water production has weakened seasonally, and ports are accumulating inventory again. The risk of over - valuation is high. Technically, attention should be paid to the important support below, and it should be viewed as a volatile market [14][15]. - For glass, the supply side has not seen significant cold - repair due to losses, factory inventories are high, and downstream demand is not strong. It is expected to be a volatile market until the real - estate stimulus effect appears or major policies are introduced [18][19]. - For soybean oil, due to the long - term expectation of the US biodiesel policy and the uncertain Middle - East situation, the short - term trend of the oil market may be strong. However, the current supply - demand situation is not tight, and there will be seasonal production and inventory increases in the medium - term. When the price reaches the 8000 - 8100 pressure zone, short - selling with a light position is recommended [21]. 3. Summary by Related Catalogs Urea Market - Price trend: Previously, the mainstream regional ex - factory price of urea fell below 1700 yuan/ton, and the low - end ex - factory quotes in Shanxi and Shaanxi dropped to around 1620 yuan/ton. On June 16, the price reversed, with main - producing area enterprises raising prices by 30 - 60 yuan/ton, and some enterprises in Shandong adjusting prices three times a day [3]. - Reasons for price increase: International market disturbances, approaching corn top - dressing season leading to increased agricultural demand, and the pull effect of the futures market [3]. - Future outlook: Supply - side pressure remains, and attention should be paid to agricultural demand and raw material coal prices [3]. Stock Index Futures - Fundamental situation: After the Israel - Iran cease - fire, the policy environment is favorable [7]. - Market trend: Expected to continue to rise in a volatile manner [7]. Gold - Market situation: The Fed's decision not to cut interest rates has led to an adjustment, but the long - term upward trend remains [12]. - Investment strategy: Buy in batches at low prices [11]. Iron Ore - Market situation: Supply has increased month - on - month, iron water production has weakened seasonally, and ports are accumulating inventory again, increasing the risk of over - valuation [15]. - Technical analysis: Attention should be paid to the important support below, and it should be viewed as a volatile market [14]. Glass - Market situation: The supply side has not seen significant cold - repair due to losses, factory inventories are high, and downstream demand is not strong [19]. - Future outlook: Expected to be a volatile market until the real - estate stimulus effect appears or major policies are introduced [18]. Soybean Oil - Market situation: Due to the long - term expectation of the US biodiesel policy and the uncertain Middle - East situation, the short - term trend may be strong. The current supply - demand situation is not tight, and there will be seasonal production and inventory increases in the medium - term [21]. - Investment strategy: When the price reaches the 8000 - 8100 pressure zone, short - selling with a light position is recommended [21].