Group 1: Macro - Overseas geopolitical risks, especially in the Middle East, have intensified market risk - aversion and affected global capital markets. China's foreign trade faces pressure with slowing export growth. The domestic economic structure is still differentiated, with weak real - estate investment dragging down growth expectations. Internet services, culture and media, and software development received over 5 billion yuan in net inflows of main funds [2] - Given the current macro - environment uncertainties, especially frequent overseas risk events, investors are advised to allocate assets rationally and consider using derivatives like options to hedge potential volatility risks [2] Group 2: Crude Oil - The Israel - Iran conflict has led to a sharp rise in crude oil and chemical prices. The approaching summer peak season, declining US inventories, and a predicted decline in US production support price increases. However, the price is highly sensitive to the development of the Middle East situation [3] - WTI main contract should focus on the resistance around $78 per barrel [3] Group 3: Gold - Geopolitical risks, expectations of Fed rate cuts, weakening attractiveness of US dollar assets, and central bank gold purchases support the gold price. The ongoing G7 summit and the Ukraine situation add to geopolitical uncertainties [4] - Gold has shown a clear upward trend since early 2025, with a cumulative increase of over 30%. Investors should be wary of short - term technical adjustment pressure and focus on the Fed's FOMC interest rate decision on June 19 [4][5] Group 4: Silver - Geopolitical risks in the Middle East boost risk - aversion, but the unclear Fed rate - cut signal and concerns about industrial demand create a mixed situation. The iShares Silver ETF holdings are at a low level, and inventory data shows a downward trend in some regions [6] - Silver is in a high - level oscillation pattern. Investors should be cautious about the possible return of the gold - silver ratio to rational levels and focus on the Fed's FOMC interest rate decision on June 19 [6] Group 5: Chemicals PTA - The rising crude oil price due to Middle East geopolitics supports PTA prices, but the upside is limited. PTA device maintenance and restart are concurrent, with an overall operating rate of 83.25%. The textile market is in a slack season, and inventory pressure is emerging [7] - PTA may fluctuate in the short term following cost - end changes [7] Ethylene Glycol - Although some devices are under maintenance or production cuts, the overall operating load of ethylene glycol has increased. Inventories in the East China main port have decreased, while downstream demand is weakening. The market should focus on cost - end price changes and downstream production - cut progress in the short term and tariff policies and device maintenance dynamics in the medium term [8] - Ethylene glycol may fluctuate in the short term following cost - end changes [8] PVC - PVC supply is relatively stable, but downstream demand has not improved significantly. Social inventories have decreased, but the fundamentals remain weak, and the futures price is oscillating at a low level [9][10] - The PVC futures price will oscillate at a low level due to weak fundamentals [10] PP - Polypropylene production capacity utilization has increased, but downstream demand has slightly decreased. Port inventories have decreased. The futures price may oscillate, and investors should be wary of the risk of market sentiment reversal [11] - The fundamentals of PP have not improved, and investors should be wary of the risk of market sentiment reversal [12] Plastic - The production capacity utilization of polyethylene has increased, while downstream demand has decreased. Inventories have changed from an upward to a downward trend. The futures price may oscillate, and investors should be wary of the risk of market sentiment reversal [13] - The fundamentals of plastic are weak, and investors should be wary of the risk of market sentiment reversal [13] Soda Ash - Soda ash production has increased, and factory inventories have risen, while social inventories have decreased. Downstream demand is average, and the market lacks new driving forces. The futures price is expected to continue oscillating at the bottom in the short term [14] - The soda ash futures price is expected to continue oscillating at the bottom in the short term [14] Glass - The supply of float glass has been relatively stable, with a slight decrease in weekly output. Inventories have decreased slightly, but the approaching rainy season may increase inventory pressure. Downstream demand remains weak. The futures price is expected to oscillate weakly in the short term [15] - The glass futures price is expected to continue oscillating weakly in the short term [15] Rubber - Rubber prices are mainly driven by market sentiment, with the rebound limited by the US trade - war tariff policy and the oversupply situation. The supply of rubber is abundant as domestic and Southeast Asian production areas are in the harvest season. The downstream tire - making industry's operating rate has increased [17] - Rubber prices may rebound mainly due to market resonance, and investors should focus on the downstream operating rate [17] Methanol - The spot price of methanol has increased, and the futures price has also risen. Port inventories have increased, and supply pressure persists. However, due to the situation in Iran, imports are expected to decrease significantly. The demand side shows a mixed situation [18] - The methanol futures price may oscillate strongly, and investors should focus on the inventory accumulation speed at ports and the impact of the Middle East situation on crude oil prices [18] Group 6: Agricultural Products Corn - The USDA report has a limited positive impact on corn prices. The domestic corn market is in a transition period between old and new crops, with a potential shortage of supply. Wheat may replace corn in the feed - use field, and downstream demand is weak [19][20] - Corn main contract is expected to oscillate between 2300 - 2400 yuan per ton in the short term, and investors should focus on whether it can break through the upper pressure level [20] Peanut - The increase in the US bio - fuel standard has supported peanut futures sentiment, but the peanut's own fundamentals do not support continuous price increases. The estimated increase in domestic peanut planting area may lead to lower prices. Currently, the market is in a period of inventory consumption, with low inventory levels and weak supply - demand [21] - Peanut main contract is expected to oscillate in the short term without a clear trend [21] Cotton - Positive progress in Sino - US economic and trade relations has driven up cotton prices. The USDA report is positive for cotton, but the expected increase in domestic cotton production may keep prices low. Currently, imports are low, and commercial inventories are below normal levels, but downstream textile demand is weak [22] - Cotton prices are expected to run strongly in a short - term range, and investors should focus on whether it can fill the previous gap [22] Live Pig - The government's purchase and storage policy has sent a positive signal, but the market supply is sufficient, and demand is weak. Although the enthusiasm for secondary fattening has increased after the price decline, terminal consumption remains dull [23] - For the live pig 2509 contract, investors should focus on whether it can break through the upper pressure level of 14,000 yuan and continuously monitor the slaughter situation [23] Egg - The supply of eggs is sufficient due to a high inventory of laying hens. In the demand side, hot and humid weather makes egg storage difficult, and downstream procurement is cautious [24][25] - The current egg futures price is undervalued, and there is limited room for downward movement. It is recommended to wait and see for now [25] Soybean No. 2 - The breakthrough in US bio - fuel has boosted US soybeans. The good weather in the US soybean - growing area and the peak export season of Brazilian soybeans have affected the market. The export prospects of US soybeans are unclear [26] - Soybean No. 2 may oscillate strongly in the short term [26] Soybean Meal - The US tariff policy and global geopolitical instability affect soybean meal prices. US soybean sowing is progressing smoothly, and Brazilian soybeans are in the export peak season. Domestically, the supply pressure of soybean meal is increasing, and downstream demand is weakening [27] - Soybean meal may oscillate in a short - term range [27] Soybean Oil - The breakthrough in US bio - fuel has led to an increase in the external market, which has driven up domestic soybean oil prices. The good weather in the US soybean - growing area and the peak export season of Brazilian soybeans have an impact. Domestically, the supply of soybean meal is expected to increase, and downstream demand is in the off - season [28] - Soybean oil may oscillate strongly in the short term [28] Group 7: Metals Shanghai Copper - The Middle East situation has a complex impact on copper prices. Although there are signs of easing, the uncertainty persists. Domestic support policies have improved market sentiment. However, raw - material supply problems remain, and copper inventories are decreasing [29] - Copper prices are testing the lower neckline of the island pattern, and investors should focus on its effectiveness as a defense line [29] Shanghai Aluminum - Positive progress in Sino - US economic and trade consultations and US rate - cut expectations have boosted market sentiment. The supply of electrolytic aluminum is stable, while downstream demand is entering the off - season. Low inventories support prices, but there is pressure from weakening demand [30] - The Shanghai Aluminum 2507 contract is expected to oscillate within a range [30] Alumina - Alumina supply is sufficient, and the operating rate has increased. Downstream demand is mainly for rigid needs, and inventories have slightly increased. The market is in a situation of oversupply, and prices are under pressure [31] - The Alumina 2509 contract shows a weak adjustment trend [31] Cast Aluminum Alloy - Tight scrap - aluminum supply provides cost support, but the industry is facing over - supply pressure due to capacity expansion. The demand from the new - energy vehicle industry may slow down in the second half of the year, and inventories are at a relatively high level [32] - The Cast Aluminum Alloy 2511 contract may run weakly [32] Lithium Carbonate - The lithium - ore market has stabilized, and inventories have decreased. The supply of lithium carbonate is still at a high level, while demand is weak except for the power - battery sector. The fundamentals have not improved substantially, and prices are expected to oscillate in the short term [33] - Conservative investors are advised to wait and see, while aggressive investors can operate within the range [33] Industrial Silicon - Supply is increasing as various regions resume production, especially in Xinjiang and the Southwest. Demand is mainly for on - demand procurement, and the market is in a loose state. Inventories are slightly decreasing, and prices are under pressure [35] - The Industrial Silicon 2509 contract will oscillate at the bottom [35] Polysilicon - Supply is increasing due to factory restarts in Sichuan and new - capacity expectations. Demand is weak, with a significant decline in the photovoltaic industry's demand. The market's supply - demand contradiction remains unsolved, and short - term improvement space is limited [36][37] - The Polysilicon 2507 contract will mainly oscillate, and investors should focus on the previous low - point support [37] Group 8: Black Metals Stainless Steel - Technically, the price trend may change from a one - sided decline to a low - level oscillation, but the rebound is restricted by the moving - average system. Fundamentally, the cold - demand of ferronickel weakens cost support, and supply pressure remains while demand is weak [38] - Stainless steel prices will oscillate widely at a low level and have not yet stabilized. It is recommended to wait and see for now [38] Rebar - The futures price has changed from a resistive decline to an oscillation under a high basis. Fundamentally, the macro - sentiment has improved, raw - material prices in the industry chain have stabilized, and the cost center is dynamically operating. Demand is in the off - season, inventories are low, and the valuation is relatively low [39][40] - Rebar has a relatively low overall valuation. In the short term, investors can take a light - position, low - buying, and long - biased approach [40] Hot - Rolled Coil - Technically, the price trend is changing from a decline to a stabilization. Fundamentally, external negotiations are progressing smoothly, raw - material prices in the industry chain have stabilized, and the cost center is dynamically operating. Demand has recovered, inventories are low, and the valuation is relatively low [41] - Hot - rolled coil has a relatively low overall valuation. In the short term, investors can take a light - position, low - buying, and long - biased approach [41] Iron Ore - Supply is at a high level as Australian and non - mainstream country shipments increase. Demand remains strong as steel - mill production enthusiasm is high despite a slight decline in blast - furnace operating rates. Port inventories are increasing, but the rate of increase is narrowing [42] - Iron Ore 2509 may oscillate in the short term. Investors should focus on the port inventory reduction speed and steel - mill restart rhythm [42] Coal - For coking coal, inventories in steel mills and independent coking plants are decreasing, while port inventories are slightly increasing. Supply has decreased due to safety inspections in Shanxi, but inventories are still high. Demand is weak as coke price cuts have reduced coke - enterprise profits. For coke, inventories in steel mills and ports are decreasing, supply has decreased, and demand is weak as steel - mill profitability has declined [43] - Coking coal and coke main contracts are expected to oscillate in the near term. Investors should focus on steel - mill inventory reduction and policy implementation [44]