Group 1: Report General Information - Report Title: "GOLDTRUST FUTURES CO., LTD - Goldtrust Futures Daily" [1][2] - Report Date: May 23, 2025 [1] Group 2: Crude Oil Futures Analysis - **Core View**: On May 22, 2025, the crude oil futures market experienced a sharp decline due to multiple factors. From the supply side, some oil - producing countries unexpectedly increased production, with OPEC+ over - increasing production, some countries not strictly implementing production cuts, and the US shale oil production increasing by 1.6 million barrels per day. If Iran signs a nuclear agreement with the US, its production may exceed 4 million barrels per day and release oil reserves. From the demand side, global economic growth is weak, the US manufacturing PMI is below the boom - bust line at 49.1, China's refinery operating rate is only 80%, and energy structure transformation is accelerating, suppressing long - term oil demand. Investors should closely monitor the market and adjust strategies, and relevant enterprises should prepare in advance. The market should be treated with a volatile and bearish outlook [3][4]. Group 3: Technical Analysis of Different Futures Stock Index Futures - **Core View**: The index has reached a record high, and it is likely to experience high - level fluctuations [7]. Gold Futures - **Core View**: The internal and external gold markets have broken through a small platform upwards. It can be basically confirmed that the low point on May 15 is the end of this wave of adjustment, and the upward target is expected to reach the high point on May 9. There is resistance at a certain point, and the market should be mainly bullish in the future [11][12]. Iron Ore Futures - **Core View**: In May, the decrease in downstream exports and the increase in shipments have led to a large supply surplus pressure, and domestic demand is about to enter the seasonal off - season. The weak reality increases the risk of high - valued iron ore. Technically, it is in a wide - range fluctuation, with a slight adjustment today, and should be regarded as a volatile market [15]. Glass Futures - **Core View**: The continuous increase in demand depends on the effects of real - estate stimulus or the introduction of major policies. Technically, there was a large decline today, and the market should be regarded as a volatile one. Currently, the daily melting volume is low, the spot production and sales have improved, but the factory inventory is still high, and the downstream deep - processing orders have weak restocking power [17][18]. PTA Futures - **Core View**: Fundamentally, the PX plant operating rate remains low, large factories plan to conduct maintenance in May, the spot circulation is tight, and the downstream polyester industry has poor demand, which suppresses the PTA futures price and makes it difficult to break through the pressure level. Technically, there are signs of a phased peak [20].