Investment Rating - Not provided in the report Core Views - The report provides operation suggestions for various futures contracts based on different factors such as market trends, policy expectations, and supply - demand relationships [2]. Summary by Category Financial Futures - **Stock Index Futures**: There is an obvious high - low rotation among sectors. It is recommended to gradually take profits on long positions in IM futures and switch to a small number of short positions in MO put options with a strike price of 6000 in the 08 contract, reducing the position and maintaining a moderately bullish view [2]. - **Treasury Bond Futures**: Affected by the strong stock market and incremental policy expectations, treasury bond futures have declined, releasing some policy over - expectation risks in advance. It is recommended to wait and see in the short term and pay attention to the Politburo meeting communique [2]. - **Precious Metals**: The short - term international gold price has formed support at the 60 - day moving average (around 760 yuan for Shanghai gold). It is possible to buy on dips during the stage. Silver is affected by commodity market sentiment, and its price fluctuates above 38 US dollars (9100 yuan), and it is advisable to buy on dips [2]. Commodity Futures Shipping - **Container Shipping Index (European Line)**: The EC main contract is expected to be weakly volatile. It is possible to short the 08 contract or short the 10 contract on rallies [2]. Black Metals - **Steel**: Affected by production cut expectations, steel prices have strengthened. Iron ore prices fluctuate with steel prices. It is recommended to go long on hot - rolled coils and short on iron ore [2]. - **Coking Coal**: The exchange's position limit intervention has caused significant fluctuations in futures prices, and spot prices have increased in auctions. Mongolian coal is temporarily stable. It is recommended to go long on dips [2]. - **Coke**: The fourth round of price increases by mainstream coking plants has been implemented. Coking profits are meager, and there are still expectations for further price increases. It is recommended to go long on dips [2]. Non - ferrous Metals - **Copper**: The copper price is fluctuating narrowly, waiting for macro - level drivers. The main reference range is 78,000 - 80,000 [2]. - **Alumina**: Warehouse receipts have decreased again, and there is a risk of a short squeeze. The main reference range is 3100 - 3500 [2]. - **Aluminum**: Aluminum prices have declined slightly, and the expectation of inventory accumulation in the off - season is still strong. The main reference range is 20,200 - 21,000 [2]. Energy and Chemicals - **Crude Oil**: Geopolitical risks have increased market concerns about marginal supply contraction, and oil prices have risen. The WTI resistance level is given above. Options can be used to capture volatility opportunities [2][3]. - **Urea**: Export difficulties and high inventories suppress the rebound space. The short - term market is mainly in a range - bound state. It is recommended to wait and see in the short term [2]. - **PX**: Supply - demand expectations are tight, but the downstream industry chain still drags down PX trends. Pay attention to the pressure around 7000 and be cautiously bearish. Expand the PX - SC spread at low levels [2]. Agricultural Products - **Soybean Meal**: The bottom support of US soybeans is strong, and the loose supply - demand situation suppresses the price of soybean meal. The price is weakly volatile [2]. - **Pig Futures**: The spot market remains sluggish, and the previous policy benefits have been digested. It is recommended to be cautious and short the 09 contract [2]. - **Corn**: The market is mixed with both long and short factors, and the futures price is in a range - bound state [2].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - In the context of anti - involution narratives and expectations of incremental policies, the overall stock and commodity markets remain strong, while long - term bonds are under pressure. The market is affected by factors such as trade negotiations, central bank policies, and supply - demand relationships in different sectors [2]. 3. Summary by Categories Equity Index - There is an obvious high - low rotation among sectors. It is recommended to gradually take profits on long positions in IM futures and switch to a small amount of short positions in put options on MO with a strike price of 6000 in the 08 contract, and reduce positions, maintaining a moderately bullish stance. On the unilateral strategy, it is advisable to stay on the sidelines in the short term and pay attention to the capital situation and incremental policies [2]. Treasury Bonds - The risk assets suppress long - term bonds. With the tightening of the capital market, the short - selling sentiment in the bond futures market has increased, and the redemption pressure on bond funds may start to rise, which still suppresses the bond market. In terms of the curve strategy, it is possible to continue to bet on the steepening [2]. Precious Metals - Gold is supported by the weakening of the US dollar's credit and its commodity attributes, and it oscillates above the 60 - day moving average. Silver has further upside potential due to the general rise of domestic industrial products and capital inflows, and long positions can be held. Gold continues to correct as the European Central Bank pauses rate cuts for the first time in a year and the risk - aversion sentiment eases [2]. Shipping Index (European Line) - The EC main contract rebounds slightly. With the increasing expectation of anti - involution, the price continues to oscillate strongly. It is recommended to hold short positions in the 08 contract or short the 10 contract at high prices [2]. Steel and Iron Ore - The iron ore has insufficient upward momentum as the molten iron output slightly decreases and the port inventory slightly increases. It is recommended to go long on coking coal and short on iron ore. The steel price continues to oscillate strongly, and long positions can be held [2]. Coking Coal and Coke - The expectation of production - restriction documents is rising, the resumption of coal mines is lagging, the spot market is strong, and the transaction is picking up. The third round of price increases by mainstream coking plants has started, and there is still an expectation of price increases. It is recommended to take profits on long positions step by step at high prices [2]. Non - ferrous Metals - Copper: The short - term sentiment fades, and high copper prices suppress demand. - Aluminum: The market sentiment is bullish, and the aluminum price oscillates at a high level, but the expectation of inventory accumulation in the off - season is still strong. - Other non - ferrous metals also have different market trends and corresponding trading suggestions based on factors such as macro - sentiment, inventory, and supply - demand [2]. Energy and Chemicals - Crude oil: The macro - sentiment eases, and the demand expectation recovers, pushing up the oil price. - Other energy and chemical products such as urea, PX, PTA, etc., have different market trends and trading suggestions according to factors such as supply - demand, macro - environment, and cost [2]. Agricultural Products - Different agricultural products such as soybeans, corn, palm oil, etc., have different market trends and trading suggestions based on factors such as supply - demand, weather, and policy [2]. Special Commodities - Glass: The document on air pollution prevention boosts market sentiment, and the spot transaction is strong. - Rubber: The macro - sentiment is positive, and supply disruptions due to rainy weather in overseas production areas and conflicts between Thailand and Cambodia drive up the rubber price. - Other special commodities also have corresponding market trends and trading suggestions [2]. New Energy - Polysilicon futures oscillate and rise to a new high, but attention should be paid to the risk of a pullback due to the increase in warehouse receipts. - Recycled lithium: The market sentiment is boosted, but the fundamental change is not significant. It is recommended to be cautious and stay on the sidelines [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Tariff disturbances intensify the pessimistic expectation of off - season demand, and the expectation of domestic incremental policies is weak. The short - term decline of carbon elements causes the collapse of the cost support of finished products, and the overall valuation decline of the black series drags down the iron ore price. Iron ore's short - term trading focus tends to trade strong reality + weak expectation. Demand has basically peaked but the decline slope is low, and the supply side continues to recover but may maintain a year - on - year decrease. It is expected that iron ore will remain relatively strong in the short term. Later, attention should be paid to whether the coking coal price stabilizes and whether the market sentiment can recover [2] Group 3: Summary by Relevant Catalogs Logic - The US imposing steel tariffs on the world yesterday intensified the pessimistic expectation of terminal demand, leading to a collective decline of the black series. Recently, the black series has been trading on the pessimistic demand expectation. With the expectation of increased supply of carbon elements, iron elements are relatively strong and the discount of the futures price to the spot price is higher than the historical average. Carbon elements are constantly conceding benefits to iron elements. The demand for iron ore has declined from the high level but is expected to remain relatively high, supporting the price [2] Supply - The current period's overseas ore shipments have rebounded month - on - month. Shipments from Brazil and non - mainstream regions have significantly rebounded, but the volume of Australian ore shipped to China has declined month - on - month. June is the peak season for overseas ore shipments, and mainstream mines are expected to maintain a steady rebound in shipments, with the marginal support from the supply side weakening [2] Demand - Domestic demand has declined from the high level but is still in the high - level area. Hot metal production has declined for three consecutive weeks, with the current period at 241.91 (month - on - month - 1.69). Short - term demand has peaked, but the current profitability rate of steel mills is relatively high. It is expected that hot metal production will show an overall high - level decline trend with a relatively gentle downward slope. High demand is the core factor supporting the price [2] Inventory - The current domestic demand level is still relatively high. It is expected that the port inventory level will remain relatively stable or tend to be destocked in the first half of June. Overall, the inventory is at a high level, and the staged destocking at the high - inventory level is difficult to provide upward momentum [2]