1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The de - dollarization logic remains unchanged, and it is recommended to go long on gold. For silver, due to speculative capital pull - up and lack of fundamental support, it is advisable to consider long - term short positions or opportunistically go long on the gold - silver ratio [1]. - For base metals, maintain a buy - on - dips approach for copper, expect aluminum prices to oscillate strongly and suggest light - position buy - on - dips, anticipate alumina prices to weaken and recommend selling on rallies, expect zinc prices to weaken and suggest selling on rallies, and for lead, suggest range - bound operations [2][3]. - In the black industry, it is advisable to wait and see for most products, with attempts to go long on螺纹 steel and焦煤 [4]. - For agricultural products, short - term soybean meal is expected to be strongly volatile, corn prices are expected to be strongly volatile, sugar prices are expected to be weakly volatile, cotton requires waiting and seeing, palm oil is expected to be strongly volatile in the short - term, eggs and apples require waiting and seeing, and pig prices are expected to be weakly volatile [5][6][7]. - In the energy and chemical industry, most products are expected to be volatile in the short - term, and for most, it is recommended to go short on far - month contracts in the long - term. For crude oil, it is recommended to go short on rallies after geopolitical risks are controllable [8][9][10]. 3. Summary by Commodity Categories Precious Metals - **Gold**: International silver prices rose 2% on Tuesday, breaking through $37 per ounce, while gold continued to weaken. 43% of surveyed central banks expect to increase their gold reserves in the next 12 months. It is recommended to go long on gold [1]. - **Silver**: Mainly driven by speculative funds, lacking fundamental support. It is recommended to consider long - term short positions or go long on the gold - silver ratio [1]. Base Metals - **Copper**: The price oscillated. The global copper ore supply is tight, and Japan's JX Metals is considering production cuts. It is recommended to maintain a buy - on - dips approach [2]. - **Aluminum**: The price of the 2507 contract rose 0.27%. The electrolytic aluminum market is in a "low - inventory + weak - demand" game state, and it is suggested to buy on dips with a light position [2]. - **Alumina**: The price of the 2509 contract rose 0.28%. The fundamentals are relatively loose, and it is recommended to sell on rallies [2]. - **Zinc**: The price of the 2507 contract rose 0.30%. Supply is increasing while demand is decreasing, and it is recommended to sell on rallies [3]. - **Lead**: The price of the 2507 contract fell 0.71%. It is recommended to operate within a range [3]. - **Industrial Silicon**: The price of the 09 contract fell. It is recommended to maintain a short - bias view before production increases and consider shorting on rebounds [3]. - **Polycrystalline Silicon**: The price of the 07 contract fell. If the warehouse receipt registration speed exceeds expectations, consider an inverse spread strategy between the 07 and far - month contracts [3]. - **Tin**: The price oscillated weakly. It is recommended to maintain a buy - on - dips approach [3]. Black Industry - **Rebar**: The price of the 2510 contract oscillated horizontally. Steel supply and demand are relatively balanced, and it is advisable to wait and see and attempt to go long [4]. - **Iron Ore**: The price of the 2509 contract oscillated horizontally. Supply and demand are marginally neutral - to - strong, but the medium - term surplus pattern remains unchanged. It is advisable to wait and see [4]. - **Coking Coal**: The price of the 2509 contract oscillated horizontally. Supply and demand are relatively loose, but the fundamentals are gradually improving. It is advisable to wait and see and attempt to go long [4]. Agricultural Products - **Soybean Meal**: Overnight CBOT soybeans rose. In the short - term, US soybeans are expected to be strongly volatile, and domestic soybeans follow international cost trends [5]. - **Corn**: The 2507 contract oscillated narrowly. The supply - demand situation is tightening marginally, and prices are expected to be strongly volatile [5][6]. - **Sugar**: The 09 contract closed at 5668 yuan/ton. The global sugar supply is expected to be in surplus, and prices are expected to be weakly volatile [6]. - **Cotton**: Overnight US cotton prices fell. It is advisable to wait and see and adopt a range - bound strategy [6]. - **Palm Oil**: Yesterday, Malaysian palm oil prices fell but remained strong. In the short - term, it is expected to be strongly volatile [6]. - **Eggs**: The 2508 contract corrected. Prices are expected to oscillate [6]. - **Pigs**: The 2509 contract oscillated narrowly. Prices are expected to be weakly volatile [6]. - **Apples**: The main contract rose. It is advisable to wait and see [7]. Energy and Chemical Industry - **LLDPE**: The short - term is expected to be strongly volatile, and in the long - term, it is recommended to go short on far - month contracts [8]. - **PVC**: It is recommended to exit short positions and wait and see, and consider selling call options above 4950 [8]. - **PTA**: Hold long positions in PX, and maintain the view of selling processing margins on rallies for PTA [8]. - **Rubber**: Prices are expected to oscillate weakly. It is recommended to go short above 14000 and hold spread positions [8][9]. - **Glass**: It is recommended to sell call options at 1250 [9]. - **PP**: The short - term is expected to be strongly volatile, and in the long - term, it is recommended to go short on far - month contracts [9]. - **MEG**: It is advisable to wait and see [9]. - **Crude Oil**: It is recommended to go short on rallies after geopolitical risks are controllable [9]. - **Styrene**: The short - term is expected to oscillate, and in the long - term, it is recommended to go short on far - month contracts [9][10]. - **Soda Ash**: The supply - demand situation is weak, and it is recommended to sell out - of - the - money call options at 1400 [10].