Core Viewpoint - The global precious metals market remains strong due to macro geopolitical risks and uncertainties in trade policies, with gold and silver prices reaching historical highs [1]. Group 1: Gold Market - On January 23, COMEX gold prices reached $4991.4 per ounce, marking a historical peak for the contract [1]. Group 2: Silver Market - On the same day, both London spot silver and New York silver futures prices surpassed $100 per ounce, setting new historical records [1].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Although the short - term supply has increased and the demand has weakened, there is a de - stocking expectation in June. The price is expected to have limited downside, with support at 6400 - 6500. Short - term long positions can be considered, and short - term reverse arbitrage for PX9 - 1 is recommended [2]. - PTA: The load has increased significantly, and there is a new device put into production. The supply - demand relationship is weak, but there is support at the low level. It is recommended to operate in the 4500 - 4800 range and conduct reverse arbitrage for TA9 - 1 [2]. - MEG: The supply - demand structure in June is good, with de - stocking expectations. It is expected to fluctuate in the range of 4200 - 4400, and positive arbitrage for EG9 - 1 can be considered [2]. - Short - fiber: The processing fee has been repaired, but the terminal demand is weak. The price fluctuates with raw materials. It is recommended to take the same strategy as PTA for single - side trading and expand the processing fee at a low level [2]. - Polyester bottle - chip: There is an expectation of supply - demand improvement in June, and the processing fee will be supported. The absolute price follows the cost. It is recommended to take the same strategy as PTA [2]. Methanol Industry The supply is generally loose, and the demand side has mixed performance. The price is recommended to be operated in the range of 2200 - 2350 [6]. Polyolefin Industry PE is expected to de - stock in June, with limited supply pressure and driving forces. PP has a large new - capacity release in June - July, with high inventory pressure. It is recommended to short PP at high prices [9][10]. Chlor - alkali Industry - Caustic soda: The supply has increased, but the demand from the alumina end is weakening, and there is inventory pressure. It is recommended to exit the 7 - 9 positive arbitrage and observe for single - side trading [19]. - PVC: In the short - term, it shows a volatile trend, and in the long - term, the supply - demand contradiction is prominent. It is recommended to maintain a short - selling strategy [19]. Crude Oil Industry The overnight crude oil price continued to rise, driven by macro - geopolitical and fundamental factors. It is recommended to take a short - term long - position view, with resistance levels for WTI at [70, 71], Brent at [73, 75], and SC at [510, 520]. Pay attention to the opportunity of month - spread expansion and the option of buying a straddle structure [23]. Urea Industry The supply is high, but the demand is weak. The trading logic focuses on the agricultural demand time point and export dynamics. The market is still in the bottom - seeking stage [31]. Styrene Industry The short - term price fluctuates sharply. It is recommended to wait and see in the short - term and pay attention to the short - position opportunity caused by the resonance of raw materials in the medium - term [43]. 3. Summary by Relevant Catalogs Polyester Industry - **Price and Cash - flow**: On June 11, Brent crude oil (August) was at $69.77/barrel, up 4.3% from the previous day; WTI crude oil (July) was at $68.15/barrel, up 4.9%. The prices of some polyester products remained stable, and the cash - flow of some products changed [2]. - **Supply - demand Analysis**: PX supply has increased, and the demand from downstream polyester has weakened. PTA load has increased, and there is a new device put into production. MEG supply is expected to be stable, and the demand is weak in the short - term [2]. - **Strategy Recommendations**: For PX, short - term long positions and short - term reverse arbitrage for PX9 - 1; for PTA, operate in the 4500 - 4800 range and conduct reverse arbitrage for TA9 - 1; for MEG, operate in the 4200 - 4400 range and conduct positive arbitrage for EG9 - 1; for short - fiber, take the same strategy as PTA for single - side trading and expand the processing fee at a low level; for polyester bottle - chip, take the same strategy as PTA [2]. Methanol Industry - **Price and Spread**: On June 11, MA2601 closed at 2345 yuan/ton, up 0.30% from the previous day; MA2509 closed at 2282 yuan/ton, up 0.26%. The inventory of methanol enterprises and ports increased [6]. - **Supply - demand Analysis**: The supply in the inland area is high, and the import expectation is still high. The demand side has mixed performance, with MTO mostly increasing the load and the downstream profit deteriorating [6]. - **Strategy Recommendations**: Operate the price in the range of 2200 - 2350 [6]. Polyolefin Industry - **Price and Spread**: On June 11, L2601 closed at 7075 yuan/ton, down 0.04% from the previous day; PP2601 closed at 6908 yuan/ton, up 0.17%. The inventory of PE and PP changed [9]. - **Supply - demand Analysis**: PE has a slight increase in domestic supply and a decrease in imports, and it is in the off - season of demand. PP has a large new - capacity release in June - July, and it is also in the off - season of demand [9][10]. - **Strategy Recommendations**: Short PP at high prices [10]. Chlor - alkali Industry - **Price and Spread**: On June 11, the price of Shandong 32% liquid caustic soda was 2718.8 yuan/ton, down 1.1% from the previous day; the price of East China calcium - carbide - based PVC was 4720 yuan/ton, up 0.4%. The export profit of caustic soda increased, and the export profit of PVC decreased [14][15][16]. - **Supply - demand Analysis**: The supply of caustic soda has increased, but the demand from the alumina end is weakening. The supply of PVC is expected to increase, and the demand is weak [19]. - **Strategy Recommendations**: Exit the 7 - 9 positive arbitrage for caustic soda and observe for single - side trading; maintain a short - selling strategy for PVC [19]. Crude Oil Industry - **Price and Spread**: On June 12, Brent was at $69.77/barrel, up 4.34% from the previous day; WTI was at $68.63/barrel, up 0.70%. The price of refined oil products changed slightly [23]. - **Supply - demand Analysis**: The macro - geopolitical situation is tense, and the supply of Iran and Russia may be restricted. The North American drilling scale and EIA inventory have declined, and the demand is expected to be supported by the approaching peak oil - using season [23]. - **Strategy Recommendations**: Take a short - term long - position view, with resistance levels for WTI at [70, 71], Brent at [73, 75], and SC at [510, 520]. Pay attention to the opportunity of month - spread expansion and the option of buying a straddle structure [23]. Urea Industry - **Price and Spread**: The price of urea in different regions changed slightly. The inventory of urea enterprises increased [30][31]. - **Supply - demand Analysis**: The supply of urea is high, but the demand is weak. The agricultural demand has slightly improved, but the trading activity is not high, and the industrial demand is weakened by the decline of the compound - fertilizer start - up rate [31]. - **Strategy Recommendations**: The market is still in the bottom - seeking stage, and the trading logic focuses on the agricultural demand time point and export dynamics [31]. Styrene Industry - **Price and Spread**: On June 11, the price of styrene in East China was 7760 yuan/ton, up 0.9% from the previous day. The import profit of styrene increased [41][42]. - **Supply - demand Analysis**: The price of pure benzene is affected by factors such as the decline of naphtha and the postponement of plant maintenance. The downstream 3S profit has improved, and the port inventory has decreased slightly. However, attention should be paid to the marginal pressure on supply - demand after the restart of styrene devices [43]. - **Strategy Recommendations**: Wait and see in the short - term and pay attention to the short - position opportunity caused by the resonance of raw materials in the medium - term [43].