Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report maintains the view of overweighting crude oil from last week, believing that the current oil price is relatively undervalued, and the fundamentals will support the current price. If the geopolitical premium re - opens, the oil price will have more upside potential [2] Summary by Category Crude Oil - **Market Quotes**: INE's main crude oil futures rose 2.80 yuan/barrel, or 0.58%, to 486.20 yuan/barrel [1] - **Inventory Data**: US EIA weekly data showed that US commercial crude oil inventories increased by 3.94 million barrels to 424.65 million barrels, a 0.94% increase; SPR increased by 0.51 million barrels to 405.22 million barrels, a 0.13% increase; gasoline inventories increased by 1.46 million barrels to 220.00 million barrels, a 0.67% increase; diesel inventories increased by 4.72 million barrels to 120.64 million barrels, a 4.07% increase; fuel oil inventories increased by 1.30 million barrels to 21.21 million barrels, a 6.51% increase; aviation kerosene inventories increased by 0.47 million barrels to 43.27 million barrels, a 1.11% increase [1] Methanol - **Market Quotes**: On September 10, the 01 - contract rose 9 yuan/ton to 2407 yuan/ton, and the spot price rose 20 yuan/ton, with a basis of - 112 [4] - **Analysis**: Domestic production has further increased, coal prices have slightly declined, and corporate profits are generally good. Overseas production has returned to a year - on - year high, and there is still import pressure. The port MTO load has slightly increased, and profits have continued to improve, but traditional demand is still weak. It is expected that the decline space is limited, and attention can be paid to long - position opportunities at low prices and 1 - 5 positive spreads [4] Urea - **Market Quotes**: On September 10, the 01 - contract fell 14 yuan/ton to 1669 yuan/ton, and the spot price fell 10 yuan/ton, with a basis of - 9 [6] - **Analysis**: As the spot price weakens, corporate profits have further declined, and the production start - up rate has significantly decreased, reducing supply pressure. However, demand is weak, and port inventories are rising. It is expected that the price will move within a range, and it is recommended to pay attention to long - position opportunities at low prices [6] Rubber - **Market Quotes**: NR and RU fluctuated weakly, following the trend of industrial products such as coking coal. Thai standard mixed rubber was priced at 15000 (0) yuan, STR20 was reported at 1845 (- 5) dollars, and STR20 mixed was at 1855 (+ 5) dollars [9][12] - **Analysis**: Bulls believe that rubber production in Southeast Asia, especially in Thailand, may be limited, the seasonality of rubber usually turns upward in the second half of the year, and China's demand is expected to improve. Bears believe that macro - expectations are uncertain, demand is in the off - season, and the positive impact of supply may be less than expected. It is recommended to take a long - term bullish view, but a neutral view in the short - term, either waiting and watching or making quick trades [10][12] PVC - **Market Quotes**: The PVC01 contract rose 10 yuan to 4857 yuan, the spot price of Changzhou SG - 5 was 4650 (0) yuan/ton, the basis was - 207 (- 10) yuan/ton, and the 1 - 5 spread was - 302 (+ 6) yuan/ton [14] - **Analysis**: The comprehensive corporate profit is at a high level this year, with high valuation pressure, low maintenance volume, and high production. Domestic demand is at a five - year low, and export expectations have weakened after the determination of India's anti - dumping tax rate. It is recommended to pay attention to short - position opportunities at high prices, but also beware of short - term upward movements [14] Styrene - **Market Quotes**: The spot price fell, while the futures price rose, and the basis weakened. The BZN spread is at a relatively low level in the same period, with large upward correction space [16] - **Analysis**: The cost - side pure benzene production is in a neutral and volatile state, and the supply is still abundant. The supply - side ethylbenzene dehydrogenation profit has increased, and the production start - up rate of styrene has continued to rise. The port inventory has continued to decline significantly. In the long - term, the BZN spread may be repaired, and the styrene price may rebound after the inventory decline inflection point [16][17] Polyolefins Polyethylene - **Market Quotes**: The main contract closed at 7226 yuan/ton, down 3 yuan/ton, the spot price was 7220 yuan/ton, unchanged, and the basis was - 6 yuan/ton, strengthening by 3 yuan/ton [19] - **Analysis**: There is only 400,000 tons of planned production capacity left, and the overall inventory is declining from a high level. The seasonal peak season may be coming, and the demand - side agricultural film raw material procurement has started. In the long - term, the price may fluctuate upward [19] Polypropylene - **Market Quotes**: The main contract closed at 6948 yuan/ton, down 1 yuan/ton, the spot price was 6955 yuan/ton, unchanged, and the basis was 7 yuan/ton, strengthening by 1 yuan/ton [20] - **Analysis**: There is still 1.45 million tons of planned production capacity, with high supply pressure. The downstream production start - up rate has rebounded seasonally from a low level. The overall inventory pressure is high, and there is no prominent short - term contradiction. It is recommended to go long on the LL - PP2601 contract at low prices [20] Polyester PX - **Market Quotes**: The PX11 contract rose 44 yuan to 6770 yuan, the PX CFR rose 2 dollars to 838 dollars, and the basis was 94 yuan (- 22) [22] - **Analysis**: The PX production load is at a high level, and although the downstream PTA has many unexpected maintenance in the short - term, the PX inventory accumulation is not large due to new PTA device production. The terminal and polyester data are gradually improving, and the valuation has limited downward space. It is recommended to pay attention to long - position opportunities following crude oil at low prices during the peak season [22][23] PTA - **Market Quotes**: The PTA01 contract rose 20 yuan to 4698 yuan, the East China spot price rose 20 yuan to 4625 yuan, and the basis was - 63 yuan (0) [24] - **Analysis**: The supply - side unexpected maintenance has increased, and the inventory accumulation pattern has turned into de - stocking, but the processing fee is suppressed. The demand - side polyester fiber inventory pressure is low, and the downstream and terminal production start - up rates have improved, but the terminal recovery speed is slow. It is recommended to pay attention to long - position opportunities following PX at low prices [24] Ethylene Glycol - **Market Quotes**: The EG01 contract fell 3 yuan to 4319 yuan, the East China spot price fell 15 yuan to 4439 yuan, and the basis was 117 yuan (- 15) [25] - **Analysis**: Overseas and domestic maintenance devices have gradually started, and the production start - up rate has reached a high level. The domestic supply is high. In the short - term, the port inventory is expected to be low due to less arrival volume, but it will turn into inventory accumulation in the fourth quarter. The valuation is currently relatively high year - on - year, and there is downward pressure in the medium - term [25]

1. Report Industry Investment Rating - The investment view is "oscillating", with unilateral trading and arbitrage both rated as "oscillating" [3] 2. Core View of the Report - The short - term trend of asphalt follows crude oil, and the medium - term supply - demand fundamentals are weak. In September, the traditional peak season, there will be an increase in both supply and demand, but the contradiction is not prominent [1][3] 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: - In September 2025, domestic refinery asphalt production is expected to reach 1.48 million tons, a year - on - year increase of 430,000 tons (41%) and a month - on - month increase of 220,000 tons (17%). From January to September, the total production is expected to be about 10.43 million tons, a year - on - year increase of 1.61 million tons (18%). The increase is due to factors such as good profit margins, sufficient low - cost raw materials, and the resumption or planned production increase of some refineries [4] - Southeast Asian asphalt resources are in tight supply, supporting import prices. Korean asphalt prices in September have slightly declined compared to August, while Singapore and Thai asphalt prices remain firm [4] - **Demand**: - Demand release is less than expected. In the north, some demand has slightly increased, and in the south, demand has slightly recovered with less rainfall. This year's peak season may not be prosperous, and the "14th Five - Year Plan" rush - work is likely to be disproven [4] - This week, domestic refinery shipments reached 404,000 tons, a 3.3% increase from the previous period. Shipments in North China decreased due to rain and project suspension, while those in East and South China increased [4] - **Inventory**: - This week, domestic factory inventories decreased, especially in Shandong. The reasons are intermittent production suspension, product conversion, and the fulfillment of previous orders [4] - Social inventories also decreased, with significant regional differentiation. In the Northeast, high prices and reduced production led to inventory reduction, and in the Northwest, project rush - work increased demand [4] - **Cost**: - International oil prices first rose for three consecutive days due to positive inventory data and geopolitical factors, then fluctuated. The initial decline was due to concerns about trade and the re - evaluation of the Russia - Ukraine situation, and the subsequent rise was due to a decline in US inventories [4] 3.2 Price - The report presents the mainstream market prices of heavy - traffic asphalt in different regions (East China, South China, North China, Shandong) from 2021 to 2025 [6][7][8][9][11] 3.3 Spread, Basis, and Delivery Profit - **Spread**: It shows the asphalt cracking spread (BU - (SC*6.35)) and the spread between asphalt and coking materials from 2021 to 2025 [15][16][17] - **Basis**: It presents the basis of asphalt in major regions (South China, East China, Shandong) from 2024 to 2025 [18][19] 3.4 Supply - **Production Forecast**: It shows the monthly production and production forecast of asphalt in China from 2022 to 2025, as well as the production in different regions (Shandong, East China, North China, South China, Northeast) [23][27] - **Capacity Utilization**: It shows the capacity utilization rate of heavy - traffic asphalt in China and different regions (North China, South China, Northeast, Shandong, East China) from 2019 to 2025 [32][35][36][37] - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt in China from 2018 to 2025 [39] 3.5 Cost and Profit - **Production Gross Margin**: It shows the production gross margin of asphalt in Shandong from 2021 to 2025 [42][43] - **Diluted Asphalt**: It shows the price, premium, and port inventory of diluted asphalt from 2022 to 2025 [46][47] 3.6 Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate of asphalt in China and different regions (Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [51][53][54] - **Social Inventory**: It shows the social inventory of asphalt in China and different regions (Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [56][57] 3.7 Demand - **Shipments**: It shows the shipments of asphalt in China and different regions (Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [60] - **Downstream Operating Rate**: It shows the operating rates of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025, as well as the operating rates of modified asphalt in different regions (China, Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [62][63][64][66][67][69]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The EIA weekly report is relatively bullish as inventories of crude oil and major refined products have all declined. Although the refinery operating rate has decreased, the strong diesel demand is reassuring for market bulls. With the start of the autumn harvest, diesel demand will seasonally strengthen, and the relatively low distillate inventory may keep distillate cracking firm, thus supporting refining demand. After the data was released last night, oil prices generally fluctuated upwards [7] Summary by Related Catalogs Inventory Data - As of August 22, U.S. commercial crude oil total inventory was 418.292 million barrels, a week-on-week decrease of 2.392 million barrels, exceeding the expected decrease of 1.9 million barrels. Cushing inventory decreased by 838,000 barrels, and strategic reserve inventory increased by 776,000 barrels. Gasoline inventory decreased by 1.236 million barrels, falling short of the expected decrease of 2.2 million barrels. Distillate inventory decreased by 1.786 million barrels, contrary to the expected increase of 900,000 barrels [2] - From August 15 to August 22, U.S. commercial crude oil inventory decreased from 420.684 million barrels to 418.292 million barrels; Cushing crude oil inventory decreased from 23.47 million barrels to 22.632 million barrels; U.S. strategic reserve inventory increased from 403.425 million barrels to 404.201 million barrels; U.S. gasoline inventory decreased from 223.57 million barrels to 222.334 million barrels; U.S. distillate inventory decreased from 116.028 million barrels to 114.242 million barrels; U.S. total crude oil chain inventory decreased from 1.666537 billion barrels to 1.662919 billion barrels [3] Production, Import, Processing, and Demand Data - From August 15 to August 22, U.S. crude oil production increased from 13.382 million barrels per day to 13.439 million barrels per day; U.S. crude oil net imports increased from 2.125 million barrels per day to 2.424 million barrels per day; U.S. crude oil processing volume decreased from 17.208 million barrels per day to 16.88 million barrels per day [3] - The four - week smoothed U.S. crude oil terminal apparent demand increased from 21.093 million barrels per day to 21.14975 million barrels per day; the four - week smoothed U.S. gasoline apparent demand increased from 9.0085 million barrels per day to 9.0305 million barrels per day; the four - week smoothed U.S. distillate apparent demand increased from 3.74825 million barrels per day to 3.88225 million barrels per day; the four - week smoothed U.S. jet fuel apparent demand decreased from 1.8815 million barrels per day to 1.7905 million barrels per day [3] Market Analysis - Last week, U.S. crude oil and refined product inventories decreased. Although the commercial crude oil inventory decreased more than expected, the decline in the refinery operating rate slightly diluted the positive effect. The weekly refinery operating rate decreased by 2.0% to 94.6%. From a seasonal perspective, the driving peak season usually ends on the Labor Day weekend in early September, after which the refinery operating rate shows a seasonal decline [4] - In the refined product market, gasoline demand remains lower than last year and the same period in previous years, suggesting insufficient consumption ability or willingness of U.S. residents in the context of low oil prices. However, distillate demand has continued to rebound, far exceeding last year's level and the average of previous years last week, leading to an unexpected decrease in distillate inventory. As autumn approaches, distillate demand will increase with the autumn harvest while the inventory is relatively low, and distillate cracking is expected to remain firm. The market will focus more on distillates in the future [6]

Core Viewpoint - Domestic fuel prices in China have been adjusted downwards, with gasoline and diesel prices per ton reduced by 180 yuan and 175 yuan respectively, effective from August 26, 2025 [2][4]. Price Adjustments - The price adjustments translate to a decrease of 0.14 yuan per liter for 92 gasoline, 0.15 yuan per liter for 95 gasoline, and 0.15 yuan per liter for 0 diesel. Filling a 50-liter tank of 92 gasoline will save approximately 7 yuan [3]. - For private vehicles, assuming a monthly distance of 2000 kilometers and an average fuel consumption of 8L per 100 kilometers, the fuel cost per vehicle will decrease by around 10 yuan before the next price adjustment window on September 9, 2025 [3]. - In the logistics sector, for heavy trucks running 10,000 kilometers monthly with a fuel consumption of 38L per 100 kilometers, the fuel cost per vehicle will drop by approximately 266 yuan before the next adjustment [4]. Historical Price Changes - In 2025, there have been 17 rounds of adjustments in domestic fuel prices, with a net result of 6 increases, 7 decreases, and 4 periods of no change. The current prices for gasoline and diesel have decreased by 405 yuan/ton and 390 yuan/ton respectively compared to the beginning of the year [4][5]. International Oil Market Dynamics - The international oil market has experienced mixed factors, with geopolitical tensions easing and expectations of a Federal Reserve rate cut influencing oil prices. Recent trends show oil prices initially declining before rebounding [6][8]. - As of the latest reports, Brent crude oil futures fell by 0.23% to $68.64 per barrel, while WTI crude oil futures decreased by 0.54% to $64.46 per barrel, following a period of strong price recovery [8]. - The recent rise in oil prices has been attributed to geopolitical conflicts, particularly the impact of Ukraine's actions against Russian energy facilities, which have raised concerns about supply disruptions [8][9]. Market Sentiment and Future Outlook - Analysts suggest that despite increasing geopolitical risks, oil prices remain within a relatively narrow range, indicating strong underlying market fundamentals [8][9]. - The market is closely monitoring U.S. policy developments, particularly regarding potential sanctions on Russia, which could further influence oil supply uncertainties [9]. - Current trends indicate that the recent rebound in oil prices may lead to expectations of future increases in domestic fuel retail prices [10].

Report Industry Investment Rating - All the commodities in the report are rated as "oscillating" [1][2][3][4][5][7] Core Viewpoints - The oil price fluctuates to find a direction under the background of OPEC+ production increase and inventory changes, and is expected to continue the oscillating rhythm in the short term [1] - The high - sulfur fuel oil may have a short - term rebound, but it is recommended to short the high - sulfur cracking spread on rallies; the low - sulfur fuel oil supply is sufficient, and the internal and external price difference is expected to remain low [2] - The asphalt supply is expected to increase, and it is recommended to short the cracking spread on rallies [2] - The polyester products are affected by device conditions and downstream demand, and the prices are expected to oscillate [3] - The rubber price is expected to oscillate weakly due to the balance of supply and demand [3][5] - The methanol price is expected to oscillate as the import volume may increase and the MTO profit is compressed [5] - The polyolefin supply is high but the increase is limited, and the price center moves with the cost [5] - The PVC price is expected to continue oscillating due to the off - season demand and the change of basis and monthly spread structure [5][7] Summary by Directory Research Views - **Crude Oil**: On Tuesday, the oil price center moved slightly higher. OPEC+ is expected to announce an 8 - month daily production increase of 411,000 barrels on July 6. Trump's trade remarks and inventory data affect the oil price, which is expected to oscillate [1] - **Fuel Oil**: The fuel oil futures prices fell on Tuesday. The inventory of imported raw material oil in Shandong decreased year - on - year. The high - sulfur fundamentals are slightly stronger, and the price may rebound briefly, while the low - sulfur supply is sufficient [2] - **Asphalt**: The asphalt futures price rose on Tuesday. The July production is expected to increase. The pricing center may shift back to the north after the peak season in the north [2] - **Polyester**: The prices of TA, EG, and PX fluctuated on Tuesday. The MEG and PTA devices are affected, and the downstream demand is weak, so the prices are expected to oscillate [3] - **Rubber**: The rubber futures prices rose on Tuesday. The heavy - truck sales increased in June, but the raw material price decreased, and the inventory increased slightly, so the price is expected to oscillate weakly [3][5] - **Methanol**: The methanol spot prices are given. With the recovery of Iranian devices, the import volume may increase, and the MTO profit compression may lead to device maintenance, so the price is expected to oscillate [5] - **Polyolefins**: The prices and profits of polyolefins are provided. The supply is high but the increase is limited, and the price center moves with the cost [5] - **Polyvinyl Chloride**: The PVC market prices in East, North, and South China decreased. With the off - season demand, the price is expected to continue oscillating [5][7] Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and other data of various energy - chemical commodities on July 2, 2025, including crude oil, liquefied petroleum gas, asphalt, fuel oil, etc [8] Market News - Investors are concerned about the trade negotiations before the July 9 tariff deadline set by Trump. The US Treasury Secretary warns that tariffs may be raised significantly [10] - The US API crude oil inventory unexpectedly increased by about 700,000 barrels last week, and there were also changes in other inventory data [10] Chart Analysis - **Main Contract Prices**: The report presents the closing price charts of main contracts of various commodities from 2021 to 2025, such as crude oil, fuel oil, PTA, etc [12][13][14][16][19][22][23][25] - **Main Contract Basis**: The basis charts of main contracts of various commodities are provided, including crude oil, fuel oil, etc [27][29][33][36][39][40] - **Inter - period Contract Spreads**: The report shows the spread charts of different contracts of various commodities, such as fuel oil, asphalt, PTA, etc [42][44][47][50][51][55][57][58] - **Inter - commodity Spreads**: The spread and ratio charts between different commodities are presented, including crude oil internal and external spreads, fuel oil high - low sulfur spreads, etc [59][61][65][66] - **Production Profits**: The production profit charts of ethylene - made ethylene glycol, PP, LLDPE, etc are shown [68][70] Team Member Introduction - **Zhong Meiyan**: The assistant director of the institute and the director of energy - chemical research, with rich experience and many awards [72] - **Du Bingqin**: An analyst of crude oil, natural gas, fuel oil, asphalt, and shipping, with professional background and achievements [73] - **Di Yilin**: An analyst of natural rubber and polyester, with awards and media exposure [74] - **Peng Haibo**: An analyst of methanol, PE, PP, and PVC, with relevant academic and practical experience [75] Contact Information - The company is located at Unit 703, 6th Floor, No. 729, Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [77]

Group 1: Gold Market Analysis - The gold market is currently experiencing a weak state, with prices fluctuating around 3332, and there is potential for a rebound if the market weakens further [2][4] - Long-term, gold remains a solid asset for inflation protection and risk aversion, despite pressures from geopolitical stability and the Federal Reserve's cautious stance [2] - Technical indicators show a bearish trend, with a significant drop in prices and a critical resistance level at 3350, suggesting a continued weak outlook unless this level is breached [2][4] Group 2: Oil Market Analysis - The oil market has stabilized after two days of decline, with Brent crude oil prices rising by 1.1% to $67.89 per barrel, and WTI crude oil increasing to $65.08 [5] - The reduction in U.S. crude oil inventories by 4.23 million barrels, exceeding market expectations, indicates strong refinery demand and supports oil prices [5] - Technical analysis suggests a mixed outlook for oil, with short-term bearish trends but potential for upward movement if key resistance levels are surpassed [6]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the short - term, it is recommended to wait and see, and pay attention to the adjustment of the planting area of US soybeans and US corn in the planting area report at the end of the month. The tense situation in the Middle East, the rise of international crude oil, and the strong rise of soybean oil suppress the performance of the soybean meal futures market [8]. 3. Summary by Related Content Supply - From June to August in China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons each month. The purchase progress of ships is 100% in June, 95.9% in July, and 55.2% in August, but it is slow after September. The good rate of US soybeans has risen to 68%, and the weather in the production areas is suitable for soybean growth in the next two weeks [7][8]. Demand - Judging from the inventory, the supply of live pigs is expected to increase steadily before September; the inventory of poultry remains at a high level. The cost - performance of soybean meal has significantly improved, and the downstream transactions have increased and the pick - up has improved [8]. Inventory - The domestic soybean inventory has increased to a high level; the soybean meal inventory has increased slightly and is still at a low level. The inventory accumulation rate is lower than expected, but it is expected to accelerate inventory accumulation in late June. The number of days of soybean meal inventory in feed enterprises has increased slightly and is still at a low level [8]. Price and Spread - The report provides data on the basis of soybean meal and rapeseed meal futures contracts, the spread between soybean meal and rapeseed meal, and the basis of spot prices, as well as the spread between different contracts [6][7]. Other Data - The report also includes data on the exchange rate of the US dollar against the RMB, the CNF premium of soybeans, the profit of soybean crushing on the futures market, the inventory of soybeans in Chinese ports, the inventory of soybeans in major domestic oil mills, the soybean crushing volume and the operating rate of major domestic oil mills [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the polyolefin industry, oil price surges suppress the cost - end, profits are compressed to the lowest level of the year, and inventories are differentiated. PE is recommended for positive spreads, while PP is recommended for short - positions in the medium - term [21]. - In the methanol industry, due to geopolitical conflicts, the market has a strong long - position sentiment. Short - term strategies are recommended for positive spreads, and it is necessary to track the situation in Iran and MTO dynamics [30]. - In the PVC and caustic soda industry, caustic soda supply still exerts pressure, demand is weak, and there are inventory risks. PVC has short - term price increases but long - term supply - demand contradictions. It is recommended to wait and see in the short - term and take short - positions in the medium - term [32][35]. - In the urea industry, the short - term futures market is affected by rising Middle - East FOB prices and domestic factory export orders. The market is expected to be in high - level oscillations, with a bullish bias [38]. - In the styrene industry, short - term geopolitical factors drive prices up, but there is a possibility of supply - demand weakening. It is recommended to wait and see in the short - term and look for short - position opportunities in the medium - term [43]. - In the polyester industry, PX, PTA, ethylene glycol, short - fiber, and bottle - chip have different supply - demand situations. Strategies vary from short - term strength to long - term supply - demand balance adjustments [47]. - In the crude oil industry, geopolitical premiums have declined, and the market is likely to continue high - level oscillations in the short - term. It is recommended to wait and see on the spot side and capture volatility - narrowing opportunities on the options side [52]. 3. Summaries According to Relevant Catalogs Polyolefin Industry - **Prices**: L2601, L2509, PP2601, and PP2509 closing prices all increased on June 18 compared to June 17, with increases ranging from 1.25% to 1.38% [21]. - **Inventory**: PE enterprise inventory decreased by 1.83%, and social inventory decreased by 4.56%. PP enterprise inventory increased by 4.52%, and trader inventory increased by 5.31% [21]. - **Operation Rate**: PE device operation rate increased by 2.27%, and downstream weighted operation rate decreased by 1.00%. PP device operation rate increased by 2.1%, and powder operation rate decreased by 1.3% [21]. Methanol Industry - **Prices**: MA2601 and MA2509 closing prices increased on June 18 compared to June 17, with increases of 1.83% and 2.53% respectively. Port prices increased significantly [30]. - **Inventory**: Methanol enterprise inventory decreased by 3.10%, port inventory decreased by 10.09%, and social inventory decreased by 7.52% [30]. - **Operation Rate**: Upstream domestic enterprise operation rate increased by 0.83%, and downstream external - procurement MTO device operation rate increased by 0.85% [30]. PVC and Caustic Soda Industry - **Prices**: PVC and caustic soda futures and spot prices had different changes on June 18 compared to June 17. Caustic soda export profit increased significantly, while PVC export profit decreased [32]. - **Supply**: Caustic soda industry operation rate decreased by 2.6%, and PVC total operation rate data was unavailable. PVC external - procurement calcium carbide method profit increased by 5.5% [33]. - **Demand**: Alumina industry operation rate increased by 2.0%, and PVC downstream product operation rates generally decreased [34][35]. - **Inventory**: Caustic soda had inventory differentiation, with East China de - stocking and Shandong stocking. PVC upstream factory inventory decreased by 0.4%, and total social inventory decreased by 1.8% [35]. Urea Industry - **Prices**: Urea futures prices had different changes on June 18 compared to June 17. Spot prices in different regions also had slight fluctuations [38]. - **Supply**: Domestic urea daily output increased by 1.00%, and production factory operation rate increased by 1.00% [38]. - **Inventory**: Domestic urea factory inventory decreased by 3.49%, and port inventory remained unchanged [38]. Styrene Industry - **Raw Material Prices**: Prices of Brent crude oil, CFR Japan naphtha, CFR Northeast Asia ethylene, and CFR China pure benzene all increased on June 18 compared to June 17 [40]. - **Styrene Prices**: Styrene East China spot price and futures prices increased on June 18 compared to June 17 [41]. - **Operation Rate and Inventory**: Domestic pure benzene comprehensive operation rate increased by 2.9%, styrene operation rate increased by 2.1%. Port inventories of pure benzene and styrene decreased [43]. Polyester Industry - **Prices**: Prices of polyester products such as POY, FDY, DTY, and polyester chips increased on June 18 compared to June 17. PX, PTA, and MEG prices also had different changes [47]. - **Operation Rate**: Asian and Chinese PX operation rates, PTA operation rate, and MEG comprehensive operation rate had different changes [47]. - **Inventory**: MEG port inventory decreased, and PTA and MEG inventories had different trends [47]. Crude Oil Industry - **Prices**: Brent, WTI, and SC crude oil prices had different changes on June 19 compared to June 18. Product oil prices and cracking spreads also had fluctuations [52]. - **Inventory**: EIA data showed that last week's US crude oil inventory unexpectedly decreased, far exceeding market expectations [52]. - **Market Outlook**: Geopolitical premiums have declined, and the market is expected to continue high - level oscillations in the short - term [52].

Group 1: Reported Industries and Investment Ratings - There is no investment rating provided in the report. Group 2: Core Views - The A-share market is stabilizing amidst fluctuations, with potential for more international capital inflow into domestic risk assets. The short - term market is expected to be range - bound [2][3][6]. - The bond market sentiment is relatively strong. Attention should be paid to the central bank's bond purchase situation at the end of the month, and appropriate long positions can be considered for treasury bond futures [7][9]. - Gold has a long - term upward trend, but short - term upward momentum is limited. Silver prices are supported but face short - term adjustment pressure [10][12][13]. - The container shipping index (European line) is expected to continue to fluctuate, with the 08 contract in a narrow range [14][15]. - Copper prices are expected to fluctuate in the short term due to the combination of "strong reality and weak expectation". Zinc prices may be range - bound in the medium - term, and short - term outlook is weak. Tin prices are expected to be strongly volatile in the short term, and short - selling opportunities can be considered based on supply - side changes. Nickel prices are expected to be in a weak range - bound adjustment. Stainless steel prices are expected to be weak. Lithium carbonate prices are expected to be in a weak range [20][24][27][30][35]. - Steel prices are in a weak range - bound state, and iron ore prices are expected to be under pressure in the medium - term. Coking coal and coke prices are expected to be volatile, and short - selling opportunities can be considered after rebounds. Silicon iron and manganese silicon prices are expected to be in a bottom - range oscillation [37][41][44][47][49][53]. - Meal prices are expected to be oscillating strongly, but there is pressure on the upside. Pig prices are expected to be in a small - range oscillation. Corn prices are expected to be in a high - level oscillation [54][56][57][58][59]. Group 3: Summary by Catalog Financial Derivatives - Financial Futures Stock Index Futures - Market situation: The main indices opened lower on Wednesday, with some turning positive in the afternoon. The Shanghai Composite Index rose 0.04%, and the four major stock index futures contracts all rose. The basis discount of the main contracts is converging [2][3]. - News: The Lujiazui Forum announced eight major financial opening - up measures, and the China - Hong Kong signed a cooperation plan. Overseas, the Bank of Japan maintained the benchmark interest rate and adjusted the bond - buying reduction speed [3][4]. - Capital: On June 18, the A - share trading volume decreased slightly, with a net capital withdrawal of 770 million yuan from the central bank's open - market operations [5]. - Operation suggestion: The index has stable support below but faces resistance above. Short - term trading volume is not expanding, and it is recommended to sell put options with an exercise price of 5800 in July to earn premiums [6]. Treasury Bond Futures - Market performance: Treasury bond futures closed with mixed performance. The 30 - year and 2 - year contracts rose, while the 10 - year and 5 - year contracts fell [7]. - Capital: The central bank's open - market operations had a net withdrawal of 770 million yuan. The money market is stable, with the overnight repo rate slightly down and the seven - day repo rate slightly up [8]. - News: The central bank governor announced eight financial policies at the Lujiazui Forum [9]. - Operation suggestion: The market sentiment is relatively strong. Pay attention to the central bank's bond - buying situation at the end of the month. Long positions can be considered for treasury bond futures on dips, and positive - arbitrage strategies for TS2509 can be considered [9]. Financial Derivatives - Precious Metals - Market situation: The Fed maintained the interest rate, and the market's reaction was small. The dollar index rose slightly, and gold and silver prices fell [10][12]. - News: Geopolitical tensions in the Middle East continue, and the Fed's attitude is hawkish, with internal differences [10][11]. - Capital: Gold and silver ETF holdings increased [13]. - Outlook: Gold has a long - term upward trend, but short - term upward momentum is limited. Silver prices are supported but face short - term adjustment pressure [12][13]. Financial Derivatives - Container Shipping Index (European Line) - Spot price: As of June 17, the spot prices of major shipping companies are provided [14]. - Index: As of June 16, the SCFIS European line index rose 4.61%, and the US - West line index rose 27.18%. As of June 13, the SCFI composite index fell 6.79% [14]. - Fundamentals: As of June 16, the global container shipping capacity increased by 8.3% year - on - year. The demand in the eurozone and the US is provided by PMI data [14]. - Logic: The futures market is oscillating. The July quotes may affect the 08 contract [15]. - Operation suggestion: The 08 contract is expected to oscillate in the range of 1900 - 2200 [15]. Commodity Futures - Non - Ferrous Metals Copper - Spot: As of June 18, the average price of electrolytic copper rose slightly, and the premium declined [16]. - Macro: The COMEX - LME premium is oscillating, and the impact of the Iran - Israel conflict on copper prices is limited [17]. - Supply: The supply of copper concentrates is tight, and the production of electrolytic copper in May increased, with a slight decline expected in June [18]. - Demand: The processing industry's operating rate is mixed, and the short - term demand has resilience but may face pressure in Q3 [19]. - Inventory: COMEX inventory is increasing, and domestic inventory is slightly decreasing [19]. - Logic: The combination of "strong reality and weak expectation" leads to copper price oscillation. The "rush - to - export" demand may lead to demand pressure in Q3 [20]. - Operation suggestion: The main contract is expected to oscillate in the range of 77,000 - 80,000 [20]. Zinc - Spot: On June 18, the average price of zinc ingots rose, and the premium declined [20]. - Supply: The supply of zinc concentrates is increasing, and the production of refined zinc in May decreased slightly, with an increase expected in June [21][22]. - Demand: The downstream operating rate has rebounded, but the consumption is entering the off - season, and the purchasing manager index has declined [23]. - Inventory: Domestic and LME inventories are decreasing [23]. - Logic: Zinc prices may be range - bound in the medium - term, and short - term outlook is weak. Pay attention to TC growth and downstream demand changes [24]. - Operation suggestion: The main contract is expected to be supported at 21,000 - 21,500 [24]. Tin - Spot: On June 18, the price of tin rose slightly, and the market trading was light [24]. - Supply: The import of tin ore and tin ingots in April changed, and the supply is currently tight [25]. - Demand and inventory: The solder operating rate in April increased, and the inventory situation is provided [25]. - Logic: The supply recovery is slow, and short - term prices are expected to be strongly volatile. Short - selling opportunities can be considered based on supply - side changes [26]. - Operation suggestion: Pay attention to the supply - side recovery and consider short - selling based on inventory and import data [26][27]. Nickel - Spot: As of June 18, the price of electrolytic nickel was stable, and the import premium rose [27]. - Supply: The production of refined nickel is at a high level, with a slight decline expected in June [27]. - Demand: The demand from electroplating and alloy industries is stable, while the demand from stainless steel and nickel sulfate is weak [27]. - Inventory: Overseas inventory is high, and domestic inventory is slightly decreasing [28]. - Logic: The market sentiment is low, and the price is expected to be in a weak range - bound adjustment [29]. - Operation suggestion: The main contract is expected to oscillate in the range of 118,000 - 124,000 [29][30]. Stainless Steel - Spot: As of June 18, the spot price of stainless steel was stable, and the basis declined [30]. - Raw materials: The supply of nickel ore is tight, and the prices of nickel iron and chrome iron are weak [30]. - Supply: The production of stainless steel in June is expected to decrease slightly, with an increase in the 300 - series [31]. - Inventory: Social inventory is increasing, and warehouse receipts are decreasing [31]. - Logic: The market is in the off - season, and the price is expected to be weak. Pay attention to the production reduction rhythm of steel mills [32]. - Operation suggestion: The main contract is expected to oscillate in the range of 12,400 - 13,000 [32]. Lithium Carbonate - Spot: As of June 18, the price of lithium carbonate was stable, and the price of lithium hydroxide decreased slightly [32]. - Supply: The production of lithium carbonate in May decreased slightly, with an increase expected in June. The supply is still abundant [33]. - Demand: The demand is relatively stable, but the off - season is approaching, and there is pressure [33]. - Inventory: The inventory is increasing across the board [34]. - Logic: The futures market is oscillating, and the short - term fundamental pressure remains. The price is expected to be in a weak range [35]. - Operation suggestion: The main contract is expected to oscillate in the range of 56,000 - 62,000 [35][36]. Commodity Futures - Ferrous Metals Steel - Spot: The spot price is stable, and the basis is weakening [37]. - Supply: The production is decreasing, with a more significant reduction in finished products [37]. - Demand: The apparent demand is decreasing, affected by tariffs and the off - season [37]. - Inventory: The inventory is approaching the accumulation inflection point, with plate inventory increasing [37]. - View: The raw material price is weakening, and the steel price is expected to be weak. Short - selling on rebounds or selling out - of - the - money call options is recommended [38]. Iron Ore - Spot: The price of mainstream iron ore powder decreased [39]. - Futures: The main contract fell 0.78% [39]. - Basis: The basis of PB powder is 55 yuan/ton [39]. - Demand: The daily average pig iron output and blast furnace operating rate decreased [39]. - Supply: The global iron ore shipment decreased slightly, and the arrival volume decreased [39]. - Inventory: The port inventory increased, and the steel mill's inventory increased [40]. - View: The short - term iron ore price is under pressure, and the medium - term outlook is bearish. The price range is expected to be 720 - 670 [41]. Coking Coal - Futures and spot: The futures price oscillated weakly, and the spot price was weakly stable [41]. - Supply: The domestic coal production decreased slightly, and the import coal price continued to decline [44]. - Demand: The coking and blast furnace production decreased, and the demand had some resilience [42][43][44]. - Inventory: The coal mine and port inventory increased, and the downstream inventory was at a medium level [43][44]. - View: The spot fundamental situation improved slightly. Short - selling on rebounds for the 2509 contract and long - coking - coal short - coke arbitrage are recommended [44]. Coke - Futures and spot: The futures price oscillated strongly, and the spot price was weakly stable. There is still an expectation of price cuts [46][47]. - Profit: The average profit per ton of coke is negative [46]. - Supply: The coke production decreased [46]. - Demand: The coke demand decreased slightly [47]. - Inventory: The inventory decreased across the board [47]. - View: The spot market is still loose. Short - selling on rebounds for the 2509 contract and long - coking - coal short - coke arbitrage are recommended [47]. Silicon Iron - Spot: The price in the main production areas was stable [48]. - Futures: The 09 contract fell 0.53% [48]. - Cost and profit: The cost is high, and the profit is negative [48]. - Supply: The production decreased slightly [48]. - Demand: The demand from the steel industry and non - steel industries is weak [48][49]. - View: The price is expected to oscillate at the bottom, and attention should be paid to coal price changes [49]. Manganese Silicon - Spot: The price in the main production areas was stable [50]. - Futures: The 09 contract fell 0.86% [50]. - Cost: The cost varies by region, and the profit is negative in some areas [50]. - Manganese ore: The price of manganese ore is stable, and the shipping volume and arrival volume changed [50][51]. - Supply: The production increased slightly [51]. - Demand: The demand from the steel industry decreased [52]. - View: The price is expected to oscillate at the bottom, and attention should be paid to coke price changes [53]. Commodity Futures - Agricultural Products Meal - Spot market: The price of soybean meal was mixed, and the trading volume increased. The price of rapeseed meal increased slightly, and the trading volume was 1,500 tons [54]. - Fundamental news: Multiple policies and reports related to the agricultural market are provided [54][55]. - Outlook: The domestic meal prices are expected to oscillate strongly, but there is pressure on the upside [56]. Pig - Spot situation: The spot price oscillated, with a slight decline in the national average [57]. - Market data: The breeding profit decreased, and the slaughter weight decreased [57][58]. - Outlook: The pig price is expected to oscillate in a small range, with limited upward and downward space [58]. Corn - Spot price: The price in different regions was stable or increased slightly [59]. - Fundamental news: The inventory in the four northern ports decreased, and the shipping volume decreased [59]. - Outlook: The corn price is expected to oscillate at a high level, with limited upward momentum [59].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - The de - dollarization logic remains unchanged, suggesting going long on gold; for silver, considering the increase in London inventory and the change in industrial demand, it is recommended to go short on silver at high prices or go long on the gold - silver ratio [1]. - For base metals, copper is recommended to be bought at low prices; aluminum is expected to fluctuate, and it is advisable to wait and see; alumina is expected to fluctuate weakly, and it is advisable to wait and see; industrial silicon is expected to fluctuate between 7000 - 7600 yuan, and it is advisable to wait and see; lithium carbonate may be short - sold at high prices in the long - term; polysilicon can consider anti - arbitrage strategies and short - selling on rebounds [1][2][3]. - For the black industry, it is recommended to chase long on the rebar 2510 contract in the short - term; for iron ore, it is advisable to wait and see; for coking coal, it is advisable to wait and see and try to chase long on the coking coal 2509 contract in the short - term [4]. - In the agricultural product market, soybeans are expected to fluctuate; corn futures prices are expected to fluctuate strongly; sugar is recommended to be short - sold at high prices; cotton is advisable to wait and see; palm oil has no major contradictions currently; eggs and hogs are expected to fluctuate, and apples are advisable to wait and see [5][6][7]. - In the energy and chemical industry, LLDPE is expected to fluctuate in the short - term and be short - sold at high prices in the long - term; PVC is advisable to wait and see and sell call options above 4850; PTA can be short - sold on processing fees at high prices; rubber is advisable to use an interval trading strategy; glass is recommended to sell call options above 1250; PP is expected to fluctuate in the short - term and be short - sold at high prices in the long - term; MEG is expected to be strong in the short - term, but long positions should be carefully considered; crude oil should be short - sold at high prices; styrene is expected to fluctuate in the short - term and be short - sold at high prices in the long - term; soda ash is expected to fluctuate at the bottom, and call options can be sold; caustic soda is expected to fluctuate at the bottom [8][9][10]. 3. Summary by Related Catalogs 3.1 Pre - market Commodity Futures 3.1.1 Precious Metals - **Market Performance**: Spot gold fell by more than 1% last Friday, while spot silver continued its upward trend, rising by more than 1.4% before a slight decline [1]. - **News**: Chinese Vice - Premier He Lifeng will visit the UK from June 8th to 13th and hold the first meeting of the China - US economic and trade consultation mechanism; the People's Bank of China has increased its gold holdings for the 7th consecutive month, with a month - on - month increase of 60,000 ounces, and the increase rate continues to slow down; Japan's chief trade negotiator and Minister of Economic Revitalization Akera Masaru is going to the US for the fifth round of Japan - US tariff negotiations [1]. - **Economic Data**: In May, the US non - farm payrolls increased by 139,000, the lowest since February, although higher than market expectations, but the data for the previous two months was revised down by a total of 95,000; the unemployment rate was 4.2%, with an unexpected increase in wages but a shrinking labor force; US consumer credit in April doubled to $17.9 billion, with student loans soaring to a record high of $1.8 trillion; from January to March 2025, the global real estate investment increased by 34% year - on - year, and the real estate investment in Japan exceeded 2 trillion yen, reaching a quarterly record high, a 23% increase compared with the same period last year [1]. - **Inventory Data**: Domestic gold ETFs flowed in again the previous day. COMEX gold inventory was 1191 tons with little change, SHFE gold inventory was 17 tons with a slight increase, and London's gold inventory in May was 8598 tons; SHFE silver inventory was 1107 tons, an increase of 20 tons from the previous day, SGE silver inventory decreased by 49 tons to 1347 tons last week, COMEX silver inventory was 15413 tons, a decrease of 13 tons from the previous day, and London's inventory in May increased by more than 500 tons to 23367 tons; India's silver imports in March decreased to about 120 tons. In April, Switzerland's gold imports from the US increased significantly, and the US market continued to outflow [1]. - **Operation Suggestion**: The de - dollarization logic remains unchanged, so it is recommended to go long on gold; for silver, considering the increase in London inventory and the change in industrial demand, it is recommended to go short on silver at high prices or go long on the gold - silver ratio [1]. 3.1.2 Base Metals - **Copper** - **Market Performance**: On Friday, copper prices fluctuated strongly [2]. - **Fundamentals**: Copper prices are in a state of strong overseas and weak domestic. The weakening of the US dollar index supports copper prices, but domestic demand has slowed down, the spot premium has weakened, and the structure has weakened. London inventory has continued to decline, with the cancellation ratio exceeding 60%, and the back has reached over $70. In addition, the phone call between Chinese and US leaders has boosted market risk appetite [2]. - **Trading Strategy**: It is recommended to buy at low prices [2]. - **Aluminum** - **Market Performance**: On Friday, the closing price of the electrolytic aluminum 2507 contract increased by 0.30% compared with the previous trading day, closing at 20,070 yuan/ton, with a domestic 3 - month spread of 310 yuan/ton, and the LME price was $2450/ton [2]. - **Fundamentals**: In terms of supply, electrolytic aluminum plants maintain high - load production, and the operating capacity has increased slightly. In terms of demand, the operating rate of aluminum products has decreased slightly [2]. - **Trading Strategy**: The price of alumina is falling, and profits are shifting to the electrolytic aluminum end. Supply may maintain high - load production, while downstream consumption is in the off - season, and the operating rate of some sectors continues to decline. However, low inventory provides support at the bottom, and prices are expected to fluctuate. It is advisable to wait and see [2][3]. - **Alumina** - **Market Performance**: On Friday, the closing price of the alumina 2509 contract decreased by 1.43% compared with the previous trading day, closing at 2901 yuan/ton, with a domestic 0 - 3 month spread of 335 yuan/ton [3]. - **Fundamentals**: In terms of supply, the复产 and new production capacities are continuously being released, and the operating capacity has increased. In terms of demand, electrolytic aluminum plants maintain high - load production, and the operating capacity is stable [3]. - **Trading Strategy**: The release of alumina's复产 and new production capacities and the accumulation of social inventory have increased supply pressure. Short - sellers are taking the opportunity to push down prices. In the short term, the game between buyers and sellers has intensified. Under the expectation of overall supply - demand surplus, prices may fluctuate weakly, and technical rebounds should be guarded against during the process. It is advisable to wait and see [3]. - **Industrial Silicon** - **Market Performance**: On Friday, the main 07 contract opened higher and then fluctuated, closing at 7290 yuan/ton, an increase of 155 yuan/ton compared with the previous trading day. The position decreased by 22,773 lots to 161,192 lots. Today, the warehouse receipt decreased by 746 lots to 60,573 lots [3]. - **Fundamentals**: Last week, the spot price continued to decline, with a narrowing decline. There was no obvious contraction in the supply end, and the number of open furnaces changed little this week. The market is pessimistic about the continuous decline of inventory. On the demand side, the output of polysilicon in June may increase slightly compared with May. Pay attention to the resumption of production and operation of enterprises after the holiday. The output of silicone has increased slightly, and the prices in the industrial chain have stopped falling. The operating rate of aluminum alloys is relatively stable [3]. - **Operation Suggestion**: In the short term, domestic macro - sentiment fluctuates greatly. When the valuation is low, it is easily disturbed by market sentiment. It is expected that the futures price will fluctuate between 7000 - 7600 yuan. It is advisable to wait and see [3]. - **Lithium Carbonate** - **Market Performance**: On Friday, the main 2507 contract closed at 60,440 yuan/ton, an increase of 0.6% compared with the previous trading day [3]. - **Fundamentals**: On the supply side, the output in June is high, and the expectation of production reduction is weak. SMM expects the output of lithium carbonate in June to be 78,875 physical tons, a month - on - month increase of 8.87%. The index of imported spodumene concentrate fell further to $626/ton yesterday, and the profit of producing lithium carbonate from purchased spodumene has been greatly repaired, with a weak expectation of production reduction. The output this week was 17,471 tons, a month - on - month increase of 5.37%. On the demand side, the overall demand is weak, and the long - term expectation is pessimistic. The consumption of new energy vehicles is lower than expected. According to the data of the Passenger Car Association, the wholesale sales of new energy vehicles in May were 1.24 million, a year - on - year increase of 38% and a month - on - month increase of 9%, while the wholesale sales in April were 1.14 million, a year - on - year increase of 42%. The consumption has recovered month - on - month, but the growth rate is still slow. The consumption electronics market is pessimistic due to the exhaustion of national subsidies in various regions. The demand for energy storage has been released in advance due to the "new - old cut - off" in Document No. 136, and the demand expectation in the second half of the year has weakened significantly. Social inventory is high and showing an upward trend, reaching 132,432 tons (+861 tons), and the warehouse receipt on Friday decreased slightly to 33,309 lots (-12 lots) [3]. - **Trading Strategy**: In the short term, the strong expectation of demand supports prices to fluctuate. The significant repair of lithium salt production profits and the weak reality of rapid production increase make it highly likely that there will still be a surplus in June. Attention should be paid to the fulfillment of demand; in the long term, the key to reversing the surplus pattern of lithium salts still lies in the supply side. In the short term, affected by capital and the macro - environment, prices may deviate from fundamentals and show a slight rebound. Short - term profit - taking can be considered, and then short - sell distant - month contracts at high prices [3]. - **Polysilicon** - **Market Performance**: On Friday, the main 07 contract opened higher and then fluctuated downward, closing at 34,740 yuan/ton, an increase of 200 yuan/ton compared with the previous trading day. The position decreased by 623 lots to 65,179 lots. The 06 contract has entered the delivery month, and liquidity has weakened. Currently, the contracts still maintain a contango structure. The warehouse receipt has increased to 2460 lots (7380 tons) [3]. - **Fundamentals**: Last week, the spot price remained stable. On the supply side, the output in the first week of June decreased slightly, and there is an expectation of production resumption in June, so the output may increase slightly. The industry still has nearly 270,000 tons of inventory. On the demand side, the silicon wafer production schedule data has recovered, but the overall procurement of polysilicon is limited. A photovoltaic industry conference will be held in Shanghai next week. Pay attention to the communication at the conference [3]. - **Operation Suggestion**: This week, the warehouse receipt has been increasing continuously, and the logic of warehouse receipt game has weakened. If the warehouse receipt registration exceeds expectations, an anti - arbitrage strategy between 07 and distant - month contracts can be considered. For a single - side position, if there is no further production reduction news, a short - sell on the rebound of the 07 contract can be considered [3]. 3.2 Black Industry - **Rebar** - **Market Performance**: The main rebar 2510 contract fluctuated weakly, closing at 2965 yuan/ton, a decrease of 27 yuan/ton compared with the previous trading day's closing price [4]. - **Fundamentals**: The supply and demand of steel may deteriorate seasonally. The supply and demand of building materials are both weak, but benefiting from low production, the inventory pressure is small; the demand for plates has deteriorated slightly. In the environment of the withdrawal of national subsidies, domestic demand may further weaken, but direct exports remain high. Overall, the supply and demand of steel are relatively balanced, and the contradiction is not significant. Steel futures have been at a discount for two consecutive weeks, and the margin has widened. The news of the upcoming China - US economic and trade consultation is expected to slightly improve market sentiment. It is expected that steel futures prices will fluctuate strongly this week [4]. - **Trading Strategy**: It is recommended to chase long on the rebar 2510 contract in the short - term. The reference range for RB10 is 2950 - 3000 [4]. - **Iron Ore** - **Market Performance**: The main iron ore 2509 contract fluctuated weakly, closing at $704/ton, a decrease of $4.5/ton compared with the previous trading day's night - session closing price [4]. - **Fundamentals**: The supply and demand of iron ore remain moderately strong. According to the data of the Steel Union, the pig iron output has decreased slightly month - on - month but still maintains a certain year - on - year increase. After the third round of price cuts, the profit margin of steel mills has expanded, and subsequent production will be mainly stable; the supply is in line with seasonal rules, with a slight year - on - year decrease. The supply and demand of iron ore are moderately strong in the short - term, but the medium - term surplus pattern remains unchanged. Iron ore maintains a forward discount structure, but the absolute level remains at a relatively low level in the same period of history, with a neutral valuation. The news of the upcoming China - US economic and trade consultation is expected to slightly improve market sentiment. It is expected that iron ore futures prices will fluctuate strongly this week [4]. - **Trading Strategy**: It is advisable to wait and see. The reference range for I09 is 700 - 720 [4]. - **Coking Coal** - **Market Performance**: The main coking coal 2509 contract fluctuated weakly, closing at 778 yuan/ton, a decrease of 11.5 yuan/ton compared with the previous trading day's night - session closing price [4]. - **Fundamentals**: Pig iron output decreased slightly by 0.1 million tons to 2.418 million tons month - on - month, with a year - on - year increase of 61,000 tons. The profit margin of steel mills has narrowed, and subsequent production will be mainly stable. The second round of price cuts has been implemented, and the third round of price cuts has been proposed. In terms of supply, the inventory at each link is differentiated. The coking coal inventory and inventory days of steel mills and coking plants remain at a relatively low level in the same period of history, while the inventory at the mine mouth, ports and other links continues to remain at a historical high. At the same time, production has decreased month - on - month, and overall supply and demand are still relatively loose, but the fundamentals are gradually improving. Futures are basically at par with the spot, and the forward curve is gradually flattening. The news of the upcoming China - US economic and trade consultation is expected to slightly improve market sentiment [4]. - **Trading Strategy**: It is advisable to wait and see and try to chase long on the coking coal 2509 contract in the short - term. The reference range for JM09 is 770 - 810 [4]. 3.3 Agricultural Product Market - **Soybean Meal** - **Market Performance**: Last Friday, CBOT soybeans continued to rise, digesting the optimistic expectation of China - US trade [5]. - **Fundamentals**: On the supply side, the supply in South America is loose in the short - term, while the sowing of new US soybeans is in the later stage. On the demand side, South America dominates in the short - term, and the high - frequency demand for US soybeans is seasonally weak [5]. - **Trading Strategy**: US soybeans are expected to fluctuate; in China, there will be more soybean arrivals in the later stage, with a weak basis, and the single - side price will follow the international market. Attention should be paid to later trade policies and US soybean production [5]. - **Corn** - **Market Performance**: The corn 2507 contract rose