Core Points - The United States is committed to reaching an agreement with Iran regarding its nuclear program, as stated in a letter submitted to the UN Security Council [1][3] - The agreement is contingent upon Iran abandoning its nuclear ambitions, which the US claims would benefit the Iranian people and promote peace in the region [3] - The US reserves the right to take additional actions if Iran responds negatively, citing inherent self-defense rights against threats to US citizens and facilities [3] Summary by Sections - **US Position**: The US remains dedicated to negotiating with Iran on its nuclear plans, emphasizing the potential benefits for the Iranian populace and regional stability [1][3] - **Iran's Response**: Iranian leaders, including Supreme Leader Khamenei, have made strong statements against the US, indicating a refusal to accept threats and asserting Iran's capability to respond if provoked [3] - **Regional Tensions**: Despite a ceasefire announced between Israel and Iran, tensions remain high, with both sides exchanging aggressive rhetoric [3]

Group 1 - Israel launched an attack on Iran, targeting multiple locations related to Iran's nuclear program and long-range missile capabilities [8] - The attack is part of escalating tensions in the Middle East, with recent intelligence indicating Israel's intent to disrupt US-Iran nuclear negotiations [1][2] - The Israeli military's actions are expected to continue until the perceived threat from Iran is eliminated, indicating a significant escalation in military operations [8] Group 2 - The US has withdrawn non-essential personnel from the Middle East due to rising tensions, with officials monitoring the situation closely [2] - The International Atomic Energy Agency (IAEA) passed a resolution declaring Iran in violation of the Non-Proliferation Treaty for the first time in nearly two decades, prompting Iran to announce new uranium enrichment activities [2] - The situation has led to warnings from US officials, including President Trump, about the potential for large-scale conflict in the region [2][8]

Core Viewpoint - The attack on Iran is perceived as an attempt to undermine negotiations between the Trump administration and Iran, potentially leading to disastrous regional war consequences [1] Group 1 - Senator Chris Murphy indicates that the conflict between Israel and Iran could be politically advantageous for Netanyahu but disastrous for other countries in the region [1] - Murphy argues that if Trump and Netanyahu had not pushed the U.S. to withdraw from the nuclear agreement with Iran, the country would not be close to acquiring nuclear weapons [1]

Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, specific ratings for some products are as follows: - **Bullish**: Jiao Coal, Coke, Ethylene Glycol [1] - **Bearish**: None explicitly stated - **Neutral (Oscillating)**: Most of the products, including stocks, treasury bonds, gold, various non - ferrous metals, building materials, agricultural products, and energy - chemical products [1] Core Views of the Report - Domestic factors have limited driving force on the stock index, with weak fundamentals and a relatively policy - vacuum environment. Overseas variables dominate short - term fluctuations. Although there are positive signals in Sino - US economic and trade relations recently, the stock index is expected to fluctuate strongly in the short term, but caution is needed due to the possible repetition of Sino - US tariff signals [1]. - Different factors drive the trends of various commodities. For example, asset shortage and weak economy are favorable for bond futures, but the central bank's warning of interest - rate risks restricts the upward space; the long - term upward logic of gold is solid, but it may fluctuate in the short term [1]. Summary by Related Catalogs Macro - finance - **Stock Index**: Driven by overseas variables in the short term, expected to fluctuate strongly, but be cautious of the repetition of Sino - US tariff signals [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but the central bank's warning of interest - rate risks restricts the upward space, expected to oscillate [1]. - **Gold**: May oscillate in the short term, with a solid long - term upward logic [1]. - **Yin**: Expected to continue to be strong in the short term, but beware of a pull - back [1]. Non - ferrous Metals - **Copper**: Sino - US talks boost market sentiment, but sufficient supply restricts the upward space, expected to oscillate [1]. - **Aluminum**: Low inventory supports the price, but weakening downstream demand and volatile macro - sentiment may lead to a weakening oscillation [1]. - **Alumina**: Spot price is stable, futures price is weak, and increased production pressure on the futures price, expected to oscillate [1]. - **Zinc**: Inventory increase on Monday pressures the price, and the subsequent downward space depends on the sustainability of social inventory reduction on Thursday [1]. - **Nickel**: Short - term oscillation following the macro - environment, long - term pressure from primary nickel surplus, pay attention to inventory changes [1]. - **Stainless Steel**: Short - term bottom - oscillation, long - term supply pressure exists, pay attention to steel mill production arrangements [1]. - **Tin**: Supply contradiction intensifies in the short term, expected to oscillate at a high level [1]. - **Industrial Silicon**: Supply shows improvement, demand is low, and inventory pressure is huge, expected to oscillate [1]. - **Polysilicon**: Downstream production scheduling drops rapidly, futures premium over spot, and warehouse receipts increase [1]. - **Lithium Carbonate**: Mine prices continue to fall, downstream procurement is inactive, and raw material inventory is high [1]. Building Materials - **Rebar and Hot - rolled Coil**: In the window period of switching from peak to off - peak season, with loose cost and supply - demand balance, no upward price drive is observed, expected to oscillate [1]. - **Iron Ore**: There is an expectation of iron - water peak, and supply may increase in June, pay attention to steel pressure, expected to oscillate [1]. - **Silicon Manganese**: Short - term supply - demand balance, slight increase in production, acceptable demand, but heavy warehouse - receipt pressure, expected to oscillate [1]. - **Silicon Iron**: Cost is affected by coal, some alloy plants resume production, and there is still pressure of supply surplus, expected to oscillate [1]. - **Glass Film**: Supply and demand are both weak, with the arrival of the off - peak season, demand weakens, and the price continues to be weak, expected to oscillate [1]. - **Soda Ash**: Maintenance resumes, direct demand is acceptable, but concerns about supply surplus resurface, and terminal demand is weak, price is under pressure, expected to oscillate [1]. - **Coking Coal**: The spot price continues to weaken, and the futures price rebounds to repair the discount. It can still be short - sold, with the upper limit of the target price at 780 - 800 [1]. - **Coke**: The logic is the same as that of coking coal, with the continuous decline of coal - entering - furnace cost, the price drops synchronously, expected to decline [1]. Agricultural Products - **Palm Oil**: The MPOB released a May report with expected production + 3%, export + 17%, and inventory + 9%. There may be a gap - opening market if there are unexpected data [1]. - **Soybean Oil**: A game between weak fundamentals and fluctuations of other oils, expected to oscillate [1]. - **Rapeseed Oil**: The expectation of China - Canada negotiations is blocked, and there is a lack of key negative driving factors, beware of a rebound in the market [1]. - **Cotton**: Affected by trade negotiations and weather premiums in the short term, with strong macro - uncertainty in the long term, expected to oscillate weakly [1]. - **Sugar**: Brazil's 2025/26 sugar production is expected to reach a record high. If crude oil is weak, it may affect the sugar - production ratio [1]. - **Wheat**: Supported by the purchase - support policy, with tightening supply and increasing demand, expected to oscillate strongly [1]. - **Soybeans**: The pressure of Brazilian soybean arrivals is mainly reflected in the basis and near - month contracts. The market lacks upward momentum, expected to oscillate [1]. - **Pulp**: Demand is light at present, but the downward space is limited, it is recommended to wait and see [1]. - **Logs**: Supply is abundant, demand is light, it is recommended to hold short positions or short after a rebound [1]. - **Hogs**: The futures price is at a discount to the spot price, and the futures price is expected to be stable [1]. Energy - Chemical Products - **Crude Oil**: Affected by Sino - US calls, geopolitical situation, and summer consumption peak [1]. - **Natural Rubber**: The futures - spot price difference has fully converged, raw material prices have fallen, and inventory has decreased significantly, expected to oscillate [1]. - **BR Rubber**: The short - term fundamentals are loose, expected to oscillate. Pay attention to the support of butadiene maintenance and demand improvement in the long term [1]. - **PTA**: The tight situation has been alleviated, and short - fiber costs are closely related. Some factories have planned maintenance [1]. - **Ethylene Glycol**: Coal - to - ethylene glycol profit expands, imports are blocked, and it continues to destock. It is expected to decline [1]. - **Short - fiber**: The short - term tight situation has been alleviated, and short - fiber factories have planned maintenance [1]. - **Styrene**: The speculative demand has weakened, the device load has increased, inventory has risen, and the basis has weakened, expected to oscillate [1]. - **Urea**: The daily production is still high, and the short - term export demand is expected to increase, and the market may rebound [1]. - **Methanol**: The domestic start - up rate remains high, inventory is increasing, and traditional downstream demand is weak, expected to oscillate weakly [1]. - **PP**: The support of maintenance is limited, orders are for rigid demand, and the price is expected to oscillate strongly [1]. - **PVC**: Maintenance is about to end, new devices are put into operation, and the off - peak season is coming, supply pressure increases, expected to oscillate weakly [1]. - **LPG**: The price is weak, in a narrow - range fluctuation, and is expected to oscillate weakly in the short term [1]. Others - **Three - cloud Line**: The market shows a strong expectation and weak reality. The peak - season contracts can be lightly long - tested, and attention can be paid to 6 - 8 reverse spreads and 8 - 10, 12 - 4 positive spreads [1].

Group 1 - International gold prices closed at $3308.83 per ounce, down 1.31%, with a high of $3375.29 and a low of $3306.62 on June 6 [1] - The Trump administration's policy adjustments have sparked controversy, particularly regarding military support for Ukraine, with a noticeable reduction in assistance [1] - Trump's decision to halt key drone technology aid indicates a shift towards improving U.S.-Russia relations, potentially at the expense of Ukraine [1] Group 2 - Putin's proposal to assist the U.S. in reaching a nuclear agreement with Iran suggests a desire for cooperation despite ongoing conflicts [2] - Analysts express skepticism about Putin's strategy, viewing it as an attempt to reduce U.S. support for Ukraine while normalizing U.S.-Russia relations [2] - Technical analysts indicate that gold is at a critical technical juncture, with the Bollinger Band midline at 3296.92 serving as a short-term pivot point [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - Crude oil prices rebounded during the Dragon Boat Festival due to factors such as OPEC+ not exceeding production increase expectations, Canadian wildfires affecting production, and Ukraine's bombing of Russian strategic bombers. However, there is still downward pressure on crude oil due to factors like high supply pressure, the impact of trade wars, and Kazakhstan's over - production [3][5]. - The upward momentum of the soybean meal futures has weakened, and the futures price will show a volatile trend due to sufficient domestic soybean supply and stable terminal demand [6]. - Copper is still in a volatile range. If the copper tariff policy becomes clear, it may lead to an expectation of tight supply and benefit copper prices. Attention should be paid to the subsequent tariff policy and downstream demand resilience [12]. - Asphalt is expected to fluctuate at a high level in the near term. As it gradually enters the peak season, it is recommended to go long on the 09 - 12 spread [14]. - PP and plastic are expected to show weak and volatile trends due to factors such as high inventory pressure, slow downstream recovery, and the impact of tariffs [15][17]. - PVC is in a weak and volatile state due to factors such as high inventory pressure, weak demand, and the impact of anti - dumping policies [18]. - The soybean oil futures market is expected to be weak and volatile in the short term due to high inventory and weak terminal demand [20]. - The urea futures price is not expected to fall deeply, but the upside space for the market rebound during the agricultural demand period may be limited due to relatively loose supply and demand [21]. 3. Summary by Related Catalogs Hot Varieties Crude Oil - International crude oil prices rebounded during the Dragon Boat Festival. OPEC+ agreed to increase oil production by 411,000 barrels per day in July. Canadian wildfires led to a shutdown of nearly 350,000 barrels per day of heavy crude oil production. The US government's sanctions on Venezuela's oil industry were upgraded, and Trump threatened to increase sanctions on Iran and Russia. However, there is still downward pressure on crude oil due to high supply and the impact of trade wars [3][5]. Soybean Meal - The main 09 - contract of soybean meal opened lower and fluctuated. Internationally, the US soybean - producing states may have higher temperatures and more precipitation. Brazil's soybean planting area is expected to increase slightly, but the yield is expected to decrease. Domestically, soybean supply will be sufficient in the future, and the inventory of soybean meal is expected to increase, so the futures price will be volatile [6]. Futures Market Summary - As of the close on June 3, most domestic futures main contracts fell. 20 - rubber, synthetic rubber, coking coal, and glass fell by more than 3%. In terms of gains, silver futures rose nearly 3%, and SC crude oil rose more than 2%. Stock index futures mostly rose slightly, while most bond futures fell [8]. - As of 15:05, funds flowed into contracts such as Shanghai copper 2507 and Shanghai silver 2508, and flowed out of contracts such as crude oil 2507 and rapeseed meal 2509 [10]. Core Content of Each Variety Copper - Shanghai copper opened high and closed slightly lower. The US government's tariff policy on copper has increased market expectations. Although the supply of refined copper is high, the demand is supported by good PMI data. The copper price is still in a volatile range, and attention should be paid to the tariff policy and downstream demand [12]. Asphalt - The asphalt production rate continued to decline, and the downstream demand was weak. The US sanctions on Iran's crude oil exports and the situation in Venezuela need to be monitored. Asphalt is expected to fluctuate at a high level in the near term, and it is recommended to go long on the 09 - 12 spread [13][14]. PP - The downstream start - up rate of PP decreased, and the inventory pressure was high. With the restart of some devices and the slow recovery of downstream demand, PP is expected to show a weak and volatile trend [15]. Plastic - The start - up rate of plastic decreased, and the downstream demand was weak. The inventory was at a relatively high level, and the impact of tariffs and new production capacity also affected the market. Plastic is expected to be weak and volatile [16][17]. PVC - The start - up rate of PVC increased, but the downstream demand was still weak. The anti - dumping policy of India and high inventory pressure affected the market. PVC is expected to be weak and volatile [18]. Soybean Oil - The main 09 - contract of soybean oil opened low and rebounded. With sufficient domestic soybean supply and high soybean crushing volume, the inventory of soybean oil increased, and the terminal demand was weak. The futures price is expected to be weak and volatile in the short term [19][20]. Urea - The urea price opened high and closed lower. The supply is sufficient, and the demand is in a gap period. Although there is agricultural demand expectation, the upside space for the market rebound may be limited [21].

Group 1: Gaza Conflict - Israeli airstrikes destroyed a mosque in Deir al-Balah, central Gaza [2] - The UN Relief and Works Agency reported that the number of child casualties in Gaza over the past 20 months reached 50,000 [2] - Israeli bombings in northern Gaza resulted in 21 fatalities [2] - Houthi forces claimed to have attacked Israel's Ben Gurion Airport with ballistic missiles [2] - The Israeli Defense Forces reported artillery fire from Yemen, triggering alarms across Israel [2] Group 2: Iran Nuclear Negotiations - The head of Iran's Atomic Energy Organization stated that uranium enrichment is Iran's "red line" [2] - Iran emphasized that any agreement reached with the U.S. must include the lifting of illegal sanctions against Iran [2] - The Iranian Foreign Minister held a phone call with the German Foreign Minister, expressing willingness to continue dialogue to build trust [2] - U.S. media reported a significant shift in the U.S. stance, allowing Iran to conduct low-level uranium enrichment [2] Group 3: U.S.-Iran Negotiations - An Iranian senior official stated that the U.S. nuclear deal proposal is incoherent and disconnected, with the U.S.'s constantly changing position being a major obstacle to successful negotiations [1] - Sources indicated that the next round of U.S.-Iran negotiations is highly uncertain and may not occur at all [1]

Core Points - A senior Iranian official described the recent U.S. proposal for a new nuclear agreement as "incoherent and disconnected," indicating that momentum for reaching a new deal appears to be collapsing [1] - The U.S. stance on uranium enrichment has reportedly changed in the new proposal, suggesting investment in Iran's civilian nuclear energy projects and forming a coalition to oversee low-enriched uranium activities within Iran [1] - Iranian officials have expressed openness to the idea of a uranium enrichment coalition but insist on maintaining control over their own enrichment capabilities [1] - The Iranian official criticized the new proposal as unrealistic and overly demanding, attributing the difficulties in negotiations to the U.S. constantly changing its position [1] - The uncertainty surrounding the next round of negotiations is significant, with indications that they may not occur at all [1]

Group 1 - The article discusses President Trump's warning to Israel not to attack Iran, indicating that the U.S. and Iran are close to reaching a nuclear agreement [1][2] - Trump believes that a deal could be reached in the coming weeks, which he claims would save many lives [2] - Reports suggest that Israel is preparing for potential military action against Iran's nuclear facilities if negotiations fail or if an unacceptable agreement is reached [2][3] Group 2 - Iranian President Raisi stated that Iran is stronger than ever and has numerous alternatives if sanctions continue instead of negotiations [3] - The U.S. insists that Iran must completely halt all uranium enrichment activities, while Iran maintains that moderate enrichment is part of its rights under peaceful nuclear energy use [3][4] - Iranian officials indicated that if the U.S. unfreezes Iranian funds and acknowledges Iran's right to enrich uranium for civilian purposes, Iran might suspend its enrichment activities [4][5] Group 3 - Iran's Foreign Ministry emphasized that the U.S. must immediately lift sanctions, which they claim violate international law [4] - Iranian officials rejected rumors of flexibility regarding uranium enrichment, asserting that it is an integral part of Iran's nuclear industry [4][5] - Iran and Oman signed 18 cooperation agreements, highlighting the strategic importance of Oman in mediating U.S.-Iran negotiations [6]

Group 1 - The core viewpoint is that the United States is engaged in positive negotiations with Iran, with progress being reported [1] - President Trump indicated that a nuclear agreement with Iran could potentially be reached in the coming weeks [1] - Trump expressed a desire to send inspectors to Iran as part of the negotiations [1]