1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - Later, be cautious about short - selling at low levels for PP, and it may be a volatile market in the medium - term [1] - Short - term demand improves month - on - month, but the cost side remains weak. Supply pressure will increase in the future, but there are also positive factors such as holiday effects, potential Fed rate cuts, and uncertainties in the Middle East [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of PP2601 yesterday was 6913, with a daily decline of 0.43%. The trading volume was 255,093, and the open interest increased by 19,156. The 01 - contract basis was - 193, and the 01 - 05 contract spread was - 23 [1] - **Spot Price**: The spot price of PP in North China was 6700 - 6860 yuan/ton, in East China was 6720 - 6920 yuan/ton, and in South China was 6690 - 6900 yuan/ton yesterday [1] 3.2 Spot News - The domestic PP market declined slightly by 10 - 30 yuan/ton. Futures fluctuated at a low level, weakening cost support. Traders actively sold goods, and downstream demand was weak [2] 3.3 Market Condition Analysis - Short - term demand improves, but the cost side is weak. Supply pressure will increase due to the resumption of maintenance devices and new capacity expansion. However, there are positive factors such as holiday effects, potential Fed rate cuts, and uncertainties in the Middle East [2] 3.4 Trend Intensity - The trend intensity of PP is 0, indicating a neutral trend [3]

Core Viewpoint - The article discusses the current state of gold bulls, indicating a slight fatigue in the market, and raises the question of whether the upcoming Federal Reserve meeting will present new opportunities for gold [1] Group 1: Market Analysis - The analysis highlights the current sentiment among gold bulls, suggesting a potential weakening in their position [1] - The upcoming Federal Reserve meeting is positioned as a critical event that could influence gold prices and market dynamics [1] Group 2: Expert Insights - The article features insights from Gu Fengda, the chief analyst at Guosen Futures, indicating a professional perspective on the gold market's future [1]

Core Insights - The article discusses the current volatility in short-term gold trading and anticipates potential trading opportunities arising from the upcoming Federal Reserve meeting [1] Group 1 - Gold is currently experiencing short-term fluctuations, indicating a period of uncertainty in the market [1] - The Federal Reserve's upcoming decisions are expected to influence trading strategies and market movements in gold [1]

美联储理事库格勒：我预计将开始看到建筑、农业、休闲和酒店、医疗和食品加工领域的影响。 ...