Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The intensification of the Middle - East tension has led to a decline in global risk appetite. In China, economic growth in May was generally stable, but short - term risk preferences were affected by the Middle - East situation and the Fed's hawkish statement. Different asset classes have different trends and investment suggestions [3][4]. Summary by Related Catalogs Macro - finance - Overseas: The US attacked three Iranian nuclear facilities, and the Iranian parliament approved closing the Strait of Hormuz. Global risk aversion increased, the US dollar index rebounded, and global risk appetite declined. Domestic: China's May consumption grew strongly, but investment and industrial production slowed down. The overall economic growth was stable, but the short - term risk preferences were affected by the Middle - East situation and the Fed's hawkish statement. For assets, the stock index will fluctuate in the short term, and it is advisable to be cautiously long; the national debt will fluctuate at a high level, and it is advisable to wait and see; for the commodity sector, the black metals will fluctuate at a low level, and it is advisable to wait and see; non - ferrous metals will fluctuate, and it is advisable to wait and see; energy and chemicals will have increased volatility, and it is advisable to be cautiously long; precious metals will fluctuate strongly at a high level, and it is advisable to be cautiously long [3]. Stock Index - The domestic stock market declined slightly due to the drag of sectors such as oil and gas development, short - drama games, and precious metals. The fundamentals showed that China's May consumption grew strongly, but investment and industrial production slowed down. The short - term risk preferences were affected by the Middle - East situation and the Fed's hawkish statement. The market focused on the Middle - East risk, US trade policies, and trade negotiations. It is advisable to be cautiously long in the short term [4]. Precious Metals - Last week, the precious metals market had a high - level oscillating correction. The Fed's June meeting maintained the interest rate and made hawkish remarks. The Israel - Iran conflict escalated, and the US military directly attacked Iranian nuclear facilities. If Iran closes the Strait of Hormuz, it may impact the global capital market [4]. Black Metals Steel - Last Friday, the domestic steel futures and spot prices rebounded slightly, and the trading volume remained low. The "national subsidy" for home appliances continued. The Fed's hawkish signal and the rebound of the US dollar index suppressed commodity prices. The demand had some resilience, the apparent consumption of five major steel products increased by 16.08 tons week - on - week, and the inventory continued to decline. The supply increased by 9.68 tons week - on - week, mainly contributed by building materials. The steel market will mainly oscillate at the bottom in the short term [5][6]. Iron Ore - Last Friday, the iron ore futures and spot prices rebounded slightly. The daily output of molten iron increased slightly, and the steel mills' profits were still good. The global iron ore shipment volume decreased by 157 tons week - on - week, and the arrival volume decreased by 224 tons week - on - week. The port inventory decreased by 101 tons. The short - term fundamentals were strong, but the rebound of coking coal prices had a certain inhibitory effect. The iron ore price will mainly oscillate in a range in the short term [6]. Silicon Manganese/Silicon Iron - Last Friday, the spot prices of silicon iron and silicon manganese were flat. The demand for ferroalloys was okay in the short term. The prices of silicon manganese and silicon iron in different regions were stable. The supply of silicon manganese in the south was low, and the cost was inverted. The supply of silicon iron might increase. The market will mainly oscillate in a range in the short term, and if energy prices continue to strengthen, short - term rebound opportunities can be concerned [7]. Non - ferrous Metals Copper - The Fed's June meeting was more hawkish. The central government will allocate 138 billion yuan in the third and fourth quarters. The copper production is at a high level, the demand has a marginal weakening risk, and the inventory growth has slowed down. The high price difference between COMEX and LME has stimulated copper to flow into the US, overdrawing future import demand. It is necessary to wait for the right time to short, and pay attention to the negotiation results and tariff policies [8]. Aluminum - 138 billion yuan of central funds will be allocated in the third and fourth quarters. The aluminum price increased mainly due to the external market. The downstream demand has a weakening risk, the inventory reduction of aluminum ingots has slowed down, and the inventory of aluminum rods has increased. The "trade - in" policy has some uncertainties [8]. Aluminum Alloy - It has entered the off - season of demand, and the manufacturing orders have grown weakly. However, the tight supply of scrap aluminum supports the price. The price will oscillate strongly in the short term, but the upside space is limited [9][10]. Tin - The supply of tin ore is tight, the processing fee is low, and the combined operating rate in Yunnan and Jiangxi decreased by 0.21% to 46.84%. The demand is in the off - season, and the orders have decreased. The price will oscillate strongly in the short term, but the upside space is under pressure [10]. Energy and Chemicals Crude Oil - The US attacked Iranian nuclear facilities. If Iran retaliates, the geopolitical situation will be at high risk, and the oil price will rise. The short - term fundamentals have limited influence, and the seasonal inventory reduction supports the price. It is advisable to wait and see the geopolitical development [11]. Asphalt - The oil price oscillates at a high level, and the asphalt price has a slight upward breakthrough. The shipment has improved, the factory inventory is decreasing, but the spot price lags behind. It will follow the oil price to fluctuate at a high level in the short term [11]. PX - The upstream cost has increased due to the geopolitical risk, and the demand has increased due to the slight increase in PTA's operation rate. The tight supply situation will continue, and it will follow the oil price to oscillate strongly [11]. PTA - The oil price drives up the absolute price, and the port inventory is low. The downstream will cut production, and the 6 - month contract will release some pressure. It will follow the oil price to rise [12]. Ethylene Glycol - The impact of Iranian facilities is expected in August, and the domestic and foreign facilities' operation rates may recover. The inventory reduction has slowed down, and the follow - up increase may be limited [12]. Short - fiber - The oil price increase drives up the polyester price, and the short - fiber will follow the polyester sector to oscillate strongly. The terminal orders are average, the inventory is high, and it will follow the polyester price to rise [12]. Methanol - The supply may decrease significantly, and the upward driving force is strong. But the continuous price increase squeezes the downstream profit, and there is a risk of MTO/MTP shutdown [12]. PP - The production is increasing, the downstream operation rate has decreased slightly, and the oil price increase drives up the PP price. It is necessary to pay attention to the Israel - Iran conflict [13]. LLDPE - The device production has not increased significantly, the downstream demand has little change, and the oil - based cost support is strengthening. The market sentiment has improved, and the price will continue to strengthen with increased short - term fluctuations [13]. Urea - The supply is high, the agricultural demand has not increased significantly, and the compound fertilizer operation rate has decreased. Although the port collection demand is planned to increase, the fundamentals are weak. But the geopolitical conflict drives up the price, and the downward space is limited [13]. Agricultural Products US Soybeans - The rainfall in the production area has alleviated the drought. The EPA's RVO policy for 2026 - 2027 is expected to increase the demand for soybean oil. The 2025/26 US soybeans are expected to have low inventory, and the fund's net long - position holdings are increasing [14]. Corn - The arrival volume of Shandong's deep - processing enterprises is low, and the purchase price supports the Northeast corn. The wheat substitution and the release of old corn may lead to a high - level consolidation of corn in the short term [15]. Soybean Meal/Rapeseed Meal - The oil mills' high - operation rate makes the soybean meal supply and demand loose, and the domestic basis is expected to be stable. The rapeseed meal market is dominated by the soybean meal market. It is necessary to pay attention to the China - Canada trade policy [16]. Oils and Fats - The international oils and fats have a market premium due to the energy - related risk. The short - term long - market situation will continue, but the external market changes have a direct impact, and the risk is high. It is advisable to participate cautiously [16]. Live Pigs - The group's weight - reduction efforts are small, the benchmark - area spot market is stable, and the slaughter volume has decreased in the off - season. The pig price in the benchmark area is stable, and the futures price is expected to be repaired. The range - bound market will be stable but may have stronger fluctuations [17].

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投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 5 月 9 日 有色日报 专业研究·创造价值 低库存给予铜铝支撑 核心观点 沪铜 沪铜主力期价昨日夜盘冲高，站上 7.8 万关口，今日早盘跳水， 日内震荡运行。美联储 5 月议息会议落地，整体偏鹰派，利空铜价。 短期铜价在 7.8 万一线仍有较强的技术压力。短期可持续关注 7.8 万 关口多空博弈，也可关注月间正套。消息面上，关注中美在瑞会 议，若中美贸易摩擦趋于缓和，将在宏观氛围和终端需求上利好铜 价。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 ...

Core Viewpoint - The U.S. dollar struggles to maintain its position despite a solid employment report, as uncertainties regarding trade policies persist [1] Economic Indicators - The March employment report indicates a robust job market, providing support for the dollar and reducing the likelihood of a Federal Reserve rate cut in June [1] - The employment report suggests that the Federal Open Market Committee is likely to remain on hold during the upcoming policy meeting [1] Federal Reserve Outlook - The possibility of a rate cut in June has become more challenging following the employment report, indicating a shift towards a more hawkish stance by the Federal Reserve [1] - Michael Feroli from JPMorgan highlights that the dual mandate faces dual risks in uncertain times, leading the Federal Reserve to prefer patience until the economic outlook becomes clearer [1]