Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating [5][6] Group 2: Core Views of the Report - The easing of Sino - US trade policies has released positive signals, significantly alleviating the suppression of trans - oceanic cargo volume by trade frictions, and the market sentiment has improved the expectations of the European line [6] - The Sino - US trade agreement this week is expected to prompt some US retailers to accelerate short - term imports, but it is unlikely to lead to a significant adjustment of the supply - chain strategy [6] - The EC market is oscillating strongly. In the short term, macro - level positives, capacity control, and multiple rounds of price - support expectations will still support the market. Before the peak - season expectations are falsified, the main contract is likely to maintain a strong oscillation, but the market has already factored in a certain premium [7][8] Group 3: Summary by Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The current values of SCFI, CCFI, SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are 1551, 1021, 2647, 1208, 3438, and 1344 respectively, with increases of 10.49%, 2.89%, 22.94%, 9.12%, 13.39%, and 7.87% compared to the previous values. The current value of SCFIS - Northwest Europe is 1208, a decrease of 7.93%, and the current value of SCFI - Mediterranean is 1983, an increase of 13.57% [5] - **Contracts**: The current values of EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1400.8, 1483.5, 1139.3, 1851.7, 1592.2, and 1184.4 respectively, with increases of 1.54%, 0.84%, 0.64%, 2.64%, 2.48%, and 2.01% [5] - **Positions**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1490, 1342, 1266, 29320, 18781, and 14507 respectively, with changes of - 31, - 10, - 14, - 2045, 326, and - 403 [5] - **Monthly Spreads**: The current values of the 12 - 02, 12 - 04, and 02 - 04 monthly spreads are 259.5, 667.3, and 407.8 respectively, with increases of 9.1, 24.4, and 15.3 [5] Market Analysis - **EC Market**: The market is oscillating strongly. In early November, the spot prices of shipping companies varied, and the price in late November was reported at 3000 [7] - **Influencing Factors**: The key influencing factors include the fulfillment of peak - season demand, the persistence of shipping company strategies, and geopolitical and long - term agreement variables [8] - **Outlook and Strategy**: In the short term, the market is expected to remain strongly oscillating. It is recommended to buy the main contract at low prices and focus on tracking the suspension of voyages and shipping company loading rates. The recommended strategy is to wait and see [8][9]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report Core View - The shipping derivatives market shows mixed trends with some indices rising and others falling. The EC contracts are mostly in a state of slight fluctuations, and the shipping market is affected by various factors such as the situation in the Red Sea and international trade policies [3][4]. - The EC market is in a state of shock. The spot price has changed from late - October to early - November. The European line is in the year - end price - holding stage, and the first round of price - holding in late October has initially achieved results, and it has entered the second round in early November. Future price - holding actions are expected [5]. - The recommended strategy is to wait and see as the short - term peak - season price increase cannot be disproven and the market is in a relatively strong shock state [6]. 3. Summary by Related Content Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1310, up 12.92% from the previous value. The China Export Container Freight Index (CCFI) is at 973, down 4.11%. Different routes show different trends, with SCFI - US West up 31.88%, SCFIS - US West down 1.60%, SCFI - US East up 16.35%, SCFI - Northwest Europe up 7.21%, SCFIS - Northwest Europe down 1.43%, and SCFI - Mediterranean up 3.53% [4]. - **EC Contracts**: For EC contracts, most show slight fluctuations. For example, EC2506 has a current value of 1374.8, up 1.59%; EC2608 is at 1478.9, up 0.28%; EC2510 is 1136.1, down 0.04% [4]. - **Positions**: The positions of EC contracts also have changes. For example, EC2606 position has a current value of 1402, an increase of 3; EC2608 position is 1212, an increase of 28; while some positions have decreased, such as EC2410 with a decrease of 765 [4]. - **Monthly Spread**: The monthly spreads of 10 - 12, 12 - 2, and 12 - 4 are - 657.0, 211.1, and 621.3 respectively, with corresponding changes of - 5.3, 5.7, and 4.4 [4]. Market News - Shipping companies are delaying their return to the Red Sea route. Even though there is a cease - fire agreement between Israel and Hamas, it is unlikely to quickly resume the Suez Canal route in the short term due to factors like complex route network adjustment, repeated security risks in the Red Sea, and potential port congestion [4]. - Egypt claims to have lost over $9 billion due to Houthi attacks on Red Sea shipping [4]. - The US may soon announce a long list of tariff exemptions, and intense lobbying is expected as the power to adjust tariff scope has shifted to the USTR and the Commerce Department [4]. - The US Treasury Secretary plans to meet with China's Vice - Premier He Lifeng in Malaysia next week to prevent the further escalation of Sino - US tariffs [4]. - A White House envoy will go to the Middle East to promote the implementation of the Gaza agreement [4]. - Chinese Minister Wang Wentao had a video meeting with the EU Commissioner for Trade and Economic Security, and they agreed to hold an "upgraded" China - EU export control dialogue mechanism meeting in Brussels as soon as possible [4]. EC Market - **Market Condition**: The EC market is in a state of shock. The spot prices of shipping companies have changed from late October to early November. For example, in late October, Maersk quoted 1800 - 1900, while in early November, HPL quoted 2500 [5]. - **Logic**: The current sanctions have little impact on the European line. The European line is in the year - end price - holding stage. The first round of price - holding in late October has initially stopped the decline, and the second round in early November is underway. Future price - holding actions are expected. However, factors such as Sino - US relations, end - of - month loading, and November's empty sailings need to be monitored [5]. - **Strategy**: The recommended strategy is to wait and see as the short - term peak - season price increase cannot be disproven and the market is in a relatively strong shock state [6].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The EC market has rebounded. CM4 has raised the November freight rate to 3000, and MSK's unchanged 10 - second - week freight rate of 1400 has increased the expectation of a halt in the decline. MSK has set the late - October freight rate at 1800, a 400 increase from the early - October rate [6]. - In the European shipping market, based on IPMI data, the cargo volume will bottom out in October and turn around in November. From late - September to late - October, shipping companies are "grabbing cargoes", but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in freight rates. It is expected that the offline freight rate will fall to the May low by late - October, and shipping companies will start to support the price through contracts after the cargo volume rebounds in November. The suspension of voyages during the National Day has limited impact on the market due to the low cargo volume. A price increase notice during the holiday, combined with pre - holiday cargoes, may drive up prices in the peak season [7]. 3. Summary by Related Catalogs 3.1 Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) dropped by 14.31% to 1198, and the China Export Container Freight Index (CCFI) decreased by 0.45% to 1120. Rates for various routes such as SCFI - West America, SCFI - East America, and SCFI - Northwest Europe also declined significantly, with drops ranging from 8.84% to 31.07%. However, the SCFIS - Northwest Europe and SCFI - Mediterranean decreased by 17.15% and 5.75% respectively [4]. - **EC Contracts**: The prices of EC contracts (EC2506, EC2608, etc.) showed an upward trend, with涨幅 ranging from 1.91% to 6.81%. The EC2606 and EC2608 contracts had a slight change in positions, while the EC2410 contract saw a significant decrease in positions by 5414. The month - spread values of 10 - 12, 12 - 2, and 12 - 4 also changed, with the 10 - 12 spread decreasing by 28.0 and the 12 - 4 spread increasing by 62.5 [4]. 3.2 Market News - The goods transportation through the Kazakh border has been temporarily suspended due to the disagreement between the Kazakh and Russian governments on the customs union agreement, and the negotiation completion date is unknown. The Polish - Belarusian border may open on Tuesday or Wednesday this week [5]. - In the first week of September, the booking volume from China to the US decreased by nearly 26% year - on - year, and the booking volume from the US to China decreased by 18%. Tariffs remain a key variable for market fluctuations [5]. 3.3 Strategy - A positive spread strategy for the 10 - 12 period is recommended [8].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The shipping market is facing multiple challenges. Cargo transportation through the Kazakh border has been temporarily suspended due to disagreements between the governments of Kazakhstan and Russia. MSC has cancelled 5 more voyages during the Golden Week off - season, leading to a reduction in capacity on the Pacific and Asia - Europe routes. The booking volume between China and the US has declined significantly, and tariffs remain a key variable for market fluctuations. The EC market is showing a rebound, mainly due to MSK's stable 10 - second - week freight rates and a price increase in the second half of October. In the European shipping market, the freight rates are expected to fall in late October and recover in November [5][6][7]. 3. Key Points by Content Shipping Market News - Cargo passage through the Kazakh border is temporarily suspended due to government disagreements, and the negotiation completion date is unknown. The Polish - Belarusian border may open this Tuesday, Wednesday, or by the end of the month [5]. - MSC cancels 5 more voyages during the Golden Week off - season, with a 14% reduction in Pacific route capacity and a 17% reduction in Asia - Europe route capacity [5]. - In the first week of September, China - US booking volume decreased by nearly 26% year - on - year, and US - China booking volume decreased by 18%. Tariffs are a key variable [5]. Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) decreased by 14.31%, and the China Export Container Freight Index (CCFI) decreased by 0.45%. Rates on various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe also declined [4]. - **EC Contracts**: Most EC contracts showed price increases, with EC2512 rising by 4.50%. Some contracts also had changes in positions, such as a 488 - increase in EC2412 positions [4]. - **Month - spread**: The 10 - 12 month - spread decreased by 58.7, the 12 - 2 month - spread increased by 20.6, and the 12 - 4 month - spread increased by 46.7 [4]. EC Market - The EC market is rebounding. MSK's 10 - second - week freight rates remained stable at 1400, and the rates in late October increased by 400 compared to early October [6]. Spot Price - This week, the GEMINI October price dropped to 1500, OA to 1550, PA to 1400, and MSC to 1600. The FAK freight rate center in the market in late September was 1500 [7]. Strategy - A 10 - 12 positive spread strategy is recommended [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market's expectation of price support at $2000/FEU has failed. With demand entering the off - season, supply vessel schedules being full, and the impact of overtime ships, the freight rate is accelerating to decline. The market may continue to be weak in the future, and it is recommended to hold short positions in the October contract [2][4] 3. Summary by Relevant Catalogs Spot Market Freight Rates - MSK's 35 - week opening rate rose to $2340/FEU, while HPL - Q0's quote dropped to $2435/FEU, a $400 decrease from the previous level [3] - OCEAN's 34 - week freight rate was between $2800 - $2900/FEU. EMC's online rate remained at $3010 - $3160/FEU, CMA's at $2920 - $3020/FEU, and FAL's 3 - route rate dropped to $2520/FEU and then rebounded [3] - MSC's rate dropped to $2840/FEU, while ONE and HMM maintained their rates at $2743 and $2700/FEU respectively [3] Market Performance - MSK's opening freight rate dropped from $2600/FEU to $2200/FEU. HPL's online rate for the 22nd ship was $1800/FEU, and CMA's online rate dropped from $2920 to $2520/FEU, causing the futures market to break below 1400 points and reach a minimum of 1326.7 points [2] - The trading volume of the October contract rose to 66,400 lots, with an increase of 4786 lots in open interest. It closed at 1333.1 points, down 5.57%. The December contract closed at 1700.1 points, down 1.19% [2] Fundamental Information - Wan Hai will upgrade the Red Sea route AR2. Starting from mid - September, the new FM1 Asia - Mediterranean route will use the Suez Canal, adding direct routes to important ports such as Alexandria in Egypt and Izmit and Istanbul in Turkey [3] Macroeconomic Data - In August, the ZEW economic sentiment index in the Eurozone was 25.1, down from the previous value of 36.1. OPEC's monthly report raised the Eurozone's economic growth forecast for 2025 from 1% to 1.2% and for 2026 from 1.1% to 1.2% [3] Trading Logic and Outlook - The market's expectation of price support at $2000/FEU has failed. With demand in the off - season, supply vessel schedules being full, and the impact of overtime ships, the freight rate is accelerating to decline. The traditional price - decline period from August to September requires OCEAN and PA to follow the downward trend. The accelerated decline of SCFIS in the second half of August may narrow the futures discount [4] - The market outlook is weak and volatile, and it is recommended to hold short positions in the October contract [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The spot price of shipping has peaked, and the subsequent focus is on the downward slope of prices until the end of October. The shipping companies are facing increasing pressure to secure cargo, and the current spot freight rates have entered a rapid downward phase. The freight rates on the European route are expected to break through the 2000 mark in September [8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1490, a previous value of 1551, and a decline of -3.94%. The China Export Container Freight Index (CCFI) has a current value of 1201, a previous value of 1233, and a decline of -2.59%. Other routes such as SCFI - West US, SCFI - East US, and SCFI - Northwest Europe also show varying degrees of decline [4]. 3.2 Shipping Contracts - **Contract Price Changes**: Contracts such as EC2506, EC2508, etc., show different price changes. For example, EC2506 has a price increase of 0.17% [5]. - **Contract Positions**: The positions of contracts like EC2606, EC2508 show different changes. For example, the position of EC2606 decreased by 8 [5]. - **Contract Month - to - Month Differences**: The month - to - month differences such as 10 - 12, 12 - 2, 12 - 4 also show changes. For example, the 10 - 12 month - to - month difference increased by 18.8 [5]. 3.3 Market News - **Tariff and Diplomatic News**: The US and China need to decide whether to extend the current tariff suspension agreement by August 12. Trump threatens to impose higher tariffs on countries buying Russian oil. Trump and Putin will meet in Alaska on August 15 [6]. - **Shipping Route News**: South Korea will start pilot operations on the "Northern Sea Route" in 2026. Three Chinese small - scale carriers will provide several voyages on this route in late summer 2025 [6]. - **US Import News**: The latest Global Port Tracker (GPT) report shows that US imports in the last four months of 2025 will decline significantly year - on - year, mainly due to pre - stocking in late 2024 and the pre - peak before the tariff takes effect this year [6]. 3.4 Market Analysis - **Market Trend**: The market is in a volatile state [7]. - **Spot Price Analysis**: The spot price has peaked and is in a downward phase. Shipping companies on the European route are under great pressure to secure cargo, and the spot freight rates are expected to decline further [8]. 3.5 Investment Strategy - **Strategy Suggestion**: Short the October contract on rallies (take profit gradually as the recent decline is large), and hold the long - December and short - April spread [9].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The shipping derivatives market shows a weak and volatile trend. The main reason is that overtime ships have intensified the oversupply of capacity during the off - season, leading to an overall weak and volatile market. The Maersk's late - session cabin opening price and the less - than - expected tariff situation have also affected the market [7]. - The spot price has peaked, with the quotation in early August starting to weaken and driving the late - August price down. The 10 - contract's main focus is on the decline slope of freight rates from August to October [8]. 3. Summary by Relevant Contents Shipping Derivatives Data - **China Export Container Freight Rates**: The SCFI - West America, SCFI - East America, SCFIS - West America, SCFI - Northwest Europe, SCFI - Mediterranean, and SCFIS - Northwest Europe all showed declines, with the SCFIS - Northwest Europe having the largest decline of - 11.99% [4]. - **EC Contracts**: The EC2506, EC2508, and EC2604 showed increases in price, while EC2510 and EC2512 showed decreases. In terms of positions, EC2410 increased by 1055, while others decreased to varying degrees [4][5]. Market News - China and the US will continue to promote the extension of the temporarily suspended reciprocal tariffs and China's counter - measures [6]. - The US will impose a 50% tariff on copper products and their derivatives starting from August 1 [6]. - Trump hopes to change the Gaza policy to a comprehensive agreement to solve all problems at once [6]. - Japan's economic and fiscal policy minister will urge the US to implement the auto - tariff agreement and get Trump to sign the relevant executive order [6]. Strategy - Short the 10 - contract on rallies (gradually take profits as it has corrected significantly recently) and hold the 12 - 4 calendar spread [9].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The market of shipping derivatives shows a pattern of mixed trends with some indices declining and some contracts rising. The spot price of shipping is expected to peak at the end of July and gradually decline, and the 10 - contract focuses on the decline slope of freight rates from August to October. The recommended strategy is to short the 10 - contract on rallies and hold the 12 - 4 calendar spread [5][6][7] Group 3: Summary by Related Catalogs Freight Index - **Current and Previous Values and Changes**: The current values of Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are 1647, 1304, 2142, 1301, 3612, and 2079 respectively, with previous values of 1699, 1348, 2219, 1318, 3862, and 2068 respectively, and the corresponding percentage changes are - 3.30%, - 3.23%, - 3.50%, - 1.31%, - 6.48%, and 0.53%. The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 2316 and 2418 respectively, with previous values of 2400 and 2528 respectively, and the percentage changes are - 3.50% and - 4.35% [3] Contracts - **Current and Previous Values and Changes**: The current values of contracts EC2506, EC2508, EC2510, EC2512, EC2602, and EC2604 are 1514.2, 2139.0, 1468.7, 1738.0, 1532.0, and 1386.1 respectively, with previous values of 1504.9, 2111.0, 1460.0, 1735.0, 1521.3, and 1370.0 respectively, and the percentage changes are 0.62%, 1.33%, 0.60%, 0.17%, 0.70%, and 1.18%. The current values of EC2606, EC2508, EC2410, EC2412, EC2602, and EC2604 positions are 776, 5597, 54874, 8505, 4301, and 5267 respectively, with previous values of 762, 5926, 50726, 8131, 4328, and 5107 respectively, and the changes are 14, - 329, 4148, 374, - 27, and 160 [3] Month - Spread - **Current and Previous Values and Changes**: The current values of the 10 - 12, 12 - 2, and 12 - 4 month - spreads are - 269.3, 206.0, and 351.9 respectively, with previous values of - 275.0, 213.7, and 365.0 respectively, and the changes are 5.7, - 7.7, and - 13.1 [3] Market Situation - **Market Trend**: The market shows a pattern of mixed trends. The near - month contracts are affected by the continuous decline of the shipping company's price opening in early August, and the US - China and EU - China tariff talks may provide emotional support. The 08 contract had a limit - down opening on Wednesday morning, possibly due to the exchange's forced liquidation of over - position parts. On Thursday, the near - month contracts were strong due to the 90 - day extension of the US - China tariff negotiation [5] Spot Price - **Price Forecast**: The spot price is basically confirmed to peak at the end of July. The shipping company's price opening in early August continues the price in late July but gradually decreases. The shipping demand and loading rate at the end of July are good, but the high capacity deployment in early August weakens the effect of building a stockpiling pool. It is expected that the spot price will peak at the end of July and early August, then decline slowly until late August, after which the decline slope will increase [6] Strategy - **Investment Strategy**: Short the 10 - contract on rallies (take profit as it has pulled back recently) and hold the 12 - 4 calendar spread [7]

Group 1: Shipping Derivatives Data - Shanghai Export Container Freight Index (SCFI) has a current value of 1763, down 5.27% from the previous value of 1862 [2] - China Export Container Freight Index (CCFI) has a current value of 1343, down 1.92% from the previous value of 1369 [2] - SCFI - US West has a current value of 2089, down 18.97% from the previous value of 2578 [2] - SCFIS - US West has a current value of 1557, down 3.83% from the previous value of 1619 [2] - SCFI - US East has a current value of 4124, down 12.57% from the previous value of 4717 [2] - SCFI - Northwest Europe has a current value of 2101, up 3.50% from the previous value of 2030 [2] - SCFIS - Northwest Europe has a current value of 2258, up 6.36% from the previous value of 2123 [2] - SCFI - Mediterranean has a current value of 2869, down 3.89% from the previous value of 2985 [2] Group 2: Shipping Contracts Data - For contracts like EC2506, EC2508 etc, their current values, previous values, and corresponding price changes are presented. For example, EC2506 has a current value of 1342.1, up 0.72% from the previous value of 1332.5 [2] - Regarding contract positions, such as EC2606 position, EC2508 position etc, their current values, previous values, and corresponding changes in quantity are provided. For instance, EC2606 position has a current value of 471, up from the previous value of 430 [2] - For month - spreads like 10 - 12, 12 - 2, 12 - 4, their current values, previous values, and corresponding changes are given. For example, the 10 - 12 month - spread has a current value of 621.4, down 1.1 from the previous value of 622.5 [2] Group 3: Industry News - A vessel was attacked off the Red Sea coast of Yemen on Sunday, with characteristics typical of Houthi militants. The vessel was hit by a maritime drone and also attacked by small boats [2] - Some EU car manufacturers and governments are seeking a tariff - reduction agreement with the US. If no deal is reached by July 9, EU exports to the US may face a 50% tariff increase [6] - Israel - Hamas indirect cease - fire talks in Qatar ended without results [7] - CMA added an overtime ship on the 11th and still has available space [7] - MSK added a new overtime ship MAERSK FREEPORT (5920TEU) in wk31 [8] - There is congestion at East China ports, and MSC adjusted its port calls [9] - Loading rates on European routes were good in early July, and some shipowners' ships were fully booked [10] - The OA Alliance's CES route suspended two sailings, leading to a reduction in shipping capacity [11] Group 4: Market Analysis and Strategy - The shipping market showed a strong - side oscillation. The recent strength was due to tariff extension and Maersk's better - than - expected cabin opening. Forwarding of goods from the Far East to the US will continue for some time, which is positive for August [12] - The central price in the second week of July was about 3200 (ranging from 2900 - 3600). Maersk's quotes increased slightly, and the 08 contract performed strongly [12] - The market is in a state of stable reality and weak expectations. The shipping volume during the previous peak season was mostly consumed during the tariff suspension period, and the effect of price increases in August may not be optimistic [12] - The strategy is to hold the 12 - 4 calendar spread and consider the 8 - 10 calendar spread. The 08 contract may be stronger than the 10 contract due to less shipping capacity in wk28 and 30, Maersk's strong cabin opening in wk1 of July, and expected congestion in Europe [12]

Report Summary 1. Core View - The market of shipping derivatives shows an overall upward trend, but with certain fluctuations. After the Sino - US tariff negotiation results exceeded expectations, the contracts initially rose rapidly and then entered a phase of fundamental game and oscillation. As the pricing for June becomes clearer, the market is shifting towards trading the more certain 06 contract, and the spread between the 6 - 8 contracts is narrowing. It is recommended to gradually take profit on long positions and arbitrage [9]. 2. Key Data 2.1 Freight Rate Index | Index | Present Value | Previous Value | Change Rate | | ---- | ---- | ---- | ---- | | Shanghai Export Container Freight Index (SCFI) | 1586 | 1479 | 7.21% | | China Export Container Freight Index (CCFI) | 1107 | 1105 | 0.23% | | SCFI - US West | 3275 | 3091 | 5.95% | | SCFIS - US West | 1720 | 1446 | 18.92% | | SCFI - US East | 4284 | 4069 | 5.28% | | SCFI - Northwest Europe | 1317 | 1154 | 14.12% | | SCFIS - Northwest Europe | 1247 | 1265 | - 1.44% | | SCFI - Mediterranean | 2328 | 2082 | 11.82% | [5] 2.2 Forward Freight Agreement (FFA) Contracts | Contract | Present Value | Previous Value | Change Rate | | ---- | ---- | ---- | ---- | | EC2506 | 1808.0 | 1773.0 | 1.97% | | EC2508 | 2131.0 | 1949.5 | 9.31% | | EC2510 | 1392.4 | 1349.4 | 3.19% | | EC2512 | 1570.3 | 1526.0 | 2.90% | | EC2602 | 1400.0 | 1372.3 | 2.02% | | EC2604 | 1239.0 | 1222.8 | 1.32% | [5] 2.3 Contract Positions | Position | Present Value | Previous Value | Change Value | | ---- | ---- | ---- | ---- | | EC2506 Position | 12716 | 15946 | - 3230 | | EC2508 Position | 46578 | 43765 | 2813 | | EC2510 Position | 24224 | 23149 | 1075 | | EC2512 Position | 4409 | 4392 | 17 | | EC2602 Position | 2743 | 2824 | - 81 | | EC2604 Position | 3199 | 3070 | 129 | [5] 2.4 Month - to - Month Spread | Spread | Present Value | Previous Value | Change Value | | ---- | ---- | ---- | ---- | | 10 - 12 | 738.6 | 600.1 | 138.5 | | 12 - 2 | - 177.9 | - 176.6 | - 1.3 | | 12 - 4 | 331.3 | 303.2 | 28.1 | [5] 3. Market News - China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will reduce tariffs on Chinese goods from 145% to 30% for 90 days [6]. - US President Trump said that the US may unilaterally set new tariff rates for many trading partners in the next two to three weeks [7]. - A Palestinian official said Hamas agreed to the Gaza cease - fire proposal put forward by US Middle East Envoy Witkoff, but an Israeli official refuted it [8]. - On May 28, the US International Trade Court blocked the tariff policy announced by President Trump on April 2, ruling that Trump overstepped his authority. However, the ruling does not affect tariffs on cars, auto parts, steel or aluminum [8]. - Trump threatened to impose a 50% tariff on the EU starting from June 1 [8]. 4. Spot Market - The average price of May spot goods was still between 1700 - 1800 $/FEU, with a slight decline compared to the first half of May. Affected by the Sino - US tariff negotiation news and the recovery of demand on the US route, airlines collectively tried to raise the freight rate on the European route in June to 3200 - 3300 $/FEU. Some airlines adjusted their prices, and PI added an empty flight at the end of June [9]. 5. Futures Market - After the Sino - US negotiation results exceeded expectations, the contracts rose rapidly to fill the "Trump gap" and then entered an oscillation phase. As the pricing for June becomes clearer, the market is trading the more certain 06 contract, and the spread between the 6 - 8 contracts is narrowing [9]. 6. Strategy - Long positions and arbitrage can gradually take profit [10]