Group 1 - The core viewpoint is that gold prices have sharply declined due to easing global trade tensions, which has reduced concerns about a potential economic recession and diminished gold's appeal as a safe-haven asset [2] - On Wednesday, gold prices fell by $50 in just three hours, breaking below the $3200 mark [2] - The U.S. has revoked tariffs on Chinese goods, which has contributed to a rise in investor risk appetite and impacted gold prices [4][5] Group 2 - Following trade negotiations, stock markets have surged, reducing investor interest in safe-haven assets like gold, which had previously driven prices to record highs [5] - If gold falls below the $3200 level, there is a risk of further declines, potentially testing the $3165 level [5] - Despite the ongoing decline in gold prices, UBS's Asia Wealth Management head believes that demand for gold may not have weakened, as wealthy clients are increasingly shifting from dollar assets to gold, cryptocurrencies, and China [5]

Group 1 - The core viewpoint of the article highlights the significant reduction of tariffs between China and the United States, marking a de-escalation in the trade war between the two major economies [2][3] - The agreement states that the U.S. will reduce tariffs on Chinese goods from 145% to 30%, while China will lower tariffs on U.S. imports from 125% to 10% [2] - Both countries recognize the importance of sustainable and mutually beneficial bilateral economic relations, emphasizing the need for continued dialogue and cooperation [2][3] Group 2 - The U.S. will modify the tariffs imposed on Chinese goods as per the administrative orders, with a 24% tariff being suspended for the initial 90 days, retaining a remaining 10% tariff [2] - China will also adjust its tariffs on U.S. goods, suspending a 24% tariff for 90 days and maintaining a 10% tariff, while canceling additional tariffs as per previous announcements [3] - Both nations are committed to taking necessary measures to suspend or cancel non-tariff retaliatory measures against each other [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The soybean meal futures price has a risk of giving back the accumulated risk premium due to the expected easing of Sino - US trade tensions. After giving back the trade and supply risk premiums, the internal - external linkage is expected to be restored. The soybean meal futures price is expected to be strongly volatile in the short - term [6]. - The palm oil price is under pressure due to the expected increase in Malaysian palm oil inventory at the end of April and weak demand. The decline in international oil prices also affects the outlook for Indonesian biofuel demand. With the opening of the import profit window, domestic palm oil inventory is rising, and its short - term trend is weakly volatile [8]. 3. Summary by Variety 3.1 Soybean Meal (M) - **Time - cycle Views**: Short - term (within a week): oscillating; Medium - term (two weeks to one month): oscillating; Intraday: strongly volatile; Reference view: strongly volatile [7]. - **Core Logic**: The short - term trend is affected by factors such as import arrival rhythm, customs clearance inspection, North American spring sowing weather, oil refinery operation rhythm, and stocking demand. After the holiday, the soybean meal futures price was weaker than the external market, and it is expected to be strongly volatile in the short - term due to the expected easing of Sino - US trade tensions and the restoration of internal - external linkage [6][7]. 3.2 Palm Oil (P) - **Time - cycle Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: weakly volatile; Reference view: weakly volatile [7]. - **Core Logic**: The price is affected by factors such as Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand. With the expected increase in Malaysian palm oil inventory and weak demand, along with the decline in international oil prices and the increase in domestic inventory, the short - term trend is weakly volatile [7][8]. 3.3 Soybean Oil - **Time - cycle Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: weakly volatile; Reference view: weakly volatile [7]. - **Core Logic**: The price is influenced by factors such as US tariff policies, US soybean oil inventory, biodiesel demand, domestic oil refinery inventory, and channel stocking demand [7].