Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The overall market shows a mixed picture with different commodities experiencing various trends such as震荡 (side - ways movement), decline, or potential for price adjustments. Different trading strategies are recommended for each commodity based on their specific market conditions [2]. 3. Summary by Commodity Categories Financial - **Stock Index Futures**: Indexes have stable lower support but face high upper - breakthrough pressure. Trading volume is low, and there is no clear trend. It is recommended to wait and see [2]. - **Treasury Bonds**: In the short - term, 10 - year Treasury bond rates may fluctuate between 1.65% - 1.7%, and 30 - year rates between 1.85% - 1.95%. The market is in a narrow - range震荡, waiting for fundamental guidance. Unilateral strategies suggest waiting and observing, while paying attention to high - frequency economic data and fund - flow dynamics. For the 2509 contract, a positive arbitrage strategy is recommended [2]. - **Precious Metals**: Gold fails to continue its upward trend due to a lack of clear drivers and may maintain a震荡 pattern. A strategy of selling out - of - the - money gold option straddles can be used to earn time value. Silver follows gold's fluctuations, and it is recommended to sell relatively out - of - the - money call options [2]. Black Metals - **Steel**: Industrial material demand and inventory are deteriorating. Attention should be paid to the decline in apparent demand. Steel mill maintenance is increasing, and hot metal production is falling from its peak. For the RB2510 contract, unilateral operations are on hold, and attention is given to the strategy of going long on materials and short on raw materials [2]. - **Iron Ore**: Attention is paid to the support around 670 - 680 [2]. - **Coke**: The second round of coke price cuts by major steel mills was implemented on the 28th. There is still a possibility of further price cuts, and it is recommended to short the J2509 contract at an appropriate time [2]. - **Coking Coal**: The market auction is continuously cold, coal mine production is at a high level, and inventory is high. There is still a possibility of price decline, and it is recommended to short the JM2509 contract [2]. Energy and Chemicals - **Crude Oil**: The macro - situation and supply - increase expectations are in a stalemate, and the market is waiting for the implementation of OPEC's production - increase policy. The WTI is expected to fluctuate between [59, 69], Brent between [61, 71], and SC between [440, 500]. For arbitrage, attention is paid to the INE month - spread rebound opportunities [2]. - **Urea**: Under high - supply pressure, the market is searching for a bottom in a震荡 pattern. It is recommended to use a medium - to - long - term band trading strategy and a short - term unilateral bearish strategy. The main contract's fluctuation range is adjusted to around [1800, 1900] [2]. - **PX**: Supply - demand conditions are marginally weakening, but the spot market is tight, so there is support at low levels. In the short - term, it will震荡 between 6500 - 6800. A light - position reverse arbitrage for PX9 - 1 can be tried, and the PX - SC spread can be shorted when it is high [2]. - **PTA**: Supply - demand conditions are marginally weakening, but raw - material support is strong. In the short - term, it will震荡 between 4600 - 4800, and a reverse arbitrage for TA9 - 1 is recommended [2]. Agricultural Products - **Live Pigs**: Supported by pre - Dragon Boat Festival stocking, attention is paid to the support at 13500 [2]. - **Corn**: The market price will震荡 around 2320 in the short - term [2]. - **Oils and Fats**: There are both bullish and bearish factors, and oils and fats are in a narrow - range震荡. Palm oil may reach 8100 in the short - term [2]. - **Sugar**: Overseas supply is expected to be loose. It is recommended to wait and see or conduct bearish trading on rebounds [2]. - **Cotton**: The downstream market remains weak, and bearish trading on rebounds is recommended [2]. Special Commodities - **Glass**: Market sentiment has weakened again. Attention is paid to the support at the 1000 - point level for the FG2509 contract [2]. - **Rubber**: With a weak fundamental outlook, the RU contract has increased positions and declined. Short positions should be held, and attention is paid to the support around 13000 [2]. - **Industrial Silicon**: The industrial silicon futures are still falling under high - supply pressure, and the fundamentals remain bearish [2]. New Energy - **Polysilicon**: Polysilicon futures have stabilized and are in a震荡 pattern. If there are long positions, hold them cautiously [2]. - **Lithium Carbonate**: The market is in a weak震荡 adjustment, and the main contract is expected to trade between 58,000 - 62,000 [2].

1. Report Industry Investment Rating - Not explicitly provided in the report 2. Core Views of the Report - The chemical industry as a whole is in a weak pattern, closely related to the downturn of the cost - end. The instability of crude oil and the decline of coal prices lead to a downward shift in the costs of oil - based and coal - based chemicals. The polyester chain, previously boosted by trade easing, shows signs of weakness due to the cooperative production cuts of filament enterprises [1][2]. - Energy - end weakness drags down chemical product prices. The market needs to see an improvement in demand; otherwise, it will enter a weaker pattern [2]. 3. Summary by Related Catalogs 3.1 Market Views 3.1.1 Crude Oil - On May 28, the SC2507 contract closed at 453 yuan/barrel with a change of - 1.16%, and the Brent2508 contract closed at $64.33/barrel with a change of 0.93%. - The OPEC and non - OPEC oil - producing countries decided to maintain the overall crude oil production target until the end of December 2026. The US sanctions policy on Russia and Iran has high uncertainty. Libya's eastern government may declare force majeure on oil fields and ports. - Short - term macro and geopolitical factors are favorable, but the OPEC+ accelerated production increase limits the rebound space. It is expected to fluctuate [4][5]. 3.1.2 LPG - On May 28, 2025, the PG 2507 contract closed at 4097 yuan/ton with a change of + 0.17%. - There are signs of recovery in the profits of downstream plants in Shandong. The demand for civil gas and chemical use has increased, but the overall demand is still weak. There are multiple PDH plants scheduled to resume production from late May to early June. It is expected to have a short - term recovery but with limited upward space, so it is expected to fluctuate in the short term [9]. 3.1.3 Asphalt - The main asphalt futures closed at 3526 yuan/ton. The spot prices in East China, Northeast, and Shandong were 3580 yuan/ton, 3900 yuan/ton, and 3625 yuan/ton respectively. - The sharp rise in US Treasury yields, tariff conflicts, and OPEC+ over - production are expected to put pressure on asphalt prices. The supply of domestic asphalt raw materials is sufficient, and refinery operations have increased. The demand side shows that asphalt is still over - valued. It is expected that the asphalt price is over - valued and waiting to fall [6]. 3.1.4 High - Sulfur Fuel Oil - The main high - sulfur fuel oil contract closed at 3037 yuan/ton. - Factors such as the sharp rise in US Treasury yields, OPEC+ over - production, increased import tariffs, and reduced demand for power generation will put pressure on high - sulfur fuel oil prices. It is expected that the supply will increase and the demand will decrease, and it will fluctuate weakly [7][8]. 3.1.5 Low - Sulfur Fuel Oil - The main low - sulfur fuel oil contract closed at 3530 yuan/ton. - It follows the fluctuation of crude oil. Currently, the supply and demand are both weak. It is expected to face an increase in supply and a decline in demand, and will maintain a low - value operation, following the crude oil fluctuation [8][9]. 3.1.6 PX - On May 28, the PX CFR China Taiwan price was $836(-4)/ton, and the PX 2509 contract closed at 6590(-116) yuan/ton. - In the short term, crude oil is fluctuating weakly due to the OPEC+ production increase policy, squeezing the cost momentum of PX. In terms of supply - demand pattern, the PX processing fee has recovered rapidly, and the impact of plant maintenance on PX has weakened. It is expected that the PX price will continue to consolidate [11]. 3.1.7 PTA - On May 28, the PTA spot price was 4867(-8) yuan/ton, and the spot processing fee was 329(+16) yuan/ton. - The previous maintenance plants are restarting, while the downstream polyester manufacturers may increase production cuts. The PTA inventory reduction speed will slow down, and the polyester industry chain profit may decline. It is expected that the PTA market will continue to be under pressure for adjustment [11]. 3.1.8 Ethylene Glycol (EG) - On May 28, the ethylene glycol price declined. The market was concerned about the further reduction of polyester load. - The decline on the 28th was mainly due to the decline in coal prices and the reduction of polyester filament production. The cost of EG has decreased, and the demand has declined. It is expected that the price will not trend downwards, and investors should view it with a fluctuating mindset [13]. 3.1.9 Short - Fiber - On May 28, the long - filament manufacturers announced an additional 4% production cut, and the PF futures fluctuated lower. - The short - fiber export volume in May may remain at a relatively high level, and the hidden inventory is low. However, there is still great uncertainty about future demand. It is expected that the short - fiber processing fee has limited compression space and will continue to fluctuate strongly [14][15]. 3.1.10 Bottle Chip - On May 28, the polyester raw material futures prices declined, and the polyester bottle chip factory quotes were mostly stable with partial slight decreases. - PTA and EG were dragged down by the long - filament production cuts, and the bottle chips followed the decline. The processing fee of bottle chips will be supported between 300 - 400 yuan/ton, and the absolute price will follow the raw materials and continue to fluctuate [17]. 3.1.11 Methanol - On May 28, the methanol spot price in Taicang was 2230 yuan/ton. The port inventory is gradually entering the accumulation cycle, and the inland price is temporarily stable. - Some Iranian plants are expected to restart this week. The coal price has stabilized slightly after the decline, and the methanol production profit is still relatively high. It is expected to fluctuate in the short term [19][20]. 3.1.12 Urea - On May 28, 2025, the urea factory - warehouse and market low - end prices were 1810(+0) and 1860(+10) respectively, and the main contract closed at 1790 yuan/ton with a change of - 1.32%. - The daily urea production has increased, the agricultural demand is in a short - term gap, and the industrial demand is weak. The export is expected to start in June at the earliest. The domestic supply is strong and the demand is weak. It is expected that the urea futures will fluctuate weakly [20]. 3.1.13 Plastic (LLDPE) - On May 28, the LLDPE spot mainstream price was 7100(-50) yuan/ton, and the main contract basis was 128(-15) yuan/ton. - The oil price is expected to have a downward space, the coal price has stabilized slightly, the downstream demand has not improved significantly, and the plastic's own fundamental pressure still exists. It is expected that the LLDPE 09 contract will fluctuate weakly in the short term [22]. 3.1.14 PP - On May 28, the mainstream transaction price of East China拉丝 was 7000(-20) yuan/ton, and the PP main contract basis was 107(-17) yuan/ton. - The oil price is expected to decline, the coal price has stabilized slightly, the short - term maintenance has increased slightly, the downstream demand is still weak, and the supply growth rate is high. It is expected to decline due to supply - demand inertia and wait for a stop - falling signal, with a short - term weak fluctuation [22]. 3.1.15 PVC - The East China calcium carbide - based PVC benchmark price was 4730(-40) yuan/ton, and the main contract basis was - 28(+5) yuan/ton. - There are many PVC maintenance plans from May to June, and the inventory is being reduced. However, in the long - term, new production capacity will be put into operation, the domestic demand is in the off - season, and the export is expected to weaken. The cost center of PVC is moving down, and the market is under pressure [24]. 3.1.16 Caustic Soda - The 32% caustic soda price in Shandong was 2750(+0) yuan/ton, and the main contract basis was 301(+10) yuan/ton. - The supply and demand increased in late May, but there will be many maintenance plans in June, and the supply and demand may be weak. The spot price has reached the peak, and the future supply is expected to be pessimistic. It is expected to fluctuate widely [24]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Index Monitoring - **Inter - period Spread**: Data on the inter - period spreads of various varieties such as SC, WTI, Brent, etc. are provided, including the latest values and change values [25]. - **Basis and Warehouse Receipts**: Data on the basis and warehouse receipts of varieties such as asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. are provided, including the latest values and change values [26]. - **Inter - Variety Spread**: Data on the inter - variety spreads of different categories such as 1 - month PP - 3MA, 1 - month TA - EG, etc. are provided, including the latest values and change values [27]. 3.2.2 Chemical Basis and Spread Monitoring - Data on the basis and spreads of various chemical products such as methanol, urea, styrene, etc. are provided, but specific data details are not fully presented in the given text [28][40][52].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report Crude Oil - Overnight oil prices rose slightly, maintaining a range - bound trend. The market is influenced by macro - geopolitical factors and supply marginal increments. The US trade court's ruling on Trump's global tariff policy and potential sanctions on Russia, along with OPEC + supply policies, are key factors. Demand is constrained by global trade frictions. Short - term, oil prices are expected to remain volatile, and breakthroughs require clarity on OPEC + production decisions and EU - US tariff games. Mid - to long - term, a band - trading strategy is recommended, and short - term, there are opportunities to short on rebounds. Suggested price ranges are [59, 69] for WTI, [61, 71] for Brent, and [440, 500] for SC. Attention should be paid to INE spread rebound opportunities and options to buy volatility during range - bound periods [2]. PVC and Caustic Soda - Caustic Soda: In the short term, supply pressure is limited during the concentrated maintenance period. Demand from the alumina industry is expected to increase due to profit improvement and new production lines. However, non - aluminum demand pressure and cost decline pose risks. It is recommended to wait and see on single - side trades and attempt a 6 - 9 spread long position [7]. - PVC: Recently, PVC has been weak due to poor market sentiment. Fundamentally, long - term contradictions are prominent as real - estate demand remains sluggish, and exports face potential negative impacts. In the near term, supply pressure is limited during the maintenance period, and exports may remain positive due to BIS extension. PVC is expected to remain weak in the short term, and a mid - term short - selling strategy is recommended with resistance around 5100 for the 09 contract [7]. Polyolefins (PE and PP) - Spot prices continue to fall, but trading volume has improved. The overall market sentiment is pessimistic. For PE, maintenance will increase before early June, imports are low, and inventory is expected to decrease. For PP, supply pressure will increase after the maintenance peak in late May. Demand lacks sustainability after a round of restocking. It is recommended to short PP on rallies and expect the LP spread to widen [12]. Styrene - After the styrene delivery, short - covering cooled down, and the basis declined. The weak commodity market and inventory increases of pure benzene and styrene at the docks put downward pressure on the pure benzene market. The new - cycle port inventory of styrene has started to accumulate, increasing the pressure on high - price supplies. In the medium term, the low - profit situation of 3S products provides limited support for styrene, and Sino - US tariff disputes will negatively affect terminal demand. However, the overnight crude oil rebound may impact the chemical market. It is recommended to wait and see in the short term and be bearish on styrene in the medium term [18]. Urea - The market is currently weak due to increased inventory pressure during the demand lull. If export - reserved inventory cannot be quickly digested, it will further intensify spot pressure. Urea exports are a potential turning point, depending on Middle East and South American procurement demand and export policies. If orders exceed expectations, inventory pressure may be relieved; otherwise, the market will remain loose [26]. Polyester Industry Chain - PX: Supply is increasing as some domestic and foreign devices resume production. Downstream PTA load is rising, and the short - term supply - demand situation is still good. Spot supplies are tight, and foreign buyers are supporting prices. PX is expected to oscillate between 6500 - 6800 in the short term, with strong support at the lower end. A 9 - 1 spread short position can be attempted, and the PX - SC spread can be narrowed [29]. - PTA: In late May, PTA devices restarted, and the supply - demand situation is weakening due to strong polyester factory减产 sentiment. Cost support is limited, but low processing fees provide some support. PTA is expected to oscillate between 4600 - 4800 in the short term, with strong support at the lower end. A 9 - 1 spread short position is recommended [29]. - Ethylene Glycol: Despite polyester减产 expectations, supply is expected to contract due to domestic and overseas device maintenance. Port inventory is decreasing, and de - stocking may accelerate in June. It is recommended to wait and see on single - side trades and attempt a 9 - 1 spread long position [29]. - Short - fiber: Processing fees are under pressure, and some factories plan to reduce production. Raw material PTA supply - demand is weakening. Short - fiber processing fees may recover, and the absolute price will follow raw materials. Attention should be paid to factory production cuts. The strategy is similar to PTA for single - side trades, and processing fees can be widened at low levels [29]. - Bottle - grade PET: Supply is expected to increase, but demand from the downstream soft - drink industry will rise during the peak consumption season. The short - term supply - demand contradiction is not significant. The absolute price will follow raw materials, and attention should be paid to device operation under low processing fees. The strategy is similar to PTA for single - side trades, and processing fees are expected to range between 350 - 550 yuan/ton, with opportunities to widen at the lower end [29]. Methanol - Fundamentally, inland methanol has a downward valuation pressure. After the spring maintenance, production has increased, and downstream profits are differentiated. The port has entered a inventory - accumulation period, with May imports expected to reach 110 million tons. Iranian supply increments and positive import profits strengthen arrival expectations. MTO low - operation restricts demand, and the 09 contract is under pressure. It is recommended to short the MA09 contract on rallies, as the mid - to long - term supply - demand contradiction remains unresolved, and the rebound space is limited under inventory - accumulation expectations [38][40]. 3. Summaries According to Relevant Catalogs Crude Oil - **Prices and Spreads**: Brent crude rose to $65.31/barrel, WTI to $62.31/barrel, and SC to 457.40 yuan/barrel. Some spreads, such as Brent M1 - M3 and WTI M1 - M3, also increased [2]. - **Product Oil**: Prices of NYM RBOB, NYM ULSD, and ICE Gasoil increased slightly. Some spreads, like RBOB M1 - M3 and ULSD M1 - M3, decreased [2]. - **Cracking Spreads**: Cracking spreads of some refined products, such as US gasoline and Singapore gasoline, decreased [2]. PVC and Caustic Soda - **PVC**: Spot and futures prices of PVC decreased. Some spreads, like V2505 - 2509, also changed. Overseas quotes were stable, and export profits increased significantly [6][7]. - **Caustic Soda**: Domestic prices were stable, overseas quotes increased, and export profits turned positive [6]. - **Supply and Demand**: Caustic soda industry and some downstream industries'开工 rates increased, while PVC开工 rates decreased slightly. Inventories of both products decreased [6][7]. Polyolefins - **Prices and Spreads**: PE and PP futures and spot prices decreased. Some spreads, such as L2505 - 2509 and PP2505 - 2509, changed [11]. - **Supply and Demand**: PE device开工 rate decreased, PP device and powder开工 rates increased slightly, and downstream weighted开工 rates increased. PE and PP enterprise inventories decreased [11][12]. Styrene - **Upstream Prices**: Prices of Brent crude, CFR Japan naphtha, and some other upstream products changed. Pure benzene prices decreased [15]. - **Styrene Prices**: Styrene spot and futures prices decreased, the basis increased, and the spread decreased [16]. - **Overseas Quotes and Profits**: Overseas quotes decreased slightly, and import profits increased significantly [17]. - **Supply and Demand**: Domestic pure benzene综合开工率 increased, styrene开工率 decreased, and some downstream products'开工 rates changed. Inventories of pure benzene and styrene increased [18]. Urea - **Futures and Spot Prices**: Futures prices decreased slightly, and some spot prices increased. Some spreads and basis values changed [21][25]. - **Supply and Demand**: Daily and weekly production of urea increased, factory inventory increased, and port inventory remained stable [26]. Polyester Industry Chain - **Upstream Prices**: Prices of Brent crude, CFR Japan naphtha, and other upstream products changed. PX prices decreased [29]. - **Polyester Product Prices**: Prices of POY, FDY, and other polyester products were stable or decreased slightly. Cash flows of some products changed [29]. - **Supply and Demand**: PTA开工率 increased, MEG综合开工率 decreased, and polyester综合开工率 decreased slightly [29]. Methanol - **Prices and Spreads**: Futures prices of methanol decreased, and some spreads and basis values changed. Spot prices in different regions also changed [38]. - **Supply and Demand**: Enterprise and port inventories of methanol increased, upstream and some downstream开工 rates changed [38].

Group 1: Price Performance - London Gold price is 3296.70 with no change [1] - London Silver price is 32.90 with no change [1] - London Platinum price is 1085.00 with no change [1] - London Palladium price is 986.00 with no change [1] - WTI Crude price is 60.89 with no change [1] - LME Copper price is 9577.50 with a change of 0.50 [1] - Dollar Index is 99.61 with no change [8] - Euro to US Dollar exchange rate is 1.13 with no change [8] - British Pound to US Dollar exchange rate is 1.35 with no change [8] - US Dollar to Japanese Yen exchange rate is 144.36 with no change [8] - US 10 - year TIPS is 2.11 with no change [8] Group 2: Trading Data - COMEX Silver inventory is 15467.85 with no change [2] - SHFE Silver inventory is 1006.25 with a change of 17.93 [2] - Gold ETF持仓 is 925.61 with a change of 3.15 [2] - Silver ETF持仓 is 14217.50 with no change [2] - SGE Silver inventory is 1574.34 with no change [2] - SGE Gold deferred fee payment direction is 1 with no change [2] - SGE Silver deferred fee payment direction is 1 with no change [2]

1. Report Industry Investment Rating - No investment rating provided in the report 2. Core View of the Report - The domestic crude oil futures price is expected to maintain a weak and volatile trend. The short - term, medium - term, and intraday trends of the crude oil 2507 contract are mainly volatile, with an intraday weak - volatile trend, and the overall reference view is a weak operation [1][5] 3. Summary by Relevant Content 3.1 Price and Market Performance - On Wednesday night, the domestic crude oil futures 2507 contract slightly rose 0.84% to 457.4 yuan/barrel [5] 3.2 Core Logic - As the US debt crisis approaches in June, the "gray rhino" effect may trigger a new round of negative macro - impacts. OPEC+ oil - producing countries are accelerating the pace of production increase, and the market generally expects an additional increase of 411,000 barrels per day in July. Based on the current monthly increase rate, it may completely cancel the remaining 2.2 million barrels per day of voluntary production cuts by the end of October, increasing supply pressure [5]

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The US "soft data" has significantly recovered, with the May consumer confidence index and Dallas Fed business activity index exceeding expectations. Market risk appetite has been boosted, leading to a strong rebound in US stocks, a rise in the US dollar index, and a decline in gold, copper, and oil prices. In China, industrial enterprise profits have shown a weak recovery, and the A-share market has been volatile and differentiated [2][3]. - Precious metal prices are under pressure due to the easing of the US - EU trade war and the return of market risk appetite. Gold and silver futures closed lower on Tuesday [4]. - Copper prices are expected to oscillate at a high level. The rebound of the US dollar index puts pressure on copper prices, while disruptions in overseas mines and low domestic inventories provide support [5][6]. - Aluminum prices are expected to continue to oscillate. Low inventory provides support, but the expectation of the consumption off - season exerts pressure. Attention should be paid to inventory changes [7][8]. - Alumina prices are expected to oscillate with both support and pressure. The reduction of imported bauxite in Guinea provides bottom - price support, while the resumption of production in domestic southern enterprises limits the upside [9][10]. - Zinc prices are expected to return to low - level oscillation. The market has digested the news of extended maintenance in South China, and supply is expected to recover [11]. - Lead prices are expected to maintain range - bound oscillation. Tight lead ore supply and cost support limit the adjustment space, but weak consumption lacks a strong rebound driver [12]. - Tin prices are expected to continue high - level adjustment. Supply and demand are relatively balanced, and the market is waiting for more driving factors [13][14]. - Industrial silicon prices are expected to continue to decline. Supply is tightening, but demand is weak, and social inventory has decreased slightly due to reduced production [15][16]. - Lithium carbonate prices are experiencing a large - scale position - changing. Short - term long - short competition may intensify. Attention can be paid to the effectiveness of the bottom signal of the 09 contract [17][18]. - Nickel prices are expected to oscillate at a low level. Although macro - economic data is better than expected, weak demand drags down prices [19][20]. - Oil prices are expected to oscillate weakly in the short term. OPEC + is expected to maintain significant production increases in July, and the US - Iran negotiation has eased contradictions [21]. - Steel prices are expected to run weakly. Spot trading volume has increased slightly, but demand is weak, and the market sentiment is poor [22]. - Iron ore prices are expected to run weakly. Supply pressure is emerging, and demand is weakening as the steel market enters the off - season [23][24]. - Bean and rapeseed meal prices are expected to oscillate. US soybean sowing progress is slightly lower than expected, and Brazilian exports are normal. Rapeseed meal prices are supported by tight supply [25][26]. - Palm oil prices are expected to continue to oscillate. There is no clear driving factor, and the market is waiting for new information [27]. Group 3: Summary by Directory 1. Metal Main Varieties Yesterday's Trading Data - SHFE copper closed at 77,900 yuan/ton, down 0.47%; LME copper closed at 9,596 dollars/ton, down 0.19% [28]. - SHFE aluminum closed at 20,040 yuan/ton, down 0.57%; LME aluminum closed at 2,483 dollars/ton, up 0.69% [28]. - SHFE zinc closed at 22,330 yuan/ton, up 0.65%; LME zinc closed at 2,709 dollars/ton, down 0.13% [28]. - SHFE lead closed at 16,825 yuan/ton, up 0.18%; LME lead closed at 1,989 dollars/ton, down 0.28% [28]. - SHFE nickel closed at 122,310 yuan/ton, down 0.38%; LME nickel closed at 15,380 dollars/ton, down 1.22% [28]. - SHFE tin closed at 264,050 yuan/ton, down 0.21%; LME tin data was not available [28]. - COMEX gold closed at 3,327.40 dollars/ounce, down 0.90%; SHFE silver closed at 8,217.00 yuan/kg, down 0.76%; COMEX silver closed at 33.39 dollars/ounce, down 0.76% [28]. - SHFE rebar closed at 2,980 yuan/ton, down 0.80%; SHFE hot - rolled coil closed at 3,111 yuan/ton, down 0.86% [28]. - DCE iron ore closed at 698.5 yuan/ton, down 1.13% [28]. 2. Industrial Data Perspective - For copper, SHFE copper主力 was at 77,900 yuan/ton, down 370 yuan; LME copper 3 - month was at 9,596 dollars/ton, down 18 dollars. LME inventory decreased by 2,575 tons to 162,150 tons [29]. - For nickel, SHFE nickel主力 was at 122,310 yuan/ton, down 470 yuan; LME nickel 3 - month was at 15,380 dollars/ton. LME inventory was 199,998 tons [29]. - For zinc, SHFE zinc主力 was at 22,330 yuan/ton, up 145 yuan; LME zinc was at 2,709 dollars/ton, down 3.5 dollars. LME inventory decreased by 2,350 tons to 151,150 tons [30]. - For lead, SHFE lead主力 was at 16,825 yuan/ton, up 30 yuan; LME lead was at 1,988.5 dollars/ton, down 5.5 dollars. LME inventory decreased by 1,650 tons to 292,375 tons [30]. - For aluminum, SHFE aluminum连三 was at 19,925 yuan/ton, down 105 yuan; LME aluminum 3 - month was at 2,483 dollars/ton. LME inventory decreased by 3,000 tons to 381,575 tons [30]. - For alumina, SHFE alumina主力 was at 3,018 yuan/ton, down 42 yuan; the national average spot price of alumina was 3,275 yuan/ton, up 19 yuan [30]. - For tin, SHFE tin主力 was at 264,050 yuan/ton, down 550 yuan; LME tin data was not available. LME inventory decreased by 2,665 tons to 0 tons [30]. - For precious metals, there were no significant changes in SHFE gold and silver prices on May 27 compared to the previous day. COMEX gold and silver inventories had some changes [31][34]. - For steel products, the rebar主力 was at 2,980 yuan/ton, down 24 yuan; the iron ore主力 was at 698.5 yuan/ton, down 8 yuan [34]. - For lithium carbonate, relevant price data on May 27 was not fully available [34]. - For industrial silicon, the industrial silicon主力 was at 7,610 yuan/ton, down 305 yuan [34]. - For beans and rapeseeds, CBOT soybean主力 was at 1,061.75 cents/bushel; the bean粕主力 was at 2,966 yuan/ton, up 16 yuan; the菜粕主力 was at 2,599 yuan/ton, up 33 yuan [34][36].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall oil price will continue to fluctuate weakly in the short - term, and attention should be paid to the latest developments of the OPEC meeting [1]. - The fuel oil market will fluctuate. The Asian high - sulfur market will remain firm in the short - term, but the demand for high - sulfur raw materials from refineries is still suppressed. The previous positions of the LU - FU spread can be gradually closed for profit [3]. - The asphalt market will fluctuate. The upward space of asphalt is limited, and there is a risk of inventory accumulation. A strategy of shorting the far - month cracking spread can be considered [3][5]. - The polyester market will fluctuate. The PX price and PXN have support at the bottom, and attention should be paid to the supply pressure relief brought by the increase in PX restart. The short - term PTA basis is strongly volatile, and the ethylene glycol price can be considered to be in a strong - oscillating trend [5][7]. - The rubber market will fluctuate. The rubber price shows a weakly - oscillating trend, and the butadiene rubber price is under pressure [7]. - The methanol market will fluctuate. The methanol price is expected to maintain an oscillating trend [8]. - The polyolefin market will fluctuate. The polyolefin is expected to maintain an oscillating trend, but there is still pressure on the valuation [8]. - The PVC market will fluctuate weakly. As the devices gradually resume production, the PVC price is expected to fluctuate weakly [9]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, the oil price center declined. OPEC + may agree to further accelerate oil production increases. The US - Iran nuclear negotiation has no obvious progress, and the market's concern about supply has eased. The short - term oil price will continue to fluctuate weakly [1]. - **Fuel Oil**: On Tuesday, the main fuel oil contracts showed different trends. The Singapore marine fuel sales in April had a certain change. In May, the sales are expected to rise steadily. The Asian high - sulfur market is strong in the short - term, but the refinery's demand for high - sulfur raw materials is restricted [3]. - **Asphalt**: On Tuesday, the main asphalt contract rose slightly. The domestic asphalt production in June is expected to decline slightly month - on - month and increase year - on - year. The short - term supply pressure of refineries is limited, but the demand may be lower than expected [3]. - **Polyester**: On Tuesday, the polyester - related contracts had different price changes. Multiple PX devices have plans for load increase or restart. The polyester start - up rate is high, and the PX price and PXN have support at the bottom [5]. - **Rubber**: On Tuesday, the rubber - related contracts rose. The Sino - Thai zero - tariff negotiation has not reached a final result, the supply - side raw material price has fallen, and the butadiene rubber price is under pressure [7]. - **Methanol**: On Tuesday, the methanol - related prices are given. The domestic methanol supply has decreased due to increased device maintenance, but it is still at a high level in the past 5 years. The methanol price is expected to oscillate [8]. - **Polyolefin**: On Tuesday, the polyolefin - related prices and profits are provided. The upstream maintenance is high, the supply pressure is not large, and the downstream inventory is decreasing. The polyolefin is expected to oscillate [8]. - **Polyvinyl Chloride**: On Tuesday, the PVC market prices in different regions decreased. The supply is expected to increase as the maintenance devices resume, and the demand is relatively stable. The PVC price is expected to fluctuate weakly [9]. 3.2 Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and their changes of various energy - chemical varieties on May 27 and May 26, 2025, as well as the historical data of basis rate changes and other information [10]. 3.3 Market News - A preliminary survey shows that the US crude oil, distillate, and gasoline inventories may increase last week [12]. - Norway's oil and gas industry investment will reach a record high this year, with an estimated total investment of $26.6 billion, a 6% increase from the previous quarter's forecast [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, etc. [14][15][18] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, such as crude oil, fuel oil, etc. [31][36][43] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts of various energy - chemical varieties, including fuel oil, asphalt, etc. [46][48][54] - **4.4 Inter - variety Spreads**: It presents the spread charts of different varieties of energy - chemical products, such as crude oil internal and external markets, fuel oil high - low sulfur, etc. [61][63][65] - **4.5 Production Profits**: The report shows the production profit charts of some energy - chemical products, such as ethylene - based ethylene glycol, PP, etc. [70]

Market Overview - The A-share market is experiencing low trading volumes, with the total volume around 1 trillion and the CSI 300 index only reaching 160 billion, indicating a challenging environment for both large-cap and small-cap investors [1] - The market structure is highly differentiated, with certain sectors like coal and oil gaining traction while traditional sectors like banking and securities are struggling [3] Trading Strategies - The current market conditions suggest a cautious approach, with recommendations to avoid full positions and to let the market play out [5] - The focus should be on structural opportunities rather than index movements, as significant volatility is unlikely until key sectors like liquor and securities show upward momentum [5] Future Outlook - There is a belief that the market will not experience a sharp decline before the end of June, as many positive factors have yet to materialize [3] - The potential for a market rally exists, but it may require patience as investors wait for key sectors to move together [7]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents a comprehensive analysis of various asset classes and industries. It maintains the view of more volatility and a preference for safe - haven assets overseas, and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. Overseas, the US inflation expectation structure is stable with short - term fundamental resilience, while in China, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Different industries and asset classes are expected to show different trends, mostly in a state of oscillation [6]. 3. Summary by Related Catalogs 3.1 Macro Highlights - **Overseas Macro**: Tariff and US debt concerns are the main drivers of market volatility in May. The EU has requested an extension of the tariff negotiation deadline to July 9, which was approved by President Trump. The US House of Representatives passed a large - scale tax - cut and spending bill, increasing concerns about US debt. US retail sales in April increased slightly by 0.1%, and the May manufacturing and service PMIs were better than expected [6]. - **Domestic Macro**: April's domestic economic data showed resilience, and policy expectations were generally stable. The China - ASEAN Free Trade Area 3.0 negotiation was completed. The 1 - year and 5 - year - plus LPRs were both cut by 10BP in May, and major state - owned banks lowered deposit rates. Investment and consumption growth in April slightly slowed down but remained resilient. Fixed - asset investment from January to April increased by 4.0% year - on - year, and social consumer goods retail总额 increased by 5.1% year - on - year in April [6]. - **Asset View**: In the large - scale asset category, the report maintains the view of more volatility and a preference for safe - haven assets overseas and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. In the overseas market, the US inflation expectation structure is stable, and the short - term fundamentals are resilient. In the Chinese market, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Bonds have allocation value after the capital pressure eases, and stocks and commodities are expected to oscillate in the short term [6]. 3.2 View Highlights Financial Sector - **Stock Index Futures**: The proportion of small - cap and micro - cap trading volume shows a downward trend, and the stock index discount is converging, with an expected oscillation [7]. - **Stock Index Options**: The short - term market sentiment is positive, and attention should be paid to the option market liquidity, with an expected oscillation [7]. - **Treasury Bond Futures**: The bond market may continue to oscillate, and attention should be paid to changes in the capital market and policy expectations, with an expected oscillation [7]. Precious Metals - **Gold/Silver**: The progress of China - US negotiations exceeded expectations, and precious metals continued to adjust in the short term. Attention should be paid to Trump's tariff policy and the Fed's monetary policy, with an expected oscillation [7]. Shipping - **Container Shipping on the European Route**: Attention should be paid to the game between the peak - season expectation and the implementation of price increases. The short - term trend is expected to oscillate, and attention should be paid to tariff policies and shipping company pricing strategies [7]. Black Building Materials - **Steel**: Demand continues to weaken, and both futures and spot prices are falling. Attention should be paid to the progress of special bond issuance, steel exports, and molten iron production, with an expected oscillation [7]. - **Iron Ore**: The arrival of shipments has been continuously low, and port inventories have decreased slightly. Attention should be paid to overseas mine production and shipments, domestic molten iron production, weather factors, and port inventory changes, with an expected oscillation [7]. - **Coke**: The second - round price cut has started, and coke enterprises are having difficulty in shipping. Attention should be paid to steel mill production, coking costs, and macro - sentiment, with an expected oscillation and decline [7]. - **Coking Coal**: The pressure to reduce inventory is increasing, and market sentiment is low. Attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment, with an expected oscillation and decline [7]. Non - ferrous Metals and New Materials - **Copper**: Inventory continues to accumulate, and copper prices oscillate at a high level. Attention should be paid to supply disruptions, domestic policy surprises, the Fed's less - dovish than expected stance, and weaker - than - expected domestic demand recovery, with an expected oscillation and increase [7]. - **Aluminum Oxide**: The event of revoking mining licenses has not been finalized, and the aluminum oxide market oscillates at a high level. Attention should be paid to the failure of ore production to resume as expected, the over - expected resumption of electrolytic aluminum production, and extreme market trends, with an expected oscillation and decline [7]. Energy and Chemicals - **Crude Oil**: The expectation of production increase is strengthened, and oil prices continue to face pressure. Attention should be paid to OPEC + production policies, the progress of Russia - Ukraine peace talks, and the US sanctions on Iran, with an expected oscillation and decline [9]. - **LPG**: Demand continues to weaken, and LPG maintains a weak oscillation. Attention should be paid to the cost progress of crude oil and overseas propane, with an expected oscillation and decline [9]. - **Ethylene Glycol**: Concerns about tariffs have subsided, and the over - expected scale of EG maintenance has boosted futures prices. Attention should be paid to the terminal demand for ethylene glycol, with an expected oscillation and increase [9]. Agriculture - **Livestock and Poultry**: The spot price of pigs stopped falling before the festival, but the futures market remained weak. Attention should be paid to breeding sentiment, epidemics, and policies, with an expected oscillation and decline [9]. - **Cotton**: Cotton prices oscillate slightly. Attention should be paid to demand and production, with an expected oscillation [9].

1. Report Industry Investment Rating No industry investment rating was provided in the report. 2. Core Viewpoints of the Report - The energy and chemical market continues to fluctuate, and the market is waiting for a clearer trend. The increase in production by OPEC+ and geopolitical factors are the main factors affecting the market [1][2]. - The prices of chemical products have intensified in recent games. The increase in container shipping volume from China to the United States and the expected increase in production by OPEC+ have become trading points. The market is worried about a decline in crude oil prices in the future, and investors generally view the chemical market with a fluctuating mindset [2]. 3. Summary by Relevant Catalogs 3.1 Market Outlook - Crude oil market continues to fluctuate. Geopolitical factors support oil prices, but the possibility of OPEC+ increasing production limits the increase in oil prices [1]. - Chemical products continue to fluctuate and consolidate. The resumption of device maintenance and production and the improvement of demand have become the focus of the game [2]. 3.2 Variety Viewpoints | Variety | Viewpoint | Mid - term Outlook | | --- | --- | --- | | Crude Oil | Concerns about production increase persist, and oil prices are still under pressure | Oscillating weakly [4] | | LPG | Domestic demand remains weak, and the rebound of PG is limited | Oscillating weakly [6] | | Asphalt | The futures price of asphalt is overestimated and waiting to fall | Oscillating weakly [4] | | High - sulfur Fuel Oil | The overestimated state of high - sulfur fuel oil is waiting to fall | Oscillating weakly [4][5] | | Low - sulfur Fuel Oil | The futures price of low - sulfur fuel oil fluctuates with crude oil | Oscillating weakly [6] | | Methanol | The inland price has declined slightly, and it fluctuates in the short term | Oscillating [14] | | Urea | The domestic rigid demand and export demand have not been linked, and the futures market fluctuates weakly | Oscillating [14] | | PX | Supply and demand are tightening, and PX prices are rising | Oscillating [8] | | PTA | The market lacks driving force, and PTA maintains an oscillating pattern | Oscillating [8] | | Ethylene Glycol | The reduction in polyester production drags down the demand for EG, but the expectation of inventory reduction still supports the futures price | Oscillating [10][11] | | Short - fiber | The basis strengthens, and the pattern of short - fiber remains healthy | Oscillating [11][12] | | Bottle Chip | Fluctuates and consolidates following raw materials | Oscillating [13] | | PP | Supply and demand are still under pressure, and PP fluctuates weakly | Oscillating weakly [16][17] | | Plastic | The fundamental pressure needs to be alleviated by increased maintenance, and plastic fluctuates | Oscillating [16] | | Styrene | The actual performance is still poor, and styrene fluctuates weakly | Oscillating weakly [8][9] | | PVC | Weak expectations and low valuations, and the futures market fluctuates | Oscillating [19] | | Caustic Soda | Strong current situation and weak expectations, and caustic soda fluctuates | Oscillating weakly [19] | 3.3 Variety Data Monitoring 3.3.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spread**: Different varieties have different inter - period spread values and changes, such as SC (M1 - M2) with a latest value of - 3 and a change of 4, and WTI (M1 - M2) with a latest value of 0.64 and a change of 0.04 [20]. - **Basis and Warehouse Receipts**: Each variety has corresponding basis and warehouse receipt data, for example, the basis of asphalt is 109 with a change of 10, and the warehouse receipt is 86510 [21]. - **Inter - variety Spread**: There are also specific values and changes for inter - variety spreads, like 1 - month PP - 3MA with a latest value of 6 and a change of 0 [22]. 3.3.2 Chemical Basis and Spread Monitoring The report mentions basis and spread monitoring for multiple chemical varieties such as methanol, urea, styrene, etc., but specific data details are not fully presented in the provided text [23][35][47].