1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Overseas macro: The Fed maintains the federal funds rate and the expectation of rate cuts in the second half of the year but is more cautious. The US economic fundamentals are still disturbed by geopolitical risks and uncertainties in economic and trade prospects. The surge in oil prices may prompt the Fed to send hawkish signals [7]. - Domestic macro: The Lujiazui Financial Forum announces multiple financial support policies, strengthening policy expectations in the second half of the year. In May, fixed - asset investment continued to expand, and the service industry grew faster. The decline in housing prices continued to narrow. Industrial and service production, as well as consumer spending, all showed positive growth [7]. - Asset views: The domestic economy maintains a weak and stable pattern, with mainly structural opportunities for domestic assets. Policy - driven logic will be strengthened in the second half of the year. Overseas geopolitical risks may increase short - term market volatility, but the long - term weak dollar pattern continues. Attention should be paid to non - dollar assets and strategic allocation of resources such as gold [7]. 3. Summaries According to Related Catalogs 3.1 Market Price and Fluctuation - **Stock Index Futures**: The CSI 1000 futures had the highest daily increase of 1.10%, while the CSI 500 futures, SSE 50 futures, and CSI 300 futures also rose by 0.67%, 0.66%, and 0.63% respectively [3]. - **Treasury Bond Futures**: The 30 - year Treasury bond futures decreased by 0.02%, the 2 - year Treasury bond futures decreased by 0.01%, while the 5 - year and 10 - year Treasury bond futures remained unchanged [3]. - **Foreign Exchange**: The US dollar index remained unchanged, the euro against the US dollar had no change in pips, the US dollar against the Japanese yen remained unchanged, and the central parity rate of the US dollar increased by 15 pips [3]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate remained unchanged, the 10 - year Chinese Treasury bond yield decreased by 0.3 bp, and the 10 - year US Treasury bond yield remained unchanged [3]. - **Hot Industries**: The comprehensive finance industry had the highest daily increase of 5.03%, followed by the comprehensive, computer, and national defense and military industries [3]. - **Overseas Commodities**: NYMEX WTI crude oil rose by 1.27%, while ICE Brent crude oil decreased by 3.76%. COMEX gold decreased by 0.06%, and COMEX silver decreased by 2.20% [3]. 3.2 Macro Highlights - **Overseas Macro**: The Fed maintains the federal funds rate, and the US economic data shows mixed performance. The economic fundamentals are still affected by geopolitical and trade uncertainties [7]. - **Domestic Macro**: The Lujiazui Financial Forum promotes policy expectations. In May, fixed - asset investment, industrial production, service industry, and consumer spending all showed positive trends [7]. 3.3 Viewpoint Highlights - **Macro**: Overseas stagflation trading cools down, and the long - and short - term allocation ideas diverge. Domestically, there may be moderate reserve requirement ratio and interest rate cuts, and fiscal policies will be implemented [8]. - **Finance**: The bullish sentiment in stocks and bonds has declined. Stock index futures, stock index options, and Treasury bond futures are all expected to fluctuate [8]. - **Precious Metals**: With the recovery of risk appetite, precious metals are undergoing short - term adjustments and are expected to fluctuate [8]. - **Shipping**: The sentiment has declined. The container shipping to Europe is expected to fluctuate, focusing on the game between peak - season expectations and price increases [8]. - **Black Building Materials**: In the off - season, the molten iron output has increased, and the market continues to fluctuate narrowly. Products such as steel, iron ore, coke, and others are expected to fluctuate [8]. - **Non - ferrous Metals and New Materials**: The coexistence of low - inventory reality and weak demand expectations leads to continued fluctuations in non - ferrous metals. Zinc and nickel are expected to decline, while others are expected to fluctuate [8]. - **Energy and Chemicals**: The US may intervene in the Israel - Iran conflict, and crude oil maintains high volatility. Different energy and chemical products have different trends, with some expected to rise, some to fall, and some to fluctuate [10]. - **Agriculture**: The Sino - US negotiation has made substantial progress, which is beneficial for the cotton price rebound. Different agricultural products are expected to fluctuate, and attention should be paid to factors such as harvest, planting, and production - demand data [10].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Overseas macro: The US economic fundamentals still have the momentum to recover, but the recovery is disturbed by geopolitical risks and uncertainties in economic and trade prospects. The Fed is expected to "hold steady" in June due to the rebound of May CPI data falling short of expectations and the potential hawkish signals from the soaring oil prices [6]. - Domestic macro: The domestic price level remains weakly stable, with the downstream performing better than the upstream. International input factors lead to price declines in related industries, and downstream production tends to digest existing inventories, increasing pressure on upstream production. The PPI - CPI gap shows downward pressure recently [6]. - Asset views: Domestic assets present mainly structural opportunities due to the weakly stable pattern of domestic prices and the economy, with the policy - driven logic strengthening. Overseas geopolitical risks may increase short - term market volatility, while in the long term, the weak - dollar pattern continues. Attention should be paid to non - dollar assets and strategic allocation of resources such as gold [6]. 3. Summary by Relevant Catalogs 3.1 Macro Essentials - **Overseas Macro**: The US economic fundamentals continue to recover from the contraction in Q1, but are affected by geopolitical risks and trade uncertainties. The Fed is likely to "hold steady" in June as the May CPI rebound is below expectations, and the soaring oil prices may prompt the Fed to send hawkish signals [6]. - **Domestic Macro**: The domestic price level is weakly stable, with the downstream outperforming the upstream. International factors cause price drops in upstream industries, and downstream production focuses on inventory digestion, increasing upstream pressure. The PPI - CPI gap shows recent downward pressure [6]. - **Asset Views**: Domestic assets offer mainly structural opportunities, and the policy - driven logic is strengthened. Overseas geopolitical risks may increase short - term market volatility. In the long run, the weak - dollar pattern persists, and attention should be given to non - dollar assets and strategic allocation of gold [6]. 3.2 View Highlights **Macro**: - **Domestic**: Moderate reserve requirement ratio cuts and interest rate cuts are implemented, and the fiscal end implements established policies in the short term [7]. - **Overseas**: The inflation expectation structure flattens, the economic growth expectation improves, and the stagflation trading cools down [7]. **Financial**: - **Stock Index Futures**: Micro - cap risks are not yet released, and the market is expected to fluctuate. Attention should be paid to the trading congestion of micro - cap stocks [7]. - **Stock Index Options**: The market is stable, and cautious covered strategies are recommended. Focus on the liquidity of the options market [7]. - **Treasury Bond Futures**: The short - end may be relatively strong, and the market is expected to fluctuate. Pay attention to changes in the capital market and policy expectations [7]. **Precious Metals**: - **Gold/Silver**: The progress of China - US negotiations exceeds expectations, and precious metals continue to adjust in the short term. Monitor Trump's tariff policy and the Fed's monetary policy [7]. **Shipping**: - **Container Shipping to Europe**: Pay attention to the game between the peak - season expectation and the implementation of price increases. The market is expected to fluctuate. Focus on tariff policies and shipping companies' pricing strategies [7]. **Black Building Materials**: - **Steel**: The static fundamentals are good, but the demand expectation is weak. The market is expected to fluctuate. Monitor the progress of special bond issuance, steel exports, and hot metal production [7]. - **Iron Ore**: Steel mills' hot metal production slightly decreases, and port inventories increase slightly. The market is expected to fluctuate. Pay attention to overseas mine production and shipping, domestic hot metal production, weather, port inventory changes, and policy dynamics [7]. - **Coke**: Demand support weakens, and the futures price is under pressure. The market is expected to decline with fluctuations. Focus on steel mill production, coking costs, and macro sentiment [7]. - **Coking Coal**: Upstream inventories continue to accumulate, and mine shutdowns increase. The market is expected to decline with fluctuations. Monitor steel mill production, coal mine safety inspections, and macro sentiment [7]. - **Silicon Iron**: The supply - demand expectation is poor, and the futures price fluctuates at the bottom. The market is expected to fluctuate. Pay attention to raw material costs and steel procurement [7]. - **Manganese Silicon**: The Hebei Steel tender is announced, and market sentiment is poor. The market is expected to fluctuate. Focus on cost prices and overseas quotes [7]. - **Glass**: Spot sales and production weaken, and inventories decrease slightly. The market is expected to fluctuate. Monitor spot sales and production [7]. - **Soda Ash**: Supply gradually recovers, and upstream inventories accumulate. The market is expected to fluctuate. Pay attention to soda ash inventories [7]. **Non - ferrous Metals and New Materials**: - **Copper**: The US dollar index is weak, and copper prices are operating at a high level. The market is expected to fluctuate. Monitor supply disruptions, domestic policy surprises, the Fed's less - dovish - than - expected stance, and the less - than - expected recovery of domestic demand [7]. - **Alumina**: The spot price drops, and the alumina futures price is under pressure. The market is expected to decline with fluctuations. Pay attention to the less - than - expected resumption of ore production, the more - than - expected resumption of electrolytic aluminum production, and extreme sector trends [7]. - **Aluminum**: Affected by Trump's steel and aluminum tariff increase and other factors, the aluminum price fluctuates at a high level. The market is expected to fluctuate. Monitor macro risks, supply disruptions, and less - than - expected demand [7]. - **Zinc**: After the price drop, downstream procurement is active. The market is expected to decline with fluctuations. Pay attention to macro - turning risks and the more - than - expected recovery of zinc ore supply [7]. - **Lead**: Cost support is temporarily stable, and the lead price fluctuates. The market is expected to fluctuate. Monitor supply - side disruptions and the slowdown of battery exports [7]. - **Nickel**: The Philippines removes the ban on raw ore exports, and the nickel price is weak in the short term. The market is expected to decline with fluctuations. Pay attention to macro and geopolitical changes, Indonesian policy risks, and less - than - expected supply release [7]. - **Stainless Steel**: The nickel - iron price continues to decline, and the futures price fluctuates. The market is expected to fluctuate. Monitor Indonesian policy risks and more - than - expected demand growth [7]. - **Tin**: The supply - demand fundamentals are resilient, and the tin price fluctuates. The market is expected to fluctuate. Pay attention to the resumption expectation of Wa State and the change in demand improvement expectation [7]. - **Industrial Silicon**: The oversupply situation remains unchanged, and the silicon price is under pressure. The market is expected to decline with fluctuations. Monitor more - than - expected supply cuts and more - than - expected photovoltaic installations [7]. - **Lithium Carbonate**: Market sentiment deteriorates, and the price is under pressure. The market is expected to decline with fluctuations. Pay attention to less - than - expected demand, supply disruptions, and new technological breakthroughs [8]. **Energy and Chemicals**: - **Crude Oil**: Geopolitical risks intensify, and oil price fluctuations increase. The market is expected to fluctuate. Monitor OPEC+ production policies, the progress of Russia - Ukraine peace talks, and US sanctions on Iran [9]. - **LPG**: Cost - side support increases, and LPG follows the crude oil rebound. The market is expected to fluctuate. Pay attention to developments in crude oil and overseas propane costs [9]. - **Asphalt**: Geopolitical tensions in the Middle East escalate, and the asphalt futures price strengthens. The market is expected to fluctuate. Monitor more - than - expected demand [9]. - **High - Sulfur Fuel Oil**: Geopolitical tensions in the Middle East lead to a resurgence of the geopolitical premium of fuel oil. The market is expected to fluctuate. Pay attention to crude oil and natural gas prices [9]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel oil futures price follows the crude oil price increase. The market is expected to fluctuate. Pay attention to crude oil and natural gas prices [9]. - **Methanol**: The Iran - Israel conflict causes a significant increase in methanol prices. The market is expected to fluctuate. Monitor macro - energy and upstream - downstream device dynamics [9]. - **Urea**: The supply - strong and demand - weak pattern remains unchanged, and the futures price is weak. The market is expected to decline with fluctuations. Pay attention to market transactions, policy trends, and demand realization [9]. - **Ethylene Glycol**: Terminal demand is less than expected, and inventory reduction through maintenance is reflected in the monthly spread. The market is expected to rise with fluctuations. Monitor the terminal demand for ethylene glycol [9]. - **PX**: Supply restarts quickly. Monitor PTA production and polyester start - up. The market is expected to fluctuate. Pay attention to crude oil fluctuations and downstream device changes [9]. - **PTA**: Supply increases and demand decreases, and the PTA pattern weakens marginally. The market is expected to fluctuate. Monitor polyester production [9]. - **Short - Fiber**: Short - fiber industry production cuts lead to a slight repair of processing fees. The market is expected to rise with fluctuations. Pay attention to terminal textile and clothing exports [9]. - **Bottle Chips**: High - level production leads to oversupply, and low processing fees will continue. The market is expected to fluctuate. Monitor the later start - up of bottle chips [9]. - **PP**: The oil price rises significantly, but the fundamentals are still under pressure, and PP rebounds. The market is expected to fluctuate. Pay attention to the oil price and domestic and international macro situations [9]. - **Plastic**: In the short term, it follows the oil price fluctuations and rebounds. The market is expected to fluctuate. Pay attention to the oil price and domestic and international macro situations [9]. - **Styrene**: Macro expectations rise again, and styrene rebounds. The market is expected to decline with fluctuations. Pay attention to the oil price, macro policies, and device dynamics [9]. - **PVC**: Geopolitical conflicts boost market sentiment, and PVC is recommended to be shorted at high prices. The market is expected to fluctuate. Pay attention to expectations, costs, and supply [9]. - **Caustic Soda**: The cost center weakens, and caustic soda runs weakly. The market is expected to fluctuate. Pay attention to market sentiment, start - up, and demand [9]. - **Oils and Fats**: The production increase pressure of Malaysian palm oil may weaken marginally, and the weather in the US soybean - producing areas is normal. The market is expected to fluctuate. Pay attention to South American soybean harvest, US soybean planting, and Malaysian palm oil production and demand data [9]. - **Protein Meal**: The basis of soybean meal from October to January increases in volume, and the hedging pressure on the futures market increases. The market is expected to fluctuate. Pay attention to the US soybean planting area and weather, domestic demand, macro situation, and China - US and China - Canada trade wars [9]. - **Corn/Starch**: The spot price increase slows down, and the futures price is weak. The market is expected to fluctuate. Pay attention to less - than - expected demand, macro situation, and weather [9]. **Agriculture**: - **Hogs**: The average weight is high, and the spot and near - month prices are still under pressure. The market is expected to decline with fluctuations. Pay attention to farming sentiment, epidemics, and policies [9]. - **Rubber**: The rebound ends, and the price drops rapidly in the afternoon. The market is expected to fluctuate. Pay attention to the weather in production areas, raw material prices, and macro changes [9]. - **Synthetic Rubber**: It first falls and then rises, and is treated as weak. The market is expected to fluctuate. Pay attention to significant crude oil price fluctuations [9]. - **Paper Pulp**: The futures price drops, and there is a greater possibility of breaking through the lower platform. The market is expected to fluctuate. Pay attention to macro - economic changes and US dollar - based price quotations [9]. - **Cotton**: The rebound height of the cotton price is limited. The market is expected to fluctuate. Pay attention to demand and production [9]. - **Sugar**: The new - season sugar market is expected to be loose, and domestic and international sugar prices continue to decline. The market is expected to fluctuate. Pay attention to abnormal weather [9]. - **Logs**: The spot price weakens, and the futures price is weak. The market is expected to fluctuate. Pay attention to shipment volume and shipping volume [9].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Overseas macro: The adverse impact of Trump's equal - tariff hikes and high uncertainty on US imports and factory orders in April has emerged. US economic data in May was weak, but the better - than - expected May non - farm payrolls and hourly wage growth reduced market bets on Fed rate cuts. It is expected that the Fed will keep the benchmark overnight interest rate in the 4.25% - 4.50% range in June [6]. - Domestic macro: Current policies maintain stability, and in the short term, they may mainly utilize existing resources. Domestic manufacturing enterprise profits are expected to remain resilient, but pressure on export and price data may gradually appear. Attention should be paid to China's "rush re - export" and "rush export" progress and the Politburo meeting in July [6]. - Asset views: For major asset classes, maintain the view of more hedging and more volatility overseas and a structural market in China. Strategically allocate gold and non - US dollar assets. Gold's short - term adjustment may narrow, and its price is expected to gradually rise. Bonds are still worth allocating at low prices after the capital pressure eases. Stocks and commodities return to the fundamental logic, showing short - term range - bound fluctuations. Focus on low - valuation and policy - driven logics [6]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - Overseas: In April, the US trade deficit was $61.62 billion. The year - on - year import was 3.4%, and the month - on - month was - 16.3%. Factory orders declined more than expected. The June "Beige Book" showed a slight decline in economic activity, and the economic outlook was described as "slightly pessimistic and uncertain". However, May's non - farm payrolls and hourly wage growth were better than expected [6]. - Domestic: Policies maintain stability. Manufacturing profits are resilient, but export and price data may face pressure. Pay attention to "rush re - export", "rush export" and the July Politburo meeting [6]. - Asset: Overseas, more hedging and more volatility; in China, a structural market. Allocate gold and non - US dollar assets. Gold's short - term adjustment may narrow, and bonds are worth allocating at low prices. Stocks and commodities are range - bound, focusing on low - valuation and policy - driven logics [6]. 3.2 Viewpoints Compendium 3.2.1 Macro - Domestic: Moderate reserve requirement ratio and interest rate cuts, and short - term fiscal policies implement established plans [7]. - Overseas: The inflation expectation structure flattens, economic growth expectations improve, and stagflation trading cools down [7]. 3.2.2 Finance - Stock index futures: Micro - cap risks are not fully released, and the market is in a state of shock. Pay attention to the trading congestion of micro - cap stocks [7]. - Stock index options: The market is stable, and be cautious with covered strategies. Pay attention to option market liquidity, and the market is in a state of shock [7]. - Treasury bond futures: The short - end may be relatively strong. Pay attention to changes in the capital market and policy expectations, and the market is in a state of shock [7]. 3.2.3 Precious Metals - Gold/silver: The progress of Sino - US negotiations exceeded expectations, and precious metals continued to adjust in the short term. Pay attention to Trump's tariff policy and the Fed's monetary policy, and the market is in a state of shock [7]. 3.2.4 Shipping - Container shipping to Europe: Focus on the game between peak - season expectations and price - increase implementation. Pay attention to tariff policies and shipping companies' pricing strategies, and the market is in a state of shock [7]. 3.2.5 Black Building Materials - Steel: Sino - US talks have started, and the market is waiting and observing. Pay attention to the issuance progress of special bonds, steel exports, and molten iron production, and the market is in a state of shock [7]. - Iron ore: The fundamentals are healthy, and the price fluctuates. Pay attention to overseas mine production and shipment, domestic molten iron production, weather, port ore inventory, and policy dynamics, and the market is in a state of shock [7]. - Coke: Demand support weakens, and there is still an expectation of price decline. Pay attention to steel mill production, coking costs, and macro sentiment, and the market is in a state of shock and decline [7]. - Coking coal: Supply and demand are still loose, and upstream sales are weak. Pay attention to steel mill production, coal mine safety inspections, and macro sentiment, and the market is in a state of shock and decline [7]. - Other products: Such as silicon iron, manganese silicon, glass, and soda ash, are all in a state of shock, with different factors to pay attention to [7]. 3.2.6 Non - ferrous Metals and New Materials - Copper: The US dollar index is weak, and copper prices are high. Pay attention to supply disruptions, domestic policy surprises, the Fed's less - dovish than expected stance, and domestic demand recovery, and the market is in a state of shock [7]. - Other non - ferrous metals: Such as aluminum, zinc, lead, nickel, etc., are in a state of shock, with different influencing factors [7]. 3.2.7 Energy and Chemicals - Crude oil: Supply pressure continues, and pay attention to macro and geopolitical disturbances. The market is in a state of shock [9]. - Other chemical products: Such as LPG, asphalt, high - sulfur fuel oil, etc., have different short - term trends and factors to pay attention to, mainly in a state of shock, with some in a state of decline or shock and rise [9]. 3.2.8 Agriculture - Rubber: Driven by the strength of commodities, rubber prices rise. Pay attention to production area weather, raw material prices, and macro changes, and the market is in a state of shock [9]. - Other agricultural products: Such as cotton, sugar, and corn, have different short - term trends and factors to pay attention to, mainly in a state of shock [9].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report is a daily data report on commodity arbitrage from Baocheng Futures on June 6, 2025, presenting the basis, inter - period spreads, and inter - variety spreads of various commodities including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary According to Related Catalogs 3.1 Power Coal - **Basis**: From May 29 to June 5, 2025, the basis was negative, and the values were - 190.4, - 190.4, - 191.4, - 192.4, - 192.4 respectively. The spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis and Ratio**: The report shows the basis of crude oil, fuel oil, and the ratio of crude oil to asphalt. For example, on June 5, 2025, the ratio of crude oil to asphalt was 0.1332 [6][9]. 3.2.2 Chemical Commodities - **Basis**: The basis data of various chemical commodities such as natural rubber, methanol, PTA, etc. are provided from May 29 to June 5, 2025. For example, the basis of natural rubber on June 5 was 5 yuan/ton [10]. - **Inter - period Spreads**: The inter - period spreads of different contracts (5 - 1, 9 - 1, 9 - 5) for various chemical commodities are presented. For example, the 5 - 1 spread of natural rubber was 25 yuan/ton [10]. - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc. are given from May 29 to June 5, 2025. For example, on June 5, the LLDPE - PVC spread was 2281 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from May 29 to June 5, 2025 are provided. For example, the basis of rebar on June 5 was 131.0 yuan/ton [15]. - **Inter - period Spreads**: The inter - period spreads of different contracts for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was 1.0 yuan/ton [15]. - **Inter - variety Spreads**: The inter - variety spreads such as screw/ore, screw/coke, etc. are given from May 29 to June 5, 2025. For example, on June 5, the screw/ore ratio was 4.22 [15]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: The basis data of copper, aluminum, zinc, lead, nickel, and tin from May 29 to June 5, 2025 are provided. For example, the basis of copper on June 5 was 230 yuan/ton [24]. - **LME Data**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on June 5, 2025 are presented. For example, the LME spread of copper was 93.15 [30]. 3.4.2 London Market - **LME Basis and Related Ratios**: The LME basis, Shanghai - London ratios, etc. are presented, but specific data is not fully detailed in the text [32][33]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc. from May 29 to June 5, 2025 are provided. For example, the basis of soybeans on June 5 was - 58 yuan/ton [40]. - **Inter - period Spreads**: The inter - period spreads of different contracts for various agricultural products are presented. For example, the 5 - 1 spread of soybeans was 31 yuan/ton [40]. - **Inter - variety Spreads**: The inter - variety spreads such as soybean/corn, soybean oil/soybean meal, etc. are given from May 29 to June 5, 2025. For example, on June 5, the soybean/corn ratio was 1.77 [38]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from May 29 to June 5, 2025 are provided. For example, the basis of CSI 300 on June 5 was 25.56 [48]. - **Inter - period Spreads**: The inter - period spreads of different contracts for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 38.8 [48].