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综合晨报-20250703
Guo Tou Qi Huo· 2025-07-03 02:16
Group 1: Energy - Brent 09 contract rose 2.78%. Geopolitical risks in the Middle East around the Iran nuclear issue have heated up again, and the trade war risk has weakened. The theme of loose supply and demand in the crude oil market continues, and the supply - demand guidance is still negative [1] - Night - time oil prices rose 3% due to positive news of US - Vietnam tariffs. High - sulfur fuel oil (FU) is in a weak oscillation, while low - sulfur fuel oil (LU) is boosted in the short term [21] - Night - time oil prices rose 3%, and asphalt is expected to follow the upward trend. Supply and demand are expected to increase, and the de - stocking trend is expected to continue [22] - The 7 - month CP of liquefied petroleum gas was significantly lowered, and the market is in a weak oscillation [23] Group 2: Metals - Overnight, the international copper price led the rise at a high level. The market is trading the probability of a July interest rate cut. Short - term Shanghai copper's upward trend tests 81,000, and long - term high - level short - allocation is recommended [3] - Overnight, Shanghai aluminum oscillated at a high level. The social inventory of aluminum ingots increased slightly, and there is a risk of a phased correction [4] - Cast aluminum alloy follows the fluctuation of Shanghai aluminum. If the spread between the far - month contracts on the disk expands, consider a long - ADC12 and short - AL strategy [5] - The spot price of alumina is around 3,100 yuan, and the upward space is limited [6] - Overnight, the precious metals oscillated strongly. The market's expectation of an interest rate cut has increased, and attention is focused on the non - farm payrolls data [2] - Zinc has strong support at 22,000 yuan/ton in the short term, and a short - allocation strategy is recommended in the medium and long term [7] - Shanghai lead is consolidating above 17,000. The supply - demand contradiction is not prominent, and attention is paid to whether it can stand firm at 17,000 [8] - Shanghai nickel is oscillating at a high level in the rebound. Technically, it is at the end of the rebound, waiting for a short - selling opportunity [9] - Tin prices oscillated overnight. It is advisable to short - allocate the far - month contracts [10] Group 3: Building Materials and Chemicals - Multi - silicon futures' main contract rose to the daily limit. The short - term upward space depends on the implementation of supply - side regulation policies [12] - Industrial silicon futures prices rose strongly. Due to the interweaving of long and short themes, the market is expected to oscillate [13] - Night - time steel prices oscillated. Supply and demand in the steel market are both increasing, and the short - term is expected to remain strong [14] - Iron ore prices rose overnight. Supply is expected to decline, and the short - term trend is expected to follow the finished products and oscillate strongly [15] - Coke prices rose. There is an expectation of a price increase, and the price is expected to oscillate strongly [16] - Coking coal prices rose. Policy may reduce production, and the price is expected to oscillate strongly [17] - Manganese silicon prices rose. The inventory has decreased, but the upward pressure above 6,750 is large [18] - Silicon iron prices rose. Demand is okay, and the price is expected to oscillate strongly [19] - Polyvinyl chloride (PVC) is following the cost fluctuations in the short term and may oscillate at a low level in the long term. Caustic soda is strong in the short term but under pressure in the long term [28] - PX and PTA prices are in a weak oscillation. The supply - demand pattern may gradually become looser [29] - Ethylene glycol is continuing a small - scale rebound and is expected to oscillate at the bottom [30] Group 4: Agricultural Products - The USDA reports on soybeans are neutral. Domestic soybean meal is in a weak oscillation [35] - Soybean oil and palm oil prices rose. A long - allocation strategy on dips is recommended in the long term [36] - Canadian rapeseed prices rose. Domestic rapeseed products are expected to oscillate in the short term [37] - The price of domestic soybeans rebounded from a low level. Weather and policies need to be focused on in the short term [38] - Corn futures are in an oscillating trend. The supply rhythm affects the market [39] - Hog futures rose significantly. The rebound space is limited in the medium term, and policy support is expected in the long term [40] - Egg futures fell. Short - selling on rallies is recommended [41] - U.S. cotton prices rose. Domestic cotton inventory is expected to be tight, and buying on dips is recommended [42] - U.S. sugar is in a downward trend, and domestic sugar is expected to oscillate [43] - Apple futures are oscillating, and a short - selling strategy is recommended [44] - Wood futures are oscillating. Supply has some positive factors, but the price is still weak [45] - Pulp futures rose slightly. The inventory is still high year - on - year, and it is expected to oscillate at a low level [46] Group 5: Others - The freight rate of the container shipping index (European line) is expected to be stable in July. The progress of the Gaza negotiations may affect the far - month contracts [20] - Urea market supply and demand have improved marginally, and the short - term market is in a strong oscillation [24] - Methanol futures are expected to fluctuate narrowly in the short term [25] - Styrene prices are in a weak trend. Supply and demand support is insufficient [26] - Polypropylene and polyethylene are in a weak fundamental situation [27] - Glass futures rose significantly, but it is recommended to wait and see due to high inventory and weak demand [32] - Natural rubber supply is increasing, and inventories are rising. A rebound from an oversold position is possible [33] - Soda ash is strong in the short term, but the upward space is limited due to expected demand reduction [34] Group 6: Financial Markets - A - share market is in a weak oscillation. In the style configuration, technology and growth should be increased on the basis of dividend assets [47] - Treasury bond futures closed up across the board. Be aware of the risk of increased volatility in the short term [48]
广发早知道:汇总版-20250702
Guang Fa Qi Huo· 2025-07-02 01:11
1. Report Industry Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Viewpoints of the Report - The overall market shows a mixed trend with different performances across various sectors. In the financial derivatives market, stock index futures show certain resilience, while treasury bond futures are affected by the money - market conditions. Precious metals continue to rebound due to international trade and economic data. In the commodity futures market, different metals and agricultural products have their own supply - demand and price trends, and the investment strategies vary accordingly [2][6][8]. 3. Summary According to the Catalog Financial Derivatives Financial Futures - **Stock Index Futures**: On Monday, the A - share market showed a sector rotation. The red - chip sector rebounded, while the TMT sector pulled back. The four major stock index futures contracts had different price movements, and the basis spread widened. The macro situation is improving, but investors should be cautious about chasing high prices. They can lightly sell MO options with an execution price of 5900 in August - September to collect premiums [2][3][5]. - **Treasury Bond Futures**: After the cross - month period, the money - market rate dropped significantly, and treasury bond futures generally rebounded. However, they lack the momentum to break through the previous high. The focus is on whether the money - market rate can further decline, the subsequent fundamental situation, and the central bank's bond trading announcements. Short - term unilateral strategies suggest appropriate allocation of long positions on dips and taking profits near the previous high [6][7]. Precious Metals - Gold continues its upward trend due to the US tariff threat and the decline of the US dollar index. The US economic data shows the impact of tariffs on the manufacturing industry, and the labor supply is tightening. The euro - zone inflation rate is stable. The long - term upward trend of gold remains unchanged, but there are short - term uncertainties. Silver is affected by gold and has a short - term range - bound trend [8][9][12]. Container Shipping Futures (EC) - The spot prices of major shipping companies are provided, and the container shipping index shows different trends in the European and US routes. The futures market rose yesterday, and the main contract is expected to fluctuate in the range of 1800 - 2000 points. The actual price in August is not likely to drop significantly, and the subsequent price center will move up [13][14]. Commodity Futures Non - ferrous Metals - **Copper**: The COMEX - LME spread has widened again, and high copper prices have suppressed downstream purchases. The supply of copper concentrate is limited, and the demand has some resilience, but there are also potential pressures. The copper price is expected to be supported in the short term, and the main contract is expected to trade in the range of 79000 - 81000 [15][17][19]. - **Alumina**: The supply of alumina is in a state of slight surplus, and the price is expected to be weak in the medium term. The main contract is expected to trade in the range of 2750 - 3100, and investors can consider short - selling on rallies [19][20][21]. - **Aluminum**: The aluminum price is expected to fluctuate widely at a high level. The macro environment and low inventory support the price, but the consumption off - season restricts its upward space. The main contract is expected to trade in the range of 20000 - 20800 [22][23][24]. - **Aluminum Alloy**: The market of aluminum alloy shows a pattern of weak supply and demand, and the price is expected to be weak and fluctuate. The main contract is expected to trade in the range of 19200 - 20000 [24][25][26]. - **Zinc**: The zinc price rebounds due to the weakening of the US dollar, but the downstream purchasing willingness is low. The supply of zinc ore is loose, the demand is weakening, and the inventory provides some support. The long - term strategy is to short on rallies, and the main contract is expected to trade in the range of 21500 - 22500 [27][28][30]. - **Tin**: The tin price is in a high - level range - bound state. The supply is still tight, and the demand is expected to be weak. The short - term strategy is to be bullish on dips and short on rallies based on inventory and import data [30][31][33]. - **Nickel**: The nickel price is in a narrow - range oscillation. The supply is at a relatively high level, and the demand is stable but with limited growth. The inventory still exerts pressure on the price. The main contract is expected to trade in the range of 116000 - 124000 [33][34][35]. - **Stainless Steel**: The stainless - steel price is expected to be weak and fluctuate. The supply is high, the demand is weak, and the cost support is weakening. The main contract is expected to trade in the range of 12300 - 13000 [36][37][38]. - **Lithium Carbonate**: The lithium carbonate futures show a wide - range oscillation. The supply is sufficient, the demand is stable but with limited growth, and the inventory is at a high level. The main contract is expected to trade in the range of 58000 - 64000 [39][40][42]. Black Metals - **Steel**: The price of steel is slightly stable due to the rumor of production restrictions in Tangshan. The supply is at a high level but shows a slight decline, and the demand is in the off - season with a downward trend. The price of steel is affected by cost and demand expectations. Short - selling operations or selling out - of - the - money call options can be considered [42][43][44]. - **Iron Ore**: The 09 contract of iron ore may turn weak. The global shipment volume has decreased, the demand is affected by the off - season and the production - restriction policy in Tangshan. Short - selling on rallies is recommended, with the range of 690 - 720 [45][46][47]. - **Coking Coal**: The spot price of coking coal is strong, and the futures price is oscillating. The supply is expected to increase, the demand has some resilience, and the inventory is at a medium level. Unilateral short - selling of the 2601 contract of coke for hedging is recommended, and waiting for a stable trend to go long on the 2509 contract of coking coal [48][50][51]. - **Coke**: The price of coke is close to the bottom. The fourth - round price cut has been implemented, the supply is expected to increase, and the demand will slightly decline. The inventory is at a medium level. Unilateral short - selling of the 2601 contract of coke for hedging is recommended, and waiting for a stable trend to go long on the 2509 contract of coke [52][54][55]. Agricultural Products - **Meal Products**: The US soybean market is in a bottom - grinding state, and the support at the bottom is strengthening. The domestic soybean and soybean meal inventories are rising, and the market is waiting for the determination of the demand trend. Short - term bottom - grinding and long - position opportunities on dips can be focused on [56][57][59]. - **Pigs**: The spot price of pigs is oscillating strongly, but the futures price is under pressure due to profit - taking. The secondary fattening inventory is increasing, and the market sentiment is expected to be strong in the short term, but the 09 contract is under pressure [60][61][62]. - **Corn**: The spot price of corn is stable, and the import auction has a premium, which supports the futures price. The supply is tight in the long term, and the demand is gradually increasing. The overall trend is upward, but the pace is slow [63][64].
研究所晨会观点精萃-20250701
Dong Hai Qi Huo· 2025-07-01 00:42
1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Viewpoints of the Report - The global risk preference continues to rise due to the weakening US dollar index, with expectations of Fed rate - cuts and positive developments in trade agreements. In China, economic growth is accelerating, and consumption - stimulating policies are boosting domestic risk preference. Different asset classes have different short - term trends: stocks may have a short - term oscillatory rebound, treasury bonds may remain high and oscillatory, and various commodity sectors have their own specific trends [2]. 3. Summary by Relevant Catalogs Macro - finance - Overseas, Trump urges the Fed to ease monetary policy, and Fed official Bostic expects rate cuts. The US dollar index falls, and global risk preference rises. Domestically, China's June manufacturing PMI is 49.7%, up 0.2 percentage points from last month, and consumption - stimulating policies are introduced. Stocks may have a short - term oscillatory rebound, treasury bonds may be high and oscillatory, and different commodity sectors have different trends [2]. Stock Index - Supported by sectors like military, gaming, and semiconductors, the domestic stock market rises. China's economic growth is accelerating, and consumption - stimulating policies boost domestic risk preference. The market focuses on domestic stimulus policies and trade negotiations. Short - term cautious long positions are recommended [3]. Precious Metals - Gold is supported by a weak US dollar but is under downward pressure due to a weakening of the market's risk - aversion sentiment. The US economic data is weak, and Powell's dovish stance supports the gold price. In the short - term, gold may be oscillatory and weak, but its safe - haven property remains strong [4]. Black Metals Steel - The steel spot market rebounds, but the futures price rises and then falls. Policy is favorable, but traders face poor sales, and the cost support weakens. Supply remains high, and steel prices are expected to oscillate within a range [5]. Iron Ore - The iron ore price is stable. Demand remains resilient as steel mills' profits are high and iron - water production is expected to stay high. Supply may fall after the peak shipping season. Iron ore prices may oscillate in the short - term and may decline in the medium - term [5]. Silicon Manganese/Silicon Iron - The prices of silicon iron and silicon manganese are flat. Demand is okay as steel production rises. The prices of these ferroalloys are expected to oscillate in the short - term [6]. Chemicals Soda Ash - The soda ash price is weak. Supply is abundant, demand is low, and profits are decreasing. In the long - term, the high - supply, high - inventory, and low - demand situation persists, and short positions can be held [7]. Glass - The glass price is weak. Supply is stable, demand is weak due to the poor real - estate market. It is expected to be weak and oscillatory in the short - term [7]. Non - ferrous Metals and New Energy Copper - Trump's tariff hints and high production, potential weakening demand, and inventory slowdown are factors. The price may fall when certain conditions are met. Attention should be paid to US trade negotiations and potential copper tariffs [8]. Lithium Carbonate - The price of lithium carbonate falls. Downstream demand slows, but the supply side shows some changes. The market is in a loose situation, and opportunities may come after a rebound [9]. Aluminum - The LME inventory increases, and domestic aluminum products are accumulating inventory. The de - stocking inflection point has arrived, and the price may be affected [9]. Aluminum Alloy - It is in the off - season, but tight scrap - aluminum supply supports the price. It may oscillate strongly in the short - term, but the upside is limited [9]. Tin - Supply is tight, and demand is in the off - season. The price may oscillate strongly in the short - term, but the upside will be restricted in the medium - term [9]. Energy and Chemicals Crude Oil - Oil prices fall due to speculation of OPEC+ production increase and the easing of Middle - East supply concerns. It will continue to be weakly oscillatory [11]. Asphalt - The asphalt price is strongly oscillatory as oil prices are low. Inventory is being depleted, and it will follow the oil price in the short - term [11]. PX - PX has strong cost support but faces uncertainties from falling oil prices. It will follow the oil price and oscillate strongly [11]. PTA - The demand for PTA may remain low in the long - term. The price's upside is limited [12]. Ethylene Glycol - The price center falls with oil prices, and the downstream demand is weak. The price may oscillate [12]. Short - fiber - Short - fiber inventory is high, and the price will decline as the cost falls. It will follow the cost and oscillate weakly [12]. Methanol - The methanol price is supported by maintenance and low imports but is suppressed by factors like high inventory and poor downstream profits. It will oscillate strongly [12]. PP - The PP price is expected to oscillate weakly due to high production, low demand, and geopolitical support [12]. LLDPE - The LLDPE price will oscillate weakly as supply increases and demand is in the off - season [14]. Agricultural Products US Soybeans - The US 2025 soybean planting area estimate is lower than expected, with different trends for different contract months [15]. Soybean and Rapeseed Meal - The supply of soybean meal is abundant, and the market sentiment is weak. The weak basis situation is expected to continue, but stable US soybean prices provide some support [16]. Soybean and Rapeseed Oil - The supply of soybean oil is abundant, and inventory is recovering seasonally. The supply of rapeseed oil is improving. Both may be under pressure [17]. Palm Oil - The domestic palm oil inventory is increasing, and it is expected to continue to weaken due to factors like the end of policy benefits and a slowdown in exports [18]. Corn - The corn spot price is strong, but the futures price is weak. After the wheat substitution season, the corn price is likely to rise [18]. Live Pigs - The spot price of live pigs rebounds as group - farms reduce出栏. The demand is weak, but the price has some resilience. Attention should be paid to the epidemic risk in North China [19].
日度策略参考-20250626
Guo Mao Qi Huo· 2025-06-26 07:06
1. Report Industry Investment Ratings - **Macro Finance**: - A-shares: Bullish in the short term [1] - Treasury bonds: Limited upside in the short term [1] - Gold: Volatile [1] - Silver: Volatile [1] - **Non-ferrous Metals**: - Copper: Bullish in the short term [1] - Aluminum: Volatile [1] - Alumina: Volatile [1] - Nickel: Volatile, limited upside in the short term, bearish in the long term [1] - Stainless steel: Bullish in the short term, bearish in the long term [1] - Tin: Bearish in the short term, potential upside from oil price increase [1] - Industrial silicon: Bearish [1] - Polysilicon: Bearish [1] - Lithium carbonate: Bearish [1] - **Black Metals**: - Rebar: No upward momentum [1] - Hot-rolled coil: No upward momentum [1] - Iron ore: Volatile [1] - Coking coal: Bearish [1] - Coke: Bearish [1] - Glass: Bearish [1] - Soda ash: Bearish [1] - **Agricultural Products**: - Palm oil: Bearish [1] - Soybean oil: Bearish [1] - Cotton: Bearish [1] - Sugar: Potential for higher production [1] - Corn: Bullish in the medium term [1] - Pulp: Bearish [1] - Raw silk: Neutral [1] - Live pigs: Stable [1] - **Energy and Chemicals**: - Crude oil: Bearish [1] - Fuel oil: Bearish [1] - Asphalt: Bearish [1] - BR rubber: Bearish in the short term [1] - PTA: Bearish [1] - Ethylene glycol: Bearish [1] - Short fiber: Bearish [1] - Pure benzene: Volatile [1] - Styrene: Volatile [1] - PVC: Bearish [1] - Caustic soda: Volatile [1] - LPG: Bearish [1] 2. Core Views of the Report - In the short term, the A-share market has good liquidity, geopolitical conflicts have significantly eased, and overseas disturbances have weakened, so the stock index is expected to fluctuate strongly [1] - The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - The improvement in market risk appetite may put short-term pressure on gold prices, but uncertainties such as geopolitics and tariffs remain high, so gold prices are expected to fluctuate [1] - The Fed's dovish remarks and the opening of the re-export window may lead to a further decline in copper inventories, so copper prices are expected to fluctuate strongly in the short term [1] - The low inventory of domestic electrolytic aluminum and the off-season demand result in volatile aluminum prices [1] - The supply of some non-ferrous metals is expected to recover, and demand shows signs of weakening, so attention should be paid to shorting opportunities at high levels [1] - The improvement in macro sentiment requires attention to tariff progress and economic data at home and abroad [1] - The supply of some agricultural products is affected by various factors, and the market shows different trends, such as the potential decline in Brazilian sugar production due to the change in the sugar-to-ethanol ratio [1] - The geopolitical situation in the Middle East has cooled down, Trump's energy policy is negative for crude oil, and the long-term supply and demand tend to be loose [1] 3. Summary by Related Catalogs Macro Finance - **A-shares**: Short-term liquidity is good, geopolitical conflicts ease, and overseas disturbances weaken, so the stock index is expected to fluctuate strongly [1] - **Treasury bonds**: The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - **Gold**: Market risk appetite improves, putting short-term pressure on gold prices, but uncertainties keep prices volatile [1] - **Silver**: Silver prices are expected to fluctuate in the short term [1] Non-ferrous Metals - **Copper**: Fed's dovish remarks and re-export window may lead to lower inventories, so copper prices are expected to fluctuate strongly in the short term [1] - **Aluminum**: Low inventory and off-season demand result in volatile aluminum prices [1] - **Alumina**: Spot price decline and production increase put pressure on the futures price, but the discount limits the downside [1] - **Nickel**: High nickel ore premium and inventory increase limit the short-term upside, and long-term oversupply remains a concern [1] - **Stainless steel**: Short-term futures may rebound, but the sustainability is uncertain, and long-term supply pressure exists [1] - **Tin**: Short-term pressure from photovoltaic production cuts, potential upside from oil price increase [1] - **Industrial silicon**: Supply resumes, demand is low, and inventory pressure is huge [1] - **Polysilicon**: Downstream production declines, and supply reduction is not obvious [1] - **Lithium carbonate**: Falling ore prices and high downstream inventory lead to weak buying [1] Black Metals - **Rebar and Hot-rolled coil**: In the transition from peak to off-season, cost weakens, and supply-demand is loose, with no upward momentum [1] - **Iron ore**: Iron water may peak, and supply may increase in June, so attention should be paid to steel pressure [1] - **Coking coal and Coke**: Supply surplus exists, and the rebound space is limited [1] - **Glass**: Supply and demand are weak, and prices continue to decline [1] - **Soda ash**: Maintenance resumes, supply surplus is a concern, and demand is weak, so prices are under pressure [1] Agricultural Products - **Palm oil and Soybean oil**: After the decline of crude oil, the supply-demand is weak, and prices are expected to fall [1] - **Cotton**: Domestic cotton prices are expected to fluctuate weakly due to consumption off-season and inventory accumulation [1] - **Sugar**: Brazilian sugar production is expected to increase, and the change in the sugar-to-ethanol ratio may affect production [1] - **Corn**: Short-term price is affected by auction news, but the medium-term outlook is bullish [1] - **Pulp**: In the demand off-season, it is bearish after the positive news fades [1] - **Raw silk**: High持仓 and intense capital game lead to large fluctuations, so it is recommended to wait and see [1] - **Live pigs**: Inventory is abundant, and futures prices are stable [1] Energy and Chemicals - **Crude oil and Fuel oil**: Geopolitical cooling, Trump's energy policy, and long-term supply-demand loosening are negative factors [1] - **Asphalt**: Cost drag, potential tax refund increase, and slow demand recovery [1] - **BR rubber**: Temporary stability due to geopolitical cooling, but weak fundamentals in the short term [1] - **PTA, Ethylene glycol, and Short fiber**: Affected by the decline of crude oil and other factors, prices are bearish [1] - **Pure benzene and Styrene**: Volatile due to market sentiment and supply-demand changes [1] - **PVC**: Supply pressure increases due to the end of maintenance and the entry of new devices, so prices are bearish [1] - **Caustic soda**: Maintenance is almost over, and attention should be paid to the change in liquid chlorine [1] - **LPG**: Geopolitical relief, seasonal off-season, and inflow of low-cost foreign goods lead to downward pressure [1]
研究所晨会观点精萃-20250624
Dong Hai Qi Huo· 2025-06-24 01:04
Group 1: Overall Market Sentiment - The geopolitical risk in the Middle East has declined, leading to an overall increase in global risk appetite. In China, economic growth is generally stable, with strong consumption growth in May but a slowdown in investment and industrial production, which also boosts domestic risk appetite [2]. Group 2: Asset Recommendations - Stock indices are expected to oscillate and rebound in the short - term, with a recommendation of cautious short - term long positions. Treasury bonds are expected to remain at a high level and oscillate, with a suggestion of cautious observation. For commodities, black metals are in short - term low - level oscillation (cautious observation), non - ferrous metals are oscillating strongly (cautious short - term long positions), energy and chemicals are experiencing increased volatility (cautious observation), and precious metals are at a high - level oscillation (cautious observation) [2]. Group 3: Stock Indices - Driven by sectors such as digital currency, energy metals, and port shipping, the domestic stock market has risen. The short - term market trading logic focuses on Middle East geopolitical risks, changes in US trade policies, and trade negotiation progress. With the decline in short - term Middle East geopolitical risks, the impact on the market has weakened. It is recommended to be cautiously long in the short - term [3]. Group 4: Precious Metals - On Monday, the precious metals market oscillated upward. Geopolitical conflicts and the Fed's hawkish stance have an impact on precious metals. The market is currently focused on the Middle East situation, and the attitude of Iran should be closely monitored [3]. Group 5: Black Metals Steel - With demand at a low level, the spot and futures prices of steel continue to oscillate. The real - world demand for steel still has resilience, but the market's outlook is pessimistic. Supply is expected to remain high in the short - term, and the market is expected to oscillate at the bottom [4][5]. Iron Ore - On Monday, the spot and futures prices of iron ore slightly declined, while the futures price rebounded. Short - term demand is okay, but the supply is expected to remain high in the second quarter. The price is expected to oscillate within a range [5]. Silicon Manganese/Silicon Iron - The spot prices of silicon manganese and silicon iron remained flat on Monday. Short - term demand is okay, but downstream procurement is weak. The market is expected to oscillate within a range, and short - term rebound opportunities can be considered if energy prices continue to strengthen [6]. Group 6: Chemicals Soda Ash - On Monday, soda ash oscillated. Supply remains abundant, demand has contracted, and inventory has increased. The price is expected to be under pressure and oscillate within a range [7]. Glass - On Monday, glass was weakly oscillating. Supply is mainly for rigid demand, and demand is weak due to the poor real - estate market. The price is expected to oscillate within a range [7]. Group 7: Non - Ferrous Metals Copper - The US Federal Reserve's June interest - rate meeting was more hawkish. The production of copper is at a high level, and demand may decline marginally. The price is expected to oscillate, and the negotiation results between the US and other countries and the US's copper tariff policy should be monitored [8]. Aluminum - Central funds of 138 billion yuan will be gradually released in the third and fourth quarters. Aluminum prices are rising, mainly driven by the external market. Downstream demand may weaken, and the inventory situation should be monitored [9]. Aluminum Alloy - It has entered the off - season for demand, but the tight supply of scrap aluminum provides some support for the price. The price is expected to oscillate strongly in the short - term, but the upside is limited [9]. Tin - The supply of tin ore is tight, and the demand is in the off - season. The price is expected to oscillate strongly in the short - term, but the upside is restricted by high tariffs,复产 expectations, and weakening demand [10]. Group 8: Energy and Chemicals Crude Oil - Iran's attack on a US airbase did not target energy infrastructure, and the probability of Iran blocking the Strait of Hormuz has decreased significantly, leading to a sharp decline in oil prices [11]. Asphalt - Asphalt prices will follow the decline in oil prices. The shipment volume has improved slightly, and the inventory is being depleted. It will continue to fluctuate at a high level following crude oil [11]. PX - The cost support for PX is strong in the short - term, but the decline in oil prices brings uncertainties. PX prices may face a callback risk and will continue to oscillate strongly following crude oil [11]. PTA - The basis of PTA remains at a high level. The upstream - downstream contradiction is significant, and the inventory is accumulating. The decline in oil prices will severely impact the futures price [12][13]. Ethylene Glycol - The probability of Iran blocking the Strait of Hormuz has decreased, and the impact on device shutdowns has weakened. The inventory depletion has slowed down, and the price may experience a larger callback following the decline in oil prices [13]. Short - Fiber - The decline in crude oil prices will drive down short - fiber prices. It will continue to oscillate strongly following the polyester sector, but the terminal orders are average [13]. Methanol - Methanol prices have squeezed downstream profits, and the price is expected to decline in the short - term due to the possible end of geopolitical conflicts [13]. PP - The production of PP is increasing, and downstream开工 has slightly declined. The price is expected to fall with the decline in oil prices [13]. LLDPE - The device production has not increased significantly, and downstream demand has not changed much. The futures price is expected to continue to weaken, with increased short - term volatility [13]. Group 9: Agricultural Products US Soybeans - Overnight, CBOT soybeans declined. Favorable weather in the US Midwest is expected to benefit crop growth [14]. Soybean and Rapeseed Meal - The inventory of soybeans and soybean meal in Chinese oil mills has increased. The supply - demand of soybean meal is gradually becoming more balanced, and the rapeseed meal market is dominated by the soybean meal market [15]. Oils and Fats - The decline in geopolitical risks in the Middle East has led to a decline in the premium of international oils and fats. The inventory of palm oil and soybean oil in China has increased [15][16]. Corn - The price of corn in the Northeast has risen, but the supply from the Northeast to North China has increased, and the price in North China has decreased. The start of wheat procurement and the possible increase in old - corn sales may lead to a high - level consolidation of corn prices [16]. Hogs - The weight - reduction efforts of pig - raising groups are limited. The spot price in the benchmark area is stable, and the futures price is expected to be repaired. The price is expected to fluctuate within a range, with possible stronger fluctuations [17].
能源化策略:美国可能介?伊以冲突,原油延续较?波动率
Zhong Xin Qi Huo· 2025-06-20 02:58
1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, it provides mid - term outlooks for various energy and chemical products, including "oscillating", "oscillating strongly", "oscillating weakly", etc., which can be used as a reference for the investment outlook of individual products [266]. 2. Core View of the Report - The energy and chemical sector is in a complex situation. Chemical products generally follow the strong trend of crude oil. The geopolitical risk between Iran and Israel has intensified, leading to increased volatility in crude oil prices, which in turn affects the prices of downstream chemical products [1][2]. - The overall outlook for the energy and chemical sector is a strong - oscillating trend, and a long - short allocation strategy is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Crude Oil - On June 19, SC2508 closed at 570.9 yuan/barrel, up 3.29%, and Brent2508 closed at 78.74 dollars/barrel, up 3.5%. - Geopolitical concerns in the Middle East dominate short - term oil price fluctuations. Although there have been attacks on energy infrastructure, there has been no substantial impact on crude oil production. Oil prices are expected to oscillate with high volatility [6]. 3.1.2 Asphalt - The main asphalt futures closed at 3695 yuan/ton. Spot prices in East China, Northeast China, and Shandong were 3770 yuan/ton, 3990 yuan/ton, and 3800 yuan/ton respectively. - Due to the escalation of the Iran - Israel geopolitical situation, asphalt prices have a geopolitical premium. However, in the medium - long term, the increase in heavy oil supply will put pressure on the asphalt cracking spread. The absolute price of asphalt is overvalued [7]. 3.1.3 High - Sulfur Fuel Oil - The main high - sulfur fuel oil contract closed at 3333 yuan/ton. - Geopolitical factors have led to a sharp increase in prices, but in the medium - long term, the increase in heavy oil supply will put pressure on the cracking spread. Overall, supply is increasing while demand is decreasing, and prices are expected to oscillate weakly [8][9]. 3.1.4 Low - Sulfur Fuel Oil - The main low - sulfur fuel oil contract closed at 3921 yuan/ton. - It follows the trend of crude oil. Currently, it has a low valuation and is facing various negative factors such as weak shipping demand and green energy substitution. It is expected to fluctuate with crude oil [10]. 3.1.5 LPG - On June 19, 2025, the PG 2508 contract closed at 4513 yuan/ton, up 1.28%. - Driven by rising crude oil prices, the supply pressure has been relieved, and the chemical demand has recovered. It is expected to oscillate strongly in the short term [10]. 3.1.6 PX - On June 19, the CFR price of PX in Taiwan, China was 904 (16) dollars/ton, and PX 2509 closed at 7094 (106) yuan/ton. - The supply capacity of Asian PX is increasing, and the support from the supply - demand fundamentals in China is weakening. Short - term fluctuations are mainly affected by crude oil. It is expected to be strong in the short term due to production cut news [12]. 3.1.7 PTA - On June 19, the spot price of PTA was 5175 (- 30) yuan/ton, and the spot processing fee was 269 (- 118) yuan/ton. - The supply - demand situation of PTA is weakening at the margin, and it follows the short - term trend of crude oil. It is expected to be strong in the short term following the cost side [12]. 3.1.8 Styrene - On June 19, the spot price of styrene in East China was 8050 (100) yuan/ton. - The future driving force is insufficient. The supply may increase, and the demand is weak. It is expected to oscillate weakly [11][12]. 3.1.9 Ethylene Glycol (EG) - On June 19, the price of ethylene glycol increased, and the basis weakened. - It has a low - inventory pattern and is driven by rising crude oil prices. The weekly operating rate reached a five - year high. It is expected to oscillate strongly [14][15]. 3.1.10 Short - Fiber - On June 19, the price of polyester short - fiber was 6800 (+ 55) yuan/ton. - The short - fiber industry has a good pattern. The rise in crude oil prices leads to a compensatory increase in the downstream industry chain. The processing fee has limited compression space. It is expected to oscillate strongly [15][16]. 3.1.11 Bottle Chip - On June 19, the price of polyester bottle chips increased with the rise of raw materials. - The processing fee is in an oscillating pattern. As production cuts are implemented, the processing fee is expected to expand. Long positions in the processing fee can be gradually arranged [17]. 3.1.12 Methanol - On June 19, the low - end spot price of methanol in Taicang was 2750 yuan/ton. - The situation in Iran provides short - term support. The inventory in ports has decreased, and coal prices have stabilized. It is expected to oscillate strongly in the short term [20][21]. 3.1.13 Urea - On June 19, the low - end factory and market prices of urea were 1790 (+ 20) and 1820 (+ 0) respectively. - High supply continues, but the demand at home and abroad has started. The overseas supply is affected by geopolitics, leading to a sharp increase in overseas prices. It is expected to oscillate strongly [21]. 3.1.14 LLDPE (Plastic) - On June 19, the mainstream spot price of LLDPE was 7400 (20) yuan/ton. - Affected by the rise in oil prices, the short - term price has rebounded. However, the fundamentals are still under pressure. It is recommended to wait and see in the short term [23]. 3.1.15 PP - On June 19, the mainstream transaction price of East China wire drawing was 7250 (30) yuan/ton. - Driven by the rise in oil prices and supported by methanol, the supply is increasing, and the demand is weak. It is recommended to wait and see in the short term [24]. 3.1.16 PVC - On June 19, the benchmark price of PVC by calcium carbide method in East China was 4840 (+ 0) yuan/ton. - Affected by the rise in energy prices, but the fundamentals are still under pressure. The cost has increased, and it is expected to oscillate [26]. 3.1.17 Caustic Soda - On June 19, the price of 50% caustic soda in Shandong was 2760 (+ 0) yuan/ton. - The supply and demand are weak in June and July. The spot price is under pressure, and the futures price follows the production - cut logic. It is expected to operate weakly [27]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Index Monitoring - The report provides data on the basis, change values, and warehouse receipts of various products such as asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. It also shows cross - variety spreads and their change values [28]. 3.2.2 Chemical Basis and Spread Monitoring - Although the report lists various products such as methanol, urea, styrene, etc., no specific data or analysis content is provided in the given text.
日度策略参考-20250617
Guo Mao Qi Huo· 2025-06-17 05:42
Report Industry Investment Ratings - Bullish: Aluminum, Palm Oil, Soybean Oil, Rapeseed Oil [1] - Bearish: Coke, Coking Coal, BR Rubber [1] - Neutral: Gold, Silver, Copper, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Polysilicon, Lithium Carbonate, Rebar, Hot Rolled Coil, Iron Ore, Ferro - Silicon, Glass, Soda Ash, Cotton, Pulp, Crude Oil, Asphalt, Shanghai Rubber, PTA, Ethylene Glycol, Short Fiber, Pure Benzene, Styrene, PP, PVC, Aluminum Oxide, LPG, Container Shipping European Line [1] Core Views - Geopolitical conflicts are intensifying, and options tools can be used to hedge uncertainties [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward trend [1] - The situation has slightly eased, and the gold price may return to a volatile state in the short term; the long - term upward logic remains solid [1] - The market should pay attention to tariff - related developments and domestic and foreign economic data changes due to the repeated market sentiment affected by the Middle East geopolitical risks and the resilience of China's May economic data [1] Summaries by Industry Categories Macro - finance - Asset shortage and weak economy are favorable for bond futures, but short - term central bank warnings on interest - rate risks suppress the upward movement [1] Non - ferrous metals - Copper: Market risk appetite has declined, downstream demand has entered the off - season, and there is a risk of price correction after the copper price has risen [1] - Aluminum: Domestic electrolytic aluminum inventory has continued to decline, and the risk of a short squeeze still exists, with the aluminum price remaining strong; alumina spot price is relatively stable, while the futures price is weak, and the futures discount is obvious [1] - Nickel: The Middle East geopolitical risk persists, and the domestic May economic data shows resilience. The nickel price is in a short - term weak shock, and there is still pressure from the long - term surplus of primary nickel [1] - Stainless steel: The price of nickel iron has fallen, steel mill price limits are fluctuating, spot sales are weak, and social inventory has slightly increased. The short - term futures price is in a weak shock, and there is still long - term supply pressure [1] - Tin: The supply contradiction of tin ore has intensified in the short term, and the increase in Wa State's tin ore production still takes time, so the short - term tin price is in a high - level shock [1] Energy and chemicals - Crude oil: Geopolitical tensions are easing, and the price has fallen. The chemical industry as a whole has followed the decline in the crude oil price [1] - PTA: The spot basis remains strong, PXN is expected to be compressed due to the delay of Northeast PX device maintenance and market rumors of the postponement of Zhejiang reforming device maintenance [1] - Ethylene Glycol: It continues to reduce inventory, and the arrival volume will decrease. Polyester production cuts have an impact on the market [1] - Short fiber: In the case of a high basis, the cost is closely related to the price. Short - fiber factories have started maintenance plans [1] - Pure benzene and styrene: The price of pure benzene has started to weaken, the load of styrene devices has increased, and the basis has also weakened [1] - PP: The price is in a volatile and slightly downward trend, with limited support from maintenance [1] - PVC: After the end of maintenance and the commissioning of new devices, the downstream enters the seasonal off - season, and the supply pressure increases [1] - Alumina: The electricity price has dropped, and non - aluminum demand is weaker than last year. The market is trading the price - cut expectation in advance [1] - LPG: Geopolitical sentiment has eased, and the price premium is expected to be repaired [1] Agricultural products - Palm oil, soybean oil, and rapeseed oil: The US biodiesel RVO quota proposal exceeds market expectations, which may tighten the global oil supply - demand situation, and they are considered bullish in the short term [1] - Cotton: There are short - term disturbances in US cotton, and the long - term macro uncertainty is strong. The domestic cotton price is expected to be in a weak shock [1] - Sugar: Brazil's 2025/26 sugar production is expected to reach a record high, but the oil price may affect the sugar production through the sugar - alcohol ratio [1] - Corn: The overall supply - demand situation in the corn year is tight, and the short - term price is expected to be in a shock [1] - Bean粕: Before the release of the USDA planting area report at the end of the month, the futures price is expected to be in a shock [1] - Pulp: The current demand is light, but the downward space is limited, and it is recommended to wait and see [1] - Hog: The inventory is being repaired, the slaughter weight is increasing, and the futures price is relatively stable [1] Others - Container Shipping European Line: There is a situation of strong expectation and weak reality. The peak - season contracts can be lightly tested for long positions, and attention should be paid to arbitrage opportunities [1]
银河期货原油期货早报-20250612
Yin He Qi Huo· 2025-06-12 03:09
美国总统特朗普周三表示,美中已达成一项让脆弱的贸易休战回到正轨的协议,此前华盛 顿和北京官员就一项包括关税税率在内的框架达成了一致。框架还包括有关稀土和中国留 学生的内容。特朗普在其社交媒体平台上公布了伦敦两天会谈的一些首次披露的细节。用 美国商务部长卢特尼克的话来说,此次会谈为上月在日内瓦达成的一项旨在降低双边报复 性关税的协定"增添了实质内容"。 美国和伊拉克消息人士表示,美国正准备撤离驻伊拉克大使馆部分人员,并将允许中东各 军事基地的军人家属离开,因该地区安全风险加剧。消息人士并未具体说明是哪些安全风 险促使政府做出这一决定。白宫官员表示,美国总统特朗普已听取了相关汇报。相关报道 导致油价上涨逾 4%。 EIA 数据显示,截止 6 月 6 日当周,包括战略储备在内的美国原油库存总量 8.34 亿桶,比 前一周下降 341 万桶;美国商业原油库存量 4.32 亿桶,比前一周下降 364.4 万桶;美国汽 油库存总量 2.30 亿桶,比前一周增长 150.4 万桶;馏分油库存量为 1.09 亿桶,比前一周增 长 124.6 万桶。美国原油日均产量 1342.8 万桶,比前周日均产量增加 2 万桶,比去年同期 ...
研究所晨会观点精萃:美国非农数据好于预期,提振全球风险偏好-20250609
Dong Hai Qi Huo· 2025-06-09 03:00
Report Industry Investment Ratings - Not provided in the given content Core Viewpoints - The better-than-expected US non-farm payroll data eases market concerns about an impending economic slowdown, leading to a rebound in the US dollar index and US Treasury yields, and an increase in global risk appetite. The improvement in China's May PMI data and positive signals from the Sino-US leaders' call boost domestic risk appetite in the short term [3]. - For different asset classes, the report provides short - term outlooks: stocks may be short - term volatile with a suggestion of cautious long positions; bonds may be at a short - term high with a cautious wait - and - see approach; different commodity sectors have their own short - term trends and corresponding trading suggestions [3]. Summary by Related Catalogs Macro - Finance - **Overseas**: In May, the US non - farm payroll employment increased by 139,000, higher than the expected 130,000. Employment growth continued to slow under the influence of trade policy uncertainties, and the unemployment rate remained at a low of 4.2% for the third consecutive month. The better - than - expected data led to a rebound in the US dollar index and US Treasury yields and an increase in global risk appetite [3]. - **Domestic**: China's May PMI data improved, indicating continued expansion of overall economic output and accelerated economic growth, which helps boost domestic risk appetite in the short term. The Sino - US leaders' call released positive signals and also boosted domestic risk appetite [3]. - **Asset Outlook**: Stocks may be short - term volatile, with a suggestion of cautious long positions; bonds may be at a short - term high, with a cautious wait - and - see approach; different commodity sectors have their own short - term trends and corresponding trading suggestions [3]. Stock Index - Driven by sectors such as metals, communication services, and trade, the domestic stock market continued to rise slightly. The improvement in China's May PMI data and positive signals from the Sino - US leaders' call boost domestic risk appetite in the short term. The short - term trading logic focuses on US trade policy changes and trade negotiation progress. It is recommended to be short - term cautious and go long [4]. Precious Metals - Last week, the precious metals market showed a significant divergence, with silver strongly breaking through and driving the gold - silver ratio to quickly decline. Employment data concerns increased market volatility. There are still uncertainties in trade negotiations. Silver has a technical breakthrough and catch - up demand, and the gold - silver ratio may be repaired. Gold is expected to remain in a high - level shock, and a callback - buying strategy is recommended [5]. Energy and Chemicals - **Crude Oil**: The Canadian wildfires and decent US employment data led to a slight increase in oil prices. The impact of OPEC+ production increase remains at the long - term structural level, and oil prices are expected to remain stable in the near term and may weaken in the long term [6][7]. - **Asphalt**: Oil prices are consolidating, and the asphalt market is in a narrow - range shock. Demand has recovered to a limited extent, and the inventory de - stocking has stagnated. It will continue to fluctuate at a high level following crude oil in the short term [7]. - **PX**: PTA's operating rate has slightly increased, and PX demand will rise later. The supply will be tight in the future, but it will maintain a short - term shock pattern [7]. - **PTA**: Supply is expected to continue to increase in June. The downstream demand is in a negative feedback state, and it may shift to slight inventory accumulation. It is recommended to be bearish on high prices [7]. - **Ethylene Glycol**: After the speculation on ethane imports was falsified, and with the coal price just showing signs of bottoming out, the cost - pricing logic still exerts pressure on the market. Supply will increase significantly, and it may maintain a shock pattern in the near term [8]. - **Short Fibre**: It generally maintains a weak shock pattern. Terminal orders have recovered slower than expected, and downstream operating rates are expected to decrease. It will continue to operate in a shock in the short term [8]. - **Methanol**: Inventories in the inland and ports are rising. The port inventory accumulation process may slow down. Supply is loose, and demand is fair. It is expected to shock and repair in the short term, and prices may decline in the medium - to - long term [8]. - **PP**: Production is increasing, downstream operating rates are slightly falling, and inventories are rising significantly. The fundamentals are deteriorating, and prices are expected to be under pressure [8]. - **LLDPE**: Plants are restarting, downstream operating rates are slightly falling, and inventories are rising. The price is expected to move down due to the production - expansion expectation [9]. Non - Ferrous Metals - **Copper**: The Sino - US leaders' call restarts the negotiation, but the possibility of continued overly optimistic results is low, and attention may return to high - tariff risks. The copper ore supply is relatively tight, production is high, and demand may decline marginally. It will be in a short - term shock [10][11]. - **Aluminum**: Supply is rigid, production is high, and imports have increased significantly. Demand may decline marginally, but there is still an effect of export rush. There is no major substantial negative news in the short term [11]. - **Tin**: The supply of domestic tin ore is tight, and the resumption of production in Myanmar's Wa State may be delayed. Demand is in a seasonal off - peak, and inventories have decreased. Tin prices may continue to repair in the short term, but the upside is limited [12].
研究所晨会观点精萃-20250605
Dong Hai Qi Huo· 2025-06-05 00:47
Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - The US ADP and ISM non - manufacturing data were worse than expected, leading to a weaker US dollar index and an overall increase in global risk appetite. China's May PMI data improved, and the economy continued to expand, boosting domestic risk appetite. Short - term, the stock index may fluctuate, and it's advisable to be cautious and go long; the treasury bond may oscillate at a high level, and it's better to observe carefully. For commodities, black may rebound from a low level, and it's advisable to observe carefully; non - ferrous metals may oscillate and rebound, and it's advisable to be cautious and go long; energy and chemicals may oscillate and rebound, and it's advisable to observe carefully; precious metals may be strong at a high level, and it's advisable to be cautious and go long [2]. Summary by Related Catalogs Macro - finance - Overseas: US May ADP employment was 37,000, far lower than the expected 110,000 and the previous 62,000. The May ISM non - manufacturing index dropped to 49.9, shrinking for the first time in nearly a year. The US dollar index weakened due to these factors and the president's call for a rate cut, and global risk appetite increased. Domestic: China's May PMI data improved, the economy expanded, and short - term domestic risk appetite was boosted. Although the US tightened restrictions on China's semiconductor and aircraft engine sectors, the expected call between Chinese and US leaders this week also lifted domestic risk appetite [2]. Stock Index - Driven by sectors such as beauty care, clothing and home textiles, and metal new materials, the domestic stock market continued to rise slightly. China's May PMI data improvement and the expected call between Chinese and US leaders boosted domestic risk appetite. The market focused on US trade policies and negotiations. Short - term, it's advisable to be cautious and go long [3]. Precious Metals - Supported by a weaker US dollar and weak US data, precious metals rose slightly on Wednesday. COMEX gold August contract reached $3397 per ounce. The ISM non - manufacturing PMI dropped to 49.9, the lowest since June 2024. ADP data showed the fewest private - sector job increases in over two years. The labor market showed signs of cooling. Precious metals are expected to be strong in the short - term and have a solid long - term upward trend. It's advisable to focus on the employment report on Friday [4]. Black Metals - **Steel**: The steel spot and futures markets rebounded on Wednesday. The rebound of coking coal and coke prices improved market sentiment. The actual demand was okay, with inventory decreasing but apparent consumption slightly falling. The supply side saw a slight increase in hot - rolled coil production and a slight decrease in building materials production. Steel may oscillate in the short - term [5][6]. - **Iron Ore**: The iron ore spot and futures prices rebounded slightly on Wednesday. The iron - making molten iron output declined for three consecutive weeks, but the high profitability of steel mills led to different views on the decline path. The global iron ore shipment and arrival volumes increased this week. The delay of FMG's iron bridge project should be noted. Iron ore may oscillate in the short - term [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese remained flat on Wednesday. The demand for ferroalloys decreased slightly. The production of silicon manganese increased slightly. The prices of raw materials were weak, and the market transaction was average. Silicon iron and silicon manganese may oscillate in the short - term [6]. Energy and Chemicals - **Crude Oil**: Saudi Arabia intends to increase production by at least 411,000 barrels per day in August or September, and the improvement of the Canadian wildfire situation led to a slight decline in oil prices [7]. - **Asphalt**: With the decline of oil prices, asphalt oscillated narrowly. Demand recovered to a limited extent. The basis of major consumption areas decreased, and the inventory destocking stagnated. Asphalt will follow crude oil to fluctuate at a high level in the short - term [7]. - **PX**: The PX price remained high, and PXN was around 270. Short - term maintenance was relatively high, and with the support of crude oil, PX will oscillate strongly. However, the reduction of PTA long - term contracts and the lack of gasoline - blending demand may lead to a slight decline in PX demand later [7]. - **PTA**: The PTA basis remained at +200, and the 9 - 1 structure was around 140. The downstream was in a cash - flow deficit, with weak new orders. PTA may oscillate weakly later [8][9]. - **Ethylene Glycol**: Affected by the rebound of black metals, ethylene glycol recovered. Although there is some support at 4300, the supply recovery of synthetic - gas - made ethylene glycol is certain, and the probability of a sharp rise is low. It may form a bottom, and short - term trading can be observed [9]. - **Short - fiber**: Short - fiber oscillated weakly. Terminal orders recovered slowly, and the downstream may reduce production. Short - fiber may continue to oscillate in the short - term [9]. Non - ferrous Metals - **Copper**: The possible call between Chinese and US leaders boosted market sentiment. The copper ore supply was relatively tight, while the production of electrolytic copper was high. The demand may decline as the peak season ended. Copper may oscillate in the short - term [10]. - **Aluminum**: Affected by the overall commodity market, aluminum prices rose. There is no clear market logic currently, and aluminum may oscillate in the short - term. Later, attention should be paid to the change in social inventory and the high - tariff risk [10]. - **Tin**: Affected by the slow possible resumption of production in Myanmar's Wa State, tin prices rose. The domestic tin ore supply was tight, and the demand was mixed. Tin may stabilize in the short - term, but the high - tariff risk may put pressure on prices [11]. Agricultural Products - **US Soybeans**: Supported by a weaker US dollar, CBOT soybeans and grains may maintain a range - bound market. The US soybean sowing progress was 84%, and the weather was stable, lacking continuous weather premium [12]. - **Soybean and Rapeseed Meal**: The inventory of soybean and soybean meal in oil mills may continue to recover, and soybean meal lacks a stable upward driver. The supply of rapeseed meal is uncertain, and the port inventory may decline. The market's expectation of trade tension decreased. The premium of soybean and rapeseed meal may decline if the USDA report strengthens the expectation of a US soybean bumper harvest [12][13]. - **Palm Oil**: The BMD Malaysian palm oil futures fell 0.58%. Malaysia's production and inventory are expected to increase, and the external market is weak. Indonesia's 2024/2025 palm oil production is estimated to be 48.8 million tons, and Malaysia's is estimated to be 19 million tons [13]. - **Live Pigs**: After the holiday, the supply and demand of live pigs were both weak. Pig prices may continue to decline, but there may be a short - term price increase due to the narrowing of the basis [14]. - **Corn**: The northeast corn产区 had a strong intention to support prices, and the north - south port corn inventory may continue to decline. The substitution of wheat for corn in feed may not affect the overall trend. The corn futures market was inactive, and there is no upward impetus currently [14].