Report Summary 1. Report Industry Investment Ratings - Not provided in the given content. 2. Core Views - The market is affected by various factors, leading to different trends in different varieties. For example, the stock index shows a pattern of stable lower - support and high upper - breakthrough pressure; the bond market is in a narrow - range shock waiting for fundamental guidance; precious metals are affected by multiple factors and show a shock or upward - potential trend; and different industrial and agricultural products have their own supply - demand and price trends [2]. 3. Summary by Variety Stock Index Futures - IF2506, IH2506, IC2506, IM2506: The index has stable lower support and high upper - breakthrough pressure. TMT is warming up, and A - shares are in a shrinking shock. It is recommended to sell put options near the previous low support level to earn the premium [2]. Bond Futures - T2506, TF2506, TS2506, TL2506: In the short - term information window period, the bond futures are in a narrow - range shock. The 10 - year Treasury bond interest rate may fluctuate in the range of 1.65% - 1.7%, and the 30 - year Treasury bond interest rate may fluctuate in the range of 1.85% - 1.95%. It is recommended to wait and see and pay attention to high - frequency economic data and capital - market dynamics [2]. Precious Metals - AU2508, AG2508: Gold may break through $3400 (795 yuan) or maintain a shock trend. Silver follows gold's fluctuations, and the resistance near the previous high of $33.5 (8300 yuan) is strengthened [2]. Shipping Index - EC2508 (European Line): Airlines are reducing prices, and the main contract is falling. It is recommended to wait and see cautiously [2]. Steel - RB2510: Industrial material demand and inventory are deteriorating. Pay attention to the decline in apparent demand. It is recommended to pay attention to the long - hot - rolled - coil and short - coke and long - hot - rolled - coil and short - coking - coal arbitrage operations [2]. Iron Ore - I2509: It is in a range - bound shock, with the range referring to 700 - 745 [2]. Coke - J2509: Mainstream steel mills are initiating the second round of coke price cuts, which are expected to be implemented on the 28th. Coke prices may still be cut. It is recommended to consider long - hot - rolled - coil and short - coke operations [2]. Coking Coal - JM2509: The market auction is cold, coal mine production and inventory are at high levels, and prices are still likely to fall. It is recommended to consider long - hot - rolled - coil and short - coking - coal operations [2]. Silicon Iron - SF507: Supply - demand is marginally improving, and costs are moving down. It is in a range - bound shock, with the range referring to 5500 - 5800. It is recommended to try shorting at high levels, with the upper pressure referring to around 5900 [2]. Copper - CU2507: There are sudden disturbances in the copper mine supply. Pay attention to the sustainability of the "strong reality". The main contract pays attention to the pressure level of 78000 - 79000 [2]. Zinc - ZN2507: Social inventory is decreasing again, and the fundamentals change little. The market is in a shock [2]. Nickel - NI2506: The market is in a narrow - range shock, with cost support and supply - demand contradictions still existing. The main contract refers to 122000 - 128000 [2]. Stainless Steel - SS2507: The main contract refers to 12600 - 13200. It is recommended to try shorting lightly in the range of 265000 - 270000 [2]. Tin - SN2506: In the medium - to - long - term, it is recommended to adopt a band - trading strategy. In the short - term, observe opportunities for shorting on rebounds [2]. Crude Oil - SC2508: The macro - situation and supply - increase expectations are in a stalemate. The market is in a shock, waiting for the implementation of OPEC's production - increase policy. The WTI fluctuates in the range of [59, 69], Brent in [61, 71], and SC in [440, 500]. It is recommended to pay attention to the INE monthly - spread rebound opportunities [2]. Urea - UR2509: Agricultural demand needs time, and under high - supply pressure, the market is looking for a bottom in a shock. The main - contract fluctuation is adjusted to around [1800, 1900] [2]. PX - PX2509: Supply - demand is marginally weakening, and oil - price support is limited. PX is under short - term pressure. Pay attention to the support at 6500 - 6600, try a light - position reverse - spread operation for PX9 - 1, and shrink the PX - SC spread when it is high [2]. PTA - TA2509: Supply - demand is marginally weakening, and oil - price support is limited. PTA is under short - term pressure. Pay attention to the support near 4600 and treat TA9 - 1 as a reverse - spread operation [2]. Short - Fiber - PF2507: The short - term driving force is weak, and the price follows the raw materials. The unilateral operation is the same as PTA, and it is mainly to expand the processing fee on the PF disk at a low level [2]. Bottle Chip - PR2507: Supply and demand are both increasing, and short - term contradictions are not prominent. The absolute price follows the cost. The unilateral operation is the same as PTA. The main - contract processing fee on the PR disk is expected to fluctuate in the range of 350 - 550 yuan/ton. Pay attention to the opportunity to expand at the lower edge of the range [2]. Ethanol - EG2509: Supply and demand are both decreasing, but MEG has a large destocking in the near - month. Pay attention to the positive - spread opportunity. Unilaterally wait and see, and go for a positive - spread operation for EG9 - 1 when the price is low [2]. Styrene - EB2507: Inventory has stopped decreasing and started to accumulate, and supply - demand is under pressure. The market is in a weak shock. It is medium - term bearish, with a resistance of 7800 for the near - month. Pay attention to the opportunity for the EB - BZ spread to widen [2]. Caustic Soda - 60952HB: The increase in the alumina purchase price drives the near - month price. Pay attention to the warehouse receipts. Unilaterally wait and see, and maintain a positive - spread operation for the near - month [2]. PVC - V2509: The medium - to - long - term contradiction still exists, and the near - end spot is weak. The market has turned down again. It is recommended to short on the medium - to - long - term on rallies, with the resistance level for 09 at around 5100 [2]. Synthetic Rubber - BR2507: The supply - demand pattern of loose remains unchanged, and BR has fallen sharply. Hold short positions [2]. LLDPE - L2509: The spot price follows the disk decline, and the transaction has deteriorated significantly. The market is in a shock [2]. PP - PP2509: Supply and demand are both weak. Pay attention to the subsequent marginal - device restart situation. The market is in a weak shock [2]. Methanol - MA2509: The inventory inflection point has appeared, and the port and inland markets are weakening. The market is in a weak shock [2]. Grains and Oils - M2509: The pressure near 2950 is increasing [2]. - RM509: CBOT is closed, and the market is in a shock [2]. - LH2509: At the end of the month, the volume is shrinking, and downstream Dragon Boat Festival stocking is increasing. The futures and spot prices are rebounding slightly. Pay attention to the support at 13500 [2]. - C2507: The market fluctuates with the shipment rhythm. It fluctuates around 2320 in the short - term [2]. - P2509/Y25: Palm oil may run around 8000 [2]. - SR2509: The overseas supply outlook is relatively loose. Unilaterally wait and see or short on rebounds [2]. - CF2509: The downstream market remains weak. Short on rebounds [2]. - JD2507: The spot price may weaken again. Short on rebounds for the 07 contract [2]. - AP2510: The trading is market - based. The main contract runs around 7500 [2]. - CJ2509: The fundamentals change little, and red dates continue to fluctuate. It runs around 9000 in the short - term [2]. - PK2510: The market price fluctuates. The main contract runs around 8200 [2]. Special Commodities - SA2509: There are many maintenance expectations from May to June. Consider positive - spread participation in the monthly spread. Short on rebounds and go for a positive - spread operation for the 7 - 9 monthly spread [2]. - FG2509: The market sentiment is pessimistic. Pay attention to the support at the 1000 - point level [2]. - RU2509: The fundamentals are weak, and the rubber price is falling. Hold the previous short positions and pay attention to the performance at the 14000 - line [2]. - Si2507: The industrial - silicon futures are increasing positions and falling under the expectation of supply increase. The fundamentals are still bearish [2]. New - Energy Commodities - PS2507: The raw - material price is falling, and the supply is expected to increase. The polysilicon futures are increasing positions and falling, and the price is still under pressure [2]. - LC2507: The market has rebounded, but the fundamental logic has not reversed. The main contract runs in the range of 58,000 - 63,000 [2].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Oils and Fats - Palm oil: SPPOMA's significant decline in the first 25 - day production increase and the increase in the first 25 - day exports announced by shipping agencies will limit the downside of the market. However, the domestic Dalian palm oil futures market is expected to maintain a weak and volatile trend due to the weak performance of Malaysian palm oil and the increase in domestic port inventories [1]. - Soybean oil: The fundamentals of domestic soybean oil are deteriorating. Spot soybean oil will continue to be weaker than futures, and the basis quote is expected to decline. Although CBOT soybean oil is supported by the US biodiesel policy and the promotion of green energy, it is also affected by the possible tariff increase on EU goods by Trump and the decline of CBOT soybeans [1]. Meal - The two - meal futures in the domestic market are expected to maintain a volatile structure. The spring sowing of US soybeans is progressing smoothly, and the supply pressure from Brazil is still being realized. The abundant arrival of soybeans in the domestic market will suppress the cost of domestic soybean meal, but the low inventory of oil mills and the low basis limit the downside [2]. Live Pigs - The spot price of live pigs has rebounded slightly. Although the improvement in supply - demand is limited, the reduction in the supply of breeding groups at the end of the month and the pre - Dragon Boat Festival stocking demand have contributed to the rebound. The 09 contract has also rebounded, and the market is expected to neither decline significantly nor have strong upward momentum. Attention should be paid to the support around 13,500 [4][5]. Corn - In the short term, the corn market will maintain a narrow - range volatile trend. The supply and price are affected by traders' selling rhythm. The downstream deep - processing industry's continuous losses and the substitution expectation of wheat put pressure on corn. In the long term, the tightening supply, reduced imports and substitution, and increased breeding demand will support the upward movement of corn prices [7]. Sugar - The supply outlook for the 25/26 sugar season is optimistic, with smooth harvesting in Brazil's central - southern region and a good start of the monsoon season in Thailand. The raw sugar is expected to be weak and volatile, with a risk of falling below 17 cents per pound. The domestic sugar price is expected to maintain a weak and volatile trend due to the future import rhythm and the increasing long - term supply [10]. Cotton - The downstream demand for cotton has resilience, and the basis of cotton spot is firm, providing strong support for cotton prices. However, the weak long - term demand expectation limits the upward movement of cotton prices. In the short term, the domestic cotton market is expected to fluctuate within a range [12]. Eggs - The national egg supply is relatively sufficient, which has a negative impact on egg prices. The demand is expected to first decrease and then increase, and the egg price is expected to first fall and then rise slightly this week [13]. 3. Summary by Related Catalogs Oils and Fats - **Prices and Changes**: For soybeans, the spot price in Jiangsu decreased by 0.61% to 8,120 yuan, and the futures price of Y2509 decreased by 0.53% to 7,530 yuan. For palm oil, the spot price in Guangdong decreased by 0.93% to 8,520 yuan, and the futures price of P2509 decreased by 0.43% to 7,920 yuan. For rapeseed oil, the spot price in Jiangsu remained unchanged at 9,610 yuan, and the futures price of 01509 decreased by 0.44% to 9,026 yuan [1]. - **Spreads**: The soybean - palm oil spread and the rapeseed - soybean oil spread have changed to varying degrees. For example, the 2509 soybean - palm oil spread decreased by 7.76% to - 250 yuan [1]. Meal - **Prices and Changes**: The spot price of Jiangsu soybean meal decreased by 0.68% to 2,940 yuan, and the futures price of M2509 decreased by 0.07% to 2,950 yuan. The spot price of Jiangsu rapeseed meal increased by 0.40% to 2,510 yuan, and the futures price of RM2509 increased by 0.39% to 2,566 yuan [2]. - **Spreads**: The 09 - 01 spread of soybean meal decreased by 1.96% to - 52 yuan, and the 09 - 01 spread of rapeseed meal increased by 6.85% to 234 yuan [2]. Live Pigs - **Futures and Spot Prices**: The futures prices of the main contract and the 2507 and 2509 contracts of live pigs have all increased. The spot prices in various regions have also rebounded to varying degrees, with the largest increase of 550 yuan in Liaoning [4]. - **Indicators**: The daily slaughter volume of sample points increased by 1.42%, the weekly white - strip price decreased by 100%, and the self - breeding and外购 breeding profits decreased by 40.23% and 133.32% respectively [4]. Corn - **Prices and Changes**: The futures price of corn 2507 decreased by 0.39% to 2,318 yuan, and the futures price of corn starch 2507 decreased by 0.38% to 2,653 yuan. The basis of corn and corn starch has changed, with the corn basis increasing by 128.57% [7]. - **Indicators**: The number of remaining vehicles in Shandong's deep - processing industry in the morning increased by 15.67%, and the import profit of corn increased by 2.80% [7]. Sugar - **Prices and Changes**: The futures price of sugar 2601 increased by 0.11%, and the futures price of sugar 2509 increased by 0.03%. The spot prices in Nanning and Kunming remained stable or decreased slightly [10]. - **Industry Indicators**: The national cumulative sugar production and sales have increased, and the industrial inventory has decreased. The cumulative national and Guangxi sugar sales rates have increased [10]. Cotton - **Prices and Changes**: The futures price of cotton 2509 decreased by 0.19%, and the futures price of cotton 2601 decreased by 0.19%. The spot prices in Xinjiang and other regions have changed slightly [12]. - **Industry Indicators**: The commercial and industrial inventories of cotton have decreased, and the cotton outbound shipment volume has increased by 22.6%. The export volume of textile yarns, fabrics and products, and clothing and accessories has changed to varying degrees [12]. Eggs - **Prices and Changes**: The futures prices of the 09 and 06 contracts of eggs have increased slightly. The egg - laying hen chick price remained unchanged, and the淘汰 chicken price decreased by 1.92% [13]. - **Indicators**: The basis of eggs increased by 42.40%, and the breeding profit increased by 7.32% [13].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Oils and Fats Industry - Palm oil futures are expected to continue their downward trend, with a long - term bearish view. The first target for the decline is around 3,500 ringgit. In the domestic market, palm oil has fallen below 8,000 yuan and may seek support in the 7,900 - 8,000 yuan range. - For soybeans, concerns about the US renewable diesel quota policy (RVO) have led to a market decline. If there is no new news on the biodiesel policy, the July contract will fluctuate around the daily mid - track at 48.9 cents, and may fall to 46 cents later. In the domestic market, soybean oil supply is increasing, and the spot basis price is expected to decline [1]. Sugar Industry - Although the sugar production in the central - southern region of Brazil decreased in the second half of April, the 25/26 sugar - cane season still has a promising harvest. Short - term raw sugar is expected to oscillate between 17 - 20 cents per pound. The domestic sugar supply is abundant, and sales are strong. The market focus is on future import rhythms, and sugar prices are expected to be weak and volatile [3]. Cotton Industry - Macro - level conditions have marginally improved, but US tariffs on Chinese cotton products remain high, which is unfavorable to domestic export - oriented enterprises. The industry's improvement is not obvious, and short - term domestic cotton prices may oscillate after rising, and further increase requires downstream improvement [5]. Egg Industry - The national egg supply is sufficient, which has a negative impact on egg prices. Demand may first decrease and then increase, and egg prices are expected to first fall and then rise slightly next week [8]. Meal Industry - Spring sowing of US soybeans is progressing smoothly, and the Brazilian soybean supply pressure is being realized. In the domestic market, soybean arrivals are increasing, oil mill operations are rising, but demand is not boosted, and the basis is under pressure. Attention should be paid to the performance of soybean meal around 2,900 [10]. Pig Industry - The spot price of pigs is stable, and the supply - demand relationship has not changed significantly. The fat - to - standard price difference is narrowing, and the pressure on fat pigs is increasing. There may be an increase in the second - fattening pig supply. The demand is weak, and pig prices are expected to oscillate. The 09 contract is below 14,000, and the market is expected to neither decline sharply nor rise strongly [13][14]. Corn Industry - In the short term, the corn market is stable, with the base grain sold out and the right of grain ownership transferred to traders. The price is stable in the northeast and may be slightly adjusted down in the north - central region. In the long term, the supply will tighten, and the price is expected to rise. It is recommended to go long on dips [16]. 3. Summary by Related Catalogs Oils and Fats Industry - **Prices**: On May 16, the price of soybean oil in Jiangsu was 8,240 yuan/ton, down 0.60% from the previous day; the price of palm oil in Guangdong was 8,600 yuan/ton, down 0.58%; the price of rapeseed oil in Jiangsu was 9,450 yuan/ton, down 0.53% [1]. - **Warehouse Receipts**: The warehouse receipts of soybean oil were 12,370, up 13.80%; palm oil warehouse receipts were 1,500, up 13.80%; rapeseed oil warehouse receipts remained unchanged at 1,725 [1]. Sugar Industry - **Futures and Spot Prices**: On May 19, the sugar 2601 contract was 5,723 yuan/ton, down 0.47%; the sugar 2509 contract was 5,855 yuan/ton, down 0.53%. The spot price in Nanning was 6,145 yuan/ton, down 0.32% [3]. - **Industry Data**: National sugar production reached 11.1072 million tons, an increase of 11.63%; sales were 7.2446 million tons, an increase of 26.07%. The national sugar sales rate was 65.22%, an increase of 12.97% [3]. Cotton Industry - **Futures and Spot Prices**: On May 19, the cotton 2509 contract was 13,390 yuan/ton, down 0.19%; the cotton 2601 contract was 13,445 yuan/ton, down 0.33%. The Xinjiang arrival price of 3128B cotton was 14,479 yuan/ton, up 0.07% [5]. - **Industry Data**: Commercial inventory decreased by 8.0% to 415.26 tons, and the textile industry's inventory decreased by 4.4% year - on - year [5]. Egg Industry - **Prices**: On May 19, the egg 09 contract was 3,788 yuan/500KG, down 0.18%; the egg 06 contract was 2,894 yuan/500KG, up 0.31%. The egg - producing area price was 3.28 yuan/jin, down 0.07% [8]. - **Related Data**: The price of laying - hen chicks was 4.15 yuan per bird, down 1.19%; the price of culled hens was 5.22 yuan/jin, down 0.57% [8]. Meal Industry - **Prices**: On May 19, the price of soybean meal in Jiangsu was 3,020 yuan/ton, down 0.98%; the price of rapeseed meal in Jiangsu was 2,450 yuan/ton, unchanged. The price of Harbin soybeans was 3,980 yuan/ton, unchanged [10]. - **Warehouse Receipts**: The warehouse receipts of soybean meal were 36,286, up 14.2%; rapeseed meal warehouse receipts were 31,068, down 0.67%; soybean warehouse receipts were 29,758, down 1.13% [10]. Pig Industry - **Futures and Spot Prices**: On May 19, the pig 2507 contract was 13,405 yuan/ton, down 0.67%; the pig 2509 contract was 13,660 yuan/ton, down 0.87%. The spot price in Henan was 14,980 yuan/ton, unchanged [13]. - **Industry Data**: The sample - point slaughter rate decreased by 0.32% to 146,383 heads; the self - breeding profit per pig decreased by 4.35% to 81 yuan; the number of fertile sows decreased by 0.66% to 4,039 million heads [13]. Corn Industry - **Futures and Spot Prices**: On May 19, the corn 2507 contract was 2,335 yuan/ton, down 0.30%; the corn starch 2507 contract was 2,685 yuan/ton, down 0.15%. The Jinzhou Port flat - hold price of corn was 2,320 yuan/ton, unchanged; the Changchun spot price of corn starch was 2,670 yuan/ton, unchanged [16]. - **Industry Data**: The number of remaining vehicles at Shandong deep - processing enterprises in the morning decreased by 6.46% to 884; the corn starch warehouse receipts increased by 24.58% to 26,620 [16].