Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - Overseas, the US dollar index continues to decline, and global risk appetite has generally increased. Domestically, China's economic growth in the first half of the year was higher than expected, but consumption and investment slowed down significantly in June. Policy measures are expected to boost domestic risk appetite in the short term [2]. - Different asset classes have different short - term trends: stock indices are expected to be volatile and slightly stronger; government bonds are at a high level and volatile; commodities show different trends in different sectors [2]. Summary by Category Macro - finance - **General situation**: Overseas, the US dollar index and US bond yields are falling, and global risk appetite is rising. Domestically, economic growth is higher than expected in H1 but slows in June. Policy boosts domestic risk appetite [2]. - **Assets**: Stock indices are volatile and slightly stronger, and short - term cautious long positions are recommended. Government bonds are at a high level and volatile, and cautious observation is advised. For commodities, black metals are expected to rebound from low levels, non - ferrous metals are expected to rebound, energy and chemicals are volatile, and precious metals are at a high level and volatile, with cautious long positions recommended for relevant sectors [2]. Stock Indices - **Market performance**: Driven by sectors such as hydropower, engineering machinery, and civil explosives and cement, the domestic stock market continues to rise [3]. - **Fundamentals and policy**: Economic growth in H1 is higher than expected, but consumption and investment slow down in June. Policy boosts domestic risk appetite. The market focuses on domestic stimulus policies and trade negotiations. Short - term macro - upward drivers are strengthened. Follow - up attention should be paid to Sino - US trade negotiations and domestic policy implementation. Short - term cautious long positions are recommended [3]. Precious Metals - **Market trend**: On Tuesday, the precious metals market continued to rise. Uncertainty before the August 1st tariff deadline and other factors support the strength of precious metals. The Fed's interest - rate cut expectation has slowed down. The volatility of precious metals is expected to increase, and they are short - term strong. Gold's medium - and long - term upward support pattern remains unchanged, and its strategic allocation value is prominent [4]. Black Metals - **Steel**: Policy expectations are strengthened, and steel prices continue to rebound. The real demand is weak in the short term, and the demand for plates is stronger than that for building materials. Speculative demand has increased. The output of five major steel products has decreased, and cost support is strong. Short - term, it is recommended to view it with a volatile and slightly stronger mindset [5][6]. - **Iron Ore**: The price of iron ore rebounds. Under the policy expectation, the black metal sector rises, driving the iron ore price up. The steel demand is in the off - season, but steel mill profits are high. The iron ore supply and demand situation is complex, and the short - term price is expected to be volatile and slightly stronger [6]. - **Silicon Manganese/Silicon Iron**: The prices of silicon manganese and silicon iron rebound slightly. The demand for ferroalloys has decreased. The cost of silicon manganese production in southern factories is high, and the production profit is low. The cost of silicon iron has increased slightly, and the production rhythm is stable. Short - term, the prices may follow the coal price rebound [7]. - **Soda Ash**: The price of the soda ash main contract rises significantly. The supply is in an over - supply pattern, the demand is weak, and the profit has decreased. The "anti - involution" policy supports the bottom price, but the long - term price is suppressed by the supply - demand pattern. Short - term, the price is supported [8]. - **Glass**: The glass main contract price hits the daily limit. Supply pressure increases in the off - season, and there are expectations of production cuts. The terminal real estate demand is weak, and the profit has increased. The price is supported by the "anti - involution" policy [9]. Non - ferrous Metals and New Energy - **Copper**: The upcoming Ministry of Industry and Information Technology's growth - stabilizing plan boosts sentiment. The future copper price depends on the tariff implementation time, and there is uncertainty. Short - term, the plan is positive for copper prices [10]. - **Aluminum**: Fundamentally, it is weak in the near term. The Ministry of Industry and Information Technology's document boosts market sentiment, but the actual impact is limited, and the increase is expected to be limited [10]. - **Aluminum Alloy**: The supply of scrap aluminum is tight, and the cost has increased. The industry is in a loss state, and demand is weak in the off - season. Short - term, the price is expected to be volatile and slightly stronger, but the upside is limited [10]. - **Tin**: The supply is better than expected, and the mine supply tends to be loose. The terminal demand is weak, and the inventory has increased slightly. Short - term, the price is expected to be volatile, and the medium - term upside is restricted [11]. - **Lithium Carbonate**: The price of the lithium carbonate main contract rises significantly. The production has increased, and the inventory has continued to accumulate. Although the fundamentals have not improved, it is expected to be volatile and slightly stronger under the influence of the "anti - involution" policy [12]. - **Industrial Silicon**: The price of the industrial silicon main contract rises significantly and hits the daily limit. The "anti - involution" sentiment drives the re - pricing of the industry chain. It is expected to be volatile and slightly stronger [13]. - **Polysilicon**: The price of the polysilicon main contract rises significantly and hits the daily limit. The industry is expected to be volatile and slightly stronger, but the market should pay attention to the margin adjustment [13][14]. Energy and Chemicals - **Crude Oil**: As the US trade negotiation deadline approaches, the oil price has fallen for three consecutive days. The market is waiting for the EU - US trade negotiation results [15]. - **Asphalt**: The price of asphalt has corrected. The demand in the peak season is average, and the inventory shows signs of accumulation. It is expected to follow the crude oil price and be in a weak and volatile state [15]. - **PX**: PX follows the upstream raw materials and is in a range - bound state. The supply is tight, and the price is expected to be volatile and slightly stronger, but the upside is limited [15]. - **PTA**: The spot is weak, and the downstream demand is in the off - season. The price is driven by the "anti - involution" resonance but has limited upside. There is a risk of production cuts due to low processing fees [16]. - **Ethylene Glycol**: The price is supported at a certain level. The inventory has decreased slightly, but the downstream demand is weak. It is expected to be in a volatile pattern [16]. - **Short - Fiber**: The price of short - fiber is slightly lower, following the polyester sector. The terminal orders are average, and the inventory is high. It is expected to be in a weak and volatile pattern [16]. - **Methanol**: The price of methanol in Taicang has risen and then fallen slightly. The supply has increased, and the demand has decreased. The price is short - term strong under the influence of the "anti - involution" policy, but the upside is limited [17][18]. - **PP**: The PP price is slightly adjusted. The supply pressure is increasing, and the demand is weak in the off - season. The price is expected to be under pressure in the medium - and long - term, and the upside is limited [18]. - **PL**: The propylene futures are newly listed, and the price is affected by market sentiment. Fundamentally, the supply pressure is large, and the price increase driver is limited [18]. - **LLDPE**: The price of LLDPE is adjusted. The import arbitrage window is open, and the demand is weak in the off - season. The price may rebound in the short - term but has limited upside and is expected to decline in the medium - and long - term [19]. - **Urea**: The urea price has risen with the market sentiment. Fundamentally, the demand is weakening, and the supply is loose. The price is expected to rise in the short - term but be under pressure in the medium - and long - term [19]. Agricultural Products - **US Soybeans**: The price of US soybeans is under pressure due to weather conditions. After a short - term heatwave, there are expected to be showers, which may limit crop stress [20]. - **Soybean and Rapeseed Meal**: The soybean meal is expected to have a pattern of inventory accumulation and weak basis. The rapeseed meal consumption is far below expectations, and the inventory is slow to decline. The short - term market is expected to be in a high - level volatile pattern [21][22]. - **Soybean and Rapeseed Oil**: The soybean oil has high inventory pressure, and the terminal consumption is in the off - season. The rapeseed oil has high port inventory and slow circulation. The palm oil is the dominant factor in the market. The soybean - palm oil price difference may widen [22]. - **Palm Oil**: The inventory of palm oil has increased, and the futures price has risen. The short - term market is bullish, but the resistance to price increases has increased. The production of Malaysian palm oil has increased, and the export improvement is less than expected [22].

智通财经7月21日电，据马来西亚独立检验机构AmSpec数据显示，马来西亚7月1-20日棕榈油出口环比 下降7.31%。 ...

Core Viewpoint - Malaysia has increased the reference price for crude palm oil in August to 3,864.12 MYR per ton, leading to an increase in export tax from 8.5% to 9% [1] Group 1: Price Changes - The reference price for crude palm oil in August is set at 3,864.12 MYR per ton, which is a significant increase from July's price of 3,730.48 MYR per ton [1] - This price increase reflects a notable upward trend in the palm oil market [1] Group 2: Export Tax Implications - The increase in the reference price results in the export tax rising from 8.5% in July to 9% in August [1] - Malaysia employs a tiered export tax system, where the tax rate is 3% when palm oil prices are between 2,250 and 2,400 MYR per ton, and a maximum tax rate of 10% is triggered when prices exceed 4,050 MYR per ton [1]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Viewpoints The report provides trend forecasts for various commodities in the futures market, including precious metals, base metals, energy, agricultural products, etc., and analyzes their fundamentals and market news [2][5]. Summary by Commodity Precious Metals - **Gold**: Expected to oscillate upwards, with a trend strength of 1 [2][10]. - **Silver**: Expected to break through and rise, with a trend strength of 1 [2][10]. Base Metals - **Copper**: Market is cautious, and prices will oscillate, with a trend strength of 0 [2][11]. - **Zinc**: Under pressure, with a trend strength of -1 [2][15]. - **Lead**: Downside may be limited, with a trend strength of 0 [2][18]. - **Tin**: Prices are weakening, with a trend strength of -1 [2][23]. - **Aluminum**: Facing upward pressure, with a trend strength of 0; Alumina: Attention should be paid to the impact of the ore end, with a trend strength of -1; Cast aluminum alloy: Will oscillate within a range, with a trend strength of 0 [2][26]. - **Nickel**: News affects sentiment, and fundamentals are under pressure, with a trend strength of 0; Stainless steel: Reality and macro factors are in a game, and steel prices will oscillate, with a trend strength of 0 [2][31]. Energy - **Crude Oil - Related**: - **Fuel oil**: Weakly oscillating at night, may temporarily stabilize in the short - term [5]. - **Low - sulfur fuel oil**: Temporarily weak, with a slight decline in the high - low sulfur spread of the outer - market spot [5]. - **LPG**: Cost support is effective, may rebound in the short - term [5]. - **Coal - Related**: - **Coking coal**: Will oscillate widely, with a trend strength of 0 [2][52]. - **Coke**: Will oscillate widely, with a trend strength of 0 [2][52]. - **Steam coal**: Daily consumption is recovering, and prices will oscillate and stabilize, with a trend strength of 0 [54][57]. Chemicals - **Carbonate Lithium**: Warehouse receipts continue to decline, pay attention to substantial changes in supply, with a trend strength of 1 [32][35]. - **Industrial Silicon**: Market sentiment is fermenting, pay attention to upward space, with a trend strength of 1 [36][38]. - **Polysilicon**: Market news continues to ferment, with a trend strength of 1 [36][38]. - **PTA**: In the off - season of demand, with a weak unilateral trend [2]. - **MEG**: Low inventory, positive spread arbitrage on dips [2]. - **Styrene**: Spot liquidity is released, weakly oscillating [2]. - **Soda Ash**: Little change in the spot market [5]. - **PVC**: Weakly oscillating [5]. Agricultural Products - **Palm Oil**: Doubts about production recovery in the origin, waiting for the evolution of contradictions [5]. - **Soybean Oil**: Lack of driving force due to insufficient weather speculation on US soybeans [5]. - **Soybean Meal**: Export expectations improve, US soybeans rise, and domestic soybean meal rebounds [5]. - **Corn**: Pay attention to the spot [5]. - **Sugar**: Waiting for guidance from super - expected information [5]. - **Cotton**: Futures prices hit a new high this year [5]. - **Eggs**: The expectation of a rebound in the peak season is fulfilled, and the sentiment of culling declines [5]. - **Pigs**: Sentiment has changed [5]. - **Peanuts**: There is support below [5]. Others - **Shipping**: For the container shipping index (European line), hold 10 - 12 and 10 - 02 reverse spreads lightly [5]. - **Logs**: Oscillate repeatedly, with a trend strength of 0 [58][61].

Group 1 - The core issue in the Indonesian palm oil market is the potential loss of market share to Malaysia if tariff negotiations with the United States fail [1] - There is speculation about whether Malaysian palm oil futures will continue to rise amid these uncertainties [1] Group 2 - The article highlights the competitive dynamics between Indonesia and Malaysia in the palm oil sector, particularly in the context of international trade policies [1] - The impact of U.S. tariffs on Indonesian palm oil exports is a critical factor influencing market conditions and pricing strategies [1]

Group 1 - The Federal Reserve's June meeting minutes indicate that participants believe it may be appropriate to lower the federal funds rate target range this year as inflation and activity outlooks become clearer [1] - The U.S. soybean export net sales for the week ending July 3 are expected to be between 300,000 to 600,000 tons for the 2024/25 marketing year, and between 50,000 to 400,000 tons for the 2025/26 marketing year [1] - In June, the national consumer price index in China rose by 0.1% year-on-year, with urban prices up by 0.1% and rural prices down by 0.2% [1] Group 2 - The average transaction price for low-sulfur coking coal in Lishi, Shanxi, reached 1,123 yuan per ton, an increase of 123 yuan per ton compared to June 25, due to market sentiment and lack of participation from coal mines in recent auctions [1] - The sugar production in Brazil's central-south region is expected to decrease by 9.8% to 2.95 million tons, with sugarcane crushing down by 9.7% year-on-year to 44.24 million tons [1] - Malaysia's palm oil production is projected to increase to 19.5 million tons for the 2025/26 marketing year, reflecting a growth of 0.5% [1] Group 3 - The total inventory of refined oil at the Port of Fujairah in the UAE reached 20.685 million barrels, an increase of 152,900 barrels from the previous week [1] - U.S. crude oil exports rose by 452,000 barrels per day to 2.757 million barrels per day for the week ending July 4, while strategic petroleum reserve stocks increased by 23,800 barrels to 403 million barrels [1] - Goldman Sachs maintains its copper price forecast at $9,700 per ton for December 2025 on the London Stock Exchange, adjusting the U.S. copper import tariff benchmark from 25% to 50% [1] Group 4 - The photovoltaic industry is advancing a plan to "reduce internal competition and cut capacity," aiming to establish a platform company for debt acquisition of excess capacity, which will help balance supply and demand [1] - The international oil prices saw a slight decline, with U.S. oil closing at $68.29 per barrel and Brent at $70.13 per barrel, while the U.S. EIA reported an unexpected increase in crude oil inventories by 7.07 million barrels [1] - International precious metal futures showed mixed results, with COMEX gold rising by 0.17% to $3,322.50 per ounce, while silver fell by 0.39% to $36.61 per ounce, influenced by trade tensions prompting central banks to increase gold purchases [1]

Group 1 - The core viewpoint is that due to tariffs, the export volume of palm oil from the United States is expected to decline by 15% to 20% [1] Group 2 - The Indonesian Palm Oil Association is highlighting the impact of tariffs on the palm oil export market [1] - The anticipated decrease in export volume indicates potential challenges for the U.S. palm oil industry [1] - This situation may lead to shifts in market dynamics and competitive positioning within the global palm oil sector [1]

1. Report Industry Investment Ratings - Stocks: Short - term shock, biased towards strong operation, short - term cautious long [2][3] - Treasury bonds: Short - term high - level shock, cautious observation [2] - Commodities: - Black: Short - term low - level shock rebound, short - term cautious long [2] - Non - ferrous: Short - term shock correction, short - term cautious observation [2] - Energy and chemicals: Short - term shock, cautious observation [2] - Precious metals: Short - term high - level shock, cautious long [2] 2. Core Views of the Report - Overseas, the US has postponed the "reciprocal" tariff effective date and imposed new tariffs on some countries, increasing short - term tariff risks and cooling global risk appetite. Domestically, the June PMI data continued to rise, economic growth accelerated, and policies helped boost domestic risk appetite. Different asset classes have different trends and investment suggestions [2]. 3. Summary by Relevant Catalogs 3.1 Macro - finance - Overseas: The US postponed the "reciprocal" tariff effective date from July 9th to August 1st, sent letters to 14 countries about new tariffs (25% on Japan and South Korea), increasing short - term tariff risks, the US dollar index rebounded, and global risk appetite cooled [2]. - Domestic: China's June PMI data continued to rise, economic growth accelerated; domestic consumption policy stimulus increased, and the 6th meeting of the Central Financial and Economic Commission emphasized "anti - involution", which helped boost domestic risk appetite. The short - term recovery of foreign markets, RMB appreciation, and continued warming of domestic market sentiment led to an increase in domestic risk appetite [2]. - Asset performance: Stocks short - term shock, biased towards strong; treasury bonds short - term high - level shock; black commodities short - term low - level shock rebound; non - ferrous short - term shock correction; energy and chemicals short - term shock; precious metals short - term high - level shock [2]. 3.2 Stocks - Driven by sectors such as CSSC, power, and cross - border payment, the domestic stock market rose slightly. China's June PMI data continued to rise, and policies helped boost domestic risk appetite. The current trading logic focuses on domestic incremental stimulus policies and trade negotiation progress. Short - term macro - upward drivers weakened. Short - term cautious long [3]. 3.3 Precious metals - Trump's tariff announcements increased market risk - aversion sentiment, but the strengthening US dollar and better - than - expected non - farm payrolls data, as well as the Fed's cautious attitude, put pressure on precious metals. The "Big Beautiful Act" provides long - term support for gold. Tariff disturbances will be the main short - term influencing factor, and gold volatility is expected to rise [4]. 3.4 Black metals 3.4.1 Steel - The domestic steel spot and futures markets declined slightly, and trading volume remained low. The focus shifted to tariff negotiations. Vietnam imposed anti - dumping tariffs on Chinese hot - rolled steel, and the off - season affected demand. Supply - side production decreased, but finished product output increased slightly. Cost support was strong. Short - term range - bound thinking [5][7]. 3.4.2 Iron ore - Iron ore spot and futures prices declined slightly. Iron production decreased, indicating the effect of production - restriction policies. After the end - of - quarter shipment peak, shipping volume decreased, and arrival volume increased slightly. If iron production continues to decline, ore prices may fall [7]. 3.4.3 Silicon manganese/silicon iron - Spot prices were flat. Demand for ferroalloys was okay due to the increase in steel output, but there was a possibility of a decline in finished product output. Manganese ore prices rose. The market was expected to be range - bound in the short term [8]. 3.4.4 Soda ash - The main contract price was weak. Affected by the signal of "anti - involution" from the Central Financial and Economic Commission, there were concerns about production capacity withdrawal in the glass industry, which initially drove up the price, but then it fell due to the weak supply - demand situation. Supply decreased due to equipment maintenance, demand increased slightly, and profit decreased. In the long run, supply remained loose, and it was not advisable to go long [9]. 3.4.5 Glass - The main contract price was weak. Affected by the "anti - involution" policy, there were expectations of production cuts in the glass industry, which drove up the price. Supply increased slightly, demand was weak, and profit was at a low level. Production - cut expectations on the supply side were expected to support prices [10]. 3.5 Non - ferrous and new energy 3.5.1 Copper - The market may fluctuate as the July 9th deadline approaches. The clarity of trade tariffs may help the market rise. China's refined copper production increased in 2025, and inventory was at a medium - low level due to high demand [11]. 3.5.2 Aluminum - The price of Shanghai aluminum fell due to tariff concerns. LME inventory increased, and domestic inventory also increased slightly [11]. 3.5.3 Aluminum alloy - Entered the off - season, demand was weak, but tight scrap aluminum supply supported prices. Short - term shock, biased towards strong, but limited upside [11]. 3.5.4 Tin - Supply increased as the combined operating rate in Yunnan and Jiangxi rebounded. Demand was weak in most sectors, and inventory increased. Short - term shock, but high - tariff risks,复产 expectations, and weakening demand would limit the upside in the medium term [12]. 3.5.5 Lithium carbonate - The main contract price fluctuated slightly. Supply faced a contradiction between strong expectations and weak reality. Cost support was strong. Viewed as shock, biased towards strong [13]. 3.5.6 Industrial silicon - The main contract price was stable, and the spot price rebounded. Total production decreased due to reduced furnace - opening in the north. Benefited from the "anti - involution" theme, shock, biased towards strong [13]. 3.5.7 Polysilicon - The main contract price was strong, especially in the far - month contracts. Benefited from the "anti - involution" theme, expected to be strong, with high price elasticity [13][14]. 3.6 Energy and chemicals 3.6.1 Crude oil - Strong demand offset concerns about OPEC+ production increase and US tariffs. Short - term shock [15]. 3.6.2 Asphalt - Oil prices were low, asphalt prices were in shock. Shipping volume decreased, factory inventory decreased slowly, and social inventory increased slightly. Followed crude oil at a high level [15]. 3.6.3 PX - After the decline in crude oil premium, the PX price weakened, and the PXN spread narrowed. PTA production recovery would support PX, and the weakening trend might slow down [15]. 3.6.4 PTA - Spot liquidity improved, inventory increased, and the basis and 9 - 1 spread weakened. Downstream operating rates continued to decline, and PTA prices had room to fall [16]. 3.6.5 Ethylene glycol - Port inventory decreased, supply pressure weakened, but downstream demand limited further inventory reduction. Short - term bottom - building, followed the polyester sector weakly [16]. 3.6.6 Short - fiber - Crude oil price decline drove down short - fiber prices. It followed the polyester sector, with weak terminal orders and high inventory. It would be in a weak shock pattern in the medium term [16]. 3.6.7 Methanol - Domestic maintenance and reduced arrivals provided short - term support, but international production recovery and expected downstream maintenance led to a poor supply - demand outlook. It rebounded slightly under policy influence, with limited upside [16]. 3.6.8 PP - Production - restriction and new capacity coexisted, supply pressure eased slightly. Downstream demand was in the off - season, and oil prices were weak. Prices were expected to fall further [17]. 3.6.9 LLDPE - Equipment maintenance increased, but production was still high year - on - year. Downstream demand was in the off - season, and inventory was expected to increase. Prices were under pressure [17]. 3.7 Agricultural products 3.7.1 Palm oil - As of July 4, 2025, domestic palm oil inventory decreased slightly. Malaysian palm oil production decreased in June, exports increased, and inventory was expected to decrease. Concerns about the US EPA hearing [19]. 3.7.2 Corn - Imported corn auctions and new wheat substitution increased supply, and futures prices were expected to weaken. However, it was difficult for futures to trade at a discount. The expected import volume was not expected to affect the new - season market, but there were concerns about pests and diseases [19][21]. 3.7.3 US soybeans - The price of CBOT soybeans fell. The planting area was determined, and weather in the 7 - 8 key growth period was crucial. The current growing environment was good, but the risk of tariff implementation increased export uncertainty [20]. 3.7.4 Soybean and rapeseed meal - Soybean inventory decreased, and soybean meal inventory increased. Oil mills had high operating rates, and supply was abundant. The supply pressure in the 09 contract period was difficult to relieve, but short - term stability in US soybeans provided some support [20]. 3.7.5 Soybean and rapeseed oil - Soybean oil production decreased, rapeseed oil inventory decreased slightly. Rapeseed oil was supported by policies and the international market, and soybean oil inventory increased. They lacked an independent market and were affected by palm oil [20]. 3.7.6 Pigs - Leading enterprises had low willingness to increase sales volume and reduce weight. Supply in July was expected to decrease due to the impact of piglet diarrhea in spring. There was a weak supply - demand situation, and the expected profit in the 8 - 9 peak season was low. Second - fattening was cautious, and the concentrated supply at the end of July and August would limit price increases [21].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The report provides trend forecasts for various futures products, including precious metals, base metals, energy, agricultural products, etc., with different products showing trends such as rising, falling, and fluctuating [2][4]. 3. Summary by Related Catalogs Precious Metals - **Gold**: Non - farm payrolls exceeded expectations, with a trend strength of - 1 [2][6][9]. - **Silver**: Continued to rise, with a trend strength of 1 [2][6][9]. Base Metals - **Copper**: Global inventories increased, and prices fluctuated, with a trend strength of 0 [2][11][13]. - **Zinc**: Traded sideways, with a trend strength of 0 [2][14]. - **Lead**: Supported by short - term consumption peak season expectations, with a trend strength of 1 [2][16][17]. - **Tin**: Driven by the macro - environment, with a trend strength of 0 [2][19][22]. - **Nickel**: Upside potential was limited, and prices were under pressure at low levels, with a trend strength of 0 [2][23]. - **Stainless Steel**: Inventories were slightly digested, and prices recovered but with limited elasticity, with a trend strength of 0 [2][24][29]. Energy and Chemicals - **Carbonate Lithium**: Prices were under pressure, with a trend strength of - 1 [2][30][33]. - **Industrial Silicon**: Adopt a strategy of shorting at high prices, with a trend strength of - 1 [2][34][36]. - **Polysilicon**: Attention should be paid to policy changes, with a trend strength of - 1 [2][34][36]. - **Iron Ore**: Expectations were volatile, and prices fluctuated widely, with a trend strength of - 1 [2][37]. - **Rebar**: Fluctuated widely, with a trend strength of 0 [2][39][42]. - **Hot - Rolled Coil**: Fluctuated widely, with a trend strength of 0 [2][40][42]. - **Silicon Ferrosilicon**: Fluctuated widely, with a trend strength of - 1 [2][43][46]. - **Manganese Ferrosilicon**: Fluctuated widely, with a trend strength of - 1 [2][43][46]. - **Coke**: The first round of price increase was brewing, and prices fluctuated widely, with a trend strength of 0 [2][48][50]. - **Coking Coal**: Fluctuated widely, with a trend strength of 0 [2][48][50]. - **Steam Coal**: Daily consumption recovered, and prices stabilized with fluctuations, with a trend strength of 0 [2][52][55]. - **Log**: The main contract switched, and prices fluctuated widely, with a trend strength of 0 [2][56][58]. - **Para - Xylene**: Cost support was weak, with a trend strength of - 1 [2][59][65]. - **PTA**: Close the long - PX short - PTA position, with a trend strength of - 1 [2][59][66]. - **MEG**: Traded in a single - sided oscillation, with a trend strength of 0 [2][59][66]. - **Rubber**: Traded in an oscillatory manner [2][67]. Others - **Fuel Oil**: Adjusted narrowly at night, with low - level fluctuations in the market [4]. - **Low - Sulfur Fuel Oil**: Strong in the short - term, with the high - low sulfur spread in the overseas spot market oscillating at a high level [4]. - **Container Shipping Index (European Line)**: The 08 contract oscillated and sorted; hold a light short position in the 10 contract [4]. - **Short - Fiber**: Traded weakly with oscillations, and demand pressure gradually emerged [4]. - **Bottle Chip**: Traded weakly with oscillations, long PR short PF [4]. - **Offset Printing Paper**: Traded in an oscillatory manner [4]. - **Palm Oil**: Fundamental contradictions were not obvious, and prices were greatly affected by international oil prices [4]. - **Soybean Oil**: There was insufficient speculation on U.S. soybean weather, lacking driving forces [4]. - **Soybean Meal**: The U.S. soybean market was closed overnight, lacking guidance, and the Dalian soybean meal might oscillate [4]. - **Soybean No. 1**: Spot prices were stable, and the market oscillated [4]. - **Corn**: Traded in an oscillatory manner [4]. - **Sugar**: Traded in a narrow range [4]. - **Cotton**: Attention should be paid to U.S. tariff policies and their impacts [4]. - **Egg**: It was difficult to increase the culling rate, and attention should be paid to the pre - emptive expectations [4]. - **Live Pig**: The gaming sentiment increased [4]. - **Peanut**: There was support at the bottom [4].

金十期货7月4日讯，据马来西亚棕榈油协会（MPOA）发布的数据，马来西亚6月1-30日棕榈油产量预 估减少4.69%，其中马来半岛增加0.68%，沙巴减少11.95%，沙捞越减少8.98%，婆罗洲减少11.24%。 MPOA：马来西亚6月1-30日棕榈油产量预估减少4.69% ...