Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View The report presents the basis statistics of various futures on November 14, 2025, including the basis for the current month, next month, and the month after next, contract prices, spot prices, basis rates, and their changes compared to the previous day for different commodities across multiple sectors such as non - ferrous metals, ferrous metals, agricultural products, energy, and chemicals. 3. Summary by Commodity Categories Non - Ferrous Metals - Copper: The spot price is 87390, the basis rate is - 0.14%, and it decreased by - 0.21% compared to the previous day [4]. - Aluminum: For different types, the basis rates range from - 0.32% to - 1.02%, with changes from 0.12% to 0.40% compared to the previous day [4]. - Zinc: The spot price is 22655, the basis rate is - 0.11%, and it increased by 0.02% compared to the previous day [4]. - Tin: The spot price is 296000, the basis rate is - 0.24%, and it decreased by - 0.06% compared to the previous day [4]. - Nickel: The spot price is 120650, the basis rate is 1.52%, and it increased by 0.22% compared to the previous day [4]. - Industrial Silicon: The spot price is 9500, the basis rate is 3.49%, and it decreased by - 0.17% compared to the previous day [4]. - Lithium Carbonate: The spot price is 84370, the basis rate is - 4.52%, and it decreased by - 0.68% compared to the previous day [4]. Precious Metals - Gold: The spot price is 958.67, the basis rate is - 0.27%, and it decreased by - 0.11% compared to the previous day [4]. - Silver: The spot price is 12563, the basis rate is - 0.20%, and it decreased by - 0.36% compared to the previous day [4]. Ferrous Metals - Rebar: The spot price is 3139, the basis rate is 5.71%, and it increased by 0.38% compared to the previous day [4]. - Hot - Rolled Coil: The spot price is 3263, the basis rate is 0.80%, and it increased by 0.03% compared to the previous day [4]. - Iron Ore: The spot price is 821.5, the basis rate is 6.34%, and it increased by 0.21% compared to the previous day [4]. - Coke: The spot price is 1680, the basis rate is - 0.35%, and it decreased by - 0.43% compared to the previous day [4]. - Coking Coal: The spot price is 1214.0, the basis rate is 32.62%, and it increased by 0.54% compared to the previous day [4]. - Thermal Coal: The spot price is 830.0, the basis rate is 3.57%, and it increased by 0.37% compared to the previous day [4]. - Ferrosilicon: The spot price is 5160, the basis rate is - 6.28%, and it decreased by - 0.27% compared to the previous day [4]. - Silicomanganese: The spot price is 5872, the basis rate is 1.63%, and it increased by 0.11% compared to the previous day [4]. - Stainless Steel: The spot price is 12750, the basis rate is 2.20%, and it decreased by - 0.41% compared to the previous day [4]. Agricultural Products - Soybeans: The spot price is 3920, the basis rate is - 5.06%, and it decreased by - 0.05% compared to the previous day [4]. - Soybean Meal: The spot price is 3000, the basis rate is - 2.31%, and it decreased by - 0.38% compared to the previous day [4]. - Rapeseed Meal: The spot price is 2620, the basis rate is 5.14%, and it increased by 0.08% compared to the previous day [4]. - Edible Oils: For different types like soybean oil, rapeseed oil, etc., the basis rates range from 2.86% to 12.98%, with changes from - 0.35% to 11.78% compared to the previous day [4]. - Palm Oil: The spot price is 8570, the basis rate is - 2.08%, and it decreased by - 0.66% compared to the previous day [4]. - Corn: The spot price is 2205, the basis rate is 0.87%, and it increased by 0.27% compared to the previous day [4]. - Corn Starch: The spot price is 2510, the basis rate is 0.12%, and it decreased by - 0.68% compared to the previous day [4]. - Apples: The spot price is 8408, the basis rate is 17.93%, and it decreased by - 2.65% compared to the previous day [4]. - Eggs: The spot price is 2900, the basis rate is - 4.61%, and it increased by 0.72% compared to the previous day [4]. - Hogs: The spot price is 12000, the basis rate is 1.18%, and it increased by 0.71% compared to the previous day [4]. - Cotton: The spot price is 14819, the basis rate is 9.85%, and it decreased by - 0.03% compared to the previous day [4]. - Sugar: The spot price is 5760, the basis rate is 4.50%, and it decreased by - 0.65% compared to the previous day [4]. Energy and Chemicals - Methanol: The spot price is 2100, the basis rate is - 0.14%, and it decreased by - 0.14% compared to the previous day [4]. - Ethanol: The spot price is 4063, the basis rate is 1.49%, and it increased by 0.10% compared to the previous day [4]. - Crude Oil: The spot price is 421.4, the basis rate is - 6.24%, and it decreased by - 0.52% compared to the previous day [4]. - Short - Fiber: The spot price is 6360, the basis rate is 2.19%, and it increased by 0.29% compared to the previous day [4]. - PVC: The spot price is 5405, the basis rate is 17.86%, and it decreased by - 0.13% compared to the previous day [4]. - Rubber: The spot price is 14800, the basis rate is - 3.83%, and it decreased by - 0.75% compared to the previous day [4]. - 20 - Numbered Rubber: The spot price is 13212, the basis rate is 6.55%, and it decreased by - 1.58% compared to the previous day [4]. - Soda Ash: The spot price is 1194, the basis rate is - 3.63%, and it increased by 0.49% compared to the previous day [4]. - Urea: The spot price is 1610, the basis rate is - 2.90%, and it decreased by - 0.18% compared to the previous day [4]. - Pulp: The spot price is 5525, the basis rate is - 0.95%, and it decreased by - 0.16% compared to the previous day [4]. - Fuel Oil: The spot price is 2742, the basis rate is 5.66%, and it decreased by - 0.08% compared to the previous day [4]. - Asphalt: The spot price is 3010, the basis rate is - 0.63%, and it increased by 0.78% compared to the previous day [4]. - Low - Sulfur Fuel Oil: The spot price is 3170, the basis rate is 4.06%, and it increased by 5.05% compared to the previous day [4]. - Liquefied Petroleum Gas: The spot price is 4498, the basis rate is 4.02%, and it increased by 0.81% compared to the previous day [4]. - PTA: The spot price is 4585, the basis rate is - 2.45%, and it decreased by - 0.84% compared to the previous day [4]. - Polypropylene: The spot price is 6820, the basis rate is 5.25%, and it decreased by - 0.33% compared to the previous day [4]. - Styrene: The spot price is 6405, the basis rate is - 0.50%, and it decreased by - 0.48% compared to the previous day [4]. - Plastic: The spot price is 7100, the basis rate is 4.14%, and it decreased by - 0.46% compared to the previous day [4]. Financial Futures - CSI 300: The spot price is 4702.1, the basis rate is 0.54%, and it increased by 0.15% compared to the previous day [4]. - SSE 50: The spot price is 3073.7, the basis rate is 0.16%, and it increased by 0.11% compared to the previous day [4]. - China Securities 500: The spot price is 7355.3, the basis rate is 1.19%, and it decreased by - 0.04% compared to the previous day [4].

Report Summary Investment Ratings The report does not mention any industry investment ratings. Core Views - **Treasury Bonds**: Difficult to have a trending market, maintain caution [6][7] - **Stock Index Futures**: Low risk of significant decline, consider going long at an appropriate time [9][10] - **Precious Metals**: Short - term pricing is relatively full, take profit on previous long positions and then wait and see [11][12] - **Rebar and Hot - Rolled Coils**: Prices may remain weak in the medium term, look for short - selling opportunities at high levels during rebounds [13] - **Iron Ore**: Market supply - demand pattern weakens, short - term may continue to be weak, look for short - selling opportunities at high levels [15] - **Coking Coal and Coke**: Look for buying opportunities on pullbacks [17] - **Ferroalloys**: May continue to have oversupply in the short term, consider long positions at low levels when spot falls into the loss range [19][20] - **Crude Oil**: Temporarily wait and see [22][23] - **Fuel Oil**: Look for short - selling opportunities [25][26] - **Polyolefins**: Look for long - buying opportunities [27][28] - **Synthetic Rubber**: Oscillate [29][30] - **Natural Rubber**: Look for long - buying opportunities [31][32] - **PVC**: Pay attention to supply - side changes [33][34] - **Urea**: Limited downside space [35][36] - **PX**: May oscillate and adjust, consider trading within the range [37][38] - **PTA**: May oscillate, be cautious and control risks [39] - **Ethylene Glycol**: May be under pressure in the short term, pay attention to port inventory and supply changes [40][41] - **Short - Fiber**: May oscillate following costs, control risks [42] - **Bottle Chips**: May oscillate following the cost side, control risks [43] - **Lithium Carbonate**: Pay attention to consumption sustainability [44] - **Copper**: High - level oscillation, beware of phased corrections [45][46] - **Aluminum**: Run at a high level, beware of phased corrections [47][48][49] - **Zinc**: Oscillate within a range, high - sell and low - buy [50][51] - **Lead**: Oscillate and adjust [52][53][54] - **Tin**: May oscillate and strengthen [55] - **Nickel**: May oscillate [56] - **Soybean Oil and Meal**: Consider exiting long positions on soybean meal rallies; look for long - buying opportunities for soybean oil at low - cost support levels [57][58][59] - **Palm Oil**: Consider buying on pullbacks [60][61][62] - **Rapeseed Meal and Oil**: Consider buying near - term contracts and selling far - term contracts for rapeseed meal [63][64] - **Cotton**: Expected to be weak, there is pressure above [65][66] - **Sugar**: Oscillate [67][68][70] - **Apples**: Run strongly [71][72][73] - **Hogs**: Consider short - selling on rebounds [74][75] - **Eggs**: Consider adding short positions on rebounds [76][77] - **Corn and Starch**: Corn may face supply pressure, wait and see; corn starch may follow corn's trend [78][79][80] Summary by Category Treasury Bonds - **Market Performance**: Most Treasury bond futures rose in the previous trading session. The 30 - year main contract rose 0.22% to 116.280 yuan, the 10 - year main contract rose 0.01% to 108.485 yuan, the 5 - year main contract rose 0.02% to 105.940 yuan, and the 2 - year main contract remained flat at 102.468 yuan [5] - **Open Market Operations**: On November 10, the central bank conducted 119.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 41.6 billion yuan [5] - **Policy and Outlook**: The State Council issued measures to promote private investment. The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. Treasury bond futures are expected to have no trending market [6] Stock Index Futures - **Market Performance**: Stock index futures showed mixed results in the previous trading session. The CSI 300 (IF) main contract rose 0.28%, the SSE 50 (IH) main contract rose 0.45%, the CSI 500 (IC) main contract rose 0.07%, and the CSI 1000 (IM) main contract rose 0.13% [8][9] - **Policy and Outlook**: The Asset Management Association of China drafted a guideline to regulate theme - investment funds. The domestic economy is stable but the recovery momentum is weak. Stock index futures are expected to have a low risk of significant decline [9] Precious Metals - **Market Performance**: In the previous trading session, the gold main contract closed at 935.98, up 1.60%, and the silver main contract closed at 11,719, up 2.05% [11] - **Industry Data**: In the first three quarters of 2025, domestic gold ETFs increased their positions by 79.015 tons, a year - on - year increase of 164.03%. By the end of September, the domestic gold ETF position was 193.749 tons [11] - **Outlook**: The global trade and financial environment is complex, which is beneficial for gold. However, the recent increase is large, and it is recommended to take profit on long positions and wait and see [11] Rebar and Hot - Rolled Coils - **Market Performance**: Rebar and hot - rolled coil futures showed weak oscillations in the previous trading session. Tangshan billet was priced at 2950 yuan/ton, Shanghai rebar was priced at 3060 - 3200 yuan/ton, and Shanghai hot - rolled coil was priced at 3250 - 3270 yuan/ton [13] - **Supply - Demand Analysis**: Rebar demand is still declining year - on - year, but there is a slight improvement in the medium - term. Supply is in an over - capacity situation, and inventory is higher than last year. Hot - rolled coils may follow a similar trend [13] - **Strategy**: Look for short - selling opportunities at high levels during rebounds [13] Iron Ore - **Market Performance**: Iron ore futures fell slightly in the previous trading session. PB powder was priced at 775 yuan/ton, and Super Special powder was priced at 675 yuan/ton [15] - **Supply - Demand Analysis**: Iron ore demand is falling, supply is increasing, and port inventory is rising. The supply - demand pattern is weakening [15] - **Strategy**: Look for short - selling opportunities at high levels [15] Coking Coal and Coke - **Market Performance**: Coking coal and coke futures pulled back slightly in the previous trading session [17] - **Supply - Demand Analysis**: Coking coal supply is slightly tight, and demand is improving. Coke supply is decreasing, and downstream acceptance of price increases is decreasing [17] - **Strategy**: Look for buying opportunities on pullbacks [17] Ferroalloys - **Market Performance**: Manganese silicon and silicon iron main contracts rose in the previous trading session [19] - **Supply - Demand Analysis**: Manganese ore supply is increasing, and iron alloy demand is weak. Supply is in a short - term over - supply situation [19] - **Strategy**: Consider long positions at low levels when spot falls into the loss range [19][20] Crude Oil - **Market Performance**: INE crude oil oscillated slightly in the previous trading session, closing below the 5 - day moving average [21] - **Industry News**: The number of US oil and gas rigs increased. An Indian company will comply with sanctions on Russia. OPEC will suspend production increases next year [21][22] - **Outlook and Strategy**: The increase in US crude oil production is difficult. Sanctions on Russia and OPEC's decision are beneficial for oil prices. Temporarily wait and see [22][23] Fuel Oil - **Market Performance**: Fuel oil oscillated slightly in the previous trading session, closing below the moving average [24] - **Supply - Demand Analysis**: Supply is sufficient, which is negative for prices. Sanctions on Russia and reduced Sino - US trade frictions are positive [25] - **Strategy**: Look for short - selling opportunities [26] Polyolefins - **Market Performance**: The Hangzhou PP market declined, and the Yuyao LLDPE market had partial price drops [27] - **Supply - Demand Analysis**: November maintenance will affect 41.6 tons. Social and factory inventories are low, but demand in the peak season is weak [27] - **Strategy**: Look for long - buying opportunities [28] Synthetic Rubber - **Market Performance**: The synthetic rubber main contract rose in the previous trading session [29] - **Supply - Demand Analysis**: Raw material prices fell, supply was tight in some areas, and demand and inventory improved [29] - **Outlook**: Oscillate [30] Natural Rubber - **Market Performance**: The natural rubber main contract rose in the previous trading session [31] - **Supply - Demand Analysis**: Typhoons affected production, but demand improved slightly. Inventory decreased, and Thai exports declined [31] - **Strategy**: Look for long - buying opportunities [32] PVC - **Market Performance**: The PVC main contract fell in the previous trading session, and the spot price decreased [33] - **Supply - Demand Analysis**: Supply is in an over - supply situation, and inventory is increasing. Demand is improving slightly [33][34] - **Strategy**: Pay attention to supply - side changes [34] Urea - **Market Performance**: The urea main contract fell in the previous trading session [35] - **Supply - Demand Analysis**: Supply is gradually recovering, demand is affected by environmental protection, and inventory is higher than expected [35] - **Outlook**: Limited downside space [36] PX - **Market Performance**: The PX main contract rose in the previous trading session [37] - **Supply - Demand Analysis**: PX load increased, and imports decreased. Supply is slightly reduced, and the PXN spread is strong [37][38] - **Outlook**: May oscillate and adjust, consider trading within the range [38] PTA - **Market Performance**: The PTA2601 main contract rose in the previous trading session [39] - **Supply - Demand Analysis**: PTA load adjusted, polyester load was stable, and processing fees decreased [39] - **Outlook**: May oscillate, be cautious and control risks [39] Ethylene Glycol - **Market Performance**: The ethylene glycol main contract rose in the previous trading session [40] - **Supply - Demand Analysis**: Supply decreased slightly, port inventory increased, and demand support was limited [40][41] - **Outlook**: May be under pressure in the short term, pay attention to inventory and supply changes [41] Short - Fiber - **Market Performance**: The short - fiber 2512 main contract rose in the previous trading session [42] - **Supply - Demand Analysis**: Short - fiber load increased, downstream demand was weak, and processing fees adjusted [42] - **Outlook**: May oscillate following costs, control risks [42] Bottle Chips - **Market Performance**: The bottle chips 2601 main contract rose in the previous trading session [43] - **Supply - Demand Analysis**: Bottle chips load decreased, export growth slowed, and processing fees adjusted [43] - **Outlook**: May oscillate following the cost side, control risks [43] Lithium Carbonate - **Market Performance**: The main contract rose 7.35% to 87,240 yuan/ton in the previous trading session [44] - **Supply - Demand Analysis**: Supply is at a high level, demand in the energy - storage and power - battery sectors is improving, and inventory is decreasing [44] - **Outlook**: Pay attention to consumption sustainability [44] Base Metals - **Copper**: The Shanghai copper main contract rose 0.2% to 86,500 yuan/ton. Supply is tight, demand is weak, and inventory increased. Be cautious of phased corrections [45] - **Aluminum**: The Shanghai aluminum main contract rose 0.12% to 21,675 yuan/ton. Supply is tight in the short term, demand is differentiated, and inventory increased slightly. Run at a high level, beware of corrections [47][48][49] - **Zinc**: The Shanghai zinc main contract rose 0.46% to 22,720 yuan/ton. Supply is under pressure, demand is weak, and inventory decreased. Oscillate within a range [50][51] - **Lead**: The Shanghai lead main contract rose 0.2% to 17,525 yuan/ton. Supply may be affected, demand is weak, and inventory increased. Oscillate and adjust [52][53][54] - **Tin**: The main contract rose 0.31% to 286,690 yuan/ton. Supply is tight, demand has some support, and inventory decreased. May oscillate and strengthen [55] - **Nickel**: The main contract was at 119,490 yuan/ton. Supply may be affected, demand is weak, and inventory is high. May oscillate [56] Agricultural Products - **Soybean Oil and Meal**: Soybean meal and oil main contracts rose in the previous trading session. Supply is abundant, demand has different trends. Consider different trading strategies for each [57][58][59] - **Palm Oil**: Malaysian palm oil was stable. Supply and demand factors are mixed. Consider buying on pullbacks [60][61][62] - **Rapeseed Meal and Oil**: Canola futures rose. Supply and demand and inventory vary. Consider buying near - term and selling far - term for rapeseed meal [63][64] - **Cotton**: Domestic cotton oscillated, and international cotton rose. Supply is under pressure, and demand is weak. Cotton prices are expected to be weak [65][66] - **Sugar**: Zhengzhou sugar rebounded, and international sugar rose. Supply is expected to increase, and prices may oscillate [67][68][70] - **Apples**: Apple futures rebounded. Inventory is lower than last year, but quality is poor. Prices may run strongly [71][72][73] - **Hogs**: Hog prices had mixed trends. Supply is increasing, and demand has limited growth. Consider short - selling on rebounds [74][75] - **Eggs**: Egg prices rose slightly. Supply is high, but may improve. Consider adding short positions on rebounds [76][77] - **Corn and Starch**: Corn and starch main contracts rose. Supply is under pressure, and demand has a slight increase. Corn may wait and see, and starch may follow corn [78][79][80]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The precious metals market continues to perform strongly, with gold and silver prices hitting new highs. The long - term narrative of gold as the ultimate safe - haven asset is becoming more prominent, and its demand is expected to increase further. [1][2][18] - The copper market is affected by factors such as tight concentrate supply, high smelting output, and the Indonesian mine accident, which may lead to a supply - demand gap and support copper prices in the long term. [2][19] - The crude oil market has a short - term downward breakthrough trend, although the demand is expected to grow in the next two years according to OPEC's report. [3][12] - The stock index is likely to maintain a long - term upward trend, but short - term fluctuations may increase due to Sino - US trade issues. The market style may become more balanced in the fourth quarter. [9] - The bond market is expected to be supported by a loose monetary policy, and the price of bond futures is recommended to be bullish. [10][11] Summary by Directory 1. Main News Concerns International News - US President Trump hinted at canceling new tariffs on China. [5] - The leaders of the US, Egypt, Turkey, and Qatar signed a cease - fire agreement for Gaza at the "Peace Summit" in Sharm El - Sheikh. [1][3][12] Domestic News - In September, China's goods trade imports and exports increased by 8% year - on - year. The export was 2.34 trillion yuan, up 8.4%, and the import was 1.7 trillion yuan, up 7.5%. China's rare earth exports in September decreased for the third consecutive month. [6] Industry News - China has officially implemented a special port fee for US ships starting today. [7] 2. Overseas Market Daily Returns | Variety | Unit | 10/12 | 10/13 | Change | Change Rate | | --- | --- | --- | --- | --- | --- | | S&P 500 | Points | 6,552.51 | 6,654.72 | 102.21 | 1.56% | | European STOXX50 | Points | 4,701.04 | 4,719.93 | 18.89 | 0.40% | | FTSE China A50 Futures | Points | 14,978.00 | 14,805.00 | - 173.00 | - 1.16% | | US Dollar Index | Points | 98.82 | 99.26 | 0.44 | 0.44% | | ICE Brent Crude Continuous | USD/Barrel | 62.09 | 63.39 | 1.30 | 2.09% | | London Gold Spot | USD/Ounce | 4,017.85 | 4,110.02 | 92.17 | 2.29% | | London Silver | USD/Ounce | 50.13 | 52.33 | 2.20 | 4.39% | | LME Aluminum | USD/Ton | 2,746.00 | 2,757.00 | 11.00 | 0.40% | | LME Copper | USD/Ton | 10,374.00 | 10,802.00 | 428.00 | 4.13% | | LME Zinc | USD/Ton | 2,984.50 | 3,012.00 | 27.50 | 0.92% | | LME Nickel | USD/Ton | 15,215.00 | 15,180.00 | - 35.00 | - 0.23% | | ICE No.11 Sugar | Cents/Pound | 16.1 | 15.57 | - 0.53 | - 3.29% | | ICE No.2 Cotton | Cents/Pound | 63.77 | 63.54 | - 0.23 | - 0.36% | | CBOT Soybeans | Cents/Bushel | 1,007.00 | 1,008.25 | 1.25 | 0.12% | | CBOT Soybean Meal Current | USD/Short Ton | 275.60 | 274.50 | - 1.10 | - 0.40% | | CBOT Soybean Oil Current | Cents/Pound | 49.97 | 50.53 | 0.56 | 1.12% | | CBOT Wheat Current | Cents/Bushel | 498.75 | 496.75 | - 2.00 | - 0.40% | | CBOT Corn Current | Cents/Bushel | 413.50 | 410.50 | - 3.00 | - 0.73% | [8] 3. Morning Comments on Major Varieties Financial - **Stock Index**: After the high - level shock in September, the stock index is likely to enter a direction - selection stage again, with a high probability of maintaining a long - term upward trend. Short - term fluctuations may increase due to Sino - US trade issues. The market style may become more balanced in the fourth quarter. [9] - **Treasury Bonds**: Treasury bonds generally rose, and the yield of the 10 - year Treasury bond active bond dropped to 1.754%. With a loose monetary policy expected, the price of Treasury bond futures is recommended to be bullish. [10][11] Energy and Chemicals - **Crude Oil**: SC rebounded 0.27% at night. Although OPEC expects oil demand to grow in the next two years, the short - term trend is downward. [3][12] - **Methanol**: Ma fell 0.26% at night. With high inventory and expected import arrivals, methanol is short - term bullish. [13] - **Rubber**: Natural rubber prices fell on Monday. With smooth supply and slow inventory reduction, the price is expected to be weak in the short term. [14] - **Polyolefins**: Polyolefin futures are weakly operating. The price follows the cost - end fluctuations, and the market sentiment is cautious. [15] - **Glass and Soda Ash**: Glass futures continue to be weak, and soda ash futures closed positive. The market is cautious, and the focus is on consumption in autumn and policy changes. [16][17] Metals - **Precious Metals**: Gold benefits from concerns about the resurgence of the trade war and expectations of two interest rate cuts this year. It is expected to strengthen as the ultimate safe - haven asset. [2][18] - **Copper**: Copper prices rose 1.64% at night. The Indonesian mine accident may lead to a supply - demand gap, supporting copper prices in the long term. [2][19] - **Zinc**: Zinc prices rose 0.13% at night. Domestic zinc prices may be weaker than foreign ones, and it follows copper prices in the short term. [20] - **Lithium Carbonate**: Supply and demand both increased, and the inventory decreased. The price is supported, and there is an expectation of project resumption. [21] Black Commodities - **Coking Coal and Coke**: The night - session prices were weak, and short - term fluctuations are expected to intensify due to factors such as steel production and Sino - US trade issues. [22] - **Iron Ore**: With strong demand from steel mills and reduced global shipments, the iron ore market is expected to be bullish. [23] - **Steel**: The supply pressure is increasing, and the inventory is accumulating. The market has a weak supply - demand balance, and hot - rolled coils perform better than rebar. [24] Agricultural Products - **Protein Meal**: Night - session prices of soybean and rapeseed meal rose. US soybean prices are expected to be weak, while domestic prices may rise due to supply concerns. [25] - **Oils and Fats**: Night - session prices were strong. Although short - term pressure exists due to inventory and trade issues, long - term support comes from the production season and bio - diesel policies. [26] - **Sugar**: International sugar prices are expected to be volatile, and domestic sugar prices are expected to be weak due to supply pressure. [27][28] - **Cotton**: US cotton prices fell, and domestic cotton prices are expected to be weak due to factors such as new - cotton supply and weak downstream demand. [29] Shipping Index - **Container Shipping to Europe**: The text seems to have a wrong insertion, repeating the content of precious metals. No valid information about container shipping to Europe is provided. [30]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Based on fundamental analysis, different trading instruments are classified into trend - bearish, oscillating - bearish, oscillating, oscillating - bullish, and trend - bullish categories [4]. - Based on quantitative indicators, trading instruments are classified as bearish, oscillating, and bullish [6]. - A series of macro - economic events at home and abroad have an impact on the financial and commodity markets, and different trading strategies are proposed for various trading products in different sectors [8][13][17] Summary by Related Catalogs Macro Information - China's Ministry of Commerce announced the first anti - circumvention investigation ruling, and the central bank will conduct 1 trillion yuan of repurchase operations. Two departments issued an action plan for the stable growth of the electronic information manufacturing industry. The real estate market in 28 cities has supply changes. The US - Japan trade agreement is implemented, and the US has a soaring trade deficit in July. The US Department of Justice investigated a Fed governor, and the ADP employment data in August was lower than expected [8][9][10] Macro Finance - **Stock Index Futures**: Short - term may be mainly oscillating, and long - term consider buying on dips [13]. - **Treasury Bond Futures**: Adopt a curve - steepening strategy, keep the idea of steepening the short - end and ultra - long - end interest rate curves in the medium - and long - term, and participate in short - term rebounds with appropriate stop - loss and take - profit [14][15] Black - **Steel and Iron Ore**: The supply policy has limited impact on the market. The market may have a situation of "not prosperous in the peak season". Steel continues to have limited downward adjustment space and maintains an oscillating trend in the medium - term, while iron ore can be lightly short - sold [17][18]. - **Coking Coal and Coke**: Prices may continue to fall from high - level oscillations, and attention should be paid to production progress and enterprise production conditions [18]. - **Ferroalloys**: Consider buying silicon iron 10 contracts on dips, and maintain a medium - and long - term strategy of short - selling manganese silicon on rebounds [19]. - **Soda Ash and Glass**: Soda ash can be short - sold on rallies, and glass is recommended to be observed for the time being [20] Non - ferrous and New Materials - **Aluminum and Alumina**: Aluminum can be bought on dips, while alumina is recommended to be observed in the short - term and short - sold on rallies in the medium - term [20]. - **Zinc**: Zinc prices will oscillate downward [22]. - **Lithium Carbonate**: It will mainly operate in a wide - range oscillation in the short - term [23]. - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate, and polysilicon's price is mainly affected by policy progress and is in a fierce game [24] Agricultural Products - **Cotton**: Adopt a strategy of short - selling on rallies in the long - term [27]. - **Sugar**: Adopt a bearish strategy [29]. - **Eggs**: Temporarily treat it as a rebound and be cautious about the upside [32]. - **Apples**: Consider buying on dips or using a positive spread strategy [32]. - **Corn**: Short - sell the 01 contract [33]. - **Red Dates**: Short - sell on rallies [35]. - **Pigs**: Short - sell near - month contracts on rallies and consider low - buying the 01 contract in the medium - and long - term [36] Energy and Chemicals - **Crude Oil**: Consider short - selling on rallies [38]. - **Fuel Oil**: Its price will follow the change of crude oil prices, and the short - term price range of crude oil is estimated to be between $65 and $70 [39]. - **Plastics**: Polyolefins will oscillate weakly [41]. - **Rubber**: Consider buying on dips [42]. - **Methanol**: Temporarily reduce short positions [43]. - **Caustic Soda**: Adopt a bullish strategy [44]. - **Asphalt**: It follows crude oil and is stronger than crude oil, and the short - term price range of crude oil is estimated to be between $65 and $70 [44]. - **Polyester Industry Chain**: Each variety in the polyester industry chain will mainly oscillate weakly in the short - term [46]. - **Liquefied Petroleum Gas**: Adopt a bearish strategy in the long - term [47]. - **Paper Pulp**: Observe whether the port destocking continues and the improvement of spot trading [47]. - **Logs**: Observe the market in the short - term [49]. - **Urea**: Adopt a bearish strategy [49]. - **Synthetic Rubber**: Pay attention to low - buying opportunities [50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The report analyzes various futures markets including financial derivatives, precious metals, shipping, and commodities, providing market conditions, news, and operation suggestions for each sector [1][2][7][12][14] - Overall, the market shows a complex situation with different trends and influencing factors in each sector 3. Summary by Directory Financial Derivatives - Financial Futures Index Futures - On Thursday, the A - share market showed mixed performance with the Shanghai Composite Index up 0.16%, while the Shenzhen Component Index and ChiNext Index down. The four major index futures contracts all declined, and their basis showed seasonal repair [2][3] - Domestic July export data was positive, and the Bank of England cut interest rates. The A - share trading volume slightly increased, and the central bank conducted reverse repurchase operations with a net withdrawal of funds [3][4] - It is recommended to sell out - of - the - money put options on the MO contract with an exercise price of 6300 - 6400, taking a moderately bullish stance [4] Treasury Futures - Treasury futures closed mostly higher, and the yields of major interest - rate bonds in the inter - bank market generally declined. The central bank's net withdrawal of funds had little impact on market liquidity [5][6] - China's July export data was strong, and it is expected that the strong export performance may gradually converge. The short - term bond market lacks driving factors, and it is recommended to switch to a wait - and - see mode and focus on new bond issuance pricing and July economic data [6] Precious Metals - Multiple factors such as the US tariff on Swiss products, Trump's nomination for the Fed, and the Bank of England's interest - rate cut affected the market. The US dollar index declined, and gold and silver prices rose [7][8][10] - In the future, the attitude of Fed officials and US inflation data will increase market volatility. Gold is expected to maintain a strong - side oscillation, and it is recommended to buy on dips or sell put options. Silver is also expected to be strong - side oscillating, and long positions can be held [10][11] Shipping - Container Shipping Futures - As of August 7, the spot quotes of major shipping companies were provided. The SCFIS European line index and the SCFI composite index both declined [12] - The futures market showed a downward trend, and it is expected that the 10 - contract will be weakly oscillating in the short term. It is recommended to short the 08 and 10 contracts on rallies [13] Commodities - Non - ferrous Metals Copper - The spot price of copper increased slightly, and the demand was stable. Macro - events had no obvious positive drivers. The supply of copper concentrate was expected to be restricted, and the output of refined copper increased in July but was expected to decline slightly in August [14][15] - The demand for copper showed resilience, and the inventory situation was mixed. The copper price was expected to oscillate within a range, and the main contract was expected to be between 77000 - 79000 [17] Alumina - The spot price of alumina was relatively stable. The output increased in July, and the inventory of ports and warehouse receipts increased [17][18] - The short - term price was supported by factors such as supply concerns and low warehouse receipts, but the market was expected to be in a slight surplus in the medium term. It is recommended to wait and see in the short term and short on rallies in the medium term, with the main contract expected to be between 3000 - 3400 [19] Aluminum - The spot price of aluminum increased, but the spot was weak with an expanding discount. The output of electrolytic aluminum increased in July, and the proportion of molten aluminum decreased [20] - The demand was in the traditional off - season, and the inventory increased. The aluminum price was expected to be under pressure in the short term, and the main contract was expected to be between 20000 - 21000 [21] Aluminum Alloy - The spot price of aluminum alloy increased slightly. The output of recycled aluminum alloy increased in June but was expected to decline in July. The demand was weak in July, and the inventory was close to full [22] - The price was expected to oscillate widely, and the main contract was expected to be between 19200 - 20200. Attention should be paid to the supply and import of scrap aluminum [23] Zinc - The spot price of zinc increased, and the supply of zinc ore was expected to be loose, but the output growth rate was lower than expected. The output of refined zinc increased in July [24] - The demand was weak, the inventory situation was mixed, and the zinc price was expected to oscillate, with the main contract expected to be between 22000 - 23000 [26] Tin - The spot price of tin decreased slightly, and the market transaction was dull. The import of tin ore and tin ingots decreased in June [26][27] - The demand was weak, and the inventory situation was mixed. It is recommended to wait and see, and the tin price is expected to oscillate widely, depending on the import recovery from Myanmar [28] Nickel - The spot price of nickel increased slightly. The output of refined nickel was high in July and was expected to increase slightly. The demand was stable in some areas but weak in stainless steel and sulfuric acid nickel [28][29] - The inventory situation was mixed. The nickel price was expected to be oscillating within a range, and the main contract was expected to be between 118000 - 126000 [30] Stainless Steel - The spot price of stainless steel increased slightly. The output of stainless steel was expected to increase in August. The demand was weak, and the inventory was slowly decreasing [31][32] - The price was expected to oscillate, and the main contract was expected to be between 12600 - 13200. Attention should be paid to policies and supply - demand rhythm [33] Lithium Carbonate - The spot price of lithium carbonate increased slightly. The output increased in July and was expected to increase in August. The demand was stable, and the inventory increased [34][35][36] - The futures price increased significantly, mainly driven by market sentiment and news. It is recommended to wait and see cautiously, and the main contract may test 75000 [37] Commodities - Ferrous Metals Steel - The spot price of steel decreased slightly, and the basis weakened. The cost increased, and the profit of steel mills improved. The output of steel was expected to increase in the third quarter [38] - The demand showed a slight decline, and the inventory increased. The steel price was supported, and it is recommended to hold long positions and be cautious about chasing up [39][40] Iron Ore - The spot price of iron ore decreased slightly, and the futures price also declined. The demand for iron ore was still high, but the iron water output decreased slightly [41][42] - The supply decreased in terms of global shipments, and the port inventory increased. It is recommended to short the 2601 contract on rallies and conduct an arbitrage strategy of long coking coal 01 and short iron ore 01 [43] Coking Coal - The futures price of coking coal rebounded, and the spot price increased. The supply of coking coal decreased, and the demand was stable. The inventory decreased [44][45][46] - It is recommended to go long on the 2601 contract on dips and conduct a 9 - 1 reverse arbitrage [47] Coke - The futures price of coke increased, and the fifth - round price increase was implemented. The supply of coke was difficult to increase, and the demand was supported. The inventory decreased [48][49][50] - It is recommended to go long on the 2601 contract on dips and conduct a 9 - 1 positive arbitrage [51] Commodities - Agricultural Products Meal - The spot price of soybean meal was stable or decreased slightly, and the price of rapeseed meal decreased. The export of US soybeans was expected to increase, and the export of Brazilian and Ukrainian soybeans was also significant [53][54] - The supply of domestic soybeans and soybean meal increased, but the arrival of soybeans after October was uncertain. It is recommended to hold long positions in the 2601 contract of soybean meal [54][55] Live Hogs - The spot price of live hogs decreased. The profit of hog farming showed different trends in different scales. The inventory of sows increased slightly [56] - The supply and demand were both weak, and the short - term pig price was not optimistic. It is not recommended to blindly short the far - month 01 contract, and attention should be paid to hedging funds [57] Corn - The spot price of corn showed different trends in different regions. The inventory of corn in ports and processing enterprises decreased, and the inventory of feed enterprises was relatively sufficient [59][60] - The short - term market rebounded slightly, but the sentiment was still weak. In the long term, the supply pressure was still significant, and attention should be paid to the growth of new - season corn [60] Sugar - The international sugar price was oscillating at the bottom, and the domestic sugar price was also at the bottom. The sugar production in Brazil increased in July but the cumulative production decreased year - on - year. The production in India and Thailand was expected to be high [61] - The domestic demand was weak, and the supply was expected to be marginally loose. It is expected that the domestic sugar price will be bearish [61]

Core Insights - In July, China's futures market saw a significant increase in trading volume and value, with a total trading volume of 1.059 billion contracts and a trading value of 71.31 trillion yuan, representing year-on-year growth of 48.89% and 36.03% respectively [1] - For the first seven months of the year, the cumulative trading volume reached 5.135 billion contracts and a cumulative trading value of 411.04 trillion yuan, both showing year-on-year growth of 23.11% and 23.09% [1] Trading Performance by Exchange - The top three futures products by trading value on various exchanges include: - Shanghai Futures Exchange: Gold, Silver, Crude Oil - Zhengzhou Commodity Exchange: Soda Ash, Glass, Caustic Soda - Dalian Commodity Exchange: Coking Coal, Palm Oil, Soybean Meal - Guangzhou Futures Exchange: Polysilicon Futures, Lithium Carbonate Futures, Industrial Silicon Futures [1] - The top three futures products by trading volume are: - Shanghai Futures Exchange: Rebar, Silver, Hot Rolled Coil - Zhengzhou Commodity Exchange: Glass, Soda Ash, PTA - Dalian Commodity Exchange: Coking Coal, Soybean Meal, PVC - Guangzhou Futures Exchange: Industrial Silicon Futures, Polysilicon Futures, Lithium Carbonate Futures [1] Financial Futures Market - In July, the trading volume of financial futures options at the China Financial Futures Exchange was 25.1599 million contracts, accounting for 2.38% of the national market, with a trading value of 2.064 trillion yuan, representing 28.95% of the national market [1] - The top three financial futures products by trading value are: CSI 1000 Index Futures, 30-Year Treasury Bond Futures, and CSI 300 Index Futures [1] Futures Options Listings - As of July 2025, a total of 152 futures options products have been listed in China [1]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macroeconomic recovery momentum remains to be strengthened, and it is recommended to be cautious about the Treasury bond market [6][7] - Although the domestic economic recovery momentum is weak, it is still optimistic about the long - term performance of Chinese equity assets and suggests going long on stock index futures [10][11] - It is expected that the long - term bull market trend of precious metals will continue, and it is advisable to go long on gold futures [13][14] - For steel products such as rebar and hot - rolled coils, wait for short - selling opportunities after the rebound [15] - For iron ore, pay attention to low - level buying opportunities and take profits in time [18] - For coking coal and coke, wait for suitable mid - term short - selling entry points [20] - For ferroalloys, consider low - level out - of - the - money call options if spot losses continue to widen [24] - For crude oil, pay attention to short - selling opportunities [27] - For fuel oil, pay attention to short - selling opportunities [29] - For synthetic rubber, wait for the market to stabilize and then participate in the rebound [30][31] - For natural rubber, it is expected to be strongly volatile, and pay attention to mid - term long - buying opportunities [31][32] - For PVC, it may enter a bottom - grinding stage [33][34] - For urea, it is expected to be short - term volatile and bullish in the medium term [35][36] - For PX, it is in a short - term volatile adjustment, and participate cautiously [37] - For PTA, it may be under short - term volatile pressure, and participate in the range [38][39] - For ethylene glycol, participate in the range mainly and pay attention to port inventory and imports [40] - For short - fiber, it may follow the cost and fluctuate, and be cautious about the repair of processing margins [41][42] - For bottle chips, it is expected to follow the cost and fluctuate, and participate cautiously [43] - For soda ash, it is expected to be in a low - level volatile state in the short term [44] - For glass, it is expected to rebound in the short term [46] - For caustic soda, the alumina price is expected to be strongly volatile, and the overall support for caustic soda is limited [48][49] - For pulp, the pulp price is expected to fluctuate and sort out [50][51] - For lithium carbonate, do not chase the high price [53] - For copper, go long on the main contract in the short term [55][56] - For tin, the tin price is expected to be strongly volatile [57] - For nickel, the nickel price is expected to fluctuate [59] - For soybean oil and soybean meal, pay attention to long - buying opportunities for soybean meal after adjustment, and consider call options for soybean oil after the decline [60][61] - For palm oil, consider widening the spread between rapeseed oil and palm oil [64] - For rapeseed meal and rapeseed oil, consider long - buying opportunities for the oil - meal ratio [66] - For cotton, it is recommended to short at high prices [69][70] - For sugar, it is recommended to wait and see [72] - For apples, pay attention to short - selling opportunities at high prices [74][75] - For live pigs, consider short - selling at high prices [77][78] - For eggs, consider a 9 - 10 reverse spread [81] - For corn and starch, it is advisable to wait and see for corn, and starch follows the corn market [83][84] - For logs, it is expected to fluctuate and adjust before the first delivery [87] Summary by Directory Treasury Bonds - The previous trading day, Treasury bond futures closed up across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising by 0.47%, 0.18%, 0.13%, and 0.04% respectively [5] - The central bank carried out 342.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 173.5 billion yuan on the same day [5] - The current macro - data is stable, but the economic recovery momentum needs to be strengthened, and the Treasury bond yield is at a relatively low level [6] Stock Index - The previous trading day, stock index futures showed mixed trends, with the main contracts of IF, IH, IC, and IM falling by 0.24%, 0.64%, 0.12%, and 0.55% respectively [8][9] - The Central Urban Work Conference was held, and seven key tasks for urban work were deployed [9] - In the first half of the year, real estate development investment decreased by 11.2% year - on - year, and the real estate development climate index was 93.60 in June [9] Precious Metals - The previous trading day, the main contract of gold closed at 780.4, down 0.13%, and silver closed at 9,225, up 0.20% [12] - The US CPI in June increased year - on - year, and the core CPI was lower than expected [12][13] - The current global trade and financial environment is complex, and the long - term bull market trend of precious metals is expected to continue [13] Rebar and Hot - Rolled Coils - The previous trading day, rebar and hot - rolled coil futures declined slightly [15] - The early meeting triggered the expectation of supply contraction, but the real estate downturn and over - capacity still suppress the price [15] - The market is in the off - season, and the price rebound space is limited [15] Iron Ore - The previous trading day, iron ore futures fluctuated and sorted out [17] - Policy expectations boosted the price, but the supply - demand pattern has weakened marginally [17][18] - The price valuation is relatively high, and it may fluctuate and sort out later [18] Coking Coal and Coke - The previous trading day, coking coal and coke futures fluctuated and sorted out [20] - The early meeting triggered the expectation of supply contraction, but the actual supply may increase [20] - The steel mill's iron - making output is falling, and the coke cost support is effective [20] Ferroalloys - The previous trading day, the main contracts of manganese - silicon and silicon - iron rose by 0.35% and 0.33% respectively [22] - The manganese ore shipment volume decreased, and the iron alloy production increased at a low level [23][24] - The short - term demand has peaked, and the supply is still excessive [24] Crude Oil - The previous trading day, INE crude oil declined significantly due to potential US sanctions on Russia [25] - Fund managers reduced their net long positions in US crude oil futures and options, and the number of US oil and gas rigs decreased [25] - The summer oil demand provides support, but tariffs and sanctions still restrict the price [26] Fuel Oil - The previous trading day, fuel oil declined significantly, hitting a new low [28] - The Asian high - sulfur fuel oil market supply is sufficient, and the ARA region's inventory increased [28] - Trade frictions are negative for the fuel oil price [28] Synthetic Rubber - The previous trading day, the main contract of synthetic rubber fell by 0.43%, and the raw material price decreased, with the profit turning positive [30] - The supply is relatively loose in the short term, and the demand is difficult to increase [30] - Wait for the market to stabilize and then participate in the rebound [30][31] Natural Rubber - The previous trading day, the main contracts of natural rubber and 20 - grade rubber rose by 0.63% and 0.73% respectively [31] - The supply may increase, the demand is mixed, and the inventory is slightly reduced [31] - It is expected to be strongly volatile in the next week [31] PVC - The previous trading day, the main contract of PVC fell by 0.20%, and the supply - demand imbalance continues [33] - The production decreased slightly last week, and the demand in the off - season is weak [33] - It may enter a bottom - grinding stage [33][34] Urea - The previous trading day, the main contract of urea fell by 1.70%, and the supply is expected to be high in the next period [35] - The demand is limited, and the inventory is higher than expected [35] - It is expected to be short - term volatile and bullish in the medium term [35][36] PX - The previous trading day, the main contract of PX2509 fell by 0.89%, and the PXN and PX - MX spreads adjusted [37] - The PX load increased slightly, and some enterprises carried out maintenance [37] - The short - term supply - demand is tight, but the cost support is insufficient [37] PTA - The previous trading day, the main contract of PTA2509 fell by 0.63%, and the supply increased [38] - The polyester industry plans to cut production, and the demand weakened [38][39] - It may be under short - term volatile pressure [38][39] Ethylene Glycol - The previous trading day, the main contract of ethylene glycol fell by 0.21%, and the overall start - up load increased [40] - Some devices were shut down for maintenance, and the inventory decreased [40] - The short - term supply - demand weakened, and the inventory is at a low level [40] Short - Fiber - The previous trading day, the main contract of short - fiber 2509 fell by 0.69%, and the device load decreased [41] - The demand is weak, and the cost drive is insufficient [41] - It may follow the cost and fluctuate [41][42] Bottle Chips - The previous trading day, the main contract of bottle chips 2509 fell by 0.54%, and the raw material price fluctuated [43] - The device maintenance increased, and the demand from downstream soft drinks and exports is good [43] - It is expected to follow the cost and fluctuate [43] Soda Ash - The previous trading day, the main contract of soda ash 2509 closed at 1214 yuan/ton, down 0.65% [44] - The production was flat last week, and the inventory increased by 2.98% [44] - The short - term market is expected to be low - level volatile [44] Glass - The previous trading day, the main contract of glass 2509 closed at 1071 yuan/ton, down 1.47% [46] - The number of production lines remained low, and the market price center moved up [46] - It is expected to rebound in the short term due to cost support [46] Caustic Soda - The previous trading day, the main contract of caustic soda 2509 closed at 2512 yuan/ton, down 0.59% [47] - The production increased slightly last week, and the inventory decreased [47] - The alumina price is expected to be strongly volatile, and the support for caustic soda is limited [48][49] Pulp - The previous trading day, the main contract of pulp 2509 closed at 5262 yuan/ton, up 0.57% [50] - The supply has an expansion tendency, and the downstream demand is weak [50][51] - The pulp price is expected to fluctuate and sort out [50][51] Lithium Carbonate - The previous trading day, the main contract of lithium carbonate rose by 0.21% to 66,660 yuan/ton [53] - The supply - demand pattern remains unchanged, and the inventory is still high [53] - Do not chase the high price [53] Copper - The previous trading day, Shanghai copper rebounded after reaching the bottom, and the spot price decreased [54][55] - The US tariff on copper will be implemented on August 1, which may cause the price to fall and then rebound [55] - Go long on the main contract in the short term [55][56] Tin - The previous trading day, Shanghai tin fluctuated, and the mine supply is tight [57] - The downstream production is good, and the inventory is decreasing [57] - The tin price is expected to be strongly volatile [57] Nickel - The previous trading day, Shanghai nickel rose by 1.34% to 121,060 yuan/ton [58] - The solid - state battery concept boosts the demand expectation, but the actual consumption is not optimistic [58][59] - The nickel price is expected to fluctuate [59] Soybean Oil and Soybean Meal - The previous trading day, the main contracts of soybean meal and soybean oil rose by 0.03% and 0.30% respectively [60] - The US soybean growing conditions are good, and the domestic oil factory inventory is increasing [60] - Pay attention to long - buying opportunities for soybean meal after adjustment [60][61] Palm Oil - Malaysian palm oil fell nearly 2% due to profit - taking and weak export data [62] - The domestic palm oil inventory is at a medium - high level in the past 7 years [63] - Consider widening the spread between rapeseed oil and palm oil [64] Rapeseed Meal and Rapeseed Oil - Canadian rapeseed rose, and the domestic import of rapeseed oil and meal decreased in May [65] - The domestic rapeseed and related product inventories are at different levels [65] - Consider long - buying opportunities for the oil - meal ratio [66] Cotton - The previous trading day, domestic Zheng cotton fluctuated, and the US cotton production and inventory are expected to increase [67][68] - The domestic cotton planting area and output are expected to increase [68] - It is recommended to short at high prices [69][70] Sugar - The previous trading day, domestic Zheng sugar fluctuated, and the Brazilian sugar production is expected to decrease [71][72] - The Indian sugar inventory and production are at certain levels [72] - It is recommended to wait and see [72] Apples - The previous trading day, domestic apple futures rose slightly, and the production is expected to increase slightly [74] - The inventory is decreasing, and the price is stable [74] - Pay attention to short - selling opportunities at high prices [74][75] Live Pigs - The previous day, the national average price of live pigs was 14.54 yuan/kg, down 0.07 [77] - The supply and demand situation varies in different regions, and the price is expected to be stable and weak [77] - Consider short - selling at high prices [77][78] Eggs - The previous trading day, the average price of eggs in the main production areas rose to 2.78 yuan/jin, and the cost decreased [79] - The egg - laying hen inventory is increasing, and the supply is expected to increase in July [80] - Consider a 9 - 10 reverse spread [81] Corn and Starch - The previous trading day, the main contract of corn rose by 0.09% to 2295 yuan/ton, and starch fell by 0.19% to 2641 yuan/ton [82] - The port inventory decreased, and the supply - demand is approaching balance [83] - It is advisable to wait and see for corn, and starch follows the corn market [83][84] Logs - The previous trading day, the main contract of logs 2509 closed at 790.0 yuan/ton, up 0.38% [85] - The import freight may decline, and the inventory is basically stable [86] - It is expected to fluctuate and adjust before the first delivery [87]