Investment Ratings - Not provided in the report Core Views - The report provides a comprehensive analysis of various financial and commodity markets, offering specific comments and operation suggestions for different varieties based on their current market conditions, supply - demand relationships, and macro - economic factors [2]. Summary by Categories Financial - **Stock Index Futures**: For IF2506, the lower support of the index is stable, one can sell out - of - the - money put options to earn premiums; for IH2506, the index opens high and closes low with sectoral rotation. One can also buy September IM contracts on dips and sell September out - of - the - money call options with a strike price of 6400 for a covered strategy [2]. - **Treasury Bond Futures**: T2506 may fluctuate in the short term, with a wait - and - see approach. Focus on the capital market and economic data. Curve strategy suggests a steepening trade. The 10 - year and 30 - year treasury bond rates are around 1.66% and 1.92%, respectively, and are expected to fluctuate in the short term waiting for a driving force [2]. - **Precious Metals**: Gold is under short - term pressure with support around $3200 (¥745), and the sold out - of - the - money call options with a strike price above 800 can be held. Silver prices range between $32 - 33.5 (¥8000 - 8350), and an option straddle strategy can be tried [2]. Commodities - **Shipping**: With the easing of the Sino - US trade war, the spot price of the container shipping index (EC2506 for the European line) may rise. One can consider going long on the August contract or 8 - 10, 6 - 10 calendar spreads [2]. - **Steel**: The steel spot market is stabilizing with macro - level benefits. For RB2510, unilateral operations are on hold, and focus on the long - hot - rolled - coil short - raw - material arbitrage [2]. - **Iron Ore**: The increase in blast furnace maintenance may lead to a peak and decline in hot metal production. It is expected to trade in a range of 700 - 745 [2]. - **Coke and Coking Coal**: Coke prices are in a new round of price cuts, and coking coal is weak. One can go long on hot - rolled coil and short on coke or coking coal. The coal mine inventory is high, and there is still a possibility of price decline, with high hedging pressure in the futures market [2]. - **Energy and Chemicals**: - **Crude Oil**: The short - term oil price is likely to oscillate at a high level. The main contract of SC2507 has a range of [450, 510], and for options, one can buy volatility within the range [2][3]. - **Urea**: The inventory may be depleted faster, and the short - term futures price will oscillate at a high level in the range of [1850, 1950]. One can buy options to expand volatility [2]. - **PX and PTA**: Both are driven by strong supply - demand and tariff benefits, showing a strong trend. PX9 - 1 short - term calendar spreads and PX - SC spread expansion are recommended; for PTA, short - term 9 - 1 calendar spreads are considered, and a mid - term reverse view is taken [2]. - **Agricultural Products**: - **Palm Oil**: After a post - noon decline due to a negative MPOB report, it is expected to rebound above 8000 [2]. - **Sugar**: Based on the positive data from Brazil in late April, one can either stay on the sidelines or trade short on rebounds [2]. - **Cotton**: With the easing of the Sino - US trade war, attention should be paid to the resistance at 13500 [2]. - **Special Commodities**: - **Glass**: The market sentiment is pessimistic, and the 09 contract should be observed for a breakthrough at the 1000 - point level [2]. - **Rubber**: With the easing of Sino - US tariff conflicts, the price is expected to trade in the range of 14500 - 15500, and one can try shorting at the upper end of the range [2]. - **Industrial Silicon**: The spot price is stable, but the futures price is under pressure. A wait - and - see approach is recommended [2]. - **New Energy Commodities**: - **Polysilicon**: The industry fundamentals are expected to improve, and long positions or calendar spreads can be held [2]. - **Lithium Carbonate**: The trading is intense, and the price is expected to range between 62,000 - 66,000 [2].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - For gold 2508, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "oscillation and weakening", and the reference view is "wait - and - see" due to the easing of Sino - US relations which is negative for gold prices. For gold in general, the intraday view is "oscillation and weakening", the medium - term view is "oscillation", and the reference view is "wait - and - see". The core logic includes a rapid rebound in futures prices this week indicating strong long - position support, geopolitical tensions in the India - Pakistan conflict which are positive for gold prices, and the Fed's concerns about the economic situation after the May interest - rate meeting [1][3]. - For nickel 2506, the short - term view is "decline", the medium - term view is "oscillation", the intraday view is "oscillation and weakening", and the reference view is "wait - and - see" because of a strong upstream nickel ore market and a weak downstream stainless - steel market. For nickel in general, the intraday view is "oscillation and weakening", the medium - term view is "oscillation", and the reference view is "wait - and - see". The core logic involves the overall pressure on non - ferrous metals after the holiday, strong supply at the industrial level with increased supply costs due to the Indonesian government's PNBP policy, weak demand with slow inventory reduction of stainless steel at a high level, and technical pressure on nickel prices [1][4]. 3. Summary by Related Catalogs Gold - **Price Movement and Views**: The short - term view is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillation and weakening", with a reference view of "wait - and - see" [1][3]. - **Core Logic**: This week, the rapid rebound of futures prices shows strong long - position support. The escalation of the India - Pakistan conflict is positive for gold prices. After the Fed's May interest - rate meeting, the Fed maintained the interest rate, expressed concerns about the economic situation, and pointed out increased risks of rising unemployment and inflation. Technically, pay attention to the 3400 mark for London gold and the 800 - yuan mark for Shanghai gold [3]. Nickel - **Price Movement and Views**: The short - term view is "decline", the medium - term view is "oscillation", and the intraday view is "oscillation and weakening", with a reference view of "wait - and - see" [1][4]. - **Core Logic**: The main contract of Shanghai nickel oscillated during the day yesterday and opened lower at night, breaking through the 124,000 - yuan mark. After the holiday, non - ferrous metals were under pressure, and nickel followed the downward trend. At the industrial level, supply is strong with increased supply costs due to the Indonesian government's PNBP policy, while demand is weak with slow inventory reduction of stainless steel at a high level and strong expectations of production cuts. Technically, after the holiday, nickel prices faced technical pressure when rebounding to the 125,000 - yuan level, and pay attention to the low - point support in December last year [4].