：图说大宗：能源旺季考验将至，工业品淡季氛围显现

Financial Data and Key Metrics Changes - The overall commodity futures index showed a decrease of 0.8% week-on-week and 4.6% month-on-month, but a year-on-year increase of 7.7% [14] - Brent crude oil prices increased by 2.9% week-on-week and 4.1% month-on-month, with a year-on-year increase of 11.3% [14] - Gold prices remained stable at $2,335 per ounce, with a year-on-year increase of 20.1% [14] Business Line Data and Key Metrics Changes - The black metal sector experienced fluctuations, with iron ore prices rebounding due to production recovery, but overall macro expectations remain limited [5] - In the steel market, hot-rolled demand showed resilience, while rebar demand did not exceed seasonal performance, leading to a widening price gap between hot-rolled and rebar [5] Market Data and Key Metrics Changes - China's exports of pure electric passenger vehicles to Europe decreased by 8% year-on-year from January to April 2024, indicating a downward trend in exports [2] - The copper market saw a production guidance downgrade from Anglo American, with a projected 30% reduction in output from the Los Bronces mine by 2025 [6] Company Strategy and Development Direction - The company is focusing on maintaining production levels while navigating the challenges posed by fluctuating commodity prices and changing market demands [5][6] - The strategic emphasis is on adapting to macroeconomic conditions and ensuring supply chain resilience amid global uncertainties [5] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery of demand in the steel sector, particularly in infrastructure, but warned against excessive optimism due to ongoing real estate challenges [5] - The management highlighted the importance of monitoring macroeconomic indicators, particularly U.S. fiscal policies, which could impact market conditions [6] Other Important Information - The recent increase in U.S. federal budget deficit projections could lead to prolonged tight monetary conditions, affecting market liquidity and investment strategies [6] - The agricultural sector is facing a short-term oversupply situation, with weather risks during the growing season being a key concern [8] Q&A Session Summary Question: What are the expectations for the copper market in the coming months? - The copper market is expected to face challenges due to production cuts and rising inventories, which may suppress price increases [6] Question: How does the company plan to address the challenges in the steel market? - The company plans to focus on operational efficiency and cost management while exploring new market opportunities to mitigate risks [5]