On the 3rd, the majority of the products in the market turned green. Among them, the glass was at a new low level. After the egg festival, the oil continued to fall. The oil also underwent weakness. The base metal was relatively strong, and the plate finally turned red. Some analysts said that the current glass spot market is in the process of converting from the off-season to the boom, but the inventory has not seen a significant decline, which has put pressure on the price trend. In the short term, the market may continue to be weak.
On Tuesday, glass futures hit a new low, with the main FG1409 closing at 1093 yuan, down 25 yuan or 2.24%. Some analysts said that the spot market price of glass in May almost unilaterally fell, which is contrary to the traditional seasonal demand, indicating that the downstream real estate market shrinkage is serious. In January-April, the real estate completion area decreased by 6.9% year-on-year, while the output of flat glass increased by 4.3%.
According to the trend of specific varieties, Dalian soybean oil futures maintained a weak adjustment. The main contract of 1409 closed at RMB 6,702/ton, down 66 yuan. On the face of the disk, the US soybean oil contract in the outer plate fell below 40 cents per pound in the first quarter, the weak shocks down, and the market's preference for soybean oil declined. The fundamentals of domestic soybean oil temporarily lacked upward momentum, and the shock pattern has continued for 11 weeks. Against the background that there is no effective change in fundamentals, it is expected that soybean oil will continue to be weakly adjusted in the short term. Palm oil futures opened lower and the main 1409 contract closed at 5,820 yuan / ton, down 60 yuan. Fundamentally, the current market lacks weather factors to speculate, palm oil production shows a seasonal rebound, and BMD futures prices follow the external market shocks. Since March, domestic palm oil imports have declined, demand has picked up slowly, and port inventories have remained high. In the short term, even palm oil may continue to weaken.
Shanghai rubber futures oscillated down, the main 1409 contract closed at 14,105 yuan / ton, down 75 yuan / ton. During the Dragon Boat Festival, the Japanese rubber fell to a four-year low, regardless of the sharp decline in stocks on the fundamentals. Today, Hujiao is weak, and recently tested the support of 13,700 yuan. If it can be stabilized, the possibility of the shock zone becoming the bottom will increase. It is recommended to wait and see in the near future. Dalian plastics futures opened lower and the main 1409 contract closed at 11,405 yuan / ton, up 150 yuan / ton. The upstream supply is tight, and the medium-term downstream demand is gradually warming up. The current price has entered a pattern of easy rise and fall, and even after the plastic opened lower today, it is strongly rising. It is recommended to wait for more than one order to continue holding.
Shanghai copper futures rose slightly, the main 1408 contract closed at 48,690 yuan / ton, up 230 yuan / ton. In the news, China's manufacturing PMI continued to rise in May, hitting the highest in the year, which brought a certain boost to the metal market. On the fundamentals, London's inventories continued to decline, Shanghai's inventories fell, and spot premiums rebounded slightly, supporting the price. The short-term Shanghai 1408 contract is still treated with shocks. Period aluminum narrowed the gains, the main contract 1408 closed at 13,480 yuan / ton, up 15 yuan / ton. On the macro level, China's manufacturing PMI continued to rise in May, hitting the highest in the year, which brought a certain boost to the metal market. On the other hand, in May, China's housing prices fell monthly, the first time in two years, bringing certain economic growth to the market. pressure. It is expected that the short-term Shanghai aluminum rebound space will be limited.
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