Iron ore: Supply and demand are tight and prices are strong, and future production restrictions will determine price trends.

Weekly summary:

Last week, despite the resurgence of the expectation of production restrictions, iron ore prices were still running steadily. And the open interest of the most-active iron ore contracts increased, while its trading volume decreased. The closing price reported 1,182.5 yuan/ton, down 2.5 yuan/ton on a week-on-week basis, or 0.21%. In terms of spot, Qingdao Port PB fines reported 1,500 yuan/ton last week, up 9 yuan/ton week-on-week, the discounted price was 1,660 yuan/ton, and the basis of the most-active contracts was 478. SSF reported 1,055 yuan / ton, up 8 yuan/ton on a week-on-week basis, with a discount of 1,317 yuan/ton, and the basis of the most-active contracts was 134. The Platts 62% index reported US$217.3/ton on the 4th, down US$0.35/ton. In terms of price performance, spot prices were stronger than futures prices. In terms of transactions, last week’s main iron ore port had an average daily transaction of 900,000 tons, a week-on-week decrease of 150,000 tons. Affected by the short-term suspension of production of blast furnace due to the party celebration in July 1st, the transaction was weak.

On the supply side, according to Mysteel's statistics, the total global shipping volume was 34.688 million tons, an increase of 4.82 million tons from the previous week. Among them, Australia and Brazil shipped 27.723 million tons of iron ore, a week-on-week increase of 3.541 million tons; Australia shipped 19.812 million tons, a week-on-week increase of 1.524 million tons; of which Australia shipped 15.603 million tons to China, a week-on-week increase of 805,000 tons. Brazil’s total shipments amounted to 7.911 million tons, an increase of 2.017 million tons from the previous week. Last week, the average daily output of iron ore concentrates of Chinese domestic 266 mines was 418,300 tons, a decrease of 20,300 tons from the previous week, and the capacity utilization rate was 66.3%, a decrease of 3.22% from the previous week. On the supply side, the overall shipping volume of overseas mines increased significantly, the utilization rate of domestic mines' capacity fell from a high level, and the overall supply increased slightly.

In terms of demand, Mysteel surveyed 247 steel mills with a blast furnace operating rate of 57.94%, a decrease of 21.74% week-on-week and a year-on-year decrease of 33.07%; the blast furnace ironmaking capacity utilization rate was 81.01%, a week-on-week decrease of 10.16%, and a year-on-year decrease of 12.35%; the profit rate of steel mills was 71.43%, a week-on-week drop of 3.03% and a year-on-year drop of 22.08%; the average daily molten iron output was 21.563 million tons, a week-on-week drop of 270,500 tons, and a year-on-year drop of 328,600 tons. Mysteel surveyed 163 steel mills with a blast furnace operating rate of 41.99%, a decrease of 18.92% week-on-week, the capacity utilization rate was 51.01%, a month-on-month decrease of 21.69%, the utilization rate excluding eliminated capacity was 55.53%, a decrease of 30.48% from the same period last year, and the profit rate of steel mills was 66.87 %, the same week-on-week. Affected by the July 1st party celebration last week, the demand side of iron ore fell sharply. In the follow-up, the possible impact on the demand side of iron ore should be measured according to the strength of the national production restriction policy.

In terms of inventory, Mysteel counted that the imported iron ore inventory of 45 ports across the country was 122.3486 million tons, an increase of 589,500 tons from the previous week; the average daily port congestion volume was 2.5828 million tons, a decrease of 367,000 tons from last week. Australian iron ore increased by 87.02 to 6,339.3, Brazilian iron ore increased by 22.2 to 3,470.1, the trade iron ore increased by 145.5 to 6,602.1, pellets decreased by 14.9 to 394.3, iron ore concentrates increased by 36.5 to 882.2, lump ore increased by 71.7 to 1,809.98, the coarse fines decreased by 34.3 to 9,148.4; and the number of ships in port was 143, a increase of 17 from last week. Iron ore inventories have turned from a low level, and the overall inventory has been at a low level over the same period. The contradiction in the variety structure is still more prominent.

On the whole, the domestic and international supply and demand of iron ore have been in a tight balance since the beginning of this year, supporting the strong operation of iron ore prices all the way. In May, the State Council investigated the high prices of bulk commodities, and the price of iron ore subsequently dropped, but now it has returned to and maintained at a relatively high point. After the July 1st party celebration, some steel mills resumed production one after another, which caused the demand for iron ore to pick up in the short term, and the price was on the strong side. However, at the same time, steel mills across the country were affected by the production restriction policy and lower profits, and began to have intensive maintenance and the introduction of production restriction plans for the second half of the year. Looking ahead, the national crude steel production limit for the whole year is expected to come back. Once the production restriction policy is implemented, the supply of scrap steel will decrease simultaneously, and the molten iron needs to make up for the missing part of the scrap, so that the price direction of iron ore will depend on the intensity of domestic production restrictions. If the intensity of production restriction is small, due to the current tight global supply and demand of iron ore, its price is likely to continue to run on the strong side. If the crude steel production restrictions are greater, iron ore stocks are expected to continue to accumulate. This will make the supply and demand pattern gradually turn into an oversupply, and the subsequent price of iron ore is expected to run weaker.

Strategy: None

Unilateral: tend to be bullish in the short term; under pressure in the medium term

Cross-species: None

Inter-period: None

Spot-Futures Arbitrage: None

Options: None

Concerns and risks:

1. The implementation of the policy of limiting production at the thread and hot-rolled coil end;

2. Domestic and overseas steel demand may weaken at the same time;

3. Iron ore shipments, etc.

Rubber: The downstream operating rate will rebound again, supporting future prices.

Last week, rubber futures prices fell again after a short-term rebound in the previous week, mainly due to the further weakening of the week-on-week demand. The increase in environmental protection requirements due to the celebration of the 100th anniversary of the founding of the Chinese Communist Party has increased the maintenance of some tire factories, and the operating rate of tire factories has fallen to less than 50%.

The total inventory of domestic exchanges as of July 2 was 184,286 tons (+752), and the amount of futures warehouse receipts was 174,650 tons (-170). Recently, the price of rubber was still weak, and the non-standard spread was at a low to mid-to-low level, resulting in an insignificant increase in warehouse receipts. As of June 27, inventory in Qingdao Free Trade Zone continued to fall slightly, and the trend of destocking continued.

According to Zhuochuang's understanding, domestic spot prices have fallen. With the continuous digestion of raw materials from the tire factory in the early stage, it was heard that the enquiry sentiment had heated up during the last week, but the actual transaction had not been followed up, and the terminal still maintained just-needed procurement. The US dollar spot was adjusted in accordance with the domestic market, but due to the low downstream operating rate, the overall purchase and procurement were not active. In addition, most factories maintain low inventory levels, resulting in poor trading performance. U.S. dollar cargoes fluctuated with the market trend, but due to weak terminal demand and falling raw material prices, the overall trading sentiment in the U.S. dollar market was weak. As of last weekend, the price of the premium of synthetic rubber was -225 yuan/ton (-650). The recent continuous decline in rubber prices has brought about a reversal of the spread pattern.

In terms of downstream tire operating rate, as of July 1, the operating rate of all-steel tire companies was 45.28% (-18.85%), and the operating rate of semi-steel tire companies was 44.75 (-14.2%). The drop in operating rate last week was mainly related to the celebration of the 100th anniversary of the founding of the Chinese Communist Party. Tighter environmental protection has led to overhauls in some factories, and it is expected that the operating rate will pick up next week.

Opinion: The price of Shanghai rubber fell again last week, and the main pressure came from the periodical weakening of the operating rate of domestic tire factories. With the recovery next week, the negative impact is expected to ease. At the same time, after the pullback last week, the RU non-standard spreads continue to narrow. It is expected that the above two factors will limit the room for rubber prices to continue to fall next week. From the perspective of later fundamentals, domestic production will gradually pick up, and major overseas production areas will also enter the peak season. In the short term, attention may be paid to the possibility of slowing imports caused by the continuous increase in ocean freight. Domestic imports have dropped significantly in May, and if it continues to affect the reduction of domestic port stocks in the later period, it may bring about short-term price fluctuations. Demand is currently showing off-season characteristics, domestic demand has weakened from the previous month, and exports are still weak due to tight container conditions. Given the weak mid-term supply and demand expectations, it is expected that rubber prices will continue to fluctuate at low levels. The short-term price is expected to stabilize due to the small non-standard spread.

Strategy: Neutral

Risk points: production may increase sharply, inventory may continue to accumulate, and demand may fall sharply.

Crude oil: Cushing's structural shortage supported the strengthening of inter-month spread of WTI.

Oil prices continued to strengthen last week, but it is more noteworthy that the spread between WTI and Brent continued to narrow to historical lows. From the perspective of the drive of the narrowing of the spread, it is mainly from the WTI end, that is, the strong inter-month spread of WTI, which shows that the price of WTI has appeared some signs of soft squeeze in recent months. This happened in history when Cushing's inventory was approaching historical lows (below 30 million barrels). Cushing is known as the "energy blood bank" of the United States. It is an important pass for the north oil (Canada, Bakken) to go south, and it is also a transfer station for the south oil to go north (Permain, DSW). The most important point is that it is the delivery point of Nymex WTI crude oil futures, so it is a particularly special presence in the US energy geography.

And why the market has such a strong expectation of destocking of the Cushing inventory at present, we believe that there are the following points:

1. The recovery of shale oil production in the United States is uneven. The main production area of Permain resumed production relatively quickly, but the crude oil production area in the north such as Bakken resumed production slowly. Since Permain has successively opened several crude oil pipelines to the U.S. Gulf in recent years, the number of direct exports from Permain to U.S. Gulf refineries or terminals has continued to increase. As the number of Northbound Cushing transmissions to the Midwest refinery decreases, Cushing's attributes as a transfer station for North Oil to South will become stronger and stronger. As a result, the supply of northern light oil, mainly Bakken, has been reduced this year. Cushing’s local flagship grade crude oil DSW is a blend of a variety of domestically produced light oils. Insufficient supply of the key blending raw material Bakken has led to a decrease in DSW supply.

2. The operating rate of refineries in the Midwest has recently recovered significantly faster than that of Gulf Coast refineries. From the perspective of operating rate, the current Midwest refinery is about 1 to 2% higher than the US Gulf refinery, that is, from a marginal point of view, the Midwest refinery's marginal demand for Cushing crude oil continues to increase.

3. Starting from mid-to-late May, the Centurion pipeline, a key pipeline from Texas to Cushing, reversed. The crude oil transportation capacity of the pipeline is about 250,000 barrels per day. After the reversal, the net inflow capacity of Cushing will be reduced by 500,000 barrels per day.

4. The current strong back structure of WTI crude oil has prompted local traders to speed up the destocking, thus forming a positive feedback on the inter-month spread.

On the whole, due to the superposition of various factors, Cushing’s inventory has fallen rapidly. At present, the only way to force a reversal of logistics is by giving a high regional premium. The current WTI Cushing premium to WTI Permain, WTI MEH and Bakken crude oil has reached historical highs, which will stimulate:

1. The amount of Permain crude oil flowing to Cushing increased, and the amount flowing to the U.S. Gulf decreased;

2. Stimulate Bakken to increase production and increase the supply of North Oil going south;

3. The Cushing to the US Gulf arbitrage window is closed to reduce the supply from Cushing to the US Gulf through the Seaway and Marketlink pipelines.

With reference to the historical situation, Cushing’s inventory usually bottoms out when it reaches a historical low. This is directly related to the negative feedback mechanism between its spread and logistics, and it does not make Cushing’s inventory really close to the bottom of the tank. However, if Cushing's inventory cannot rise in a short period of time, the logic of squeezing is expected to continue. Considering that it takes at least one month to adjust from the spread to the logistics, we believe that the local structural shortage in Cushing may last until late August or even early September.

Strategy: neutrally, tend to be bullish in the short term; go long positions of INE crude oil and short positions of Brent or WTI futures

Risks: The Iranian nuclear agreement may be reached quickly or OPEC may increase production beyond expectations.

Copper: The premiums and discounts are gradually rising, and there is a certain amount of support below the copper price.

Spot situation:

According to SMM, the average price of SMM1# electrolytic copper in the week of July 2 was between 68,145 yuan/ton and 68,665 yuan/ton, and the average premium and discount price of Standard-Grade Copper was between 25 yuan/ton and 120 yuan/ton. Last week, the copper price was basically in a narrow range of fluctuations, but the premium and discount continued to show a low recovery state, showing that holders still have a certain sentiment for supporting price, which may make the copper price still have a certain degree of support.

Opinion:

short term:

Last week, it can be found that TC prices are still showing a trend of continuing to rise, coupled with the recent implementation of the tapering policy and the gradual emergence of copper scrap, so the current supply side, the pressure on copper prices may still be relatively large. On the demand side, the current traditional peak season is about to pass, but some of the demand that has been suppressed due to the previous excessively high prices may emerge after the fall in copper prices. Therefore, overall, the current copper price may still maintain a volatile pattern.

Medium and long term:

In the medium and long term, macroeconomically, the global central banks will continue to maintain the current ultra-loose monetary and fiscal policies in the short term. Although the U.S. dollar has moved strongly after the interest rate meeting, it is largely an overdraft for future economic growth. In terms of fundamentals, the current TC price continues to rise, coupled with the domestic rumor of tapering, so the supply side has a relatively negative impact on copper prices. On the demand side, China’s current control of the epidemic is still very successful, and the new energy and new infrastructure sector will continue to drive copper demand. However, due to the current market interference from the rumors of the Federal Reserve tapering and the possible tightening of central bank liquidity around the world, in general, we recommend that investors maintain a relatively neutral attitude.

Strategy:

1. Unilateral: neutrally

2. Inter-market: postpone

3. Inter-period: postpone

4. Options: postpone

Focus point:

1. The risk of tightening liquidity

2. Domestic delivery situation

3. Destocking in the second quarter fell short of expectations

PTA: The Yisheng Dahua plant has been shut down for a short period of time, and investors need to continue to pay attention to the implementation of the July maintenance.

Balance sheet outlook: If TA overhauls are too small, there will be an inflection point of the accumulated inventory in mid-to-late July. If TA overhauls are fully fulfilled, the inventory will continue to accumulate in July, and the inflection point may move back again. The accumulation rate of PX inventory in July is limited, and it is expected that the space for compression of PX processing fees is limited.

Strategic recommendations: (1) Unilateral: cautiously bullish (2) Intertemporal: The 09 contract holdings are much larger than the deliverable inventory, and there is greater emotional uncertainty. Therefor, it is recommended to take a wait-and-see attitude. The inflection point of the inventory accumulation is postponed to late July or early August, as the open interest of 09 contracts gradually fall, the 9-1 spread may gradually peak and then fall.

Risks: The implementation of the PTA plant maintenance plan, the strength of the negative feedback of the maintenance of polyester filament, and the sustainability of the improvement in the supply and demand of aromatics due to the gasoline premium.

铁矿：供需偏紧价格强势 压产力度决定方向

周报摘要：

上周尽管限产预期再起，铁矿石价格依旧偏稳运行，主力合约缩量增仓震荡收于1182.5元/吨，周环比跌2.5元/吨，周跌幅0.21%。现货方面，上周青岛港PB粉报1500元/吨，周环比上涨9元/吨，折盘面价1660元/吨，主力合约基差478。超特粉报1055元/吨，周环比上涨8元/吨，折盘面1317元/吨，主力合约基差134。普氏62%指数4日报217.3美元/吨，跌0.35美元/吨。价格表现方面，现货价格强于期货价格。成交方面，上周铁矿石主港日均成交90万吨，周环比减少15万吨，受七一党庆高炉焖炉影响成交偏弱。

供应方面，据Mysteel统计全球发运总量3468.8万吨，环比增加482万吨。其中澳大利亚巴西铁矿发运总量2772.3万吨，环比增加354.1万吨；澳大利亚发货总量1981.2万吨，环比增加152.4万吨；其中澳大利亚发往中国量1560.3万吨，环比增加80.5万吨；巴西发货总量791.1万吨，环比增加201.7万吨。上周国内266矿山铁精粉日均产量41.83万吨，环比减少2.03万吨，产能利用率66.3%，环比减少3.22%。供应端外矿整体发运量大幅增加，内矿产能利用率高位回落，整体供应小幅增加。

需求方面，Mysteel调研247家钢厂高炉开工率57.94%，环比上周下降21.74%，同比去年下降33.07%；高炉炼铁产能利用率81.01%，环比下降10.16%，同比下降12.35%；钢厂盈利率71.43%，环比下降3.03%，同比下降22.08%；日均铁水产量215.63万吨，环比下降27.05万吨，同比下降32.86万吨。Mysteel调研163家钢厂高炉开工率41.99%，环比下降18.92%，产能利用率51.01%，环比下降21.69%，剔除淘汰产能的利用率为55.53%，较去年同期降30.48%，钢厂盈利率66.87%，环比持平。上周受七一党庆的影响，铁矿石需求端大幅下降，后续要根据全国限产落地的力度，来衡量对铁矿需求端可能造成的影响。

库存方面，Mysteel统计全国45个港口进口铁矿库存为12234.86万吨，环比增58.95万吨；日均疏港量258.28降36.7万吨。分量方面，澳矿6339.3增87.02，巴西矿3470.1增22.2，贸易矿6602.1增145.5，球团394.3降14.9，精粉882.2增36.5，块矿1809.98增71.7，粗粉9148.4降34.3；在港船舶数143增17条。铁矿石库存低位转增，整体库存量处于同期较低水平，品种结构矛盾依旧较为突出。

整体来看，今年以来铁矿的国内外供需均处于紧平衡状态，一路支撑铁矿石价格偏强运行。五月国务院喊话大宗商品的高价格，铁矿的价格随之回落，但目前再次回到并维持在相对价格高点。七一党庆结束后部分钢厂陆续复产，铁矿石需求短期有所回升，价格偏强运行。但是与此同时，全国各地各钢厂受全年压产和利润较低的影响，开始陆续出现密集检修及出台下半年限产计划的情况。展望后市，全年全国粗钢压产预期卷土重来，一旦压产开始，废钢的供给将同步下降，铁水需要弥补废钢的缺失部分，铁矿石的价格方向取决于国内压产的力度。如果压产的力度较小，由于当前铁矿石的全球供需偏紧，价格大概率继续偏强运行。如果粗钢压产的力度较大，铁矿石的库存有望出现连续累库，供需格局将逐步转为供过于求，后续价格有望偏弱运行。

策略：

单边 ：短期偏强 中期承压

跨品种：无

跨期：无

期现：无

期权：无

关注及风险点：成材端压产限产政策，海内外钢铁需求表现，铁矿发运等

橡胶：下游开工率将重新回升，支撑期价

上周橡胶期价在前一周短弹之后重新回落，主要因自身需求环比进一步走弱，国内建党100周年大庆对环保要求提升，使得部分轮胎厂检修增加，轮胎厂开工率下滑到不到五成。

国内交易所总库存截止7月2为184286吨（+752），期货仓单量174650吨（-170），近期胶价仍偏弱，非标价差处于中偏低水平，造成最近仓单增加不明显。截至6月27日，青岛保税区库存继续小幅回落，去库趋势延续。

上周现货价格重心环比下移。据卓创了解，国内现货价格回落，随着前期轮胎厂原料持续消化，听闻周内询盘气氛有所升温，但实际成交尚未跟进，终端仅刚需采购为主。美金现货跟随国内盘面调整，但因下游开工率不高，整体买采不积极，且工厂多维持库存低位，因此交投清淡。美金船货跟随盘面波动，但因终端刚需薄弱，加之原料价格下滑，美金市场整体交投情绪偏淡。截至上周末，橡胶升水合成胶-225元/吨（-650），近期橡胶价格的持续回落带来价差格局扭转。

下游轮胎开工率方面，截止7月1日，全钢胎企业开工率45.28%（-18.85%），半钢胎企业开工率44.75（-14.2%）。上周开工率的回落主要跟国内建党100周年大庆有关，环保趋严使得部分工厂检修，预计下周开工率将有所回升。

观点：上周沪胶重新回落，主要压力来自于国内轮胎厂开工率的阶段性走弱，随着下周重新恢复，预计该利空将有所缓解，同时，经历上周的回调之后，RU非标价差继续缩窄，预计以上两方面因素将限制下周橡胶价格继续回落的空间。后期基本面来看，国内产量将逐步回升，海外主产区也步入旺季，短期节奏上或须关注海运费持续上涨带来的进口量放缓的可能，5月国内进口量已经明显下降，后期如果继续影响国内港口库存的减少，则可能带来短期价格的波动。需求呈现淡季特征，国内需求环比走弱，出口则受制于集装箱紧张表现仍然偏弱。中期供需预期偏弱下，预计胶价仍将呈现震荡偏弱走势，短期价格则在非标价差偏小下，有望企稳。

策略：中性

风险点：国内供应大幅增加，疫情等影响需求继续示弱，资金紧张。

原油：库欣结构性短缺支撑WTI月差走强

上周油价继续走强，但更值得注意的是WTI与Brent价差持续收窄至历史低位，从价差缩窄的驱动来看，主要来自WTI端，即WTI月差的强劲，这显示出WTI近月价格已经出现了一些软挤仓的迹象，这在历史上在库欣库存逼近历史低位时（3000万桶以下）也出现过类似情况，库欣被称为美国“能源血库”，即是北油（加拿大、Bakken）南下的重要隘口，同时也是南油北上（Permain、DSW）的中转站，最为重要一点是他是Nymex WTI原油期货的交割点，因此其在美国能源地理上是尤为特殊的存在。而当前为何市场对于库欣库存有着如此之强的去库预期，我们认为有以下几点：1、美国页岩油生产复苏快慢不均，Permain主产区复产较为迅速，但北边的原油产区如Bakken复产缓慢，而自从近些年来Permain陆续开通了数条直达美湾的原油管道之后，Permain直输到美湾炼厂或者码头出口的数量不断增加，而北上库欣在输至中西部炼厂的数量减少，库欣作为北油南下中转站的属性就越来越强，因此今年以来以Bakken为主的北方轻油南下供应减少，而库欣本地旗舰品级原油DSW为多种国产轻油的混兑原油，关键调和原料Bakken供给不足导致DSW供应减少；2、近期中西部炼厂的开工率复苏要明显快于美湾炼厂，从开工率上看，目前中西部炼厂已经高于美湾炼厂约1~2%，即从边际上来看，中西部炼厂对库欣原油边际需求持续增加；3、5月中下旬开始，从德州到库欣的一条较为关键的管道Centurion管道逆转，该管道原油输送能力约25万桶/日，逆转之后另库欣当地的净流入能力减少50万桶/日，4、当前WTI原油强Back结构促使当地贸易商加速去库，从而让月差月库欣形成了正向反馈。综合来看，由于多种因素的叠加导致库欣库存快速下降，目前只有通过给出地区高溢价的方式倒逼物流的逆转，当前WTI Cushing对WTI Permain、WTI MEH以及Bakken原油的溢价均达到历史高位，这将刺激1、Permain原油流向库欣的数量增加，流向美湾的数量减少；2、刺激Bakken增产，让北油南下的供应增加；3、库欣到美湾套利窗口关闭，减少通过Seaway和 Marketlink管道从库欣南下至美湾的供应量。参考历史情况来看，库欣库存通常在达到历史低位以下就会出现见底反弹，这与其价差物流之间的负反馈机制直接相关，并不会让库欣库存真正接近罐底，但如果库欣库存无法在短时间内回升，预计挤仓的逻辑还会持续，考虑到从价差反应到物流上至少需要1个月时间调整，因此我们认为库欣当地的结构性短缺可能要持续到8月下旬甚至9月上旬。

策略：中性偏多，原油多头配置或者布伦特、WTI正套

风险：伊核协议快速达成或欧佩克增产超预期

铜： 升贴水逐步抬升 铜价下方存一定支撑

现货情况：

据SMM讯，7月2日当周SMM1#电解铜平均价运行于68,145元/吨至68,665元/吨，平水铜平均升贴水报价则是运行于25元/吨至120元/吨之间。上周铜价基本处于窄幅震荡的格局之中，不过升贴水持续呈现低位回升的状态，显示出持货商仍存在一定挺价情绪，这或许会使得铜价下方依然存在一定支撑。

观点：

短期：

上周，可以发现TC价格仍呈现持续走高的态势，并且叠加近期抛储的落地以及废铜的逐渐涌现，故此目前就供应端而言，对于铜价的压力或仍然相对较大。而就需求端而言，目前传统旺季即将过去，不过部分因此前价格过高而受到抑制的需求可能会在铜价回落之后有所浮现，因此总体而言，目前铜价或仍维持震荡格局。

中长期：

宏观方面，全球央行短时内仍将继续维持目前超宽松的货币以及财政政策，虽然此次议息会议后，美元走势强劲，但很大程度上也是对于未来经济增长的透支。基本面方面，目前TC价格持续回升，加之国内抛储传言落地，故此供应端对铜价影响较为负面，而需求端，中国目前对于新冠疫情的控制依然十分成功，且新能源新基建板块将持续对铜需求形成拉动，但由于当下市场美联储抛储传闻干扰以及全球范围内央行流动性可能收紧的冲击，因此总体而言，目前维持相对中性的态度。

策略：

1. 单边：中性 2. 跨市：暂缓 3. 跨期：暂缓；4. 期权：暂缓

关注点：

1. 流动性收紧的风险 2. 国内交仓情况 3. 2季度去库不及预期

PTA：逸盛大化装置短停，继续关注7月检修兑现情况

平衡表展望：TA检修兑现偏少则7月中下现累库拐点；若TA检修全兑现背景下，7月仍继续去库，累库拐点或再度后移；PX7月累库速率有限，预期PX加工费压缩空间有限。

策略建议：（1）单边：谨慎看涨。（2）跨期：09合约持仓量远大于可交割库存，挤虚盘博弈占主导，情绪不确定性较大，建议观望；累库拐点推迟至7月下8月初，届时09持仓亦逐步下降到位，届时9-1价差或逐步见顶回落。

风险：PTA工厂检修计划兑现力度，聚酯长丝负反馈检修兑现力度，汽油溢价对芳烃供需改善的持续性