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Daily Futures Market Summary: June 8, 2023

Guoyuan Futures Research Department

The daily report from Guoyuan Futures Research covers key domestic commodities, showing mixed price movements on June 8, 2023. Overall, the market featured divergent trends: several contracts saw gains exceeding 1-2% due to reduced policy risks and improving supply-demand balance, while others experienced declines, often influenced by excess supply or macroeconomic headwinds.

Key Observations by Contract

• Rising Contracts: Low-sulfur fuel oil, iron ore, and crude oil rose more than 2%, supported by favorable market conditions, including policy relaxations in China's real estate sector and easing Fed rate hike expectations (per US Cu analysis).
• Falling Contracts: Ben乙烯醇 and others dropped more than 1%, primarily due to supply excesses, weak demand, and inventory pressures across various sectors, such as in energy and soft commodities.
• Notes on Drivers: Factors included macro risks like Fed interest rate speculation, domestic supply issues (e.g., accumulated inventories in iron ore and coking coal), and upcoming reports (USDA/MPOB), which could influence future direction. Support/resistance levels were provided for key contracts like Cu, Al, and agricultural products, highlighting potential entry points or risks.

Market Context

• The overall market is affected by both domestic policies and international events, leading to cautious trading ahead of upcoming reports.
• Recommended approaches vary by contract (e.g., short positions for some, support-based strategies for others), with core risks emphasized in the report disclaimer.

This summary reports key points; full details and risks are covered in the original report.