Source: CSCI Futures Author: CSCI Futures
Text of research report
Viewpoint and operation strategy
US May PP I fell 0.2% month on month, while it was expected to rise slightly. At the same time, the number of Americans who applied for unemployment benefits for the first time last week was also higher than expected, which once strengthened the expectation of the Federal Reserve to cut interest rates. However, the economic data released in Europe was more weak. The industrial output of the euro zone in April fell sharply year on year, pushing the dollar higher and putting pressure on precious metals.
In addition, the weakening of economic data also puts pressure on the commodity properties of precious metals, silver The recent decline is more significant. On the whole, the market continued to digest the results of the Federal Reserve's interest rate meeting, and the volatility of precious metals was relatively large. However, the overall trend of overseas economic data was downward, and the support for the properties of precious metal commodities was further weakened.
Operationally, short at high prices, long the gold silver ratio, or consider selling dummy call options. The reference range of Hujin 2408 is 530-550 yuan/g, and that of Huyin 2408 is 7400-7800 yuan/kg.
Market review
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The US PPI fell 0.2% month on month in May, the lowest since October 2023. It is expected to rise 0.1%, with the previous value rising 0.5%; Core PPI remained unchanged on a month on month basis and is expected to rise 0.3%. In May, PPI rose 2.2% year on year, lower than the expected 2.5%, and the previous value was 2.2%.
The number of Americans applying for unemployment benefits for the first time increased by 13000 to 242000 last week, a new high since the week of August 12 last year, with 225000 expected. By June 1, the number of people who continued to apply for unemployment benefits rose to 1.82 million, higher than the expected 1.798 million.
In April, the industrial output of the Eurozone fell by 3.0% year on year, expected to fall by 1.9%, and the previous value fell by 1.0%; The month on month decrease was 0.1%, the expected increase was 0.2%, and the previous increase was 0.6%.
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