At the opening of the night session, the main contract of alumina rose by more than 2%, soda ash, Shanghai zinc, coking coal, Shanghai nickel, and polyvinyl chloride (PVC) rose by more than 1%; in terms of decline, the main contracts of Shanghai gold

1. Ceasefire or negotiation first? Ukraine and its Western allies insisted that an "unconditional 30-day comprehensive ceasefire" should be achieved before negotiations. However, Russia believed that the ceasefire would provide time for Ukraine to receive military aid from Western countries and rejected the proposal of an unconditional ceasefire for 30 days. Putin then proposed that Russia and Ukraine negotiate directly without preconditions. 2. Territorial disputes Ukraine refused to recognize Russia's ownership of the four eastern Ukrainian territories (Donetsk, Luhansk, Zaporizhia, Kherson) and the Crimean Peninsula; while Russia demanded that Ukraine recognize the new territorial reality. 3. Joining the treaty and security guarantees Russia demanded that Ukraine give up joining NATO, significantly reduce its military, give up long-range weapons, and that the West stop military aid to Ukraine after the ceasefire. However, Ukraine insisted on joining NATO and hoped to receive strong security guarantees. 4. Deployment of international forces Kellogg, Trump's special envoy for Russia and Ukraine, said Ukraine proposed that the Russian and Ukrainian troops each withdraw 15 kilometers (9 miles) to establish a demilitarized zone, with international troops stationed west of the Dnieper River as a deterrent. Russia said it would not accept the entry of international troops into Ukraine. 5. Format of talks and participants Zelensky insisted on negotiating only with Putin and refused to talk to "a delegation that has no power to decide war and peace." It is still unclear whether Putin will attend, and the configuration of Russian negotiators has not been confirmed. Trump, who is currently visiting the Middle East, said he considered flying to "Türkiye", but did not make it clear whether he would attend.

[Futures Hot Spot Tracking] The bullish atmosphere is strong, and chemical futures are still strongly leading the rise. Institutional analysis pointed out that the current styrene spot liquidity is tight due to maintenance, and the price has certain support, but it is still constrained by the sluggish pure benzene price; in the short term, the spot price of PTA will fluctuate strongly following the cost side.