China's National Bureau of Statistics said in May producer purchase prices rose for non-ferrous metal materials and wire (+22.0%), chemical raw materials (+11.8%), fuel and power (+10.0%), textile raw materials (+2.5%) and ferrous metal materials (+0.3%); building materials and non‑metallics fell 5.5% and agricultural products fell 1.6%.

【期货热点追踪】CBOT大豆期价徘徊在四个月低点，受累于产区天气向好及采购需求延滞，市场焦点转向USDA供需报告，会迎来“生死转折”吗？

CSC Financial says the probability of a Fed rate hike is low in the near term; market worries about Fed tightening are largely expectation-driven and rest on assumptions of persistent US inflation and a hot labor market. CME FedWatch shows markets begin pricing a high probability of Fed hikes from late October 2026. Current global liquidity tightening and market adjustments largely reflect an early reaction to Q4 Fed-hike expectations. For China’s bond market, higher Fed-tightening expectations are not necessarily negative: the market is relatively independent with limited linkage to US Treasuries, and ample domestic liquidity means anticipated overseas liquidity tightening and equity weakness could drive flows into domestic bonds, supporting long-end yields. CSC expects the 10-year China government bond yield to trade around 1.70%; a break below 1.70% would require fresh domestic incremental information.