晨间洞察：2026年6月10日

Morning Insight:June 10, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Fuel Oil & Low-Sulphur Fuel Oil:Geopolitical premium continues tounwind, stable supply driving prices and spreads lower. Negotiationsbetween the US and Iran remain without substantive progress; thegeopolitical premium is still embedded in market prices but is beinggradually priced out. Frictions among conflicting parties persist, Shaanxi Provincial Development and Reform Commission again issued a notice on continuing to ensure energy supply for the summer peak seasonin 2026. Regarding the news itself, we believe it is a routine meetingand does not reverse the current strong-real fundamentals of coking coal,because although Shaanxi's annual raw coal output exceeds 800 milliontons, the coal types produced there are mainly thermal coal and othernon-coking coals, with coking bituminous coal accounting for only about8% of nationaloutput. The impact on sentiment is greater than the we still need to monitor the impact of sentiment on futures prices. Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's consumer price index (CPI), a main gauge of inflation, rose1.2 percent year on year in May, official data showed Wednesday. Wednesday's data also showed that China's producer price index, whichmeasures costs for goods at the factory gate, went up 3.9 percent year on 2. China's producer price index (PPI), which measures costs for goods atthe factory gate, went up 3.9 percent year on year in May, the National 3. China's consumption sector sustained a steady recovery last month,while its emerging industries posted strong growth momentum, according to The country's offline consumption payments climbed 2.4 percent year onyear in May, with the pace of growth accelerating by 0.7 percentage (SIC), a think tank under the National Development and Reform Commission, A detailed breakdown highlights a strong performance in certain sectors,with consumption of electronic products, catering services and transport Xing Yuguan, a researcher with the SIC, attributed the recovery in theconsumption sector to the country's consumer goods trade-in program and Beyond the consumption sector, the SIC data also revealed an industrial According to the SIC, investment in frontier fields like AI and humanoidrobots soared in May, while the value of winning bids for infrastructure Monthly Report on Purchasing Manager’s Index (PMI) Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consulting The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstances do the research or opinions expressed in this report constitute investment advice to any individual person. Under Copyright Statement The copyright of this report is solely owned by the Company. Without written permission, no institution or individual may reproduce, copy,publish, or quote this report in any form. If consent is obtained from the Company for citation or publication, it must be used within thepermitted scope, and the source must be indicated as "Guotai Junan Futures Research," along with a reminder of the risks associated Unless otherwise specified, all trademarks, service marks, and logos used in this report are owned by Guotai Junan Futures orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guotai