The head of a pharmaceutical industry lobbying group said that Europe must re-examine drug pricing or risk losing investment in manufacturing and clinical trials.

[US to build permanent military base in Poland at over $3 billion, Poland to bear the majority of the cost] (1) According to foreign media reports citing their sources, the total cost of establishing a permanent US military base in Poland will exceed $3 billion. (2) Poland formally proposed the plan to the US in early June, and Polish Defense Minister Kosiniak Kamesz subsequently stated that the plan had attracted the interest of the US leadership. (3) The report points out that the cost will be mainly borne by Poland, with infrastructure construction expected to require an investment of 10 to 12 billion złoty (equivalent to over $3 billion). Currently, there are approximately 10,000 US troops stationed in Poland on a rotational basis.

[Caixin Futures: Edible Oil Futures Close Lower Across the Board, Supply Remains Loose, Palm Oil Falls 0.71%] ⑴ Edible Oils: On Tuesday, domestic edible oil futures closed lower across the board, pressured by weakening international oil prices and a weak domestic supply-demand balance. The main contracts for palm oil, soybean oil, and rapeseed oil fell by 0.71%, 0.27%, and 0.45%, respectively. Currently, domestic oilseed supply is ample, oil mill operating rates remain high, and soybean oil and rapeseed oil inventories continue to accumulate, lacking clear upward drivers in the market. The Malaysian Plantation Department is studying the feasibility of B30 biodiesel, but this is still in the expectation management stage and has not yet generated substantial positive impact. ⑵ In the spot market, 24-degree palm oil in Guangdong rose by 80 yuan to 9310 yuan/ton, soybean oil in Fangchenggang, Guangxi rose by 30 yuan to 8550 yuan/ton, and genetically modified rapeseed oil in Jiangsu rose by 40 yuan to 10100 yuan/ton. The edible oil sector may continue its weak performance in the short term, requiring attention to international oil price trends, changes in domestic inventories, and progress in Malaysian biodiesel policies. (3) Soybean Meal: Constrained by surging supply pressure in South America and favorable weather in the main soybean producing areas of the United States, the international soybean market is weak, leading to a decrease in import costs. Domestically, the pressure from imported soybeans arriving at ports continues to ease, oil mill operating rates are rebounding, and soybean meal inventories continue to accumulate. On the demand side, hog farming is experiencing deep losses, feed companies have relatively ample inventories, and there is a lack of speculative stockpiling. The supply-demand imbalance remains unchanged, and spot prices continue to trade weakly. The recommended strategy is to sell on rallies, with a wait-and-see approach. (4) Corn: The fundamental loose situation remains unchanged. The market entry of wheat and sprouted wheat, coupled with news of reserve releases, increases supply pressure; downstream enterprises have ample inventories and mainly purchase as needed, with wheat entering the market squeezing corn demand. Against the backdrop of strong supply and weak demand, corn spot prices are under pressure and trading weakly. The recommended strategy is to sell on rallies, with a wait-and-see approach recommended as there is no clear arbitrage driver. (5) Hogs: Supply pressure will remain in June and July. The monthly slaughter completion rate of large-scale farms is slightly slower than expected by about 2 percentage points, and sales pressure may still exist in late June. Following the Dragon Boat Festival and school holidays, short-term consumption lacks highlights. June and July are the seasonal off-season for consumption, and demand will remain weak in the short to medium term. Policies are gradually taking effect to guide livestock enterprises to reduce production. In the medium to long term, livestock profits may see some recovery, but the scope is limited. In the second half of the year, theoretical supply will decrease month-on-month, but the magnitude will be limited. Coupled with the peak consumption season, the supply reduction and demand increase pattern may lead to a phased recovery in livestock profits. It is advisable to remain on the sidelines and wait and see, while arbitrage and reverse arbitrage are recommended. ⑹ Eggs: Recently, spot egg prices have continued to decline, with a significant drop in near-month contracts. After the Dragon Boat Festival, the rainy season begins, downstream demand weakens, and short-term inventory increases are significant, causing egg prices to fall accordingly. In the medium term, the significant increase in chicks added in February may lead to a recovery in the number of laying hens; the peak season for egg demand is from July to September, and the medium term may face a situation of both strong supply and demand. It is recommended to remain on the sidelines in the short term, and to wait and see with unilateral trading, arbitrage, and options.

[Caixin Futures: Energy and Chemical Sector Continues to Weaken, Asphalt Prices Continue to Decline, Methanol Prices Shift Downward] ⑴ Crude Oil: The US and Iran are still negotiating in Switzerland. Reports indicate progress has been made on the issue of navigation through the Strait of Hormuz, and Israel will end nationwide public restrictions (including the Lebanese-Israeli border region), suggesting a low probability of further escalation. International crude oil prices continue to fluctuate at low levels, with the domestic energy and chemical sector following suit; the sector is expected to continue its weak and volatile trend. ⑵ Fuel Oil: The US and Iran confirmed the contents of the memorandum of understanding, the first round of high-level talks between the US and Iran concluded, and all parties finalized a 60-day roadmap. The agreement will open the Strait of Hormuz and lift sanctions on Iranian oil. Despite recent geopolitical fluctuations, the overall trend is towards easing tensions, and fuel oil is expected to remain weak. ⑶ Asphalt: Today, the price of 70# heavy-grade asphalt in Shandong is 4430 yuan/ton, down 20 yuan/ton from the previous month. Costs continue to decline, and asphalt prices are weak. In June, the total output of domestic local asphalt refineries was 625,000 tons, a decrease of 249,000 tons (-28.5%) from the previous month. (4) Glass: Trading in the North China market was generally moderate today, with prices remaining stable and mostly low-priced transactions. The East China market stabilized, but trading activity was weak. Companies were willing to ship, but demand was weak, with downstream buyers maintaining only immediate needs. The recently released "Three-Year Action Plan for Energy Conservation and Carbon Reduction Transformation in Key Industries" explicitly includes glass. Technological upgrades will raise industry costs, keeping supply low, but demand expectations remain weak. Medium-term supply and demand pressures persist, and the market is expected to fluctuate at low levels. (5) Soda Ash: The domestic soda ash market stabilized today, with prices fluctuating narrowly and some experiencing slight declines. Some companies reduced output, resulting in a slight decrease in supply. Downstream demand was moderate, mainly on an as-needed basis, with limited drivers. A wait-and-see attitude prevailed, and restocking was not active. Current soda ash capacity utilization is 78.61%. On Monday, total domestic soda ash manufacturer inventory was 1.7264 million tons, an increase of 26,200 tons (+1.54%) from last week. Today's market saw a rebound after a reduction in open interest. High supply and weak demand are unlikely to change in the medium term, and the market is expected to fluctuate at low levels in the short term. (6) Caustic Soda: Today, the price of liquid caustic soda in Shandong remained basically stable. In the north, shipments of 32% caustic soda were mainly for alumina, while in the south, operating rates have decreased since the weekend, focusing on maintaining existing customer orders. Overall, new orders for 50% liquid caustic soda were generally weak. (7) Methanol: Today, the spot price in Taicang was 2795, down 52, while the price in the northern Inner Mongolia region was 2445, unchanged. The domestic methanol futures and spot markets were generally weak and trending downwards, with an overall weak atmosphere. Last week, methanol port inventory was 632,400 tons, up 66,300 tons from the previous period; producer inventory was 336,800 tons, up 4,800 tons from the previous period. Following the US-Iran agreement, commodities, including crude oil, experienced a sharp decline, and panic sentiment emerged in some regional spot markets. If the Strait of Hormuz gradually recovers and inventory levels accumulate, the price center of gravity may gradually shift downwards.

[Caixin Futures: Non-ferrous metals under pressure and weak, precious metals fluctuate, lithium carbonate range-bound and closes up 0.78%] ⑴ On the macro front, inflation expectations are rising, major central banks around the world are entering a rate hike cycle, and expectations of tightening liquidity are rising, putting pressure on non-ferrous metals as a whole. For copper, the supply side remains tight at the mine end, with the market showing a tight mine and loose ingot supply pattern; on the demand side, traditional consumption is in the off-season, but AI infrastructure construction provides new demand curves for copper in the future, resulting in strong expectations but weak reality. Prices are expected to fluctuate weakly in the short term, but there is still upward momentum in the medium to long term. ⑵ For aluminum, although the risk of recent geopolitical conflicts has eased, tightening liquidity still affects the upside potential. Guinea is promoting industrial transformation and plans to announce export controls in June. Overall, aluminum prices are expected to fluctuate weakly in the short term. ⑶ For zinc, mine-side disturbances have caused domestic and international zinc concentrate processing fees to fall to negative levels, hitting a new historical low, providing bottom support; however, demand is weak due to the off-season, and prices are expected to fluctuate within a range in the short term. (4) Regarding precious metals, rising inflation expectations, with the Eurozone and Japan raising interest rates last week, coupled with pressure from the Fed's hawkish policy expectations, have led to a tightening of global liquidity. Despite marginal easing of geopolitical risks, precious metal prices remain under pressure. Considering the volatile situation in the Middle East and the fact that major central banks worldwide are entering a rate hike cycle, precious metals are expected to remain weak in the short term. (5) The lithium carbonate market exhibited a range-bound trading pattern, with the main contract closing up 0.78% at 157,220 yuan/ton; the mid-price for battery-grade lithium carbonate was 157,000 yuan/ton, down 150 yuan from the previous trading day. Warehouse receipts increased by 45 tons to 50,460 tons. The current market is in a fierce battle between "strong near-term realities" and "bearish long-term expectations." End-user demand has shown strong resilience, and the continued depletion of upstream lithium mine port inventories has provided bottom support; however, the gradual resumption of production at previously shut-down mines and the gradual release of new overseas capacity have increased market concerns about a looser supply in the second half of the year, suppressing the upside potential. There is a clear divergence in market funds, and lithium carbonate is maintaining a range-bound trading pattern.

The Finnish Transport and Communications Agency (FTCA) issued a statement on June 23, saying it is assessing whether to approve Tesla's Full Self-Driving (FSD) system for the Finnish market. The agency stated that it will participate in the EU-level approval process, engage in dialogue with Tesla and other relevant parties, and evaluate the safety of its FSD system.