Based on the current overall market trend, there is significant pressure on the accumulated inventory in June, and spot prices may fall under pressure. At the same time, futures expectations have been falsified by PMI, and there is a demand for valuation to be lowered. The basis is expected to remain volatile and adjusted, and there is not much room for further weakness. It is expected that PP will slightly reduce inventory in June, and spot prices have basically reflected the weak reality. At the same time, downstream inventory is low, and once demand recovers, it will support spot prices. The early rise of the 09 contract is relatively large. With the release of PMI, the previous expectations have been falsified, so it is expected to be lowered. However, September is the peak demand season, and the downward space is limited. Overall, spot prices may be stronger, and the basis will fluctuate and strengthen.