In terms of volume and price, RB1910 fell 28 yuan / ton to close at 3663 yuan / ton compared with the previous trading day, while HC1910 closed down 16 yuan / ton at 3595 yuan / ton. I1909 closed down 9 yuan per ton to 644.5 yuan per ton from the previous session, while J1909 closed down 35. 5 yuan per ton at 2091 yuan per ton. In terms of position data, the number of RB1910 transactions increased by 89600 to 2.53 million, while that of I1909 increased by 2.94 million and increased by 20800 to 1.47 million. In terms of capital flows, the net inflow of funds from RB1910 today was 208 million yuan. I1909 net inflow of capital was 2.46 million yuan. Viewpoint: shock is weak. Last night, the tariff Commission of the State Council decided to increase the tariff rate on some of the US $60 billion list of US goods that have been subject to tariffs from 00: 00 on June 1, 2019. Tariffs of 25%, 20% or 10% were imposed respectively. As soon as the news came out, the three major US stock indexes plummeted, the biggest one-day decline so far this year, and commodities generally fell sharply. Among them, cotton futures closed for the second consecutive limit. Cotton yarn futures also touched the limit, the market pessimism spread. Black goods affected by this, the trend is weak throughout the day, RB1910 around the narrow range of 3650 concussion; I1909 trend is slightly different, once rushed up to the early high of 665.5 in early trading, and then suffered a sell-off, fell sharply. April's social and financial data halved from the previous month, M1 growth rate fell sharply again, less than expected; since May, steel non-heating season production restrictions have not been expected, machinery, automotive and other industries have also shown signs of decline; The recent exchange of tariffs between China and the United States has led to sharp fluctuations in the financial market, and steel prices have gone downtrend. Under the influence of short-term market atmosphere, prices still have downward space, but the current futures prices significantly discount spot, and 3600 line there is a strong support, should not be overly bearish. Strategy: RB1910 contract range (3600, 3760); I1909 contract range (630680), thread, hot roll empty single hold, down to the key support level, lock the profit in time. Disclaimer: this information comes from a statistical arbitrage model based on historical data, and all conclusions are based on reliable and publicly available information. The SMM quantification team is not responsible for any losses that may be caused by all information. We recommend that investors independently evaluate specific investments and strategies. Investors are also encouraged to seek advice from professional financial advisers. This information does not provide a tailored investment strategy.