Although the market change is a bit slow, it basically aligns with expectations. The market after the white dashed line in the chart shows no change in spot premium, indicating that this wave of rally is primarily driven by futures market behavior, which is a classic liquidity grab;

Although the reason for the decline is the escalation of the Middle East conflict, it has actually been ongoing. The attack in Tehran led to the decline mainly because the agreement was not reached...

Currently, there is a key support level on the technical front. Maintaining the small-scale bullish trend hinges on the green support level in the chart not breaking. If the position at 104400 is confirmed to break, then the standard range-bound market will shift into a bearish trend...