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Micron Technology will announce its fiscal third-quarter results after the US stock market closes on Wednesday. The market expects the stock price to fluctuate by about 14% following the earnings report, corresponding to a market cap change of over $150 billion. Market expectations are for Micron's revenue to grow by 279% year-on-year to $35.3 billion, with adjusted earnings per share rising from $1.91 to $20.28. Analysts expect Micron's fourth-quarter revenue to reach $42.5 billion, with adjusted earnings per share at $24.80. Micron's gross margin reached 74.4% in the second quarter, and the company expects it to reach 81% in the third quarter. The market is closely watching management's assessment of whether the tight supply of storage related to data centers and AI will persist beyond 2026.

(1) Crude Oil: The US and Iran are still negotiating in Switzerland, with reports indicating progress has been made on the navigation issue in the Strait of Hormuz. Israel will also end nationwide public restrictions, suggesting a low probability of further escalation. Crude oil futures abroad are fluctuating at low levels, and the domestic energy and chemical sector is following suit, remaining in a weak oscillation.(2) Fuel Oil: The US and Iran have confirmed the contents of the memorandum of understanding, and the first round of high-level talks between the two countries has concluded, with all parties setting a 60-day roadmap. The agreement will open the Strait of Hormuz and lift sanctions on Iranian oil. Despite recent geopolitical volatility, the overall situation is easing, and fuel oil is expected to operate weakly.(3) Asphalt: Today, the price of Shanghai 70# heavy traffic asphalt is 4,400 yuan/ton, down by 30 yuan/ton compared to the previous period, with costs continuing to decline and asphalt prices running weak. In June, the total scheduled output of domestic asphalt at local refineries was 625,000 tons, decreasing by 249,000 tons month-on-month (-28.5%). This week, the capacity utilization rate of 77 domestic heavy traffic asphalt enterprises was 15.8%, up by 1.8% compared to the previous period. As of June 22, inventory at 54 domestic asphalt sample factories reached 783,000 tons, up 0.6% from June 18; social inventory was 1.174 million tons, down 2.6% from June 18 and down 36.1% year-on-year. Overall, asphalt is in a weak supply and demand pattern, and with midfield easing in the US-Iran situation, asphalt may continue to adjust downward.(4) Glass: Today, some enterprises in Shahe had good shipments, with prices slightly rising by 10 yuan/ton, while other prices remained temporarily stable with mixed shipping results. Recently, the "Three-Year Action Plan for Energy Conservation and Carbon Reduction Transformation in Key Industries" has been introduced, explicitly involving glass. Technological upgrades will raise industry cost levels and keep supply low, but demand expectations remain weak, and midterm supply and demand pressures persist. Recently, main short positions have significantly decreased, and short-term oscillation with a bullish bias is expected.(5) Soda Ash: Today, the domestic soda ash market tends to be stable, with firm prices and average transactions; some companies have increased their load, slightly raising overall production. Downstream demand is lukewarm, with moderate low-priced stockpiling. Soda ash capacity utilization is 78.81%. On Monday, total inventory of domestic soda ash manufacturers was 1.7264 million tons, up 26,200 tons from last week (+1.54%). Midterm high supply and weak demand are hard to change; short-term oscillation at low levels is expected. Playing the glass-soda ash price spread is recommended.(6) Methanol: Today's spot price in Taicang is 2,690 yuan, down by 105; in North Inner Mongolia, 2,390 yuan, down by 55. The domestic methanol market continues its decline across the board, with futures breaking support and plunging, and port prices sharply lower. Last week, methanol port inventory was 560,300 tons, down 72,100 tons from the previous period (-11.40%); producers' inventory increased 31,000 tons (+9.20%). With the US-Iran deal finalized, crude oil and related commodities are plummeting in tandem; in some regions, spot market panic is evident. If the Strait gradually reopens and the balance sheet accumulates inventory, the price center may gradually shift downward.