According to CoinMeta, on Monday, live pig futures rebounded for the second consecutive trading day. The main lh2701 contract saw a rise of nearly 3% during the session, while the far-month contracts lh2703 and lh2705 also gained around 2%. A-share pork-related stocks strengthened in tandem, showing a clear pattern of rebound from previous declines. However, the underlying structure of this rebound is due to the correction of the backwardation in futures and the exit of short positions, rather than any substantial improvement on the spot market side. The "weak reality" on the spot market has not changed due to the rebound in futures prices. It is more likely that live pig prices will enter a period of low-level fluctuations and consolidation rather than a trend reversal in the short term. The essence of this rebound is a position correction by futures in a state of deep backwardation and extreme losses. The exit of short positions has provided some flexibility, but the negative feedback from the spot market, the subsequent pressure from supply, and the hidden increase in average weights indicate that the upper limit of the rebound is still clear. Before there are continuous and verifiable signals of a stop in price declines on the spot market, it is more likely that prices will continue to fluctuate within a bottom range, so caution should be exercised regarding the sustainability of this rebound.