Group 1: Core Views Copper - The copper price is expected to be strong, with attention on the long - short battle at the May high [4] - The overnight call between Chinese and US leaders is expected to ease Sino - US relations, which is positive for copper prices [4] - The marginal increase in the social inventory of electrolytic copper drags down the copper price [4] Aluminum - The aluminum price is expected to stabilize and fluctuate above 20,000, with narrowing amplitude, and pay attention to inter - monthly arbitrage opportunities [5] - The overnight call between Chinese and US leaders is expected to ease Sino - US relations, which is positive for aluminum prices [5] - High profits of upstream electrolytic aluminum plants bring hedging pressure, while strong downstream demand supports the price [5] Nickel - The nickel price is expected to rebound, with attention on the long - short battle at the 122,000 mark [6] - Strong short - term supply from Philippine mines supports the price, while weak downstream demand for stainless steel exerts pressure [6] Group 2: Industry Dynamics Copper - The expected copper rod开工率 in June will drop to 47.11%, with a month - on - month decline of 3.51 percentage points [8] - On June 5, Mysteel's electrolytic copper spot inventory was 157,500 tons, an increase of 18,200 tons compared to the 29th and 2,100 tons compared to the 3rd [8] Aluminum - On June 6, the total inventory of bauxite at 9 domestic ports was 21.2 million tons, a decrease of 360,000 tons compared to the previous week [9] - On June 5, Mysteel's electrolytic aluminum social inventory was 508,000 tons, a decrease of 11,000 tons compared to the 29th and 18,000 tons compared to the 3rd [9] Nickel - On June 6, the mainstream reference contract for refined nickel in the Shanghai market was the Shanghai Nickel 2507 contract [10] - The mainstream premium for Jinchuan electrolytic nickel was + 2,400 yuan/ton, with a price of 124,390 yuan/ton [10] - The mainstream premium for Russian nickel was + 700 yuan/ton, with a price of 122,690 yuan/ton [10] Group 3: Related Charts Copper - Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [11][16][23] Aluminum - Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [24][26][28] Nickel - Charts include nickel basis, nickel monthly spread, LME inventory, LME nickel trend, and nickel ore port inventory [36][38][46]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report is a daily data report on commodity arbitrage from Baocheng Futures on June 6, 2025, presenting the basis, inter - period spreads, and inter - variety spreads of various commodities including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary According to Related Catalogs 3.1 Power Coal - **Basis**: From May 29 to June 5, 2025, the basis was negative, and the values were - 190.4, - 190.4, - 191.4, - 192.4, - 192.4 respectively. The spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis and Ratio**: The report shows the basis of crude oil, fuel oil, and the ratio of crude oil to asphalt. For example, on June 5, 2025, the ratio of crude oil to asphalt was 0.1332 [6][9]. 3.2.2 Chemical Commodities - **Basis**: The basis data of various chemical commodities such as natural rubber, methanol, PTA, etc. are provided from May 29 to June 5, 2025. For example, the basis of natural rubber on June 5 was 5 yuan/ton [10]. - **Inter - period Spreads**: The inter - period spreads of different contracts (5 - 1, 9 - 1, 9 - 5) for various chemical commodities are presented. For example, the 5 - 1 spread of natural rubber was 25 yuan/ton [10]. - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc. are given from May 29 to June 5, 2025. For example, on June 5, the LLDPE - PVC spread was 2281 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from May 29 to June 5, 2025 are provided. For example, the basis of rebar on June 5 was 131.0 yuan/ton [15]. - **Inter - period Spreads**: The inter - period spreads of different contracts for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was 1.0 yuan/ton [15]. - **Inter - variety Spreads**: The inter - variety spreads such as screw/ore, screw/coke, etc. are given from May 29 to June 5, 2025. For example, on June 5, the screw/ore ratio was 4.22 [15]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: The basis data of copper, aluminum, zinc, lead, nickel, and tin from May 29 to June 5, 2025 are provided. For example, the basis of copper on June 5 was 230 yuan/ton [24]. - **LME Data**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on June 5, 2025 are presented. For example, the LME spread of copper was 93.15 [30]. 3.4.2 London Market - **LME Basis and Related Ratios**: The LME basis, Shanghai - London ratios, etc. are presented, but specific data is not fully detailed in the text [32][33]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc. from May 29 to June 5, 2025 are provided. For example, the basis of soybeans on June 5 was - 58 yuan/ton [40]. - **Inter - period Spreads**: The inter - period spreads of different contracts for various agricultural products are presented. For example, the 5 - 1 spread of soybeans was 31 yuan/ton [40]. - **Inter - variety Spreads**: The inter - variety spreads such as soybean/corn, soybean oil/soybean meal, etc. are given from May 29 to June 5, 2025. For example, on June 5, the soybean/corn ratio was 1.77 [38]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from May 29 to June 5, 2025 are provided. For example, the basis of CSI 300 on June 5 was 25.56 [48]. - **Inter - period Spreads**: The inter - period spreads of different contracts for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 38.8 [48].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on the futures of coking coal and coke, suggesting that both are likely to run weakly. It emphasizes the importance of paying attention to the supply side of coking coal, especially the production and Mongolian coal imports [1][5][7]. 3. Summary by Related Catalogs 3.1 Variety View Reference - For coking coal 2509, the short - term view is a rise, the medium - term view is a decline, the intraday view is weakly oscillating, and the overall view is a weak operation. The core logic is a mix of long and short factors with a low - level rebound [1]. - For coke 2509, the short - term view is a rise, the medium - term view is a decline, the intraday view is weakly oscillating, and the overall view is a weak operation. The core logic is that the strengthening support of raw materials leads to an oscillating adjustment [1]. 3.2 Main Variety Price Market Driving Logic - Commodity Futures Black Sector Coking Coal (JM) - On the night of June 5, the main coking coal contract closed at 789.5 points, rising 4.64% during the night session and continuing the rebound trend. The latest offer of Mongolian coal at the Ganqimaodu Port is 900.0 yuan/ton, with a week - on - week decrease of 5.3%, and the cost of the equivalent futures warehouse receipt is about 870 yuan/ton. Previously, due to long - term bearish factors such as "loose supply expectations" and "concerns about black terminal demand", the price dropped continuously. On June 3, the JM2509 contract fell to 709 yuan/ton, reaching a historical low. Recently, disturbances on the supply side of coking coal have increased, including safety and environmental inspections in China and the impact of falling domestic coal prices on Mongolian coal imports. In May, the cumulative number of customs - cleared vehicles at the Ganqimaodu Port was 21,166, a 3.5% decrease from April and an 18.8% decrease from the same period last year. Overall, the increase in supply - side disturbances and the intensification of market gaming led to a low - level rebound of futures [5]. Coke (J) - The latest offer of standard - grade coke at Rizhao Port is 1340 yuan/ton, with a week - on - week flat, and the cost of the equivalent futures warehouse receipt is about 1476 yuan/ton. On the night of June 5, the main coke contract closed at 1363.5 yuan/ton, with a 1.64% increase during the night session. Currently, the supply - demand pattern of coke has no obvious change, but the uncertainty on the coking coal supply side has increased, leading to a significant rise in the volatility of coking coal and coke futures. The current focus of market gaming is on the coking coal supply side. It is recommended to closely monitor subsequent production and Mongolian coal imports. In the short term, it is advisable to be cautious and wait and see. If the expectation of coking coal supply contraction is disproven, coke is expected to return to a weak pattern [7].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 6 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2506 | 震荡 | 上涨 | 震荡偏强 | 区间震荡 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：区间震荡 核心逻辑：昨日各股指均窄幅震荡整理，与中小盘成长相关度比较高的 IC 和 IM 表现偏强。海外关 税不确定性扰动持续升温，加上国内宏观经济指标边际走弱，市场对未 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 6 月 6 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | TL2509 | 震荡 | 震荡 | 震荡偏强 | 震荡 | 关税风险上升，宏观数据走弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 专业研究·创造价值 1/2 请务必阅读文末免责条款 观点参考 品种：TL、T、TF、TS 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡 核心逻辑：昨日国债期货均震荡整理，全天冲高回落。当前关税前景不确定性扰动加深，国内宏观经 济指标边际走弱，货 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The short - term, medium - term, and intraday trends of rebar 2510 are oscillatory, oscillatory, and oscillatory with a downward bias respectively. It is advisable to focus on the support at the MA5 line. The core logic is that market sentiment has improved and steel prices have rebounded from low levels [2]. - Amid the game between expectations and reality, rebar prices are expected to continue the low - level oscillatory trend, and the performance of demand should be closely monitored [3]. 3. Summary by Related Contents Variety Viewpoint Reference - The short - term, medium - term, and intraday trends of rebar 2510 are oscillatory, oscillatory, and oscillatory with a downward bias respectively. The view is to focus on the support at the MA5 line, and the core logic is the improvement of market sentiment and the rebound of steel prices from low levels [2]. Market Driving Logic - After the China - US presidential call, market sentiment improved, and the ferrous metals rebounded from low levels. However, both the supply and demand sides of rebar are weakening. Steel mills mainly ensure the supply of plates, and rebar production has been continuously decreasing. The corresponding demand is also weakening, and concerns about seasonal weakening persist. The fundamentals of rebar have not improved, and steel prices continue to be under pressure. The relatively positive factor is the low inventory, and the real - world contradictions are not significant [3].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - The iron ore futures contract 2509 is expected to be oscillating and slightly bullish in the short - term and intraday, and oscillating in the medium - term. Attention should be paid to the support level of MA5. The bullish sentiment dominates, leading to a slightly bullish oscillation of ore prices [1]. - The supply - demand fundamentals of iron ore show a situation of strong supply and weak demand, but the futures price is deeply at a discount, and the market sentiment has warmed up, so the downward resistance of ore prices is large. In the short - term, the ore prices will continue the trend of oscillating higher, and the performance of finished steel products should be monitored [2]. 3) Summary According to Relevant Contents Variety Viewpoint Reference - For the iron ore 2509 contract, the short - term view is oscillating and slightly bullish, the medium - term view is oscillating, and the intraday view is also oscillating and slightly bullish. The core logic is that the bullish sentiment dominates, causing the ore prices to oscillate strongly. The support level of MA5 should be focused on [1]. Market Driving Logic - Macro - level positive news reappears, and the market sentiment has warmed up, leading to the stabilization of ore prices. The demand for iron ore continues to decline, but the decline is limited and remains at a high level within the year. During the off - season, the steel mill production weakens, and the demand - side positive effect is not strong [2]. - Port arrivals and overseas miners' shipments have both increased. With the expected end - of - fiscal - year volume rush, the overseas ore supply remains at a high level. Although domestic ore production is restricted and the output has decreased, the decrease is not sustainable. Overall, the iron ore supply is increasing [2]. - Currently, the iron ore fundamentals show a weak - stable situation of strong supply and weak demand, and the ore prices are still prone to pressure. However, due to the deep discount of the futures price and the warming market sentiment, the downward resistance is large. In the short - term, the bullish atmosphere dominates, and the ore prices will continue to oscillate higher. The performance of finished steel products should be observed [2].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall domestic bean futures prices follow the fluctuations of the external market. The soybean futures prices in the US are still affected by weather themes and trade risks, maintaining a trend of being more likely to rise than fall. The main trading logic in the short - term is the weather theme, and the linkage between the domestic and foreign markets has increased. The short - term trend is mainly volatile and strong [6]. - The export of Malaysian palm oil remains strong, and the supply - demand environment has significantly improved, which supports the rebound of Malaysian palm oil and the domestic palm oil futures prices. If the trading logic of oils returns to fundamentals, palm oil is expected to become the leading variety [8]. Group 3: Summary by Variety Soybean Meal (M) - Short - term: Oscillatory; Medium - term: Oscillatory; Intraday: Oscillatory and strong; Reference view: Oscillatory and strong. Core logic includes import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand. With the continuous release of optimistic signals in Sino - US trade relations, the expectation of good US soybean exports is increasing. The short - term trend is mainly volatile and strong [6][7]. Palm Oil (P) - Short - term: Oscillatory; Medium - term: Oscillatory; Intraday: Oscillatory and strong; Reference view: Oscillatory and strong. Core logic involves Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventories, and substitution demand. The strong export of Malaysian palm oil and improved supply - demand environment support the domestic palm oil futures prices [7][8]. Soybean Oil - Short - term: Oscillatory; Medium - term: Oscillatory; Intraday: Oscillatory and strong; Reference view: Oscillatory and strong. Core logic includes US tariff policies, US soybean oil inventory, biodiesel demand, domestic raw material supply rhythm, and oil refinery inventory [7].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The core view is that the power coal price is expected to move sideways. Although positive factors are accumulating as the peak season approaches, the medium - to - long - term supply - demand remains loose, and there is a high possibility of the coal price not rising during the peak season this summer [4]. 3. Summary by Related Content - **Price and Market Analysis of Power Coal Spot** - **Intraday and Medium - term View**: The reference view is sideways. The core logic is that as the peak season approaches, positive factors for power coal are accumulating, but the overall medium - to - long - term supply - demand remains loose. The domestic coal price is at a low level internationally, leading to a decline in imports. With the arrival of June, the peak summer period is coming, and terminal power plants have some restocking demand, which slightly supports the market sentiment. However, the port inventory is at a five - year high, increasing the possibility of the coal price not rising during the peak season [4].

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 6 月 5 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/06/04 | -192.4 | 0.0 | 0.0 | 0.0 | | 2025/06/03 | -191.4 | 0.0 | 0.0 | 0.0 | | 2025/05/30 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/29 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/28 | -190.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 杭 ...