Report Overview - The report is the Baocheng Futures Variety Arbitrage Data Daily Report for June 3, 2025, covering multiple sectors including power coal, energy chemicals, black commodities, non - ferrous metals, agricultural products, and stock index futures [1] 1. Power Coal - **Base Price Data**: From May 26 to May 30, 2025, the power coal basis was - 190.4 yuan/ton, and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 [2] 2. Energy Chemicals 2.1 Energy Commodities - **Base Price and Ratio Data**: From May 26 to May 30, 2025, the INE crude oil basis ranged from - 11.71 to - 2.01 yuan/ton; the fuel oil basis on May 29, 28, and 27 was 73.58, 93.87, and 50.10 yuan/ton respectively; the crude oil/asphalt ratio ranged from 0.1297 to 0.1316 [6] 2.2 Chemical Commodities - **Base Price Data**: From May 26 to May 30, 2025, the basis of various chemical products such as natural rubber, methanol, PTA, etc. showed different values. For example, the natural rubber basis on May 30 was 95 yuan/ton [11] - **Inter - period Spread Data**: The inter - period spreads of various chemical products such as natural rubber, methanol, PTA, etc. in different time intervals (5 - 1 month, 9 - 1 month, 9 - 5 month) also had different values. For example, the 5 - 1 month spread of natural rubber was 85 yuan/ton [11] - **Inter - variety Spread Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc. also had different values on different dates. For example, the LLDPE - PVC spread on May 30 was 2213 yuan/ton [11] 3. Black Commodities - **Base Price Data**: From May 26 to May 30, 2025, the basis of black commodities such as rebar, iron ore, coke, and coking coal showed different values. For example, the rebar basis on May 30 was 169.0 yuan/ton [16] - **Inter - period Spread Data**: The inter - period spreads of black commodities such as rebar, iron ore, coke, and coking coal in different time intervals (5 - 1 month, 9 - 1 month, 9 - 5 month) also had different values. For example, the 5 - 1 month spread of rebar was 6.0 yuan/ton [16] - **Inter - variety Spread Data**: The inter - variety spreads such as rebar/iron ore, rebar/coke, etc. also had different values on different dates. For example, the rebar/iron ore ratio on May 30 was 4.22 [16] 4. Non - ferrous Metals 4.1 Domestic Market - **Base Price Data**: From May 26 to May 30, 2025, the domestic basis of non - ferrous metals such as copper, aluminum, zinc, etc. showed different values. For example, the copper basis on May 30 was 730 yuan/ton [25] 4.2 London Market - **LME Premium and Discount, Shanghai - London Ratio, etc.**: On May 30, 2025, the LME premium and discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss of non - ferrous metals such as copper, aluminum, zinc, etc. were given. For example, the LME copper premium and discount was 51.49, and the Shanghai - London copper ratio was 8.14 [31] 5. Agricultural Products - **Base Price Data**: From May 26 to May 30, 2025, the basis of agricultural products such as soybeans, corn, etc. showed different values. For example, the basis of soybean No. 1 on May 30 was - 37 [39] - **Inter - period Spread Data**: The inter - period spreads of agricultural products such as soybean No. 1, soybean No. 2, etc. in different time intervals (5 - 1 month, 9 - 1 month, 9 - 5 month) also had different values. For example, the 5 - 1 month spread of soybean No. 1 was 49 yuan/ton [37] - **Inter - variety Spread Data**: The inter - variety spreads such as soybean No. 1/corn, soybean No. 2/corn, etc. also had different values on different dates. For example, the soybean No. 1/corn ratio on May 30 was 1.76 [37] 6. Stock Index Futures - **Base Price Data**: From May 26 to May 30, 2025, the basis of stock index futures such as CSI 300, SSE 50, etc. showed different values. For example, the CSI 300 basis on May 30 was 17.83 [47] - **Inter - period Spread Data**: The inter - period spreads of stock index futures such as CSI 300, SSE 50, etc. in different time intervals (next month - current month, current quarter - current month, etc.) also had different values. For example, the next month - current month spread of CSI 300 was - 38.0 [47]

投资咨询业务资格：证监许可【2011】1778 号 贵金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 贵金属 | 周报 · 2025 年 6 月 3 日 贵金属周报 专业研究·创造价值 地缘政治和贸易政策升温，金价上行 核心观点 端午节前，金价震荡下行。端午节期间，地缘政治风险升级，美 国贸易政策再度升温，进而推升金价。 贸易政策方面：5 月 30 日特朗普表示，6 月 4 日起，将把钢铁和 铝的进口关税从 25%提高至 50%。此前，还威胁于 7 月 9 日对欧盟加征 50%关税，引发全球贸易战担忧。。 地缘政治方面：俄乌冲突加剧，乌克兰在第二轮和平谈判前夕， 对俄罗斯五个地区的军事机场发动大规模无人机袭击，目标包括西伯 利亚的 ...

Report Information - Report Title: Copper and Aluminum Weekly Report [2] - Report Date: June 3, 2025 [2] Investment Rating - No investment rating information is provided in the report. Core Views - Copper: US trade policy is heating up, and copper prices may run stronger. Refer to the March market. After experiencing the March market, market sensitivity may decrease. Copper prices are expected to run with a slight upward bias, with attention on the resistance at the 79,000 - 80,000 yuan level [3]. - Aluminum: US trade policy affects global aluminum demand in the medium - long term but has little short - term impact. Aluminum prices are expected to fluctuate, with attention on the long - short game at the 20,000 yuan level [4]. Summary by Section 1. Macroeconomic Factors - On May 30, Trump announced on "Truth Social" that starting from June 4, the import tariffs on steel and aluminum would be raised from 25% to 50%. This may push up the price of COMEX copper, driving up LME copper and SHFE copper. For aluminum, it mainly affects global demand in the medium - long term due to China's strong pricing power [8]. 2. Copper 2.1 Price and Volume Trends - Multiple figures show the trends of copper futures prices, the Shanghai - London ratio, and positions, etc. [10][11][15] 2.2 Declining Copper Ore Processing Fees - Since January, copper ore processing fees have been decreasing, indicating tight copper ore supply and over - capacity in smelting. Domestic copper ore port inventory is similar to the same period last year, suggesting expected tightness in the domestic ore end and over - capacity in smelting as the main reasons for low TC [24]. 2.3 Slowing De - stocking of Electrolytic Copper - Figures show the trends of domestic electrolytic copper social inventory and overseas futures inventory (COMEX + LME), indicating a slowdown in de - stocking [29]. 2.4 Downstream Initial - stage Industries - The figure shows the monthly capacity utilization rate of copper downstream industries [31]. 3. Aluminum 3.1 Price and Volume Trends - Multiple figures show the trends of aluminum futures prices, the Shanghai - London ratio, and spreads, etc. [33][35][38] 3.2 Upstream Industry Chain - Figures show the inventory of bauxite at ports and the price of alumina [45][50]. 3.3 Seasonal De - stocking of Electrolytic Aluminum - Figures show the trends of overseas electrolytic aluminum inventory (LME + COMEX) and domestic electrolytic aluminum social inventory [49]. 3.4 Downstream Initial - stage Industries - Figures show the capacity utilization rate of aluminum rods, the processing fee of 6063 aluminum rods, and the inventory of 6063 aluminum rods [51][55][56]. 4. Conclusion - Copper: In late May, copper prices fluctuated. Low inventory supported prices, while reduced post - peak consumption expectations and slower de - stocking pressured prices. The increase in US trade policy may push up copper prices, but market sensitivity may be lower. Copper prices are expected to run with a slight upward bias, with attention on the 79,000 - 80,000 yuan resistance [58]. - Aluminum: In late May, aluminum prices fluctuated. Low inventory supported prices, while reduced post - peak consumption expectations weakened the upward drive. The increase in steel and aluminum tariffs may lead to a decline in global aluminum consumption expectations in the medium - long term, but the short - term impact on the domestic market is limited. Aluminum prices are expected to fluctuate, with attention on the 20,000 yuan long - short game [58].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The crude oil 2507 contract is expected to run strongly, with short - term, medium - term, and intraday trends being volatile, volatile, and volatile but on the stronger side respectively [1][5]. - The main reasons are the increasing geopolitical risks, the approaching US debt crisis in June which may trigger a new round of macro negative impacts, and OPEC+ accelerating the production increase rhythm. After the Dragon Boat Festival holiday, the domestic crude oil futures 2507 contract is expected to maintain a volatile and slightly stronger trend [5]. 3. Summary According to Related Content Price and Trend - The short - term, medium - term, and intraday trends of crude oil 2507 are volatile, volatile, and volatile but on the stronger side respectively, with a reference view of strong operation [1]. Driving Logic - With the approaching of the US debt crisis in June, the "gray rhino" effect may trigger a new round of macro negative impacts [5]. - OPEC+ is accelerating the production increase rhythm, with a production increase of 411,000 barrels per day in July. It may completely cancel the remaining 2.2 million barrels per day of voluntary production cuts by the end of October [5]. - Due to the escalation of the Russia - Ukraine conflict and increasing geopolitical risks, international crude oil futures prices rose slightly during the Dragon Boat Festival holiday, so the domestic crude oil futures 2507 contract is expected to be volatile and slightly stronger after the holiday [5].

投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货橡胶早报-2025-06-03 品种晨会纪要 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 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2509 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 偏空因素主导，沪胶震荡偏弱 | | 合成胶 | 2508 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 偏空因素主导，合成胶震荡偏弱 | 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—商品期货能源化工板块 沪胶（RU） 合成胶（BR） 日内观点：震荡偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：随着宏观因子逐渐消化，胶市交投逻辑开始 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The methanol futures market is expected to show a weakening trend. With the digestion of macro - positive factors, the methanol futures price is dominated by a weak supply - demand structure. The 2509 contract of domestic methanol futures may maintain a weakly oscillating trend on the first trading day after the holiday [5]. 3) Summary According to Related Catalogs Variety Morning Meeting Minutes - For the methanol 2509 contract, the short - term view is oscillating, the medium - term view is oscillating, and the intraday view is weakly oscillating. The overall reference view is a weakening operation, with the core logic being the weak supply - demand structure [1]. Price and Market Driving Logic of Main Varieties - Energy and Chemical Sector of Commodity Futures - The intraday view of methanol is weakly oscillating, and the medium - term view is oscillating. The reference view is a weakening operation. The core logic is that after the digestion of macro - positive factors, the market is dominated by a weak supply - demand structure. Multiple domestic coal - to - methanol plants have restarted, increasing supply pressure and reaching a new weekly production high. Downstream demand improvement is limited, and the profit of methanol - to - olefin futures has declined, which is not conducive to further reduction of port inventory. With the expected increase in external imports, the pressure of social inventory accumulation will increase in the future. The 2509 contract of domestic methanol futures showed an oscillating and stabilizing trend last Friday, with the price slightly rising 0.32% to 2208 yuan/ton [5].

策略参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 6 月 3 日） 品种观点参考 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%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 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—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种策 略解析> 豆粕 2509 震荡 震荡 震荡 偏强 震荡偏强 进口到港节奏，海关通关检 验，油厂开工节奏，备货需 求 豆油 2509 震荡 震荡 震荡 偏强 震荡偏强 美国关税政策，美豆油库存， 生柴需求，国内原料供应节 奏，油厂库存 棕榈 2509 震荡 震荡 震荡 偏强 震荡偏 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Report's Core View - Gold 2508 is expected to show short - term strength due to the escalation of geopolitical and trade policies, with a short - term upward trend, a medium - term oscillation, and an upward trend for the day. Nickel 2507 is recommended for a wait - and - see approach as it has an upstream - strong and downstream - weak situation, with a short - term and medium - term oscillation and a day - long slightly weak oscillation [1]. 3. Summary by Related Catalogs Gold (AU) - **Price Trend**: Short - term is upward, medium - term is oscillating, and for the day is upward, with a short - term strong view [1][3]. - **Driving Logic**: During the Dragon Boat Festival, US trade policies and global geopolitical risks escalated. Trump planned to raise steel and aluminum import tariffs from 25% to 50% starting from June 4, and threatened to impose a 50% tariff on the EU on July 9. The White House was firm on maintaining tariffs. Geopolitical risks included the intensification of the Russia - Ukraine conflict and the tense situation in the Middle East, which increased the safe - haven sentiment and pushed up the gold price in the short term. Attention should be paid to the pressure at the 3400 - dollar mark for New York gold and the 785 - 790 mark for Shanghai gold [3]. Nickel (NI) - **Price Trend**: Short - term and medium - term are oscillating, and for the day is slightly weak, with a wait - and - see view [1][5]. - **Driving Logic**: During the Dragon Boat Festival, LME nickel rose slightly, and SHFE nickel is expected to open slightly higher after the holiday, with attention on the pressure at the 122,000 level. Before the holiday, the nickel price dropped significantly due to the rumor of an increase in Indonesian nickel ore quotas, but the rumor did not impact the Indonesian nickel ore price. Technically, the short - term futures price rebounded after hitting the bottom, and the technical support at the 120,000 mark is still valid. It is expected that the liquidation of previous short positions will cause the price to continue to rebound [5].

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 3 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：上周股指呈现震荡整理的走势。目前股指上行空间以及下行空间均较为有限，政策面托底 需求以及稳定股市预期的支撑作用较强，而外部不确定性风险以及内需走弱则分 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 6 月 3 日） ◼ 品种观点参考 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 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 偏弱 | 下跌 | 震荡 偏弱 | 关注 MA5 一线压力 | 利空因素发酵，钢价承压走弱 | 说明： 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。 ◼ 行情驱动逻辑 假期钢材现货弱稳运行，而螺纹钢供需格局变化不大，周产量环比下降，但依旧是年内相对高 位，供应压力未缓解；而周度表需有所增加，而高频成交维持低位，需求端表现平稳，但季节性走 弱预期未退，螺纹基本面未见改善，叠加钢铁关税升级扰动，钢价继续承压偏弱运行，关注需求表 现情况。 （ ...