锌产业周报 2025/04/07 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责 ...

镍不锈钢产业链周报 2025/04/07 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 利多因素： 印尼镍铁产量增长叠加镍矿供应偏紧，成本端支撑显著。 新能源及不锈钢行业需求稳健，下游消费提供支撑。 利空因素: 纯镍过剩格局持续，国内资源出口交仓需求乏力。 政策预期消化后多头资金撤离，短期供应过剩压力显现。 交易咨询观点: 机构多空分歧明显，看多基于印尼供应偏紧及需求支撑，看空则因纯镍过剩及国内产量上升。 | | 最新值 | 周涨跌 | 周环比 | 单位 | | --- | --- | --- | --- | --- | | 沪镍主连 | 127330 | -1890 | -1.46% | 元/吨 | | 沪镍连一 | 127330 | -4270 | -3.24% | 元/吨 | | 沪镍连二 | 127480 | -4300 | -3.26% | 元/吨 | | 沪镍连三 | 127690 | -4350 | -3.26% | 元/吨 | | LME镍3M | 14640 | -1305 | -3.29% | 美元/吨 | | 持仓量 | ...

咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z000220 审核：唐韵 Z0002422 【免责声明】本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标、服务 ...

白糖日报 巴西港口待运船只38艘，155.54万吨。巴西3月前两周出口糖76.95万吨日均出口9.62万吨，减少28.1%。泰国2月出口糖75.9万吨，同比增加58%。2025年1-2月我 国累计进口食糖8万吨，同比减少111万吨。我国累计出口糖浆及预混粉10.92万吨，同比减少5.91万吨。印度糖厂合作联合会公布数据显示，截至3月31日，全国 113家糖厂正在进行24/25榨季生产工作，共压榨甘蔗26532.6万吨，产糖2485万吨。去年同期还有203家糖厂压榨，压榨甘蔗29810.4万吨，产糖3025万吨。 白糖期货价格及价差 | 2025-04-02 | 收盘价 | 日涨跌幅 | 周涨跌幅 | 2025-04-02 | 收盘价 | 日涨跌 | 周涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | SR01 | 5877 | 0.69% | 0.58% | SR01-05 | -284 | 8 | -29 | | SR03 | 5840 | 0.62% | 0.36% | SR05-09 | 105 | -2 | 2 | | SR05 | 61 ...

菜油：远月主要依靠进口菜籽到港减少及政策溢价支撑远月价格表现。而供应端当前随着前期采购菜籽当前已经完成到港，沿海菜籽库存逐步减少，菜油当前供给 处在阶段性高峰期，后续随着新增供给的明显有限，预期边际去化速度将会加快。消费端由于菜油的政策溢价，导致菜豆价差始终表现在不利菜油消费的区间内抑 制消费，菜油的消费同样维持在刚需消费水平。高库存压制近月，但政策不确定性支撑远月。 油脂月间及品种间价差 | | 单位 | 价格 | 今日涨跌 | | 单位 | 价格 | 今日涨跌(幅) | | --- | --- | --- | --- | --- | --- | --- | --- | | P 1-5 | 元/吨 | -760 | -12 | Y-P 01 | 元/吨 | -652 | -74 | | P 5-9 | 元/吨 | 636 | -8 | Y-P 05 | 元/吨 | -1318 | -68 | | P 9-1 | 元/吨 | 124 | 20 | Y-P 09 | 元/吨 | -700 | -86 | | Y 1-5 | 元/吨 | -94 | -18 | Y/M 01 | / | 2.6501 | -0.0 ...

黑色产业链日报 2025/3/31 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

交易咨询业务：沪证监许可【2012】1515号 能化产品周报—烧 研究员： 屠越海 碱 2025年3月31日 执业编号:Z0019382 审核：唐韵 Z0002422 http://www.eafutures .com 资决策与本公司和作者无关。 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性和完整性不做任何 保证，也不保证所包含的信息和建议不会发生任何变更。文中的观点、结论和建议仅供参考， 报告中的信息或意见并不构成所述证券或期货的买卖出价或征价，投资者据此做出 的任何投 地址：上海市虹口区东大名路1089号26层2601-2608单 元 • 利润： 山东地区：氯碱装置综合利润（1 烧碱 + 0.88 液氯）-89.01 元 / 吨（环比暴跌 66.41%），液氯亏损拖累；PVC+0.86 碱综合利润 96.74 元 / 吨（环比下降 60.79%），PVC 亏损收窄。 西北地区：氯碱装置综合利润（1 烧碱 + 0.89 液氯）639.04 元 / 吨（环比下降 17.67%），液氯利润支撑；PVC+0.87 碱综合利润 1255.50 元 / 吨（环比下降 10.69%），维持高利润 。 ...

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated March 31, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - **Likely Factors**: Good production and sales data of new energy vehicles, firm prices of nickel ore and ferronickel, and cost support; continuously low global inventory supports nickel prices [3] - **Negative Factors**: A significant year-on-year increase in domestic production and no new growth points in demand; global nickel inventory has reached a record high, and the supply surplus pattern is significant [3] - **Trading Consultation Viewpoint**: Low inventory support coexists with supply surplus. It is recommended to maintain range-bound operations considering the intertwined long and short factors [3] Summary by Relevant Catalogs 1. Market Data - **Nickel Futures**: The latest values of Shanghai Nickel main contract, consecutive contracts 1 - 3, and LME Nickel 3M are 131,600 yuan/ton, 131,600 yuan/ton, 131,780 yuan/ton, 132,040 yuan/ton, and 16,235 US dollars/ton respectively. The weekly price increases are 2,380 yuan/ton, 1,650 yuan/ton, 1,660 yuan/ton, 1,760 yuan/ton, and 25 US dollars/ton, with weekly price increase rates of 1.84%, 1.27%, 1.28%, 1.28%, and 1.35% respectively. The trading volume increased by 30.95% to 249,977 lots, the open interest decreased by 3.3% to 106,286 lots, and the warehouse receipts decreased by 1.82% to 26,799 tons [3] - **Stainless Steel Futures**: The latest values of stainless steel main contract and consecutive contracts 1 - 3 are 13,535 yuan/ton, 13,535 yuan/ton, 13,695 yuan/ton, and 13,785 yuan/ton respectively. The weekly price increases are 180 yuan/ton, 145 yuan/ton, 165 yuan/ton, and 155 yuan/ton, with weekly price increase rates of 1%, 1.08%, 1.22%, and 1.14% respectively. The trading volume increased by 25.68% to 206,853 lots, the open interest decreased by 6.66% to 129,740 lots, and the warehouse receipts increased by 0.61% to 199,246 tons [5] - **Spot Prices**: The latest values of Jinchuan Nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel are 132,950 yuan/ton, 131,200 yuan/ton, 132,100 yuan/ton, 130,850 yuan/ton, and 131,150 yuan/ton respectively. The daily price increases are 1,150 yuan/ton, 1,250 yuan/ton, 1,250 yuan/ton, 1,350 yuan/ton, and 1,250 yuan/ton, with daily price increase rates of 0.87%, 0.96%, 0.96%, 1.04%, and 0.96% respectively [5] - **Inventory Data**: The latest values of domestic social inventory, LME nickel inventory, stainless steel social inventory, and ferronickel inventory are 47,423 tons, 201,300 tons, 984.3 tons, and 23,015 tons respectively. The changes compared to the previous period are an increase of 315 tons, an increase of 222 tons, a decrease of 9.7 tons, and a decrease of 5,717 tons respectively [5] 2. Price Trends - **Nickel Futures and Spot Prices**: The report presents the historical price trends of Shanghai Nickel futures main contract, LME Nickel (3 - month) electronic - trading price, and nickel spot average price [7][11] - **Stainless Steel Futures Price**: The historical price trend of stainless steel futures main contract is shown [9] 3. Supply and Inventory - **Primary Nickel Supply and Inventory**: It includes the seasonal data of China's refined nickel monthly production, China's primary nickel monthly total supply (including imports), domestic social inventory (nickel plates + nickel beans), and LME nickel inventory [13][14] - **Upstream Nickel Ore**: The average price of Philippine laterite nickel ore 1.5% (FOB) and the seasonal data of China's port nickel ore inventory by port are presented [16] - **Ferronickel**: The average ex - factory prices of 8 - 12% ferronickel in China and Ni≥14% Indonesian ferronickel (arrival - duty - paid), as well as the seasonal data of China's and Indonesia's ferronickel monthly production are shown [18][19][20] - **Downstream Sulfuric Acid Nickel**: The average price of battery - grade sulfuric acid nickel, its premium over primary nickel (plates), the seasonal profit rates of producing sulfuric acid nickel from nickel beans and producing electrowon nickel from externally purchased sulfuric acid nickel, China's monthly production of sulfuric acid nickel, and the seasonal production capacity of ternary precursors are presented [22][25][26] - **Stainless Steel**: The seasonal profit rate of China's 304 stainless steel cold - rolled coils, monthly production, and inventory are shown [27][28][30]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Positive Factors**: Tariff games have pushed up the price difference of US copper, and the glimmer of hope in the Russia-Ukraine negotiations has improved market sentiment. Fundamentally, both supply and demand have increased, supporting prices. Zinc ingot inventories have started to decline, the import window is deeply closed, and the spot premium has remained stable. Short-term tight circulation supports zinc prices [2]. - **Negative Factors**: Domestic real estate sales data is weak. The galvanizing sector is affected by environmental protection restrictions and transportation limitations, and terminal demand has not met expectations. The supply of ore is abundant, processing fees are continuously rising, and smelters' willingness to increase production is strengthening. The expectation of increased production of refined zinc intensifies the pressure of supply-demand surplus [2]. - **Trading Advice**: In the short term, Shanghai zinc will fluctuate within a range. The sentiment of both long and short positions to exit the market is obvious. It is recommended to pay attention to the rhythm of the range fluctuations [2]. 3. Summary by Relevant Catalogs Processing and Terminal Demand - **Galvanized Sheet Coil**: The report presents the market sentiment index (weekly), weekly inventory - seasonality, and steel mill weekly production - seasonality of galvanized sheet coils [4]. - **Net Exports and Imports**: It shows the seasonal data of net exports of galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide, as well as the net imports of die - cast zinc alloys [5][8][9]. - **Real Estate and Infrastructure**: Data on real estate development investment, project progress cumulative year - on - year, sales area cumulative year - on - year, and infrastructure fixed - asset investment (excluding rural households) are provided [10][12][14]. Futures and Spot Market Review - **Price and Volume**: The report includes the trends of domestic and foreign zinc prices, the trading volume and open interest of Shanghai zinc futures, the relationship between LME zinc closing price and the US dollar index, and the LME term structure [15][17][18]. - **Premium and Basis**: It shows the LME (spot/three - month) premium, seasonal data of LME (spot/three - month) premium, three - place basis trends of zinc ingots, and seasonal data of Tianjin zinc ingot basis [18][20][22]. Supply and Supply - Side Profits - **Supply Data**: Information on the monthly import volume of zinc concentrate, SMM zinc ingot monthly production, China's zinc ingot monthly production + import volume, zinc concentrate raw material inventory days, and LME and SHFE zinc inventories is provided [26][28][30]. - **Profit and Processing Fees**: The report presents the production profit of refined zinc enterprises and the processing fees of domestic and imported zinc concentrates [27][28].

交易咨询业务：沪证监许可【2012】1515号 能源化工周报—塑料 2025年3月28日 研究员：兰雪 交易咨询：Z0018543 审核：唐韵 Z0002422 http://www.eafutures .com 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性和完整性不做任何 保证，也不保证所包含的信息和建议不会发生任何变更。文中的观点、结论和建议仅供参考， 报告中的信息或意见并不构成所述证券或期货的买卖出价或征价，投资者据此做出 的任何投 资决策与本公司和作者无关。 地址：上海市虹口区东大名路1089号26层2601-2608单元 基本面信息： 数据来源：同花顺、隆众资讯 东亚期货 2 供给：聚乙烯-周开工产量 • 1： 需求随下游复工开始回暖，市场交投氛围好转。 • 2： 新增产能投放。 • 观点：近期部分装置计划停车检修，但也有停车装置计划重启，新增投产目前暂未放量，供应端变化不大。需求方面，下游企业低 负荷运行，但部分订单生产叠加新单跟进，整体开工均有提升。需求随下游复工开始回暖，市场交投氛围好转。 基本面要点： 数据来源：同花顺、隆众资讯 东亚期货 3 • 供给： PE生产企业开工 ...