Report Industry Investment Rating - No relevant information provided Core Viewpoints - **Positive factors**: Indonesia's nickel ore supply is experiencing a temporary shortage, and the rainy season continues, causing nickel ore prices to remain firm and providing cost support. The low inventory of intermediate products and strong cost support for refined nickel, along with the boost from new energy consumption, have affected the spot premium and discount [2]. - **Negative factors**: Global visible inventories are continuously accumulating, with both LME and SHFE nickel inventories at historical highs. The demand for stainless steel is weak, the growth in the new energy sector has slowed down, and the demand for ternary batteries is dragged down by the substitution effect [2]. - **Overall view**: The fundamental situation maintains a pattern of strong supply and weak demand, with cost support and inventory pressure coexisting. Nickel prices are expected to fluctuate in the short term [2]. Summary by Related Catalogs Market Information - **Nickel futures**: The latest prices of SHFE nickel main contract, consecutive contracts, and LME nickel 3M have increased compared to the previous week, with increases of 1.09%, 2.15%, 2.16%, 2.16%, and 2.25% respectively. However, the trading volume and open interest have decreased, with decreases of 9.14% and 28.0% respectively. The warehouse receipt quantity has decreased by 2.17%, and the basis of the main contract has decreased by 18.18% [3]. - **Stainless steel futures**: The prices of stainless steel main contract and consecutive contracts have shown mixed trends, with the main contract decreasing by 1%, and consecutive contracts increasing by 0.27%, 0.20%, and 0.04% respectively. The trading volume has increased by 10.38%, the open interest has increased by 3.41%, the warehouse receipt quantity has decreased by 6.11%, and the basis of the main contract has decreased by 16.67% [3]. - **Nickel spot**: The prices of various nickel products, including Jinchuan nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel, have decreased to varying degrees, with decreases ranging from 0.02% to 0.33% [3]. - **Inventory**: The domestic social inventory of nickel has increased by 652 tons, and the LME nickel inventory has increased by 1938 tons. The stainless steel social inventory has decreased by 2.8 tons, and the nickel pig iron inventory has increased by 3690.5 tons [3][5]. Supply and Inventory of Primary Nickel - **Production**: The report shows the seasonal production of Chinese refined nickel and the total monthly supply of domestic primary nickel including imports, but specific data trends are not elaborated [13]. - **Inventory**: The domestic social inventory of nickel plates and nickel beans and the LME nickel inventory are presented seasonally, but specific data trends are not elaborated [14]. Nickel Iron - **Price**: The average prices of Indonesian high - nickel pig iron (arrival duty - paid) and Chinese 8 - 12% nickel pig iron (factory price) are shown, but specific price trends are not elaborated [17][19]. - **Production**: The seasonal production of Chinese and Indonesian nickel iron is presented, but specific production trends are not elaborated [18][20]. Downstream Nickel Sulfate - **Price**: The average price of battery - grade nickel sulfate and its premium over primary nickel (plates) are shown, but specific price trends are not elaborated [22][23]. - **Profitability**: The seasonal profitability of producing nickel sulfate from nickel beans and the profitability of producing electrowon nickel from externally purchased nickel sulfate in China are presented, but specific profitability trends are not elaborated [24][25]. - **Production**: The monthly production of nickel sulfate in China and the seasonal production capacity of ternary precursors are shown, but specific production trends are not elaborated [26]. Stainless Steel - **Profitability**: The seasonal profitability of Chinese 304 stainless steel cold - rolled coils is presented, but specific profitability trends are not elaborated [27]. - **Production**: The seasonal production and inventory of stainless steel are shown, but specific production and inventory trends are not elaborated [28][30].

Report Industry Investment Rating No relevant content provided. Core View of the Report - **Likely Factors**: Global zinc plate supply shortage and continuous reduction of LME inventory support zinc prices. The pattern of tight supply overseas and loose supply in China continues due to low overseas inventory and production cut expectations [3]. - **Negative Factors**: Domestic zinc ore supply is abundant, refinery profits are restored, and refined zinc production increases month - on - month. Short - selling funds dominate the market, with long - position holders withdrawing, and market sentiment is moderately weak [3]. - **View**: In the short term, the game between long and short positions intensifies. The Shanghai zinc price will maintain a wide - range oscillation. Attention should be paid to inventory and supply changes [3]. Summary by Relevant Catalogs Processing and Terminal Demand - **Galvanized Sheet Coil**: Information on the market sentiment index (weekly), inventory seasonality, and steel mill weekly production seasonality is presented, sourced from Wind [5]. - **Net Exports and Imports**: Data on the seasonal net exports of galvanized sheets (strips) and die - cast zinc alloys, as well as the seasonal net exports of color - coated sheets (strips) and zinc oxide, are provided, sourced from Wind [6][19]. - **Real Estate**: Information on real estate development investment, project progress, sales area, and unsold area cumulative year - on - year changes, as well as land transaction area and housing transaction volume seasonality, is shown, sourced from Wind [11][13][15]. - **Infrastructure**: Data on the cumulative year - on - year changes in infrastructure fixed - asset investment (excluding rural households) completion are provided, sourced from Wind [16][17]. Futures and Spot Market Review - **Futures Contracts**: Information on the trading volume, open interest, and closing price of the Shanghai zinc futures main contract, as well as the relationship between LME zinc closing price and the US dollar index, is presented, sourced from Wind [20][21][22]. - **LME Structure**: Data on the LME term structure, including the premium and discount of LME zinc (spot/three - month) and 3 - 15, and their seasonality, are provided, sourced from Wind [23][24][25]. - **Price Trends**: Information on the price trends of domestic and foreign zinc, the basis trends of zinc ingots in three locations, and the seasonality of the Tianjin zinc ingot basis are shown, sourced from Wind [27][28][29]. Supply and Supply - Side Profits - **Raw Material Supply**: Data on the seasonal monthly import volume of zinc concentrates, zinc concentrate TC, and the raw material inventory days of zinc concentrates are provided, sourced from Wind [31][32][36]. - **Production and Profit**: Information on the seasonal monthly production of SMM zinc ingots, the production profit and processing fees of refined zinc enterprises, and the seasonal sum of China's monthly zinc ingot production and imports are presented, sourced from Wind [34][35]. - **Inventory**: Data on the seasonal total inventory of LME zinc, the seasonal inventory of SHFE zinc this week, and the exchange zinc ingot inventory are provided, sourced from Wind [36][37][38].

软商品日报 2025/04/16 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 ...

Report Core View Palm Oil - Domestic import profit remains weak, suppressing ship purchases, with current supply and port inventory at low levels. The large inverted soybean-palm oil price spread squeezes consumption, and monthly demand remains at a minimum. However, with expected production increases in the producing areas, the supply is expected to increase, and the price is expected to fall, providing incremental supply in the far month [3]. Soybean Oil - In April, previously purchased ships are arriving at ports, increasing supply pressure and expected oil mill压榨. With no incremental consumption, inventory is expected to enter an accumulation cycle. With the expected increase in both palm oil and soybean oil supply, the soybean-palm oil price spread may repair in the far month to compete for market share [3]. Rapeseed Oil - The far month price is supported by reduced imported rapeseed arrivals and policy premiums. Currently, the supply is at a peak, but with limited new supply, the marginal decline is expected to accelerate. High inventory suppresses the near month, but policy uncertainty supports the far month [3]. Beans - The fundamentals of soybean varieties are deteriorating. With the arrival of Brazilian soybeans, imports exceed expectations, and inventory may gradually increase. The high basis in the near month implies that the market expects future spot prices to fall [15]. Oil Monthly and Inter-varietal Spreads - P 1 - 5 is -622 yuan/ton, up 40; Y - P 01 is -374 yuan/ton, up 66; P 5 - 9 is 554 yuan/ton, down 32; Y - P 05 is -958 yuan/ton, up 56; P 9 - 1 is 68 yuan/ton, down 8; Y - P 09 is -426 yuan/ton, up 32; Y 1 - 5 is -38 yuan/ton, up 50; Y/M 01 is 2.5127, up 1.23%; Y 5 - 9 is 22 yuan/ton, down 8; Y/M 05 is 2.7031, up 2.08%; Y 9 - 1 is 16 yuan/ton, down 42; Y/M 09 is 2.5397, up 1.44%; OI 1 - 5 is -159 yuan/ton, up 10; OI/RM 01 is 3.7707, up 1.76%; OI 5 - 9 is -22 yuan/ton, up 9; OI/RM 05 is 3.7123, up 3.65%; OI 9 - 1 is 181 yuan/ton, down 19; OI/RM 09 is 3.5948, up 3.48% [4]. Palm Oil Futures and Spot Daily Prices - Palm oil 01 is 8010 yuan/ton, down 0.6%; palm oil 05 is 8632 yuan/ton, down 1.01%; palm oil 09 is 8078 yuan/ton, down 0.69%; BMD palm oil main contract is 4112 ringgit/ton, up 0.1%; Guangzhou 24 - degree palm oil is 9010 yuan/ton, down 110; Guangzhou 24 - degree basis is 932 yuan/ton, up 532; POGO is 473.92 dollars/ton, down 1.168; international soybean - palm oil spread is -71.74 dollars/ton, up 28.15 [7]. Soybean Oil Futures and Spot Daily Prices - Soybean oil 01 is 7636 yuan/ton, down 0.98%; soybean oil 05 is 7674 yuan/ton, down 2.44%; soybean oil 09 is 7652 yuan/ton, down 1.73%; CBOT soybean oil main contract is 47.8 cents/pound, up 3.13%; Shandong soybean oil spot is 7920 yuan/ton, unchanged; Shandong soybean oil basis is 268 yuan/ton, up 24; BOHO (weekly) is 59.077 dollars/barrel, down 8.4694; domestic soybean - palm oil spread is -960 yuan/ton, up 110 [12]. Oilseed Futures Prices - Bean meal 01 is 3039 yuan/ton, down 30, down 0.98%; bean meal 05 is 2839 yuan/ton, down 71, down 2.44%; bean meal 09 is 3013 yuan/ton, down 53, down 1.73%; rapeseed meal 01 is 2425 yuan/ton, down 27, down 1.1%; rapeseed meal 05 is 2506 yuan/ton, down 78, down 3.02%; rapeseed meal 09 is 2594 yuan/ton, down 79, down 2.96%; CBOT soybeans is 1045.75, unchanged; offshore RMB is 7.3273, up 0.0165, up 0.23% [18]. Bean and Rapeseed Meal Spreads - M01 - 05 is 200, up 41; RM01 - 05 is -81, up 51; M05 - 09 is -174, down 18; RM05 - 09 is -88, up 1; M09 - 01 is -26, down 23; RM09 - 01 is 169, down 52; bean meal Rizhao spot is 3460, unchanged; bean meal Rizhao basis is 447, up 53; rapeseed meal Fujian spot is 2652, down 2; rapeseed meal Fujian basis is -21, up 46; bean - rapeseed meal spot spread is 808, unchanged; bean - rapeseed meal futures spread is 419, up 26 [19].

. 贵金属有色金属产业日报 2025/4/16 SHFE与SGX白银期现价差. source： wind 元/千克 2021 2022 2023 2024 2025 03/01 05/01 07/01 09/01 11/01 -50 0 50 100 150 黄金与美债实际利率. 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 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The spring maintenance of caustic soda was less than expected, with high production capacity. In the short term, the downstream market was volatile and weak. The demand for pulp, viscose staple fiber, and printing and dyeing weakened, dragging down the overall performance. The market is expected to be volatile and weak in the short term and operate weakly in the medium term. Attention should be paid to inventory pressure transmission, alumina production, and exports [9]. 3. Summary by Directory 3.1 Price and Spread - **Futures Price**: On April 11, the closing price of the main caustic soda contract (SH2505) was 2,361 yuan/ton, down 0.13% from the previous trading day [6]. - **Spot Price**: The weekly average price of 32% ion-exchange membrane caustic soda in Shandong was 819 yuan/ton, a week-on-week decrease of 4.88%. The 100% equivalent price of 32% ion-exchange membrane caustic soda in Shandong was 2,559.375 yuan/ton, and that of 50% was 2,780 yuan/ton. The 100% equivalent price of 32% liquid caustic soda in Jiangsu was 2,687.5 yuan/ton [6]. - **Price Spread**: The report presents the price spread data of different types of caustic soda in various regions from March 28 to April 4, 2025 [19]. 3.2 Supply and Demand - **Supply**: The average utilization rate of caustic soda enterprise production capacity this week was 83.9%, a week-on-week increase of 0.6%. The actual supply reduction was limited as previously overhauled units gradually resumed production [7]. - **Demand**: The alumina开工率 this week was 83.6%. In March, the domestic alumina production was about 7.22 million tons, a year-on-year increase of 11.6%. An additional production capacity of 1.6 million tons is expected in April. In the viscose staple fiber industry, there is no new production capacity in 2025, and the开工 rate this week was 88.36% (a week-on-week increase of 2.43%). The new pulp production capacity was 180,000 tons, and the开工 rate this week was 85%. The开工率 of printing and dyeing factories in East China this week was 75% (a week-on-week decrease of 5%). The weighted average开工率 of the overall downstream was 82.36% (a week-on-week decrease of 1.82 percentage points), and the demand from non-aluminum industries (such as pulp) dragged down the overall performance [7]. 3.3 Inventory As of April 10, 2025, the factory inventory of sample enterprises with a liquid caustic soda production capacity of 200,000 tons or more nationwide was 471,300 tons (wet tons), a week-on-week decrease of 0.65% and a year-on-year decrease of 5.51% [8]. 3.4 Profit - **Shandong Region**: The loss of liquid chlorine dragged down the comprehensive profit. The ex-factory price of liquid chlorine was -500 yuan/ton (a week-on-week decrease of 166.67%); the comprehensive profit of PVC + 0.86 caustic soda was 96.74 yuan/ton (a week-on-week decrease of 60.79%), and the PVC loss narrowed. - **Northwest Region**: The profit of liquid chlorine provided support. The ex-factory price of liquid chlorine in the northwest was +100 yuan/ton (a week-on-week increase of 12.5%); the comprehensive profit of PVC + 0.87 caustic soda was 1,255.50 yuan/ton (a week-on-week decrease of 10.69%), maintaining high profits [8].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - ICE raw sugar futures dropped on Friday, with a 4% decline in the weekly line, due to concerns about US tariff policies triggering a global economic recession [4] - From January to February 2025, China's cumulative sugar imports were 80,000 tons, a year - on - year decrease of 1.11 million tons, and the cumulative exports of syrup and premixed powder were 109,200 tons, a year - on - year decrease of 59,100 tons [3] 3. Summary by Relevant Catalogs Domestic Market - Spot quotes: The platform quote of middlemen in Nanning is 6,200 yuan/ton, and that in Kunming is 5,970 - 6,080 yuan/ton [3] - Market information: From January to February 2025, China's cumulative sugar imports decreased by 1.11 million tons year - on - year, and the cumulative exports of syrup and premixed powder decreased by 59,100 tons year - on - year [3] International Market - ICE raw sugar futures fell on Friday, with a 4% decline in the weekly line, due to concerns about US tariff policies causing a global economic recession [4] - As of March 31, 113 sugar mills in India were in the 24/25 crushing season, crushing 265.326 million tons of sugarcane and producing 24.85 million tons of sugar, compared with 203 mills in the same period last year, which crushed 298.104 million tons of sugarcane and produced 30.25 million tons of sugar [5] Sugar Futures Weekly Price and Spreads - SR01 closed at 5,718 with a - 0.21% change; SR03 at 5,689 with a - 0.16% change; SR05 at 6,056 with a - 0.49% change; SR07 at 5,978 with a - 0.32% change; SR09 at 5,918 with a - 0.42% change; SR11 at 5,793 with a - 0.31% change; SB at 17.83 with a 0% change; W at 503.1 with a 0% change [6] Sugar Spot Weekly Price and Spreads - Nanning's price was 6,180 yuan/ton with a - 80 yuan change; Liuzhou's was 6,160 yuan/ton with a - 90 yuan change; Kunming's was 5,960 yuan/ton with a - 60 yuan change; Zhanjiang's was 6,100 yuan/ton with a - 80 yuan change; Rizhao's was 6,280 yuan/ton with a - 70 yuan change; Urumqi's was 6,000 yuan/ton with a 0 yuan change [7] Sugar Weekly Basis - The basis of Nanning - SR01 was 462 with a 37 change; Nanning - SR03 was 491 with a 36 change; Nanning - SR05 was 124 with a - 9 change; Nanning - SR07 was 202 with a 31 change; Nanning - SR09 was 262 with a 6 change; Kunming - SR01 was 242 with a 27 change; Kunming - SR03 was 271 with a 26 change; Kunming - SR05 was - 96 with a - 19 change; Kunming - SR07 was - 18 with a 21 change; Kunming - SR09 was 42 with a - 4 change [8] Brazil Market - As of April 2, the number of ships waiting to transport sugar at Brazilian ports was 36 (last week was 38), and the sugar waiting to be transported was 1.4227 million tons (last week was 1.5554 million tons) [10] - In the first week of April in Brazil, 236,600 tons of sugar were exported, with an average daily export of 59,100 tons, a 31% decrease compared with the average daily export in March last year [10] - Brazil's industry organization Orplana predicted that the sugarcane output in the central - southern region in the 25/26 crushing season would be 605 - 618 million tons, lower than 630 - 640 million tons in the previous season [10] Sugar Weekly Import Price Changes - The in - quota price of Brazilian imports was 5,068 yuan/ton with a - 243 yuan change, and the out - of - quota price was 6,458 yuan/ton with a - 317 yuan change; the in - quota price of Thai imports was 4,992 yuan/ton with a - 311 yuan change, and the out - of - quota price was 6,360 yuan/ton with a - 405 yuan change [11]

镍不锈钢产业链周报 2025/04/14 新能源汽车产销数据良好，2月产销同比上升支撑镍需求 镍矿、镍铁价格坚挺，矿贸易商让利空间有限，成本支撑上移 利空因素： 国内镍产量同比大幅上升，需求端缺乏新增长点 传统旺季需求释放不及预期，市场面临供过于求压力 交易咨询观点： 短期需关注镍价成本支撑线变动与宏观矛盾缓解情况，建议结合基差和库存变化综合评估多空因素 | | 最新值 | 周涨跌 | 周环比 | 单位 | | --- | --- | --- | --- | --- | | 沪镍主连 | 121300 | 2020 | 1.69% | 元/吨 | | 沪镍连一 | 121300 | 2660 | 2.24% | 元/吨 | | 沪镍连二 | 121370 | 2600 | 2.19% | 元/吨 | | 沪镍连三 | 121430 | 2520 | 2.19% | 元/吨 | | LME镍3M | 15020 | 534 | 2.12% | 美元/吨 | | 持仓量 | 71047 | -9178 | -11.4% | 手 | | 成交量 | 170331 | -91412 | -34.92% | 手 | | ...

锌产业周报 2025/04/14 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 ...

油料周报 油料产业周报 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任的权力 ...