Report Overview - Report Title: Oil and Oilseed Industry Daily Report - Report Date: June 18, 2025 1. Report Industry Investment Rating - No information provided 2. Report's Core View Fats and Oils - **Palm Oil**: Production in the producing regions is expected to increase month - on - month, and the approaching seasonal production increase adds to the supply expectation. Although the domestic port inventory is currently low, as the origin's offer weakens, subsequent purchases are emerging. Due to the inverted soybean - palm oil price spread, there is no incremental consumption, and the inventory is expected to increase. It is necessary to further shrink the soybean - palm oil price spread to find consumption [3]. - **Soybean Oil**: With the arrival of purchased ships, the supply pressure is approaching, and the expected oil mill crushing volume will rise. However, due to the lack of incremental consumption, the 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 be repaired in the far - month to compete for market share [3]. - **Rapeseed Oil**: The recent expected improvement in China - Canada relations has hit the premium of the policy - expected trading on the market. The current supply is at a phased peak, and the marginal depletion rate is expected to accelerate from the end of the second quarter to the beginning of the third quarter. Consumption is limited to the rigid - demand level due to the policy premium and the unfavorable rapeseed - soybean oil price spread. There is high - inventory pressure, but policy uncertainty provides support for the far - month [3]. Oilseeds - **Imported Soybeans**: Brazilian premiums are firm, and the domestic market has strengthened following the international market. The far - month crushing margin has weakened slightly, and the far - month Brazilian premium is high. The estimated arrivals are 11 million tons in June, 11.5 million tons in July, and 9.5 million tons in August. Supply in the second and third quarters is still abundant, and the situation of China - US negotiations in the fourth quarter should be monitored [15]. - **Domestic Soybean Meal**: Driven by the expectation of China - US talks, domestic soybean meal has strengthened following the international market. The soybean raw material inventory of oil mills is rising, and the soybean meal inventory is also being repaired. The concentrated arrival of soybeans in the third quarter will suppress soybean meal prices. Downstream demand is mainly focused on fulfilling previous contracts, and the basis remains weak [15]. - **Rapeseed Meal**: There is still supply pressure in June, and downstream demand is lower than expected. Inventory depletion is difficult. Although there are some supply gaps in the far - month, demand is limited. Due to the continuous meetings between China and Canada, the market is weak, and subsequent attention should be paid to China - Canada trade relations [15]. 3. Summary by Relevant Catalogs Fats and Oils Fats and Oils Month - to - Month and Variety - to - Variety Spreads - **Palm Oil**: P 1 - 5 is 122 yuan/ton with a daily increase of 8 yuan; P 5 - 9 is - 162 yuan/ton with a daily increase of 16 yuan; P 9 - 1 is 40 yuan/ton with a daily decrease of 24 yuan [4]. - **Soybean Oil - Palm Oil Spread**: Y - P 01 is - 492 yuan/ton with a daily decrease of 14 yuan; Y - P 05 is - 670 yuan/ton with a daily increase of 12 yuan; Y - P 09 is - 474 yuan/ton with a daily increase of 2 yuan [4]. - **Soybean Oil - Rapeseed Meal Spread**: Y/M 01 is 2.5546 with a daily decrease of 0.55%; Y/M 05 is 2.7607 with a daily decrease of 0.26%; Y/M 09 is 2.5934 with a daily decrease of 0.79% [4]. - **Rapeseed Oil - Rapeseed Meal Spread**: OI/RM 01 is 3.9544 with a daily increase of 0.15%; OI/RM 05 is 3.8555 with a daily decrease of 0.04%; OI/RM 09 is 3.5731 with a daily increase of 0.41% [4]. Palm Oil Spot and Futures Prices - Palm oil 01 is 8476 yuan/ton with a daily increase of 0.83%; palm oil 05 is 8350 yuan/ton with a daily increase of 0.8%; palm oil 09 is 8518 yuan/ton with a daily increase of 0.85% [6]. - BMD palm oil main contract is 4066 ringgit/ton with a daily decrease of 0.68% [6]. - Guangzhou 24 - degree palm oil is 8770 yuan/ton with a daily increase of 40 yuan; the basis is 284 yuan/ton with a daily increase of 20 yuan [6]. Soybean Oil Spot and Futures Prices - Soybean oil 01 is 8014 yuan/ton with a daily decrease of 0.1%; soybean oil 05 is 7680 yuan/ton with a daily increase of 0.11%; soybean oil 09 is 8084 yuan/ton with a daily decrease of 0.39% [11]. - CBOT soybean oil main contract is 54.69 cents/pound with a daily decrease of 0.76% [11]. - Shandong first - grade soybean oil spot is 8200 yuan/ton with a daily increase of 80 yuan; the basis is 148 yuan/ton with a daily increase of 8 yuan [11]. Oilseeds Oilseed Futures Prices - **Soybean Meal**: Bean meal 01 is 3095 with a daily decrease of 3 and a decrease rate of 0.1%; bean meal 05 is 2761 with a daily increase of 3 and an increase rate of 0.11%; bean meal 09 is 3062 with a daily decrease of 12 and a decrease rate of 0.39% [16]. - **Rapeseed Meal**: Rapeseed meal 01 is 2412 with a daily increase of 20 and an increase rate of 0.84%; rapeseed meal 05 is 2407 with a daily increase of 13 and an increase rate of 0.54%; rapeseed meal 09 is 2688 with a daily increase of 6 and an increase rate of 0.22% [18]. - **CBOT Yellow Soybeans**: The closing price is 1068 with no daily change and a change rate of 0% [18]. Bean and Rapeseed Meal Spreads - **Soybean Meal Month - to - Month Spread**: M01 - 05 is 340 with a daily increase of 4; M05 - 09 is - 316 with a daily decrease of 8; M09 - 01 is - 24 with a daily increase of 4 [19]. - **Rapeseed Meal Month - to - Month Spread**: RM01 - 05 is - 2 with a daily increase of 5; RM05 - 09 is - 288 with a daily increase of 2; RM09 - 01 is 290 with a daily decrease of 7 [19]. - **Soybean and Rapeseed Meal Spot Spread**: The spread is 349 with a daily increase of 19; the futures spread is 392 with a daily increase of 18 [19].

白糖日报 软商品日报 2025/06/18 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 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - Short - term: Maintenance in Shandong and other regions and rigid - demand procurement from alumina plants limit the downside space of caustic soda prices [9]. - Medium - term: From June to July, new production capacities such as Qingdao Gulf and Gansu Yaowang will be concentratedly put into production, and with limited demand growth, there is a strong expectation of supply - demand turning to surplus [9]. 3. Summary by Relevant Catalogs Price Group - On June 16, the closing price of the main caustic soda contract (SH2509) was 2,276 yuan/ton, down 0.35% from the previous trading day [6]. - For 32% ion - membrane caustic soda: In southwestern Shandong, the mainstream transaction price was 850 - 870 yuan/ton (slightly up from June 10, with a month - on - month increase of over 2% in early June according to the National Bureau of Statistics); in east - central Shandong, the mainstream transaction price was 860 - 930 yuan/ton, with some enterprises having tight supply due to maintenance; in northern Shandong, the mainstream transaction price was 880 - 940 yuan/ton, supported by the rigid demand of alumina plants; in southern Shandong, the mainstream transaction price was 880 - 900 yuan/ton, and the regional price difference narrowed [6]. - For 50% ion - membrane caustic soda, the mainstream transaction price was 1,360 - 1,460 yuan/ton, and the export quotation in East China was boosted by international demand [6]. Supply and Demand Group - Supply: This week, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 83.5%, unchanged from the previous week [7]. - Demand: In the alumina industry, the capacity utilization rate was 78.4%, a slight increase of 0.03 percentage points from the previous week; the operating rate of viscose staple fiber was 80.5%, down 0.15% from the previous week; the operating rate in the printing and dyeing industry in the Jiangsu and Zhejiang regions was 63.5%, up 0.27% from the previous week [7]. Inventory Group - As of June 12, the inventory of liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in China was 378,000 tons (wet tons), down 1.07% from the previous week and up 4.2% year - on - year. The slowdown in inventory reduction reflects the weakening of demand resilience [7]. Profit Group - The profit of chlor - alkali in Shandong increased by 50 yuan/ton week - on - week, reaching 632 yuan/ton. The cost support came from the stable price of raw salt at 280 - 300 yuan/ton [8].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - **L利多因素**: Inventory is continuously decreasing, with both Shanghai Nickel and LME Nickel inventories reducing, alleviating short - term supply pressure; Nickel ore in Indonesia is in short supply, and prices are firm, providing cost support for nickel prices [3]. - **利空因素**: The long - term supply surplus pattern of refined nickel remains unchanged, and the bearish fundamental pattern persists; The demand for downstream stainless steel is weak, and the improvement in terminal orders is insufficient, dragging down nickel prices [3]. - **交易咨询观点**: The market is intertwined with long and short factors, lacking new drivers, and overall maintaining a volatile pattern [3]. 3. Summary by Directory 3.1 Market Data - **镍期货价格**: The latest price of Shanghai Nickel main contract is 119,920 yuan/ton, down 1,470 yuan (-1.21%); the price of LME Nickel 3M is 15,105 dollars/ton, down 385 dollars (-2.28%) [4]. - **不锈钢期货 price**: The latest price of stainless steel main contract is 12,550 yuan/ton, up 90 yuan (1%) [4]. - **镍现货 price**: The latest price of Jinchuan Nickel is 122,650 yuan/ton, down 275 yuan (-0.22%); the price of imported nickel is 120,650 yuan/ton, down 350 yuan (-0.29%) [4]. - **库存情况**: Domestic social inventory of nickel is 39,383 tons, an increase of 8 tons; LME Nickel inventory is 197,538 tons, a decrease of 96 tons; stainless steel social inventory is 998.8 thousand tons, an increase of 15.5 thousand tons; nickel pig iron inventory is 31,462 tons, an increase of 1,907.5 tons [4][6]. 3.2 Charts - **盘面信息**: There are charts showing the trends of domestic and foreign nickel futures, stainless steel futures, nickel spot average prices, etc., as well as seasonal charts of supply, production, and inventory in various aspects of the nickel - stainless steel industry chain, including China's refined nickel monthly production, primary nickel total supply, domestic and LME nickel inventories, nickel ore prices and inventories, nickel iron production, downstream battery - grade nickel sulfate prices and production, and stainless steel production and inventory [7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33].

锌产业周报 2025/06/16 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责 ...

. 贵金属有色金属产业日报 2025/6/11 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 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The ongoing China-US talks have improved market sentiment, leading to a slight rebound in the futures market. However, the traditional off-season for steel has arrived, with weakening demand and abundant raw material supply, suggesting limited fundamental support for the rebound [3]. - The current fundamentals of iron ore are acceptable, but future concerns are emerging. Supply is increasing while demand is expected to decline, which may lead to slower inventory depletion and potential accumulation [19]. - The relaxation of China-US relations has boosted market sentiment, causing coking coal to rebound due to previous overselling. Coke has also followed, but its rebound is weaker due to downstream price cuts. The demand for coking coal and coke has rigid support in the short term [34]. - Short - term market sentiment for ferroalloys has improved, but the long - term trend remains weak due to factors such as steel mill price pressure, cost decline, and the off - season for steel demand. However, the high - inventory issue is gradually weakening, and the supply is at a low level [51]. - The production of soda ash is expected to gradually recover, and the market remains in a long - term oversupply situation. The demand is stable overall, but the photovoltaic sector may return to an oversupply pattern [65]. - The glass market has a nearly 10% decline in cumulative apparent demand. To balance supply and demand in the second half of the year, the daily melting volume needs to decline. The current valuation is low, but the short - term fundamentals and cost support are weak [93]. Summary by Related Catalogs Steel - **Price Data**: On June 11, 2025, the closing prices of rebar and hot - rolled coil futures contracts increased slightly compared to the previous day. The basis and spreads of different contracts also showed certain changes [4][8]. - **Market Situation**: The off - season has led to a decline in some steel demand, such as a significant decrease in the outbound volume of building materials in Hangzhou and inventory accumulation in multiple regions for hot - rolled coils. Although steel mills maintain production through product switching, the supply of raw materials is abundant, and the rebound of the futures market lacks strong fundamental support [3]. Iron Ore - **Price Data**: On June 11, 2025, the closing prices of iron ore futures contracts increased compared to the previous day, while the basis decreased. The daily and weekly changes in different contracts varied [20]. - **Fundamental Data**: Global iron ore shipments have increased significantly, and the demand is expected to decline. The production of five major steel products has not decreased significantly, but the demand has a seasonal decline, increasing the inventory depletion pressure [19][28]. Coking Coal and Coke - **Price Data**: On June 11, 2025, the coking coal and coke futures prices, basis, and spreads showed different degrees of changes. The coking coal prices rebounded more strongly, and the coking profit on the futures market shrank [35]. - **Market Situation**: The relaxation of China - US relations has driven the rebound of coking coal and coke. The current basis is in a reasonable range, and the demand for coking coal and coke has rigid support in the short term [34]. Ferroalloys - **Price Data**: On June 11, 2025, the prices of ferrosilicon and ferromanganese spot and futures contracts, as well as their basis and spreads, showed different changes. The cost of ferrosilicon and the prices of raw materials for ferromanganese also changed to some extent [52][53]. - **Market Situation**: Short - term market sentiment has improved, but the long - term trend is still weak. The high - inventory issue is gradually weakening, and the supply is at a low level, with the cost expected to decline [51]. Soda Ash - **Price Data**: On June 11, 2025, the prices of soda ash futures contracts decreased slightly, and the basis and spreads also changed. The spot prices of heavy and light soda ash in different regions remained stable [67][68]. - **Market Situation**: The production of soda ash is expected to recover, and the market is in a long - term oversupply situation. The demand is stable overall, but the photovoltaic sector may return to an oversupply pattern [65]. Glass - **Price Data**: On June 11, 2025, the prices of glass futures contracts showed different trends, and the basis and spreads also changed. The daily sales - to - production ratios in different regions varied [94][97]. - **Market Situation**: The cumulative apparent demand for glass has declined nearly 10%. To balance supply and demand in the second half of the year, the daily melting volume needs to decline. The current valuation is low, but the short - term fundamentals and cost support are weak [93].

软商品日报 2025/06/11 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 Overview - Report Date: June 11, 2025 [1] - Report Author: Xu Liang [2] - Reviewer: Tang Yun [2] Industry Investment Rating - No information provided on the industry investment rating. Core Views Fats and Oils - **Palm Oil**: Production in the producing regions is expected to increase month-on-month, and the approaching seasonal production increase adds to the supply expectation. Although the domestic port inventory is currently low, as the origin quotation weakens, subsequent purchases are gradually emerging. On the consumption side, due to the current inverted soybean-palm oil price difference, incremental consumption is not forthcoming, and inventory is expected to increase. The price difference between soybean oil and palm oil needs to be further reduced to stimulate consumption [3]. - **Soybean Oil**: As the purchased ships arrive at ports, supply pressure is approaching, and the expected oil mill crushing volume will increase accordingly. However, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter an accumulation cycle. With the expected increase in the supply of both palm oil and soybean oil, the price difference between soybean oil and palm oil may be repaired in the far - month to compete for market share [3]. - **Rapeseed Oil**: Recently, the expected improvement in China - Canada relations has hit the premium of the market's policy - expected trading. The current supply is at a phased peak, and the marginal decline rate is expected to accelerate from the end of the second quarter to the beginning of the third quarter. On the consumption side, due to the policy premium of rapeseed oil, the price difference between rapeseed oil and soybean oil has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption. High inventory exerts pressure, but policy uncertainty provides support for the far - month [3]. Oilseeds - **Imported Soybeans**: Brazilian soybean premiums are firm, the domestic market has strengthened following the international market, and the far - month crushing profit has slightly weakened. China's soybean imports in May were 13.918 million tons; from January to May, imports were 37.108 million tons, a 0.7% decline from the same period last year. Forecasts for June, July, and August are 11 million tons, 11.5 million tons, and 9.5 million tons respectively. Supply in the second and third quarters remains abundant, and the situation of China - US negotiations in the fourth quarter should be monitored [15]. - **Domestic Soybean Meal**: Under the expectation of China - US talks, the domestic soybean meal market has strengthened. Currently, the soybean raw material inventory of oil mills is rising, and the soybean meal inventory is also being repaired. The concentrated arrival of soybeans in the third quarter will put pressure on soybean meal prices. On the demand side, downstream enterprises mainly execute previous contracts, and the enthusiasm for restocking is low, keeping the basis weak [15]. - **Rapeseed Meal**: In June, there is still pressure on the spot supply, downstream demand is lower than expected, and inventory reduction is difficult. Although there are some gaps in the far - month supply, the rigid demand is limited. The market performance is weak, and future attention should be paid to China - Canada trade relations [15]. Key Data Summaries Fats and Oils - **Price Differences**: P 1 - 5 is 82 yuan/ton with a daily decrease of 10 yuan/ton; Y - P 01 is - 382 yuan/ton with a daily increase of 46 yuan/ton, etc [4]. - **Palm Oil Prices**: Palm oil 01 is 7954 yuan/ton with a decline of 1.56%; BMD palm oil main contract is 3868 ringgit/ton with an increase of 0.1% [7]. - **Soybean Oil Prices**: Soybean oil 01 is 7644 yuan/ton with a decline of 0.13%; CBOT soybean oil main contract is 47.77 cents/pound with an increase of 0.76% [12]. Oilseeds - **Futures Prices**: Bean meal 01 is 3064 with a decline of 4 and a decline rate of 0.13%; Rapeseed meal 01 is 2349 with a decline of 7 and a decline rate of 0.3% [16][18]. - **Price Differences**: M01 - 05 is 336 with a daily increase of 4; RM01 - 05 is - 15 with a daily decrease of 6 [19].

锌产业周报 2025/06/9 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 ...