Core View Positive Factors - Social inventory decreased by 0.25 million tons compared to last week. Downstream restocking at low prices drove the spot premium to remain stable, providing temporary support for demand [3]. - The spot price increased by 0.72% daily, and the basis premium widened to 138 yuan/ton, indicating a strong spot market [3]. Negative Factors - Mine supply is gradually recovering, with sufficient import volumes, and the market remains in an oversupply situation [3]. - Smelting profits are substantial, supply remains high, and there is an expectation of weakening demand in the medium term [3]. Trading Consultation View - It is difficult for the industry to reduce inventory. Furnace restarts in the southwest region may exacerbate the oversupply. It is recommended to maintain a short - allocation strategy [3]. Processing and Terminal Demand - The report presents data on the market sentiment index, inventory, and weekly production of galvanized coils, as well as the net export seasonality of galvanized sheets (strips) and die - cast zinc alloys. It also includes data on real estate development investment, sales, land transactions, and infrastructure fixed - asset investment [5][6][11][13][15][16]. Futures and Spot Market Review - The report shows the price trends of domestic and foreign zinc, the trading volume and open interest of SHFE zinc futures, the relationship between LME zinc prices and the US dollar index, the LME term structure, and the basis trends of zinc ingots in three locations [20][21][23][26]. Supply and Supply - Side Profits - The report provides data on the monthly import volume of zinc concentrates, zinc concentrate TC, zinc ingot production, enterprise production profits, raw material inventory days, and zinc inventory in LME and SHFE [30][32][33][35].

Report Information - Report Date: May 21, 2025 [1] - Author: Xu Liang (Z0002220), Reviewed by Tang Yun (Z0002422) [2] Investment Ratings - No investment ratings provided in the report 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 at a low level, as the origin's quotes weaken, subsequent purchases are gradually emerging. On the consumption side, due to the current inverted soybean-palm oil price difference, there is no incremental consumption, and the inventory is expected to increase and needs to continue to shrink the soybean-palm oil price difference to find consumption [3] - **Soybean Oil**: On the supply side, as the purchased ships arrive at the port, the pressure is approaching, and the expected oil mill crushing is also rising. However, on the consumption side, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter an accumulation cycle. In the future, under the expectation of a double increase in the supply of palm oil and soybean oil, the soybean-palm oil price difference may be repaired in the far month to compete for market share in the consumer market [3] - **Rapeseed Oil**: Recently, due to the expected improvement in China-Canada relations, the premium of the market's policy expectation trading has been hit. On the actual supply side, as the previously purchased rapeseed has now arrived at the port, the coastal rapeseed inventory is gradually decreasing. The current supply of rapeseed oil is at a phased peak, and the expected marginal depletion 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 rapeseed-soybean oil price difference has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption. The consumption of rapeseed oil also remains at the level of rigid demand. Currently, there is high inventory pressure, but the policy uncertainty provides a bottom support for the far month [3] Oilseeds - **Imported Soybeans**: In terms of purchases, the US soybean futures price has weakened, and the Brazilian premium has been repaired upwards. However, recently, the sales progress of Argentine soybeans has accelerated, and the quotes have decreased, limiting the upward space of the Brazilian premium. The near-month crushing profit still exists, but the far-month crushing profit has turned negative. It is expected that it will be difficult to achieve higher crushing profits under the current sales rhythm in Brazil. In terms of arrivals, the expected arrivals in May are 1.3 billion tons, 1.15 billion tons in June, and 1.15 billion tons in July. Overall, the near-month supply is still relatively abundant, but there is still a gap in purchases for the far-month fourth quarter [15] - **Domestic Soybean Meal**: The actual pressure continues to suppress the price of soybean meal. In North China, it is difficult to support the stability of the spot price, and in East China, the high inventory of soybean meal continues to suppress the basis quotation. In the second quarter, the basis is expected to continue to be weak. Currently, although the soybean meal inventory of oil mills is at a low level in recent years, the expected increase in soybean arrivals will lead to a continuous increase in the soybean inventory of oil mills. With the expectation of a recovery in the operating rate, it is difficult for the soybean meal price to achieve effective spot-futures linkage and rise. From the demand side, in the short term, downstream enterprises will continue to fulfill their previous delivery contracts and mainly replenish their physical inventories, and will remain cautious about purchasing far-month contracts [15] - **Rapeseed Meal**: The customs clearance issue in the East China region affects the supply of regional oil mills, but the actual inventory pressure is still relatively high, and the inventory depletion rate of rapeseed meal is slow. The monthly average import volume of rapeseed ships in the future is about 200,000 tons, but the overall market is cautious about imported rapeseed after June 10. Coupled with the uncertainty of the subsequent China-Canada rapeseed tariff, the far-month supply is highly uncertain [15] Summary by Category Fats and Oils - **Price and Spread Information**: The price and spread data of palm oil, soybean oil, and rapeseed oil are provided, including the price difference between different contract months and different varieties [4][7][12] - **Market Conditions**: The current market conditions of palm oil, soybean oil, and rapeseed oil are analyzed, including production, supply, consumption, and inventory [3] Oilseeds - **Price Information**: The futures prices of soybean meal and rapeseed meal are provided, including the closing price, daily change, and change rate [16][18] - **Market Conditions**: The market conditions of imported soybeans, domestic soybean meal, and rapeseed meal are analyzed, including purchases, arrivals, supply, demand, and inventory [15]

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated May 19, 2025 [1] Core Views Bullish Factors - Tight supply of nickel ore in Indonesia has pushed up ore prices, strengthening cost-side support [3] - High spot premiums indicate relatively strong spot demand [3] Bearish Factors - Continuous accumulation of pure nickel social inventory, with high levels in SHFE nickel and LME inventories [3] - Slowing consumption growth in the new energy sector and a decline in the proportion of ternary batteries have weakened nickel demand [3] Trading Advisory Views - The fundamentals are mixed. In the short term, it should be treated as oscillating with a slight upward bias. Attention should be paid to the cost support at the ore end and the marginal changes in inventory [3] Market Data Nickel Futures - SHFE Nickel Main Contract: Latest value 124,060 yuan/ton, weekly increase of 200 yuan, weekly increase rate of 0.16% [4] - SHFE Nickel Continuous 1: Latest value 124,230 yuan/ton, weekly decrease of 1,900 yuan, weekly decrease rate of -1.51% [4] - SHFE Nickel Continuous 2: Latest value 124,430 yuan/ton, weekly decrease of 1,860 yuan, weekly decrease rate of -1.47% [4] - SHFE Nickel Continuous 3: Latest value 124,660 yuan/ton, weekly decrease of 1,780 yuan, weekly decrease rate of -1.47% [4] - LME Nickel 3M: Latest value 15,805 US dollars/ton, weekly decrease of 45 US dollars, weekly decrease rate of -1.41% [4] Stainless Steel Futures - Stainless Steel Main Contract: Latest value 12,965 yuan/ton, weekly increase of 35 yuan, weekly increase rate of 0% [4] - Stainless Steel Continuous 1: Latest value 12,965 yuan/ton, weekly increase of 75 yuan, weekly increase rate of 0.58% [4] - Stainless Steel Continuous 2: Latest value 13,005 yuan/ton, weekly increase of 75 yuan, weekly increase rate of 0.58% [4] - Stainless Steel Continuous 3: Latest value 13,025 yuan/ton, weekly increase of 60 yuan, weekly increase rate of 0.46% [4] Other Data - Nickel Futures: Open interest decreased by 22.4% to 55,628 lots; trading volume decreased by 22.12% to 124,511 lots; warehouse receipts increased by 1.20% to 23,501 tons; main contract basis decreased by 52.17% to -825 yuan/ton [4] - Stainless Steel Futures: Open interest increased by 0.45% to 125,581 lots; trading volume decreased by 20.49% to 94,985 lots; warehouse receipts decreased by 1.48% to 157,878 tons; main contract basis increased by 3.85% to 675 yuan/ton [4] - Spot Nickel: Jinchuan Nickel, Imported Nickel, 1 Electrolytic Nickel, and Nickel Beans all decreased by 0.16%, and Electrowon Nickel decreased by 0.12% [4] - Inventory: Domestic social nickel inventory increased by 63 tons to 44,151 tons; LME nickel inventory decreased by 3,924 tons to 195,222 tons; stainless steel social inventory decreased by 8.4 tons to 980.7 tons; nickel pig iron inventory increased by 1,158 tons to 29,554.5 tons [4][6] Data Charts Nickel - Nickel internal and external market trends [8] - Nickel spot average price [11] - China's refined nickel monthly production seasonality [13] - China's primary nickel monthly total supply including imports seasonality [13] - Domestic social inventory (nickel plates + nickel beans) seasonality [14] - LME nickel inventory seasonality [14] - Philippine laterite nickel ore 1.5% (FOB) price [15] - China's port nickel ore inventory by port seasonality [15] Nickel Iron - Ni≥14% Indonesian high-nickel pig iron (arrival duty-paid) average price [17][19] - China's nickel iron monthly production seasonality [18] - China's 8 - 12% nickel pig iron ex-factory price (national average) [19] - Indonesia's nickel pig iron monthly production seasonality [20] Downstream Nickel Sulfate - Profit margin seasonality of producing nickel sulfate from nickel beans [22][23] - Profit seasonality of producing electrowon nickel from externally purchased nickel sulfate in China [22][23] - Average price of battery-grade nickel sulfate [24] - Premium of battery-grade nickel sulfate [24] - China's nickel sulfate monthly production (metal tons) [25] - Ternary precursor monthly production capacity seasonality [25] Stainless Steel - Profit margin seasonality of China's 304 stainless steel cold-rolled coils [26] - Stainless steel monthly production seasonality [27] - Stainless steel inventory seasonality [28][29]

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: May 19, 2025 [1] - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Investment Rating - No investment rating information is provided in the report. Core Views Bullish Factors - High spot premiums are maintained, and refineries' reluctance to sell has led to a shortage of circulating supplies, supporting zinc prices [3]. - The US economic recovery and demand growth have exceeded expectations, and the easing of China-US tariffs has boosted market sentiment [3]. Bearish Factors - Domestic zinc smelters have strong production momentum, and the smooth resumption of overseas projects has increased supply-side pressure [3]. - Imported zinc ingots are arriving at ports, causing spot premiums to weaken. Weak demand during the off-season has suppressed prices [3]. Trading Advisory View - The fundamentals of the domestic zinc market provide limited support. The growth in supply and off-season demand are in a tug-of-war, and the market may maintain a volatile pattern in the short term [3]. Section Summaries Processing and End-User Demand - The report presents various data on the zinc processing and end-user demand sectors, including the market sentiment index, inventory, production, and trade data of galvanized steel coils, galvanized sheets (strips), die-cast zinc alloys, and other products. It also shows data on real estate development investment, sales, and infrastructure fixed asset investment [5][6][7][11][13][15][17]. Futures and Spot Market Review - The report includes data on the price trends of domestic and international zinc futures, trading volume, open interest, and the relationship between LME zinc prices and the US dollar index. It also presents information on the LME term structure, zinc ingot basis, and other aspects [21][22][24]. Supply and Supply-Side Profits - The report provides data on zinc concentrate imports, processing fees, zinc ingot production, enterprise production profits, raw material inventory days, and inventory levels of zinc in LME and SHFE [31][33][34][36].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Short - term lithium carbonate prices may stabilize due to policy expectations, but the high - inventory and oversupply situation remains unchanged. The downward trend in the cost side opens up price space, and it is expected to maintain a weak oscillation [12] 3. Summary by Directory 3.1 Viewpoint Overview - The short - term price of lithium carbonate may be affected by policy expectations and stabilize, but the high - inventory and oversupply pattern persists, and the cost decline allows for price drops, with a forecast of weak oscillation [12] 3.2 Balance Sheet 3.2.1 Global Balance Sheet - From 2018 to 2025E, global lithium demand has been growing, with the global effective lithium demand reaching 142.3 million tons in 2025E, a year - on - year increase of 29%. Global lithium supply has also been increasing, with the global effective lithium supply reaching 165.0 million tons in 2025E, a year - on - year increase of 13%. The global lithium market shows a trend of changing from surplus to shortage and then back to surplus, with a surplus of 22.7 million tons in 2025E, accounting for 16% of the total demand [15] 3.2.2 Domestic Balance Sheet - In 2024 - 2025, the supply and demand of domestic lithium carbonate are both increasing. In May 2025E, the total supply of lithium carbonate is expected to be 91,250 tons, and the total demand is expected to be 90,421 tons, with a supply - demand difference of 829 tons [16] 3.3 Fundamental Data 3.3.1 Supply and Demand - In April, the estimated total supply of lithium carbonate was 89,560 tons, and the total demand was 87,292 tons, with a supply - demand difference of 2,268 tons. In May, the estimated total supply was 91,250 tons, and the total demand was 90,421 tons, with a supply - demand difference of 829 tons [10] 3.3.2 Inventory - According to SMM data, the monthly inventory in April was 96,202 physical tons, including 45,169 physical tons of downstream inventory and 51,033 physical tons of smelter inventory. The weekly inventory this week was 131,920 physical tons, including 56,522 physical tons of smelter inventory, 41,428 physical tons of cathode factory inventory, and 33,970 physical tons of battery and trader inventory. According to Baichuan data, the lithium carbonate factory inventory was 34,785 tons [10] 3.3.3 Price Difference - On May 16, the spot price of battery - grade lithium carbonate was 64,500 yuan/ton, a month - on - month decrease of 1.15%, the futures price was 61,800 yuan/ton, and the basis was 2,700 yuan/ton [10]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - Macro利好推动短期反弹，但基本面未实质改善，高供应与需求疲软制约价格上行空间，预计震荡承压运行为主 [12] 3. Summary by Relevant Catalogs 3.1 View Summary - Macro利好推动短期反弹，但基本面未实质改善，高供应与需求疲软制约价格上行空间，预计震荡承压运行为主 [12] 3.2 Fundamental - Raw Materials Nickel Iron - In April this year, China's nickel iron production decreased slightly, while Indonesia's nickel iron production rebounded, with overall supply increasing. On May 16, the NPI price was 955 yuan per nickel, the same as last week's price [16] Scrap Stainless Steel - On May 16, the price of scrap stainless steel 304 was 9,450 yuan per ton, a 2.16% increase from last week's price [19] Chromium Iron - Chromium iron production continued to rebound. In April this year, chromium iron production was 698,200 tons, a month - on - month increase of 15.31% and a year - on - year decrease of 6.82%. On May 16, the price of high - carbon chromium iron was 8,200 yuan per 50 - base ton, a 1.20% decrease from last week [22] 3.3 Fundamental - Supply and Demand Supply - According to Mysteel data, the stainless steel production in April was 3.5025 million tons, a month - on - month decrease of 0.27%, and the planned production in May was 3.4899 million tons, a month - on - month decrease of 0.36%. From the current production plan data, the reduction occurred in the 300 - series [28] Demand - From the data, the apparent demand for stainless steel in March rebounded significantly compared to February [28] 3.4 Fundamental - Price - This week, the spot price of stainless steel rose slightly. On May 16, the spot price was 13,370 yuan per ton, a 1.13% increase from last week [43] 3.5 Fundamental - Inventory - As of May 16, 2025, Mysteel data showed that the stainless steel social inventory (78 samples) was about 1.0584 million tons, of which the 300 - series inventory was about 683,200 tons [36]

Report Industry Investment Rating No relevant information provided. Core Views of the Report - **Palm Oil**: The estimated production in the producing regions is expected to increase month-on-month, and the approaching seasonal production increase is adding to the supply expectation. Although the domestic port inventory is currently at a low level, as the origin's offer weakens, subsequent purchases are gradually emerging. On the consumption side, due to the inverted soybean-palm oil price spread, there is no incremental consumption, and the inventory is expected to increase and needs to find consumption by further narrowing the soybean-palm oil price spread [3]. - **Soybean Oil**: On the supply side, as the purchased ships arrive at the port, the pressure is approaching, and the expected oil mill crushing is also rising. However, on the consumption side, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter a cumulative cycle. In the future, under the expectation of increased supply of both palm oil and soybean oil, the soybean-palm oil price spread may be repaired in the far month to compete for market share in the consumer market [3]. - **Rapeseed Oil**: Recently, due to the expected improvement in China-Canada relations, the premium on the policy expectation trading in the market has been hit. In terms of the actual supply, as the previously purchased rapeseed has arrived at the port, the coastal rapeseed inventory is gradually decreasing. The current supply of rapeseed oil is at a stage peak, and the expected marginal depletion 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 rapeseed-soybean oil price spread has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption, and the consumption of rapeseed oil also remains at the level of rigid demand. Currently, there is high inventory pressure, but the policy uncertainty provides support for the far month [3]. - **Imported Soybeans**: After the China-US talks, the Brazilian premium quotes have been weak recently, weakening the cost support for the domestic market. There may be opportunities for purchasing imported soybeans in the fourth quarter, but considering the current crushing profit situation, the far-month crushing profit is still negative under the retained tariffs on US soybeans, so the purchasing progress is expected to be slow. In terms of arrivals, there are currently 12.5 million tons in May and 10.5 million tons in June, indicating that the near-month supply remains abundant [15]. - **Domestic Soybean Meal**: The soybean inventory at ports and oil mills continues to rise, and with the gradual increase in the operating rate and the state reserve auction, the supply in some areas has gradually recovered. The national soybean meal inventory has bottomed out and rebounded, and the spot price has been continuously lowered. On the demand side, as oil mills gradually start production to realize profits, downstream buyers have basically completed their备货, and subsequent purchases are expected to be based on the rhythm of rigid demand replenishment, with the physical inventory remaining at a low level [15]. - **Rapeseed Meal**: The spot rapeseed converted into rapeseed meal and the inventory of rapeseed meal in East and South China are still relatively high. Although it is gradually entering the aquatic product stocking month, the inventory depletion is still difficult. The registration of rapeseed meal delivery month warehouse receipts has reached a historical peak. On the one hand, the low price of soybean meal is constantly squeezing the demand for rapeseed meal, and it is more appropriate to register warehouse receipts for delivery under the background of a negative spot basis. On the other hand, due to the expansion of the number of rapeseed meal delivery factories by the Zhengzhou Commodity Exchange, the position and delivery volume in the delivery month of the futures market have increased, resulting in a natural short - term trend for rapeseed meal delivery. Last Friday, an announcement on the customs import management measures for rapeseed meal was issued, indicating that the better choice for subsequent imported rapeseed is to process it in the bonded area and then re - export, and the same applies to imported rapeseed meal and rapeseed oil. Coupled with the uncertainty of China - Canada relations in the future, the long - term expectation for the far month is still strong [16]. Summary by Relevant Catalogs 1. Oil Price and Spread Information - **Oil Inter - monthly and Inter - variety Spreads**: The spreads of P 1 - 5, P 5 - 9, P 9 - 1, Y - P 01, Y - P 05, Y - P 09, Y 1 - 5, Y 5 - 9, Y 9 - 1, OI 1 - 5, OI 5 - 9, OI 9 - 1, Y/M 01, Y/M 05, Y/M 09, OI/RM 01, OI/RM 05, and OI/RM 09 are provided, along with their price changes [4]. - **Palm Oil Futures and Spot Prices**: The prices of palm oil 01, palm oil 05, palm oil 09, BMD palm oil main contract, Guangzhou 24 - degree palm oil, Guangzhou 24 - degree basis, POGO, and international毛豆 - 毛棕 are provided, along with their price changes [7]. - **Soybean Oil Futures and Spot Prices**: The prices of soybean oil 01, soybean oil 05, soybean oil 09, CBOT soybean oil main contract, Shandong first - grade soybean oil spot, Shandong first - grade soybean oil basis, BOHO (weekly), and domestic first - grade soybean oil - 24 - degree palm oil spread are provided, along with their price changes [12]. 2. Oilseed Information - **Oilseed Futures Prices**: The closing prices, price changes, and price change rates of soybean meal 01, soybean meal 05, soybean meal 09, rapeseed meal 01, rapeseed meal 05, rapeseed meal 09, CBOT yellow soybeans, and the offshore RMB are provided [17][19]. - **Soybean and Rapeseed Meal Spreads**: The spreads of M01 - 05, M05 - 09, M09 - 01, RM01 - 05, RM05 - 09, RM09 - 01, soybean meal Rizhao spot, soybean meal Rizhao basis, rapeseed meal Fujian spot, rapeseed meal Fujian basis, soybean - rapeseed meal spot spread, and soybean - rapeseed meal futures spread are provided, along with their price changes [20]. - **International Soybean and Rapeseed Pressing Profits**: The pressing profits of US Gulf CNF and Brazilian CNF for soybeans, as well as the pressing profits of imported Canadian rapeseed (both spot and futures) are presented [30].

白糖日报 软商品日报 2025/05/16 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 ...

. 贵金属有色金属产业日报 2025/5/16 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 ...

白糖日报 巴西对外贸易秘书处出口数据显示，5月前两周出口糖50.71万吨，日均出口8.45万吨，较上年5月减少37%。印度截至4月底，糖产量为2569万吨，还剩19家 糖厂未收榨，最终产量可能为2610万吨，此外约有320万吨糖被用于生产乙醇。根据StoneX的研究数据，全球糖需求在过去15年中，以每个榨季1.1%的速度 增长。因此预计在2024/25年度（从10月到次年9月），全球糖需求将达到1.78亿吨（白糖值）或1.936亿吨（原糖值）。截止日前，云南不完全统计累计收榨 43家糖厂，同比减少4家，收榨产能15.34万吨/日，同比减少1.68万吨/日。未收榨9家糖厂。 白糖期货价格及价差 软商品日报 2025/05/14 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 ...