Report Overview - The report is the "Iron Ore Basis and Spread Monitoring Daily Report" by Guangda Futures, dated June 6, 2025 [1] 1. Contract Spreads - The closing prices of I05, I09, and I01 contracts are 646.5, 701.0, and 665.0 respectively, with changes of -1.5, -3.5, and -1.0 compared to the previous day [3] - The spreads of I05 - I09, I09 - I01, and I01 - I05 are -54.5, 36.0, and 18.5 respectively, with changes of 2.0, -2.5, and 0.5 compared to the previous day [3] 2. Basis 2.1 Basis Data - For various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc., the report provides today's price, previous day's price, change, delivery cost, today's basis, previous day's basis, and basis change [6] 2.2 Basis Charts - The report presents basis charts for different types of iron ore including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores [8][9][10] 3. Variety Spreads 3.1 Variety Spread Data - The report shows the spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, Carajás fines - Newman fines, etc., along with their changes compared to the previous day [13] 3.2 Variety Spread Charts - The report includes charts for block - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [14][17][18] 4. Exchange Rule Adjustments - The Dalian Commodity Exchange has made adjustments to the deliverable brands and brand premiums of iron ore futures, including adding new deliverable varieties and adjusting the brand premiums of existing varieties [11] - The adjusted rules apply to contracts from I2312 onwards, and the exchange will handle the registration of standard warehouse receipts according to the new rules starting from the first trading day after the last delivery day of the I2311 contract [12] 5. Research Team Introduction - The black research team of Guangda Futures includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional experience and qualifications [25]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: The rebar futures contract 2510 closed at 2959 yuan/ton, down 0.5%. Spot prices fell slightly, and trading volume declined. Rebar production continued to fall, inventory decline narrowed, and apparent demand dropped. Considering the one - day less workweek, the data was neutral. With the entry into the consumption off - season, the market has a weak expectation for future supply and demand. However, the phone call between the leaders of China and the US may ease trade - war sentiment and boost market risk appetite. Short - term rebar futures are expected to trade in a narrow range [1]. - Iron Ore: The iron ore futures contract i2509 closed at 701 yuan/ton, down 0.5%. Port spot prices were mixed. Australian shipments decreased from a high level, Brazilian shipments increased significantly, and shipments from non - mainstream countries rebounded from a low level. Iron ore shipments globally increased. Iron - making output continued to decline. With 47 - port and steel - mill imported ore inventories decreasing, the price is expected to trade sideways [1]. - Coking Coal: The coking coal futures contract 2509 closed at 757 yuan/ton, down 1.43%. Spot prices in some areas decreased. Some coal mines had signs of shutdown and production restrictions due to safety incidents, and there was a slight increase in procurement in the spot trading link, but some coal mines still had high inventories. The coke market has a downward expectation, and steel mills' demand for coking coal is weak. Short - term coking coal futures are expected to trade sideways [1]. - Coke: The coke futures contract 2509 closed at 1342 yuan/ton, down 1.86%. Port spot prices fell. Steel mills initiated the third round of price cuts for coke. After two rounds of price cuts, coking enterprises faced production losses, and production enthusiasm weakened. Steel - mill demand for coke decreased as steel production declined. Short - term coke futures are expected to trade sideways [1]. - Manganese Silicon: On Thursday, the manganese silicon futures price fluctuated narrowly, with the main contract closing at 5482 yuan/ton, up 0.48%. The market price of 6517 manganese silicon was stable. The manganese silicon price was mainly affected by the overall black - commodity sector sentiment but lacked sustainable support. Terminal demand was weak, and supply reduction support was limited. It is expected to follow the black - commodity sector fluctuations [3]. - Ferrosilicon: On Thursday, the ferrosilicon futures price trended weaker, with the main contract closing at 5196 yuan/ton, down 0.65%. Spot prices were stable. Terminal demand was weak, market sentiment needed boosting, and cost support was weak. Although weekly production has dropped to a low level in recent years, it has not supported the price. It is expected to trade weakly in the short term [3]. 3. Summary by Directory 3.1 Research Views - **Steel**: The rebar futures price declined, and so did spot prices and trading volume. Production, inventory, and apparent demand all showed a downward trend. Market sentiment was affected by the consumption off - season and international trade relations [1]. - **Iron Ore**: Futures price dropped, and port spot prices were mixed. Supply increased, demand decreased, and inventory declined. The price is expected to be range - bound [1]. - **Coking Coal**: Futures price fell, and some spot prices decreased. Supply was affected by safety incidents, and demand was weak due to the coke market's downward expectation [1]. - **Coke**: Futures price declined, and port spot prices dropped. Steel mills' price cuts and weakening demand from the steel sector led to a production slowdown in coking enterprises [1]. - **Manganese Silicon**: Futures price fluctuated narrowly, and the market price was stable. It was mainly driven by sector sentiment, with weak terminal demand and limited supply - reduction support [3]. - **Ferrosilicon**: Futures price trended weaker, and spot prices were stable. Weak terminal demand, low market sentiment, and limited cost support led to a weak outlook [3]. 3.2 Daily Data Monitoring - **Contract Spreads**: For various black commodities, contract spreads such as 10 - 1 month, 1 - 5 month showed different changes, including increases and decreases [4]. - **Basis**: The basis of different contracts for each commodity also changed, with some increasing and some decreasing [4]. - **Spot Prices**: Spot prices of different regions and varieties of black commodities changed, including price drops and stability [4]. - **Profit and Spreads**: The profit of different steel - making processes (such as rebar) and cross - commodity spreads (e.g., roll - rebar spread) showed various changes [4]. 3.3 Chart Analysis - **Main Contract Prices**: Charts showed the historical closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][8][10][11][13][16]. - **Main Contract Basis**: Charts presented the historical basis of main contracts for different black commodities [18][19][22][24]. - **Inter - period Contract Spreads**: Charts showed the historical spreads of different inter - period contracts for each black commodity [26][30][32][34][35][38]. - **Cross - commodity Contract Spreads**: Charts displayed the historical spreads of cross - commodity contracts such as roll - rebar spread, rebar - iron ore ratio, etc. [40][41][42][44]. - **Rebar Profit**: Charts showed the historical profits of rebar in different production processes (main - contract surface profit, long - process profit, short - process profit) [45][46][48]. 3.4 Black Research Team Members Introduction - Qiu Yuecheng: The assistant director of the Everbright Futures Research Institute and the director of black research, with nearly 20 years of experience in the steel industry [52]. - Zhang Xiaojin: The director of resource - product research at Everbright Futures Research Institute, with rich experience in the field of power coal research [52]. - Liu Xi: A black researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial - chain data [52]. - Zhang Chunjie: A black researcher at Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures trading [53].

Group 1: Investment Ratings - Urea: Stronger oscillation [1] - Soda Ash: Stronger [1] - Glass: Stronger oscillation [1] Group 2: Core Views - Urea market has no obvious positive drivers, but subsequent demand is expected to provide some support. The urea futures price is expected to rebound after breaking through the low point of the past five months [1]. - Soda ash supply recovers, demand is weakly stable, and the fundamental driving force is limited. The soda ash futures price is expected to maintain a stronger state in the short - term, but the market will continue to face pressure in the long - term [1]. - The glass supply and demand situation has not substantially improved, but news of production restrictions, rising coal prices, and improved macro - trade environment will boost the futures market. The glass futures price is expected to be mainly in a stronger oscillation [1]. Group 3: Market Information Summary Urea - On June 5, the urea futures warehouse receipts were 6357, a decrease of 52 from the previous trading day, and the valid forecast was 0 [3]. - On June 5, the daily output of the urea industry was 200,700 tons, a decrease of 4,000 tons from the previous working day and an increase of 25,700 tons from the same period last year. The current start - up rate was 87.27%, a 6.01 - percentage - point increase from 81.26% in the same period last year [3]. - As of June 4, 2025, the domestic urea enterprise inventory was 1.0354 million tons, an increase of 54,800 tons or 5.59% from last week [3]. Soda Ash and Glass - On June 5, the number of soda ash futures warehouse receipts was 3482, an increase of 142 from the previous trading day, with an effective forecast of 2539; the number of glass futures warehouse receipts was 0, unchanged from the previous trading day [5]. - As of the week of June 5, the capacity utilization rate of the soda ash industry was 80.76%, a 2.19 - percentage - point increase week - on - week; the soda ash output was 704,100 tons, an increase of 19,100 tons or 2.78% week - on - week [5]. - As of June 5, the total inventory of domestic soda ash manufacturers was 1.627 million tons, an increase of 2,700 tons or 0.17% from last Thursday [5]. - As of June 5, the average price of the float glass market was 1,207 yuan/ton, a decrease of 4 yuan/ton day - on - day; the daily output of the industry was 156,800 tons, unchanged day - on - day [5]. - As of June 5, the total inventory of domestic float glass enterprises was 69.754 million weight boxes, an increase of 2.092 million weight boxes or 3.09% month - on - month, and an increase of 20.15% year - on - year. The inventory days were 31.3 days, an increase of 0.9 days from last week [6] Group 4: Research Team - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen [26] - Zhang Xiaojin focuses on sugar industry research [26] - Zhang Linglu is responsible for research on futures varieties such as urea, soda ash, and glass [26] - Sun Chengzhen is engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys [26]

Report Title - Carbonate Lithium Daily Report (June 6, 2025) [1] Report Investment Rating - Not mentioned Core Viewpoints - The previous day, the 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Spot prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and battery-grade lithium hydroxide (micropowder) all declined. The warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - Lithium ore prices continued to fall. On the supply side, the weekly output increased by 891 tons to 17,471 tons, with expected further increase in June. On the demand side, cathode production data was average, but cathode inventory was digested, and terminal sales were strong. The weekly inventory increased by 861 tons to 132,432 tons, with downstream inventory slightly decreasing and upstream and intermediate inventories increasing [3]. - Overall, the fundamentals have not substantially improved, and intensified gaming should be noted at current price levels [3]. Summary by Directory 1. Research Views - **Futures and Spot Prices**: The 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Battery-grade lithium carbonate average price dropped 50 yuan/ton to 60,200 yuan/ton, industrial-grade lithium carbonate average price fell 50 yuan/ton to 58,600 yuan/ton, battery-grade lithium hydroxide (coarse particles) decreased 150 yuan/ton to 62,270 yuan/ton, and battery-grade lithium hydroxide (micropowder) dropped 150 yuan/ton to 67,415 yuan/ton. Warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - **Supply - Side Analysis**: Weekly output increased by 891 tons to 17,471 tons. Lithium extraction from spodumene, mica, and salt lakes increased, while that from recycled materials decreased. With some enterprises planning to resume production in June, the output is expected to increase by 9.4% to 78,900 tons [3]. - **Demand - Side Analysis**: Cathode production data was average, but cathode inventory was continuously digested, especially the inventory turnover days of lithium iron phosphate significantly decreased. The cell end continued to slow down, but terminal sales were still remarkable, and the penetration rate remained high [3]. - **Inventory Analysis**: Weekly inventory increased by 861 tons to 132,432 tons. Downstream inventory decreased slightly, while upstream and intermediate inventories increased [3]. 2. Daily Data Monitoring - **Lithium - Related Product Prices**: Most prices of lithium - related products in the lithium - ion battery industry chain declined, such as lithium carbonate, lithium hydroxide, and some precursors. Some prices remained unchanged, like lithium mica, battery - grade lithium hydroxide (CIF China, Japan, and South Korea), and hexafluorophosphate lithium [5]. - **Price Spreads**: The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan/ton, while the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged [5]. 3. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and lithiophilite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][15]. - **Price Spreads**: Charts display the spreads between different lithium - related products, including battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc., from 2024 to 2025 [18][19][20]. - **Precursor and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [22][24][27]. - **Lithium Battery Prices**: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from October 2024 to May 2025 [35][37]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [39][40]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight LME copper rose 0.61% to $9,707.5/ton, SHFE copper up 0.58% to 78,570 yuan/ton. US trade deficit in April narrowed 55.5%, but jobless claims rose. LME copper stocks fell, Comex increased, and SHFE declined. Demand slowed due to the off - season. Sino - US trade conflict eased, and LME de - stocking supported prices. Copper prices face a directional choice, with resistance at 78,000 - 80,000 yuan/ton [1]. - **Aluminum**: Alumina trended weakly, AO2509 down 1.17% to 2,953 yuan/ton. Shanghai aluminum was strong, AL2507 up 0.1% to 20,075 yuan/ton. Spot alumina prices fell, and upstream costs eased. Alumina production resumed, and the supply shortage improved. Aluminum demand had structural resilience, and the US tariff hike provided short - term support [1][2]. - **Nickel**: LME nickel rose 0.75% to $15,445/ton, Shanghai nickel up 0.28% to 122,060 yuan/ton. LME and SHFE stocks decreased. Nickel ore prices were stable. Stainless - steel demand was weak, and new - energy demand was also sluggish. The market was in a short - term oscillation [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Copper**: On June 5, 2025, the price of flat - water copper dropped 85 yuan/ton, and the premium decreased 55 yuan/ton. LME stocks fell 3,350 tons, SHFE warehouse receipts decreased 246 tons, and social inventory increased 1.4 million tons [3]. - **Lead**: The average price of 1 lead rose 70 yuan/ton, and LME stocks increased 1,100 tons, while the weekly inventory of the Shanghai Futures Exchange decreased 1,928 tons [3]. - **Aluminum**: On June 5, 2025, the Wuxi and Nanhai quotes declined. LME stocks fell 2,025 tons, and the weekly inventory of the Shanghai Futures Exchange decreased 16,856 tons [4]. - **Nickel**: On June 5, 2025, the price of Jinchuan nickel dropped 375 yuan/ton. LME stocks decreased 900 tons, and SHFE warehouse receipts fell 48 tons [4]. - **Zinc**: The main contract settlement price dropped 0.2%, LME stocks increased 875 tons, and social inventory decreased 0.09 million tons [5]. - **Tin**: The main contract settlement price rose 1.5%, LME stocks decreased 160 tons, and the Shanghai Futures Exchange inventory decreased 338 tons [5]. 3.2 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [6][7][9]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][19]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [34][36][38]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025 [41][43][47]. 3.3 Team Introduction - **Zhan Dapeng**: Master of Science, Director of Non - ferrous Research at Everbright Futures Research Institute, Senior Precious Metals Researcher, Intermediate Gold Investment Analyst, Excellent Metal Analyst of the Shanghai Futures Exchange, Best Industrial Futures Analyst of Futures Daily & Securities Times. With over a decade of commodity research experience, he has published many articles and been interviewed by multiple media. His team won industry awards [50]. - **Wang Heng**: Master of Finance from the University of Adelaide, Australia, Non - ferrous Researcher at Everbright Futures Research Institute, focusing on aluminum and silicon research [50]. - **Zhu Xi**: Master of Science from the University of Warwick, UK, Non - ferrous Researcher at Everbright Futures Research Institute, focusing on lithium and nickel research [51].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - **Stock Index**: The A-share market showed a mixed performance with most indices closing higher. The TMT sector recovered while the consumer sector declined. The internal policy drive is the main theme for the stock index in 2025. Various policy measures are expected to help companies repair their balance sheets, promote stable economic development, and gradually increase stock market valuations. The overall view is that the stock index will be in a volatile state [1]. - **Treasury Bonds**: Treasury bond futures showed different trends, with some contracts rising and others falling. The central bank's operations affected the bond market, and after macro - disturbances, the bond market followed changes in the capital market and economic fundamentals. The bond market is expected to remain in a sideways volatile pattern in the short term [2]. 3. Summary by Directory 3.1 Research Views - **Stock Index**: On June 5, 2025, most A-share market indices closed higher. The Wind All - A index rose 0.42% with a trading volume of 1.32 trillion yuan. The CSI 1000 index rose 0.72%, the CSI 500 index rose 0.54%, the SSE 50 index rose 0.05%, and the SSE 300 index rose 0.23%. The TMT sector recovered while the consumer sector declined. April economic data showed a slight decline compared to March but remained resilient. Social retail sales increased by 5.1% year - on - year, supported by the "trade - in" policy. Social credit demand was weak in April, with a cumulative new RMB loan of 10.06 trillion yuan, a year - on - year increase of 2.86%, and M2 growth of 8% year - on - year. The Sino - US joint statement and domestic policies such as RRR and interest rate cuts, and measures to encourage long - term funds to enter the market are expected to boost the stock market [1]. - **Treasury Bonds**: On June 5, 2025, the 30 - year Treasury bond futures main contract fell 0.16%, the 10 - year main contract fell 0.01%, the 5 - year main contract rose 0.02%, and the 2 - year main contract rose 0.04%. The central bank conducted 1265 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1395 billion yuan. The capital market was generally loose. The central bank's upcoming 10000 - billion - yuan outright reverse repurchase operation led to a slight decline in Treasury bond yields. After adjustments, the bond market is in a sideways volatile pattern [2]. 3.2 Daily Price Changes - **Stock Index Futures**: On June 5, 2025, compared with June 4, IH rose 0.01%, IF rose 0.25%, IC rose 0.61%, and IM rose 0.79% [3]. - **Stock Indices**: The SSE 50 index rose 0.05%, the SSE 300 index rose 0.23%, the CSI 500 index rose 0.54%, and the CSI 1000 index rose 0.72% [3]. - **Treasury Bond Futures**: TS rose 0.03%, TF remained unchanged, T fell 0.04%, and TL remained unchanged [3]. - **Treasury Bond Yields**: The yields of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bonds changed by - 1.45bp, - 0.46bp, 0.59bp, and 0.7bp respectively [3]. 3.3 Market News - The central bank announced that on June 6, 2025, it will conduct a 10000 - billion - yuan outright reverse repurchase operation with a 3 - month term using a fixed - quantity, interest - rate tender, and multiple - price winning method [5]. 3.4 Chart Analysis - **Stock Index Futures**: The report presents the trends of IH, IF, IM, IC main contracts, and the corresponding basis trends [7][8][11]. - **Treasury Bond Futures**: It shows the trends of Treasury bond futures main contracts, Treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][16][18]. - **Exchange Rates**: Charts display the trends of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and cross - currency exchange rates [21][22][25].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The cotton market is expected to remain in a narrow - range oscillation. Internationally, the macro - level is the main influencing factor. After the release of the US ADP employment data, which was significantly lower than expected, concerns about the US economy are rising, the US dollar index is oscillating weakly, and the price of US cotton has declined. Domestically, Zhengzhou cotton has been in a range - bound trend, lacking directional drivers. In the future, macro and weather may be variables. Without new disturbances in the short term, Zhengzhou cotton will maintain a narrow - range oscillation [2]. - The sugar market is also expected to oscillate. Future production expectations still suppress the performance of sugar prices, and the raw sugar price remains at a low level. The sugar sales data in Guangxi basically met expectations, with the spot sales progressing well, firm quotes, and a strong basis providing some support for futures prices. In the short term, the price is expected to hover around the current level. Attention should be paid to the national sugar sales data and import data in the medium term [2]. Group 3: Summary by Sections 1. Research Views - **Cotton**: On Wednesday, ICE US cotton dropped 1.51% to 65.05 cents per pound. CF509 closed flat at 13,265 yuan per ton. The position of the main contract decreased by 13,757 lots to 525,400 lots. The arrival price of cotton in Xinjiang was 14,431 yuan per ton, a decrease of 14 yuan per ton from the previous day. The China Cotton Price Index for Grade 3128B was 14,544 yuan per ton, a decrease of 9 yuan per ton from the previous day [2]. - **Sugar**: As of the end of May, the cumulative sugar sales in Guangxi reached 4.6453 million tons, an increase of 0.5371 million tons year - on - year. The sales - to - production ratio was 71.85%, an increase of 5.39 percentage points year - on - year. In May, the single - month sugar sales were 510,000 tons, a decrease of 17,200 tons year - on - year. The monthly industrial inventory was 1.8197 million tons, a decrease of 253,500 tons year - on - year. The spot quotes of Guangxi sugar - making groups were 6,090 - 6,180 yuan per ton, and those of Yunnan sugar - making groups were 5,860 - 5,910 yuan per ton, with only Nanhua Group reducing the price by 10 yuan per ton [2]. 2. Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread was - 220, unchanged from the previous day. The main contract basis was 1,279, a decrease of 14. The arrival price of cotton in Xinjiang was 14,431 yuan per ton, a decrease of 14 yuan per ton, and the national price was 14,544 yuan per ton, a decrease of 9 yuan per ton [3]. - **Sugar**: The 7 - 9 contract spread was 125, an increase of 3. The main contract basis was 397, a decrease of 16. The spot price in Nanning was 6,090 yuan per ton, unchanged, and in Liuzhou was 6,145 yuan per ton, unchanged [3]. 3. Market Information - **Cotton**: On June 4, the number of cotton futures warehouse receipts was 10,977, a decrease of 85 from the previous trading day, and the valid forecasts were 374. The arrival prices of cotton in different regions were: 14,431 yuan per ton in Xinjiang, 14,565 yuan per ton in Henan, 14,558 yuan per ton in Shandong, and 14,773 yuan per ton in Zhejiang. The comprehensive load of yarn was 55.1, unchanged from the previous day; the comprehensive inventory of yarn was 24.9, an increase of 0.2. The comprehensive load of staple - fiber cloth was 50.1, unchanged from the previous day; the comprehensive inventory of staple - fiber cloth was 31.3, an increase of 0.1 [4]. - **Sugar**: On June 4, the spot price of sugar in Nanning was 6,090 yuan per ton, unchanged, and in Liuzhou was 6,145 yuan per ton, unchanged. The number of sugar futures warehouse receipts was 30,300, a decrease of 431 from the previous trading day, and the valid forecasts were 0 [4][5]. 4. Chart Analysis - The report presents multiple charts related to cotton and sugar, including the closing prices of the main contracts, basis, contract spreads, warehouse receipts and valid forecasts, and price indices, with historical data from 2021 - 2025 [7][14]. 5. Research Team - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for research on sugar, urea, glass, cotton, etc., respectively, and have rich industry experience and many honors [19][20][21].

股指期货日度数据跟踪 2025-06-05 一、指数走势 06 月 04 日，上证综指涨跌幅 0.42%，收于 3376.2 点，成交额 4468.45 亿元，深成指数涨跌幅 0.87%，收于 10144.58 点，成交额 7062.03 亿元。 中证 1000 指数涨跌幅 0.88%，成交额 2320.4 亿元，其中开盘价 6067.83，收盘价 6123.17，当日最高价 6124.7，最低价 6067.83； 中证 500 指数涨跌幅 0.78%，成交额 1503.15 亿元，其中开盘价 5696.57，收盘价 5739.01，当日最高价 5744.45，最低价 5696.57； 沪深 300 指数涨跌幅 0.43%，成交额 2117.36 亿元，其中开盘价 3855.49，收盘价 3868.74，当日最高价 3875.86，最低价 3855.49； 上证 50 指数涨跌幅 0.13%，成交额 511.09 亿元，其中开盘价 2688.74，收盘价 2690.82，当日最高价 2699.67，最低价 2687.3。 数据来源：Wind，光期研究所 数据来源：Wind，光期研究所 二、板块涨跌对指数影响 ...

碳酸锂日报（2025 年 6 月 5 日） 一、研究观点 碳酸锂日报 点 评 1. 昨日碳酸锂期货 2507 合约涨 2.55%至 61080 元/吨。现货价格方面，电池级碳酸锂平均价跌 50 元/ 吨至 60250 元/吨，工业级碳酸锂平均价跌 50 元/吨至 58650 元/吨，电池级氢氧化锂（粗颗粒）下 跌 400 元/吨至 62420 元/吨，电池级氢氧化锂（微粉）跌 400 元/吨至 67565 元/吨。仓单方面，昨 日仓单库增加 64 吨至 33461 吨。 2. 价格方面，锂矿价格延续下跌。供应端，周度产量环比增加 487 吨至 16580 吨，需要注意的是部分 企业此前经过检修拟在 6 月复产，6 月预计产量仍环比有增加。需求端，正极排产数据来看表现一 般，但正极库存连续消化，特别是磷酸铁锂库存周转天数已经明显下降，电芯端延续放缓，但终端 销售仍然亮眼，渗透率维持高位。库存端，周度库存环比下降 208 吨至 131571 吨，下游库存小幅增 加，上游和中间环节减少。 3. 整体来看基本面没有发生实质好转，当前价格水平之下需要注意博弈加剧。 碳酸锂日报 二、日度数据监测 | | | 锂电产业链产 ...

黑色商品日报 黑色商品日报（2025 年 6 月 5 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面明显反弹，截止日盘螺纹 2510 合约收盘价格为 2974 元/吨，较上一交易收盘价格 | 弱势整理 | | | 上涨 46 元/吨，涨幅为 1.57%，持仓减少 1.75 万手。现货价格上涨，成交回升，唐山地区迁安普方坯价格 | | | | 上涨 40 元/吨至 2900 元/吨，杭州市场中天螺纹价格上涨 40 元/吨至 3080 元/吨，全国建材成交量 12.62 | | | | 万吨。据钢谷网数据，本周全国建材产量回落 3.83 万吨至 421.93 万吨，社库下降 14.84 万吨至 550.47 万 | | | | 吨，厂库减少 3.03 万吨至 326.15 万吨，建材表需下降 0.89 万吨至 439.8 万吨。建材产量回落，库存降幅 | | | | 有所扩大，表需略有下降，数据表现基本符合预期。昨日煤焦受消息面带动出现大幅反弹，对黑色整体走 | | | | 势形成一定提振。不过当前螺纹供需基本面并没有明显变化，市场 ...