| 股指期货价差日报 | | --- | | 投资咨询业务资格:证监许可【2011】1292号 叶倩宁 Z0016628 2025年4月3日 | | 价差 品种 城新伯 较前一日变化 历史1年分位数 全历史分位数 | | 上湖邮(发 -26.79 1.30 6.90% 14.60% | | H期现价差 -2.42 -1.51 31.90% 46.20% 期现价差 | | IC期现价差 -30.49 11.76 29.00% 40.70% IN潮通价采 -177.25 18.03 45.00% 1.40% | | 次月-当月 -3.20 1.40 56.10% 48.70% | | 李月-景日 -24.40 0.20 22.9096 35.90% 远月-景月 -70.80 1.40 6.10% 25.30% | | IF跨期价差 李月-次月 -21.20 -1.20 12.20% 28.30% | | 21.70% 远月-次月 -67.60 0.00 4.00% 15.00% | | 远月-李月 -46.40 1.20 6.90% 次月-当月 2.40 0.60 72.50% 68.80% | | 泰月-录月 ...

| 业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | [2011 1292号 2025年4月3日 | | | | 纪元菲 | Z0013180 | | 现货价格及主力合约基差 | | | | | | | 品种 | 4月2日 | 4月1日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧S15530工业硅 | 10200 | 10200 | 0 | 0.00% | | | 基差(通氧SI5530基准) | 440 | 410 | 30 | 7.32% | | | 华东SI4210工业硅 | 11050 | 11050 | 0 | 0.00% | 元/吨 | | 基差(SI4210基准) | 490 | 460 | 30 | 6.52% | | | 新疆99硅 | 9450 | dvi20 | 0 | 0.00% | | | 基差(新疆) | 490 | 460 | 30 | 6.52% | | | 月间价差 | | | | | | | 合约 | 4月2日 | 4月1日 | 涨跌 | 涨跌幅 | 单位 | | 2504-2505 | રૂટ | - ...

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年4月3日 | | | | 纪元菲 | Z0013180 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 旅跌幅 | 单位 | | SMM 1#锡 | 297200 | 286400 | 10800 | 3.77% | | | SMM 1#锡升贴水 | 250 | 250 | O | 0.00% | 元/吨 | | 长江 1#锡 | 297700 | 286900 | 10800 | 3.76% | | | LME 0-3升贴水 | 264.00 | 170.00 | 94.00 | 55.29% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盗亏 | -31285.91 | -27278.93 | -4006.98 | -14.69% | 元/吨 | | 沪伦比值 | 7.79 | 7.85 ...

| 投资咨询业务资格:证监许可 【2011】1292号 2025年4月3日 | 钢材产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3240 | 3240 | 0 | -36 | | | 螺纹钢现货(华北) | 3270 | 3260 | 10 | -6 | | | 螺纹钢现货(华南) | 3490 | 3480 | 10 | 214 | | | 螺纹钢05合约 | 3166 | 3170 | -4 | 74 | | | 螺纹钢10合约 | 3247 | 3255 | -8 | -7 | | | 螺纹钢01合约 | 3276 | 3283 | -7 | -36 | 元/吨 | | 热卷现货(华东) | 3360 | 3360 | 0 | -59 | | | 热卷现货(华北) | 3310 | 3310 | 0 | -109 | | | 热卷现货(华南) | 3360 | 3360 | 0 | -22 | | | 热 ...

| 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 4月2日 | 4月1日 | 涨跌 | 涨跌幅 | 单位 | | 原木2507 | 828.0 | 833.0 | -5.0 | -0.60% | | | 原木2509 | 843.0 | 844.5 | -1.5 | -0.18% | | | 原木2511 | 849.0 | 849.0 | 0.0 | 0.00% | | | 7-9价差 | -15.0 | -11.5 | -3.5 | | | | 9-11价差 | -6.0 | -4.5 | -1.5 | | | | 7-11价差 | -21.0 | -16.0 | -5.0 | | | | 07合约基差 | -48.0 | -43.0 | -5.0 | | | | 09合约基差 | -63.0 | -54.5 | -8.5 | | | | 11合约基差 | -69.0 | -59.0 | -10.0 | | 元/立方米 | | 日照港3.9A小辐射松 | 730.0 | 730.0 | 0 | 0.00% | | | 日照 ...

白糖观点 | 油脂产业期现日报 | | | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 王凌絃 Z0019938 2025年4月3日 | | | 臣海 | | | 4月2日 4月1日 涨跌 涨跌幅 | | | 现价 江苏一级 8370 8320 50 0.60% | | | 期价 Y2505 7986 7896 90 1.14% | | | 墓差 Y2505 384 424 -40 -9.43% | | | - | | | 仓单 0 0 0 0.00% | | | 棕榈油 | | | 4月2日 4月1日 涨跌 旅跌幅 | | | 广东24度 9780 9710 70 0.72% 现价 | | | 期价 b5505 9304 9146 128 1.73% | | | 同,现货成交依旧较为清淡,对现货基差报价形成拖累。 | | | 数据来源：Wind、Mysteel、广发期货研究所。请仔细阅读报告尾端免责声明。 免责声明 | | | 盘面进口成本 广州港5月 9970.5 9704.1 266.4 2.75% | | | 仓单 500 500 0 0.00% | | | 菜籽油 ...

些业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年4月3日 要指示 Z0019144 苯乙烯上游 | 品种 | 4月2日 | 4月1日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | Brent原油 (5月) | 75.0 | 74.5 | 0.5 | 0.6% | 美元/桶 | | CFR日本石脑油 | 631.0 | 645.0 | -14.0 | -2.2% | 美元/吨 | | CFR东北亚乙烯 | 855.0 | 855.0 | 0.0 | 0.0% | | | CFR韩国纯本 | 824.0 | 832.0 | -8.0 | -1.0% | | | CFR中国纯苯 | 842.0 | 853.0 | -11.0 | -1.3% | | | 纯本-石脑油 | 211.0 | 208.0 | 3.0 | 1.4% | | | 乙烯-石脑油 | 224.0 | 210.0 | 14.0 | 6.7% | | | 纯苯华东现货价 | 6830.0 | 6950.0 | -120.0 | -1.7% | 元/吨 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The report presents the latest price information of various commodities and financial futures on April 3, 2025, including spot prices, futures prices, basis, basis rates, and historical quantiles [1][3] 3. Summary by Related Catalogs Metals - **Ferrous Metals**: For silicon iron (SF505), the spot price is 5960, the futures price is 6128, with a basis of 168 and a basis rate of 2.82%. For silicon manganese (SM505), the spot price is 6170, the futures price is 6146, with a basis of 24 and a basis rate of 0.39%. For rebar (RB2505), the spot price is 3240, the futures price is 3166, with a basis of 74 and a basis rate of 2.34% [1] - **Non - Ferrous Metals**: For copper (CU2505), the spot price is 80055, the futures price is 79890, with a basis of 165 and a basis rate of 0.21%. For aluminum (AL2505), the spot price is 20560, the futures price is 20435, with a basis of 125 and a basis rate of 0.61% [1] Agricultural Products - For soybean meal (M2505), the spot price is 3020, the futures price is 2832, with a basis of 188 and a basis rate of 6.64%. For soybean oil (y2505), the spot price is 8180, the futures price is 7986, with a basis of 194 and a basis rate of 2.43% [1] Energy and Chemicals - For p - xylene (PX505), the spot price is 7116, the futures price is 6934, with a basis of 182 and a basis rate of 2.62%. For PTA (TA505), the spot price is 4898, the futures price is 4890, with a basis of - 8 and a basis rate of - 0.16% [1] Financial Futures - For CSI 300 (IF2506), the spot price is 3884.4, the futures price is 3857.6, with a basis of - 26.8 and a basis rate of - 0.69%. For SSE 50 (IH2506), the spot price is 2658.6, the futures price is 2656.2, with a basis of - 2.4 and a basis rate of - 0.09% [1]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View The report analyzes various financial derivatives and commodity futures markets, including stock index futures, treasury bond futures, precious metals, shipping indices, and multiple commodity sectors. The core view is that the markets are significantly affected by the US "reciprocal tariff" policy announced by Trump, which has led to increased market volatility and uncertainty. Different sectors show different trends and investment opportunities based on their specific fundamentals and market conditions. 3. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The US's unexpected tariff increase will affect short - term market sentiment. A - share markets were volatile, and the four major stock index futures contracts had mixed performances. It is recommended to take a short - term bearish view and pay attention to subsequent domestic hedging policies [2][3][5]. - **Treasury Bond Futures**: Despite the central bank's net withdrawal, the capital interest rate decreased. The market's expectation of loose monetary policy increased due to the US tariff plan. Treasury bond futures are expected to rise rapidly. It is recommended to go long in the short - term, and pay attention to various strategies such as basis trading and curve trading [6][7]. Precious Metals - **Gold and Silver**: The US tariff policy announcement has a short - term impact. Gold prices rose slightly due to safe - haven sentiment, and silver prices were boosted by other non - ferrous metals. The long - term drivers for gold remain unchanged, and the price is expected to reach $3200 per ounce this year [8][10][11]. Shipping Index (European Line) - **Container Shipping**: The spot price is expected to remain stable in the short - term, and the futures market will be volatile. There may be upward opportunities for the 06 and 08 contracts in the peak season. It is recommended to buy low and sell high in the short - term and consider going long on the 08 contract [13][14]. Commodity Futures Non - Ferrous Metals - **Copper**: The US reciprocal tariff is higher than expected, putting short - term pressure on copper prices. The supply of copper ore and scrap copper is tight, but high prices suppress demand. It is recommended to focus on the price range of 77000 - 80000 [20]. - **Zinc**: The price is under pressure and has declined due to tariff - related risk aversion. The supply is increasing, and the demand is average. It is recommended to pay attention to the support level of 22000 [20]. - **Tin**: Supply disruptions and low LME inventories have led to a sharp increase in tin prices. The traditional demand is weak, while the emerging demand has support. It is recommended to wait and see [23][25][26]. - **Nickel**: The reciprocal tariff has little impact on the fundamentals. The price is expected to fluctuate widely in the range of 126000 - 134000. It is necessary to pay attention to macro changes and the situation of the ore end [26][29]. - **Stainless Steel**: Raw materials provide strong support, and there is a continuous game between supply and demand. The price is expected to fluctuate in the range of 13200 - 13600 [30][32]. - **Lithium Carbonate**: The futures market is volatile, and the fundamentals are under pressure. The supply is increasing, and the demand is average. It is recommended to go short on rallies, with the main contract in the range of 72000 - 76000 [33][36]. Ferrous Metals - **Steel**: The blast furnace continues to resume production, and the five major steel products are seasonally destocking. The demand is affected by the US tariff policy. It is recommended to avoid going long for now and pay attention to the 5 - 10 positive spread [37][39]. - **Iron Ore**: There are frequent macro disturbances, and the height of hot metal production recovery is uncertain. The price is expected to fluctuate in the range of 750 - 820 [40][41]. - **Coke**: After the eleventh round of price cuts, the market is temporarily stable. The supply and demand have improved marginally, but the futures have over - anticipated the rebound. It is recommended to short on rallies [42][44]. - **Coking Coal**: The market auction has improved, and coal mine production has slightly increased, but the inventory is high. The futures have over - anticipated the rebound. It is recommended to short on rallies [45][47]. - **Silicon Iron**: Attention should be paid to production cuts and macro - sentiment changes. The price is expected to fluctuate widely [48][50]. - **Silicon Manganese**: Production cuts are being implemented. It is necessary to be vigilant about the ore end and macro - sentiment disturbances. The price is expected to fluctuate [51][54]. Agricultural Products - **Meal**: Trump's tariff policy has weakened market sentiment. The soybean meal price is expected to remain volatile, and the rapeseed meal price is expected to adjust weakly [55][57]. - **Pigs**: The spot price fluctuates slightly. Attention should be paid to the risk of increasing pig weight. The futures price is supported to some extent by the basis [58][59]. - **Corn**: The supply is stable, and the short - term market is active. The price is expected to rebound in the short - term and be strong in the long - term. It is recommended to buy on dips [61][63]. - **Sugar**: The raw sugar price rebounds, and the domestic price oscillates at a high level. The raw sugar will fluctuate in the range of 17 - 20 cents per pound, and the domestic sugar price is expected to maintain a high - level shock [64]. - **Cotton**: The US cotton is bottom - oscillating, and the domestic downstream situation has improved marginally. The domestic cotton price is expected to move within a range [66].

欢迎关注微信公众号 厂家用品产品 投资咨询业务资格: 班监许可【2011】1292号 2025年4月2日 曹剑兰(Z0019556) 数据来源: Wind、Mysteel、SMM、彭博、广发期货研究所 免责声明：本报告中的信息均来源于被广发财货有限公司认为可靠的已公开资料，但广发刚货对这些信息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考， 报告中的信息或所表达的意见并不构成所述品种买卖的出价或询价,投资者据此投资,风险自担。 | 板块 | 品种 | 主力合约 | 点评 | 操作建议 | | --- | --- | --- | --- | --- | | | | IF2506 IH2506 | | 业绩期将至,等待盈利验证方向,可尝试多IF空IC | | | 股指 | IC2506 | 市场成交收缩,指数窄幅震荡 | 进行大小盘指数套利。 | | | | IM2506 | | | | | | 12506 | | | | | | TF2506 | 昨日跨季后首日央行转为净回笼,影响期债多数震荡偏弱, रो | 单边策略上,建议以区间操作思路为主。期现策略 | | | 国债 | TS2506 | 日 ...