1. Report Industry Investment Ratings - No relevant content provided 2. Core Views Copper - Short - term copper prices are expected to fluctuate strongly due to interest - rate cut expectations and CL spread drivers, but weak macro - expectations limit the upside. The reference range for the main contract is 78,000 - 81,000 [1]. Aluminum - Alumina prices are expected to oscillate weakly in the short term, with the main contract reference range of 2,750 - 3,150. It is recommended to arrange short positions at high levels in the medium - to - long term. Aluminum prices are supported by the macro - environment, low inventory, and high aluminum - water ratio, but the consumption off - season restricts the upside. Short - term prices are expected to oscillate widely at high levels [4]. Zinc - Short - term overseas interest - rate cut expectations boost zinc prices, but downstream acceptance is low after the price increase. In the medium - to - long term, a rebound - selling strategy is recommended, with the main contract reference range of 21,500 - 23,000 [7]. Nickel - In the short term, the nickel futures market is expected to adjust weakly within a range, with the main contract reference range of 116,000 - 124,000. The cost support for refined nickel has weakened, and the medium - term supply is expected to be loose [9]. Stainless Steel - The stainless - steel market fundamentals are weak. The supply is high, demand is soft, and inventory reduction is slow. The short - term market is expected to operate weakly, with the main contract reference range of 12,300 - 13,000 [11]. Tin - Short - term tin prices are expected to oscillate strongly due to tight supply, but pessimistic demand expectations prevail. A strategy of shorting at high levels based on supply - side recovery and inventory inflection points is recommended [14]. Lithium Carbonate - The lithium - carbonate market is expected to oscillate in the short term. The supply is sufficient, and demand is stable but hard to boost. The main contract is expected to run in the range of 58,000 - 62,000 [17]. 3. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper price rose to 78,940 yuan/ton, up 0.46% from the previous day. The SMM 1 electrolytic copper premium increased by 35 yuan/ton to 65 yuan/ton [1]. Fundamental Data - In May, electrolytic copper production was 113.83 million tons, up 1.12% month - on - month; imports were 25.31 million tons, up 1.23% month - on - month [1]. Aluminum Price and Spread - SMM A00 aluminum price rose to 20,610 yuan/ton, up 0.39% from the previous day. The SMM A00 aluminum premium decreased by 10 yuan/ton to 130 yuan/ton [4]. Fundamental Data - In May, alumina production was 727.21 million tons, up 2.66% month - on - month; electrolytic aluminum production was 372.90 million tons, up 3.41% month - on - month [4]. Zinc Price and Spread - SMM 0 zinc ingot price rose to 22,260 yuan/ton, up 0.27% from the previous day. The premium decreased by 15 yuan/ton to 75 yuan/ton [7]. Fundamental Data - In May, refined zinc production was 54.94 million tons, down 1.08% month - on - month; imports were 2.82 million tons, up 2.40% month - on - month [7]. Nickel Price and Basis - SMM 1 electrolytic nickel price rose to 121,650 yuan/ton, up 1.76% from the previous day. The 1 Jinchuan nickel premium decreased by 100 yuan/ton to 2,900 yuan/ton [9]. Fundamental Data - China's refined nickel production in May was 35,350 tons, down 2.62% month - on - month; imports were 8,832 tons, up 8.18% month - on - month [9]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) rose to 12,700 yuan/ton, up 0.40% from the previous day. The spot - futures spread decreased by 45 yuan/ton to 235 yuan/ton [11]. Fundamental Data - China's 300 - series stainless - steel crude - steel production in April (43 companies) was 179.12 million tons, up 0.36% month - on - month [11]. Tin Price and Basis - SMM 1 tin price rose to 265,800 yuan/ton, up 1.41% from the previous day. The SMM 1 tin premium decreased by 200 yuan/ton to 750 yuan/ton [14]. Fundamental Data - In May, tin ore imports were 13,449 tons, up 36.39% month - on - month; SMM refined tin production was 14,840 tons, down 2.37% month - on - month [14]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price rose to 60,600 yuan/ton, up 0.66% from the previous day. The SMM battery - grade lithium carbonate premium decreased by 220 yuan/ton to - 480 yuan/ton [17]. Fundamental Data - In May, lithium carbonate production was 72,080 tons, down 2.34% month - on - month; demand was 83,960 tons, up 4.83% month - on - month [17].

t 2000 关注微信公众号 知识图强,求实奉献,客户至上,合作共赢 产业期现日报 lly务资格：证监许可 【2011】1292号 | 铁矿石相关价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 仓单成本:卡粉 | 707.7 | 707.7 | 0.0 | 0.0% | | | 仓单成本:PB粉 | 739.2 | 739.2 | 0.0 | 0.0% | | | 仓单成本:巴混粉 | 750.2 | 750.2 | 0.0 | 0.0% | | | 合单成本:金布巴粉 | 731.4 | 731.4 | 0.0 | 0.0% | | | 09合约基差:卡粉 | 47.1 | 47.7 | -0.7 | -1.4% | | | 09合约基差:PB粉 | 33.7 | 79.2 | -45.5 | -57.4% | 元/吨 | | 09合约基差:巴混粉 | 44.7 | 90.2 | -45.5 | -50.4% | | | 09合约基差:金布巴粉 | 25.9 | 71.4 | ...

目录： 股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2506 | 持仓有所下降 | 前二十席位以减仓为主 | | 上证 | 50 | IH2506 | 持仓有所下降 | 中信多空头减仓 1000 手以上 | | 中证 | 500 | IC2506 | 总持仓明显下降 | 国君、中信多空头均减仓 2000 手 以上 | | 中证 | 1000 | IM2506 | 总持仓明显下降 | 中信多空头减仓逾 4000 手 | 股指期货持仓日度变动简评 -3,562.0 -4,343.0 -5,170.0 -8,357.0 -10,070.0 -7,525.0 -11,072.0 -16,038.0 -18,000 -16,000 -14,000 -12,000 -10,000 -8,000 -6,000 -4,000 ...

Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. Core Views Oils and Fats Industry - Malaysian palm oil futures may face downward pressure due to concerns about production recovery and slowing export growth. Domestic palm oil futures are expected to fall further. CBOT soybean oil may continue to decline but with limited跌幅. Domestic soybean oil prices are supported, and basis quotes are expected to be slightly adjusted [1]. Meal Industry - Affected by the decline in crude oil and fully - priced - in short - term positive factors, US soybeans have recently declined. Domestic soybean and soybean meal inventories are rising. The unilateral trend of soybean meal is not yet clear, and the futures may follow the decline of US soybeans in the short term, but the downside support is expected to strengthen [2]. Pig Industry - The spot price of pigs is still in a shock structure. The current breeding profit is declining, but self - breeding and self - raising still have profits. The market is cautious about expanding production capacity. The short - term futures may be strong, but there is a risk of decline near the delivery of the 09 contract if the live inventory continues to be postponed [4][5]. Corn Industry - In the short term, the corn price is firm, but the upside is limited due to feed substitution. In the long term, the supply is tight, the import volume is low, and the consumption is increasing, so the price is expected to rise. It is recommended to go long on dips [7]. Sugar Industry - Global sugar supply is becoming more abundant, putting pressure on raw sugar. It is expected to maintain a weak shock pattern. If there are no new negative factors, the possibility of a sharp decline in sugar prices is small. The price is expected to fluctuate at the bottom this week [11][12]. Cotton Industry - The market driving force is still weak, and the downstream开机 rate continues to decline while the finished product inventory rises. However, the basis of old - crop cotton is still relatively strong. The short - term domestic cotton price may fluctuate within a range [13]. Egg Industry - The national egg supply is still relatively sufficient. The price is expected to rise slightly and then stabilize this week, and may decline slightly later [15]. Summary by Related Catalogs Oils and Fats Industry - **Prices**: On June 26, 2025, the spot price of Jiangsu first - grade soybean oil was 8240 yuan, unchanged from the previous day; the futures price of Y2509 was 7626 yuan, down 0.52%. The spot price of Guangdong 24 - degree palm oil was 8490 yuan, unchanged; the futures price of P2509 was 8230 yuan, up 0.12%. The spot price of Jiangsu fourth - grade rapeseed oil was 9680 yuan, down 0.52%; the futures price of 01509 was 9242 yuan, down 0.04% [1]. - **Spreads**: The soybean - palm oil spot spread was - 250 yuan, unchanged; the 2509 spread was - 360 yuan, unchanged. The rapeseed - soybean oil spot spread was 1440 yuan, down 3.47%; the 2509 spread was 1492 yuan, down 0.67% [1]. Meal Industry - **Prices**: On June 26, 2025, the spot price of Jiangsu soybean meal was 2880 yuan, down 0.69%; the futures price of M2509 was 2993 yuan, down 1.90%. The spot price of Jiangsu rapeseed meal was 2500 yuan, down 2.80%; the futures price of RM2509 was 2588 yuan, down 1.47% [2]. - **Spreads**: The soybean - rapeseed meal spot spread was 380 yuan, up 13.16%; the 2509 spread was 405 yuan, down 4.69% [2]. Pig Industry - **Futures**: On June 26, 2025, the price of the pig 2507 contract was 13615 yuan/ton, up 0.26%; the price of the 2509 contract was 14000 yuan/ton, up 0.29% [4]. - **Spot**: The spot prices in various regions remained unchanged. The sample - point slaughter volume decreased by 0.75%, the white - strip price decreased by 0.10%, the piglet price increased by 3.17%, and the self - breeding profit increased by 768.97% [4]. Corn Industry - **Corn**: On June 26, 2025, the price of the corn 2509 contract was 2377 yuan, up 0.04%. The import profit was 539 yuan, up 4.03%. The number of remaining vehicles at Shandong deep - processing enterprises in the morning decreased by 60.84% [7]. - **Corn Starch**: The price of the corn starch 2509 contract was 2732 yuan, down 0.15%. The Shandong starch profit was - 81 yuan, down 17.28% [7]. Sugar Industry - **Futures**: On June 26, 2025, the price of the sugar 2601 contract was 5577 yuan/ton, up 0.43%; the price of the 2509 contract was 5757 yuan/ton, up 0.57% [11]. - **Spot**: The spot price in Nanning was 6070 yuan/ton, up 0.16%; the price in Kunming was 5860 yuan/ton, up 0.51% [11]. - **Industry Situation**: The national cumulative sugar production increased by 11.63% year - on - year, and the cumulative sales increased by 26.07% [11]. Cotton Industry - **Futures**: On June 26, 2025, the price of the cotton 2509 contract was 13645 yuan/ton, up 0.55%; the price of the 2601 contract was 13625 yuan/ton, up 0.29% [13]. - **Spot**: The Xinjiang arrival price of 3128B was 14832 yuan/ton, up 0.84%; the CC Index: 3128B was 14938 yuan/ton, up 0.55% [13]. - **Industry Situation**: The inventory in the north decreased by 9.6% month - on - month, and the cotton outbound shipment volume increased by 22.6% [13]. Egg Industry - **Futures**: On June 26, 2025, the price of the egg 09 contract was 3658 yuan/500KG, up 0.05%; the price of the 07 contract was 2848 yuan/500KG, down 0.84% [15]. - **Spot**: The egg - producing area price was 2.78 yuan/jin, down 0.74%. The breeding profit was - 27.88 yuan/feather, down 19.30% [15].

广发期货投资咨询业务资格:证监许可 【2011】1292号 r泉期货 GE ENTURES 中国成品油市场周度数据 苗扬 投资咨询号: Z0020680 万吨 F F END THE DE F 3500 3400 3300 3200 3100 3000 2900 2800 2700 2600 2500 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2020 -2021 - 2022 == 2023 == 2023 == =2024 = -2025 元/咖 PECE 3 T = 3 PHONE 2000 1500 1000 500 0 -500 -1000 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021 = 2022 = -2023 - =2024 · -2025 HERE FEST FOR S 米 90 85 80 75 70 65 60 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 万吨 III Savis Ranger 400 350 300 250 200 150 100 50 0 1月 2月 3月 ...

x产业期现目报 投资咨询业务资格:证监许可【2011】1292号 2025年6月27日 现货价格及基差 品种 6月26日 6月25日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 13850 13750 100 0.73% 全乳基差(切换至2509合约) -190 -20 -170 -850.00% 元/吨 泰标混合胶报价 13700 13600 100 0.74% 非标价差 -340 -170 -170 -100.00% 杯胶:国际市场:FOB中间价 46.95 47.20 -0.25 -0.53% 泰铢/公斤 胶水：国际市场：FOB中间价 57.50 -0.25 57.25 -0.43% 天然橡胶:胶块:西双版纳州 12600 12600 0 0.00% 13200 0 天然橡胶：胶水：西双版纳州 13200 0.00% 元/吨 原料：市场主流价：海南 12400 12400 0 0.00% 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 合约 6月26日 6月25日 涨跌 涨跌幅 单位 9-1价差 -845 -850 5 0.59% 1-5价差 -25 -5 -20.00 ...

Report 1: Stock Index Futures Spread Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Presents detailed data on stock index futures spreads, including price differences, changes from the previous day, and historical quantiles for various futures contracts and cross - variety ratios [1] - **Summary by Related Content**: - **Spread Data**: Displays current and historical quantiles of price differences for multiple futures contracts such as IF, IH, IC, and IM, including spot - futures spreads, inter - period spreads, and cross - variety ratios [1] - **Quantile Analysis**: Compares current spread values with historical data, showing the position of the current value within the historical distribution [1] Report 2: Treasury Bond Futures Spread Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Provides information on the basis, inter - period spreads, and cross - variety spreads of treasury bond futures, along with their changes and historical quantiles [2] - **Summary by Related Content**: - **Basis Data**: Lists the basis values of different treasury bond futures contracts (TS, TF, T, TL) and their changes from the previous day, along with historical quantiles [2] - **Inter - period Spread Data**: Presents inter - period spreads for different contract months and their changes and historical quantiles [2] - **Cross - variety Spread Data**: Shows cross - variety spreads between different treasury bond futures contracts and their changes [2] Report 3: Precious Metals Spot - Futures Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Analyzes the prices, basis, ratios, and related market indicators of domestic and foreign precious metals futures and spot markets [7] - **Summary by Related Content**: - **Price Data**: Compares the closing prices of domestic and foreign precious metals futures and spot markets on different days, showing price changes and percentage changes [7] - **Basis Data**: Calculates the basis between different precious metals contracts and their historical quantiles [7] - **Ratio Data**: Presents the ratios between different precious metals contracts and their changes [7] - **Interest Rate and Exchange Rate Data**: Lists the current and previous values of interest rates and exchange rates and their changes [7] Report 4: Shipping Industry Spot - Futures Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Analyzes the shipping industry's freight rates, index data, futures prices, basis, and fundamental data [12] - **Summary by Related Content**: - **Freight Rate Data**: Compares the shipping freight rates of different shipping companies between different days, showing price changes and percentage changes [12] - **Index Data**: Presents the settlement price indices of different shipping routes and their changes [12] - **Futures Price and Basis Data**: Lists the futures prices of different contracts and the basis of the main contract and their changes [12] - **Fundamental Data**: Includes data on shipping capacity supply, port - related indicators, export amounts, and overseas economic indicators [12] Report 5: Data/Information Calendar Report - **Report Industry Investment Rating**: Not provided - **Core View**: Lists overseas and domestic economic indicator data and financial events for different time periods [15] - **Summary by Related Content**: - **Overseas Data/Information**: Includes macro - data, agricultural product - related data, and CFTC position reports from different countries and regions [15] - **Domestic Data/Information**: Contains economic indicators and financial events for different domestic commodity sectors such as black and non - ferrous metals, energy and chemicals, and special commodities [15]

1. Report Industry Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views of the Report - The overall A - share market shows sector rotation, with the index facing resistance above. The futures market also shows corresponding fluctuations, and different investment strategies are recommended according to different varieties [2][3][4]. - The sentiment in the Treasury bond futures market has warmed up, but there are still short - term end - of - quarter disturbances. The bond market is generally expected to be in a pattern of short - term fluctuations but overall strength [5][6]. - The prices of precious metals are dominated by tariffs and macro - policies. Gold and silver show different trends. Gold has a long - term upward trend but faces short - term uncertainties, while silver shows a relatively strong short - term trend [8][10][11]. - The container shipping futures EC shows a volatile trend, and it is recommended to wait and see cautiously [12]. - Different metals in the non - ferrous metals sector have different market conditions. For example, copper is expected to be volatile and strong in the short term, while aluminum oxide is expected to be weak in the medium - long term [13][17]. - In the black metals sector, steel is affected by coking coal supply, iron ore may be stable and strong in the short term, and coking coal and coke have different supply - demand and price trends [41][43][45]. - In the agricultural products sector, meal products follow the decline of US soybeans, and the market trends of different agricultural products such as pigs, corn, sugar, and cotton vary [51][54][57]. 3. Summaries According to the Catalog Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On Thursday, the A - share market opened lower, rose briefly, and then declined in the afternoon. The main stock indexes and the four major stock index futures contracts all adjusted. The basis discount of the four major stock index futures contracts was repaired to some extent [2][3]. - **News**: The National Development and Reform Commission will issue the third batch of consumer goods replacement funds in July. Overseas, Japan is negotiating tariffs with the US [3]. - **Funding**: On June 26, the A - share trading volume was basically the same as the previous day. The central bank carried out reverse repurchase operations, with a net investment of 305.8 billion yuan [4]. - **Operation Suggestion**: The index has stable support below and needs a driving force to break through above. It is recommended to try to buy the deeply discounted 09 contract of the CSI 1000 on dips and sell the 09 call option near 6300 to form a covered combination [4]. Treasury Bond Futures - **Market Performance**: Most Treasury bond futures closed flat, and the yields of major interest - rate bonds in the inter - bank market declined [5]. - **Funding**: The central bank carried out reverse repurchase operations, with a net investment of 305.8 billion yuan. The central bank's attitude towards protecting liquidity is clear, and the end - of - month capital interest rate may fluctuate but is generally controllable [5][6]. - **Operation Suggestion**: The end - of - month capital situation still has disturbances, and the bond market is generally cautious. It is recommended to appropriately allocate long positions on adjustments, pay attention to economic data and funding trends, and consider positive arbitrage for the TS2509 contract and curve steepening strategies [6][7]. Financial Derivatives - Precious Metals - **Market Review**: Due to factors such as tariff negotiations and macro - policies, the US dollar index weakened, and the trends of gold and silver diverged. Gold prices declined slightly, while silver prices rose [8][10]. - **Outlook**: Gold has a long - term upward trend but faces short - term uncertainties. It is recommended to try the strategy of double - selling out - of - the - money gold options. Silver shows a relatively strong short - term trend, and its price is expected to fluctuate strongly in the range of $36 - 37 [10][11]. - **Funding**: The recent stable trends of US stocks and bonds and the strong performance of virtual currencies suppress the prices of precious metals, but the long - position boost has led to a continuous increase in silver ETF holdings [11]. Financial Derivatives - Container Shipping Futures - **Spot Quotation**: The spot prices of different shipping companies are provided [12]. - **Container Shipping Index**: The SCFIS European line index rose, while the US West line index declined. The SCFI composite index declined [12]. - **Fundamentals**: The global container shipping capacity increased year - on - year. The demand side shows the PMI data of the eurozone and the US [12]. - **Logic and Operation Suggestion**: The futures price is expected to fluctuate in the range of 1700 - 1800, and it is recommended to wait and see cautiously [12][13]. Commodity Futures - Non - Ferrous Metals Copper - **Spot**: The average price of electrolytic copper increased, but the overall trading was inactive [13]. - **Macro**: The market's expectation of interest rate cuts has increased, the dollar index has weakened, and the COMEX - LME spread has widened again, which is beneficial to copper prices [13][14]. - **Supply**: The supply of copper concentrate is expected to be restricted, and the production of refined copper increased in May but is expected to decline slightly in June [15]. - **Demand**: The processing and terminal demand of copper show different trends. The short - term domestic demand has resilience, but the "rush - to - export" demand may lead to pressure on the demand side in Q3 [16]. - **Inventory**: COMEX inventory is accumulating, while domestic inventory is slightly decreasing [16]. - **Logic and Operation Suggestion**: Copper prices are expected to be volatile and strong in the short term, with the main contract referring to the range of 78000 - 81000 [17]. Aluminum Oxide - **Spot**: The average spot price of aluminum oxide decreased [17]. - **Supply**: The production of metallurgical - grade aluminum oxide increased in May, and some production capacities are expected to resume production in June [18]. - **Inventory**: The port inventory of aluminum oxide decreased, and the total registered warehouse receipts decreased [18]. - **Logic and Operation Suggestion**: The supply of aluminum oxide is in a state of slight excess, and it is recommended to arrange short positions at high prices in the medium - long term, with the main contract referring to the range of 2750 - 3100 [19]. Aluminum - **Spot**: The average spot price of aluminum decreased, and the premium decreased [20]. - **Supply**: The production of electrolytic aluminum increased in May, and the aluminum - water ratio remained high. The production capacity is expected to remain high in June [20]. - **Demand**: Downstream industries are in the traditional off - season, and the operating rates of various industries have declined [20]. - **Inventory**: The inventory of domestic electrolytic aluminum ingots increased, and the LME inventory decreased [21]. - **Logic and Operation Suggestion**: Aluminum prices are expected to be in a wide - range high - level shock, with the main contract referring to the range of 19800 - 20800 [21]. Aluminum Alloy - **Spot**: The average spot price of aluminum alloy remained unchanged [21]. - **Supply**: The production of recycled aluminum alloy ingots decreased in May, and the operating rate is expected to decline slightly in June [22]. - **Demand**: The demand is under pressure, and the market trading activity has decreased. The impact of the Sino - US economic and trade talks on actual demand has not yet been effective [22]. - **Inventory**: The social inventory of aluminum alloy has increased significantly [22]. - **Logic and Operation Suggestion**: The market shows a pattern of weak supply and demand, and the price is expected to be in a weak shock, with the main contract referring to the range of 19200 - 20000 [23]. Zinc - **Spot**: The average price of zinc ingots increased, but the downstream receiving willingness was low [23]. - **Supply**: The supply of zinc ore is expected to be loose, and the production of refined zinc is expected to increase in June [24]. - **Demand**: The demand at the initial end is weakening, and the downstream is mainly purchasing on dips [25]. - **Inventory**: The domestic social inventory and LME inventory are both decreasing [25]. - **Logic and Operation Suggestion**: Zinc prices are expected to be in a shock in the short term, with the main contract referring to the range of 21500 - 23000 [26]. Tin - **Spot**: The price of tin increased, but the market trading was cold [26]. - **Supply**: The import of tin ore increased in May, mainly from Africa, while the supply from Myanmar remained low [27][28]. - **Demand and Inventory**: The demand is in the off - season, and the inventory shows different trends. The LME inventory decreased, while the warehouse receipts of the Shanghai Futures Exchange increased [28]. - **Logic and Operation Suggestion**: Tin prices are expected to be in a wide - range shock in the short term. It is recommended to short at high prices according to the inflection points of inventory and import data [29]. Nickel - **Spot**: The average price of electrolytic nickel increased [29]. - **Supply**: The production of refined nickel is at a high level, and the monthly production is expected to decline slightly [29]. - **Demand**: The demand for electroplating and alloys is stable, while the demand for stainless steel and nickel sulfate is weak [30]. - **Inventory**: The overseas inventory remains high, and the domestic social inventory shows a slight downward trend [30]. - **Logic and Operation Suggestion**: Nickel prices are expected to be in a weak shock in the short term, with the main contract referring to the range of 116000 - 124000 [31]. Stainless Steel - **Spot**: The price of stainless steel increased slightly, and the basis decreased [32]. - **Raw Materials**: The price of nickel ore is expected to decline, and the price of nickel iron has decreased. The price of chrome ore has weak support [32]. - **Supply**: The production of stainless steel is expected to decrease slightly in June, with an increase in the 300 - series production [33]. - **Inventory**: The social inventory has increased, and the warehouse receipts have decreased [34]. - **Logic and Operation Suggestion**: The price of stainless steel is expected to be in a weak operation, with the main contract referring to the range of 12300 - 13000 [35]. Lithium Carbonate - **Spot**: The price of lithium carbonate increased, and the price of lithium hydroxide decreased [36]. - **Supply**: The production of lithium carbonate is expected to increase in June, and the supply is still sufficient [37]. - **Demand**: The demand is generally stable, but there is pressure in the off - season [37]. - **Inventory**: The inventory has been accumulating in all links [38]. - **Logic and Operation Suggestion**: The price of lithium carbonate is expected to be in a weak shock in the short term, with the main contract referring to the range of 58000 - 62000 [39]. Commodity Futures - Black Metals Steel - **Spot**: The spot price remained stable, and the futures price fluctuated slightly [41]. - **Supply**: The production of steel decreased from a high level, and the production of five major steel products increased slightly [41]. - **Demand**: The apparent demand of five major steel products decreased slightly, and the inventory was at a low level and basically balanced [41]. - **Inventory**: The inventory of steel is approaching the accumulation inflection point, with the inventory of rebar decreasing and the inventory of hot - rolled coil increasing slightly [42]. - **View**: It is recommended to short on rebounds for rebar and hot - rolled coil, and also consider selling out - of - the - money call options [42]. Iron Ore - **Spot**: The price of mainstream iron ore powder remained stable [43]. - **Futures**: The iron ore futures contract increased slightly [43]. - **Basis**: The basis of PB powder is 33.7 yuan/ton [43]. - **Demand**: The daily average pig iron production remained at a high level, and the demand for iron ore has certain resilience [43]. - **Supply**: The global shipment of iron ore increased, and the arrival volume at ports also increased [43][44]. - **Inventory**: The port inventory increased slightly, and the steel mill's imported ore inventory decreased [44]. - **View**: Iron ore is expected to be stable and strong in the short term, and it is recommended to go long on dips, with the range referring to 690 - 740 [44]. Coking Coal - **Futures and Spot**: The coking coal futures price increased, and the spot price was weakly stable [45]. - **Supply**: The production capacity utilization rate of coal mines decreased slightly, and the inventory decreased [45][46]. - **Demand**: The demand for coking coal increased slightly, and the apparent demand increased [46]. - **Inventory**: The total inventory of coking coal decreased [46]. - **View**: It is recommended to go long on dips for the coking coal 2509 contract in the short term and consider the strategy of going long on coking coal and short on coke [47][48]. Coke - **Futures and Spot**: The coke futures price increased, and the spot price was stable. The fourth round of price cuts was implemented [49]. - **Profit**: The average profit per ton of coke was negative [49]. - **Supply**: The production of coke decreased slightly [49]. - **Demand**: The demand for coke increased slightly, and the apparent demand increased [50]. - **Inventory**: The total inventory of coke decreased [50]. - **View**: It is recommended to hedge the coke 2509 contract at high prices after the rebound, and consider the strategy of going long on coking coal and short on coke [50]. Commodity Futures - Agricultural Products Meal Products - **Spot Market**: The price of soybean meal decreased, and the price of rapeseed meal decreased. The trading volume of rapeseed meal was 300 tons, and the opening rate of rapeseed pressing plants was 17% [51]. - **Fundamentals**: Analysts expect the US soybean inventory and planting area. The export of Brazilian soybeans slowed down, and the soybean harvest in Ukraine is expected to decrease [52]. - **Market Outlook**: The soybean meal price may follow the decline of US soybeans, but the support is expected to gradually strengthen [53]. Pigs - **Spot Situation**: The spot price of pigs fluctuated, with an average price of 14.56 yuan/kg [54]. - **Market Data**: The profit of self - breeding and self - raising pigs increased, while the profit of purchasing piglets for fattening turned negative. The average slaughter weight decreased slightly [55]. - **Market Outlook**: The spot price of pigs is in a shock structure. The short - term futures price may be strong, but there may be a decline risk near the delivery of the 09 contract [56]. Corn - **Spot Price**: The price of corn in Northeast China, North China, and ports remained stable, with a slight increase in the price at Shekou Port [57]. - **Fundamentals**: The inventory of corn in northern four ports and processing enterprises decreased, and the inventory of feed enterprises decreased slightly [57][58]. - **Market Outlook**: The price of corn may decline slightly in the short term due to auction expectations, but the decline is limited. It is recommended to go long on dips in the medium - long term [58]. Sugar - **Market Analysis**: The global sugar supply is expected to be loose, and the price of raw sugar is expected to be in a weak shock. The domestic sugar price is expected to be in a bottom - range shock, with the reference range of 5650 - 5850 [59]. - **Fundamentals**: The sugar production in Brazil increased in May, and the sugar production in Thailand is expected to increase in the 2025/26 season. The import of sugar in China increased in May [59][60]. - **Operation Suggestion**: It is recommended to short on rebounds [59]. Cotton - **Market Analysis**: The domestic cotton price is expected to be in a range shock, and it is necessary to pay attention to the macro and downstream demand [60]. - **Fundamentals**: The cotton planting progress in the US is slightly behind [61].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views of the Report - Short - term international situation is volatile, and risk preference drives market sentiment back. A - shares have a significant increase, and different futures varieties in various sectors present different trends and investment opportunities [2]. Summary by Related Catalogs Stock Index Futures - The large - finance sector continues to reach new highs, and A - shares rise with increased trading volume. It is recommended to buy the deeply discounted 09 contracts on dips in the CSI 1000 variety and sell the 09 call options near 6300 to form a covered combination [2]. Bond Futures - Near the end of the month, the bond market may anticipate the central bank's restart of bond purchases. The overall pattern of bond futures is short - term volatile but generally strong. In the unilateral strategy, bond futures can be appropriately bought on adjustments, and in the spot - futures strategy, attention can be paid to the positive arbitrage strategy of the TS2509 contract and the steepening of the yield curve [2]. Precious Metals - The impact of geopolitical conflicts fades. The expectations of fiscal and monetary easing in Europe and the United States boost precious metals. It is recommended to continue the strategy of selling out - of - the - money options on both sides of gold, and silver prices are driven by easing expectations in the short term [2]. Shipping Index Futures - It is recommended to watch cautiously. The 08 contract of the container shipping index (European line) is expected to fluctuate between 1650 - 1850 [2]. Steel Futures - Industrial material demand and inventory are deteriorating. Attention should be paid to the decline in apparent demand. For unilateral operations, it is mainly a wait - and - see approach, and for arbitrage, the strategy of going long on finished products and short on raw materials can be considered [2]. Iron Ore Futures - It is recommended to try shorting on rebounds, with the upper pressure level around 720 [2]. Coking Coal Futures - It is recommended to go long on coking coal at low prices or go long on coking coal and short on coke [2]. Coke Futures - It is recommended to go long on coking coal and short on coke [2]. Base Metals (Copper, Aluminum, Zinc, etc.) - For copper, the main contract is expected to fluctuate between 78000 - 80000; for aluminum, between 19600 - 20600; for zinc, between 21500 - 22500. Each metal has its own supply - demand and price characteristics, and corresponding investment strategies are provided [2]. Energy and Chemical Futures - Crude oil: The market is mainly oscillating, and short - term long positions can be considered at low prices. For other chemical products such as PTA, PF, etc., different investment strategies are proposed based on their supply - demand and price trends [2]. Agricultural Futures - Different agricultural products such as soybeans, corn, palm oil, etc., have different market trends. For example, soybeans may have short - term corrections, and different trading strategies are given for each product [2]. Special and New Energy Commodity Futures - For special commodities like glass and rubber, and new energy commodities like polysilicon and lithium carbonate, corresponding price trends and investment strategies are provided [2].

| 硅铁 (SF509) | 5478 | 5374 | 104 | 1.94% | 71.30% | 折算价:72硅铁合格块:内蒙-天津仓单 | 折算价:6517硅锰:内蒙-湖北仓单 | 硅锰(SM509) | 5770 | 5654 | 116 | 2.05% | 45.70% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 94 | HRB40020mm:上海 | 螺纹钢(RB2510) | 3070 | 2976 | 3.16% | 46.90% | Q235B: 4.75mm: 上海 | 82 | 3180 | 热卷 (HC2510) | 3098 | 2.65% | 50.70% | | | | | | 48 | 750 | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12509) | 703 | 6.80% | 39.20% | 1265 | -123 | 23.81% | 焦 ...