| 材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年5月29日 | | | 周敏波 | Z0010559 | | | 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) | 3150 | 3180 | -30 | 130 | | | 螺纹钢现货(华北) | 3190 | 3210 | -20 | 170 | | | 螺纹钢现货(华南) | 3280 | 3320 | -40 | 260 | | | 螺纹钢05合约 | 3031 | 3078 | -47 | 119 | | | 螺纹钢10合约 | 3004 | 3046 | -42 | 146 | | | 螺纹钢01合约 | 3020 | 3059 | -39 | 130 | | | 热卷现货(华东) | 3230 | 3260 | -30 | 86 | 元/吨 | | 热卷现货(华北) | 3170 | 3190 | -20 | 26 | | | 热 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Oils and Fats - Palm oil: SPPOMA's significant decline in the first 25 - day production increase and the increase in the first 25 - day exports announced by shipping agencies will limit the downside of the market. However, the domestic Dalian palm oil futures market is expected to maintain a weak and volatile trend due to the weak performance of Malaysian palm oil and the increase in domestic port inventories [1]. - Soybean oil: The fundamentals of domestic soybean oil are deteriorating. Spot soybean oil will continue to be weaker than futures, and the basis quote is expected to decline. Although CBOT soybean oil is supported by the US biodiesel policy and the promotion of green energy, it is also affected by the possible tariff increase on EU goods by Trump and the decline of CBOT soybeans [1]. Meal - The two - meal futures in the domestic market are expected to maintain a volatile structure. The spring sowing of US soybeans is progressing smoothly, and the supply pressure from Brazil is still being realized. The abundant arrival of soybeans in the domestic market will suppress the cost of domestic soybean meal, but the low inventory of oil mills and the low basis limit the downside [2]. Live Pigs - The spot price of live pigs has rebounded slightly. Although the improvement in supply - demand is limited, the reduction in the supply of breeding groups at the end of the month and the pre - Dragon Boat Festival stocking demand have contributed to the rebound. The 09 contract has also rebounded, and the market is expected to neither decline significantly nor have strong upward momentum. Attention should be paid to the support around 13,500 [4][5]. Corn - In the short term, the corn market will maintain a narrow - range volatile trend. The supply and price are affected by traders' selling rhythm. The downstream deep - processing industry's continuous losses and the substitution expectation of wheat put pressure on corn. In the long term, the tightening supply, reduced imports and substitution, and increased breeding demand will support the upward movement of corn prices [7]. Sugar - The supply outlook for the 25/26 sugar season is optimistic, with smooth harvesting in Brazil's central - southern region and a good start of the monsoon season in Thailand. The raw sugar is expected to be weak and volatile, with a risk of falling below 17 cents per pound. The domestic sugar price is expected to maintain a weak and volatile trend due to the future import rhythm and the increasing long - term supply [10]. Cotton - The downstream demand for cotton has resilience, and the basis of cotton spot is firm, providing strong support for cotton prices. However, the weak long - term demand expectation limits the upward movement of cotton prices. In the short term, the domestic cotton market is expected to fluctuate within a range [12]. Eggs - The national egg supply is relatively sufficient, which has a negative impact on egg prices. The demand is expected to first decrease and then increase, and the egg price is expected to first fall and then rise slightly this week [13]. 3. Summary by Related Catalogs Oils and Fats - **Prices and Changes**: For soybeans, the spot price in Jiangsu decreased by 0.61% to 8,120 yuan, and the futures price of Y2509 decreased by 0.53% to 7,530 yuan. For palm oil, the spot price in Guangdong decreased by 0.93% to 8,520 yuan, and the futures price of P2509 decreased by 0.43% to 7,920 yuan. For rapeseed oil, the spot price in Jiangsu remained unchanged at 9,610 yuan, and the futures price of 01509 decreased by 0.44% to 9,026 yuan [1]. - **Spreads**: The soybean - palm oil spread and the rapeseed - soybean oil spread have changed to varying degrees. For example, the 2509 soybean - palm oil spread decreased by 7.76% to - 250 yuan [1]. Meal - **Prices and Changes**: The spot price of Jiangsu soybean meal decreased by 0.68% to 2,940 yuan, and the futures price of M2509 decreased by 0.07% to 2,950 yuan. The spot price of Jiangsu rapeseed meal increased by 0.40% to 2,510 yuan, and the futures price of RM2509 increased by 0.39% to 2,566 yuan [2]. - **Spreads**: The 09 - 01 spread of soybean meal decreased by 1.96% to - 52 yuan, and the 09 - 01 spread of rapeseed meal increased by 6.85% to 234 yuan [2]. Live Pigs - **Futures and Spot Prices**: The futures prices of the main contract and the 2507 and 2509 contracts of live pigs have all increased. The spot prices in various regions have also rebounded to varying degrees, with the largest increase of 550 yuan in Liaoning [4]. - **Indicators**: The daily slaughter volume of sample points increased by 1.42%, the weekly white - strip price decreased by 100%, and the self - breeding and外购 breeding profits decreased by 40.23% and 133.32% respectively [4]. Corn - **Prices and Changes**: The futures price of corn 2507 decreased by 0.39% to 2,318 yuan, and the futures price of corn starch 2507 decreased by 0.38% to 2,653 yuan. The basis of corn and corn starch has changed, with the corn basis increasing by 128.57% [7]. - **Indicators**: The number of remaining vehicles in Shandong's deep - processing industry in the morning increased by 15.67%, and the import profit of corn increased by 2.80% [7]. Sugar - **Prices and Changes**: The futures price of sugar 2601 increased by 0.11%, and the futures price of sugar 2509 increased by 0.03%. The spot prices in Nanning and Kunming remained stable or decreased slightly [10]. - **Industry Indicators**: The national cumulative sugar production and sales have increased, and the industrial inventory has decreased. The cumulative national and Guangxi sugar sales rates have increased [10]. Cotton - **Prices and Changes**: The futures price of cotton 2509 decreased by 0.19%, and the futures price of cotton 2601 decreased by 0.19%. The spot prices in Xinjiang and other regions have changed slightly [12]. - **Industry Indicators**: The commercial and industrial inventories of cotton have decreased, and the cotton outbound shipment volume has increased by 22.6%. The export volume of textile yarns, fabrics and products, and clothing and accessories has changed to varying degrees [12]. Eggs - **Prices and Changes**: The futures prices of the 09 and 06 contracts of eggs have increased slightly. The egg - laying hen chick price remained unchanged, and the淘汰 chicken price decreased by 1.92% [13]. - **Indicators**: The basis of eggs increased by 42.40%, and the breeding profit increased by 7.32% [13].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Natural Rubber - Supply in Southeast Asian producing areas is affected by heavy rainfall, but there is an expectation of increased supply after the rainy season, and raw material pressure may gradually emerge. Demand from tire enterprises is in a state of restorative improvement, but tire factory inventories have resumed accumulating, with significant inventory pressure on semi - steel tires. It is expected that rubber prices will mainly fluctuate weakly, and previous short positions should be held. Attention should be paid to the performance at the 14,000 level [1]. Industrial Silicon - The industrial silicon fundamentals continue to face pressure from high supply and high warehouse receipts. The spot price in East China has continued to decline by 50 - 100 yuan/ton, while the price in Xinjiang has stabilized. With an expected increase in supply, the price of industrial silicon futures SI2507 has decreased by 305 yuan/ton to 7,610 yuan/ton. The supply side is expected to grow despite weak demand, mainly due to the resumption of production of small enterprises in Southwest China, the commissioning of new production capacities, and the resumption of production of large enterprises. The main demand, the photovoltaic industry chain, continues to weaken, but the organic silicon industry shows some signs of improvement. With limited demand growth, declining raw material costs, and an expected increase in production, the fundamentals remain bearish, and prices are still under pressure [3]. Polysilicon - The spot price of polysilicon is gradually stabilizing, but the far - month futures price has dropped significantly due to the decline in the price of raw material industrial silicon and the expected increase in supply. The price of PS2507 has decreased by 1,205 yuan/ton to 34,885 yuan/ton, a decline of over 3%. Some polysilicon enterprises are resuming production in conjunction with capacity replacement or are still in the commissioning phase. The 06 contract is relatively firm as the first delivery is approaching in June, with a position of about 14,000 lots and no increase in warehouse receipts, which remain at 470 lots. Technically, the polysilicon futures price is still under pressure, and attention should be paid to changes in polysilicon production [5]. Glass and Soda Ash - **Soda Ash**: Despite the negative pressure of the commissioning of Lianyungang Alkali Industry last week, it will take time to produce products. The recent production decline due to maintenance is significant, and there is a strong expectation of maintenance in June. Therefore, the downward trend in the futures market has slowed. Considering short - term supply changes, it is more likely that inventories will remain stable. Fundamentally, the resumption of production in the photovoltaic industry has brought some demand for soda ash, but the overall demand has not increased significantly due to the stable and slightly decreasing float glass production capacity. In the medium - to - long term, there is still pressure for inventory accumulation after the maintenance period ends. From May to June, the implementation of maintenance can be monitored. If maintenance occurs, it will be beneficial for the June - July contracts. Short - term operations can involve short - selling on rebounds for far - month contracts, and calendar spreads between July and September can be considered [6]. - **Glass**: The spot market for glass is performing poorly, and market sentiment remains pessimistic. This week, the spot price of glass has mainly continued to weaken, with widespread price cuts in various regions. During the decline in the futures market, spot - futures traders have mainly sold, affecting the production and sales rate of manufacturers. From April to May, downstream deep - processing orders have gradually improved, and the demand from processing plants has seasonally recovered, leading to a phased improvement in glass supply and demand. However, market expectations are poor, with an expected slowdown in demand after June due to the summer rainy season. The actual fundamentals have marginally improved, but expectations and sentiment are moderately bearish. It is expected that the short - term glass price will continue to be under pressure and will operate weakly with fluctuations. Attention should be paid to whether the 09 contract can break through the 1,000 level, as a breakthrough may lead to further decline [6]. 3. Summary by Relevant Catalogs Natural Rubber Spot Price and Basis - The price of Yunnan state - owned whole - latex (SCRWF) in Shanghai has decreased from 14,700 yuan/ton on May 23 to 14,300 yuan/ton on May 26, a decrease of 400 yuan/ton or 2.72%. The basis of whole - latex (switched to the 2509 contract) has decreased from 165 yuan/ton to - 100 yuan/ton, a decrease of 265 yuan/ton or 160.61%. The price of Thai standard mixed rubber has decreased from 14,400 yuan/ton to 14,350 yuan/ton, a decrease of 50 yuan/ton or 0.35%. The non - standard price difference has increased from - 135 yuan/ton to - 50 yuan/ton, an increase of 85 yuan/ton or 62.96% [1]. Month - to - Month Spreads - The 9 - 1 spread has increased from - 785 yuan/ton to - 760 yuan/ton, an increase of 25 yuan/ton or 3.18%. The 1 - 5 spread has decreased from - 105 yuan/ton to - 125 yuan/ton, a decrease of 20 yuan/ton or 19.05%. The 5 - 9 spread has decreased from 890 yuan/ton to 885 yuan/ton, a decrease of 5 yuan/ton or 0.56% [1]. Fundamental Data - In April, the production in Thailand decreased by 29.16% to 105,700 tons, the production in Indonesia decreased by 7.26% to 194,100 tons, the production in India decreased by 14.34% to 45,400 tons, and the production in China decreased by 58.10% to 15,800 tons. The weekly operating rate of semi - steel tires for automobile tires has decreased by 0.11 percentage points to 78.22%, and the weekly operating rate of full - steel tires has decreased by 0.13 percentage points to 64.96%. Domestic tire production in April decreased by 5.07% to 102.002 million units, and the export volume of new pneumatic rubber tires decreased by 7.87% to 57.39 million units. The total import volume of natural rubber in March increased by 18.07% to 594,100 tons, and the import volume of natural and synthetic rubber (including latex) in April decreased by 9.21% to 690,000 tons [1]. Inventory Changes - The bonded area inventory (bonded + general trade inventory) has decreased by 0.73% to 614,189 tons, and the factory - warehouse futures inventory of natural rubber on the SHFE has decreased by 38.02% to 43,544 tons [1]. Industrial Silicon Spot Price and Basis - The price of East China oxygen - enriched S15530 industrial silicon has decreased from 8,650 yuan/ton to 8,600 yuan/ton, a decrease of 50 yuan/ton or 0.58%. The basis (based on oxygen - enriched SI5530) has decreased from 770 yuan/ton to 685 yuan/ton, a decrease of 85 yuan/ton or 11.04%. The price of East China SI4210 industrial silicon has decreased from 9,500 yuan/ton to 9,400 yuan/ton, a decrease of 100 yuan/ton or 1.05%. The basis (based on SI4210) has decreased from 820 yuan/ton to 685 yuan/ton, a decrease of 135 yuan/ton or 16.46%. The price of Xinjiang 99 - silicon has remained unchanged at 8,020 yuan/ton [3]. Month - to - Month Spreads - The 2506 - 2507 spread has remained unchanged at - 30 yuan/ton, the 2507 - 2508 spread has decreased from - 30 yuan/ton to - 35 yuan/ton, a decrease of 5 yuan/ton or 16.67%, the 2508 - 2509 spread has decreased from - 25 yuan/ton to - 30 yuan/ton, a decrease of 5 yuan/ton or 20.00%, the 2509 - 2510 spread has increased from - 25 yuan/ton to - 15 yuan/ton, an increase of 10 yuan/ton or 40.00%, and the 2510 - 2511 spread has decreased from - 25 yuan/ton to - 30 yuan/ton, a decrease of 5 yuan/ton or 20.00% [3]. Fundamental Data (Monthly) - In April, the national industrial silicon production decreased by 12.10% to 300,800 tons, the production in Xinjiang decreased by 20.55% to 167,500 tons, the production in Yunnan increased by 9.35% to 13,500 tons, and the production in Sichuan increased by 145.65% to 11,300 tons. The national operating rate decreased by 11.37% to 51.23%, the operating rate in Xinjiang decreased by 22.18% to 60.74%, the operating rate in Yunnan decreased by 9.21% to 18.13%, and the operating rate in Sichuan increased by 1389.80% to 7.30%. The production of organic silicon DMC in April decreased by 8.04% to 172,800 tons, the production of polysilicon decreased by 0.73% to 95,400 tons, the production of recycled aluminum alloy decreased by 5.28% to 610,000 tons, and the export volume of industrial silicon increased by 1.64% to 60,500 tons [3]. Inventory Changes - The factory - warehouse inventory in Xinjiang has decreased by 6.95% to 187,400 tons, the factory - warehouse inventory in Yunnan has increased by 1.26% to 24,100 tons, the factory - warehouse inventory in Sichuan has decreased by 0.44% to 22,500 tons, the social inventory has decreased by 2.84% to 582,000 tons, the warehouse - receipt inventory has decreased by 1.00% to 324,600 tons, and the non - warehouse - receipt inventory has decreased by 5.06% to 257,400 tons [3]. Polysilicon Spot Price and Basis - The average price of N - type reclaimed feedstock, P - type cauliflower feedstock, and N - type granular silicon has remained unchanged at 36,500 yuan/ton, 30,000 yuan/ton, and 34,000 yuan/ton respectively. The basis of N - type feedstock (average price) has increased from 410 yuan/ton to 1,615 yuan/ton, an increase of 1,205 yuan/ton or 293.90%, and the basis of cauliflower feedstock (average price) has increased from 5,910 yuan/ton to 7,115 yuan/ton, an increase of 1,205 yuan/ton or 20.39% [5]. Futures Price and Month - to - Month Spreads - The price of PS2506 has decreased from 36,090 yuan/ton to 34,885 yuan/ton, a decrease of 1,205 yuan/ton or 3.34%. The PS2506 - PS2507 spread has increased from 1,105 yuan/ton to 2,100 yuan/ton, an increase of 995 yuan/ton or 90.05%, the PS2507 - PS2508 spread has increased from 735 yuan/ton to 852 yuan/ton, an increase of 117 yuan/ton or 16.33%, the PS2508 - PS2509 spread has increased from 265 yuan/ton to 320 yuan/ton, an increase of 55 yuan/ton or 32.08%, the PS2509 - PS2510 spread has decreased from 270 yuan/ton to 115 yuan/ton, a decrease of 155 yuan/ton or 57.41%, the PS2510 - PS2511 spread has increased from 80 yuan/ton to 190 yuan/ton, an increase of 110 yuan/ton or 137.50%, and the PS2511 - PS2512 spread has decreased from - 1,715 yuan/ton to - 1,735 yuan/ton, a decrease of 20 yuan/ton or 1.17% [5]. Fundamental Data (Weekly and Monthly) - Weekly: The silicon wafer production increased by 7.09% to 13,300 GM, and the polysilicon production increased by 0.47% to 21,500 tons. Monthly: In April, the polysilicon production decreased by 0.73% to 95,400 tons, the polysilicon import volume decreased by 69.49% to 10,000 tons, the polysilicon export volume decreased by 37.06% to 13,000 tons, the net polysilicon export volume increased by 127.44% to 3,000 tons, the silicon wafer production increased by 14.95% to 58,350 GM, the silicon wafer import volume increased by 46.90% to 900 tons, the silicon wafer export volume increased by 7.13% to 6,300 tons, and the silicon wafer net export volume increased by 2.64% to 5,500 tons [5]. Inventory Changes - The polysilicon inventory increased by 4.00% to 260,000 tons, the silicon wafer inventory decreased by 2.52% to 18,950 GM, and the polysilicon warehouse receipts remained unchanged at 470 [5]. Glass and Soda Ash Glass - Related Prices and Spreads - The North China glass price remained unchanged at 1,180 yuan/ton, the East China price remained unchanged at 1,310 yuan/ton, the Central China price decreased by 0.88% to 1,120 yuan/ton, and the South China price remained unchanged at 1,320 yuan/ton. The price of Glass 2505 increased by 1.25% to 1,130 yuan/ton, and the price of Glass 2509 increased by 1.90% to 1,019 yuan/ton. The 05 basis decreased by 21.88% to 50 yuan/ton [6]. Soda Ash - Related Prices and Spreads - The North China soda ash price remained unchanged at 1,500 yuan/ton, the East China price remained unchanged at 1,450 yuan/ton, the Central China price remained unchanged at 1,400 yuan/ton, and the Northwest price remained unchanged at 1,120 yuan/ton. The price of Soda Ash 2505 decreased by 0.85% to 1,288 yuan/ton, and the price of Soda Ash 2509 increased by 0.08% to 1,254 yuan/ton. The 05 - 7 spread increased by 5.47% to 212 yuan/ton [6]. Supply - The soda ash operating rate decreased by 2.04% to 78.63%, the weekly soda ash production decreased by 2.05% to 663,800 tons, the float glass daily melting volume remained unchanged at 156,700 tons, and the photovoltaic daily melting volume remained unchanged at 99,990 tons. The price of 3.2mm coated glass decreased by 2.33% to 21 yuan [6]. Inventory - The glass factory - warehouse inventory decreased by 0.46% to 67,769,000 weight boxes, the soda ash factory - warehouse inventory decreased by 2.06% to 1.6768 million tons, the soda ash delivery warehouse inventory increased by 0.82% to 368,000 tons, and the glass factory's soda ash inventory days remained unchanged at 18.1 days [6]. Real Estate Data (Year - on - Year) - The new construction area increased by

| 20019556 | | --- | | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 2 26日 | 2555 | 张跌 | 涨跌幅 | 单位 | | 原木2507 | 763.5 | 777.5 | -14.0 | -1.80% | | | 原木2509 | 783.5 | 791.5 | -8.0 | -1.01% | | | 原木2511 | 789.5 | 795.5 | -6.0 | -0.75% | | | 7-9价差 | -20.0 | -14.0 | -6.0 | | | | 9-11价差 | -6.0 | -4.0 | -2.0 | | | | 7-11价差 | -26.0 | -18.0 | -8.0 | | | | 07合约基差 | -13.5 | -27.5 | 14.0 | | | | 09合约基差 | -33.5 | -41.5 | 8.0 | | | | 11合约基差 | -39.5 | -45.5 | 6.0 | | 元/立方米 | | 日照港3.9A小辐射松 | 720.0 | 720. ...

| 硅铁 (SF507) | 5506 | 222 | 85.30% | 折算价:72硅铁合格块:内蒙-天津仓单 | 5728 | 4.03% | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐(SM509) | 5870 | 5668 | 202 | 57.70% | 3.56% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 螺纹钢 (RB2510) | HRB40020mm:上海 | 3150 | 146 | 62.30% | 3004 | 4.86% | Q235B: 4.75mm: 上海 | 92 | 2.93% | 54.60% | 3230 | 热卷 (HC2510) | 3138 | | | | | | 775 | ୧୫ | 铁矿石 (12509) | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 707 | 53.10% | 9.69% | 54 | 1429 | 1375 | 72. ...

免责声明 本报告中的信息9家源于该厂该用在公司认为可森的己公开资料，但广发明统对这些信息的踢除住及完整位不作日例采证、本报告反映死众员的不同观点、见解及 分析方法，并不代表广发剧被玩看加刷加的动。在任何晓况下，很合内容权维参，跟目中欧悬忽取称发达的意见开不也都然选悬押采取出价额的，投资看到 投资，风峰自担。本报告官在发送给广发期技特定存户及其他专业人士 知识图强,求实奉献,客户至上,合作共赢 关注微信公众号 | 材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年5月29日 | | | 周敏波 | Z0010559 | | | 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) | 3150 | 3180 | -30 | 130 | | | 螺纹钢现货(华北) | 3190 | 3210 | -20 | 170 | | | 螺纹钢现货(华南) | 3280 | 3320 | -40 | 260 | | | ...

70020770 | *业期现目报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年5月27日 | | | | 林泉虎 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解销 | 124150 | 124175 | -25 | -0.02% | 元/吨 | | 1#金川嶺 | 125150 | 125175 | -25 | -0.02% | 元/肥 | | 1#金川镍升贴水 | 2200 | 2150 | 50 | 2.33% | 元/吨 | | 1#进口镇 | 123200 | 123275 | -75 | -0.06% | 元/吨 | | 1#进口镍升贴水 | 250 | 250 | 0 | - | 元/吨 | | LME 0-3 | -188 | -193 | 5 | -2.66% | 美元/吧 | | 期货进口盈亏 | -4199 | -2963 | -1236 | 41.71% | 元 ...

1. Report Industry Investment Ratings No relevant content found. 2. Core Views of the Reports Oils and Fats - Palm oil: SPPOMA's sharp decline in the first 25 - day production increase and the growth in the first 25 - day exports will limit the downside of the market, but the domestic Dalian palm oil futures will maintain a weak and volatile trend due to weak Malaysian palm oil performance and rising domestic port inventories [1]. - Soybean oil: The fundamentals are deteriorating. The domestic soybean arrival is large, the factory's开机率 is rising, and the inventory is increasing. Spot soybean oil will continue to be weaker than futures, and the basis quote is expected to decline [1]. Meal - Two - meal futures in the domestic market are fluctuating. The spring sowing of US soybeans is progressing smoothly, and the supply pressure from Brazil is being realized. The domestic soybean arrival will be abundant in the future, but the oil mill's meal inventory is low, and the basis is at a low level. The two - meal is expected to maintain a fluctuating structure [2]. Live Pigs - The spot price of live pigs has rebounded. Although the improvement in supply and demand is limited, due to the reduction in the supply of breeding groups at the end of the month and the pre - Dragon Boat Festival stocking demand, the price has rebounded slightly. The 09 contract has rebounded following the spot, and the market is expected to neither fall sharply nor have strong upward momentum [4][5]. Corn - The short - term corn market is trading quietly, with no obvious unilateral driving force, and will maintain a narrow - range fluctuation. The market is more concerned about the wheat listing and price changes. In the long - term, the tightening supply and increased breeding demand will support the price [7]. Sugar - The supply outlook for the 25/26 sugar season is optimistic, and the raw sugar is expected to fluctuate weakly, with a risk of falling below 17 cents/lb. The domestic sugar price is expected to maintain a weak and volatile trend due to the expected increase in future imports [10]. Cotton - The downstream of the cotton industry has rigid demand resilience, and the spot basis of raw - material cotton is firm, providing strong support for the price. However, the long - term demand expectation is not strong, and there is no strong upward driving force. The domestic cotton price is expected to fluctuate within a range in the short - term [12]. Eggs - The national egg supply is relatively sufficient, which has a certain negative impact on the price. The demand may first decrease and then increase, which is the main factor affecting the price fluctuation. The national egg price may first fall and then rise this week, with a small adjustment range [13]. 3. Summary by Related Catalogs Oils and Fats - **Soybean oil**: On May 26, the spot price in Jiangsu was 8120 yuan/ton, down 0.61% from May 23; the futures price of Y2509 was 7530 yuan/ton, down 0.53%; the basis was 590 yuan/ton, down 1.67%. The inventory is increasing, and the basis is expected to decline [1]. - **Palm oil**: On May 26, the spot price of 24 - degree palm oil in Guangdong was 8520 yuan/ton, down 0.93% from May 23; the futures price of P2509 was 7920 yuan/ton, down 0.43%; the basis was 600 yuan/ton, down 7.12%. The domestic futures market is weak and volatile [1]. - **Rapeseed oil**: On May 26, the spot price of Grade 4 rapeseed oil in Jiangsu was 9610 yuan/ton, unchanged from May 23; the futures price of 01509 was 9026 yuan/ton, down 0.44%; the basis was 584 yuan/ton, up 7.35% [1]. - **Spreads**: The soybean - palm oil spread and the rapeseed - soybean oil spread have changed to varying degrees, reflecting the relative price relationship between different varieties [1]. Meal - **Soybean meal**: The spot price in Jiangsu was 2940 yuan/ton, down 0.68% from the previous value; the futures price of M2509 was 2950 yuan/ton, down 0.07%; the basis was - 10 yuan/ton, down 225.00%. The cost of domestic soybean meal is under pressure due to Brazilian supply [2]. - **Rapeseed meal**: The spot price in Jiangsu was 2510 yuan/ton, up 0.40% from the previous value; the futures price of RM2509 was 2566 yuan/ton, up 0.39%; the basis was - 56 yuan/ton, unchanged [2]. - **Spreads**: The spreads between different contracts of soybean meal and rapeseed meal, as well as the oil - meal ratio and the soybean - rapeseed meal spread, have all changed [2]. Live Pigs - **Futures**: The main contract price was 830 yuan/ton, up 8.50%; the price of live pigs 2507 was 13260 yuan/ton, up 0.42%; the price of live pigs 2509 was 13600 yuan/ton, up 0.63% [4]. - **Spot**: The spot prices in various regions have rebounded to varying degrees. The sample - point slaughter volume increased by 1.42%, the white - strip price decreased by 100.00%, and the self - breeding and purchased - piglet breeding profits decreased [4]. Corn - **Corn**: The price of corn 2507 was 2318 yuan/ton, down 0.39%; the import profit increased by 2.80%. The market is affected by factors such as wheat and supply and demand [7]. - **Corn starch**: The price of corn starch 2507 was 2653 yuan/ton, down 0.38%; the basis increased by 37.04%. The profit of Shandong starch decreased by 6.49% [7]. Sugar - **Futures**: The price of sugar 2601 increased by 0.11%, the price of sugar 2509 increased by 0.03%, and the ICE raw - sugar main contract decreased by 0.40% [10]. - **Spot**: The spot prices in Nanning and Kunming changed slightly. The national sugar production and sales increased year - on - year, while the industrial inventory decreased [10]. Cotton - **Futures**: The price of cotton 2509 was 13385 yuan/ton, down 0.19%; the price of cotton 2601 was 13435 yuan/ton, down 0.19% [12]. - **Spot**: The spot prices in Xinjiang and other regions changed slightly. The commercial and industrial inventories decreased month - on - month, and the export volume of textile products changed to varying degrees [12]. Eggs - **Futures**: The price of the egg 09 contract was 3766 yuan/500KG, up 0.11%; the price of the egg 06 contract was 2762 yuan/500KG, up 0.22% [13]. - **Spot**: The egg - producing area price decreased by 0.19%, and the base increased by 42.40%. The egg - chicken chick price was unchanged, and the culled - chicken price decreased by 1.92% [13].

| 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5月27日 | 品种 | 最新值 | 历史1年分位数 | 全历史分位数 | | | | | | | | | | | 价差 | 较前一日变化 | -28.91 | IF期现价差 | 7.17 | 16.30% | 13.20% | | | | | | | | | | | 13.90% | H期现价差 | -15.02 | 3.83 | 19.60% | 期现价差 | 16.38 | IC期现价差 | -74.86 | 10.60% | 7.60% | -103.79 | 8.40% | IM期现价去 | 13.89 | 90.00% | | 次月-当月 | -39.40 | -2.00 | 2.80% | 7.50% | 李月-崇月 | ...

金黑实 Z0019144 | 品种 | 5月26日 | | --- | --- | | 山东32%液碱折百价 | 2687.5 | | 山东50%液碱折百价 | 2840.0 | | 华东电石法PVC市场价 | 4760.0 | | 华东乙烯法PVC市场价 | 5000.0 | | SH2505 | 2500.0 | | SH2509 | 2486.0 | | SH基美 | 187.5 | | SH基差 | 187.5 | 158.3 | 29.3 | 18.5% | | --- | --- | --- | --- | --- | | SH2505-2509 | 14.0 | 41.0 | -27.0 | -65.9% | | V2505 | 5100.0 | 5103.0 | -3.0 | -0.1% | | V2509 | 4865.0 | 4854.0 | 11.0 | 0.2% | | V基差 | -340.0 | -343.0 | 3.0 | 0.9% | | V2505-V2509 | 235.0 | 249.0 | -14.0 | -5.6% | 烧碱海外报价&出口利润 产业期现日报 投资咨询业 ...