不锈钢价格比较弱势，现货价格下跌，品种沉淀资金和成交量都不断下滑，市场交 投氛围冷清，避险情绪较强。截至 4 月 10 日，各地 304 不锈钢现货价格较上一日下跌 100-150 元每吨。社会库存和仓单数量虽高位回落，但依旧处于高位。供应方面，4 月 国内 43 家不锈钢厂粗钢预计排产 348.45 万吨，月环比增加 0.45%，同比增加 8.18%; 其中 300 系 190.75 万吨，环比持平，同比增加 13.3%。原料方面，沪镍价格连续四日 上涨，有力支撑不锈钢价格，铬矿现货资源紧张，矿商挺价力度不减。需求端，家电消 费对不锈钢需求有一定带动作用，出口订单恢复情况较好，但整体采购氛围偏弱。关税 博弈反复，宏观情绪短期有所缓和，盘面震荡运行，但现货市场代理大多下调价格，下 游及终端观望心态延续，现货整体出货承压。 撰写品种：不锈钢 撰写时间：2025-4-11 回顾周期：日度 研究所：戴小红 咨询证号（Z0000213） 不锈钢日度报告 品种名称：不锈钢 截止 4 月 10 日收市，不锈钢主力合约 SS2505 合约开盘价 12600，最高 12795 点， 最低 12445 点，收于 12675 点 ...

撰写品种：棕榈油 撰写时间 2025.4.10 回顾周期：日度 研究员：漆建华 咨询证号（Z0017731） 棕榈油日报 图 3：全国各港口棕榈油报价 图 4:进口成本及现货均价 图 5：豆油棕榈油现货价差 图 6:棕榈油现货期货基差 一、行情回顾 4 月 9 日，原油及竞争油脂下跌，拖累 BMD 马棕油走弱，报收 4146 林吉特/ 吨，较结算价跌 0.98%，处 2 个半月来低位；连棕 P2505 报收 8588 元/吨，较结算 价跌 1.9%；成交增至 85.04 万手，持仓再降至 23.1 万手。棕榈油移仓换月中， P2509 合约报收 7978 元/吨，较结算价跌 2.42%，成交 41.29 万手，增仓至 25.93 万手，05-09 价差 610 元/吨，豆棕主力 05 期价差-978 元/吨，菜棕主力 05 期价差 617 元/吨。 图1：马棕油、连棕油期货主力走势 图2：国内三大油脂期货指数 图片来源：博易大师、WIND 4 月 9 日，各港口棕榈油现货报 9050-9200 元/吨，较前一日价格整体跌 130 元 /吨；进口利润-905.3 元/吨，基差降至-127.67 元/吨；豆棕现货 ...

撰写品种：不锈钢 撰写时间：2025-4-10 回顾周期：日度 研究所：戴小红 咨询证号（Z0000213） 不锈钢日度报告 品种名称：不锈钢 截止 4 月 9 日收市，不锈钢主力合约 SS2505 合约开盘价 12760，最高 12810 点， 最低 12635 点，收于 12655 点、当日下跌 120 点，跌幅 0.94%，振幅 1.36%。主力合约 成交减少 35634 手至 15.2 万手，持仓量减少 5573 手至 66977 手，资金流出 7923 万， 沉淀资金 8.48 亿。上期所不锈钢仓单录得 199970 吨，较上一日减少 4937 吨。持仓排 名前 20 席期商持仓，多单总计 45602 手，较上日减少 1475 手，空单总计 51613 手， 较上日减少 3261 手。基差为 780 元/吨，较上日走缩 73 元/吨。 一、 影响行情的主要因素 美国对中国及其他国家加征关税，中方宣布反制措施，这引发了市场对全球经济衰 退的担忧。关税加征使得我国不锈钢及制品出口面临冲击，外需由增转降，相关配套行 业出口需求回落压力凸显，进一步影响了市场对不锈钢的需求预期。同时，投资者避险 情绪升温，资 ...

撰写品种：棕榈油 撰写时间 2025.4.9 回顾周期：日度 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 研究员：漆建华 咨询证号（Z0017731） 棕榈油日报 一、行情回顾 4 月 9 日，BMD 马棕油低位震荡，报收 4187 林吉特/吨，较结算价涨 0.12%， 处 2 个半月来低位；连棕 P2505 报收 8758 元/吨，较结算价跌 0.48%；成交 76.79 万手，持仓连续第四日减少，为 25.75 万手。棕榈油即将换月，P2509 合约报收 8156 元/吨，较结算价跌 0.78%，增仓至 23.25 万手，05-09 价差 600 元/吨，豆棕 主力 05 期价差-1104 元/吨，菜棕主力 05 期价差 590 元/吨。 图1：马棕油、连棕油期货主力走势 图2：国内三大油脂期货指数 图片来源：博易大师、WIND 4 月 8 日，各港口棕榈油现货报 9180-9330 元/吨，较前一日价格整体跌 150 元 /吨；进口利润-709.17 元/吨，基差降至-127.67 元/吨；豆棕现货价差-1293.59 元/ ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the short - term, due to the Sino - US tariff conflict having a significant impact on the market, and under the stimulation of news, the current market sentiment is weak. The futures price of palm oil may show a weak bottom - oscillating trend [11]. 3. Summary by Related Catalogs 3.1 Market Review - On April 7, affected by the intensification of tariff conflicts, BMD Malaysian palm oil closed at 4,182 ringgit/ton, down 3.4%, hitting a two - and - a - half - month low. The continuous palm P2505 contract gapped down on the first trading day after the holiday, closing at 8,740 yuan/ton, down 5.39% from the settlement price, with a trading volume of 911,100 lots and an open interest of 291,100 lots. The P2509 contract closed at 8,144 yuan/ton, the 05 - 09 spread was 596 yuan/ton, the soybean - palm main contract spread was - 1,088 yuan/ton, and the rapeseed - palm main contract spread was 509 yuan/ton [3]. - On April 7, the spot prices of palm oil at various ports were 9,330 - 9,480 yuan/ton, down 400 yuan/ton compared with the previous day. The import profit was - 743.12 yuan/ton, the basis weakened to - 11 yuan/ton, and the soybean - palm spot spread was - 1,360.26 yuan/ton [5]. 3.2 Fundamental Analysis - Market survey data shows that the estimated production of Malaysian palm oil in March was 1.31 million tons, a 10.3% increase from February, and the inventory may increase to 1.56 million tons, a 3% increase from February. Attention should be paid to the March supply - demand data released by MPOB this Wednesday. According to SPPOMA data, due to the reduction of labor during the Eid al - Fitr, the production of Malaysian palm oil in the first five days of April decreased by 35.47% month - on - month. Recently, the US tariff system has intensified, imposing an additional 24% and 32% tariffs on palm oil products from Malaysia and Indonesia respectively on the basis of 10%. Since the US imports less palm oil, this move may lead to more domestic soybean oil consumption. After the Ramadan in the production areas, palm oil enters the actual production - increasing period, and the inventory may gradually accumulate. Considering the recent decline in crude oil dragging down the biodiesel blending policy, the palm oil price is under pressure [9]. - According to Mysteel data, as of April 4, the total inventory of the three major domestic oils was 1.9216 million tons, a week - on - week decrease of 3.22% (63,900 tons), among which the palm oil inventory was 373,400 tons, a month - on - month increase of 1.27% (4,700 tons). The domestic palm oil has a rigid demand for transactions, with a low inventory, and there is a need for replenishment in the later period [9]. 3.3 Outlook for the Future - Currently, domestic palm oil is mainly for rigid procurement. In the short - term, the Sino - US tariff conflict has a great impact on the market. The price of the P2505 contract on the futures market gapped down, breaking below the 60 - day moving average, showing a weak price trend. In the short - term, under the stimulation of news, the current market sentiment is weak, and the futures price of palm oil may show a weak bottom - oscillating trend [11].

撰写品种：不锈钢 撰写时间：2025-4-8 回顾周期：日度 研究所：戴小红 咨询证号（Z0000213） 不锈钢日度报告 品种名称：不锈钢 截止 4 月 7 日收市，不锈钢主力合约 SS2505 合约开盘价 12990，最高 13030 点， 最低 12755 点，收于 12910 点、当日下跌 520 点，跌幅 3.87%，振幅 2.05%。主力合约 成交增加 25824 手至 21.1 万手，持仓量减少 11369 手至 86943 手。上期所不锈钢仓单 录得 202260 吨，较上一日增加 182 吨。持仓排名前 20 席期商持仓，多单总计 56911 手，较上日增加 175 手，空单总计 65987 手，较上日减少 7737 手。基差为 808 元/吨， 较上日走扩 433 元/吨。 一、 影响行情的主要因素 特朗普政府于 4 月 2 日宣布的 "对等关税" 政策持续发酵，中国等经济体也 随即反制，引发全球金融市场恐慌性抛售。美国、欧洲等经济体的经济增长预期下调， 衰退风险增加，市场恐慌指数飙升。在这种宏观经济环境下，整体消费需求萎缩，不锈 钢上游原材料价格下跌，打开了不锈钢期货价格下降空间，下游行 ...

撰写品种：棕榈油 撰写时间 2025.4.3 回顾周期：日度 研究员：漆建华 咨询证号（Z0017731） 棕榈油日报 一、行情回顾 4 月 2 日，BMD 马棕油恢复交易后首日跟随美豆油，高开补涨，报收 4518 林吉特 /吨，涨 2.22%；连棕 P2505 日内大涨后震荡整理，报收 9304 元/吨，较结算价涨 2.04%；成交 95.12 万手，持仓 44.06 万手。棕榈油即将换月，05-09 价差 636 元/ 吨，豆棕主力期价差-1318 元/吨，菜棕主力期价差 162 元/吨。 数据来源：WIND、国金期货天天研究院 4 月 2 日，各港口棕榈油现货报 9780-9980 元/吨，较前一日价格涨 70-130 元/ 吨；进口利润-359.27 元/吨，基差 439 元/吨；豆棕现货价差-1540.26 元/吨。 图 3：全国各港口棕榈油报价 图 4:进口成本及现货均价 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 图 5：豆油棕榈油现货价差 图 6:棕榈油现货期货基差 图1：马棕油、连棕油期货主力走势 图2：国内三大油 ...

棕榈油日报 撰写品种：棕榈油 撰写时间 2025.4.2 回顾周期：日度 研究员：漆建华 咨询证号（Z0017731） 4 月 1 日，BMD 马棕油因开斋节休市，美豆油上涨导致连棕跟涨，P2505 报收 9146 元/吨，较结算价涨 0.77%；成交 92.1 万手，持仓 43.07 万手。棕榈油 05-09 价 差 656 元/吨，豆棕主力期价差-1250 元/吨，菜棕主力期价差 157 元/吨。 图1：马棕油、连棕油期货主力走势 图2：国内三大油脂期货指数 图片来源：博易大师、WIND 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 一、行情回顾 4 月 1 日，各港口棕榈油现货报 9710-9810 元/吨，较前一日价格整体涨 50 元/ 吨；进口利润-382.76 元/吨，均价与 P2505 基差 394 元/吨；豆棕现货价差- 1495.26 元/吨。 图 3：全国各港口棕榈油报价 图 4:进口成本及现货均价 国内棕榈油进口利润持续亏损，5 月部分船只取消采购订单，4 月到港量预估 20 万吨；上周国内油脂库存皆降，其中棕榈 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The domestic palm oil market continues to experience weak supply and demand, with mainly rigid demand for procurement. Port prices continue to show a slight decline. The futures price of the P2505 contract on the futures market is temporarily supported by the 20 - day moving average below, showing a narrow - range oscillation. In the short term, the downward trend of the palm oil futures price may slow down, and it may show a bottom - oscillating and slightly stronger trend [12]. 3. Summary by Directory 3.1 Market Review - On March 31, the BMD Malaysian palm oil market was closed for Eid al - Fitr. The continuous palm P2505 contract lacked guidance, with its daily K - line showing a doji star, closing at 9,104 yuan/ton, up 0.51% from the settlement price. Trading volume shrank to 784,400 lots, and the open interest was 417,800 lots. The spread between the main soybean and palm oil futures was - 1,112 yuan/ton, and the spread between the main rapeseed and palm oil futures was 260 yuan/ton [3]. - On March 31, the spot prices of palm oil at various ports were reported at 9,660 - 9,760 yuan/ton, down 10 yuan/ton from the previous day. The import profit was - 469.83 yuan/ton, and the basis between the average price and P2505 was 310.67 yuan/ton. The spot spread between soybean and palm oil was - 1,349.83 yuan/ton [6]. 3.2 Fundamental Analysis - According to ITS data, Malaysia's exports in March increased by 0.4%. Exports to China were 54,400 tons, an increase of 10,700 tons compared with the same period in February. According to customs data, domestic edible palm oil imports in February were 100,000 tons, and the cumulative imports in 2025 were 210,000 tons, a decrease of 44.9% compared with the same period last year [10]. - Indonesia has raised the palm oil export tax to 4.5% - 10% and increased the export price. It also provides subsidy funds for biodiesel, which drives up costs. The decline in crude oil prices and the speculation of the new US biodiesel policy are also beneficial to Indonesia's B40, but there is no more information on its progress [10]. - As of March 28, the total inventory of the three major domestic oils was 1.9855 million tons, a week - on - week decrease of 2.92% (59,700 tons) and an increase of 11.36% (202,500 tons) compared with the same period last year. Among them, the palm oil inventory was 368,700 tons, a week - on - week decrease of 5.05% (19,600 tons) and a decrease of 30.39% (161,000 tons) compared with the same period last year. The domestic soybean - palm oil price spread is deeply inverted, the market is mainly for rigid demand procurement, the arrival volume is relatively small, the inventory has declined, and the basis has changed slightly [10]. 3.3 Outlook for the Future - The domestic palm oil market will continue to have weak supply and demand. The futures price of the P2505 contract may slow down its downward trend and show a bottom - oscillating and slightly stronger trend in the short term [12].

镍铁价格稳中有升，铬铁价格企稳，进一步巩固成本端支撑。此外印尼政府计划调 整镍矿特权使用费（PNBP）政策，可能导致镍生产成本上升，为不锈钢价格变动提供 动力。无锡和佛山市场的不锈钢库存呈现季节性小幅下降，但总量仍处于历史高位，上 海期货交易所不锈钢仓单总量维持在 20 万吨左右的高位，套保压力仍存，表示供应过 剩压力尚未完全缓解。4 月不锈钢粗钢排产计划季节性回升，但需求端以刚需为主，终 端消费恢复速度不及预期，供需矛盾持续压制价格上行空间。 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 3 二、图文 撰写品种：不锈钢 撰写时间：2025-4-1 回顾周期：日度 研究所：戴小红 咨询证号（Z0000213） 不锈钢日度报告 品种名称：不锈钢 截止 3 月 31 日收市，不锈钢主力合约 SS2505 合约开盘价 13535，最高 13555 点， 最低 13325 点，收于 13365 点、当日下跌 170 点，振幅 1.72%。主力合约成交增加 29571 手至 23.6 万手，持仓量减少 11821 手至 11.8 万手。上期所不 ...