Market Overview and Quotes Review - On June 30, 2025, the price of the main urea futures contract fluctuated and declined, closing at 1,712 yuan/ton, with a maximum of 1,727 yuan/ton and a minimum of 1,701 yuan/ton. The trading volume was 218,000 lots, and the open interest was 224,000 lots [2]. - The latest price of the urea 2508 contract was 1,721 yuan/ton, down 17 yuan or 0.98%, with an open interest of 850 lots, an increase of 29 lots, and a trading volume of 224 lots. The latest price of the urea 2509 contract was 1,712 yuan/ton, down 11 yuan or 0.64%, with an open interest of 223,700 lots, an increase of 1,164 lots, and a trading volume of 218,328 lots [5]. - The overall price of urea in major regions remained stable. The representative factory quotes were: Henan Xinlianxin in Central China at 1,830 yuan/ton, Ningxia Petrochemical in Northwest China at 1,700 yuan/ton, Ruixing Group in East China at 1,770 yuan/ton, and Hualu Hengsheng in North China at 1,780 yuan/ton [5]. Analysis of Influencing Factors - Overseas: India's RCF issued a urea import tender plan with a procurement target of 2 million tons, with 1 million tons allocated to each of the east and west coasts. The tender will open on July 7, be valid until July 17, and the final shipping deadline is set for August 22 [8]. - Policy: To promote the export self - discipline of circulation enterprises, the industry association coordinated to add a port legal inspection link, which is implemented by three state - owned enterprises: China National Agricultural Means of Production Group, Sinochem Fertilizer, and China National Chemical Construction. It supplements the origin legal inspection system [10]. - Demand: The end of the Israel - Palestine conflict led to the消退 of its market impact, and the international urea price significantly回调. However, due to the large price difference between domestic and foreign markets and India's new tender, it supported the domestic market sentiment. Domestically, the enthusiasm for compound fertilizer production in Central and North China was low, and the grass - roots market was resistant to high - priced goods. The operating rate of compound fertilizer enterprises declined from the high level, and their raw material procurement willingness was weak [10]. - Supply: The operating rate and daily output of the urea industry reached peak values in recent years, and the inventory showed small fluctuations. On the demand side, the operating rates of compound fertilizer and melamine in industrial demand continued to decline, and the agricultural demand expectation weakened again. The oversupply pattern in the urea market was still significant [10]. Conclusion and Outlook - India's large - scale tender will boost the market sentiment in the short term, and domestic policies guide self - disciplined exports. With the decline of international urea prices, weak domestic industrial and agricultural demand, and continuous high supply, the oversupply pattern in the urea market is significant. The contradiction between high supply and weak demand is prominent, and export profit is the key variable. It is expected that the domestic urea price will face upward pressure in the short term and may continue to operate weakly [8].

Group 1: Futures Contract Trading Information - The trading volume of IF2509 is 56,221 lots, with a transaction amount of 6.58 billion yuan. Its opening price is 3,911, the highest price is 3,931.4, the lowest price is 3,874, the closing price is 3,876.6, and the price drops by 0.74% compared to the previous settlement price. The open interest is 139,367 lots, with an increase of 3,684 lots [3]. - The trading volume of IC2507 is 36,609 lots, with a transaction amount of 4.28 billion yuan. Its opening price is 5,828.8, the highest price is 5,882.6, the lowest price is 5,806.8, the closing price is 5,827, and the price rises by 0.23% compared to the previous settlement price. The open interest is 77,537 lots, with an increase of 1,525 lots [3]. - The trading volume of IM2509 is 113,010 lots, with a transaction amount of 13.86 billion yuan. Its opening price is 6,120, the highest price is 6,174.4, the lowest price is 6,100.6, the closing price is 6,110.8, and the price rises by 0.10% compared to the previous settlement price. The open interest is 167,757 lots, with an increase of 6,063 lots [3]. - The trading volume of IH2509 is 32,852 lots, with a transaction amount of 2.66 billion yuan. Its opening price is 2,714, the highest price is 2,725, the lowest price is 2,678.4, the closing price is 2,680, and the price drops by 1.17% compared to the previous settlement price. The open interest is 53,070 lots, with an increase of 4,634 lots [3].

Group 1: Report Overview - Report on corn starch daily market [1] - Written on June 27, 2025 [1] - Reviewed on a daily basis [1] - Researcher: Qi Jianhua [1] - Consultation license number: Z0017731 [1] Group 2: Futures Market Review - On June 27, 2025, the main contract of corn starch futures showed an overall upward trend [5] - The closing price of the main contract cs2509 was 2,743 yuan/ton, up 15 yuan/ton from the previous trading day [5] - The trading volume was 104,000 lots, an increase of 11,517 lots compared to the previous trading day [5] - The open interest at the close was 149,000 lots, an increase of 5,207 lots compared to the previous trading day [5] Group 3: Spot Market Fundamentals - The spot price of corn starch showed a stable and rising trend [6] - The price in Shandong region was quoted [6]

C 国金期货 观投研丨产业链周报 研究品种：原油 成文日期：20250629 报告周期：周度 研究员：何宁 从业资格号:F0238922;投资咨询从业证书号:Z0001219 二 现货 分析 三、影响因素分析 四、后市展望 何担保。本公司建议交易者应考虑本报告的任何意见或建议是否符合其特定情形，在任何情 况下，本报告中的信息或所表述的意见仅供参考，并不构成对任何人的交易咨询建议。本公 司不对投资者因使用本报告中的内容所引致的损失承担任何责任。 同时提醒期货交易者，期市有风险，入市需谨慎! ...

C 国金期货 观投研丨产业链周报 研究品种：尿素 成文日期：20250629 报告周期：周度 期货 ， 具体如下：尿素 研究员：何宁 从业资格号:F0238922;投资咨询从业证书号:Z0001219 三、期现结合分析 二 现货 分析 四、后市展望 风险揭示及免责声明 国金期货已取得中国证监会期货投资咨询业务资格的批复。本报告由国金期货有限责任 公司制作,未获得国金期货有限责任公司授权,任何单位和个人不得对本报告进行任何形式 的修改、复制和发布。 本文部分数据、图片、音频、视频均来源于网络搜索,版权归版权所有者所有,如有侵 权请联系我们。本报告基于公开资料、第三方数据或我公司调研资料,我公司保证已经审慎 审核、甄别和判断信息内容,但由于信息获取和展示的局限性,我公司无法绝对保证公开信 息、第三方数据或调研对象提供材料的真实性、完整性和准确性,报告中的信息或所表达的 意见不构成投资、法律、会计或税务的最终操作建议,本公司对报告内容及最终操作不作任 何担保。本公司建议交易者应考虑本报告的任何意见或建议是否符合其特定情形,在任何情 况下,本报告中的信息或所表述的意见仅供参考,并不构成对任何人的交易咨询建议。本公 司 ...

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撰写品种:玉米淀粉 撰写时间 2025.6.25 回顾周期: 日报 研究员:漆建华 咨询证号(Z0017731) 玉米淀粉日报 期货行情回顾 图片来源:国金期货行情软件 2025 年 6 月 25 日, 今天的玉米淀粉期货主力合约走势整体呈现出震荡向下的态 势，玉米淀粉期货主力合约 cs2509 今天的收盘价为 2732 元/吨，今日的收盘价和上一 个交易日的收盘价对比下跌了 12 元/吨｡从成交情况来看, 今天的成交量为 11.3 万手, 和上一个交易日对比增加了 9768 手，而持仓量方面，截止今天收盘，持仓量为 13.5 万手，相较于上一交易日，持仓量增加了 20590 手。 二、现货基本面 今天的玉米淀粉现货价格整体呈现出稳中有升的态势，其中黑龙江地区今天的报 公司热线：028 6130 3163 研究所邮箱：institute@gigh.com.cn 投诉：4006821188 028 6130 3163 institute@gjqh.com.cn 4006821188 028 6130 3163 institute@gjqh.com.cn 4006821188 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current soda ash market has sufficient supply and weak demand. The two major downstream industries, float glass and photovoltaic glass, are in a difficult situation, with inventory on the rise. The overall market sentiment is pessimistic, and soda ash prices may still face downward pressure in the short term [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - On June 25, 2025, for the soda ash 2508 contract, the latest price was 1171, up 3 with a 0.26% increase, the open interest was 11699, down 29, and the trading volume was 2655. Its opening price was 1166, the highest was 1173, the lowest was 1159, and the settlement price was 1166 [4]. - For the soda ash 2509 contract, the latest price was 1166, up 1 with a 0.09% increase, the open interest was 1561404, down 7874, and the trading volume was 953401. Its opening price was 1158, the highest was 1168, the lowest was 1152, and the settlement price was 1160 [4]. - For the soda ash 2601 contract, the latest price was 1159, up 2 with a 0.17% increase, the open interest was 557916, up 2848, and the trading volume was 125828. Its opening price was 1150, the highest was 1160, the lowest was 1146, and the settlement price was 1154 [4]. 3.2 Spot Market On June 25, domestic soda ash enterprises' quotes remained at a low level. The mainstream ex - factory price of light soda ash was around 1250 - 1350 yuan/ton, and the mainstream delivered price of heavy soda ash to end - users was about 1300 - 1400 yuan/ton [4]. 3.3 Factors Affecting the Market - **Supply**: Since June, the weekly output of soda ash has remained above 700,000 tons, with significant supply pressure. Although some plants have maintenance plans in the medium - term approaching summer, there are few new maintenance plans in the short term, and the overall supply is at a high level [5]. - **Demand**: The involution in the photovoltaic glass industry has led to production cuts. The price rebound of float glass is based on the expectation of supply tightening. Whether the unplanned cold repairs are realized or not, it is unfavorable for the demand of soda ash. In addition, in the demand for light soda ash, the support from lithium carbonate and daily - use glass is limited, and the substitution ratio of caustic soda is less than 5%, with limited incremental demand. Overall, the demand recovery of downstream industries for soda ash is weak, and procurement is mostly for rigid needs, with a cautious market performance [5]. - **Macro - level**: There are signs of easing in the Middle East geopolitical conflict, and the overnight crude oil futures price has declined. Although the State Council executive meeting has made targeted arrangements for the real estate market recently, the year - on - year growth rate of real estate development investment is still declining without an obvious turning point, and its role in driving the demand for the glass industry downstream of soda ash is not clear [5][6].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The Shanghai Tin main contract 2507 showed a weak oscillating trend today. Despite a slight price increase, the decrease in trading volume and open interest, along with the outflow of funds, indicate that market trading is becoming lighter and short - selling power is strengthening. It is expected that the Shanghai Tin main contract 2507 will continue to maintain an oscillating pattern [11]. 3. Summary by Relevant Catalogs 1. Market Overview and Market Review - **1.1 Daily Market Overall Performance** - The Shanghai Tin main contract 2507 showed a weak oscillating trend on June 25, 2025. The opening price was 263,200 yuan/ton, the highest was 263,800 yuan/ton, the lowest was 261,900 yuan/ton, and the closing price was 263,800 yuan/ton, with a settlement price of 262,150 yuan/ton. The contract price tried to rise in the afternoon but failed to break through the resistance level of 264,000 yuan/ton and then gradually declined. The trading volume was 54,700 lots, a decrease from the previous trading day, indicating a slight decline in market trading activity. The open interest at the close was 13,100 lots [2]. - **1.2 Futures Market Data** - The latest price of the Shanghai Tin main contract (snm) was 263,000 yuan, with a decrease of 190 yuan and a decline rate of 0.07%. Other contracts such as the Shanghai Tin weighted (sni), Shanghai Tin 2512 (sn2512), etc., also had different price changes [6]. 2. Analysis of Influencing Factors - **2.1 Macroeconomic Policy** - The cease - fire agreement between Israel and Iran came into effect, reducing market risk - aversion sentiment and improving risk preference, which provided some support for commodity prices including tin [8]. - **2.2 Tracking and Interpretation of Related Data** - **Supply Side**: Tin ore supply in production areas such as Yunnan is tightening. Some smelting enterprises are considering shutdown for maintenance or slight production cuts in June. The resumption of tin mines in Myanmar's Wa State is slow, and the transportation of tin mines from southern Myanmar through Thailand is blocked. It is expected that the domestic tin ore imports in June will decrease by 500 - 1,000 tons, and the short - term supply shortage of domestic tin ore is obvious, which supports the tin price [9]. - **Demand Side**: Terminal enterprises have entered the seasonal off - season. Orders for consumer electronics and automotive electronics are growing weakly, and the photovoltaic production schedule in June is declining month - on - month. As the tin price rebounds to around 260,000 yuan/ton, the downstream purchasing willingness has significantly weakened, generally adopting a "small - batch, multi - batch" purchasing strategy, which restrains the rise of tin price [10].

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