贵金属数据日报 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 用器500强投资企业 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/7/1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/登司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/6/30 | 3292. 28 | 36. 21 | 3303. 50 | 36. 44 | 765. 46 | 8762.00 | 762.56 | 8742. 00 | ...

II GEREK 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 | | | | 国贸期货研究院 能源化工研究中心 | | 投资咨询号： Z0021177 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 卢钊毅 | | | 从业资格号:F03101843 | 2025/7/1 | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | 现值 | 1862 | | 2578 | 1619 | 4717 | 2030 | | Ala | 前值 | 1870 | 1342 | 2772 | 2083 | 5352 | 1835 | | 运 | 涨跌幅 | -0.43% | -100.00% | -7.00% | -22.28% | -11.86% | 10.63% | | יינץ | | SCFIS-西北欧 ...

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - PTA: With the easing of the war between Iran and Israel, the crude oil market dropped significantly, and the chemical industry followed the decline. Despite the expectation of reduced downstream polyester load, the actual polyester output reached a new high. PTA will likely go through inventory reduction in the coming period, and the actions of major factories to increase the basis for sales have a significant impact on the market, making PTA spot supply tight. Polyester has recently achieved rapid inventory reduction [2]. - Ethylene Glycol (MEG): The conflict between Iran and Israel has eased, leading to a sharp decline in crude oil prices, and the chemical industry as a whole will follow suit. The rise in ethylene prices has strengthened the cost side, and the export of Iranian petrochemicals is expected to be affected. However, the overall import volume of MEG from Iran is limited. The profit of coal - based MEG has expanded, and the recent blockage of US ethane imports has affected domestic MEG plants. MEG will continue the inventory reduction trend, and the arrival volume will decrease. Polyester production cuts will have a certain impact on the market, and the inventory at ports has changed little. The recovery of the load of coal - based MEG plants will put pressure on the market, and MEG will enter the inventory reduction stage later [2]. 3) Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 498.5 yuan/barrel on June 27, 2025, to 496.7 yuan/barrel on June 30, 2025, a decrease of 1.8 yuan/barrel [2]. - **PX**: CFR China PX price increased from 868 to 874, and the PX - naphtha spread rose from 298 to 304. The PX operating rate decreased from 80.43% to 78.98%, a decline of 1.45 percentage points [2]. - **PTA**: The PTA主力期价 increased from 4778 yuan/ton to 4798 yuan/ton, and the spot price rose from 5025 to 5030 yuan/ton. The spot processing fee decreased from 341.3 yuan/ton to 316.5 yuan/ton, and the disk processing fee dropped from 84.3 yuan/ton to 74.5 yuan/ton. The PTA operating rate decreased from 78.56% to 77.34%, a decline of 1.22 percentage points. The PTA - SC spread increased from 1155.4 to 1188.4, and the PTA/SC ratio rose from 1.3189 to 1.3292. The PTA warehouse receipt quantity decreased from 35022 to 34434, a reduction of 588 [2]. - **MEG**: The MEG主力期价 decreased from 4271 yuan/ton to 4267 yuan/ton. The MEG - naphtha spread changed from (102.50) to (101.69). The MEG domestic price decreased from 4346 to 4334 yuan/ton. The MEG operating rate increased slightly from 55.77% to 55.85%, an increase of 0.08 percentage points [2]. - **Polyester Products**: The polyester load decreased slightly from 89.35% to 89.29%, a decline of 0.06 percentage points. Among polyester filament products, the prices of POY150D/48F, FDY150D/96F, and DTY150D/48F all decreased, and their cash flows also declined. The long - filament sales rate decreased from 49% to 31%, a decline of 18 percentage points. The price of 1.4D direct - spun polyester staple fiber remained unchanged, and its cash flow decreased slightly. The short - fiber sales rate decreased from 53% to 40%, a decline of 13 percentage points. The price of semi - bright chips increased from 5905 to 5915 yuan/ton, and the chip cash flow increased from (197) to (188). The chip sales rate decreased from 70% to 62%, a decline of 8 percentage points [2]. Device Maintenance - A 1.5 - million - ton PTA plant in East China has restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA plant in East China has recently shut down for maintenance, with an expected maintenance period of about 10 days [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - In the short - term, after a strong breakthrough, the stock index is more likely to strengthen and fluctuate under the drive of sentiment and liquidity. Attention should be paid to macro incremental information for guidance on the stock index direction. In the long - term, the Politburo meeting at the end of July will set the policy tone for the second half of the year. Given the possible further deterioration of real estate sales and investment and the overall weakness of consumption, policies are expected to further support domestic demand. Overseas, the uncertainty of US tariff policies, the approaching Fed rate - cut time, and changes in geopolitical patterns will bring phased trading opportunities for the stock index [6]. - In the future, the central bank may continue to reasonably supplement liquidity through over - renewal of MLF or in combination with reverse repurchase tools in the second half of the year [4]. 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.51 with a 14.09bp increase, DR007 at 1.91 with a 20.92bp increase, GC001 at 2.14 with a 175.00bp decrease, GC007 at 1.69 with a 34.50bp decrease, SHBOR 3M at 1.63 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.34 with a 0.50bp decrease, 5 - year treasury at 1.49 with a 0.50bp increase, 10 - year treasury at 1.65 with a 0.10bp increase, and 10 - year US treasury at 4.29 with a 3.00bp increase [3]. - **Central Bank Operations**: The central bank conducted 3315 billion yuan of 7 - day reverse repurchase operations yesterday, with 2205 billion yuan of reverse repurchases maturing, resulting in a net injection of 1110 billion yuan. This week, 20275 billion yuan of reverse repurchases will mature. The central bank will conduct 3000 billion yuan of 1 - year MLF operations on the 25th, with 1820 billion yuan maturing, achieving a net injection of 1180 billion yuan for the fourth consecutive month. Combining with reverse repurchase operations, the net injection of medium - term liquidity is 3180 billion yuan [3][4]. 3.2 Stock Index Market - **Index Performance**: Yesterday, the Shanghai and Shenzhen 300 rose 0.37% to 3936.1, the Shanghai 50 rose 0.16% to 2712, the CSI 500 rose 0.88% to 5915.4, and the CSI 1000 rose 1.26% to 6356.2. The trading volume of the two markets was 14869 billion yuan, a decrease of 542 billion yuan from last Friday. Industries such as aerospace, gaming, shipbuilding, photovoltaic equipment, medical services, electronic chemicals, jewelry, small metals, and communication equipment led the gains, while only the securities, banking, cement building materials, and airport sectors declined [5]. - **Futures Contracts**: IF当月 rose 0.4%, IH当月 rose 0.3%, IC当月 rose 0.6%, and IM当月 rose 0.8%. The trading volume and positions of all four futures contracts decreased, with IF trading volume down 26.4%, IH trading volume down 31.3%, IC trading volume down 13.7%, and IM trading volume down 11.4%. IF positions decreased by 3.8%, IH positions by 9.1%, IC positions by 3.4%, and IM positions by 5.7% [5]. - **Premium and Discount**: IF premium/discount rates for the current, next - month, current - quarter, and next - quarter contracts are 15.29%, 8.64%, 5.76%, and 4.34% respectively; IH are 14.20%, 6.73%, 3.82%, and 1.72% respectively; IC are 17.96%, 12.96%, 11.17%, and 9.52% respectively; IM are 23.35%, 16.93%, 14.72%, and 12.79% respectively [7].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The upward momentum of the steel sector has slightly narrowed. In the off - season, there is still concern about a decline in demand, and the black - metal sector lacks a strong rebound driver. [4][5] - For coking coal and coke, although the fundamentals are improving, the futures prices lack upward drive after reaching certain levels. Attention should be paid to the resumption of coal mine production in July. [6][7] - The prices of ferrosilicon and silicomanganese mainly fluctuate following coal and steel prices. [7] - Iron ore prices have risen with the overall recovery of industrial products. The price is currently in a trading range, and it can be short - sold near the upper limit. [7] 3. Summary by Related Catalogs Steel - On Monday, the futures market rose slightly and then fell back, with weak upward - continuation momentum. Spot trading volume and prices improved slightly compared to the previous two weeks. The prices of coal and coke futures declined at the end of the session due to production - resumption news and capital outflows. The basis of black - metal varieties has been rapidly repaired. [5] - Suggestion: Wait and see for single - side trading. Focus on the opportunity of cash - and - carry arbitrage as the basis approaches the re - entry point. Short - term long the spread between hot - rolled coil and rebar. [7] Coking Coal and Coke - Spot: Coking coal auctions were fully completed with most prices rising, while port - traded coke was weak. Downstream enterprises replenished stocks moderately. Some previously shut - down coal mines have started to resume production. [6] - Futures: The prices of coking coal and coke futures declined rapidly after reaching 830 and 1430 respectively, lacking upward drive. The fundamentals are improving, but downstream replenishment motivation is limited. [7] - Suggestion: For speculators, set a stop - loss at the previous high and short on rebounds. Industrial customers can take advantage of the premium for selling hedging. [7] Ferrosilicon and Silicomanganese - Ferrosilicon: Supply has increased slightly. Demand has risen as steel tenders are settled, iron - making is at a high level, and the demand for metal magnesium has recovered. Short - term supply and demand are acceptable. The price mainly follows coal and steel. [7] - Manganese silicon: Supply has continued to rise, and the supply - demand structure is relatively loose with rising inventories. The price mainly fluctuates and follows steel, with attention on coal and manganese ore prices. [7] - Suggestion: Buy call options at low prices for their high price elasticity. [7] Iron Ore - The spot price has declined to narrow the basis, and the optimal deliverable is orbf. The steel mill's profit remains high, and iron - making is expected to stay above 240. The steel data has exceeded expectations, and the iron ore price is in a trading range. [7] - Suggestion: Short - sell near the upper limit of the trading range. [7]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - Not provided 3. Summary by Relevant Catalogs 3.1 Market Review - The Shanghai Composite Index closed down 24.22 points, a decline of 0.7%, at 3424.23 points, with a turnover of 6057.32 billion yuan; the Shenzhen Component Index closed up 35.07 points, an increase of 0.34%, at 10378.55 points, with a turnover of 9353.85 billion yuan; the ChiNext Index closed up 9.91 points, an increase of 0.47%, at 2124.34 points, with a turnover of 4645.62 billion yuan; the CSI 300 closed down 24.26 points, a decline of 0.61%, at 3921.76 points, with a turnover of 3434.68 billion yuan [4][8] - The closing prices, changes, turnovers, and trading volumes of SSE 50, CSI 300, and CSI 1000 are presented. The SSE 50 closed at 2707.5688, down 1.13%; the CSI 300 at 3921.7578, down 0.61%; the CSI 1000 at 6276.9373, up 0.47%. Their turnovers were 957.14 billion yuan, 3434.68 billion yuan, and 3304.55 billion yuan respectively, and trading volumes were 57.08 billion, 194.56 billion, and 248.56 billion respectively [4] 3.2 CFFEX Stock Index Option Trading Situation - For the SSE 50, put option trading volume was 1.32 million contracts, call option was 3.08 million contracts, daily trading volume was 4.39 million contracts, PCR was 0.43, option open interest was 5.78 million contracts, call option open interest was 3.55 million contracts, put option open interest was 2.22 million contracts, and open - interest PCR was 0.63 [4] - For the CSI 300, put option trading volume was 3.08 million contracts, call option was 6.65 million contracts, daily trading volume was 9.73 million contracts, PCR was 0.46, option open interest was 16.53 million contracts, call option open interest was 10.07 million contracts, put option open interest was 6.46 million contracts, and open - interest PCR was 0.64 [4] - For the CSI 1000, put option trading volume was 8.05 million contracts, call option was 12.64 million contracts, daily trading volume was 20.69 million contracts, PCR was 0.64, option open interest was 23.28 million contracts, call option open interest was 11.90 million contracts, put option open interest was 11.38 million contracts, and open - interest PCR was 0.96 [4] 3.3 Volatility Analysis - Historical volatility chains and next - month at - the - money implied volatility smile curves are presented for SSE 50, CSI 300, and CSI 1000 [10]

1. Report Industry Investment Rating - The investment view on nickel is "oscillating with a bearish bias" [1] 2. Core View of the Report - In the second half of 2025, uncertain events such as the Fed's interest - rate cut rhythm and overseas tariff policies will disrupt the market. Domestic policy support is expected to increase, and macro - sentiment will still have a phased impact on nickel prices. Fundamentally, the oversupply pattern of primary nickel is hard to change, the negative feedback from demand is intensifying, and the bottom - seeking process of nickel prices continues. If the support from the ore end weakens, it may drive the valuation of nickel prices further down. The cost of integrated MHP to produce electrowon nickel (which fluctuates with ore prices) can be used as a reference for the lower - end valuation. However, be vigilant about the impact of Indonesian policies and macro - news on nickel prices. In terms of operations, look for opportunities to build short positions on price rallies and use combination strategies such as selling out - of - the - money call options to increase returns, while controlling risks [1] 3. Summary by Relevant Catalogs 3.1 Market Review - In the first half of 2025, nickel prices first rose and then declined, with the price center shifting down. In the first quarter, policies in nickel - resource countries stimulated price increases, while in the second quarter, trade conflicts weakened demand expectations, and the oversupply situation intensified, leading to a sharp decline in nickel prices. As of June 27, the closing price of the main SHFE nickel contract was 120,480 yuan/ton, down 3.22% from the beginning of the year, and the LME nickel price at 15:00 was $15,195/ton, down 1.1% from the beginning of the year [7] 3.2 Macro - analysis 3.2.1 Overseas - The Fed's interest - rate cut rhythm remains uncertain. At the June meeting, the Fed kept interest rates unchanged, but the economic outlook shows concerns about "stagflation" in the US economy. The impact of tariff policies on inflation has not yet emerged. The Fed's dot plot shows a 50bp interest - rate cut this year, but more officials prefer not to cut rates. The Fed has also downgraded its GDP growth forecasts for 2025 and 2026, and raised its inflation and unemployment rate forecasts. The impact of tariffs on US inflation has not fully manifested yet, but there is still an upward risk of inflation in the second half of the year [12][13][20] 3.2.2 Domestic - The domestic economy is running steadily, but there are still pressures for stable growth. In May 2025, China's manufacturing PMI rebounded, and new export orders increased after the Sino - US economic and trade talks. However, due to the repeated US tariff policies, there is still a risk of decline in external demand. In terms of imports and exports, exports increased year - on - year in May, but the growth rate slowed down, and imports declined. In terms of credit, the social financing and credit data in May improved slightly, but the financial data has not yet shown strong momentum. It is expected that the central bank may continue to cut interest rates, and fiscal policy will further strengthen in the second half of the year [23][24][26] 3.3 Fundamental Analysis 3.3.1 Supply - side - **Indonesian Ore End**: The PNBP policy in Indonesia has increased the cost of nickel ore sales and use, and the policy may accelerate the clearance of some high - cost production capacities. The supply gap of Indonesian nickel ore can be supplemented by importing from the Philippines. The premium of Indonesian nickel ore is relatively firm, but the demand negative feedback may affect the ore price, and the downward space for high - grade ore prices is limited. In the first half of 2025, China's nickel ore imports decreased year - on - year, and port inventories showed a seasonal decline [29][32][40] - **Nickel Iron**: China's nickel iron production continued to decline year - on - year in the first five months of 2025. In Indonesia, new pyrometallurgical projects were put into production in the first half of the year, and the production of nickel iron increased year - on - year, but there were some production cuts due to cost - price inversion. In the second half of the year, the contraction of stainless steel production may affect the demand for nickel iron, and the profit of Indonesian iron plants may be under pressure. The number of Indonesian nickel iron projects to be put into production in the second half of the year has decreased compared with previous years [43][44] - **Nickel Intermediate Products**: In the first five months of 2025, the import of nickel hydrometallurgical intermediate products and nickel matte increased year - on - year, but the growth rate of intermediate products slowed down. The production of Indonesian MHP increased significantly year - on - year, and the production of high - grade nickel matte decreased year - on - year. In the second half of the year, more attention should be paid to the commissioning of wet - process projects [51][54][55] - **Pure Nickel**: In the first five months of 2025, China's refined nickel production continued to climb, but the growth rate slowed down. Both imports and exports of refined nickel increased significantly. The cost of integrated MHP to produce electrowon nickel and high - grade nickel matte has increased, and the cost range of integrated electrowon nickel will be the focus of pure - nickel valuation in the second half of the year [59][64][67] 3.3.2 Demand - side - **Stainless Steel**: In the first five months of 2025, China's stainless steel production increased year - on - year, and in June, Tsingshan reduced production. In Indonesia, stainless steel production increased slightly year - on - year in the first half of the year, but production is expected to decline in the third quarter. The apparent consumption of stainless steel increased year - on - year, but the terminal demand is weak. The export of stainless steel increased year - on - year in the first five months, but the impact of tariffs on exports is gradually emerging. It is estimated that the annual demand growth rate of stainless steel is about 3% [69][74] - **Nickel Sulfate**: In the first five months of 2025, China's nickel sulfate production decreased year - on - year. The MHP coefficient remained firm due to the supply disruption of cobalt. The production and sales of new energy vehicles remained high, but the proportion of ternary batteries in power - battery loading continued to be low, which had a negative impact on nickel demand. The consumption of nickel in alloy and special steel increased year - on - year, with a growth rate of 3.6% in the first five months [80][84][88]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - With the gradual establishment of downstream inventory of domestic soybeans, the subsequent inventory accumulation speed of domestic soybeans may accelerate under the expectation of high - opening and high - pressing of oil mills, and the performance of 000 is expected to be volatile. - There is an expectation of rising import costs for soybean meal in the fourth quarter. It is recommended to pay attention to the opportunity of buying on dips for the November and January contracts. Also, pay attention to the results of the USDA planting area report at the end of June [7][8]. 3. Summary by Related Content Market Data - On June 27, the basis of the main soybean meal contract in Dalian was - 26, down 70; in Tianjin, it was - 66, down 30; in Rizhao, it was - 106, down 10. The basis of 43% soybean meal spot in Zhangjiagang was - 126, down 50 [6]. - The spot basis of rapeseed meal in Guangdong was - 29, down 9. The M9 - 1 spread was - 41, up 6 [6]. - The spot price difference between soybean meal and rapeseed meal in Guangdong was 387, and the price difference between the main contracts was 270, down 20 [7]. Supply Situation - In China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons in June, July, and August. The supply - demand balance sheet of new - crop US soybeans is tightening, and the good - excellent rate of US soybeans has declined to 66%, lower than the same period last year. The weather in the US in the next two weeks is favorable for soybean growth [7]. Demand Situation - Judging from the inventory, the supply of live pigs is expected to increase steadily before November, and the inventory of poultry remains at a high level. The cost - performance of soybean meal is relatively high, and the proportion of feed addition has increased. The提货 volume is at a high level. In some areas, wheat replaces corn, reducing the use of protein [7]. Inventory Situation - As of last Friday, domestic soybean and soybean meal continued to accumulate inventory. Currently, soybean inventory is at a high level in the same period of history, while soybean meal inventory is still at a low level in the same period of history, and the inventory days of feed enterprises' soybean meal continue to rise [8].

投资咨询业务资格：证监许可【2012】31 号 合成橡胶成本定价逻辑偏强，关注供给端扰动与去库进度 | 投资观点： | 短期偏弱震荡，等待下半年反弹机会 | 合成橡胶（BR） | | --- | --- | --- | | 报告日期 | 2025-6-30 | 半年报告 | ⚫ 行情回顾 上半年 BR 期货价格重心偏低，整体波动性减弱。4 月受中美关税升 级及丁二烯供给过剩拖累，价格跌破 12000 元/吨。5 月中因中美关税缓和 预期及恒力装置故障导致丁二烯短缺预期，价格短暂冲高。随后基本面弱 势主导，价格重回底部震荡。近期因地缘冲突推涨原油带动 BR 小幅上 行，但涨幅有限，走势仍与天胶高度相关。 单边：短期盘面偏弱震荡运行，建议投资者观望； 套利：关注多 BR 空 NR/RU 价差回归。 ⚫ 风险提示 地缘冲突升级、关税政策影响、轮胎出口超预期回暖、天然橡胶主 产区极端天气导致价差逻辑反转。 ⚫ 原料端：产油国增产持续推进，地缘局势导致盘面短期冲高上行 原油： 上半年震荡下行，主因 OPEC+持续增产至 7 月及供需宽松预 期强化。短期地缘冲突推高波动，但中长期宽松格局未改。 丁二烯： 上半年价格波动大 ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The current core contradiction lies in the downstream's strategy of "purchasing only for immediate needs + multiple small - batch purchases", and there is no production cut at the mining end. In the short term, the purchase by downstream traders drives the price to rebound, but the inventory is not actually absorbed by the end - users, giving hedging space to the lithium salt end and further creating upward pressure. In the short term, the futures price of lithium carbonate is expected to be mainly in a weak oscillation [3]. 3. Summary by Relevant Content Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 61,150 with an increase of 550; SMM industrial - grade lithium carbonate has an average price of 59,550 with an increase of 550 [1]. Lithium Futures - Futures contracts such as lithium carbonate 2507, 2508, 2509, 2510, and 2511 all show price increases, with price increases of 3.03%, 3.06%, 3.33%, 3.23%, and 3.27% respectively [1]. Lithium Ore Prices - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) has an average price of 629 with an increase of 4; lithium mica (Li20: 1.5% - 2.0%) has an average price of 720 with an increase of 20; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1255 with an increase of 20; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 4450 with a decrease of 200; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 5300 with a decrease of 200 [1][2]. Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,455 with an increase of 130; the average price of ternary material 811 (polycrystalline/power type) is 142,600 with a decrease of 30; the average price of ternary material 523 (single - crystal/power type) is 114,455 with an increase of 130; the average price of ternary material 613 (single - crystal/power type) is 120,235 with a decrease of 20 [2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 with no change; the price spread between battery - grade lithium carbonate and the main contract is - 2150 with a decrease of 1250; the price spread between the near - month and the first - continuous contract is - 100 with a decrease of 20; the price spread between the near - month and the second - continuous contract is - 60 with a decrease of 140 [2]. Inventory - The total inventory (weekly, tons) is 136,837 with an increase of 1936; the inventory of smelters (weekly, tons) is 59,032 with an increase of 407; the inventory of downstream (weekly, tons) is 40,635 with an increase of 269; the inventory of others (weekly, tons) is 37,170 with an increase of 1260; the registered warehouse receipts (daily, tons) is 21,998 with a decrease of 592 [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,767, and the profit is - 466; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 7131 [3]. Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing. It has already banned the export of lithium ore in 2022 [3].