PTA现货价格 - MEG内盘 基差 -- PTA现货价格 -- PTA主力期货价格 8000 - 1700 9200 1500 7000 1300 8200 1100 6000 7200 900 700 5000 6200 500 4000 5200 300 100 4200 3000 -100 -300 3200 2000 2025- 2025- 2023- 2023- 2023- 2024- 2024- 2024- 2024-10 2024-12 2025-02 2025-04 2024-08 2024-06 01 09 05 09 01 01 05 05 数据图表 800 现货加工区间 -- 盘面加工区间 POY现金流 FDY现金流 -DTY现金流 800 切片现金流 涤短现金流 600 700 400 600 500 200 400 0 01 300 -200 200 -400 100 0 -600 2023- 2023- 2024- 2025- 2025- 2023- 2024- 2024- 02 09 01 02 09 01 05 01 -800 免责声 本报告中的信息均源于公开可获得的资料,国 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - Pulp lacks clear driving factors in the short term, and a 7 - 9 reverse spread strategy is recommended [1]. 3) Summary by Related Catalogs Price Data - **Futures Prices**: On June 18, 2025, SP2601 was 5234 with a daily increase of 0.11% and a weekly decrease of 0.68%; SP2507 was 5240 with a daily increase of 0.38% and a weekly decrease of 1.98%; SP2509 was 5228 with a daily increase of 0.27% and a weekly decrease of 0.61% [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6050 with no daily change and a weekly decrease of 1.63%; Knitted Coniferous was 5250 with no daily change and a weekly decrease of 1.87%; Broad - leaf pulp Goldfish was 4100 with no daily change and a weekly decrease of 0.49% [1]. - **Outer - disk Quotes and Import Costs**: Chilean Silver Star outer - disk quote was 740 dollars with no change, and its import cost was 6046 with no change; Chilean Star outer - disk quote was 560 dollars with no change, and its import cost was 4587 with no change; Chilean Venus outer - disk quote was 620 dollars with no change, and its import cost was 5073 with no change [1]. Fundamental Data - **Supply**: In April 2025, the pulp shipment volume to China was 1353, a year - on - year decrease of 30.80%. Broad - leaf pulp supply was 119.9, a year - on - year decrease of 18.44%. Chilean Arauco's June 2025 outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value) with no change, broad - leaf pulp had no supply in June and partial supply recovery in July (limited quantity), and natural pulp Venus was 620 dollars/ton (face value) with no change. In April 2025, the shipment volume of M20 coniferous pulp to China decreased by 2.9% year - on - year, and that of broad - leaf pulp increased by 26.7% year - on - year [1]. - **Inventory**: As of June 12, 2025, the delivery warehouse inventory was 25.50 tons, and the pulp port inventory was 218.5 tons, showing a slight inventory accumulation trend [1]. - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid - demand purchases, and the output of major finished papers remained stable [1]. Valuation Data - On June 18, 2025, the basis of Silver Star was 810 with a quantile level of 0.958, the basis of broad - leaf pulp Goldfish was - 487 with a quantile level of 0.204, and the basis of Russian coniferous pulp was 10 with a quantile level of 0.729 [1].

投资咨询业务资格:证监许可【2012】31号 IIG 国贸期 权数据日报 主能介于品中心 =: F0251925 2025/6/18 数据来源: Wind,国贸期货研究院 | | 行情回顾 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 张肤帽(%) | | | 成交额(亿元) | | 成交堂(亿) | | | 上证50 | 2683. 9528 -0. 04 | | | 635. 17 | | 33.12 | | | 沪至300 | 3870. 3786 -0. 09 | | | 2204. 00 | | 122. 34 | | | 中证1000 | 6141. 4684 -0.10 | | | 2608. 74 | | 208. 43 | | | | 中金所股指期权成交情况 | | | | | | | | 指数 | 期权成交望 认沽期权 | 认购期权 | 日成交里 | 期权持仓里 | 认购期权 | 认沽期权 | 持仓里 | | | (万张) 成交里 | 成交里 | PCR | (万5k) | 持仓里 | ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 l数据已 国贸期货研究院 投资咨询号: Z0021658 农产品研究中心 黄向岚 从业资格号:F03110419 2025/6/18 | 指标 | | 6月17日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | -24 | -29 | 2500 2000 | ===== 19/20 ===== 20/21 ===== 21/22 ===== 22/23 | | - 23/24 | 24/25 | | | 天津 日照 | -94 -124 | -29 | 1500 1000 | | | | | | 43%豆粕现货基差 | | | | | | | | | | | 张家港 | -154 | -29 | -500 | | | | | | (对主力合约) | | | | 09/21 | 10/22 11/22 12/23 01/23 02/23 03/25 04/25 05/26 06/26 07/27 | | | ...

载 XH 【3】突发:伊朗外交部长表示,如果以色列停止对伊朗的打击,伊朗将暂停对以色列的袭击。就在几小时前，特朗 普总统表示"我们很容易就能在伊朗和以色列之间达成一项协议。" II GER期货 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 卢钊毅 | 投资咨询号： Z0021177 | 从业资格号:F03101843 | 2025/6/18 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | | 综合指数SCFI | 指数CCFI | | | | | | '三三 | 现值 | 2088 | 1243 | 4120 | 2908 | 6745 | 1844 | | Alle | 前値 | 2240 | 1155 | ୧୧୦୧ | 2185 | 6939 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The conflict between Iran and Israel has further escalated, with Israel attacking Iranian oil - field facilities and Iran responding. It is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow [2]. - PTA will go into a de - stocking phase. The actions of mainstream factories to increase the basis for sales have had a significant impact on the market, and PTA spot is becoming tight. Polyester has recently de - stocked rapidly, and inventory has increased significantly. The market's purchasing willingness has increased due to rising crude oil prices [2]. - For ethylene glycol, although the overall import volume from Iran is limited, the conflict may affect Iranian petrochemical exports. Coal - based ethylene glycol profits have expanded, and the recent blockage of US ethane imports has affected domestic ethylene glycol plants. Ethylene glycol will continue to de - stock, and the arrival volume will decrease [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil price dropped from 541.6 yuan/barrel on June 16, 2025, to 529.8 yuan/barrel on June 17, 2025, a decrease of 11.8 yuan/barrel [2]. - **PX**: CFR China PX price increased from 866 to 884, and the PX - naphtha spread rose from 246 to 260. The PX operating rate remained at 83.07% [2]. - **PTA**: The PTA主力期价 rose from 4766 yuan/ton to 4782 yuan/ton, and the spot price increased from 5005 yuan/ton to 5020 yuan/ton. The spot processing fee decreased from 311.5 yuan/ton to 241.8 yuan/ton, and the disk processing fee dropped from 72.5 yuan/ton to - 6.2 yuan/ton. The PTA operating rate increased from 81.57% to 83.80%, and the number of PTA warehouse receipts decreased from 84853 to 80591 [2]. - **MEG**: The MEG主力期价 rose from 4374 yuan/ton to 4400 yuan/ton. The MEG - naphtha spread increased from - 135.55 yuan/ton to - 131.74 yuan/ton. The MEG domestic price increased from 4426 to 4446. The MEG operating rate remained at 56.16%, and the main - contract basis remained at 82 [2]. - **Polyester Products**: The polyester load increased from 89.74% to 89.99%. Among polyester filaments, the POY, FDY, and DTY prices remained unchanged, but their cash flows decreased by 20. The long - filament sales rate increased from 30% to 31%. For polyester staple fibers, the price of 1.4D direct - spinning polyester staple increased by 20, and the sales rate increased from 52% to 53%. For polyester chips, the semi - bright chip price decreased by 30, the chip cash flow decreased by 50, and the chip sales rate increased from 40% to 47% [2]. 3.2 Device Maintenance Dynamics - A 1.5 - million - ton PTA device in East China has been restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has been shut down for maintenance recently, with an expected maintenance period of about 10 days [4]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoint - The conflict between Iran and Israel has further escalated. Israel attacked Iran's oil field facilities, and Iran responded. It is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow. Despite the expected reduction in polyester downstream load, it remains at 91.3%, and the actual polyester production has reached a new high. Recent promotions have helped with inventory reduction. PTA will reduce inventory in the future, and the move of mainstream factories to increase basis sales has had a significant impact on the market, making PTA spot supply tight. Affected by the rising crude oil prices, market purchasing willingness has increased. The maintenance of a PX plant in Northeast China and a reforming unit in Zhejiang has been postponed [2] 3. Summary by Relevant Indicators Price and Change - PTA spot price increased from 5005 to 5020, with a change of 15 [2] - MEG inner - market price increased from 4426 to 4446, with a change of 20 [2] - PTA closing price increased from 4766 to 4782, with a change of 16 [2] - MEG closing price increased from 4374 to 4400, with a change of 26 [2] - 1.4D direct - spun polyester staple fiber price increased from 6690 to 6710, with a change of 20 [2] - Short - fiber basis increased from 79 to 83, with a change of 4 [2] - 7 - 9 spread remained unchanged at 152 [2] - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5850 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 840 to 860, with a change of 20 [2] - East China water - bottle chip price decreased from 6075 to 6059, with a change of - 16 [2] - Hot - filling polyester bottle chip price decreased from 6075 to 6059, with a change of - 16 [2] - Carbonated - grade polyester bottle chip price decreased from 6175 to 6159, with a change of - 16 [2] - Outer - market water - bottle chip price remained unchanged at 800 [2] - Bottle - chip spot processing fee decreased from 313 to 277, with a change of - 35.53 [2] - T32S pure polyester yarn price remained unchanged at 10600 [2] - T32S pure polyester yarn processing fee decreased from 3910 to 3890, with a change of - 20 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price decreased from 14695 to 14690, with a change of - 5 [2] - Polyester - cotton yarn profit decreased from 1510 to 1498, with a change of - 11.37 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7150 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 188 to 168, with a change of - 19.53 [2] - Primary low - melting - point staple fiber price remained unchanged at 7355 [2] Load and Production and Sales - Direct - spun staple fiber load (weekly) increased from 88.90% to 91.30%, with a change of 0.02 [3] - Polyester staple fiber production and sales increased from - 106.00% to 56.00%, with a change of 162.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Steel: The steel market is in a volatile range. The upward rebound trading story is not well - developed, and the cost - collapse narrative is also unsmooth. The price will enter a period of tug - of - war, and the rebound height of finished products is relatively limited. It is advisable to hedge at the upper limit of the range and rotate inventory during the volatile period. The steel basis maintains a structure where futures are at a discount to spot, and there may be a reverse - spread logic in the spot off - season [5]. - Coking Coal and Coke: Spot - end coking coal auctions continue to weaken, but the rate of unsuccessful auctions has decreased. Big mines have lowered long - term agreement prices. The market still expects coke price cuts. On the futures side, coking coal prices were affected by supply - side news but did not hold above 800. The black - chain index is weak, and the 20 - day line shows obvious pressure. It is recommended that industrial customers actively participate in hedging, and wait and see for unilateral trading [6]. - Ferrosilicon and Silicomanganese: The fundamentals of ferrosilicon and silicomanganese are stable and follow the steel market. Ferrosilicon production has decreased in some regions, but demand has weakened, and costs have declined. Silicomanganese supply has increased, demand has weakened, and cost support has also weakened [7]. - Iron Ore: The overall situation of the iron ore market remains weak. Iron ore shipments are increasing, and port inventories are starting to accumulate. The downstream pressure is intensifying, and it is more likely that steel products will be weaker than iron ore [8]. Summary by Related Catalogs Futures Market - **Contract Closing Prices and Changes**: - On June 17, for far - month contracts, RB2601 closed at 2974 yuan/ton (unchanged), HC2601 at 3091 yuan/ton (up 3 yuan, 0.10% increase), I2601 at 670 yuan/ton (down 1 yuan, - 0.15% decrease), J2601 at 1388 yuan/ton (up 13.5 yuan, 0.98% increase), and JM2601 at 807 yuan/ton (up 9 yuan, 1.13% increase). - For near - month contracts, RB2510 closed at 2981 yuan/ton (up 5 yuan, 0.17% increase), HC2510 at 3093 yuan/ton (up 4 yuan, 0.13% increase), I2509 at 699 yuan/ton (down 0.5 yuan, - 0.07% decrease), J2509 at 1365.5 yuan/ton (up 13.5 yuan, 1.00% increase), and JM2509 at 789.5 yuan/ton (up 5.5 yuan, 0.70% increase) [2]. - **Spread and Ratio**: - On June 17, the spread between RB2510 and RB2601 was 7 yuan/ton (up 2 yuan), between HC2510 and HC2601 was 2 yuan/ton (down 1 yuan), between I2509 and I2601 was 29 yuan/ton (down 0.5 yuan), between J2509 and J2601 was - 22.5 yuan/ton (down 1 yuan), and between JM2509 and JM2601 was - 17.5 yuan/ton (down 2.5 yuan). - The coil - to - rebar spread was 112 yuan/ton (down 2 yuan), the rebar - to - ore ratio was 4.26 (up 0.02), the coal - to - coke ratio was 1.73 (up 0.01), the rebar disk profit was 187.15 yuan/ton (up 2.83 yuan), and the coking disk profit was 315.47 yuan/ton (up 2.48 yuan) [2]. Spot Market - **Steel Products**: On June 17, the spot prices of Shanghai rebar, Tianjin rebar, and Guangzhou rebar were 3100 yuan/ton, 3220 yuan/ton, and 3160 yuan/ton respectively (all unchanged). The price of Tangshan billet was 2910 yuan/ton (down 10 yuan), and the Platts Index was 93.10 (down 1.15). The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, and Guangzhou hot - rolled coil were 3170 yuan/ton (down 50 yuan), 3220 yuan/ton (unchanged), and 3150 yuan/ton (down 10 yuan) respectively. The billet - to - product spread was 190 yuan/ton (up 10 yuan), and the price of PB ore at Rizhao Port was 716 yuan/ton (down 1 yuan) [2]. - **Coking Coal and Coke**: The spot price of coking coal at Ganqimao Port: Mongolian No. 5 raw coal was 700 yuan/ton (down 1 yuan), Mongolian No. 5 cleaned coal was 860 yuan/ton, Mongolian No. 3 cleaned coal was 70 yuan/ton (down 20 yuan), and the price of Mongolian No. 5 cleaned coal in Hebei Tangshan was 1015 yuan/ton. The price of quasi - first - grade coke at Qingdao Port (ex - warehouse) was 1335 yuan/ton (unchanged) [2]. - **Basis**: On June 17, the basis of HC (main contract) was 77 yuan/ton (down 39 yuan), RB (main contract) was 119 yuan/ton (up 9 yuan), I (main contract) was 31 yuan/ton (unchanged), J (main contract) was 104.98 yuan/ton (up 5.5 yuan), and JM (main contract) was 30.5 yuan/ton (down 14 yuan) [2].

| 品种 | 收盘价 | 较前一日变动 (%) | 品种 | 收盘价 | 我前一日变 动(%) | | --- | --- | --- | --- | --- | --- | | 沪深300 | 3870 | -0.09 | IF当月 | 3869 | 0.0 | | 上证50 | 2684 | -0.04 | IH当月 | 2681 | 0.1 | | 中证500 | 5751 | -0.29 | IC当月 | 5748 | -0.1 | | 中证1000 | 6141 | -0.10 | IM当月 | 6130 | 0.0 | | IF成交量 | 95630 | -6.4 | IF持仓量 | 237778 | 0.5 | | IH成交量 | 50679 | 6.0 | IH持仓量 | 82576 | -0.5 | | IC成交量 | 86313 | -0.1 | IC持仓量 | 218236 | 0.2 | | IM成交量 | 179958 | 4.1 | IM持仓量 | 329756 | 1.7 | 投资咨询业务资格:证监许可【2012】31号 == 宏观金融数据日报 | | 国贸期货研究院 宏观金融研 ...

贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号:Z0013700 | | | 2025/6/18 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | 内外盘金 | 日期 | 伦敦金现 (美元/盎司) | 伦敦银现 (美元/盎司) | COMEX黄金 (美元/盎司) | COMEX白银 (美元/盎司) | AU2508 (元/克) | AG2508 (元/千克) | AU (T+D) (元/克) | AG (T+D) (元/千克) | | 银15点价 | | | | | | | | | | | 格厨房 | 2025/6/17 | 3384. 97 | 36. 45 | 3403. 10 | 36. 54 | 785. 08 | 8864. 00 | 781. 69 | 8833.00 | | (本表数 据来源: | 2025/6/16 | 3415. 20 | 36. 38 | 3434. 80 | 36. 4 ...