Group 1: Industry Investment Rating - N/A Group 2: Core Views - Polyester downstream load remains at 91.8% despite the expected cut - off, and recent promotions have helped with inventory reduction [2] - PTA will reduce inventory in the following time, and the price - basis increase sales actions of major factories have had a significant impact on the market, making PTA spot supplies tight [2] - The change in large PTA factories' sales strategies, especially the behavior of canceling warehouse receipts to sell spot, is effectively changing the market's view on PTA's forward - spread positions [2] - It's difficult for downstream reductions to form a unified force, and even though polyester has been promoting centralized production cuts, it's hard to have an effective impact on the market, and the downstream's resistance to the upstream seems weak [2] Group 3: Summary by Indicators Price Changes - PTA spot price dropped from 4895 to 4830, a decrease of 65 [2] - MEG inner - market price fell from 4408 to 4382, a decrease of 26 [2] - PTA closing price decreased from 4652 to 4602, a decrease of 50 [2] - MEG closing price dropped from 4261 to 4256, a decrease of 5 [2] - 1.4D direct - spinning polyester staple fiber price decreased from 6600 to 6575, a decrease of 25 [2] - Polyester staple fiber basis decreased from 103 to 94, a decrease of 9 [2] - 7 - 9 spread increased from 94 to 138, an increase of 44 [2] - Polyester staple fiber cash - flow increased from 240 to 246, an increase of 6 [2] - 1.4D imitation large - chemical fiber price increased from 5880 to 5881, an increase of 1 [2] - The price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased from 720 to 694, a decrease of 26 [2] - East China water - bottle chip price increased from 5918 to 5921, an increase of 3 [2] - Hot - filling polyester bottle chip price increased from 5918 to 5921, an increase of 3 [2] - Carbonated - grade polyester bottle chip price increased from 6018 to 6021, an increase of 3 [2] - Outer - market water - bottle chip price remained unchanged at 780 [2] - Bottle chip spot processing fee increased from 256 to 323, an increase of 67.29 [2] - T32S pure polyester yarn price remained unchanged at 10600 [2] - T32S pure polyester yarn processing fee increased from 4000 to 4025, an increase of 25 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price increased from 14460 to 14590, an increase of 130 [2] - Polyester - cotton yarn profit decreased from 1658 to 1626, a decrease of 32.57 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7130 [2] - Hollow staple fiber 6 - 15D cash - flow increased from 268 to 332, an increase of 64.29 [2] - Primary low - melting - point staple fiber price remained unchanged at 7250 [2] Market Conditions - In the spot market of polyester staple fiber, the prices of production enterprises are stable, traders' prices fluctuate within a range, downstream purchases as needed, and on - site transactions are limited [2] - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is between 5880 - 5990 yuan/ton, with the average price dropping by 15 yuan/ton compared to the previous working day. Polyester raw materials and bottle chip futures are weakly volatile, most supply - side quotes are stable, downstream demand is cautious, and market transactions are light [2] Load and Production and Sales - Direct - spinning staple fiber load (weekly) increased from 88.90% to 91.30%, an increase of 0.02 [3] - Polyester staple fiber production and sales rate decreased from 60.00% to 76.00%, a decrease of 16.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

国贸期货有限公司 成为一流的衍生品综合服务商 官 方 网 站 服 热线 客 400-8888-598 www.itf.com.cn 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/6/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 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更金 | CONEX日银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/登司) | (美元/盗司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/6/9 | 3324. 93 | 36. 30 | 3345. 70 | 36. 51 | 774.72 | 8909.0 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据目报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/10 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/6 | 2025/6/9 | 变动值 | 行情综述 | | SC | INE原油(元/桶) PTA-SC(元/陣) | 466. 1 1264.8 | 474.3 1155. 2 | 8. 20 -109.59 | 成交情况: PTA:PTA行情下跌,PTA新产能顺利投产,下游聚酯工 厂再度释放减产言论,预估PTA去库存速度放缓,利空 | | | | | | | PTA行情。仓单数量上升且主力供应商排货偏慢,本周 | | | PTA/SC(比价) | 1. 3734 | 1. 3352 | -0. 0383 | PTA现货流动性偏少,支撑本周现货基差,但6月中下 旬货源基差相对偏低。 | | PX | CFR中国PX | 81 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - In the short term, methanol prices will fluctuate within a range. In the medium to long term, the methanol spot market may shift from a strong to a weakening oscillatory trend [1] Group 3: Summary by Relevant Catalogs Spot Price - On June 9, 2025, the prices of methanol in multiple regions increased slightly. The inventory of enterprises in the main production areas in the northwest was low, and the willingness of downstream and traders to replenish at low prices increased, leading to higher auction transaction prices. The positive sentiment in the futures market drove smooth new - order transactions in the afternoon, and some enterprises stopped selling to support prices, pushing up the spot prices. Downstream buyers were mainly on the sidelines, and procurement became more rational after the previous low - price replenishment [1] Supply - Domestic methanol production increased by 200 to 285,678, and the domestic operating rate rose by 0.06 to 88.74. The international operating rate remained unchanged at 68.73 [1] Inventory - Both enterprise and port inventories remained unchanged at 354,950 and 522,960 respectively [1] Demand - The number of pending orders remained unchanged at 249,892 [1] Operating Rates of Related Products - The operating rates of MTO, dimethyl ether, methyl chloride, MTBE, etc. remained unchanged. The operating rate of formaldehyde in Shandong decreased by 10 to 910 [1] Associated Product Prices - The prices of acetic acid and methane chloride decreased by 30 and 170 respectively, while the price of MTBE increased by 60 [1]

投资咨询业务资格:证监会许可【2012】31号 | - | | --- | | 糖 | | 1 国内 | | 小 库存 | 巴西糖配额外进口利润 --- 2019 -- 2020 ----- 2021 23/24 - 19/20 ------ 20/21 ------ 21/22 ------- 22/23 - 24/25 2400 800 2023 -- 2022 2024 1600 600 800 400 -800 200 -1600 -2400 0 12月 11月 5月 10月 1月 2月 3月 4月 6月 7月 8月 9月 郑糖9-1月差 柳州-09基差 - SR1909-SR2001 SR1809-SR1901 ---- SR2009-SR2101 -- SR1909 - SR1809 ------ SR2009 ==== SR2109 SR2109-SR2201 ---- SR2309-SR2401 -- SR2209-SR2301 600 1200 -- SR2309 SR2409 SR2509 SR2209 SR2409-SR2501 SR2509-SR2601 400 800 200 400 ...

Report Industry Investment Rating - Not provided Core Viewpoint - Boosted by sentiment and minor restocking by downstream industries, the price of lithium carbonate rebounded. However, the contradiction of continuous decline in ore prices remains unchanged. After the price rebound, the supply of lithium carbonate increased rapidly while demand leveled off. It is expected that the price of lithium carbonate will return to a weaker trend following the downstream restocking rhythm [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 60,250 yuan, up 50 yuan; the average price of SMM industrial - grade lithium carbonate is 58,650 yuan, up 50 yuan [1] Futures Contract Prices - The closing price of lithium carbonate 2506 is 60,540 yuan, with a 0.2% increase; lithium carbonate 2507 is 60,700 yuan, with a - 0.16% decrease; lithium carbonate 2508 is 60,980 yuan, with a - 0.2% decrease; lithium carbonate 2509 is 60,960 yuan, with a - 0.33% decrease; lithium carbonate 2510 is 61,140 yuan, with a - 0.23% decrease [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 628 yuan, up 2 yuan; lithium mica (Li20: 1.5% - 2.0%) is 675 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1185 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 5620 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 6540 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,385 yuan, up 80 yuan; ternary material 811 (polycrystalline/power type) is 144,280 yuan, down 170 yuan; ternary material 523 (single - crystal/power type) is 114,705 yuan, down 50 yuan; ternary material 613 (single - crystal/power type) is 121,705 yuan, down 150 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the difference between battery - grade lithium carbonate and the main contract product is - 450 yuan, down 210 yuan; the difference between the near - month and the next - month contract is - 280 yuan, up 140 yuan; the difference between the near - month and the second - next - month contract is - 260 yuan, up 220 yuan [2] Inventory - The total inventory (weekly, tons) is 132,432 tons, up 861 tons; the inventory of smelters (weekly, tons) is 57,116 tons, up 881 tons; the inventory of downstream industries (weekly, tons) is 41,076 tons, down 540 tons; other inventory (weekly, tons) is 34,240 tons, up 520 tons; the registered warehouse receipts (daily, tons) is 33,119 tons, down 190 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,831 yuan, and the profit is - 1421 yuan; the cash cost of purchasing lithium mica concentrate externally is 64,355 yuan, and the profit is - 6439 yuan [3] Industry News - Tibet Mining cut the price by 75% and continued to sell its lithium assets. On June 2nd, it adjusted the listing price of 100% equity of Ziyin Zhabuye Lithium Industry Co., Ltd. to 176.9213 million yuan. Since September 2022, it has tried to sell this subsidiary multiple times. The initial listing price of 684 million yuan received no bids, and now the price has dropped by 75% compared to the first listing price but still has no takers [3]

Report Summary 1. Market Investment Rating - No investment rating information is provided in the report. 2. Core View - Domestic factors have a weak driving force on the stock index, with a weak fundamental performance and a relatively policy - vacuum situation. Overseas variables dominate the short - term fluctuations of the stock index. Short - term positive signals in Sino - US economic and trade relations are expected to boost the equity market, and the stock index is expected to run strongly in the short term. However, be vigilant about the repeated signals of Sino - US tariffs and be cautious about chasing up [7]. 3. Summary by Content Money Market - DRO01 closed at 1.38, down 3.50bp; DR007 closed at 1.51, down 1.97bp; GC001 closed at 1.43, down 2.00bp; GC007 closed at 1.55, down 1.00bp; SHBOR 3M closed at 1.65, down 0.20bp; LPR 5 - year closed at 3.50, down 10.00bp; 1 - year treasury bond closed at 1.41, unchanged; 5 - year treasury bond closed at 1.50, up 0.45bp; 10 - year treasury bond closed at 1.66, up 0.25bp; 10 - year US treasury bond closed at 4.51, up 11.00bp [4]. - The central bank conducted 173.8 billion yuan of 7 - day reverse repurchase operations yesterday, with an operating rate of 1.40%. There were no reverse repurchase maturities on the same day, resulting in a net investment of 173.8 billion yuan [4]. - This week, 930.9 billion yuan of reverse repurchases in the central bank's open market will mature. After the bank assessment at the beginning of the month, the money market has become looser. The central bank uses medium - and short - term liquidity management tools to maintain a reasonable and sufficient liquidity at the end of the year [5]. Stock Index Market - The CSI 300 rose 0.29% to 3885.2; the SSE 50 fell 0.08% to 2686.8; the CSI 500 rose 0.76% to 5805.7; the CSI 1000 rose 1.07% to 6219. The trading volume of the two markets in Shanghai and Shenzhen was 1.2864 trillion yuan, an increase of 134.4 billion yuan from the previous trading day. Most industry sectors rose, with chemical pharmaceuticals, biological products, medical services, household light industry, small metals, batteries, and diversified finance leading the gains, while only railway and highway, and precious metals sectors fell [6]. - The trading volume and open interest of stock index futures increased. IF trading volume was 88,193, up 37.8; IF open interest was 242,722, up 6.7; IH trading volume was 44,361, up 27.2; IH open interest was 84,420, up 7.6; IC trading volume was 76,382, up 42.4; IC open interest was 220,628, up 6.1; IM trading volume was 172,233, up 27.4; IM open interest was 324,544, up 3.2 [6]. Inflation and Foreign Trade Data - In May, the CPI decreased by 0.2% month - on - month and 0.1% year - on - year, and the core CPI increased by 0.6% year - on - year. The PPI decreased by 0.4% month - on - month, with the same decline as last month, and decreased by 3.3% year - on - year, with the decline expanding by 0.6 percentage points compared to last month [7]. - In May, China's exports (in US dollars) increased by 4.8% year - on - year (the previous value was 8.1%); imports decreased by 3.4% (the previous value was a 0.2% decrease); the trade surplus was 103.22 billion US dollars, compared with a previous trade surplus of 96.18 billion US dollars. Tariff policies continue to have a structural impact on exports, with direct exports to the US continuing to decline, while exports to non - US countries show a significant year - on - year increase due to "re - export trade", offsetting some of the impact of direct trade with the US [7]. Stock Index Futures Premium and Discount Situation - The premium and discount rates of IF, IH, IC, and IM contracts in different periods are provided, including the current month, next month, current quarter, and next quarter contracts [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Pulp lacks clear driving factors in the short - term and is expected to fluctuate in the range of 5,200 - 5,500 yuan/ton [1]. 3. Summary by Relevant Catalogs Pulp Price Data - On June 9, 2025, the day - on - day change of SP2601 was 1.07%, SP2507 was 0.00%, and SP2509 was 1.26%. The week - on - week change of SP2507 was - 0.34%, and SP2509 was - 0.08% [1]. - The spot price of coniferous pulp Silver Star was 6,150 yuan/ton with a week - on - week change of - 0.81%, and the futures price of SP2601 was 5,296 yuan/ton [1]. - The outer - disk quotes of Chilean Silver Star, Star, and Venus were 740, 560, and 620 US dollars respectively, with no change month - on - month [1]. Pulp Fundamental Data - In April 2025, the import volume of coniferous pulp was 75.8 tons, a month - on - month decrease of 5.01%, and the import volume of broad - leaf pulp was 119.9 tons, a month - on - month decrease of 18.44% [1]. - The pulp shipment volume to China in April 2025 was 1,353 tons, a month - on - month decrease of 30.80% [1]. - As of May 29, 2025, the pulp port inventory was 216.1 tons, a week - on - week increase of 0.2%, showing a slight inventory accumulation trend [1]. Pulp Valuation Data - On June 9, 2025, the Russian needle basis was 70 with a quantile level of 0.975, and the Silver Star basis was 870 [1]. - The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and the import profit of broad - leaf pulp Goldfish was - 467 with a quantile level of 0.207 [1]. Supply, Demand, and Inventory - Supply: Chilean Arauco announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 US dollars/ton (face price), unchanged; broad - leaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); the price of natural pulp Venus was 620 US dollars/ton (face price), unchanged [1]. - Demand: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor; downstream paper mills made rigid - demand purchases, with a slight increase in white cardboard production and stable production of other paper types [1]. - Inventory: As of May 29, 2025, the mainstream port sample inventory of Chinese pulp was 216.1 tons, a 0.4 - ton increase from the previous period, a 0.2% week - on - week increase, showing a slight inventory accumulation trend [1].

Market Performance - The closing prices of the Shanghai 50, CSI 300, and CSI 1000 were 2688.8504, 3873.9841, and 6152.8446 respectively, with changes of -0.12%, -0.09%, and -0.23% [4]. - The trading volumes of the Shanghai 50, CSI 300, and CSI 1000 were 29.85 billion, 110.99 billion, and 178.34 billion respectively, and the turnovers were 520.03 billion yuan, 2020.35 billion yuan, and 2403.63 billion yuan respectively [4]. - The previous trading day, the Shanghai Composite Index rose 0.04% to 3385.36 points, the Shenzhen Component Index fell 0.19%, the ChiNext Index fell 0.45%, the Beijing Stock Exchange 50 fell 0.53%, the STAR 50 fell 0.48%, and the CSI A500 fell 0.1%. A - share trading volume was 1.18 trillion yuan, compared with 1.32 trillion yuan the previous day [8]. Options Trading - For the Shanghai 50 index options, the trading volume was 1.53 million contracts, with 1.01 million contracts for call options and 0.52 million contracts for put options. The PCR was 0.51, and the open - interest was 6.76 million contracts, with 4.19 million contracts for call options and 2.57 million contracts for put options, and the open - interest PCR was 0.61 [4]. - For the CSI 300 index options, the trading volume was 4.13 million contracts, with 2.67 million contracts for call options and 1.47 million contracts for put options. The PCR was 0.55, and the open - interest was 17.94 million contracts, with 10.73 million contracts for call options and 7.21 million contracts for put options, and the open - interest PCR was 0.67 [4]. - For the CSI 1000 index options, the trading volume was 11.63 million contracts, with 5.87 million contracts for call options and 5.76 million contracts for put options. The PCR was 0.98, and the open - interest was 27.37 million contracts, with 13.81 million contracts for call options and 13.56 million contracts for put options, and the open - interest PCR was 0.98 [4]. Volatility Analysis - The report presents historical volatility chains and next - month at - the - money implied volatility and volatility smile curves for the Shanghai 50, CSI 300, and CSI 1000 [8][9][10].

Report Industry Investment Rating - Not provided Core View of the Report - In the short term, the expectation of improved Sino-US relations drives the rebound of US soybeans, and the Brazilian premium rebounds, leading to an increase in import costs. However, there are no obvious abnormalities in the US soybean planting weather, and domestic ship purchases are progressing. The market lacks strong upward momentum for now, and the price is expected to move sideways [6]. Summary by Relevant Catalogs Basis Data - On June 6th, the 43% soybean meal spot basis in different regions showed various changes. For example, in Dalian and Rizhao, it was -50 to -170 with a change of -12; in Tianjin, it was -90 with an increase of 8; in Zhangjiagang, it was -110 with a decrease of -52; in Dongguan, it was -190 with a decrease of -32; in Zhanjiang, it was -130 with a decrease of -22; and in Fangcheng, it was -140 with a decrease of -42. The rapeseed meal spot basis in Guangdong was -178 with a decrease of -41 [4]. Spread Data - The M9 - 1 spread was -38, the N9 - RM9 spread was 7, the RM9 - 1 spread was 261, the spot spread between soybean meal and rapeseed meal in Guangdong was 402 with a change of 11, and the盘面 spread (主力) was 390 with a change of 20 [5]. International Data - The US dollar to RMB exchange rate was 7.1847, the Brazilian soybean CNF premium was 132.00 (in cents per bushel), and the import soybean盘面 gross profit was 175 yuan per ton with an increase of 10 [5]. Inventory Data - As of last week, domestic soybean inventories continued to accumulate and were at a relatively high level compared to the same period. Soybean meal continued to accumulate inventory but was still at a low level. With the significant rebound in crushing operations, soybean meal inventory is expected to accumulate more rapidly in June [6]. Supply and Demand Situation - Supply: From May to July, the arrival of Brazilian soybeans in China is expected to exceed 10 million tons each month. As of now, the purchase progress for June is 94.4%, July is 80.6%, and August is 33.8%. The US soybean planting progress is fast, and the weather in the next two weeks is expected to be favorable for early soybean growth [5][6]. - Demand: Based on inventory, the supply of pigs is expected to increase steadily before September, poultry inventory remains high, the cost - effectiveness of soybean meal has significantly improved, and downstream transactions have increased with better提货 [6].