投资咨询业务资格:证监会许可【2012】31号 国内白糖工业库存 巴西糖配额外进口利润 2000 ---- 19/20 ------ 20/21 ------ 21/22 ------- 22/23 ------- 22/23 -------- 23/24 - - 24/25 800 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 2017 ==2018 == 2020 =2016 · 0 2021 == 2023 == 2024 === 2024 === 2025 11月 10月 12月 2月 3月 5月 6月 9月 1月 4月 7月 8月 柳州-01基差 郑糖1-5月差 500 1000 800 400 600 300 400 200 200 100 0 0 -200 -400 -100 -600 -200 6月21日 7月21日 8月21日 9月21日 10月21日 11月21日 12月21日 5月21日 SR1701-SR1705 -SR1801-SR1805 -SR1901-SR1905 -SR2001-SR2005 SR2101-S ...

Report Industry Investment Ratings - **Bullish**: Copper, Carbonate Lithium [1] - **Bearish**: Aluminum Oxide, Glass, Asphalt [1] - **Neutral (Oscillating)**: Stock Index, Treasury Bonds, Precious Metals, Silver, Electrolytic Aluminum, Zinc, Stainless Steel, Tin, Silicon, Polysilicon, Rebar, Hot Rolled Coil, Iron Ore, Manganese Silicon, Coke, Coking Coal, Palm Oil, Soybean Oil, Rapeseed Oil, Cotton, Sugar, Corn, Bean Meal, Pulp, Logs, Live Pigs, Fuel Oil, Natural Rubber, BR Rubber, PTA, Ethylene Glycol, Short Fiber, Styrene, Urea, PF, PVC, High - Concentration Alkali [1] - **Wait - and - See**: Crude Oil, LPG, Container Shipping to Europe [1] Core Views - In the short term, the stock index is expected to oscillate strongly, and attention should be paid to the Sino - US leaders' meeting during the APEC meeting in South Korea at the end of the month. The asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - Market risk appetite recovery may suppress precious metals, but factors such as the continued US government shutdown and the expected interest rate cut by the Fed in October will support the gold price, so the gold price is expected to enter an oscillating trend [1]. - Global trade frictions are repeated, copper prices fluctuate more, and with the continuous fermentation of copper mine supply disturbances and the improvement of macro - liquidity at home and abroad, copper prices are expected to run strongly [1]. - The fundamentals of electrolytic aluminum are mixed, and the price is expected to oscillate. The domestic alumina production capacity continues to be released, and the fundamentals are weak, putting pressure on the spot price [1]. - The US government shutdown continues, increasing macro - risks. Although the Sino - US trade situation has eased, there are still subsequent disturbances. The short - term opening of the export window has supported the domestic zinc price [1]. - The Sino - US trade friction has slightly eased, and attention should be paid to the statements and negotiation progress of both sides. The expectation of the Fed's interest rate cut at the end of the month remains high. The new RKAB policy in Indonesia has been implemented, and attention should be paid to the quota approval in 2026 in the fourth quarter [1]. - The short - term substantial impact of Indonesia's ban on ore exports is not large, but the supply risk of tin ore is expected to be strong, and the demand is supported by the AI trend, so it is recommended to pay attention to the opportunity of buying on dips in the medium - to - long term [1]. - The traditional peak season for new energy vehicles is approaching, and the energy storage demand is strong. Although the supply production has increased, the overall demand is large, so the price of carbonate lithium is bullish [1]. - The industrial drivers of rebar and hot - rolled coil are not clear, and the valuation is low, so it is not recommended to participate in directional trading. The near - month iron ore is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for the far - month [1]. - The direct demand for manganese silicon is good, but the supply is high, the inventory is at a high level, and the price is under pressure to oscillate. The short - term production profit of ferrosilicon is not good, the cost support is strengthening, the direct demand is good, and there are macro - level benefits [1]. - The supply and demand of glass are supported, and in the short term, sentiment is the main factor. The downward space of the price is limited, and the price fluctuation is strengthening. Soda ash follows glass, with a large supply surplus pressure and the price under pressure [1]. - The news that Indonesia will regulate (reduce) exports to meet the raw material demand for B50 next year has a bullish support for the far - month palm oil contracts. The high inventory in Malaysia in September and high exports in October are intertwined, and the near - month lacks new drivers for the time being [1]. - The Sino - US trade dispute is repeated. The selling pressure of US soybeans restricts the US soybean price, which brings pressure to the domestic soybean oil price from the cost side. However, the expectation of soybean oil inventory reduction also supports the market [1]. - The Canadian foreign minister's visit to China is expected to negotiate on the anti - dumping of Canadian rapeseed, which may bring bearish speculation. The domestic rapeseed is still in short supply, and the rapeseed oil inventory is continuously decreasing from a high level [1]. - The expansion of Xinjiang's cotton spinning capacity and the decrease in spinning profits lead to great uncertainty in the cotton demand in the new year. The current futures price has fully priced in the selling pressure of new crops, and the downward space is limited, but the new crop basis and futures price may continue to be under pressure [1]. - Typhoons around the National Day have an adverse impact on the sugarcane harvest and output in South China. There is a seasonal upward momentum for sugar prices in the short term, but the rebound space is limited after the new sugar is launched [1]. - The uncertainty of Sino - US trade policy and the abundant domestic soybean meal supply bring a pessimistic market expectation, but the current poor profitability of domestic soybean purchases may affect the purchase progress, so it is not advisable to be overly bearish on the single - side [1]. - The trading logic of pulp lies in the trading of old warehouse receipts of the November contract. With weak downstream demand, the futures price is under great pressure [1]. - The spot price of logs is firm, and it is not cost - effective to short after the futures price drops sharply, so it is recommended to wait and see [1]. - The spot price of live pigs has stabilized, but it is necessary to wait for changes in the slaughter volume and weight. The futures price is still at a premium to the spot price, and the short - term trend is uncertain [1]. - OPEC+ continues to increase production, the geopolitical situation cools down, the demand enters the off - season, and the US attitude towards tariffs on China softens, so the prices of crude oil and fuel oil are expected to be bearish or oscillate [1]. - The short - term supply - demand contradiction of asphalt is not prominent, following crude oil. The demand for the 14th Five - Year Plan for construction rush is likely to be falsified, and the supply of Ma Rui crude oil is sufficient [1]. - US tariffs affect the demand for natural rubber, the weather in the producing areas is gradually normal, the supply is expected to increase, and the overall atmosphere in the commodity market is weak [1]. - OPEC+ continues to increase production, but the fundamentals of butadiene are tight. The supply of synthetic rubber is abundant, the downstream trading is weakening, and attention should be paid to inventory reduction [1]. - The fundamentals and sentiment of PTA are declining, the PXN has significantly rebounded, and the domestic PTA production has decreased due to unit inspections [1]. - The port inventory of ethylene glycol in East China is still low, the overseas import is expected to decline, and the domestic unit commissioning is putting pressure on the price. After the National Day, the peak season for polyester is coming to an end [1]. - The short - fiber plants are gradually resuming production, the willingness to deliver warehouse receipts has weakened, and the short - fiber price continues to fluctuate closely with the cost [1]. - The price of benzene in Asia is still weak, the operating rates of STDP and reforming units have decreased, the arbitrage window from Northeast Asia to the US is still closed, and the future inventory of styrene is expected to accumulate further [1]. - The export sentiment of urea has eased, the domestic demand is insufficient, and there is support from anti - involution policies and the cost side [1]. - The price center of the crude oil market has slightly declined, the maintenance intensity has weakened, the downstream demand is slowly increasing, and the price of PF is oscillating strongly [1]. - The support of maintenance for some products is limited, the downstream improvement is less than expected, and the futures price returns to the fundamentals and oscillates weakly [1]. - The PVC futures price returns to the fundamentals, the maintenance has decreased compared with the previous period, the supply pressure is large, and there are many near - month warehouse receipts, so the futures price oscillates weakly [1]. - Many alumina projects in Guangxi are planned to be put into production, the subsequent maintenance concentration is decreasing, the digestion of warehouse receipts is not smooth, and the price of high - concentration alkali is inverted [1]. - OPEC's production increase, the weakening of international CP/FEI prices, and the tight domestic butane fundamentals drive the valuation repair of PG prices [1]. - The price of container shipping to Europe has fallen to a relatively low level, and there is a possibility of a low - level rebound. It is gradually entering the contract - changing rhythm, and the freight rate is close to the full - cost line, so it is expected to stop falling and stabilize [1] Summaries by Catalog Macro - Finance - **Stock Index**: Expected to oscillate strongly in the short term, pay attention to the Sino - US leaders' meeting during the APEC meeting in South Korea at the end of the month and the repeated tariff policies [1] - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1] - **Precious Metals**: Market risk appetite recovery may suppress precious metals, but factors such as the continued US government shutdown and the expected interest rate cut by the Fed in October will support the gold price, so it is expected to enter an oscillating trend [1] Non - Ferrous Metals - **Copper**: Global trade frictions are repeated, copper prices fluctuate more, and with the continuous fermentation of copper mine supply disturbances and the improvement of macro - liquidity at home and abroad, copper prices are expected to run strongly [1] - **Electrolytic Aluminum**: The fundamentals are mixed, and the price is expected to oscillate [1] - **Aluminum Oxide**: The domestic production capacity continues to be released, and the fundamentals are weak, putting pressure on the spot price [1] - **Zinc**: The US government shutdown continues, increasing macro - risks. Although the Sino - US trade situation has eased, there are still subsequent disturbances. The short - term opening of the export window has supported the domestic zinc price [1] - **Stainless Steel**: The Sino - US trade friction has slightly eased, and attention should be paid to the statements and negotiation progress of both sides. The expectation of the Fed's interest rate cut at the end of the month remains high. The new RKAB policy in Indonesia has been implemented, and attention should be paid to the quota approval in 2026 in the fourth quarter [1] - **Tin**: The short - term substantial impact of Indonesia's ban on ore exports is not large, but the supply risk of tin ore is expected to be strong, and the demand is supported by the AI trend, so it is recommended to pay attention to the opportunity of buying on dips in the medium - to - long term [1] - **Silicon**: Northwest production capacity is continuously resuming, Southwest start - up is weaker than in previous years, and the impact of the dry season is weakened. Polysilicon production in October has increased more than expected, and the demand for organic silicon is weak [1] - **Polysilicon**: There is an expectation of production capacity reduction in the medium - to - long term. In October, the supply increases while the demand decreases, and the anti - involution policy has not been implemented for a long time, so the market sentiment has subsided [1] - **Carbonate Lithium**: The traditional peak season for new energy vehicles is approaching, and the energy storage demand is strong. Although the supply production has increased, the overall demand is large, so it is bullish [1] Ferrous Metals - **Rebar and Hot - Rolled Coil**: The industrial drivers are not clear, and the valuation is low, so it is not recommended to participate in directional trading [1] - **Iron Ore**: The near - month is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for the far - month [1] - **Manganese Silicon**: The direct demand is good, but the supply is high, the inventory is at a high level, and the price is under pressure to oscillate [1] - **Ferrosilicon**: The short - term production profit is not good, the cost support is strengthening, the direct demand is good, and there are macro - level benefits [1] - **Glass**: The supply and demand are supported, and in the short term, sentiment is the main factor. The downward space of the price is limited, and the price fluctuation is strengthening [1] - **Soda Ash**: Follows glass, with a large supply surplus pressure and the price under pressure [1] - **Coking Coal and Coke**: After the price rebounded to fill the gap before the holiday, it reached a relatively high level. It may challenge the previous highs again, but the difficulty of breakthrough is large. It depends on whether there are new statements about "anti - involution" in the domestic important meeting communique this week [1] Agricultural Products - **Palm Oil**: The news that Indonesia will regulate (reduce) exports to meet the raw material demand for B50 next year has a bullish support for the far - month contracts. The high inventory in Malaysia in September and high exports in October are intertwined, and the near - month lacks new drivers for the time being [1] - **Soybean Oil**: The Sino - US trade dispute is repeated. The selling pressure of US soybeans restricts the US soybean price, which brings pressure to the domestic soybean oil price from the cost side. However, the expectation of soybean oil inventory reduction also supports the market [1] - **Rapeseed Oil**: The Canadian foreign minister's visit to China is expected to negotiate on the anti - dumping of Canadian rapeseed, which may bring bearish speculation. The domestic rapeseed is still in short supply, and the rapeseed oil inventory is continuously decreasing from a high level [1] - **Cotton**: The expansion of Xinjiang's cotton spinning capacity and the decrease in spinning profits lead to great uncertainty in the cotton demand in the new year. The current futures price has fully priced in the selling pressure of new crops, and the downward space is limited, but the new crop basis and futures price may continue to be under pressure [1] - **Sugar**: Typhoons around the National Day have an adverse impact on the sugarcane harvest and output in South China. There is a seasonal upward momentum for sugar prices in the short term, but the rebound space is limited after the new sugar is launched [1] - **Corn**: The market is concerned about the selling pressure of the spot in the producing areas after the end of October. However, the acquisition attitude towards high - quality corn in Northeast China is positive, and the downward space of the C01 contract is expected to be limited [1] - **Bean Meal**: The uncertainty of Sino - US trade policy and the abundant domestic soybean meal supply bring a pessimistic market expectation, but the current poor profitability of domestic soybean purchases may affect the purchase progress, so it is not advisable to be overly bearish on the single - side [1] - **Pulp**: The trading logic lies in the trading of old warehouse receipts of the November contract. With weak downstream demand, the futures price is under great pressure [1] - **Logs**: The spot price is firm, and it is not cost - effective to short after the futures price drops sharply, so it is recommended to wait and see [1] - **Live Pigs**: The spot price has stabilized, but it is necessary to wait for changes in the slaughter volume and weight. The futures price is still at a premium to the spot price, and the short - term trend is uncertain [1] Energy and Chemicals - **Crude Oil and Fuel Oil**: OPEC+ continues to increase production, the geopolitical situation cools down, the demand enters the off - season, and the US attitude towards tariffs on China softens, so the prices are expected to be bearish or oscillate [1] - **Asphalt**: The short - term supply - demand contradiction is not prominent, following crude oil. The demand for the 14th Five - Year Plan for construction rush is likely to be falsified, and the supply of Ma Rui crude oil is sufficient [1] - **Natural Rubber**: US tariffs affect the demand, the weather in the producing areas is gradually normal, the supply is expected to increase, and the overall atmosphere in the commodity market is weak [1] - **BR Rubber**: OPEC+ continues to increase production, but the fundamentals of butadiene are tight. The supply of synthetic rubber is abundant, the downstream trading is weakening, and attention should be paid to inventory reduction [1] - **PTA**: The fundamentals and sentiment are declining, the PXN has significantly rebounded, and the domestic PTA production has decreased due to unit inspections [1] - **Ethylene Glycol**: The port inventory in East China is still low, the overseas import is expected to decline, and the domestic unit commissioning is putting pressure on the price. After the National Day, the peak season for polyester is coming to an end [1] - **Short Fiber**: The plants are gradually resuming production, the willingness to deliver warehouse receipts has weakened, and the price continues to fluctuate closely with the cost [1] - **Styrene**: The price of benzene in Asia is still weak, the operating rates of STDP and reforming units have decreased, the arbitrage window from Northeast Asia to the US is still closed, and the future inventory is expected to accumulate further [1] - **Urea**: The export sentiment has eased, the domestic demand is insufficient, and there is support from anti - involution policies and the cost side [1] - **PF**: The price center of the crude oil market has slightly declined, the maintenance intensity has weakened, the downstream demand is slowly increasing, and the price oscillates strongly [1] - **PVC**: The futures price returns to the fundamentals, the maintenance has decreased compared with the previous period, the supply pressure is large, and there are many near - month warehouse receipts, so it oscillates weakly [1] - **High - Concentration Alkali**: Many alumina

II C E 認 斯袋 世界500强投资企业 国贸期货有限公司 成为一 -流的衍生品综合服务商 | | | 入期 | | --- | --- | --- | | | | 市 市 | | 客 服 热 线 | 官 方 网 站 | 需 有 | | | | 谨 风 | | 400-8888-598 | www.itf.com.cn | 慎 险 | 投资咨询业务资格:证监许可【2012】31号 股指期权数据日报 投资咨询号: Z0000116 国贸期货研究院 2025/10/22 金融衍生品中心 李泽钜 从业资格号:F0251925 数据来源: Wind,国贸期货研究院 行情回顾 指数 收盘价 涨跌幅(%) 成交额(亿元) 成交量(亿) 1472. 70 上证50 3007. 2634 55. 30 1. 09 5513. 90 215. 71 沪深300 #N/A 1. 53 237. 25 中证1000 7344. 0468 1. 45 3481. 59 中金所股指期权成交情况 期权成交量 认购期权 认沾期权 日成交量 期权持企量 认购期权 认洁期权 持仓量 指数 持仓量 持仓量 (万张) (万张) 成交量 成交量 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 数据日报 | 11 | 豆播种率达11.1%。高于去年同期的9.1%。但低于五年均值16.9%。10月国内大豆预期开始去库但四季度国内豆粕供应预期仍宽松，若中 国无法采购美豆，明年一季度的豆粕供应仍需补充，补充来源暂不确定。需求方面。畜禽短期预期维持高存栏，产能去化尚不明显，支 | | --- | --- | | 编 | 撑倒用需求。但目前养殖剂润呈现亏损,国家政策倾向于控生猪存栏和体重。或影响远月供应:豆糖性价比较高,饲用添比较高,豆粉 | | | 下游成交表现清谈，提货较好。库存方面,国内大豆库存增至高位:本周油厂豆瓣库存因过节原因下降,饲料企业豆粕库存天数下降。 | | | 整体来说,中美贸易政策的不确定性和国内豆粗供应宽松的现实带来市场的悲观预期，但目前国内买船棒利院差,预期影响突船进 | | | 度,单边不宜过分看空,后期建议关注中美政策及南美天气。 | | | 本报告中的信息均源于公开可获得的资料，国贸纲货力求准确可靠。但不对上述信息的准确出发完整件做任何保证。本报告不构 | | क | 成个人投资建议,也未针对个别投资者特殊的投资日标 ...

投资咨询业务资格：证监许可【2012】31号 II GERIK 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 | 2025/10/22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 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 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | | 综合指数SCFI | | | | | | | == | 现值 | 1310 | 973 | 1936 | 862 | 2853 | 1145 | | Alle | 前値 | 1160 | 1015 | 1468 | 876 | 2452 | 1068 | | 运 | 涨跌幅 | 12.92% | -4.11% | 31.88% | -1.60% | 16.35% | 7.21% | | 指 | | SCFIS-西北欧 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/10/22 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 人业资格号:F3023916 | | | | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2512 | AG2512 | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | 日期 | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格跟踪 | 2025/10/21 | 4340. 36 | 51. 72 | 4355. 80 | 50. 70 | 994. 06 | 11805.00 | 991.03 | 11790.00 | | (本表数 | | | | | | | | | | | ...

Group 1: Report Industry Investment Rating No relevant content provided. Group 2: Core Views of the Report - The steel market is weakly stable and fluctuating, with the total steel inventory returning to destocking, but some varieties still have serious inventory accumulation. The market participants are cautious, and the demand lacks explosive power. It is not recommended to participate in directional speculative trading for now [3]. - The valuation of ferrosilicon and silicomanganese is low, and the cost is supported. The production profit of double - silicon is poor in the short term, and the supply is difficult to increase. The demand for double - silicon is strong due to high - level hot metal. The inventory of ferrosilicon is normal, and the subsequent accumulation pressure is not large. It is recommended to go long on ferrosilicon at low prices [3]. - For coking coal and coke, the steel mills have not responded to the second price increase. The supply of coking coal after the festival has not increased significantly, and the hot metal output remains high. The market is still in a state of shock. It is recommended to wait and see for now [3]. - For iron ore, there is no obvious driving force in the short term. The supply is not significantly affected, and the high - level hot metal may lead to over - supply of steel in the second half of the year. It is recommended to wait and see [3]. Group 3: Summary by Related Catalogs Futures Market - On October 21, the closing prices of far - month contracts RB2605, HC2605, I2605, J2605, and JM2605 were 3104.00 yuan/ton, 3236.00 yuan/ton, 749.50 yuan/ton, 1817.50 yuan/ton, and 1250.00 yuan/ton respectively, with changes of - 10.00 yuan/ton, - 9.00 yuan/ton, 0.50 yuan/ton, - 47.00 yuan/ton, and - 47.00 yuan/ton, and the corresponding percentage changes were - 0.32%, - 0.28%, 0.07%, - 2.52%, and - 3.62% [1]. - The closing prices of near - month contracts RB2601, HC2601, I2601, J2601, and JM2601 were 3047.00 yuan/ton, 3219.00 yuan/ton, 769.50 yuan/ton, 1672.00 yuan/ton, and 1177.00 yuan/ton respectively, with changes of - 11.00 yuan/ton, - 10.00 yuan/ton, 1.00 yuan/ton, - 47.00 yuan/ton, and - 42.50 yuan/ton, and the corresponding percentage changes were - 0.36%, - 0.31%, 0.13%, - 2.73%, and - 3.49% [1]. - The cross - month spreads of RB2601 - 2605, HC2601 - 2605, I2601 - 2605, J2601 - 2605, and JM2601 - 2605 on October 21 were - 57.00 yuan/ton, - 17.00 yuan/ton, 20.00 yuan/ton, - 145.50 yuan/ton, and - 73.00 yuan/ton respectively [1]. - The spread/ratio/profit data on October 21: the coil - to - rebar spread was 172.00 yuan/ton, the rebar - to - ore ratio was 3.96, the coal - to - coke ratio was 1.42, the rebar disk profit was - 116.43 yuan/ton, and the coking disk profit was 106.59 yuan/ton [1]. Spot Market - On October 21, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, Tangshan billet, and the Platts Index were 3210.00 yuan/ton, 3090.00 yuan/ton, 3230.00 yuan/ton, 2930.00 yuan/ton, and 104.50 respectively, with changes of 0.00 yuan/ton, 0.00 yuan/ton, 0.00 yuan/ton, 10.00 yuan/ton, and - 0.80 [1]. - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, Guangzhou hot - rolled coil, billet - to - product spread, and Rizhao Port PB were 3250.00 yuan/ton, 3300.00 yuan/ton, 3220.00 yuan/ton, 280.00 yuan/ton, and 776.00 yuan/ton respectively, with changes of 0.00 yuan/ton, 0.00 yuan/ton, - 30.00 yuan/ton, - 10.00 yuan/ton, and - 4.00 yuan/ton [1]. - The spot prices of Qingdao Port Super Special Powder, another powder, Ganjimao Coking Concentrate, Qingdao Port Quasi - First - Grade Coke, and Qingdao Port PB were 703.00 yuan/ton, 745.00 yuan/ton, 1310.00 yuan/ton, 1480.00 yuan/ton, and 780.00 yuan/ton respectively, with changes of 0.00 yuan/ton, 0.00 yuan/ton, 50.00 yuan/ton, 0.00 yuan/ton, and 0.00 yuan/ton [1]. - The basis data on October 21: the HC main contract basis was 31.00 yuan/ton, the RB main contract basis was 163.00 yuan/ton, the I main contract basis was 48.00 yuan/ton, the J main contract basis was - 45.60 yuan/ton, and the JM main contract basis was 163.00 yuan/ton [1]. Market Analysis and Trading Strategies - **Steel**: The market is weakly stable and fluctuating. It is recommended to wait and see or adopt an oscillatory trading idea for single - side trading. Observe the opportunity to go long on the coil - to - rebar spread when the 01 - contract spread is below 150 for disk arbitrage. Roll and take profit for cash - and - carry reverse arbitrage [3]. - **Ferrosilicon and Silicomanganese**: It is recommended to go long on ferrosilicon at low prices [3]. - **Coking Coal and Coke**: Wait and see for single - side trading [3]. - **Iron Ore**: Wait and see [3].

种类 利润估算 外购锂辉石精矿现金成本 74936 H 利 tt -1870 王 外购锂辉石精矿利润 外购锂云母精矿现金成本 77947 外购锂云母精矿利润 -6903 T V 我国科研人员解决全固态金属锂电池界面接触难题。中国科学院物理研究所研究员黄学杰团队联合华中科技大学、中国科学院宁波材料技术 究所等组成的研究团队开发出一种阴离子调控技术，解决了全固态金属锂电池中电解质和锂电极之间难以紧密接触的难题， 键技术支撑。相关研究成果已于7日发表在国际学术期刊《自然-可持续发展》上。 H 求旺盛，刺激下游增加碳酸锂采买，带动社会库存去库。碳酸锂产量有所增加,或压制期价。短期内,供需错配,推升价格, 中长期 员 免 国贸期货力求准确可靠,但不对上述信息的准确性及完整性做任何保证。本报告不构成个人投资资 告中的信息均源于公开可获得的资料, 对个别投资者特殊的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资，责任自负。本报告仅向 特定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。 ITC国贸期货 世界 ...

投资咨询业务资格:证监许可【2012】31号 工工 E E B Z * 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心。 杨璐琳 纸浆价格数据 | | | 2025年10月21日 | 日环比 | 周环比 | | | 2025年10月21日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SP2601 | 5170 | 0. 27% | 0. 19% | | 针叶浆银星 | 2500 | 0. 00% | 0.00% | | 期货价格 | SP2511 | 4854 | -0. 08% | 0. 17% | 现货价 | 针叶浆俄针 | 5100 | 0. 00% | 2.00% | | | SP2605 | 5226 | 0. 27% | -0. 08% | | 阔叶浆金鱼 | 4250 | 0. 00% | 0.00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 6 ...

投资咨询业务资格:证监许可【2012】31号 【一国贸易报 ,责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载 手播的行为均构成对国贸期货的侵权,我可将视情况追究法 险,入市需谨慎。 ITG国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 lle 41 客 官 方 网 站 服 热线 la 风 400-8888-598 www.itf.com.cn 瓶片短纤数据日报 直纺短纤负荷(周) 93.90% 0. 01 94. 40% 涤纶短纤产销 77.00% 66. 00% -11.00% 涤纱开机率(周) 63. 50% 63. 50% 0. 00 再生棉型负荷指数(周) 51. 50% 51.00% 0. 01 涤纶短纤与纯涤纱价格 涤纶短纤现金流 10000 14000 10000 1800 (探偵) 太原知德■ T325纯海分价格 (器比) 照日后(左右) 条短现金流 = 1.4D直线投 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 1 ...