投资咨询业务资格:证监许可【2012】31号 ITG国贸期 steels CI生量中 =: F0251925 2025/6/12 数据来源: Wind,国贸期货研究院 | | 行情回顾 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 | | 张肤帽(%) | | 成交覆(亿元) | | 成交里(亿) | | | 上证50 | 2692. 1365 | | 0. 59 | | 665. 28 | | 35. 57 | | | 沪深300 | 3894. 6252 | | 0. 75 | | 2572. 18 | | 142. 41 | | | 中证1000 | 6186. 5122 | | 0. 40 | | 2436. 71 | | 197.64 | | | | 中金所股指期权成交情况 | | | | | | | | | 指数 | 期权成交里 | 认购期权 | 认法期权 | 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 | PC ...

Report Industry Investment Rating - No relevant content found Core Viewpoints - In the current Sino-US trade policy environment, there is an expectation of inventory reduction in the fourth quarter, which will raise the center of the soybean meal futures price. The spot market is active with downstream traders and feed mills actively buying, mainly trading on the 10 - 1 basis. Rumors of plant shutdowns support the short - term bullish oscillation of the futures price. However, with the continuous progress of vessel bookings, if the weather is normal, the upward space is limited. Attention should be paid to changes in Sino - US trade policies and the planting area report at the end of the month [6] Summary by Related Catalogs Basis Data - For 43% soybean meal spot basis on June 11th, in Dalian it was - 17 (up 34), in Rizhao - 157 (up 14), in Tianjin - 67 (up 24), in Zhangjiagang - 167 (down 16), in Dongguan - 187 (down 6), in Zhanjiang - 147 (down 6), and in Fangcheng - 167 (down 16). For rapeseed meal spot basis in Guangdong, it was - 128 (up 16) [4] Spread Data - On June 11th, the M9 - 1 spread was - 17, N9 - RM9 was 20, RM9 - 1 was 1200, the spot spread between soybean meal and rapeseed meal in Guangdong was 350 (down 15), and the futures spread of the main contract was 200 (up 7) [5] International Data - The US dollar to RMB exchange rate was 7.1383, the Brazilian soybean CNF premium was 115 (down 62), and the import soybean futures gross profit was - 62 yuan/ton [5] Inventory Data - As of last week, domestic soybean inventory continued to accumulate and was 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 increase in processing and crushing, soybean meal inventory is expected to accumulate more rapidly in June [6] Supply, Demand, and Market Situation - Supply: From May to July in China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons each month. The current vessel booking progress is 94.4% for June, 80.6% for July, and 33.8% for August. 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: Judging from the livestock inventory, the supply of pigs is expected to increase steadily before September, the poultry inventory remains high, the cost - effectiveness of soybean meal has significantly improved, and downstream transactions have increased with better delivery [6] - Market situation: The downstream traders and feed mills are actively buying, and the market trading is booming, mainly trading on the 10 - 1 basis. There are rumors of plant shutdowns, which support the short - term bullish oscillation of the futures price [6]

| | | | | 聚酯数据日 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/12 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/10 | 2025/6/11 | 变动值 | 行情综述 | | | INE原油(元/桶) | 479.8 | 478. 1 | -1. 70 | 成交情况: PTA: PTA行情下跌,后期PTA供应渐增,预估7月PTA累 | | SC | PTA-SC(元/吨) | 1125. 2 | 1145.6 | 20. 35 | 库存,利空PTA行情。本周PTA现货货少,递盘基差走 | | | PTA/SC(比价) | 1. 3227 | 1. 3297 | 0. 0070 | 强。 | | PX | CFR中国PX | 817 | 812 | -5 | | | | PX-石脑油价差 | 249 | 239 | -11 | | | | PTA主力期价(元/吨) | 4612 | 4620 | 8. ...

投资咨询业务资格:证监许可【2012】 31号 【一 国贸期货 瓶片短纤数据日报 | | | | | 技资咨询号 | | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | Z0017251 2025/6/12 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/6/10 | 2025/6/11 | 变动值 | | | PTA现货价格 | 4855 | 4825 | (30. 00) | | | | | | | 现货资讯: | | MEG内盘价格 | 4376 | 4377 | 1.00 | 短纤:涤纶短纤涨10至6414。现货市场:涤纶 | | PTA收盘价 | 4612 | 4620 | 8.00 | 短纤生产企业价格横盘整理,贸易商价格偏弱震 | | MEG收盘价 | 4269 | 4285 | 16.00 | 荡,下游按需采购,场内成交一般。 | | | | | | 1.56dtex*38mm半光本白(1.4D)涤纶短纤华东市 | | 1.4D直纺涤短 | 6575 | 6570 ...

2017 E 贸期货有限公司 流的衍生品综合服务商 D7 7 - 市 市 服 热 线 官 方 网 Int 站 需 有 课 风 400-8888-598 www.itf.com.cn 慎 险 HD. 入 期 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 | | | 2025/6/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 宏观金融研究中心 白素娜 | | | | | 人业资格号:F3023916 | | | | | | COMEX黄金 日期 | 伦敦金现 | 伦敦银现 | | COMEX白银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | (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) | | 格厨房 | 2025/6/11 3357.90 | ...

【钢材】价格来到 20 日均线压力处,关注重新套保机会 周三价格小涨,价格来到 20 日均线压力处,可关注是否有新的套保入场机会。 产业土看,黑色品种近期期现基差都很 大,反弹带一波基差修复（期货贴水修复）,是合理的。而在基差修复之后,若产业还没有找到更好的做多故事,则价格可 能会重新面临压力。热卷和螺纹反弹压力位关注盘面20日均线附近,重新入场套保的点位区间。 器色盒属数据日报 2025/06/12 | 5/06/12 | | 国贸期货出品 TG 国贸期货 | | --- | --- | --- | | 投资咨询业务资格:证监许可[2012] 31号 | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | 张宝慧 | F0286636 | Z0010820 | | 黄志鸿 | F3051824 | Z0015761 | | 市千雪加 | F03094002 | Z0020036 | | | 远月合约收盘价 | RB2601 | HC2601 | 12601 | J2601 | JM2601 | | --- | --- | --- | --- | --- | --- | --- | | | ...

| TCTERETT | H 用 策略参 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 夜命合国言:ZOUUUI | 人业资格号: F075 发 | 趋势研判 | 行业板块 | 逻辑观点精粹及策略参考 | 品种 | | | 当前国内因素对股指的驱动力不强,基本面表现偏弱,最新通胀 | 和外贸数据显示价格继续低位运行、出口增速放缓,政策面也处 | 于相对真空期。海外因素主导了股指的短期波动,需关注中美经 | | | | | | 股指 | 農汤 | 贸谈判的最新进展。预计在无明显利好出现的情况下, 股指向上 | 突破的可能性较低。操作节奏上需警惕中美关税信号的反复,建 | | | | | 宏观金融 | 议以观望为主。 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 | 震荡 | 国债 | | | | 空间。 | 震荡 | 短期或震荡运行:中长期上涨逻辑仍旧坚实。 | 東金 | | | | | 震荡 | 冲高回落后,银价短期料进入震荡走势。 | 日银 | 中美新一轮会谈提振市场风险偏好,铜价偏强运行,但下游需求 | 第二 | | | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The central bank uses short - and medium - term liquidity management tools to keep mid - year liquidity reasonably abundant. Short - term fluctuations in stock indices are dominated by overseas factors. The results of short - term Sino - US trade negotiations are relatively positive, leading to a relatively strong market oscillation. However, caution is needed regarding the repeated signals of Sino - US tariffs when operating [4][6] 3. Summary by Relevant Catalog 3.1 Monetary Market - **Interest Rates**: DRO01 closed at 1.37 with a 0.48bp increase, DR007 at 1.53 with a 2.13bp increase, GC001 at 1.53 with a 2.00bp increase, GC007 at 1.58 with a 2.50bp increase. SHBOR 3M was 1.64 with a - 0.30bp change, LPR 5 - year was 3.50 with a - 10.00bp change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds were at 1.41 (-0.50bp), 1.50 (-0.60bp), and 1.64 (-1.45bp) respectively, and 10 - year US treasury bonds were at 4.47 (-2.00bp) [3] - **Central Bank Operations**: The central bank conducted 1640 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%. With 2149 billion yuan of reverse repurchases maturing, the net withdrawal was 509 billion yuan. This week, 9309 billion yuan of reverse repurchases will mature in the central bank's open market, with 1265 billion and 1350 billion yuan maturing on Thursday and Friday respectively [3][4] 3.2 Stock Index Futures Market - **Stock Index Performance**: The CSI 300 rose 0.75% to 3894.6, the SSE 50 rose 0.59% to 2692.1, the CSI 500 rose 0.61% to 5792.9, and the CSI 1000 rose 0.4% to 6186.5. The trading volume of the two markets was 12555 billion yuan, a decrease of 1599 billion yuan from the previous day. Most industry sectors closed higher [5] - **Futures Contracts**: For futures contracts, IF, IH, IC, and IM of the current - month contracts had certain price changes and volume/position changes. For example, IF current - month contract rose 1.0%, its trading volume increased 13.3%, and its open interest increased 5.1% [5] - **Premium and Discount Situation**: The premium and discount rates of IF, IH, IC, and IM contracts for different delivery months are provided. For example, the IF current - month contract had a premium rate of 16.48% [7]

Report Summary 1. Industry Investment Rating - There is no information about the industry investment rating provided in the report. 2. Core Viewpoint - A slight restocking by downstream players has led to a rebound in lithium carbonate prices. However, the contradiction of continuously falling ore prices remains unchanged. After the price rebound, the supply of lithium carbonate has increased rapidly while the demand has remained stable. [3] 3. Summary by Relevant Content Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 60,500 yuan, with a daily increase of 150 yuan; the average price of SMM industrial - grade lithium carbonate is 58,900 yuan, also with a daily increase of 150 yuan. [1] - For lithium carbonate futures contracts, the closing price of lithium carbonate 2506 is 61,700 yuan, up 1.18%; lithium carbonate 2507 is 61,680 yuan, up 1.68%; lithium carbonate 2508 is 61,780 yuan, up 1.41%; lithium carbonate 2509 is 61,740 yuan, up 1.41%; lithium carbonate 2510 is 61,800 yuan, up 1.41%. [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) is 630 yuan, with a daily increase of 2 yuan. [1] - The price of lithium mica (Li2O: 1.5% - 2.0%) is 685 yuan, up 10 yuan; lithium mica (Li2O: 2.0% - 2.5%) is 1210 yuan, up 25 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) is 5620 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) is 6540 yuan. [2] Cathode Materials - The average price of lithium iron phosphate (power type) is 30,445 yuan, with a daily increase of 40 yuan; the average price of ternary material 811 (polycrystalline/power type) is 143,960 yuan, down 140 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,665 yuan; the average price of ternary material 613 (single - crystal/power type) is 121,435 yuan, down 100 yuan. [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan. The price spread between battery - grade lithium carbonate and the main contract is - 1180 yuan, with a change of - 770 yuan; the spread between the near - month and the first - continuous contract is - 100 yuan, with a change of 80 yuan; the spread between the near - month and the second - continuous contract is - 60 yuan, with a change of 160 yuan. [2] Inventory - The total inventory (weekly, tons) is 132,432 tons, an increase of 861 tons; the inventory of smelters (weekly, tons) is 57,116 tons, an increase of 881 tons; the inventory of downstream players (weekly, tons) is 41,076 tons, a decrease of 540 tons; the inventory of others (weekly, tons) is 34,240 tons, an increase of 520 tons; the registered warehouse receipts (daily, tons) is 32,837 tons, a decrease of 110 tons. [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 60,937 yuan, with a profit of - 1280 yuan; the cash cost of externally purchased lithium mica concentrate is 64,891 yuan, with a profit of - 6730 yuan. [3] Company News - On the evening of June 9, EVE Energy announced that it plans to issue H - shares and list on the main board of the Hong Kong Stock Exchange to further enhance its capital strength, comprehensive competitiveness, and international brand image. [3]

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL | | | | | | | | 农产品研究中心。 | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/6/12 | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年6月11日 | HMH | 周环比 | | | 2025年6月11日 | 日刊十 HMA | 周环比 | | | SP2601 | 5270 | -0. 23% | 0. 38% | | 针叶浆银星 | 6150 | 0. 00% | 0. 00% | | 期货价格 | SP2507 | 5346 | -0. 56% | 0. 91% | 现货价 | 针叶浆俄针 | 5350 | 0. 00% | 0. 56% | | | SP2509 | 5260 | -0. 45% | 0. 46% ...