Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - New cotton listing pressure weighs on cotton futures prices [1] Group 3: Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing price of CF2601 was 13,610 yuan/ton with a daily decline of 0.80%, and the overnight closing price was 13,575 yuan/ton with a decline of 0.26%. The trading volume was 429,911 lots, an increase of 103,594 lots from the previous day, and the open interest was 737,548 lots, an increase of 26,552 lots. The closing price of CY2511 was 19,675 yuan/ton with a daily decline of 0.30%, and the overnight closing price was 19,665 yuan/ton with a decline of 0.05%. The trading volume was 12,216 lots, a decrease of 1,999 lots from the previous day, and the open interest was 16,034 lots, an increase of 1,045 lots. The closing price of ICE Cotton No. 12 was 66.25 cents/pound with a decline of 0.08% [1]. - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 4,096, a decrease of 136 from the previous day, and the effective forecast was 12, unchanged from the previous day. The number of cotton yarn warehouse receipts was 0, unchanged from the previous day [1]. - **Spot Price Data**: The price of Beijiang 3128 machine - picked cotton was 14,882 yuan/ton, a decrease of 120 yuan or 0.80% from the previous day. The price of Nanjang 3128 machine - picked cotton was 14,595 yuan/ton, a decrease of 100 yuan or 0.68% from the previous day. The price in Shandong was 15,260 yuan/ton, a decrease of 45 yuan or 0.29% from the previous day. The price in Hebei was 15,200 yuan/ton, a decrease of 50 yuan or 0.33% from the previous day. The 3128B index was 15,224 yuan/ton, a decrease of 59 yuan or 0.39% from the previous day. The international cotton index M was 73.86 cents/pound, a decrease of 1 cent or 0.85% from the previous day. The price of pure - cotton carded yarn 32s was 20,705 yuan/ton, a decrease of 50 yuan or 0.24% from the previous day. The arrival price of pure - cotton carded yarn 32s was 21,433 yuan/ton, an increase of 2 yuan or 0.01% from the previous day [1]. - **Spread Data**: The CF1 - 5 spread decreased by 20 yuan/ton compared to the previous day's spread, and the spread between Beijiang 3128 machine - picked cotton and CF601 decreased by 10 yuan/ton compared to the previous day [1]. 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was sluggish, with low inventory and few offers. The basis for spot sales was mostly stable. Recently, the purchase price of seed cotton was slightly weaker. The price of hand - picked cotton with about 39 - 40% lint and less than 12% moisture in Xinjiang was 7.15 - 7.35 yuan/kg, and the price of machine - picked cotton was 6.1 - 6.25 yuan/kg. The sales basis of 2024/25 Nanjang Kashgar machine - picked 3129/29 - 30B with less than 3.5% impurities was mostly CF01 + 1300 - 1400 for inland self - pick - up [2]. - **Domestic Cotton Textile Enterprises**: The sentiment in the pure - cotton yarn market further weakened, and prices declined slightly in some areas. Some autumn and winter orders were replenished, and the inventory of spinning mills decreased to some extent, but the decline rate was slower than in previous years, and overall demand this year was lower than in previous years. The sales of all - cotton grey fabric market weakened in some areas, with small - order deliveries maintained. There were also small - order transactions recently, but large orders did not appear [2]. - **US Cotton**: ICE cotton futures continued to decline slightly yesterday, affected by the decline in crude oil and other agricultural products, but the decline narrowed [3] 3. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend. The range of trend intensity values is in the [- 2,2] interval, where - 2 represents the most bearish and 2 represents the most bullish [4][5]

2025 年 9 月 23 日 沥青：涨开工厂库小累，化社库降价促销 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2511 | 元/吨 | 3,401 | -0.58% | 3,387 | -0.41% | | | BU2512 | 元/吨 | 3,352 | -0.65% | 3,329 | -0.69% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2511 | 手 | 167,401 | (12,441) | 236,341 | 4,241 | | | BU2512 | 手 | 39,317 | 3,611 | 85,211 | 2,063 | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 59380 | 0 | | | | | | | 昨日价差 | 前日价差 | 价差变动 | ...

2025年09月23日 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：冶炼累库与矿端预期博弈，镍价低位震荡 | 2 | | --- | --- | | 不锈钢：短线供需与成本博弈，钢价震荡运行 | 2 | | 碳酸锂：供需双增，区间震荡延续 | 4 | | 工业硅：关注市场情绪 | 6 | | 多晶硅：仓单去化 | 6 | 期货研究 商 品 研 究 2025 年 9 月 23 日 镍：冶炼累库与矿端预期博弈，镍价低位震荡 不锈钢：短线供需与成本博弈，钢价震荡运行 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 121,400 | -100 | -1,180 | -740 | 1,570 | 3,120 | | ...

Report Overview - The report is the Commodity Research Morning Report - Black Series by Guotai Junan Futures on September 23, 2025, covering multiple commodities in the black series [1]. Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views - Iron ore is expected to have repeated expectations and wide - range fluctuations [2][4]. - Rebar and hot - rolled coils show dull demand and wide - range fluctuations [2][6][7]. - Ferrosilicon and silicomanganese are affected by the silicon - based sector and show weak fluctuations [2][11]. - Coke and coking coal have repeated expectations and wide - range fluctuations [2][15][16]. - Logs fluctuate repeatedly [2][18]. Summary by Commodity Iron Ore - **Fundamentals**: The futures price of l2601 was 807.5 yuan/ton, up 7.5 yuan or 0.94%. The spot prices of imported ores such as Carajás fines, PB fines, etc. increased. The basis and spreads showed some changes [4]. - **News**: The US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% on September 17 [4]. - **Trend Intensity**: 0, indicating a neutral trend [4]. Rebar and Hot - Rolled Coils - **Fundamentals**: For rebar RB2601, the closing price was 3,185 yuan/ton, up 27 yuan or 0.85%. For hot - rolled coil HC2601, it was 3,380 yuan/ton, up 18 yuan or 0.54%. There were changes in production, inventory, and apparent demand [7][8]. - **News**: Steel production, inventory, and demand data were released on September 18. In August 2025, national steel production data and steel import and export data were also provided [8][9]. - **Trend Intensity**: 0 for both rebar and hot - rolled coils, indicating a neutral trend [9]. Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices and various spreads showed different changes [11]. - **News**: Price ranges of ferrosilicon 72 and 75 in different regions on September 22 were reported. Import and export data of ferrosilicon and silicomanganese in August 2025 were also provided [11]. - **Trend Intensity**: - 1 for both, indicating a weak trend [14]. Coke and Coking Coal - **Fundamentals**: Futures prices of JM2601 and J2601 increased. Spot prices and basis showed changes [16]. - **News**: The US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% on September 17 [16]. - **Trend Intensity**: 0 for both, indicating a neutral trend [17]. Logs - **Fundamentals**: Futures prices of different contracts showed little change. Spot prices of various log types in different markets were mostly stable [19]. - **News**: The US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% on September 17 [21]. - **Trend Intensity**: 0, indicating a neutral trend [21].

商 品 研 究 2025 年 9 月 23 日 黄金：继续创新高 白银：震荡调整 | 王蓉 | 投资咨询从业资格号：Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 贵金属基本面数据 | 贵金属基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | | 沪金2510 | 843.00 | 1.87% | 850.98 | 1.46% | | | 黄金T+D | 839.93 | 1.69% | 845.21 | 1.21% | | | Comex黄金2510 | 3781.20 | 1.66% | - | | | | 伦敦金现货 | #N/A | #N/A | - | - | | | 沪银2510 | 10283 | 3.50% | 10348.00 | 1.77% | | 格 | 白 ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Views of the Report - Palm oil has no upward or downward drivers, and the inventory pressure needs to be released [2][4]. - For soybean oil, Argentina has cancelled the export tax on soybeans, leading to a weak and volatile trend in US soybeans [2][4]. - Due to the US soybean's lower - than - expected good - to - excellent rate, soybean meal may rebound [2][13]. - Affected by the sentiment in the soybean market, soybean No.1 is oscillating at a low level [2][13]. - Attention should be paid to the listing of new corn [2][16]. - Monitor the impact of typhoon "Huajiaisha" on sugarcane areas [2][21]. - The pressure of new cotton listing is weighing on the futures price [2][26]. - The peak season for eggs is coming to an end [2][32]. - It is the stage of concentrated release of contradictions in the pig market before the festival [2][34]. - Peanut prices have declined [2][39]. 3. Summary by Related Catalogs Palm Oil and Soybean Oil Fundamental Tracking - Palm oil's daytime closing price was 9,360 yuan/ton with a 0.47% increase, and the night - time closing price was 9,152 yuan/ton with a 2.22% - 2.32% decrease. Its trading volume was 561,707 lots, an increase of 7,050 lots, and the open interest was 403,883 lots, a decrease of 7,931 lots. The spot price in Guangdong was 9,270 yuan/ton, a decrease of 30 yuan/ton, and the basis was - 90 yuan/ton [5]. - Soybean oil's daytime closing price was 8,366 yuan/ton with a 0.46% increase, and the night - time closing price was 8,172 yuan/ton. Its trading volume was 290,066 lots, a decrease of 41,585 lots, and the open interest was 569,350 lots, a decrease of 2,076 lots. The spot price in Guangdong was 8,710 yuan/ton, unchanged, and the basis was 344 yuan/ton [5]. Macro and Industry News - From September 1 - 20, 2025, Malaysia's palm oil yield per unit area decreased by 6.57% month - on - month, the oil extraction rate decreased by 0.25% month - on - month, and the output decreased by 7.89% month - on - month [6]. - Malaysia's palm oil product exports from September 1 - 20, 2025, showed different trends according to different institutions' data. ITS data indicated an increase compared to the same period last month, AmSpec showed an 8.3% increase, while SGS predicted a 16.1% decrease [7][8][9]. - As of September 21, the US soybean good - to - excellent rate was 61%, lower than the market expectation of 62%, and the harvest rate was 9%, lower than the expected 12% [9]. - Argentina has temporarily cancelled the export tax on soybeans, soybean meal, soybean oil, corn, and wheat until October 31 or until the total export reaches 7 billion US dollars [10]. Trend Intensity The trend intensity of palm oil and soybean oil is - 1 [12]. Soybean Meal and Soybean No.1 Fundamental Tracking - DCE soybean No.1 2511's daytime closing price was 3,912 yuan/ton with a 0.15% increase, and the night - time closing price was 3,884 yuan/ton with a 0.69% decrease. DCE soybean meal 2601's daytime closing price was 3,034 yuan/ton with a 1.00% increase, and the night - time closing price was 2,983 yuan/ton with a 1.55% decrease [13]. Macro and Industry News - On September 22, CBOT soybean futures closed lower, hitting a six - week low due to insufficient Chinese purchases and Argentina's cancellation of the export tax on grains [13][15]. Trend Intensity The trend intensity of soybean meal and soybean No.1 is 0 [15]. Corn Fundamental Tracking - The daytime closing price of C2511 was 2,147 yuan/ton with a 1.11% decrease, and the night - time closing price was 2,151 yuan/ton with a 0.19% increase. The daytime closing price of C2601 was 2,136 yuan/ton with a 1.16% decrease, and the night - time closing price was 2,137 yuan/ton with a 0.05% increase [16]. Macro and Industry News - The northern corn collection price at ports decreased by 20 yuan/ton compared to last week, and the price in Guangdong Shekou remained flat. The purchase price of deep - processing enterprises in the Northeast and North China has declined [17]. Trend Intensity The trend intensity of corn is 0 [20]. Sugar Fundamental Tracking - The raw sugar price was 15.85 cents/pound, a year - on - year decrease of 0.33 cents/pound. The mainstream spot price was 5,850 yuan/ton, a year - on - year decrease of 60 yuan/ton, and the futures main contract price was 5,452 yuan/ton, a year - on - year decrease of 9 yuan/ton [21]. Macro and Industry News - Pay attention to the impact of typhoon "Huajiaisha" on sugarcane production areas. Brazil's sugar production in the second half of August increased by 18% year - on - year, but its exports in August and July decreased by 5% year - on - year. Conab has lowered Brazil's sugar production forecast for the 25/26 season to 44.5 million tons [21]. Trend Intensity The trend intensity of sugar is 0 [24]. Cotton Fundamental Tracking - The daytime closing price of CF2601 was 13,610 yuan/ton with a 0.80% decrease, and the night - time closing price was 13,575 yuan/ton with a 0.26% - 0.05% decrease. The daytime closing price of CY2511 was 19,675 yuan/ton with a 0.30% decrease [26]. Macro and Industry News - The spot trading of cotton was sluggish, and the purchase price of seed cotton was slightly weak. The sentiment in the cotton yarn market has weakened, and the sales of cotton grey cloth have partially declined [27]. Trend Intensity The trend intensity of cotton is 0 [29]. Eggs Fundamental Tracking - The price of eggs 2510 was 2,982 yuan/500 kg, a 1.84% decrease, and the price of eggs 2601 was 3,366 yuan/500 kg, a 1.67% decrease [32]. Trend Intensity The trend intensity of eggs is 0 [32]. Pigs Fundamental Tracking - The Henan spot price was 12,730 yuan/ton, a decrease of 200 yuan/ton. The futures prices of pigs 2511, 2601, and 2603 all decreased year - on - year [35]. Market Logic - Group farms have significantly reduced supply, but the pig weight has increased again, and the price difference between fat and lean pigs has weakened, indicating a serious passive inventory accumulation. The probability of concentrated pressure release in the spot market before the double festivals has increased, and the spot price center will further decline [37]. Trend Intensity The trend intensity of pigs is - 1 [36]. Peanuts Fundamental Tracking - The price of Liaoning 308 common peanuts was 8,600 yuan/ton, an increase of 140 yuan/ton. The trading volume and open interest of peanut futures decreased [39]. Spot Market Focus - In most peanut - producing areas, the supply has slightly increased due to improved weather, but the remaining spring peanuts are limited. The harvest of wheat - stubble peanuts has been postponed due to rain [40]. Trend Intensity The trend intensity of peanuts is 0 [42].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - No explicit core viewpoints provided; the report mainly presents daily data on non - ferrous and precious metals Group 3: Summary by Metals Gold (AU) - On September 22, 2025, the closing price of SHFE gold main contract was 846.50 yuan/gram, the closing price of SHFE gold near - month contract was 843.00 yuan/gram, the closing price of COMEX gold main contract was 308.70 US dollars/ounce, and the closing price of COMEX gold near - month contract was 319.10 US dollars/ounce [1] - The London gold spot price was 3660.50 US dollars/ounce, and the SGE gold spot price was - 0.97 yuan/gram [1] - The domestic basis (gold T + D - main contract) was - 2.01 yuan/gram, and the overseas basis (LBMA gold spot - COMEX AU01) was 90.80 US dollars/ounce [1] Silver (AG) - On September 22, 2025, the closing price of SHFE silver main contract was 10317 yuan/kilogram, the closing price of SHFE silver near - month contract was 10283 yuan/kilogram, the closing price of COMEX silver main contract was 1.27 US dollars/ounce, and the closing price of COMEX silver near - month contract was 1.33 US dollars/ounce [1] - The London silver spot price was 42.24 US dollars/ounce, and the SGE silver spot price was 129 yuan/kilogram [1] - The domestic basis (AG(T + D) - main contract) was - 3 yuan/gram, and the overseas basis (LBMA silver spot - COMEX AG01) was 0.27 US dollars/ounce [1] Copper (CU, BC) - On September 22, 2025, the closing price of SHFE copper (CU) main contract was 80160 yuan/ton, the closing price of SHFE copper (CU) continuous contract was 80190 yuan/ton, the closing price of international copper (BC) main contract was 260 yuan/ton, and the closing price of international copper (BC) continuous contract was 71070 yuan/ton [1] - The LME copper 3M closing price (15:00) was 17.00 US dollars/ton, and the COMEX copper main contract price was 0.03 US dollars/pound [1] - The SHFE copper monthly spread (CU00 - CU01) was 30 yuan/ton, and the international copper monthly spread (BC00 - BC01) was - 150.00 yuan/ton [1] - The LME copper 0 - 3 premium/discount was 13.48 US dollars/ton, and the SMM1 electrolytic copper price was - 20 yuan/ton [1] - The SHFE copper warehouse receipt inventory was 29893 tons, and the international copper warehouse receipt inventory was - 25 tons [1] - The copper spot import profit and loss was - 114.76 yuan/ton, and the copper 3M import profit and loss was - 240.82 yuan/ton [1] Aluminum and Alumina (AL, AO) - On September 22, 2025, the closing price of SHFE aluminum (AL) main contract was 20745 yuan/ton, the closing price of SHFE aluminum (AL) continuous contract was - 175 yuan/ton, the closing price of alumina (AO) main contract was - 19 yuan/ton, and the closing price of alumina (AO) continuous contract was 2912 yuan/ton [1] - The LME aluminum 3M closing price (15:00) was - 20.00 US dollars/ton, and the COMEX aluminum main contract closing price was 2619.75 US dollars/ton [1] - The SHFE aluminum monthly spread (AL00 - AL01) was 20 yuan/ton, and the alumina - aluminum monthly spread (A000 - A001) was 2 yuan/ton [1] - The LME aluminum 0 - 3 premium/discount was 7 US dollars/ton [1] - The SHFE aluminum warehouse receipt inventory was - 4324 tons, and the alumina warehouse receipt inventory was - 904 tons [1] - The electrolytic aluminum spot import profit and loss was - 130.26 yuan/ton, and the electrolytic aluminum 3M import profit and loss was - 168.29 yuan/ton [1] - The alumina plant profit was - 206.89 yuan/ton, and the electrolytic aluminum plant smelting profit was 4414.71 yuan/ton [1] Zinc (ZN) - On September 22, 2025, the closing price of SHFE zinc (ZN) main contract was 22090 yuan/ton, and the closing price of SHFE zinc (ZN) continuous contract was 35 yuan/ton [1] - The LME zinc 3M closing price (15:00) was 2913 US dollars/ton [1] - The SHFE zinc monthly spread (ZN00 - ZN01) was - 10 yuan/ton, and the LME zinc 0 - 3 premium/discount was 13.64 US dollars/ton [1] - The SHFE zinc warehouse receipt inventory was 2523 tons, and the LME zinc warehouse receipt inventory was 46825 tons [1] - The refined zinc spot import profit and loss was 248.19 yuan/ton, and the refined zinc 3M import profit and loss was - 2394.02 yuan/ton [1] - The refined zinc plant smelting profit was - 114.00 yuan/ton [1] Lead (PB) - On September 22, 2025, the closing price of SHFE lead (PB) main contract was - 25 yuan/ton, and the closing price of SHFE lead (PB) continuous contract was - 25 yuan/ton [1] - The LME lead 3M closing price (15:00) was - 18.00 US dollars/ton [1] - The SHFE lead monthly spread (PB00 - PB01) was - 20 yuan/ton, and the LME lead 0 - 3 premium/discount was 0.33 US dollars/ton [1] - The SHFE lead warehouse receipt inventory was - 2932 tons, and the LME lead warehouse receipt inventory was 221675 tons [1] - The refined lead spot import profit and loss was - 28.98 yuan/ton, and the refined lead 3M import profit and loss was 229.61 yuan/ton [1] - The recycled lead plant smelting profit was - 120.30 yuan/ton [1] Nickel and Stainless Steel (NI, SS) - On September 22, 2025, the closing price of SHFE nickel (NI) main contract was 121400 yuan/ton, and the closing price of SHFE nickel (NI) continuous contract was - 100 yuan/ton [1] - The closing price of stainless steel (SS) main contract was 50 yuan/ton, and the closing price of stainless steel (SS) continuous contract was - 15 yuan/ton [1] - The LME nickel 3M closing price (15:00) was - 175 US dollars/ton [1] - The SHFE nickel monthly spread (NI00 - NI01) was - 80 yuan/ton, and the stainless steel monthly spread (SS00 - SS01) was 35 yuan/ton [1] - The LME nickel 0 - 3 premium/discount was - 190 US dollars/ton [1] - The SHFE nickel warehouse receipt inventory was - 307 tons, and the stainless steel warehouse receipt inventory was - 769 tons [1] - The refined nickel spot import profit and loss was - 129.10 yuan/ton, and the refined nickel 3M import profit and loss was - 79.83 yuan/ton [1] Tin (SN) - On September 22, 2025, the closing price of SHFE tin (SN) main contract was 272510 yuan/ton, and the closing price of SHFE tin (SN) continuous contract was 2940 yuan/ton [1] - The LME tin 3M closing price (15:00) was 34440 US dollars/ton [1] - The SHFE tin monthly spread (SNOO - SN01) was - 290 yuan/ton, and the LME tin 0 - 3 premium/discount was 22 US dollars/ton [1] - The SHFE tin warehouse receipt inventory was 42 tons, and the LME tin warehouse receipt inventory was 2505 tons [1] - The refined tin spot import profit and loss was 1528.60 yuan/ton, and the tin ore processing fee was 12000 yuan/ton [1]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - On September 19, 2025, CBOT soybean futures closed lower, hitting a one - week low, as the call between US President Donald Trump and Chinese leaders failed to reach an agreement on soybean exports. The market had hoped for more positive results from the negotiation, but the lack of short - term US soybean sales put pressure on the market [1][2] - The trend strength of soybean meal is +1, and that of soybean No.1 is 0, referring to the price fluctuations of the main contract in the daytime session on the report day [2] Group 3: Summary According to Related Catalogs Futures - The closing price of DCE soybean No.1 2511 in the daytime session is 3904 yuan/ton, up 12 yuan (+0.31%), and 3901 yuan in the night session, down 5 yuan (-0.13%) [1] - The closing price of DCE soybean meal 2601 in the daytime session is 3014 yuan/ton, up 13 yuan (+0.43%), and 3019 yuan in the night session, up 15 yuan (+0.50%) [1] - The closing price of CBOT soybean 11 is 1026 cents/bushel, down 11.50 cents (-1.11%) [1] - The closing price of CBOT soybean meal 12 is 284.2 dollars/short ton, down 1.2 dollars (-0.42%) [1] Spot - In Shandong, the spot price of soybean meal is 2980 - 3010 yuan/ton, with different basis prices for different months compared to M2601 [1] - In East China, the spot price of soybean meal has different basis prices for different months compared to M2601, and most are unchanged from the previous day [1] - In South China, the spot price of soybean meal in different regions has different basis prices for different months compared to M2601, and some prices have changed [1] Main Industry Data - The trading volume of soybean meal in the previous trading day was 9.3 million tons per day, compared with 5.36 million tons per day in the day before the previous trading day [1] - The inventory of soybean meal in the previous week was 110.85 million tons, and the data for the week before the previous week is not available [1]

所长 早读 国泰君安期货 2025-09-22 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-09-22 所长 早读 今 日 发 现 习近平与特朗普通电话，通话务实、积极和建设性 观点分享： 据央视新闻，9 月 19 日晚，国家主席习近平同美国总统特朗普通电话，就当前中美关系 和共同关心的问题坦诚深入交换意见，就下阶段中美关系稳定发展作出战略指引。通话是务 实、积极、建设性的。19 日接受《环球时报》记者采访的专家认为，此次中美元首通话再次 为两国关系发挥把舵定向的作用，也再一次确认了两国关系发展的基本方向，这有助于双方 进一步管控分歧。美国《纽约时报》19 日称，两位领导人的对话本身表明，美中关系正趋于 稳定。在 19 日的通话中，习近平指出，中美两国在二战中是并肩战斗的盟友。特朗普 19 日 在社交媒体上发文称，这是一次"非常富有成效"的通话，双方在许多非常重要的问题上取 得进展。他透露，将与中国领导人在于韩国举办的亚太经合组织领导人非正式会议期间举行 会晤，并计划在明年早些时候访问中国。 | | | 板块 | 关注指数 | | --- | --- | --- | --- | | ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - No clear core view presented in the provided content Group 3: Summary by Related Catalogs 1. Fundamental Tracking of Oils and Fats - **Futures Prices and Fluctuations**: Palm oil's day - session closing price was 9,316 yuan/ton with a 0.13% increase, and night - session was 209,306 yuan/ton with a - 0.11% decrease;豆油's day - session was 8,328 yuan/ton with a 0.53% increase, and night - session was 8,322 yuan/ton with a - 0.07% decrease;菜油's day - session was 10,068 yuan/ton with a 0.84% increase, and night - session was 10,073 yuan/ton with a 0.05% increase. The Malaysian palm oil (12/2) was 4,424 ringgit/ton with a 0.43% increase, and CBOT soybean oil was 50.59 cents/pound with a - 1.06% decrease [2] - **Trading Volume and Open Interest**: For palm oil, the previous trading volume was 554,657 lots with a decrease of 73,092 lots, and open interest was 411,814 lots with a decrease of 11,365 lots; for soybean oil, trading volume was 331,651 lots with a decrease of 17,302 lots, and open interest was 571,426 lots with a decrease of 3,418 lots; for rapeseed oil, trading volume was 312,127 lots with an increase of 45,203 lots, and open interest was 352,429 lots with an increase of 26,198 lots [2] - **Spot Prices and Changes**: Palm oil (24 - degree, Guangdong) was 9,300 yuan/ton with a 30 - yuan increase; first - grade soybean oil (Guangdong) was 8,710 yuan/ton with an 80 - yuan increase; fourth - grade imported rapeseed oil (Guangxi) was 10,110 yuan/ton with a 120 - yuan increase; Malaysian palm oil FOB was 1,100 dollars/ton with a 10 - dollar decrease [2] - **Basis**: Palm oil (Guangdong) basis was - 16 yuan/ton; soybean oil (Guangdong) was 382 yuan/ton; rapeseed oil (Guangxi) was 42 yuan/ton [2] - **Futures Spreads**: The spread between rapeseed and palm oil futures was 752 yuan/ton; between soybean and palm oil was - 988 yuan/ton. Palm oil 1 - 5 spread was 202 yuan/ton; soybean oil 1 - 5 spread was 276 yuan/ton; rapeseed oil 1 - 5 spread was 500 yuan/ton [2] 2. Macro and Industry News - There was a phone call between Xi Jinping and former US President Donald Trump [3] - Malaysia's ITS palm oil export volume from September 1 - 20 was 1,010,032 tons [4] 3. Oil Mill Operation - In the 38th week (September 13 - 19), the actual soybean crushing volume of domestic oil mills was 2.4275 million tons, with an operating rate of 67.76%, 30,100 tons higher than expected. It is expected that in the 39th week (September 20 - 26), the operating rate will slightly decrease, with an expected crushing volume of 2.3878 million tons and an operating rate of 66.65% [5] 4. Trend Intensity - The trend intensity of palm oil was - 1, and that of soybean oil was - 1 [6]