2025 年 10 月 15 日 商 品 研 究 硅铁：主产区报价松动，宽幅震荡 锰硅：锰矿港口报价下移，宽幅震荡 | | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | --- | | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | | 【基本面跟踪】 | | | | 硅铁、锰硅基本面数据 | | 期货合约 | | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | --- | | | 硅 | 铁2511 | 5378 | -28 | 92,807 | 74,528 | | 期 货 | 硅 | 铁2601 | 5322 | -46 | 87,575 | 173,437 | | | 锰 硅2511 | | 5726 | - 8 | 8,789 | 21,570 | | | 硅2601 锰 | | 5738 | - 8 | 133,881 | 382,892 | | | 项 目 | | ...

商 品 研 究 2025 年 10 月 15 日 鸡蛋：震荡运行 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 | （%） | 成交变动 | 持仓变动 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2511 | 2,852 | 1.71 | | 67,640 | -32,748 | | | 鸡蛋2601 | 3,237 | 1.70 | | -20,158 | -6,321 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋11-12价差 | | -185 | | -184 | | | | 鸡蛋11-1价差 | | -385 | | -403 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 2.80 | | 2.80 | | | | 河北现货价格 | | 2.42 | | 2.49 | | | 产业链数据 | 山西现货价格 | | 2.80 | | 2.80 | | | | 湖北现货价 ...

商 品 研 究 2025 年 10 月 15 日 玉米：有所反弹 尹恺宜 投资咨询从业资格号：Z0019456 yinkaiyi@gtht.com 【基本面跟踪】 玉米基本面数据 | | | | | 昨日价格 | | 价格变动 0 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东北收购均价 | 元/吨 | | n a | | | | | 重要现货 | 锦州平仓 | 元/吨 | | 2,120 | | -20 | | | 价 格 | 华北收购均价 | 元/吨 | | n a | | 0 | | | | 广东蛇口 | 元/吨 | | 2,310 | | -30 | | | | 山东玉米淀粉价格 元/吨 | | | 2,770 | | 0 | | | | | 单 位 | 昨日收盘价 | | 日涨跌% | 昨夜夜盘收盘价 | 夜盘涨跌% | | | C2511 | 元/吨 | 2,093 | | -0.66 | 2,096 | 0.14 | | | C2601 | 元/吨 | 2,111 | | -0.14 | 2,118 | 0.33 | | | ...

2025 年 10 月 15 日 工业硅：弱势供需格局 多晶硅：本周会议陆续召开，盘面看涨对待 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2511收盘价（元/吨） | 8,520 | -285 | -90 | 5 | | | | Si2511成交量（手） | 287,277 | 45,724 | -105,425 | -84,528 | | | | Si2511持仓量（手） | 162,674 | -3,048 | -44,303 | -114,631 | | | 工业硅、多晶硅期货市场 | PS2511收盘价（元/吨） | 49,990 | 1,250 | -1,290 | - | | | | PS2511成交量（手） | 297,703 | 50,727 | 139,591 | - | | | | PS2511持仓量（手） | 81,388 | - ...

商 品 研 究 2025 年 10 月 15 日 沥青：随油下挫 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 表 1：沥青基本面数据 | | 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 | 3,290 | -0.36% | 3,270 | -0.61% | | | BU2512 | 元/吨 | 3,211 | -0.34% | 3,191 | -0.62% | | 期 货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2511 | 手 | 100,725 | (41,232) | 99,108 | (4,179) | | | BU2512 | 手 | 52,375 | (37,691) | 84,561 | 418 | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 43900 | 0 | | | | | | | 昨日价差 ...

Group 1: Report's Core View - The short - term trend of lithium carbonate is relatively strong due to favorable demand and warehouse receipt de - stocking [1] Group 2: Industry Investment Rating - Not mentioned Group 3: Summary by Related Content Fundamental Tracking - **Futures Market Information**: For the 2511 contract, the closing price was 72,680, with a volume of 270,327 and an open interest of 192,931. For the 2601 contract, the closing price was 72,760, the volume was 118,981, and the open interest was 203,570. The warehouse receipt volume was 35,180 [1] - **Basis Information**: The basis of spot - 2511 was 320, spot - 2601 was 240, 2511 - 2601 was - 80, electric carbon - industrial carbon was 2,250, and spot - CIF was 6,374 [1] - **Raw Material Information**: The price of lithium spodumene concentrate (6%, CIF China) was 828, lithium mica (2.0% - 2.5%) was 1,725 [1] - **Lithium Salt Information**: The price of battery - grade lithium carbonate was 73,000, industrial - grade lithium carbonate was 70,750, battery - grade lithium hydroxide (micronized) was 78,200, etc. [1] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 73,007 yuan/ton, down 32 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 73,000 yuan/ton, down 100 yuan/ton, and that of industrial - grade lithium carbonate was 70,750 yuan/ton, down 100 yuan/ton [2] - Jinyuan Co., Ltd.'s Baqiancuo salt lake lithium extraction project is in the trial - production stage, and the Argentine Carlo project is still in exploration [2] - Zangge Mining's subsidiary resumed lithium resource development and utilization activities on October 11, 2025, with a temporary shutdown of 87 days, and the impact on the 2025 operating performance is expected to be small [3] Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a moderately positive outlook [3]

2025 年 10 月 15 日 究 燃料油：价格重心来到年内低位，短期弱势仍 在 低硫燃料油：持续下跌，外盘现货高低硫价差 小幅反弹 梁可方 投资咨询从业资格号：Z0019111 liangkefang@gtht.com 【基本面跟踪】 燃料油基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日 涨 跌 | | 昨日结算份 | 结算价涨跌 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | FU2511 | 元/吨 | 2,750 | -1. 19% | | 2.763 | -1.11% | | | | FU2512 | 元/吨 | 2,717 | -1. 11% | | 2,733 | -0.62% | | | | LU2511 | 元/吨 | 3.191 | -0. 84% | | 3.204 | -0.50% | | | | LU2512 | 元/吨 | 3.203 | -0. 50% | | 3.216 | -0.74% | | | | | | 昨日成交 | 成交变动 | | 昨日持仓 | 持仓变动 | | | 期货 ...

2025 年 10 月 15 日 棕榈油：产地驱动有限，关注下方支撑 豆油：区间运行，关注中美经贸关系 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 9,330 | -0.36% | 9,320 | -0.11% | | | 豆油主力 | 元/吨 | 8,240 | -0.34% | 8,244 | 0.05% | | | 菜油主力 | 元/吨 | 9,959 | -0.63% | 9,918 | -0.41% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,460 | -0.80% | 4,467 | 0.13% | | | CBOT豆油主力 | 美分/磅 | 50.57 | -0.06% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 526,687 | 25422 | 350,778 | 1,573 | | | ...

商 品 研 究 2025 年 10 月 15 日 黄金：继续创新高 白银：现货矛盾缓解，冲高回落 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 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | 沪金2512 | 927.56 | 2.88% | 936.72 | | 2.45% | | | 黄金T+D | 926.48 | 3.20% | 933.67 | | 1.80% | | | Comex黄金2512 | #N/A | #N/A | - | | | | | 伦敦金现货 | #N/A | #N/A | - | | - | | | 沪银2512 白银T+D | 11531 11453 | 4.02% 3.53% | 11710.00 11669 | | 4.22% 2.55% | | 价 格 | | | | | | | | | Comex白银2512 | #N/A | #N/A | - | | - | ...

Report Industry Investment Rating - Not provided Core Viewpoints - The short - term trend of cotton is stable, and attention should be paid to the international economic and trade situation [1] - The overall situation of the cotton market is complex, with domestic spot trading showing a certain situation, and the cotton textile enterprise market facing challenges, while ICE cotton maintains a weak trend [1][2][3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: CF2601 closed at 13,265 yuan/ton with a daily decline of 0.26% and a night - session closing price of 13,240 yuan/ton with a decline of 0.19%. CY2601 closed at 19,290 yuan/ton with a daily decline of 0.36% and a night - session closing price of 19,280 yuan/ton with a decline of 0.05%. ICE cotton 12 closed at 63.43 cents/pound with a decline of 0.17%. The trading volume of CF2601 was 257,911 lots, a decrease of 166,826 lots from the previous day, and the open interest was 850,743 lots, an increase of 11,250 lots. The trading volume of CY2601 was 10,684 lots, a decrease of 1,999 lots, and the open interest was 16,412 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zheng cotton warehouse receipts was 2,823, a decrease of 44, and the effective forecast was 52, an increase of 21. The number of cotton yarn warehouse receipts was 0, unchanged, and the effective forecast was 6, unchanged [1] - **Spot Price Data**: The price of Beijiang 3128 machine - picked cotton was 14,402 yuan/ton, a decrease of 40 yuan or 0.28% from the previous day. The price of Nanjiang 3128 machine - picked cotton was 14,250 yuan/ton, a decrease of 40 yuan or 0.28%. The price in Shandong was 14,758 yuan/ton, a decrease of 44 yuan or 0.30%. The price in Hebei was 14,725 yuan/ton, a decrease of 31 yuan or 0.21%. The 3128B index was 14,755 yuan/ton, a decrease of 34 yuan or 0.23%. The international cotton index M was 71.22 cents/pound, a decrease of 0.29%. The price of pure - cotton carded yarn 32S was 20,440 yuan/ton, unchanged, and the arrival price was 21,254 yuan/ton, an increase of 21 yuan or 0.10% [1] - **Spread Data**: The CF1 - 5 spread was - 55 yuan/ton, an increase of 5 yuan from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, a decrease of 10 yuan [1] Macro and Industry News - **Domestic Cotton Spot Situation**: Cotton spot trading was fair, and spinning enterprises maintained rigid - demand procurement. The mainstream purchase price of 40% lint percentage machine - picked seed cotton in Beijiang was stable at 6.0 - 6.1 yuan/kg, with some higher offers around 6.2 yuan/kg. There were different price quotes for different grades and regions of cotton [2] - **Domestic Cotton Textile Enterprise Situation**: The new orders in the pure - cotton yarn market were weak, the prices of medium - and low - count yarns were under pressure, and varieties below C40S were generally at a loss. The orders for high - count yarns and differentiated varieties were relatively stable, but the overall situation was still difficult to reverse. Xinjiang maintained a relatively high operating rate due to cost advantages [2] - **US Cotton Situation**: ICE cotton futures first fell and then rose, closing slightly lower. Affected by market sentiment towards international economic and trade situations, the fundamentals of US cotton were still weak. Due to the suspension of the release of fundamental data by the US Department of Agriculture, the market lacked data guidance, and ICE cotton remained weak [3] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [5]