Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The strong "counter - attack" of coking coal futures prices is related to supply - side low - valuation - matching production cuts, 6 - 7 month production and import seasonality, high - level iron - water production, and market expectation revisions. The futures price has changed from long - term discount to premium. Given the current small premium and the upcoming resumption of domestic coking coal mines, excessive bullish expectations for coking coal futures prices are not advisable. The valuation decline space caused by the previous concentrated short - view on coking coal futures prices will be significantly revised upwards [12][14] Summary by Relevant Catalogs 1. Mongolian coal suspends customs clearance due to holidays, and the effect of domestic coal production cuts emerges - Recently, the trading of Mongolian coal has improved significantly due to the premium opportunity provided by the futures price. During the Naadam Festival from July 11th to July 15th, the three major Mongolian ports were closed for 5 days, leading to an expected short - term supply tightening. The price of Mongolian No. 5 raw coal at the port increased from 705 yuan/ton in the second half of the month to 740 - 750 yuan/ton [1] - Since May, domestic coking coal mines have successively cut production. State - owned large mines have poor sales and some mines are forced to cut production due to full storage; small mines have many accidents and the number of mines under suspension and rectification has increased since June; some private mines in certain regions have cut or even stopped production due to poor sales and production losses [1] - As production cuts continue and expand, the inventory of coking coal in some invisible links has been significantly digested, and the visible carbon element inventory has shown a significant decline since mid - June [3] 2. The sentiment of futures - spot trading surges, bringing vitality to spot trading - The reversal of futures price sentiment has provided space for futures - spot arbitrage and selling hedging, leading to a surge in futures - spot trading sentiment, which has driven the spot market of coking coal. The rate of unsuccessful auctions in the spot market has rapidly declined, and the prices of some coal types have rebounded significantly. For example, the price of lean coking coal in Shanxi has increased from 930 yuan/ton to 970 yuan/ton, and the coking coal warehouse - receipt prices in Shanxi (except Mongolian coal) have also risen to 875 - 920 yuan/ton [5] - The price of Australian imported low - sulfur main coking coal converted into warehouse - receipt price is close to the futures price, and the trading of imported coal at ports has become more active. On the 2nd, the price index of Australian Peak Downs hard coking coal rose by 9.7 to 196.85. The significant improvement in coking coal spot liquidity, combined with the small - scale replenishment of downstream coking plants and steel mills, will promote coal mine sales and drive up prices [7][9] 3. High - level iron - water production is maintained during the off - season, and the "anti - involution" expectation protects steel - making profits - Thanks to the relatively weak prices of coke and iron ore and the continuous support of export resilience, the current steel prices and steel - making profit levels are not bad. During the off - season of construction demand, iron - water production has not significantly decreased and remains at a high level of 242,000 tons per day. Although there are expectations of phased production restrictions in Tangshan, the national iron - water production is expected to remain at a relatively high level due to profit incentives [10] - The widespread discussion of "anti - involution" has led to a good expectation of future steel - making profits in the market. In the past, during the expectation stage of production restrictions or flat - control, both steel prices and raw material prices were driven upwards. The "anti - involution" expectation has also led to a re - discussion of the valuation repair of bulk commodities with over - capacity and valuations close to cost support [12]

| Millio | ■控期货 | 贵金属日报 | | --- | --- | --- | | | 操作评级 | 2025年07月03日 | | 黄金 | ☆☆☆ | 刘冬博 高级分析师 | | 白银 | ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 gtaxinstitute@essence.com.cn | 今日贵金属偏强震荡。本周鲍威尔讲话重申在经济依然稳健的情况下美联储选择保持耐心,下一步行动将完 全取决于数据表现。昨晚美国ADP就业人数减少3.3万人录得2023年3月以来最大降幅，降息预期升温，市场 基本完全定价美联储将于9月完成降息，聚焦非农数据对就业的验证，因美国独立纪念日该数据将于今晚公 布。 ★特朗普宣布与越南达成贸易协议，越南市场将对美国全面开放，越南将向美国支付20%的关税，适用于任 何进入美国领土的商品，且对转运货物征收40%的关税;越南国家媒体称美国将大幅削减多种越南产品的关 税。 ★当地时间7月3日，西门子公司称，美国商务部已通知全球三大芯片设计软件供应 ...

期市有风险，投资需谨慎 此报告版权属于国投期货有限公司 0 各项声明请参见报告尾页 期市有风险，投资需谨慎 | 1. | 胶版印刷纸期货主要特征 | 2 | | --- | --- | --- | | 2. | 胶版印刷纸期货及期权合约参数（征求意见稿） | 2 | | | 2.1. 上海期货交易所胶版印刷纸期货合约（征求意见稿） ·· | 2 | | | 2.2. 上海期货交易所胶版印刷纸期货期权合约（征求意见稿） | 6 | | 3. | 上海期货交易所胶版印刷纸期货业务细则（征求意见稿） | 7 | | | . 3.1.总则 | | | | ・・・・・・・・ 7 3.2. 交易业务 | | | | 3.3. 交割业务 ····· 8 | | | | 331 -- 船却定 · ····· 8 | | | | 3.3.2 令库交割・・・・・・・・・・・・・ | 10 | | | ３３３ ■ 年交割 ・・・・・・・・・・・・・・・・・ | 11 | | | 3 4 风险管理 · | 14 | | | 3.5. 附则 ···· 16 | | 此报告版权属于国投期货有限公司 1 各项声明请参见报告尾页 期市有风险 ...

Group 1: Energy - Brent 09 contract rose 2.78%. Geopolitical risks in the Middle East around the Iran nuclear issue have heated up again, and the trade war risk has weakened. The theme of loose supply and demand in the crude oil market continues, and the supply - demand guidance is still negative [1] - Night - time oil prices rose 3% due to positive news of US - Vietnam tariffs. High - sulfur fuel oil (FU) is in a weak oscillation, while low - sulfur fuel oil (LU) is boosted in the short term [21] - Night - time oil prices rose 3%, and asphalt is expected to follow the upward trend. Supply and demand are expected to increase, and the de - stocking trend is expected to continue [22] - The 7 - month CP of liquefied petroleum gas was significantly lowered, and the market is in a weak oscillation [23] Group 2: Metals - Overnight, the international copper price led the rise at a high level. The market is trading the probability of a July interest rate cut. Short - term Shanghai copper's upward trend tests 81,000, and long - term high - level short - allocation is recommended [3] - Overnight, Shanghai aluminum oscillated at a high level. The social inventory of aluminum ingots increased slightly, and there is a risk of a phased correction [4] - Cast aluminum alloy follows the fluctuation of Shanghai aluminum. If the spread between the far - month contracts on the disk expands, consider a long - ADC12 and short - AL strategy [5] - The spot price of alumina is around 3,100 yuan, and the upward space is limited [6] - Overnight, the precious metals oscillated strongly. The market's expectation of an interest rate cut has increased, and attention is focused on the non - farm payrolls data [2] - Zinc has strong support at 22,000 yuan/ton in the short term, and a short - allocation strategy is recommended in the medium and long term [7] - Shanghai lead is consolidating above 17,000. The supply - demand contradiction is not prominent, and attention is paid to whether it can stand firm at 17,000 [8] - Shanghai nickel is oscillating at a high level in the rebound. Technically, it is at the end of the rebound, waiting for a short - selling opportunity [9] - Tin prices oscillated overnight. It is advisable to short - allocate the far - month contracts [10] Group 3: Building Materials and Chemicals - Multi - silicon futures' main contract rose to the daily limit. The short - term upward space depends on the implementation of supply - side regulation policies [12] - Industrial silicon futures prices rose strongly. Due to the interweaving of long and short themes, the market is expected to oscillate [13] - Night - time steel prices oscillated. Supply and demand in the steel market are both increasing, and the short - term is expected to remain strong [14] - Iron ore prices rose overnight. Supply is expected to decline, and the short - term trend is expected to follow the finished products and oscillate strongly [15] - Coke prices rose. There is an expectation of a price increase, and the price is expected to oscillate strongly [16] - Coking coal prices rose. Policy may reduce production, and the price is expected to oscillate strongly [17] - Manganese silicon prices rose. The inventory has decreased, but the upward pressure above 6,750 is large [18] - Silicon iron prices rose. Demand is okay, and the price is expected to oscillate strongly [19] - Polyvinyl chloride (PVC) is following the cost fluctuations in the short term and may oscillate at a low level in the long term. Caustic soda is strong in the short term but under pressure in the long term [28] - PX and PTA prices are in a weak oscillation. The supply - demand pattern may gradually become looser [29] - Ethylene glycol is continuing a small - scale rebound and is expected to oscillate at the bottom [30] Group 4: Agricultural Products - The USDA reports on soybeans are neutral. Domestic soybean meal is in a weak oscillation [35] - Soybean oil and palm oil prices rose. A long - allocation strategy on dips is recommended in the long term [36] - Canadian rapeseed prices rose. Domestic rapeseed products are expected to oscillate in the short term [37] - The price of domestic soybeans rebounded from a low level. Weather and policies need to be focused on in the short term [38] - Corn futures are in an oscillating trend. The supply rhythm affects the market [39] - Hog futures rose significantly. The rebound space is limited in the medium term, and policy support is expected in the long term [40] - Egg futures fell. Short - selling on rallies is recommended [41] - U.S. cotton prices rose. Domestic cotton inventory is expected to be tight, and buying on dips is recommended [42] - U.S. sugar is in a downward trend, and domestic sugar is expected to oscillate [43] - Apple futures are oscillating, and a short - selling strategy is recommended [44] - Wood futures are oscillating. Supply has some positive factors, but the price is still weak [45] - Pulp futures rose slightly. The inventory is still high year - on - year, and it is expected to oscillate at a low level [46] Group 5: Others - The freight rate of the container shipping index (European line) is expected to be stable in July. The progress of the Gaza negotiations may affect the far - month contracts [20] - Urea market supply and demand have improved marginally, and the short - term market is in a strong oscillation [24] - Methanol futures are expected to fluctuate narrowly in the short term [25] - Styrene prices are in a weak trend. Supply and demand support is insufficient [26] - Polypropylene and polyethylene are in a weak fundamental situation [27] - Glass futures rose significantly, but it is recommended to wait and see due to high inventory and weak demand [32] - Natural rubber supply is increasing, and inventories are rising. A rebound from an oversold position is possible [33] - Soda ash is strong in the short term, but the upward space is limited due to expected demand reduction [34] Group 6: Financial Markets - A - share market is in a weak oscillation. In the style configuration, technology and growth should be increased on the basis of dividend assets [47] - Treasury bond futures closed up across the board. Be aware of the risk of increased volatility in the short term [48]

Report Industry Investment Ratings - Urea: ☆☆☆ (indicating a relatively clear upward trend and currently having a relatively appropriate investment opportunity) [1] - Methanol: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - Polypropylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Bottle Chip: ☆☆☆ [1] Core Views - The trading logic of the methanol market has gradually shifted from the macro - level to the fundamentals, with short - term prices expected to fluctuate narrowly [2]. - The urea market is affected by sentiment and marginal improvement in supply - demand, with short - term prices expected to be volatile and slightly stronger [3]. - The short - term fundamentals of the polyolefin market are weak, with the market sentiment of downstream buyers being cautious [4]. - The styrene market has insufficient supply - demand support, and the mainstream prices in various regions have declined [5]. - The PX and PTA markets are expected to have a more relaxed supply - demand pattern in the future, and the processing margin, basis, and monthly spread are under pressure [6]. - The ethylene glycol market is expected to fluctuate within a bottom - range [6]. - The short - fiber market has seen a rebound, and attention should be paid to the possibility of inventory accumulation and production cuts [6]. - The bottle - chip market has implemented production cuts to reduce inventory, but the demand is also declining [6]. - The PVC market is expected to fluctuate with costs in the short term and be in a low - level oscillation in the long term [7]. - The caustic soda market is pushed up by costs in the short term and faces supply pressure in the long term [7]. - The glass market has a pattern of high inventory and weak demand, and it is recommended to wait and see [8]. - The soda ash market is boosted by macro - sentiment in the short term, but the price is expected to have limited upward movement [8]. Summary by Product Methanol - The main contract of methanol has risen. During the Israel - Iran conflict, the reduction in ship loading in the Middle East was limited. Domestic device operation has increased, and port inventory has accumulated significantly. The short - term market is expected to fluctuate narrowly [2]. Urea - The urea futures price has risen. There is still some agricultural demand, and the inventory of production enterprises has decreased. After the port inspection was relaxed, port inventory has increased. The short - term market is expected to be volatile and slightly stronger [3]. Polyolefin - The main futures contracts of polyolefins have shown narrow - range consolidation. Petrochemical enterprises have lowered the ex - factory prices of LLDPE, and the market sentiment of downstream buyers is cautious [4]. Styrene - The main futures contract of styrene has fluctuated narrowly around the 5 - day moving average. The supply of pure benzene is expected to increase, and the styrene market has insufficient supply - demand support [5]. Polyester - PX and PTA prices have oscillated. The polyester operation rate has slightly decreased. The supply - demand pattern is expected to become more relaxed in the future. Ethylene glycol prices have rebounded due to overseas device outages. The short - fiber market has rebounded, and the bottle - chip market has implemented production cuts [6]. Chlor - Alkali - The PVC market has high supply pressure, weak domestic demand, and the export orders may weaken. The caustic soda market is pushed up by costs in the short term and faces supply pressure in the long term [7]. Glass and Soda Ash - The glass market has a pattern of high inventory and weak demand, and the price has risen due to policy factors. The soda ash market is boosted by macro - sentiment, but the demand is expected to decline [8].

Report's Investment Rating for the Industry - Not provided in the given content Core Views of the Report - The recycling and lithium mica supply chain links are under the most pressure due to high costs, profit inversion, and long - term losses, leading to an accelerated industry reshuffle [1] - The industry is optimistic about the long - term prospects, but this may interfere with the normal industry cycle and delay capacity reduction and clearing, and the clearing time and price decline may be more prolonged without policy support [1] - The use of futures tools is crucial for some enterprises to survive in adversity, and efforts should be made to strengthen futures services for the industry [1] Summary by Company Carbonate Lithium Trading Enterprise A - Founded in May 2011, shifted to new energy in 2015. Main products are carbonate lithium, hydroxide lithium, and ore. Aims to sell 50,000 tons of carbonate lithium and achieve 3 - 4 billion yuan in revenue by 2025 [2] - Has a professional futures team, combines spot and futures trading for price risk management. The proportion of long - term contracts has dropped to about 30% [2] - Lithium spodumene processing fee is 18,000 - 20,000 yuan/ton. It has no self - owned mines and relies on package sales or spot purchases. The industry has a consensus on supply surplus, and production costs have decreased [2] - Can match suitable raw materials for downstream customers. The actual demand is not as bad as expected, but the second - quarter direct market purchases were insufficient. Downstream demand is in a negative feedback loop [2][3] University B - Solid - state batteries are not yet mature for commercialization, at a 4 - 5 level on a 1 - 9 scale. It may take 5 - 10 years to achieve results, and lithium consumption may not increase significantly. It may first be applied in the 3C sector [4][5] - Sodium batteries are unlikely to replace lithium batteries but can be a supplement. They can be used in fields with high requirements for charge - discharge speed and output power [5] - Lithium slag can be processed by extracting lithium into brine or solidifying it for construction use [6] Lithium Battery Recycling Enterprise C - Has production bases in Hunan and Zhejiang. Production decreased from 3,000 tons last year to 1,000 tons this year and stopped production since April. The recycling market is almost stagnant [8] - Raw materials are mainly from external purchases, with unstable sources. The prices of raw materials and carbonate lithium are inverted. Most iron - lithium recycling has stopped, and about 40% - 50% of ternary recycling has stopped [8] - The cost of wet - process production lines is 15,000 - 18,000 yuan, and that of crushing lines is 1,000 - 1,500 yuan. The planned iron - lithium recycling capacity exceeds 2.5 million tons, but the actual raw materials are less than 500,000 tons [9] - Tries to improve waste utilization, processes special raw materials, and seeks cooperation with large enterprises. There is no opportunity for hedging this year [9] Cathode Material Enterprise D - Capacity utilization in Q1 was 93%, and the market share is 29%. The industry's Q2 capacity utilization was 55% [9] - The price of lithium iron phosphate is closely linked to the price of carbonate lithium, and the cost has decreased from 80% to 60%. It adopts a diversified procurement strategy [9] - Is optimistic about the second half of the year but not about July - August and Q3. New products are in short supply, and the proportion of high - density products is increasing [10] - Has difficulty accepting exchange - delivered goods due to new downstream requirements. The raw material inventory is normal, and it mainly purchases on - demand. It is optimistic about the annual demand but not about July - August [11] Battery Production Enterprise E - Has a refined operation and management style. The consumption - type products are growing, with a year - on - year increase of over 20%. The current production is almost full, and the downstream demand has increased by about 16% [12] - Believes that the cancellation of mandatory energy storage has limited negative impact. It has overseas energy - storage markets in Southeast Asia, Europe, and Africa [12] - Plans a 30,000 - ton capacity in Jiangxi. In 2024, the output was about 6,000 tons, and it is expected to be 8,000 tons in 2025. The current external procurement ratio of lithium ore is about 50%, and the production cost is expected to decrease [12][13] Battery Recycling Enterprise F - The industry is facing waste - price inversion due to over - capacity. Only a few large wet - process plants are still operating, and the market focuses on cost - reduction [14] - The factors triggering production cuts are complex. The company hedges all inventory and sells products quickly. It expects raw material release after 2027 [14] - The supply of waste batteries may improve next year. Some large enterprises are exploring overseas recycling [15][16]

| | | | '/ V SDIC FUTURES | | 2025年07月02日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | | 杨蕊霞 农产品组长 | | | ななな | F0285733 Z0011333 | | 豆粕 | な女女 | 吴小明 首席分析师 | | 豆油 | な女女 | | | 標網油 | な女女 | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 菜粕 | な女女 | F0302203 Z0012037 | | 菜油 | ななな | | | | | 宋腾 高级分析师 | | 玉米 | ☆☆☆ | | | | | F03135787 Z0021166 | | 生猪 | な☆☆ | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 【菜粕&菜油】 国产豆主力结束跌势，价格从低位反弹。国内宏观政策去化落后产能,大宗商品整体表现强势。本周国产大豆 东北产区天气有利于作物生长，未来10天降雨量会偏多，关注天气对作物的影响。进口大豆方面 ...

| 《八 国投期货 | | | | | --- | --- | --- | --- | | 操作评级 | | | | | ★☆☆ | 原油 | 女女女 | 燃料油 | 能源日报 2025年07月02日 高明宇 首席分析师 F0302201 Z0012038 李祖智 中级分析师 F3063857 Z0016599 王盈敏 中级分析师 F3066912 Z0016785 010-58747784 gtaxinstitute@essence.com.cn 【原油】 隔夜国际油价小幅上行, S008合约涨0.24%。二季度全球石油库存累增1.6%,其中原油库存累增1.1%、成品油 库存累增2.4%;上周美国API原油库存超预期增加68万桶,关注今晚EIA库存表现。伊以冲突停火后油价重回宏 观及供需逻辑主导，7月9日后美国对大部分国家的关税豁免、8月中旬后中美间24%对等关税豁免是否延续仍构 成;宏观面风险,OPEC+快速增产预期之下供需展望仍偏宽松,原油近期以震荡偏弱看待。关注布伦特重回57-67 美元/桶、SC重回430-510元/桶区间后临近上边界的做空机会，风险点在于旺季需求环比改善对累库预期的祖转 程度。 【 ...

1. Report Industry Investment Ratings - The operation ratings for various commodities are as follows: - Rebar: ★☆☆, indicating a bullish bias but low operability on the trading floor [1] - Hot - rolled coil: ★☆☆ [1] - Iron ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicomanganese: ★☆☆ [1] - Ferrosilicon: ★★☆, suggesting a clear upward trend and the market sentiment is fermenting on the trading floor [1] 2. Core Viewpoints - The overall market sentiment is affected by the rising expectation of industrial product supply - side reform and recent production restrictions in Tangshan. Most commodities are expected to show a relatively strong and volatile trend in the short term, and attention should be paid to terminal demand and relevant domestic and foreign policies [2][3][4][6][7][8] 3. Summary by Commodities Steel - Today's steel futures prices rebounded significantly. Rebar's apparent demand stabilized in the short term, production continued to rise, and inventory depletion slowed down. Hot - rolled coil demand declined, production remained high, and inventory slightly accumulated. Currently, blast furnaces still have profits, hot metal production remains at a relatively high level, and the negative feedback expectation has eased. The downstream industries show that infrastructure recovery lacks sustainability, real - estate sales hover at a low level, and investment and new construction indicators continue to decline significantly. The manufacturing industry still has some resilience as the June PMI rose to 49.7. The steel market is expected to remain strong in the short term [2] Iron Ore - The iron ore futures prices rose today. On the supply side, global iron ore shipments decreased month - on - month, and there is an expectation of a further decline in the future. Domestic arrivals decreased, and short - term arrivals are expected to remain at a relatively high level. Port inventories have stabilized, and there is no significant pressure to accumulate inventory for the time being. On the demand side, terminal demand in the off - season met expectations, steel mills' profitability is acceptable, and hot metal production remains at a relatively high level. Recent news of production restrictions in Tangshan and anti - cut - throat competition has strengthened the expectation of supply contraction, and short - term market sentiment has improved. The fundamentals of iron ore have limited contradictions, and it is expected to follow the trend of finished steel and show a relatively strong and volatile trend in the short term [3] Coke - Coke prices rose during the day. There is an expectation of price increases from coking plants, production profits are meager, and daily coking production has continued to decline from the annual high. The overall coke inventory has decreased, and traders' purchasing willingness remains low. Overall, the supply of carbon elements is still abundant, hot metal production in the off - season has not declined, and the market has some optimistic expectations. The coke futures prices have rebounded, and it is expected to show a relatively strong and volatile trend [4] Coking Coal - Coking coal prices rose during the day. Policy may strengthen the control of over - production, which may lead to a decline in output. The production of coking coal mines has continued to decline, and some mines have reduced production due to environmental inspections during the safety production month. The spot auction market has slightly improved, and the transaction price has risen slightly. Terminal inventory has continued to decline, and the total coking coal inventory has decreased month - on - month. It is expected to continue to reduce inventory in the short term. Coking coal is expected to show a relatively strong and volatile trend [6] Silicomanganese - Silicomanganese prices rose during the day. Due to continuous production cuts in the early stage, the inventory level has decreased, but weekly production has begun to rise, and the on - balance - sheet inventory has changed from a decrease to an increase. In the medium - to - long - term, manganese ore inventory has been increasing, and in the short - term, the current inventory level is low, and manganese mines' willingness to hold prices has increased. In the short - term, the spot resources of Comilog oxidized ore are in short supply, and the price has slightly increased. Silicomanganese has followed the trend of rebar, but its fundamental improvement is limited, and there is significant pressure above 6750 [7] Ferrosilicon - Ferrosilicon prices rose during the day. Hot metal production remains above 242. Export demand remains at around 30,000 tons, with a marginal impact. The production of magnesium metal has increased month - on - month, and secondary demand has remained stable at a high level, with overall demand being acceptable. Ferrosilicon supply has continued to decline, market trading volume is average, on - balance - sheet inventory has continued to decline, but production - end inventory has begun to accumulate, mainly due to the decline in warehouse receipt inventory. Some ferrosilicon producers are in cash - flow losses and may adopt a trading model of taking delivery from the futures market and reselling to downstream customers, which is conducive to inventory depletion. It is expected to show a relatively strong and volatile trend [8]

| | | | 国投期货 Million | | 软商品日报 | | --- | --- | --- | | | 操作评级 | 2025年07月02日 | | 棉花 | ★☆★ | 曹凯 首席分析师 | | 纸浆 | ☆☆☆ | F03095462 Z0017365 | | 白糖 | ☆☆☆ | 胡华轩 高级分析师 | | 苹果 | ★☆☆ | F0285606 Z0003096 | | 木材 | ☆☆☆ | | | 20号胶 | ★☆★ | 黄维 高级分析师 | | 天然橡胶 ★☆☆ | | F03096483 Z0017474 | | 丁二烯橡胶 ★☆☆ | | | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | (棉花&棉纱) 今天郑棉小幅上涨，国内棉花成交一般,基差稳中偏强。统棉纱成交依旧偏清淡,下游需求仍旧不足,市场交投不佳,她棉纱 线企库存继续累积,被停产增多。截至6月15号，棉花商业库存为312.69万吨,较5月底减少33.18万吨,消化仍然良好,棉花库 存仍存偏紧预期。美棉种植面积高于预期，2025年美棉的种植面积为1012万 ...