Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For the nickel market, with increasing expectations of interest rate cuts, a weakening US dollar index, and the EU expanding military spending, market sentiment has improved, but the oversupply situation of refined nickel remains unchanged. It is expected to oscillate and rebound in the near term, and the medium - to long - term strategy is to sell on rallies for hedging [3]. - For the stainless steel market, steel mills are reducing production, and the price has rebounded from the bottom. However, the oversupply situation persists. It is expected to trade in a range in the near term, and the medium - to long - term strategy is also to sell on rallies for hedging [6]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis**: On June 26, 2025, the main nickel contract 2507 opened at 118,950 yuan/ton and closed at 120,830 yuan/ton, a 2.33% change from the previous trading day. The trading volume was 150,555 lots, and the open interest was 80,909 lots. The contract showed an upward trend with increased trading volume and decreased open interest. The spot prices of nickel increased, and the warehouse receipts and inventory decreased. Factors such as the cease - fire agreement between Israel and Iran, the issuance of a financial support policy, increasing interest rate cut expectations, a weakening US dollar index, and the EU's military spending expansion contributed to the price rebound [1][2]. - **Strategy**: In the near term, expect an oscillating rebound. The medium - to long - term strategy is to sell on rallies for hedging. For trading strategies, focus on range trading for the single - side, and there are no suggestions for inter - term, inter - variety, spot - futures, and options trading [3]. Stainless Steel Variety - **Market Analysis**: On June 26, 2025, the main stainless steel contract 2508 opened at 12,490 yuan/ton and closed at 12,635 yuan/ton. The trading volume increased significantly, and the open interest decreased significantly. Philippine mine quotes remained firm, but shipping efficiency was affected by rain. Nickel - iron transactions reached a new low, and the shortage of Indonesian nickel ore supply was alleviated by local smelter production cuts. The 300 - series stainless steel cold - rolled products saw obvious inventory reduction. The spot market prices were stable, with some fluctuations in trading volume [3][4]. - **Strategy**: In the near term, expect range - bound trading. The medium - to long - term strategy is to sell on rallies for hedging. For trading strategies, take a neutral stance for the single - side, and there are no suggestions for inter - term, inter - variety, spot - futures, and options trading [6].

Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [3][8] Core Views - The apple market shows stable but light trading. The reduction expectation has weakened after the bagging stage. Attention should be paid to the game between low inventory and weak demand, as well as the actual bagging data and weather changes [2][3] - The红枣 market has a general trading atmosphere in the sales areas. The high - temperature and dusty weather in the production areas may affect fruit - setting. The new - season growth has potential risks, and the market is sensitive to weather changes [7][8] Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract was 7,726 yuan/ton, up 36 yuan/ton (+0.47%) from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.80 yuan/jin, unchanged from the previous day [1] Market Analysis - The apple futures price rose. The bagging quantity is similar to last year. The downstream demand is weak, and the supply of seasonal fruits suppresses apple sales. The inventory is low, but there is a risk of price decline due to quality issues [2] Strategy - Maintain a neutral stance, focusing on the game between low inventory and weak demand and the post - bagging production data [3] Red Dates (红枣) Market News and Important Data - Futures: The closing price of the红枣 2509 contract was 9,630 yuan/ton, down 60 yuan/ton (-0.62%) from the previous day [4] - Spot: The price of first - grade grey jujubes in Hebei was 8.35 yuan/kg, unchanged from the previous day [4] Market Analysis - The red date futures price fell. The trading atmosphere in the sales areas is general. The high - temperature and dusty weather in the production areas may affect fruit - setting. The futures price has rebounded recently, and the multi - empty game is expected to intensify [7] Strategy - Adopt a neutral stance, closely monitoring the weather conditions during the critical growth period of new red dates [8]

黑色建材日报 | 2025-06-27 双焦显著去库，期货价格反弹 钢材：淡季表需稳定，成本支撑仍在 市场分析 昨日，螺纹钢期货主力合约收于2973元/吨，热卷主力合约收于3103元/吨。现货方面，根据钢联数据显示，五大材 钢材库存去化暂停，仅螺纹库存去化继续，表需微增。昨日，全国建材成交9.92万吨。 综合来看：螺纹方面，本周产量继续回升，库存小幅去化，淡季需求表现稳定。热卷方面，库存环比回升，产量 维持高位，热卷价格面临出口及国内消费挑战。整体来看，双焦超跌后叠加安全月检查，成本支撑仍在，且临近 国内宏观政策窗口期，钢材价格维持震荡。关注后续成材淡季需求及库存表现。 策略 单边：无 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、成材需求情况、钢材出口、钢厂利润、成本支撑等。 铁矿：铁水产量微增，矿价小幅回升 市场分析 期现货方面：昨日铁矿石期货盘面价格小幅上涨。截至收盘，铁矿石主力2509合约收于705.5元/吨，涨幅0.64%。 现货方面，唐山港口进口铁矿主流品种价格小幅上涨，贸易商报价积极性一般，交投情绪一般，钢厂采购多以按 需补库为主。需求端，本期日均铁水产量242.29万吨， ...

化工日报 | 2025-06-27 全钢胎开工率环比继续回升 市场要闻与数据 期货方面，昨日收盘RU主力合约14040元/吨，较前一日变动+270元/吨。NR主力合约12145元/吨，较前一日变动+335 元/吨。现货方面，云南产全乳胶上海市场价格14000元/吨，较前一日变动+250元/吨。青岛保税区泰混13950元/吨， 较前一日变动+250元/吨。青岛保税区泰国20号标胶1710美元/吨，较前一日变动+25美元/吨。青岛保税区印尼20号 标胶1650美元/吨，较前一日变动+25美元/吨。中石油齐鲁石化BR9000出厂价格11700元/吨，较前一日变动+0元/ 吨。浙江传化BR9000市场价11350元/吨，较前一日变动+0元/吨。 市场资讯 据隆众了解，进入下旬，半钢胎企业整体出货表现未有改善，国内市场进货压力较大，出口市场尚存支撑，多企 业延续控产，缓解库存增加压力。全钢胎企业表现稍显平稳，听闻，个别工厂次月有回收之前促销政策计划，短 期内或对市场拿货形成一定刺激，短期内关注其他企业价格政策动向。 据国家统计局最新公布的数据显示，2025年5月中国橡胶轮胎外胎产量为10199.3万条，同比下降1.2% ...

股指期权日报 | 2025-06-26 股指期权日报 股指期权市场概况 期权成交量 2025-06-25，上证50ETF期权成交量为168.42万张；沪深300ETF期权（沪市）成交量为150.68万张； 中证500ETF期权（沪市）成交量为182.28万张；深证100ETF期权成交量为7.62万张； 创业板ETF期权成交量为211.51万张；上证50股指期权成交量为5.41万张； 沪深300股指期权成交量为12.17万张；中证1000期权总成交量为27.13万张。 期权PCR 上证50ETF期权成交额PCR报0.47，环比变动为-0.06；持仓量PCR报1.28，环比变动为+0.20； 沪深300ETF期权（沪市）成交额PCR报0.48，环比变动为-0.14；持仓量PCR报1.03，环比变动为+0.12； 中证500ETF期权（沪市）成交额PCR报0.56，环比变动为-0.11；持仓量PCR报1.26，环比变动为+0.13 ； 深圳100ETF期权成交额PCR报0.56 ，环比变动为-0.30；持仓量PCR报1.06；环比变动为+0.05； 创业板ETF期权成交额PCR报0.43，环比变动为-0.19 ；持 ...

尿素日报 | 2025-06-26 下游农需释放，尿素震荡走高 市场分析 价格与基差：2024-12-16，尿素主力收盘1719元/吨（-18）；河南小颗粒出厂价报价：1740 元/吨（0）；山东地区小 颗粒报价：1800元/吨（0）；江苏地区小颗粒报价：1820元/吨（0）；小块无烟煤970元/吨（0），山东基差：15元/ 吨（-46）；河南基差：5元/吨（-46）；江苏基差：35元/吨（-36）；尿素生产利润126元/吨（0），出口利润-129元/吨 （-3）。 供应端：截至2024-12-16，企业产能利用率82.40%（0.08%）。样本企业总库存量为143.24 万吨（4.24），港口样本 库存量为15.50 万吨（-0.10）。 需求端：截至2024-12-16，复合肥产能利用率43.59%（1.67%）；三聚氰胺产能利用率为58.10%（-0.44%）；尿素企 业预收订单天数7.18日（-0.88）。 伊朗以色列地缘冲突加剧，国际尿素价格维持高位。尿素开工高位运行，装置检修计划偏少，产量预计走高，供 应端压力较大。尿素下游农业需求追肥补货需求释放，工厂预售订单走高，但工业需求仍维持弱势，复合肥产 ...

新能源及有色金属日报 | 2025-06-26 现货市场地域性成交有所好转 铅价突破万七关口 市场要闻与重要数据 现货方面：2025-06-25，LME铅现货升水为-24.13美元/吨。SMM1#铅锭现货价较前一交易日变化175元/吨至16925 元/吨，SMM上海铅现货升贴水较前一交易日变化 25元/吨至-35.00元/吨，SMM广东铅现货较前一交易日变化200 元/吨至16975元/吨，SMM河南铅现货较前一交易日变化175元/吨至16925元/吨，SMM天津铅现货升贴水较前一交 易日变化225元/吨至17025元/吨。铅精废价差较前一交易日变化0元/吨至-50元/吨，废电动车电池较前一交易日变 化25元/吨至10250元/吨，废白壳较前一交易日变化25元/吨至10150元/吨，废黑壳较前一交易日变化50元/吨至10500 元/吨。 期货方面：2025-06-25，沪铅主力合约开于17000元/吨，收于17165元/吨，较前一交易日变化210元/吨，全天交易 日成交36222手，较前一交易日变化1819手，全天交易日持仓15153手，手较前一交易日变化-4407手，日内价格震 荡，最高点达到17200元/ ...

现货价格下调，豆粕偏弱震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2509合约2993元/吨，较前日变动-44元/吨，幅度-1.45%；菜粕2509合约2588元/吨，较前 日变动-74元/吨，幅度-2.78%。现货方面，天津地区豆粕现货价格2910元/吨，较前日变动-30元/吨，现货基差M09-83， 较前日变动+14；江苏地区豆粕现货2820元/吨，较前日变动-30元/吨，现货基差M09-173，较前日变动+14；广东地 区豆粕现货价格2850元/吨，较前日变动跌-30元/吨，现货基差M09-143，较前日变动+14。福建地区菜粕现货价格 2590元/吨，较前日变动-50元/吨，现货基差RM09+2，较前日变动+24。 近期市场资讯，巴西全国谷物出口商协会表示，2025年6月份巴西大豆出口量为1499万吨，高于一周前预估的1437 万吨，比2024年同期的1383万吨高出8.4%。巴拉圭央行数据显示，截至5月，本年度巴拉圭出口大豆近360万吨， 其中对阿根廷出口的比例占到89%。 市场分析 整体来看，前巴西升贴水仍维持高位，进口成本的抬升支撑国内豆粕价格。此外，当前政策端中美谈判暂无新进 展 ...

新能源及有色金属日报 | 2025-06-26 盘面持续偏强震荡，现货市场愈加乏力 重要数据 现货方面：LME锌现货升水为-17.39 美元/吨。SMM上海锌现货价较前一交易日上涨50元/吨至22200元/吨，SMM 上海锌现货升贴水较前一交易日上涨20元/吨至250元/吨，SMM广东锌现货价较前一交易日上涨30元/吨至22130元/ 吨。SMM广东锌现货升贴水较前一交易日持平于180元/吨，SMM天津锌现货价较前一交易日上涨40元/吨至22140 元/吨。SMM天津锌现货升贴水较前一交易日上涨10元/吨至190元/吨。 期货方面：2025-06-25沪锌主力合约开于21975元/吨，收于22045元/吨，较前一交易日上涨125元/吨，全天交易日 成交158531手，较前一交易日减少27467手，全天交易日持仓129865手，较前一交易日增加8395手，日内价格震荡， 最高点达到22095元/吨，最低点达到21860元/吨。 库存方面：截至2025-06-23，SMM七地锌锭库存总量为7.78万吨，较上周同期减少-0.03万吨。截止2025-06-25，LME 锌库存为122875吨，较上一交易日减少575吨 ...

天然橡胶社会库存环比继续回升 市场要闻与数据 期货方面，昨日收盘RU主力合约13770元/吨，较前一日变动+105元/吨。NR主力合约11810元/吨，较前一日变动+20 元/吨。现货方面，云南产全乳胶上海市场价格13750元/吨，较前一日变动+100元/吨。青岛保税区泰混13700元/吨， 较前一日变动+100元/吨。青岛保税区泰国20号标胶1685美元/吨，较前一日变动+5美元/吨。青岛保税区印尼20号 标胶1625美元/吨，较前一日变动+5美元/吨。中石油齐鲁石化BR9000出厂价格11700元/吨，较前一日变动-300元/ 吨。浙江传化BR9000市场价11350元/吨，较前一日变动+0元/吨。 市场资讯 据隆众了解，进入下旬，半钢胎企业整体出货表现未有改善，国内市场进货压力较大，出口市场尚存支撑，多企 业延续控产，缓解库存增加压力。全钢胎企业表现稍显平稳，听闻，个别工厂次月有回收之前促销政策计划，短 期内或对市场拿货形成一定刺激，短期内关注其他企业价格政策动向。 化工日报 | 2025-06-26 据国家统计局最新公布的数据显示，2025年5月中国橡胶轮胎外胎产量为10199.3万条，同比下降1.2 ...