Report Information - Report Type: Polyolefin Daily Report [1] - Date: July 23, 2025 [2] Core Viewpoint - The futures market opened higher and fluctuated weakly, dampening market trading sentiment. With some ex - factory prices adjusted, traders quoted prices with narrow fluctuations. Downstream buyers purchased according to orders, and the willingness to replenish inventory was average. The current downstream agricultural film production is at the lowest level of the year, and there are no obvious signs of improvement in the production of pipes and plastic weaving. The Ministry of Industry and Information Technology's push to adjust the structure and optimize the supply of key petrochemical industries has limited substantial impact on the polypropylene and plastic industries, and short - term capacity adjustment is difficult. Currently, the commodity sentiment is boosted by bulls, and polyolefins continue to oscillate strongly following the sector [6]. Market Quotes Futures Market | Variety | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Increase (yuan/ton) | Increase Rate (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7325 | 7416 | 7420 | 7313 | 107 | 1.46 | 139453 | 5019 | | Plastic 2605 | 7318 | 7420 | 7425 | 7312 | 135 | 1.85 | 5593 | 1714 | | Plastic 2509 | 7287 | 7368 | 7373 | 7264 | 92 | 1.26 | 394148 | - 13406 | | PP2601 | 7092 | 7170 | 7180 | 7077 | 98 | 1.39 | 148412 | 17094 | | PP2605 | 7078 | 7159 | 7165 | 7073 | 96 | 1.36 | 9057 | 1218 | | PP2509 | 7091 | 7168 | 7173 | 7076 | 93 | 1.31 | 382806 | - 9868 | [5] Spot Market - On July 22, 2025, the inventory level of major producers was 790,000 tons, a decrease of 30,000 tons (3.66%) from the previous working day. The inventory in the same period last year was 765,000 tons [9]. - PE market prices showed mixed trends. The price of linear LLDPE in North China was 7140 - 7400 yuan/ton, in East China was 7180 - 7580 yuan/ton, and in South China was 7280 - 7550 yuan/ton [9]. - The price of the Shandong propylene market remained stable. As of 12:00, the reference price was 6350 - 6400 yuan/ton, unchanged from the previous day. With limited guidance from the news, enterprise quotations were mainly stable, and individual prices were slightly lowered [9]. - The PP market showed a warm adjustment, with some prices rising by 10 - 20 yuan/ton. The actual demand for raw materials from downstream factories was difficult to increase, and they were cautious when entering the market to purchase. Actual transactions focused on negotiation. In the morning, the mainstream price of North China drawstrings was 6970 - 7130 yuan/ton, in East China was 7050 - 7170 yuan/ton, and in South China was 7010 - 7200 yuan/ton [9].

请阅读正文后的声明 每日报告 一、行情回顾与展望 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 07 月 23 日 能源化工研究团队 研究员：李捷,CFA（原油 ...

行业 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 PTA 日报 日期 2025 年 07 月 23 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 一、 行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | ...

Report Summary 1. Reported Industry - The report focuses on the cotton industry [1] 2. Core Viewpoints - In the international market, as of the week ending July 20th, the good-to-excellent rate of U.S. cotton was 57%, showing an upward trend, while the boll-setting rate was 33%, with a slower growth progress. The external market has limited driving force and maintains a range-bound oscillation. In the domestic market, the sown area this year has increased year-on-year, and there is still an expectation of a bumper harvest. The recent increase in cotton prices has led to an increase in the sales of old cotton from the 2023/24 season and a slight decrease in the basis price of new cotton from the 2024/25 season. The supply side exerts short-term pressure on cotton prices. Although yarn prices have gradually followed the increase in cotton prices, the finished yarn inventory has not continued to accumulate due to the increased production restrictions of textile enterprises in inland areas. The cotton import volume in June remained at a low level, and the contradiction of tight commercial cotton inventory in the 2024/25 season still exists. In the short term, the main contract oscillates and adjusts, the positions shift to the far-month contracts, and the 9-1 spread converges [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Domestic Market**: Zhengzhou cotton oscillates and adjusts. The latest 328-grade cotton price index is 15,540 yuan/ton, a decrease of 40 yuan/ton from the previous trading day. The prices of different grades and regions of cotton vary, with the basis and fixed-price quotations showing different characteristics. The price of pure cotton yarn has increased, but the downstream demand is difficult to pick up significantly. Textile enterprises are still suffering large losses, and the operating rate has continued to decline due to high temperatures in inland areas. The market for pure cotton grey cloth has few inquiries, and most transactions are small and urgent orders [7] - **International Market**: As of the week ending July 20th, the good-to-excellent rate of U.S. cotton was 57%, up from 54% the previous week and 53% in the same period last year; the boll-setting rate was 33%, up from 23% the previous week, lower than 40% in the same period last year and in line with the five-year average. The growth progress is slow but the good-to-excellent rate is improving. The external market has limited driving force and maintains a range-bound oscillation [8] 3.2 Industry News - As of the week ending July 20th, the good-to-excellent rate of U.S. cotton was 57%, the boll-setting rate was 33%, and the budding rate was 71%. As of July 18th, 2025, the total commercial cotton inventory was 2.4575 million tons, a decrease of 148,800 tons or 5.71% from the previous week [9] 3.3 Data Overview - The report presents multiple data charts, including the China Cotton Price Index, cotton spot and futures prices, cotton basis changes, 9-1 spread, commercial and industrial cotton inventories, and the total number of warehouse receipts, among others [17][18][19]

Group 1: Report Information - Report Title: Asphalt Daily Report [1] - Report Date: July 23, 2025 [2] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - The asphalt market continues to be in a situation of weak supply and demand. Due to the continuous decline of oil prices, which is weaker than expected, the previous long positions in asphalt should be closed for the time being and wait and see [7]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices of BU2509 and BU2510 contracts are provided, with their respective price changes and trading volumes. Both contracts showed a downward trend [6]. - Spot Market: The asphalt spot prices in North China, Shandong, and South China markets have decreased, while those in other regions remained stable. The decline in crude oil prices and asphalt futures has a negative impact on the spot market sentiment [6]. - Supply: Zhenhai Refining and Jiangsu Xinhai plan to resume asphalt production briefly, but Jinling Petrochemical may stop production temporarily, and Shengxing Petrochemical in Shandong has no clear plan to resume asphalt production after switching to residue production this week. The average operating load rate of asphalt plants is expected to continue to decline [6]. - Demand: Road construction in most parts of China is affected by the weather, and the demand for asphalt is weak. The capital situation of road projects is difficult to improve in the short - term, and the willingness of traders to advance funds is low, so the demand for asphalt is still unstable [6]. 2. Industry News - South China Market: The mainstream transaction price of 70 A - grade asphalt decreased by 35 yuan/ton to 3560 - 3600 yuan/ton. Maoming Petrochemical lowered its asphalt transportation price, and the typhoon weather led to weak demand and cautious market sentiment [8]. - Shandong Market: The mainstream transaction price of 70 A - grade asphalt decreased by 5 yuan/ton to 3630 - 4070 yuan/ton. The decline of international oil prices and asphalt futures, along with heavy rainfall, affected the terminal demand. Although refinery quotes were stable, some brand traders continued to lower their quotes [8]. 3. Data Overview - The report provides figures on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][11][18][19]

Report Information - Report Name: Pig Daily Report [1] - Date: July 23, 2025 [2] Industry Investment Rating - Not provided Core View - In late July, as group pig sales recover and demand is in the off - season, pig prices may continue to face pressure. In the medium to long term, pig supply will increase slightly, but the anti - involution initiative and strengthened environmental protection are beneficial to the long - term performance of pig prices, especially for far - month contracts [9]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 22nd, the main 2509 contract of live pigs opened slightly lower, then bottomed out, recovered, and fluctuated higher, closing up. The highest was 14,415 yuan/ton, the lowest was 14,285 yuan/ton, and the closing price was 14,380 yuan/ton, up 0.21% from the previous day. The total open interest of the index decreased by 912 lots to 167,061 lots [8]. - **Spot Market**: On the 22nd, the average price of ternary pigs nationwide was 14.35 yuan/kg, down 0.05 yuan/kg from the previous day [8]. - **Demand Side**: The price difference between fat and standard pigs slightly expanded, the utilization rate of pigsties reached a high level, and secondary fattening was mainly on the sidelines. Due to the hot weather, terminal demand was weak, slaughterhouse orders were average, and the slaughter rate and volume remained low. On July 22, the slaughter volume of sample slaughterhouses was 133,600 heads, a decrease of 15,000 heads from the previous day and the same as a week ago [9]. - **Supply Side**: According to Yongyi data, the planned pig slaughter volume of sample enterprises in July was 23.88 million heads, a month - on - month decrease of 1.19% compared with June. Currently, the slaughter progress of farmers has recovered, the enthusiasm for slaughter has increased compared with the first half of the month, the slaughter weight has slightly decreased, and the utilization rate of pigsties for secondary fattening is relatively high, with more secondary - fattened pigs yet to be slaughtered [9]. 2. Industry News - As of July 18, the average profit per self - bred and self - raised pig was 111 yuan/head, a week - on - week decrease of 54 yuan/head; the average profit per pig purchased as a piglet was - 126 yuan/head, a week - on - week decrease of 82 yuan/head [10][12]. 3. Data Overview - The average market sales price of 15 - kg piglets in the week of July 17 was 542 yuan/head, an increase of 1 yuan/head from the previous week [21]. - As of the end of the second quarter of 2025, the national pig inventory was 424.47 million heads, a year - on - year increase of 2.2% and a month - on - month increase of 7.16 million heads (1.72%). From the second quarter of last year to the second quarter of this year, the month - on - month changes were 1.7%, 2.8%, 0.11%, - 2.37%, and 1.72% respectively [21]. - As of the week of July 17, the average slaughter weight of national pigs was 128.83 kg, a decrease of 0.2 kg from the previous week, a month - on - month decrease of 0.16% [21].

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The macro - atmosphere boost pushed up aluminum - related varieties. Alumina was most significantly affected, but its over - supply pattern remained unchanged, so it's necessary to be cautious about chasing high prices. The rise of aluminum prices was more of a follow - up to the general increase in the sector, and the upside space was difficult to open for now. In the traditional off - season, both supply and demand of electrolytic aluminum were weak, while smelting profits were still high. The market would run strongly in the short - term due to the high macro - atmosphere, and attention should be paid to the performance near the previous high resistance level [8]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - On the 21st, alumina once hit the daily limit, with the main contract 2509 reaching 3405 yuan/ton, and closing up 8.39% at 3386 yuan/ton. Shanghai aluminum 2509 rose 1.63% to 20840 yuan/ton, and the total open interest of the index increased by 38002 to 674818 lots. The 08 - 09 premium was reported at 30. Cast aluminum alloy 2511 rose 1.41% to 20165, and the AD - AL negative spread widened to - 540 [8]. - The fundamentals of the aluminum industry chain had no significant changes. The market was mainly stimulated by the news from the Ministry of Industry and Information Technology after the market closed on Friday. A work plan for stabilizing growth in ten key industries such as steel, non - ferrous metals, and petrochemicals was about to be introduced [8]. - Currently in the traditional off - season, the domestic electrolytic aluminum operating capacity remained at a high level, and the demand side was still troubled by the off - season. The operating rate of the aluminum processing link was still weak. With the high absolute price of aluminum, the negative feedback effect on terminal consumption was expected to reappear, and the demand side was expected to continue the weak atmosphere [8]. - The alumina futures price soared, but the spot price increase was limited for the time being. The smelting profit of the electrolytic aluminum industry had exceeded 4200 yuan/ton, at a high level [8]. 3.2行业要闻 - China's primary aluminum (electrolytic aluminum) output in June 2025 was 3.81 million tons, a year - on - year increase of 3.4%. In June, the domestic electrolytic aluminum operating capacity changed slightly due to the second - phase replacement of electrolytic aluminum from Shandong to Yunnan. In July, the domestic electrolytic aluminum operating capacity remained at a high level, and the second - batch replacement project in Yunnan was put into operation [9]. - The Ministry of Housing and Urban - Rural Development's research team went to Guangdong and Zhejiang for research, emphasizing promoting the stable, healthy, and high - quality development of the real estate market, and required accelerating the construction of "good houses" and taking multiple measures to stabilize the market [9]. - Alcoa expected its San Ciprián aluminum smelter in Spain to restart in mid - 2026, with an expected net loss of about $90 million to $110 million in 2025. The restart was postponed due to a nationwide power outage in Spain in April, and it restarted on July 14 after the Spanish government provided detailed reports and consultations on power outage reasons and grid resilience improvement measures [9][10].

Report Information - Report Name: Copper Futures Daily Report [2] - Date: July 22, 2025 [3] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] Industry Investment Rating - No relevant information provided Core View - The macro - level is the main reason for the recent rise in copper prices. The Ministry of Industry and Information Technology is about to introduce a plan to stabilize growth for industries such as non - ferrous metals, which has raised market expectations for a new round of supply - side reform. With the short - term hype points of copper supply - side reform and a relatively strong fundamental situation, copper prices are expected to rise further [12] Summary by Directory 1. Market Review and Operation Suggestions - Shanghai copper prices rose, with total positions increasing by 14,000 lots and trading volume significantly expanding. The market maintained a near - month contango structure and a far - month ack structure, and the spot premium rose to 220 due to tight market supply. Domestic social inventories decreased by 24,700 tons to 118,600 tons over the weekend, and low inventories began to affect the spot premium. The LME market had a slight inventory reduction of 100 tons, and the expectation of inventory accumulation continued to suppress the 0 - 3 contango structure. The overseas market was affected by the upcoming US tariff on copper, showing a pattern of strong domestic and weak overseas fundamentals [12] 2. Industry News - In June 2025, China's copper enameled wire exports were 12,222.29 tons, a year - on - year increase of 18.35% and a month - on - month increase of 0.93%. From January to June, the total exports were 69,586.5 tons, a cumulative year - on - year increase of 25.32% [13] - In June 2025, China imported 34,700 tons of scrap copper ingots (red/purple copper ingots), a month - on - month decrease of 5% and a year - on - year increase of 71%. From January to June, the cumulative imports were 226,700 tons, a cumulative year - on - year increase of 111% [13] - In June 2025, China imported 68,500 tons of anode copper, a month - on - month decrease of 1.26% and a year - on - year increase of 2.38%. From January to June, the cumulative imports were 382,700 tons, a cumulative year - on - year decrease of 17.56% [13]

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: July 22, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operational Suggestions - Market Performance: Carbonate lithium futures rose, driven by expectations of a new round of supply-side reform. Total positions increased by 17,000 to 678,000, while total trading volume decreased, indicating reduced trading enthusiasm. Spot prices followed the upward trend, with electric carbon rising by 1,350 to 68,000. Although downstream material manufacturers' acceptance of current price levels remains low, their purchasing willingness has marginally improved due to the continuous upward market trend and inventory digestion. Some enterprises' rigid purchasing needs are supporting the market price, pushing up the central price of carbonate lithium spot transactions [11]. - Import Data: In June 2025, China imported 576,000 tons of spodumene, a 4.8% decrease from the previous month. The import volume of ore remains at a relatively high level, and the fundamentals are still weak. The entire carbonate lithium industry chain faces serious problems of overcapacity and price competition [11]. - Market Outlook: The expected inflection point of carbonate lithium futures has preceded the fundamentals. It is expected that the futures price will rise, but the upward trend may be tortuous due to the drag of spot prices [11]. Group 3: Industry News - Spodumene Import: In June 2025, the total import volume of spodumene was approximately 576,000 tons, a 4.8% decrease from the previous month, equivalent to 46,000 tons of LCE. Lithium ore from Australia, Zimbabwe, and South Africa accounted for 79%. The import volume from Australia was about 256,000 tons, a 31% decrease from the previous month; from Zimbabwe, it was about 101,000 tons, a 3% increase; from South Africa, it was 98,000 tons, an 87% increase. Additionally, the import volume from Nigeria was about 79,000 tons, a 21% increase [14]. - Lithium Hydroxide Trade: In June 2025, China exported 6,260 tons of lithium hydroxide, a 12% increase from the previous month but a 56% decrease from the same period last year. Exports to South Korea and Japan accounted for 96% of the total export volume. The export volume to South Korea was 5,130 tons, a 51% increase from May but a 51% decrease from the same period last year; to Japan, it was 876 tons, a 50% decrease from May and a 74% decrease from the same period last year. In June, China imported 1,482 tons of lithium hydroxide, a significant 76% increase from the previous month [14].

行业 镍日报 日期 2025 年 7 月 22 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 镍观点： 宏观氛围高涨推动大宗商品普涨，21 日沪镍跟随走强，主力 2509 收盘上涨 1.91%报 122550 元/吨，指数总持仓增加 7499 至 164521 手。市场主要受到上周五 盘后工信部消息刺激，钢铁、有色、石化等十大重点行业稳增长工作方案即将出 台，并将推动重点行业着力调结构、优供给、淘汰落后产能，相关产能过剩品种 受到提振大幅上涨。不过对镍产业链而言，过剩格局并未扭转，价格压力依然存 在。随着印尼 RKAB 补充配额 ...