Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Report's Core View - The lithium carbonate futures continued to rise, with the price rising for five consecutive days and showing an obvious bullish trend. Most industrial products rose during the day, and the market's bullish sentiment was strong. However, the spot price increase of lithium carbonate continued to lag behind, and the spot price remained lower than the futures price. The 07 - 09 contract shifted to a positive structure, but the exchange's warehouse receipts decreased again, indicating low enthusiasm for delivery. The increase in ore prices provided hedging opportunities for lithium salt plants purchasing spodumene. It is expected that the weekly production of lithium carbonate will continue to increase. As the lithium price rises, the downstream's purchasing enthusiasm has significantly decreased, while the upstream's selling enthusiasm has increased. In the short term, the futures price increase is mainly due to the rebound after the market's bullish sentiment improved. If the spot price fails to catch up with the futures price increase, the upside potential of the futures price is expected to be limited [12]. Group 3: Summary by Relevant Catalogs 1. Market Review and Operation Suggestions - The lithium carbonate futures continued to rise, with a strong bullish market atmosphere. The spot price of electric carbon increased by 550 to 61,150, remaining lower than the futures price. The 07 - 09 contract became a positive structure, but the exchange's warehouse receipts decreased by 592 tons to 21,998 tons, showing low delivery enthusiasm. The increase in ore prices provided hedging opportunities for salt plants, and it is expected that the weekly production of lithium carbonate will continue to increase. As the price rises, the downstream's purchasing enthusiasm has decreased, while the upstream's selling enthusiasm has increased. The short - term futures price increase is mainly an oversold rebound, and if the spot price fails to keep up, the upside potential of the futures price is limited [12]. 2. Industry News - Argosy Mining Company recently signed a spot sales contract with Hong Kong CB Supply Chain Company to sell 60 tons of battery - grade lithium carbonate produced by its Rincon lithium project. The contract uses the SMM battery - grade lithium carbonate price as the benchmark, indicating that Argosy has become an important supplier in the lithium market [13]. - The SMM battery - grade lithium carbonate index price was 61,279 yuan/ton, a daily increase of 534 yuan/ton. The battery - grade lithium carbonate price ranged from 60,400 to 61,900 yuan/ton, with an average price of 61,150 yuan/ton, a daily increase of 550 yuan/ton. The industrial - grade lithium carbonate price ranged from 59,050 to 60,050 yuan/ton, with an average price of 59,550 yuan/ton, a daily increase of 550 yuan/ton. The lithium carbonate market still has a supply - surplus pattern, and the supply - demand contradiction is prominent. The supply side has sufficient available goods, and the inventory pressure has not been effectively relieved. The recent price increase is mainly driven by external factors such as macro and market sentiment, rather than fundamental improvement. On the demand side, downstream cathode material enterprises maintain a cautious purchasing strategy, mainly for rigid demand, and there is no obvious willingness to replenish inventory, with a strong market wait - and - see sentiment. In this environment, downstream enterprises prefer to lock in procurement costs through long - term contracts [13][14].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - Copper prices are prone to rise and difficult to fall. The main reasons are the sharp decline of the US dollar index and the high spread structure of the LME market. The report also mentions that the narrowing of the spread between the spot and futures prices in the domestic market, the opening of the export window, and the easing of the tight supply situation of copper mines in the second half of the year also affect the copper price [11]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The Shanghai copper price broke through and rose. The main reasons were the decline of the US dollar index and the high spread structure of the LME market. The speculation that the Fed would cut interest rates earlier led to a sharp decline in the US dollar index. The LME0 - 3 back structure and the next - day spread expanded, and the LME inventory continued to decline, increasing the risk of a short squeeze in the market. The spread between the spot and futures prices in the domestic market also widened, and the export window opened. The long - term negotiation result of the mine end showed that the supply shortage of copper mines in the second half of the year was less severe than expected, which once narrowed the increase of copper prices, but the current tight spot market still supported the copper price [11]. 3.2 Industry News - The copper concentrate mixing project of Zhongtong (Tangshan) Mineral Products Co., Ltd. was successfully put into operation on June 25, marking the full smoothness of the bonded mixing business process [12]. - The negotiation result of TC/RC between Antofagasta and Chinese smelters in 2025 was set at 0.0 US dollars per dry ton and 0.0 cents per pound [12]. - In July 2025, the total production plan of the three major white goods (air conditioners, refrigerators, and washing machines) was 29.6 million units, a year - on - year decrease of 2.6%. Affected by the weakening demand for home appliances, the operating rate of enameled wire enterprises has continued to decline [12][13].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：6月27日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1395.5 | 1389 | 1422 | 1389 | 1421.5 | 2.52% | 28,193 | 53,145 | 1,846 | 0.79 | | JM2509 | 819.5 ...

行业 日期 2025 年 06 月 30 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 多晶硅日报 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 fengze ...

fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 工业硅日报 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 现货价格：工业硅现货价格受到大厂减产消息提振有所上报。内蒙 553 价格 8350 元/吨，上调 50 元/吨，四川 553 价 ...

碳酸锂期货日报 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 行业 日期 2025 年 6 月 27 日 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 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 800 次并完成工程验证；首款 500Wh/kg 级 10Ah 产品实现小批量量产。硅基 体系实现 320-450Wh/kg 产品梯度布局，其中 320Wh/kg 电芯循环寿命突破 1000 次。公司将充分发挥上下游产业一体化协同优势，持续加大研发力度， 推动固态电池商业化进程，促进能源转型与产业升级。 请阅读正文后的声明- 3 - 每日报告 数据来源：Wind，建信期 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - On June 26, the J2509 and JM2509 futures contracts of coke and coking coal continued to strengthen, with the JM2509 contract showing a larger increase, recovering most of the losses since May 23 [5]. - Since early June, coke and coking coal futures have rebounded due to a significant decline in coking coal imports and further production cuts by coking plants. However, there may be a divergence in their future market trends. Coke prices may be restricted by the slow production cuts of steel mills and may not have a significant rebound in the medium term, while coking coal prices may be relatively strong driven by the tightening of imports [10]. 3. Summary by Relevant Catalogs 3.1行情回顾与后市展望 (Market Review and Future Outlook) - **Market Review**: On June 26, the J2509 contract of coke closed at 1395.5 yuan/ton, up 1.86%, with a trading volume of 22,795 lots and a position of 51,299 lots. The JM2509 contract of coking coal closed at 819.5 yuan/ton, up 3.60%, with a trading volume of 870,999 lots and a position of 564,662 lots, an increase of 40,404 lots. The KDJ indicators of the J2509 and JM2509 contracts showed a clear golden cross the previous day and then rose in a divergent manner. The MACD red bars of both contracts continued to expand [5][8]. - **Future Outlook**: In the coke market, the production of independent coking plants has decreased significantly in the past two weeks, while the production of steel mills has increased. Port coke inventories are hovering near the lowest level since mid - March, and steel mill inventories have declined for seven consecutive weeks, while coking plant inventories have declined for two consecutive weeks from the highest level since early March. Tonnage coke profits have been in the red for five consecutive weeks, and the third round of price cuts for coke spot prices was implemented in early June, with further price cuts proposed in Hebei and Tianjin on June 20. In the coking coal market, the year - on - year growth of imports from January to April turned negative, but the absolute value of imports remained high. The inventories of raw coal and clean coal in coal washing plants have decreased after a significant increase. The inventory of independent coking plants reached a new low since late March, and port inventories are hovering at a low level since early August last year, while steel mill inventories are being depleted slowly. With steel mills still having relatively sufficient inventories, coking plant inventories are low, and coking coal spot prices are relatively resistant to decline [10]. 3.2行业要闻 (Industry News) - From June 23 - 24, Vice - Premier He Lifeng pointed out during a research trip in Hebei that efforts should be made to consolidate the stability of the real estate market and promote the innovation and development of high - end equipment manufacturing, intelligent photovoltaics, clean energy, and new materials enterprises [12]. - On June 26, the National Development and Reform Commission stated that as of the end of May, the installed capacity of wind and photovoltaic power generation in China reached 570 million and 1.08 billion kilowatts respectively, accounting for 45.7% of the total installed capacity, exceeding that of thermal power. It is estimated that the maximum power load during the peak summer period this year will increase by about 100 million kilowatts year - on - year. The NDRC has taken a series of measures to enhance power supply capacity, and the power supply and demand situation during the peak summer period this year is better than last year [12]. - On June 25, the Ministry of Ecology and Environment reported that as of the end of May, more than 80% of the country's crude steel production capacity had completed ultra - low emission transformation, and key projects for 170 million tons of coking and 30 million tons of cement clinker production capacity had completed ultra - low emission transformation [13]. - According to pre - disclosure information from Shandong Property Exchange Center, Jigang International Logistics Co., Ltd. is挂牌转让60% of the state - owned equity and creditor's rights of Shandong Baode Coal Co., Ltd. [13]. - Fujian Sansteel Minguang Co., Ltd. stated that in 2024, the company organized production and sales based on market benefits. The unit gross profit and sales volume were the lowest in the third quarter and the highest in the fourth quarter. From January to May 2025, the steel market continued the trend of the fourth quarter of 2024, and steel enterprises maintained a certain profit margin. In 2024, the company's iron ore procurement price decreased by 5.61% year - on - year, coking coal by 12.38%, coke by 14.73%, and the comprehensive steel sales price by 9.41% [13]. - On June 26, the coal inventory at Qinhuangdao Port was 5.62 million tons, up 0.54% from the previous day, down 2.26% from the previous week, and down 20.28% from the same period last month [13]. - On June 23, the 2 unit of the 2×1000 MW ultra - supercritical coal - fired power unit of Shandong Energy New Energy Group Lingtai Power Plant was successfully connected to the grid. The project is expected to generate 10 billion kWh of electricity annually after the first - phase two units are put into operation, effectively alleviating the power supply and demand pressure in Shandong during the 14th Five - Year Plan period [14]. - On June 26, the Gansu - Ningxia section of the West - East Gas Pipeline Project IV was successfully put into operation, making the entire pipeline fully operational. The project has an annual gas transmission capacity of 15 billion cubic meters, equivalent to replacing more than 27 million tons of standard coal and reducing carbon emissions by about 50 million tons [14]. - Xiangcai Securities stated that since the beginning of 2025, the coal industry has undergone a reshaping of the supply - demand pattern, and the coal price center has accelerated its decline. Due to the continuous decline in coal prices, some coal mines have cut production. With the approaching of the peak summer period, coal prices are expected to gradually recover [14]. - Dayou Energy's subsidiary, Yima Coal Industry Group Mengjin Coal Mine Co., Ltd., resumed production on June 23 after an accident - related shutdown on May 15 [14]. - As of June 23, Ningxia Coal Industry had completed a "coal transportation from Xinjiang to Ningxia" volume of over 1.5 million tons, an increase of 896,400 tons compared to the same period last year, reaching a record high [14]. - On June 25, the first train of 3,328 tons of Mongolian coal from the Sino - Mongolian cross - border railway, coal trade, and coal mine capacity expansion project departed from the Tavantolgoi Station of the Mongolian Railway Company, marking a solid step in the implementation of the coal trade long - term agreement [14]. - Russia is open to increasing production again at the next OPEC+ meeting if necessary. OPEC+ agreed to increase production by 411,000 barrels per day in July [15]. - In May 2025, Russia's coal production was 34.709 million tons, down 3.8% month - on - month and 2.2% year - on - year. From January to May, the cumulative coal production was 180 million tons, up 1.6% year - on - year [15]. - India's coal production is expected to reach a peak of 1.53 billion tons by 2030. In the 2024 - 2025 fiscal year, India's coal production exceeded 1 billion tons for the first time, reaching 1.048 billion tons, a 5% increase from the previous fiscal year. In the first two months of this fiscal year (April - May 2025), the total coal production was 168 million tons, a 3.45% year - on - year increase [15]. - Japan may face a severe power supply crisis in 2050 if power demand surges, aging thermal power plants are not replaced, and nuclear power plants are decommissioned as scheduled. It is estimated that Japan's power demand will increase by 2 - 25% in 2040 and 8 - 42% in 2050 compared to before the COVID - 19 pandemic in 2019 [15]. - South Africa's Thungela Resources expects its coal production in the first half of 2025 to reach 6.4 million tons, slightly higher than 6.2 million tons in the same period last year [15]. 3.3数据概览 (Data Overview) - The report provides a series of data charts, including the spot price index of metallurgical coke in major markets, the spot aggregated price of main coking coal in major markets, the production and capacity utilization rate of coking plants, the production and capacity utilization rate of steel mills' coke, the national daily average hot metal production, the coke inventories of ports/steel mills/coking plants, the tonnage coke profit of independent coking plants, the production and operating rate of coal washing plants, the raw coal and clean coal inventories of coal washing plants, the coking coal inventories of ports/coking plants/steel mills, and the basis between Rizhao Port's quasi - first - grade coke and the September contract, and the basis between Linfen's low - sulfur main coking coal and the September contract [17][18][19].

行业 沥青日报 日期 2025 年 6 月 27 日 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 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 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...

Report Information - Reported industry: Oil and fat [1] - Date: June 27, 2025 [2] - Researcher: Yulanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - No investment rating provided in the report Core Viewpoints - The price of oils and fats is weak, but it is unlikely to fall significantly further. The high-frequency data of Malaysian palm oil shows a decline in production growth and an improvement in export data, and the pace of inventory accumulation is expected to slow down. Brazil will raise the mandatory blending ratio of biodiesel in diesel from 14% to 15%, which will take effect on August 1. The supply and demand of domestic oils and fats in China is stable. With the increase in soybean crushing volume and the increase in palm oil arrivals, it is the off-season for domestic oil and fat consumption, the inventory of oils and fats continues to increase, and the basis is under pressure. The price difference of oils and fats shows a pattern of near-term weakness and long-term strength, and reverse spreads are the main strategy [7] Summary by Directory 1. Market Review and Operation Suggestions - Dongguan rapeseed oil trader quotes: Dongguan triple rapeseed oil 09+50 (June), single rapeseed oil 09+240 (June). The basis price of soybean oil in the East China market: single soybean oil: spot: Y2509+230; June - July: Y2509+250; July - September: Y2509+260; October - January: Y2601+350. The price of 24-degree palm oil at East China ports is P09+430 yuan/ton [7] 2. Industry News - On June 25 (Wednesday), the Malaysian Palm Oil Board (MPOB) lowered the reference price of crude palm oil for July, reducing the export tax to 8.5%, at 3,730.48 Malaysian ringgit per ton. The reference price in June was 3,926.59 Malaysian ringgit per ton, with a 9.5% tariff [9] - The Malaysian Palm Oil Association (MPOA) said that from June 1 - 20, 2025, the production of Malaysian palm oil decreased by 4.55% month-on-month. Among them, the production in Peninsular Malaysia increased by 0.25% month-on-month, the production in Sabah decreased by 13.27% month-on-month, the production in Sarawak decreased by 4.56% month-on-month, and the production in East Malaysia decreased by 11.06% month-on-month [9] - Data from the Southern Malaysia Palm Oil Growers Association (SPPOMMA) showed that from June 1 - 20, 2025, the production of palm oil in southern Malaysia increased by 2.5% month-on-month, among which the yield per bunch of fresh fruit increased by 2.67% month-on-month, and the oil extraction rate (OER) decreased by 0.03% [9] - Shipping survey agency ITS released data showing that Malaysia's palm oil exports from June 1 - 25 were 1,134,230 tons, a 6.8% increase compared to the 1,061,589 tons exported from May 1 - 25. Among them, exports to China were 104,000 tons, a decrease of 4,000 tons compared to 107,000 tons in the same period last month [9] 3. Data Overview - The report provides multiple data charts, including the spot price of East China's third-grade rapeseed oil, the spot price of East China's fourth-grade soybean oil, the spot price of 24-degree palm oil in South China, the basis change of palm oil, the basis change of soybean oil, the basis change of rapeseed oil, the P1 - 5 price difference, the P5 - 9 price difference, the P9 - 1 price difference, the US dollar to Chinese yuan exchange rate, and the US dollar to Malaysian ringgit exchange rate [13][15][20][21][26][27]

Report Information - Report Date: June 27, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, CFA (Crude Oil and Fuel Oil); Ren Junchi (PTA/MEG); Peng Haozhou (Industrial Silicon/Polycrystalline Silicon); Peng Jinglin (Polyolefins); Liu Youran (Pulp) [3] Industry Investment Rating - No investment rating is provided in the report. Core Viewpoints - The main price of industrial silicon futures fluctuated. The closing price of Si2509 was 7,720 yuan/ton, with a gain of 2.66%. The trading volume was 1,087,621 lots, and the open interest was 321,342 lots, a net increase of 14,698 lots [4]. - The spot price of industrial silicon remained stable. The price of Inner Mongolia 553 was 8,300 yuan/ton, and that of Sichuan 553 was also 8,300 yuan/ton. The price of Inner Mongolia 421 was 8,200 yuan/ton, that of Xinjiang 421 was 8,200 yuan/ton, and that of Sichuan 421 was 9,000 yuan/ton [4]. - The improvement in fundamentals was limited. In the third week of June, the industrial silicon output was 76,600 tons, increasing for four consecutive weeks, and the monthly output exceeded 320,000 tons. Domestic demand remained at 260,000 tons, and monthly exports remained at 50,000 tons. Recently, the expectation of polysilicon production cuts was disappointed, bringing a marginal increase in demand. The futures warehouse receipts continued to be cancelled and出库, dropping to 266,300 tons [4]. - The spot price remained stable, and the sentiment in the commodity market improved. The technical breakthrough and production cut news resonated, stimulating a sharp intraday rise in industrial silicon. However, the production cuts had not been implemented, and the high inventory was digested slowly. The improvement in fundamentals lagged significantly behind the price rebound. The upward resistance on the disk increased marginally, and the fluctuations intensified. It was recommended to operate cautiously with a slight bullish bias [4]. Section Summaries 1. Market Review and Outlook - Market Performance: The main price of industrial silicon futures fluctuated. The closing price of Si2509 was 7,720 yuan/ton, with a gain of 2.66%. The trading volume was 1,087,621 lots, and the open interest was 321,342 lots, a net increase of 14,698 lots [4]. - Spot Price: The spot price of industrial silicon remained stable. The price of Inner Mongolia 553 was 8,300 yuan/ton, and that of Sichuan 553 was also 8,300 yuan/ton. The price of Inner Mongolia 421 was 8,200 yuan/ton, that of Xinjiang 421 was 8,200 yuan/ton, and that of Sichuan 421 was 9,000 yuan/ton [4]. - Future Outlook: The improvement in fundamentals was limited. The production increased for four consecutive weeks, and the high inventory was digested slowly. The improvement in fundamentals lagged behind the price rebound. The upward resistance on the disk increased, and the fluctuations intensified. It was recommended to operate cautiously with a slight bullish bias [4]. 2. Market News - On June 26, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 53,234 lots, a net decrease of 29 lots from the previous trading day [5]. - According to customs data, the export volume of industrial silicon in May 2025 was 53,840 tons, a month-on-month decrease of 8.03% and a year-on-year decrease of 22.48% [5].