1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 24, 2025 [2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - The zinc market maintains a pattern of increasing supply and weak demand. Although the social inventory is at a low level, the trend of inventory accumulation in the off - season has not been confirmed. The Shanghai zinc is expected to fluctuate weakly in the short term, with the 22,000 - yuan mark turning into a resistance level. [7] 4. Summary by Section 4.1 Market Review - **Futures Market Data**: For SHFE zinc, the contract 2507 opened at 21,955 yuan/ton, closed at 21,980 yuan/ton, up 75 yuan or 0.34%, with a position of 67,890 lots and a decrease of 8,673 lots; contract 2508 opened at 21,740 yuan/ton, closed at 21,780 yuan/ton, up 40 yuan or 0.18%, with a position of 110,868 lots and an increase of 5,745 lots; contract 2509 opened at 21,680 yuan/ton, closed at 21,640 yuan/ton, up 20 yuan or 0.09%, with a position of 57,539 lots and an increase of 2,529 lots. The SHFE zinc fluctuated lower in the morning and rebounded in the afternoon. The spot import window was closed with a loss of 642.97 yuan/ton. LME zinc inventory decreased by 325 tons to 126,225 tons, and domestic social inventory decreased by 0.18 million tons to 7.78 million tons. The zinc ore supply is loose, the imported zinc ore TC increased slightly, and the domestic TC remained at 3,600 yuan/ton. The downstream primary consumption sector's开工 rate is lower than the same - period level in previous years, and the terminal consumption support is gradually weakening. [7] 4.2 Industry News - **Price and Premium in Different Regions**: - On June 23, 2025, in the mainstream market, 0 zinc was traded at 21,960 - 22,125 yuan/ton, 1 zinc at 21,890 - 22,055 yuan/ton. Different brands had different premiums over relevant contracts in different trading periods. - In the Ningbo market, the mainstream 0 zinc was traded at 21,960 - 22,125 yuan/ton, with a premium of 130 yuan/ton over the 2507 contract and a premium of 30 yuan/ton over the Shanghai spot. - In the Tianjin market, 0 zinc was traded at 21,890 - 22,090 yuan/ton, with different premiums for different brands over the 2507 contract, and the Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market. - In the Guangdong market, 0 zinc was traded at 21,785 - 21,995 yuan/ton, with a premium of 195 yuan/ton over the 2508 contract and a discount of 100 yuan/ton compared to the Shanghai spot, and the price difference between Shanghai and Guangdong widened. [8][9] 4.3 Data Overview - The report mentions several data - related charts, including the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, etc., but no specific data analysis is provided in the given text other than the inventory changes mentioned in the market review section. [13]

1. Report Industry Investment Rating - No relevant content 2. Core View of the Report - The price of the main contract of polysilicon dropped significantly. The closing price of PS2508 was 30,615 yuan/ton, a decline of 3.30%. The production is expected to increase slightly, while the demand pressure is gradually increasing, and the pessimistic expectation drives the market to weaken first [4] 3. Summary According to the Directory 3.1 Market Review and Outlook - Market Performance: The price of the main contract of polysilicon dropped significantly. The closing price of PS2508 was 30,615 yuan/ton, with a trading volume of 88,450 lots and an open interest of 78,183 lots, a net increase of 10,054 lots [4] - Future Outlook: The expectation of concentrated production cuts has failed. The weekly production is expected to enter a stage of slight month - on - month increase. The terminal photovoltaic demand is expected to fall to about 40GW, and the inventory has been increasing since April. There is no positive news on the demand side during the policy vacuum period [4] 3.2 Market News - As of June 23, the number of polysilicon warehouse receipts was 2,600 lots, unchanged from the previous trading day [5] - The transaction price range of N - type re -投料 was 32,000 - 35,000 yuan/ton, with an average transaction price of 34,400 yuan/ton, a month - on - month decrease of 6.27%. The transaction price range of N - type granular silicon was 33,000 - 34,000 yuan/ton, with an average transaction price of 33,500 yuan/ton, a month - on - month decrease of 2.90%. There was no bulk transaction of P - type polysilicon [5]

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 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 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 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 6 月 24 日 每日报告 | | | | | | 表1：6月23日钢材、铁矿期货主力合约价格、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 | | RB2510 | 29 ...

Industry Investment Rating - No relevant content provided Core Viewpoints - The spot price of industrial silicon has stopped falling and stabilized, but the supply-demand imbalance has not significantly improved. With high supply and high inventory limiting the upside and cost and current price providing support, the market has reached a weak balance in the short term and will continue to operate weakly [4]. Summary by Directory 1. Market Review and Outlook - Market Performance: The main contract price of industrial silicon futures fluctuated. The closing price of Si2509 was 7,420 yuan/ton, a decline of 0.20%, with a trading volume of 292,932 lots and an open interest of 303,119 lots, a net decrease of 2,437 lots [4]. - Spot Price: The spot price of industrial silicon was stable, with the price center of 553 at 8,300 yuan/ton and that of 421 at 8,400 yuan/ton [4]. - Future Outlook: The supply of industrial silicon has been increasing for 4 consecutive weeks, with a weekly output of 76,600 tons in the third week of June and a monthly output exceeding 320,000 tons. The demand remains unchanged, with domestic demand at 260,000 tons and monthly exports at 50,000 tons. The spot and futures inventory exceeds 800,000 tons, but the continuous cancellation of futures warehouse receipts provides support. The market is expected to continue its weak operation [4]. 2. Market News - On June 23, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 54,184 lots, a net decrease of 439 lots from the previous trading day [5]. - According to customs data, the export volume of industrial silicon in April 2025 was 60,500 tons, a month-on-month increase of 1.64% and a year-on-year decrease of 9.19%. The overall overseas market is relatively stable [5].

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 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 6 月 24 日 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23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 | 1384. ...

Group 1: Report Overview - The report is a daily review of the precious metals industry on June 24, 2025, provided by the macro - financial team of Jianxin Futures Research and Development Department [1] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The mid - line upward trend of gold remains good, with increased volatility. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. Traders with a bearish mindset can consider the "long gold, short silver" arbitrage strategy [4][5] Group 4: Precious Metals Market Analysis Intraday Market - Due to the US air - strike on Iranian nuclear facilities over the weekend, geopolitical risks pushed the price of London gold up to around $3400 per ounce during the Asian session on the 23rd. But it later fell back to around $3350 per ounce. The Trump 2.0 new policy boosts the safe - haven demand for gold [4] Domestic Market Data - Shanghai Gold Index closed at 783.42 with a 0.36% increase; Shanghai Silver Index closed at 8794 with a 1.23% increase; Gold T + D closed at 777.60 with a 0.12% increase; Silver T + D closed at 8730 with a 0.77% increase [5] Mid - line Market - In April, multiple safe - haven demands drove the gold price to exceed $3500 per ounce. Although the price has回调 from its high, the mid - level upward trend remains intact. Long - and mid - term factors driving the gold price up will continue to exist, but short - term price surges lead to increased volatility [5] Group 5: Main Macro Events/Data - The US military destroyed Iranian nuclear facilities, and Iran may block the Strait of Hormuz. European foreign ministers' attempt to prevent conflict escalation had little success [17] - Russian President Putin's remarks on Ukraine were condemned by the Ukrainian foreign minister [17] - The Fed's report shows that US inflation is somewhat high, the job market is stable, and the impact of Trump's tariff increase is uncertain [17] - The US Commerce Department may revoke the authorization of global chip manufacturers in China, and Japan canceled a high - level meeting with the US [18]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: June 24, 2025 [2] Group 2: Investment Rating - Not provided Group 3: Core View - The asphalt market shows a pattern of weak supply and demand, mainly following oil price fluctuations, and is expected to operate strongly [7] Group 4: Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices of BU2509 and BU2508 contracts are provided, with their respective price increases of 0.8% and 1.02%, and trading volumes of 31.75 and 4.75 million lots [6] - Spot Market: Spot prices in Northeast, North China, Shandong, and Sichuan-Chongqing regions increased, while prices in other regions remained stable. The high opening of crude oil and asphalt futures had a positive impact on the spot market [6] - Supply: Jiangsu Xinhai plans to resume asphalt production, but Maoming Petrochemical has no resumption plan, and Jinling Petrochemical in East China and Liaohe Petrochemical in Northeast China have reduced production loads. The average operating load rate of asphalt plants is expected to continue to decline [6] - Profit: Oil prices are expected to remain high, but the increase in asphalt prices may be limited. Asphalt production profits are expected to improve slightly [6] - Demand: There is limited room for improvement in asphalt demand. Traders and downstream users are cautious and mainly purchase on demand [6] Group 5: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt is 3760 - 4030 yuan/ton, up 30 yuan/ton from the previous day. Rising international oil prices and asphalt futures have driven up prices, and the market is cautious [8] - East China Market: The mainstream intended price of 70A grade asphalt is 3680 - 3770 yuan/ton, remaining stable. Although the rainy season has affected demand, the strong crude oil and asphalt futures have given impetus to price increases. Pay attention to the possibility of Sinopec raising prices [8] Group 6: Data Overview - Multiple data charts are provided, including asphalt daily operating rate, Shandong asphalt comprehensive profit, Shandong asphalt spot price, Shandong asphalt basis, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and Jianxin Futures Research and Development Department [12][16][20][25]

行业 集运指数日报 日期 2025 年 6 月 24 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 一、行情回顾与操作建议 当日行情： ＃summary＃ 每日报告 | | | 表1：集运欧线期货6月23日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2506 | 1,892.8 | 1,875.0 | 1,883.0 | 1, ...

Report Information - Report Date: June 24, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Team Members: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoints - The external market of US soybean futures contracts is currently oscillating, with the main contract at 1060 cents. After the positive news about US soybean oil, the US soybean price rebounded last week and then gradually turned to oscillation. The biodiesel policy is relatively positive for US soybean crushing, but there is still uncertainty due to an upcoming hearing in early July. The market is temporarily digesting the positive news. In terms of exports, as the US soybean marketing year is approaching its end, last week's weekly export data was good but had limited impact. The market is gradually entering the weather - sensitive period. New - season soybean planting is in progress, with most soybeans in the emergence stage. Rainfall is unevenly distributed in the producing areas. Although the new excellent - rate has decreased compared to before, it is still at a medium level. Considering that soybeans are only in the emergence stage, there is currently no topic for weather speculation. The supply - demand pattern of US soybeans has improved, but the international soybean supply is still sufficient. Under the interweaving of multiple and short factors, the external market will oscillate in the short term, waiting for weather guidance [6]. - Domestic soybean meal rebounded last week and then declined. Since June, soybean meal sales have been good. When the price is low, downstream buyers are willing to make some safety purchases, but it is difficult to see continuous large - scale purchases when the price rises. The price of domestic soybean meal will still be mainly determined by the cost of imported soybeans. In terms of futures operations, there may be pressure for profit - taking in the short - term rebound. However, based on the potential of US weather - related topics and the expectation of higher costs for imported soybeans in the fourth quarter, the fourth - quarter contracts should be treated with cautious bullishness after corrections. The risk factors are the improvement of weather and tariff conditions [6]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Data**: For the soybean meal 2507 contract, the previous settlement price was 2907, the opening price was 2911, the highest price was 2912, the lowest price was 2857, the closing price was 2872, with a decline of 35 and a decline rate of - 1.20%. The trading volume was 36,635, the open interest was 108,255, and the open interest decreased by 16,064. For the soybean meal 2509 contract, the previous settlement price was 3070, the opening price was 3074, the highest price was 3076, the lowest price was 3021, the closing price was 3037, with a decline of 33 and a decline rate of - 1.07%. The trading volume was 1,158,175, the open interest was 2,341,727, and the open interest increased by 2,195. For the soybean meal 2511 contract, the previous settlement price was 3107, the opening price was 3108, the highest price was 3113, the lowest price was 3059, the closing price was 3074, with a decline of 33 and a decline rate of - 1.06%. The trading volume was 69,842, the open interest was 588,107, and the open interest increased by 10,520 [6]. - **External Market**: The US soybean futures contracts are oscillating. After the positive news of US soybean oil, the price rebounded last week and then oscillated. The biodiesel policy is positive for US soybean crushing, but there is uncertainty due to the upcoming hearing. The export data is good but has limited impact as the marketing year is ending. New - season planting is in progress, with uneven rainfall. The excellent - rate is at a medium level, and there is currently no weather - related speculation topic. The external market will oscillate in the short term, waiting for weather guidance [6]. - **Domestic Market**: Domestic soybean meal rebounded last week and then declined. Sales in June have been good, with downstream buyers making safety purchases at low prices. The price will be mainly determined by imported soybean costs. In futures operations, short - term rebounds may face profit - taking pressure, and fourth - quarter contracts should be treated with cautious bullishness after corrections, with risks related to weather and tariffs [6]. 3.2 Industry News - According to the USDA export sales report, as of the week ending June 12, US soybean export sales increased by a net of 614,700 tons, better than expected. US soybean export sales for the current marketing year increased by a net of 539,500 tons, a 779% increase from the previous week and a 204% increase from the average of the previous four weeks. The market previously expected a net increase of 0 tons. US soybean export sales for the next marketing year increased by a net of 75,200 tons. The market previously expected a net increase of 0 - 200,000 tons. US soybean exports for shipment were 406,100 tons, a 10% decrease from the previous week and a 33% increase from the average of the previous four weeks [7]. - The monthly report released by the Secretariat of Agriculture, Livestock, Fisheries and Food of Argentina shows that the estimated planting area of soybeans in Argentina for the 2024/25 season is 17.8 million hectares, a 0.6% increase from last month's estimate and a 7.2% increase from the previous year. The estimated soybean production for the 2024/25 season is 49.9 million tons, a 1.8% increase from last month's estimate and a 3.5% increase from the previous year [9].

行业 纯碱、玻璃日报 日期 2024 年 6 月 24 日 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 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 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（尿素、工业 研究员：彭婧霖（聚 ...