行业 白糖日报 日期 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 2025 年 6 月 24 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...

日期 2025 年 6 月 24 日 行业 国债日报 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 ＃summary＃ 每日报告 | | 表1：国债期货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 | | TL2509 | 121.340 | 121.500 | 121.290 | 121.260 | -0.050 | -0.04 ...

General Information - Reported industry: Eggs [1] - Report date: June 24, 2025 [2] - Research team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Core Viewpoints - The current oversupply in the egg market remains the main theme, and all contracts are at historically low price levels. The recent price rebound is only a phase and difficult to form a trend. As time passes, the market's purchasing sentiment may gradually improve, and there may be support at the previous price bottom. The downside space for the 08 contract is relatively small, but the operation rhythm is difficult, with the possibility of slow decline and sharp rise. Continuous attention should be paid to the intensity of chicken culling [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: - Egg 2507 contract: The previous settlement price was 2954, the opening price was 2902, the highest price was 2910, the lowest price was 2855, the closing price was 2857, down 97 or -3.28%. The trading volume was 29,698, the open interest was 40,856, a decrease of 1336 [7] - Egg 2508 contract: The previous settlement price was 3622, the opening price was 3593, the highest price was 3600, the lowest price was 3557, the closing price was 3569, down 53 or -1.46%. The trading volume was 189,517, the open interest was 236,982, an increase of 3337 [7] - Egg 2509 contract: The previous settlement price was 3666, the opening price was 3645, the highest price was 3652, the lowest price was 3622, the closing price was 3630, down 36 or -0.98%. The trading volume was 58,381, the open interest was 138,603, an increase of 11,347 [7] - **Price Situation**: The national egg price was stable today. The average price in the main producing areas was 2.92 yuan/jin, up 0.01 yuan/jin from yesterday; the average price in the main selling areas was 3.00 yuan/jin, down 0.01 yuan/jin from yesterday. The 08 contract fell 1.46% [8] - **Operation Suggestions**: The price rebound should be treated as a phase, and it is difficult to form a trend. As time passes, the market's purchasing sentiment may gradually improve, and there may be support at the previous price bottom. The downside space for the 08 contract is relatively small, but the operation rhythm is difficult, with the possibility of slow decline and sharp rise. Continuous attention should be paid to the intensity of chicken culling [8] 2. Industry News - **Laying Hen Inventory**: As of the end of May, the national monthly inventory of laying hens was about 1.334 billion, a month-on-month increase of 0.4%, showing a certain degree of growth for five consecutive months, and a year-on-year increase of 7.2% compared with 1.244 billion in the same period last year [9] - **Chick Hatchling Volume**: In May, the monthly hatchling volume of layer chicks in sample enterprises was about 44.98 million, slightly less than 46.99 million in April and slightly higher than 44.54 million in the same period in 2024. It is a medium-level single-month replenishment volume in May in the past eight years [9] - **Chicken Culling Volume**: In the first three weeks as of June 6, the national chicken culling volumes were 19.97 million, 21.02 million, and 19.53 million respectively. The culling volume gradually recovered after May, with four consecutive weeks of month-on-month increases, and a slight decline this week. The absolute value was slightly higher than the levels of the previous three years. As of June 12, the average culling age of chickens was 512 days, three days earlier than last week and 22 days earlier than last month [9] 3. Data Overview - The report provides multiple data charts, including China's monthly inventory of laying hens, egg chicken breeding profits, average prices in the main egg-producing areas, seasonal trends of the egg 07 contract, basis of the egg 07 contract, and price difference between the egg 08 and 09 contracts, with data sources including Wind, Zhuochuang Information, and Trading Famen [10][17][19]

行业 锌期货日报 日期 2025 年 6 月 20 日 021-60635740 期货从业资格号：F3075681 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 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 2507 | 21945 | 21865 | 22020 | 21800 | -130 | -0.59 | 87639 | -9589 | | 沪锌 2508 | 21755 | 2168 ...

行业 原油日报 日期 2025 年 6 月 20 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（工业硅碳市场） 研究员 ...

行业 沥青日报 日期 2024 年 6 月 20 日 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2509 | 3700 | 3738 | 3745 | 3689 | 1.49 | 29.87 | | BU2508 | 3718 | 3751 | 3760 | 3704 | 1.38 | 1.21 | 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：F03094 ...

Report Overview - Report Name: Methanol Daily Report - Date: June 20, 2025 - Industry: Methanol Key Points 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply pressure of methanol remains high as domestic production has been increasing for four consecutive weeks, while the operating rates of most downstream products have declined this week. However, the methanol price is still rising due to the expected significant decrease in methanol imports caused by the Iran geopolitical conflict. It is expected to fluctuate strongly in the short term, but technical adjustments should be noted [5]. - From a technical perspective, in the hourly cycle, the MACD fast and slow lines of the methanol weighted contract are running above the zero - axis with repeated divergences, and the RSI has entered the overbought area three times, indicating a need for short - term stagnation and callback. In the daily cycle, the MACD fast and slow lines are above the zero - axis, the red column is continuously lengthening, the price has reached a new high, and the RSI has been in a钝化 stage after entering the overbought area. It is expected to fluctuate strongly in the short term, but technical adjustments should be noted [6]. 3. Summary by Directory 3.1 Market Review and Outlook - The methanol weighted contract increased in position and price today. The weighted contract added 20,499 lots, and the 09 main contract added 17,514 lots. It showed a high - opening and wide - range oscillation trend, closing with a small - bodied positive line with long upper and lower shadows, rising 0.91% overall. The average spot transaction price of methanol in Jiangsu Taicang was 2,770 yuan/ton, an increase of 70 yuan/ton from the previous day [5]. - From June 13 to June 19, 2025, the domestic methanol production was 1,997,846 tons, an increase of 15,190 tons from the previous week, and the plant capacity utilization rate was 88.65%, a month - on - month increase of 0.76%. The capacity utilization rates of some main downstream products of methanol this week are as follows: olefins 88.97% (a month - on - month decrease of 0.54%), formaldehyde 50.39% (a month - on - month decrease of 0.22%), acetic acid 88.33% (a month - on - month decrease of 0.327%), MTBE 63.71% (a month - on - month increase of 4.01%) [5]. - A table shows the futures market quotations of different contracts, including opening price, closing price, highest price, lowest price, increase or decrease, trading volume, open interest, change in open interest, and speculation degree [7]. 3.2 Industry News - The 3 - million - ton/year olefin project of Inner Mongolia Baofeng Coal - based New Materials Co., Ltd., the world's largest single - plant coal - to - olefin project with a total investment of 48.4 billion yuan, was put into operation. It uses coal to produce polyethylene and polypropylene, with an annual output of 3 million tons of polyolefins, including 1.5 million tons of polyethylene and 1.5 million tons of polypropylene [13]. 3.3 Data Overview - Multiple data charts are provided, including the basis of the main contract, the price difference between production and sales areas, the futures price and the number of warehouse receipts, the price difference between MA09 and MA01, the profits of three methanol production processes, and the overseas market price of methanol, but specific data in the charts are not described in detail [20][21][22]

Industry - The industry being reported on is cotton [1] Report Date - The report was dated June 20, 2025 [2] Researchers - The researchers include Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] Core Views - Zhengzhou cotton is oscillating and adjusting. The spot cotton price index for Grade 328 is 14,891 yuan/ton, up 34 yuan/ton from the previous trading day. The cotton yarn market is weak, with spinning mills selling at discounted prices, and downstream orders are difficult to improve. The cotton fabric market is also sluggish, with large fabric mills having less-than-expected orders and accumulating inventory [7] - The Fed has maintained interest rates for the fourth consecutive time, causing a sharp decline in overnight ICE cotton futures. The US cotton planting progress is 85% (compared to 89% last year), and the good-to-excellent rate is 48% (compared to 54% last year). The June USDA monthly supply and demand report increased US cotton exports in the 2024/25 season to 2.5 million tons and reduced the ending inventory to 960,000 tons. In the domestic market, with a stable or slightly increasing planting area, the new cotton output is expected to be stable or slightly increase. There is a risk of high-temperature heat damage to cotton in the budding and flowering stage in most parts of Xinjiang this week. In May, yarn production increased by 3% year-on-year, and cloth production decreased by 3.3% year-on-year. The downstream industry is currently weak, with finished product inventory gradually accumulating and the operating rate decreasing again. In the short term, the fundamental driving force is limited, and Zhengzhou cotton is oscillating in a narrow range. Pay attention to macro changes [8] Summary by Section 1. Market Review and Operational Suggestions - **Market Review**: Zhengzhou cotton is oscillating and adjusting. The spot cotton price index for Grade 328 is 14,891 yuan/ton, up 34 yuan/ton from the previous trading day. The cotton yarn market is weak, with spinning mills selling at discounted prices, and downstream orders are difficult to improve. The cotton fabric market is also sluggish, with large fabric mills having less-than-expected orders and accumulating inventory. It is expected that autumn orders will start later than usual [7] - **Macro and Market Analysis**: The Fed has maintained interest rates for the fourth consecutive time, causing a sharp decline in overnight ICE cotton futures. The US cotton planting progress is 85% (compared to 89% last year), and the good-to-excellent rate is 48% (compared to 54% last year). The June USDA monthly supply and demand report increased US cotton exports in the 2024/25 season to 2.5 million tons and reduced the ending inventory to 960,000 tons. In the domestic market, with a stable or slightly increasing planting area, the new cotton output is expected to be stable or slightly increase. There is a risk of high-temperature heat damage to cotton in the budding and flowering stage in most parts of Xinjiang this week. In May, yarn production increased by 3% year-on-year, and cloth production decreased by 3.3% year-on-year. The downstream industry is currently weak, with finished product inventory gradually accumulating and the operating rate decreasing again. In the short term, the fundamental driving force is limited, and Zhengzhou cotton is oscillating in a narrow range. Pay attention to macro changes [8] 2. Industry News - In May, China's yarn production was 1.951 million tons, a year-on-year increase of 3%; cloth production was 2.67 billion meters, a year-on-year decrease of 3.3%; and chemical fiber production was 7.349 million tons, a year-on-year increase of 5.2%. From January to May, cumulative yarn production was 9.368 million tons, a year-on-year increase of 4.9%; cumulative cloth production was 12.63 billion meters, a year-on-year increase of 0.2%; and cumulative chemical fiber production was 35.037 million tons, a year-on-year increase of 5.5% [9] 3. Data Overview - The report provides multiple charts related to cotton, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, etc. All data sources are Wind and the Research and Development Department of Jianxin Futures [16][17][26]

Group 1: General Information - The report is a daily report on the polyolefin industry dated June 20, 2025 [1][2] - The energy and chemical research team includes researchers for polyolefins, crude oil and fuel oil, PTA, MEG, urea, industrial silicon, pulp, and glass - soda ash [4] Group 2: Futures Market Quotes - For plastic 2601, the opening price was 7370 yuan/ton, closing at 7399 yuan/ton, with a high of 7417 yuan/ton, a low of 7353 yuan/ton, a rise of 62 yuan/ton (0.85% increase), a position of 106,997 lots, and a position change of - 1395 lots [5] - For plastic 2605, the opening price was 7368 yuan/ton, closing at 7375 yuan/ton, with a high of 7400 yuan/ton, a low of 7342 yuan/ton, a rise of 48 yuan/ton (0.66% increase), a position of 801 lots, and a position change of 6 lots [5] - For plastic 2509, the opening price was 7425 yuan/ton, closing at 7462 yuan/ton, with a high of 7479 yuan/ton, a low of 7397 yuan/ton, a rise of 71 yuan/ton (0.96% increase), a position of 478,375 lots, and a position change of 2116 lots [5] - For PP2601, the opening price was 7149 yuan/ton, closing at 7221 yuan/ton, with a high of 7233 yuan/ton, a low of 7149 yuan/ton, a rise of 101 yuan/ton (1.42% increase), a position of 91,599 lots, and a position change of 3106 lots [5] - For PP2605, the opening price was 7159 yuan/ton, closing at 7208 yuan/ton, with a high of 7214 yuan/ton, a low of 7159 yuan/ton, a rise of 100 yuan/ton (1.41% increase), a position of 987 lots, and a position change of - 1 lot [5] - For PP2509, the opening price was 7215 yuan/ton, closing at 7274 yuan/ton, with a high of 7279 yuan/ton, a low of 7213 yuan/ton, a rise of 85 yuan/ton (1.18% increase), a position of 487,507 lots, and a position change of 10,454 lots [5] Group 3: Market Review and Outlook - L2509 opened higher, fluctuated upward during the session, and closed up at 7462 yuan/ton, up 71 yuan/ton (0.96%), with a trading volume of 430,000 lots and an increase in positions by 2137 to 478,396 lots. PP's main contract closed at 7274 yuan/ton, up 85 yuan (1.18% increase), with an increase in positions by 10,500 lots to 487,500 lots [6] - The futures market maintained high - level fluctuations, but the market trading atmosphere was average. Traders raised prices following the market, while downstream buyers were resistant to high - priced goods and mainly made purchases based on rigid demand [6] - Geopolitical tensions in the Middle East showed signs of escalation, and risk - aversion sentiment supported oil prices. The shutdown of Iranian methanol plants pushed up MA. Polyolefins were in a stage of strong cost and weak supply - demand game. In the short term, cost logic supported the upward movement of polyolefin prices, but downstream demand was difficult to follow up, and the basis of plastic and PP continued to weaken [6] Group 4: Industry News - On June 19, 2025, the inventory level of major producers was 760,000 tons, a decrease of 25,000 tons (3.18% decline) from the previous working day, the same as the inventory level in the same period last year [7] - The PE market prices rose steadily. In North China, some linear PE prices increased by 20 - 80 yuan/ton, some high - pressure PE prices increased by 20 - 250 yuan/ton, and some low - pressure PE prices increased by 10 - 150 yuan/ton. In East China, some high - pressure PE prices increased by 20 - 150 yuan/ton, some low - pressure PE prices increased by 20 - 100 yuan/ton, and some linear PE prices increased by 20 - 50 yuan/ton. In South China, some linear and low - pressure PE prices increased by 10 - 50 yuan/ton, and some high - pressure PE prices increased by 20 - 100 yuan/ton [7] - The PP market still showed an upward trend. The high - level fluctuation of futures continued to boost the spot market atmosphere. Some petrochemical plants raised their prices, and cost support remained. Traders' quotation centers moved up, but downstream buyers were cautious, with low willingness to enter the market. The actual transaction volume was limited, and transactions were mainly at the lower negotiated prices [7] - The mainstream prices of North China PP drawstring in the morning were 7160 - 7270 yuan/ton, 7240 - 7330 yuan/ton in East China, and 7170 - 7330 yuan/ton in South China [7] Group 5: Data Overview - The report includes data on futures market quotes, L - PP spread, crude oil futures settlement price, L and PP basis, and two - oil inventories and their year - on - year changes, with data sources from Wind and Zhuochuang Information [5][11][15][18]

行业 油脂 日期 2025 年 6 月 20 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 东莞菜油贸易商报价：东莞三菜 09+50 （6 月），一菜 09+230（6 月）。华 东市场豆油基差价格：一豆：现货： ...