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纯碱、玻璃日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:30
纯碱、玻璃日报 日期 2025 年 9 月 26 日 行业 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 021-60635727 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(聚烯烃) 研究员:刘悠然(纸浆) 研究员:冯泽仁(玻璃、纯碱) 请阅读正文后的声明 #summary# 每日报告 ...
建信期货油脂日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:29
行业 油脂 日期 2025 年 9 月 26 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 请阅读正文后的声明 - 2 - #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 华东转三级菜油:现货:OI2601+250,10-11 月:OI2601+260。华东转 ...
建信期货纸浆日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:29
Industry Investment Rating - No information provided Core Viewpoints - The pulp market is undergoing short - term fluctuations. The external market quotations show a mixed trend, the supply - side tightening needs to be reflected in shipments, port inventories are at a high level, and downstream paper mills still aim to reduce costs and increase efficiency. The market is expected to continue its low - level volatile adjustment [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5268 yuan/ton, and the closing price was 5314 yuan/ton, a rise of 0.87%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5000 - 6600 yuan/ton, remaining stable compared to the previous trading day. The quotation of Shandong Silver Star was 5600 - 5620 yuan/ton [7] - Chile's Arauco Company announced its new September wood pulp export quotations: softwood pulp Silver Star was 700 US dollars/ton, down 20 US dollars/ton from last month; natural pulp Venus was 590 US dollars/ton, unchanged from last month; hardwood pulp Star was 520 US dollars/ton, up 20 US dollars/ton from last month [8] - In August, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 10.3% year - on - year, with softwood pulp up 5% and hardwood pulp up 14.7%. China's total pulp imports in August were 2.653 million tons, a decrease of 7.9% month - on - month and 5.6% year - on - year. As of September 25, 2025, the weekly pulp inventory in major regions and ports decreased by 3.84% month - on - month [8] - In the downstream cultural paper market, affected by typhoon weather, the operation of individual production lines in South China declined, and the production of some downstream enterprises stagnated. The trading in the base paper market weakened, showing a weak and volatile trend [8] 2. Industry News - On September 25, the PM71 paper machine at Shanying's Suzhou base was successfully started. After the successful start of the PM72 at the same base, this is another major milestone achieved by Voith and Shanying. The dual - machine operation of PM71&72 at the Suzhou base marks a key step in Shanying's layout in the high - end corrugated base paper market [9] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][24][30]
建信期货豆粕日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:29
Report Summary - Report Date: September 26, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The previous logic of soybean shortage has loosened due to Argentina's suspension of export taxes on soybeans and their by - products, and some domestic oil mills have started to actively purchase Argentine soybeans, shaking the shortage logic for the fourth quarter. With sufficient purchases for September and October, the supply until the end of November is generally worry - free. However, the potential supply reduction from December to January needs to closely track Argentine soybean purchases, Argentine policy continuity, and the progress of Sino - US negotiations. - The market is currently affected by Argentina's policy change and high inventory, leading to a significant price decline. Before the National Day, there is a lack of potential bullish factors, and the technical trend is weak. The market is expected to experience low - level fluctuations after a rapid decline [6]. 3. Summary by Directory 3.1 Market Review - **Contract Performance**: - For the Soybean Meal 2601 contract, the previous settlement price was 2922, the opening price was 2958, the highest price was 2976, the lowest price was 2951, the closing price was 2967, with a rise of 45 and a gain of 1.54%. The trading volume was 1,262,657, the open interest was 1,937,464, and the open interest decreased by 97,619. - For the Soybean Meal 2509 contract, the previous settlement price was 2851, the opening price was 2858, the highest price was 2875, the lowest price was 2858, the closing price was 2870, with a rise of 19 and a gain of 0.67%. The trading volume was 13,790, the open interest was 43,222, and the open interest increased by 4,295. - For the Soybean Meal 2511 contract, the previous settlement price was 2895, the opening price was 2929, the highest price was 2950, the lowest price was 2922, the closing price was 2940, with a rise of 45 and a gain of 1.55%. The trading volume was 75,971, the open interest was 479,636, and the open interest decreased by 17,194 [6]. - **External Market and Policy Impact**: The US soybean futures contract fluctuated, with the main contract at 1015 cents. Argentina suspended export taxes on all grains and by - products such as soybean oil and soybean meal. After the tax reduction, the CIF price of Argentine soybeans in China is 30 - 50 dollars/ton lower than that of the US. Some domestic oil mills have started to purchase Argentine soybeans, and there have been orders for Argentine soybean meal since mid - to - late August [6]. 3.2 Industry News - Argentina's government announced on Monday that it would suspend export taxes on all grains and by - products such as soybean oil and soybean meal until October 31 or until the total export volume reaches 7 billion dollars. Previously, the export tax on Argentine soybeans was 26%, and that on soybean oil and soybean meal was 24.5% [6][7]. - Since Argentina temporarily cancelled export taxes on soybeans and grain by - products this week, Chinese buyers have purchased about 20 ships (about 1.3 million tons) of Argentine soybeans, an increase from the previously reported 10 - 15 ships. In August 2025, the national industrial feed production was 29.36 million tons, a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. Among them, the year - on - year growth rates of formula feed, concentrated feed, and additive premixed feed were 3.4%, 8.3%, and 7.9% respectively [18]. 3.3 Data Overview - The report provides multiple data charts, including the spread between Soybean Meal 1 - 5 contracts, the spread between Soybean Meal 5 - 9 contracts, the central parity rate of the US dollar against the RMB, the exchange rate of the US dollar against the Brazilian real, the ex - factory price of soybean meal, and the basis of the Soybean Meal 01 contract. The data sources are Wind and the Research Center of CCB Futures [11][13][14]
建信期货聚烯烃日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:29
行业 聚烯烃日报 日期 2025 年 9 月 26 日 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号:F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号:F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号:F03094925 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:彭婧霖(聚烯烃) 研究员:李捷,CFA(原油燃料油) 研究员:任俊弛(PTA、MEG) 研究员:彭浩洲(尿素、工业硅) 研究员:刘悠然(纸浆) 研究员:冯泽仁(玻璃纯碱) 请阅读正文后的声明 每日报告 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号:F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号:F3031215 | 表1:期货市场行情 | ...
建信期货原油日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:24
行业 原油日报 日期 2025 年 9 月 26 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 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:彭婧霖(聚烯烃) 研究员:刘悠然(纸浆) 研究员:冯泽仁(玻璃纯碱) 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | 表 ...
建信期货生猪日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:24
行业 生猪日报 日期 2025 年 09 月 26 日 021-60635740 期货从业资格号:F3055047 021-60635727 期货从业资格号:F0230741 研究员:洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号:F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号:F03094925 农业产品研究团队 研究员:林贞磊 linzhenlei@ccb.ccbfutures.com 研究员:余兰兰 研究员:王海峰 wanghaifeng@ccb.ccbfutures.com 研究员:刘悠然 请阅读正文后的声明 #summary# 每日报告 一、行情回顾与操作建议 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号:F0301101 图1:全国生猪出栏价 元/公斤 图2:样本屠宰场屠宰量 头 数据来源:涌益,建信期货研究中心 数据来源:涌益,建信期货研究中心 生猪行情: 期货方面,25 日生猪主力 2511 合约平开后冲 ...
白糖日报-20250926
Jian Xin Qi Huo· 2025-09-26 01:21
行业 白糖日报 日期 2025 年 9 月 26 日 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 #summary# 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 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 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 | ...
锌期货日报-20250925
Jian Xin Qi Huo· 2025-09-25 03:03
Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: September 25, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - Domestic processing fees lack upward momentum, with local quotes showing a narrow decline but no downward trend [7]. - Although smelters' comprehensive profits have shrunk, they remain at a relatively high level. More smelters are undergoing maintenance in September, and the output is expected to decline by 1 - 20,000 tons month - on - month, with the monthly output expected to be around 600,000 tons. The supply side generally remains loose [7]. - Thanks to the resumption of previously shut - down and reduced - production facilities, the operating rates of galvanizing and zinc oxide have slightly increased. However, overall consumption is not ideal during the peak consumption season. The operating rate in the primary consumption sector has increased month - on - month but is weaker than the same period last year. Social inventories decreased slightly on Monday [7]. - There is still some bargain - hunting replenishment by downstream enterprises when zinc prices fall, but most of the previous price - fixing has been completed, and the spot premium has limited upward momentum. Zinc prices are expected to fluctuate between 21,800 - 22,500 yuan [7]. Group 4: Market Review - **Futures Market Quotes**: - For the contract "2510" of Shanghai Zinc, the opening price was 21,930 yuan/ton, the closing price was 21,845 yuan/ton, the highest was 21,980 yuan/ton, the lowest was 21,830 yuan/ton, the change was - 100 yuan/ton, the change rate was - 0.46%, the trading volume was 2,510, and the open interest was 42,441 with a decrease of 5,600 [7]. - For the contract "2511" of Shanghai Zinc, the opening price was 21,895 yuan/ton, the closing price was 21,860 yuan/ton, the highest was 21,985 yuan/ton, the lowest was 21,860 yuan/ton, the change was - 95 yuan/ton, the change rate was - 0.43%, the trading volume was 2,511, and the open interest was 141,867 with an increase of 1,495 [7]. - For the contract "2512" of Shanghai Zinc, the opening price was 21,905 yuan/ton, the closing price was 21,875 yuan/ton, the highest was 21,990 yuan/ton, the lowest was 21,870 yuan/ton, the change was - 80 yuan/ton, the change rate was - 0.36%, the trading volume was 2,512, and the open interest was 49,776 with an increase of 5,966 [7]. Group 5: Industry News - On September 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 21,920 - 22,035 yuan/ton, that of Shuangyan was between 22,050 - 22,165 yuan/ton, and that of 1 zinc was between 21,850 - 21,965 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 21,890 - 21,995 yuan/ton. The regular brands in Ningbo were quoted at a discount of 25 yuan/ton to the "2510" contract and a premium of 30 yuan/ton to Shanghai spot [8]. - In the Tianjin market, 0 zinc ingots were mainly traded between 21,890 - 22,010 yuan/ton, and 1 zinc ingots were traded around 21,800 - 21,920 yuan/ton. The price of Huludao zinc was 22,580 yuan/ton [8]. - In the Guangdong market, 0 zinc was mainly traded between 21,845 - 21,995 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the "2511" contract and at par with Shanghai spot [8]. Group 6: Data Overview - The report mentions data on the weekly inventory of SMM's seven - region zinc ingots (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE's inter - month spread, but specific data values are not provided [13][15]
建信期货铁矿石日评-20250925
Jian Xin Qi Huo· 2025-09-25 03:00
1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. Considering the steel mill's resumption rhythm and restocking demand before the National Day holiday, it is expected that the iron ore price may fluctuate strongly in the near future [7][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook - **Market Review**: On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. The spot market showed that on September 24, the main iron ore outer - market quotes were flat compared to the previous trading day, and the prices of main - grade iron ore at Qingdao Port were mostly flat compared to the previous day. Technically, the daily KDJ indicator of the iron ore 2601 contract continued to decline, and the daily MACD indicator formed a death cross [7][9] - **Future Outlook**: Recently, the shipments from Australia and Brazil decreased, while the arrivals increased. The total shipments from Australia and Brazil in the past four weeks increased by 3.56% compared to the previous four weeks. Considering the shipping time, the future arrivals are expected to further recover, showing a pattern of being low first and then high. On the demand side, last week, the molten iron output, blast furnace start - up rate, and blast furnace capacity utilization rate rebounded again, with obvious demand recovery after the September 3rd restrictions. However, the continuous decline in the profitability of downstream steel enterprises will limit the growth space of demand. In terms of inventory, as the National Day holiday in October approaches, steel mills have started the restocking process, which will support the iron ore demand before the holiday [10][11] 3.2 Industry News - **Anti - Dumping News**: On September 23, South Korea decided to impose temporary anti - dumping duties on carbon steel and alloy steel hot - rolled coils from China and Japan. From September 19, India decided to impose a 5 - year anti - dumping duty on cold - rolled non - oriented electrical steel from China [12] - **Policy News**: Six ministries including the Ministry of Industry and Information Technology jointly issued the "Work Plan for Stable Growth of the Building Materials Industry (2025 - 2026)", aiming to make the building materials industry recover and improve profitability from 2025 - 2026, and increase the scale of green building materials and advanced inorganic non - metallic materials industries. The green building materials' operating income is expected to exceed 30 billion yuan in 2026. Five key tasks are deployed, including strengthening industry management, enhancing industrial technological innovation, expanding effective investment, expanding consumer demand, and deepening opening - up and cooperation [12][13] 3.3 Data Overview - The report provides multiple data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder at Qingdao Port, the basis between iron ore spot and January contract at Qingdao Port, the shipments from Brazil and Australia, the arrivals at 45 ports, the capacity utilization rate of domestic mines, the trading volume at main ports, the inventory available days of steel mills' iron ore, the inventory of imported sintered powder ore, the inventory and dispatch volume of port iron ore, the cost of molten iron in sample steel mills, the start - up rate and capacity utilization rate of blast furnaces and electric furnaces, the daily average molten iron output nationwide, the apparent consumption of five major steel products, the weekly output of five major steel products, and the inventory of five major steel products in steel mills [15][20][24]