电池出口受关税影响承压，会在一定程度上抑制需求增长。库存持续下降。但随着进口铅到港预期增加， 研究员: 黄闻杰 期货从业资格号F03142112 期货投资咨询从业证书号Z0021738 以及再生铅产量后续可能的提升，下周库存可能有一定变化，若库存去化速度放缓，将对价格上涨形成一 免责声明 定阻力。综合来看，沪铅下周预计震荡偏强，但强度有限，若下周联储降息不及预期，市场行情可能会形 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 沪铅产业日报 2025-10-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪铅主力合约收盘价(日,元/吨) | 17355 | -165 LME3个月铅报价(日,美元/吨) | 2023.5 | 7 | | | 12-01月合约价差:沪铅(日,元/吨) | -10 | -5 沪铅持仓量(日,手) | 123029 | -6161 | | | 沪铅前20名净持仓(日,手) | 1110 | 1 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 螺纹钢产业链日报 2025/10/28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,091.00 | -9↓ RB主力合约持仓量(手) | 1930357 | -22644↓ | | | RB合约前20名净持仓(手) | -103837 | +8267↑ RB1-5合约价差(元/吨) | -63 | -4↓ | | | RB上期所仓单日报(日，吨 ...

| | | 沪锌产业日报 2025-10-28 ，紧张局面加剧。技术面，持仓减量价格回升，空头氛围减弱，关注2.20位置支撑。操作上，建议逢回调 轻仓做多。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22310 | -55 11-12月合约价差:沪锌(日,元/吨) | -35 | 20 | | | LME三个月锌报价(日,美元/吨) | 3058.5 | 39 沪锌总持仓量(日,手) | 209097 | -4393 | | | ...

| 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | 沪铝主力合约收盘价(日,元/吨) | 21,140.00 | -220.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,817.00 | -12.00↓ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主力-连二合约价差:沪铝(日,元/吨) | -60.00 | +15.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -42.00 | -2.00↓ | 主力合约持仓量:沪铝(日,手) | 285,793.00 | -25476.00↓ 主力合约持仓量:氧化铝(日,手) | 389,764.00 | +17280.00↑ | | | | LME铝注销仓单(日,吨) | 64,600.00 | 0.00 库存:氧化铝:合计(周,万吨) | 239,607.00 | 0.00 | LME电解铝三个月报价（日，美元/吨） | 2,878.50 | +22.00↑ LME铝库存（日，吨） | 469,275.00 ...

锰硅硅铁产业日报 2025/10/28 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,790.00 | -12.00↓ | SF主力合约收盘价（日，元/吨） | 5,564.00 | 0.00 | | | SM期货合约持仓量（日，手） | 528,804.00 | -1064.00↓ | SF期货合约持仓量（日，手） | 340,627.00 | -4689.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -58,605.00 | +1360.00↑ | 硅铁前20名净持仓（日，手） | -29,139.00 | -2233.00↓ | | | SM5-1月合约价差（日，元/吨） | 38.00 | -2.00↓ | SF5-1月合约价差（日，元/吨） | 78.00 | +10.00↑ | | SM | 仓单（日，张） | 38,603.00 | -5424.00↓ | SF 仓单（日，张） | 8,675.00 | ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5483 | 38 主力合约持仓量:白糖(日,手) | 400036 | -1562 | | | 仓单数量:白糖(日,张) | 7695 | -100 期货前20名持仓:净买单量:白糖(日,手) | -74205 | 4811 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 586 | 0 | | | | | | 4135 | -70 进口加工估算价(配额内):泰国糖(日,元/ | 4194 | -71 | | | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) | | | | 现货市场 | | 5241 | -92 进口泰糖估算价(配额外,50%关税)(日,元 | 5319 | -91 | | | /吨) 现货价:白砂糖:昆明(日,元/吨) | 5720 | /吨) -5 现货价:白砂糖:南宁(日,元/吨) | 5750 | ...

Report Summary 1. Relevant Data - **Futures Market**: The closing price of the main futures contract for red dates was 10,445 yuan/ton, up 55 yuan; the main contract's open interest was 185,560 lots, up 440 lots; the net long position of the top 20 futures holders was -9,476 lots, down 4,648 lots; the number of warehouse receipts was 0; the effective warehouse receipt forecast was 0 [2]. - **Spot Market**: The unified - price of red dates in Kashgar was 7.5 yuan/kg (unchanged), in Alar was 7.15 yuan/kg (unchanged), and in Aksu was 6.75 yuan/kg (unchanged). The wholesale price of first - class grey dates in Hebei was 4.8 yuan/jin (unchanged), and in Henan was 4.75 yuan/jin (unchanged). The price of top - grade red dates in Henan was 10.5 yuan/kg (unchanged), in Hebei was 10.55 yuan/kg (down 0.09 yuan), and in Guangdong was 11.6 yuan/kg (unchanged). The price of first - class red dates in Guangdong was 10.6 yuan/kg (unchanged) [2]. - **Upstream Market**: The annual output of red dates was 606.9 million tons, up 318.7 million tons; the planting area was 1.993 million hectares, down 41,000 hectares [2]. - **Industry Situation**: The national red date inventory was 9,103 tons (weekly), up 94 tons; the monthly export volume was 2,283,671 kg, down 81,222 kg; the cumulative monthly export volume was 23,548,402 kg, up 2,283,671 kg [2]. - **Downstream Situation**: The cumulative quarterly sales volume of red dates of Hao Xiang Ni was - 2,981.06 tons, and the cumulative quarterly output increased by 36,480.43 tons year - on - year, with a growth rate of 1.47%, and the sales volume decreased by 34.59% year - on - year [2]. 2. Core View - New - season red dates have not been concentrated for harvest, but inland jujube merchants have gone to production areas to purchase. Some merchants are actively ordering new - season raw materials, while others are buying old stock. The acquisition progress in Hotan and Qiemo areas is relatively fast. The market's acceptance of new goods is worthy of attention. In the future, supply - side pressure will gradually emerge, and the probability of a continued decline in jujube prices increases. It is necessary to pay attention to the mainstream purchase price and quality of new jujubes [2]. 3. Industry News - The mainstream price of general - grade red dates in Aksu is 6.50 - 7.00 yuan/kg, in Alar is 6.80 - 7.50 yuan/kg, in some parts of Kashgar the floor price is 7.50 yuan/kg, in Hotan is 8.00 - 8.50 yuan/kg, in Qiemo is 7.50 - 8.00 yuan/kg, and in Ruoqiang is 8.00 - 8.50 yuan/kg, with high - quality products commanding higher prices. Affected by the solar terms, the harvest time of grey dates is earlier than last year, and the market focus is on the supply of goods available for making warehouse receipts [2].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) | 15360 | -20 20号胶主力合约收盘价(日,元/吨) | 12530 | -10 | | | 沪胶1-5价差(日,元/吨) | -65 | 0 20号胶12-1价差(日,元/吨) | 5 | 20 | | 期货市场 | 沪胶与20号胶价差(日,元/吨) | 2830 | -10 沪胶主力合约 持仓量(日,手) | 144081 | 377 | | | 20号胶主力合约持仓量(日,手) | 46472 | -4566 沪胶前20名净持仓 | -26945 | -1631 | | | 20号胶前20名净持仓 | -10752 | -225 沪胶交易所仓单(日,吨) | 122570 | -740 | | | 20号胶交易所仓单(日,吨) | 44454 | 605 | | 50 | | | 上海市场国营全乳胶(日,元/吨) | 14750 | 0 上海市场越南3L(日,元/吨) | 15250 | | | ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - For soda ash, the supply is greater than demand, which suppresses the price. It is recommended to buy soda ash futures on dips in the short - term [2]. - For glass, the supply has potential reduction factors, and the demand is weak. It is recommended to sell glass futures on rallies in the short - term [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash: The closing price of the main contract is 1239 yuan/ton, down 7 yuan; the position is 1387072 lots, up 8 lots; the net position of the top 20 is - 260443, down 10249; the exchange warehouse receipt is 8745 tons, down 1189 tons; the basis is - 72 yuan/ton, down 23 yuan; the spread between January and May contracts is - 92, down 1 [2]. - Glass: The closing price of the main contract is 1113 yuan/ton, up 18 yuan; the position is 1695797 lots, down 111349 lots; the net position of the top 20 is - 246153, up 68818; the exchange warehouse receipt is 423 tons, down 24 tons; the basis is - 69, down 18; the spread between January and May contracts is - 150, up 1 [2]. Spot Market - Soda ash: The price of North China heavy soda is 1174 yuan/ton, down 6 yuan; Central China heavy soda is 1300 yuan/ton, unchanged; East China light soda is 1250 yuan/ton, unchanged; Central China light soda is 1145 yuan/ton, unchanged [2]. - Glass: The price of Shahe glass sheets is 1044 yuan/ton, down 8 yuan; Central China glass sheets is 1120 yuan/ton, unchanged [2]. Industry Situation - Soda ash: The operating rate is 84.94%, up 0.01%; the enterprise inventory is 169.24 tons, down 0.97 tons [2]. - Glass: The operating rate is 76.35%, unchanged; the production capacity is 16.12 million tons/year, unchanged; the number of production lines is 226, unchanged; the enterprise inventory is 6661.3 ten - thousand weight boxes, up 233.7 ten - thousand weight boxes [2]. Downstream Situation - Real estate: The cumulative new construction area is 453990000 square meters, up 55979900 square meters; the cumulative completion area is 311290000 square meters, up 34354600 square meters [2]. Industry News - Some soda ash plants are reducing production or running at a lower load, such as Inner Mongolia Boyuan Yingen Chemical's 5 million tons/year plant, Chongqing Heyou Industry's 400000 tons/year plant, etc. Some are running stably, like Qinghai Wucai's 1.1 million tons/year plant [2].

| 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 81,640.00 | -260.00↓ 前20名净持仓（日，手） | -196,126.00 | -7657.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 488,803.00 | +5325.00↑ 近远月合约价差（日，元/吨） | -360.00 | +20.00↑ | | | 广期所仓单（日，手/吨） | 27,335.00 | -404.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 78,500.00 | +1950.00↑ 工业级碳酸锂平均价（日，万元/吨） | 76,300.00 | +2000.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -3,140.00 | +2210.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 959.00 | +18.00↑ 磷锂铝石平均价（日，元/吨） | 8 ...