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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,299 | +49↑ HC 主力合约持仓量(手) | 1482730 | -18766↓ | | | HC 合约前20名净持仓(手) | -53,875 | -4034↓ HC1-5合约价差(元/吨) | -13 | +2↑ | | | HC 上期所仓单日报(日，吨) | 134667 | -2398↓ HC2601-RB2601合约价差(元/吨) | 199 | -5↓ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,360.00 | +30.00↑ 广州 4.75热轧板卷(元/吨) | 3,300.00 | +30.00↑ | | | 武汉 4.75热轧板卷(元/吨) | 3,370.00 | +20.00↑ 天津 4.75热轧板卷(元/吨) | 3,220.00 | +20.00↑ | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply of Canadian rapeseed imports in the fourth quarter is restricted, but the demand for rapeseed meal decreases as the temperature drops and soybean supply is relatively abundant. The overall trend of rapeseed meal is weak, and attention should be paid to China - Canada and China - US trade policies [2]. - The rapeseed oil market is also affected by multiple factors. The initial ruling on anti - dumping policies for Canadian rapeseed is in place, and the supply of imported rapeseed is expected to tighten structurally in the fourth quarter, supporting rapeseed oil prices. However, the abundant supply of soybean oil weakens the demand for rapeseed oil, and it is necessary to continue to follow the trend of China - Canada trade policies [2]. 3. Summary by Related Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil is 9748 yuan/ton, down 13 yuan; that of rapeseed meal is 2335 yuan/ton, up 10 yuan; the closing price of the active contract of ICE rapeseed is 632.4 Canadian dollars/ton, down 1.1 Canadian dollars; and that of rapeseed is 5344 yuan/ton, up 19 yuan [2]. - Spreads and positions: The 1 - 5 spread of rapeseed oil is 383 yuan/ton, down 1 yuan; that of rapeseed meal is 12 yuan/ton, down 13 yuan. The net long positions of the top 20 futures holders for rapeseed oil are 7501 lots, down 415 lots; for rapeseed meal are - 108969 lots, down 334 lots [2]. - Warehouse receipts: The number of rapeseed oil warehouse receipts is 7540 sheets, unchanged; that of rapeseed meal is 4050 sheets, down 210 sheets [2]. 3.2现货市场 - Spot prices: The spot price of rapeseed oil in Jiangsu is 10000 yuan/ton, down 50 yuan; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton; that of rapeseed meal in Nantong is 2410 yuan/ton, down 10 yuan. The average price of rapeseed oil is 10117.5 yuan/ton, down 50 yuan, and the import cost of imported rapeseed is 7529.12 yuan/ton, down 10.16 yuan [2]. - Basis: The basis of the rapeseed oil main contract is 239 yuan/ton, down 54 yuan; that of the rapeseed meal main contract is 75 yuan/ton, down 20 yuan [2]. - Substitute prices: The spot price of fourth - grade soybean oil in Nanjing is 8470 yuan/ton, up 30 yuan; that of 24 - degree palm oil in Guangdong is 9030 yuan/ton, up 30 yuan; that of soybean meal in Zhangjiagang is 2960 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Production and imports: The global rapeseed production forecast is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons. The total rapeseed import volume is 11.53 million tons, down 13.13 million tons; the import volume of rapeseed oil and mustard oil is 16 million tons, up 2 million tons; the import volume of rapeseed meal is 15.77 million tons, down 5.57 million tons [2]. - Inventory and operating rates: The total inventory of rapeseed in oil mills is 3 million tons, down 2 million tons. The weekly operating rate of imported rapeseed is 2.93%, down 0.27 percentage points [2]. 3.4产业情况 - Inventory: The coastal rapeseed oil inventory is 5.2 million tons, down 0.8 million tons; the coastal rapeseed meal inventory is 0.78 million tons, down 0.37 million tons. The rapeseed oil inventory in East China is 49.9 million tons, down 1 million tons; the rapeseed meal inventory in East China is 27.2 million tons, down 0.7 million tons. The rapeseed oil inventory in Guangxi is 2.9 million tons, up 0.1 million tons; the rapeseed meal inventory in South China is 22.1 million tons, down 0.4 million tons [2]. -提货量: The weekly rapeseed oil提货量 is 1.63 million tons, up 1.41 million tons; the weekly rapeseed meal提货量 is 0.97 million tons, down 0.12 million tons [2]. 3.5下游情况 - Production: The monthly production of feed is 3128.7 million tons, up 201.5 million tons; the monthly production of edible vegetable oil is 495 million tons, up 44.4 million tons [2]. - Consumption: The monthly social retail sales of catering revenue is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.6期权市场 - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 19.43%, down 0.48 percentage points; that of at - the - money put options is 19.43%, down 0.49 percentage points. The implied volatility of at - the - money call options for rapeseed oil is 13.12%, up 0.41 percentage points; that of at - the - money put options is 13.1%, up 0.42 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 23.23%, down 1.47 percentage points; the 60 - day historical volatility is 25.01%, up 0.02 percentage points. The 20 - day historical volatility of rapeseed oil is 15.58%, down 0.4 percentage points; the 60 - day historical volatility is 14.72%, down 0.03 percentage points [2]. 3.7行业消息 - ICE rapeseed futures closed lower on October 24 due to the decline in other vegetable oil prices but still recorded a weekly gain. The most actively traded January rapeseed futures contract fell 1.30 Canadian dollars to settle at 632.50 Canadian dollars per ton [2]. - The harvest in the US Midwest is progressing actively due to favorable weather conditions, and the expected high yield of US soybeans restricts its market price. China has not ordered US soybeans for the current year, and the export pressure of US soybeans remains. However, the China - US economic and trade consultations in Malaysia from the 25th to the 26th supported the US soybean market price [2]. 3.8重点关注 - The rapeseed operating rate and the rapeseed oil and meal inventory in each region announced by myagricultural.com on Monday, as well as the trends of China - Canada and China - US trade relations [2].

当前新果好货难寻及优果优价的情况下，预计短期苹果期价仍维持震荡偏强运行。 数据来源第三方(我的农产品网、中果网、郑商所)，观点仅供参考，市场有风险，入市需谨慎！ 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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。 苹果产业日报 2025-10-27 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) 86 主力合约持仓量:苹果(日,手) | 8936 | | | 143040 | 1 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The probability of the jujube price continuing to decline increases as the supply - side pressure will gradually emerge in the future market. Attention should be paid to the mainstream purchase price and quality of new jujubes [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 10,390 yuan/ton, down 360 yuan; the main contract's open interest is 185,516 lots, down 2,314 lots; the net long position of the top 20 futures holders is - 4,828 lots, up 5,613 lots; the number of warehouse receipts is 0; the total effective warehouse receipt forecast is 0 [2] Spot Market - The unified price of Kashi jujubes is 7.5 yuan/kg, unchanged; the wholesale price of first - class Hebei gray jujubes is 4.8 yuan/jin, up 0.05 yuan; the unified price of Alar jujubes is 7.15 yuan/kg, unchanged; the wholesale price of first - class Henan gray jujubes is 4.75 yuan/jin; the unified price of Aksu jujubes is 6.75 yuan/kg, unchanged; the price of Henan's special - grade jujubes is 10.5 yuan/kg, unchanged; the price of Hebei's special - grade jujubes is 10.64 yuan/kg, down 0.01 yuan; the price of Guangdong's special - grade jujubes is 11.6 yuan/kg, unchanged; the price of Guangdong's first - class jujubes is 10.6 yuan/kg, unchanged [2] Upstream Market - The annual jujube output is 6.069 million tons, up 3.187 million tons; the jujube planting area is 1.993 million hectares, down 41,000 hectares [2] Industry Situation - The national jujube inventory is 9,103 tons, up 94 tons; the monthly jujube export volume is 2,283,671 kg, down 81,222 kg; the cumulative monthly jujube export volume is 23,548,402 kg, up 2,283,671 kg [2] Downstream Situation - The cumulative quarterly jujube sales volume of HaoXiangNi is - 2,981.06 tons; the cumulative quarterly jujube output of HaoXiangNi is 36,480.43 tons, with a year - on - year increase of 1.47%; the cumulative quarterly jujube sales volume of HaoXiangNi has a year - on - year decrease of 34.59% [2] Industry News - In the Hebei Cuierzhuang market, a small amount of goods arrived at the parking area, and the prices were stable. A small amount of new goods arrived, with the reference price of special - grade jujubes at 11.50 yuan/kg and first - class jujubes at 10.50 yuan/kg, and the trading was average. In the Guangdong Ruyifang market, 6 trucks of goods arrived, and the prices were stable, with high - quality goods showing a stronger trend, and merchants purchasing according to demand. Affected by the solar terms, the gray jujube harvest time is earlier than last year, and the market focus is on the goods available for making warehouse receipts [2] Viewpoint Summary - As of October 23, 2025, the physical inventory of 36 sample points of jujubes this week is 9,103 tons, an increase of 94 tons from last week, a month - on - month decrease of 1.04%, and a year - on - year increase of 109.22%. The new - season jujubes have not been fully harvested, but inland jujube merchants have gone to the production areas to purchase goods. Some merchants are actively ordering new - season raw materials, and some are purchasing old - season jujubes. The purchase progress in Hotan and Qiemo areas is relatively fast [2]

白糖产业日报 2025-10-27 需求处于季节性回落中，预计后期成品糖及饮料用货减少。不过盘面价格受成本支撑，预计价格震荡为主 。 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 | 期货主力合约收盘价:白糖(日,元/吨) | 5445 | -1 主力合约持仓量:白糖(日,手) | 401598 | -6562 -189 | | | 仓单数量:白糖(日,张) | 7795 | -390 期货前20名持仓:净买单量:白糖(日,手) | -79016 | | | | 有效仓单预报 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 786.50 | +15.50↑ I 主力合约持仓量(手) | 558,846 | -6796↓ | | | I 1-5合约价差（元/吨） | 23 | +2.50↑ I 合约前20名净持仓(手) | -29956 | -12504↓ | | | I 大商所仓单（手） | 700.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 105.7 | +1.50↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 850 | +7↑ 青岛港60.8%麦克粉矿 (元/干吨) | 850 | +5↑ | | | 京唐港56.5%超特粉矿 (元/干吨) | 778 | +3↑ I 主力合约基差 (麦克粉干吨-主力合约) | 64 | -10↓ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 105.15 | -0.50↓ 江苏废钢/青岛 ...

| 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) | 15380 | 45 20号胶主力合约收盘价(日,元/吨) | 12540 | 35 | | | 沪胶1-5价差(日,元/吨) | -65 | -10 20号胶12-1价差(日,元/吨) | -15 | -15 | | 期货市场 | 沪胶与20号胶价差(日,元/吨) | 2840 | 10 沪胶主力合约 持仓量(日,手) | 143704 | -1486 | | | 20号胶主力合约持仓量(日,手) | 51038 | -8525 沪胶前20名净持仓 | -25314 | -525 | | | 20号胶前20名净持仓 | -10527 | -57 沪胶交易所仓单(日,吨) | 123310 | -710 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 43849 14750 | 1209 0 上海市场越南3L(日,元/吨) | 15200 | 0 | | 现货市场 | | | ...

正处于上市阶段，上方受对应套保带来的压制，预计短期棉价上涨空间受限。 数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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。 棉花(纱)产业日报 2025-10-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13565 | 25 棉纱主力合约收盘价(日,元/吨) | 19770 | -40 | ...

海外LME库存亦呈现增长。镍市过剩格局难改，预计镍价震荡调整运行，关注12-12.4。技术面，持仓偏高 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 免责声明 | | | 沪镍产业日报 2025-10-27 | 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:沪镍(日,元/吨) | 122400 | 250 11-12月合约价差:沪镍(日,元/吨) | -340 | -50 | | | LME3个月镍(日,美元/吨) | 15325 | -10 主力合约持仓量:沪镍(日,手) | 108989 | -12453 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -33683 | 474 LME镍:库存(日,吨) | 250854 | 0 | | | 上期所库存:镍(周,吨) | 36075 | 1656 LME镍:注销仓单:合计(日,吨) | 6432 | 180 | | | 仓单数量:沪镍(日,吨) | 297 ...

焦煤焦炭产业日报 2025/10/27 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1263.50 | +15.00↑ | J主力合约收盘价（日，元/吨） | 1779.50 | +22.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 927240.00 | +2232.00↑ | J期货合约持仓量（日，手） | 50013.00 | +241.00↑ | | | 焦煤前20名合约净持仓（日，手） | -64871.00 | -5917.00↓ | 焦炭前20名合约净持仓（日，手） | -4476.00 | -484.00↓ | | | JM5-1月合约价差（日，元/吨） | 62.50 | -1.50↓ | J5-1月合约价差（日，元/吨） | 130.50 | +1.00↑ | | | 焦煤仓单（日，张） | 100.00 | 0.00 | 焦炭仓单（日，张） | 2070.00 | 0.00 | | | 干其毛都蒙 ...