| 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 ...

纯碱玻璃产业日报 2025-10-27 | 项目类别 | 数据指标 纯碱主力合约收盘价(日,元/吨) | 最新 1246 | 环比 数据指标 17 玻璃主力合约收盘价(日,元/吨) | 最新 1095 | 环比 3 | | --- | --- | --- | --- | --- | --- | | | 纯碱与玻璃价差(日,元/吨) | 151 | 14 纯碱主力合约持仓量(日,手) | 1387064 | -20813 | | | 玻璃主力合约持仓量(日,手) | 1807146 | 85524 纯碱前20名净持仓 | -250194 | 7848 | | 期货市场 | 玻璃前20名净持仓 | -314971 | -34188 纯碱交易所仓单(日,吨) | 8745 | -1189 | | | 玻璃交易所仓单(日,吨) | 447 | -8 纯碱基差(日,元/吨) | -49 | 16 | | | 玻璃基差 | -51 | -11 1月-5月玻璃合约 | -151 | -7 | | | 1月-5月纯碱合约 | -91 | -1 | | | | 现货市场 | 华北重碱(日,元/吨) | 1180 | 10 华中 ...

Report Industry Investment Rating - No information provided Core Viewpoints - Egg prices are at a low level, and the breeding side has a certain sentiment of supporting prices. Coupled with the drop in temperature, which is conducive to the storage and transportation of eggs, the shipping speed in low - price areas has accelerated, supporting the rebound of spot prices. Driven by the rise in spot prices, the near - month contracts have also strengthened significantly. However, the inventory of laying hens in production is still high, and old hens have not been over - culled. High production capacity is still the main concern of the market, which may limit the upside space. The recent futures prices have also risen, but the high - production capacity pressure still exists, and it is necessary to be cautious about chasing up [2] Summary by Directory Futures Market - The futures closing price of the active egg contract is 3134 yuan/500 kilograms, with a week - on - week increase of 48; the net long position of the top 20 futures holders is - 23326 lots, with a week - on - week decrease of 1261; the monthly spread between contracts 1 - 5 is - 118 yuan/500 kilograms, with a week - on - week increase of 24; the futures open interest of the active contract is 240449 lots, with a week - on - week increase of 6219; the registered warehouse receipt volume is 20 lots, with no week - on - week change [2] 现货市场 - The spot price of eggs is 2.98 yuan/jin, with a week - on - week increase of 0.03; the basis (spot - futures) is - 159 yuan/500 kilograms, with a week - on - week decrease of 17 [2] Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 = 100), with a month - on - month increase of 0.86; the national culled laying hen index is 124.63 (with 2015 = 100), with a month - on - month increase of 31.02; the average price of laying hen chicks in the main production areas is 2.65 yuan/chick, with a week - on - week increase of 0.05; the national new - born chick index is 76.65 (with 2015 = 100), with a month - on - month increase of 3.3; the average price of laying hen compound feed is 2.76 yuan/kg, with a week - on - week increase of 0.01; the breeding profit of laying hens is - 0.45 yuan/hen, with a week - on - week increase of 0.01; the average price of culled hens in the main production areas is 8.58 yuan/kg, with a week - on - week decrease of 0.06; the national culling age of hens is 507 days, with a month - on - month decrease of 3 [2] Industry Situation - The average wholesale price of pork is 17.96 yuan/kg, with a week - on - week increase of 0.23; the average wholesale price of 28 key - monitored vegetables is 5.49 yuan/kg, with a week - on - week increase of 0.12; the average wholesale price of white - striped chickens is 17.58 yuan/kg, with a week - on - week decrease of 0.11; the weekly inventory in the circulation link is 1.1 days, with no week - on - week change; the weekly inventory in the production link is 1.04 days, with a week - on - week decrease of 0.01; the monthly export volume of fresh eggs is 13215.79 tons, with a month - on - month increase of 94.76 [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7498 tons, with a week - on - week increase of 118 [2] Industry News - The average price of eggs in Shandong's main production area is 5.82 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 5.79 yuan/kg, up 0.17 from yesterday; the average price of eggs in Guangdong is 6.73 yuan/kg, up 0.33 from yesterday; the average price of eggs in Beijing is 6.30 yuan/kg, unchanged from yesterday. Egg prices are at a low level, the breeding side has a certain sentiment of supporting prices, and the shipping speed in low - price areas has accelerated, supporting the rebound of spot prices [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - On the supply side, the production of primary lead is expected to increase slightly due to smelter overhauls, and the recovery of recycled lead production is limited by factors such as low raw - material inventory and transportation controls. Short - term lead ingot spot will remain tight. It is recommended to short at high prices. - On the demand side, after the holidays, the operating rate of lead - acid battery enterprises has rebounded, and the traditional consumption season has boosted demand. However, since September, the increasing Shanghai - London ratio and tariff - affected exports of lead - acid batteries have curbed demand growth. - Inventory has been decreasing, but with the expected increase in imported lead arrivals and potential increase in recycled lead production, inventory may change. If the inventory depletion rate slows down, it will resist price increases. Overall, it is recommended to short at high prices [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai lead contract is 17,520 yuan/ton, down 75 yuan; the LME 3 - month lead quote is 2,016.5 dollars/ton, up 4.5 dollars. - The 12 - 01 contract spread of Shanghai lead is - 5 yuan/ton, down 50 yuan; the Shanghai lead open interest is 129,190 lots, up 6,702 lots. - The net position of the top 20 in Shanghai lead is - 641 lots, up 2,153 lots; the Shanghai lead warehouse receipts are 23,048 tons, unchanged. - The SHFE inventory is 36,333 tons, down 5,368 tons; the LME lead inventory is 235,375 tons, down 4,375 tons [2]. 现货市场 - The spot price of 1 lead in Shanghai Non - ferrous Metals Network is 17,250 yuan/ton, down 50 yuan; the spot price of 1 lead in Yangtze River Non - ferrous Metals Market is 17,440 yuan/ton, up 60 yuan. - The basis of the lead main contract is - 270 yuan/ton, up 25 yuan; the LME lead spread (0 - 3) is - 36.64 dollars/ton, up 0.19 dollars. - The price of 50% - 60% lead concentrate in Jiyuan is 16,671 yuan, up 275 yuan; the price of domestic recycled lead (≥98.5%) is 17,170 yuan/ton, down 90 yuan. - The number of recycled lead production enterprises is 68, unchanged; the capacity utilization rate of recycled lead is 35.56%, down 2.32 percentage points; the monthly output of recycled lead is 22.42 tons, down 6.75 tons [2]. 上游情况 - The average operating rate of primary lead is 81.64%, down 1.92 percentage points; the weekly output of primary lead is 3.91 tons, up 0.18 tons. - The processing fee of 60% lead concentrate at major ports is - 90 dollars/kiloton, unchanged; the ILZSG lead supply - demand balance is - 2.5 kilotons, up 3.1 kilotons. - The global lead ore output is 383.3 kilotons, up 3.4 kilotons; the monthly lead ore import volume is 15.06 tons, up 1.58 tons [2]. 产业情况 - The monthly refined lead import volume is 1,507.92 tons, down 312.63 tons; the domestic average processing fee of lead concentrate is 380 yuan/ton, unchanged. - The monthly refined lead export volume is 1,486.13 tons, down 1,266.09 tons; the average price of waste batteries is 10,016.07 yuan/ton, unchanged [2]. 下游情况 - The monthly export volume of lead - acid batteries is 45,696 units, down 3,984 units; the average price of lead - antimony alloy for batteries is 19,475 yuan/ton, down 75 yuan. - The Shenwan industry index of batteries is 2,042.83 points, up 30.01 points; the monthly automobile output is 322.7 tons, up 47.46 tons; the monthly new - energy vehicle output is 158 tons, up 24.7 tons [2]. 行业消息 - Multiple political events are reported, including the US dispatching a carrier strike group, Trump - related events, and California governor's election plans. Also, the US may not release inflation data next month [2].

工业硅产业日报 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 | 主力合约收盘价(日,元/吨) | 8965 | 45 主力合约持仓量(日,手) | 201518 | 15179 | | | 前20名净持仓(日,手) | -48291 | -4603 广期所仓单(日,手) | 48185 | -142 | | | 12月合约收盘价:工业硅(日,元/吨) | -375 | 5 11-12月合约工业硅 | -375 | 5 | | 现货市场 | 通氧553#硅平均价(日,元/吨) | 9350 | 0 421#硅平均价(日,元/吨) | 9650 | 0 | | | Si主力合约基差(日,元/吨) | 385 | -45 DMC现货价(日,元/吨) | 11275 | 0 | | 上游情况 | 硅石平均价(日,元/吨) | 410 | 0 石油焦平均价(日,元/吨) | 2030 | 0 0 | | | 精煤平均价(日,元/吨) | 1850 | 0 木片平均价(日, ...

Report Industry Investment Rating - Not provided Core Viewpoints - The overall start - up of the olefin industry declined last week. Affected by cost pressure and downstream price decline, the start - up of olefin enterprises may continue to decrease in the short term. The MA2601 contract is expected to fluctuate in the range of 2250 - 2320 in the short term. The inventory of domestic methanol enterprises decreased last week, while the port inventory increased slightly. The import of methanol in October is still expected to be sufficient, and the port inventory may still rise [3] Summary by Directory Futures Market - The closing price of the main methanol contract was 2268 yuan/ton, down 4 yuan; the 1 - 5 spread was - 57 yuan/ton, down 12 yuan. The main contract's open interest was 1102546 lots, an increase of 21596 lots. The net long position of the top 20 futures holders was - 189610 lots. The number of warehouse receipts was 13922, a decrease of 170 [3] Spot Market - The price in Jiangsu Taicang was 2215 yuan/ton, down 15 yuan; the price in Inner Mongolia was 2012.5 yuan/ton, unchanged. The East - West price difference was 217.5 yuan/ton, unchanged; the basis of the main Zhengzhou methanol contract was - 53 yuan/ton, down 11 yuan. The CFR price at the main Chinese port was 260 dollars/ton, down 1 dollar; the CFR price in Southeast Asia was 324 dollars/ton, down 2 dollars. The FOB price in Rotterdam was 269 euros/ton, unchanged. The price difference between the main Chinese port and Southeast Asia was - 64 dollars/ton, an increase of 1 dollar [3] Upstream Situation - The price of NYMEX natural gas was 3.34 dollars/million British thermal units, an increase of 0.05 dollars [3] Industry Situation - The inventory at East China ports was 102.7 tons, an increase of 3 tons; the inventory at South China ports was 48.52 tons, a decrease of 0.92 tons. The import profit of methanol was 2.39 yuan/ton, an increase of 8.45 yuan. The monthly import volume was 142.69 tons, a decrease of 33.29 tons. The inventory of inland enterprises was 360400 tons, an increase of 500 tons. The operating rate of methanol enterprises was 85.65%, a decrease of 1.77 percentage points [3] Downstream Situation - The operating rate of formaldehyde was 38.87%, a decrease of 2.01 percentage points; the operating rate of dimethyl ether was 5.33%, a decrease of 0.59 percentage points; the operating rate of acetic acid was 74.4%, an increase of 1.88 percentage points; the operating rate of MTBE was 67.79%, an increase of 4.67 percentage points; the operating rate of olefins was 90.43%, a decrease of 1.96 percentage points. The on - disk profit of methanol - to - olefins was - 905 yuan/ton, an increase of 49 yuan [3] Option Market - The 20 - day historical volatility of methanol was 18.08%, a decrease of 0.24 percentage points; the 40 - day historical volatility was 15.31%, a decrease of 0.1 percentage point. The implied volatility of at - the - money call options was 18.38%, an increase of 0.53 percentage points; the implied volatility of at - the - money put options was 18.38%, an increase of 0.52 percentage points [3] Industry News - As of October 22, the inventory of Chinese methanol sample production enterprises was 36.04 tons, an increase of 0.05 tons, a month - on - month increase of 0.13%; the orders to be delivered of sample enterprises were 21.57 tons, a decrease of 1.33 tons, a month - on - month decrease of 5.79%. The total inventory at Chinese methanol ports was 151.22 tons, an increase of 2.08 tons. The inventory in East China increased by 3 tons, while the inventory in South China decreased by 0.92 tons. The inventory at ports increased slightly. The overall production of methanol decreased as the loss of production capacity due to maintenance and production cuts was more than the output of restored production capacity. The overall pressure on the supply side was not large [3] Viewpoint Summary - As of October 23, the capacity utilization rate of domestic methanol - to - olefins plants was 91.44%, a month - on - month decrease of 1.97%. The load of individual enterprises in the Northwest and East China decreased. Affected by weather and other factors, the unloading of foreign vessels at ports was still below expectations, and the提货 of mainstream social warehouses decreased significantly. The inventory at ports increased slightly. The import of methanol in October is still expected to be sufficient, and the inventory at ports may still rise. Affected by cost pressure and downstream price decline, the short - term start - up of olefin enterprises may continue to decrease [3]