| 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 | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The global sugar market is under pressure due to increased supply and demand concerns, with ICE raw sugar futures hitting a near - five - year low. In the domestic market, the supply of northern beet sugar will gradually increase in the short term, and the import volume of sugar is expected to exceed 500 tons this year, with significant pressure from later imports. Downstream demand is seasonally declining. However, the futures price is supported by cost, and the price is expected to be mainly in a weak oscillation [2]. 3. Summary by Directory Futures Market - The closing price of the sugar futures main contract is 5483 yuan/ton, up 38 yuan; the main contract position is 400,036 lots, down 1562 lots [2]. - The number of sugar warehouse receipts is 7695, down 100; the net long position of the top 20 futures holders is - 74,205 lots, up 4811 lots [2]. - The effective warehouse receipt forecast is 586, unchanged; the estimated import processing price of Brazilian sugar (within quota) is 4135 yuan/ton, down 70 yuan; that of Thai sugar is 4194 yuan/ton, down 71 yuan [2]. - The estimated price of imported Brazilian sugar (out - of - quota, 50% tariff) is 5241 yuan/ton, down 92 yuan; that of Thai sugar is 5319 yuan/ton, down 91 yuan [2]. 现货市场 - The spot price of white sugar in Kunming is 5720 yuan/ton, down 5 yuan; in Nanning is 5750 yuan/ton, unchanged; in Liuzhou is 5780 yuan/ton, unchanged [2]. Upstream Situation - The national sugar - crop planting area is 1480 thousand hectares, up 60 thousand hectares; the cumulative national sugar production is 1116.21 million tons, up 5.49 million tons [2]. - The cumulative national sugar sales volume is 999.98 million tons, up 44.98 million tons; the national sugar sales rate is 89.99%, up 1% [2]. - The monthly import volume of sugar is 550,000 tons, down 280,000 tons; the total monthly sugar exports from Brazil is 324.58 million tons, down 49.82 million tons [2]. Industry Situation - The price difference between imported Brazilian sugar and the current Liuzhou sugar price (within quota) is 1410 yuan/ton, up 66 yuan; that of Thai sugar is 1351 yuan/ton, up 67 yuan [2]. - The price difference between imported Brazilian sugar and the current Liuzhou sugar price (out - of - quota, 50% tariff) is 304 yuan/ton, up 88 yuan; that of Thai sugar is 226 yuan/ton, up 87 yuan [2]. Downstream Situation - The monthly output of refined sugar is 53.91 million tons, up 8.5 million tons; the monthly output of soft drinks is 1591.7 million tons, down 184.1 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar is 7.85%, down 1.32%; that of put options is 7.85%, down 1.37% [2]. - The 20 - day historical volatility of sugar is 7.68%, down 0.04%; the 60 - day historical volatility is 7.1%, down 0.16% [2]. Industry News - China has suspended the import of all syrups and premixes from October 27 due to syrup quality issues announced by the Thai Ministry of Agriculture and Cooperatives [2]. - ICE raw sugar futures hit a near - five - year low on Monday, with the most actively traded March contract down 0.51 cents or 3.40% to 14.46 cents per pound [2]. Other Information - In the 2025/26 sugar - making season, 26 sugar mills in Mongolia and Xinjiang have all started production, with an expected total output of about 1.4 million tons [2]. - In September 2025, China's sugar import volume was 550,000 tons, a month - on - month decrease of about 280,000 tons and a year - on - year increase of 35.8%; from January to September 2025, the cumulative sugar import volume was 3.16 million tons, a year - on - year increase of 270,000 tons or 9.4% [2]. - The Ministry of Agriculture and Rural Affairs predicts that China's total sugar import volume this year will exceed 5 million tons, and the pressure of later import volume is still significant [2].

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 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The economic data in September supports the stock market, the statements about developing new - quality productivity during the "15th Five - Year Plan" period in the Fourth Plenary Session of the 20th Central Committee meet market expectations, and the results of the Sino - US trade negotiations are beneficial to market sentiment. It is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2512) latest price is 4669.6, down 15.4; IF sub - main contract (2511) latest price is 4682.4, down 17.4. IH, IC, and IM contracts also show different price changes. Some spreads between contracts have increased or decreased, such as IM - IC monthly contract spread up 33.6 to 122.6 [2]. - The differences between the current quarter and the current month, and the next quarter and the current month of each contract also have corresponding changes, e.g., IF current quarter - current month is - 42.2, up 2.8 [2]. 3.2 Futures Position - IF top 20 net positions are - 23,367.00, down 383.0; IH top 20 net positions are - 15,702.00, up 74.0. IC and IM top 20 net positions are both down [2]. 3.3 Spot Price - The spot prices of CSI 300, SSE 50, CSI 500, and CSI 1000 have all declined, and the basis of each futures main contract has increased to different degrees [2]. 3.4 Market Sentiment - A - share trading volume is 21,653.07 billion yuan, down 1912.82 billion yuan; margin trading balance is 24,820.12 billion yuan, up 248.22 billion yuan. There are also changes in other indicators such as north - bound trading volume and repurchase operations [2]. 3.5 Wind Market Strength - Weakness Analysis - All A - shares score 4.40, down 2.30; technical analysis scores 4.30, down 1.80; capital analysis scores 4.40, down 2.90 [2]. 3.6 Industry News - From October 25th to 26th, China and the US held economic and trade consultations in Kuala Lumpur, reaching a basic consensus on solving multiple important economic and trade issues. From January to September, the total profit of industrial enterprises above the designated size in China was 53732.0 billion yuan, a year - on - year increase of 3.2%, and in September, the profit increased by 21.6% year - on - year [2]. 3.7 Key Events to Watch - From October 27th to 31st, 4347 A - share listed companies will disclose their third - quarter reports. There will also be interest rate decisions from the Federal Reserve, the Bank of Japan, and the European Central Bank, as well as important economic data releases in China and the US [3].

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 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 究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 。 焦煤焦炭产业日报 2025/10/28 | 项目类别 | 数据指标 最新 | | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） 1242.00 | | -21.50↓ | J主力合约收盘价（日，元/吨） | 1747.50 | -32.00↓ | | 期货市场 | JM期货合约持仓量（日，手） 911218.00 | | -16022.00↓ | J期货合约持仓量（日，手） | 49303.00 | -710.00↓ | ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The domestic cotton market is in the new cotton listing stage. The upside of cotton prices is restricted by hedging. In the short term, the upward space for cotton prices is limited. The supply side shows that Xinjiang cotton harvesting is over 50%, faster than last year, with a slight increase in ginning factory processing costs, while inland cotton acquisition is slow due to rain. The demand side indicates that the downstream textile enterprises' demand is weak, and the "Silver October" replenishment is not obvious. Attention should be paid to the impact of trade situations on the market [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 13,565 yuan/ton, unchanged; cotton yarn main contract closing price is 19,765 yuan/ton, down 5 yuan. - Cotton futures top 20 net positions are -110,691 lots, an increase of 2,111 lots; cotton yarn futures top 20 net positions are -141 lots, a decrease of 8 lots. - Cotton main contract positions are 579,084 lots, a decrease of 6,203 lots; cotton yarn main contract positions are 24,095 lots, a decrease of 94 lots. - Cotton warehouse receipts are 2,471 sheets, a decrease of 17 sheets; cotton yarn warehouse receipts are 6 sheets, unchanged [2] 现货市场 - China Cotton Price Index (CCIndex:3128B) is 14,830 yuan/ton, down 3 yuan; China Yarn Price Index for pure - combed 32 - count cotton yarn is 20,475 yuan/ton, down 25 yuan. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,116 yuan/ton; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,050 yuan/ton. - The arrival price of imported cotton yarn price index for pure - combed 32 - count cotton yarn is 21,145 yuan/ton, down 41 yuan; for pure - combed 32 - count cotton yarn is 22,491 yuan/ton, down 44 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 540,000 tons [2] Industry Situation - The cotton - yarn price difference is 5,645 yuan/ton, down 22 yuan. - The national industrial inventory of cotton is 861,000 tons, a decrease of 9,000 tons; the national commercial inventory of cotton is 1.0217 million tons, a decrease of 460,000 tons. - Cotton import volume is 100,000 tons, an increase of 30,000 tons; cotton yarn import volume is 130,000 tons, unchanged. - Imported cotton profit is 823 yuan/ton, an increase of 30 yuan [2] Downstream Situation - Yarn inventory days are 25.24 days, an increase of 0.39 days; grey fabric inventory days are 31.43 days, an increase of 0.31 days. - Monthly cloth output is 2.811 billion meters, an increase of 0.11 billion meters; monthly yarn output is 2.0738 million tons, an increase of 45,900 tons. - Monthly clothing and clothing accessories export value is 12,453,247,000 US dollars, a decrease of 1,692,657,000 US dollars; monthly textile yarn, fabric and product export value is 11,966,516,000 US dollars, a decrease of 426,686,000 US dollars [2] Option Market - Cotton at - the - money call option implied volatility is 6.5%, down 0.08%; cotton at - the - money put option implied volatility is 6.5%, down 0.08%. - Cotton 20 - day historical volatility is 8.2%, unchanged; cotton 60 - day historical volatility is 7.97%, down 0.03% [2] Industry News - As of October 27, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 6,378,658 bales, totaling 1,440,701 tons, a year - on - year increase of 52.28%. The cumulative notarized inspection volume of Xinjiang cotton is 1,414,998 tons, a year - on - year increase of 52.79%. - ICE cotton futures rose on Monday, driven by a weak US dollar and optimism about the alleviation of trade tensions supporting global cotton demand. The ICE December cotton futures contract closed up 0.36 cents, or 0.40%, at 64.56 cents per pound [2]