Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The fundamentals show that the order from the Indonesian President to close 1,000 illegal tin mines in Bangka Belitung may exacerbate the tight supply of tin ore. The import volume of tin ore from Myanmar has rebounded, and there are signs of short - term supply improvement as mining licenses are approved. Currently, tin ore processing fees remain at a historical low. On the smelting side, the shortage of raw materials in the Yunnan production area is still severe, and the waste recycling system in the Jiangxi production area is under pressure with a low operating rate. On the demand side, as tin prices fluctuate around 280,000 yuan, the wait - and - see sentiment of some downstream and terminal enterprises has subsided, leading to a small amount of replenishment. However, some still maintain just - in - time purchasing. Overall, the spot market trading has warmed up, with the spot premium remaining at 400 yuan/ton. LME inventory has increased slightly, and the spot premium has rebounded slightly. It is recommended to wait and see or go long with a light position [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract of Shanghai Tin is 281,680 yuan/ton, up 810 yuan; the closing price of the October - November contract of Shanghai Tin is 450 yuan/ton, down 900 yuan. The price of LME 3 - month tin is 35,475 US dollars/ton, up 175 US dollars. The main contract position of Shanghai Tin is 17,330 lots, down 2,223 lots. The net position of the top 20 futures of Shanghai Tin is - 1,393 lots, up 472 lots. LME tin total inventory is 2,735 tons, unchanged; LME tin cancelled warrants are 205 tons, up 25 tons. The inventory of tin in the Shanghai Futures Exchange is 5,691 tons, down 188 tons; the warehouse receipts of tin in the Shanghai Futures Exchange are 5,600 tons, up 65 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 281,000 yuan/ton, down 300 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 281,420 yuan/ton, down 400 yuan. The basis of the Shanghai Tin main contract is 430 yuan/ton, down 230 yuan; the LME tin premium (0 - 3) is - 56 US dollars/ton, up 56 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.03 million tons, unchanged. The average price of 40% tin concentrate is 269,300 yuan/ton, up 1,300 yuan; the average price of 60% tin concentrate is 273,300 yuan/ton, up 1,300 yuan. The processing fee of 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged; the processing fee of 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 1,438.58 tons, down 885.91 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 182,300 yuan/ton, unchanged. The cumulative monthly output of tin - plated sheets (strips) is 1.1093 million tons, up 0.1448 million tons; the monthly export volume of tin - plated sheets is 0.1666 million tons, down 0.0394 million tons [3]. 3.6 Industry News - Trump said he would visit China early next year, and the Foreign Ministry had no information to provide. Commerce Minister Wang Wentao held video talks with EU officials on export control and other issues and also talked with the Dutch economic minister. Reuters survey shows that the Fed is expected to cut interest rates twice this year, and the 2026 interest - rate path is highly uncertain. The President of Indonesia ordered to close 1,000 illegal tin mines in Bangka Belitung [3]. 3.7 Key Points of Attention - There is no news today [3].

纯苯产业日报 2025-10-22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 5563 | 87 主力结算价:纯苯(日,元/吨) | 5521 | 39 | | | 主力成交量:纯苯(日,手) | 7744 | -2081 主力持仓量:纯苯(日,手) | 13581 | -829 | | 现货市场 | 市场价:加氢苯:江苏地区:主流价(日,元/吨 | | | | 0 | | | 市场价:纯苯:华东市场:主流价(日,元/吨) 市场价:纯苯:华南市场:主流价(日,元/吨) | 5435 5450 | -100 市场价:纯苯:华北市场:主流价(日,元/吨) -200 市场价:纯苯:东北地区:主流价(日,元/吨) | 5300 5288 | -40 -53 | | | | 5575 | 市场价:加氢苯:山西地区:主流价(日,元/吨 0 | 5290 | | | | ) 现货价:纯苯:韩国:离岸中间价(日,美元/吨 | | ) 现货价:纯苯:中国:到岸 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The precious metals market has recently experienced a significant overall correction due to the concentrated release of long - position profit - taking sentiment at high levels and the weakening of market risk - aversion sentiment. The short - term trend of gold and silver is expected to be mainly wide - range fluctuations, with attention focused on the US CPI data released on Friday. The support for London gold is at the $4000 mark, but there is a need to guard against subsequent correction risks. The attention range for the Shanghai Gold 2512 contract is 900 - 1000 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11500 yuan/kilogram [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 952.56 yuan/gram, down 41.5 yuan; the closing price of the Shanghai Silver main contract is 11404 yuan/kilogram, down 401 yuan. - The main contract open interest of Shanghai Gold is 192,803 lots, down 12,307 lots; that of Shanghai Silver is 386,233 lots, down 38,321 lots. - The net position of the top 20 in the Shanghai Gold main contract is 110,696 lots, down 9432 lots; that of Shanghai Silver is 97,632 lots, up 6359 lots. - The warehouse receipt quantity of gold is 87,015 kilograms, up 450 kilograms; that of silver is 691,688 kilograms, down 57,674 kilograms [2] 3.2 Spot Market - The Shanghai Non - ferrous Metals Network gold spot price is 943.5 yuan/gram, down 49.4 yuan; the silver spot price is 11,303 yuan/kilogram, down 548 yuan. - The basis of the Shanghai Gold main contract is - 9.06 yuan/gram, down 7.9 yuan; that of the Shanghai Silver main contract is - 101 yuan/kilogram, down 147 yuan [2] 3.3 Supply and Demand Situation - The gold ETF holdings are 1058.66 tons, unchanged; the silver ETF holdings are 15,676.64 tons, down 93.13 tons. - The non - commercial net position of gold in CFTC is 266,749 contracts, up 339 contracts; that of silver is 52,276 contracts, up 738 contracts. - The total quarterly supply of gold is 1313.01 tons, up 54.84 tons; the total annual supply of silver is 987.8 million troy ounces, down 21.4 million troy ounces. - The total quarterly demand for gold is 1313.01 tons, up 54.83 tons; the global annual demand for silver is 1195 million ounces, down 47.4 million ounces [2] 3.4 Options Market - The 20 - day historical volatility of gold is 28.14%, up 0.32%; the 40 - day historical volatility is 21.33%, up 0.5%. - The implied volatility of at - the - money call options for gold is 34.39%, down 0.58%; that of at - the - money put options is 34.39%, down 0.59% [2] 3.5 Industry News - UK inflation "unexpectedly remained unchanged", leading the market to increase bets on interest - rate cuts. The September CPI year - on - year was 3.8%, the same as the previous month, lower than the expected 4.0%. - European leaders issued a joint statement supporting negotiations to promote a cease - fire in the Russia - Ukraine conflict, and agreed with Trump's proposal of an immediate cease - fire and using the current contact line as the starting point for negotiations. - Recently, a large amount of silver has flowed from the US and China into the London spot market, alleviating the liquidity crunch in the world's largest over - the - counter precious metals trading center. The one - month silver lending rate in London has dropped from a record high of 35% on October 10th to 19%, confirming that the tight silver spot situation has been alleviated [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The weekly output of hot - rolled coils remains high with a capacity utilization rate of 82.21%. Terminal demand is picking up, apparent demand is increasing, but inventory continues to rise. Overall, the rebound of furnace materials strengthens cost support, and the reduction of short - positions supports the rebound of hot - rolled coils. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are moving upwards. The operation strategy is to be bullish with oscillations, and pay attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,247 yuan/ton, up 28 yuan; the trading volume is 1,501,176 lots, down 8,822 lots. The net position of the top 20 in the HC contract is - 30,357 lots, up 13,307 lots. The HC1 - 5 contract spread is - 12 yuan/ton, up 5 yuan. The HC warehouse receipt at the Shanghai Futures Exchange is 142,761 tons, down 896 tons. The HC2601 - RB2601 contract spread is 179 yuan/ton, up 7 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,320 yuan/ton, up 10 yuan; in Guangzhou is 3,250 yuan/ton, up 20 yuan; in Wuhan is 3,350 yuan/ton, up 10 yuan; in Tianjin is 3,200 yuan/ton, up 10 yuan. The basis of the HC main contract is 73 yuan/ton, down 18 yuan. The price difference between hot - rolled coils and rebar in Hangzhou is 60 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 781 yuan/wet ton, up 1 yuan. The price of Hebei quasi - first - grade metallurgical coke is 1,540 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan is 2,230 yuan/ton, unchanged. The price of Hebei Q235 billet is 2,930 yuan/ton, up 10 yuan. The inventory of iron ore at 45 ports is 142.817 million tons, up 2.5303 million tons. The inventory of coke at sample coking plants is 374,900 tons, down 50,600 tons. The inventory of coke at sample steel mills is 6.3927 million tons, down 113,000 tons. The inventory of Hebei billets is 1.2996 million tons, up 23,600 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 84.25%, unchanged. The blast furnace capacity utilization rate is 90.31%, down 0.22%. The weekly output of hot - rolled coils at sample steel mills is 3.2184 million tons, down 14,500 tons. The capacity utilization rate of hot - rolled coils at sample steel mills is 82.21%, down 0.37%. The factory inventory of hot - rolled coils at sample steel mills is 778,500 tons, down 57,500 tons. The social inventory of hot - rolled coils in 33 cities is 3.4134 million tons, up 120,400 tons. The monthly output of domestic crude steel is 73.49 million tons, down 3.88 million tons. The monthly net export volume of steel is 9.92 million tons, up 910,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 3.2758 million vehicles, up 460,400 vehicles. The monthly sales volume of automobiles is 3.2264 million vehicles, up 369,800 vehicles. The monthly output of air conditioners is 18.0948 million units, up 1.276 million units. The monthly output of household refrigerators is 10.1276 million units, up 674,400 units. The monthly output of household washing machines is 11.7849 million units, up 1.653 million units [2] 3.6 Industry News - From January to September 2025, the national fixed - asset investment (excluding rural households) was 3.71535 trillion yuan, a year - on - year decrease of 0.5%. In the tertiary industry, infrastructure investment (excluding electricity, heat, gas and water production and supply) increased by 1.1% year - on - year. The European Commission announced an anti - dumping final affirmative ruling on steel crawler tracks originating from China, with an anti - dumping duty of 62.5% on steel crawler tracks under EU CN codes 8426, 8429 or 8430 and conveyor belts under code 8428 [2] 3.7 Key Focus - The weekly output, in - plant inventory and social inventory of hot - rolled coils on Thursday [2]

Report Information - Report Title: Carbonate Lithium Industry Daily Report 2025/10/22 [1] - Researcher: Chen Sijia [2] - Futures Practitioner Qualification Number: F03118799 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0022803 [2] Investment Rating - Not provided in the report Core Viewpoints - The fundamentals of the carbonate lithium industry may be in a situation of both supply and demand increasing, with the demand growth rate faster than the supply, leading to the depletion of industrial inventory [2]. - In the options market, the put - call ratio of open interest is 39.01%, with a month - on - month increase of 2.0799%. The call open interest in the options market dominates, and the market sentiment is bullish, while the implied volatility slightly decreases [2]. - Technically, on the 60 - minute MACD, the double lines are above the 0 - axis, and the red bars are expanding [2]. - The operation suggestion is to conduct light - position trading with a slight upward trend and pay attention to trading rhythm to control risks [2] Summary by Directory 1. Market Data Futures Market - The closing price of the main contract is 77,120 yuan/ton, up 1,140 yuan [2]. - The net position of the top 20 is - 159,908 lots, down 9,808 lots [2]. - The open interest of the main contract is 353,231 lots, up 43,032 lots [2]. - The price difference between near - and far - month contracts is - 940 yuan/ton, down 760 yuan [2]. - The warehouse receipts of the Guangzhou Futures Exchange are 29,019 lots/ton, down 873 lots [2] 现货市场 - The average price of battery - grade carbonate lithium is 74,350 yuan/ton, up 250 yuan [2]. - The average price of industrial - grade carbonate lithium is 72,100 yuan/ton, up 250 yuan [2]. - The basis of the Li₂CO₃ main contract is - 2,770 yuan/ton, down 890 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 880 US dollars/ton, unchanged [2]. - The average price of amblygonite is 7,650 yuan/ton, up 130 yuan [2]. - The price of lepidolite (2 - 2.5%) is 2,791 yuan/ton, up 68 yuan [2] Industry Situation - The monthly output of carbonate lithium is 47,140 tons, up 1,260 tons [2]. - The monthly import volume of carbonate lithium is 19,596.9 tons, down 2,250.01 tons [2]. - The monthly export volume of carbonate lithium is 150.82 tons, down 218.09 tons [2]. - The monthly operating rate of carbonate lithium enterprises is 47%, up 1% [2]. - The monthly output of power batteries is 151,200 MWh, up 11,600 MWh [2]. - The price of lithium manganate is 32,000 yuan/ton, unchanged [2]. - The price of lithium hexafluorophosphate is 87,000 yuan/ton, up 2,000 yuan [2]. - The price of ternary material (811 type): China is 160,000 yuan/ton, up 3,000 yuan [2]. - The price of ternary material (622 power type): China is 139,500 yuan/ton, up 4,000 yuan [2] Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 150,000 yuan/ton, up 4,000 yuan [2]. - The monthly operating rate of ternary cathode materials is 53%, down 2% [2]. - The price of lithium iron phosphate is 33,400 yuan/ton, unchanged [2]. - The monthly operating rate of lithium iron phosphate cathodes is 59%, up 2% [2]. - The monthly output of new energy vehicles (CPCA) is 1,617,000 vehicles, up 226,000 vehicles [2]. - The monthly sales volume of new energy vehicles (CPCA) is 1,604,000 vehicles, up 209,000 vehicles [2]. - The cumulative sales penetration rate of new energy vehicles (CPCA) is 46.09%, up 0.55% [2]. - The cumulative sales volume of new energy vehicles is 11,228,000 vehicles, up 2,908,000 vehicles [2]. - The monthly export volume of new energy vehicles is 222,000 vehicles, down 20,000 vehicles [2]. - The cumulative export volume of new energy vehicles is 1,758,000 vehicles, up 830,000 vehicles [2]. - The 20 - day average volatility of the underlying is 19.17%, up 0.48% [2]. - The 40 - day average volatility of the underlying is 32.56%, up 0.10% [2] Option Situation - The total call open interest is 109,447 contracts, up 5,840 contracts [2]. - The total put open interest is 42,694 contracts, up 4,433 contracts [2]. - The put - call ratio of total open interest is 39.01%, up 2.0799% [2]. - The at - the - money IV implied volatility is 0.29%, down 0.0178% [2] 2. Industry News - The General Office of the Guangzhou Municipal People's Government issued the Implementation Plan for the Special Action to Boost Consumption in Guangzhou, which aims to expand the implementation of consumer goods trade - in programs, increase subsidy categories, and carry out group - buying activities to drive consumption of home appliances and automobiles. It also actively seeks pilot projects for automobile circulation consumption reform [2]. - Cui Dongshu, the secretary - general of the Passenger Car Association, said that the power battery market was strong in September, with good performance in both exports and domestic sales. The current main battery energy density range of pure electric vehicles is between 125 and 160, and the high - energy - density batteries have slightly improved recently [2]. - According to the statistics of the China Association of Automobile Manufacturers, from January to September 2025, the top ten automobile sales enterprises (groups) sold a total of 20.431 million vehicles, accounting for 83.9% of the total automobile sales. Among them, the sales of Dongfeng Company and GAC Group decreased to varying degrees compared with the same period last year, while the sales of other enterprises increased to varying degrees [2] 3. Market Trends - The main contract of carbonate lithium fluctuated strongly, closing up 1.63%. The open interest increased month - on - month, the spot was at a discount, and the basis weakened [2]

Report Information - Report Name: Stock Index Futures Panoramic Daily Report 2025/10/22 [1] - Researcher: Liao Hongbin [3] - Futures Practitioner Qualification Number: F30825507 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0020723 [3] Investment Rating - No investment rating information is provided in the report. Core View - A-shares' upward trend remains unchanged, and short-term corrections will provide entry opportunities. It is recommended to buy on dips with a light position [2]. Summary by Directory Futures Market - **Futures Contract Prices**: IF, IH, IC, and IM main and secondary contracts all declined. For example, the IF main contract (2512) dropped to 4563.4, down 21.2 [2]. - **Futures Spreads**: Most of the spreads between different contracts decreased, such as the IF - IH monthly contract spread, which dropped 14.0 to 1570.4 [2]. - **Futures Seasonal Spreads**: Some seasonal spreads increased, like the IF current - monthly spread, which rose 1.4 to -37.0 [2]. - **Futures Net Positions**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For instance, the IF top 20 net position dropped 434.0 to -26,953.00 [2]. Spot Market - **Spot Index Prices**: The Shanghai and Shenzhen 300 Index dropped 15.3 to 4592.57, the Shanghai 50 Index rose 2.8 to 3010.1, the CSI 500 Index dropped 57.2 to 7128.5, and the CSI 1000 Index dropped 31.8 to 7312.2 [2]. - **Futures Basis**: The basis of the IF, IC, and IM main contracts increased, while the IH main contract basis decreased [2]. Market Sentiment - **Trading Volume and Margin Trading Balance**: A-share trading volume decreased by 2024.36 billion yuan to 16,902.57 billion yuan, and the margin trading balance increased by 142.73 billion yuan to 24,442.71 billion yuan [2]. - **Northbound Trading and Repurchase Operations**: Northbound trading volume increased by 121.35 billion yuan to 2468.66 billion yuan, and the repurchase operation volume increased by 1382.0 billion yuan to -435.0 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks decreased by 43.20% to 41.91%, and the Shibor rate increased by 0.001% to 1.318% [2]. Market Strength and Weakness Analysis - **Wind Market Strength and Weakness Indicators**: All A-shares, technical, and capital indicators all declined [2]. Industry News - **Economic Data**: In the first three quarters, GDP was 1015036 billion yuan, with a year - on - year growth of 5.2%. From January to September, industrial added value increased by 6.2% year - on - year, and fixed - asset investment decreased by 0.5% year - on - year [2]. - **International News**: US President Trump plans to visit China early next year, and the Chinese Foreign Ministry has no specific information to provide [2]. - **Stock Market Performance**: A-share major indices closed mostly lower, with most industry sectors falling. Overseas, Trump's relaxation of tariff policies has a certain repair effect on market risk appetite [2]. Key Data to Watch - October 24, 15:15 - 16:30: France, Germany, Eurozone, UK October SPGI Manufacturing PMI [3] - October 24, 20:30: US September CPI, Core CPI; 21:45: US October SPGI Manufacturing PMI [3]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The cost of non - integrated styrene decreased and the loss deepened as the prices of pure benzene and ethylene remained weak. The supply of styrene is expected to decline slightly due to the expanding impact of previously shut - down plants. The mismatch between upstream and downstream production capacity launches may intensify the supply - demand contradiction. Terminal demand is weak, and the demand growth space of styrene may be limited. However, due to the low profit of integrated plants, the cost support is gradually strengthening. In the short term, styrene is expected to strengthen with the rise of oil prices [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the active styrene futures contract was 6538 yuan/ton, up 100 yuan; the trading volume was 205,417 lots, down 88,489 lots; the long position of the top 20 was 434,796 lots, down 15,741 lots; the short position was 442,328 lots, down 16,687 lots; the net long position was - 7,532 lots, up 946 lots; the open interest was 160,726 lots, down 45,267 lots; the warehouse receipt quantity was 1,107 lots, unchanged; the closing price of the November contract was 6538 yuan/ton, up 100 yuan [2] 现货市场 - The spot price of styrene was 6834 yuan/ton, unchanged; FOB South Korea was 791.5 dollars/ton, down 1.5 dollars; CFR China was 801.5 dollars/ton, down 1.5 dollars; the mainstream price in the Northeast was 6450 yuan/ton, down 50 yuan; in the South China was 6550 yuan/ton, down 20 yuan; in the North China was 6395 yuan/ton; in the East China was 6465 yuan/ton, up 35 yuan [2] Upstream Situation - The CFR Northeast Asia price of ethylene was 781 dollars/ton, unchanged; CFR Southeast Asia was 771 dollars/ton, unchanged; CIF Northwest Europe was 683.5 dollars/ton, down 5 dollars; FD US Gulf was 457 dollars/ton, down 6 dollars. The spot price of pure benzene in Taiwan's CIF was 671.33 dollars/ton; in the US Gulf's FOB was 251 cents/gallon; in Rotterdam's FOB was 649 dollars/ton, down 1 dollar; the market price in the South China market was 5450 yuan/ton, down 200 yuan; in the East China market was 5435 yuan/ton, down 100 yuan; in the North China market was 5300 yuan/ton, down 40 yuan [2] Industry Situation - The total styrene operating rate was 71.88%, down 1.73 percentage points; the national inventory was 193,420 tons, down 443 tons; the total inventory in the East China main port was 202,500 tons, up 6,000 tons; the trade inventory in the East China main port was 122,500 tons, up 1,000 tons [2] Downstream Situation - The operating rate of EPS was 62.53%, up 21.79 percentage points; ABS was 73.1%, up 0.6 percentage points; PS was 53.8%, down 0.8 percentage points; UPR was 34%, up 14 percentage points; styrene - butadiene rubber was 70.28%, up 0.23 percentage points [2] Industry News - From October 10th to 16th, styrene production decreased by 2.33% to 339,400 tons, and capacity utilization decreased by 1.73% to 71.88%. The downstream operating rate of styrene mainly increased, and the consumption of EPS, PS, and ABS increased by 13.93% to 273,200 tons. As of October 16th, the factory inventory decreased by 0.23% to 193,400 tons, the East China port inventory increased by 3.05% to 202,500 tons, and the South China port inventory increased by 8.2% to 33,000 tons. The non - integrated cost decreased to 7128 yuan/ton, and the profit decreased to - 588 yuan/ton [2]

免责声明 锰硅硅铁产业日报 2025/10/22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,810.00 | +64.00↑ SF主力合约收盘价（日，元/吨） | 5,538.00 | +64.00↑ | | | SM期货合约持仓量（日，手） | 558,185.00 | -18737.00↓ SF期货合约持仓量（日，手） | 384,705.00 | -15240.00↓ | | | 锰硅前20名净持仓（日，手） | -53,283.00 | -4183.00↓ 硅铁前20名净持仓（日，手） | -26,462.00 | -574.00↓ | | | SM5-1月合约价差（日，元/吨） | 38.00 | +4.00↑ SF5-1月合约价差（日，元/吨） | 60.00 | +24.00↑ | | | SM 仓单（日，张） 内蒙古锰硅 FeMn68Si18 （日，元/吨） | 46,292.00 5,580.00 | -346.00↓ ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The rapeseed meal market is in a situation of weak supply and demand, and the overall trend of rapeseed meal remains bearish. The rapeseed oil market will continue to maintain a de - stocking mode, and its price is supported, but the market is also intertwined with long and short factors. Attention should be paid to Sino - Canadian and Sino - US trade policies [2] Group 3: Summary by Related Catalogs Futures Market - Futures prices: The closing price of the active contract of rapeseed oil is 9834 yuan/ton, down 30 yuan; that of rapeseed meal is 2307 yuan/ton, down 14 yuan; that of ICE rapeseed is 629.2 Canadian dollars/ton, down 0.8 Canadian dollars; and that of rapeseed is 5434 yuan/ton, up 103 yuan [2] - Spreads and positions: The 1 - 5 spread of rapeseed oil is 386 yuan/ton, up 28 yuan; that of rapeseed meal is 8 yuan/ton, down 10 yuan. The net long positions of the top 20 futures holders of rapeseed oil are 8702 lots, down 1206 lots; those of rapeseed meal are - 107102 lots, down 12852 lots [2] - Warehouse receipts: The number of rapeseed oil warehouse receipts is 7540, unchanged; that of rapeseed meal is 4702, down 3000 [2] Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 10020 yuan/ton, down 70 yuan; that of rapeseed meal in Nantong is 2390 yuan/ton, down 20 yuan. The average price of rapeseed oil is 10113.75 yuan/ton, down 70 yuan. The import cost of rapeseed is 7495.07 yuan/ton, up 12.69 yuan [2] - Basis and price differences: The basis of the rapeseed oil main contract is 186 yuan/ton, down 40 yuan; that of the rapeseed meal main contract is 83 yuan/ton, down 6 yuan. The spot price difference between rapeseed oil and soybean oil is 1520 yuan/ton, up 30 yuan; that between rapeseed oil and palm oil is 920 yuan/ton, up 30 yuan; that between soybean meal and rapeseed meal is 510 yuan/ton, up 20 yuan [2] Upstream Situation - Production: The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast of rapeseed production is 13446 thousand tons, up 1068 thousand tons [2] - Imports and profits: The total rapeseed import volume in the current month is 11.53 tons, down 13.13 tons. The import rapeseed crushing profit is 766 yuan/ton, down 26 yuan [2] Industry Situation - Inventory and开机率: The total inventory of rapeseed in oil mills is 3 tons, down 2 tons. The weekly opening rate of imported rapeseed is 3.2%, down 0.53%. The inventory of rapeseed oil in coastal areas is 5.2 tons, down 0.8 tons; that of rapeseed meal is 0.78 tons, down 0.37 tons [2] - Import volume: The import volume of rapeseed oil and mustard oil in the current month is 14 tons, up 1 ton; that of rapeseed meal is 18.31 tons, down 8.72 tons [2] Downstream Situation - Production: The monthly production of feed is 2927.2 tons, up 99.9 tons; that of edible vegetable oil is 450.6 tons, up 30 tons [2] - Consumption: The monthly retail sales of social consumer goods in the catering industry is 4495.7 billion yuan, down 8.4 billion yuan [2] Industry News - ICE rapeseed futures slightly rose on October 21, with the most actively traded January contract up 0.10 Canadian dollars to 630.10 Canadian dollars per ton. The US Midwest soybean harvest is progressing actively, and the expected high - yield of US soybeans restricts its price. The US government shutdown leads to a lack of data and market caution [2] Rapeseed Meal View Summary - The Sino - Canadian trade negotiation has no substantial progress, and the import of Canadian rapeseed in the fourth quarter is restricted. However, the high - yield of Canadian rapeseed is basically realized, and the demand for rapeseed meal is weak due to the decline of aquaculture demand and the abundant supply of soybeans [2] Rapeseed Oil View Summary - The preliminary ruling on the anti - dumping policy for Canadian rapeseed is out, and the supply of imported rapeseed will be structurally tightened in the fourth quarter. Rapeseed oil will continue to be in a de - stocking mode, but the abundant supply of soybean oil restricts its demand [2]

铝类产业日报 2025/10/22 | 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) 主力-连二合约价差:沪铝(日,元/吨) | 21,045.00 -35.00 | +80.00↑ 氧化铝期货主力合约收盘价(日,元/吨) 0.00 主力-连二合约价差:氧化铝(日,元/吨) | 2,829.00 -30.00 | +19.00↑ +3.00↑ | | | 主力合约持仓量:沪铝(日,手) | 257,199.00 | +22263.00↑ 主力合约持仓量:氧化铝(日,手) | 355,935.00 | +4721.00↑ | | | LME铝注销仓单(日,吨) | 78,475.00 | 0.00 库存:氧化铝:合计(周,万吨) | 239,607.00 | | | | | | | | +33021.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 2,781.00 | +14.50↑ LME铝库存（日，吨） | 484,125.00 | ...