1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The HC2601 contract showed weak performance on Monday. Tariff disturbances will dampen market confidence in the short - term and may drag down the hot - rolled coil futures price. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are running below the 0 axis. The operation strategy is to be bearish in a volatile market and pay attention to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,261 yuan/ton, down 24 yuan; the open interest was 1,422,524 lots, up 24,873 lots; the net position of the top 20 in the HC contract was - 47,015 lots, down 691 lots; the HC1 - 5 contract spread was - 13 yuan/ton, down 6 yuan; the HC warehouse receipt at the SHFE was 51,372 tons, up 2,058 tons; the HC2601 - RB2601 contract spread was 178 yuan/ton, down 4 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,350 yuan/ton, down 20 yuan; in Guangzhou was 3,280 yuan/ton, down 30 yuan; in Wuhan was 3,390 yuan/ton, down 10 yuan; in Tianjin was 3,250 yuan/ton, down 20 yuan. The basis of the HC main contract was 89 yuan/ton, up 4 yuan; the Hangzhou hot - rolled coil - rebar spread was 70 yuan/ton, down 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 787 yuan/wet ton, down 8 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,280 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, down 10 yuan. The inventory of iron ore at 45 ports was 140.2867 million tons, up 0.3132 million tons; the coke inventory of sample coking plants was 425,500 tons, up 34,900 tons; the coke inventory of sample steel mills was 6.5057 million tons, down 125,400 tons; the billet inventory in Hebei was 1.276 million tons, up 79,400 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 84.25%, down 0.02 percentage points; the blast furnace capacity utilization rate was 90.53%, down 0.10 percentage points. The hot - rolled coil output of sample steel mills was 3.2329 million tons, down 14,000 tons; the capacity utilization rate of hot - rolled coils was 82.58%, down 0.37 percentage points. The factory inventory of hot - rolled coils of sample steel mills was 836,000 tons, up 24,000 tons; the social inventory of hot - rolled coils in 33 cities was 3.293 million tons, up 299,200 tons. The domestic crude steel output was 7.737 million tons, down 229,000 tons; the net export volume of steel was 991,700 tons, up 90,700 tons [2] 3.5 Downstream Situation - The monthly automobile output was 2.8154 million vehicles, up 224,300 vehicles; the monthly automobile sales were 2.8566 million vehicles, up 263,200 vehicles. The monthly output of air - conditioners was 16.8188 million units, down 3.7777 million units; the monthly output of household refrigerators was 9.4532 million units, up 722,500 units; the monthly output of household washing machines was 10.1318 million units, up 1.3575 million units [2] 3.6 Industry News - On October 13, customs data showed that in September 2025, China's steel exports were 10.465 million tons, up 955,000 tons from the previous month, a month - on - month increase of 10.0%; from January to September, the cumulative steel exports were 87.955 million tons, a year - on - year increase of 9.2%. In September, China's steel imports were 548,000 tons, up 48,000 tons from the previous month, a month - on - month increase of 9.6%; from January to September, the cumulative steel imports were 4.532 million tons, a year - on - year decrease of 12.6%. A survey of 20 steel mills in the Northeast region showed that 6 steel mills started maintenance in October, affecting the daily output by 35,000 tons [2]

| | | 调做多，关注27.5-29。 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 沪锡产业日报 2025-10-13 | 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:沪锡(日,元/吨) | 282110 | -4240 10月-11月合约收盘价:沪锡(日,元/吨) | -180 | -370 | | | LME3个月锡(日,美元/吨) | 35350 | -1470 主力合约持仓量:沪锡(日,手) | 30938 | -3722 | | | 期货前20名净持仓:沪锡(日,手) | -428 | 259 LME锡:总库存(日,吨) | 2410 | 20 | | | 上 ...

撑。操作上建议，从铅价建议逢低布局多单。 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 | 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) | 17095 | -45 LME3个月铅报价(日,美元/吨) | 2014.5 | -6 | | | 11-12月合约价差:沪铅(日,元/吨) | -15 | -5 沪铅持仓量(日,手) | 82733 | 5004 | | | 沪铅前20名净持仓(日,手) | -4383 | -1402 沪铅仓单(日,吨) | 29569 | -499 | | | 上期所库存(周,吨) | 39916 | -1978 LME铅库存(日,吨) | 237000 | -450 | | | 上海有色网1#铅现货价(日,元/吨) | 16925 | 0 长江有色市场1#铅现货价(日,元/吨) | 17130 | 60 | | 现货市场 | 铅主力合约基差(日,元/吨) | - ...

盐湖等前期检修装置陆续重启，MTO行业整体维持高位开工，中原乙烯烯烃装置后期存在停车预期，其他 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2342 | 35 甲醇1-5价差(日,元/吨) | -12 | 32 | | | 主力合约持仓量:甲醇(日,手) | 991942 | -9556 期货前20名持仓:净买单量:甲醇(日,手) | -115723 | 28069 | | | 仓单数量:甲醇(日,张) | 11282 | -100 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2290 | 85 内蒙古(日,元/吨) | 2070 | 2.5 | | | 华东-西北价差(日,元/吨) | 220 | NAN 郑醇主力合约基差(日,元/吨) | -52 | 50 | | | 甲醇:CFR中国主港(日,美元/吨) | 256 | 0 CFR东 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term supply - demand pattern of live pigs remains relatively loose and is difficult to reverse. It is expected that live pig prices will continue to fluctuate weakly. It is recommended to conduct reverse arbitrage operations on live pig futures [3] 3. Summary According to the Catalog Futures Disk - The closing price of the main futures contract for live pigs is 11,125 yuan/ton, a decrease of 195 yuan; the main contract position is 57,257 lots, a decrease of 3,135 lots; the number of warehouse receipts is 0; the net long position of the top 20 futures positions is - 33,606 lots, a decrease of 517 lots [3] Spot Price - The live pig price in Zhumadian, Henan is 11,100 yuan/ton, an increase of 100 yuan; in Siping, Jilin it is 10,900 yuan/ton, unchanged; in Yunfu, Guangdong it is 11,100 yuan/ton, a decrease of 400 yuan; the main live pig basis is - 25 yuan/ton, an increase of 295 yuan [3] Upstream Situation - The live pig inventory is 42,4470,000 heads, an increase of 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, a decrease of 40,000 heads [3] Industry Situation - The year - on - year CPI is - 0.4%, a decrease of 0.4 percentage points; the spot price of soybean meal in Zhangjiagang is 2,930 yuan/ton, a decrease of 30 yuan; the corn spot price is 2,294.31 yuan/ton, a decrease of 9.81 yuan; the Dalian Commodity Exchange pig feed cost index is 868.6, a decrease of 8.83; the monthly output of feed is 29,272,000 tons, an increase of 999,000 tons; the price of binary breeding sows is 1,530 yuan/head, a decrease of 3 yuan; the breeding profit of purchased piglets is - 301.04 yuan/head, a decrease of 64.47 yuan; the breeding profit of self - bred and self - raised live pigs is - 152.15 yuan/head, a decrease of 78.04 yuan; the monthly import volume of pork is 80,000 tons, a decrease of 10,000 tons; the average price of white - striped chickens in the main producing areas is 14.37 yuan/kg, a decrease of 0.03 yuan [3] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 3,3500,000 heads, an increase of 1840,000 heads; the monthly value of catering revenue in total retail sales of social consumer goods is 449.57 billion yuan, a decrease of 8.4 billion yuan [3] Industry News - In September 2025, the number of newborn piglets in the sample was 5,676,000 heads, a month - on - month increase of 0.02%, and the sales volume of piglets was 531,400 heads, a month - on - month decrease of 2.87% [3] Viewpoint Summary - The supply side has near - term pressure due to data cycles and postponed出栏 plans, and active retail farmer sales. The demand side has decreased after the festival, with reduced terminal procurement and slaughter enterprise operations. The short - term supply - demand pattern remains loose, and live pig prices are expected to fluctuate weakly. Reverse arbitrage operations on live pig futures are recommended [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: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 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 达研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、删节和修改。 沪铜产业日报 2025/10/13 | 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:沪铜(日,元/吨) | 85,120.00 | -790.00↓ LME3个月铜(日,美元/吨) | 10,596.00 | +78.00↑ | | | 主力合约隔月价差(日,元/吨) | 0.00 | 0.00 主力 ...

| | | 沪锌产业日报 2025-10-13 | 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) | 22255 | -15 10-11月合约价差:沪锌(日,元/吨) | -50 | 0 | | | LME三个月锌报价(日,美元/吨) | 2984.5 | -29.5 沪锌总持仓量(日,手) | 212601 | -2771 | | | 沪锌前20名净持仓(日,手) | 5838 | 1161 沪锌仓单(日,吨) | 59614 | -1030 | | | 上期所库存(周,吨) | 106950 | 8940 LME库存(日,吨) | 37950 | -300 | | 现货市场 | 上海有色网0#锌现货价(日,元/吨) | 22200 | -100 长江有色市场1#锌现货价(日,元/吨) | 22040 | -500 | | | ZN主力合约基差(日,元/吨) | -55 | -85 LME锌升贴水(0-3)(日,美元/吨) | 100.45 | 33 ...

沪镍产业日报 2025-10-13 | 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) | 121410 | -770 10-11月合约价差:沪镍(日,元/吨) | -260 | -60 | | | LME3个月镍(日,美元/吨) | 15215 | -270 主力合约持仓量:沪镍(日,手) | 74700 | -3140 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -28802 | 545 LME镍:库存(日,吨) | 242094 | 4716 | | | 上期所库存:镍(周,吨) | 33119 | 3604 LME镍:注销仓单:合计(日,吨) | 6198 | -696 | | | 仓单数量:沪镍(日,吨) | 25272 | 44 | | | | 现货市场 | SMM1#镍现货价(日,元/吨) | 122450 | -1400 现货均价:1#镍板:长江有色(日,元/吨) | 122550 | -1300 | | | 上海电 ...

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - The price of the Hebei Cuierzhuang market is temporarily stable. Affected by the weather, the arrival of goods in the parking area of the market is small, and inland merchants have successively gone to the production areas to prepare for the new season. The price of the Guangdong Ruyifang market is also stable, with general transactions as downstream merchants purchase according to demand. The growth of red dates in the new - season main production areas is relatively better than that of the same period last year. Affected by the solar terms, the new jujubes are expected to be harvested about one week earlier than last year. Currently, the signed volume is small and the jujubes have not been harvested yet. Attention should be paid to the purchase price of new jujubes. The inventory of 36 sample physical warehouses decreased slightly. During the double - festivals, the arrival of goods in the sales areas was small, and the purchasing of merchants was average. For the Zhengzao 2601 contract, short - term observation is recommended [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for red dates is 11,130 yuan/ton, a decrease of 15 yuan; the main contract's open interest is 162,954 lots, an increase of 4,970 lots. The net long position of the top 20 futures holders is - 2,771 lots, a decrease of 863 lots. The number of warehouse receipts is 0, and the valid warehouse receipt forecast is also 0 [2]. 现货市场 - The prices of red dates in various regions are mostly stable. For example, the price of general - grade red dates in Kashgar is 6 yuan/kg, the wholesale price of first - grade grey dates in Hebei is 4.75 yuan/jin, etc. Only the price of special - grade red dates in Hebei increased by 0.04 yuan/kg to 10.55 yuan/kg [2]. Upstream Market - The annual output of red dates is 606.9 million tons, an increase of 318.7 million tons; the planting area is 1.993 million hectares, a decrease of 0.041 million hectares [2]. Industry Situation - The national red date inventory is 9,167 tons, a decrease of 36 tons compared to last week, a 0.39% decrease month - on - month and a 93.89% increase year - on - year. The monthly export volume of red dates is 2,364,893 kg, an increase of 580,729 kg; the cumulative export volume is 21,264,731 kg, an increase of 2,364,893 kg [2]. Downstream Situation - The cumulative sales volume of red dates of Hao Xiang Ni in the quarter is - 2,981.06 tons, and the cumulative production volume is 36,480.43 tons. The cumulative year - on - year production growth rate is 1.47%, and the sales volume growth rate is - 34.59% [2]. Industry News - The price of the Hebei Cuierzhuang market is stable with a small arrival of goods. Inland merchants are going to the production areas for the new season. The Guangdong Ruyifang market has 2 trucks of arrivals, with stable prices and general transactions. The new - season red dates in the main production areas are growing better than last year and are expected to be harvested about one week earlier [2].

螺纹钢产业链日报 2025/10/13 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。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：RB：螺纹钢；HC：热轧卷板 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 | 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) | 3,083.00 | -20↓ RB主力合约持仓量(手) | 1952748 | +26595↑ | | | RB合约前20名净持仓(手) | -66569 | +22278↑ ...