玉米系产业日报 2025-10-29 体维持低位震荡盘整。 | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应压力加大，玉米淀粉成本支撑下滑。且木薯淀粉替代优势仍存，继续挤压玉米淀粉市 | | --- | --- | | 淀粉） | 场需求。不过，行业开机持续低于往年同期，且近期企业签单走货较好，企业库存略有下滑。截至10月29日，全国玉米淀粉企业 | | 重点关注 | 淀粉库存总量112.8万吨，较上周下降1.20万吨，周降幅1.05%，月降幅0.97%；年同比增幅36.89%。盘面来看，淀粉随玉米市场 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 同步震荡，短期观望。 | | 项目类别 | 数据指标 -7 玉米淀粉期货收盘价(活跃合约):(日,元/ | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) 2 玉米淀粉月间价差(1-3): ...

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of the domestic cotton market shows that Xinjiang cotton has entered the large - scale harvesting stage with over 50% progress, faster than last year, and the processing cost of ginning factories has slightly increased. Inland cotton acquisition is slow due to continuous rainfall. The demand side shows that the demand of downstream textile enterprises is relatively weak, and the "Silver October" replenishment has not improved significantly. New cotton is in the listing stage, and the upward space of cotton prices is expected to be limited in the short term due to hedging pressure [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 13,620 yuan/ton, up 55; cotton futures top 20 net positions are - 113,788 hands, down 3,097; main contract holdings of cotton are 578,488 hands, down 596; cotton warehouse receipts are 2,460, down 11. Cotton yarn main contract closing price is 19,865 yuan/ton, up 95; cotton yarn futures top 20 net positions are - 181 hands, down 40; main contract holdings of cotton yarn are 23,749 hands, down 346; cotton yarn warehouse receipts are 4, down 2 [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,840 yuan/ton, up 10; China Yarn Price Index of pure - combed 32 - count cotton yarn is 20,475 yuan/ton, down 25. China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,116 yuan/ton, up 60; China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 14,050 yuan/ton. The arrival price of imported cotton yarn price index of pure - combed 32 - count cotton yarn is 21,146 yuan/ton, up 1; the arrival price of imported cotton yarn price index of pure - combed 32 - count combed cotton yarn is 22,493 yuan/ton, up 2 [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3; the national cotton output is 6.16 million tons, up 540,000 tons [2] Industry Situation - The cotton - yarn price difference is 5,635 yuan/ton, down 10; industrial inventory of cotton is 861,000 tons, down 9,000 tons; cotton import volume is 100,000 tons, up 30,000 tons; cotton yarn import volume is 130,000 tons, unchanged. Imported cotton profit is 780 yuan/ton, down 43; commercial inventory of cotton is 1.0217 million tons, down 460,000 tons [2] Downstream Situation - Yarn inventory days are 25.24 days, up 0.39; grey fabric inventory days are 31.43 days, up 0.31. Cloth output is 2.811 billion meters, up 110 million meters; yarn output is 2.0738 million tons, up 45,900 tons. The monthly export value of clothing and clothing accessories is 12453247000 dollars, down 169265700 dollars; the monthly export value of textile yarns, fabrics and products is 11966516000 dollars, down 42668600 dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 9.08%, up 2.58; the implied volatility of cotton at - the - money put options is 9.08%, up 2.58. The 20 - day historical volatility of cotton is 7.71%, down 0.49; the 60 - day historical volatility of cotton is 7.95%, down 0.02 [2] Industry News - Brazil exported 255,000 tons of cotton in the first four weeks of October, with a daily average of 14,200 tons, 11% more than the daily average in October last year. The total export volume in October last year was 280,900 tons. ICE cotton futures rose on Tuesday, with the December contract up 0.49 cents, or 0.76%, to settle at 65.05 cents per pound [2]

| 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:白糖(日,元/吨) 11 主力合约持仓量:白糖(日,手) | 5494 | | 391035 | -9001 12236 | | | 仓单数量:白糖(日,张) -70 期货前20名持仓:净买单量:白糖(日,手) | 7625 | | -61969 | | | | 有效仓单预报:白糖:小计(日,张) | 586 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ -25 进口加工估算价(配额内):泰国糖(日,元/ | 3990 | | 4049 | -25 | | 吨) | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | | | | | 现货市场 | -33 进口泰糖估算价(配额外,50%关税)(日,元 | 5052 | | 5129 | -33 | | /吨) | /吨) 现货价:白砂糖:昆明(日,元/吨) 0 现货价:白砂糖:南宁(日,元/吨) | 5720 | | 5750 | 0 ...

碳酸锂产业日报 2025/10/29 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。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 82,900.00 | +1260.00↑ 前20名净持仓（日，手） | -203,973.00 | -7847.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 506,882.00 | +18079.00↑ 近远月合约价差（日，元/吨） | -660.00 | -300.00↓ | | | 广期所仓单（日，手/吨） | 27,525.00 | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report suggests a bullish approach in trading. Macro - level factors include the "15th Five - Year Plan" aiming for key technological breakthroughs, implementation of the "AI +" initiative, and efforts to boost consumption. The central bank will implement a moderately loose monetary policy. The "small non - farm" data shows changes in the US labor market [3]. - Fundamentally, the closure of illegal tin mines in Indonesia may tighten supply. Tin ore imports in September decreased month - on - month, and production in Myanmar is slowly recovering. African and Australian production may be affected by the rainy season. On the smelting side, raw material shortages are severe in Yunnan, and the scrap recycling system in Jiangxi is under pressure with low operating rates. On the demand side, most downstream and end - user enterprises are waiting and only making small purchases, with low restocking enthusiasm [3]. - Technically, the reduction in positions and price decline indicate a weakening bullish sentiment, and attention should be paid to the resistance at the 290,000 yuan level [3]. 3. Summary by Related Catalogs Futures Market - The closing price of the main futures contract for Shanghai tin is 286,720 yuan/ton, up 3,550 yuan; the closing price of the November - December contract is down 160 yuan. The LME 3 - month tin price is 36,325 US dollars/ton, up 235 US dollars. The main contract position of Shanghai tin is 41,157 lots, up 721 lots. The net position of the top 20 futures is - 1,558 lots, up 282 lots. LME tin total inventory is 2,700 tons, down 25 tons; LME tin cancelled warrants are 215 tons, down 25 tons. Shanghai Futures Exchange tin inventory is 5,766 tons, up 75 tons; Shanghai Futures Exchange tin warehouse receipts are 5,682 tons, up 73 tons [3]. 现货 Market - The SMM 1 tin spot price is 285,200 yuan/ton, up 900 yuan; the Yangtze River Non - Ferrous Metals Market 1 tin spot price is 285,410 yuan/ton, up 830 yuan. The basis of the Shanghai tin main contract is not clearly given. The LME tin price premium (0 - 3) is - 0.16 US dollars/ton, and the average price of 40% tin concentrate is 269,900 yuan/ton, down 600 yuan [3]. Upstream Situation - The average processing fee for 40% tin concentrate is 10,500 yuan/ton, unchanged; the average price of 60% tin concentrate is 273,900 yuan/ton, up 600 yuan; the average processing fee for 60% tin concentrate is 6,500 yuan/ton, unchanged [3]. Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 1,501.64 tons, up 63.06 tons [3]. Downstream Situation - The price of 60A solder bars in Gejiu is 184,850 yuan/ton, up 1,050 yuan. The cumulative monthly output of tin - plated sheets (strips) is 110930 tons, up 144,800 tons; the monthly export volume of tin - plated sheets is 197,600 tons, up 31,000 tons [3]. Industry News - The "15th Five - Year Plan" proposes to develop strategic emerging industries and achieve key technological breakthroughs in key areas, implement the "AI +" initiative, and boost consumption. The central bank will implement a moderately loose monetary policy. ADP will launch weekly employment data, and the first report shows an average increase of 14,250 private - sector jobs in the US in the four weeks up to October 11 [3].

铝类产业日报 2025/10/29 | 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) | 21,295.00 | +155.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,879.00 | +62.00↑ | | | 主力-连二合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | -60.00 283,278.00 | 0.00 主力-连二合约价差:氧化铝(日,元/吨) -2515.00↓ 主力合约持仓量:氧化铝(日,手) | -55.00 377,474.00 | -13.00↓ -12290.00↓ | | | LME铝注销仓单(日,吨) | 60,975.00 | 0.00 库存:氧化铝:合计(周,万吨) | 239,607.00 | 0.00 | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 2,894.00 13,180.00 | +15.50↑ LME铝库存（日，吨） -661.00↓ ...

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core View of the Report - Given the current scarcity of high - quality new apples and the principle of better quality commanding higher prices, it is expected that the short - term apple futures price will continue to fluctuate with a slightly upward trend [2] 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9198 yuan/ton, and the main contract position is 136,249 hands, with a decrease of 22,876 hands compared to the previous period. The net long position of the top 20 futures holders is - 2663 hands, with a value of 8643 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged above 75) is 2.35 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.7 yuan/jin, an increase of 0.2 yuan/jin [2] 3.3 Upstream Situation - The annual apple production in China is 5128.51 million tons, with an increase of 168.34 million tons. The weekly wholesale price of apples is 9.52 yuan/kg, a decrease of 0.1 yuan/kg. The average weekly wholesale price of Fuji apples is 9.26 yuan/kg, a decrease of 0.12 yuan/kg [2] 3.4 Industry Situation - The total weekly cold - storage inventory of apples in China is 0 million tons. The weekly storage capacity ratio of apples in Shandong is 0, a decrease of 0.01; in Shaanxi is 0. The monthly export volume of apples is 70,000 tons, unchanged. The monthly export value of apples is 6917.9 million US dollars, an increase of 248684.5 million US dollars. The monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars [2] 3.5 Downstream Situation - The weekly average wholesale price of tangerines is 7.3 yuan/kg, a decrease of 0.3 yuan/kg; of bananas is 5.08 yuan/kg, an increase of 0.26 yuan/kg; of watermelons is 5.46 yuan/kg, an increase of 0.01 yuan/kg. The weekly average daily arrival volume of trucks in the early morning at the Guangdong Jiangmen Wholesale Market is 15.8 vehicles, an increase of 0.2 vehicles; at the Guangdong Xiaqiao Wholesale Market is 18.4 vehicles; at the Guangdong Chalong Wholesale Market is 24.6 vehicles, a decrease of 0.2 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 24.29%, an increase of 1.82%; of at - the - money put options is 24.3%, an increase of 1.83% [2] 3.7 Industry News - In Shandong, the supply of late - season Fuji apples continues to increase, trading is fair, good - quality apples are scarce and prices are firm, while prices of ordinary apples are chaotic. In Shaanxi, trading of good - quality apples is mostly finished, with remaining ordinary or poor - quality apples and chaotic prices. In Gansu, apple trading is in the later stage, good - quality apple prices are stable at a high level, and ordinary apples are priced according to quality. The new - season late - maturing Fuji apples are increasing in supply, with a delay in the picking and storage progress compared to last year [2] 3.8 Viewpoint Summary - Merchants are actively purchasing high - quality apples but more cautious about ordinary ones. In Shandong, the supply of new apples is still limited, and small - batch orders are increasing. The trading atmosphere in the sales market is still weak, with slow sales and pressure on the demand side [2]

规格型号多，预计企业生产积极性不减；全钢胎企业出货表现平稳，多数企业排产或将保持稳定，预计整 体产能利用率小幅波动。ru2601合约短线预计在15300-15700区间波动，nr2512合约短线预计在12500-12 免责声明 800区间波动。 天然橡胶产业日报 2025-10-29 | 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) 沪胶1-5价差(日,元/吨) | 15625 | 265 20号胶主力合约收盘价(日,元/吨) | 12720 | 190 | | 期货市场 | | -80 | -15 20号胶12-1价差(日,元/吨) | -10 | -15 | | | 沪胶与20号胶价差(日,元/吨) | 2905 | 75 沪胶主力合约 持仓量(日,手) | 146189 | 2108 | | | 20号胶主力合约持仓量(日,手) | 40039 | -6433 沪胶前20名净持仓 | -23073 | 3872 | | | 20号胶前20名净持仓 | -8 ...

原料正在陆续下树并运输中，市场对新货的接受度值得关注。后市供应端压力将逐渐显现，枣价继续回落 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 概率加大。关注新枣主流收购价格及质量情况。 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。 红枣产业日报 2025-10-29 | 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:红枣(日,元/吨) | 10495 | 80 主力合约持仓量:红枣(日,手) | 184472 | -1088 0 | | | 期货前20名持仓 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Shanghai copper main contract fluctuates strongly, with increasing positions, spot discount, and weakening basis. Fundamentally, the tight supply of copper concentrate has not improved, TC fees hover in the negative range, and the impact of overseas mine disturbances persists, keeping ore prices firm. [2] - On the supply side, due to many maintenance operations and the tight supply of copper ore and blister copper, smelting capacity may be restricted. Additionally, the price of sulfuric acid, a by - product of smelting, shows signs of decline, affecting smelting profits and potentially leading to a decline in the operating rate. Domestic refined copper supply is gradually shrinking. [2] - On the demand side, copper prices remain high due to cost support and overseas macro - sentiment. Downstream buyers are hesitant due to high prices, adopting a cautious wait - and - see procurement strategy. The spot market trading sentiment is weak, and high copper prices suppress downstream demand. [2] - Overall, the fundamentals of Shanghai copper may be in a situation of weak supply and demand, with industrial inventory accumulation. In the options market, the call - put ratio of at - the - money options is 1.32, down 0.0498 from the previous period, indicating a bullish sentiment in the options market with a slight decline in implied volatility. Technically, on the 60 - minute MACD, both lines are above the 0 - axis, and the red bars are expanding. The operation suggestion is to trade with a light position in a volatile market, controlling the rhythm and trading risks. [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 88,710 yuan/ton, up 1,730 yuan; the LME 3 - month copper price is 11,097 dollars/ton, up 58.5 dollars. The spread between the main contract and the next - month contract is 10 yuan/ton, down 20 yuan. The position of the main contract of Shanghai copper is 290,209 lots, up 8,903 lots. [2] - The net position of the top 20 futures holders of Shanghai copper is - 29,079 lots, up 1,010 lots. The LME copper inventory is 134,575 tons, down 1,400 tons; the Shanghai Futures Exchange inventory of cathode copper is 104,792 tons, down 5,448 tons; the LME copper cancelled warrants are 11,175 tons, up 1,200 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 35,745 tons, down 2,856 tons. [2] 3.2 Spot Market - The SMM 1 copper spot price is 87,765 yuan/ton, down 140 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 87,770 yuan/ton, down 405 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52 dollars/ton, unchanged; the average premium of Yangshan copper is 34.5 dollars/ton, unchanged. [2] - The basis of the CU main contract is - 945 yuan/ton, down 1,870 yuan; the LME copper spread (0 - 3) is - 19.54 dollars/ton, up 4.3 dollars. [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The TC fee of domestic copper smelters is - 42.7 dollars/kiloton, down 1.73 dollars. The price of copper concentrate in Jiangxi is 78,020 yuan/metal ton, down 420 yuan; the price of copper concentrate in Yunnan is 78,720 yuan/metal ton, down 420 yuan. [2] - The processing fee of blister copper in the South is 900 yuan/ton, down 100 yuan; the processing fee of blister copper in the North is 700 yuan/ton, unchanged. [2] 3.4 Industry Situation - The monthly output of refined copper is 1.266 billion tons, down 350 million tons; the import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons. The social inventory of copper is 418.2 million tons, up 4.3 million tons. The price of 1 bright copper wire in Shanghai is 60,440 yuan/ton, down 100 yuan; the price of 2 copper (94 - 96%) in Shanghai is 74,000 yuan/ton, down 50 yuan. [2] - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 730 yuan/ton, up 80 yuan. [2] 3.5 Downstream and Application - The monthly output of copper products is 223.2 billion tons, up 1 billion tons. The cumulative completed investment in power grid infrastructure is 437.8 billion yuan, up 58.224 billion yuan; the cumulative completed investment in real estate development is 6,770.571 billion yuan, up 739.652 billion yuan. The monthly output of integrated circuits is 4,371,236,100 pieces, up 120,949,000 pieces. [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 24.24%, up 0.46%; the 40 - day historical volatility of Shanghai copper is 18.28%, up 0.39%. The implied volatility of the at - the - money option in the current month is 19.98%, down 0.0397; the call - put ratio of at - the - money options is 1.32, down 0.0498. [2] 3.7 Industry News - The full text of the "15th Five - Year Plan" proposal is released, aiming to maintain economic growth within a reasonable range, improve total factor productivity, and significantly increase the household consumption rate. It also promotes the development of strategic emerging industries and technological breakthroughs in key areas, implements the "Artificial Intelligence +" action, boosts consumption, and improves the capital market system. [2] - The central bank governor said that the moderately loose monetary policy will be implemented in detail, existing policies will be carried out, and new policies will be studied and reserved. [2] - The U.S. Senate failed to pass the procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue. [2] - The ADP will launch weekly employment data. The first report shows that the average number of private - sector jobs in the U.S. increased by 14,250 in the four weeks ending October 11. [2]