Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The current high level of hog supply and large body weight continue to exert pressure on the market, with subsequent spot prices likely to decline, and the futures market also under pressure, showing short - term oscillations [2][4] - The short - term improvement in spot prices is mainly due to the entry of secondary fattening, but the overall fundamental improvement is limited [2] Group 3: Summary by Content Spot Market - Today's hog spot prices showed a slight rebound, with the average price remaining unchanged at 10.52 yuan. Among them, prices in Henan decreased by 0.05 yuan to 11.19 yuan, while those in Liaoning increased by 0.13 yuan to 11.16 yuan. The overall supply pressure is high, with large - scale enterprises' slaughter volume increasing, and the overall slaughter volume remaining high. The enthusiasm of ordinary farmers for slaughter is expected to remain relatively stable, and the supply of large - weight hogs is abundant [2] Futures Market - Hog futures prices rebounded slightly. LH01 rose 270 to 12405, and LH11 rose 325 to 11450. The far - month futures rebound space is limited due to relatively low costs and overall supply pressure. The current price is short - term oscillating, with subsequent pressure still existing [2][4] Sow/Piglet Market - This week, the piglet price was 173 yuan, a decrease of 10 yuan from last week, and the sow price was 1545 yuan, a decrease of 18 yuan from last week [2] Breeding Profit - The spot breeding profit for self - breeding and self - raising was - 152.15 yuan/head, a decrease of 47.23 yuan from the previous value, and the profit for purchasing piglets was - 301.04 yuan/head, a decrease of 41.63 yuan from the previous value [2] Slaughter End - The slaughter volume increased by 489 to 159778 heads, and the price difference between large and small hogs continued to rebound, but the supply of large - weight hogs remained high [2] Trading Strategy - Unilateral: It is recommended to wait and see for near - month contracts - Arbitrage: Wait and see - Options: Sell the wide - straddle strategy [5]

大宗商品研究所 黑色研发报告 铁矿石日报 2025 年 10 月 14 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 782.0 | 804.5 | -22.5 | I01-I05 | 21.0 | 23.5 | -2.5 | | DCE05 | 761.0 | 781.0 | -20.0 | I05-I09 | 21.5 | 22.0 | -0.5 | | DCE09 | 739.5 | 759.0 | -19.5 | I09-I01 | -42.5 | -45.5 | 3.0 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | PB粉(60.8%) | 787 | 782 | 5 | 857 | 45 | 68 | 90 | | 纽曼粉 | 793 | 782 | 11 | 859 | 47 | 70 | 92 | | 麦克粉 | 789 | 779 | 10 | 856 | 44 | 67 ...

大宗商品研究所 农产品研发报告 国内市场（P/Y/OI）：今日棕榈油期价震荡小幅收跌。截至 2025 年 10 月 10 日（第 41 周），全国重点地区棕榈油商业库存 54.76 万吨，环比上周减少 0.46 万吨，减幅 0.83%，近 期棕榈油连续去库，处于历史同期中性略偏低水平。产地报价偏稳运行，进口利润倒挂有所 收窄，目前约在-160 附近。基差偏稳运行，关注后期国内买船及到港情况。短期棕榈油缺乏 明显驱动，但底部支撑仍强，预计短期震荡运行，可考虑回调较多时轻仓试多。后期关注印 尼 B50 政策进展以及 10 月马棕产量情况。 今日豆油期价震荡小幅收跌。上周油厂大豆实际压榨量 114.28 万吨，开机率为 37.04%， 较前一周有所减少，处于历史同期低位。截至 2025 年 10 月 10 日，全国重点地区豆油商业 库存 126.51 万吨，环比上周增加 1.64 万吨，增幅 1.31%。目前豆油处于历史同期偏高水平， 研究员：张盼盼 期货从业证号： 油脂日报 2025 年 10 月 14 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2025/ ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The domestic LLDPE and PP markets generally showed a downward trend during the period from September 19 to October 14, 2025. Market sentiment was affected by factors such as futures trends, downstream demand, and cost support. Different factors had both positive and negative impacts on polyolefin investment, and corresponding trading strategies were proposed based on comprehensive analysis [1][8][11] Summary by Relevant Catalogs Market Situation - **L Plastic**: The L2601 contract price fluctuated, with a downward trend overall. LLDPE market prices in different regions showed partial declines, and market trading was weak, with end - users mainly making purchases based on rigid demand [1][8][11] - **PP Polypropylene**: The PP2601 contract price also declined. The domestic PP market continued its downward trend, with trade mainly focused on negotiation, and overall trading volume was difficult to increase due to limited downstream new orders and low profit margins [1][8][11] Important Information - On October 9, 2025, China imposed export controls on some rare earth items, aiming to fulfill non - proliferation obligations and maintain peace, with limited impact on the supply chain. The US announced a 100% tariff increase on China and an upgrade of software controls on October 10, which China strongly opposed [1][5] - From 2024 to 2029, the global plastic additives consumption is expected to grow at a compound annual growth rate of 3.2%, which is related to the output growth of plastic end - consumption fields and changing policies and regulations [9] - On October 1, 2025, the US federal government shut down due to a budget negotiation breakdown, causing an estimated weekly economic loss of about $15 billion [11] - Seven departments issued the "Work Plan for Steady Growth of the Petrochemical and Chemical Industry (2025 - 2026)", aiming to achieve an average annual increase of over 5% in industry added value and promote high - end, green, and intelligent transformation [14] - During the "Quality Month" in September 2025, the petroleum and chemical industry promoted quality improvement through various means, which helped the high - quality development of the industry [16] Logical Analysis - **Positive Factors**: In August 2025, the electricity consumption of the domestic rubber and plastics industry increased for three consecutive months to 17.69 billion kWh, with a year - on - year increase of +8.9%, which was positive for polyolefin unilateral trading. The ratio of the Baltic Dry Index to the Baltic Crude Oil Freight Index increased by +8.5% year - on - year, showing an eight - month marginal strengthening trend, which was also positive for polyolefin unilateral trading. The US manufacturing PMI rose to 48.7 points in August 2025, accelerating for three consecutive months, which was positive for L unilateral trading [2][6][9] - **Negative Factors**: In August 2025, the profit per unit of the domestic rubber and plastics industry decreased by - 11.1% year - on - year, with a continuous decline for 18 months, which was negative for polyolefin unilateral trading. Brent crude oil prices increased to $67.6 per barrel in September 2025, with a year - on - year decrease of - 7.5% but a five - month marginal increase, which was negative for L. In August 2025, domestic PE production increased for two consecutive months to 2.827 million tons, with a year - on - year increase of +16.4% and an eight - month marginal increase, which was negative for the L - PP spread [2][6][15] Trading Strategies - **Unilateral**: Different strategies were proposed for the L and PP main 01 contracts at different times, including trial shorting, holding short positions, holding long positions, and taking a wait - and - see approach, with corresponding stop - loss levels set [2][6][9] - **Arbitrage (Long - Short)**: For the L2601 - PP2601 spread, strategies included holding positions and waiting for opportunities to enter, with stop - loss levels set at the high points of specific periods [2][6][9] - **Options**: Generally, a wait - and - see approach was recommended [2][6][9]

1. Report Industry Investment Ratings No information provided in the content. 2. Core Views of the Report - Steel prices are under slight pressure due to the US tariff increase but are expected to maintain a bottom - oscillating trend. If downstream demand recovers beyond expectations in October, steel prices may rise further [7][8]. - For coking coal and coke, short - term prices may weaken with the macro - market sentiment, but the impact is expected to be small. It is advisable to lightly build long positions on dips [9][12]. - Iron ore prices are expected to be weak at high levels. The market is affected by Sino - US tariffs, with increased supply and decreased demand [13][15]. - For ferroalloys, their valuations are not high. Short positions can be reduced on macro - impact dips [15][17]. 3. Summary by Related Catalogs Steel - **Important Information**: China's export control is not a ban, and in September 2025, 1523 projects started nationwide with a total investment of about 1305.545 billion yuan [8]. - **Logic Analysis**: The black - metal sector was weak last Friday night. Some steel mills cut production last week, and there was significant inventory accumulation during the holiday. Steel prices are under pressure due to inventory build - up and weak demand. Short - term prices may be affected by tariff news but are expected to oscillate at the bottom [8]. - **Strategy Suggestions**: Maintain a bottom - oscillating trend for single - side trading; recommend going long on the spread between hot - rolled and rebar futures on dips; suggest waiting and seeing for options [9]. Coking Coal and Coke - **Important Information**: Last week, the blast - furnace operating rate of 247 steel mills was 84.27%, and the average profit per ton of coke was 9 yuan. There are different prices for coke and coking coal warehouse receipts [10][11]. - **Logic Analysis**: The market may not react strongly to the proposed US tariff increase. In October, domestic coking coal supply is expected to be stable, and demand is supported by high iron - water production. Supply is policy - supported. Short - term prices may weaken with the macro - market but the impact is limited [12]. - **Strategy Suggestions**: Lightly build long positions on dips for single - side trading; wait and see for arbitrage and options [12]. Iron Ore - **Related Information**: China will impose a special port fee on US - related ships from October 14. The added - value of small and medium - sized industrial enterprises increased by 7.6% in the first eight months of 2025, and the sales of top 100 real - estate enterprises rebounded in September [13]. - **Logic Analysis**: Sino - US tariffs increase market uncertainty. Global iron - ore shipments increased in the third quarter, with supply increasing and demand decreasing in China. Ore prices are expected to be weak at high levels [13][15]. - **Strategy Suggestions**: Hedge at high spot prices for single - side trading; conduct cash - and - carry arbitrage; use circuit - breaker put - option strategies [15]. Ferroalloys - **Important Information**: There are different prices for manganese ore on October 10, and a factory in Inner Mongolia may add new production capacity at the end of October [16]. - **Logic Analysis**: For ferrosilicon, supply is stable, and demand is slightly down. For silicomanganese, both supply and demand are decreasing, and the cost - side manganese - ore inventory is at a low level. Both have reasonable valuations, and short positions can be reduced on macro - impact dips [17]. - **Strategy Suggestions**: Reduce short positions on macro - impact dips for single - side trading; wait and see for arbitrage; sell out - of - the - money put options [17].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper prices are expected to have a long - term upward trend, with short - term adjustments. Alumina prices are likely to maintain a weak and volatile bottom - grinding market. Aluminum prices are expected to be weak in the short - term and strengthen in the medium - term. Nickel prices are expected to have increased volatility and a lower oscillation center. Stainless steel prices are expected to weaken. Tin prices will be in a short - term high - level oscillation. Industrial silicon prices may oscillate in the medium - term and be strong in the short - term. Polysilicon prices may have a limited short - term callback. Lithium carbonate prices are expected to continue to reduce inventory and support the price [6][14][20][46][53][60][64][71][76] Group 3: Summary by Related Catalogs Copper - **Market Review**: On October 13, the Shanghai Copper 2511 contract closed at 85,120 yuan/ton, down 2.06%, and the Shanghai Copper Index reduced positions by 12,125 lots to 566,100 lots. The spot market trading improved with price drops, and the premium in Shanghai rose [2] - **Important Information**: As of October 13, the national copper inventory increased by 0.57 million tons to 17.2 million tons. In September, China imported 2.587 million tons of copper ore and concentrates, and the cumulative import from January to September was 22.634 million tons, a year - on - year increase of 7.7%. The export of unwrought aluminum and aluminum products in September was 521,000 tons, and the cumulative export from January to September was 4.516 million tons, a year - on - year decrease of 8.1% [3][4] - **Logic Analysis**: Trump's tariff remarks and supply - side problems have affected copper prices. Mine supply tension has intensified, and consumption shows "not prosperous in the peak season", but there may be an increase in demand after price adjustments [6] - **Trading Strategy**: Adopt a long - on - dips strategy for single - side trading, continue to hold cross - market positive spreads, and arrange cross - period positive spreads after domestic inventory decline. Keep options on hold [7][8][9] Alumina - **Market Review**: On October 13, the Alumina 2601 contract decreased by 57 yuan to 2,820 yuan/ton. Spot prices in most regions declined [10] - **Related Information**: An aluminum plant in Xinjiang purchased 10,000 tons of alumina on October 13. As of last Friday, the national alumina production capacity was 114.62 million tons, with 98.55 million tons in operation. In September, the actual production of alumina was 8.06 million tons, the net export was about 80,000 tons, and the demand was 7.552 million tons [11][12] - **Logic Analysis**: Affected by market sentiment, alumina prices fell. Although the static surplus has been absorbed, the surplus trend remains. The price is expected to be weak and volatile [14] - **Trading Strategy**: Single - side trading shows a weak and volatile trend. Keep arbitrage and options on hold [15][16] Aluminum - **Market Review**: On October 13, the Shanghai Aluminum 2511 contract decreased by 205 yuan to 20,885 yuan/ton. Spot prices in various regions declined [17] - **Related Information**: Trump's tariff policy was upgraded. In September, the national electrolytic aluminum weighted average full - cost was 15,977 yuan/ton, and the theoretical profit was 4,798 yuan/ton. On October 13, the national aluminum ingot spot inventory was 642,000 tons, an increase of 80,000 tons [17] - **Trading Logic**: The tariff policy upgrade led to a decline in aluminum prices, but the medium - term upward trend remains. The market may have large - amplitude fluctuations [20] - **Trading Strategy**: Be on the sidelines in the short - term for single - side trading, and the medium - term trend is upward. Keep arbitrage and options on hold [21][22][23] Casting Aluminum Alloy - **Market Review**: On October 13, the Casting Aluminum Alloy 2511 contract decreased by 225 yuan to 20,335 yuan/ton. Spot prices in various regions declined [25] - **Related Information**: Trump's tariff policy was upgraded. On October 13, the social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi decreased by 703 tons, and the casting aluminum alloy warehouse receipts increased by 2,503 tons [25][26] - **Trading Logic**: The tariff policy upgrade led to a decline in prices. Before the implementation of tariffs is clear, the negative impact of macro - sentiment on aluminum products is significant. The price will be weak, and scrap aluminum prices may support the spot price [27] - **Trading Strategy**: Pay attention to tariff policy developments for single - side trading. Keep arbitrage and options on hold [28][29][31] Zinc - **Market Review**: On October 13, Shanghai Zinc 2511 dropped 0.58% to 22,255 yuan/ton, and the Shanghai Zinc Index reduced positions by 2,771 lots to 212,600 lots. The spot market trading was light [32] - **Related Information**: As of October 13, the national zinc ingot inventory was 163,100 tons, an increase of 21,700 tons from September 29 [33] - **Logic Analysis**: In October, domestic zinc smelters increased production, and consumption did not improve significantly. The domestic price was under pressure, while the LME price was strong. The pattern of strong overseas and weak domestic may continue [34] - **Trading Strategy**: Close profitable short positions and wait for the export window to open to short again. Keep arbitrage on hold and close out the sold out - of - the - money call options [35][37] Lead - **Market Review**: On October 13, Shanghai Lead 2511 dropped 0.18% to 17,095 yuan/ton, and the Shanghai Lead Index increased positions by 5,004 lots to 82,700 lots. Part of the downstream replenished inventory, and the spot market had different purchasing attitudes [36] - **Related Information**: As of October 13, the national lead ingot social inventory was 36,000 tons, a decrease of 6,100 tons from September 29. The electric bicycle trade - in policy in Changsha and Shaoyang will be suspended on October 20 [39] - **Logic Analysis**: From September to mid - October, domestic lead production was relatively low. The inventory decreased during the National Day. The supply is weaker than demand currently, but the supply may increase in the second half of October, and the price may fall after rising [40] - **Trading Strategy**: The price may rise in the short - term but fall after rising. Keep arbitrage on hold and sell out - of - the - money call options [41] Nickel - **Market Review**: On October 13, the main contract of Shanghai Nickel NI2511 decreased by 2,080 yuan to 121,410 yuan/ton, and the index increased positions by 1,785 lots. Spot premiums changed [43] - **Related Information**: The Shanghai Futures Exchange adjusted the trading margin and daily price limit for nickel futures on October 14. Some Indonesian mining companies resumed production. Goldman Sachs predicted that nickel prices would drop by 6% by December 2026 [44][46] - **Logic Analysis**: Due to the lack of profit - taking and Trump's remarks, the decline was relatively mild. The "de - globalization" trend and the surplus pattern will lead to increased volatility and a lower center of oscillation [46] - **Trading Strategy**: Short a small amount of the main contract. Keep arbitrage and options on hold [47][48][49] Stainless Steel - **Market Review**: On October 13, the main contract of stainless steel SS2512 decreased by 205 yuan to 12,655 yuan/ton, and the index increased positions by 28,538 lots. The spot price range was given [51] - **Important Information**: Indonesia won the stainless - steel anti - dumping lawsuit against the EU, which is expected to boost exports. The national stainless - steel social inventory increased during the holiday [51][53] - **Logic Analysis**: The escalation of the Sino - US trade war affected external demand, and the inventory increased. The price was under pressure, and the market was waiting to see the inventory digestion this week [53] - **Trading Strategy**: The price will weaken. Keep arbitrage on hold [54][55] Tin - **Market Review**: On October 13, the main contract of Shanghai Tin 2511 closed at 282,110 yuan/ton, down 2.19%. The spot price dropped, and the trading was mainly for rigid demand [57] - **Related Information**: The US postponed the release of CPI data. As of October 10, the national tin ingot inventory decreased by 568 tons compared with September 26 [58][59] - **Logic Analysis**: Trump's tariff remarks led to a price drop. The supply of tin ore is still tight, and the demand is slowly recovering. Pay attention to Myanmar's resumption of production and electronic consumption recovery [60] - **Trading Strategy**: The price will oscillate at a high level in the short - term. Keep options on hold [61][62] Industrial Silicon - **Important Information**: The US cancelled a solar project and planned to impose tariffs on Chinese goods. The production capacity in Xinjiang decreased, and the production capacity in the east increased. The southwest may reduce production in November [63][64] - **Logic Analysis**: The production decreased in Xinjiang and increased in the east. The southwest will reduce production in November. The demand is strong in the short - term, and the price may oscillate in the medium - term and be strong in the short - term [64] - **Strategy Suggestion**: Hold long positions. There is no arbitrage and option strategy currently [67][68] Polysilicon - **Important Information**: The US cancelled a solar project and planned to impose tariffs on Chinese goods. The production increased in October, and the silicon wafer production decreased [70][71] - **Logic Analysis**: The supply increased and the demand decreased in October. The concentrated cancellation of warehouse receipts in November is the core driver of the price callback. The rumored state - purchase may limit the callback space [71] - **Strategy Suggestion**: Try to go long near the low point of the PS2512 contract in August. Hold the reverse arbitrage of 2511 and 2512 contracts. Buy both out - of - the - money call and put options [72] Lithium Carbonate - **Market Review**: On October 13, the Lithium Carbonate 2511 contract decreased by 780 yuan to 72,500 yuan/ton, and the index increased positions by 1,306 lots. The spot price dropped [74] - **Important Information**: A lithium project in Jiangxi had major changes. In September, the sales of new - energy vehicles and the production of ternary materials increased [76] - **Logic Analysis**: The supply growth rate is lower than the demand in October, and the inventory is expected to continue to decrease, supporting the price. Consider closing short positions and going long if the price falls below 70,000 yuan [76] - **Trading Strategy**: Short on rebounds and close short positions if the price falls below 70,000 yuan. Keep arbitrage and options on hold [77][78][79]

大宗商品研究所 农产品研发报告 每日早盘观察 2025 年 10 月 13 日 公众号二维码 银河农产品及衍生品 粕猪研究：陈界正 期货从业证号：F3045719 投资咨询证号：Z0015458 棉禽苹果白糖研究： 刘倩楠 期货从业证号：F3013727 投资咨询证号：Z0014425 每日早盘观察 大豆/粕类 【外盘情况】 CBOT 大豆指数下跌 0.43%至 1041 美分/蒲，CBOT 豆粕指数下跌 0.14%至 282.5 美金/短吨 【相关资讯】 1.ANEC：2025 年 10 月份巴西大豆出口量估计为 712 万吨，比去年 10 月份的 443 万吨增长 60.7%，也高于今年 9 月份的 697 万吨。 玉米花生：刘大勇 期货从业证号： F03107370 投资咨询证号：Z0018389 棉禽研究：王玺圳 期货从业证号： F03118729 投资咨询证号：Z0022817 油脂研究：张盼盼 期货从业证号： F03119783 投资咨询证号：Z0022908 2.油世界：正在出口到中国的南美豆的增加使得 25/26 年度巴西和阿根廷 9 至 2 月期间的压榨量明显下降。预计 9 至 2 月期间美 ...

投资咨询证号： 大宗商品研究所 农产品研发报告 农产品日报 2024 年 10 月 13 日 研究员：刘倩楠 期货从业证号： F3013727 Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 苹果日报 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 下一工作日份 | 涨跌 | 指标 | 今日价格 | 下一工作日份 成 | 涨跌 | | વ્રર | | | | | | | | | 富士苹果价格指数 | 109.50 | 109.43 | 0.07 | 洛川半商品纸袋70 | 4.50 | 4.50 | 0.00 | | 栖霞 一、二级纸袋 80 | 3.80 | 3.80 | 0.00 | 沂源纸袋70 | 2.30 | 2.30 | 0.00 | | 蓬莱 一、二级纸袋 80 | 3.95 | 3.95 | 0.00 | 6种水果平均批发价 | 7.06 | 6.93 | 0.13 | | 期货价格 | | | | ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The supply of laying hens remains at a high level, with the national inventory of laying hens in September reaching 1.368 billion, an increase of 30 million from the previous month and higher than expected. The demand side is generally weak. Without significant improvement in the short term, egg prices are likely to remain weak. Near - month contracts are expected to oscillate weakly, and it is advisable to consider short - selling near - month contracts at high prices [10]. 3. Summary by Directory 3.1 Fundamental Information - Today's average price in the main production areas is 2.7 yuan per catty, down 0.1 yuan from the previous trading day, while the average price in the main sales areas is 3.11 yuan per catty, unchanged from the previous day. The number of remaining trucks in Dongguan parking lot and 1st parking lot is reported. The national mainstream egg prices are mostly stable with some declines, and the market is in an oscillatory adjustment phase [6]. - In August, the national inventory of laying hens was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase, higher than expected. The monthly hatch volume of laying hen chicks in sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease. Without considering delayed or concentrated culling, the estimated inventory of laying hens from October 2025 to January 2026 is 1.36 billion, 1.36 billion, 1.356 billion, and 1.347 billion respectively [7]. - From October 2nd to the week, the national culling volume of laying hens in the main production areas was 20.12 million, a 3% increase from the previous week. The average culling age of laying hens was 500 days, 2 days more than the previous week [7]. - As of the week of October 9th, the egg sales volume in representative sales areas was 7,179 tons, a 5.8% decrease from the previous week [8]. - As of the week of October 9th, the average weekly inventory in the production link was 1.5 days, an increase of 0.24 days from the previous week, and the average weekly inventory in the circulation link was 1.34 days, an increase of 0.2 days from the previous week [8]. - As of October 2nd, the average weekly profit per catty of eggs was 0.4 yuan, a decrease of 0.3 yuan from the previous week. On October 3rd, the expected profit of laying hen farming was 3.3 yuan per bird, a decrease of 0.06 yuan per catty from the previous week [8]. - Today, the national price of culled hens has dropped, with the average price in the main production areas at 4.29 yuan per catty, a decrease of 0.07 yuan from the previous trading day [9]. 3.2 Trading Logic The supply of laying hens remains high, and the demand is generally weak. Without significant short - term improvement, egg prices are likely to remain weak, and near - month contracts are expected to oscillate weakly [10]. 3.3 Trading Strategies - **Unilateral**: Near - month contracts are expected to oscillate weakly, and it is advisable to consider short - selling near - month contracts at high prices [11]. - **Arbitrage**: It is recommended to wait and see [12]. - **Options**: It is recommended to wait and see [12].

大宗商品研究所 农产品研发报告 油脂日报 2025 年 10 月 13 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2025/10/13 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 各品种地区现货价 | 2601收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8268 | (34) | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8488 | | | | 8588 | 8448 | | 320 | 0 | 220 | 0 | 180 | 10 | | 棕榈油 | 9364 | (74) | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 9284 | | | ...