1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - The container shipping market is in a state of game regarding the peak season height and the timing of the peak. The spot freight rate is gradually rising, but the long - term height is affected by factors such as tariff trade wars. The geopolitical situation in the Middle East may lead to an increase in costs and affect the market [4][6]. - The dry bulk shipping market is generally in a downward trend recently. The freight rate of Capesize ships is expected to decline in the short term, while the freight rate of medium - sized ships is expected to fluctuate. The conflict in the Middle East may affect the freight rate in the region [15][21]. - The oil tanker transportation market has seen a rise in sentiment due to the escalation of geopolitical conflicts. The short - term freight rate increase is mainly driven by geopolitical premiums, and the demand side is relatively weak during the refinery maintenance period [25]. 3. Summary by Directory Container Shipping Market Data - **Futures Disk**: On June 23, 2025, the closing prices of different EC contracts showed different trends. For example, EC2508 closed at 1875 points, down 0.79% from the previous day. The trading volume and open interest of each contract also changed. The monthly spread structure of different contract combinations also had corresponding price changes [2]. - **Container Freight Rates**: The weekly container freight rates of different routes showed different trends. For example, the SCFIS European line was 1937.14 points, up 14.11% week - on - week, while the SCFIS US West line was 2083.46 points, down 28.37% week - on - week [2]. Market Analysis and Strategy - **Analysis**: The market is in a game about the peak season height and timing. The spot freight rate is rising with the implementation of some price increases. The geopolitical situation in the Middle East may lead to an increase in costs such as insurance premiums [4][5][6]. - **Strategy**: Unilateral trading is expected to be volatile, and the escalation of geopolitics may boost sentiment. For arbitrage, hold the 6 - 8 reverse spread and conduct rolling operations on the 10 - 12 reverse spread [9][10]. Dry Bulk Shipping Market Data - **Freight Index**: The Baltic Dry Bulk Freight Index (BDI) fell 3.5% to 1689 points on June 20, with a weekly decline of 11%. The Capesize ship freight index (BCI) and the Panamax ship freight index (BPI) also declined, while the Supramax and Handysize ship freight indices rose [15][17]. - **Shipping Data**: From June 16 - 22, 2025, the global iron ore shipping volume was 3506.7 million tons, a week - on - week increase of 154.0 million tons. The expected soybean export volume in Brazil in June is 1437 million tons [16][18]. Market Analysis - The freight rate of Capesize ships is expected to decline in the short term due to the end of the Australian mining companies' fiscal year impulse. The freight rate of medium - sized ships is expected to fluctuate. The conflict in the Middle East may affect the regional freight rate [21]. Oil Tanker Transportation Market Data - **Freight Index**: On June 20, the Baltic Dirty Tanker Index (BDTI) was 1054, up 1.35% week - on - week and down 10.75% year - on - year. The Baltic Clean Tanker Index (BCTI) was 708, down 0.42% week - on - week and down 11.06% year - on - year [24][25]. - **Port Congestion**: The number of global crude oil tanker port calls and product tanker port calls showed little change compared with the previous period [24]. Market Analysis - The short - term increase in freight rates is mainly driven by geopolitical premiums, and the demand side is relatively weak during the refinery maintenance period [25].

避险情绪波动 贵金属涨势暂缓 研究员：王露晨 CFA 期货从业证号：F03110758 投资咨询资格证号：Z0021675 目录 第一章 综合分析及交易策略 2 | | | 第三章 贵金属基本面数据追踪 13 伦敦金、伦敦银日线 沪金、沪银日线 逻辑分析 GALAXY FUTURES 1 综合分析 GALAXY FUTURES 2 ◼ 周内，美元指数延续磨底走势，间或小幅反弹。贵金属涨势暂缓，在高位陷入震荡。 ➢ 伦敦金交投于3340-3450美元区间，周跌幅1.9%；伦敦银交投于35.5-37.3美元区间，周跌幅0.9%。受外盘驱动和汇率因素影响， 沪金交投于777-800元区间，周跌幅1.99%；沪银交投与8638-9075区间，周跌幅1.44%。 ➢ 美元指数从97.6附近反弹，周内一度回到99之上，但未能站稳，最终收于98.7，周涨幅0.53%。10年美债收益率高位波动至4.38% 附近。 ◼ 本周市场的交易主线在于美联储的货币政策路径预期和中东地缘冲突。美联储方面，6月会议结果和市场预期一致，并且持续传达了关 税可能在未来引发通胀的担忧，观望仍是当前的主要基调，令贵金属整体有所承压。中东方面，伊朗、 ...

| 玉米&玉米淀粉数据日报 | | | | | | | | 2025/6/23 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2291 | 2 | 0.09% | 24,184 | 73.19% | 106,578 | 6.82% | | C2505 | | 2317 | -2 | -0.09% | 3,148 | 13.28% | 13,234 | 13.47% | | C2509 | | 2408 | -1 | -0.04% | 495,033 | 32.83% | 994,996 | 3.72% | | CS2601 | | 2697 | 1 | 0.04% | 868 | 93.32% | 4,739 | 1.52% | | CS2505 | | 2709 | 2 | 0.07% | 17 | 376.47% | 159 | 8.16% | | CS2509 | ...

大宗商品研究所 农产品研发报告 花生日报 2025 年 6 月 23 日 | 研究员：刘大勇 | | --- | 期货从业证号： F03107370 投资咨询证号： Z0018389 联系方式： :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2025/6/23 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK504 | | 8060 | 20 | 0.25% | 16 | -27.27% | 109 | 3.81% | | PK510 | | 8230 | -16 | -0.19% | 49,164 | 2.00% | 120,940 | -0.39% | | PK601 | | 8022 | -20 | -0.25% | 858 | -9.68% | 4,772 | 0.48% | | 现货与基差 | | | | | ...

尿素日报 2025 年 6 月 23 日 大宗商品研究 能源化工研发报告 尿素日报 【市场回顾】 1、期货市场：尿素期货增仓下跌，最终报收 1711（-35/-2%）。 2、现货市场：出厂价跌幅扩大，成交乏力，河南出厂报 1730-1750 元/吨，山东小 颗粒出厂报 1700-1810 元/吨，河北小颗粒出厂 1760-1770 元/吨，山西中小颗粒出厂报 1640-1700 元/吨，安徽小颗粒出厂报 1760-1770 元/吨，内蒙出厂报 1640-1700 元/吨。 【重要资讯】 【尿素】6 月 23 日，尿素行业日产 19.98 万吨，较上一工作日增加 0.47 万吨，较去 年同期增加 2.86 万吨；今日开工 86.31%，较去年同期 79.07%回升 7.24%。 【逻辑分析】 今日，市场情绪依旧低迷，主流地区尿素现货出厂报价跌幅扩大，成交乏力。山东 地区主流出厂报价大幅领跌，市场情绪表现一般，工业复合肥开工率降至低位，原料库 存充裕，成品库存偏高，基层订单稀少，刚需补货为主，农业继续刚需采购，贸易商出 货为主，新单成交一般，待发消耗，预计出厂报价继续下跌为主；河南地区市场情绪低 迷，出厂报价下跌 ...

大宗商品研究所 农产品研发报告 油脂日报 第一部分 数据分析 | | | | 油脂现货价格及基差 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 各品种地区现货价 | 2509收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8126 | (30) | 张家港 | 广东 | 天津 | 广东 | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | | | 8356 | | | | 8366 | 8306 | 240 | | 0 | 230 | 0 | 180 | 0 | | 棕榈油 | 8520 | (16) | 广东 | 张家港 | 天津 | 广州 | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | | | 8740 | | | | 8760 | 8840 | 220 | | -20 | 240 | -50 | 320 | -40 | | 菜油 | 9721 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report concludes that as of late June, coal production in major producing areas has declined, but overall supply remains relatively abundant. Power plant inventory depletion is slow, and with the impact of imported coal, power plants only maintain necessary purchases. Port inventory is continuously decreasing. As temperatures rise nationwide, power plant daily consumption will continue to increase seasonally, and there will be necessary purchases later. The port FOB price is temporarily stable, and coal prices in the pithead area are expected to remain stable [5]. 3. Summary by Directory Market Review - On June 23, port market price - holding sentiment persisted, and trader quotes continued to rise. For example, the 5500 - kcal market quote was 615 - 620 yuan/ton, and different regions had their own price ranges for various coal types [3]. Important News - In May 2025, China imported 2865.3 million tons of thermal coal (non - coking coal), a year - on - year decrease of 16.06% and a month - on - month decrease of 0.96%. From January to May 2025, the cumulative import of thermal coal was 14500.2 million tons, a year - on - year decrease of 7.9%. In May 2025, China imported 738.7 million tons of coking coal, a year - on - year decrease of 23.7% and a month - on - month decrease of 16.9% [4]. Logical Analysis - **Supply**: Pithead prices have temporarily stopped falling and stabilized. Some coal mines have shut down, and the coal mine operating rates in major coal - producing areas in Shanxi, Shaanxi, and Inner Mongolia have declined. As of June 22, the coal mine operating rate in Ordos was 66%, and in Yulin it was 44%. The daily coal output in Ordos and Yulin was around 3.7 million tons, but the overall domestic supply was still abundant. The domestic and imported markets showed different trends, with the domestic coal price basically stable and imported coal prices falling [5]. - **Demand**: Power plant loads were generally low, and inventories were at high levels. Power plants mainly relied on long - term contract coal. Some coastal power plants had nearly completed their August imported coal purchases. Non - power sectors such as cement had low operating rates, while the operating rates of coal - to - methanol and coal - to - urea were high, and the demand for chemical coal was fair, providing stable support for coal prices in the pithead area [5]. - **Inventory**: Due to shipping losses, port inflows decreased. The daily average freight volume of the Datong - Qinhuangdao line dropped to 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau dropped to around 30. Outflows were low, and port inventory continued to decrease. As of June 23, the inventory at Bohai Rim ports was around 26.7 million tons, a reduction of 5 million tons from the high level but still relatively high. Coastal power plant daily consumption increased seasonally, but inventory depletion was slow, and inland power plant inventories remained high [5].

大宗商品研究 能源化工研发报告 甲醇日报 2025 年 6 月 23 日 甲醇日报 【市场回顾】 1、期货市场：期货盘面冲高回落，最终报收 2504（-34/-1.34%）。 2、现货市场：生产地，内蒙南线报价 2055 元/吨，北线报价 2020 元/吨。关中地区 报价 2200 元/吨，榆林地区报价 2055 元/吨，山西地区报价 2190 元/吨，河南地区报价 2260 元/吨。消费地，鲁南地区市场报价 2330 元/吨，鲁北报价 2300 元/吨，河北地区 报价 2200 元/吨。 西南地区，川渝地区市场报价 2280 元/吨，云贵报价 2300 元/吨。港 口，太仓市场报价 2720 元/吨，宁波报价 2740 元/吨，广州报价 2580 元/吨。 【重要资讯】 本周期国际甲醇产量为 803933 吨，较上周减少 23 万吨，装置产能利用率为 55.11%， 较上周大幅下降 15.80%。伊朗装置已全部停车；南北美洲均开工稳定为主，个别产线因 季节性限气停车；东南亚及周边开工负荷不高；非洲某装置因天然气供应而临时停车。 【逻辑分析】 供应端，当前西北煤炭主产地煤矿开工率回落，但需求偏弱，原料煤价格震 ...

Report Industry Investment Rating - Not provided Core View of the Report - Internationally, as Brazil is about to reach its supply peak, global sugar inventories are expected to enter an accumulation phase. In the short term, the market is influenced by production data, while in the long term, Brazil's production progress and actual increase are key factors. Domestically, the fast sales rate may support sugar prices, but the influx of imported sugar and the weakening of raw sugar may lead to a decline in sugar prices. Overall, sugar prices are expected to remain weak in the short term [4]. Summary by Relevant Catalogs Data Analysis - **Futures Market**: SR2511 closed at 5,721 with a 0.02% increase, SR2507 at 5,750 with a 0.17% decrease, and SR2509 at 5,619 with a 0.16% decrease. Trading volumes for SR2511, SR2507, and SR2509 decreased by 32.70%, 7.34%, and 12.38% respectively, and open interests decreased by 4.11%, 5.30%, and increased by 1.70% respectively [3]. - **Spot Market**: Sugar prices in Liuzhou, Kunming, and other regions ranged from 5,865 to 6,420 yuan/ton. The basis for Liuzhou was 379 yuan/ton [3]. - **Inter - month Spread**: The SR07 - SR11 spread was 131 with a decrease of 1, SR09 - SR11 was 102, and SR07 - SR09 was 29 with a decrease of 11 [3]. - **Import Profit**: The in - quota and out - of - quota import prices from Brazil were 4,398 and 5,621 yuan/ton respectively, with a spread of 479 yuan/ton compared to Liuzhou. For Thailand, the corresponding prices were 4,434 and 5,668 yuan/ton, with a spread of 432 yuan/ton compared to Liuzhou [3]. Market Judgment - **International**: Considering Brazil's approaching supply peak, global sugar inventories are expected to increase. Short - term prices are affected by production data, and long - term trends depend on Brazil's production progress and actual increase [4]. - **Domestic**: Fast sales rates may support sugar prices, but the large - scale entry of imported sugar and the weakening of raw sugar may lead to a decline in sugar prices. In the short term, sugar prices are expected to remain weak [4]. Logic Analysis - Raw sugar prices have declined due to expected global supply increases, and domestic sugar prices are expected to follow raw sugar prices in the short term due to delayed summer stocking demand, weak raw sugar, and increased out - of - quota import profits [5]. Trading Strategies - **Single - side**: Expected to remain weak in the short term [6]. - **Arbitrage**: Hold a wait - and - see attitude [7]. - **Options**: Consider out - of - the - money ratio spread options or selling wide - straddle options [10].

股指期货数据日报 2025年6月23日 | 单位：点、手、亿元 | | | | | | | | | 单位：手 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 收盘价 | +/- | 成交量 | +/- | 成交额 | +/- | 持仓量 | +/- | 持仓保证金 | | 中证1000 | 6078.22 | 1.31% | 19,356 | 7 | % 2,400 | 6 % | | | | | IM2507 | 6001.40 | 1.01% | 61,615 | -3% | 736 | -3% | 98,395 | 1,899 | 142 | | IM2508 | 5929.60 | -0.20% | 3,300 | | 3 9 | | 3,252 | 3,252 | 5 | | IM2509 | 5851.20 | 1.01% | 99,867 | 18% | 1,163 | 18% | 153,037 | 6,910 | 215 | | IM2512 | 5676.00 | 0.89% | 18,379 | -1 ...