Group 1: Report Overview - Report Title: Agricultural Products Daily Report - Egg Report [2] - Date: June 10, 2025 [2] - Researcher: Liu Qiannan [2] Group 2: Market Data Futures Market - JD01 closed at 3591, up 26 from the previous close; JD05 closed at 3354, up 34; JD09 closed at 3655, down 19 [3] - 01-05 spread was 237, down 8; 05-09 spread was -301, up 53; 09-01 spread was 64, down 45 [3] - 01 egg/corn ratio was 1.57, unchanged; 01 egg/bean粕 ratio was 1.17, up 0.01 [3] Spot Market - Main production area average price was 2.75 yuan/jin, unchanged; main sales area average price was 2.95 yuan/jin, unchanged [3] - Average price of culled chickens was 4.54 yuan/jin, down 0.02 from the previous day [3] Profit Calculation - Today's profit per bird was -6.06 yuan, down 0.37 from yesterday [3] - Corn average price was 2390 yuan/ton, up 2; bean粕 average price was 2944 yuan/ton, up 4 [3] Group 3: Fundamental Information - Today's main production area average price was 2.75 yuan/jin, down 0.03 from the previous day; main sales area average price was 2.95 yuan/jin, down 0.06 [6] - In May, the national laying hen inventory was 1.334 billion, an increase of 0.11 billion from the previous month and a 7.2% year-on-year increase [7] - In May, the monthly output of laying hen chicks in sample enterprises was 46.985 million, a 4% month-on-month decrease and a 1% year-on-year increase [7] - From June to September 2025, the estimated laying hen inventory is 1.339 billion, 1.347 billion, 1.351 billion, and 1.350 billion respectively [7] - From June 1 - 6, the national culled chicken slaughter volume was 19.97 million, a 0.5% decrease from the previous week [7] - As of June 5, the average culling age of culled chickens was 515 days, a decrease of 6 days from the previous week [7] - As of June 6, the egg sales volume in representative sales areas was 8856 tons, a 1.2% increase from the previous week [8] - As of June 6, the average weekly inventory in the production link was 0.94 days, a decrease of 0.02 days; the average weekly inventory in the circulation link was 1.03 days, a decrease of 0.02 days [8] - As of June 5, the average weekly profit per jin of eggs was -0.34 yuan/jin, a decrease of 0.07 yuan/jin from the previous week [8] Group 4: Trading Logic - The near - month 07 contract is expected to maintain a weak performance due to the off - season demand after the rainy season in May, but the downward space is limited [10] - For the far - month contracts, if the culling volume increases and improves the egg supply, the August and September contracts (peak season contracts) may rise; otherwise, the upward space is limited [10] Group 5: Trading Strategies - Unilateral: Consider building long positions in the August and September far - month contracts in mid - to late June when the rainy season is about to end and the safety margin is high [11] - Arbitrage: Short near - month and long far - month [11] - Options: Wait and see [11]

银河有色 有色研发报告 有色和贵金属每日早盘观察 2025 年 6 月 10 日星期二 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，得益于美元的疲软，伦敦金自盘中早些时候触及的低点反弹， | | 研究员：王伟 | 收复日内全部跌幅，最终收涨 0.43%，收报 3325.215 美元/盎司；伦敦银连续第四个交 | | 期货从业证号：F03143400 | 易日上涨，最终收涨 2.16%，报 36.743 美元/盎司，继续刷新自 2012 年以来的价格高 | | 投资咨询从业证号： Z0022141 | 点。受外盘影响，沪金主力合约收涨 0.18%，报 776.66 元/克，沪银主力合约收涨 | | | 2.07%，报 9015 元/千克，为沪银合约上市以来的新高。 | | 研究员：王露晨 CFA | 2.美元指数：美元指数震荡走低，最终收跌 0.25%，报 98.94。 | | 期货从业证号 ...

大宗商品研究所 农产品研发报告 农产品日报 2024 年 06 月 10 日 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 上一工作日价 | 涨跌 | 指标 | 今日价格 | 上一工作日价 | 张跌 | | 成 | | | | | | 相 | | | 宮干菜苗(y铝铝 | 111.68 | 111.63 | 0.05 | 洛川半商品纸袋70 | 4.80 | 4.80 | 0.00 | | 栖霞 一、二级纸袋 80 | 4.10 | 4.10 | 0.00 | 沂源纸袋70 | 2.40 | 2.40 | 0.00 | | 蓬莱一、二级纸袋 80 | 4.20 | 4.20 | 0.00 | 6种水果平均批发价 | 7.61 | 7.73 | -0.12 | | 期货价格 | | | | | | | | | 指标 | रेनरि | 昨收 | 器鉄 | 指标 | रेनरि | 昨收 | 涨跌 | | AP01 | 7439 | 7400 | 3d | AP01- ...

Group 1: Market Information - CF01 contract closed at 13490 with a 5-point increase, trading volume was 26,963 (down 25175), and open interest was 136,971 (up 850) [3] - CF05 contract closed at 13475 with no change, trading volume was 207 (down 569), and open interest was 2,554 (up 66) [3] - CF09 contract closed at 13520 with a 25-point increase, trading volume was 170,148 (down 94667), and open interest was 538,557 (up 96) [3] - CY01 contract closed at 19820 with a 75-point decrease, trading volume was 5, and open interest was 35 (up 1) [3] - CY05 contract closed at 18550 with no change, trading volume and open interest were both 0 [3] - CY09 contract closed at 19725 with a 15-point decrease, trading volume was 7180 (up 1568), and open interest was 16083 (up 1669) [3] - CCIndex3128B price was 14620 yuan/ton, up 59; CY IndexC32S price was 20300, down 770 [3] - Cot A price was 78.00 cents/pound, up 0.25; FCY IndexC33S price was 21809, down 6 [3] - (FC Index):M: arrival price was 77.49, up 0.20; Indian S-6 price was 54000, unchanged [3] - Polyester staple fiber price was 7450, up 70; pure polyester yarn T32S price was 11180, unchanged [3] - Viscose staple fiber price was 12650, down 150; viscose yarn R30S price was 17250, unchanged [3] - Cotton 1 - 5 month spread was 15, up 5; cotton 5 - 9 month spread was -45, down 25; cotton 9 - 1 month spread was 30, up 20 [3] - Cotton yarn 1 - 5 month spread was 1270, down 75; cotton yarn 5 - 9 month spread was -1175, up 15; cotton yarn 9 - 1 month spread was -95, up 60 [3] - CY01 - CF01 spread was 6330, down 80; CY05 - CF05 spread was 5075, unchanged; CY09 - CF09 spread was 6205, down 40 [3] - 1% tariff internal - external cotton spread was 802, up 16; sliding - scale internal - external cotton spread was 127, up 40; internal - external yarn spread was -1509, down 764 [3] Group 2: Market News and Views Cotton Market - As of June 7, Brazil's cotton harvest progress was 1.4% (98% of the area), up 0.5 percentage points week - on - week, compared with 1.7% last year [6] - As of June 8, the cotton planting rate in 15 major US cotton - growing states was 76%, 3 percentage points slower than last year and 4 percentage points slower than the five - year average [6] - The cotton budding rate in 15 major US cotton - growing states was 12%, 1 percentage point slower than last year and the same as the five - year average [6] - The cotton good - to - excellent rate in 15 major US cotton - growing states was 49%, 7 percentage points lower than last year and 1 percentage point lower than the five - year average [6] - Cotton spot trading remained sluggish, sales basis was firm, some low - basis decreased, but the mainstream range changed little [7] - The trading logic is mainly macro - oriented, with large uncertainties in tariff issues. Short - term range - bound oscillation is expected, and medium - to - long - term cotton may continue to decline [8] - For single - side trading, US cotton is expected to oscillate slightly stronger, and Zhengzhou cotton is expected to oscillate stronger in the short term [9] - For arbitrage and options, it is recommended to wait and see [10][11] Cotton Yarn Industry - Yesterday, Zhengzhou cotton rose, some spinning mills raised quotes, but market trading was light in the off - season, and downstream acceptance of price increases was low [11] - If the macro situation is favorable and cotton prices continue to rise, cotton yarn may follow, but profit is expected to deteriorate [11] - The overall situation of the cotton grey fabric market changed little, demand was weak, prices were stable, and orders were negotiated based on quantity [11] - Conventional plain cloth shipments were slow, inventory increased, and home textile mills' orders were worse than before and not good in the future [11] Group 3: Options - On June 10, 2025, the closing price of CF509C13400.CZC was 282.00, up 34.9%, with an implied volatility of 9.3% [13] - On June 10, 2025, the closing price of CF509P12600.CZC was 28.00, down 69.6%, with an implied volatility of 12.0% [13] - On June 10, 2025, the closing price of CF509P12200.CZC was 18.00, down 75.3%, with an implied volatility of 14.6% [13] - Today's 120 - day HV of cotton was 10.5891, slightly lower than the previous day [13] - The PCR of the main contract's open interest was 0.9536, and the PCR of the main contract's trading volume was 0.7091. Both call and put trading volumes increased, and the market was bearish [14] - It is recommended to wait and see for options [15] Group 4: Related Attachments - The report includes figures such as the internal - external cotton price spread under 1% tariff, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [16][23][25][29]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Copper: LME has a delivery risk, and copper prices may rise in the short term. The borrow strategy for copper continues to be held, and options are on hold [2][5]. - Alumina: Alumina supply increases, spot trading weakens, and prices are expected to approach the cash cost of high - cost capacity and then fluctuate. If the resumption of production capacity expands further, prices will face more pressure. Currently, hold a wait - and - see attitude for arbitrage and options [7][9][11]. - Electrolytic Aluminum: Entering June, the market focuses on the US tariff policy. With domestic aluminum ingot inventories at a low level, aluminum prices are expected to fluctuate. Temporarily hold a wait - and - see attitude for arbitrage and options [15][18]. - Cast Aluminum Alloy: The first - day closing price of cast aluminum alloy is near the spot price. In the short term, the far - month contract is expected to fluctuate. Temporarily hold a wait - and - see attitude for arbitrage and options [20][23]. - Zinc: Domestic zinc supply shows signs of improvement, and downstream demand is weak. Zinc prices are expected to decline as inventories accumulate. Profitable short positions should continue to be held, and a wait - and - see attitude should be taken for arbitrage and options [25][26][27]. - Lead: The supply and demand of lead are both weak, and lead prices are expected to fluctuate within a range. Temporarily hold a wait - and - see attitude for arbitrage and options [31][33][34]. - Nickel: The macro situation is complex, and the supply - demand pattern of nickel is weak. Nickel prices are expected to fluctuate. A range - trading strategy can be adopted, with a wait - and - see attitude for arbitrage and a consideration of a range - selling strategy for options [35][43][44]. - Stainless Steel: Stainless steel prices break through the shock range and turn weak. Attention should be paid to when NPI reduces production and prices. Temporarily hold a wait - and - see attitude for arbitrage [48][51][52]. - Tin: The supply of tin ore has not been realized, and short - term tin prices may have a limited downside. Temporarily hold a wait - and - see attitude for options [55][59][60]. - Industrial Silicon: In June, the supply and demand of industrial silicon are basically balanced, but the industry has high inventory. Short positions can be arranged above 7500 yuan/ton. Hold Si2511 and Si2512 reverse spreads and hold a wait - and - see attitude for options [61][63][64]. - Polysilicon: Short - term polysilicon prices are still weak, and the PS2507 contract can gradually take profit and exit. Reverse spreads can be held for far - month contracts, and a wait - and - see attitude should be taken for options [67][69][70]. - Lithium Carbonate: Lithium carbonate prices have rebounded, but the fundamentals have not improved. Short - selling on rebounds is recommended, and selling out - of - the - money call options can be considered. Temporarily hold a wait - and - see attitude for arbitrage [73][75][76]. Summary by Related Catalogs Copper - **Market Review**: The Shanghai Copper 2507 contract closed at 78,880 yuan/ton, up 0.27%. The Shanghai Copper index increased its positions by 11,993 lots to 577,700 lots. Spot copper prices were high, suppressing downstream procurement [2]. - **Important Information**: A copper smelter in Namibia suspended operations due to a shortage of copper concentrates. In May 2025, the production of refined copper rods, recycled copper rods, and copper strips decreased to varying degrees [2]. - **Logic Analysis**: China's May exports slowed down, mainly due to the drag of exports to the US. The LME inventory continued to decline, and the delivery risk increased [2]. - **Trading Strategy**: LME has a delivery risk, and copper prices may rise in the short term. The borrow strategy continues to be held, and options are on hold [2][5]. Alumina - **Market Review**: The alumina 2509 contract fell 9 yuan/ton to 2886 yuan/ton, and positions decreased by 6029 lots. Spot prices in most regions were stable, with a decline in Xinjiang [7]. - **Related Information**: As of last Friday, the national alumina production capacity was 112.42 million tons, with an operating capacity of 90.65 million tons. The inventory decreased by 2.9 million tons [8]. - **Logic Analysis**: The resumption of production capacity and new production capacity led to an increase in alumina supply, and prices are expected to approach the cash cost of high - cost capacity [9][11]. - **Trading Strategy**: Alumina supply increases, and prices are expected to decline. Temporarily hold a wait - and - see attitude for arbitrage and options [12][13]. Electrolytic Aluminum - **Market Review**: The Shanghai Aluminum 2507 contract fell 25 yuan/ton to 19,980 yuan/ton, and positions increased by 8696 lots. Spot prices in major regions declined [15]. - **Related Information**: In May 2025, the export of unwrought aluminum and aluminum products decreased year - on - year. On June 10, the inventory of major markets decreased by 0.1 million tons [15][16]. - **Trading Logic**: Sino - US economic and trade consultations continue. The increase in US steel and aluminum tariffs has limited impact on absolute prices. Domestic aluminum ingot inventories are rapidly decreasing [17][18]. - **Trading Strategy**: Aluminum prices are expected to fluctuate. Temporarily hold a wait - and - see attitude for arbitrage and options [18]. Cast Aluminum Alloy - **Market Review**: The cast aluminum alloy was listed today. The AD2511 contract opened at 19,400 yuan/ton and closed at 19,190 yuan/ton. Spot prices in some regions were stable, with a decline in the southwest [20]. - **Related Information**: In May 2025, the production of recycled aluminum alloy ingots decreased year - on - year, and the industry profit gradually narrowed. The inventory of recycled aluminum alloy ingots increased [20][21]. - **Trading Logic**: The raw material supply is tight, and the market is in the off - season. The supply of alloy ingots is sufficient, and the demand is weak [22]. - **Trading Strategy**: The far - month contract is expected to fluctuate. Temporarily hold a wait - and - see attitude for arbitrage and options [23]. Zinc - **Market Review**: The Shanghai Zinc 2507 contract fell 1.27% to 21,845 yuan/ton, and positions increased by 0.79 million lots. Spot trading was weak, and the increase in premiums was limited [25]. - **Related Information**: As of June 9, the domestic zinc ingot inventory increased. The arrival of goods in Shanghai and Tianjin increased, and downstream consumption weakened [25]. - **Logic Analysis**: The supply of zinc improves, and downstream demand is weak. Zinc prices are expected to decline as inventories accumulate [26]. - **Trading Strategy**: Profitable short positions continue to be held. Temporarily hold a wait - and - see attitude for arbitrage and options [27][29]. Lead - **Market Review**: The Shanghai Lead 2507 contract rose 0.9% to 16,880 yuan/ton, and positions decreased by 6808 lots. Spot trading was light [31]. - **Related Information**: As of June 9, the social inventory of lead ingots increased compared with June 3. A large - scale recycled lead smelter in the northwest postponed its resumption of production [32]. - **Logic Analysis**: The supply and demand of lead are both weak, and lead prices are expected to fluctuate within a range [33]. - **Trading Strategy**: Lead prices are expected to fluctuate within a range. Temporarily hold a wait - and - see attitude for arbitrage and options [34][37]. Nickel - **Market Review**: The main contract of Shanghai Nickel, NI2507, fell 1300 to 121,390 yuan/ton, and the index positions increased by 5664 lots. Spot premiums were stable [35][36]. - **Related Information**: An ITSS nickel - iron plant's 14 furnace resumed production. A Swedish battery manufacturer may stop production. Indonesia revoked the mining licenses of four nickel - mining companies [40][41]. - **Logic Analysis**: The macro situation is complex, and the supply - demand pattern of nickel is weak [43]. - **Trading Strategy**: Adopt a range - trading strategy, hold a wait - and - see attitude for arbitrage, and consider a range - selling strategy for options [44][45][46]. Stainless Steel - **Market Review**: The main contract of stainless steel, SS2507, fell 195 to 12,435 yuan/ton, and positions increased by 43,534 lots. Spot prices of cold - rolled and hot - rolled stainless steel were reported [48]. - **Important Information**: Indian stainless - steel enterprises face import pressure and plan to submit an anti - dumping investigation application. A stainless - steel project in Fujian is expected to be completed in mid - August [49][51]. - **Logic Analysis**: The supply pressure of stainless steel is high, and the demand is in the off - season. The raw material end provides cost support [51]. - **Trading Strategy**: Stainless steel prices turn weak. Attention should be paid to when NPI reduces production and prices. Temporarily hold a wait - and - see attitude for arbitrage [52][53]. Tin - **Market Review**: The main contract of Shanghai Tin, 2507, closed at 263,420 yuan/ton, up 560 yuan/ton or 0.21%. Spot trading was light [55]. - **Related Information**: Sino - US economic and trade consultations continued. In May, CPI and PPI decreased [57][58]. - **Logic Analysis**: African tin mines are gradually resuming production, but the supply has not been realized. The demand is in the off - season, and tin prices are driven by macro sentiment [59]. - **Trading Strategy**: The supply of tin ore has not been realized, and short - term tin prices may have a limited downside. Temporarily hold a wait - and - see attitude for options [59][60]. Industrial Silicon - **Market Review**: The main contract of industrial silicon futures fluctuated narrowly, closing at 7415 yuan/ton, up 0.82%. Spot prices were stable, and downstream procurement was mainly for rigid demand [61]. - **Related Information**: Shaanxi plans to adjust the time - of - use electricity price policy [62]. - **Comprehensive Analysis**: In June, the demand for industrial silicon increased, and the supply also increased. The industry inventory was high, and the profit was low [63]. - **Strategy**: Arrange short positions above 7500 yuan/ton. Hold Si2511 and Si2512 reverse spreads and hold a wait - and - see attitude for options [64][66]. Polysilicon - **Market Review**: The main contract of polysilicon futures fluctuated narrowly, closing at 33,955 yuan/ton, down 0.83%. Spot prices were stable [67]. - **Related Information**: Zhejiang encourages virtual power plants and user - side energy storage to participate in response [68]. - **Comprehensive Analysis**: In June, the production of polysilicon increased, and the inventory decreased. Downstream prices were under pressure, and short - term polysilicon prices were weak [69]. - **Strategy**: Gradually take profit and exit the PS2507 contract below 34,000 yuan/ton. Hold a wait - and - see attitude for options and hold reverse spreads for far - month contracts [69][70]. Lithium Carbonate - **Market Review**: The main contract of lithium carbonate, 2507, rose 100 to 60,760 yuan/ton, and positions decreased by 7341 lots. Spot prices increased [73]. - **Important Information**: In May, the sales of new - energy passenger vehicles increased [74]. - **Logic Analysis**: Lithium carbonate prices rebounded, but the fundamentals have not improved. The inventory accumulation expectation is strong [75]. - **Trading Strategy**: Short - sell on rebounds, do not buy at the bottom. Sell out - of - the - money call options. Temporarily hold a wait - and - see attitude for arbitrage [76][77][78].

大宗商品研究所 能化研发报告 纯碱期货日报 2025 年 6 月 10 日 纯碱期货日报 第一部分 基础数据 | 现货市场 | （元/吨） | 2025/6/10 | 2025/6/9 | 上周 | 日变化 | 周变化 | | --- | --- | --- | --- | --- | --- | --- | | 华中重质 | （送到） | 1300 | 1300 | 1300 | 0 | 0 | | 华东重质 | （送到） | 1350 | 1350 | 1350 | 0 | 0 | | 沙河重质 | （送到） | 1244 | 1242 | 1235 | 2 | 9 | | 西北重质 | （出厂） | 1030 | 1030 | 1050 | 0 | -20 | | 华中轻质 | （出厂） | 1200 | 1200 | 1220 | 0 | -20 | | 华东轻质 | （出厂） | 1230 | 1250 | 1280 | -20 | -50 | | 华北轻质 | （出厂） | 1300 | 1300 | 1300 | 0 | 0 | | 西北轻质 | （出厂） | 1030 | 1030 | 105 ...

大宗商品研究所 燃料油研发报告 燃料油日报 2025 年 6 月 10 日 燃料油日报 第一部分 相关数据 研究员： ： wuxiaorong_qh @chinastock.com.cn | | 2025/6/10 | 2025/6/9 | 2025/6/3 | 2025/5/13 | Δ日 | Δ周 | | --- | --- | --- | --- | --- | --- | --- | | FU主力 | 2966 | 2927 | 2913 | 3006 | 39 | 53 | | FU主力持仓(万手) | 7.1 | 8.5 | 11.1 | 14.6 | -1.4 | -4.0 | | FU仓单(吨) | 24750 | 28950 | 28950 | 39620 | -4200 | -4200 | | LU主力 | 3559 | 3514 | 3466 | 3541 | 45 | 93 | | LU主力持仓(万手） | 7.0 | 6.8 | 6.4 | 6.5 | 0.2 | 0.6 | | LU仓单 | 1000 | 1000 | 25000 | 0 | 0 | -24000 | | FU7- ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The glass market shows a short - term weak and volatile price trend. The macro - economic situation has a greater impact than the industry itself. The market is concerned about the results of Sino - US negotiations. The supply side has room for decline to achieve balance, and the current price still has room to fall compared with the low profit level of manufacturers last year. The downstream demand is difficult to expect throughout the year due to the cyclical influence, and the price is expected to maintain a rebound trend this week. Attention should be paid to cost reduction and cold - repair of manufacturers in the medium term, and opportunities for short - selling on rebounds [7]. Group 3: Summary by Directory 3.1 Basic Data - **Spot Market**: On June 10, 2025, prices of various glass products in different regions showed different degrees of change compared with the previous day and last week. For example, the price of Shahe Great Wall decreased by 4 yuan/ton to 1104 yuan/ton compared with the previous day, and remained unchanged compared with last week [3]. - **Futures Market**: FG09, FG05, and FG01 contracts all declined on June 10, 2025, compared with the previous day. The main contract's open interest decreased by 16,128 lots to 1,434,554 lots, and the trading volume decreased by 940,795 lots to 1,746,022 lots. The number of warehouse receipts increased by 877 to 877 [3]. - **Basis and Spread**: The basis of FG09, FG05, and FG01 contracts increased compared with the previous day, but decreased compared with last week. The spreads between different contracts also changed, such as FG01 - 05 increasing by 9 yuan/ton to - 43 yuan/ton [3]. - **Fundamental Data**: Weekly data shows that the daily melting volume of glass decreased by 0.3% week - on - week to 155,675 tons, the operating rate decreased by 0.4% to 75.42%, the inventory increased by 3.1% to 69.754 million heavy boxes. The profits of different fuels also showed different trends, with the natural gas profit decreasing by 1.6% to - 170.68 yuan/ton, the coal profit decreasing by 9.1% to 90.96 yuan/ton, and the petroleum coke profit decreasing by 4.0% to - 111.33 yuan/ton [3]. 3.2 Market Judgment - **Market Situation**: According to Longzhong statistics, the market price of Shahe large - plate glass changed by - 9 yuan to 1121 yuan/ton, Hubei large - plate glass remained unchanged at 1030 yuan/ton, Guangdong large - plate glass remained unchanged at 1360 yuan/ton, and Zhejiang large - plate glass changed by - 20 yuan to 1240 yuan/ton [5]. - **Important Information**: The domestic float glass market price was mainly stable today. Some enterprises in North and East China lowered prices by 1 - 2 yuan/weight box. The market transactions were generally average. The Sino - US economic and trade consultation mechanism's first meeting continued on June 10 [6][7]. - **Logical Analysis**: The glass price first rose and then fell today. The macro - economic influence was greater than the industry itself. The market was concerned about the Sino - US negotiation results. The market began to trade the cold - repair expectation of glass, but some production lines were in an uncertain state. The supply side needed to decline to achieve balance, and the price still had room to fall. The policy had limited impact on post - real - estate cycle products. The glass was about to enter the off - season, and the downstream demand was difficult to expect. In the short term, the price would be weakly volatile. In the medium term, attention should be paid to cost reduction and cold - repair of manufacturers [7]. - **Trading Strategy**: For single - side trading, the macro - economic situation dominated, and the price still had room to fall. For arbitrage, it was recommended to wait and see. For options, it was recommended to sell out - of - the - money call options [8][9]. 3.3 Related Attachments - The attachments include multiple charts showing the basis, spread, trading volume, open interest, daily melting volume, inventory, and profits of glass over different time periods from 2022 to 2025 [10][11][12][14][16].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On June 10, the domestic asphalt market average price was 3,758 yuan/ton, down 2 yuan/ton from the previous day, a decline of 0.05%. The northern market's rigid demand was stable, and the rising crude oil prices and limited resource circulation in North China supported the prices. In the south, rainfall hindered the rigid demand. The overall supply and demand of asphalt were weak, with a slight increase in factory and social inventories, which were still at a low level year-on-year. In the short term, due to strong costs and the expectation of tight supply in the peak season, the unilateral price of asphalt was expected to fluctuate strongly, with the main BU contract operating in the range of 3,450 - 3,650 yuan/ton [2][5][7]. 3. Summary by Relevant Catalogs First Part: Relevant Data - **Futures Prices and Positions**: On June 10, the price of BU2509 (the main contract) was 3,483 yuan/ton, down 5 yuan/ton from the previous day, a decline of 0.14%. The main contract's open interest increased by 11,000 lots to 216,000 lots, a rise of 5.54%, while the trading volume decreased by 43,000 lots to 221,000 lots, a decline of 16.28%. The number of warehouse receipts remained unchanged at 91,510 tons [2]. - **Basis and Spread**: The BU07 - 08 spread decreased by 29 yuan/ton to 7 yuan/ton, a decline of 80.56%. The Shandong - main contract basis increased by 13 yuan/ton to 130 yuan/ton, a rise of 11.11% [2]. - **Industrial Chain Spot Prices**: The low - end price of asphalt in Shandong increased by 30 yuan/ton to 3,500 yuan/ton, a rise of 0.86%. The low - end price of gasoline in Shandong decreased by 1 yuan/ton to 7,548 yuan/ton, a decline of 0.01% [2]. - **Spread and Profit**: The asphalt refinery profit decreased by 22.66 yuan/ton to - 56.88 yuan/ton, a decline of 66.22%. The BU - SC crack spread decreased by 25.11 yuan/ton to - 405.19 yuan/ton, a decline of 6.61% [2]. Second Part: Market Judgment - **Market Overview**: The northern market's rigid demand was stable, and the rising crude oil prices and limited resource circulation in North China supported the prices, driving up the prices in Shandong. In the south, rainfall hindered the rigid demand. In South China, some refineries planned to cut prices to relieve inventory pressure [5][6]. - **Market Outlook**: The supply and demand of asphalt in East China were weak. In the short term, due to strong costs and the expectation of tight supply in the peak season, the unilateral price of asphalt was expected to fluctuate strongly, with the main BU contract operating in the range of 3,450 - 3,650 yuan/ton [7]. Third Part: Relevant Attachments The report provided multiple charts, including the closing price and open interest of the main BU contract, the market prices of asphalt in East China and Shandong, and the prices of gasoline and diesel in Shandong refineries, with data sources from Galaxy Futures, Wind, and Steel Union [10][12][16].

大宗商品研究所 农产品研发报告 第二部分 行情研判 玉米： 美玉米种植进度加快，美玉米偏弱，中美关税降低，美玉米继续探底。中国对美 玉米回到 15%关税，配额内共计 26%关税，对美国高粱共计 22%关税，国外玉米进口利 1 / 5 锦州港平舱价 元 吨 研究员：刘大勇 玉米淀粉日报 2025 年 6 月 10 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/6/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2286 | 13 | 0.57% | 28,671 | 45.27% | 77,021 | 8.82% | | C2505 | | 2303 | 16 | 0.69% | 1,988 | -22.01% | 5,698 | 13.82% | | C2509 | | 2404 | 19 | 0.79% | ...