Group 1: Report Information - Name: Precious Metals Derivatives Daily Report [2] - Date: May 22, 2025 [2] - Institute: Commodity Research Institute, Galaxy Futures [2] Group 2: Market Review - Precious Metals: London Gold traded around $3314 and London Silver around $33.4. SHFE Gold rose 1.22% to 780.1 yuan/gram, and SHFE Silver rose 1.06% to 8301 yuan/kg [3] - Dollar Index: Traded around 99.7 [4] - 10 - year US Treasury Yield: Returned to a high, trading around 4.58% [5] - RMB Exchange Rate: Opened high and closed low, trading around 7.205 [6] Group 3: Important News - Trump Administration: US Commerce Secretary hopes to reach trade agreements with major partners before tariff suspension expires this summer; EU plans to propose a trade proposal to the US [7] - Fed Observation: Probability of the Fed keeping rates unchanged in June is 94.6%, and 73.1% in July. Market bets on two rate - cuts in September and December [7] - Geopolitical Conflict: Israel is preparing to strike Iran's nuclear facilities if US - Iran talks fail [7] - US Treasury Auction: 20 - year Treasury auction on May 21 had a bid - to - cover ratio of 2.46 (previous 2.63) and a yield of 5.047% (previous 4.81%) [7] Group 4: Logical Analysis - Moody's downgraded the US sovereign credit rating, and the weak 20 - year Treasury auction verified market doubts about US Treasuries. Fed officials' concerns about tariff - induced stagflation and Middle - East geopolitical issues gave precious metals upward momentum [9] Group 5: Trading Strategies - Single - side: Hold long positions based on the 5 - day moving average [10] - Arbitrage: Wait and see [11] - Options: Take profit on the strategy of buying out - of - the - money call options [12] Group 6: Data Reference - Actual Yield and Precious Metals: Charts show the relationship between actual yield and London Gold and Silver [13][14][16] - Dollar Index and Precious Metals: Charts show the relationship between the dollar index and London Gold and Silver [19] - Domestic and Overseas Futures: Charts show the trends of domestic and overseas gold and silver futures [15][17][20] - Futures and Spot: Charts show the relationship between futures and spot prices of gold and silver [22][24] - Domestic - Overseas Spread: Charts show the domestic gold futures premium and domestic - overseas silver futures spread [25][29][30] - Gold - Silver Ratio: Charts show the gold - silver ratio on the SHFE and Comex [35][36] - ETF Holdings: Charts show the holdings of SPDR Gold ETF and SLV Silver ETF [38][41] - Futures Open Interest: Charts show the open interest of gold and silver futures [43][44][50] - Futures Inventory: Charts show the inventory of SHFE gold and silver [46][47] - Futures Volume: Charts show the trading volume of SHFE gold and silver [48][49] - TD Data: Charts show the deferred fees, delivery volume of gold and silver TD [52][53][58] - Treasury Yield and Inflation: Charts show the relationship between nominal interest rate, inflation expectation, real interest rate, and US Treasury yields [56][57]

大宗商品研究所 有色研发报告 有色金属日报 2025 年 5 月 22 日星期四 研究所副所长、有色及贵 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询从业证号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号：Z0022141 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号：Z0018401 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号：Z0020351 联系方式： 上海：021-65789219 北京：010-68569781 1.期货：今日沪铜 2506 合约收于 77920 元，跌幅 0.22%，沪铜指数减仓 6043 手至 52.50 万 手。 2.现货：现货商甩货，现货升水大幅下降。上海报升水 135 元/吨，较上一交易日下跌 140 元/吨。天津报贴水 70 元/吨，下降 70 元/吨，由于持货商对后市悲观低价出货。广东库存 和铜价均走低，持货商挺价出货，报升水 205 元/吨，上涨 20 元/吨。 【重要资讯】 1. 5 月 22 日，铜矿商自由港印尼公司称，其位于东爪哇岛、耗资 37 亿美元 ...

Group 1: Report Overview - Report Title: Apple Daily Report, May 22, 2024 [2] - Researcher: Liu Qiannan [2] - Contact: liuqiannan_qh@chinastock.com.cn [2] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 108.50, up 0.24 from the next working day [3] - 6 Kinds of Fruit Average Wholesale Price: 7.67, down 0.05 from the next working day [3] Futures Prices - AP01: 7469, down 150 from yesterday's close [3] - AP05: 7636, down 130 from yesterday's close [3] - AP10: 7552, down 120 from yesterday's close [3] Basis - Qixia First and Second - Grade 80 - AP01: 731, up 150 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP05: 564, up 130 from the previous trading day [3] - Qixia First and Second - Grade 80 - AP10: 648, up 120 from the previous trading day [3] Group 3: Market News and Views Apple Market News - Cold - Storage Inventory: As of May 16, 2025, the cold - storage inventory in major apple - producing areas was 2.2886 million tons, a decrease of 0.3791 million tons from last week, at a five - year low [4] - Export and Import: In April 2025, fresh apple exports were about 72,600 tons, a month - on - month decrease of 24.41% and a year - on - year decrease of 1.77%. Imports were 19,100 tons, a month - on - month increase of 102.29% and a year - on - year increase of 63.56%. The cumulative imports from January to April 2025 were 32,400 tons, a year - on - year increase of 83.87% [7] - Market Price: The mainstream apple prices in the origin remained stable. Storage merchants were actively selling, and market traders mainly purchased as needed. The overall wholesale market was stable [7] - Profit: The profit of Qixia 80 first and second - grade storage merchants in the 2024 - 2025 production season was 0.9 yuan per catty, up 0.2 yuan per catty from last week [7] - Spot Price: In Qixia, Shandong, the demand for apple slice - red goods was good. The prices of different grades of apples remained stable [8] Trading Logic - The apple cold - storage inventory this year is at a low level since 2019. Before the new apples are on the market, the supply is likely to be tight. The current market sales are okay, and the spot price is strong, which supports the apple price. In addition, the windy and hot - dry weather in the western producing areas in April affected apple fruit - setting in some areas. It is expected that the apple trend will continue to be slightly stronger in a volatile manner [9] Trading Strategies - Unilateral: Build long positions in AP10 at low prices in the short term [10] - Arbitrage: It is recommended to wait and see [11] - Options: It is recommended to wait and see [12] Group 4: Related Attachments - The report includes 10 related charts, such as the price of Qixia first and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, AP contract basis, and apple arrival volume in wholesale markets [16][18][24]

Group 1: Report Overview - Report Title: Peanut Daily Report, May 22, 2025 [2] - Researcher: Liu Dayong [2] - Relevant Departments: Commodity Research Institute, Agricultural Product R & D Report [1] Group 2: Data Summary Futures Market - PK504: Closing price 8236, up 26 (0.32%); Volume 15, down 31.82%; Open interest 53, down 3.64% [3] - PK510: Closing price 8372, up 20 (0.24%); Volume 64,634, up 13.66%; Open interest 128,426, up 4.93% [3] - PK601: Closing price 8250, up 10 (0.12%); Volume 492, up 45.56%; Open interest 2,721, up 2.33% [3] Spot Market - Peanut: Henan Nanyang 8400 yuan/ton, Shandong Jining 8000 yuan/ton, Shandong Linyi 8000 yuan/ton [3] - By - products: Rizhao peanut meal 3300 yuan/ton, Rizhao soybean meal 2880 yuan/ton (up 20 yuan/ton), peanut oil 15000 yuan/ton, Rizhao first - grade soybean oil 7980 yuan/ton (down 70 yuan/ton) [3][7] - Import Price: Sudanese peanuts 8250 yuan/ton [3] Spread - Peanut Inter - delivery Spread: PK01 - PK04 spread 14 (down 16), PK04 - PK10 spread - 136 (up 6), PK10 - PK01 spread 122 (up 10) [3] Group 3: Market Analysis - Price Movement: Peanut prices in Henan and Northeast China rose. Northeast Jilin Fuyu 308 common peanuts at 4.35 yuan/jin (up 0.15 yuan/jin), Liaoning Changtu at 4.4 yuan/jin (up 0.15 yuan/jin), Henan white - sand common peanuts at 4.25 - 4.4 yuan/jin (up 0.1 yuan/jin), Shandong Junan at 4.0 yuan/jin (stable) [5] - Market Forecast: Peanut spot prices are expected to be relatively strong in the short term. The downstream demand is still weak, but supply is tightening. The 10 - contract peanut's rebound space is limited due to expected increase in planting area despite weather uncertainties [5][9] Group 4: Trading Strategies - Unilateral: Close long positions in 10 - contract peanuts and wait and see [10] - Spread: Go long on the 10 - 1 contract spread of peanuts on dips [11] - Options: Sell PK510 - P - 7800 [12] Group 5: Relevant Attachments - Figures: Include charts of Shandong peanut spot price, peanut oil mill's crushing profit, peanut oil price, peanut spot - futures basis, 10 - 1 contract spread, and 3 - 10 contract spread [14][18][22]

大宗商品研究所 农产品研发报告 粕类日报 2025 年 5 月 22 日 【粕类日报】市场整体稳定 盘面继续走强 | 粕类价格日报 | | | | | | 2025/5/22 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 2992 | - 6 | 天津 | 6 0 | 6 0 | 0 0 | | 0 5 | | 2716 | - 3 | 东莞 | -20 | -20 | | | 张家港 | 0 9 | 2939 | 5 | | -50 | -50 | 0 | | | | | | 日照 | -50 | -50 | 0 | | 0 1 | | 2336 | 3 | 南通 | -112 | -112 | 0 | | 菜粕 | 0 5 | 2357 | 6 | 广东 | -142 | -142 | 0 | | 0 9 | | 2562 | 1 0 | 广西 | -162 | -1 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On May 22, the domestic asphalt market average price was 3,683 yuan/ton, up 1 yuan/ton from the previous day, with a gain of 0.02%. The overall market trading atmosphere was relatively stable. In the north, supply in Shandong and Hebei was relatively low, and the shipment of low - price spot and contracts was supported. In the south, rainy weather suppressed road construction demand, and some refineries had increasing inventory pressure, but overall supply was not high and prices were stable [5]. - Oil prices are oscillating at a high level. The cost side of asphalt has support but no strong upward - driving force. Short - term supply and demand are stable. In the second quarter, the inventory accumulation speed of the industrial chain has slowed down, and the inventory is at a relatively low level year - on - year, which supports the near - end price. With the expectation of limited supply and low inventory, the peak - season expectation is relatively optimistic. Asphalt performs relatively strongly among oil products, and the asphalt/oil price spread remains high. The operating range of the BU2506 contract is expected to be between 3,400 and 3,600 [7]. Group 3: Summary by Relevant Catalogs Part 1: Related Data - **Futures Prices and Positions**: On May 22, BU2507 (the main contract) closed at 3,539 yuan/ton, up 20 yuan or 0.57% from the previous day. BU2508 closed at 3,512 yuan/ton, up 31 yuan or 0.89%. BU2509 closed at 3,481 yuan/ton, up 51 yuan or 1.49%. SC2507 closed at 453.7 yuan/ton, down 16.4 yuan or 3.49%. Brent's first - line contract closed at $64.20, down $1.2 or 1.86%. The main - contract position was 188,000 lots, up 14,000 lots or 8.22%, and the trading volume was 234,000 lots, up 45,000 lots or 23.81%. The number of warehouse receipts remained unchanged at 86,510 tons [2]. - **Basis and Calendar Spreads**: BU07 - 08 was 27 yuan/ton, down 11 yuan or 28.95%. BU08 - 09 was 31 yuan/ton, down 20 yuan or 39.22%. The Shandong - main - contract basis was 68 yuan/ton, down 31 yuan or 31.31%. The East China - main - contract basis was 8 yuan/ton, down 31 yuan or 79.49%. The South China - main - contract basis was - 132 yuan/ton, down 31 yuan or 30.69% [2]. - **Industrial Chain Spot Prices**: Shandong's low - end asphalt price was 3,450 yuan/ton, unchanged. East China's was 3,520 yuan/ton, unchanged. South China's was 3,380 yuan/ton, unchanged. Shandong's gasoline price was 7,415 yuan/ton, up 10 yuan or 0.14%. Shandong's diesel price was 6,531 yuan/ton, up 12 yuan or 0.18%. Shandong's petroleum coke price was 2,650 yuan/ton, down 50 yuan or - 1.85%. The diluted asphalt discount was - $5.3, unchanged. The exchange - rate mid - price was 7.1903, down 0.0034 or - 0.05% [2]. - **Spread and Profit**: Asphalt refinery profit was - 24.30 yuan/ton, up 62.24 yuan or 71.92%. The refined - oil comprehensive profit was 446.37 yuan/ton, up 65.89 yuan or 17.32%. The BU - SC crack spread was - 204.05 yuan/ton, up 147.15 yuan or 41.90%. The gasoline - spot - Brent spread was 988.82 yuan/ton, up 76.31 yuan or 8.36%. The diesel - spot - Brent spread was 896.52 yuan/ton, up 78.08 yuan or 9.54% [2]. Part 2: Market Analysis - **Market Overview** - **Shandong Market**: The mainstream transaction price remained stable at 3,590 - 3,780 yuan/ton. Demand increased slowly. With the expected increase in local supply and the weakening of the cost side, the market was wait - and - see, and high - price resources had poor transactions. Some refineries lowered prices by 10 yuan/ton [5]. - **Yangtze River Delta Market**: The mainstream transaction price remained stable at 3,570 - 3,590 yuan/ton. Due to the delay in funds arriving, the terminal project start - up rate was lower than expected. The demand for modified asphalt and waterproof materials was relatively stable but had limited impact on the overall market. Some refineries increased inventory and offered discounts. The market was expected to remain stable in the short term [6]. - **South China Market**: The mainstream transaction price remained stable at 3,380 - 3,430 yuan/ton. Some major refineries suspended production and shipments, reducing local supply and supporting prices. With more rainy days, demand was not expected to increase significantly, and prices would remain stable in the short term [6]. - **Market Outlook**: Oil prices are oscillating at a high level. The cost side of asphalt has support but no strong upward - driving force. Short - term supply and demand are stable. The inventory accumulation speed of the industrial chain has slowed down in the second quarter, and the inventory is at a relatively low level year - on - year, which supports the near - end price. With the expectation of limited supply and low inventory, the peak - season expectation is relatively optimistic. Asphalt performs relatively strongly among oil products, and the asphalt/oil price spread remains high. The operating range of the BU2506 contract is expected to be between 3,400 and 3,600 [7]. Part 3: Related Attachments - The report provides multiple charts, including the closing price and position volume of the BU main contract, asphalt market prices in East China and Shandong, and gasoline and diesel prices of Shandong local refineries from 2021 to 2025 [9][10][13]

研究员：陈界正 期货从业证号： 大宗商品研究所 农产品研发报告 生猪日报 2025 年 5 月 22 日 【生猪日报】供应压力仍存 价格偏弱运行 今 日 昨 日 变 化 今 日 昨 日 变 化 河南（0） 14.35 14.59 -0.24 山 西 14.25 14.55 -0.3 湖北（0） 14.14 14.43 -0.29 辽 宁 14.10 14.29 -0.19 安徽（300） 14.52 14.77 -0.25 吉 林 14.03 14.24 -0.21 湖南（100） 14.21 14.28 -0.07 黑龙江 14.00 14.20 -0.2 四川（-200） 14.14 14.27 -0.13 福 建 14.72 14.72 0 江西（100） 14.37 14.37 0.00 广 东 15.17 15.18 -0.01 山东（0） 14.6 14.85 -0.25 广西(-200) 14.13 14.11 0.02 江苏（500） 14.65 14.87 -0.22 云 南 14.37 14.37 0 河北（-100） 14.38 14.63 -0.25 贵 州 14.17 14.27 - ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Due to the accelerated planting progress of US corn, the price of US corn is oscillating at the bottom, and with the reduction of Sino - US tariffs, the bottom support of US corn is relatively strong. The domestic corn import profit is acceptable, and the import price from Brazil in July is 2052 yuan. The domestic corn spot price in the north is stable, while that in the north - central region is weak. The demand for domestic breeding is still weak, but the supply is low, so the domestic corn spot price is expected to rise in the short term. The market expects a reduction in this year's corn production, a decrease in grain imports, and farmers' reluctance to sell. It is estimated that the short - term support for north - central corn is around 2400 yuan/ton, and around 2150 yuan/ton in Heilongjiang. In the medium - to - long term, policy - related grain auctions are expected in June [5][8]. - The number of trucks arriving at Shandong's deep - processing enterprises has decreased, and the price of corn in Shandong is relatively stable. The spot price of corn starch in the northeast is also strong. This week, the inventory of corn starch has slightly increased, with the manufacturer's inventory at 1429000 tons, a monthly increase of 3.03% and a year - on - year increase of 37.4%. In the medium - to - long term, due to the weak demand for starch, enterprises will be in a long - term loss state, and many starch enterprises will shut down, leading to a profit recovery [9]. - In the short term, domestic corn will remain stable, and with the replenishment demand of downstream enterprises after May, corn is expected to strengthen. Corn futures will continue to oscillate narrowly, and the impact of policies will be significant in the later stage [10]. 3. Summary by Relevant Catalogs 3.1 Data - **Futures Market**: Among corn futures contracts, C2601 closed at 2246, down 3 points or 0.13%; C2505 closed at 2260, down 1 point or 0.04%; C2509 closed at 2351, up 4 points or 0.17%. Among corn starch futures contracts, CS2601 closed at 2652, down 2 points or 0.08%; CS2505 closed at 2650, up 7 points or 0.26%; CS2509 closed at 2740, up 2 points or 0.07% [3]. - **Spot and Basis**: The spot price of corn in Qinggang is 2205 yuan, down 5 yuan; the spot price of starch in Longfeng is 2750 yuan, with no change. The basis of corn in Qinggang is - 146, and the basis of starch in Longfeng is 100 [3]. - **Spreads**: For corn inter - delivery spreads, C01 - C05 is - 14, down 2; for starch inter - delivery spreads, CS01 - CS05 is 2, down 9; for cross - variety spreads, CS09 - C09 is 389, down 2 [3]. 3.2 Market Judgment - **Corn**: The planting progress of US corn is accelerating, and the price is oscillating at the bottom. The reduction of Sino - US tariffs provides strong support for the bottom of US corn. The import profit of foreign corn is acceptable. The northern port's flat - hatch price is stable, and the northeast corn spot price has started to stabilize. The supply in the north - central region has decreased, and the corn spot price is weak. The wheat price in the north - central region is stable, and wheat is gradually substituting for corn. The domestic breeding demand is still weak, but the supply is low, so the corn spot price will rise in the short term. It is expected that the short - term support for north - central corn is around 2400 yuan/ton, and around 2150 yuan/ton in Heilongjiang. In the medium - to - long term, policy - related grain auctions are expected in June [5][8]. - **Starch**: The number of trucks arriving at Shandong's deep - processing enterprises has decreased, and the price of corn in Shandong is relatively stable. The spot price of corn starch in the northeast is also strong. This week, the inventory of corn starch has slightly increased. The starch price mainly depends on the corn price and downstream replenishment. In the medium - to - long term, due to the weak demand for starch, enterprises will be in a long - term loss state, and many starch enterprises will shut down, leading to a profit recovery. It is estimated that the short - term support for 07 starch futures is around 2650 [9]. 3.3 Trading Strategies - **Unilateral Trading**: Domestic 07 corn futures will continue to oscillate narrowly, and short - term long positions can be attempted [11]. - **Arbitrage Trading**: Hold a position of buying spot and shorting 07 corn futures. Expand the spread between 09 corn and starch futures when the spread is low, and conduct oscillating operations [14]. 3.4 Corn Options - **Option Strategy**: Enterprises with spot positions can sell corn call options and hold them [15]. 3.5 Relevant Attachments - The attachments include charts of corn spot prices in various regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch 09 contract spread, which visually show the price trends and relationships of different contracts and varieties [17][20][22].

大宗商品研究所 燃料油研发报告 燃料油日报 2025 年 5 月 22 日 燃料油日报 第一部分 相关数据 研究员： 吴晓蓉 期货从业证号： F03108405 投资咨询从业证号： Z0021537 ： 021-65789108 ： wuxiaorong_qh @chinastock.com.cn | | 2025/5/22 | 2025/5/21 | 2025/5/15 | 2025/4/24 | Δ日 | Δ周 | | --- | --- | --- | --- | --- | --- | --- | | FU主力 | 3000 | 3074 | 2985 | 2998 | -74 | 15 | | FU主力持仓(万手) | 14.7 | 15.8 | 15.6 | 23.3 | -1.1 | -1.0 | | FU仓单(吨) | 28950 | 28950 | 35950 | 46170 | 0 | -7000 | | LU主力 | 3505 | 3571 | 3595 | 3446 | -66 | -90 | | LU主力持仓(万手） | 6.6 | 7.0 | 7.7 | 3.8 | -0.4 | ...

Group 1: Report General Information - Report title: Double Offset Paper Daily Report [2] - Report date: May 22, 2025 [2] - Research institute: Commodity Research Institute, Galaxy Futures [1][6] - Researcher: Zhu Sixiang [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - The double offset paper market has seen individual price drops. The overall market sentiment and supply - demand pattern changes affect it, with the market continuing to strengthen but trading on a rigid - demand basis. New paper machine capacity ramping is basically completed, and raw material costs are relatively stable, while weak terminal consumption restricts market growth [4][7] Group 4: Summary by Directory 4.1 Data Analysis - No specific data analysis content provided other than price and cost data 4.2 Market Judgment - The double offset paper market has individual price declines. Paper mills are mainly on the sidelines with stable prices, and the supply side has little change. Dealers' sales pace is average, and in the North China market, individual specifications' transaction prices are down. Downstream printing factories mainly make rigid - demand purchases, with some export orders recovering but new demand being average. In Shandong, high - white double offset paper is priced at 5000 - 5200 yuan/ton, and some off - white double offset paper is in the 4700 - 5000 yuan/ton range, unchanged from the previous day [4] 4.3 Related Attachments - There are four figures including double offset paper production, in - plant inventory, social inventory, and production profit, with data from 2021 - 2025 [8][10]