仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5330 -50 -70 5630 主力合约 5698 50 -2 内蒙#72 5350 0 -50 5700 01合约 5666 22 -14 现货 盘面 最新 品种 项目 铁合金早报 | 硅铁自然块 产区汇总价 | 青海#72 | 5300 | -70 | -100 | 5630 | 05合约 | 5776 | 12 | -8 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 陕西#72 | 5300 | -50 | -80 | 5600 | 09合约 | 5842 | -12 | -50 | | | 陕西#75 | 6000 | 0 | 50 | | 主力月基差 | -68 | -100 | -68 | | 硅铁合格块 | 江苏#72 | 5900 | 100 | 350 | | 1-5月差 | -110 | 10 | -6 | | 贸易商价 | 天津#72 | 5800 | 0 | 50 | | 5-9月差 | -66 | 24 | 42 | | ...

焦炭日报 研究中心黑色团队 2025/9/24 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1427.78 | 0.00 | 0.00 | -108.16 | -14.41% 高炉开工率 | 90.35 | | 0.17 | 0.10 | 7.70% | | 河北准一干熄 | 1680.00 | 0.00 | 0.00 | -110.00 | 4.35% 铁水日均产量 | 241.02 | | 0.47 | 0.27 | 7.68% | | 山东准一干熄 | 1605.00 | 0.00 | 0.00 | -110.00 | -13.01% 盘面05 | 1847 | -21.50 | -10.00 | 27.50 | -3.45% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | -110.00 | -12.73% 盘面09 | 1933.5 | -14 ...

| | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1503.00 | 0.00 | 102.00 | -2.00 | 7.36% Peak Downs | 202.00 | -1.00 | 0.00 | -3.00 | -18.60 | | 原煤口岸库提价 | 1040.00 | 20.00 | 49.00 | 55.00 | -8.77% Goonyella | 203.00 | -1.00 | 0.50 | -5.30 | -14.00 | | 沙河驿蒙5# | 1350.00 | 0.00 | 0.00 | -30.00 | -18.18% 盘面05 | 1301.00 | -22.00 | -8.00 | 59.50 | 1.56% | | 安泽主焦 | 1500.00 | 0.00 | 80.00 | 30.00 | -13.29% 盘面09 | 1370.50 | -19. ...

甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/09/1 7 801 2282 2283 2590 2555 2570 2715 266 326 -9 -100 -1255 2025/09/1 8 801 2267 2270 2585 2545 2570 2690 262 326 -10 -110 -1255 2025/09/1 9 801 2260 2268 2580 2545 2570 2685 262 326 6 -105 -1255 2025/09/2 2 801 2257 2258 2563 2545 2570 2665 262 326 -6 -110 -1255 2025/09/2 3 801 2245 2253 2560 2535 2570 2665 262 326 -6 -110 -1255 日度变化 0 -12 -5 -3 -10 0 0 0 0 0 0 0 观点 仍是交易港口压力传导到内地得逻辑，内地后期有季节性备货需求+联泓新装置备货增量，但是港口会持续性形 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 24, 2025 [1][3][4] Group 3: Cross - Market Arbitrage Tracking Copper - Spot price: domestic 80000, LME 9894, ratio 8.11; March price: domestic 79920, LME 9967, ratio 8.02; Spot import equilibrium ratio 8.10, profit - 118.34; Spot export profit - 117.86 [1] Zinc - Spot price: domestic 21880, LME 2917, ratio 7.50; March price: domestic 21865, LME 2874, ratio 5.95; Spot import equilibrium ratio 8.53, profit - 3003.69 [1] Aluminum - Spot price: domestic 20680, LME 2642, ratio 7.83; March price: domestic 20695, LME 2642, ratio 7.83; Spot import equilibrium ratio 8.38, profit - 1462.88 [1] Nickel - Spot price: domestic 119750, LME 15047, ratio 7.96; Spot import equilibrium ratio 8.17, profit - 1446.69 [1] Lead - Spot price: domestic 16950, LME 1949, ratio 8.71; March price: domestic 17110, LME 1991, ratio 11.03; Spot import equilibrium ratio 8.82, profit - 211.89 [3] Group 4: Cross - Period Arbitrage Tracking Copper - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 270, - 270, - 280, - 290 respectively; Theoretical spreads are 503, 904, 1314, 1724 [4] Zinc - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 235, - 215, - 195, - 175 respectively; Theoretical spreads are 213, 333, 452, 572 [4] Aluminum - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 65, - 55, - 60, - 50 respectively; Theoretical spreads are 215, 331, 446, 562 [4] Lead - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 40, - 15, - 10, 50 respectively; Theoretical spreads are 211, 317, 424, 531 [4] Nickel - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 490, - 300, - 60, 170 respectively [4] Tin - 5 - 1 spread 560, theoretical spread 5597 [4] Group 5: Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 215 and - 55 respectively; Theoretical spreads are 419 and 823 [4] Zinc - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 200 and - 35 respectively; Theoretical spreads are 154 and 281 [4] Lead - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 175 and 135 respectively; Theoretical spreads are 181 and 294 [5] Group 6: Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (triple - continuous) are 3.66, 3.86, 4.67, 0.95, 1.21, 0.78 respectively; London (triple - continuous) are 3.45, 3.78, 4.98, 0.91, 1.32, 0.69 respectively [5]

音烙橡胶呈报 图1 研究中心能化团队 2025/09/24 R 不 A A POY 1 石脑油 PX CFR |PTA内盘现 PTA平衡 仓单+有 PTA加 PTA负 石脑油裂 聚酯毛利 TA基美 50D/4 PX加工美 日期 原油 产销 工差 效预报 日本 台湾 न्ह 解价差 荷 负荷 8F Hill 2025/0 6705 68.0 609 836 4620 110.81 227.0 102 140 80.7 75.9 0 -78 0.45 9/17 2025/0 105.04 67.4 599 827 4630 6680 228.0 155 110 80.7 75.9 6012 -78 0.45 9/18 图H 2025/0 66.7 107.99 -78 0.50 597 816 4555 6655 219.0 136 153 80.6 75.9 15804 9/19 2025/0 808 212.0 31310 66.6 596 4510 6600 107.67 137 139 80.6 75.9 -80 0.50 9/22 2025/0 (图H 67.6 598 107.67 80.6 -80 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The decline in South China prices is mainly due to the impact of the typhoon, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. With an increase in port and factory inventories, a decline in chemical demand, and sufficient supply in Shandong, the market is under pressure [1]. 3) Summary by Relevant Contents Price Changes - **Domestic Spot Prices**: On Tuesday, the low - end price in East China was 4385 (+0), in Shandong it was 4550 (+0), and in South China it was 4600 (-40). The price of ether - after carbon four was 4670 (-10). The South China price decrease was due to the typhoon impact [1]. - **International Prices**: FEI and CP changed little. As of 2:30 pm, FEI was 549 (+1) and CP was 543 (+0) dollars/ton. The FEI monthly spread remained at 5 dollars, and the CP monthly spread was - 11 [1]. - **Futures Prices**: The PG main contract fluctuated strongly. The cheapest deliverable was Shandong civil gas at 4500. The basis weakened to 51 (-74), the 10 - 11 monthly spread was 49 (-20), and the 11 - 12 monthly spread was 62 (+3) [1]. Market Indicators - **Basis and Spread**: The basis of the lowest delivery area in East China was 60 (+19), and the 10 - 11 monthly spread was 70 (+0). The internal - external price difference decreased slightly. The PG - CP was 75 (-3), the PG - FEI was 67.6 (-9.3), and the FEI - CP was 7.5 (+6.5) [1]. - **Warehouse Receipts**: There were 13002 warehouse receipts (-6), with Shanghai Yuchi decreasing by 1 and Donghua decreasing by 5 [1]. - **Freight**: Freight continued to rise. The freight from the US Gulf to Japan was 155 (+11), and from the Middle East to the Far East was 82 (+7) [1]. Supply and Demand - **Supply**: Incoming shipments decreased, and external shipments increased slightly, but demand narrowed, leading to an increase in both port and factory inventories [1]. - **Demand**: Chemical demand declined. The PDH operating rate was 70.49% (-2.61). The operating rates of alkylation and MTBE also decreased [1].

Group 1: Price Performance - London Gold's latest price is 3783.80 with a change of 64.10 [1] - London Silver's latest price is 44.33 with a change of 0.59 [1] - London Platinum's latest price is 1413.00 with a change of 20.00 [1] - London Palladium's latest price is 1176.00 with a change of 25.00 [1] - LME Copper's latest price is 9967.00 with a change of -31.50 [1] Group 2: Trading Data - COMEX Silver inventory data is not provided [1] - SHFE Silver inventory's latest value is 1149.04 with a change of 0.42 [1] - Gold ETF持仓's latest value is 1000.57 with no change [1] - Silver ETF持仓's latest value is 15469.12 with a change of 100.22 [1] - SGE Silver inventory data is not provided [1] - SGE Gold deferred fee payment direction's latest value is 2 with a change of 1.00 [1] - SGE Silver deferred fee payment direction's latest value is 1 with no change [1] Group 3: Other Information - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [11]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 24, 2025 [2] Core Data Analysis BR (Butadiene Rubber) - **Price and Volume**: On September 23, the closing price of the main contract was 11,430, down 75 from the previous day and 245 from the previous week; the trading volume was 109,780, up 13,914 from the previous day and 35,016 from the previous week; the open interest was 65,588, down 4,718 from the previous day but up 1,372 from the previous week; the warrant quantity was 9,190, unchanged from the previous day and down 4,440 from the previous week [3]. - **Basis and Spread**: The basis of cis - butadiene rubber increased by 25 from the previous day and 45 from the previous week; the 8 - 9 spread decreased by 135 from the previous day and 120 from the previous week, while the 9 - 10 spread increased by 15 from the previous day and 135 from the previous week [3]. - **Market Price**: The Shandong market price was 11,500, down 50 from the previous day and 200 from the previous week; the Transfar market price was 11,450, unchanged from the previous day and down 100 from the previous week; the Qilu ex - factory price was 11,700, unchanged from the previous day and down 200 from the previous week [3]. - **Processing and Import/Export Profits**: The spot processing profit was - 237, with a weekly decrease of 47; the futures processing profit was - 307, down 24 from the previous day and 92 from the previous week; the import profit was - 83,069, down 62 from the previous day but up 1,407 from the previous week; the export profit was 19, down 133 from the previous day and 4 from the previous week [3]. BD (Butadiene) - **Market Price**: The Shandong market price was 9,350, down 50 from the previous day and 150 from the previous week; the Jiangsu market price was 9,150, down 50 from the previous day and 150 from the previous week; the Yangzi ex - factory price was 9,150, unchanged from the previous day and down 100 from the previous week; the CFR China price was 1,060, unchanged from the previous day and down 30 from the previous week [3]. - **Processing and Import/Export Profits**: The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was 336, up 140 from the previous day and 200 from the previous week; the import profit was 447, down 51 from the previous day but up 91 from the previous week; the export profit was - 996, down 98 from the previous day and 47 from the previous week [3]. Downstream Products - **Production Profits**: The butadiene - styrene production profit was 1,063, unchanged from the previous day and down 50 from the previous week; the SBS 791 - H production profit was 882, unchanged from the previous day and up 160 from the previous week; the ABS production profit was not available [3]. Inter - and Intra - Product Spreads - **Inter - Product Spreads**: The RU - BR spread was - 50,063, up 4,628 from the previous day and down 1,887 from the previous week; the NR - BR spread was - 53,193, up 4,688 from the previous day and down 1,692 from the previous week; the Thai mixed - cis - butadiene spread was 3,280, down 20 from the previous day and 170 from the previous week; the 3L - butadiene - styrene spread was 3,100, unchanged from the previous day and up 50 from the previous week [3]. - **Intra - Product Spreads**: The butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week; the cis - butadiene standard - non - standard spread was 100, down 50 from the previous day and the previous week [3].

īs 疯安期货 沥青早报 研究中心能化团队 2025/9/24 | | 指标 | 8/25 | 9/15 | 9/19 | 9/22 | 9/23 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3512 | 3393 | 3421 | 3401 | 3373 | -28 | -20 | | | BU10 | 3512 | 3411 | 3420 | 3406 | 3400 | -6 | -11 | | | BU11 | 3483 | 3393 | 3421 | 3401 | 3373 | -28 | -20 | | | BU12 | 3432 | 3322 | 3374 | 3352 | 3320 | -32 | -35 | | 语语 | BU01 | 3398 | 3340 | 3353 | 3322 | 3284 | -38 | -56 | | | BU03 | 3394 | 3346 | 3366 | 3325 | 3297 | -28 | -49 | | | 成交量 | 2575 ...