焦煤日报 2025/11/19 研究中心黑色团队 | | 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 | 1645.00 | 0.00 | 0.00 | 70.00 | 3.46% Peak Downs | 210.00 | -0.50 | -2.00 | 5.50 | -7.00 | | 原煤口岸库提价 | 1052.00 | -46.00 | -59.00 | -48.00 | -3.49% Goonyella | 209.00 | -0.50 | -2.50 | 4.50 | -8.00 | | 沙河驿蒙5# | 1550.00 | 0.00 | 0.00 | 130.00 | -1.90% 盘面05 | 1243.00 | -27.00 | -33.00 | -22.00 | -6.61% | | 安泽主焦 | 1700.00 | 0.00 | 40.00 | 150.00 | 4. ...

观点 现实差继续，伊朗停车慢于预期，11月应还是高进口，01矛盾较难处理，港口制裁的事情预计能在限气结束前解 决，库存去化较 难，甲醇上涨乏力，下跌空间关注内地幅度，近期煤炭走强，但影响不到利润。 甲醇聚烯烃早报 研究中心能化团队 2025/11/19 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/11/1 2 | 801 | 2082 | 2080 | 2388 | 2370 | 2350 | 2608 | 243 | 322 | -17 | -40 | - | | 2025/11/1 3 | 801 | 2077 | 2075 | 2388 | 23 ...

地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 105.30 1.70 2.30 纽曼粉 792 2 20 847.7 100.70 0.30 2.10 -8.43 PB粉 795 2 20 843.7 105.65 0.35 2.55 -7.18 麦克粉 786 2 18 858.5 99.75 0.05 2.35 16.78 金布巴 746 2 20 838.8 94.55 -0.15 2.20 9.76 主流 混合粉 728 1 3 857.0 96.35 0.20 2.70 -17.19 超特粉 678 -2 8 892.6 92.20 0.25 3.00 -25.88 卡粉 892 0 16 837.2 116.20 0.30 1.50 3.38 巴西 巴混 832 2 18 848.2 108.30 0.25 2.70 6.62 主流 巴粗IOC6 772 2 -3 846.9 巴粗SSFG 777 2 -3 乌克兰精粉 887 2 16 973.5 61%印粉 735 2 20 卡拉拉精粉 889 2 16 910.6 罗伊山粉 782 2 20 860.7 99.45 ...

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/11/19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਨੀ | | 昨日收盘价 | 涨跌 | 意 | 昨日成交量 | | 昨日持仓昼 | 持合变动 | | | EC2512 | | 1769.5 | -1.27% | -411.8 | 5750 | | 10432 | -1654 | | | EC2602 | | 1678.1 | -2.78% | -320.4 | 29150 | | 38860 | -20 | | | EC2604 | | 1179.6 | -0.68% | 178.1 | 2737 | | 16145 | -37 | | | EC2606 | | 1385.0 | -1.35% | -273 | 143 | | 1585 | -36 | | | EC2608 | | 1509.6 | -0.76% | -151.9 | 74 | | 1161 | -12 | | 期货 | EC2610 | | 1112.0 | -0 ...

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原油成品油早报 研究中心能化团队 2025/11/19 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- 2月差 | WTI-BREN T | DUBAI-B RT（EFS | NYMEX RB OB | RBOB-BR T | NYMEX HO | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | nt | | | | | | | | | 2025/11/12 | 58.49 | 62.71 | 64.27 | - | 0.26 | -4.22 | -0.25 | 195.54 | 19.42 | 248.16 | 41.52 | | 2025/11/13 | 58.69 | 63.01 | 64.45 | - | 0.37 | -4.32 | -0.22 | 195.97 | 19.30 | 246.47 | 40.51 | | 2025/11/14 | 60.09 | 64.39 | 65.18 | - ...

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - Corn: In the short term, the spot price of corn has started an upward trend driven by supply tightening and downstream restocking demand. Farmer reluctance to sell has delayed the release of selling pressure. In the long term, the supply - demand pattern remains tight, and planting costs will support prices. After the selling pressure eases, prices may rise again [4]. - Starch: In the short term, starch prices follow raw material prices. High inventory due to slow downstream restocking pressures prices. In the long term, downstream consumption rhythm is the key factor, and a significant price drop may stimulate restocking and price increases [4]. - Sugar: In the short term, Zhengzhou sugar is more affected by import quota management and syrup import control than the international market, with domestic production costs as the key support. In the long term, if the global sugar market surplus deepens, domestic costs may be temporarily broken through. Maintain a short - selling strategy, but the downward space is limited in the short term [5]. - Cotton: New cotton acquisition is mostly completed, with the estimated total output revised down. The positive outcome of the China - US talks and tariff cuts are beneficial for textile exports. The valuation is unlikely to return to the April low, making long - term long positions suitable [7]. - Eggs: Supply pressure is partially relieved by orderly hen culling and a decrease in new layer hens. Demand increases as cooler weather allows longer storage. The price center in production areas has moved up slightly. Monitoring the culling rhythm is crucial, as faster culling may drive prices up [11]. - Apples: National apple storage is mostly finished. The estimated national cold - storage inventory is about 5.5% of capacity, a 10% decrease from last year. The market is short on high - quality apples, and the price difference between good and bad apples has widened. The futures price has risen significantly and is expected to remain high in the short term [15]. - Pigs: The weekend spot market shows weakness in the north and stability in the south. In the short term, the market is in a weak and volatile state. Mid - term supply pressure persists due to un - reduced production capacity. Attention should be paid to factors such as the selling rhythm, diseases, and policies [15]. Detailed Summaries by Product Corn/Starch - **Price Data**: From November 12 - 18, 2025, the price in Changchun remained at 2070, while the price in Shekou increased by 20. The corn basis increased by 14, and the trade profit increased by 20. For starch, the basis increased by 22, and the processing profit remained unchanged [3]. Sugar - **Price Data**: From November 12 - 18, 2025, the price in Kunming decreased by 30, and the Zhengzhou futures price decreased by 11 [5]. Cotton/Cotton Yarn - **Price Data**: From November 12 - 18, 2025, the price of 3128 cotton decreased by 35, and the total of cotton warehouse receipts and forecasts increased by 96. The price of domestic cotton yarn decreased by 5, and the 32S spinning profit increased by 31 [7]. Eggs - **Price Data**: From November 12 - 18, 2025, the prices in Hebei, Liaoning, Shandong, Henan, and Hubei decreased by 0.06, 0.07, 0.10, 0.10, and 0.09 respectively. The basis decreased by 79, and the prices of substitute products remained unchanged [11]. Apples - **Price and Inventory Data**: From November 12 - 18, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000.00. The national inventory increased by 5.00, while Shandong and Shaanxi inventories decreased by 38.00 and 27.00 respectively [14][15]. Pigs - **Price Data**: From November 12 - 18, 2025, the prices in Henan Kaifeng, Hubei Xiangyang, Shandong Linyi, Anhui Hefei, and Jiangsu Nantong changed by 0.05, 0.10, - 0.05, 0.05, and 0.00 respectively. The basis increased by 210.00 [15].

l js 80000 60000 10000 40000 8000 20000 6000 BR价格结构 「-BR基差 IIII 11200 1200 1000 11000 800 10800 600 10600 400 10400 200 10200 10/1 11/1 12/1 5/1 7/1 -200 10000 -400 9800 -600 视总 II导起 12号动 01号钓 02号约 -800 ·2024 2025 -===11/11 -===10/17 -1-11/17 -- 11/18 苯-BR基差 BR12-01 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观, 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我 ...

油脂油料早报 研究中心农产品团队 2025/11/19 隔 夜 市 场 信 息 ： USDA：截至11月16日当周美国大豆收割率为95%，落后于去年同期 美国农业部（USDA）在每周作物生长报告中公布称，截至2025年11月16日当周，美国大豆收割率为95%，去年同期 为98%，五年均值为96%。 Abiove：巴西2025/26年度大豆产量料为创纪录的1.777亿吨 Abiove周二在一份报告中称，预计巴西2025/26年度大豆产量料为创纪录的1.777亿吨，而之前的预估为1.785亿 吨，高于上一年度的1.721亿吨。 该报告预计巴西2025/26年度大豆压榨量为6,050万吨，与之前预估持平，高于上一年度的5,850万吨。 该报告称，预计2026年巴西大豆出口量将达1.11亿吨，与之前的预估相同，高于2025年的1.09亿吨。 巴西2026年豆油产量将达到创纪录的1,215万吨，与之前的预估相同，2025年为约1,170万吨。 预计巴西2026年豆油进口量将达到史无前例的12.5万吨，较2025年大幅增长25%。 预计巴西2026年豆油出口量将达到前所未有的120万吨，而2025年为100万吨。 预计巴 ...

P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/11/ 12 62.7 584 825 4590 6580 124.34 241.0 127 179 78.3 75.7 113382 -78 0.35 2025/11/ 13 63.0 569 826 4565 6570 107.14 257.0 106 197 78.3 75.7 113382 -77 0.40 2025/11/ 14 64.4 577 832 4635 6570 105.02 255.0 142 124 77.5 75.7 114594 -77 0.70 2025/11/ 17 64.2 571 831 4615 6590 100.66 260.0 122 161 77.5 75.7 114594 -74 0.45 2025/11/ 18 64.9 569 827 4610 6585 100.66 258.0 137 170 77.5 75.7 1145 ...