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贵金属早报 研究中心宏观团队 2025/06/25 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 3302.50 36.07 1295.00 1069.00 64.37 9718.00 变化 -78.05 -0.06 31.00 24.00 -4.14 79.00 品种 美元指数 欧元兑美元 英镑兑美元 美元兑日元 美国10年期TIPS 最新 97.97 1.16 1.36 144.89 - 变化 -0.41 0.00 0.01 -1.25 - 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | | 最新 | - | 1256.83 | 955.68 | 14877.49 | 1378.88 | 2 | 1 | | 变化 | - | 9.73 | -1.72 | -73.50 | 0.00 ...

Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Date: June 25, 2025 [1] Price and Inventory Data Coal Prices - The latest price of Liulin Main Coking Coal is 1100.00, with no daily change, a weekly decrease of 5.00, a monthly decrease of 100.00, and an annual decrease of 40.54% [2] - The latest price of Peak Downs is 189.00, with no daily change, a weekly increase of 1.50, a monthly decrease of 15.50, and an annual decrease of 64.50 [2] - The latest price of Goonyella is 193.00, with no daily change, a weekly increase of 1.50, a monthly decrease of 12.50, and an annual decrease of 62.00 [2] - The latest price of Anze Main Coking Coal is 1170.00, with no daily or weekly change, a monthly decrease of 60.00, and an annual decrease of 38.42% [2] - The latest price of Raw Coal Port Delivery Price is 720.00, with no daily change, a weekly increase of 20.00, a monthly decrease of 35.00, and an annual decrease of 45.86% [2] - The latest price of Shaheyi Meng 5 is 1060.00, with no daily change, a weekly decrease of 40.00, a monthly decrease of 120.00, and an annual decrease of 41.11% [2] Futures Prices - The latest price of Futures Contract 05 is 860.00, with a daily increase of 6.50, a weekly increase of 23.00, a monthly increase of 24.00, and an annual decrease of 50.22% [2] - The latest price of Futures Contract 09 is 798.50, with a daily decrease of 1.00, a weekly increase of 7.00, a monthly decrease of 2.00, and an annual decrease of 49.46% [2] - The latest price of Futures Contract 01 is 839.00, with a daily increase of 8.50, a weekly increase of 26.50, a monthly increase of 21.50, and an annual decrease of 51.59% [2] Inventory Data - The total inventory is 4059.19, with a weekly increase of 13.79, a monthly increase of 75.55, and an annual increase of 21.23% [2] - The coal mine inventory is 499.15, with a weekly increase of 13.11, a monthly increase of 51.62, and an annual increase of 80.37% [2] - The port inventory is 312.02, with a weekly decrease of 1.00, a monthly increase of 5.93, and an annual increase of 33.06% [2] - The steel mill coking coal inventory is 773.98, with a weekly increase of 3.07, a monthly decrease of 17.23, and an annual increase of 2.33% [2] - The coking plant coking coal inventory is 798.07, with a weekly decrease of 20.85, a monthly decrease of 86.86, and an annual decrease of 13.81% [2] Other Data - The coking capacity utilization rate is 73.57, with a weekly decrease of 0.39, a monthly decrease of 2.30, and an annual increase of 1.22% [2] - The coking coke inventory is 87.39, with a weekly increase of 0.27, a monthly increase of 0.18, and an annual decrease of 0.21% [2] - The 05 basis is -124.90, with a daily decrease of 6.50, a weekly decrease of 12.80, a monthly decrease of 138.29, and an annual increase of 110.36 [2] - The 09 basis is -63.40, with a daily increase of 1.00, a weekly increase of 3.20, a monthly decrease of 112.29, and an annual decrease of 0.28 [2] - The 01 basis is -103.90, with a daily decrease of 8.50, a weekly decrease of 16.30, a monthly decrease of 135.79, and an annual decrease of 0.57 [2] - The 5 - 9 spread is 61.50, with a daily increase of 7.50, a weekly increase of 16.00, a monthly increase of 26.00, and an annual decrease of 0.58 [2] - The 9 - 1 spread is -40.50, with a daily decrease of 9.50, a weekly decrease of 19.50, a monthly decrease of 23.50, and an annual decrease of 0.74 [2] - The 1 - 5 spread is -21.00, with a daily increase of 2.00, a weekly increase of 3.50, a monthly decrease of 2.50, and an annual decrease of 4.82 [2]

纸浆早报 研究中心能化团队 2025/06/25 SP主力合约收盘价： 5136.00 | 日期 | 2025/06/24 | 2025/06/23 | 2025/06/20 | 2025/06/19 | 2025/06/18 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5136.00 | 5278.00 | 5120.00 | 5254.00 | 5240.00 | | 折美元价 | 624.56 | 641.38 | 622.11 | 638.21 | 636.61 | | 距上一日涨跌 | -2.69041% | 3.08594% | -2.55044% | 0.26718% | 0.38314% | | 山东银星基差 | 914 | 812 | 970 | 846 | 860 | | 江浙沪银星基差 | 929 | 832 | 990 | 881 | 895 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | -- ...

有色早报 研究中心有色团队 2025/06/25 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/06/18 190 827 101943 47014 -1191.00 9.70 40.0 61.0 105.96 107350 53175 2025/06/19 135 657 101943 44816 -1293.68 271.41 40.0 61.0 133.36 103325 49100 2025/06/20 115 581 100814 33882 -2374.98 385.28 40.0 61.0 274.99 99200 44800 2025/06/23 90 521 100814 25528 -2539.49 228.07 38.0 60.0 279.97 95875 41450 2025/06/24 35 621 100814 22425 -1604.62 112.67 38.0 59.0 150.85 94675 40150 变化 -5 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy on June 25, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5100 yuan, with no daily change and a weekly increase of 50 yuan; the main contract price was 5288 yuan, a daily decrease of 28 yuan and a weekly increase of 24 yuan [2]. - The latest price of Tianjin 72 silicon ferroalloy export (in US dollars) was 1020, with no daily change and a weekly decrease of 35 [2]. - For silicon manganese, the latest ex - factory price of Inner Mongolia 6517 was 5500 yuan, with no daily change and a weekly increase of 50 yuan; the main contract price was 5556 yuan, a daily decrease of 54 yuan and a weekly increase of 20 yuan [2]. Supply - The production volume of 136 silicon ferroalloy enterprises in China (monthly) and the production volume of 136 silicon ferroalloy enterprises in China (weekly, with a production capacity share of 95%) are presented from 2021 - 2025 [4]. - The production volume of silicon manganese in China (weekly) is shown from 2021 - 2025 [6]. Demand - The estimated and revised monthly production volume of crude steel in China from 2021 - 2025 is provided, which reflects the demand situation to some extent [4][7]. - The demand volume of silicon manganese in China (in ten thousand tons, according to the Steel Union's data) from 2021 - 2025 is presented [4][7]. Inventory - The inventory of 60 sample silicon ferroalloy enterprises in China (weekly) and the inventory of silicon ferroalloy in Ningxia (weekly) from 2021 - 2025 are shown [5]. - The total number of silicon manganese warehouse receipts (daily), effective forecasts (daily), and the sum of warehouse receipts and effective forecasts (daily) from 2021 - 2025 are presented [7]. Cost and Profit - The electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025 are provided, which are important cost factors [5]. - The production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025 are presented [5]. - The profit of silicon manganese in Inner Mongolia, Guangxi, and other regions from 2021 - 2025 is shown [7].

Group 1: Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility indicates the relative level of implied volatility to historical volatility. A larger difference means a higher implied volatility relative to historical volatility, and a smaller difference means a lower implied volatility relative to historical volatility [3] Group 2: Implied Volatility and Historical Volatility Charts - There are multiple charts showing the implied volatility (IV), historical volatility (HV), and their differences (IV - HV) for various financial and commodity options, including 300股指, 50ETF, 1000股指, 500ETF, corn, sugar, cotton, rubber, PTA, crude oil, aluminum, methanol, iron ore, Chinese options, PVC, rebar, urea, palm oil, zinc, and others [4][5][6] Group 3: Implied Volatility and Historical Volatility Quantiles - The implied volatility quantile represents the current implied volatility level of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means the current implied volatility is low. The volatility spread is the difference between the implied volatility index and historical volatility [18] - The implied and historical volatility quantile rankings are provided for different options. For example, PTA has an implied volatility quantile of 0.71 and a historical volatility quantile of 0.84, while 300股指 has an implied volatility quantile of 0.07 and a historical volatility quantile of 0.01 [20]

废钢早报 研究中心黑色团队 2025/06/25 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/06/18 | 2166 | 2250 | 2024 | 2179 | 2189 | 2105 | | 2025/06/19 | 2166 | 2250 | 2024 | 2178 | 2189 | 2105 | | 2025/06/20 | 2166 | 2251 | 2019 | 2175 | 2192 | 2106 | | 2025/06/23 | 2167 | 2254 | 2019 | 2169 | 2193 | 2105 | | 2025/06/24 | 2166 | 2254 | 2019 | 2158 | 2181 | 2102 | | 环比 | -1 | 0 | 0 | -11 | -12 | -3 | 免责声明: 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 ...

油脂油料早报 研究中心农产品团队 2025/06/25 隔 夜 市 场 信 息 ： USDA报告前瞻：美国2025年大豆播种面积料为8,365.5万英亩，玉米面积料为9,535万英亩 在美国农业部（USDA）公布年度作物播种面积报告之前，受访的分析师平均预计，美国2025年大豆播种面积为 8,365.5万英亩，预估区间介于8,250-8,530万英亩。美国农业部在3月31日的报告中预测大豆播种面积为8,349.5万英 亩。 分析师平均预计，美国2025年玉米播种面积为9,535万英亩，预估区间介于9,375-9,680万英亩，3月31日种植意向 报告中预估为9,532.6万英亩。 美国农业部将在北京时间7月1日00:00公布种植面积报告。 Anec：巴西6月大豆出口量料达到1,499万吨 巴西全国谷物出口商协会（Anec）预估，巴西6月大豆出口量料达到1,499万吨，高于前一周预估的1436万吨。 截至6月22日欧盟2024/25年度棕榈油进口量为276万吨 欧盟委员会公布的数据显示，截至6月22日，欧盟2024/25年度（自7月开始）迄今棕榈油进口量为276万吨，低于去 年同期的341万吨。 欧盟大豆进口量 ...

铁矿石早报 研究中心黑色团队 2025/6/25 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 94.15 0.35 -0.10 纽曼粉 698 -4 -5 745.4 90.30 -0.80 0.25 -29.84 PB粉 701 -7 -12 740.4 92.50 -1.10 0.05 -11.90 麦克粉 687 -4 -6 750.8 88.55 -0.60 0.45 -5.85 金布巴 653 -7 -6 738.8 84.70 -0.85 0.10 -16.06 主流 混合粉 645 -5 -5 767.3 81.50 -0.65 0.55 3.94 超特粉 599 -4 -12 805.7 78.25 -0.65 0.45 -8.69 卡粉 799 -2 -15 735.5 103.40 -0.90 1.25 -2.76 巴西 巴混 735 -7 -9 743.3 94.95 -0.90 0.60 0.51 主流 巴粗IOC6 674 -7 -12 739.2 巴粗SSFG 679 -7 -12 乌克兰精粉 780 -3 -5 842.4 61%印粉 633 -7 ...