Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core View The reports mainly present overnight market information, production, export data, and spot prices of the oil and fat industry. Key data include US soybean export sales, Brazilian crop production forecasts, and Malaysian palm - oil production and export data. 3. Summary by Relevant Content Overnight Market Information - For the week ending June 19, US current - market - year soybean export sales net increased by 53.95 million tons, up 779% from the previous week and 204% from the four - week average; next - market - year export sales net increased by 7.52 million tons. Export shipments were 40.61 million tons, down 10% from the previous week but up 33% from the four - week average. New sales for the current and next market years were 54.99 million tons and 7.52 million tons respectively [1]. - On June 26, private exporters reported selling 110,000 tons of soybeans to Egypt for the 2024/2025 market - year delivery [1]. - Datagro raised Brazil's 2024/25 corn production forecast to 134 million tons, nearly 1% higher than the previous estimate and 10% higher than 2023/24; soybean harvest was estimated at 173.5 million tons, about 0.8% higher than the previous estimate and 12% higher than 2023/24 [1]. - From June 1 - 25, 2025, Malaysia's palm - oil production increased 3.83% month - on - month, with fresh fruit bunch yield up 4.09% and oil extraction rate down 0.05%. Export volume was 748,145 tons, a 21.02% decrease from the previous month [1]. Spot Prices - From June 20 to June 26, 2025, the spot prices of bean meal in Jiangsu decreased from 2900 to 2790; rapeseed meal in Guangdong decreased from 2550 to 2420; soybean oil in Jiangsu decreased from 8390 to 8220; palm oil in Guangzhou decreased from 8740 to 8510; and rapeseed oil in Jiangsu decreased from 9900 to 9620 [2].

| 燃料油早报 | | --- | 研究中心能化团队 2025/06/27 新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/06/20 | 479.12 | 550.33 | 2.70 | 8.3 | 16.2 | | 2025/06/23 | 475.90 | 549.45 | 3.65 | 9.1 | 18.8 | | 2025/06/24 | 431.62 | 508.57 | 2.75 | 9.8 | 21.1 | | 2025/06/25 | 424.16 | 506.06 | 1.65 | 9.8 | 22.7 | | 2025/06/26 | 427.72 | 501.94 | 4.25 | 8.5 | 16.6 | | 变化 | 3.56 | -4.12 | 2.60 | -1.3 | -6.1 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- ...

跨期套利跟踪 2025/06/27 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 80 -80 -290 -480 理论价差 496 890 1293 1696 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 65 -30 -100 -195 理论价差 214 334 454 574 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 0 -85 -190 -295 理论价差 213 327 442 556 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 60 65 60 40 理论价差 211 318 424 531 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 2230 2340 2440 2690 锡 5-1 价差 -660 理论价差 5528 期现套利跟踪 2025/06/27 铜 当月合约-现货 次月合约-现货 价差 -115 -35 理论价差 326 775 锌 当月合约-现货 次月合约-现货 价差 -95 -30 理论价差 143 273 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 ...

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, after the near - end TA maintenance, the start - up rate decreased, polyester start - up increased, inventory slightly decreased, basis strengthened again, and spot processing fees improved. In the future, TA inventory start - up will gradually return, and it will enter the inventory accumulation stage. The monthly spread driver may fluctuate greatly between PX inventory depletion and polyester benefit compression [1]. - For MEG, the near - end domestic maintenance continued to resume, the start - up rate continued to rise, Iranian devices stopped intensively, port inventory decreased slightly, and the basis weakened. In the future, the domestic supply will return, and the inventory accumulation amplitude is expected to be limited. It is expected to be in a volatile pattern [7]. - For polyester staple fiber, the start - up rate increased, production and sales remained stable, inventory slightly accumulated. The demand side was weak, but exports maintained a high growth rate. There are also production reduction plans in the future, and the processing fee is expected to remain weak [7]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable, the price of Thai cup rubber rebounded, and rainfall affected rubber tapping. The recommended strategy is to wait and see [7]. - For styrene, the prices of related products changed, and the domestic profits of some products also changed. A comprehensive analysis of these data is needed for investment decisions [7]. Summary by Product PTA - **Price and Spread Changes**: From June 20 to June 26, 2025, crude oil remained at 67.7, PTA inner - disk spot price decreased from 5275 to 5020, PTA processing difference decreased from 369 to 375, and polyester gross profit increased from - 34 to 256. The basis of daily average transaction was 2509(+254) [1]. - **Device Changes**: Yisheng New Materials with a capacity of 3.6 million tons reduced its load [1]. - **Market Situation**: After the near - end TA maintenance, the start - up rate decreased, polyester start - up increased, inventory slightly decreased, basis strengthened again, and spot processing fees improved. PX domestic start - up remained stable, overseas Middle - East devices had unexpected shutdowns, PXN and its structure strengthened again [1]. - **Future Outlook**: TA inventory start - up will gradually return, and it will enter the inventory accumulation stage. The monthly spread driver may fluctuate greatly between PX inventory depletion and polyester benefit compression [1]. MEG - **Price and Profit Changes**: From June 20 to June 26, 2025, Northeast Asia ethylene remained at 850, MEG inner - disk price decreased from 4594 to 4379, and MEG coal - made profit decreased from 681 to 459. The basis of spot transaction was around 09(+72) [7]. - **Device Changes**: Zhejiang Petrochemical's 800,000 - ton device was under maintenance [7]. - **Market Situation**: The near - end domestic maintenance continued to resume, the start - up rate continued to rise, Iranian devices stopped intensively, port inventory decreased slightly, downstream stocking levels increased slightly, the basis weakened, and coal - made benefits continued to expand [7]. - **Future Outlook**: The domestic supply will return, and the inventory accumulation amplitude is expected to be limited. It is expected to be in a volatile pattern, and attention should be paid to the change of warehouse receipts [7]. Polyester Staple Fiber - **Price and Profit Changes**: From June 20 to June 26, 2025, the price of 1.4D cotton - type staple fiber decreased from 6995 to 6855, and the short - fiber profit increased from - 70 to 79 [7]. - **Device Changes**: Not provided - **Market Situation**: Fujian Jinlun restarted, the start - up rate increased to 95.1%, production and sales remained stable, inventory slightly accumulated. The demand side was weak, but exports maintained a high growth rate [7]. - **Future Outlook**: There are also production reduction plans in the future, and the processing fee is expected to remain weak. Attention should be paid to the implementation of industry production reduction [7]. Natural Rubber and 20 - Number Rubber - **Price Changes**: From June 20 to June 26, 2025, the price of US - dollar Thai standard rubber increased from 1690 to 1700, and the price of Shanghai full - latex increased from 13500 to 13640 [7]. - **Market Situation**: The national explicit inventory remained stable, the price of Thai cup rubber rebounded, and rainfall affected rubber tapping [7]. - **Strategy**: Wait and see [7]. Styrene - **Price and Profit Changes**: From June 20 to June 26, 2025, the price of ethylene (CFR Northeast Asia) remained at 850, the price of pure benzene (CFR China) remained at 748, and the domestic profit of styrene decreased from 140 to 165 [7]. - **Market Situation**: The prices of related products changed, and the domestic profits of some products also changed [7].

中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 秦皇岛5500 618.0 1.0 1.0 -2.0 -252.0 25省终端可用天数 22.6 -0.9 2.6 1.7 5.0 秦皇岛5000 545.0 2.0 10.0 10.0 -225.0 25省终端供煤 572.8 4.3 -35.8 -67.3 -50.1 广州港5500 710.0 0.0 0.0 -10.0 -210.0 北方港库存 2863.0 11.0 -8.0 -278.0 139.2 鄂尔多斯5500 405.0 0.0 10.0 10.0 -255.0 北方锚地船舶 87.0 4.0 16.0 17.0 33.0 大同5500 460.0 0.0 5.0 5.0 -270.0 北方港调入量 138.4 -31.3 -25.9 -1.1 -18.1 榆林6000 562.0 0.0 5.0 -5.0 -318.0 北方港吞吐量 178.3 19.9 18.0 -4.4 15.1 榆林6200 ...

铁矿石早报 研究中心黑色团队 2025/6/27 | | | | | | 现货 | | | | 远期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 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 | | | 普氏62指数 | | 92.75 | -0.20 | 0.00 | | | | | | | | | | 纽曼粉 | 695 | 0 | -3 | | 742.1 | 90.70 | 0.70 | 0.95 | -35.67 | | | | PB粉 | 700 | 0 | -8 | | 739.3 | 92.90 | 0.75 | 0.30 | -15.59 | | | 澳洲 | 麦克粉 | 683 | 0 | -8 | | 746.4 | 88.85 | 0.65 | 0.60 | -11.85 | | | | 金布巴 | 652 | 0 | -8 | | 737.7 | 85.00 | 0.70 | 0.55 | -1 ...

农产品早报 研究中心农产品团队 2025/06/27 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/06/20 | 2240 | 2330 | 2430 | 2460 | -79 | 0 410 | 2800 | 2950 | 144 | -72 | | 2025/06/23 | - | 2330 | 2440 | 2460 | -78 | 0 418 | 2850 | 2950 | 151 | -70 | | 2025/06/24 | - | 2330 | 2440 | 2460 | -59 | 0 443 | 2850 | 2950 | 168 | -63 | | 2025/06/25 | - | 2330 | 2450 | 2460 | -47 | 0 459 | 2850 | 2950 | 113 ...

| | 示句女朋员 YONGAN FUT | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 集运早报 | | | | | | | | | | | | | | | | | | 研究中心能化团队 2025/6/27 | | | | | જ્હે | | 昨日收盘价 | 3 (%) | 是美 | 昨日成交量 | 昨日持仓量 | | 持合变动 | | 0.03 1.13 | EC2506 EC2508 | | 1885.9 1759 9 | | 51.2 177.2 | 783 38516 | 2275 41485 | | -216 -2043 | | 2.54 | EC2510 | | 1325.6 | | 611.5 | 14964 | 30795 | | -751 | | 3.72 | EC2512 | | 1489 1 | | 448.0 | 4647 | 6930 | | -387 | | 3.27 | EC2602 | | 1317.4 | | 619.7 | 1696 | 3887 | | ...

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玻璃纯碱早报 | | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/6/19 | 2025/6/25 | 2025/6/26 | | 周度变化 日度变化 | | 2025/6/19 | 2025/6/25 | 2025/6/26 | | 周度变化 日度变化 | | 沙河重碱 | 1210.0 | 1200.0 | 1220.0 | 10.0 | 20.0 | SA05合 约 | 1209.0 | 1200.0 | 1208.0 | -1.0 | 8.0 | | 华中重碱 | 1175.0 | 1160.0 | 1180.0 | 5.0 | 20.0 | SA01合约 | 1165.0 | 1159.0 | 1172.0 | 7.0 | 13.0 | | 华南重碱 | 1500.0 | 1500.0 | 1500.0 | 0.0 | 0.0 | SA09合约 | 1176.0 | 1166.0 | 1180.0 | 4.0 | 14.0 | ...