期。盘面来看，期价跌至低估值区域后，近来有止跌回暖倾向，可轻仓试多。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 鸡蛋产业日报 2025-06-23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3569 | -49 期货前20名持仓:净买单量:鸡蛋(日,手) | -21756 | -2946 | | | 克) 鸡蛋期货月间价差(9-1):(日,元/500千克) | 24 | -49 期货持仓量(活跃合约):鸡蛋(日,手) | 236982 | 3337 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 2.94 | 0 基差(现货-期货)(日,元/500千克) | -633 | 53 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) ...

沪铜产业日报 2025/6/23 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 78,290.00 | +300.00↑ LME3个月铜(日,美元/吨) | 9,633.00 | -0.50↓ | | | 主力合约隔月价差(日,元/吨) | 170.00 | -10.00↓ 主力合约持仓量:沪铜(日,手) | 157,429.00 | -9453.00↓ | | | 期货前20名持仓:沪铜(日,手) | -1,365.00 | +381.00↑ LME铜:库存(日,吨) | 99,200.00 | -4125.00↓ | | | 上期所库存:阴极铜(周,吨) | 100,814.00 | -1129.00↓ LME铜:注销仓单(日,吨) | 44,800.00 | -4300.00↓ | | | 上期所仓单:阴极铜(日,吨) | 25,528.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 78,32 ...

聚乙烯市场周报 研究员：林静宜 添加客服 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员：徐天泽 期货从业资格号F03133092 关 注 我 们 获 取 更 多 资 讯 瑞达期货研究院 「2025.06.20」 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 3 价格：伊以冲突进一步激化，带动国际油价上涨。受此影响，本周聚乙烯期货拉涨明显。截至2025年6 月20日收盘，L2509合约报收于7415元/吨，较上周收盘上涨2.16%。 基本面：供应端，本周万华、浙石化、中天合创、鄂能化装置停车，榆林、恒力装置重启，产量环比- 0.60%至61.29万吨，产能利用率环比-0.48%至78.69%，较上周变化不大。需求端，本周下游制品平均 开工率环比-0.06%，持续季节性下降。库存方面，生产企业库存环比-1.83%至49.94万吨，社会库存环 比-4.56%至55.93万吨，总库存压力不大。成本利润方面，本周油制LLDPE成本上涨至7756元/吨，油 制工艺亏损加深；煤制LLDPE利润维稳在5848元/吨，煤制利润小幅走阔 ...

Report Title - The report is titled "Polyvinyl Chloride (PVC) Market Weekly Report" [3] Report Date - The report is dated June 20, 2025 [2] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - International oil prices strengthened due to the worsening Israel-Iran conflict, driving up the prices of PVC ethylene-based raw materials and causing the PVC futures market to fluctuate upwards this week. As of June 20, 2025, the V2509 contract closed at 4,903 yuan/ton, up 0.91% from last week's close [9] - On the supply side, some PVC plants in Henan and Xinjiang underwent maintenance this week, leading to a 0.63% decrease in the PVC capacity utilization rate to 78.62%. On the demand side, the downstream PVC operating rate decreased by 1.49% to 44.31%, with the pipe and profile operating rates both declining. In terms of inventory, the PVC social inventory decreased by 0.74% to 56.93 tons, with a slowdown in the destocking trend and relatively low inventory pressure [9] - The domestic PVC industry is currently in a period of intensive maintenance. New Pufa Chemical has plans to shut down two sets of equipment with a total capacity of 500,000 tons in late June, and the capacity utilization rate is expected to continue to decline. The domestic downstream demand is in the off-season, and the Indian market is affected by uncertainties such as BIS certification, anti-dumping duties, and the rainy season. In terms of cost, some calcium carbide plants will resume production next week, but the supply in the northwest region is restricted by production cuts. The possibility of the United States participating in the Israel-Iran conflict is increasing, and international oil prices may fluctuate strongly, driving up the prices of ethylene-based raw materials. Considering that the domestic PVC production is mainly based on the calcium carbide process, the PVC futures market is less sensitive to oil prices than LLDPE and PP. Overall, the V2509 contract is expected to fluctuate strongly next week, with resistance around 4,980 yuan/ton [9] Summary by Directory 1. Weekly Highlights - Price: International oil prices strengthened, driving up the prices of PVC ethylene-based raw materials and causing the PVC futures market to fluctuate upwards. As of June 20, 2025, the V2509 contract closed at 4,903 yuan/ton, up 0.91% from last week [9] - Fundamentals: Supply - Some PVC plants in Henan and Xinjiang underwent maintenance, with the capacity utilization rate decreasing by 0.63% to 78.62%. Demand - The downstream PVC operating rate decreased by 1.49% to 44.31%, with the pipe and profile operating rates declining by 2.81% and 1.3% respectively. Inventory - The PVC social inventory decreased by 0.74% to 56.93 tons, with a slowdown in the destocking trend. Cost - The prices of calcium carbide and ethylene-based raw materials increased, with the average national cost of the calcium carbide process rising to around 5,052 yuan/ton and that of the ethylene process rising to 5,596 yuan/ton. The profit of the calcium carbide process slightly improved, while the loss of the ethylene process deepened [9] - Outlook: The domestic PVC industry is in a period of intensive maintenance. New Pufa Chemical has plans to shut down two sets of equipment with a total capacity of 500,000 tons in late June, and the capacity utilization rate is expected to decline. The domestic downstream demand is in the off-season, and the Indian market is affected by uncertainties. Next week, some calcium carbide plants will resume production, but the supply in the northwest region is restricted. International oil prices may fluctuate strongly, driving up the prices of ethylene-based raw materials. The V2509 contract is expected to fluctuate strongly next week, with resistance around 4,980 yuan/ton [9] 2. Futures and Spot Markets Futures Market - The V2509 contract fluctuated upwards this week, and the number of registered warehouse receipts remained stable [10] - The trading volume of the main contract fluctuated slightly, and the 9 - 1 spread weakened slightly [14] Spot Market - CFR China quoted at $710/ton (unchanged), Southeast Asia quoted at $670/ton (unchanged), and India quoted at $720/ton (up $10/ton) [21][25] - The spot prices of calcium carbide-based and ethylene-based PVC in East China increased this week [28] - The basis fluctuated within a range, and the futures market remained in a contango state [32] 3. Industry Situation Upstream - The price of semi-coke remained stable, while the price of calcium carbide increased. The operating rates of semi-coke and calcium carbide were 55.89% and 63.10% respectively [36][41] - The CIF price of VCM was $520/ton, and the international price of EDC was $176/ton [45] Supply - The PVC production capacity is expected to grow by 10.77% in 2025, and the output in May was 2.0197 million tons, showing a month-on-month increase [49] - The PVC capacity utilization rate decreased this week [53] Demand - The operating rates of PVC pipes and profiles decreased this week [57] - The export volume of PVC flooring increased in April [61] - The export volume of PVC decreased in April, while the import volume increased significantly [64] Inventory - The PVC social inventory decreased on a month-on-month basis [69] Cost - The costs of both the calcium carbide process and the ethylene process increased this week [73] Profit - The losses of both the calcium carbide process and the ethylene process deepened this week [80] 4. Options Market Analysis - The 20-day historical volatility of PVC was reported at 15.01%, and the implied volatilities of at-the-money call and put options were 21.51% [85]

瑞达期货研究院 「2025.06.20」 苯乙烯市场周报 研究员：林静宜 添加客服 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员：徐天泽 期货从业资格号F03133092 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 3 价格：伊以冲突进一步激化，带动国际油价上涨。受此影响，本周苯乙烯期货价格涨幅明显。截至2025年6 月20日收盘，EB2507合约报收于7734元/吨，较上周收盘价上涨1.23%。 基本面：供应端，本周恒力石化72万吨、盛虹石化45万吨装置重启，盘锦宝来35万吨装置停车，产量环比 +7.04%至36.19万吨，产能利用率环比+5.2%至79.01%。需求端，本周下游开工率涨跌互现：EPS开工率环 比-1.84%至53.63%，PS开工率环比+0.4%至58.7%，ABS开工率环比-0.11%至63.97%，UPR开工率维稳在 30%，丁苯橡胶开工率环比+2.95%至74.09%。库存方面，本周工厂库存环比+2.25%至18.88万吨，华东港 口库存环比-17. ...

瑞达期货研究院 「2025.06.20」 聚丙烯市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员：徐天泽 期货从业资格号F03133092 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 价格：伊以冲突进一步激化，带动国际油价上涨。受此影响，本周聚丙烯期货拉涨明显。截至2025年6月 20日收盘，PP2509合约报收于7242元/吨，较上周收盘上涨2.16%。 基本面：供应端，本周联泓新科、独山子石化、大庆海鼎装置短停，徐州海天、国能包头装置重启，PP产 量环比+1.52%至78.74万吨，产能利用率环比+1.20%至79.84%。需求端，本周PP下游平均开工率环比- 0.34%至49.63%。库存方面，本周PP商业库存环比+4.23%至82.05万吨，处于近三年同期中性水平。前 期停车装置陆续重启，生产企业供应增加，厂库环比+4.52%；现货价格上涨，部分中间商逢低拿货，贸 易商库存环比+6.18%；出口成交减少，资源向港口流动减少，港口库存环比-0.77%。成本利润方面，本 周油制PP成本上涨至7884.28元/吨，油制亏损加 ...

瑞达期货研究院 「2025.06.20」 沪镍不锈钢市场周报 原料偏紧需求乏力 镍不锈钢弱势调整 研究员： 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 获取更多资讯 业 务 咨 询 添 加 客 服 关 注 我 们 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 来源：瑞达期货研究院 3 周度回顾：本周沪镍主力震荡下跌，周线涨跌幅为-1.37%，振幅1.90%。截止本周主力合约收盘报价118280元/吨。 行情展望：宏观面，美联储公布6月利率决议，将基准利率维持在4.25%-4.50%不变，连续第四次会议按兵不动， 符合市场预期。基本面，印尼政府PNBP政策实施，提高镍资源供应成本，内贸矿升水持稳运行；菲律宾镍矿供应 回升，不过国内镍矿港库下降，原料呈现偏紧局面。冶炼端，目前原料价格较高，而镍价处于下行趋势，对其余 冶炼厂造成利润亏损的影响，部分非一体化冶炼厂选择减产。需求端，不锈钢厂利润压缩，300系转产其他产品； 新能源汽车需求继续爬升，但占比较小影响有限。近期供需两弱，下游按需采购，国内库存下降；但海外库存持 稳。技术面，持仓减量空头减弱，预计 ...

瑞达期货研究院 「2025.06.20」 沪锌市场周报 需求淡季社库增加 预计锌价震荡偏弱 研究员： 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 策略建议：操作上，建议暂时观望，或逢高轻仓做空。 来源：瑞达期货研究院 3 行情回顾：本周沪锌主力震荡调整，周线涨跌幅为+0.14%，振幅2.15%。截止本周主力合约收盘报价 21845元/吨。 行情展望：宏观面，美联储公布6月利率决议，将基准利率维持在4.25%-4.50%不变，连续第四次会 议按兵不动，符合市场预期。基本面，国内外锌矿进口量上升，锌矿加工费持续上升，叠加硫酸价 格上涨明显，冶炼厂利润进一步修复，生产积极性增加；各地新增产能陆续释放，叠加前期检修产 能复产，供应增长有所加快。目前进口窗口关闭，进口锌流入量下降。需求端，下游处于进入需求 淡季，加工企业开工率同比有所下降。锌价弱势运行，下游消费逐渐转淡叠加企业前期低价采买较 多，库存出货速度减慢，国内社库出现回升，海外延续去库。技术面 ...

瑞达期货研究院 「2025.06.20」 沪锡市场周报 需求淡季逢低补库 预计锡价震荡调整 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 研究员： 添加客服 业务咨询 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 来源：瑞达期货研究院 3 行情回顾：本周沪锡主力震荡下跌，周线涨跌幅为-1.19%，振幅2.72%。截止本周主力合约收盘报价260560 元/吨。 行情展望：宏观面，美联储公布6月利率决议，将基准利率维持在4.25%-4.50%不变，连续第四次会议按兵不 动，符合市场预期。基本面，缅甸锡矿复产工作逐步推进，消息称5月底缅甸第一批佤邦锡矿已经获得出口 许可。不过据了解目前缴费办理采矿证的企业不多，多数头部矿贸商都并未缴纳管理费，预计实际复产进度 不及市场预期；刚果Bisie矿山计划分阶段恢复生产，预计6月下旬供应开始释放；6月初锡矿加工费进一步 下调。冶炼端，云南产区原料短缺与成本压力交织，冶炼企业原料库存低位；江西产区废料回收体系承压， 产能退出风险加剧，开工率保持在较低水平。需求端，消费电子进入季 ...

瑞达期货研究院 「2025.06.20」 取 更 多 资 讯 业务咨询 关 注 我 们 获 烧碱市场周报 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 添加客服 研究员：林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员：徐天泽 期货从业资格号F03133092 「 周度要点小结」 3 「 期货市场情况-期货价、净持仓」 本周烧碱主力低位震荡 09合约持仓量基本稳定 图1、烧碱主力合约收盘价 2000.00 2200.00 2400.00 2600.00 2800.00 3000.00 3200.00 3400.00 3600.00 烧碱主力收盘价 元/吨 来源：同花顺 瑞达期货研究院 图2、烧碱主力合约持仓量 7000 107000 207000 307000 407000 507000 607000 707000 807000 907000 1007000 烧碱主力持仓量（手） 2022年 2023年 2024年 2025年 三年平均 来源：同花顺 瑞达期货研究院 4 「现货市场情况-现货价：山东32%液碱」 价格：供需转弱预期开始兑现，现 ...