研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 铁矿石产业链日报 2025/6/23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | I 主力合约收盘价（元/吨） | 706.00 | +3.00↑ I 主力合约持仓量(手) | 681,105 | +4370↑ | | 期货市场 | I 9-1合约价差（元/吨） | 28 | -1.00↓ I 合约前20名净持仓(手) | -40372 | -1483↓ | | | I 大商所仓单（手） | 3,000.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 93.9 | +0.39↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 775 | +1↑ 青岛港60.8%麦克粉矿 (元/干吨) | 757 | +2↑ | | | 京唐港56.5%超特粉矿 (元/干吨) | 667 | +5↑ I 主力合约基差 (麦克粉干吨-主力合约) | ...

，继续下滑，后续复产力度恐继续下行。对供给端来说由于当下处于底部，煤制法利润未转负之前，不会 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 有太大变化。需求端当前地产形势不容乐观，5月房地产数据显示下滑明显，需求预计进一步走弱。下游深 免责声明 加工订单下滑，采购以刚需为主，汽车玻璃厂备货量增加难以抵消地产相关需求疲软，光伏玻璃需求也面 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 临库存压力。本周基差维持正常范围，后续市场交易更多是政策预期，预计反弹高度和力度将较为有限.操 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 纯碱玻璃产业日报 2025-06-23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱主力合约收盘价(日,元/吨) 纯碱与 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 59,120.00 | +220.00↑ 前20名净持仓（日，手） | -26,997.00 | +8898.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 356,954.00 | +2607.00↑ 近远月合约价差（日，元/吨） | 740.00 | -220.00↓ | | | 广期所仓单（日，手/吨） | 27,793.00 | -2164.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 59,950.00 | -450.00↓ 工业级碳酸锂平均价（日，万元/吨） | 58,350.00 | -450.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 830.00 | -670.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 689.00 | -8.00↓ 磷锂铝石平均价（日，元/吨） | 6,465.00 ...

| 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) 130 主力合约持仓量:红枣(日,手) | 9465 | | 105549 | 1662 0 | | | 期货前20名持仓:净买单量:红枣(日,手) -3177 仓单数量:红枣(日,张) | -15228 | | 8228 | | | | 有效仓单预报:红枣:小计(日,张) | 302 | 0 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) 0 河北一级灰枣批发价格(日,元/斤) | 6 | | 4.15 | 0 | | | 阿拉尔红枣统货价格(日,元/公斤) 0 河南一级灰枣批发价格(日,元/斤) | 5.2 | | 4.25 | 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) 0 河南红枣特级价格(元/公斤) | 4.8 | | 9.5 | 0 | | | 河北红枣特级价格(元/公斤) 0 广东红枣特级价格(日,元/公斤) | 9.25 | | 10.4 | 0 | ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 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:苹果(日,元/吨) | 7643 | -88 10月合约收盘价:苹果(日,元/吨) | 7643 | -88 | | | 主力合约持仓量:苹果(日,手) | 90058 | -17872 仓单数量:苹果(日,张) | 0 | 0 | | | 期货前20名持仓:净买单量:苹果(日,手) | 2486 | -3474 | | | | 现货市场 | 山东烟台栖霞现货价格(纸袋80#以上一 | 4.1 | 甘肃静宁苹果现货价 ...

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) ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoint of the Report - The Shanghai copper fundamentals may be in a weak supply - demand situation. The options market sentiment is bullish with a slightly rising implied volatility. It is recommended to conduct light - position range trading and control the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 78,290 yuan/ton, up 300 yuan; the LME 3 - month copper price is 9,633 dollars/ton, down 0.5 dollars. The main contract's open interest of Shanghai copper is 157,429 lots, down 9,453 lots. The LME copper inventory is 99,200 tons, down 4,125 tons, and the Shanghai Futures Exchange's cathode copper inventory is 100,814 tons, down 1,129 tons [2] 3.2 Spot Market - The SMM 1 copper spot price is 78,325 yuan/ton, down 75 yuan; the Yangshan copper average premium is 41.5 dollars/ton, down 4 dollars. The CU main contract basis is 35 yuan/ton, down 375 yuan [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 239.52 million tons, down 50.98 million tons. The copper concentrate prices in Jiangxi and Yunnan are 68,680 yuan/metal ton and 69,380 yuan/metal ton respectively, both down 70 yuan [2] 3.4 Industry Situation - The refined copper output is 125.4 million tons, unchanged. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The prices of 1 bright copper wire and 2 copper in Shanghai are down 100 yuan/ton [2] 3.5 Downstream and Application - The copper product output is 209.6 million tons, up 1.5 million tons. The cumulative grid infrastructure investment is 140.816 billion yuan, up 45.195 billion yuan. The real estate development investment is 3,623.384 billion yuan, up 850.427 billion yuan [2] 3.6 Option Situation - The 20 - day and 40 - day historical volatilities of Shanghai copper are 8.61% and 9.18% respectively, up 0.08% and 0.02%. The current month's at - the - money IV implied volatility is 11.6%, up 0.0023%, and the at - the - money option purchase - put ratio is 1.04, down 0.0538 [2] 3.7 Industry News - China's macro - policies are precisely regulated, and the economy shows strong resilience. The GDP growth target of over 5% in the first half of 2025 is almost certain, and the Q2 growth rate may reach about 5.3%. The Fed's monetary policy report shows inflation is "slightly high" and the job market is "in good condition". Different Fed officials have different views on interest rate cuts. China's central bank keeps the one - year and five - year LPR unchanged [2]

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. ...