Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-04-22 09:26Report Summary 1. Investment Rating - Not provided in the report. 2. Core View - On Tuesday, the freight index (European Line) futures prices mostly declined, with the main contract down 4.24% and far - month contracts down 1 - 4%. The escalation of the Sino - US trade war has dampened foreign trade demand and restricted freight rates. The latest SCFIS European Line settlement freight rate index rose 7.6% week - on - week. Trump's statements may lead to a decrease in US commodity imports and a subsequent decline in shipping demand. The eurozone's manufacturing PMI in March was in the contraction zone, and the German manufacturing slump may pressure the eurozone economy. In the short term, panic and risk - aversion sentiment may dominate the market, increasing the volatility of the freight index (European Line) futures. In the long - term, it depends on global economic resilience and export substitution effects. If China - EU trade volume increases or US tariffs on Europe are better than expected, far - month futures prices may outperform near - month contracts. Investors are advised to be cautious and pay attention to subsequent US policies towards Europe and China - EU foreign trade data [1]. 3. Summary by Category Futures Market Data - EC main contract closing price: 1456.800, down 64.5; EC sub - main contract closing price: 1625, down 75.60. - EC2506 - EC2508 spread: - 168.20, up 22.60; EC2506 - EC2510 spread: 164.80, down 46.10. - EC contract basis: + 65.20, up; EC main contract open interest: 38691, down 118 [1]. Spot Market Data - SCFIS (European Line) (weekly): 1508.44, up 106.09; SCFIS (US West Coast Line) (weekly): 1368.41, down 219.43. - SCFI (composite index) (weekly): 1370.58, down 24.10; container ship capacity: 1227.97 (in ten thousand TEUs), unchanged. - CCFI (composite index) (weekly): 1110.94, up 3.66; CCFI (European Line) (weekly): 1486.14, down 9.31. - Baltic Dry Index (daily): 1261.00, down 20.00; Panamax Freight Index (daily): 1273.00, down 35.00. - Average charter price (Panamax ship): 11777.00, up 119.00; average charter price (Cape - size ship): 12059.00, down 218.00 [1]. Industry News - China's financial market has shown resilience after short - term fluctuations due to the US "reciprocal tariff" policy. - The Trump administration may scale back US activities in Africa and close many embassies. - Trump claims that Powell should cut interest rates, and the Fed should do so to benefit the US [1]. Key Data to Watch - France's April manufacturing PMI flash on April 23 at 15:15. - Germany's April manufacturing PMI flash on April 23 at 15:30. - Eurozone's April manufacturing PMI flash on April 23 at 16:00. - UK's April manufacturing PMI flash on April 23 at 16:30. - US April S&P Global manufacturing PMI flash on April 23 at 21:45 [1].