Report Industry Investment Rating - Not provided Core View of the Report - After the cease - fire in the Middle East, geopolitical speculation may come to an end. In the future, two points need attention: the impact of coal market sentiment on coal - chemical industry may slow down, and urea demand in the next two months is expected to be good. Wait for the spot price to fall and stabilize before looking for long - position opportunities [1] Summary by Relevant Catalog Urea Futures and Spot Prices - On June 24, 2025, the closing prices of UR01, UR05, UR09 were 1667 yuan/ton, 1686 yuan/ton, 1698 yuan/ton respectively, with changes of - 19 yuan/ton (- 1.13%), - 17 yuan/ton (- 1.00%), - 13 yuan/ton (- 0.76%) compared to June 23. Domestic spot prices in different regions also showed certain changes, such as a - 20 yuan/ton (- 1.05%) change in the Northeast [1] Basis and Spread - On June 24, the basis of Shandong spot - UR was 64 yuan/ton, an increase of 17 yuan/ton compared to June 23. The 01 - 05 spread was - 19 yuan/ton, a decrease of 2 yuan/ton [1] Upstream and Downstream Prices - Upstream coal prices in Henan and Shanxi remained unchanged at 1080 yuan/ton and 820 yuan/ton respectively. Downstream, the prices of some products like compound fertilizer and melamine were mostly stable, while the price of compound fertilizer in Shandong decreased by 17 yuan/ton (- 0.33%) [1] Important Information - On the previous trading day, the opening price of the urea futures main contract 2509 was 1679 yuan/ton, the highest was 1726 yuan/ton, the lowest was 1672 yuan/ton, the closing price was 1698 yuan/ton, the settlement price was 1698 yuan/ton, and the position was 247071 lots [1] Trading Strategy - Wait for the spot price to fall and stabilize before looking for long - position opportunities. Consider the risk of changes in export policies [1]
尿素早评:等待现货企稳-20250625
Hong Yuan Qi Huo·2025-06-25 08:01