供应端有所收紧，价格上涨加快

Report Overview - Report Title: "Pig Daily Report - July 2, 2025" [2] - Researcher: Chen Jiezheng [3] Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The supply side of the pig market has tightened, leading to an accelerated increase in prices. The overall supply pressure has decreased due to reduced sales motivation from large - scale enterprises, decreased inventory of ordinary farmers after a round of concentrated sales, and general enthusiasm for secondary fattening sales [4]. - Although the futures market has risen significantly, the substantial change in the fundamental situation is limited. The significant increase in the futures market is mainly a reflection of expectations for future price increases, and the room for a large - scale increase is expected to be limited. The inter - month spread of the futures market is expected to be mainly volatile and strong [6]. Summary by Content Spot Market - Spot prices in various regions showed an overall upward trend. The average price increased from 14.60 yuan/kg yesterday to 14.87 yuan/kg today, with an increase of 0.27 yuan/kg [4]. - The supply side has tightened. Large - scale enterprises have less motivation to sell, ordinary farmers' inventory has decreased, and the enthusiasm for secondary fattening sales is average. The overall weight of pigs for sale has decreased, and future market pressure may still exist [4]. Futures Market - Futures prices of various contracts showed an upward trend. For example, LH09 increased by 475 yuan from 13865 yuan yesterday to 14340 yuan today [4]. - The futures market's significant increase is mainly due to expectations of future price increases. The room for a large - scale increase is limited, and the inter - month spread is expected to be mainly volatile and strong [6]. Breeding and Slaughter - Piglet prices remained at 431 yuan this week, and sow prices remained at 1621 yuan. The self - breeding and self - raising profit increased from 19.40 yuan/head yesterday to 50.25 yuan/head today, and the profit from purchasing piglets increased from - 186.79 yuan/head yesterday to - 131.71 yuan/head today [4]. - The slaughter volume decreased from 138670 heads yesterday to 136895 heads today, a decrease of 1775 heads [4]. Trading Strategies - Unilateral trading: Mainly range - bound [7]. - Arbitrage: LH91 long spread [7]. - Options: Wait and see [7]