银河期货花生日报-20251210

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The spot price of peanuts is expected to remain relatively stable in the short - term, with supply increasing and downstream demand remaining weak. The peanut futures will continue to fluctuate at a high level, and the PK01 contract still has room to decline [3][7] - The spot price of peanut oil is stable, and the peanut meal has been stable recently. Oil mills have good theoretical profit margins [3][5][7] 3. Summary by Directory First Part: Data - Futures盘面: PK604 closed at 8030, up 18 (0.22%), with a trading volume of 70,538 (up 4.79%) and an open interest of 29,799 (up 6.23%); PK510 closed at 8220, down 2 (-0.02%), with a trading volume of 101 (up 53.03%) and an open interest of 805 (up 5.23%); PK601 closed at 8088, up 18 (0.22%), with a trading volume of 17,941 (down 21.37%) and an open interest of 52,878 (down 7.99%) [1] - Spot and Basis: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7800, 8200, and 8200 respectively, with no change; the price of Rizhao peanut meal was 3250, and Rizhao soybean meal was 3030 (up 20); the price of peanut oil was 14380, and Rizhao first - grade soybean oil was 8440, both with no change [1] - Import Price: The price of Sudanese peanuts was 8600, and Senegalese peanuts was 7600, both with no change [1] - Spread: PK01 - PK04 spread was 58 (no change), PK04 - PK10 spread was 20, and PK10 - PK01 spread was 132 (down 20) [1] Second Part: Market Analysis - The peanut prices in Henan and Northeast China were stable. The price of 308 common peanuts in Fuyu, Jilin was 4.8 yuan/jin, and in Changtu, Liaoning was 4.75 yuan/jin; the price of Baisha common peanuts in Henan was 3.75 - 3.8 yuan/jin, and in Junan, Shandong was 3.4 yuan/jin. The price of imported peanuts was also stable [3] - Some peanut oil mills raised their purchase prices, with the mainstream transaction price ranging from 6900 - 7600 yuan/ton, and the theoretical break - even price of oil mills was 7860 yuan/ton. The prices of soybean oil and peanut oil were stable [3][5] - The spot price of Rizhao soybean meal increased by 20 yuan/ton to 3030 yuan/ton. The unit protein spread between peanut meal and soybean meal was low, and peanut meal was relatively strong in the short - term [5] Third Part: Trading Strategy - Unilateral: Peanuts in contracts 01 and 05 will fluctuate at a high level. Short - sell PK01 on rallies [8] - Calendar Spread: Reverse - spread the 1 - 5 spread on rallies [9] - Options: Sell PK603 - P - 8200 on rallies [10] Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [12][17][20]