Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The soda ash futures market is expected to be mainly in a low - level oscillation due to prominent supply - demand contradictions, with supply rising, demand falling, and inventory accumulation. The long - term pattern is one of surplus, and the weak demand from the construction glass sector, affected by the real - estate market, restricts price increases [8]. - The glass futures market is also predicted to maintain a low - level oscillation in the short term. Factors such as the seasonal weakness in demand during the traditional rainy season, high mid - stream inventory, slow capacity reduction, and the lack of substantial improvement in the domestic real - estate completion stage contribute to this outlook [9][10]. 3. Summary by Relevant Catalogs 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market** - On June 11, the main soda ash futures contract SA509 oscillated downward, closing at 1,202 yuan/ton, down 1 yuan/ton or 0.08%, with a daily increase in positions of 48,195 lots [7]. - As of June 5, the weekly soda ash production in China rebounded to 704,100 tons, a 2.78% increase from the previous week, and the capacity utilization rate dropped to 80.76%, a 2.19% increase. The enterprise shipment volume was 701,400 tons, a 4.90% decrease, and the weekly enterprise inventory remained at 1.627 million tons, showing a slight accumulation [8]. - **Glass Market** - The demand for glass is significantly affected by seasonal factors. During the current rainy season, construction activities are restricted, leading to a continuous weakening of terminal demand. The high mid - stream inventory and slow capacity reduction process may lead to further inventory accumulation [9]. - The domestic real - estate completion stage has not shown substantial improvement, and although there are expectations for incremental policies, they are unlikely to fundamentally reverse the supply - demand imbalance [9][10]. 3.2 Data Overview - The report presents various data charts, including the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, the market price of heavy soda ash in Central China, and flat glass production [12][15][17].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - The overall supply - demand of rebar is relatively balanced, and it may accumulate inventory slightly in the later stage. The futures price is expected to fluctuate weakly in the short term due to low valuation and a shift to looser supply - demand [1]. - Iron ore is supported by continuous steel mill production and negotiations. The price is mainly affected by macro news, and the port inventory is expected to continue to decline. The iron ore futures are expected to fluctuate within the 690 - 730 range [1]. - The coking coal market supply is in a loose pattern, and the short - term market may continue to fluctuate. Attention should be paid to coal mine inventory, coking enterprise profit, and steel terminal demand [3]. - The coke supply - demand pattern remains loose. Although supply has a marginal contraction, demand support is weak. The short - term market may continue to fluctuate, and attention should be paid to steel prices, steel mill blast furnace maintenance, and coking enterprise production cuts [3]. 3. Summary by Related Content Rebar - On Wednesday, the rebar futures price fluctuated strongly. The price of Hangzhou Zhongtian rebar was 3130 yuan/ton, up 10 yuan/ton from the previous day, and the 10 - contract basis was 139 (-7) [1]. - Last week, the apparent demand for rebar decreased month - on - month, possibly affected by the Dragon Boat Festival. The production of rebar decreased for two consecutive weeks, and inventory depletion slowed down [1]. - Currently, the rebar futures price has fallen near the long - process cost, with a low static valuation. In the short term, it is expected to fluctuate weakly, and it is advisable to wait and see or conduct short - term trading [1]. Iron Ore - On Wednesday, the iron ore futures fluctuated. The price of Qingdao Port PB powder was 724 yuan/wet ton (+55), the Platts 62% index was 95.75 dollars/ton (+0.80), and the PBF basis was 57 yuan/ton (-3) [1]. - The total iron ore shipments from Australia and Brazil were 2,839.4 million tons, a month - on - month increase of 8.8. The total inventory of 45 ports and 247 steel mills was 22,516.87 million tons, a month - on - month decrease of 104.04 [1]. - The daily hot metal output of 247 steel enterprises was 241.8 million tons, a month - on - month decrease of 0.11. The port inventory is expected to continue to decline, and the futures are expected to fluctuate within the 690 - 730 range [1]. Coking Coal - The supply of coking coal is in a loose pattern. Some coal mines have staged production cuts, but most maintain normal production. The procurement of the intermediate link is cautious, and the signing of coal mines is average [3]. - The downstream procurement of Mongolian coal is cautious, and the actual transactions at the port are cold. After the third round of coke price cuts, coking enterprises maintain a low - inventory procurement strategy, and steel mills mainly purchase on a rigid - demand basis [3]. - The coking coal market is expected to continue to fluctuate in the short term, and attention should be paid to coal mine inventory depletion, coking enterprise profit repair, and steel terminal demand [3]. Coke - The production of coking enterprises shows a differentiated pattern. Most maintain normal operation, but there is some passive production reduction due to profit pressure and environmental inspections, and the overall start - up level has declined [3]. - The steel market is entering the off - season, terminal demand is limited, and steel mills' rigid demand for coke exists but with insufficient growth. Some steel mills purchase cautiously and replenish inventory as needed [3]. - The coke market is expected to continue to fluctuate in the short term, and attention should be paid to steel prices, steel mill blast furnace maintenance, and coking enterprise production cuts [3]. Industry News - From January to May, the production and sales of automobiles were 12.826 million and 12.748 million respectively, with year - on - year increases of 12.7% and 10.9%. The production and sales of new energy vehicles were 5.699 million and 5.608 million respectively, with year - on - year increases of 45.2% and 44% [6]. - From June 9th to 10th, the first meeting of the China - US economic and trade consultation mechanism was held in London. The two sides reached a consensus on the measure framework for implementing the important consensus of the leaders' call on June 5th [6]. - As of the end of May, more than 1.6 trillion yuan of replacement bonds had been issued nationwide, completing over 80% of the 2 - trillion - yuan stock implicit debt replacement quota for this year [6].

资料来源：SMM，百川盈孚，国泰君安期货研究 2025 年 06 月 12 日 工业硅：基本面弱势，上方空间有限 多晶硅：现货弱势，盘面具下行驱动 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） Si2507成交量（手） | 7,560 499,957 | 145 59,736 | 280 -306,977 | -645 154,231 | | | | Si2507持仓量（手） | 147,036 | -8,591 | -33,292 | -23,142 | | | | PS2507收盘价（元/吨） | 34,255 | 300 | -800 | - | | | 工业硅、多晶硅期货市场 | PS2507成交量（手） | 79,861 | -27,169 | -182,886 | - | | | | PS2507持仓量（手） | 60 ...

Group 1 - In May, the national futures market saw a decline in both trading volume and trading value, with a total trading volume of 679 million contracts and a trading value of 54.73 trillion yuan, representing year-on-year decreases of 4.51% and 1.55% respectively [1] - From January to May, the cumulative trading volume reached 3.337 billion contracts and the cumulative trading value was 286.93 trillion yuan, showing year-on-year increases of 15.61% and 21.33% [1] - The trading performance varied across exchanges, with the Shanghai Futures Exchange reporting a trading volume of 197 million contracts and a trading value of 21.13 trillion yuan in May, reflecting a volume decrease of 1.59% but a value increase of 2.18% year-on-year [1][2] Group 2 - The top three futures by trading value included gold, silver, and alumina on the Shanghai Futures Exchange, while the Zhengzhou Commodity Exchange featured caustic soda, rapeseed oil, and PTA futures [2] - The trading volume leaders were rebar, alumina, and silver on the Shanghai Futures Exchange, with the Zhengzhou Commodity Exchange leading in glass, PTA, and soda ash futures [2] - The decline in trading activity in May was attributed to reduced volatility in major commodities and weaker demand, particularly in energy, chemicals, and construction materials [2][3] Group 3 - May is traditionally a low season for industrial and some agricultural products, leading to a decrease in hedging activities as enterprises adopted low inventory strategies [3] - Despite the drop in trading scale, the total open interest in the futures market increased by 16.62% at the end of May, with all exchanges except the China Financial Futures Exchange reporting growth [3] - The Shanghai Futures Exchange's total open interest reached 11.26 million contracts, up 14.99% from the previous month [3] Group 4 - Major commodity prices are currently at relatively low levels, encouraging enterprises to engage more in futures hedging and related activities, which has led to an increase in open interest [4] - Improved market sentiment due to the release of macroeconomic policies and easing trade tensions between China and the U.S. has attracted more capital into the futures market [4] - The expectation of a rebound in commodity prices and a stable domestic stock market is likely to drive an increase in trading volume in June [4][5]

软商品日报 2025/06/11 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、 结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发 出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依 靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可， 任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期 货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关 ...

苯乙烯产业日报 2025-06-11 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 | 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):苯乙烯(日,元/吨) | 7349 | 期货成交量(活跃:成交量):苯乙烯(EB)(日, 3 | 566913 | -203609 | | | 前20名持仓:买单量:苯乙烯(日,手) | 379405 | 手) 6516 7月合约收盘价:苯乙烯(日,元/吨) | 7349 | 3 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | | 257237 | -9126 前20名持仓:净买单量:苯乙烯(日,手) | -12308 | 4397 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) 现货价:苯乙烯(日,元/ ...

| 分瑞达期货 | | --- | | RUIDA FUTURES CO.,LTD. | PVC产业日报 2025-06-11 需求淡季，高温、降雨天气抑制终端地产、基建项目动工。印度市场受BIS认证、反倾销税不确定性以及雨 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 季影响扰动。成本方面，国内电石检修装置增多，电石下游消费较强，或增强电石法成本支撑；乙烯法成 助理研究员: 徐天泽 期货从业资格号F03133092 本或维稳。短期V2509预计震荡走势，技术上关注4710附近支撑与4900附近压力。 免责声明 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 ...

聚丙烯产业日报 2025-06-11 业淡季，需求持续偏弱。海外需求季节性下滑，难以缓解国内供需矛盾。近期国际油价走强，增强油制成 研究员: 林静宜 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 本支撑。短期PP2509预计震荡走势，技术上关注6900附近支撑与6990附近压力。 免责声明 | 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:聚丙烯(日,元/吨) | 6960 | 19 1月合约收盘价:聚丙烯(日,元/吨) | 6908 | 12 | | | 5月合约收盘价:聚丙烯(日,元/吨) | 6903 | 14 9月合约收盘价:聚丙烯(日,元/吨) | 6960 | 19 | | | 成交量聚丙烯(PP)(日,手) | 224195 | -70833 持仓量聚丙烯(PP)(日,手) | 501412 | -10063 | | | 前20名持仓:买单量:聚丙烯(日,手) | 43 ...

塑料产业日报 2025-06-11 | 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:聚乙烯(日,元/吨) | 7102 | -4 1月合约收盘价:聚乙烯(日,元/吨) | 7075 | -3 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 7066 | -1 9月合约收盘价:聚乙烯(日,元/吨) | 7102 | -4 | | | 成交量(日,手) | 253230 | -71292 持仓量(日,手) | 536103 | 5141 | | | 1月-5月合约价差 | 9 | -2 期货前20名持仓:买单量:聚乙烯(日,手) | 405270 | -709 | | | 期货前20名持仓:卖单量:聚乙烯(日,手) | 490256 | -5 期货前20名持仓:净买单量:聚乙烯(日,手) | -84986 | -704 | | 现货市场 | LLDPE(7042)均价:华北(日,元/吨) | 7186.52 | 16.96 LLDPE(7042)均价:华东(日, ...

玉米系产业日报 2025-06-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 -5 玉米淀粉期货收盘价(活跃合约):(日,元/ | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) | 2374 | | 2709 | -2 | | | 玉米月间价差(9-1):(日,元/吨) | 127 | 吨) 9 玉米淀粉月间价差(7-9):(日,元/吨) | -66 | -2 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) | 823945 | -45782 期货持仓量(活跃合约):玉米淀粉(日,手) | 190176 | -13005 | | | 期货前20名持仓:净买单量:玉米(日,手) | -109138 | 31311 期货前20名持仓:净买单量:玉米淀粉(日, | -10428 | 6015 | | | 注册仓单量:黄玉米(日,手) | 216495 | 手) -100 注册仓单量:玉米淀粉(日,手) | 24237 | 0 | | | 主力合约CS-C价差(日,元/吨) | 379 ...