5月28日，国内期市煤炭板块多数飘绿。其中，焦煤期货主力合约开盘报800.0元/吨，今日盘中低位震 荡运行；截至发稿，焦煤主力最高触及804.0元，下方探低777.0元，跌幅达2.26%附近。 目前来看，焦煤行情呈现震荡下行走势，盘面表现偏弱。对于焦煤后市行情将如何运行，相关机构观点 汇总如下： 新世纪期货指出，焦煤产量高位，五一节后下游补库动力不足，523家样本矿山原煤库存刷出历年新 高，随着铁水产量下滑以及焦煤供应的持续增加，远月09合约将持续走弱。焦炭方面，随着焦煤价格下 跌，焦企入炉煤成本下降，多数企业保持在盈利状态，然今日钢厂对焦企开启第二轮提降，焦企利润将 收缩。随着各地高温天气到来，下游需求转弱，钢厂控量现象增加，焦企库存压力增加，焦炭综合库存 整体环比增加。焦炭供应过剩的格局未改，煤焦整体跟随成材走势为主。 国信期货分析称，供给端，前上周主产区部分煤矿因井下因素限产，上游开工率周环比小降，国内煤炭 供应整体保持平稳。进口方面，下游采购需求不佳，口岸库存再次累积，通关量周环比下降。需求方 面，焦企开工持稳，高炉铁水产量阶段性见顶，周环比持续下滑，炉料真实需求边际走弱。基本面支撑 不足，盘面偏弱震 ...

5月23日盘中，锰硅期货主力合约遭遇一波急速下挫，最低下探至5724.00元。截止发稿，锰硅主力合约 报5742.00元，跌幅3.24%。 锰硅期货主力跌超3%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 国海良时期货：锰硅谨慎观望 供需方面，锰硅产量有所回升，铁水处于高位，库存虽处于高位，但保持下降趋势，锰硅底部空间有 限，但6月梅雨季和消费淡季钢厂需求或将季节性转弱，中长期锰硅需求偏弱局势不变。锰硅短期受消 息面影响或有反弹上升可能，但持续时间预计不长，策略上谨慎观望，待资金情绪回稳后轻仓逢高试 空，上方压力位在6300-6500元/吨附近，下方支撑位在5600-5700元/吨附近。 国泰君安期货：锰硅情绪驱动短期冲高，基本面中长期承压 锰硅受到南非矿端信息影响，涨幅达到3.84%，收于5998元/吨。南非国家铁路与港口运营商及工会之间 陷入了工资谈判的僵局。当前工会将提前48小时向港口运营商发出罢工通知。同时，南非对锰矿矿产起 源开启了战略性评估，其中锰矿被明确定义为高关键性矿物，除此之外还有铂金、铁矿石、煤炭和铬 矿，关键矿出口或将受限。矿端的信息提振锰硅市场当前走势，但锰硅基本面表现略显 ...

结构上看大多货源已转移至产业链中游，贸易商目前存在一定挺价惜售意愿。受塞内开关延迟及进口利 润不佳影响，本年度进口花生到港量较常年偏少。局部产区农忙，农户货源销售量偏少，整体上货量不 大，批发市场按需补库，现货价格持续偏强。压榨厂散油榨利尚可，托底收购。天气逐步转暖，农忙结 束后吉林等地基层少量尾货有一定销售需求。主产区花生处于播种、生长季，花生玉米比价有所回落， 但花生比较种植收益尚可，种植面积预期处于高位，同比变化不大，局部产区有高温和偏旱现象，对期 价产生一定提振，但局部产区将出现降雨，对土壤墒情将形成改善，关注产区天气变化。多单部分止 盈。10合约支撑8000-8004，压力位上调至8450-8460。 5月23日盘中，花生期货主力合约弱势震荡，最低下探至8278.00元。截止发稿，花生主力合约报8284.00 元，跌幅1.22%。 花生期货主力跌超1%，对于后市行情如何，相关机构该如何评价？ | 机构 | 核心观点 | | --- | --- | | 方正中期期货 | 花生10合约支撑8000-8004 | | 中原期货 | 花生近期不建议做空 | | 瑞达期货（002961） | 花生价格预计上行 ...

行业 PTA 日报 日期 2025 年 5 月 22 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯 ...

行业 PTA 日报 日期 2025 年 5 月 20 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯 ...

Core Viewpoint - The main focus of the article is the recent decline in coking coal futures, with the primary contract dropping by 2.27% to 1421.0 yuan, indicating a bearish outlook for the market [1] Group 1: Market Analysis - Shenyin Wanguo Futures suggests a bearish approach to coking coal, citing high iron water levels and declining future demand as key factors [1] - The firm notes that the cost of thermal coal has collapsed, leading to downward pressure on coking coal prices, and anticipates a potential price drop following a failed second round of price increases [1] - The article highlights that steel mills are experiencing seasonal demand peaks, which may lead to negative feedback in the market if high iron water levels do not sustain [1] Group 2: Supply and Demand Dynamics - Hualian Futures indicates that domestic coal mines are maintaining normal production levels, resulting in continued supply pressure [1] - The report mentions that while coking enterprises are seeing slight profit increases, their willingness to purchase coking coal remains low, leading to a decline in coking coal inventories [1] - The overall supply-demand structure remains loose, with expectations of weak demand from end-users and a significant drop in steel mill inventories [1] Group 3: Price Levels and Recommendations - Shenyin Wanguo Futures identifies key support and resistance levels for coking coal, with JM09 focusing on 850 as support and 920 as resistance, while J09 looks at 1350-1400 for support and 1500 for resistance [1] - Hualian Futures recommends a strategy of selling on rallies, with reference pressure levels set at 950 for coking coal and 1600 for coking coal futures [1]

期货热点追踪 铁矿石期货盘中触及两周高点，但这一因素仍是后市行情的"达摩克利斯之剑"！ 相关链接 ...

5月6日盘中，PTA期货主力合约遭遇一波急速下挫，最低下探至4328.00元。截止发稿，PTA主力合约报 4332.00元，跌幅2.17%。 PTA期货主力跌超2%，对于后市行情如何，相关机构该如何评价？ | 机构 | 核心观点 | | --- | --- | | 南华期货（603093） | PTA逢低入场 | | 兴业期货 | PTA涨幅可能有限，整体震荡偏弱 | | 申银万国期货 | 预计PTA期现价格维持弱势 | 南华期货：PTA逢低入场 兴业期货：PTA涨幅可能有限，整体震荡偏弱 供应端看，多套供应商按计划检修，部分延后检修装置兑现检修，5月计划检修量处于往年同期高位。 4-5月月均去库达到50万吨，社会库存累库情况改善。需求端看，后续支撑可能不足。织造企业在3-4月 产销旺季的开工情况处于往年低位，且逐步进入淡季状态，从订单情况也可以看到表现不佳。此外中美 关税预计对服装外贸影响较大，目前出口统计数据暂未体现，但后市终端消费对原料价格支撑不足。此 外从成本端看，原油价格可能延续下行状态，对PTA有利空指引。因此尽管供应端检修有利好，但在需 求端和成本端限制下，PTA涨幅可能有限，整体震荡偏弱。 申 ...

浮法玻璃在产日熔量为15.78万吨，环比-0.44%万吨。浮法玻璃周产量110.58吨，环比-0.32%，同 比-9.32%。浮法玻璃开工率为75.85%，环比+0.19%，产能利用率为78.78%，环比-0.25%。 据悉，湖北三峡新型建材股份有限公司三线设计产能600吨原产白玻改产殴灰于4月20日正色。株洲醴陵 旗滨玻璃有限公司四线600吨4月25日放水。 4月30日，国内期市能化板块涨幅居前。其中，玻璃期货主力合约开盘报1106.00元/吨，今日盘中低位震 荡运行；截至午间收盘，玻璃主力最高触及1111.00元，下方探低1079.00元，跌幅达2.69%。 4月29日，郑商所玻璃期货仓单2441张，环比上个交易日持平。 后市来看，玻璃期货行情将如何运行，相关机构观点汇总如下： 金信期货指出，当下日融处于较低位置，现货产销虽有所好转，但厂库仍在高位，下游深加工订单补库 动力不强，需求持续放量仍待地产刺激效果显现或重大政策出台。技术面上，今日再创新低，短期震荡 偏空思路不变，临近假期做好风险控制。 中信建投（601066）期货表示，短期玻璃供应高于需求，供应端对价格影响偏空。近期玻璃下游需求环 比略降，投机 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 30, 2025 [2] Investment Rating - No investment rating information provided in the report. Core View - The Shanghai zinc futures market showed narrow - range adjustments. The main contract closed at 22,550 yuan/ton, up 35 yuan or 0.16%, with reduced volume and positions. Due to macro - risk disturbances during the holiday, it is advisable to hold light positions. Attention should be paid to the adjustment of margin ratios during the Labor Day holiday, with the holiday margin ratio for Shanghai zinc adjusted to 20% and the post - holiday ratio to 14% [7]. Summary by Section 1. Market Review - **Futures Market Quotes**: For SHFE zinc, the 2505 contract opened at 22,800 yuan/ton, closed at 22,790 yuan/ton, with a high of 22,840 yuan/ton, a low of 22,760 yuan/ton, up 15 yuan or 0.07%, and the position decreased by 3,577 to 16,881 lots. The 2506 contract opened at 22,520 yuan/ton, closed at 22,550 yuan/ton, up 35 yuan or 0.16%, and the position decreased by 3,301 to 114,582 lots. The 2507 contract opened at 22,260 yuan/ton, closed at 22,325 yuan/ton, up 60 yuan or 0.27%, and the position increased by 1,185 to 58,409 lots [7]. - **LME Zinc Inventory**: LME zinc inventory decreased by 1,775 tons to 177,550 tons, with all the decrease from Singapore warehouses. The 0 - 3 spread was C35.72, the SHFE - LME ratio was 8.66, and the ratio excluding exchange rate was 1.21. The profit from spot imports narrowed but the window remained open [7]. - **Spot Market**: Some imported zinc ingots entered the market before the holiday, and downstream buyers had basically completed pre - holiday stockpiling. The spot volume was limited, and the premium remained stable. The premium in the Shanghai market for the 05 contract was 150 - 190 yuan/ton, the Tianjin market had a premium of 60 yuan/ton over the Shanghai market, and the Guangdong market had a premium of 455 yuan/ton for the 06 contract, with the Shanghai - Guangdong spread widening [7]. 2. Industry News - **April 29, 2025 Zinc Prices**: The mainstream transaction price of 0 zinc was concentrated between 22,925 - 23,030 yuan/ton, and Shuangyan zinc was traded between 23,125 - 23,190 yuan/ton. The mainstream transaction price of 1 zinc was between 22,855 - 22,960 yuan/ton. In different regions, the premiums and price ranges varied. For example, in the Shanghai market, the premium for ordinary domestic zinc to the 2505 contract was 150 - 190 yuan/ton [8]. - **Regional Price and Premium Details**: In the Ningbo market, the mainstream brand 0 zinc was traded at 22,985 - 23,040 yuan/ton, with a premium of 195 yuan/ton for the 2505 contract and a premium of 30 yuan/ton over the Shanghai spot. In the Guangdong market, the mainstream brand 0 zinc was traded at 22,965 - 23,165 yuan/ton, with a premium of 455 yuan/ton for the 2506 contract and a premium of 60 yuan/ton over the Shanghai spot. In the Tianjin market, the 0 zinc ingot was traded at 23,010 - 23,140 yuan/ton, and the premium over the 2505 contract was 230 - 350 yuan/ton, with the Shanghai - Tianjin spread narrowing [8][9].