智通财经6月14日电，COMEX黄金期货涨1.47%，报3452.3美元/盎司，本周累计上涨3.18%。COMEX白 银期货涨0.14%，报36.345美元/盎司，本周累涨0.57%。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Crude oil's sharp rise drives the overall strength of the oil and fat sector. Due to the Israeli attack on Iranian nuclear facilities, the Middle - East situation has suddenly become tense, increasing the geopolitical premium and the bullish sentiment in the commodity market. The palm oil price has risen, with its origin showing both supply and demand growth. Meanwhile, eggs have rebounded, and corn has fluctuated at a high level [1]. 3. Summary by Related Catalogs 3.1 Agricultural Product Sector Overview - Crude oil's sharp rise drives the overall strength of the oil and fat sector. The Middle - East situation's tension boosts the geopolitical premium and the bullish sentiment in the commodity market. Palm oil has risen, with its origin having both supply and demand growth. The strong exports of Malaysian palm oil support the price increase, but the production growth also limits the increase. Eggs have rebounded due to potential bullish expectations after contract transfer and over - culling in the breeding end. Corn has fluctuated at a high level, supported by the wheat support policy, tight supply in the producing areas, and a sharp increase in the corn price in the sales areas [1]. 3.2 Variety Strategy Tracking 3.2.1 Palm Oil: Rebound and Oscillation - The palm oil main 2509 contract has risen significantly, boosted by the sharp rise in crude oil. The tense Middle - East situation drives the rise in palm oil. Malaysia's palm oil production is expected to increase, but India's strong demand for palm oil exports supports the price. In China, palm oil inventory has increased year - on - year, and it is mainly for rigid demand. The main 2509 contract shows a box - shaped oscillation. The strategy is to close short positions and conduct short - term trading, with support at 8086 and resistance at 8224 [2][3]. 3.2.2 Soybean Oil: Gap - up and Higher - The soybean oil main 2509 contract has risen due to the sharp rise in crude oil. However, the subsequent increase may be limited because of the large arrival of imported soybeans in China, high oil mill operating rates, and increased soybean oil supply and inventory. As of the end of the 23rd week, domestic soybean oil inventory was 91.89 million tons, a week - on - week increase of 8.42%. The strategy is to close short positions and conduct short - term trading, with support at 7736 and resistance at 7838 [4]. 3.2.3 Live Hogs: Continuous Rise - The live hog 2509 contract has continued to rise, boosted by the news of state reserve purchases. The 10,000 - ton reserve purchase has boosted market confidence, supported the hog price, and increased buying from long positions. The strategy is to hold light long positions, with support at 13700 and resistance at 13880 [6]. 3.2.4 Eggs: Rebound from Low Levels - The egg main 2508 contract has rebounded from low levels, boosted by increased culling of laying hens. After contract transfer, there are potential bullish factors. The accelerated culling of hens may reduce egg supply pressure. The strategy is to close short positions and pay attention to whether the resistance of the 20 - day moving average can be overcome, with support at 3500 and resistance at 3566 [8]. 3.2.5 Sugar: Rebound after Reaching a Low - The sugar main 2509 contract has rebounded after reaching a low, supported by some short - covering. The increased sugar production in Brazil, India, and Thailand puts pressure on the international sugar price. Although China's sugar production has increased and import volume is expected to rise, the high sugar sales rate and the upcoming summer consumption season support the price. The strategy is to hold short positions, with support at 5610 and resistance at 5686 [10]. 3.2.6 Soybean Meal: Oscillation and Decline - The soybean meal 2509 contract has oscillated and declined at a high level due to long - position profit - taking and cost - driven cooling. The high operating rate of domestic oil mills has increased soybean meal inventory. The strategy is to close long positions, with support at 3037 and resistance at 3065 [12]. 3.2.7 Corn: High - level Fluctuation - The corn main 2507 contract has fluctuated at a high level, first falling and then rising. Supported by the wheat support policy, tight supply in the producing areas, low imported corn, and a sharp increase in the sales - area spot price, the adjustment space is limited. The strategy is to hold long positions, with support at 2372 and resistance at 2387 [15]. 3.2.8 Cotton: First Decline then Rise, High - level Oscillation - The cotton main 2509 contract has first declined then risen and is running strongly. The Sino - US economic and trade consultation meeting has increased market optimism, and the decreasing port inventory of imported cotton also has a positive impact. Although the domestic textile market is in the off - season, the easing of Sino - US relations has stabilized market sentiment. The strategy is to hold light long positions, with support at 13390 and resistance at 13600 [16][18]. 3.2.9 Apples: Narrow - range Oscillation - The apple main 2510 contract has oscillated in a narrow range, with limited rebound space. Low inventory supports the price, but slow sales in the off - season offset some of the support. The inventory depletion has slowed down, and the expected reduction in new - season production has decreased. The strategy is to hold short positions, with support at 7544 and resistance at 7637 [19][21]. 3.2.10 Peanuts: Narrow - range Fluctuation - The peanut main 2510 contract has had a small rebound after a continuous sharp decline and is fluctuating in a narrow range. The peanut market currently has weak supply and demand. Some suppliers' profit - taking and weak terminal demand put pressure on the price. The strategy is to hold light short positions, with support at 8180 and resistance at 8232 [22].

1. Report Industry Investment Rating - No relevant information provided in the content 2. Core Views of the Report - The USDA's downward revision of the US corn ending stocks estimates for the 2024/25 and 2025/26 seasons is generally positive, but concerns about long - term import pressure remain due to good US corn good - to - excellent ratings and improved Sino - US trade relations. In the domestic market, the corn price is supported by factors such as slow sales in the Northeast, strong restocking demand from some processing enterprises, reduced market grain supply in the North China and Huanghuai regions, and the start of wheat procurement at the minimum purchase price in Henan [8]. - Corn starch prices are relatively strong due to reduced supply pressure from lower industry operating rates and support from firm corn prices, and the industry inventory has slightly declined [14]. 3. Summary by Directory 3.1. Weekly Highlights Summary Corn - **Strategy**: Short - term trading is recommended [9]. - **Market Review**: This week, the corn futures fluctuated and closed higher. The closing price of the main 2507 contract was 2378 yuan/ton, an increase of 38 yuan/ton from the previous week [10]. - **Market Outlook**: The USDA's downward revision of ending stocks estimates is positive, but there are concerns about import pressure. In the domestic market, the Northeast sales slow down, some processing enterprises restock, and the North China and Huanghuai regions see reduced grain supply. The start of wheat procurement at the minimum purchase price in Henan supports the corn market. The recent upward trend has slowed down [10]. Corn Starch - **Strategy**: Short - term participation is recommended [13]. - **Market Review**: Dalian corn starch futures fluctuated and closed higher. The closing price of the main 2507 contract was 2703 yuan/ton, an increase of 47 yuan/ton from the previous week [14]. - **Market Outlook**: Due to tight raw material supply in North China and continuous losses in production, the industry operating rate has dropped to a new low this year. With reduced supply pressure and firm corn prices, the spot price of corn starch is relatively good, and the inventory has slightly declined [14]. 3.2. Futures and Spot Market Futures Price and Position Changes - The corn futures July contract fluctuated upward this week, with a total position of 702,413 lots, a decrease of 261,592 lots from last week. The corn starch futures July contract also fluctuated upward, with a total position of 163,117 lots, a decrease of 49,450 lots from last week [20]. Top Twenty Net Position Changes - This week, the net position of the top twenty in corn futures was - 112,968, compared with - 86,788 last week, indicating an increase in net short positions. The net position of the top twenty in starch futures was - 8,482, compared with - 12,459 last week, indicating a decrease in net short positions [27]. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 216,285 lots, and the registered warehouse receipts of corn starch were 24,237 lots [34]. Spot Price and Basis - As of June 12, 2025, the average spot price of corn was 2,406.27 yuan/ton, and the basis between the active July contract and the spot average price was 28 yuan/ton. The spot price of corn starch in Jilin was 2,820 yuan/ton, and in Shandong was 2,940 yuan/ton, remaining relatively stable this week. The basis between the July contract of corn starch and the spot price in Changchun, Jilin was 117 yuan/ton [39][43]. Futures Inter - monthly Spread - The 7 - 9 spread of corn was - 26 yuan/ton, at a medium level in the same period. The 7 - 9 spread of starch was - 79 yuan/ton, also at a medium level in the same period [49]. Futures Spread - The spread between the July contract of starch and corn was 325 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 440 yuan/ton, an increase of 24 yuan/ton from last week [58]. Substitute Spread - As of June 12, 2025, the average spot price of wheat was 2,430.39 yuan/ton, and the average spot price of corn was 2,406.27 yuan/ton, with a wheat - corn spread of 24.12 yuan/ton. In the 24th week of 2025, the spread between cassava starch and corn starch changed little, with an average spread of 206 yuan/ton, a reduction of 33 yuan/ton from last week [64]. 3.3. Industrial Chain Situation Corn - **Supply - Port Inventory**: As of June 6, 2025, the domestic trade corn inventory in Guangdong Port was 101.6 tons, a decrease of 13.3 tons from last week, and the foreign trade inventory was 0.3 tons, unchanged from last week. The corn inventory in the four northern ports was 305.9 tons, a decrease of 25.2 tons week - on - week, and the shipping volume was 58 tons, a decrease of 7.7 tons week - on - week [53]. - **Supply - Spring Corn Growth**: No detailed information provided other than the topic about the growth and development of spring corn [66]. - **Supply - Monthly Import**: In April 2025, the total import volume of ordinary corn was 180,000 tons, a decrease of 1 million tons or 84.75% compared with the same period last year, and an increase of 100,000 tons compared with the previous month [72]. - **Supply - Feed Enterprise Inventory**: As of June 12, the average inventory of national feed enterprises was 33.48 days, a decrease of 1.87 days from last week, a month - on - month decrease of 5.29%, and a year - on - year increase of 6.79% [76]. - **Demand - Livestock Inventory**: As of the end of the first quarter of 2025, the pig inventory was 417.31 million, a year - on - year increase of 2.2%. At the end of April, the inventory of breeding sows was 40.38 million, a month - on - month decrease of 10,000, and a year - on - year increase of 1.3% [80]. - **Demand - Breeding Profit**: As of June 6, 2025, the breeding profit of self - bred and self - raised pigs was 33.83 yuan/head, and the breeding profit of purchased piglets was - 120.8 yuan/head [84]. - **Demand - Processing Profit**: As of June 12, 2025, the processing profit of corn starch in Jilin was - 96 yuan/ton, and the processing profit of corn alcohol in Henan was - 827 yuan/ton, in Jilin was - 596 yuan/ton, and in Heilongjiang was - 168 yuan/ton [89]. Corn Starch - **Supply - Enterprise Inventory**: As of June 11, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 4.651 million tons, a decrease of 0.06% [93]. - **Supply - Operating Rate and Inventory**: From June 5 - 11, 2025, the total national corn processing volume was 537,000 tons, a decrease of 14,800 tons from last week. The national corn starch output was 252,000 tons, a decrease of 15,800 tons from last week. The weekly operating rate was 48.71%, a decrease of 3.06% from last week. As of June 11, the total starch inventory of national corn starch enterprises was 1.36 million tons, a decrease of 44,000 tons from last week, a week - on - week decrease of 3.13%, a month - on - month decrease of 3.68%, and a year - on - year increase of 28.18% [97]. 3.4. Option Market Analysis - As of June 13, the implied volatility of the options corresponding to the main 2507 contract of corn was 8.9%, an increase of 0.66% from 8.24% last week. The implied volatility fluctuated and rebounded this week, being at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [100].

取 更 多 资 讯 双硅价格大幅分歧，多晶硅价格弱支撑 研究员:王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 瑞达期货研究院 「2025.06.13」 工业硅多晶硅市场周报 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 目录 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 3 u 行情回顾： 本周工业硅上涨0.75%，本周上半周工业硅在市场开始逼近了大厂现金成本价7000附近以后，市场情绪有 所回暖，开始反弹，反弹到7500后持仓量大幅下滑，07合约即将进入换月，预计下周07合约不会有太大表现，反观08 合约，开始大幅增加空仓，短期应注意现金成本支撑，本周多晶硅下跌3.01%，美国储能企业在川总政策下开始出现破 产，导致多晶硅下游需求光伏价格下滑，影响多晶硅需求，本周多晶硅继续延续上周跌势。 u 行情展望：工业硅方面，从供应端来看，云南、四川等地逐步进入丰水期，电价成本优势显现，从开工率以及产量数 据来反馈，本周产量小幅增加，产能利用率开始提升，大型企业开始在丰水期加力生产。需求端看，工业硅的下游主 ...

农产品日报（2025 年 6 月 13 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 玉米 | 周四，玉米近月合约减仓调整，期价以小阴线收盘，在周初连续两日快速拉升之 后，期价在前高位置承压，短期呈现调整表现。东北玉米现货报价仍以上涨为主， 虽成交偏淡，但并不影响贸易商心态。拍卖玉米成交价格也较高，对市场也有一 | | | | 定的支撑。华北地区玉米价格继续维持偏强运行。山东深加工早间玉米到货车辆 | | | | 有所增加，但依然维持低位，山东深加工玉米收购价格继续上涨 10-20 元/吨。 | | | | 河南地区本粮源出货，部分山西粮源流入，市场整体供应尚可，价格维持稳定。 | | | | 销区市场玉米价格继续大范围上涨 10-30 元/吨。期货表现继续偏强，产区贸易 | 震荡 | | | 商挺价心态较浓，报价继续上调。下游饲料企业采购一般，小麦替代优势仍较大， | | | | 玉米多刚需采购。技术上，玉米近月合约空头主力减仓离场，期价快速拉升，现 | | | | 货强势对期货的提振体现出来，近月率先领涨，近远月价差拉大。其后，远月跟 | | | | 随 ...

新能源及有色金属日报 | 2025-06-13 铅价走高 现货成交相对低迷 市场要闻与重要数据 现货方面：2025-06-12，LME铅现货升水为-28.65美元/吨。SMM1#铅锭现货价较前一交易日变化75元/吨至16700 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至-25.00元/吨，SMM广东铅现货较前一交易日变化75元/ 吨至16750元/吨，SMM河南铅现货较前一交易日变化75元/吨至16725元/吨，SMM天津铅现货升贴水较前一交易日 变化75元/吨至16800元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化0元/ 吨至10125元/吨，废白壳较前一交易日变化25元/吨至10050元/吨，废黑壳较前一交易日变化50元/吨至10375元/吨。 期货方面：2025-06-12，沪铅主力合约开于16870元/吨，收于16890元/吨，较前一交易日变化45元/吨，全天交易日 成交29540手，较前一交易日变化7816手，全天交易日持仓44388手，手较前一交易日变化399手，日内价格震荡， 最高点达到16965元/吨，最低点达到16840元/吨。夜盘方 ...

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/06/13 中国期货每日简报 China Futures Daily Note 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: China and US reached a principled consensus on the framework of measures t ...

甲醇日报 | 2025-06-13 港口库存回升，而基差仍小幅走强 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤410元/吨（+0），内蒙煤制甲醇生产利润603元/吨（+0）；内地甲醇价格方面，内 蒙北线1898元/吨（+0），内蒙北线基差208元/吨（-8），内蒙南线1890元/吨（+0）；山东临沂2225元/吨（+5），鲁南 基差135元/吨（-3）；河南2125元/吨（+20），河南基差35元/吨（+12）；河北2105元/吨（+0），河北基差75元/吨（-8）。 隆众内地工厂库存379120吨（+8630），西北工厂库存237100吨（+2600）；隆众内地工厂待发订单302090吨（+39910）， 西北工厂待发订单167000吨（+17000）。 港口方面：太仓甲醇2382元/吨（+14），太仓基差92元/吨（+6），CFR中国271美元/吨（+0），华东进口价差-17元/ 吨（-10），常州甲醇2340元/吨；广东甲醇2320元/吨（+15），广东基差30元/吨（+7）。隆众港口总库存652200吨 （+71000），江苏港口库存312000吨（+30700），浙江港口库存1 ...

行业 碳酸锂期货日报 日期 2025 年 6 月 13 日 有色金属研究团队 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 请阅读正文后的声明 期货从业资格号：F3075681 每日报告 一、 行情回顾与操作建议 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 碳酸锂期货增仓下跌，空头再度主导盘面，近期碳酸锂主要受情绪面主导，基本 面变化不大。日内现货继续涨价，电碳涨 150 至 60650，国内锂辉石矿和锂云母 矿价格继续上涨，澳矿价格持平，矿价企稳反弹支撑碳酸锂现货价，磷酸铁锂涨 价 30-40,6 系和 8 系三元材料均降价 200，产业链上下游价格继续稳中向好。在 矿价和正极材料价格企稳背景下，预计 ...

行业 锌期货日报 日期 2025 年 6 月 13 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2506 | 22395 | 22375 | 22430 | 22300 | 25 | 0.11 | 2115 | -395 | | 沪锌 | 2507 | 221 ...