| 工业硅&多晶硅日评20250430：重心下移 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位 今值 变动 近期趋势 2025/4/30 | 指标 | | | | | | | | | | | | | | | 元/吨 9,350.00 -1.06% | 不通氧553#（华东）平均价格 | | | | | | | | | | | | | | | 工业硅期现价格 元/吨 8,540.00 -2.95% | 期货主力合约收盘价 | | | | | | | | | | | | | | | 元/吨 810.00 160.00 | 基差（华东553#-期货主力） | | | | | | | | | | | | | | | 元/千克 38.00 0.00% | N型多晶硅料 | | | | | | | | | | | | | | | 多晶硅期现价格 元/吨 37,320.00 -1.22% | 期货主力合约收盘价 | | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The resumption of production at the Wabang Manxiang tin mine in Myanmar still takes time and the fee standard has increased, there are still disruptions in refined tin production in Malaysia, and the inventories of refined tin at home and abroad are decreasing. These factors may cause the price of Shanghai tin to be cautiously bullish. It is recommended that investors hold their previous long positions cautiously, paying attention to the support levels and pressure levels of Shanghai tin and London tin [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Shanghai Tin Futures**: On April 28, 2025, the closing price of the active contract was 260,570, down 2,270 from the previous day; trading volume was 48,003 lots, down 24,008 lots; open interest was 12,035 lots, down 5,566 lots; inventory was 8,722 tons, down 192 tons [1]. - **Shanghai Tin Basis and Spreads**: The SMM 1 tin semi - average price was 260,200, down 2,800; the Shanghai tin basis was - 370, down 530; the spread between the near - month and the first - consecutive contract was - 20, up 50; the spread between the first - consecutive and the second - consecutive contract was 80, down 320 [1]. - **London Tin**: The closing price of the LME 3 - month tin futures (electronic trading) on April 25 was 31,975; the LME tin 0 - 3 - month contract spread was - 166.99; the LME tin 3 - 15 - month contract spread was - 135; the LME global tin inventory was 2,845 tons; the LME registered inventory was 2,415 tons; the cancelled warrants were 430 tons; the Shanghai - London tin price ratio was 8.15, down 0.07 [1]. 3.2 Project Information - **Oropesa Project**: It will make the company the first European vertically - integrated tin producer from mine to metal. The feasibility study outlines a 1.4 - million - ton - per - year open - pit mine, expected to produce an average of 3,405 tons of tin per year over a 12 - year mine life and be processed at a local smelter in Spain. The first ore reserve report shows a reserve of 15.9 million tons, with a tin grade of 0.36% and a metal content of 57,900 tons [1]. 3.3 Industry News - **Wabang Mining**: On April 23, 2025, a symposium on the resumption of production of the Manxiang tin mine was held, clarifying the process of obtaining mining, concentrator, and exploration licenses. The new fee standards are significantly higher than those in 2023, which will increase the cost pressure on low - altitude mines and small - and medium - sized concentrators. The full resumption of normal mining is expected to take about two months, and the resumption of production in Wabang and the restart of the Bisie tin mine in Congo (Kinshasa) may relieve supply pressure to some extent [1]. 3.4 Supply and Demand Analysis - **Supply**: The resumption of production in Wabang and Congo (Kinshasa) may affect domestic tin ore production and imports, and domestic tin concentrate processing fees are expected to decline, indicating a tight supply of domestic tin ore. The supply of scrap tin is expected to increase, and the production of recycled tin in China in May may increase. The operating rates of refined tin production capacity in Jiangxi and Yunnan have decreased, and the production and inventory of refined tin in China in May may decrease. The export volume of Malaysia's MSC smelting company may increase, and the import volume of refined tin in China in June may increase [1]. - **Demand**: The daily processing fee of photovoltaic solder strips has decreased, and the operating rate of tin solder production capacity in China in May may decline. The import volume of solder strips in China in May may decrease, and the export volume may increase. The production volume of tin - plated sheets in China in June may increase, while the import and export volumes may decrease. The operating rate of lead - acid battery production capacity in China has increased [1].

2025 年 4 月 29 日 锡：小幅修复 | 王蓉 | 投资咨询从业资格号：Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | 请务必阅读正文之后的免责条款部分 1 期货研究 【基本面跟踪】 锡基本面数据 | 锡基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | | | | 昨日收盘价 | 日涨幅% | 昨日夜盘收盘 价 | 夜盘涨幅 | | | 沪锡主力合约 | 262,840 | 1.26% | 261,510 | -0.23% | | | 伦 锡3M电子盘 | 32,150 | 0.55% | - | - | | 期 货 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | 沪锡主力合约 | 72,011 | -24,008 | 17,601 | -5,566 | | | 伦 锡3M电子盘 | 206 | 0 | 176 | 0 | | | | ...

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The lead market shows a narrow - range oscillation, with a trend strength of 0, indicating a neutral outlook [1] 3) Summary According to Relevant Catalogs Fundamental Tracking - **Price and Volume Data**: The closing price of the Shanghai lead main contract was 17,005 yuan/ton, up 0.35% from the previous day; the closing price of the LME 3M electronic disk was 1,945 dollars/ton, down 0.66%. The trading volume of the Shanghai lead main contract was 40,549 lots, an increase of 2,570 lots; the LME lead trading volume was 2,178 lots, an increase of 48 lots. The open interest of the Shanghai lead main contract was 38,819 lots, an increase of 86 lots; the LME lead open interest was 147,337 lots, a decrease of 124 lots [1] - **Premium and Discount Data**: The premium of Shanghai 1 lead was 25 yuan/ton, an increase of 25 yuan/ton; the LME CASH - 3M premium was - 17.91 dollars/ton, an increase of 3.28 dollars/ton. The PB00 - PB01 spread was - 15 yuan/ton, a decrease of 20 yuan/ton; the import premium was 105 dollars/ton, unchanged [1] - **Profit and Loss and Inventory Data**: The spot import profit and loss of lead ingots was - 662.64 yuan/ton, a decrease of 117.98 yuan/ton; the import profit and loss of the Shanghai lead continuous third contract was - 633.54 yuan/ton, a decrease of 104.32 yuan/ton. The Shanghai lead futures inventory was 37,971 tons, unchanged; the LME lead inventory was 271,025 tons, a decrease of 3,050 tons. The price of waste electric vehicle batteries was 10,300 yuan/ton, a decrease of 100 yuan/ton; the LME lead cancelled warrants were 154,400 tons, a decrease of 3,050 tons. The profit and loss of recycled refined lead was - 502 yuan/ton, an increase of 61 yuan/ton [1] News - China's Ministry of Foreign Affairs stated that China and the US have not conducted consultations or negotiations on tariff issues [1] Trend Intensity - The lead trend intensity is 0, with the range of values in the [-2, 2] interval for integers, and the strength classification including weak, relatively weak, neutral, relatively strong, and strong, where - 2 represents the most bearish and 2 represents the most bullish [1]

商 品 研 究 2025 年 4 月 29 日 请务必阅读正文之后的免责条款部分 1 产 业 服 务 研 究 所 MEG： 多 PTA 空 MEG 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 【基本面跟踪】 对二甲苯、PTA、MEG 基本面数据 | 日 期 | P X主力收盘 | P T A主力收盘 | M E G主力收盘 | P F主力收盘 | S C主力收盘 | | --- | --- | --- | --- | --- | --- | | 2025-04-25 | 6230 | 4400 | 4160 | 6046 | 3477 | | 2025-04-24 | 6166 | 4370 | 4179 | 6028 | 3446 | | 2025-04-23 | 6224 | 4408 | 4250 | 6092 | 3507 | | 2025-04-22 | 6050 | 4306 | 4180 | 5982 | 3456 | | 2025-04-21 | 6110 | 4350 | 4205 | 6010 | 3419 | | 日度变化 | 1.0 ...

2025 年 4 月 29 日 沥青：去库延续，原油小跌 王涵西 投资咨询从业资格号：Z0019174 wanghanxi023726@gtjas.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2506 | 元/吨 | 3,451 | 1.47% | 3,453 | 0.06% | | | BU2507 | 元/吨 | 3,437 | 1.33% | 3,440 | 0.09% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2506 | 手 | 252,561 | 51,080 | 136,987 | (948) | | | BU2507 | 手 | 57,701 | 20,342 | 104,774 | 6,001 | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 89230 | 0 | | | | | | | 昨日价差 | 前日价差 ...

黄金屡创新高，白银却徘徊在33美元，分析师预言年内冲击50美元！是画饼还是真机遇？ 相关链接 期货热点追踪 ...

| | | | | 尿素早评20250428: 需求阶段性放缓 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日慶 | | 单位 4月24日 4月25日 | | | | 变化值 (绝对值) | 变化值 (相对值) | | UR01 UR05 | | | 元/吨 元/吨 | 1725.00 1766.00 | 1725.00 1766.00 | 0.00 0.00 | 0.00% 0.00% | | 尿素期货价格 | | | | | | | | | UR09 | (收盘价) | | 元/吨 | 1757.00 | 1757.00 | 0.00 | 0.00% | | 山东 | | | 元/吨 | 1800.00 | 1830.00 | -30.00 | -1.64% | | 期现价格 山西 | | | 元/吨 | 1690.00 | 1690.00 | 0.00 | 0.00% | | 河南 | 国内现货价格 | | 元/吨 | 1800.00 | 1820.00 | -20.00 | -1.10% | | 河北 | (小顆粒) | | ...

Report Industry Investment Ratings - Aluminum: Range-bound trading [1] - Alumina: Slight decline [1] Core Viewpoints - The market has recently seen several offers or deals for several mines at $75 - 80 (varying by grade and negotiating party), mainly due to a significant increase in alumina production cuts. Some miners and small and medium-sized mines are pre - shipping to avoid price - decline risks and maintain stable downstream customers. Newly投产 alumina enterprises are using their scale advantages to increase negotiation pressure, pushing down ore prices. Currently, market transactions are in the stage of sporadic bulk cargo deals, and mainstream miners are still observing the market or fulfilling current contracts, with the trend still being established. There are ongoing contract or legal disputes at Guinean mines, and their progress and resolution should be monitored [1][2] - Affected by the cost pressure from the continuous slump in alumina prices, the price of bauxite in Shanxi region continues to decline. The current price of 58/5 ore (Al/Si = 5) has dropped another 20 yuan/ton, reaching a factory - inclusive tax price of 700 yuan/ton [2] - Aluminum trend strength: 0; Alumina trend strength: 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [2] Directory Summaries Comprehensive News - Market has seen $75 - 80 offers or deals for mines due to alumina production cuts and new enterprises' negotiation pressure, and Guinean mines have contract/legal disputes [1][2] - Bauxite prices in Shanxi continue to decline due to alumina price slump [2] Trend Intensity - Aluminum trend strength is 0, and alumina trend strength is 0 [2]

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-4-28 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：纯碱检修陆续复产，开工率回升，供给抬升；下游浮法和光伏玻璃日熔量走稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1340元/吨，SA2509收盘价为1365元/吨，基差为-25元，期货 升水现货；偏空 3、库存：全国纯碱厂内库存169.10万吨，较前一周减少1.19%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面供强需弱，短期预计震荡运行为主。SA2509：1340-1390区间操作 影响因素总结 利多： 1、下游光伏玻璃产能有所提升，提振纯碱需求 ...