Group 1: Commodity Market Overview - The domestic commodity futures market experienced a weak trend on April 28, with the China Securities Commodity Futures Price Index closing at 1376.15 points, down 5.55 points or 0.40% from the previous trading day [1] - The energy and chemical sector showed strength, particularly in the polyester chain, with short fibers, low-sulfur fuel oil, and PTA recording approximately 2% gains [1][3] - In contrast, the metal sector continued to adjust, with polysilicon leading the decline, dropping over 3%, while gold and silver fell more than 1% [1][4] Group 2: Polyester Chain Performance - The polyester industry chain maintained a strong performance, with short fiber futures leading the market with a 2.08% increase, while PTA and bottle chips also rose over 1% [3] - Global trade tensions have lessened their impact on market sentiment, and the recovery of international oil prices has supported the stabilization of energy and chemical products [3] - However, there are concerns regarding weak demand in both domestic and foreign trade, leading to increased inventory levels in short fiber factories [3] Group 3: Metal Sector Weakness - The metal sector, including energy metals, faced a collective downturn, with polysilicon dropping 3.05%, and lithium carbonate and industrial silicon also declining [4] - Despite a previous rebound due to production control rumors, the demand for photovoltaic installations has cooled, exacerbating supply-demand imbalances for silicon materials [4] - The overall sentiment in the metal market remains bearish, with expectations of continued pressure on polysilicon prices due to weak future demand and slow inventory depletion [4] Group 4: Oilseed and Oil Market Trends - The oilseed and oil market also saw a collective decline, with soybean meal, palm oil, and No. 2 yellow soybeans all dropping over 2% [5] - The market sentiment turned negative due to downstream resistance to high-priced soybean meal, alongside a retreat in U.S. soybean prices and expectations of increased domestic oilseed supply [5] - In the absence of substantial positive fundamentals, the oilseed market is likely to maintain a weak and volatile trend [5]

金十期货正在直播 黄金继续回调，非农和PCE或指引方向？商品期货如何提前布局？期货资深研究员Leo正在为您深度剖 析当前市场格局，洞察期货品种基本面，并展望大宗商品的未来走向。立即进入直播间。 相关链接 ...

商品期货收盘，多晶硅主力合约跌超3%，菜籽粕、豆二、棕榈油、碳酸锂跌超2%，豆粕、焦煤、苹 果、沪银、沪金、焦炭跌超1%。短纤涨超2%，LU燃油、PTA、瓶片、沥青、玉米、尿素涨超1%。 ...

商品期货开盘，沪金、LU燃油、原油主力合约跌超2%，燃料油、烧碱跌超1%。菜籽粕、沪银、焦炭、 纯碱、焦煤、沪锡、豆一、棉纱涨超1%。 ...

南华商品指数：贵金属板块领涨，黑色板块领跌 王怡琳 摘要：依照相邻交易日的收盘价计算，今日南华综合指数下跌-0.14%。板块指数中，涨幅最大的板块是南华贵 金属指数，上涨1.63%，涨幅最小的板块是南华农产品指数，涨幅为0.34%，跌幅最大的板块是南华黑色指数， 跌幅为-1.34%，跌幅最小的板块是南华有色金属指数，跌幅为-0.5%。 主题指数中，涨幅最大的主题指数是油 脂油料指数，上涨0.91%，涨幅最小的主题指数是能源指数，涨幅为0.06%，跌幅最大的主题指数是黑色原材料 指数，跌幅为-1.46%，跌幅最小的主题指数是迷你综合指数，跌幅为-0.28%。 商品期货单品 2025-04-22 16:48:14 南华商品指数日报 2025年4月22日 主題指数中，派榻最大的主題指數是油脂油料指数，上涨0.91%，漲幅最小的主題指数是能源指数，漲幅为0.08%，跌幅最大的主題指数是黑色原材料指数，跌幅均- 1.46%,跌幅最小的主题指数是迷你综合指数,跌幅为-0.28%。 商品期货单品种指数中，涨幅最大的单品种指数是黄金，上涨3.27%，跌幅最大的商品期货单品种指数是红枣，跌幅为~3.18%。 主要单品种指数收益 ...

商品期货开盘，沪金主力合约涨超2%，豆一、玉米、淀粉涨超1%。20号胶跌超1%。 ...

Group 1: Index Performance Summary - The South China Composite Index (NHCI) closed at 2421.42, down 1.19 points or -0.05% from the previous trading day, with an annualized return of -7.19% and an annualized volatility of 13.87% [4] - Among the sector indices, the South China Energy and Chemical Index (NHECI) had the largest increase, rising 0.38%, while the South China Industrial Products Index (NHII) had the smallest increase, rising 0.09%. The South China Black Index (NHFI) had the largest decline, falling -0.6%, and the South China Metal Index (NHMI) had the smallest decline, falling -0.29% [1][4] - Among the theme indices, the Energy Index (NHEI) had the largest increase, rising 1.12%, and the Coal - Chemical Index (NHCCI) had the smallest increase, rising 0.17%. The Building Materials Index (NHBMI) had the largest decline, falling -0.94%, and the Mini - Composite Index (NHCIMi) had the smallest decline, falling -0.53% [1][5] - Among the single - variety commodity futures indices, the Crude Oil index had the largest increase, rising 1.66%, and the Glass index had the largest decline, falling -3.77% [5] Group 2: Index Contribution Analysis - For the South China Composite Index, positive contributors included Gold (6.60%) and Crude Oil (30.09%), while negative contributors included Iron Ore (-7.19%) and Glass (-10.62%) [10] - For the South China Energy and Chemical Index, positive contributors included Aluminum (1.32%) and Polypropylene (1.15%), while negative contributors included Iron Ore (-11.18%) and Coke (-17.56%) [10] - For the South China Agricultural Products Index, positive contributors included Rapeseed Meal (2.81%) and Live Pigs (4.97%), while negative contributors included Palm Oil (-1.74%) and Natural Rubber (-19.61%) [10] Group 3: Other Information - The calculation method of the rise - fall ratio in the report is (today's closing price - yesterday's closing price) divided by yesterday's closing price, and the contribution rate is the product of the rise - fall ratio and the weight [19] - The South China Commodity Index excludes the price difference when the commodity contract changes months, reflecting the real return of investing in commodity futures [19] - The contribution rate calculation method used in the report is: a variety's daily rise - fall ratio divided by the sum of the absolute values of each variety's daily rise - fall ratio [19]

策略参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 4 月 18 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 核心逻辑：周四 CBOT 大豆期货下跌，受到市场获利了结的拖累。随着现货市场价格跌幅扩大，豆粕期价 跌幅扩大。近期大豆到港量的逐渐增加，市场对 5 月份供应改善的预期渐强，此前现货价格坚挺的地区跌 幅明显扩大，基差延续回落。市场情绪自峰值逐渐回落，交易逻辑开始向产业逻辑切换，短期考虑到五一 假期前油厂开工率难有大幅提升，阶段性市场供应压力释放较为有限。短期豆类期价震荡偏弱运行。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 日内观点：震荡偏强 中期观点：震荡 参考观点 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The Nanhua Composite Index fell by -1.74% on April 8, 2025. Among the sector indices, the Nanhua Agricultural Products Index had the largest increase of 0.99%, and the Nanhua Precious Metals Index had the smallest increase of 0.43%. The Nanhua Energy and Chemical Index had the largest decline of -2.91%, and the Nanhua Non - ferrous Metals Index had the smallest decline of -0.29%. Among the theme indices, only the Oilseeds and Oils Index rose by 1.44%, while the rest declined, with the Energy Index having the largest decline of -4.42% and the Economic Crops Index having the smallest decline of -0.59%. Among the single - variety indices of commodity futures, the Egg Index had the largest increase of 3.54%, and the 20 - gauge Rubber Index had the largest decline of -6.79% [1][4][5]. 3. Summary by Relevant Contents 3.1 Market Data of Nanhua Commodity Indices - The Nanhua Composite Index closed at 2390.37, down -1.74% from the previous day, with an annualized return of -6.78% and an annualized volatility of 13.63% [4]. - The Nanhua Precious Metals Index closed at 1118.98, up 0.43%, with an annualized return of 30.88% and an annualized volatility of 19.21% [4]. - The Nanhua Industrial Products Index closed at 3480.83, down -2.30%, with an annualized return of -12.73% and an annualized volatility of 15.09% [4]. - Other indices also have corresponding closing prices, daily returns, annualized returns, and annualized volatilities as detailed in the report [4]. 3.2 Contribution of Single Varieties to Indices - For the Nanhua Composite Index, varieties like Soybean Meal, Silver, and Nickel had positive contributions, while Rapeseed Oil and Gold had negative contributions in some cases [8]. - Similar contributions are shown for the Nanhua Mini - Composite Index, Nanhua Industrial Products Index, and Nanhua Metal Index [8]. 3.3 Historical Trend Charts - There are historical trend charts of the Nanhua Composite Index, sector indices, and theme indices (all normalized), which can help analyze the long - term performance of these indices [10][12]. 3.4 Industry Chain and Single - Variety Index Fluctuations - In the energy and chemical sector, the price changes of various products in the industrial chain are presented, such as the decline of Soda Ash by -1.87% and the increase of Polypropylene by 0.25% [15]. - In the agricultural products sector, price changes of related products are also shown, for example, the increase of Palm Oil by 0.16% and the increase of Rapeseed Meal by 3.16% [19].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The short - term view of both 2505 contract of coking coal and 2505 contract of coke is a decline, and the medium - term view for both is consolidation. The reference view for both is a consolidation approach. Coking coal will likely maintain a weak consolidation due to its long - term loose supply - demand pattern, and coke will oscillate at a low level as short - term improvement and long - term bearish expectations are intertwined [1][5][7]. 3. Summary by Related Catalogs For Coking Coal (JM) - **Price Movement Outlook**: Short - term: decline; Medium - term: consolidation; Reference view: consolidation approach [1][5]. - **Core Logic**: The long - term loose supply - demand pattern of coking coal remains unchanged, with high supply and high imports continuing. Demand improvement in real estate and infrastructure takes time, and export demand faces trade policy risks. The recent trade tariff perturbation has limited direct impact on coking coal but may affect the overall atmosphere of the black commodity sector. The long - term fundamentals of coking coal are bearish, leading to the low - level operation of the futures main contract [5]. For Coke (J) - **Price Movement Outlook**: Short - term: decline; Medium - term: consolidation; Reference view: consolidation approach [1][7]. - **Core Logic**: Coking plants have initiated the first round of price hikes, pending implementation by steel mills. The cost - side and demand - side concerns for coke persist in the long run. The loose supply - demand pattern of coking coal provides insufficient cost support for coke. The newly implemented US tariff policy adds to the demand concerns for black commodities. The short - term improvement and long - term bearish expectations of coke fundamentals are intertwined, resulting in the low - level consolidation of the main contract [7].