Core Viewpoint - The recent decline of the US dollar index, which has dropped over 10% this year and reached a low of 96.9923, is attributed to factors such as the weakening of dollar credit, changes in global geopolitical situations, and negative impacts from tariff policies on the US economy [1][3]. Group 1: Impact on Commodities - The decline in the US dollar index typically correlates with an increase in commodity prices, particularly for globally traded commodities priced in dollars [3]. - Specific commodities like copper, aluminum, and platinum have seen significant price increases this year, benefiting from the depreciation of the dollar [4]. - Precious metals, including gold and silver, have experienced substantial gains, with both rising over 20% this year due to the favorable conditions created by the falling dollar index [4]. Group 2: Impact on Stock Markets - The weakening dollar index tends to have a positive short-term effect on the US stock market, especially for export-oriented US companies that gain a price advantage in international markets [4]. - The depreciation of the dollar also encourages liquidity to flow towards non-US markets, potentially boosting their stock performance [4]. Group 3: Impact on Bond Markets - The effects of the declining dollar index on the bond market are complex, with expectations of potential interest rate cuts by the Federal Reserve providing a bullish outlook for US Treasuries [4]. - However, inflationary pressures from tariff policies may negatively impact US bonds, leading to a mixed performance in the bond market [4]. - Historical data indicates that during periods of dollar index decline, bonds tend to perform weaker compared to other asset classes, with significant selling pressure observed in long-term bonds [5]. Group 4: Historical Analysis and Future Outlook - Historical analysis shows that during past declines of the dollar index, precious metals and financial commodities like copper have benefited the most, followed by US and Hong Kong stocks, and then US bonds [5]. - Given the current trend of the dollar index, there is an expectation that investments in gold, silver, and undervalued commodities, as well as core stocks in Hong Kong, may yield significant benefits [5].

中国央行第二季度例会：研究下阶段货币政策主要思路，建议加大货币政策调控强度。根据国内外经济金融形势和金融市场运行情况，灵活把握政策实施的力度和节奏。加大存量商品房和存量土地盘活力度。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排。加力支持科技创新、提振消费，做好“两重”“两新”等重点领域的融资支持。 ...

新华财经北京6月27日电（记者王小璐）小票二维码贯穿产供销溯源链条、数据服务产业链上下游决策 参考、"100%履约"承诺保障交易安全．.....近期，在中国物流与采购联合会大宗商品流通分会组织的"大 宗中国行"行业考察交流活动的调研中，记者了解到，当前以大数据、人工智能、区块链为核心的数字 技术，正深度融入大宗商品流通的各个环节，同时，一系列创新风控举措层层筑牢安全底线。两者合 力，不断提升中国大宗商品供应链的透明度、效率和抗风险能力，为供应链韧性注入强劲动能。 数字技术助力提升大宗商品流通效率 走进无锡朝阳股份有限公司的朝阳农产品大市场，苹果摊摊主臧金玲忙着给顾客结账。带着包装盒的苹 果经过电子磅秤，去壳重量和价格便显示在一旁的电子屏上，在使用IC卡结算后，顾客可凭借小票上的 二维码实现货物全流程溯源。而该品种苹果的产地、供应商、来货车辆和交易信息也已同步上传至市场 的大数据平台，完成从田间到餐桌的全链条溯源管理。凭借动态溯源机制和良好的客户口碑，目前该市 场农产品在无锡市农产品流通的占有率达80-90%。 农产品之外，数据在大宗产业链运行中发挥越来越重要的作用。上海钢联通过构建全面的数据采集与分 析体系， ...

Group 1 - The first "Beautiful Life Expo" opened on June 27 at the Beijing Exhibition Center [1] - Yonghui Supermarket's North China Center representative Jin Qing presented the latest procurement strategy focusing on supply chain advantages in fresh and standard products [1] - Yonghui Supermarket aims to learn from competitors like Pang Dong regarding product quality and pricing to create a high-quality, cost-effective product matrix [1] Group 2 - Yonghui Supermarket is entering a new phase with the adjustment of 100 stores and will launch the "717 Delicious Festival" [1] - The "717 Delicious Festival" will focus on four themes: good brands, good quality, enjoyable shopping, and delicious food, featuring 100 adjusted stores, 100 brand managers, 100 quality new products, and 100 popular national products [1] - The festival aims to create a consumption feast with national quality products [1]

黑色商品日报 黑色商品日报（2025 年 6 月 27 日） 黑色商品日报 | | 锰硅：周四，锰硅期价震荡走强，主力合约报收 5676 元/吨，环比上涨 0.96%，持仓环比下降 2966 手至 39.85 万手。昨日黑色板块走势偏强，焦煤价格领涨，锰硅期价重心环比上移。消息面，近日市场有消息 | | | --- | --- | --- | | | 传出，南非锰矿将减量发运。据铁合金在线，"因近月南非部分矿区到萨尔达尼亚港口和伊丽莎白港口的 | | | | 铁路线路频发火车脱轨事件，致使部分锰矿山发运效率减缓，7 月发运至中国南非锰矿存个别矿山减量。 | | | 锰硅 | 但因火车脱轨事件仅存在于部分路线，影响面积暂时有限"。近期部分锰矿贸易商小幅上调锰矿报价。基 | 震荡偏强 | | | 本面来看，锰硅周产量虽处于近年来同期低位，但截止上周末，锰硅周产量已经连续 5 周环比回升。需求 | | | | 端，主流钢招定价后，其余钢招陆续进行中，未有明显超预期改善。综合来看，消息扰动市场情绪，成本 | | | | 支撑增强，锰硅期价重心环比上移，但基本面持续驱动力度不强，短期锰硅以震荡略偏强看待，上方空间 | ...

光大期货软商品日报（2025 年 6 月 27 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周四，ICE 美棉上涨 0.64%，报收 68.76 美分/磅，CF509 上涨 0.77%，报收 13720 | | | | 元/吨，主力合约持仓环比增加 24084 手至 58.42 万手，新疆地区棉花到厂价为 14957 | | | | 元/吨，较前一日上涨 125 元/吨，中国棉花价格指数 3128B 级为 15020 元/吨，较 | | | | 前一日上涨 82 元/吨。国际市场方面，宏观层面仍是市场关注重点，美元指数震荡 | 震荡偏 | | | 走弱，美棉价格有一定支撑，基本面驱动有限，关注宏观及天气扰动。国内市场方 | | | | 面，近期郑棉期价重心震荡上移，主力合约持仓持续增加，市场情绪升温。基本面 | 强 | | | 来看，低库存是支撑之一；中央气象台报告显示，6 月中旬新疆地区天气有部分扰 | | | | 动，对棉价有一定支撑。综合来看，短期宏观情绪升温，基本面支撑增强，郑棉价 | | | | 格重心或将持续小幅上移，但新棉丰产预期下 ...

商品期货收盘，多晶硅主力合约涨超6%，焦煤、工业硅涨超4%，碳酸锂涨超3%，焦炭、集运欧线、20 号胶、纯碱涨超2%。原油跌超1%。 ...

Oil Market - Citigroup predicts that oil prices may face downward pressure in the second half of the year [1] Natural Gas - LNG carriers have been spotted near Russia's Arctic LNG 2 project for the first time in months [2] - The EIA reported that as of the week ending June 20, U.S. natural gas inventories totaled 28,980 billion cubic feet, an increase of 960 billion cubic feet from the previous week, with a year-on-year decline of 6.3% and a 6.6% increase compared to the five-year average [2] Precious Metals and Mining - Supply concerns have driven spot platinum prices to their highest level since 2014 [3] - The London Metal Exchange's key daily copper price spread reached its highest level since 2021 [3] - The Hong Kong government reported that gold exports to mainland China in May totaled 57.76 tons, down from 58.61 tons, with net gold exports of 48.127 tons, up from 43.462 tons [3] Other Commodities - Weak coal prices are putting pressure on the credit status of Asian coal producers [4] - The U.S. Energy Secretary stated that the tax legislation will ultimately lead to higher energy prices [5] - Reports indicate that Trump is leveraging U.S.-EU trade negotiations to pressure the EU and prevent oil giants from being constrained by climate regulations [5] - Due to declining Brent crude prices, the price of Ural crude oil at Russian ports has reportedly fallen below the price cap [5] - The U.S. is not expected to complete the planned delivery of strategic petroleum reserves before December, with only about 8.8 million barrels delivered out of a planned 15.8 million barrels by May [5] Agriculture - Thailand's Ministry of Commerce anticipates that rice exports will reach the target of 7.5 million tons this year [6]

证券代码：300839证券简称：博汇股份 | 国际船燃加注市场先机，为公司开辟新的发展空间。目前，公司是 | | --- | | 民营炼厂中唯一一家经营保税高硫燃料油的企业，打破了该产品期 | | 货交割品依赖进口的局面。 | | 另外，公司还通过不断的工艺优化，来提升产品质量的稳定性， | | 提高产能利用率和产品附加值，通过强化管理降本增效。同时，公 | | 司还在无锡设立了全资子公司，开辟了液冷新业务方向。 | | 公司拟通过以上措施来保持可持续发展。 | | 2、公司是否开展套保之类的工作，请简要介绍。 | | 为借助期货市场的风险对冲功能，降低商品价格波动给公司经 | | 营带来的不利影响，有效规避生产经营活动中因原材料和产品价格 | | 波动带来的风险，公司根据具体情况开展商品期货套期保值业务， | | 实现公司稳健经营目标。公司已开展的商品期货套期保值业务的交 | | 易场所为经监管机构批准、具有相应业务资质的期货交易所等金融 | | 机构，交易品种包括布伦特原油、燃料油和其他与公司经营相关产 | | 品的期货及期权合约等，并以自有资金进行套期保值操作。 | | 在风险管控方面，公司建立了相应的 ...

新能源及有色金属日报 | 2025-06-27 铝期货方面：2025-06-26日沪铝主力合约开于20340元/吨，收于20445元/吨，较上一交易日收盘价上涨150元/ 吨，涨幅0.74%，最高价达20455元/吨，最低价达到20325元/吨。全天交易日成交152410手，较上一交易日增 加35033手，全天交易日持仓260549手，较上一交易日增加6534手。 库存方面，截止2025-06-26，SMM统计国内电解铝锭社会库存46.3万吨。截止2025-06-26，LME铝库存336900 吨，较前一交易日减少1000吨。 氧化铝现货价格：2025-06-26 SMM氧化铝山西价格录得3095元/吨，山东价格录得3095元/吨，广西价格录得 3190元/吨，澳洲氧化铝FOB价格录得370美元/吨。 氧化铝期货方面：2025-06-26氧化铝主力合约开于2915元/吨，收于2948元/吨，较上一交易日收盘价上涨42元/ 吨，涨幅1.45%，最高价达到2952元/吨，最低价为2915元/吨。全天交易日成交325494手，较上一交易日增加 92693手，全天交易日持仓290722手，较上一交易日增加6178手。 ...