Core Viewpoint - The Dalian Commodity Exchange (DCE) has optimized its delivery-related rules, effective from July 1, 2025, to enhance market understanding and participation in delivery processes [1] Group 1: Delivery Methods - The optimization integrates daily selection delivery into rolling delivery, allowing both rolling and one-time deliveries to support vehicle board delivery methods [1] - The eligible futures products for vehicle board delivery remain unchanged, specifically eggs, live pigs, plywood, and logs [1] - Customers participating in rolling delivery can choose between vehicle board delivery or standard warehouse receipt delivery, while those in one-time delivery are limited to standard warehouse receipt delivery [1] Group 2: Rolling Delivery Application Process - A unified intention declaration and matching rule for rolling delivery is a key focus of the optimization [2] - Sellers can submit rolling delivery applications through members from the first trading day to the day before the last trading day of the delivery month, with applications not exceeding their net short positions [2] - The exchange will review these applications and publish approved seller delivery application details daily, with applications being irrevocable once submitted [2] Group 3: Seller Obligations - Sellers must ensure that their net short positions are greater than or equal to the approved rolling delivery application quantity at the time of matching [3] - If a seller's net short position is less than the approved application quantity during the matching process, they will be prohibited from submitting seller applications for rolling delivery in that product for one year [3]

新能源及有色金属日报 | 2025-07-01 市场分析 2025年6月30日，碳酸锂主力合约2509开于63460元/吨，收于62260元/吨，当日收盘价较昨日结算价收跌0.77%。当 日成交量为389727手，持仓量为330824手，较前一交易日减少10624手，根据SMM现货报价，目前期货升水电碳960 元/吨。所有合约总持仓596987手，较前一交易日减少18035手。当日合约总成交量较前一交易日降低296883手，成 交量494672，整体投机度为0.83。当日碳酸锂仓单22628手，较上个交易日增加630手。 碳酸锂现货：根据SMM数据，2025年6月30日电池级碳酸锂报价6.05-6.21万元/吨，较前一交易日上涨0.015万元/吨， 工业级碳酸锂报价5.92-6.02万元/吨，较前一交易日上涨0.015万元/吨。根据SMM调研，当前市场呈现\"上游挺价、 下游压价\"的博弈格局：冶炼厂报价维持高位，但下游正极材料厂采购仍以刚需为主，市场整体成交清淡。不过部 分刚性需求订单仍支撑价格小幅上行，受期货盘面影响，现货也有所走强，但基本面并未改善。 策略 反弹后套保意愿较高，碳酸锂盘面走弱 跨品种：无 ...

Group 1 - The core stock price of Shanghai Port Group (600018) closed at 5.75 yuan on June 27, 2025, down 1.54% from the previous week's closing price of 5.84 yuan [1] - The highest intraday price for the week was 5.92 yuan on June 23, while the lowest was 5.74 yuan on June 27 [1] - The current total market capitalization of Shanghai Port Group is 133.868 billion yuan, ranking 2nd out of 35 in the shipping and port sector and 100th out of 5,151 in the A-share market [1] Group 2 - Shanghai Port Group's wholly-owned subsidiary, Shanghai Logistics, provided a guarantee of approximately 797 million yuan for its wholly-owned subsidiary, Shanghai Bonded [1] - The board of directors approved the guarantee for all business under the cooperation agreement between Shanghai Bonded and the Shanghai International Energy Exchange, with the guarantee amount being 797 million yuan [1] - The guarantee period will be effective simultaneously with the cooperation agreement and will cover the duration of the agreement and three years after its expiration [1] Group 3 - Shanghai Bonded plans to continue applying for international copper futures delivery qualifications, with the storage location being in the Yangshan Special Comprehensive Bonded Zone, Shanghai [1] - Shanghai Logistics emphasizes risk control, and Shanghai Bonded will dynamically purchase insurance coverage for all goods related to the futures on an annual basis to effectively manage guarantee risks [1] - As of the announcement date, the total amount of external guarantees provided by Shanghai Port Group and its subsidiaries is 29.771 billion yuan, accounting for 22.33% of the audited net assets of Shanghai Port Group as of the end of 2024, with no overdue external guarantees [1]

6月26日，海安市举行南通季铭国际塑料城开业活动。昆山塑料行业协会会长王明健、东莞市塑胶产业发展促进会常务副会长刘桂刚、南通胜和瑞塑业有 限公司董事长汤菊珍、南通季铭国际塑料城创始人莫海峰，海安市委书记谭真，市委副书记、市长赵男男，市人大常委会主任张亚曦，市政协主席李春 旺，市委常委、副市长卢林，市委常委、开发区党工委副书记、管委会主任张勇华参加活动。 南通季铭国际塑料城创始人莫海峰说，季铭国际塑料城选择扎根海安，得益于这里得天独厚的交通区位优势、一流的营商环境，以及"海纳百川，创新争 先"的城市精神。回顾项目从规划蓝图到建成运营的全过程，企业始终秉持"诚信为本、创新为魂"的发展理念。面对机遇挑战，在海安市委、市政府坚强 领导和商贸物流园全力支持下，我们以"海安速度"顺利推进。面对行业变革，我们坚持以科技赋能传统产业，引入智慧物流、循环经济等先进模式，全力 将季铭国际塑料城打造成为中国塑料行业转型升级的标杆。 活动中，与会嘉宾共同启动了开业画卷。塑料行业客商及商户代表，市级机关相关部门，园区党工委书记管委会主任郁江、园区党工委副书记、保税物流 中心管委会主任高卫东及各区镇主要负责人参加活动。 （海轩） 校对 ...

Core Points - The Dalian Commodity Exchange has adjusted the delivery quality standards for live pig futures, focusing on average and individual weight ranges [1][2] - The average weight standard has been modified from [100,120] kg to [110,130] kg, while the individual weight range has been adjusted from [90,140] kg to [90,150] kg [1] - The adjustments also include changes to the price deductions for alternative delivery items based on their average weights [1][2] Summary by Category Delivery Quality Standards - The average weight for standard delivery has been changed to [110,130] kg from the previous [100,120] kg [1] - The individual weight range has been updated to [90,150] kg from [90,140] kg, with the previous deduction rule for weights between (140,150] kg being removed [1] Price Deductions for Alternative Delivery Items - For average weights in the range of [100,105) kg, the deduction is now 500 yuan/ton; for [105,110) kg, it is 100 yuan/ton [1] - The deduction for average weights in the range of (130,140] kg has been reduced from 600 yuan/ton to 100 yuan/ton, while the deduction for weights in (140,150] kg has been adjusted from 1000 yuan/ton to 600 yuan/ton [1] - Weights greater than 150 kg maintain a deduction of 1000 yuan/ton [1]

单根原木材长不符合交割质量标准的，该根原木不计入该批次原木的总材积；符合交割质量标准但不符 合卖方质量说明的，按照指定质量检验机构现场检验结果核算该根原木材积，计入该批次原木的总材 积，并结算该根原木的材长升贴水。 在原木交割过程中，对原木形态、材长、外观缺陷的检验，根据货主或车板交割买方（下称买方）提出 的申请进行。对于买方的主张，厂库或车板交割卖方（下称卖方）认可的，按照买方主张处理（实践中 卖方可以按照买方主张调换货物或者给予价款优惠）；不认可的，由交易所委托的指定质量检验机构进 行检验。 在一个检验批次内，买方经目测认为某根原木的形态、材长或者外观缺陷（含节子、边材腐朽、心材腐 朽、纵裂、环裂）与卖方质量说明不相符的，应当在该根原木装载至买方运输工具之前（实践中一般为 该根原木仍处于堆垛状态或被抱机移动但尚未被放至买方运输工具时），提出检验申请。未在规定时间 内提出检验申请的，视为买方对原木的形态、材长或者外观缺陷无异议。 买方每次可对单根原木的形态、材长、节子、边材腐朽、心材腐朽、纵裂或环裂中的一项提出检验申 请。在一个检验批次内，若检验结果累计三次符合卖方质量说明，则买方不得再对该批次原木的形态、 ...

Group 1 - The Dalian Commodity Exchange (DCE) has announced the addition of new designated warehouses and inspection institutions for log futures, enhancing the service quality for the timber industry [1] - After the additions, the number of designated warehouses for log futures will increase to 8, with a maximum standard warehouse receipt volume of 445,500 cubic meters and a daily shipping speed of 29,700 cubic meters [1] - The expansion aims to improve delivery efficiency and safety, providing better conditions for enterprises in Shandong and Jiangsu, the main import and consumption areas for logs [1] Group 2 - Four designated inspection institutions will utilize a "machine + manual" measurement method for log inspection, significantly improving inspection speed and accuracy [2] - The DCE has organized eight simulation delivery sessions across various regions to ensure smooth delivery processes and has encouraged warehouses to standardize and mechanize delivery management [2] - The DCE is also conducting assessments of delivery capabilities and enhancing the functionality of delivery apps to bolster safety and efficiency [2] Group 3 - The log futures market is still in its early stages, and there is room for improvement in market maturity and industry understanding [3] - Timber companies are encouraged to familiarize themselves with futures market rules and engage in hedging and delivery activities to promote high-quality development of the log spot market [3]

另存为PDF 生猪日报 | 2025-06-26 【期价震荡调整】 【市场动态】 1、6月25日，生猪注册仓单750手； 2、LH2507合约以期现回归、交割博弈为主，远月受现下降重利好后市和后市出 栏仍有增量影响震荡运行； 3、主力合约（LH2509）今日减仓369手，持仓约8.1万手，最高价14015元/吨， 最低价13930元/吨，收盘于14000元/吨。 1、观点：震荡调整； 2、核心逻辑： 1） 从母猪、仔猪数据看，到12月生猪出栏量或逐月增加（不考虑养殖端提前 或延后出栏），供应充裕下猪价难有明显上涨； 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年二三季度生猪出栏量整体震荡增加；需求端来看，上半年较下半 年相比属需求淡季，下半年属需求旺季； 2、 从历史情况和现下基本面来看，肥标差或震荡调整； 3、市场多空逻辑： 空头：①养殖端降重缓慢，供应压力尚未完全释放；②后续 出栏量有望持续增加；③二三季度尚未到消费旺季，需求对猪价的支撑有限； 多头：①冻品库存仍有增加的空间，能给猪价以支撑；②现货价格韧性强，说 明供需不像空头想的那么宽松；③ ...

指定质量检验机构对提交检验的原木为针叶原木或者阔叶原木进行现场检验。经检验为阔叶原木的，判 定该根原木不符合交割质量标准。经检验为针叶原木的，由指定质量检验机构对该根原木进行取样，以 该样品检验结果作为判定该根针叶原木树种是否符合质量说明的依据。 在一个检验批次内，若买方就三根原木提交树种检验，按照以下规定处理： 在原木交割过程中，对于原木树种的检验，根据货主或车板交割买方（以下统称为买方）提出的申请进 行。对于买方的主张，厂库或车板交割卖方（以下统称为卖方）认可的，按照买方主张处理（实践中卖 方可以按照买方主张调换货物或者给予价款优惠）；不认可的，由交易所委托的指定质量检验机构进行 检验。 如果经现场检验，三根均为阔叶原木，该批次原木交割终止。 树种方面，在一个检验批次内，买方经目测认为某根原木的树种与卖方质量说明不相符的，应当在该批 次原木开始向买方运输工具装载之前（实践中一般为该批次原木仍处于堆垛状态、未被抱机移动时）， 提出检验申请。未在规定时间内提出检验申请的，视为买方对原木的树种无异议。 如果经现场检验，三根中至少一根为针叶原木，该批次原木的其他项目检验和材积、平均检尺径计算正 常进行。卖方应当将 ...

新能源及有色金属日报 | 2025-06-24 铝锭社会库存小幅增加 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20650元/吨，较上一交易日下跌70元/吨，长江A00铝现货升贴 水较上一交易日下跌30元/吨至150元/吨；中原A00铝价录得20470元/吨，中原A00铝现货升贴水较上一交易日 下跌40元/吨至-20元/吨；佛山A00铝价录20530元/吨，佛山A00铝现货升贴水较上一交易日下跌5元/吨至45元/ 吨。 铝期货方面：2025-06-23日沪铝主力合约开于20425元/吨，收于20365元/吨，较上一交易日收盘价下跌50元/ 吨，跌幅-0.24%，最高价达20580元/吨，最低价达到20340元/吨。全天交易日成交181056手，较上一交易日增 加87843手，全天交易日持仓253597手，较上一交易日增加89586手。 库存方面，截止2025-06-23，SMM统计国内电解铝锭社会库存46.4万吨。截止2025-06-23，LME铝库存340975 吨，较前一交易日减少1875吨。 氧化铝现货价格：2025-06-23 SMM氧化铝山西价格录得3130元/吨，山东价格录得3140 ...