Group 1: Report Overview - The report is a peanut daily report dated June 10, 2025, from the Commodity Research Institute's Agricultural Product R & D department [1][2] Group 2: Data Futures Market - PK504 closed at 8090, up 8 (0.10%), with a volume increase of 205.00% to 61 and an open - interest increase of 18.99% to 94 [3] - PK510 closed at 8304, down 6 (-0.07%), with a volume decrease of 37.79% to 43,182 and an open - interest decrease of 1.18% to 138,077 [3] - PK601 closed at 8086, up 10 (0.12%), with a volume decrease of 30.49% to 399 and an open - interest increase of 1.79% to 3,178 [3] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 9600, 8600, and 8600 respectively, with no change [3] - Imported Sudanese peanuts were priced at 8300 yuan/ton, with no change [3] - Ratios: The basis for Henan Nanyang was 1296, and for Shandong Jining and Linyi was 296 [3] By - products - Rizhao soybean meal was at 2850 yuan/ton, stable, and peanut meal was at 3250 yuan/ton, with the unit - protein spread between peanut meal and soybean meal being high [3][8] Spreads - PK01 - PK04 spread was - 4, up 2; PK04 - PK10 spread was - 214, up 14; PK10 - PK01 spread was 218, down 16 [3] Group 3: Market Analysis - Peanut prices in Henan and Northeast China were stable. Northeast Jilin Fuyu 308 was 4.8 yuan/jin, Liaoning Changtu was 4.8 yuan/jin, Henan's Baisha was 4.7 - 4.9 yuan/jin, and Shandong Junan was 4.2 yuan/jin [5] - Peanut oil prices were stable, with domestic first - grade ordinary peanut oil at 15000 yuan/ton and small - pressed fragrant peanut oil at 17000 yuan/ton [5] - Peanut oil mills' purchase prices were stable, with mainstream prices at 7350 - 7700 yuan/ton and a theoretical breakeven price of 8090 yuan/ton [5] - Short - term peanut prices were expected to be relatively weak due to tight supply and weak downstream demand [5][10] - Peanut 10 was expected to oscillate at a high level due to expected increased planting area, decreased planting cost, and uncertain weather [10] Group 4: Trading Strategies - Unilateral: Short Peanut 10 at high levels [11] - Spread: Reverse - spread Peanut 10 - 1 at low levels [12] - Options: Sell pk510 - C - 8800 [13] Group 5: Related Charts - The report includes charts on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, Peanut 10 - 1 spread, and Peanut 3 - 10 spread [16][19][23]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Due to the accelerated planting progress of US corn, the price of US corn is oscillating at the bottom, and with the reduction of Sino - US tariffs, the bottom support of US corn is relatively strong. The domestic corn import profit is acceptable, and the import price from Brazil in July is 2052 yuan. The domestic corn spot price in the north is stable, while that in the north - central region is weak. The demand for domestic breeding is still weak, but the supply is low, so the domestic corn spot price is expected to rise in the short term. The market expects a reduction in this year's corn production, a decrease in grain imports, and farmers' reluctance to sell. It is estimated that the short - term support for north - central corn is around 2400 yuan/ton, and around 2150 yuan/ton in Heilongjiang. In the medium - to - long term, policy - related grain auctions are expected in June [5][8]. - The number of trucks arriving at Shandong's deep - processing enterprises has decreased, and the price of corn in Shandong is relatively stable. The spot price of corn starch in the northeast is also strong. This week, the inventory of corn starch has slightly increased, with the manufacturer's inventory at 1429000 tons, a monthly increase of 3.03% and a year - on - year increase of 37.4%. In the medium - to - long term, due to the weak demand for starch, enterprises will be in a long - term loss state, and many starch enterprises will shut down, leading to a profit recovery [9]. - In the short term, domestic corn will remain stable, and with the replenishment demand of downstream enterprises after May, corn is expected to strengthen. Corn futures will continue to oscillate narrowly, and the impact of policies will be significant in the later stage [10]. 3. Summary by Relevant Catalogs 3.1 Data - **Futures Market**: Among corn futures contracts, C2601 closed at 2246, down 3 points or 0.13%; C2505 closed at 2260, down 1 point or 0.04%; C2509 closed at 2351, up 4 points or 0.17%. Among corn starch futures contracts, CS2601 closed at 2652, down 2 points or 0.08%; CS2505 closed at 2650, up 7 points or 0.26%; CS2509 closed at 2740, up 2 points or 0.07% [3]. - **Spot and Basis**: The spot price of corn in Qinggang is 2205 yuan, down 5 yuan; the spot price of starch in Longfeng is 2750 yuan, with no change. The basis of corn in Qinggang is - 146, and the basis of starch in Longfeng is 100 [3]. - **Spreads**: For corn inter - delivery spreads, C01 - C05 is - 14, down 2; for starch inter - delivery spreads, CS01 - CS05 is 2, down 9; for cross - variety spreads, CS09 - C09 is 389, down 2 [3]. 3.2 Market Judgment - **Corn**: The planting progress of US corn is accelerating, and the price is oscillating at the bottom. The reduction of Sino - US tariffs provides strong support for the bottom of US corn. The import profit of foreign corn is acceptable. The northern port's flat - hatch price is stable, and the northeast corn spot price has started to stabilize. The supply in the north - central region has decreased, and the corn spot price is weak. The wheat price in the north - central region is stable, and wheat is gradually substituting for corn. The domestic breeding demand is still weak, but the supply is low, so the corn spot price will rise in the short term. It is expected that the short - term support for north - central corn is around 2400 yuan/ton, and around 2150 yuan/ton in Heilongjiang. In the medium - to - long term, policy - related grain auctions are expected in June [5][8]. - **Starch**: The number of trucks arriving at Shandong's deep - processing enterprises has decreased, and the price of corn in Shandong is relatively stable. The spot price of corn starch in the northeast is also strong. This week, the inventory of corn starch has slightly increased. The starch price mainly depends on the corn price and downstream replenishment. In the medium - to - long term, due to the weak demand for starch, enterprises will be in a long - term loss state, and many starch enterprises will shut down, leading to a profit recovery. It is estimated that the short - term support for 07 starch futures is around 2650 [9]. 3.3 Trading Strategies - **Unilateral Trading**: Domestic 07 corn futures will continue to oscillate narrowly, and short - term long positions can be attempted [11]. - **Arbitrage Trading**: Hold a position of buying spot and shorting 07 corn futures. Expand the spread between 09 corn and starch futures when the spread is low, and conduct oscillating operations [14]. 3.4 Corn Options - **Option Strategy**: Enterprises with spot positions can sell corn call options and hold them [15]. 3.5 Relevant Attachments - The attachments include charts of corn spot prices in various regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch 09 contract spread, which visually show the price trends and relationships of different contracts and varieties [17][20][22].

Group 1: Report Summary Investment Rating - No report industry investment rating was provided in the content [1][21][35] Core View - The report analyzes the market conditions of various non - ferrous metals including copper, aluminum, zinc, etc., and provides trading strategies based on market data, industry news, and logical analysis [4][23][37] Section Summaries Copper - **Market Review**: The Shanghai Copper 2506 contract closed at 78,100 yuan with a 0.31% increase, and the Shanghai Copper index increased its position by 3,097 lots to 531,000 lots. Spot prices in different regions showed different trends [2] - **Important Information**: Ivanhoe Mining suspended the operation of its Kakula underground mine due to earthquake activity [3] - **Logic Analysis**: The mid - year negotiation between Antofagasta and smelters is approaching, and the copper concentrate processing fee is under pressure. The import of recycled copper may increase, but the long - term supply is still tight. The market may show a back structure in the medium term [4] - **Trading Strategy**: It is recommended to temporarily observe for single - sided trading, arbitrage, and options [5][7] Alumina - **Market Review**: The Alumina 2509 contract rose by 98 yuan/ton to 3,246 yuan/ton, with an increase of 3.11%. Spot prices in various regions also increased [9] - **Related Information**: Guinea's Axis mining area had its mining license revoked, and the transition authorities designated multiple mining rights as strategic reserve areas [10][11] - **Logic Analysis**: The Guinea event may reduce the annual surplus of bauxite supply and support the bauxite price. Short - term attention should be paid to the resumption of alumina production capacity [13][14] - **Trading Strategy**: It is expected that the alumina price will be strongly volatile in the short term. Temporarily observe for arbitrage and options [15][16] Electrolytic Aluminum - **Market Review**: The Shanghai Aluminum 2506 contract decreased by 80 yuan/ton to 20,125 yuan/ton. Spot prices in different regions also changed [18] - **Related Information**: There were news about Sino - US trade, real - estate data, bank interest rates, and Fed officials' statements. Aluminum inventory decreased [19][20] - **Trading Logic**: Fed officials hinted at no interest rate cut before September, and domestic banks lowered deposit rates. Aluminum consumption maintained an upward trend, and low inventory supported the price difference [23] - **Trading Strategy**: It is expected that the aluminum price will fluctuate. Consider the positive arbitrage opportunity for the 06 - 09 contract and temporarily observe for options [24] Zinc - **Market Review**: The Shanghai Zinc 2507 rose by 0.83% to 22,410 yuan/ton. Spot trading was mainly among traders, and the spot premium declined slightly [26] - **Related Information**: The Hong Kong Exchange plans to add three storage facilities in Hong Kong, and the zinc ore tender price in North China increased [27] - **Logic Analysis**: Some smelters resumed production, downstream orders did not improve, and short - term zinc prices may fluctuate within a range [28] - **Trading Strategy**: For single - sided trading, short positions can be lightly tested at high prices. Temporarily observe for arbitrage and options [29] Lead - **Market Review**: The Shanghai Lead 2506 rose by 0.45% to 16,900 yuan/ton. Spot trading was mainly for rigid demand, and regional trading was acceptable [30] - **Related Information**: Some recycled lead smelters reduced the purchase price of waste batteries and planned to stop production [31] - **Logic Analysis**: Recycled lead smelters are in a loss state, and the short - term resumption of production willingness is not strong. The demand off - season restricts the upward space of lead prices [32] - **Trading Strategy**: The lead price is expected to fluctuate within a range. Temporarily observe for arbitrage and options [33] Nickel - **Market Review**: The main contract of Shanghai Nickel NI2506 decreased by 60 to 123,280 yuan/ton. Spot premiums changed [34] - **Related Information**: In April 2025, nickel ore imports increased seasonally, and the export of ternary precursors decreased [36] - **Logic Analysis**: LME nickel inventory increased, nickel ore prices supported the nickel price, but the supply surplus is expected to expand after May [37] - **Trading Strategy**: The nickel price is expected to weaken. Consider the double - selling strategy for options and temporarily observe for arbitrage [38] Stainless Steel - **Market Review**: The main contract of stainless steel SS2507 rose by 30 to 12,870 yuan/ton. Spot prices were given [39] - **Important Information**: The European stainless steel market is facing challenges, and prices are falling [40] - **Logic Analysis**: In May, steel mills' production decreased, demand was mainly for rigid demand, and the price is expected to fluctuate widely in the short term [41] - **Trading Strategy**: The stainless - steel price is expected to be slightly stronger in the short - term. Temporarily observe for arbitrage [43][44] Tin - **Market Review**: The main contract of Shanghai Tin closed at 267,730 yuan/ton, with a 1.11% increase. Spot trading was limited [46] - **Related Information**: There was news about the US missile defense system, but it had little impact on the tin market [47] - **Logic Analysis**: Tin prices are in a high - level shock. African tin mines are gradually resuming production, and the supply - demand situation is expected to ease [48] - **Trading Strategy**: The tin price is expected to adjust in the short term. Temporarily observe for options [49][50] Industrial Silicon - **Market Review**: The main contract of industrial silicon futures weakened, and spot prices were generally lowered [52] - **Related Information**: The US launched anti - dumping and anti - subsidy investigations on imported industrial silicon from multiple countries [53] - **Logic Analysis**: Demand is weak, supply will increase, and high inventory suppresses prices [54] - **Trading Strategy**: Hold short positions, sell out - of - the - money call options, and conduct reverse arbitrage for Si2511 and Si2512 [54] Polysilicon - **Market Review**: The main contract of polysilicon futures strengthened, and spot prices were given [55] - **Related Information**: The US electricity consumption is expected to reach a record high, and solar power installation capacity is expected to remain stable [56] - **Logic Analysis**: In May, production decreased, inventory decreased, and the 07 contract is facing a game between fundamentals and delivery contradictions [57][58] - **Trading Strategy**: Hold short positions for the PS2507 contract, sell PS2507 - C - 40000, and temporarily observe for arbitrage [59] Lithium Carbonate - **Market Review**: The main contract of lithium carbonate rose, and spot prices decreased [60] - **Related Information**: In April 2025, lithium carbonate imports increased significantly [61] - **Logic Analysis**: Some smelters and mines are reducing production, but demand is not optimistic, and inventory is high [62] - **Trading Strategy**: Short on rebounds, hold put ratio options, and temporarily observe for arbitrage [63][65][66] Second Part: Non - ferrous Industry Price and Related Data - The report provides daily data tables for various non - ferrous metals, including price, spread, inventory, and profit data, as well as multiple charts showing the historical trends of price, spread, inventory, etc. for each metal [68][79][184]

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds, suggesting that solid basic skills are essential for successful investment in funds [2] Group 2 - Certain bond funds can invest in government bond futures, which are futures contracts based on government bonds, highlighting a diversification opportunity within bond investments [3]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The U.S. corn market is in a weak oscillation. China has imposed additional tariffs on U.S. corn and sorghum, resulting in low import profits. The domestic corn spot price is expected to rise in the short - term due to factors such as reduced imports, low supply, and potential feed enterprise stocking. The starch market is also relatively strong, but the long - term demand is weak. The report provides trading strategies for both corn and starch [5][8][9] Summary by Directory Data - **Futures Market**: On April 28, 2025, most corn and corn starch futures contracts showed price increases. For example, C2601 closed at 2295, up 13 (0.57%); CS2601 closed at 2718, up 26 (0.96%). The trading volume and open interest of some contracts also had significant changes, such as the trading volume of C2509 increasing by 115.78% [3] - **Spot and Basis**: Corn spot prices in northern ports and Northeast China are rising, with the northern port flat - price around 2260 yuan. Starch spot prices are relatively stable, with some regions showing strength. The basis of corn and starch varies by region [3][8][9] - **Spreads**: In the corn and starch markets, different spread values and their changes are presented. For example, the C01 - C05 spread is - 24, down 14; the CS01 - CS05 spread is 29, up 8 [3] Market Judgment - **Corn**: The U.S. corn market is weak. China's tariff policy on U.S. corn affects imports. Domestic corn supply is low, and the demand from the breeding industry is weak. However, due to factors such as reduced imports and potential feed enterprise stocking, the corn spot price is expected to rise in the short - term. The 07 corn contract continues to rise, and the premium of the futures over the spot is expanding [5][8] - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn in Shandong is relatively strong. The starch inventory has decreased this week. The starch price is mainly affected by the corn price and downstream stocking. In the long - term, the demand for starch is weak, and enterprises may be in a loss state. The 07 starch contract continues to rise, and it is expected to be in a strong oscillation in the short - term [9] Trading Strategies - **Unilateral**: Domestic 07 corn will oscillate narrowly. It is recommended to wait and see, with a short - long idea on pullbacks [11] - **Arbitrage**: Hold the strategy of buying the spot and shorting 07 corn. Expand the spread between 07 corn and starch when it is low, and currently wait and see [13] Corn Options - Option Strategy: Enterprises with spot positions can sell corn call options [15] Relevant Attachments - The report provides multiple charts, including those showing the spot prices of corn in different regions, the basis of corn and starch contracts, and the spreads between different contracts, which visually display the price trends and relationships in the corn and starch markets [17][22][26]