Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.4% today [1][2] - Among the sector indices, only the Nanhua Non - ferrous Metals Index fell by - 0.13%, while the rest of the sectors rose. The Nanhua Black Index had the largest increase of 1.23%, and the Nanhua Precious Metals Index had the smallest increase of 0.03% [1][2] - Among the theme indices, only the Energy Index fell by - 0.14%, while the rest of the theme indices rose. The Black Raw Materials Index had the largest increase of 1.54%, and the Petrochemical Index had the smallest increase of 0.12% [1][2] - Among the single - variety indices of commodity futures, the plywood index had the largest increase of 4.14%, and the fiberboard index had the largest decrease of - 1.36% [1][2] Group 3: Summary by Relevant Catalogs Index Performance - Sector Indices: Nanhua Non - ferrous Metals Index fell - 0.13%, Nanhua Black Index rose 1.23%, Nanhua Precious Metals Index rose 0.03% [1][2] - Theme Indices: Energy Index fell - 0.14%, Black Raw Materials Index rose 1.54%, Petrochemical Index rose 0.12% [1][2] - Single - Variety Indices: Plywood rose 4.14%, Fiberboard fell - 1.36% [1][2] Industry Chain and Variety Performance - Energy and Chemical Sector: Synthetic ammonia rose 2.06%, crude oil fell - 0.49%, fuel oil fell - 0.59% [2] - Black Sector: There is a black sector part - variety industry chain schematic diagram, but specific variety performance details are not fully presented [8] - Agricultural Products Sector: Palm oil rose 0.85%, rapeseed oil fell - 0.32%, rapeseed rose 0.06%, Zhangxuanxiang rose 2.49%, live pigs rose 0.36% [9]

Group 1 - The core viewpoint of the article highlights the performance of various commodity futures, with significant gains in polysilicon, European shipping, cotton, and iron ore, all rising over 1% [1] - In contrast, there were notable declines in several commodities, including caustic soda, which fell over 2%, and live pigs, aluminum oxide, silicon iron, coking coal, soda ash, coke, liquefied gas, glass, and methanol, all dropping more than 1.5% [1]

国内 商品期货夜盘开盘涨跌不一，沪金跌0.03%，沪银涨0.12%，铁矿涨0.26%，螺纹跌0.19%，玻璃跌 逾1%， 原油跌0.38%，纯碱跌1.06%。 ...

Report Summary 1. Industry Investment Rating No information provided in the given content. 2. Core Views - **PTA**: The near - end TA start - up increased slightly, polyester load declined further, inventory continued to accumulate, the basis of mainstream suppliers decreased, and spot processing fees weakened significantly. PX domestic start - up remained stable, with some overseas maintenance, PXN weakened slightly, and the disproportionation and isomerization benefits remained stable. Entering the inventory accumulation stage, the slope depends on the weakening degree of the polyester off - season. Since the spot processing fee has been compressed to an extremely low level, there may be a marginal reduction in supply. Given the relatively low absolute inventory, attention should be paid to the opportunity of increasing processing fees at low prices [2]. - **MEG**: The near - end domestic coal - based restart drove the start - up to increase month - on - month, Saudi Arabian devices were restarting, and port inventory would accumulate early next week. Downstream stocking levels increased, and the basis remained stable. With no reduction in Iranian and ethane supplies and the increase in domestic production start - up, it is gradually entering the inventory accumulation stage. With low actual inventory and relatively high valuation, it is expected to be range - bound, and attention should be paid to changes in warehouse receipts [8]. - **Polyester Staple Fiber**: Near - end supply from Ningbo Dafafa decreased, and the start - up dropped to 92.3%. Production and sales remained stable month - on - month, and inventory was basically maintained. On the demand side, the start - up of polyester yarn continued to decline, with raw material inventory decreasing and finished product inventory increasing, and benefits remained low. With acceptable benefits and inventory pressure, there is no obvious reduction or increase in supply. With weak domestic demand and high export growth, processing fees are expected to be range - bound [8]. - **Natural Rubber**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup rubber rebounded due to rainfall affecting tapping [8]. 3. Summary by Product PTA - **Price and Spread Changes**: From July 8 - 14, 2025, crude oil decreased by 1.2, PX CFR increased by 13, PTA internal - market spot increased by 13, and the PTA processing fee decreased by 81. The average daily basis of PTA spot transactions for 2509 increased by 6 [2]. - **Device and Market Situation**: Near - end TA start - up increased slightly, polyester load declined, inventory accumulated, and the basis decreased [2]. MEG - **Price and Spread Changes**: From July 8 - 14, 2025, the MEG internal - market price increased by 14, and the basis for 09 increased by 67 [8]. - **Device and Market Situation**: Near - end domestic coal - based restart drove the start - up to increase, Saudi Arabian devices were restarting, and port inventory would accumulate [8]. Polyester Staple Fiber - **Price and Spread Changes**: From July 8 - 14, 2025, the daily change in spot price was - 15, and the market basis for 08 was around + 0 [8]. - **Device and Market Situation**: Near - end supply from Ningbo Dafafa decreased, and the start - up dropped to 92.3%. On the demand side, the start - up of polyester yarn continued to decline [8]. Natural Rubber - **Price and Spread Changes**: From July 8 - 14, 2025, the daily change in Thai glue was - 5, and the weekly change in US - dollar Thai standard was 40 [8]. - **Market Situation**: The national explicit inventory remained stable, and the price of Thai cup rubber rebounded [8]. Aromatic Hydrocarbons (Benzene - related Products) - **Price and Profit Changes**: From July 8 - 14, 2025, the price of pure benzene (CFR China) increased by 8, and the domestic profit of styrene changed from 170 to 221 [13]. - **Production and Market Situation**: The start - up rates of EPS, ABS, and PS showed different trends, and the production profits of each product also fluctuated [14].

| | 业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | | | | | 纪元菲 Z0013180 | | | 现货价格及主力合约基差 | | | | | | | 品种 | 7月14日 | 7月11日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧S15530工业硅 | 9000 | 8820 | J20 | 1.69% | | | 基差(通氧SI5530基准) | 302 | 435 | -130 | -29.89% | | | 华东SI4210工业硅 | a300 | 9200 | 100 | 1.09% | 元/肥 | | 基差(SI4210基准) | -185 | -15 | -180 | -1200.00% | | | 新疆99硅 | 8350 | 8300 | 50 | 0.60% | | | 基差(新疆) | 455 | ୧୫5 | -230 | -33.58% | | | 月间价差 | | | | | | | 合约 | 7月14日 | 7月11日 | 消歧失 | 涨跌幅 | 单位 | | 2508-2509 | -140 | 35 ...

菜油、鸡蛋、沪铜等少数品种收跌 10日下跌品种较少，仅菜油、鸡蛋、碳酸锂、沪铜、燃料油等少数品种收跌，且跌幅均不足1%。由于蛋鸡存栏处于高位，且淘鸡进度缓慢，鸡蛋价格今年 持续偏弱运行，上半年的五一、端午均未能显著提振鸡蛋价格，近日高温多雨天气对于蛋价形成抑制，同时随着08合约临近限仓，多头离场打压期货价格， 按照多年走势规律来看，8、9月份涨价概率仍存，但幅度或不及往年。 （文章来源：新华财经） 截至10日下午收盘，中证商品期货价格指数收报1404.66点，较前一交易日上涨15.73点，涨幅1.13%；中证商品期货指数收报1947.45点，较前一交易日上涨 21.8点，涨幅1.13%。 多晶硅势不可挡玻璃涨超5% 7月10日，商品市场情绪持续高涨，多晶硅及黑色建材类商品表现强势。其中多晶硅主力合约连续第四个交易日大涨，今日以5.50%的涨幅领涨国内商品市 场。现货方面，机构数据显示，本周多晶硅报价大幅上调25%-35%，单今日涨幅就超过10%，此外下游硅片价格也显著上调。不过，多数分析认为多晶硅基 本面仍然偏弱，虽然当前盘面受到了乐观情绪支撑，但下游需求不足，可能难以够承接如此高价的原料。此外，供应端，据我 ...

Group 1 - The main contract for caustic soda increased by over 3% [1] - Oxide aluminum, No. 20 rubber, rubber, pure benzene, and coking coal rose by more than 2% [1] - Shipping rates on the European route increased by 2% [1] Group 2 - Glass, coking coal, soda ash, styrene, pulp, and red dates all saw increases of over 1% [1]

Group 1 - The domestic commodity market experienced a significant increase on July 9, with polysilicon prices rising over 5%, coking coal up over 3%, and other commodities like pure benzene, coke, and alumina also seeing gains of over 2% [1][2] - Polysilicon prices were driven by production cut expectations, leading to a 5.03% increase after a previous day of limit-up trading, with macro policy guidance contributing to a substantial rise in spot prices [2][3] - Coking coal's main contract saw a rise of 3.81%, supported by improved market sentiment and a 2.6% increase in the operating rate of washing coal plants, indicating better demand and reduced inventory levels [3] Group 2 - The copper market faced volatility due to the Trump administration's announcement of a 50% tariff on all copper imports to the U.S., leading to a surge in U.S. copper prices while London and Shanghai copper prices weakened [4] - The price disparity between U.S. and European copper futures reached an extreme level, with a difference of $2400 per ton, compared to a historical average of $300 per ton, indicating significant market disruptions [4] - China's bonded zone copper premium rose above $150, suggesting that domestic copper prices may remain resilient due to tight upstream funding and low deliverable copper inventories [4]

Core Viewpoint - The article discusses the impact of fluctuating U.S. tariffs on gold prices and the overall direction of commodity futures, highlighting the analysis of popular trading instruments and strategies for capturing trading opportunities [1] Group 1 - U.S. tariffs are causing volatility in the market, particularly affecting gold prices which are showing a downward trend [1] - The article features insights from a seasoned futures researcher, Leo, who will analyze market trends and share practical trading strategies [1] - The live session will cover order flow, volume-price distribution, and real-world case studies to help traders identify potential trading opportunities [1]

Group 1: Market Performance - On July 8, polysilicon prices surged by 7%, hitting the daily limit, while the shipping index for European routes increased by over 7% [1][2] - The China Securities Commodity Futures Price Index closed at 1390.13 points, up 5.19 points or 0.37% from the previous trading day [1] Group 2: Polysilicon Market Dynamics - The strong performance of polysilicon is attributed to expectations of price increases and a reduction in production capacity, with major manufacturers collaborating to raise prices to alleviate cost pressures [3] - Current market expectations for polysilicon have not been fully digested, with inventory levels reported at 27.2 million tons, indicating ongoing accumulation [3] Group 3: Shipping Market Insights - The Shanghai Export Container Freight Index for European routes reported a value of 2258.04 points, reflecting a 6.3% increase compared to the previous period [2] - Market optimism persists despite uncertainties surrounding U.S. tariff policies, influenced by geopolitical tensions in the region [2] Group 4: Egg and Styrene Market Trends - Egg futures continued to decline, dropping over 1% and reaching a five-year low due to high inventory levels and strong supply [4] - Styrene futures also fell by over 1%, with weak demand and high supply contributing to the price drop [4]