| | 国校期货 | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2025年06月05日 | | 尿素 | な☆☆ | 甲醇 | 女女女 | 庞春艳 首席分析师 | | 苯乙烯 | なな女 | 聚丙烯 | ななな | F3011557 Z0011355 | | 塑料 | なな女 | PVC | なな女 | | | 烧碱 | ★☆☆ | РХ | ★☆☆ | 牛卉 高级分析师 | | PTA | ★☆☆ | 乙二醇 | ★☆☆ | F3003295 Z0011425 | | 短纤 | ★★★ | 玻璃 | ななな | 王雪忆 分析师 | | 纯碱 | ☆☆☆ | 瓶片 | ★☆☆ | F03125010 | | | | | | 周小燕 高级分析师 | | | | | | F03089068 Z0016691 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 【甲醇】 日内甲醇价格震荡,持仓缩减。沿海烯烃继续提负,甲醇外采需求量增多,港口缓慢累库,基差延续偏 ...

天然橡胶产业日报 2025-06-05 | 项目类别 | 数据指标 沪胶主力合约收盘价(日,元/吨) | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶9-1价差(日,元/吨) | 13545 -880 | -110 20号胶主力合约收盘价(日,元/吨) -45 20号胶6-7价差(日,元/吨) | 11965 -25 | -55 | | | | | | | -5 | | 期货市场 | 沪胶与20号胶价差(日,元/吨) | 1580 | -55 沪胶主力合约 持仓量(日,手) | 177633 | 173 | | | 20号胶主力合约持仓量(日,手) | 42118 | -1554 沪胶前20名净持仓 | -19818 | 1500 | | | 20号胶前20名净持仓 | -649 | 1021 沪胶交易所仓单(日,吨) | 193100 | -200 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 19455 | 604 | | | | | 泰标STR20(日,美元/吨) | 1355 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On June 4, 2025, SP2601 was 5250, up 0.23% day - on - day and 0.65% week - on - week; SP2507 was 5298, down 0.11% day - on - day and up 0.46% week - on - week; SP2509 was 5236, up 0.27% day - on - day and 1.00% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 6150, down 0.81% day - on - day and week - on - week; Knitted Coniferous was 5320, down 1.48% day - on - day and 0.56% week - on - week; Broadleaf pulp Goldfish was 4120, down 0.72% day - on - day and up 0.49% week - on - week [1] - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply** - **Imports in April 2025**: Coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; Broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month [1] - **Shipments to China**: In April 2025, shipments of coniferous pulp to China decreased by 2.9% year - on - year, and shipments of broadleaf pulp to China increased by 26.7% year - on - year. In March 2025, shipments to China were 1813, up 20.70% month - on - month [1] - **Domestic Production**: In late May 2025, broadleaf pulp production fluctuated around 20 tons, and chemimechanical pulp production was around 20 tons [1] - **Inventory** - **Port Inventory**: As of May 29, 2025, pulp port inventory was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase [1] - **Delivery Warehouse Inventory**: As of May 29, 2025, it was 25.20 tons, down from the previous period [1] - **Demand**: In late May 2025, among the main finished paper products, the output of white cardboard increased slightly, and the output of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made rigid purchases [1] Pulp Valuation Data - **Basis**: On June 4, 2025, the Russian needle basis was 22, with a quantile level of 0.755; the Silver Star basis was 852, with a quantile level of 0.971 [1] - **Import Profit**: On June 4, 2025, the import profit of coniferous pulp Silver Star was 104, with a quantile level of 0.78; the import profit of broadleaf pulp Goldfish was - 467, with a quantile level of 0.206 [1] Summary - **Supply**: Chilean Arauco's June 2025 wood pulp outer - disk quotes were flat. Broadleaf pulp is expected to resume partial supply in July (limited quantity) [1] - **Demand**: The implementation of price increase letters from cultural paper and white cardboard manufacturers was poor, and downstream paper mills made rigid purchases. The output of white cardboard increased slightly, and the output of other paper types was stable [1] - **Inventory**: As of May 29, 2025, pulp port inventory showed a slight accumulation trend [1] - **Strategy**: Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2]

交易咨询业务资格：证监许可【2012】1091号 2025-06-05甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2509： 1、基本面：内地方面，前期下跌过程中贸易商和下游采购意愿较差，部分产区工厂处于累库状态，且煤制甲醇利润丰 厚下周初上游主动大幅让利刺激出货为主，看空后市情绪下，长协贸易商出货意愿强烈且有做空行为。而鲁北下游 MTBE开工维持低位，周内采购也有减少，下游也顺势压价，上半周销区同步走跌。但随着产销区甲醇价格跌破近一年 来最低点，底部空间下贸易商持货意愿增强以及部分补空单需求下，下半周内地甲醇行情逐止跌回稳。港口方面，亦是 呈现先跌后稳走势，上半周供需面表现偏弱下，期现货价格同步下行，基差亦有走弱，随着美国联邦法院暂停关税政策 ...

交易咨询业务资格：证监许可【2012】1091号 2025-06-05燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：受6月市场供应相对紧张的预期支撑，亚洲低硫燃料油市场结构走强，不过含硫0.5%船用燃 料油现货溢价则因实物货物报价竞争加剧而持续下跌；中性 2、基差：新加坡高硫燃料油为423.25美元/吨，基差为205元/吨，新加坡低硫燃料油为496.5美元/吨，基 差为146元/吨，现货升水期货；偏多 6、预期：隔夜原油受沙特调价下挫，短期对燃油带来一定冲击，目前新加坡燃油市场行情相对宽松， 预计燃油跟随原油今日震荡回落。FU2507：2900-2950区间运行，LU2507：3450-3500区间运行 3、库 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 6 月 5 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | | | 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%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 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—商品期货黑色板块 品种：动力煤现货 日内观点： 中期观点： 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 观点参考 观点参考 获取每日 期 货 观 点 推 送 扫码关注宝城期货官方微信·期货咨询尽在掌握 服 务 国 家 走 向 世 界 知 行 合 一 专 业 敬 业 诚 信 至 上 合 规 经 营 严 谨 管 理 开 拓 进 取 姓名：涂伟华 参考观点：震荡 核心逻辑：随着旺季临近，动力煤利多因素开始积蓄，市场僵持博弈，价格暂稳运行。一方面， 国内煤价处在国际低洼，外贸煤进口性价比较 2024 年显著走低，引发 ...

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-6-5 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 尿素概述： • 1. 基本面：近期尿素盘面回落。供应方面，开工率及日产持续高位，近期有新装置投产，库 存短期震荡。需求端，工业需求中复合肥开工回落，三聚氰胺开工偏高，农业需求短期偏弱。尿 素国际价格强势，5月15-16日尿素出口专题会议召开，出口政策落地，内外价格双轨制使得出口 利润高但对国内价格影响小。交割品现货1820（-30），基本面整体偏空； • 2. 基差： UR2509合约基差59，升贴水比例3.2%，偏多； • 3. 库存：UR综合库存118.2万吨（+16.4），偏空； • 4. 盘面： UR主力合约20日均线向下，收盘价位于20日线下，偏空； • 5. 主力持仓：UR主力持仓净空，增空，偏空； • ...

Core Insights - Velos Markets has established itself as a focal point for investors by providing a unique platform that connects ordinary investors with the vast financial world, offering diverse opportunities and robust support [1] Group 1: Diverse Trading Product Matrix - Velos Markets offers a wide range of trading products, including forex, CFDs, cryptocurrencies, and stock indices, creating a large and diverse financial trading ecosystem [4] - The platform caters to various investor types, from seasoned forex traders to those interested in emerging digital currencies, and even conservative investors seeking stable asset growth [4] - Velos provides access to both major and niche currency pairs, allowing investors to capitalize on global economic fluctuations [4] Group 2: Strong Fund Security Assurance - Velos Markets is regulated by the Australian Securities and Investments Commission (ASIC), ensuring a robust fund security framework for investors [5] - The platform employs advanced encryption technologies to protect investor data and privacy, creating a secure trading environment [5] - This emphasis on fund security is particularly appealing to risk-averse investors who prioritize the safety of their capital [5] Group 3: Precise Market Analysis and Data Insights - Velos Markets utilizes a comprehensive market analysis framework that incorporates macroeconomic data, industry trends, and geopolitical events to provide a holistic view of market dynamics [7] - The platform's data-driven approach allows for the identification of valuable investment opportunities by analyzing various interconnected factors [8] - This capability enables investors to make informed decisions based on a thorough understanding of market conditions [8] Group 4: Professional and Personalized Investment Services - Velos Markets boasts a global team of financial professionals who offer tailored investment solutions based on individual risk tolerance and investment goals [10] - The team provides precise investment advice and strategies, ensuring that investors are well-supported in navigating market fluctuations [10] - This personalized service enhances the overall investment experience for clients, regardless of their risk appetite [10] Group 5: Low Spreads and High Liquidity for Short-Term Trading - Velos Markets stands out in the short-term trading arena due to its low spreads and high liquidity, making it a preferred platform for day traders [11] - The low spreads, as low as 0.1 pips in forex trading, help investors minimize transaction costs and maximize profit potential [11] - High liquidity ensures that trades can be executed swiftly, allowing traders to capitalize on market movements without delays [11] Group 6: Overall Competitive Advantage - Velos Markets demonstrates significant advantages across trading products, fund security, market analysis, investment services, and trading costs, positioning itself as a powerful and reliable investment platform [12] - The company is well-placed to continue playing a vital role in the evolving financial market landscape, with the potential for further growth and success [12]

南华原木产业风险管理日报 2025年6月4日 宋霁鹏（投资咨询证号：Z0016598 ） 投资咨询业务资格：证监许可【2011】1290号 原木价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 原木 | 740-800 | 16.28% | 67.4% | source： 南华研究 根据木联数据统计，第22周18港新西兰原木预到船11条，较上周增加2条，周环比增加22%;到港总量约 37.2万方，较上周增加3.3万方，周环比增加10%。目前尚未看到到港的减量。5月外盘报价110美金成交 火热，预计后续到港依然维持高位。6-7月是下游的消费淡季，出库量预计有一定压力。最新外盘报价 110-112美金，环比上涨2美金。目前也难看到外商报价走弱的迹象。贸易商亏损同样没有修复，有联合挺 价的意愿，盘面贴水，卖出套保没有利润。所以卖出盘面并没有强动机。预计盘面延续震荡偏弱的格局。 策略上建议区间操作，高抛低吸为主。同时期权到期日剩余14天，关注后续的时间价值的衰减，建议逢高 卖出lg2507C800， ...

| | | | 投资咨询业务资格:证监许可【2012】31号 | | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL. | | | | | | | | 农产品研究中心 >> | 国贸期货研究院 | 杨璐琳 | 投资咨询号: Z0015194 从业资格号:F3042528 | | | 2025/6/4 | | | | | | | | 纸浆价格数据 | | | | | | | 2025年6月3日 | | 日环比 | 周环比 | | | 2025年6月3日 | 日本に | 19 W FD | | | SP2601 5238 | | -1. 32% | -1. 17% | | 针叶浆银星 | 6200 | 0. 00% | -0. 80% | | 期货价格 | SP2507 5414 | | -1.42% | 1. 65% | 现货价 | 针叶浆俄针 | 5400 | 0. 00% | -0. 92% | | | SP2509 5222 | | -1.36% | -1.47 ...