1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report analyzes various commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, thermal coal, and logs, and predicts that they will all experience wide - range fluctuations [2]. 3. Summary by Commodity Iron Ore - **Market Trend**: Expected to fluctuate within a range due to repeated expectations [2][4]. - **Fundamentals**: The futures closed at 706.0 yuan/ton, up 3.0 yuan or 0.43%. The positions increased by 4,370 hands. Among spot prices, the price of most ores decreased slightly, and the basis and spreads also changed to varying degrees [4]. - **News**: On June 20, the 5 - year LPR was 3.5% and the 1 - year LPR was 3%, unchanged from the previous month [4]. Rebar and Hot - Rolled Coil - **Market Trend**: Both are expected to have wide - range fluctuations [2][6][7]. - **Fundamentals**: For rebar RB2510, the closing price was 2,995 yuan/ton, up 1 yuan or 0.03%. For hot - rolled coil HC2510, the closing price was 3,112 yuan/ton, down 5 yuan or - 0.16%. In terms of inventory and demand, there were corresponding changes in production, inventory, and apparent demand [7][8][9]. - **News**: In May 2025, national steel production data showed a decline in crude steel and pig iron production year - on - year, and an increase in steel production. On June 19, steel production increased, inventory decreased, and apparent demand changed [8][9]. Ferrosilicon and Silicomanganese - **Market Trend**: Ferrosilicon is affected by sector sentiment resonance and silicomanganese has a firm ore - end quotation, both with wide - range fluctuations [2][10]. - **Fundamentals**: The closing prices of ferrosilicon and silicomanganese futures contracts changed, and there were also changes in spot prices, basis, and spreads [10]. - **News**: On June 23, the prices of ferrosilicon and silicomanganese in different regions changed, and a steel mill in Shandong finalized the ferrosilicon purchase price [10]. Coke and Coking Coal - **Market Trend**: Both are expected to have wide - range fluctuations. Four rounds of coke price cuts have been implemented [2][13]. - **Fundamentals**: The closing prices of coke and coking coal futures changed, and there were also changes in spot prices, basis, and spreads. The positions of coking coal JM2509 and coke J2509 contracts also changed [13][15]. - **News**: On June 23, the prices of coking coal in some regions changed, and the positions of the top 20 members in the DCE showed that the long positions of coking coal increased and the short positions decreased, while for coke, both long and short positions decreased [13][14][15]. Thermal Coal - **Market Trend**: Demand remains to be released, with wide - range fluctuations [2][17]. - **Fundamentals**: The ZC2507 contract had no trading on the previous day, with an opening price of 931.6 yuan/ton, a closing price of 840.0 yuan/ton, down 51.4 yuan. There were corresponding prices for domestic and foreign trade thermal coal, and the positions of the top 20 members in the ZCE did not change [18][19]. Logs - **Market Trend**: The basis is being repaired, with wide - range fluctuations [2][21]. - **Fundamentals**: The closing prices, trading volumes, and positions of log futures contracts changed, and the prices of various types of logs in the spot market were mostly stable [21]. - **News**: On June 20, the 5 - year LPR was 3.5% and the 1 - year LPR was 3%, unchanged from the previous month [23].

期货热点追踪 美豆出口检验量低于市场预期，对华大豆出口继续为零！ 相关链接 ...

期货热点追踪 在原油价格带动下，化工品今日多数冲高回落，伊朗甲醇装置停车、尿素出口利好消息持续发酵、纯碱 近期屡创历史新低，后市应如何看待？ 相关链接 ...

Core Viewpoint - The escalating situation in the Middle East may impact freight rates, while short-term demand outlook remains optimistic, leading to the iron ore main contract reaching its highest level in over a week. However, prices have not effectively broken through, raising questions about when the current fluctuation range will be overcome [1] Group 1 - The Middle East situation is intensifying, which could affect freight rates [1] - There is an expectation of improved short-term demand prospects [1] - The iron ore main contract has hit its highest level in over a week [1] Group 2 - Despite reaching a peak, prices have not effectively broken through the current fluctuation range [1] - The market is questioning when the price will break out of the current oscillation [1]

投资咨询业务资格：证监许可【2012】31号 【黑色金属周报】 国贸期货 黑色金属研究中心 2025-06-23 张宝慧 从业资格证号：F0286636 投资咨询证号：Z0010820 董子勖 从业资格证号：F03094002 投资咨询证号：Z0020036 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 薛夏泽 从业资格证号：F03117750 目录 01 螺纹钢 02 焦煤焦炭 震 荡 区 间 ， 等 待 新 驱 动 期 货 进 一 步 走 强 ， 基 差 快 速 走 弱 03 铁矿石 后 续 到 港 压 力 将 逐 步 兑 现 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供参考，不构成任何投资建议，期市有风险，投资需谨慎 01 PART ONE 螺纹钢 螺纹钢：震荡区间，等待新驱动 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | 铁水产量本周暂时持稳，长流程钢厂尚可，再一次印证市场化减停产的期望不高，但是部分区域钢厂可能会选择进行钢材品种结构的调整和切换， | | 供给 | 偏空 | 已实现利润 ...

期货热点追踪 早盘马棕油期货震荡回落，4100关口能否守住？ 相关链接 ...

商 品 研 2025 年 06 月 23 日 究 豆粕：天气正常、美豆收跌，连粕或回落 豆一：调整震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 国 泰 君 安 期 货 研 究 所 期货研究 周五，芝加哥期货交易所（CBOT）大豆期货收盘下跌，主要原因是美国中西部地区的天气有利于作物生 长，周末前多头获利平仓抛售。交易商密切关注中西部农业带的有利天气。气象预报显示，本周降雨后， 预计整个地区将迎来炎热天气。一位交易商称，总体而言，天气状况并不构成威胁。根据周四发布的干旱 监测数据，降雨增加了土壤水分储备，过去一周中西部地区的干旱有所缓解。交易商称，陈作大豆和新作 大豆的销售量均与贸易预期相符。总销售量创下五周以来的最高水平。（汇易网） | | | （日盘） 收盘价 涨 跌 | 收盘价 （夜盘） 涨 跌 | | --- | --- | --- | --- | | | DCE豆一2509 （元/吨） | 4259 +32 （+0.76%） | 4268 +17（+0.40%） | | 期 货 | DCE豆粕2509 （元/吨） | ...

焦炭第4轮提降开启，但供应商表示焦化厂或存在一些抵制，关注下周落地情况！ 相关链接 期货热点追踪 ...

期货热点追踪 6月船期数据亮眼，但主要市场需求疲软，分析师称未来马棕油上行空间可能受限？ 相关链接 ...

Group 1 - The core viewpoint of the article highlights the ongoing competition around the 4100 mark for palm oil futures, indicating significant market activity and volatility [1] - The upper band of the Bollinger Bands is showing pressure, suggesting potential resistance levels in the market [1] - Despite the pressure from the upper band, there remains support for biodiesel, indicating a potential stabilizing factor for palm oil prices [1] Group 2 - The article raises questions about future market strategies and positioning in light of the current dynamics in palm oil futures [1]