1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On July 3, A - share market had a positive performance with the Shanghai Composite Index hitting a new high this year, while trading volume decreased compared to the previous day [1]. - The weighted indices of coke and coking coal showed strength on July 3, with their prices rising [2][3]. - The supply - demand structures of coke and coking coal futures have improved, but there are still factors such as weak willingness of downstream steel mills to over - replenish and slow recovery of domestic mine production [4]. - Zhengzhou sugar futures showed different trends influenced by US sugar prices, spot prices, and monsoon rainfall in India [4]. - Shanghai rubber futures declined due to the drop in tire factory operating rates and weak tire replacement demand data [5]. - Palm oil prices reached a new high in weeks on July 3, with expected changes in Malaysia's inventory, production, and export volume in June [6]. - The international soybean market has limited upside space, and domestic soybean meal futures are in a volatile adjustment, with the focus on soybean arrivals and domestic inventory [7]. - The supply of live hogs is currently lower than expected, but there are risks of lagging production capacity and post - poned supply pressure in the far - month contracts [8]. - Shanghai copper prices lack further upward momentum, and the market needs to focus on macro - economic data and supply - demand situations [8]. - Zhengzhou cotton futures may be affected by the US - Vietnam trade framework agreement [9]. - Iron ore futures showed a volatile upward trend on July 3, with overseas shipments and domestic arrivals decreasing, and the market sentiment boosted by relevant news [9]. - Asphalt futures showed a volatile upward trend, but high - temperature and rainy seasons have hindered demand, so prices are expected to be volatile [9][10]. - Log futures need to focus on the 790 - 800 pressure range and 07 spot delivery information, and the spot market has weak demand [10]. - Steel prices are expected to be volatile and strong in the short term due to supply - side policies and market sentiment [10]. - Alumina futures may be strong in the short term but face downward pressure in the long term, and attention should be paid to Guinea's mine - end news [11]. - Shanghai aluminum futures are supported by low inventory and cost in the short term, and the focus is on the inventory inflection point [11]. 3. Summary by Related Catalogs Stock Index Futures - On July 3, the Shanghai Composite Index rose 0.18% to 3461.15, the Shenzhen Component Index rose 1.17% to 10534.58, and the ChiNext Index rose 1.90% to 2164.09. The trading volume of the two markets was 1309.8 billion yuan, a decrease of 67.2 billion yuan from the previous day [1]. - The CSI 300 Index closed at 3968.07 on July 3, up 24.38 from the previous day [1]. Coke and Coking Coal - On July 3, the weighted index of coke closed at 1451.9, up 30.6 from the previous day [2]. - On July 3, the weighted index of coking coal closed at 871.2 yuan, up 34.7 from the previous day [3]. - After the fourth - round price adjustment of coke, the supply - demand structure has improved, but downstream steel mills are not very willing to over - replenish [4]. - The supply of coking coal is expected to increase slowly, and the total inventory is expected to continue to decline, with the supply - demand pattern improving [4]. Zhengzhou Sugar - Affected by the expected sufficient supply in Thailand and India, US sugar prices fluctuated downward on Wednesday. Zhengzhou sugar futures did not follow the decline on Thursday and showed a slight increase [4]. - US sugar prices rebounded at night, boosting Zhengzhou sugar futures to rise [4]. - India's monsoon rainfall in July may be "above normal", which is beneficial to agricultural production [4]. Shanghai Rubber - Due to the decline in tire factory operating rates this week and weak tire replacement demand data in June, Shanghai rubber futures declined on Thursday [5]. - The operating rates of semi - steel tire and all - steel tire sample enterprises decreased both on a weekly and annual basis [5]. Palm Oil - On July 3, palm oil prices jumped and then fluctuated upward, reaching a new high in weeks, with a 0.45% increase from the previous day's close [6]. - It is expected that Malaysia's palm oil inventory in June will decrease by 0.24% compared to May, production will decrease by 4.04%, and exports will increase by 4.16% [6]. Soybean Meal - On July 3, the international CBOT November soybean futures closed at 1048.25 cents per bushel, up 0.05%. The market's upside space is limited [7]. - Domestic soybean meal futures are in a volatile adjustment, and the focus is on soybean arrivals and domestic inventory [7]. Live Hogs - On July 3, live hog futures rose slightly, with the main contract LH2509 closing at 14370 yuan per ton, up 0.21% [8]. - The supply of suitable - weight standard pigs has decreased in the short term, but there are risks of increasing supply in the future and weak terminal demand [8]. Shanghai Copper - US non - farm payrolls in June were higher than expected, and the unemployment rate met expectations, which boosted the US dollar [8]. - LME copper inventory and domestic social inventory have increased slightly, and copper prices lack upward momentum [8]. Cotton - The main contract of Zhengzhou cotton futures closed at 13780 yuan per ton on Thursday night [9]. - The base price of cotton in Xinjiang's designated delivery warehouses decreased, and inventory decreased by 50 lots compared to the previous day [9]. - The US - Vietnam trade framework agreement may boost textile exports in the short term [9]. Iron Ore - On July 3, the main contract of iron ore futures rose 2.45% to 733 yuan [9]. - Overseas shipments and domestic arrivals of iron ore have decreased, and steel mills' profits are good, with iron - making output increasing slightly [9]. Asphalt - On July 3, the main contract of asphalt futures rose 0.25% to 3588 yuan [9]. - Asphalt production has increased, but shipments have decreased, and high - temperature and rainy seasons have affected demand [9][10]. Logs - On July 3, log futures opened at 793, with a closing price of 792.5 and an increase of 625 lots in positions. Attention should be paid to the 790 - 800 pressure range [10]. - The spot prices of logs in Shandong and Jiangsu remained unchanged, and port inventory increased slightly, with weak demand [10]. Steel - On July 3, the prices of rb2510 and hc2510 were 3076 yuan/ton and 3208 yuan/ton respectively [10]. - The steel market is in a pattern of decreasing supply and increasing demand, and short - term steel prices are expected to be volatile and strong [10]. Alumina - On July 3, the price of ao2509 was 3026 yuan/ton [11]. - In the short term, alumina futures are strong due to market sentiment, but in the long term, prices may face downward pressure [11]. Shanghai Aluminum - On July 3, the price of al2508 was 20680 yuan/ton [11]. - Aluminum prices are supported by low inventory and cost in the short term, and the focus is on the inventory inflection point [11].

Core Viewpoint - The article highlights the mixed signals in price trends across various sectors in June, influenced by geopolitical factors and domestic demand dynamics, with particular attention to the fluctuations in industrial raw material prices and real estate markets [1][3][4]. Group 1: Industrial Raw Materials and Energy Prices - In June, the BPI index recorded 857 points, a slight increase of 0.1% compared to the end of May, with energy prices down by 0.1% and non-ferrous metal prices up by 1.9% month-on-month [1][4]. - The geopolitical events, particularly in the Middle East, have caused fluctuations in energy prices, while the supply-demand structure tightening and a decline in the US dollar index contributed to the rise in non-ferrous metal prices [4]. Group 2: Domestic Demand and Commodity Prices - Domestic pricing for coking coal and rebar futures saw significant month-on-month increases of 23.4% and 2.5%, respectively, indicating a positive trend in the domestic demand for these commodities [5][6]. - The South China Industrial Products Index showed a month-on-month increase of 4.2%, with a narrowing year-on-year decline compared to May [6]. Group 3: Real Estate Market Trends - The second-hand housing price index in major cities showed mixed results, with Shanghai's prices stabilizing. The indices for Beijing, Shanghai, Guangzhou, and Shenzhen recorded changes of -0.7%, 0.8%, -0.8%, and -0.04% respectively compared to the last week of May [6][8]. - The year-to-date high points for these cities were noted earlier in the year, indicating a potential stabilization in the real estate market [6]. Group 4: Emerging Industries and Price Trends - The photovoltaic industry composite index continued to decline, down 4.6% month-on-month, primarily due to the performance of battery cells, while lithium carbonate futures prices increased by 5.3% [7][8]. - The DXI index, which reflects the semiconductor (DRAM) market's performance, surged by 29.4%, indicating strong demand in this sector [7][8]. Group 5: Shipping and Export Prices - In the shipping sector, most prices increased, with the China Container Freight Index (CCFI) rising by 22.5% month-on-month. Specific routes, such as Shanghai to Los Angeles and Shanghai to New York, saw increases of 0.1% and 10.3%, respectively [9][10]. - The Baltic Dry Index (BDI) also continued its upward trend, increasing by 5.0% month-on-month, reflecting a recovery in shipping rates [11]. Group 6: Food Prices and Market Dynamics - Food prices exhibited a mixed performance, with the average wholesale price of pork declining by 2.3% month-on-month, while the prices of 28 key vegetables rose by 0.5% [11]. - The average wholesale prices of seven monitored fruits fell by 5.5%, indicating a weak overall trend in food prices [11]. Group 7: Summary and Future Outlook - Overall, June's price signals were mixed, with geopolitical factors influencing oil prices and domestic demand driving certain commodity prices higher. The focus remains on the marginal changes in prices in sectors such as steel, coal, cement, photovoltaic, and automotive in the future [3][12].

Group 1 - The core viewpoint indicates that Canada is expected to reach a record high in wheat planting area by 2025, while the canola planting area is projected to decline, leading to potential changes in market supply and demand dynamics [1] Group 2 - The anticipated increase in wheat planting area may influence market prices and trends, necessitating close monitoring of the agricultural commodities market [1] - The decline in canola planting area could impact the overall supply chain and pricing strategies for canola products, affecting both producers and consumers [1]

Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports [1][3][5][8] Core Views - The steel market is facing concerns about the off - season, with the black market shifting towards fundamentals. Overall, the supply - demand contradiction of steel is not significant, and future attention should be paid to the Middle East geopolitical conflicts, inventory, and consumption [1]. - The iron ore market is experiencing weak demand in the off - season and is likely to maintain a weak and volatile trend. In the long term, the supply - demand pattern is relatively loose [3]. - The coking coal and coke market has eased market sentiment and is operating in a volatile manner. The supply - demand situation of coke has improved, while the price of coking coal is expected to fluctuate in the short term [5][6]. - The动力煤 market shows a contraction in supply at the end of the month, and the coal prices in the production areas continue to be strong. In the short term, the price is expected to rise slightly, while the long - term supply pattern remains loose [8]. Summary by Related Categories Steel - **Market Analysis**: The closing price of the rebar futures main contract was 2,976 yuan/ton, and that of the hot - rolled coil main contract was 3,098 yuan/ton. The national building materials turnover was 93,500 tons. The black market is turning to fundamentals, and the supply - demand contradiction of building materials is gradually accumulating. The profit of hot - rolled coils is better than that of building materials, and although exports have slightly declined, they remain high in the short term [1]. - **Strategy**: No specific strategies are proposed for single - side, inter - period, inter - variety, spot - futures, or options trading [2]. Iron Ore - **Market Analysis**: The futures price of iron ore continued to weaken, with the main 2509 contract closing at 702.5 yuan/ton, a decline of 0.43%. The total national main port iron ore trading volume was 1.077 million tons, a 32.47% increase. The forward spot trading volume was 670,000 tons, a 39.09% decrease. The global shipment increased slightly, iron - making water production increased slightly, and the total iron ore inventory increased slightly [3]. - **Strategy**: A single - side strategy of weak and volatile is recommended, and no strategies are proposed for other trading types [4]. Coking Coal and Coke - **Market Analysis**: The coking coal and coke futures are operating in a volatile manner. The fourth - round price cut of coke has been fully implemented, and the market's expectation of price stability has increased. Many coking coal mines have stopped or reduced production, and the replenishment of coking and steel enterprises is insufficient. The price of imported Mongolian coal is relatively stable [5][6]. - **Strategy**: Both coking coal and coke are expected to operate in a volatile manner, and no strategies are proposed for other trading types [7]. 动力煤 - **Market Analysis**: The coal prices in the main production areas continue to be strong. At the end of the month, a few coal mines will complete their production capacity and reduce production. The procurement demand for metallurgy and chemical industry is stable. The port inventory has decreased significantly, and the import coal market is stable [8]. - **Strategy**: No specific strategies are proposed [8].

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 6 月 25 日 钢材&铁矿石日报 专业研究·创造价值 产业弱稳运行，钢矿延续震荡 核心观点 螺纹钢：主力期价震荡运行，录得 0.33%日跌幅，量增仓稳。现阶段， 螺纹钢供应小幅回升，而需求延续季节性弱势，供需格局并未好转，淡 季钢价承压运行，相对利好则是库存偏低，现实矛盾不大，预计走势维 持震荡寻底态势，关注需求表现情况。 热轧卷板：主力期价震荡运行，录得 0.26%日跌幅，量仓收缩。目前来 看，热卷供需格局迎来好转，但供应维持高位，且需求韧性存疑，基本 面改善持续性存疑，上行驱动不强，预计走势维持震荡运行态势，重点 关注需求情况。 铁矿石：主力期价低位震荡，录得 0.43%日跌幅，量增仓缩。现阶 段，矿石需求韧性表现尚可，给予矿价支撑，但供应维持高位，且需求 增量空间有限，矿石基本面并未实质性改善，后续矿价延续低位震荡运 行，关注成材表现情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：t ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Lithium Carbonate - The recent market sentiment is stable, and the market is mainly in a state of shock. However, there is a lack of actual positive news, and the short - term fundamentals still face pressure. In June, due to the boost in processing output and the increase in lithium extraction from some spodumene, the balance may be in surplus. The short - term market is expected to operate in a weak range, but the profit - to - risk ratio of short - selling is weakening, and the main contract is expected to operate between 56,000 - 62,000 yuan [1]. Nickel - Recently, the macro situation is temporarily stable, but the sentiment in the spot market is low. The cost support for refined nickel has slightly weakened, and the medium - term supply remains loose, restricting the upside space. The short - term fundamentals change little, and the market is expected to adjust through weak - range shock, with the main contract referring to 118,000 - 124,000 yuan [2]. Stainless Steel - The fundamentals remain weak. The ore end provides some price support, the negotiation range of nickel - iron prices has moved down, the stainless - steel production remains high, and the demand is weak with slow inventory reduction. In the short - term, there is still pressure on the fundamentals due to the supply - demand contradiction. The market is expected to operate weakly, with the main contract operating between 12,400 - 13,000 yuan [5]. Tin - The supply - side recovery is slow. In the short - term, tin prices are expected to be strong and fluctuate. However, considering the pessimistic demand outlook, it is advisable to short at around 260,000 - 265,000 yuan based on the inflection points of inventory and import data [7]. Aluminum - For aluminum, the short - term upper limit is around 20,500 yuan, and the price is expected to be around 20,000 yuan with a fluctuating trend. If the actual demand weakens in the third quarter, the price may find support at 19,000 - 19,500 yuan. For alumina, if the ore - end issues do not worsen, smelters may resume production after profit recovery, and the inventory is expected to gradually increase [8]. Zinc - In the long - term, zinc is in a supply - side loosening cycle. If the growth rate of the ore end is lower than expected and the downstream consumption performs better than expected, zinc prices may remain in a high - level shock pattern. In a pessimistic scenario, zinc prices may decline. It is advisable to short at high levels in the long - term, with the main contract focusing on the support at 21,000 - 21,500 yuan [10]. Copper - Under the combination of "strong reality + weak expectation", copper prices do not have a clear and smooth trend. The strong fundamentals limit the downward movement of prices, while the weak macro - expectations restrict the upside space. In the short - term, prices are expected to fluctuate, with the main contract referring to 77,000 - 80,000 yuan [13]. 3. Summary by Related Catalogs Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price is 60,450 yuan/ton, unchanged from the previous value; SMM industrial - grade lithium carbonate average price is 28,850 yuan/ton, unchanged; SMM battery - grade lithium hydroxide average price is 59,170 yuan/ton, down 0.42%; SMM industrial - grade lithium hydroxide average price is 53,170 yuan/ton, down 0.47%. The average CIF price of lithium carbonate in China, Japan, and South Korea is 8.05 US dollars/kg, unchanged [1]. Monthly Spread - The spread between 2507 and 2508 is 340 yuan/ton, an increase of 180 yuan from the previous value; the spread between 2507 and 2509 is 600 yuan/ton, an increase of 240 yuan; the spread between 2507 and 2512 is 260 yuan/ton, an increase of 100 yuan [1]. Fundamental Data - In May, lithium carbonate production was 72,080 tons, a decrease of 2.34% month - on - month; battery - grade lithium carbonate production was 51,573 tons, an increase of 2.33%; industrial - grade lithium carbonate production was 20,507 tons, a decrease of 12.41%. The demand for lithium carbonate in May was 93,938 tons, an increase of 4.81% [1]. Nickel Price and Basis - The price of SMM 1 electrolytic nickel is 120,325 yuan/ton, an increase of 0.42%; the price of 1 Jinchuan nickel is 121,425 yuan/ton, an increase of 0.41%. The import profit and loss of nickel futures is - 3,234 yuan/ton, a decrease of 3.89% [2]. Monthly Spread - The spread between 2508 and 2509 is - 180 yuan/ton, an increase of 10 yuan; the spread between 2509 and 2510 is - 180 yuan/ton, a decrease of 30 yuan; the spread between 2510 and 2511 is - 70 yuan/ton, an increase of 220 yuan [2]. Supply, Demand and Inventory - China's refined nickel production in May was 35,350 tons, a decrease of 2.62% month - on - month; the import volume of refined nickel was 8,832 tons, an increase of 8.18%. SHFE inventory decreased by 5.39% week - on - week, and social inventory decreased by 5.24% [2]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 12,700 yuan/ton, unchanged; the price of 304/2B (Foshan Hongwang 2.0 coil) is 12,800 yuan/ton, unchanged. The spot - futures spread is 295 yuan/ton, a decrease of 14.49% [5]. Monthly Spread - The spread between 2508 and 2509 is 10 yuan/ton, an increase of 5 yuan; the spread between 2509 and 2510 is 50 yuan/ton, an increase of 10 yuan; the spread between 2510 and 2511 is - 15 yuan/ton, a decrease of 5 yuan [5]. Fundamental Data - The production of 300 - series stainless - steel crude steel in China (43 enterprises) in April was 179.12 million tons, an increase of 0.36%; the production in Indonesia (Qinglong) was 36 million tons, unchanged. The import volume of stainless steel increased by 10.26%, and the export volume decreased by 4.85% [5]. Tin Spot Price and Basis - The price of SMM 1 tin is 264,400 yuan/ton, an increase of 0.04%; the price of Yangtze River 1 tin is 264,900 yuan/ton, an increase of 0.04%. The LME 0 - 3 premium is - 110 US dollars/ton, an increase of 15.38% [7]. Monthly Spread - The spread between 2507 and 2508 is 10 yuan/ton, a decrease of 140 yuan; the spread between 2508 and 2509 is 190 yuan/ton, a decrease of 140 yuan; the spread between 2509 and 2510 is 300 yuan/ton, an increase of 120 yuan [7]. Fundamental Data (Monthly) - The import volume of tin ore in April was 9,861 tons, an increase of 18.48%; the production of SMM refined tin in May was 14,840 tons, a decrease of 2.37%. The import volume of refined tin in April was 1,128 tons, a decrease of 46.31% [7]. Aluminum Price and Spread - The price of SMM A00 aluminum is 20,770 yuan/ton, a decrease of 0.62%; the average price of alumina in Shandong is 3,175 yuan/ton, a decrease of 0.16%. The import profit and loss of aluminum is - 1,138 yuan/ton, a decrease of 20 yuan [8]. Monthly Spread - The spread between 2507 and 2508 is 120 yuan/ton, a decrease of 60 yuan; the spread between 2508 and 2509 is 125 yuan/ton, a decrease of 5 yuan; the spread between 2509 and 2510 is 120 yuan/ton, a decrease of 5 yuan [8]. Fundamental Data - The production of alumina in May was 727.21 million tons, an increase of 2.66%; the production of electrolytic aluminum in May was 372.90 million tons, an increase of 3.41%. The import volume of electrolytic aluminum in April was 25.05 million tons [8]. Zinc Price and Basis - The price of SMM 0 zinc ingot is 21,990 yuan/ton, a decrease of 0.95%; the import profit and loss is - 491 yuan/ton, an increase of 56.62 yuan [10]. Monthly Spread - The spread between 2507 and 2508 is 185 yuan/ton, a decrease of 65 yuan; the spread between 2508 and 2509 is 130 yuan/ton, a decrease of 5 yuan; the spread between 2509 and 2510 is 85 yuan/ton, a decrease of 5 yuan [10]. Fundamental Data - The production of refined zinc in May was 54.94 million tons, a decrease of 1.08%; the import volume of refined zinc in April was 2.82 million tons, an increase of 2.40%. The export volume of refined zinc in April was 0.25 million tons, an increase of 75.76% [10]. Copper Price and Basis - The price of SMM 1 electrolytic copper is 78,680 yuan/ton, a decrease of 0.19%; the import profit and loss is - 1,144 yuan/ton, an increase of 254.33 yuan [13]. Monthly Spread - The spread between 2507 and 2508 is 180 yuan/ton, an increase of 10 yuan; the spread between 2508 and 2509 is 200 yuan/ton, an increase of 60 yuan; the spread between 2509 and 2510 is 230 yuan/ton, a decrease of 40 yuan [13]. Fundamental Data - The production of electrolytic copper in May was 113.83 million tons, an increase of 1.12%; the import volume of electrolytic copper in April was 25 million tons, a decrease of 19.06%. The inventory of imported copper concentrates in domestic mainstream ports increased by 8.76% week - on - week [13].

1. Tin Industry - **Report Industry Investment Rating**: Not provided - **Core View**: Supply - side recovery is slow, and short - term tin prices are expected to fluctuate strongly. However, considering the weak demand outlook, it is advisable to focus on the supply - side recovery rhythm and adopt a short - selling strategy based on inventory and import data inflection points [1]. - **Summary by Directory**: - **Spot Price and Basis**: SMM 1 tin rose 0.11% to 265,600 yuan/ton, and SMM 1 tin premium dropped 13.64% to 950 yuan/ton. LME 0 - 3 premium fell 9.85% to - 82.50 dollars/ton [1]. - **Internal - External Ratio and Import Profit/Loss**: Import loss increased by 11.20% to - 10,937.43 yuan/ton, and the Shanghai - London ratio decreased to 8.09 [1]. - **Monthly Spread**: The spread of 2506 - 2507 dropped 880.00% to - 390 yuan/ton [1]. - **Fundamental Data (Monthly)**: April tin ore imports increased 18.48% to 9,861 tons. SMM refined tin production in May decreased 2.37% to 14,840 tons [1]. - **Inventory Change**: SHEF inventory decreased 3.59% to 7,107 tons, and social inventory increased 1.00% to 8,945 tons [1]. 2. Lithium Carbonate Industry - **Report Industry Investment Rating**: Not provided - **Core View**: Short - term fundamentals still face pressure. In June, the balance may be in surplus due to increased processing output and some lithium spodumene lithium extraction increments. The upstream has not seen substantial large - scale production cuts, and the futures price is expected to run weakly, with the main contract referring to the range of 56,000 - 62,000 yuan/ton [2]. - **Summary by Directory**: - **Price and Basis**: SMM battery - grade lithium carbonate average price remained unchanged at 60,650 yuan/ton, and the basis (SMM electric carbon benchmark) rose 461.54% to 730 yuan/ton [2]. - **Monthly Spread**: The spread of 2507 - 2508 rose to 20 yuan/ton [2]. - **Fundamental Data**: In May, lithium carbonate production decreased 2.34% to 72,080 tons, and demand increased 4.81% to 93,938 tons. Total inventory increased 1.49% to 97,637 tons [2]. 3. Nickel Industry - **Report Industry Investment Rating**: Not provided - **Core View**: In the short term, the fundamentals change little and lack driving forces. The disk is expected to fluctuate and adjust, with the main contract referring to the range of 118,000 - 126,000 yuan/ton [4]. - **Summary by Directory**: - **Price and Basis**: SMM 1 electrolytic nickel dropped 0.33% to 121,500 yuan/ton, and 1 Jinchuan nickel premium rose 3.09% to 2,500 yuan/ton [4]. - **Electrowinning Cost**: The cost of integrated MHP producing electrowon nickel decreased 0.49% to 126,132 yuan/ton [4]. - **New Energy Material Price**: Battery - grade nickel sulfate average price remained unchanged at 27,815 yuan/ton [4]. - **Monthly Spread**: The spread of 2507 - 2508 remained at - 200 yuan/ton [4]. - **Supply - Demand and Inventory**: China's refined nickel production decreased 2.62% to 35,350 tons, and SHFE inventory decreased 5.39% to 25,616 tons [4]. 4. Stainless Steel Industry - **Report Industry Investment Rating**: Not provided - **Core View**: The disk returns to the fundamental trading logic. In the short term, there is still pressure on the fundamentals due to the supply - demand contradiction. It is expected to fluctuate weakly, with the main contract referring to the range of 12,400 - 13,000 yuan/ton [7]. - **Summary by Directory**: - **Price and Basis**: 304/2B (Wuxi Hongwang 2.0 coil) dropped 0.39% to 12,750 yuan/ton, and the basis spread decreased 3.90% to 370 yuan/ton [7]. - **Raw Material Price**: The average price of 8 - 12% high - nickel pig iron (ex - factory price) dropped 0.59% to 934 yuan/nickel point [7]. - **Monthly Spread**: The spread of 2507 - 2508 rose to - 25 yuan/ton [7]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production increased 0.36% to 179.12 million tons, and 300 - series social inventory (Wuxi + Foshan) increased 2.04% to 53.08 million tons [7]. 5. Zinc Industry - **Report Industry Investment Rating**: Not provided - **Core View**: In the long - term, zinc is in a supply - side easing cycle. If the growth rate of TC exceeds expectations, it indicates smooth transmission to the refined zinc end. The downstream is in a seasonal off - season, and the demand is expected to weaken. It is advisable to adopt a short - selling strategy in the long - term, with the main contract focusing on the support level of 21,000 - 21,500 yuan/ton [10]. - **Summary by Directory**: - **Price and Basis**: SMM 0 zinc ingot dropped 0.31% to 22,240 yuan/ton, and the premium dropped to 240 yuan/ton [10]. - **Ratio and Profit/Loss**: Import loss decreased, and the Shanghai - London ratio increased to 8.33 [10]. - **Monthly Spread**: The spread of 2506 - 2507 dropped to 195 yuan/ton [10]. - **Fundamental Data**: May refined zinc production decreased 1.08% to 54.94 million tons. Galvanizing开工率 increased to 60.06% [10]. - **Inventory**: China's zinc ingot seven - region social inventory decreased 2.77% to 7.71 million tons, and LME inventory decreased 0.78% to 13.1 million tons [10]. 6. Aluminum Industry - **Report Industry Investment Rating**: Not provided - **Core View**: For alumina, the short - term futures price has limited downward adjustment space, and the medium - term reference cash cost is 2,700 yuan/ton. For electrolytic aluminum, short - term prices are supported, but there is pressure in Q3, with the lowest support at 19,000 - 19,500 yuan/ton [13]. - **Summary by Directory**: - **Price and Spread**: SMM A00 aluminum rose 0.39% to 20,730 yuan/ton, and the premium was - 210 yuan/ton. Alumina prices in different regions showed different degrees of decline [13]. - **Fundamental Data**: May alumina production increased 2.66% to 727.21 million tons, and electrolytic aluminum production increased 3.41% to 372.90 million tons [13]. - **Inventory**: China's electrolytic aluminum social inventory decreased 8.73% to 46.00 million tons, and LME inventory decreased 0.67% to 35.3 million tons [13]. 7. Copper Industry - **Report Industry Investment Rating**: Not provided - **Core View**: In the context of "strong reality + weak expectation", copper prices will fluctuate in the short - term. The "rush - to - export" demand overdrafts subsequent demand, and there is uncertainty in US copper import tariff policies. The main contract refers to the range of 77,000 - 80,000 yuan/ton [14]. - **Summary by Directory**: - **Price and Basis**: SMM 1 electrolytic copper dropped 0.15% to 78,955 yuan/ton, and the premium dropped to 35 yuan/ton [14]. - **Monthly Spread**: The spread of 2506 - 2507 rose to 340 yuan/ton [14]. - **Fundamental Data**: May electrolytic copper production increased 1.12% to 113.83 million tons, and electrolytic copper imports in April decreased 19.06% to 25.00 million tons [14]. - **Inventory**: Domestic social inventory decreased 2.69% to 14.48 million tons, and SHFE inventory decreased 5.08% to 10.19 million tons [14].

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月16日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 狱跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 265600 | 265300 | 300 | 0.11% | | | SMM 1#锡升贴水 | 950 | 1100 | -150 | -13.64% | 元/吨 | | 长江 1#锡 | 266100 | 265800 | 300 | 0.11% | | | LME 0-3升贴水 | -82.50 | -75.10 | -7.40 | -9.85% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 那值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口密亏 | -10937.43 | -9835.62 | -1101.81 | -11.20% | 元/吨 | | 沪伦比值 | 8.09 | 8. ...

| 油脂产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | | | | 王凌辉 | Z0019938 | | 2025年6月11日 | | | | | | | 票 | | | | | | | | | 6月10日 | 6月9日 | 涨跌 | 涨跌幅 | | 现价 | 江苏一级 | 8140 | 8140 | 0 | 0.00% | | 期价 | Y2509 | 7434 | 7436 | -2 | -0.03% | | 墓差 | Y2509 | 706 | 704 | 2 | 0.28% | | 现货墓差报价 | 江苏6月 | 09+270 | 09+280 | -10 | - | | 仓单 | | 17652 | 17652 | O | 0.00% | | 棕櫚油 | | | | | | | | | 6月10日 | 6月9日 | 涨跌 | 张跌幅 | | 现价 | 广东24度 | 8600 | 8600 | 0 | 0.00% | | 期价 | P2509 | 7998 | 8036 | ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The overall live pig price in the country rebounded slightly today, but the market supply is still relatively abundant, and there is still downward pressure on prices in the short - term. The futures market showed a significant rebound today, but in the long - term, due to high production capacity, the supply pressure remains high, and the price increase is difficult. The inter - monthly spread of the futures market is expected to move downward [4][6]. Summary by Relevant Content Spot Price - Today, the spot prices in various regions showed different degrees of change. For example, the price in Henan increased from 13.91 to 14.13, and in Anhui it rose from 14.00 to 14.24. The average price remained unchanged at 13.74 [4]. Futures Price - Futures prices generally showed an upward trend. For example, LH07 increased from 13070 to 13225, and LH09 rose from 13475 to 13595 [4]. Sow/Piglet Price - Piglet prices decreased from 481 to 465, and sow prices dropped from 1626 to 1621 [4]. Spot Breeding Profit - The self - breeding and self - raising profit decreased from 35.65 to 33.83, and the profit from purchasing piglets decreased from - 84.37 to - 120.80 [4]. Slaughter End - The slaughter volume decreased from 142829 to 141441 [4]. Size Pig Price Difference - The price difference between standard pigs and medium - sized pigs increased from 0.29 to 0.31, while the price difference between large pigs and standard pigs decreased from 0.08 to 0.05 [4]. Trading Strategy - Unilateral: Mainly in a volatile operation - Arbitrage: LH79 reverse spread - Options: Sell a wide - straddle strategy [7]