Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Sugar**: Brazilian port congestion has reduced exports, and uneven rainfall in India threatens sugarcane yield. The news of Coca - Cola North America switching to sucrose has stimulated a rebound in raw sugar, but 350,000 tons of domestic imports have suppressed the domestic market, and the gradual listing of processed sugar has increased supply pressure [3]. - **Cotton**: The domestic cotton market is supported by post - pricing of textile enterprises and low inventories, with strong short - term performance due to capital inflows. However, the accumulation of downstream finished - product inventory during the off - season may limit the upside. Attention should be paid to domestic policies and Sino - US trade agreement adjustments [16]. - **Red Dates**: The downstream is in the off - season, with light trading. Sufficient supply of old dates and potential repair of the expected production reduction in the production area may lead to weak and volatile prices. Monitor temperature changes and new jujube fruit setting [22]. - **Apples**: Seasonal fruits impact sales, and packaging is limited in Shandong due to the busy farming season. New - season early - maturing apples have the same opening prices as last year, with limited market impact due to low supply [26]. 3. Summary by Related Catalogs Sugar - **Futures Prices and Spreads**: On July 18, 2025, SR01 closed at 5656 yuan/ton with a daily increase of 0.02% and a weekly increase of 0.48%. Other contracts also showed different price changes and spreads [4]. - **Basis**: The basis between Nanning and various sugar futures contracts and between Kunming and various sugar futures contracts showed different degrees of decline on July 17, 2025 [11]. - **Import Prices and Profits**: Brazilian and Thai sugar import prices had different daily and weekly changes. The profit of Brazilian sugar on the futures market also showed seasonal characteristics [14][15]. Cotton - **Futures Prices**: On July 18, 2025, cotton 01 closed at 13965 yuan/ton with a daily increase of 0.04%, and other contracts also had corresponding price changes [17]. - **Spreads**: The cotton 01 - 05 spread was 35 yuan/ton with a daily increase of 5 yuan, and other spreads also showed different changes [18]. Red Dates - **Market Outlook**: The current downstream consumption is in the off - season, and the price may be weak and volatile. Attention should be paid to temperature changes and new jujube fruit - setting [22]. Apples - **Futures and Spot Prices**: On July 18, 2025, AP01 closed at 7751 yuan/ton with a daily increase of 0.64%. Spot prices of different apple varieties remained unchanged [27]. - **Spreads and Profits**: The AP01 - 05 spread was - 45 yuan/ton with a daily increase of 4.65%. The disk profit was - 878 yuan with a daily increase of 5.66% [27].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - Copper prices may fluctuate within a short - term range due to the low concentrate processing fees, low copper prices testing smelting output, and a mix of positive and negative factors in downstream demand. Key factors to watch include US tariff progress, the US dollar, copper smelting, and household appliance production [2]. - Zinc prices may experience wide - range short - term fluctuations. With the continuous recovery of concentrate processing fees and expected improvement in concentrate supply this year, the market anticipates a possible resumption of smelting supply. Key factors to monitor are similar to those for copper [2]. 3. Summary by Relevant Catalog Copper - Night - time copper prices closed lower. Domestic downstream demand is generally stable and positive, with power industry showing positive growth, auto production and sales growing, household appliance output growth slowing, and the real estate sector remaining weak. Given these factors, copper prices may fluctuate within a range [2]. Zinc - Night - time zinc prices closed lower. Concentrate processing fees have been rising. Domestic auto production and sales are growing, infrastructure is growing steadily, household appliance output growth is slowing, and the real estate sector is weak. The market expects an improvement in concentrate supply this year and a possible resumption of smelting supply, leading to potential wide - range short - term price fluctuations [2]. Market Data | Metal | Domestic Previous Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous LME 3 - Month Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 78,450 | - 55 | 9,644 | - 62.07 | 108,725 | 625 | | Aluminum | 20,485 | - 80 | 2,597 | - 3.40 | 400,275 | 4,550 | | Zinc | 22,180 | - 15 | 2,733 | - 5.61 | 105,250 | - 350 | | Nickel | 121,700 | - 430 | 15,065 | - 214.82 | 206,178 | 1,440 | | Lead | 17,030 | - 230 | 2,005 | - 32.78 | 249,375 | - 3,000 | | Tin | 266,850 | 130 | 33,560 | - 109.00 | 1,970 | - 45 | [2]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - For corn, the futures price is under pressure due to policy disturbances, but the slow - bull market may continue. The C2509 contract has a support level of 2250 and a pressure level of 2400. It's advisable to buy on dips as the fundamentals are acceptable despite increased downward pressure and policy uncertainties [76]. - For corn starch, the price is cost - driven. The futures price is expected to move in the range of 2600 - 2800 for the CS2509 contract, with cost providing support and weak demand capping the upside [126]. 3. Summary by Directory 3.1 First Part: Market Review Corn - CBOT corn prices stopped falling and entered a sideways pattern. As of July 7, the closing price of the CBOT corn main contract was 403.75 cents per bushel, down 5.25 cents per bushel week - on - week. The net long position of managed funds continued to decline, reaching - 206,463 contracts as of July 1, a decrease of 24,181 contracts week - on - week [6]. - Domestic corn futures prices were weak, and open interest decreased. As of July 7, the closing price of the DCE corn futures main contract was 2326 yuan per ton, down 2.19% week - on - week; open interest was 1,563,264 contracts, down 2.36% week - on - week. Bullish factors included low imports, nearly exhausted grassroots grain stocks, high purchasing enthusiasm of grain - using enterprises, and the bottom - support from wheat's minimum purchase price. Bearish factors were the launch of imported corn auctions and the high cost - effectiveness of wheat for feed use [12]. - Corn registered warehouse receipts remained high and stable, reaching 203,732 contracts as of July 7, significantly higher than in previous years. Futures trading volume declined, with an average daily trading volume of 625,400 contracts last week [14]. - The term structure of corn futures showed a pattern of near - strong, mid - weak, and far - strong. Compared with the previous two weeks, futures prices generally declined, with the 09 contract having a relatively large decline. The C09 - C11 spread continued to weaken, falling out of the previous trading range, reaching 43 yuan per ton as of July 7, a decrease of 19 yuan per ton week - on - week. Market expectations turned pessimistic, and corn prices were under downward pressure in the third quarter [18]. - Corn spot prices were stable with a slight upward trend. As of July 7, the national average corn spot price was 2432.55 yuan per ton, up 1.77% week - on - week. The futures - spot relationship deviated, with the market shifting to a "strong reality, weak expectation" pattern, and the basis strengthened significantly, reaching 106.55 yuan per ton as of July 7, an increase of 73.26 yuan per ton week - on - week [22]. Corn Starch - Last week, corn starch futures prices fluctuated weakly, and open interest decreased. As of July 7, the closing price of the Dalian corn starch main contract was 2680 yuan per ton, down 1.94% week - on - week; open interest was 278,828 contracts, up 17.52% week - on - week [82]. - Corn starch registered warehouse receipts remained stable at 22,922 contracts, a decrease of 900 contracts week - on - week. Futures trading volume declined, with an average daily trading volume of 131,800 contracts last week, down 14.89% week - on - week [85]. - As of July 7, the national average price of Grade - 1 corn starch was 2893 yuan per ton, up 0.1% week - on - week; the basis was 213 yuan per ton, an increase of 56 yuan per ton week - on - week [88]. - From the term structure, all corn starch contracts declined compared with last week, with similar decline rates, showing a near - strong, mid - weak, and far - strong pattern. The spread between corn starch and corn futures contracts fluctuated within a narrow range. As of July 7, the spread of the 09 contract was 354 yuan per ton, basically unchanged from last week [94]. 3.2 Second Part: Fundamental Analysis Corn - USDA's June 2025/26 balance sheet lowered the beginning inventory by 1 million tons, with no adjustments to other items. Huiyiwang's May balance sheet raised the 2024 corn output by 5.6 million tons and the 2025 output by 6.47 million tons, resulting in a continued increase in ending inventory [29]. - The growth progress of US corn was normal, and the good - to - excellent rate was high. As of the week of July 6, the good - to - excellent rate of US corn was 74%, higher than the market expectation of 73%, up from 73% the previous week and 68% in the same period last year [30]. - Corn imports remained at a low level. Since the second half of last year, with the tightening of import policies, China's corn imports have decreased significantly compared with previous years. In May this year, corn imports were 190,000 tons, a year - on - year decrease of 81.9%; cumulative imports in 2025 were 630,000 tons, a decrease of 93.8% compared with the same period last year [35]. - The number of remaining vehicles at deep - processing plants in the morning rebounded from a low level. Due to the launch of imported corn auctions and the recent decline in futures prices, grain traders' expectations for the future weakened, and their enthusiasm for selling increased. The weekly average number of remaining vehicles last week was 381 vehicles per day, a week - on - week increase of 12.99% and a year - on - year decrease of 7.64% [36]. - Imported corn auctions were launched, resulting in a decrease in the two - way trading activity, with sales activity still acceptable but procurement completely stagnant, and corn remained in a net rotation - out state. Since September last year, the net procurement volume has been 1.72 million tons [39]. - Port corn inventories decreased seasonally. As of June 27, 2025, the inventory at the four northern ports was 2.724 million tons, a decrease of 2.85% from the previous week; the domestic trade inventory at Guangdong Port was 1.041 million tons, a decrease of 8.12% from the previous week; the foreign trade inventory at Guangdong Port was 3,000 tons, unchanged from the previous week [41]. - Deep - processing enterprises' corn inventories began to decline again, and feed enterprises' corn inventories continued to decline slightly. As of July 4, 2025, the corn inventory of major deep - processing enterprises was 435,400 tons, a decrease of 4.66% from June 27; the available days of feed enterprises' corn inventory were 31.96 days, a decrease of 1.93% from June 27 [45]. - Deep - processing enterprises' corn consumption decreased slightly. As of July 4, 2025, the corn consumption of major deep - processing enterprises was 104,120 tons, a decrease of 0.90% from June 27; the consumption of 149 deep - processing enterprises was 117,630 tons, a decrease of 1.08% from June 27 [48]. - In May 2025, the national industrial feed output was 2.77 million tons, a month - on - month increase of 0.6% and a year - on - year increase of 6.9%. Among them, the output of compound feed and additive premixed feed increased by 7.3% and 8.1% year - on - year respectively, while the output of concentrated feed decreased by 5.6% year - on - year [54]. - In May, the sales volume of pig feed continued to increase both year - on - year and month - on - month, with a relatively large increase [55]. - Pig prices fluctuated upward, but the pig - raising profit was limited. As of July 4, 2025, the average price of the top - three grades of white - striped pork was 19.2 yuan per kilogram, a week - on - week increase of 1.54%; the self - breeding and self - raising profit of pigs was 139 yuan per head, a week - on - week increase of 84.27% [57]. - The pig - to - grain ratio stopped falling and rebounded. As of July 7, 2025, the Steel Union's pig - to - grain ratio was 6.10, a week - on - week increase of 0.49%; the NDRC's pig - to - grain ratio was 6.21, a week - on - week increase of 1.31% [61]. - Wheat prices remained stable, and the wheat - corn price spread remained low, leading to an increase in the substitution ratio of wheat for feed use. As of July 7, 2025, the wheat spot price was 2442 yuan per ton, a week - on - week decrease of 0.12%; the wheat - corn price spread was 0, a year - on - year decrease of 87.04% [64]. Corn Starch - The spot price spread between corn starch and corn remained stable. As of July 7, 2025, the spread in Suihua, Heilongjiang was 440 yuan per ton, unchanged from June 30; the spread in Weifang, Shandong was 460 yuan per ton, unchanged from June 30 [99]. - Corn starch enterprises' operating rates and output remained stable. As of July 4, 2025, the operating rate of corn starch enterprises was 51.20%, a week - on - week increase of 0.05%; the output was 264,900 tons, a week - on - week increase of 0.11% [102]. - Corn starch enterprises' losses continued to narrow. As of July 7, 2025, the profit of corn starch enterprises in Hebei was 13 yuan per ton, an increase of 60 yuan from June 30; the profit in Heilongjiang was - 111 yuan per ton, an increase of 9 yuan from June 30 [109]. - Corn starch inventories increased slightly. As of July 4, 2025, the total inventory of major starch enterprises nationwide was 1.313 million tons, a week - on - week increase of 0.31%; the inventory in Heilongjiang was 613,000 tons, a week - on - week increase of 0.82% [113]. - The demand for corn starch decreased significantly. As of July 4, 2025, the提货 volume of major corn starch enterprises was 260,900 tons, a week - on - week decrease of 8.00%; the operating rate of F55 fructose syrup was 55.85%, a week - on - week increase of 0.67% [119]. 3.3 Third Part: Future Outlook Corn - As of July 5, the harvesting rate of Brazil's first - season corn was 97.2%, up from 95.4% last week; the harvesting rate of the second - season corn was 27.7%, up from 17% last week [73]. - As of the week of July 3, 2025, the US corn export inspection volume was 1,491,062 tons, up from 1,380,943 tons the previous week. So far this crop year, the cumulative US corn export inspection volume was 56,446,111 tons, compared with 43,523,109 tons in the same period of the previous year [73]. - The USDA announced that 13，500 tons of corn had been sold to Mexico, with 2,900 tons scheduled for delivery in the 2024/2025 market year and 10,600 tons in the 2025/2026 market year [73]. - In the fourth week of June 2025, Brazil shipped a total of 369,500 tons of corn, with an average daily shipping volume of 18,500 tons per day, a decrease of 56.57% compared with July last year [73]. - As of the week of July 4, 2025, CBOT corn futures rose, with the benchmark contract up 2.3%, rebounding from an eight - and - a - half - month low last week [73]. - Hebei launched the minimum purchase price for wheat, and the成交 rate of imported corn auctions decreased. On July 2, 2025, the National Food and Strategic Reserves Administration announced the launch of the 2025 wheat minimum purchase price implementation plan in Hebei. The成交 rate of imported corn auctions decreased from 97% on July 1 to 54% on July 8 [75]. - It is expected that the slow - bull market will continue. Although the recent corn futures prices have weakened and fallen below the previous support level, while the spot prices have risen slightly but may have reached a peak. The basis has strengthened significantly. Considering the bullish and bearish factors, the C2509 contract is expected to have a support level of 2250 and a pressure level of 2400 [76]. Corn Starch - Due to weak downstream demand, the industry operating rate remained low. It is expected that the operating rate in the Northeast region will decrease significantly next week. From July 3 - 9, 2025, the national corn processing volume was 536,700 tons, a decrease of 80,000 tons from last week; the national corn starch output was 259,400 tons, a decrease of 55,000 tons from last week; the operating rate was 50.14%, a decrease of 1.06% from last week [125]. - The domestic corn starch spot market price continued to be strong, with fewer low - end transactions. Due to the low supply of raw corn and increasing costs, the cost side strongly supported the price. However, due to weak downstream demand, high - price sales were difficult, and the market was cautious. It is expected that the short - term spot price will remain stable at a high level [125]. - Corn starch futures prices fluctuated weakly, the spot price was stable, enterprises' losses continued to narrow, the operating rate was low, downstream demand was insufficient, and inventories increased slightly. The corn starch market is cost - driven and generally follows the corn market. The CS2509 contract is expected to trade in the range of 2600 - 2800 [125][126].

Group 1: Investment Ratings - The investment rating for coke is broad - range fluctuations [1] - The investment rating for coking coal is leading by expectation and broad - range fluctuations [2] Group 2: Core Views - The report provides a comprehensive analysis of the fundamental data, price, and position information of coking coal and coke, including futures prices, spot prices, basis, and spreads, to assist in understanding the market trends of these two commodities [2] Group 3: Summary by Directory Fundamental Tracking - **Futures Prices**: JM2509 closed at 891 yuan/ton, up 8.5 yuan/ton (1.02%); J2509 closed at 1424.5 yuan/ton, up 2 yuan/ton (0.14%). JM2509 had a trading volume of 723,095 lots and a position of 544,987 lots, with a decrease of 4,404 lots; J2509 had a trading volume of 16,389 lots [2] - **Spot Prices**: There were no changes in most spot prices of coking coal and coke, but some showed minor fluctuations. For example, the price of Fengjing converted to RMB decreased by 4 yuan/ton, and the cost of Meng3 warehouse receipt increased by 21 yuan/ton [2] - **Basis and Spreads**: The basis and spreads of coking coal and coke also showed certain changes. For instance, the basis of JM2509 for Meng5 decreased by 52.0 yuan/ton, and the basis of J2509 for Shanxi quasi - first arrival price decreased by 2.0 yuan/ton [2] Price and Position - **Northern Port Coking Coal Quotes**: The ex - warehouse prices of coking coal in northern ports were as follows: 1250 yuan/ton for Shanxi coking coal in Jingtang Port, 1215 yuan/ton for Australian coking coal in Qingdao Port, 1215 yuan/ton in Lianyungang Port, 1130 yuan/ton in Rizhao Port, and 1205 yuan/ton in Tianjin Port [2] - **July 8th Fenwei CCI Metallurgical Coal Index**: The price of S1.3 G75 coking coal (Shanxi coal) in Jiexiu increased by 15 yuan/ton; the price of S1.3 G75 coking coal (Meng5) in Shaheyi increased by 4 yuan/ton; the price of S1.3 G75 coking coal (Meng3) in Shaheyi increased by 21 yuan/ton [3] - **Position Situation**: On July 8th, from the position of the top 20 members of the DCE, the long positions of the coking coal JM2509 contract increased by 4,491 lots, and the short positions decreased by 5,293 lots; the long positions of the coke J2509 contract increased by 180 lots, and the short positions decreased by 59 lots [4] Trend Intensity - The trend intensity of coke is 0, and that of coking coal is 1 [4]

Report Information - Report Title: PTA Daily Report - Date: July 8, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jin, Feng Zeren [1][3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - On July 7, the closing price of PTA's main futures contract TA2509 was 4,710 yuan/ton, down 28 yuan/ton or 0.59%. With international crude oil fluctuating narrowly and PTA's fundamentals lacking major new news, PTA prices are expected to fluctuate within a narrow range [5] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The closing price of PTA's main futures contract TA2509 on July 7 was 4,710 yuan/ton, down 28 yuan/ton, with a trading volume of 863,534 lots and a decrease of 2,777 lots. The closing price of TA2601 was 4,640 yuan/ton, down 24 yuan/ton, with a trading volume of 169,785 lots and an increase of 11,751 lots. Due to the narrow - range fluctuation of international crude oil and the lack of major new news in PTA fundamentals, PTA prices are expected to fluctuate narrowly [5] 3.2 Industry News - The strong US job market supports the Fed to keep interest rates unchanged. Investors await clarification of President Trump's tariff plans. OPEC and its allies are expected to further increase crude oil production in August, leading to a cautious decline in international oil prices. On July 4, the electronic trading price of WTI crude oil futures for August 2025 was $66.50 per barrel, down $0.50 or 0.75%. The settlement price of Brent crude oil futures for September 2025 was $68.30 per barrel, down $0.50 or 0.73%. The Asian xylene market continued to decline, with FOB South Korea closing at $715/ton and CFR China at $735/ton. The PTA price in the East China market was 4,802 yuan/ton, down 34 yuan/ton, and the daily average negotiation basis was at a premium of 98 yuan/ton over futures 2509, remaining stable [6] 3.3 Data Overview - The report presents multiple data charts, including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, processing margins, spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and Jianxin Futures Research and Development Department [10][12][16]

格林大华期货研究院 证监许可【2011】1288 号 2025 年 7 月 4 日星期五 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周四夜盘瓶片主力合约 PR2509 的期货价格下跌 8 元至 5908 元/吨。持仓方面，主力 | | --- | --- | --- | --- | | | | | 合约 2509 持仓量为 4.23 万手，持仓-618 手。现货市场方面，华东市场水瓶级瓶片 价格下跌 5 元至 6000 元/吨，华南市场水瓶级瓶片价格下跌 10 至 6050 元/吨。 【重要资讯】 1、供应和成本利润方面，国内聚酯瓶片产量为 35.42 万吨，较上周减少 1.14 万吨。 | | | | | 国内聚酯瓶片产能利用率周均值为 77.5%，较上周下降 2.4%；聚酯瓶片生产成本 5725 | | | | | 元，下降 3.1%；聚酯瓶片周生产毛利为-300 元/吨，环比增加 ...

2025 年 7 月 3 日 品 研 究 焦炭：反内卷信号发酵，震荡偏强 焦煤：反内卷信号发酵，震荡偏强 刘豫武 投资咨询从业资格号：Z0021518 liuyuwu025832@gtjas.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | | 昨日收盘价(元/吨) | 漆跌(元/吨) | 流跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2509 | 843.5 | 29 | 3.56% | | | | J2509 | 1442 | 53.5 | 3. 85% | | 期货价格 | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2509 | 1189983 | 529227 | -35195 | | | | J2509 | 30166 | 49728 | 162 | | | | 临汾低硫主焦 | 昨日价格(元/吨) 1180 | 前日价格(元/吨) 1170 | 涨跌(元/吨) 10 | | | 焦煤 | 全泉蒙5精煤自提价 吕梁低硫主焦 | 934 1128 | 934 1113 | 0 15 | | | | ...

聚酯产业链日报 投资咨询业务资格:证监许可 【2011】1292号 张晓珍 Z0003135 | 下游聚酯产品价格及现金流 | 上游价格 | 品种 | 6月20日 | 张跌 | 单位 | 品种 | 6月20日 | 6月23日 | 6月23日 | 胀跌 | 单位 | 张跌幅 | 旅跌幅 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | -7.2% | 77.01 | -5.53 | POY150/48价格 | 60 | 布伦特原油(8月) | 71.48 | 7225 | 7165 | 0.8% | 美元/桶 | -7.2% | 50 | WTI原油(8月) | 68.51 | 73.84 | -5.33 | FDY150/96价格 | 7515 | 0.7% | 7465 | | | 40 | CFR日本石脑油 | 646 | -4 | -0.6% | D ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The demand for logs has entered the off - season, and the current winter shipments from New Zealand are expected to decrease seasonally. The fundamentals are in a pattern of weak supply and demand. The 07 contract is about to enter the delivery month for the first delivery. Recently, the futures market has mainly traded based on the delivery cost logic. With the support of delivery costs, the valuation of the 07 contract still has room for a rebound, but the upward space is limited. It is recommended to participate in reverse spreads or short sell far - month contracts on rallies [3]. 3. Summary According to Related Catalogs 3.1 Futures and Spot Prices - **Futures Contracts**: On June 19, the prices of log futures contracts showed different trends. The log 2507 contract closed at 798 yuan/m³, up 2.5 yuan/m³ (0.31%) from the previous day; the log 2509 contract was at 794 yuan/m³, down 1 yuan/m³ (- 0.13%); the log 2511 contract was at 791.5 yuan/m³, down 5 yuan/m³ (- 0.63%) [2]. - **Spreads and Basis**: The 7 - 9 spread was 4 yuan/m³, up 3.5 yuan/m³; the 9 - 11 spread was 2.5 yuan/m³, up 4 yuan/m³; the 7 - 11 spread was 6.5 yuan/m³, up 7.5 yuan/m³. The 07 contract basis was - 48 yuan/m³, down 2.5 yuan/m³; the 09 contract basis was - 44 yuan/m³, up 1 yuan/m³; the 11 contract basis was - 41.5 yuan/m³, up 5 yuan/m³ [2]. - **Spot Prices**: The spot prices of various types of logs at ports such as Rizhao and Taicang remained unchanged on June 19 compared with the previous day, with a 0% change. The ex - factory prices of imported logs in the international market also remained stable [2]. - **Cost**: The RMB - US dollar exchange rate was 7.193 yuan on June 19, up 0.01 yuan from the previous day. The import theoretical cost was 778.59 yuan, up 0.56 yuan [2]. 3.2 Supply - **Monthly Supply**: In May, the port freight volume was 195.5 million m³, up 22.8 million m³ (13.20%) from April. The number of departing ships was 58, down 5 (- 7.94%) from the previous month [2]. - **Weekly Inventory**: As of June 13, the total inventory of coniferous logs in major Chinese ports was 345 million m³, up 6 million m³ (1.77%) from the previous week. The inventory in Shandong was 201 million m³, up 9.5 million m³ (4.96%), and the inventory in Jiangsu was 113.31 million m³, up 1.3 million m³ (1.19%) [3]. 3.3 Demand - **Weekly Demand**: As of June 13, the average daily log出库 volume in China was 5.98 million m³, down 0.33 million m³ (- 5%) from the previous week. In Shandong, it was 3.3 million m³, down 0.08 million m³ (- 2%), and in Jiangsu, it was 1.9 million m³, down 0.38 million m³ (- 17%) [3].

白糖日报 软商品日报 2025/06/18 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保 ...