商品研究 | 走势评级: | 白糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 美棉假期先弱后强，短期保持观望 [T报ab告le日_R期ep：ortDate] 2025-05-06 报告内容摘要: [Table_Summary] 白糖：在 2024/25 年度，除了云南以外，其他主要产区的糖厂已经开始收 榨，食糖的恢复性增产已成定局。五一等节假日的消费拉动了食糖需求，支 撑了糖价的稳定。国际方面，巴西在 2025/26 年度的制糖生产逐步展开，但 由于天气因素，其产糖量存在不确定性，预计短期内国际糖价将震荡走弱。 后续需关注国内甘蔗和甜菜的种植及生长情况，以及巴西的食糖生产进度。 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：由于美国对我国出口商品加征关税，中国的纺织品和服装出口出现 放缓，消费量减少了 20 万吨，降至 760 万吨，进口量也减少了 20 万吨， 降至 1 ...

Group 1 - The core viewpoint of the article highlights significant price movements in various commodity futures, with urea futures rising over 6% and shipping rates on the European route increasing by more than 3% [1] - Other commodities such as caustic soda saw an increase of over 2%, indicating a positive trend in certain sectors [1] - Conversely, crude oil prices fell by more than 3%, along with declines in glass, aluminum oxide, rapeseed meal, LU fuel oil, pulp, and fuel oil, all dropping over 2% [1]

◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 策略参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 4 月 30 日） 品种观点参考 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%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 品种：豆粕（M） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：随着华北、东北地区豆粕现货价格持续下跌，豆粕期货价格受到拖累跟随呈现持续下跌走势。 北方地区贸易商杀价出货，连带沿海豆粕现货价格整体大幅度走低。市场聚焦 5 月份进口大豆到港、油厂 开机计划以及下游假期前后的库存采购节奏，短期市场波动进一步加剧。随着现货价格整体走弱，高基差 整体延续回落。节前最后一个交易日，随着现货市场跌势放缓，豆类期价或将止跌回稳。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘 ...

智通财经4月29日电，商品期货夜盘收盘，纸浆跌超3%，玻璃、纯碱跌超2%，焦煤、燃油、低硫燃料 油（LU）跌超1%；烧碱涨0.58%。 ...

Group 1: Commodity Market Overview - The domestic commodity futures market experienced a weak trend on April 28, with the China Securities Commodity Futures Price Index closing at 1376.15 points, down 5.55 points or 0.40% from the previous trading day [1] - The energy and chemical sector showed strength, particularly in the polyester chain, with short fibers, low-sulfur fuel oil, and PTA recording approximately 2% gains [1][3] - In contrast, the metal sector continued to adjust, with polysilicon leading the decline, dropping over 3%, while gold and silver fell more than 1% [1][4] Group 2: Polyester Chain Performance - The polyester industry chain maintained a strong performance, with short fiber futures leading the market with a 2.08% increase, while PTA and bottle chips also rose over 1% [3] - Global trade tensions have lessened their impact on market sentiment, and the recovery of international oil prices has supported the stabilization of energy and chemical products [3] - However, there are concerns regarding weak demand in both domestic and foreign trade, leading to increased inventory levels in short fiber factories [3] Group 3: Metal Sector Weakness - The metal sector, including energy metals, faced a collective downturn, with polysilicon dropping 3.05%, and lithium carbonate and industrial silicon also declining [4] - Despite a previous rebound due to production control rumors, the demand for photovoltaic installations has cooled, exacerbating supply-demand imbalances for silicon materials [4] - The overall sentiment in the metal market remains bearish, with expectations of continued pressure on polysilicon prices due to weak future demand and slow inventory depletion [4] Group 4: Oilseed and Oil Market Trends - The oilseed and oil market also saw a collective decline, with soybean meal, palm oil, and No. 2 yellow soybeans all dropping over 2% [5] - The market sentiment turned negative due to downstream resistance to high-priced soybean meal, alongside a retreat in U.S. soybean prices and expectations of increased domestic oilseed supply [5] - In the absence of substantial positive fundamentals, the oilseed market is likely to maintain a weak and volatile trend [5]

金十期货正在直播 黄金继续回调，非农和PCE或指引方向？商品期货如何提前布局？期货资深研究员Leo正在为您深度剖 析当前市场格局，洞察期货品种基本面，并展望大宗商品的未来走向。立即进入直播间。 相关链接 ...

商品期货收盘，多晶硅主力合约跌超3%，菜籽粕、豆二、棕榈油、碳酸锂跌超2%，豆粕、焦煤、苹 果、沪银、沪金、焦炭跌超1%。短纤涨超2%，LU燃油、PTA、瓶片、沥青、玉米、尿素涨超1%。 ...

商品期货开盘，沪金、LU燃油、原油主力合约跌超2%，燃料油、烧碱跌超1%。菜籽粕、沪银、焦炭、 纯碱、焦煤、沪锡、豆一、棉纱涨超1%。 ...

南华商品指数：贵金属板块领涨，黑色板块领跌 王怡琳 摘要：依照相邻交易日的收盘价计算，今日南华综合指数下跌-0.14%。板块指数中，涨幅最大的板块是南华贵 金属指数，上涨1.63%，涨幅最小的板块是南华农产品指数，涨幅为0.34%，跌幅最大的板块是南华黑色指数， 跌幅为-1.34%，跌幅最小的板块是南华有色金属指数，跌幅为-0.5%。 主题指数中，涨幅最大的主题指数是油 脂油料指数，上涨0.91%，涨幅最小的主题指数是能源指数，涨幅为0.06%，跌幅最大的主题指数是黑色原材料 指数，跌幅为-1.46%，跌幅最小的主题指数是迷你综合指数，跌幅为-0.28%。 商品期货单品 2025-04-22 16:48:14 南华商品指数日报 2025年4月22日 主題指数中，派榻最大的主題指數是油脂油料指数，上涨0.91%，漲幅最小的主題指数是能源指数，漲幅为0.08%，跌幅最大的主題指数是黑色原材料指数，跌幅均- 1.46%,跌幅最小的主题指数是迷你综合指数,跌幅为-0.28%。 商品期货单品种指数中，涨幅最大的单品种指数是黄金，上涨3.27%，跌幅最大的商品期货单品种指数是红枣，跌幅为~3.18%。 主要单品种指数收益 ...

商品期货开盘，沪金主力合约涨超2%，豆一、玉米、淀粉涨超1%。20号胶跌超1%。 ...