智通财经7月24日电，玻璃期货主力合约日内涨幅扩大至5%，报1286元/吨。 玻璃期货主力合约日内涨幅扩大至5% ...

Core Viewpoint - The article discusses the contrasting trends in the prices of coking coal and iron ore, highlighting the reasons behind the rising coking coal prices and the declining iron ore prices, while questioning the future investment opportunities in iron ore amidst market disruptions caused by "anti-involution" factors [1] Group 1: Coking Coal Market - Coking coal prices are continuously rising, indicating strong demand and potential supply constraints in the market [1] - The increase in coking coal prices may be driven by factors such as production cuts or increased demand from steel manufacturers [1] Group 2: Iron Ore Market - Iron ore prices have declined for two consecutive days, suggesting a bearish sentiment in the market [1] - The article raises concerns about the future of iron ore investments, questioning whether there are still opportunities to go long on iron ore given the current market conditions [1]

期货热点追踪 多晶硅、工业硅、碳酸锂盘中直线拉涨，或系这些消息所致！点击了解。 相关链接 ...

期 货 研 究 2025 年 07 月 24 日 铝：区间震荡 氧化铝：回归基本面 铸造铝合金：继续震荡 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【综合快讯】 1. 中国商务部：何立峰将于 7 月 27 日至 30 日赴瑞典与美方举行经贸会谈。商务部新闻发言人称，中 美双方将按照两国元首 6 月 5 日通话重要共识，发挥好中美经贸磋商机制作用，本着相互尊重、和平共处、 合作共赢的原则，继续就彼此关心的经贸问题开展磋商。（华尔街见闻） 2. 12 月 18 日海南自贸港封关！"零关税"商品比例 74%、"一线"口岸 8 个。海南自贸港封关将于今年 12 月 18 日正式启动。现阶段封关政策：一是实施更加优惠的货物"零关税"政策，"一线"进口的"零关 税"商品税目比例将由 21% 提高至 74%。二是实施更加宽松的贸易管理措施。三是实施更加便利的通行措 施，以岛内现有 8 个对外开放口岸作为"一线"口岸。四是实施更加高效精准的监管模式。（华尔街见闻） 所 铝、氧化铝、铸造铝合 ...

Core Viewpoint - The price of PVC in China has increased compared to the previous week, indicating potential changes in supply and demand dynamics in the market [1] Group 1 - The price of PVC in China has shown a week-on-week increase, suggesting a shift in market conditions [1] - There is a possibility that outdated production capacity may face elimination, which could impact future supply [1] - Market expectations are focused on how supply and demand will evolve in the near future [1]

Group 1 - The core viewpoint of the article is that palm oil prices continue to rise due to increased stocking expectations in India ahead of the festival season, raising questions about the sustainability of this upward trend [1] Group 2 - The article highlights the ongoing bullish trend in palm oil prices, indicating a potential for further increases in the near term [1]

相关链接 机构表示雾霾可能会冲击产区棕榈油单产，供应端潜在扰动加剧，马棕油价格是否将受情绪带动提前反 应？ 期货热点追踪 ...

重磅！超能力生产煤矿一律责令停产整改！焦煤小幅回落后再度逼近涨停，机构多数认为后市仍可偏强 对待，是否还有入场机会？点击了解。 相关链接 期货热点追踪 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Zinc shows a slight fluctuation [1] - Zinc trend strength is 0, indicating a neutral outlook [2][3] Group 3: Summary by Related Catalogs Fundamental Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,945 yuan/ton, up 0.09%; LME zinc 3M electronic disk closed at 2,844.5 dollars/ton, up 0.73% [1] - **Trading Volume**: SHFE zinc main contract trading volume was 184,578 lots, down 66,827; LME zinc trading volume was 18,296 lots, down 111 [1] - **Open Interest**: SHFE zinc main contract open interest was 134,060 lots, up 746; LME zinc open interest was 184,683 lots, up 837 [1] - **Premiums and Discounts**: Shanghai 0 zinc premium was -15 yuan/ton, down 5; LME CASH - 3M premium was 9 dollars/ton, up 19 [1] - **Inventory**: SHFE zinc futures inventory was 12,090 tons, up 1,002; LME zinc inventory was 116,600 tons, down 1,625 [1] News - Trump's stance on "firing Powell" has softened, but he and Bessent are pressuring the Fed to cut interest rates [2]

Group 1: Report Overview - Report Title: Aromatics and Rubber Morning Report [1] - Report Date: July 23, 2025 [1] - Research Team: Energy and Chemicals Team of the Research Center [1] Group 2: PTA Analysis - Price Changes: From July 16 - 22, crude oil decreased from $68.5 to $68.6, PTA internal spot price fluctuated around 4700 - 4785, and various spreads and margins also changed [2] - Market Situation: Near - term TA weekly operation remained stable, polyester load declined, inventory slightly accumulated, basis rebounded after liquidity shock weakened, and spot processing fee slightly recovered; PX domestic operation decreased slightly, overseas load increased, PXN strengthened slightly [3] - Outlook: TA enters the inventory accumulation stage but the absolute inventory level is not high. The slope depends on the weakening degree of the polyester off - season. Spot processing fee is compressed to a low level. Pay attention to the opportunity of expanding the far - month processing fee at low prices; PX overall inventory reduction trend has not reversed, and the valuation floor is still guaranteed [3] Group 3: MEG Analysis - Price Changes: From July 16 - 22, Northeast Asia ethylene remained at 820, MEG internal price increased from 4400 to 4490, and other related prices and indicators also changed [3] - Market Situation: Near - term EG domestic unexpected reduction increased, overseas Saudi devices stopped again. With the decline of phased arrivals, port inventory is expected to decrease. After the monthly structure repair, the basis weakened, and the benefit ratio further expanded [3] - Outlook: Supply - side unexpected reduction leads to a downward revision of the inventory accumulation amplitude. The current good situation is expected to be maintained in the short term, the far - month valuation will rise correspondingly, and it is expected to be volatile. Pay attention to the restart progress of satellite and Saudi devices [3] Group 4: Polyester Staple Fiber Analysis - Price Changes: From July 16 - 22, the price of 1.4D cotton - type staple fiber decreased from 6680 to 6640, and other related prices and indicators also changed [3] - Market Situation: Near - term Xin凤鸣, Yuanfang, and Zhongtai reduced production, the operation rate dropped to 89.5%, sales decreased slightly month - on - month, and inventory decreased month - on - month. On the demand side, the operation rate of polyester yarn continued to decline, raw material inventory increased slightly, and finished product inventory continued to accumulate, with low benefits [3] - Outlook: The inventory pressure of staple fiber is acceptable, the supply of standard products has no obvious reduction or increase. Domestic demand is weak while export growth is high. The current processing fee is relatively neutral, and it is expected to be volatile. Pay attention to the changes in warehouse receipts [3] Group 5: Natural Rubber & 20 - number Rubber Analysis - Price Changes: From July 16 - 22, the price of US - dollar Thai standard rubber increased from 1755 to 1800, and other related prices and indicators also changed [3] - Market Situation: The national explicit inventory remained stable, with a relatively low absolute level but no seasonal reduction; the price of Thai cup rubber rebounded due to rainfall affecting tapping [3] - Outlook: The main strategy is to wait and see [3] Group 6: Styrene Analysis - Price Changes: From July 16 - 22, the price of ethylene (CFR Northeast Asia) remained at 820, and other related prices and indicators also changed [3] - Market Situation: The prices of related products such as styrene and its downstream products changed, and the domestic profits of related products also showed different trends [3]