Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On June 11, polysilicon showed a volatile and slightly stronger trend. The main contract 2507 closed at 34,255 yuan/ton, with an intraday increase of 0.72%. Industrial silicon also showed a volatile and slightly stronger trend, with the main contract 2507 closing at 7,560 yuan/ton and an intraday increase of 2.23% [2]. - With the full - scale reduction of hydropower prices in the southwest region and the continuous decline of silicon coal and electrodes, the cost center of industrial silicon has been continuously adjusted downwards. The operating level of silicon plants during the wet season has been reduced to the limit, and there are few variables on the demand side, so industrial silicon has stopped falling in the short term. Polysilicon has continued to reduce its load comprehensively, and there is still a possibility of expanding the production - restriction quota through industry self - discipline in the future. A new round of order signing has been completed, but the volume is limited, and from the perspective of spot trading, low - grade products are more resistant to price drops than high - grade products. Polysilicon remains weak [2]. 3. Summary by Directory 3.1 Research Viewpoints - Polysilicon: The main contract 2507 closed at 34,255 yuan/ton, up 0.72% intraday, with a position reduction of 2,509 lots to 60,199 lots. The SMM N - type polysilicon material price was 36,500 yuan/ton, and the price of the lowest - delivery N - type polysilicon material remained stable at 36,500 yuan/ton. The spot premium over the main contract narrowed to 2,245 yuan/ton [2]. - Industrial silicon: The main contract 2507 closed at 7,560 yuan/ton, up 2.23% intraday, with a position reduction of 8,591 lots to 147,000 lots. The reference price of industrial silicon spot from Baichuan was 8,750 yuan/ton, remaining stable compared with the previous trading day. The price of the lowest - delivery 553 grade dropped to 7,600 yuan/ton, and the spot premium narrowed to 125 yuan/ton [2]. 3.2 Daily Data Monitoring - **Industrial Silicon**: - Futures settlement price: The main contract increased from 7,395 yuan/ton on June 10 to 7,475 yuan/ton on June 11, up 80 yuan/ton. The near - month contract also increased by 80 yuan/ton. - Spot prices of various grades remained mostly stable. The spot premium narrowed from 205 yuan/ton to 125 yuan/ton. - Inventory: The industrial silicon warehouse receipt decreased by 578 tons, and the Guangzhou Futures Exchange inventory decreased by 13,400 tons. The total social inventory decreased by 7,900 tons [3]. - **Polysilicon**: - Futures settlement price: The main contract increased from 33,955 yuan/ton on June 10 to 34,255 yuan/ton on June 11, up 300 yuan/ton, while the near - month contract decreased by 135 yuan/ton. - Spot prices of various grades remained stable. The spot premium narrowed from 2,545 yuan/ton to 2,245 yuan/ton. - Inventory: The polysilicon warehouse receipt increased by 120 tons, the Guangzhou Futures Exchange inventory increased by 60,000 tons, and the total social inventory decreased by 100 tons [3]. - **Downstream**: The prices of silicon wafers and battery cells remained unchanged [3]. 3.3 Chart Analysis - **Industrial Silicon and Cost - side Prices**: Charts show the prices of various grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [4][5][7]. - **Downstream Finished Product Prices**: Charts display the prices of DMC, organic silicon finished products, polysilicon, silicon wafers, battery cells, and components [14][15][18]. - **Inventory**: Charts present the inventory of industrial silicon (including futures inventory, factory inventory, and total social inventory), DMC, and polysilicon [19][23][24]. - **Cost and Profit**: Charts show the average cost and profit levels of main production areas, the weekly cost - profit of industrial silicon, the profit of the aluminum alloy processing industry, and the cost - profit of DMC and polysilicon [25][26][28]. 4. Research Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and a medium - level gold investment analyst. He has over a decade of commodity research experience [34]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon [34]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [35].

Core Viewpoint - The investment bank warns that palm oil prices need to remain below 4000 ringgit to stimulate demand, indicating that 4000 ringgit may act as a price ceiling for Malaysian palm oil [1] Group 1 - The current price of palm oil is a critical factor influencing market demand [1] - A sustained price below 4000 ringgit is necessary to encourage consumption and demand growth [1] - The investment bank's analysis suggests that exceeding the 4000 ringgit threshold could hinder market recovery [1]

交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： PTA&MEG早报-2025年6月11日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：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作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1、基本面：昨日PTA期货冲高回落，现货市场商谈氛围尚可，现货基差偏强。少量聚酯工厂补货，本周下周主港在09升水 215~225成交，个别偏高，价格商谈区间在4800~4910附近。6月底主港在09升水210~215有成交。今日主流现货基差在09+217。 中性 6、预期：PTA前期检修装置陆续重启，叠加下游聚酯负荷下调，供需面对PTA支撑减弱，PTA现货价格偏弱震荡，基差方面，短 期内现货市场货源偏紧，现货基差偏强运行，伴随供应回归后续有回落预期。关注PTA新装置投产进度及下游聚酯负荷变动。 2、基差：现货4855，09 ...

Core Insights - The Malaysian Palm Oil Board (MPOB) data indicates that the inventory of palm oil in May increased less than expected, which may influence market dynamics [1] Group 1 - The increase in palm oil inventory for May was below market expectations, suggesting potential price stability or upward pressure in the near term [1] - The overall impact of the MPOB data on palm oil prices remains to be seen, with analysts closely monitoring afternoon price movements [1]

期货热点追踪 中美贸易谈判持续推进，沪铜续创阶段新高，未来能否冲击8万关口？ 相关链接 ...

Group 1 - The core point of the article indicates that as of the week ending June 8, the good-to-excellent rating for U.S. soybeans stands at 68%, which aligns with expectations [1] Group 2 - The article raises a question regarding the planting conditions for corn, suggesting a focus on agricultural performance metrics [1]

Core Viewpoint - The increase in production has led to a rise in inventory levels, putting downward pressure on palm oil prices, with traders expecting prices to remain within a certain range [1] Group 1 - The increase in production is a significant factor contributing to the rise in inventory levels [1] - Palm oil prices are facing downward pressure due to the increased inventory [1] - Traders anticipate that palm oil prices will operate within a specific range in the near term [1]

Report Industry Investment Rating There is no information about the industry investment rating in the provided content. Core Viewpoints - The sentiment towards copper is neutral, with short - term prices expected to oscillate at high levels due to factors such as raw material supply tightness, weakening consumption resilience, high near - month contract positions, and increased export expectations [1]. - Aluminum prices are expected to fluctuate weakly, supported by inventory depletion but pressured by tariff hikes and seasonal demand weakness [3]. - Lead prices are likely to remain weak as downstream consumption weakens despite potential small rebounds driven by a warmer commodity market [4]. - Zinc prices face significant downward risks due to oversupply and weak terminal consumption, despite possible small rebounds from a warmer market [6]. - Tin prices are supported by supply uncertainties and strong low - price buying demand, with the supply side facing short - term uncertainties [7]. - Nickel's short - term fundamentals show a slight improvement, but the long - term outlook is bearish, and it is advisable to short on rebounds [8]. - Lithium carbonate prices are expected to oscillate at the bottom as the short - term fundamentals remain unchanged and the inventory pressure persists [10]. - Alumina prices are expected to be anchored by costs, and it is recommended to short on high prices as the capacity surplus persists [13]. - Stainless steel market will continue to be under pressure in the short term due to high inventory, weak demand, and other negative factors [15]. Summary by Metals Copper - Last week, LME copper rose 1.83% to $9670/ton, and SHFE copper closed at 78620 yuan/ton. Three - exchange inventories decreased by 0.9 tons, with different trends in each exchange. The import loss of spot copper widened, and the export window for spot feed - processing opened. The short - term price is expected to oscillate between 77200 - 79200 yuan/ton for SHFE copper and 9450 - 9800 dollars/ton for LME copper [1]. Aluminum - Last week, SHFE aluminum closed flat, and LME aluminum rose 0.12% to $2451/ton. Domestic aluminum ingot inventories continued to decline, and the spot basis decreased. The supply increased slightly, and demand weakened. The price is expected to fluctuate between 19800 - 20200 yuan/ton for SHFE aluminum and 2380 - 2500 dollars/ton for LME aluminum [3]. Lead - As of Friday, SHFE lead index rose 0.49% to 16775 yuan/ton, and LME lead 3S rose to $1990.5/ton. Fed's dovish remarks and strong non - farm data may drive a small rebound, but weak downstream consumption and high inventories will keep prices weak [4]. Zinc - As of Friday, SHFE zinc index rose 0.14% to 22289 yuan/ton, and LME zinc 3S fell to $2690/ton. A warmer market may cause a small rebound, but oversupply and weak consumption pose significant downward risks [6]. Tin - Last week, tin prices rebounded from the bottom. Supply may face a 500 - 1000 - ton reduction in June, and smelters plan to cut production. Demand has not increased significantly, and downstream purchasing enthusiasm declines as prices rise. The price is expected to range from 230000 - 260000 yuan/ton domestically and 28000 - 31000 dollars/ton overseas [7]. Nickel - Last week, nickel prices oscillated. Nickel ore supply is tight, nickel - iron prices rebounded, MHP prices are high, and nickel sulfate prices may strengthen. The short - term outlook is slightly better, but the long - term is bearish. The price is expected to range from 115000 - 128000 yuan/ton for SHFE nickel [8]. Lithium Carbonate - The MMLC index was flat on Friday, and the futures contract rebounded slightly. The current lithium salt production is high, and the inventory pressure persists. The price is expected to oscillate at the bottom, with the main contract ranging from 59520 - 61540 yuan/ton [10]. Alumina - On June 6, the alumina index fell 1.36% to 2899 yuan/ton. The import window opened, and the inventory decreased. Due to capacity surplus, prices are expected to be cost - anchored, and it is recommended to short on high prices. The main contract AO2509 is expected to range from 2800 - 3200 yuan/ton [13]. Stainless Steel - On Friday, the stainless - steel main contract closed at 12680 yuan/ton. Spot prices were mostly stable, and inventories increased. The market will continue to be under pressure due to high inventory, weak demand, and other factors [15].

Group 1 - The first meeting of the China-US economic and trade consultation mechanism is about to be held [1] - CBOT agricultural futures experienced a slight decline on Monday [1] - There is uncertainty regarding changes in weather conditions affecting agricultural commodities [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot prices of mainstream radiata pine products in Shandong and Jiangsu remained flat compared to last week. European spruce and fir in the Jiangsu market are still in short supply. There is 1 ship departing from New Zealand in June, expected to arrive in China in June, with an estimated arrival volume of 1.12 million cubic meters. The total inventory of the four major ports increased slightly by 58,300 cubic meters from the previous week. The BDI index rose by 15.2% week-on-week, and the SCFI index increased by 8.1%. The US dollar index was relatively stable, with the exchange rate of the US dollar against the RMB down by 0.1% and against the New Zealand dollar down by 0.9% week-on-week [4][5]. Summary by Directory 1. Overview - Spot price: The price of 3.9m 30+ radiata pine in Shandong is 750 yuan/cubic meter, and in Jiangsu is 775 yuan/cubic meter, both unchanged from last week. The price of 3.9m 40+ radiata pine in Shandong is 810 yuan/cubic meter, and 5.9m 30+ radiata pine is 760 yuan/cubic meter, also unchanged. European spruce and fir in the Jiangsu market have low trading volume and are in short supply [4]. - Supply: As of June 1, there is 1 ship departing from New Zealand in June, with 1 going to the Chinese mainland and 0 to Taiwan, China and South Korea for lightering. It is expected that 1 ship will arrive in June and 0 in July, with an estimated arrival volume of 1.12 million cubic meters [4][7]. - Demand and inventory: As of the week of May 30, the daily average shipment volume of Lanshan Port was 22,800 cubic meters (week-on-week -2,000 cubic meters), and that of Taicang Port was 10,500 cubic meters (week-on-week -100 cubic meters). The inventory of Lanshan Port was about 125,180 cubic meters (week-on-week +2,000 cubic meters), Taicang Port was about 535,600 cubic meters (week-on-week -34,100 cubic meters), Xinminzhou was about 373,500 cubic meters (week-on-week -19,700 cubic meters), and Jiangdu Port was about 246,800 cubic meters (week-on-week +41,900 cubic meters). The total inventory of the four major ports was 2.4077 million cubic meters, a slight increase of 58,300 cubic meters from the previous week [5][11]. - Other factors: As of the week of June 8, the Baltic Dry Index (BDI) was 1,633 points, up 215 points (+15.2%) from last week. The related Handysize Shipping Index BHSI was 600 points, down 0.2% from last week. The Shanghai Containerized Freight Index (SCFI) was 2,240.35 points, up 8.1% from last week. In terms of exchange rates, the US dollar index was relatively stable. As of the end of the week, the exchange rate of the US dollar against the RMB was down 0.1% and against the New Zealand dollar was down 0.9% from last week [5]. 2. Supply - As of June 1, there is 1 ship departing from New Zealand in June, with 1 going to the Chinese mainland and 0 to Taiwan, China and South Korea for lightering. It is expected that 1 ship will arrive in June and 0 in July, with an estimated arrival volume of 1.12 million cubic meters [7]. 3. Demand and Inventory - Demand: As of the week of May 30, the daily average shipment volume of Lanshan Port was 22,800 cubic meters (week-on-week -2,000 cubic meters), and that of Taicang Port was 10,500 cubic meters (week-on-week -100 cubic meters). - Inventory: The inventory of Lanshan Port was about 125,180 cubic meters (week-on-week +2,000 cubic meters), Taicang Port was about 535,600 cubic meters (week-on-week -34,100 cubic meters), Xinminzhou was about 373,500 cubic meters (week-on-week -19,700 cubic meters), and Jiangdu Port was about 246,800 cubic meters (week-on-week +41,900 cubic meters). The total inventory of the four major ports was 2.4077 million cubic meters, a slight increase of 58,300 cubic meters from the previous week [5][11]. 4. Market Trends - As of June 6, the closing price of the main contract LG2507 was 768.5 yuan/cubic meter, up 0.3% from last week. The futures price first fell and then rose this week, and the fundamentals maintained a weak supply - demand pattern. The monthly spread tended to narrow, with the 07 - 09 monthly spread at -16 yuan/cubic meter, the 07 - 11 monthly spread at -20.5 yuan/cubic meter, and the 09 - 11 monthly spread at -4.5 yuan/cubic meter [14]. 5. Price and Spread - Spot price: The prices of various specifications of radiata pine in Shandong and Jiangsu remained unchanged from last week. For example, the price of 3.9m 30+ radiata pine in Shandong was 750 yuan/cubic meter, and in Jiangsu was 775 yuan/cubic meter, both unchanged [19]. - Regional spread: The document provides spread data between Shandong and Jiangsu for various tree species and specifications, such as the spread of 3.9m 30+ radiata pine between the two regions [19][24]. - Tree species and specification spread: It shows the spread between different tree species and specifications, such as the spread between 3.9m 30+ radiata pine and 5.9m 40+ radiata pine [43][44]. 6. Other - Freight index: The Baltic Dry Index (BDI) was 1,633 points, up 215 points (+15.2%) from last week. The Handysize Shipping Index BHSI was 600 points, down 0.2% from last week. The Shanghai Containerized Freight Index (SCFI) was 2,240.35 points, up 8.1% from last week. - Exchange rate: The US dollar index was relatively stable. As of the end of the week, the exchange rate of the US dollar against the RMB was down 0.1% and against the New Zealand dollar was down 0.9% from last week [5][56][57].