Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents a comprehensive overview of the futures market on August 4, 2025, covering overnight and spot market quotes, important fundamental information, macro - economic news, capital flows, and arbitrage tracking. It focuses on the performance of various commodities such as palm oil, soybeans, and crude oil, as well as international and domestic economic indicators. 3. Summary by Directory Overnight Quotes - The closing price of BMD Malaysian palm oil in October was 4,245.00, with a previous day's increase of 0.35%. Brent crude oil in October on ICE was at 69.52, a decrease of 3.15% the previous day and 0.20% overnight. NYMEX US crude oil in September was at 67.26, down 3.03% the previous day and 0.06% overnight [1]. - The US dollar index was at 98.67, a decrease of 1.32%. The exchange rates of various currencies against the US dollar showed different trends, with the Malaysian ringgit, Indonesian rupiah, Brazilian real, and Singapore dollar appreciating, while the Argentine peso depreciated [1]. Spot Quotes - For DCE palm oil 2509, the spot prices in North China, East China, and South China were 9,040, 8,910, and 8,900 respectively, with corresponding basis values of 120, - 10, and - 20, and basis changes of - 10, - 40, and 0 [2]. - For DCE soybean oil 2509, the spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 8,300, 8,520, 8,460, and 8,390 respectively, with basis values and changes varying by region [2]. - For DCE soybean meal 2509, the spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 2,890, 2,890, 2,870, and 2,970 respectively, with corresponding basis values and changes [2]. - The CNF quotes for imported soybeans from Brazil and Argentina were 474 and 452 dollars per ton respectively, with CNF premiums of 300 and 240 cents per bushel [2]. Important Fundamental Information - **Weather in Production Areas**: US soybean - producing states are expected to have above - average temperatures from August 6 - 10, with more precipitation in the northwest and northeast. The weather in the US Midwest is currently favorable for corn and soybean growth, with occasional rainfall and temperature fluctuations [3][5]. - **International Supply and Demand**: In July 2025, Malaysian palm oil production increased by 7.07% according to SPPOMA. Indonesia exported 2.07 million tons of crude palm oil and its products in June. There were also changes in the positions of various agricultural products futures, US soybean crushing volume, Canadian rapeseed exports, and Nigeria's plan to double soybean planting area by 2027 [9][10][11]. - **Domestic Supply and Demand**: On August 1, the total trading volume of soybean oil and palm oil increased by 31% compared to the previous day. There were also changes in the trading volume and开机 rate of soybean meal, soybean crushing volume, Brazilian soybean shipping plans to China, pig - breeding profits, and agricultural product wholesale prices [14][15]. Macro - economic News - **International News**: US economic data in July showed mixed results, with lower - than - expected non - farm payrolls, slightly higher unemployment rate, and inflation expectations. The ISM and S&P Global manufacturing PMIs also had different performances. There were discussions about OPEC+ production increases [18][20]. - **Domestic News**: On August 1, the US dollar/Chinese yuan exchange rate was adjusted upwards. The Chinese central bank carried out reverse - repurchase operations, resulting in a net withdrawal of funds on the day and a net injection for the week. Newly - issued government bond interest income will be subject to VAT starting from August 8 [22]. Capital Flows - On August 1, 2025, the futures market had a net capital outflow of 9.63 billion yuan, with 1.091 billion yuan from commodity futures (697 million yuan inflow in agricultural product futures, 140 million yuan inflow in chemical futures, 1.293 billion yuan outflow in black - series futures, and 635 million yuan outflow in metal futures) and 8.539 billion yuan from stock - index futures [25]. - The capital flows of major futures varieties varied, with inflows in some commodities like soybean oil and gold, and outflows in others such as crude oil and copper [24]. Arbitrage Tracking No relevant information provided.

Group 1 - The core viewpoint of the article indicates that the silicon iron market is experiencing a cautious outlook, with demand expected to rebound this week [1] - On August 4, the main futures contract for silicon iron (2509 contract) closed at 5674 yuan/ton, reflecting a decrease of 0.56% and a drop of 32 yuan, with a daily reduction in positions of 4237 [1] - The current market is characterized by a seasonal demand slump, leading to a subdued performance in the futures market and cautious purchasing behavior from the demand side [1] Group 2 - Some traders are concerned about potential losses, resulting in a noticeable decline in high-priced resource procurement, contributing to an overall cautious sentiment regarding future market trends [1] - The macroeconomic positive expectations have diminished, and seasonal declines in steel demand have shifted market sentiment from strong expectations to weak realities [1] - However, last week saw a reduction in the scale of steel mill maintenance and resumption of production, suggesting that demand may rebound this week [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On July 30, the Zhengzhou sugar main contract dropped significantly. The 09 contract closed at 5,804 yuan/ton, down 54 yuan or 0.92%, with a reduction of 33,554 positions. The decline might be due to the pressure of concentrated supply of processed sugar. Speculative long - positions in the near - month 09 contract exited in large numbers, while industrial hedging long - positions showed signs of entering. Speculative funds on the far - month 01 contract had an obvious intention to go long, and the 9 - 1 spread might further shrink [7][8]. - On Tuesday, New York raw sugar futures rebounded, with the main October contract rising 0.79% to 16.56 cents per pound. The London ICE white sugar futures main October contract fell 0.02% to $475.30 per ton. The overnight rise in crude oil prices provided some support to sugar prices. The market is expecting a significant increase in the production data of central - southern Brazil in the first half of July [7]. 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - **Futures Market Conditions**: SR509 closed at 5,804 yuan/ton, down 54 yuan or 0.92%, with a position of 277,031 contracts and a reduction of 33,554 contracts; SR601 closed at 5,666 yuan/ton, down 52 yuan or 0.91%, with a position of 200,143 contracts and an increase of 18,274 contracts; US sugar 10 closed at 16.56 cents per pound, up 0.13 cents or 0.79%, with a position of 395,463 contracts and a reduction of 2,396 contracts; US sugar 03 closed at 17.16 cents per pound, up 0.11 cents or 0.65%, with a position of 223,411 contracts and an increase of 160 contracts [7]. - **Analysis of Zhengzhou Sugar Market**: The decline of Zhengzhou sugar was possibly due to the pressure of concentrated supply of processed sugar. The exit of speculative long - positions in the 09 contract and the entry intention of industrial hedging long - positions, along with the long - entry intention of speculative funds in the 01 contract, may lead to a further shrinkage of the 9 - 1 spread [8]. 3.2. Industry News - **Farmland Moisture in Guangxi**: According to a report released by the Guangxi Soil and Fertilizer Station in mid - July, among 42 monitoring points of 14 farmland moisture monitoring stations in the region, 16 points had excessive moisture, 22 points had suitable moisture, and 4 points had insufficient moisture. Over 90% of the farmland moisture was suitable to excessive during the monitoring period [9]. - **Sugar Production Forecast in Central - Southern Brazil**: A survey of 23 analysts by S&P Global Commodity Insights showed that the sugar production in central - southern Brazil in the first half of July is expected to increase by 12.5% to 3.329 million tons. The cane crushing volume is expected to increase by 11.3% year - on - year to 48.31 million tons. The sugar yield per ton of cane (ATR) is expected to decrease by 4.1% year - on - year to 136.18 kilograms per ton. The sugar - making ratio of cane is expected to be 53.11% [9]. - **Sugar Mill Clearance in Guangxi**: Tiandong Ertang Sugar Factory's "Dongxing" brand cleared its inventory on July 25, becoming the 7th sugar factory of Guangxi Nanhua to clear its inventory in the 24/25 crushing season, 2 more than the same period last year. Currently, only Longtian and Mianhuahua brands are still quoting [9]. - **Customs Mutual Recognition Arrangement**: The "Arrangement on Mutual Recognition of the Chinese Customs Enterprise Credit Management System and the Thai Customs 'Authorized Economic Operator' System" will be officially implemented on August 1, 2025 [9]. - **Coca - Cola's New Product**: Coca - Cola Company announced on Tuesday that it will launch a signature cola product using sucrose in the US market this fall, confirming a recent statement by President Donald Trump [9]. 3.3. Data Overview - The report presents multiple data charts, including the spot price trend, the basis of the 2509 contract, the SR9 - 1 spread, the import profit of Brazilian raw sugar, the number of Zhengzhou Commodity Exchange warehouse receipts, the Brazilian real exchange rate, and the trading and position data of the top 20 seats of the Zhengzhou sugar main contract [11][15][20]. - The total long - position of the top 20 seats was 325,093 contracts, an increase of 105,773 contracts; the total short - position was 212,307 contracts, a decrease of 17,666 contracts; the total delivery - related position was 192,544 contracts, a decrease of 26,731 contracts [23].

Report Overview - Report Title: PTA Daily Report - Report Date: July 29, 2025 - Reported Industry: PTA Industry 1. Investment Rating - No investment rating provided in the report 2. Core View - The PTA market lacks new positive factors. With the overall decline of bulk chemicals and insufficient rebound momentum in the crude oil market, the PTA market is expected to experience a slight decline [6] 3. Summary by Section 3.1 Market Review and Operational Suggestions - **Futures Market**: On the 28th, the closing price of the PTA main futures contract TA2509 was 4,812 yuan/ton, down 90 yuan/ton or 1.84%, with a settlement price of 4,852 yuan/ton and a daily position reduction of 88,775 lots. The closing price of TA2601 was 4,810 yuan/ton, down 60 yuan/ton, with a total volume of 347,535 lots and a decrease of 12,957 lots [6] 3.2 Industry News - **International Oil Prices**: International oil prices closed lower after minor fluctuations. On July 25th, the settlement price of WTI crude oil futures for September 2025 was $65.16 per barrel, down $0.87 or 1.32%. The settlement price of Brent crude oil futures for September 2025 was $68.44 per barrel, down $0.74 or 1.07% [7] - **PX Market**: The assessed price of the PX market in China was $851 - 853 per ton, down $22 per ton from the previous trading day. The assessed price in the South Korean market was $831 - 833 per ton, also down $22 per ton. There were three transactions reported, with September cargoes traded at $855 and $854 per ton, and October cargoes at $848 per ton [7] - **PTA Market in East China**: The PTA price in the East China market was 4,836 yuan/ton, down 58 yuan/ton. The average daily negotiation basis was at a discount of 5 yuan/ton to the futures contract 2509, up 3 yuan/ton [7] 3.3 Data Overview - The report provides multiple data charts, including PTA futures prices, international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories. All data sources are from Wind and the Research and Development Department of CCB Futures [10][11][13]

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1. Report Industry Investment Rating - No information provided 2. Report's Core View - Urea's futures market opened low and closed lower, with a decline of over 3% at the end of the session. The upstream factory quotes have been on a downward trend since the weekend, and market activity is low. Fundamentally, urea supply is sufficient, with daily production remaining at a high level. Although production is expected to weaken this month, the loose supply pattern has not changed. On the demand side, agricultural demand continues to weaken, and downstream demand is mainly supported by the rigid needs of compound fertilizer factories. Although there is support from export containerization, the inventory reduction rate of urea factories has slowed down, indicating weak terminal demand. The market sentiment has cooled down, and the market may rebound in the short - term but will be weakly volatile in the medium - term [1] 3. Summary by Relevant Catalogs Strategy Analysis - Urea's futures market opened low and closed lower, with a decline of over 3% at the end of the session. The upstream factory quotes have been on a downward trend since the weekend, and market activity is low. Supply is sufficient, and demand is weak. Although there was a short - term rise last week, the market has cooled down. The market may rebound in the short - term but will be weakly volatile in the medium - term [1] Futures Market - The urea main contract 2509 opened at 1750 yuan/ton, closed at 1738 yuan/ton, with a decline of 3.34%. The trading volume was 153124 lots (-18485 lots). Among the top twenty main positions, long positions decreased by 6716 lots, and short positions decreased by 9851 lots. Some futures companies' net long or net short positions changed. On July 28, 2025, the number of urea warehouse receipts was 2900, an increase of 377 compared with the previous trading day [2] Spot Market - The upstream factory quotes have been on a downward trend since the weekend, and market activity is low. The ex - factory price range of small - particle urea in Shandong, Henan, and Hebei is 1740 - 1770 yuan/ton [4] Fundamental Tracking - The basis strengthened compared with the previous trading day, with the basis of the September contract at 52 yuan/ton (+45 yuan/ton). On July 28, 2025, the national daily urea production was 193,700 tons, remaining flat compared with the previous day, and the operating rate was 82.47% [8][10]

Group 1 - The domestic futures market for black metals showed a positive trend, with silicon iron futures main contract opening at 5786.00 CNY/ton and reaching a high of 6078.00 CNY, marking an increase of 4.48% [1] - The operating rate of 136 independent silicon iron enterprises nationwide was 33.33%, an increase of 0.88% week-on-week, with a daily average output of 14,615 tons, up 2.31% from the previous week [1] - The weekly demand for silicon iron across five major steel types was 20,065.7 tons, a 0.26% increase from the previous week, while the national silicon iron production reached 102,300 tons [1] Group 2 - The number of silicon iron futures warehouse receipts on the Zhengzhou Commodity Exchange was 22,303, a decrease of 26 from the previous trading day [2] - Guosen Futures indicated that overall silicon iron production remains low, with a balanced supply and demand, but rapid price increases may not be sustainable, suggesting a wait-and-see approach [2] - Ruida Futures noted that the macroeconomic outlook is strong, with upcoming growth plans for key industries, but current production profits for ferroalloys are negative, with spot profits in Inner Mongolia at 80 CNY/ton and in Ningxia at 280 CNY/ton [2]

Group 1: General Information - Report title: Zinc Futures Daily Report [1] - Date: July 23, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - **Futures Market Quotes**: - For the 2508 contract of Shanghai Zinc, the opening price was 22,430 yuan/ton, the closing price was 22,885 yuan/ton, the highest was 22,900 yuan/ton, the lowest was 22,420 yuan/ton, the change was 590 yuan, the increase rate was 2.65%, the trading volume was 46,914, and the change in trading volume was -11,190. - For the 2509 contract, the opening price was 22,420 yuan/ton, the closing price was 22,925 yuan/ton, the highest was 22,945 yuan/ton, the lowest was 22,415 yuan/ton, the change was 625 yuan, the increase rate was 2.80%, the trading volume was 133,314, and the change in trading volume was 17,346. - For the 2510 contract, the opening price was 22,375 yuan/ton, the closing price was 22,915 yuan/ton, the highest was 22,935 yuan/ton, the lowest was 22,375 yuan/ton, the change was 640 yuan, the increase rate was 2.87%, the trading volume was 38,266, and the change in trading volume was 4,110 [7]. - **Market Analysis**: In the context of anti - involution, the rebound strength of the black series exceeded expectations. Although the fundamentals of Shanghai Zinc were poor, it showed certain resistance to decline due to the boost of the black series. On Friday afternoon, the Ministry of Industry and Information Technology stated that it would promote key industries such as steel, non - ferrous metals, petrochemicals, and building materials to adjust their structures and optimize supply, which boosted the commodity market. Shanghai Zinc fluctuated at a high level during the day. The main 2509 contract closed at 22,945 yuan/ton, up 160 yuan, an increase of 0.70%, with increased volume and open interest. The fundamentals and the macro situation were in conflict. In August, the domestic zinc ore processing fee remained stable, the imported ore processing fee continued to rise, the port inventory of zinc concentrates increased significantly, and downstream demand was in the off - season, with limited acceptance of high prices on the disk. Spot prices in three regions were lowered, and the overall trading was light. It is expected to run strongly in the short term driven by commodity sentiment, but there is insufficient support for the upward movement of the fundamentals, so be cautious about chasing high prices [7]. Group 3: Industry News - **July 22, 2025**: - The mainstream transaction price of 0 zinc was concentrated between 22,755 - 22,910 yuan/ton, Shuangyan zinc was traded between 22,835 - 23,010 yuan/ton, and 1 zinc was traded between 22,685 - 22,840 yuan/ton. - In the morning, the market quoted a premium of 0 - 20 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a premium of 0 - 20 yuan/ton to the 2508 contract, Honglu - v was at par with the 2508 contract, Huize was at a premium of 60 - 80 yuan/ton to the 2508 contract, and the high - end brand Shuangyan was quoted at a premium of 80 - 120 yuan/ton to the 2508 contract [8]. - **Ningbo Market**: The mainstream brand 0 zinc was traded at around 22,755 - 22,890 yuan/ton. The regular brands in Ningbo were quoted at a discount of 5 yuan/ton to the 2508 contract and a premium of 10 yuan/ton to the Shanghai spot. In the first time period, Yongchang was quoted at par with the 2508 contract, Honglu - v was at par with the 2508 contract, and Huize zinc ingots were at a premium of 80 yuan/ton to the 2508 contract. In the second time period, traders' quotes remained the same as the previous period [8]. - **Tianjin Market**: The 0 zinc ingots were mainly traded between 22,700 - 22,890 yuan/ton, Zijin was traded between 22,740 - 22,910 yuan/ton, 1 zinc ingots were traded around 22,630 - 22,780 yuan/ton, and Huludao was quoted at 23,630 yuan/ton. The ordinary 0 zinc was quoted at a discount of 0 - 50 yuan/ton to the 2508 contract, Zijin was quoted at a discount of 10 yuan to a premium of 20 yuan/ton to the 2508 contract, and Tianjin was at a discount of about 40 yuan/ton to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream 0 zinc was traded between 22,700 - 22,880 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2509 contract and a discount of 30 yuan/ton to the Shanghai spot, and the price difference between Shanghai and Guangdong widened [9].

行业 PTA 日报 日期 2025 年 07 月 22 日 请阅读正文后的声明 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 ...

行业 锌期货日报 日期 2025 年 7 月 18 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2508 | 21975 | 22130 | 22170 | 21970 | 115 | 0.52 | 67223 | -11088 | | 沪锌 | 2509 | ...