Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold: Non - farm payrolls performed better than expected [2] - Silver: Continued to soar [2] - Copper: Global inventories increased, and prices fluctuated [2] - Zinc: Traded sideways [2] - Lead: Supported by short - term consumption peak season expectations [2] - Tin: Driven up by the macro - environment [2] - Nickel: Upside elasticity was limited, and nickel prices were under pressure at low levels [2] - Stainless steel: Inventories were slightly digested, and steel prices recovered but with limited elasticity [2] Summary by Related Catalogs Gold and Silver - **Price and Trading Volume**: The closing price of Shanghai Gold 2508 was 774.88, down 0.52%, and the night - session closing price was 777.00, up 0.19%. The closing price of Shanghai Silver 2508 was 8919, down 0.29%, and the night - session closing price was 8931.00, up 0.16%. The trading volume and positions of some contracts changed compared with the previous day [5]. - **Inventory**: Shanghai Gold inventory remained unchanged at 18,456 kilograms, and Shanghai Silver inventory increased by 2133 kilograms to 1,340,792 kilograms [5]. - **Trend Intensity**: Gold trend intensity was - 1, and silver trend intensity was 1 [8]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 79,730, down 1.03%, and the night - session closing price was 79720, down 0.01%. The trading volume of the Shanghai Copper main contract increased by 17,176 to 100,562, and the position decreased by 8,934 to 215,738 [10]. - **Inventory**: Shanghai Copper inventory decreased by 1,796 tons to 22,307 tons, and LME copper inventory increased by 950 tons to 95,275 tons [10]. - **Trend Intensity**: Copper trend intensity was 0 [12]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 22410, up 0.38%. The trading volume of the Shanghai Zinc main contract increased by 20897 to 153571, and the position increased by 66 to 128000 [13]. - **Inventory**: Shanghai Zinc futures inventory increased by 647 tons to 7246 tons, and LME zinc inventory decreased by 350 tons to 112325 tons [13]. - **Trend Intensity**: Zinc trend intensity was 0 [13]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 17295, up 0.29%. The trading volume of the Shanghai Lead main contract decreased by 10116 to 24330, and the position decreased by 1206 to 51672 [15]. - **Inventory**: Shanghai Lead futures inventory remained unchanged at 46439 tons, and LME lead inventory decreased by 2625 tons to 263275 tons [15]. - **Trend Intensity**: Lead trend intensity was 1 [16]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 268,420, down 0.04%. The trading volume of the Shanghai Tin main contract decreased by 16,735 to 57,264, and the position decreased by 923 to 30,442 [18][19]. - **Inventory**: Shanghai Tin inventory decreased by 6 tons to 6,882 tons, and LME tin inventory decreased by 50 tons to 2,165 tons [19]. - **Trend Intensity**: Tin trend intensity was 0 [21]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 122,270, and the closing price of the stainless - steel main contract was 12,730. The trading volume and positions of related contracts changed compared with previous periods [22][23]. - **Industry News**: In March, Ontario, Canada, might stop exporting nickel to the US; in April, the Indonesian CNI nickel - iron project entered the trial - production stage; an Indonesian nickel smelter resumed production; an Indonesian冷轧厂 planned to continue maintenance; the Philippine nickel industry welcomed the removal of the raw - ore export ban; environmental violations were found in an Indonesian industrial park; Indonesia planned to shorten the mining quota period [23][24][25]. - **Trend Intensity**: Nickel trend intensity was 0, and stainless - steel trend intensity was 0 [28]

Report Overview - The report is the Commodity Research Morning Report - Precious Metals and Base Metals by Guotai Junan Futures on July 4, 2025, covering copper, tin, nickel, and stainless steel [1][2] Core Views - Copper: The rise of the US dollar restricts price increases [2] - Tin: The macro - environment drives the price up [2] - Nickel: The support from the ore end is loosening, and the smelting end limits the upside potential [2] - Stainless steel: Inventory is slightly decreasing marginally, and the steel price is recovering but with limited elasticity [2] Copper Fundamental Data - **Futures**: The closing price of the Shanghai Copper main contract was 80,560 with a daily increase of 0.02%, and the night - session closing price was 80,540 with a decline of - 0.02%. The LME Copper 3M electronic disk closed at 9,952 with a decline of - 0.58% [4] - **Inventory**: Shanghai Copper futures inventory was 24,103, a decrease of 994; LME Copper inventory was 94,325, an increase of 1,075 [4] - **Spreads**: The LME copper ascension discount was 87.61, a decrease of 8.59 compared to the previous day [4] Macro and Industry News - US non - farm payrolls in June increased by 147,000, exceeding expectations, and the unemployment rate unexpectedly dropped to 4.1% [4] - Western Mining's Yulong Copper Mine Phase III project was approved, with the production scale increasing to 30 million tons/year [4] - The TC/RC negotiation result between Antofagasta and Chinese smelters in mid - 2025 was set at 0.0 US dollars/kiloton and 0.0 US cents/pound [4] Trend Intensity - Copper trend intensity is 0, indicating a neutral view [6] Tin Fundamental Data - **Futures**: The closing price of the Shanghai Tin main contract was 268,420 with a decline of - 0.04%, and the night - session closing price was 269,130 with an increase of 0.04%. The LME Tin 3M electronic disk closed at 33,805 with an increase of 0.66% [8] - **Inventory**: Shanghai Tin futures inventory was 6,882, a decrease of 6; LME Tin inventory was 2,165, a decrease of 50 [8] - **Spreads**: The SMM 1 tin ingot price was 266,500, a decrease of 700 compared to the previous day [8] Macro and Industry News - The "Big Beautiful" bill passed in the US House of Representatives by a narrow margin, bringing a deficit of 3.4 trillion [9] - The US non - farm payroll report was unexpectedly strong, and the market abandoned the bet on a rate cut in July [9] Trend Intensity - Tin trend intensity is 0, indicating a neutral view [10] Nickel and Stainless Steel Fundamental Data - **Futures**: The closing price of the Shanghai Nickel main contract was 121,790, and the stainless - steel main contract was 12,710 [11] - **Spreads**: The 8 - 12% high - nickel pig iron (ex - factory price) was 909, a decrease of 2 compared to the previous day [11] Macro and Industry News - The governor of Ontario, Canada, proposed to stop exporting nickel to the US in response to US tariff threats [11] - The CNI nickel - iron RKEF Phase I project in Indonesia entered the trial production stage [12] - An important nickel smelter in Indonesia resumed production, and the capacity of PT QMB New Energy Materials has recovered to 70% - 80% [13][14] Trend Intensity - Nickel trend intensity is 0, and stainless - steel trend intensity is 0, both indicating a neutral view [16]

Report Industry Investment Rating No relevant content provided. Core Views - Gold: Expectations of interest rate cuts are rising [2]. - Silver: Continuing to surge [2]. - Copper: Strong spot prices support the price [2]. - Zinc: The fundamentals are under pressure [2]. - Lead: Seasonal peak expectations support the price [2]. - Tin: The macro - environment drives the price up [2]. - Nickel: The support from the ore end has weakened, and the smelting end limits the upside potential [2]. - Stainless steel: Inventory has slightly decreased marginally, and the steel price has recovered but with limited elasticity [2]. Summary by Commodity Gold - **Price and Trading Volume**: The closing price of Shanghai Gold 2508 was 773.90 with a daily increase of 1.10%, and the night - session closing price was 776.10 with a night - session increase of 1.47%. Comex Gold 2508 closed at 3315.00 with a 0.88% increase. Trading volumes of some contracts decreased compared to the previous day [5]. - **ETF and Inventory**: SPDR Gold ETF's holdings decreased by 2 to 952.53. Shanghai Gold's inventory increased by 216 to 18,453 kg, while Comex Gold's inventory (in ounces) decreased by 135 [5]. - **Trend Intensity**: - 1, indicating a weak bearish trend [8]. Silver - **Price and Trading Volume**: The closing price of Shanghai Silver 2508 was 8810 with a 0.55% increase, and the night - session closing price was 8810.00 with a 1.11% increase. Trading volumes of some contracts decreased compared to the previous day [5]. - **ETF and Inventory**: SLV Silver ETF's holdings (the day before yesterday) increased by 42 to 14,869.01. Shanghai Silver's inventory increased by 39088 to 1,338,844 kg, and Comex Silver's inventory (in ounces) increased by 604,393 [5]. - **Trend Intensity**: 1, indicating a weak bullish trend [8]. Copper - **Price and Trading Volume**: The closing price of Shanghai Copper's main contract was 80,640 with a 0.96% increase, and the night - session closing price was 80390 with a - 0.31% change. Trading volumes of some contracts increased compared to the previous day [10]. - **Inventory and Spread**: Shanghai Copper's inventory decreased by 1,078 to 24,773 tons, and LME Copper's inventory increased by 625 to 91,250 tons. Some spreads changed compared to the previous day [10]. - **News**: The US 6 - month ISM manufacturing PMI continued to contract. China's May copper ore imports decreased month - on - month but increased year - on - year. Some mining and smelting projects have new developments [10][12]. - **Trend Intensity**: 1, indicating a weak bullish trend [12]. Zinc - **Price and Trading Volume**: The closing price of Shanghai Zinc's main contract was 22255 with a - 1.07% change. Trading volumes of some contracts changed compared to the previous day [13]. - **Inventory and Spread**: Shanghai Zinc's inventory decreased by 253 to 6824 tons, and LME Zinc's inventory decreased by 2575 to 114900 tons. Some spreads and premiums changed [13]. - **News**: The 6000t/d lead - zinc mine expansion project in Guangxi started [14]. - **Trend Intensity**: - 1, indicating a weak bearish trend [14]. Lead - **Price and Trading Volume**: The closing price of Shanghai Lead's main contract was 17100 with a - 0.58% change. Trading volumes of some contracts decreased compared to the previous day [16]. - **Inventory and Spread**: Shanghai Lead's inventory increased by 101 to 46389 tons, and LME Lead's inventory decreased by 1850 to 270075 tons. Some spreads and import profits changed [16]. - **News**: The 6000t/d lead - zinc mine expansion project in Guangxi started [17]. - **Trend Intensity**: 1, indicating a weak bullish trend [17]. Tin - **Price and Trading Volume**: The closing price of Shanghai Tin's main contract was 269,840 with a 0.65% increase, and the night - session closing price was 269840 with a 0.63% increase. Trading volumes of some contracts decreased compared to the previous day [20]. - **Inventory and Spread**: Shanghai Tin's inventory increased by 16 to 6,766 tons, and LME Tin's inventory increased by 45 to 2,220 tons. Some spot prices and spreads changed [20]. - **News**: Multiple macro - level news events, such as EU - US tariff negotiations and China's PMI data [21]. - **Trend Intensity**: 0, indicating a neutral trend [21]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of Shanghai Nickel's main contract was 120,720, and that of stainless steel's main contract was 12,560. Trading volumes of both decreased compared to the previous day [23]. - **Industry Chain Data**: Various prices in the nickel and stainless - steel industry chain, such as high - nickel pig iron, nickel plate, and stainless - steel products, changed compared to different time points [23]. - **News**: There were developments in nickel - related projects in Canada, Indonesia, including production start - ups, resumptions, and potential export restrictions [23][24][25]. - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral trend [26].

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - The report provides daily research and analysis on various commodities in the futures market, including precious metals, base metals, energy, chemicals, agricultural products, etc. It offers insights into price trends, fundamental data, and news events affecting each commodity, along with trend strength indicators and trading strategies [2][11][24] 3. Summary by Commodity Precious Metals - **Gold**: With rising expectations of interest rate cuts, the gold price is showing an upward trend. The trend strength is -1, indicating a relatively bearish outlook. Key data includes price, trading volume, open interest, ETF holdings, and inventory levels [2][6][9] - **Silver**: Continuing to rise, the trend strength is 1, suggesting a bullish outlook. Similar to gold, it also provides price, trading volume, open interest, ETF holdings, and inventory data [2][6][9] Base Metals - **Copper**: Supported by strong spot prices, the copper price is expected to remain stable. The trend strength is 1, indicating a bullish outlook. The report presents data on futures and spot prices, trading volume, open interest, inventory, and spreads, along with macro and industry news [11][13] - **Zinc**: The fundamentals are under pressure, with a trend strength of -1, suggesting a bearish outlook. It provides data on prices, trading volume, open interest, spreads, and inventory, as well as relevant news [14][15] - **Lead**: With expectations of a peak season, the lead price is supported. The trend strength is 1, indicating a bullish outlook. The report includes price, trading volume, open interest, spreads, and inventory data, along with news [17][18] - **Tin**: Driven by the macro - environment, the tin price is on the rise. The trend strength is 0, indicating a neutral outlook. It provides data on futures and spot prices, trading volume, open interest, inventory, and spreads, along with macro and industry news [20][21][22] - **Nickel**: The support from the ore end is weakening, and the smelting end limits the upside potential. The trend strength is 0, indicating a neutral outlook. It presents data on prices, trading volume, open interest, spreads, and relevant industry news [24][27] - **Stainless Steel**: Inventory is slightly decreasing, and the steel price is recovering with limited elasticity. The trend strength is 0, indicating a neutral outlook. Similar to nickel, it provides relevant data and news [24][27] Energy and Chemicals - **Carbonate Lithium**: Spot trading is light, and the price is oscillating weakly. The trend strength is -1, suggesting a bearish outlook. It provides price, trading volume, open interest, spreads, and inventory data, along with macro and industry news [28][30] - **Industrial Silicon**: Supply disruptions from the upstream are increasing, and market sentiment needs to be monitored. The trend strength is 1, indicating a bullish outlook. It presents data on prices, trading volume, open interest, spreads, inventory, and relevant news [31][33] - **Polysilicon**: Market news is continuously disturbing, and the upside space needs to be watched. The trend strength is 1, indicating a bullish outlook. Similar to industrial silicon, it provides relevant data and news [31][33] - **Iron Ore**: Expectations are fluctuating, and the price is oscillating widely. The trend strength is 0, indicating a neutral outlook. It provides price, trading volume, open interest, spreads, and relevant news [34] - **Rebar and Hot - Rolled Coil**: Both are oscillating widely. The trend strength for both is 0, indicating a neutral outlook. They provide price, trading volume, open interest, spreads, and relevant news [36][37][39] - **Silicon Iron and Manganese Silicon**: Affected by sector sentiment, they are oscillating weakly. The trend strength for both is 0, indicating a neutral outlook. They provide price, trading volume, open interest, spreads, and relevant news [41][43] - **Coke and Coking Coal**: Affected by downstream environmental protection - related production cuts, they are oscillating weakly. The trend strength for both is 0, indicating a neutral outlook. They provide price, trading volume, open interest, spreads, and relevant news [45][46][48] - **Steam Coal**: Daily consumption is recovering, and the price is stabilizing. The trend strength is 0, indicating a neutral outlook. It provides price, trading volume, open interest, and relevant news [50][52][53] - **Log**: The main contract is switching, and the price is oscillating widely. The trend strength is -1, suggesting a bearish outlook. It provides price, trading volume, open interest, spreads, and relevant news [54][56] - **Paraxylene**: Consider positive spreads on dips. The trend strength is 0, indicating a neutral outlook. It provides price, trading volume, open interest, spreads, and relevant news [57][63] - **PTA**: Go long on PX and short on PTA. The trend strength is 0, indicating a neutral outlook. Similar to paraxylene, it provides relevant data and news [57][63] - **MEG**: Take profit on the long PTA and short MEG strategy. The trend strength is 0, indicating a neutral outlook. It provides relevant data and news [57][63] - **Rubber and Synthetic Rubber**: Both are oscillating. The trend strength for both is 0, indicating a neutral outlook. They provide price, trading volume, open interest, spreads, and relevant news [30][32][64] - **Asphalt**: Oscillating in a narrow range. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [34] - **LLDPE**: Oscillating in the short term. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [36] - **PP**: Spot prices are falling, and trading is dull. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [38] - **Caustic Soda**: Spot price cuts are not over, and the impact of liquid chlorine needs to be monitored. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [39] - **Pulp**: Oscillating. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [41] - **Glass**: The price of the original sheet is stable. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [43] - **Methanol and Urea**: Both are oscillating in the short term. The trend strength for both is not provided. They provide price, trading volume, open interest, spreads, and relevant news [44][46] - **Styrene**: Oscillating in the short term. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [48] - **Soda Ash**: The spot market has little change. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [50] - **LPG**: Oscillating in the short term. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [51] - **PVC**: The trend is weak. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [54] Agricultural Products - **Palm Oil**: The improvement in the fundamentals of the producing areas is limited, and the price is bottom - grinding. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [63] - **Soybean Oil**: There is insufficient speculation about US soybean weather, and there is a lack of driving force. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [63] - **Soybean Meal**: Overnight US soybeans closed flat, and the domestic soybean meal may rebound and oscillate. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [65] - **Soybean No.1**: The spot price is stable, and the futures price may oscillate. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [65] - **Corn**: Oscillating. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [67] - **Sugar**: Weakly operating. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [68] - **Cotton**: Lacking effective driving force, the price is oscillating. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [69] - **Egg**: The peak season is approaching, and it is difficult to increase the culling rate. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [71] - **Live Pig**: Anticipating the de - stocking logic in July. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [72] - **Peanut**: There is support at the bottom. The trend strength is not provided. It provides price, trading volume, open interest, spreads, and relevant news [73]

Group 1: Market Overview - The main nickel futures contract in Shanghai has risen for three consecutive trading days, reaching a new high since June 12, closing at 120,830 yuan/ton, up 2.33% [1] - The decrease in geopolitical risks and macroeconomic uncertainties has positively impacted the nickel market, with U.S. Treasury yields and the dollar index declining [1] - Domestic nickel prices have seen a decline, with the current spot price at 119,775 yuan/ton, down 6.02% from the end of last year [1] Group 2: Import and Supply Dynamics - In May 2025, nickel ore imports increased by 34.77% month-on-month to 3.9272 million tons, but decreased by 14.79% year-on-year [2] - The Philippines remains the primary source of nickel ore, with 3.6058 million tons imported, accounting for 91.82% of the total imports for the month [2] - The market is concerned about potential oversupply due to the removal of export restrictions on nickel ore in the Philippines, while Indonesian nickel ore remains tight in the short term [2] Group 3: Demand and Production Insights - Domestic stainless steel production is expected to decrease by 2.91% month-on-month in June, with a total output of 3.3623 million tons [3] - The demand for nickel is under pressure due to weak terminal demand and slow recovery in manufacturing orders, leading to a focus on just-in-time inventory replenishment [3] - The overall supply-demand balance remains oversupplied, with nickel prices expected to face downward pressure [3][4] Group 4: Future Outlook - Analysts suggest that the nickel market may experience a combination of supply contraction and demand substitution to address the oversupply issue [4] - The short-term outlook for nickel prices is mixed, with potential for a rebound above 120,000 yuan/ton, but also risks of volatility and downward pressure in the second half of the year [3][4] - The market is advised to monitor the impact of Indonesian policies and the development of new energy and semiconductor demands for long-term growth opportunities [4]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Viewpoints of the Report - The report analyzes various agricultural products, including fats and oils, protein meals, corn/starch, hogs, rubber, synthetic rubber, pulp, cotton, sugar, and logs, and provides short - to medium - term outlooks for each product [1][4][5]. - Overall, most products are expected to show a trend of either fluctuating or fluctuating weakly, with fats and oils likely to continue weakening due to the resonance of macro and industrial factors [1]. 3. Summary Grouped by Related Catalogs 3.1 Quotes and Views - **Fats and Oils**: Due to the ease of the Middle - East situation, the sharp decline in crude oil prices, and favorable weather conditions in US soybean - producing areas, US soybeans fell on Monday, and China's three major fats and oils generally weakened. In the short term, fats and oils may continue to weaken [1][2][4]. - **Protein Meals**: Internationally, the inspection volume of US soybean exports was lower than expected, but the excellent - good rate of US soybeans was also lower than expected. Domestically, the supply and demand of soybean meal both increased, while the supply and demand of rapeseed meal were both weak. The price is expected to fluctuate within a range [5]. - **Corn/Starch**: The price of corn in different regions showed different trends. In the short term, long - position holders took profits, leading to a large decline in the market. In the medium term, based on the expected production - demand gap, the driving force is still upward, but the potential negative impact of import auctions should be noted [6][7]. - **Hogs**: In the short term, the proportion of large - hog slaughter increased, and the average slaughter weight continued to decline. In the medium term, the number of slaughtered hogs is expected to increase in the second half of the year. In the long term, the current production capacity is still at a high level. The pig price is expected to fluctuate [8]. - **Natural Rubber**: After the external shock ended, the trading focus may return to the fundamentals. The supply has an expected increase, while the demand has an expected decrease. The rubber price is expected to fluctuate weakly [10][11]. - **Synthetic Rubber**: The market followed the sharp decline in crude oil. The external situation may be temporarily controllable, but the market correction may not be over yet [12]. - **Cotton**: New cotton is expected to increase in production in 25/26. The demand side has entered the off - season. The cotton price pulled up at the end of the session, filling the gap. In the short term, it is expected to fluctuate within the range of 13,000 - 13,800 yuan/ton [13]. - **Sugar**: The external market is weak, while the domestic market is strong. In the long term, the sugar price has a downward driving force due to the expected supply surplus in the new crushing season. In the short term, the downward space is limited [14]. - **Pulp**: After a sharp rise and then a sharp fall, the supply - demand weakness is the core. The futures price is expected to fluctuate [14][15]. - **Logs**: As the delivery approaches, the fluctuation intensifies. The short - term fundamentals are in a weak balance, and the bottom of the market has support [16][17]. 3.2 Variety Data Monitoring - The report mentions that there are variety data monitoring sections for fats and oils, corn/starch, hogs, cotton/yarn, sugar, pulp, and logs, but no specific data details are provided [19][50][69][109][122][137][156].

看期货热点,到 3 金十期货 Eleffa 2025 06-17 15:54 6 期市动态雷达 今日主力合约涨跌分布 今日主力合约市场中50个合约上涨,26个合 约下跌。市场呈现明显的多头情绪,更多资金 和交易活动集中在上涨品种上。 主力合约涨跌排行 (%) 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% 涨幅居前的品种： 尿素2509(+3.99%)、20号胶2507(+1.55%)、乙二醇 2509(+1.55%)。这些品种受供需影响显着。 数据透视线索 26 跌幅居前的品种： 原油2507(-2.05%)、苯乙烯2507(-1.7%)、沪金 2508(-1.46%)，可能受空头力量增强或基本面利空影响。 资金流向(亿元) 10 0 -10 -20 -30 -40 资金流入最多的品种： 菜油2509(7.33亿元)、十年国债2509(5.0亿 元)、豆粕2509(3.7亿元)，这些品种吸引了大量主力资金关注。 资金流出最多的品种:中证1000 2506(-35.23亿元)、沪深300 2506(-33.3亿元)、中证500 2506(-25.22亿元) ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-06-05 商品氛围转暖，天胶低位反弹 油脂：中加贸易关系存改善预期，菜油表现仍较弱 蛋⽩粕：现货情绪降温，盘面跟随回调 ⽟⽶/淀粉：购销平淡，期货价格震荡运行 ⽣猪：出栏增加，猪价继续下跌 橡㬵：商品氛围转暖，盘面低位反弹 合成橡㬵：原料企稳，盘面小幅收涨 纸浆：近月显著回调更为明显，纸浆维持震荡判断 棉花：利多较为缺乏，棉价偏弱运行 ⽩糖：下榨季预期供需宽松，糖价走弱运行 原⽊：岚山降价，盘面承压 【异动品种】 天然橡㬵观点：商品氛围转暖，盘⾯低位反弹 逻辑：随着胶价已经触及了今年低位水平后，借着由其他商品大涨带动的 多头氛围，胶价昨日出现明显反弹。不过基本面方面变化不大，供给端来 说，泰国仍处于雨季影响当中，但原料价格最终受到期货盘面的拖拽开始 下行，杯胶价格在端午假期期间已经跌至46泰铢，国内外倒挂幅度出现一 定缓解，需要再次观察原料价格何时企稳。需求端来说，轮胎开工整体恢 复力度偏弱，部分企业月底存检修计划，另有少数企业存减产现象，成品 库存积压的情况得到些许缓解，但仍难以见到明显改善。当前来说，宏观 层面仍存较大 ...

研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9427 | 24 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2618 | 14 | | | 菜油月间差(9-1):(日,元/吨) | 167 | -2 菜粕月间价差(9-1)(日,元/吨) | 266 | 9 | | | 主力合约持仓量:菜油(日,手) | 327483 | -2907 主力合约持仓量:菜粕(日,手) | 578743 | -23502 | | 期货市场 | 期货前20名持仓:净买单量:菜油(日,手) | 45807 | 4530 期货前20名持仓:净买单量:菜粕(日,手) | -3648 | 8178 | | | 仓单数量:菜油(日,张) | 600 | -412 仓单数量:菜粕(日,张) | 27615 | -394 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) ...

分析师：加密货币反弹部分源于有利的宏观环境和机构涌入 金十数据5月22日讯，XS.com市场分析师Linh Tran表示，加密货币最近的反弹部分源于有利的宏观环境 和机构涌入。美元走软也增强了比特币作为另一种价值储存手段的吸引力。在政策方面，Tran指出了一 些积极的进展，比如美国得州批准了一项建立国家控制的比特币储备的法案，这表明越来越多的立法机 构接受比特币作为一种长期储备资产。 ...