Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On May 22, the domestic asphalt market average price was 3,683 yuan/ton, up 1 yuan/ton from the previous day, with a gain of 0.02%. The overall market trading atmosphere was relatively stable. In the north, supply in Shandong and Hebei was relatively low, and the shipment of low - price spot and contracts was supported. In the south, rainy weather suppressed road construction demand, and some refineries had increasing inventory pressure, but overall supply was not high and prices were stable [5]. - Oil prices are oscillating at a high level. The cost side of asphalt has support but no strong upward - driving force. Short - term supply and demand are stable. In the second quarter, the inventory accumulation speed of the industrial chain has slowed down, and the inventory is at a relatively low level year - on - year, which supports the near - end price. With the expectation of limited supply and low inventory, the peak - season expectation is relatively optimistic. Asphalt performs relatively strongly among oil products, and the asphalt/oil price spread remains high. The operating range of the BU2506 contract is expected to be between 3,400 and 3,600 [7]. Group 3: Summary by Relevant Catalogs Part 1: Related Data - **Futures Prices and Positions**: On May 22, BU2507 (the main contract) closed at 3,539 yuan/ton, up 20 yuan or 0.57% from the previous day. BU2508 closed at 3,512 yuan/ton, up 31 yuan or 0.89%. BU2509 closed at 3,481 yuan/ton, up 51 yuan or 1.49%. SC2507 closed at 453.7 yuan/ton, down 16.4 yuan or 3.49%. Brent's first - line contract closed at $64.20, down $1.2 or 1.86%. The main - contract position was 188,000 lots, up 14,000 lots or 8.22%, and the trading volume was 234,000 lots, up 45,000 lots or 23.81%. The number of warehouse receipts remained unchanged at 86,510 tons [2]. - **Basis and Calendar Spreads**: BU07 - 08 was 27 yuan/ton, down 11 yuan or 28.95%. BU08 - 09 was 31 yuan/ton, down 20 yuan or 39.22%. The Shandong - main - contract basis was 68 yuan/ton, down 31 yuan or 31.31%. The East China - main - contract basis was 8 yuan/ton, down 31 yuan or 79.49%. The South China - main - contract basis was - 132 yuan/ton, down 31 yuan or 30.69% [2]. - **Industrial Chain Spot Prices**: Shandong's low - end asphalt price was 3,450 yuan/ton, unchanged. East China's was 3,520 yuan/ton, unchanged. South China's was 3,380 yuan/ton, unchanged. Shandong's gasoline price was 7,415 yuan/ton, up 10 yuan or 0.14%. Shandong's diesel price was 6,531 yuan/ton, up 12 yuan or 0.18%. Shandong's petroleum coke price was 2,650 yuan/ton, down 50 yuan or - 1.85%. The diluted asphalt discount was - $5.3, unchanged. The exchange - rate mid - price was 7.1903, down 0.0034 or - 0.05% [2]. - **Spread and Profit**: Asphalt refinery profit was - 24.30 yuan/ton, up 62.24 yuan or 71.92%. The refined - oil comprehensive profit was 446.37 yuan/ton, up 65.89 yuan or 17.32%. The BU - SC crack spread was - 204.05 yuan/ton, up 147.15 yuan or 41.90%. The gasoline - spot - Brent spread was 988.82 yuan/ton, up 76.31 yuan or 8.36%. The diesel - spot - Brent spread was 896.52 yuan/ton, up 78.08 yuan or 9.54% [2]. Part 2: Market Analysis - **Market Overview** - **Shandong Market**: The mainstream transaction price remained stable at 3,590 - 3,780 yuan/ton. Demand increased slowly. With the expected increase in local supply and the weakening of the cost side, the market was wait - and - see, and high - price resources had poor transactions. Some refineries lowered prices by 10 yuan/ton [5]. - **Yangtze River Delta Market**: The mainstream transaction price remained stable at 3,570 - 3,590 yuan/ton. Due to the delay in funds arriving, the terminal project start - up rate was lower than expected. The demand for modified asphalt and waterproof materials was relatively stable but had limited impact on the overall market. Some refineries increased inventory and offered discounts. The market was expected to remain stable in the short term [6]. - **South China Market**: The mainstream transaction price remained stable at 3,380 - 3,430 yuan/ton. Some major refineries suspended production and shipments, reducing local supply and supporting prices. With more rainy days, demand was not expected to increase significantly, and prices would remain stable in the short term [6]. - **Market Outlook**: Oil prices are oscillating at a high level. The cost side of asphalt has support but no strong upward - driving force. Short - term supply and demand are stable. The inventory accumulation speed of the industrial chain has slowed down in the second quarter, and the inventory is at a relatively low level year - on - year, which supports the near - end price. With the expectation of limited supply and low inventory, the peak - season expectation is relatively optimistic. Asphalt performs relatively strongly among oil products, and the asphalt/oil price spread remains high. The operating range of the BU2506 contract is expected to be between 3,400 and 3,600 [7]. Part 3: Related Attachments - The report provides multiple charts, including the closing price and position volume of the BU main contract, asphalt market prices in East China and Shandong, and gasoline and diesel prices of Shandong local refineries from 2021 to 2025 [9][10][13]

Core Viewpoint - PTA futures experienced a decline, with the main contract dropping to 4724.00 yuan, reflecting a decrease of 0.96% [1] Group 1: Market Analysis - Ningzheng Futures indicates that the upward price potential for PTA may be limited due to expected restarts of previously shut-down facilities, a slight increase in domestic supply, and high polyester inventory, leading to cautious downstream purchasing behavior [2] - Southwest Futures suggests a cautious approach to PTA in the short term, noting improvements in supply-demand structure but limited cost support due to fluctuating PX and crude oil prices [3] - New Lake Futures highlights strong support for PTA prices on the downside, with a stable trading atmosphere in the spot market and significant improvements in the balance sheet due to inventory reduction [4] Group 2: Supply and Demand Dynamics - Supply side improvements are noted with the recovery of several PTA production facilities, leading to an increase in PTA load to 76.9% and polyester load rising to 95.3%, indicating a slight recovery in demand [3] - The second quarter is expected to see concentrated maintenance plans for PTA facilities, with no significant production cuts anticipated in the near term, supporting price stability [4] Group 3: Price Trends - The current trading range for PTA spot prices is between 4855 and 4935 yuan, with a stable basis observed in the market [4] - The processing fee for PTA is reported at 355 yuan per ton, with PX prices at 836 USD per ton, indicating cost pressures that may affect pricing strategies [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The US corn planting progress is accelerating, and the US corn price is in a bottom - range oscillation. With the reduction of Sino - US tariffs, the US corn price has strong bottom support. The domestic corn price is expected to be bullish in the short - term due to factors such as reduced imports of grains, low inventory of traders in North China, and expected feed enterprise procurement in May. In the medium - to - long - term, policy grain auctions are expected in June. The corn starch price is mainly affected by corn price and downstream procurement. Although the inventory has slightly increased this week, it is expected to have short - term support, but the enterprise may be in a long - term loss state due to weak demand [5][8][9]. 3. Summary by Directory First Part: Data - **Futures Market**: For corn futures (C2601, C2505, C2509), the closing prices are 2249, 2261, and 2347 respectively, with increases of 0.31%, 0.13%, and 0.51%. For corn starch futures (CS2601, CS2505, CS2509), the closing prices are 2654, 2643, and 2738 respectively, with changes of 0.30%, - 0.19%, and 0.33%. The trading volume and open interest of each contract also have different degrees of change [3]. - **Spot and Basis**: Corn spot prices vary in different regions, such as 2210 yuan in Qinggang and 2468 yuan in Zhucheng Xingmao. The basis also shows different values. Starch spot prices are relatively stable, with prices ranging from 2750 to 2970 yuan. The basis of starch is positive [3]. - **Spreads**: Corn inter - month spreads (e.g., C01 - C05 is - 12 with a change of 4), starch inter - month spreads (e.g., CS01 - CS05 is 11 with a change of 13), and cross - variety spreads (e.g., CS09 - C09 is 391 with a change of - 3) are presented [3]. Second Part: Market Judgment - **Corn**: The US corn price has strong bottom support. The domestic northern port flat - hatch price has declined, and the Northeast corn spot price has stabilized. The supply in North China has decreased, and the corn price is weak. The wheat price in North China is stable, and wheat is gradually substituting for corn. The domestic breeding demand is still weak, but the supply is low, so the corn spot price will rise in the short - term. The reduction of imported grains is expected to be beneficial to the spot market. The corn price is expected to be strong, with short - term support at 2400 yuan/ton in North China and 2150 yuan/ton in Heilongjiang. In the medium - to - long - term, policy grain auctions are expected in June [5][8]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn price in Shandong is relatively stable. The starch price in Shandong is around 2860 yuan, and the Northeast starch spot price is also strong. The corn starch inventory has slightly increased this week, reaching 142.9 million tons. The starch price is mainly affected by corn price and downstream procurement. In the medium - to - long - term, due to weak demand, enterprises will be in a long - term loss state, but the profit will be repaired. The 07 starch contract is expected to have support at around 2650 [9]. Third Part: Trading Strategies - **Unilateral Trading**: The domestic 07 corn contract is expected to oscillate in a narrow range, and short - term long positions can be considered [11]. - **Arbitrage**: Hold the strategy of buying spot and shorting 07 corn. Expand the spread between 09 corn and starch when the spread is low and conduct oscillatory operations [14]. - **Option Strategy**: Enterprises with spot positions can sell corn call options [15]. Fourth Part: Related Attachments - The attachments include various charts such as the spot price of corn in different regions, the basis of corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis and spread of corn starch 09 contract, which visually show the price trends and relationships of different periods and varieties [17][20][23].

原木期货日报 证监许可 【2011】1292号 关注微信公众号 曹剑兰 Z0019556 | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 5月20日 | 2 19日 | 涨跌 | 涨跌幅 | 单位 | | 原木2507 | 776.5 | 783.0 | -6.5 | -0.83% | | | 原木2509 | 791.0 | 794.0 | -3.0 | -0.38% | | | 原木2511 | 796.5 | 797.0 | -0.5 | -0.06% | | | 7-9价差 | -14.5 | -11.0 | -3.5 | | | | 9-11价差 | -5.5 | -3.0 | -2.5 | | | | 7-11价差 | -20.0 | -14.0 | -6.0 | | | | 07合约基差 | -26.5 | -33.0 | 6.5 | | | | 09合约基差 | -41.0 | -44.0 | 3.0 | | 元/立方米 | | 11合约基差 | -46.5 | -47.0 | 0.5 | | | | 日照港 ...

Group 1: Report Information - Report Name: Log Futures Daily Report [1] - Date: May 19, 2025 [1] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - After May, log demand will enter the traditional off - season, with expected reduced shipments in the coming weeks. New Zealand's shipments will seasonally decrease, and the current FOB price continues to decline. The fundamental weak - balance pattern persists. With a significant expected reduction in arrivals this week, the market is expected to fluctuate weakly [3][4] Group 4: Futures and Spot Prices - Futures prices of log contracts 2507, 2509, and 2511 decreased on May 16 compared to May 15, with declines of - 0.63%, - 0.44%, and - 0.50% respectively. The 7 - 9, 7 - 11 spreads decreased, while the 9 - 11 spread increased. The basis of 07, 09, and 11 contracts increased [2] - Spot prices of most radiation pine at ports remained unchanged on May 16, except for the price of spruce 11.8 at Rizhao Port, which increased by 4.72%. The FOB price of radiation pine 4 - meter medium A decreased by - 3.51%, while that of spruce 11.8 meters remained unchanged [2] - The RMB - US dollar exchange rate decreased slightly, and the import theoretical cost decreased by - 4% [2] Group 5: Supply - Monthly port shipments in April increased by 24.17% compared to March, reaching 200.3 million cubic meters. The number of ships at the port increased by 13.79% [2] - Weekly major port inventories decreased. As of April 25, the national inventory decreased by 2.28% to 351 million cubic meters, with decreases in Shandong and Jiangsu [3] Group 6: Demand - Weekly average daily log out - bound volume decreased. As of April 25, the national average daily out - bound volume decreased by 10% to 6.15 million cubic meters, with decreases in Shandong and Jiangsu [3]

2025 年 5 月 18 日 二 〇 二 五 年 度 锰硅：矿端报价提振，锰硅震荡偏强 硅铁：主产地供应收紧，硅铁震荡偏强 | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | 报告导读： 【走势回顾】本周硅铁 2506 合约走势震荡偏强，收于 5,598 元/吨，周环比变化 116 元/吨，成交 199,314 手，持仓 36,431 手，持仓环比变化-45,598 手。本周锰硅 2509 合约价格走势偏强，收于 5,858 元/吨，周环比变化 100 元/吨，成交 9698 手，持仓 35698 手，持仓环比变化-19,483 手。 【供应】硅铁本周产量为 9.35 万吨，产量较上周环比变化-0.94 万吨，环比变化率为-9.1%，周开工 率为 31.22%，较上周变动-1.31 个百分点。锰硅本周产量 16.28 万吨，产量较上周环比变化-0.93 万吨，环比变化率为-5.4%，周开工率为 33.6%，较上 ...

纽约可可期货价格触及每吨11000美元，创三个月新高。 ...

原木期货日报 证监许可 【2011】1292号 2025年5月16日 曹剑兰 Z00J9556 | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 5月15日 | 5 14日 | 张跌 | 涨跌幅 | 单位 | | 原木2507 | 788.0 | 794.0 | -6.0 | -0.76% | | | 原木2509 | 798.0 | 804.5 | -6.5 | -0.81% | | | 原木2511 | 801.5 | 809.5 | -8.0 | -0.99% | | | 7-9价差 | -10.0 | -10.5 | 0.5 | | | | 9-11价差 | -3.5 | -5.0 | 1.5 | | | | 7-11价差 | -13.5 | -15.5 | 2.0 | | | | 07合约基差 | -28.0 | -34.0 | 6.0 | | | | 09合约基差 | -38.0 | -44.5 | 6.5 | | | | 11合约基差 | -41.5 | -49.5 | 8.0 | | 元/立方米 | | 日照港 ...

Group 1: Report Information - Report title: Soda Ash and Glass Daily Report [1] - Date: May 16, 2024 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - Soda ash futures may have a short - term small - scale rebound in May but lack continuous upward momentum. The long - term pattern is one of oversupply, and prices are expected to enter a downward channel again in mid - to - late May [8]. - The cost support of float glass futures prices may appear in the short term, and the short - term market has a certain support due to the expectation of rush - to - export. However, the continuous game of supply - demand relationship is the key factor for the subsequent trend [10]. Group 4: Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda ash futures**: On May 15, the main soda ash futures SA509 maintained a volatile and slightly stronger trend, closing at 1330 yuan/ton, up 11 yuan/ton with a 0.83% increase and an increase of 82,994 lots in positions [7]. - **Soda ash spot**: Supply and demand both decreased, and inventory accumulation continued. The weekly output in the week of May 15 fell to 677,700 tons, a decrease of 8.52%; the weekly operating load rate dropped to 83%. As of May 8, the shipment volume was 711,700 tons, a 7.26% decrease from the previous period. As of May 15, the weekly enterprise inventory of heavy - soda ash remained at 880,000 tons [8]. - **Glass futures**: The FG509 contract closed at 1036 yuan/ton on May 16, down 1 yuan/ton with a 0.09% decrease [7]. - **Glass market**: The overall profit of the float glass production industry increased slightly. Production remained stable, demand was relatively flat, downstream procurement was conservative, and inventory accumulated. The futures price was approaching the production cost line [9][10]. 2. Industry News - China and the US will maintain communication on economic and trade concerns based on the consensus of the Geneva talks [11]. - The domestic float glass market prices were generally stable with minor fluctuations, and trading was average. Different regions had different price trends [11]. - The baking soda market in Henan was operating steadily with a lukewarm trading atmosphere, and the mainstream ex - factory price of food - grade baking soda was estimated at 1200 - 1260 yuan/ton [11]. 3. Data Overview - The report provides charts on the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy - soda market prices, and flat glass production [13][19][21]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The demand side is suppressed by the traditional off - season in May, the demand for real - estate building materials is lower than expected, the overseas quotation continues to decline, but the arrival of goods is expected to decrease significantly this week. The weak balance pattern of the fundamentals persists, and the market is expected to fluctuate weakly [3][4] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On May 14, compared with May 13, the prices of log futures contracts 2507, 2509, and 2511 all increased, with increases of 0.76%, 0.50%, and 0.56% respectively. The basis of each contract decreased, and the spot prices of various types of logs in ports remained unchanged. The overseas CFR price of radiata pine 4 - meter medium A decreased by 3.51%, and the import theoretical cost decreased by 3% [2] Supply - In terms of monthly supply, the port throughput in April was 200.3 million cubic meters, a 24.17% increase from March. The number of departing ships from New Zealand to China, Japan, and South Korea increased by 13.79%. In terms of weekly inventory, as of April 25, the total inventory of Chinese logs decreased by 2.28%, with a decrease of 80,000 cubic meters [2][3] Demand - As of April 25, the daily average outbound volume of logs in China decreased by 10%, with a decrease of 0.71 million cubic meters. The daily average outbound volume in Shandong decreased by 15%, and in Jiangsu decreased by 6% [3]