6月27日，国内期市煤炭板块涨幅居前。其中，焦煤期货主力合约开盘报821.0元/吨，今日盘中高位震 荡运行；截至午间收盘，焦煤主力最高触及841.5元，下方探低820.5元，涨幅达3.7%。 新世纪期货指出，近日主产区环保检查升级，内蒙乌海及临汾地区停产煤矿及洗煤厂较多，部分煤矿和 洗煤厂暂停拉运，焦煤现货供应自本月中旬以来持续回落，煤焦迎来强势拉涨。焦炭方面，钢厂打压焦 炭，对焦企第四轮提降落地，焦企利润收缩。各地高温梅雨季到来，下游需求转弱，钢厂控量现象增 加，焦企库存压力增加，焦炭综合库存整体环比增加。铁水产量维持高位，以及安全检查影响炒作下， 煤焦盘面强势反弹，后期关注铁水及煤焦供应端动向。 目前来看，焦煤行情呈现震荡上行走势，盘面表现偏强。对于焦煤后市行情将如何运行，相关机构观点 汇总如下： 冠通期货表示，前期价格阴跌后，市场情绪受蒙煤消息刺激，目前盘面上行主要系供应端减量逻辑，但 供应端减量不及需求走弱幅度，基本面宽松，技术上关注820元/吨阻力位置，后续关注逢高空机会。 金信期货分析称，2025年以来焦煤期货持续下跌，存在强烈的修复需求，引发反弹。部分空头资金获利 了结，空头减仓行为助推价格上涨 ...

黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 6 月 25 日 | | | | | | 表1：6月24日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1385 ...

6月20日盘中，沪锡期货主力合约弱势运行，最低下探至258510.00元。截止发稿，沪锡主力合约报 260340.00元，跌幅1.29%。 基本面上，国内即期冶炼原料仍面临压力，但刚果金复产令未来原料矛盾弱化。此外，缅甸佤邦锡矿复 产节奏仍存不确定性，叠加泰国禁止缅甸借道运输锡矿，制约锡矿进口通道；消费端，消费电子、汽车 电子等终端进入季节性淡季，订单增长乏力。展望后市，6月虽然供应端因云南原料紧张、江西雨季拖 累废锡回收致冶炼厂减产，但终端光伏组件排产环比下降、消费电子订单萎缩等淡季特征显著，需求端 减量幅度超供应收缩量，市场累库预期升温，供需平衡转向小幅过剩，压制锡价上行空间，锡价预计维 持震荡格局。 新湖期货：沪锡以回落做反弹的思路为主 短期供需双弱的状态延续，消费总体延续弱势，淡季终端市场订单下降。而供应也呈下降态势，国内冶 炼厂原材料短缺的情况逐步显现，锡精矿加工费跌至低位，冶炼厂开工率下降。当前显现库存处于较低 水平，对价格有一定支撑。操作上建议以回落做反弹的思路为主。 西南期货：预计锡价震荡运行 矿端方面仍旧偏紧，缅甸矿运由于泰国通道问题，制约锡矿进口，且目前缅甸办理矿证企业不及预期， 复产节奏 ...

陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 2025 年 6 月 13 日 股指期货将偏强震荡 原油、燃料油期货将震荡偏强 黄金 期货将偏强震荡 纯碱期货再创上市以来新低 股指期货将偏强震荡：IF2506 阻力位 3895 和 3905 点，支撑位 3850 和 3841 点；IH2506 阻力位 2689 和 2699 点，支撑位 2664 和 2660 点；IC2506 阻力位 5801 和 5817 点，支撑位 5729 和 5700 点；IM2506 阻力位 6200 和 ...

Group 1 - Industrial silicon futures experienced a rapid increase, reaching a peak of 7595.0 yuan, with a rise of 2.70% [1] - The market is seeing a reduction in positions while prices are increasing, indicating a potential shift in trading dynamics [2] - Supply from major producers in Xinjiang is driving the weekly increase in industrial silicon, while downstream production of polysilicon and organic silicon is also rising [2] Group 2 - Some institutions predict that silicon prices may maintain a strong trend due to increased demand and production recovery [2] - However, other analyses suggest that the market may face downward pressure due to stable supply and declining demand from the organic silicon sector [3] - The overall sentiment in the market is mixed, with some expecting a potential decline in prices while others see short-term strength [2][3]

Report Industry Investment Rating No relevant content provided. Core View of the Report Based on macro - fundamental and technical analysis, the report predicts the trend of various futures on June 10, 2025, including股指期货,国债 futures, precious metals futures, base metals futures, energy futures, and chemical futures, and gives resistance and support levels [2][3]. Summary by Directory 1. Futures Market Outlook - **Stock Index Futures**: IF2506, IH2506, IC2506, and IM2506 are expected to oscillate strongly on June 10, 2025, with specific resistance and support levels provided. For the whole of June 2025, they are also expected to have a generally strong - oscillating trend [2][19]. - **Treasury Bond Futures**: The ten - year T2509 and thirty - year TL2509 are likely to oscillate strongly on June 10, 2025, with corresponding resistance and support levels [3][39]. - **Precious Metals Futures**: Gold futures AU2508 are expected to oscillate and consolidate on June 10, 2025, while silver futures AG2508 are likely to oscillate strongly and may hit a new high. For June 2025, gold futures are expected to have a wide - range strong - oscillating trend, and silver futures are expected to oscillate strongly and break through key resistance levels [3][45][50]. - **Base Metals Futures**: Copper (CU2507), aluminum (AL2507) futures are expected to oscillate strongly on June 10, 2025, while alumina (AO2509), zinc (ZN2507), nickel (NI2507), rebar (RB2510), hot - rolled coil (HC2510), iron ore (I2509) futures are likely to oscillate weakly. Different resistance and support levels are given for each [3][4][5]. - **Energy Futures**: Crude oil futures SC2507 are expected to oscillate strongly on June 10, 2025, with specific resistance and support levels. For June 2025, it is expected to have a wide - range strong - oscillating trend [5][95]. - **Chemical Futures**: PTA (TA509) futures are expected to oscillate and consolidate on June 10, 2025, while PVC (V2509), methanol (MA509), and natural rubber (RU2509) futures are likely to oscillate weakly, with corresponding resistance and support levels [7][101][103]. 2. Macro Information and Trading Tips - **Sino - US Economic and Trade Consultation**: The first meeting of the Sino - US economic and trade consultation mechanism was held in London on June 9 and continued on June 10 [8]. - **Domestic Policies**: The General Offices of the CPC Central Committee and the State Council issued an opinion on improving people's livelihood, and the State Council carried out a special study on promoting the integration of scientific and technological innovation and industrial innovation [8][9]. - **Economic Data**: In May, China's CPI decreased both month - on - month and year - on - year, and PPI was still at a low level. In the first five months, China's total import and export value increased by 2.5% year - on - year, with exports growing by 7.2% and imports decreasing by 3.8% [8][9]. - **International News**: The US Senate Republicans plan to propose a revised tax and healthcare bill, the US may hit the debt ceiling between mid - August and late September, and consumer inflation expectations in the US decreased in May [10]. 3. Commodity Futures - Related Information - **International Futures Market**: On June 9, international precious metals futures closed mixed, and international oil prices strengthened. The first recycled metal futures option, cast aluminum alloy, was listed on the Shanghai Futures Exchange on June 10 [12]. - **Exchange - Rate Information**: Hong Kong will maintain the linked exchange rate system, and the on - shore RMB against the US dollar rose on June 9. The US dollar index fell, and non - US currencies generally rose [12][13][14]. 4. Futures Market Analysis and Outlook - **Stock Index Futures**: On June 9, IF2506, IH2506, IC2506, and IM2506 all showed a trend of opening higher, rising and then falling back, with different degrees of increase. The A - share market oscillated and rebounded, and the Hong Kong stock market was strong [14][15][16][17]. - **Treasury Bond Futures**: On June 9, the ten - year T2509 and thirty - year TL2509 both showed a trend of opening higher, rising and then falling back, with different degrees of increase. The central bank carried out 1738 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 1738 billion yuan [36][41]. - **Precious Metals Futures**: On June 9, gold futures AU2508 fell, while silver futures AG2508 rose and hit a new high [45][50]. - **Base Metals Futures**: On June 9, copper, aluminum, alumina, zinc, nickel, rebar, hot - rolled coil, and iron ore futures showed different trends of rise and fall [54][59][63][68][71][77][80][83]. - **Energy Futures**: On June 9, crude oil futures SC2507 rose [95]. - **Chemical Futures**: On June 9, PTA, PVC, methanol, and natural rubber futures showed different trends of rise and fall [101][103][105][108].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on June 6, 2025, including股指期货, ten - year and thirty - year treasury bond futures, and multiple commodity futures [3][4]. - Positive factors such as the China - US leaders' phone call and the upcoming implementation of economic - stabilizing measures are expected to impact the market, while negative factors like the cooling US employment market and the Tesla - Trump conflict also bring uncertainties [9][16][17]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview -股指期货, silver, coking coal, glass, rebar, iron ore, soda ash, crude oil, PTA, PVC, soybean meal, and natural rubber futures are expected to show a strong - side or strong - side oscillatory trend; ten - year and thirty - year treasury bond futures and gold futures are likely to show a weak - side oscillatory trend [1][3][4]. 3.2 Macro News - China - US leaders had a phone call, agreeing to continue implementing the Geneva consensus and hold a new round of talks soon. China hopes the US will stop negative measures and handle the Taiwan issue carefully [9][10][11]. - The central bank will conduct a 1000 - billion - yuan repurchase operation on June 6 to hedge against the maturity of repurchase funds. The net liquidity injection in May was 111.96 billion yuan [14]. - Relevant departments are accelerating the introduction of measures to stabilize employment and the economy, with most policies expected to be implemented by the end of June [15]. 3.3 Commodity Futures Information - On June 5, international precious metal futures closed with mixed results, with COMEX gold futures down 0.68% and COMEX silver futures up 3.31%. International oil prices rose, with US oil up 0.64% and Brent oil up 0.66% [19]. - London base metals showed mixed trends. The on - shore RMB against the US dollar rose 52 points, and the US dollar index fell 0.07% [20][21]. 3.4 Futures Market Analysis and Forecast 3.4.1 Stock Index Futures - On June 5, the performance of various stock index futures contracts was mixed, with some showing weak rebounds. It is expected that on June 6, stock index futures will show a strong - side oscillatory trend [21][22][27]. 3.4.2 Treasury Bond Futures - On June 5, ten - year and thirty - year treasury bond futures showed a weak - side trend. It is expected that on June 6, they will continue to show a weak - side oscillatory trend [46][50][54]. 3.4.3 Precious Metal Futures - On June 5, gold and silver futures showed weak rebounds. It is expected that on June 6, gold futures will show a weak - side oscillatory trend, while silver futures will show a strong - side oscillatory trend and may hit a record high [56][59]. 3.4.4 Base Metal Futures - On June 5, copper, aluminum, alumina, tin, and industrial silicon futures showed different trends. It is expected that on June 6, they will generally show a strong - side oscillatory trend [65][68][75]. 3.4.5 Other Commodity Futures - On June 5, rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, crude oil, PTA, PVC, methanol, soybean meal, and natural rubber futures showed different trends. It is expected that on June 6, they will generally show a strong - side oscillatory trend [88][94][128].

【建筑与钢材市场多指标变动，螺纹钢等期货行情有新动态】先来看行业新闻动态。百年建筑网数据显 示，样本建筑工地资金到位率环比上升0.26个百分点，达59.13%，创逾4个月高位。本周资金到位率结 束前两周下降态势转为增长，其中非房建项目资金到位率61.01%，同样创逾4个月高位，周环比升0.53 个百分点；房建项目资金到位率49.85%，周环比降0.95个百分点，受年中业主拨款延迟影响。 钢谷网 消息，全国建材总库存876.62万吨，环比减少17.87万吨，降幅2.00%。全国建材社库550.47万吨，较上 周减14.84万吨，降2.63%；厂库326.15万吨，较上周降3.03万吨，降幅0.92%；产量421.93万吨，较上周 降3.83万吨，降幅0.90%。中西部建材方面，社库237.94万吨，较上周减0.23万吨，降0.10%；厂库 189.46万吨，较上周增0.30万吨，增幅0.16%；产量134.65万吨，较上周降3.21万吨，降幅2.33%。 中钢 协发布报告，5月下旬21个城市5大品种钢材社会库存794万吨，环比减少39万吨，下降4.7%，库存降幅 扩大；比年初增加135万吨，上升20.5%；比上 ...

行业 PTA 日报 日期 2025 年 5 月 22 日 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 研究员：彭婧霖（聚烯 ...

行业 PTA 日报 日期 2025 年 5 月 20 日 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 研究员：彭婧霖（聚烯 ...