Group 1: Market Data - The prices of South China LPG, East China LPG, and Shandong LPG on July 7, 2025, were 4660, 4529, and 4590 respectively [1] - The propane CFR South China was 580, propane CIF Japan was 539, and MB propane spot was 74 on July 7, 2025 [1] - The CP forecast contract price was 560 on July 7, 2025, and the paper import profit was -122, with a daily change of -46 [1] - The main contract basis was 440 on July 7, 2025, with a daily change of -9 [1] Group 2: Market Trends - The PG futures slightly strengthened, and the monthly spread widened. The 08 - 09 spread was 111 [1] - The US - Far East arbitrage window was closed [1] - The cheapest deliverable was East China civil LPG at 4529 [1] - The PP price declined, FEI and CP prices dropped, while the CP discount increased, and the production profit of PP made from FEI and CP rose [1] - The overall futures market was in a weak and volatile state, with a small change in the basis (349) and a slight increase in the August - September spread (97) [1] - The import cost decreased significantly, the FEI offshore discount declined, and the CP propane - butane arrival discount strengthened [1] - The outer - market monthly spread weakened significantly, and the oil - gas ratio increased [1] - The domestic - foreign price difference strengthened, with PG - CP reaching 22.5 (+26.5) and FEI - CP reaching -22.75 (+35) [1] Group 3: Fundamental Analysis - Domestically, port inventory, factory inventory, and external sales volume remained basically flat [1] - PDH operating rate decreased to 65.49% (-5.05pct), with improved profit, and it was expected to increase slightly in the future [1] - The alkylation operating rate remained unchanged, and it was expected to increase due to the planned restart of some devices [1] - Shandong civil LPG price first decreased and then increased (4610), with low domestic gas supply, sufficient arrivals, weak combustion demand, and chemical demand support [1] - East China civil LPG price declined (4529), with a general trading atmosphere, and it was expected to remain weak due to more arrivals and off - season demand [1] - South China civil LPG price fluctuated downward (4660) due to high import cost and weak terminal demand [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The futures of rebar and iron ore have entered the red energy ladder or phase area, indicating a certain upward trend. Steel and iron ore spot enterprises are advised to consider multi - party hedging strategies [7][32]. 3. Summary by Catalog Rebar Futures - **Mid - line Market Analysis** - The main contract of rebar futures has entered the second week of the red energy ladder area. The weekly output of rebar is 2.21 million tons, the apparent consumption is 2.24 million tons, the inventory of major steel mills is 1.8 million tons, and the social inventory is 5.63 million tons. The daily - level price of rebar futures is in an upward channel. Steel spot enterprises can consider a 60% multi - party hedging plan [7]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The main contract of rebar futures entered the first week of the red energy ladder area [10]. - **This Week's Strategy Recommendation**: The main contract of rebar futures is in the second week of the red energy ladder area in the mid - line trend. Steel spot enterprises can consider implementing a 60% multi - party hedging strategy step by step [11][12]. - **Related Data Situation** - The report mentions "Related data situation" multiple times but does not provide specific data content except for the data in the mid - line market analysis [13][16][18]. Iron Ore Futures - **Mid - line Market Analysis** - The main contract of iron ore futures has entered the first week of the mid - line red energy phase area. The global shipping volume of iron ore last week was 33.57 million tons, the arrival volume at 45 major ports in China was 23.63 million tons, the inventory of steel enterprises was 89.18 million tons, and the inventory at major domestic ports was 138.78 million tons. Iron ore is running in the red phase area. Spot enterprises can consider implementing a multi - party hedging strategy step by step [32]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The daily - level of iron ore futures was in the sideways consolidation stage [35]. - **This Week's Strategy Recommendation**: Spot enterprises can consider implementing a multi - party hedging strategy step by step [35]. - **Related Data Situation** - The report mentions "Related data situation" multiple times but does not provide specific data content except for the data in the mid - line market analysis [36][38][40].

2025.07.07-07.11 豆粕、豆油 期货品种周报 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 01 P A R T 豆粕期货 目录 中线趋势来看，豆粕主力处于横盘震荡整理的阶段。 中线趋势判断 1 品种交易策略 n 上周策略回顾 豆粕期价整体趋势横盘阶段,资金方面较为偏空。M2509或维 持宽幅震荡运行，预计运行区间：2880-3080。 n 本周策略建议 豆粕期价整体趋势横盘阶段,资金方面略微偏多。M2509或延续 震荡运行，预计运行区间：2880-3080。 趋势判断逻辑 据Mysteel数据：第26周油厂大豆实际压榨量248.78万吨，开机率69.93%； 大豆库存665.87万吨，较上周增加27.88万吨，增幅4.37%。豆粕库存 69.16万吨，较上周增加18.27万吨，增幅35.90%。国内大豆库存高企， 油厂维持高开机率压榨，推动豆粕供应持续增加。下游饲料企业需求继 续增长动力不足，豆粕延续累库。然而巴西大豆贴水价格坚挺形成成本 支撑，叠加中美贸易不确定性。综合来看，豆粕期货延续震荡运行。 2 建议观望。 3 中线策略建议 中线行情分析 品种诊断情况 ...

下游畏高情绪较重 铜价高位震荡 新能源及有色金属日报 | 2025-07-04 市场要闻与重要数据 期货行情： 2025-07-03，沪铜主力合约开于 80560元/吨，收于 80560元/吨，较前一交易日收盘0.02%，昨日夜盘沪铜主力合约 开于 80,460元/吨，收于 80,540 元/吨，较昨日午后收盘下降0.27%。 现货情况： 据 SMM 讯，昨日铜市现货交投清淡，SMM1#电解铜报价80870-81090元/吨，现货升水70-160元/吨，均价115元/ 吨，较前日微降5元。期货主力合约早盘自81000元高位回落至80760元后企稳，最终收于80900元附近，隔月价差 维持在210-250元区间。市场呈现供大于求态势，早盘平水铜报价80-100元/吨后快速下调至70元方有成交，好铜因 货源紧缺维持130-160元高升水。湿法铜缅甸货源贴水20元至平水成交，非注册品牌贴水50元左右。考虑到进口铜 陆续到港且下游畏高情绪浓厚，预计今日现货升水将维持当前水平。 重要资讯汇总： 宏观与地缘方面，昨日，在经济数据方面，美国6月季调后非农就业人口增加14.7万人，好于预期，失业率意外下 降至4.1%。交易员 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 07 月 04 日星期五 研究员： 张晓君 从业资格：F0242716 交易咨询资格：Z0011864 联系方式：0371-65617380 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 连盘玉米期货：隔夜夜盘玉米期货震荡整理，截止夜盘收盘2509合约跌幅0.08%，收 | | | | | 于2362元/吨。 | | | | | 【重要资讯】 | | | | | 1、中国粮油商务网数据显示，昨日南北港口价格稳定。鲅鱼圈（容重680-730/15% | | | | | 水）收购价2320-2340元/吨，较前一日稳定；锦州港（15%水/容重680-720）收购价 | | | | | 2320-2340元/吨，较前一日稳定；蛇口港散粮玉米成交价2470元/吨，较前一日稳定 | | | | | 。 | | | | | 2、中国粮油商务网数据显示昨日 ...

升 贴 水 、 库 存 、 E T F 持 仓 变 化 以上图表数据来源：彭博、永安源点资讯、万得 贵金属早报 研究中心宏观团队 2025/07/04 价 格 表 现 | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | --- | --- | --- | --- | --- | --- | --- | | 最新 | 3332.15 | 36.88 | 1383.00 | 1127.00 | 67.00 | 9981.50 | | 变化 | -3.55 | 0.57 | 24.00 | 2.00 | -0.45 | 27.00 | | 品种 | 美元指数 | 欧元兑美元 | 英镑兑美元 | 美元兑日元 | 美国10年期TIPS | | | 最新 | - | - | - | - | - | | | 变化 | - | - | - | - | - | | 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | -- ...

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沪镍 每日观点 1、基本面：外盘小幅上涨，20均线有一定支撑。产业链上，矿价继续坚挺，矿山继续挺价，但镍铁价 格继续下行，市场看空矿价情绪上升，镍铁价格继续下降，成本线重心下降。不锈钢交易所仓单继续流 出，库存小幅回落。新能源汽车产销数据较好，有利于镍的需求提升。中长线过剩格局不变。偏空 2、基差：现货122050，基差830，偏多 3、库存：LME库存204102，+216，上交所仓单21137，0，偏空 4、盘面：收盘价收于20均线以上，20均线向下，中性 5、主力持仓：主力持仓净空，空增，偏空 6、结论：沪镍2508：震荡偏强运行，20均线有支撑。 交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年7月3日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 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。 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短期镍矿价格坚挺 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The domestic soybean meal futures market shows some pressure, with a limited rebound followed by a decline. The international market has slow selling progress in Brazil but relatively firm prices. The deep - decline space of soybean meal is limited. Rapeseed meal futures fluctuate, with limited support from demand and limited upside space due to high inventory. The spread between soybean meal and rapeseed meal may widen in the future [4][7]. - The new US soybean balance sheet has improved, but there is a lack of substantial bullish factors in production and exports. The supply pressure of the international soybean market is concentrated in South America, especially in Brazil and Argentina [5]. - The domestic soybean meal spot market is relatively loose, with increasing inventory. The rapeseed meal market has sufficient supply but weakening demand, and is expected to fluctuate [6]. 3. Summary by Related Catalogs 3.1 Market Review - The US soybean futures market fluctuates, lacking obvious driving factors. The domestic soybean meal futures market declines slightly, and the rapeseed meal futures market is weak. The spread between soybean meal and rapeseed meal changes little. The inter - monthly spread of soybean meal futures fluctuates, while that of rapeseed meal futures rebounds [4]. 3.2 Fundamental Analysis - **International Market**: The new US soybean balance sheet improves due to biodiesel policies, but there is no substantial bullish news in production and exports. As of the week ending June 15, the good - to - excellent rate of US soybeans is 66%. As of the week ending June 12, the export inspection volume of old US soybeans is 215,800 tons. The US soybean crushing data in May is good, with a NOPA - caliber crushing volume of 192.829 million bushels, a month - on - month increase of 1.37%. The selling progress of Brazilian farmers is slow, and the pressure on prices is emerging. The Brazilian soybean crushing volume decreases, and the export may increase. The domestic crushing volume in Argentina may improve, but soybean exports may also increase [5]. - **Domestic Market**: The domestic soybean meal spot market is loose, with increasing oil mill operating rates, sufficient supply, and increasing inventory. As of June 27, the actual soybean crushing volume of oil mills is 2.4878 million tons, the operating rate is 69.93%, the soybean inventory is 6.6587 million tons, a week - on - week increase of 278,800 tons (4.37%) and a year - on - year increase of 1 million tons (17.68%); the soybean meal inventory is 691,600 tons, a week - on - week increase of 182,700 tons (35.9%) and a year - on - year decrease of 361,400 tons (34.32%). The domestic rapeseed meal demand weakens, and although the operating rate of oil mills decreases, the supply is still sufficient, and the inventory increases. As of the week ending June 27, the rapeseed crushing volume of major coastal oil mills is 43,000 tons, the operating rate this week is 11.46%, the rapeseed inventory is 188,000 tons, a week - on - week increase of 43,000 tons, and the rapeseed meal inventory is 11,000 tons, a week - on - week increase of 900 tons [6]. 3.3 Macro - analysis - The Sino - US negotiation in London is completed, but there is no clear information. The market is worried about the uncertainty of future supply. Although the international trade has many uncertainties, the macro - disturbances are decreasing. China's long - term demand for US soybeans is high, so the price is unlikely to drop significantly in the short term [7]. 3.4 Logic Analysis - The domestic soybean meal futures market shows pressure, with a limited rebound and then a decline. The international market has slow selling progress in Brazil but firm prices. The deep - decline space of soybean meal is limited. The rapeseed meal futures market fluctuates, with limited upside space due to weak demand and high inventory. The inter - monthly spread of soybean meal futures has support, and that of rapeseed meal futures is strong. The spread between soybean meal and rapeseed meal may widen [7]. 3.5 Trading Strategies - **Single - side**: It is recommended to buy a small amount of long positions in the far - month soybean meal futures [8]. - **Arbitrage**: Expand the MRM09 spread [8]. - **Options**: Wait and see [8].

Core Viewpoint - The article discusses the upcoming non-farm payroll reports and the divergent views on gold, emphasizing the need for strategic planning in the futures market [1] Group 1 - The article highlights the importance of understanding market trends and preparing for significant economic reports, particularly in the context of gold trading [1] - It introduces a seasoned futures researcher, Leo, who will analyze popular market trends and share practical trading strategies [1] - The focus is on utilizing tools such as order flow, volume-price distribution, and real-world case studies to identify trading opportunities [1]