Report Industry Investment Rating No relevant content provided. Core Views - The current soybean meal market presents a mixed situation. In the long - term, the reduction of US soybean planting area and potential tariff policies support the bullish sentiment for far - month soybean meal. It is recommended to buy far - month soybean meal on dips [3]. - Urea prices are currently at a historical low. After wheat harvesting, with the support of agricultural demand and exports, prices may bounce back, but overall remains weak without significant changes in export policies [5]. - Copper prices are fluctuating within a range. They are highly susceptible to global trade trends and Fed inflation and interest - rate cuts. Attention should be paid to recent CPI data and China - US trade negotiations [10]. - The rebound of lithium carbonate is mainly due to improved macro - level sentiment rather than fundamentals. It is advisable to short on rebounds [12]. - Crude oil prices are expected to fluctuate. OPEC+ production increases and supply - demand factors need to be considered [13]. - Asphalt is expected to oscillate at a high level in the near term. It is recommended to go long on the 09 - 12 spread [15]. - PP is expected to oscillate at a low level, with inventory pressure and improved commodity sentiment [16]. - Plastic is expected to oscillate at a low level, facing inventory pressure and slow downstream recovery [18]. - PVC is expected to oscillate at a low level, with high supply and low demand [19]. - Soybean oil futures are expected to be weak in the short - term, pressured by inventory and weak demand [21]. - For coking coal, the supply pressure has eased slightly, but the fundamental relaxation inflection point has not arrived. It is recommended to be cautious when chasing up [22]. - Rebar may continue to rebound in the short - term, but beware of callbacks. Track steel mill production cuts and inventory data [24]. - Hot - rolled coil is expected to be weak and oscillate in the short - term, with a pattern of increasing supply and weakening demand [25]. Summary by Relevant Catalogs Hot Commodities Soybean Meal - The 09 contract of soybean meal opened higher and rose today, with a closing increase of 0.93%. In the US, soybean planting is nearly finished and weather is favorable. In China, as of June 6, soybean inventory increased by 4.7% week - on - week, and soybean meal inventory increased by 28.36% week - on - week [3]. Urea - Urea prices opened low and continued to decline today. Supply is stable, with daily production around 200,000 tons. Demand is weak, and inventory is accumulating. It may rebound after wheat harvesting, but overall remains weak [4][5]. Futures Market Summary - As of June 11, domestic futures contracts showed mixed performance. Industrial silicon rose over 2%, while palm oil and container shipping to Europe fell over 2% [7]. Core Views on Individual Commodities Copper - Copper prices fluctuated within a range. Supply is tight with reduced port inventory and potential smelter cuts. Demand is in a downward cycle, and prices are affected by trade and Fed policies [10]. Lithium Carbonate - Lithium carbonate opened low and rose, with a nearly 2% increase. Spot prices increased slightly. The rebound is due to macro - sentiment, not fundamentals. Be cautious when chasing up [11][12]. Crude Oil - Crude oil prices rebounded due to multiple factors. OPEC+ will increase production in July. Supply and demand factors are complex, and prices are expected to oscillate [13]. Asphalt - Asphalt supply increased, with a 3.6 - percentage - point increase in the start - up rate last week. Demand is mixed, and prices are expected to oscillate at a high level. It is recommended to go long on the 09 - 12 spread [14][15]. PP - PP downstream start - up rate decreased. Supply increased with new device production and restarted units. Inventory pressure is high, and it is expected to oscillate at a low level [16]. Plastic - Plastic start - up rate increased, but downstream start - up rate decreased. Inventory is high, and it is expected to oscillate at a low level [17][18]. PVC - PVC supply increased, while demand is weak. Inventory is still high, and prices are expected to oscillate at a low level [19]. Soybean Oil - The 09 contract of soybean oil opened low and declined, with a closing decrease of 0.93%. US soybean growth data is mixed, and domestic inventory is increasing. Futures are expected to be weak in the short - term [20][21]. Coking Coal - Coking coal prices rebounded slightly. Supply pressure eased, but demand is weak. The fundamental relaxation inflection point has not arrived, and it is recommended to be cautious when chasing up [22]. Rebar - Rebar prices rose 0.67% today. Supply is still loose, demand is in the off - season, and inventory is decreasing slowly. It may continue to rebound in the short - term, but beware of callbacks [23][24]. Hot - rolled Coil - Hot - rolled coil prices rose 0.78% today. Supply pressure increased, demand is in the off - season, and cost support weakened. It is expected to be weak and oscillate in the short - term [25].

Core Insights - The article highlights the upcoming release of the US Consumer Price Index (CPI) and its potential impact on gold prices and market direction [1] - It emphasizes the importance of futures trading and the opportunities available in the futures market [1] Group 1 - The US CPI report is anticipated to influence market movements, particularly in gold [1] - A seasoned futures researcher, Leo, will analyze popular market trends and provide insights into trading opportunities [1] - The live session will cover order flow, volume-price distribution, and practical case studies related to capital movements in the futures market [1]

2025年06月11日 星期三 商品期货早班车 招商期货 基本金属 | 招商评论 | | | | | --- | --- | --- | --- | | | 市场表现：昨日电解铝 2507 合约收盘价较前一交易日-0.23%，收于 19980 元/吨，国内 0-3 月差 325 元/吨， | | | | | LME 价格 2476.5 美元/吨。 | | | | | 基本面：供应方面，电解铝厂维持高负荷生产，运行产能小幅上升。需求方面，铝材开工率小幅下降。 | | | | 铝 | 交易策略：氧化铝价格下行，利润向电解铝端转移，供应或维持高负荷生产，而下游消费处于淡季，部分板 | | | | | 块开工率持续下滑。但低库存提供下方支撑，预计价格维持震荡走势。 | | | | | 操作建议：观望。 | | | | | 风险提示：海内外宏观政策变化。 | | | | | 市场表现：昨日氧化铝 2509 合约收盘价较前一交易日-0.21%，收于 2886 元/吨，国内 0-3 月差 367 元/吨。 | | | | | 基本面：供应方面，复产产能和新增产能持续释放，运行产能增加。需求方面，电解铝厂维持高负荷生产， | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The international soybean market faces significant pressure from a bumper harvest, and the domestic soybean supply pressure is also obvious, with inventory increasing and prices under pressure [4]. - The price of sugar is expected to remain weak due to factors such as the potential increase in global sugar production in the 2025/26 season and sluggish global demand [7][9]. - The oil market is expected to oscillate in the short - term, and factors such as the production and inventory of Malaysian palm oil, the weather in the United States, and the purchase situation in China and India need to be monitored [19][20]. - Corn prices are expected to be relatively strong in the short - term in the spot market and show strong oscillations in the futures market, affected by factors such as domestic supply, weather, and policy expectations [28]. - The overall supply pressure of the pig market is still evident, and prices are expected to oscillate [34][35]. - The peanut market is weak, with low spot trading volume and expected increase in new - season planting area, and short - selling is recommended for the 10 - contract peanut [38][40]. - Egg prices in the near - month 07 contract are expected to be weak, while the far - month 8 and 9 contracts may rise if the supply situation improves [48][49]. - Apple futures prices are expected to oscillate slightly stronger in June, supported by low inventory and potential impacts on fruit setting [54][56]. - Cotton prices are expected to oscillate in the short - term and may decline in the medium - to - long - term, but the market is subject to the uncertainty of US policies [63][64]. Summary by Relevant Catalogs Soybean/M粕类 External Market Conditions - CBOT soybean index fell 0.24% to 1043.75 cents per bushel, and CBOT soybean meal index rose 0.07% to 302 US dollars per short ton [2]. Important Information - The US soybean good - to - excellent rate was 68%, the planting rate was 90%, and the emergence rate was 75%. The export inspection volume in the week ending June 5, 2025, was 547,040 tons. The 2024/25 US soybean ending stocks were estimated at 351 million bushels [2]. - As of the week ending June 6, the actual soybean crushing volume of oil mills was 2.2446 million tons, the operating rate was 63.1%, the soybean inventory was 6.1029 million tons, and the soybean meal inventory was 382,500 tons [2]. Logic Analysis - The international soybean market has a significant bumper - harvest pressure, and the domestic soybean supply pressure is obvious, with inventory increasing and prices under pressure [4]. Trading Strategies - Unilateral: Wait and see. - Arbitrage: M11 - 1 positive spread. - Options: Sell the wide - straddle strategy [5]. Sugar External Market Conditions - ICE US sugar rose, with the main contract rising 0.21 (1.27%) to 16.70 cents per pound [6]. Important Information - The FAO sugar price index in May averaged 109.4 points, down 2.9 points (2.6%) month - on - month. The 24/25 sugar - crushing season in Guangdong had a cumulative sugar production of 654,500 tons, and the industrial inventory was 0 tons [7]. Logic Analysis - Raw sugar has been dragged down by the expected bumper harvest in Brazil and broken through the support level. The domestic sugar price is expected to remain weak due to factors such as the lag in summer stocking demand and the potential increase in processing sugar supply [9]. Trading Strategies - Unilateral: May remain weak in the short term. - Arbitrage: Wait and see. - Options: Sell the out - of - the - money ratio spread options [10][11][12]. Oilseeds and Oils External Market Conditions - The overnight CBOT US soybean oil main price decreased by 0.48% to 47.41 cents per pound, and the BMD Malaysian palm oil main price decreased by 0.15% to 3,919 ringgit per ton [14]. Important Information - Analysts' average forecasts for the 2024/25 US soybean ending stocks were 351 million bushels, and for the 2025/26 were 298 million bushels. As of June 8, 2025, the US soybean good - to - excellent rate was 68%, the planting rate was 90%, and the emergence rate was 75% [15][17]. - As of the week ending June 6, the national key - area palm oil commercial inventory was 372,600 tons, and the soybean oil commercial inventory was 812,700 tons [18]. Logic Analysis - The market expects the Malaysian palm oil to continue to increase production and accumulate inventory in May. India has lowered the crude palm oil tax rate, and the US weather is currently good but may turn dry in the future. The domestic soybean oil is in a stage of inventory accumulation, and the rapeseed oil supply - demand pattern remains unchanged [19]. Trading Strategies - Unilateral: Expected to oscillate in the short term. - Arbitrage: Wait and see. - Options: Wait and see [20][21][22]. Corn/Corn Starch External Market Changes - CBOT corn futures declined, with the main contract falling 2.1% to 433.5 cents per bushel [26]. Important Information - The CBOT corn futures fell due to good weather in the Midwest corn - producing areas and uncertain export prospects. The 2024/25 corn sales rate in Mato Grosso was 51.05%. The US corn good - to - excellent rate was 71%, the planting rate was 97%, and the emergence rate was 87% [27]. - On June 10, the purchase price at the northern port was 2,270 - 2,290 yuan per ton, and the corn price in the North China production area was strong [27]. Logic Analysis - The US corn planting has accelerated, and the weather is good, so the external - market corn price continues to decline. The domestic corn supply is relatively short, and the spot price is expected to be strong in the short term, while the futures price will show strong oscillations [28]. Trading Strategies - Unilateral: The external - market 07 - contract corn will oscillate at the bottom. Wait and see for the 07 - contract corn. - Arbitrage: Conduct oscillating operations on the corn - starch spread, and widen the spread when the price is low. Hold the long - corn and short - 07 - contract corn position. - Options: Those with spot positions can consider the strategy of selling call options when the price is high [31][32]. Pigs Relevant Information - The pig price showed a rebound trend. As of the week ending June 6, the 7 - kg piglet price was 481 yuan per head, and the 50 - kg sow price was 1,626 yuan per head. On June 9, the average wholesale price of pork in the national agricultural product market was 20.46 yuan per kilogram [34]. Logic Analysis - The supply pressure from the breeding side is still evident, and the overall price pressure is relatively significant due to the relatively high inventory [34]. Trading Strategies - Unilateral: Oscillate mainly. - Arbitrage: LH79 reverse spread. - Options: Sell the wide - straddle strategy [35][36]. Peanuts Important Information - The peanut prices in different regions were reported. The peanut oil price was strong, while the peanut meal sales were slow. As of June 5, 2025, the peanut inventory of domestic peanut oil sample enterprises was 144,720 tons, and the peanut oil inventory was 40,100 tons [36][37]. Logic Analysis - The peanut spot trading volume is low, the import volume has decreased significantly, the downstream consumption is weak, and the market expects an increase in the new - season planting area [38]. Trading Strategies - Unilateral: Short - sell the 10 - contract peanut when the price is high. - Arbitrage: Wait and see. - Options: Sell the pk510 - C - 8800 options [40][41][42]. Eggs Important Information - The average price of the main egg - producing areas was 2.75 yuan per catty, and that of the main egg - consuming areas was 2.95 yuan per catty. In May, the national in - lay hen inventory was 1.334 billion, and the monthly chick output of sample enterprises was 46.985 million [44]. - As of the week ending June 6, the national main - area egg - laying hen culling volume was 19.97 million, the national representative - area egg sales volume was 8,856 tons, the production - link inventory was 0.94 days, and the circulation - link inventory was 1.03 days [45][47]. Trading Logic - The near - month 07 - contract egg price is expected to be weak, while the far - month 8 and 9 contracts may rise if the supply situation improves [48]. Trading Strategies - Unilateral: Consider building long positions in the far - month 8 and 9 contracts in mid - to - late June when the rainy season is about to end and the safety margin is high. - Arbitrage: Wait and see. - Options: Wait and see [49]. Apples Important Information - As of May 21, 2025, the national main - area apple cold - storage inventory was 1.7085 million tons. The 2024 - 2025 season's 80 first - and second - grade apple storage profit in Qixia was 0.9 yuan per catty [52][53]. Trading Logic - The low inventory of apples this season is expected to support the opening price of early - maturing apples. The 10 - contract apple futures price is expected to oscillate slightly stronger in June [54][56]. Trading Strategies - Unilateral: Build long positions in the AP10 contract when the price is low. - Arbitrage: Wait and see first. - Options: Wait and see first [61]. Cotton - Cotton Yarn External Market Impact - ICE US cotton rose on Friday, with the main contract rising 0.39 (0.59%) to 65.97 cents per pound [58]. Important Information - The average temperature and rainfall in the US cotton - producing areas and the rainfall in the Indian cotton - producing areas were reported. The cotton spot trading was divided, and the sales and transaction basis were reported [59][60][62]. Trading Logic - The current trading logic is mainly macro - oriented. In the short term, the price will oscillate within a range, and in the medium - to - long - term, it may decline, but the market is subject to the uncertainty of US policies [63]. Trading Strategies - Unilateral: The US cotton is expected to oscillate slightly stronger, and Zhengzhou cotton is expected to oscillate strongly under macro - influence. - Arbitrage: Wait and see. - Options: Wait and see [64][65][66].

1. Report Industry Investment Rating - No relevant content was found. 2. Core Viewpoints of the Report - The domestic soybean meal futures market continued to strengthen, mainly driven by macro - factors. The rapeseed meal futures market also rebounded, mainly influenced by soybean meal. The inter - monthly spreads of both soybean meal and rapeseed meal futures showed a generally strong trend [4]. - The fundamentals of US old - crop soybeans are still favorable, while the new - crop sowing progress has slowed but remains at a relatively high level. Brazil's soybean selling progress is slow, and its exports are expected to increase. Argentina's domestic soybean crushing may slow down [5]. - The domestic spot market is becoming more abundant, with increasing soybean oil mill operating rates and inventory accumulation. The near - term demand improvement is limited, but there may be support in the long - term due to relatively tight supply [7]. - The macro - situation, especially the Sino - US negotiations in the UK, is the main driver of the market. Future negotiation results may have a significant impact on the market [8]. 3. Summary by Related Catalogs 3.1 Market Review - The external market continued to fluctuate, with limited overall changes. The domestic soybean meal futures market strengthened, and the rapeseed meal futures market rebounded. The inter - monthly spreads of both showed a strong trend [4]. 3.2 Fundamentals - **US**: As of the week ending June 5th, the good - to - excellent rate of US new - crop soybeans was 68%. The old - crop export inspection volume was 547,000 tons, at a relatively high level in the same period of history. The USDA - reported soybean crushing volume in April was 5.508 million tons, a 2.03% month - on - month decrease. The new - crop sowing progress has slowed [5]. - **Brazil**: The selling progress of Brazilian farmers has accelerated but remains at a low level in the same period of history. The recent soybean crushing volume has decreased, and exports are expected to increase [5]. - **Argentina**: The growth rate of domestic soybean crushing may slow down [5]. - **Domestic**: As of June 6th, the actual soybean crushing volume of domestic oil mills was 2.2446 million tons, with an operating rate of 63.1%. The soybean inventory was 6.1029 million tons, a 4.7% increase from the previous week and a 24.7% increase year - on - year. The soybean meal inventory was 382,500 tons, a 28.36% increase from the previous week and a 57% decrease year - on - year. The rapeseed meal demand has weakened, and the supply pressure remains [7]. 3.3 Macro - situation - The market's focus is on the Sino - US negotiations in the UK. Although little information has been released, the market is optimistic due to pre - meeting positive signals. The macro - situation has become the main driver of the market, and the negotiation results may have a significant impact [8]. 3.4 Logical Analysis - The domestic soybean meal futures market is strengthening, mainly driven by the macro - situation. The US soybean futures market may face downward pressure. The import cost of soybeans from Brazil is expected to have limited downward movement. The rapeseed meal market is expected to fluctuate [8]. 3.5 Trading Strategies - **Single - side trading**: Hold a wait - and - see attitude. - **Arbitrage**: Go long on the M11 - 1 spread. - **Options**: Sell a wide - straddle strategy [9].

Group 1: Report Overview - The report is a peanut daily report dated June 10, 2025, from the Commodity Research Institute's Agricultural Product R & D department [1][2] Group 2: Data Futures Market - PK504 closed at 8090, up 8 (0.10%), with a volume increase of 205.00% to 61 and an open - interest increase of 18.99% to 94 [3] - PK510 closed at 8304, down 6 (-0.07%), with a volume decrease of 37.79% to 43,182 and an open - interest decrease of 1.18% to 138,077 [3] - PK601 closed at 8086, up 10 (0.12%), with a volume decrease of 30.49% to 399 and an open - interest increase of 1.79% to 3,178 [3] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 9600, 8600, and 8600 respectively, with no change [3] - Imported Sudanese peanuts were priced at 8300 yuan/ton, with no change [3] - Ratios: The basis for Henan Nanyang was 1296, and for Shandong Jining and Linyi was 296 [3] By - products - Rizhao soybean meal was at 2850 yuan/ton, stable, and peanut meal was at 3250 yuan/ton, with the unit - protein spread between peanut meal and soybean meal being high [3][8] Spreads - PK01 - PK04 spread was - 4, up 2; PK04 - PK10 spread was - 214, up 14; PK10 - PK01 spread was 218, down 16 [3] Group 3: Market Analysis - Peanut prices in Henan and Northeast China were stable. Northeast Jilin Fuyu 308 was 4.8 yuan/jin, Liaoning Changtu was 4.8 yuan/jin, Henan's Baisha was 4.7 - 4.9 yuan/jin, and Shandong Junan was 4.2 yuan/jin [5] - Peanut oil prices were stable, with domestic first - grade ordinary peanut oil at 15000 yuan/ton and small - pressed fragrant peanut oil at 17000 yuan/ton [5] - Peanut oil mills' purchase prices were stable, with mainstream prices at 7350 - 7700 yuan/ton and a theoretical breakeven price of 8090 yuan/ton [5] - Short - term peanut prices were expected to be relatively weak due to tight supply and weak downstream demand [5][10] - Peanut 10 was expected to oscillate at a high level due to expected increased planting area, decreased planting cost, and uncertain weather [10] Group 4: Trading Strategies - Unilateral: Short Peanut 10 at high levels [11] - Spread: Reverse - spread Peanut 10 - 1 at low levels [12] - Options: Sell pk510 - C - 8800 [13] Group 5: Related Charts - The report includes charts on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, Peanut 10 - 1 spread, and Peanut 3 - 10 spread [16][19][23]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall fundamentals of LPG remain weak, with chemical demand in Shandong providing some support, but supply pressure in other regions is high and demand continues to be sluggish. The expected increase in external sales volume and decrease in inbound volume. Chemical demand is expected to be supported in the short - term, and the PDH operating rate is expected to increase next week. Combustion demand is expected to decline as the temperature rises [1] 3. Summary by Relevant Catalogs 3.1 Daily Data - From 2025/06/03 to 2025/06/09, prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. showed various changes. The daily changes were 20, 2, 10, 1, - 4 respectively. The arbitrage window is closed, the contract basis has weakened, and the monthly spread has strengthened significantly. The FEI and MB in the outer market are basically flat, CP has declined, and the oil - gas ratio has increased. The internal - external price difference has strengthened, especially PG - CP [1] 3.2 Weekly View - Factory inventories have increased, with Shandong factory inventories being depleted due to chemical demand. Arrivals have increased (mainly in South China), and external sales have increased significantly. It is expected that external sales will continue to increase and inbound volume will decline. Chemical demand is expected to be supported in the short - term, the PDH operating rate is basically flat and is expected to increase next week. The subsequent expected recovery in gasoline demand will drive up the demand for alkylated oil. The demand for C4 is expected to increase as several MTBE plants plan to start operations next week. Combustion demand is expected to decline as the temperature rises. The number of registered warehouse receipts is 9304 lots (-565) [1] 3.3 Daily Changes - In terms of civil gas, prices in Shandong, East China, and South China have increased. The price of ether - post - carbon four has increased. The cheapest deliverable is East China civil gas. FEI and CP import costs have increased, PP prices have increased, and the profits of FEI and CP for PP production have increased. The PG futures price has fluctuated upwards. The basis of the 07 contract has weakened, and the 07 - 09 monthly spread has strengthened. The US to Far East civil gas was generally weak last week. The port inventory has slightly increased, and the terminal has offered discounts [1]

2025.6.9-6.13 电解铝 期货品种周报 中线行情分析 大区间震荡，6月中下旬偏承压。 中线趋势判断 1 趋势判断逻辑 6月云南地区电力储备充足，电解铝供应预计仍稳中有增，需求虽有政策宽松 预期升温+中美元首通话释放缓和信号，但暂时对需求提振作用仍有待观察。 2 暂观望为宜。 3 中线策略建议 品种交易策略 n 上周策略回顾 本周美国经济活动放缓叠加国际贸易摩擦风险，铝价短期承压震荡概率较大；铝合金因传统季节性淡季特征逐步显 现并深入，海内外订单均有缩量，导致市场交投整体清淡。 数据来自：WIND、钢联、长城期货交易咨询部 端午前后一周沪铝2507合约看19800-20500区间整理，观望 或短波段交易为宜。 n 本周策略建议 未来一周沪铝2507合约波动区间看19600-20200。 n 现货企业套期保值建议 正常购销即可 【重要产业环节价格变化】 | 项目 | | 上周 | 本周 | 上月同期 | 上年同期 | 周环比 | 月环比 | 年环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铝土矿SI2-3%几内亚（美元/干吨 ...

苯乙烯产业链期货周报 研究员：隋斐 期货从业证号：F3019741 投资咨询证号：Z0017025 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 13 | GALAXY FUTURES 1 综合分析与交易策略 【综合分析】 ◼ 【交易策略】 单边：震荡偏弱 套利：观望 期权：卖出看涨期权 GALAXY FUTURES 2 ◼ 本周纯苯和加氢苯开工提升，纯苯下游需求整体稳定，主港库存小幅下滑，纯苯对苯乙烯价差扩大，纯苯下游利润压缩，山 东流向华东的纯苯套利窗口关闭。6月多套重整和歧化装置检修结束，裕龙DCC、万华乙烯裂解以及埃克森美孚20万吨装置 投产， 裕龙石化乙烯和镇海裂解新装置有投产计划，纯苯进口到港依然偏多，随着纯苯新装置投产增加，纯苯未来供需结构 预计转为宽松。 ◼ 本周苯乙烯供增需减，港口库存小幅上升，苯乙烯现货基差走弱。苯乙烯非一体装置利润收窄，下游3S利润扩大。本周盛虹 45万吨/年苯乙烯装置重启投料，6月中旬，恒力、浙石化检修装置计划重启，苯乙烯供应预期增加。近期苯乙烯到 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report - The third round of coke price cuts has been implemented, with wet - quenched coke down by 70 yuan/ton and dry - quenched coke down by 75 yuan/ton. The results of the first meeting of the China - US economic and trade consultation mechanism may have a significant impact on macro sentiment. The prices of coking coal and coke futures have rebounded to near the spot parity level. The current weak fundamentals of coking coal and coke remain unchanged, and it is difficult for prices to continue rising. [6] - With the increase in the impact of summer high temperatures and heavy precipitation, steel consumption is seasonally weakening, and prices are expected to fluctuate weakly. However, steel mills are still profitable, and their enthusiasm for production cuts is limited. The decline in iron - water production has slowed down and remains at a relatively high level. Steel mills have sufficient raw material inventories and are trying to reduce inventory by controlling and reducing purchases, with a strong willingness to suppress raw material prices. [6] - Coke enterprises are facing greater shipment pressure, with continuously and rapidly increasing passive inventory. Affected by environmental protection and inventory pressure, the coke enterprises' production has slightly decreased. After the third round of price cuts, coke enterprises' profits are near the break - even point, and there may be further price cuts in the future. Coke supply is relatively loose, and futures prices are expected to fluctuate weakly. [6] - In terms of coking coal supply, there have been many safety accidents in Shanxi coal mines recently, and with the arrival of the production safety month, the uncertainty of coal mine supply has increased. At the same time, due to inventory and loss pressure, more coal mines are reducing production, resulting in a slight reduction in coal supply, but it is still relatively loose. The coking coal spot market is operating weakly, and the futures market is expected to fluctuate weakly. [6] Summary by Relevant Catalogs 1. Market Data Coke Futures - For J2601, yesterday's price was 12601, today's price is 1358.5, with a rise of 56; for J2605, yesterday's price was 1377.0, today's price is 1363.0, with a rise of 14.0; for J2509, yesterday's price was 9056T, today's price is 1345.0, with a rise of 8.5. [2] Coking Coal Futures - For JM2601, yesterday's price was 7925, today's price is 773.0, with a fall of 19.5; for JM2605, yesterday's price was 818.5, today's price is 802.5, with a fall of 16.0; for JM2509, yesterday's price was 778.5, today's price is 757.0, with a fall of 5.15. [2] Spot Market - Coke: The ex - factory prices in Xingtai, Lvliang, Heze, and Tangshan all decreased, with a decrease of 70 - 75 yuan/ton. The warehouse - receipt prices of coke in Rizhao Port, Shanxi wet - quenched coke, and Xuyang dry - quenched coke also decreased. [2] - Coking Coal: The prices of Australian low - volatile and medium - volatile coking coal changed, with the low - volatile remaining unchanged and the medium - volatile decreasing by 53 yuan/ton. The warehouse - receipt prices of some coking coal also changed, with the optimal coking coal warehouse - receipt price decreasing by 20 yuan/ton. [2] Coking Profit - The 01, 05, and 09 contract coking profits all decreased, with decreases of 16.0, 6.9, and 19.8 yuan/ton respectively. The Shanxi spot profit decreased by 62.4 yuan/ton. [2] Fundamentals - Coke: The daily average production of 247 steel enterprises' coke decreased by 0.04, a decrease of 0.08%; the daily average consumption decreased by 0.05, a decrease of 0.05%. The inventory of all - sample independent coking plants increased by 15.6, an increase of 14.03%. [2] - Coking Coal: The daily average production of 110 coal - washing plants' clean coal decreased by 0.3, a decrease of 0.60%; the daily average production of 523 mines' clean coal decreased by 1.8, a decrease of 2.29%. The inventory of all - sample independent coking plants' coking coal decreased by 27.4, a decrease of 3.24%. [2] 2. Night - session Review - The JM2509 contract of coking coal futures closed at 778 yuan/ton, and the J2509 contract of coke futures closed at 1336 yuan/ton. The coking profit of the 2509 contract was 250.9 yuan/ton, down 19.8 yuan/ton from the previous day. [2] 3. Important News - The China - US economic and trade consultation mechanism will hold its first meeting. The negotiation on the price commitment of the China - EU electric vehicle case is in the final stage. Trump urged the Fed to cut interest rates by one percentage point. [4] - The price of billets in Tangshan Qian'an decreased by 20 yuan/ton over the weekend. The trading volume of iron ore in major ports decreased by 22.8% on June 6, while the trading volume of construction steel of 237 mainstream traders increased by 4.9%. [4] - The planned output of 79 domestic hot - rolled strip steel mills in June 2025 is expected to increase by 18.11 million tons compared with May. The price of Mongolian imported coking coal has been declining since May to early June, with a cumulative decline of 15.06%. [5] - As of June 5, the freight volume of Xinjiang Railway this year reached 101 million tons, a year - on - year increase of 2.0%. The export volume of Mongolian coal from January to May 2025 decreased by 2.35% year - on - year, and the export value decreased by 40.77% year - on - year. [5] 4. Trading Strategy - The third round of coke price cuts has been implemented. The results of the China - US economic and trade consultation may affect macro sentiment. The prices of coking coal and coke futures are near the spot parity level, and it is difficult for prices to continue rising. [6] - Steel consumption is seasonally weakening, but steel mills are still profitable, and their production - cut enthusiasm is limited. Steel mills are trying to reduce inventory and suppress raw material prices. Coke enterprises are facing greater shipment pressure, and there may be further price cuts. [6] - Coke supply is relatively loose, and futures prices are expected to fluctuate weakly. Coking coal supply has some uncertainties, but it is still relatively loose. The coking coal spot market is weak, and the futures market is expected to fluctuate weakly. [6]