Group 1 - The international gold price closed at $3343.74 per ounce on April 28, with an increase of $25.12 or 0.76% [1] - The highest and lowest prices during the day were $3352.86 and $3267.01 per ounce, respectively [1] - As of April 28, the gold ETF holdings remained stable at 946.27 tons compared to the previous trading day [1] Group 2 - Current market sentiment is influenced by trade tensions, economic recession fears, and monetary policy uncertainties, which could impact gold demand [2][3] - Upcoming economic data releases, including GDP figures and corporate earnings, are expected to shift market focus back to fundamentals [2] - The U.S. labor market report on Friday is anticipated to be a potential catalyst for market movements, particularly for the dollar index and gold prices [3] Group 3 - Recent gold price fluctuations indicate a bullish outlook, with potential for prices to challenge the $3500 per ounce mark [4] - The support levels established by previous lows and moving averages suggest a favorable environment for bullish positions in gold [4]

首先，贸易谈判进程和宏观政策的落实是市场关注的焦点。近日，国际贸易冲突没有继续升级，各 国与美国的谈判陆续开始，国内投资者正在密切关注其发展动向。毕竟目前的关税税率对全球经济增长 的影响仍是不可忽视的因素。在此背景下，国内政策正在做出充分的准备，以应对未来的不确定性。当 然，投资者更加关心的是具体落实的节奏。此外，年报和季报进入到最后阶段，部分业绩不达预期的公 司出现了一些调整，投资者仍应聚焦在投资标的的业绩稳定性和估值的安全边际。 其次，沪指小幅下跌，成交萎缩。周一，两市低开后震荡盘跌，收盘双双跌破五天均线。两市量能 在 1 万亿元左右，近期成交量仍处于较为低迷的状态。微观结构上，全天个股跌多涨少，涨停股票数量 不及跌停股票。当天市场热点主要集中在银行和公用事业等防御类行业。投资风格方面，中小盘和科技 风格跌幅居前，大盘蓝筹相对抗跌。 从市场运行节奏看，沪指正在上下两个缺口之间波动，关注五天均线得失。沪指 4 月 7 日留下了一 个向下跳空缺口，之后开始超跌反弹，并在 4 月 10 日留下了一个向上的跳空缺口。目前指数就在这两 个缺口之间进行波动。上周沪指临近上方那个缺口时遇到阻力，逐渐开始调整，周一收盘已 ...

Core Viewpoint - The Trump administration is focusing on trade negotiations and peace talks in the next 100 days, amidst controversies surrounding its economic policies and declining approval ratings [1][2][4]. Group 1: Economic Policies - Trump has implemented a series of controversial economic policies, including tariffs, which have been compared to "torpedoes" disrupting the U.S. economy [1][2]. - A recent poll indicates that 72% of respondents believe Trump's economic policies are likely to lead to a recession in the short term, and 53% feel the economic situation has worsened since his inauguration [5]. Group 2: Approval Ratings - Trump's approval rating after 100 days in office stands at 39%, a decrease of 6 percentage points since February, marking the lowest approval rating for any U.S. president at this stage in the last 80 years [4]. - 41% of respondents reported that their financial situation has deteriorated since Trump took office [5]. Group 3: Trade Negotiations - The administration is urging countries to negotiate with the U.S. to reach agreements within 90 days, although analysts believe this goal is unlikely to be met [2]. - Trump has previously claimed he could end the Russia-Ukraine conflict within 24 hours, a statement he later admitted was made in jest, as peace talks have not progressed [2].

美国财长贝森特：我们与许多国家的贸易谈判进展非常快。 ...

美国财长贝森特：与亚洲贸易伙伴的谈判进展非常顺利，美国已与日本盟友就贸易问题展开了重大谈 判。 ...

欧洲股市周一延续涨势，创下今年1月以来最长连涨纪录，主要受益于投资者对美国贸易政策可能软化的期望以及一系列高调并 购交易的推动。美股连涨四天后，三大股指期货周一集体下跌。与此同时，亚洲市场涨跌不一，日本东证指数抹去特朗普4月2日 公布关税以来的跌幅，投资者正等待贸易谈判进展的最新信号。 截止发稿，泛欧Stoxx 600指数上涨0.6%，这是该指数自1月以来连续第五个交易日上涨。汽车和旅游板块领涨，而保险类股表现 最为疲软。并购浪潮成为市场焦点，多家欧洲企业股价飙升。 | 名称 : | 代码 = | 最新价 | 卅雷 | 涨跌额 : | 涨跌幅 = | | --- | --- | --- | --- | --- | --- | | 法国CAC40 | FCHI | 7.588.90 | 7.564.26 | +52.64 | +0.70% | | 西班牙IBEX35 | ES35 | 13.443.47 | 13.398.00 | +89.97 | +0.67% | | 德国DAX30 4 | DE40 | 22.383.34 | 22.307.50 | +146.93 | +0.66% | | 欧洲斯托克50 ...

行业 豆粕 日期 2025 年 4 月 28 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 1 一、行情回顾与操作建议 每日报告 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

另一家消费巨头百事可乐也发出了警告。百事可乐的首席财务官Jamie Caulfield指出，与三个月前相比，公司对于消费者的需求已经没有那么乐 观。 01 海内外交困 来源|财联社 4月初，特朗普宣布对全球多个国家征收高额关税，动摇了全球企业和消费者的信心，并引发了对美国资产的迅速抛售。然而，随后特朗普一边暂缓 大部分国家关税，一边又威胁对半导体、医药和汽车行业征收更多关税。 美股公司在最近披露的财报中传达出一个共同的讯号：美国总统特朗普的关税政策已让全美不知所措。 政府官员指出，与多个国家正在进行的贸易谈判是特朗普政策取得成功的一个衡量标准，但许多公司表示，持续的反复谈判让他们不确定如何规划未 来几个季度的业务经营。 据统计，目前为止公布财报的全球上市公司中有近30家撤回或者下调了全年预测，其中以美国航空业最为明显，但其他行业也出现了类似的情况，折 射出商业信心的疲弱。 宝洁首席财务官Andre Schulten表示，公司必须动用所有可能的手段来减轻关税影响。该公司此前计划提高全线产品的价格，以抵消关税带来的额 外成本。 德国工程协会VDMA的北美贸易政策顾问Andrew Adair在本月初访问美国后还透露 ...

Report Overview - Report Date: April 25, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Market Review and Trading Recommendations 1.1 Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2505 | 2973 | 2991 | 3097 | 2974 | 3049 | 76 | 2.56% | 411,894 | 273,326 | -11,101 | | Soybean Meal 2507 | 2904 | 2898 | 2935 | 2893 | 2911 | 7 | 0.24% | 212,342 | 515,233 | 12,657 | | Soybean Meal 2509 | 3044 | 3042 | 3075 | 3034 | 3059 | 15 | 0.49% | 1,919,721 | 2,417,063 | -1,931 | [6] 1.2 Market Analysis - **CBOT Soybeans**: After a rebound in the week after the Tomb - Sweeping Festival, CBOT soybeans entered a narrow - range oscillation last week. International trade negotiations restricted the downward pressure on prices. Pakistan's potential increase in soybean purchases and the expected 83.5 million - acre new - season US soybean planting area (a significant year - on - year decrease) make it difficult for prices to fall [6]. - **Domestic Soybean Meal**: It is in a state of tight current supply but wide future expectations. March's imported soybean volume was only 3.5 million tons, and April's customs clearance was slow. The soybean meal inventory has dropped to a multi - year low, reflected in the rising prices. However, in the long run, with the large - scale arrival of Brazilian soybeans and continuous state - reserve auctions, the supply of soybean raw materials will be relatively loose after several months [6]. 1.3 Trading Recommendations - For futures, it is recommended to be long on the 09 and subsequent far - month contracts. Although there will be supply pressure in the second quarter, factors such as the increase in import costs after the Brazilian selling pressure eases, the opening of the US weather and tariff themes will be favorable for the long side [6]. 2. Industry News - A commodity research institution lowered its 2025/26 US soybean production forecast by 1% to 115 million tons, with an estimated range of 109 - 121 million tons. The expected planting area is 84 million acres, a 3.4% decrease from the previous year, 500,000 acres higher than the USDA's March 31 forecast. The latest analyst survey shows a planting area of 83.8 million acres (range: 82.5 - 85.5 million acres), and the USDA's next survey - based forecast will be released on June 30 [7][8] - According to industry analysts' surveys, for the week ending April 17, US soybean export sales are expected to increase by 2 - 8 million tons (2 - 6 million tons for the 2024/25 season and 0 - 2 million tons for the 2025/26 season), US soybean meal export sales are expected to increase by 1.5 - 4 million tons (1.5 - 3.5 million tons for the 2024/25 season and 0 - 0.5 million tons for the 2025/26 season), and US soybean oil export sales are expected to increase by 500 - 35,000 tons (500 - 25,000 tons for the 2024/25 season and 0 - 10,000 tons for the 2025/26 season) [8] 3. Data Overview - The data sources for various charts (including soybean meal ex - factory price, 05 contract basis, 1 - 5 spread, 5 - 9 spread, USD/CNY central parity rate, and USD/BRL exchange rate) are Wind and the Research and Development Department of CCB Futures [11][14][17]

橡胶期货走强，但市场仍忧心忡忡，贸易谈判与季节性供应的双重夹击，价格能否突破重围？ 相关链接 期货热点追踪 ...