交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年6月24日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 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。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货跌后反弹，现货市场商谈氛围一般，现货报盘略有增加，基差松动，贸易商商谈为主，少量聚酯工厂 递盘。主流供应商出远期货源。6月货主流在09+260~270成交，个别略高，价格商谈区间在5220~5300附近。7月商谈不多，7月 中上在09+260~270有成交。今日主流现货基差在09+264。中性 2、基差：现货5247，09合约基差302，盘面贴水 偏多 3、库存：PTA工厂库存4.15天，环比增加0.12天 偏空 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净多 多减 ...

Group 1 - Mysteel data indicates that the total amount of iron ore arriving at Chinese ports from June 16 to June 22, 2025, was 25.627 million tons, an increase of 1.782 million tons compared to the previous week [1] - According to SPPOMA, Malaysia's palm oil yield per hectare increased by 2.67% from June 1 to June 20, 2025, while the extraction rate decreased by 0.03%, resulting in a production increase of 2.5% compared to the same period last month [1] - The Zhengzhou Commodity Exchange announced the addition of several companies as designated delivery service providers for red dates futures, effective immediately [1] Group 2 - As of June 23, 2025, the total inventory of styrene at Jiangsu ports was 85,000 tons, an increase of 18,700 tons, representing a 28.21% rise compared to the previous period [1] - Mysteel's survey shows that as of June 20, 2025, the commercial inventory of soybean oil in key regions of China was 886,300 tons, an increase of 39,300 tons, or 4.64%, compared to the previous week [2] - The USDA's weekly crop progress report indicated that as of June 22, 2025, the good-to-excellent rating for U.S. soybeans was 66%, below market expectations of 67%, while corn was rated at 70%, below expectations of 72% [2]

智通财经6月24日电，COMEX黄金期货涨0.11%，报3387.8美元/盎司；COMEX白银期货涨0.42%，报 36.170美元/盎司。 ...

Core Viewpoint - The training session aims to enhance the ability of enterprises in the Xinjiang Production and Construction Corps to utilize the futures market for managing operational risks and to support high-quality economic development [1][2]. Group 1: Training and Collaboration - The training was organized by the Xinjiang Production and Construction Corps State-owned Assets Supervision and Administration Commission, the Xinjiang Securities Regulatory Bureau, and the Zhengzhou Commodity Exchange, focusing on risk management through futures [1]. - Participants included regulatory officials, representatives from state-owned enterprises, listed companies, and financial experts, discussing the role of financial derivatives in industry transformation and supply chain stability [1][2]. - The Zhengzhou Commodity Exchange has established multiple delivery warehouses for cotton and jujube in Xinjiang, reinforcing the region's position as a trade center and pricing benchmark [2][3]. Group 2: Industry Challenges and Opportunities - Enterprises face price volatility and market risks due to global economic changes, which create uncertainties in procurement, production, and sales [1]. - The Xinjiang Production and Construction Corps emphasizes the need for enterprises to enhance their understanding of the futures market and develop a skilled workforce that comprehends both futures and spot markets [2][3]. - The training highlighted the importance of using futures and derivatives for risk management, with a focus on cotton and jujube, which are key products for the region [2][4]. Group 3: Expert Insights and Practical Applications - Industry experts provided insights on macroeconomic trends, cost fluctuations, and supply chain challenges, advising on how to use futures tools for risk hedging and strategic planning [3]. - The training included discussions on the core functions of the futures market, such as price discovery and resource allocation, and how these can support high-quality development for enterprises [3]. - Practical applications of futures and options in risk management were shared, including strategies for hedging and liquidity risk control, helping participants understand how to stabilize operations and secure profits [3][4].

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铝类产业日报 2025/6/23 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 助理研究员: 陈思嘉 期货从业资格号F03118799 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) 本月-下月合约价差:沪铝(日,元/吨) | 20,365.00 80.00 | -100.00↓ 氧化铝期货主力合约收盘价(日,元/吨) -25.00↓ 本月-下月合约价差:氧化铝(日,元/吨) | 2,906.00 58.00 | +16.00↑ -3.00↓ | | | 主力合约持仓量:沪铝(日,手) | 253,597.00 | +89586.00↑ 主力合约持仓量:氧化铝(日,手) | 286,556.00 | -4194.00↓ | | | LME铝注销仓 ...

| 品种 | 核心观点 | 主要逻辑及投机支撑阻力 | | --- | --- | --- | | 豆粕 | 短线反弹 | 按照 CPC 月度展望来看，6 月降雨天气展望顺利，美豆种植天气基本顺利。南美方 | | | | 面，基本丰产定局。国内方面，国内港口及油厂大豆持续累库，随着开机率上升， | | | | 豆粕供应将逐步缓解，逐步进入累库周期。饲料企业库存补库有所恢复，但仍有可 | | | | 补库空间，只是积极性预计有所下降。6 月美农报告中性。由于美豆种植基本顺利 | | | | 叠加国内豆粕累库，整体基本面依然偏空。虽然美豆优良率同比偏低，但目前产量 | | | | 实际影响较小，更多为炒作。前日豆粕维持反弹，由于逼近前高区域阻力，继续追 | | | | 多操作需谨慎，观望为宜。在美豆面积报告公布前，预计将维持 20 日均线以上运 | | | | 行为主。主力【3050，3090】 | | 菜粕 | 短线反弹 | 目前油厂菜籽菜粕库存暂无压力，商业菜粕库存偏高利空近月 7 月菜粕价格。6 月 | | | | 至 8 月菜籽进口同比大幅下降，加上加籽进口利润不佳，长期进口量预期偏低，供 | | | | ...

Report Core Information Report Industry Investment Rating - Not mentioned in the report Report Core View - The report provides a weekly preview of hot topics, including important events and data releases that may impact the futures market, and analyzes the potential effects of these events on different types of futures prices [2][3] Summary by Related Catalogs This Week's Key Focus - From June 24th to 27th, the 16th Session of the 14th National People's Congress Standing Committee will be held in Beijing [2] - On June 24th at 22:00, Federal Reserve Chairman Powell will testify on the semi - annual monetary policy report before the House Financial Services Committee [2] - On June 26th at 20:30, the US Department of Commerce will release the final value of Q1 2025 GDP [2] - On June 27th at 09:30, the National Bureau of Statistics will announce the industrial enterprise profits for May [2] - On June 28th at 20:30, the US Department of Commerce will release the May PCE price index [2] This Week's Hot Topic Preview June 23rd - S&P Global will release the preliminary value of the Eurozone's June SPGI manufacturing PMI at 16:00, with an expected value of 49.8 and a previous value of 49.4. A slightly higher value may slightly boost non - ferrous metals, crude oil and related commodity futures prices but slightly suppress gold and silver futures prices [3] - S&P Global will release the preliminary value of the US June SPGI manufacturing PMI at 21:45, with an expected value of 51.2 and a previous value of 52. A slightly lower value may slightly suppress non - ferrous metals, crude oil and related commodity futures prices but slightly boost gold and silver futures prices [4] - The National Association of Realtors will release US May existing - home sales at 22:00. The expected annualized total is 3.97 million units (previous 4 million), and the expected monthly rate is - 1.3% (previous - 0.5%). Lower sales may suppress non - ferrous metals futures prices but boost gold and silver futures prices [5] June 24th - The National Bureau of Statistics will release the market prices of important production materials in the circulation field in mid - June at 9:30, covering 9 categories and 50 products [8] - The 16th Session of the 14th National People's Congress Standing Committee will be held from June 24th to 27th, with multiple draft laws on the agenda [9] - IFO will release Germany's June IFO business climate index at 16:00, with an expected value of 88.3 and a previous value of 87.5 [10] - Federal Reserve Chairman Powell will testify on the semi - annual monetary policy report before the House Financial Services Committee at 22:00 [11] - The Conference Board will release the US June consumer confidence index at 22:00, with an expected value of 99.8 and a previous value of 98. A higher value may boost non - ferrous metals, crude oil and related futures prices but suppress gold and silver futures prices [12] - The 16th Annual Meeting of the New Champions (Summer Davos Forum) will be held from June 24th to 26th in Tianjin, with the theme of "Entrepreneurship in the New Era" [13] - The NATO Summit will be held from June 24th to 25th in The Hague, and Trump will attend [14] June 25th - Federal Reserve Chairman Powell will testify on the semi - annual monetary policy report before the Senate Committee at 22:00 [15] - The US Department of Commerce will release US May new - home sales at 22:00. The expected seasonally - adjusted annualized total is 692,000 units (previous 743,000), and the expected monthly rate is - 6.5% (previous 10.9%). Higher sales may boost non - ferrous metals futures prices but suppress gold and silver futures prices [16] - EIA will release the change in US EIA crude oil inventories for the week ending June 20th at 22:30. A continued significant decline may boost crude oil and related commodity futures [17] June 26th - The US Department of Labor will release the initial jobless claims for the week ending June 21st at 20:30, with an expected value of 245,000 (previous 245,000) [18] - The US Department of Commerce will release the final value of Q1 2025 GDP at 20:30. The expected annualized quarterly rate of real GDP is - 0.2% [19] - The US Department of Commerce will release the preliminary value of the May durable goods orders at 20:30, with an expected monthly rate of 8.5% (previous - 6.3%). A significantly higher value may boost non - ferrous metals futures but suppress gold and silver futures [20] - The National Association of Realtors will release the US May seasonally - adjusted pending home sales index at 22:00, with an expected monthly rate of 0% (previous - 6.3%) [21] June 27th - The National Bureau of Statistics will announce China's May industrial enterprise profits at 09:30. The cumulative year - on - year growth from January to April was 1.4%, and in April it was 3% [22] - Eurostat will release the Eurozone's June economic sentiment index and industrial sentiment index at 17:00. The expected economic sentiment index is 95.3 (previous 94.8), and the expected industrial sentiment index is - 9.8 (previous - 10.3) [24] June 28th - The US Department of Commerce will release the May PCE price index at 20:30. The expected annual rate of the PCE price index is 2.3% (previous 2.1%), and the expected annual rate of the core PCE price index is 2.6% (previous 2.5%). Slightly higher values may delay the expected start of Fed rate cuts from September to November or December [25] - The US Department of Commerce will release May consumer spending at 20:30. The expected monthly rate is 0.1% (previous 0.2%). A slightly lower value may slightly suppress non - ferrous metals, crude oil and related commodity futures prices but slightly boost gold and silver futures prices [26]

王涵西 投资咨询从业资格号：Z0019174 wanghanxi023726@gtjas.com 2025 年 6 月 23 日 沥青：地缘局势升级，继续高位运行 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2507 | 元/吨 | 3,765 | 0.08% | 3,752 | -0.35% | | | BU2508 | 元/吨 | 3,760 | 0.24% | 3,753 | -0.19% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2507 | 手 | 21,741 | (6,271) | 33,326 | (4,380) | | | BU2508 | 手 | 9,934 | (2,186) | 29,788 | 836 | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 94510 | 0 | | | | | | | 昨日价差 | ...

2025年06月23日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：预期反复，区间震荡 | 2 | | --- | --- | | 螺纹钢：宽幅震荡 | 3 | | 热轧卷板：宽幅震荡 | 3 | | 硅铁：板块情绪共振，宽幅震荡 | 5 | | 锰硅：矿端报价坚挺，宽幅震荡 | 5 | | 焦炭：铁水增量，宽幅震荡 | 7 | | 焦煤：铁水增量，宽幅震荡 | 7 | | 动力煤：需求仍待释放，宽幅震荡 | 9 | | 原木：基差修复，宽幅震荡 | 10 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 （1） 财联社 6 月 20 日电，6 月贷款市场报价利率（LPR）报价出炉：5 年期以上 LPR 为 3.5%，上月 为 3.5%。1 年期 LPR 为 3%，上月为 3%。(来自财联社 APP) 商 品 研 究 商 品 研 究 2025 年 6 月 23 日 铁矿石：预期反复，区间震荡 张广硕 投资咨询从业资格号：Z0020198 zhangguangshuo@gtht.com 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价(元/吨) ...