Report Information - Report Name: Zinc Futures Daily Report [1] - Date: July 18, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Market Review - The main contract of SHFE zinc switched to 2508, closing at 22,130 yuan/ton, up 115 yuan or 0.52%. It showed reduced volume and decreased positions, with positions decreasing by 11,088 lots to 67,223 lots. The spread between the 08 and 09 contracts was 10 [7]. - The inventory trends of domestic and overseas markets continued to diverge. LME zinc had a cumulative delivery of 16,225 tons, and the inventory increased to 121,475 tons. The 0 - 3C was 8.95, and the SHFE - LME ratio was 8.18, with the import window deeply closed. Domestic social inventory increased for the fourth consecutive week, reaching 93,500 tons [7]. - The downstream orders were weak. In the first half of the week, the decline in the market led to better trading, but in the second half, it basically maintained rigid procurement. The premium in the Shanghai market for the 08 contract was 40 - 50 yuan/ton, the Tianjin market was at a discount of 40 yuan/ton compared to the Shanghai market, and the Guangdong market was at a discount of 40 yuan/ton for the 09 contract. The price difference between Shanghai and Guangdong remained stable [7]. - Fundamentally, there were limited changes. The domestic consumption side was squeezed by both the off - season and weak exports. The off - season inventory accumulation trend was realized. It rebounded in the short term due to macro news, but the upward driving force was weak, and it fluctuated weakly around 22,000 yuan/ton [7]. Industry News - On July 17, 2025, the mainstream transaction price of 0 zinc was 22,090 - 22,200 yuan/ton, and Shuangyan was traded at 22,170 - 22,300 yuan/ton. The mainstream transaction price of 1 zinc was 22,020 - 22,130 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,080 - 22,170 yuan/ton. The regular brands in Ningbo offered a premium of 20 yuan/ton for the 2508 contract and were at par with the Shanghai spot price [8]. - In the Tianjin market, 0 zinc ingots were mainly traded at 22,030 - 22,150 yuan/ton, and Zijin was traded at 22,050 - 22,170 yuan/ton. 1 zinc ingots were traded at around 21,930 - 22,040 yuan/ton. Huludao was priced at 23,060 yuan/ton. The 0 zinc in Tianjin was at a discount of 0 - 20 yuan/ton for the 2508 contract, and Zijin was at a premium of 0 - 20 yuan/ton for the 2508 contract. The Tianjin market was at a discount of about 40 yuan/ton compared to the Shanghai market [8][9]. - In the Guangdong market, the mainstream 0 zinc was traded at 21,990 - 22,130 yuan/ton. The mainstream brands offered a discount of 40 yuan/ton for the 2509 contract and a discount of 80 yuan/ton for the Shanghai spot price. The price difference between Shanghai and Guangdong remained stable [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The industrial silicon futures' main price fluctuated. The Si2509 closed at 8,685 yuan/ton, down 0.91%. The trading volume was 1,111,567 lots, and the open interest was 379,848 lots, with a net decrease of 16,805 lots. The spot price of industrial silicon remained stable. In the second week of July, the output of industrial silicon remained at 72,000 tons. The resumption of production in the southwest production area offset the reduction of production by large factories in Xinjiang. The output in July is expected to remain at 310,000 tons. Demand has improved marginally, with a slight increase in the production schedule of polysilicon in July and stable demand for organic silicon. The short - term fundamental drivers are limited. The resistance range is 8,800 - 9,200 yuan/ton based on the average cost and the warehouse receipt cancellation range, but the spot price has been continuously firm, so it is expected to fluctuate strongly in the short term [4] 3. Summary by Relevant Catalog 3.1 Market Performance - The main price of industrial silicon futures fluctuated. The Si2509 closed at 8,685 yuan/ton, with a decline of 0.91%. The trading volume was 1,111,567 lots, and the open interest was 379,848 lots, with a net decrease of 16,805 lots [4] 3.2 Spot Price - The spot price of industrial silicon remained stable. The price of 553 grade in Inner Mongolia was 8,800 yuan/ton, and in Sichuan was 8,550 yuan/ton. The price of 421 grade in Inner Mongolia was 9,050 yuan/ton, in Xinjiang was 9,000 yuan/ton, and in Sichuan was 9,300 yuan/ton [4] 3.3 Market Outlook - In the second week of July, the output of industrial silicon remained at 72,000 tons. The resumption of production in the southwest production area offset the reduction of production by large factories in Xinjiang. The output in July is expected to remain at 310,000 tons. Demand has improved marginally, with a slight increase in the production schedule of polysilicon in July and stable demand for organic silicon. The short - term fundamental drivers are limited. The resistance range is 8,800 - 9,200 yuan/ton based on the average cost and the warehouse receipt cancellation range, but the spot price has been continuously firm, so it is expected to fluctuate strongly in the short term [4] 3.4 Market News - On July 17, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,215 lots, with a net decrease of 43 lots compared to the previous trading day. In the second week of July, the average price of polysilicon N - type re - feeding material was 45,500 yuan, and the average price of N - type dense material was 44,000 yuan. In the second week of July, the national comprehensive price of silicon reported by the Silicon Industry Branch was 8,851 yuan/ton, an increase of 108 yuan/ton. Among them, the price of 553 grade was 8,602 yuan/ton, 441 grade was 8,852 yuan/ton, and 421 grade was 9,425 yuan/ton, with increases of 100 yuan/ton, 100 yuan/ton, and 128 yuan/ton respectively. The comprehensive prices in Xinjiang, Yunnan, and Sichuan were 8,749 yuan/ton, 9,734 yuan/ton, and 9,600 yuan/ton. The FOB price remained stable overall [5]

多晶硅日报 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 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 07 月 16 日 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） ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【聚烯烃与纯苯及苯乙烯期货行情及市场分析】今日，聚烯烃期货震荡偏弱。LLDPE09合约收7284元/ 吨，跌0.25%，持仓减11185手；PP09合约收7067元/吨，跌0.13%，持仓减2340手。现货价格也偏弱整 理，国内LLDPE市场主流价7150 - 7600元/吨，PP市场窄幅偏弱调整。 供给上，装置检修集中，供应压 力稍缓。截至7月10日当周，PE开工率74.68%，环比降2.20%；PP开工率77.42%，环比升0.01%。需求 处于季节性淡季，表现疲软，多行业开工率持平或下降。 库存方面，2025 - 07 - 14，两油库存80万吨， 较前一环比增7.5万吨。截至7月11日当周，PE贸易库存和PP社会贸易库存均有增加。 成本端，OPEC + 增产利空油价，但夏季出行高峰需求增加，油价小幅反弹。聚烯烃供需宽松，成本有支撑，预计短期震 荡调整，可观望或轻仓滚动逢高做空。 今日，纯苯期货冲高回落，小幅收跌，BZ2603合约收6189元/ 吨，跌0.79%，持仓减1278手；苯乙烯小幅上涨，EB08合约收7478元/吨，涨0.16%，持仓 ...

能源化工研究团队 研究员：李捷,CFA（原油燃料 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 研究员：李金（甲醇） 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 行业 PTA 日报 日期 2025 年 07 月 10 日 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 ...

多晶硅期货三周大涨超30%！基本面却背道而驰，谁在主导行情？4万关口会否成为短期价格顶部？ 相关链接 期货热点追踪 ...

2025 年 7 月 7 日 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。 股指期货将偏强震荡 多晶硅、螺纹钢、铁矿石、焦煤、玻 璃期货将偏强震荡 原油、豆油、天然橡胶期货将偏弱震荡 【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： 股指期货将偏强震荡：IF2509 阻力位 3974 和 3983 点，支撑位 3926 和 3900 点；IH2509 阻力位 2742 和 2750 点，支撑位 2707 和 2690 点；IC2509 阻力位 5838 和 5888 点，支撑位 5722 和 5690 点；IM2509 阻力位 62 ...

Core Viewpoint - The polyolefin and styrene futures markets are experiencing weak fluctuations, influenced by supply-demand dynamics and seasonal demand trends [1] Polyolefin Market Summary - Polyolefin futures are showing a weak downward trend, with LLDPE09 contract closing at 7249 CNY/ton, down 0.51%, and PP09 contract at 7044 CNY/ton, down 0.68% [1] - The domestic LLDPE market price ranges from 7200 to 7750 CNY/ton, while PP market prices in different regions are 7020-7150 CNY/ton in North China, 7050-7200 CNY/ton in East China, and 7080-7220 CNY/ton in South China [1] - Supply is tightening due to increased maintenance, with PE operating rate at 72.45%, down 7.32% week-on-week, and PP operating rate at 79.26%, down 2.52% week-on-week [1] - Demand is weak due to seasonal factors, with varying operating rates across industries [1] - Inventory levels show an increase in oil inventory to 755,000 tons, up 35,000 tons week-on-week, while PE trade inventory decreased by 14,750 tons and PP social trade inventory decreased by 3,400 tons [1] - OPEC+ plans to increase production, negatively impacting oil prices, leading to a supply-demand imbalance in the polyolefin market [1] - Suggested trading strategy includes light short positions within specified price ranges for LLDPE and PP [1] Styrene Market Summary - Styrene futures are also experiencing weak fluctuations, with EB08 contract closing at 7275 CNY/ton, down 0.42%, and an increase in open interest by 6,038 contracts [1] - Spot prices for styrene are declining, with East China market at 7675 CNY/ton and South China market at 7775 CNY/ton [1] - Supply is expected to recover as facilities restart, with a weekly operating rate of 80.29%, up 1.39% week-on-week [1] - Demand is entering a seasonal downturn, with slight adjustments in operating rates for PS, EPS, and ABS [1] - Inventory levels for styrene at East China ports reached 90,500 tons, with a week-on-week increase of 16,500 tons, and an estimated 30,000 tons scheduled for arrival next week [1] - The market logic indicates a supply recovery with general downstream demand, leading to a loose supply-demand balance that pressures prices [1] - Suggested trading strategy includes light short positions on price rallies, with specific support and resistance levels for the main futures contracts [1]

Group 1 - The main contract for rebar futures experienced a rapid increase, reaching a peak of 3071.00 yuan, closing at 3065.00 yuan with a rise of 2.61% [1] - Institutions have differing views on the future market trends for rebar, with expectations of slight rebounds in prices [2][3][4] Group 2 - Zhonghui Futures predicts a slight rebound in rebar prices due to improving policy expectations and support from supply-side policies, despite the overall weak market conditions [2] - New Century Futures notes that while there is a slight rebound in prices, the overall demand is expected to decline seasonally, leading to a weak supply-demand structure [3] - Guoxin Futures highlights that the supply side is recovering slightly with increased production, while demand shows resilience, suggesting a stable supply-demand balance [4]

多晶硅期货'逆袭'！新疆大厂减产引爆行情，但基本面真的支撑吗？ 相关链接 期货热点追踪 ...