行业 PTA 日报 日期 2025 年 5 月 20 日 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 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 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） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯 ...

Core Viewpoint - The main focus of the article is the recent decline in coking coal futures, with the primary contract dropping by 2.27% to 1421.0 yuan, indicating a bearish outlook for the market [1] Group 1: Market Analysis - Shenyin Wanguo Futures suggests a bearish approach to coking coal, citing high iron water levels and declining future demand as key factors [1] - The firm notes that the cost of thermal coal has collapsed, leading to downward pressure on coking coal prices, and anticipates a potential price drop following a failed second round of price increases [1] - The article highlights that steel mills are experiencing seasonal demand peaks, which may lead to negative feedback in the market if high iron water levels do not sustain [1] Group 2: Supply and Demand Dynamics - Hualian Futures indicates that domestic coal mines are maintaining normal production levels, resulting in continued supply pressure [1] - The report mentions that while coking enterprises are seeing slight profit increases, their willingness to purchase coking coal remains low, leading to a decline in coking coal inventories [1] - The overall supply-demand structure remains loose, with expectations of weak demand from end-users and a significant drop in steel mill inventories [1] Group 3: Price Levels and Recommendations - Shenyin Wanguo Futures identifies key support and resistance levels for coking coal, with JM09 focusing on 850 as support and 920 as resistance, while J09 looks at 1350-1400 for support and 1500 for resistance [1] - Hualian Futures recommends a strategy of selling on rallies, with reference pressure levels set at 950 for coking coal and 1600 for coking coal futures [1]

期货热点追踪 铁矿石期货盘中触及两周高点，但这一因素仍是后市行情的"达摩克利斯之剑"！ 相关链接 ...

5月6日盘中，PTA期货主力合约遭遇一波急速下挫，最低下探至4328.00元。截止发稿，PTA主力合约报 4332.00元，跌幅2.17%。 PTA期货主力跌超2%，对于后市行情如何，相关机构该如何评价？ | 机构 | 核心观点 | | --- | --- | | 南华期货（603093） | PTA逢低入场 | | 兴业期货 | PTA涨幅可能有限，整体震荡偏弱 | | 申银万国期货 | 预计PTA期现价格维持弱势 | 南华期货：PTA逢低入场 兴业期货：PTA涨幅可能有限，整体震荡偏弱 供应端看，多套供应商按计划检修，部分延后检修装置兑现检修，5月计划检修量处于往年同期高位。 4-5月月均去库达到50万吨，社会库存累库情况改善。需求端看，后续支撑可能不足。织造企业在3-4月 产销旺季的开工情况处于往年低位，且逐步进入淡季状态，从订单情况也可以看到表现不佳。此外中美 关税预计对服装外贸影响较大，目前出口统计数据暂未体现，但后市终端消费对原料价格支撑不足。此 外从成本端看，原油价格可能延续下行状态，对PTA有利空指引。因此尽管供应端检修有利好，但在需 求端和成本端限制下，PTA涨幅可能有限，整体震荡偏弱。 申 ...

浮法玻璃在产日熔量为15.78万吨，环比-0.44%万吨。浮法玻璃周产量110.58吨，环比-0.32%，同 比-9.32%。浮法玻璃开工率为75.85%，环比+0.19%，产能利用率为78.78%，环比-0.25%。 据悉，湖北三峡新型建材股份有限公司三线设计产能600吨原产白玻改产殴灰于4月20日正色。株洲醴陵 旗滨玻璃有限公司四线600吨4月25日放水。 4月30日，国内期市能化板块涨幅居前。其中，玻璃期货主力合约开盘报1106.00元/吨，今日盘中低位震 荡运行；截至午间收盘，玻璃主力最高触及1111.00元，下方探低1079.00元，跌幅达2.69%。 4月29日，郑商所玻璃期货仓单2441张，环比上个交易日持平。 后市来看，玻璃期货行情将如何运行，相关机构观点汇总如下： 金信期货指出，当下日融处于较低位置，现货产销虽有所好转，但厂库仍在高位，下游深加工订单补库 动力不强，需求持续放量仍待地产刺激效果显现或重大政策出台。技术面上，今日再创新低，短期震荡 偏空思路不变，临近假期做好风险控制。 中信建投（601066）期货表示，短期玻璃供应高于需求，供应端对价格影响偏空。近期玻璃下游需求环 比略降，投机 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 30, 2025 [2] Investment Rating - No investment rating information provided in the report. Core View - The Shanghai zinc futures market showed narrow - range adjustments. The main contract closed at 22,550 yuan/ton, up 35 yuan or 0.16%, with reduced volume and positions. Due to macro - risk disturbances during the holiday, it is advisable to hold light positions. Attention should be paid to the adjustment of margin ratios during the Labor Day holiday, with the holiday margin ratio for Shanghai zinc adjusted to 20% and the post - holiday ratio to 14% [7]. Summary by Section 1. Market Review - **Futures Market Quotes**: For SHFE zinc, the 2505 contract opened at 22,800 yuan/ton, closed at 22,790 yuan/ton, with a high of 22,840 yuan/ton, a low of 22,760 yuan/ton, up 15 yuan or 0.07%, and the position decreased by 3,577 to 16,881 lots. The 2506 contract opened at 22,520 yuan/ton, closed at 22,550 yuan/ton, up 35 yuan or 0.16%, and the position decreased by 3,301 to 114,582 lots. The 2507 contract opened at 22,260 yuan/ton, closed at 22,325 yuan/ton, up 60 yuan or 0.27%, and the position increased by 1,185 to 58,409 lots [7]. - **LME Zinc Inventory**: LME zinc inventory decreased by 1,775 tons to 177,550 tons, with all the decrease from Singapore warehouses. The 0 - 3 spread was C35.72, the SHFE - LME ratio was 8.66, and the ratio excluding exchange rate was 1.21. The profit from spot imports narrowed but the window remained open [7]. - **Spot Market**: Some imported zinc ingots entered the market before the holiday, and downstream buyers had basically completed pre - holiday stockpiling. The spot volume was limited, and the premium remained stable. The premium in the Shanghai market for the 05 contract was 150 - 190 yuan/ton, the Tianjin market had a premium of 60 yuan/ton over the Shanghai market, and the Guangdong market had a premium of 455 yuan/ton for the 06 contract, with the Shanghai - Guangdong spread widening [7]. 2. Industry News - **April 29, 2025 Zinc Prices**: The mainstream transaction price of 0 zinc was concentrated between 22,925 - 23,030 yuan/ton, and Shuangyan zinc was traded between 23,125 - 23,190 yuan/ton. The mainstream transaction price of 1 zinc was between 22,855 - 22,960 yuan/ton. In different regions, the premiums and price ranges varied. For example, in the Shanghai market, the premium for ordinary domestic zinc to the 2505 contract was 150 - 190 yuan/ton [8]. - **Regional Price and Premium Details**: In the Ningbo market, the mainstream brand 0 zinc was traded at 22,985 - 23,040 yuan/ton, with a premium of 195 yuan/ton for the 2505 contract and a premium of 30 yuan/ton over the Shanghai spot. In the Guangdong market, the mainstream brand 0 zinc was traded at 22,965 - 23,165 yuan/ton, with a premium of 455 yuan/ton for the 2506 contract and a premium of 60 yuan/ton over the Shanghai spot. In the Tianjin market, the 0 zinc ingot was traded at 23,010 - 23,140 yuan/ton, and the premium over the 2505 contract was 230 - 350 yuan/ton, with the Shanghai - Tianjin spread narrowing [8][9].

撰写品种：沥青 撰写时间：2025 年 4 月 28 日 回顾周期：周度 研究员 ：何宁 咨询证号：Z0001219 沥青周度报告 一、本周沥青期货行情回顾 本周沥青期货主力合约 BU2506 呈现先扬后抑的态势。主力合约开盘价为 3369 元 / 吨，周内最高价触及 3430 元 / 吨，最低价下探至 3345 元 / 吨，最终收盘价 为 3401 元 / 吨，较上周收盘价下跌 5 元，跌幅 0.15%。结算价为 3385 元 / 吨。 成交量方面：本周累计成交约 85 万手，日均成交 17 万手，较上周活跃度有所下 降。持仓量环比上周减持 19448 手，收于 14.36 万手，显示市场资金参与度有所降低。 供给端：国内 54 家主要沥青企业厂库库存为 89.7 万吨，环比下降 3.6 万吨。 不过，国内 104 家贸易商库存为 194.6 万吨，虽环比仅下降 0.2 万吨，但整体库存 水平仍处于高位。 需求端：尽管天气持续转暖，理论上有利于道路施工等下游需求的释放，但实际情 况并不乐观。重交沥青开工率仅为 28.5%，虽较上周略有上升，但仍处于历史同期较低 水平。改性沥青产能利用率为 7.2%，环比增加 ...