行业 锌期货日报 日期 2025 年 10 月 14 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2510 | 22255 | 22205 | 22390 | 22150 | -115 | -0.52 | 6985 | -415 | | 沪锌 | 2 ...

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - **Cotton**: On Tuesday, ICE U.S. cotton rose 0.55% to 67.78 cents/pound, and CF509 rose 0.96% to 13,610 yuan/ton. The position of the main contract increased by 26,586 lots to 541,900 lots. The cotton arrival price in Xinjiang was 14,767 yuan/ton, down 13 yuan/ton from the previous day, and the China Cotton Price Index for grade 3128B was 14,883 yuan/ton, down 11 yuan/ton. Internationally, the macro - level is the focus. With the cease - fire between Iran and Israel, the oil price dropped sharply, and inflation expectations cooled, but Powell said he was not in a hurry to cut interest rates. The U.S. dollar index weakened, and the price of U.S. cotton moved up slightly. Domestically, the price of Zhengzhou cotton futures moved up. The market sentiment was boosted by events such as the upcoming military parade and the issuance of a guidance on financial support for consumption. Currently, China's old cotton inventory is at a relatively low level in the same period in recent years, supporting the cotton price. However, the demand is weak during the off - season. Considering the macro and fundamental situation, and with no new expected negative factors in the short term, the price of Zhengzhou cotton futures has support at the bottom and may move up slowly, but the upside is limited due to the strong expectation of a bumper new cotton harvest. The report suggests paying attention to macro and weather changes [1]. - **Sugar**: Indonesia's Ministry of Agriculture expects the country's sugar production in 2025 to be 2.75 million tons, higher than last year's 2.45 million tons. It plans to import about 200,000 tons of raw sugar in 2025 to supplement food reserves, and the domestic sugar consumption is expected to reach 2.84 million tons. The spot price of Guangxi sugar - making group is 5,990 - 6,060 yuan/ton, down 10 yuan/ton, and that of Yunnan sugar - making group is 5,790 - 5,830 yuan/ton, unchanged. With the easing of the international situation and the decline of oil prices, the sugar price is back to being fundamentally driven, and the background of a bumper harvest remains unchanged. The report suggests paying attention to the support of raw sugar at 16 cents/pound. Domestically, the spot price has been slightly adjusted, and the future focus is on the volume and rhythm of imports. In the short term, there is no directional driver, and the sugar price is expected to move in a narrow range due to the co - existence of basis support and raw sugar pressure [1]. Group 3: Summary by Directory 1. Research Views - **Cotton**: The price of ICE U.S. cotton and Zhengzhou cotton futures increased. The macro situation affects the international cotton price, and domestic events boost market sentiment. The low inventory supports the cotton price, but the demand is weak in the off - season. The price of Zhengzhou cotton futures may move up slowly with limited upside [1]. - **Sugar**: Indonesia's sugar production is expected to increase, and it plans to import raw sugar. The international sugar price is back to fundamental - driven, and the domestic spot price has been adjusted. The future focus is on imports, and the price is expected to move in a narrow range [1]. 2. Daily Data Monitoring - **Cotton**: The 9 - 1 contract spread is 25 yuan/ton, up 60 yuan/ton; the main contract basis is 1,273 yuan/ton, down 156 yuan/ton. The arrival price in Xinjiang is 14,767 yuan/ton, down 13 yuan/ton, and the national price is 14,883 yuan/ton, down 11 yuan/ton [2]. - **Sugar**: The 9 - 1 contract spread is 151 yuan/ton, up 7 yuan/ton; the main contract basis is 335 yuan/ton, up 1 yuan/ton. The spot price in Nanning is 6,040 yuan/ton, down 10 yuan/ton, and in Liuzhou is 6,045 yuan/ton, down 10 yuan/ton [2]. 3. Market Information - **Cotton**: On June 24, the number of cotton futures warehouse receipts was 10,419, down 74 from the previous day, with 300 valid forecasts. The arrival prices in different regions are as follows: Xinjiang 14,767 yuan/ton, Henan 14,917 yuan/ton, Shandong 14,910 yuan/ton, and Zhejiang 15,163 yuan/ton. The yarn comprehensive load was 53.4, unchanged from the previous day; the yarn comprehensive inventory was 27.3, up 0.2; the short - fiber cloth comprehensive load was 49.2, unchanged, and the short - fiber cloth comprehensive inventory was 33.2, unchanged [1][3]. - **Sugar**: On June 24, the spot price of sugar in Nanning was 6,040 yuan/ton, down 10 yuan/ton, and in Liuzhou was 6,045 yuan/ton, down 10 yuan/ton. The number of sugar futures warehouse receipts was 24,762, down 2,572 from the previous day, with 0 valid forecasts [3][4]. 4. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price, basis, contract spread, warehouse receipts, and price index of cotton, as well as the closing price, basis, contract spread, and warehouse receipts of sugar. The data sources are Wind and the Research Institute of Everbright Futures [6][12][14][16].

投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 5 月 9 日 有色日报 专业研究·创造价值 低库存给予铜铝支撑 核心观点 沪铜 沪铜主力期价昨日夜盘冲高，站上 7.8 万关口，今日早盘跳水， 日内震荡运行。美联储 5 月议息会议落地，整体偏鹰派，利空铜价。 短期铜价在 7.8 万一线仍有较强的技术压力。短期可持续关注 7.8 万 关口多空博弈，也可关注月间正套。消息面上，关注中美在瑞会 议，若中美贸易摩擦趋于缓和，将在宏观氛围和终端需求上利好铜 价。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 ...