2025 年 12 月 29 日 白糖：市场氛围偏强 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtht.com 【基本面跟踪】 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 15.17 | -0.13 | 15 价差（元/吨） | 9 | -86 | | 主流现货价格（元/吨） | 5360 | 10 | 59 价差（元/吨） | -6 | 2 | | 期货主力价格（元/吨） | 5285 | 16 | 主流现货基差（元/吨） | 75 | -6 | 资料来源：同花顺，国泰君安期货研究 【宏观及行业新闻】 高频信息：贵金属等大幅上涨，商品氛围偏强。截至 12 月 15 日，25 /26 榨季印度食糖产量同比增加 28.3%。巴西 11 月出口 330 万吨，同比减少 9 万吨。中国 11 月进口食糖 44 万吨（-9 万吨）。关注中国糖浆 和预拌粉进口政策变化。 期 货 研 究 期货研究 国内市场：CAOC 预计 25/26 榨季国内食糖产量为 1170 ...

Supply and Demand - As of August 1, domestic and international PX operating rates have slightly increased, with domestic PX operating at 81.1% (+1.2%) and Asian PX at 73.4% (+0.5%) [2] - As of August 1, PTA operating rates have decreased to 72.6% (-7.3%) [3] Price Movement - On August 6, Asian PX prices rose by $5/ton to $844/ton, equivalent to a spot price of 6947 RMB/ton [1] - The market sentiment for PX trading improved slightly in the afternoon after a brief period of activity in the morning, with September prices expected to be around +11/+13 and October around +6/+8 [1] Market Outlook - The supply of PX is expected to increase due to the startup of some restructuring units and the restart of PX maintenance units; however, the demand for PTA is weakening due to increased maintenance and no significant improvement in terminal demand [4] - The overall market sentiment for domestic commodities has improved recently, providing some support to PX prices in the short term, despite expectations of a marginal weakening in supply and demand [4]

有色金属日报 2025-6-13 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 美国 PPI 数据弱于预期，美元指数走弱，铜价震荡反弹，昨日伦铜收涨 0.45%至 9690 美元/吨，沪铜 主力合约收至 78580 元/吨。产业层面，昨日 LME 库存减少 2600 至 116850 吨，注销仓单比例下滑至 58.3%，注册仓单量维持低位，但月度产地库存数据显示俄罗斯铜数量减少使得可流通库 ...