7月23日，国内期市农副产品板块全线飘红。其中，生猪期货主力合约开盘报14400元/吨，今日盘中高 位震荡运行；截至发稿，生猪主力最高触及15150元，下方探低14400元，涨幅达1.88%附近。 中辉期货表示，短期生猪出栏的节奏放缓及养殖端压栏、惜售情绪支撑价格底部。在反内卷情绪带动下 生猪出现反弹。但考虑到降重尚不完全，阶段性压力缓和后后置供应压力仍旧存在，且中长期产能过剩 事实不改，持续反弹难度较高。策略上，09合约目前基差水平走低至偏低水平，现货跟涨放缓情况下09 合约面临一定小幅回调风险。01合约由于交割时间提前于往年较为强势，可考虑逢低布局多单，亦可采 取跨年反套。 瑞达期货（002961）指出，中期供应压力趋增以及需求疲软压制上方空间，但与此同时，随着生猪价格 走弱，低价吸引二育入场，加之月底出栏节奏或再度放缓，下方存在支撑，整体以宽幅震荡走势看待。 短期价格受出栏和二育出入场节奏影响较大，或有所反复。 目前来看，生猪行情呈现震荡上行走势，盘面表现偏强。对于生猪后市行情将如何运行，相关机构观点 汇总如下： 五矿期货分析称，养殖端积极出栏，市场供应能力尚可，高温天气叠加降雨，抑制猪肉需求，今日猪价 ...

2025.07.14-07.18 豆粕、豆油 期货品种周报 01 P A R T 豆粕期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 中线趋势来看，豆粕主力处于横盘震荡整理的阶段。 中线趋势判断 1 趋势判断逻辑 据Mysteel数据：第27周油厂大豆实际压榨量233.22万吨，开机率为 65.56%；豆粕库存82.24万吨，较上周增加13.08万吨，增幅18.91%。当 前国内油厂维持高开机率，大豆压榨量高位运行，但下游需求表现乏力， 导致豆粕库存持续累积。同时，美豆产区天气良好进一步强化市场供应 宽松的预期。然而巴西升贴水持续走强，叠加美豆触及1000美分关键价 位提供支撑。此外，美国贸易关税政策的不确定性引发市场对四季度大 豆供应的担忧。综合来看，豆粕期货延续震荡运行。 2 建议观望。 3 中线策略建议 中线行情分析 品种交易策略 n 上周策略回顾 | く 豆粕(m) v | | --- | | 品种诊断 机构观点 盈利席位 主力资金 : | | 多空流向: - 95.5 ~ 主力强烈偏空 | | 资金能量： -62.3 ■ ■ 资金流出幅度较大 | | 多空分 ...

Market Review - The copper futures in Shanghai experienced a rise followed by a decline, closing below the 60-day moving average [1] Fundamental Summary - Codelco's copper production in March increased by 14.8% year-on-year, reaching 123,200 tons, indicating an enhancement in copper market supply capacity [2] - In the first four months, China imported 1.742 million tons of unrefined copper and copper materials, a decrease of 3.9%, with an average price of 69,000 yuan per ton, up by 8.5% [2] - As of May 8, total copper inventory in Shanghai was 12,522 tons, down by 902 tons from the previous day; Guangdong's inventory was 5,949 tons, down by 99 tons; Jiangsu's inventory was 1,069 tons, down by 1,000 tons; and Zhejiang's inventory remained unchanged at 0 tons, totaling 19,540 tons, a decrease of 2,001 tons [2] Institutional Perspectives - Guangzhou Futures noted that the macro environment improved with the agreement on tariff trade terms between the UK and the US, leading to increased market risk appetite and a rise in US stock markets. The tight supply of copper ore and scrap remains unchanged, with domestic inventory showing a significant reduction [3] - According to Guotai Junan Futures, the continuous decline in LME and Shanghai copper inventories, alongside an increase in COMEX copper inventories, indicates a reshaping of the copper trade landscape. Domestic supply tightness supports copper prices, with a positive demand trend expected due to investments in power equipment and data centers [3]