期货跨期价差

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纯苯苯乙烯日报:EB下游提货尚可,EB基差小幅走强-20250918
Hua Tai Qi Huo· 2025-09-18 05:09
Report Industry Investment Rating No relevant information provided. Core Viewpoints - In the pure benzene market, attention is on the commissioning progress of Yulong Cracking 2. From August to September, there is a concentrated increase in new production capacity, with domestic existing plants operating, and a slowdown in the rhythm of imports. Downstream提货 has reached its peak and declined, but the volume is still acceptable, leading to a decline in port inventories. However, the downstream operations of pure benzene remain weak, with significant inventory pressure in the CPL - PA6 - nylon industry chain, and a decline in CPL operations. Aniline operations have also decreased again, with inventory pressure in the MDI downstream of aniline. Phenol operations have also decreased, affected by bisphenol A. The previously stable - operating styrene is gradually undergoing maintenance, which may affect the demand for pure benzene提货, and the downstream performance is below expectations [3]. - In the styrene market, the volume of downstream提货 in the peak season remains at a relatively high level. The port basis of EB continues to strengthen slightly, and the port inventory of EB still needs further reduction. Currently, the absolute level of port inventory is still relatively high. There will be short - term maintenance of EB in the first and middle of September, with operations gradually reaching a peak and then declining, and port inventories starting to decline. However, operations will pick up again in the second half of September. Among the downstream of EB, the recovery of PS and EPS operations is satisfactory, and the operations of ABS have also increased from a low level, but the inventory pressure is large [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - term Spreads - Pure benzene: The main basis of pure benzene is - 82 yuan/ton (+1), and the spot - M2 spread of East China pure benzene is - 15 yuan/ton (+10 yuan/ton) [1]. - Styrene: The main basis of styrene is 42 yuan/ton (+5 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 136 US dollars/ton (+6 US dollars/ton), and the FOB South Korea processing fee is 116 US dollars/ton (+7 US dollars/ton). The US - South Korea spread of pure benzene is 53.6 US dollars/ton (-6.0 US dollars/ton) [1]. - Styrene: The non - integrated production profit of styrene is - 368 yuan/ton (+1 yuan/ton), and it is expected to gradually compress [1]. 3. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 13.40 million tons (-1.00 million tons) [1]. - Styrene: The East China port inventory of styrene is 159,000 tons (-17,500 tons), the East China commercial inventory is 78,000 tons (-9,000 tons), and the operating rate is 75.0% (-4.8%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream - EPS: The production profit is 142 yuan/ton (+15 yuan/ton), and the operating rate is 61.02% (+8.49%) [2]. - PS: The production profit is - 108 yuan/ton (+15 yuan/ton), and the operating rate is 61.90% (+0.90%) [2]. - ABS: The production profit is - 216 yuan/ton (+18 yuan/ton), and the operating rate is 70.00% (+1.00%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 1875 yuan/ton (-35), and the operating rate is 86.21% (-4.21%) [1]. - Phenol - ketone: The production profit is - 247 yuan/ton (+0), and the operating rate of phenol is 70.50% (+1.50%) [1]. - Aniline: The production profit is - 29 yuan/ton (+70), and the operating rate is 65.21% (-2.75%) [1]. - Adipic acid: The production profit is - 1378 yuan/ton (+14), and the operating rate is 64.20% (+4.20%) [1]. Strategies - Unilateral: None [4]. - Basis and Inter - term: Do a positive spread for the EB2510 - EB2511 spread when it is low [4]. - Cross - variety: Do a widening spread for the EB2510 - BZ2603 spread in the short - term when it is low [4].
《金融》日报-20250609
Guang Fa Qi Huo· 2025-06-09 06:25
发期货 国债期货价差日报 证监许可 【2011】12928 熊睿健 Z0019608 25年6月9日 较前一交易日变化 上市以来百分位数 最新值 种类 日期 品种 IRR (%) TS基差 0.0120 1.8403 -0.068 39.70% 2025-06-06 2025-06-06 TF基差 1.8044 -0.0287 0.0113 50.70% 基差 2025-06-06 T其关 1.6815 0.2590 0.2890 57.80% 2025-06-06 0.5255 -0.0803 39.40% TL基岩 1.3438 2025-06-06 当季-下李 -0.1360 0.0080 6.60% TS跨期价差 2025-06-06 当季-隔李 -0.2580 0.0080 6.90% 2025-06-06 下季-喝家 -0.1220 0.0000 6.10% 2025-06-06 当季-下李 -0.2900 -0.0100 8.90% TF跨期价差 2025-06-06 当季-隔季 -0.3800 -0.0150 10.80% 2025-06-06 -0.0900 -0.0050 14.60% 下 ...