21世纪经济报道记者 翁榕涛 实习生 张欣 广州报道 周内（5月6日至5月9日），大宗商品期货收跌为主，集运欧线、碳酸锂延续领跌，能源板块燃油、原油 小幅上涨。 市场机构对于原油后续走势出现了一定分歧。 混沌天成期货持悲观态度，其在研报指出，"目前原油仍然在大的空头叙事之下，关税和美国消费者信 心下滑利空全球经济，同时OPEC+成员产量态度偏松，预计中美难以达成贸易协议，而特朗普访问沙 特或进一步确保OPEC+宽松的产量政策，油价因为贸易缓和预期反弹后，或因关税的实际冲击显现重 回跌势。但短期欧盟对俄罗斯的潜在制裁存在不确定性，需观察其是否会对供应产生重大影响。" 宏源期货詹建平相对乐观，认为短期仍然以反弹修复看待油价。原因一，是沙特对OPEC+内部的施压 开始生效，周中哈萨克斯坦改口称将考虑履行减产义务，OPEC+进一步加速增产的必要性或减弱；原 因二，关税谈判开始取得进展，英美达成初步框架协议，中美也将于近期就关税进行正式接触，虽然关 税谈判存在反复的可能，但短期进一步恶化的可能性已较小，市场的风险偏好处于改善的过程中。 就国内期货市场具体来看，能源化工板块，燃油周上涨1.24%、原油上涨0.28%，碳酸 ...

Report Industry Investment Rating - No relevant content provided Core View of the Report - The trading sentiment in the zinc market has cooled significantly in the previous trading session, with long upper shadows in the past four days indicating weak short - term price support. While the fundamental logic remains unchanged, the supply side exerts continuous pressure, and the demand side remains stable in the short term. The inventory and spot traders still provide support, but significant short - to medium - term price increases are unlikely. It is advisable to wait and observe the impact of macro - policies and when the loose supply will confirm the bearish logic [2] Summary by Related Catalogs Zinc Price Volatility and Forecast - The latest zinc price is 22,190 yuan/ton, with a forecast range of 21,500 - 22,800 yuan/ton. The current volatility is 21.19%, and the historical percentile of the current volatility is 74.8% [1] Zinc Risk Management Suggestions Inventory Management - For those with high finished - product inventory worried about price drops, it is recommended to short 75% of the Shanghai Zinc main futures contract at an entry range of 22,700 yuan/ton [1] Raw Material Management - For those with low raw - material inventory worried about price increases, it is recommended to long 50% of the Shanghai Zinc main futures contract at an entry range of 21,700 yuan/ton [1] Factors Affecting Zinc Prices Bullish Factors - The inventory is at a historically low level; there are interest - rate cuts and consumption - friendly policies; overseas mines are affected by tariffs [3] Bearish Factors - There is sustained macro - panic sentiment; downstream buyers purchase at low prices, resulting in insufficient price support; the import window is open, and the supply is expected to be sufficient [4] Zinc Price and Inventory Data Zinc Spot Prices - The SMM 0 zinc average price is 22,850 yuan/ton, up 80 yuan (0.35%) from the previous day; the SMM 1 zinc average price is 22,780 yuan/ton, up 80 yuan (0.35%) [5] Zinc Futures Prices - The Shanghai Zinc main contract price is 22,190 yuan/ton, up 15 yuan (0.07%); the LME zinc closing price is 2,619 US dollars/ton, up 2.5 US dollars (0.1%) [5] Zinc Futures Inventory - The total Shanghai Zinc warehouse receipts are 1,903 tons, down 150 tons (-7.31%); the total LME zinc inventory is 170,650 tons, down 750 tons (-0.44%); the total LME registered zinc warehouse receipts are 103,875 tons, down 17,150 tons (-14.17%) [5]

《期货公司居间人管理办法》发布 8月1日起施行 智通财经5月9日电，中国期货业协会发布《期货公司居间人管理办法》，自2025年8月1日起施行。 修 订主要内容如下： 一是进一步完善期货公司开展居间合作要求。明确期货公司不得与已经与其他期货公司存在存续合作关 系的居间人开展合作。为防止利益冲突，增加居间人的配偶、父母、子女及子女配偶不得成为该居间人 名下客户的相关要求；规定"机构客户的法定代表人、实际控制人及其工作人员"不得成为所在机构的居 间人。 二是完善居间人名下客户交易和操作监测要求。将居间人名下客户存在交易行为趋同、配资嫌疑等情形 纳入期货公司日常监测范围，明确期货公司对名下客户数量、权益较多的居间人的监测报告要求。 三是强化期货公司对居间人的全流程管理。强化居间人培训管理，进一步明确居间人完成职业培训及持 续培训的相关要求，强调期货公司应当加强对居间人的现场培训，督促居间人及时完成培训。强化居间 人合规评估，要求期货公司持续跟踪评估居间人合规及诚信情况，并定期向协会提交居间人合规情况评 估报告。 五是完善居间人退出机制。为更好保护交易者合法权益，本次修订进一步强化期货公司居间人管理主体 责任，完善了居 ...

Group 1: Report Overview - The report is the Nanhua Commodity Index Daily Report on May 8, 2025, prepared by the Nanhua Index Group [2][3] Group 2: Index Performance - The Nanhua Composite Index (NHCI) closed at 2381.95, down -0.96% from the previous trading day, with an annualized return rate (ARR) of -9.82% and an annualized volatility (An.Vol) of 13.94% [4] - Among the sector indices, the Nanhua Precious Metals Index (NHPMI) had the largest decline of -1.68%, while the Nanhua Agricultural Products Index (NHAI) had the smallest decline of -0.29% [1][4] - Among the theme indices, the Energy Index (NHEI) had the largest decline of -1.63% [5] - Among the single - variety indices of commodity futures, the plywood index had the largest increase of 4.12%, and the iron ore index had the largest decline of -2.05% [1][5] Group 3: Contribution Analysis - For the Nanhua Composite Index, PTA contributed 5.99%, while silver contributed -8.30% [11] - For the Nanhua Mini - Composite Index, cotton contributed negatively, and no positive - contributing varieties were clearly shown in the provided table [11] - For the Nanhua Industrial Products Index, PTA contributed 7.22%, and natural rubber contributed -26.35% [11] Group 4: Single - Variety Index Details - In the energy and chemical sector, iron ore had a decline of -2.05%, and hot - rolled had an increase of 2.86% [18] - In the agricultural products sector, rapeseed oil had a decline of -0.33%, and palm oil had a decline of -1.94% [20] Group 5: Other Information - The calculation method of the rise - fall ratio in the report is (today's closing price - yesterday's closing price) / yesterday's closing price, and the contribution is the product of the rise - fall ratio and the weight [21] - The Nanhua Commodity Index excludes the price difference when the commodity contract is changed, reflecting the real return of investing in commodity futures [21]

贵金属日报：高位震荡 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年5月9日 【行情回顾】 周四贵金属市场延续震荡调整，因美联储利率决议及会后声明传递偏鹰信号不着急降息及美指明显回 升，以及美英贸易谈判缓和避险情绪。接下来焦点转向周内中美贸易谈判。最终黄金2506合约收报 3310.4美元/盎司，-2.4%；美白银2507合约收报于32.605美元/盎司，-0.57%。 SHFE黄金2508主力合 约收报790.78元/克，-1.41%；SHFE白银2506合约收8094元/千克，-1.78%。 【降息预期与基金持仓】 据CME"美联储观察"数据显示，美联储6月维持利率不变的概率为83.5%，降息25个基点的概率为 16.5%；美联储7月维持利率不变的概率为29.1%，累计降息25个基点的概率为60.1%，累计降息50个基 点的概率为10.7%；美联储9月维持利率不变的概率为12.2%，累计降息25个基点的概率为42.1%，累计 降息50个基点的概率为39.4%，累计降息75个基点的概率为6.2%。长线基金看，SPDR黄金ETF持仓日增 2.01吨至93 ...

主力合约前20席位中，空头增仓前三名分别是：平安期货、持仓14959、增仓2249，宏源期货、持仓8795、增仓1055，宝城期货、 持仓1089、增仓447；空头减仓前三名分别是：东证期货、持仓12415、减仓-1399，中信期货、持仓10709、减仓-894，银河期 货、持仓19918、减仓-771。 文章来源:新浪期货 | | | | | 2025年5月8日5年期国债期货主力合约2506持仓数据 | | | | | 节 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | ਹ | 中信期货 | 16,487 | -278 | 中信期货 | 26,550 | -101 | 招商期货 | 21,529 | -Ja | | 2 | 东证期货 | 13,920 | -3.598 | 东证期货 | 18,346 | -711 | 银河期货 | 19,918 | -771 | | 3 | 国泰君安 | 12,733 | ...

贵金属产业日报 2025-05-08 研究员: 廖宏斌 期货从业资格号F3082507 期货投资咨询从业证书号Z0020723 点，当前利率期货显示今年仍有3次降息空间。在此背景下，美元指数和长端美债收益率或维持相对承压态 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 790.78 | -12.72 沪银主力合约收盘价(日,元/千克) | 8094 | -158 | | | 主力合约持仓量:沪金(日,手) | 198555 | 10247 主力合约持仓量:沪银(日,手) | 228462 | -1892 | | | 沪金主力前20名净持仓(日,手) | 107220 | 2768 沪银主力前20名净持仓(日,手) | 127151 | -2783 | | | 仓单数量:黄金(日,千克) | 15648 | 0 仓单数量:白银(日,千克) | 931982 | -8999 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 801.9 ...

新浪期货 根据交易所数据，截至5月08日收盘主力合约30年期国债期货2506,涨跌+0.26%,成交量7.15万手，持仓数据显示前20席位 呈现净空，差额头寸为6139手。 30年期国债期货期货全合约总计成交9.10万手，比上一日减少5.12万手。全合约前20席位多头持仓10.47万手，比上一日减少276 手。全合约前20席位空头持仓11.02万手，比上一日减少881手。 根据合并数据显示，多头前三席位为中信期货，总持仓24298、国泰君安，总持仓14138、东证期货，总持仓8744；空头前三席位 为东证期货，总持仓19600、中信期货，总持仓14088、银河期货，总持仓12059； 主力合约前20席位中，多头增仓前三名分别是：东证期货、持仓7036、增仓175，宏源期货、持仓1220、增仓123，海通期货、持 仓1111、增仓70；多头减仓前三名分别是：中信期货、持仓13800、减仓-1324，国泰君安、持仓10431、减仓-1055，银河期货、持 仓5989、减仓-518； 主力合约前20席位中，空头增仓前三名分别是：申银万国、持仓3285、增仓246，国信期货、持仓1076、增仓190，平安期货、持 仓 ...

根据合并数据显示，多头前三席位为中信期货，总持仓27321、东证期货，总持仓16787、国泰君安，总持仓16054；空头前三席位 为永安期货，总持仓32044、国泰君安，总持仓31155、浙商期货，总持仓26044； 主力合约前20席位中，多头增仓前三名分别是：东证期货、持仓16787、增仓1721，国联期货、持仓5233、增仓1238，光大期货、 持仓6916、增仓1039； 主力合约前20席位中，空头增仓前三名分别是：一德期货、持仓4896、增仓2091，瑞达期货、持仓6292、增仓1342，广发期货、 持仓8811、增仓1035；空头减仓前三名分别是：华泰期货、持仓14144、减仓-824，国泰君安、持仓31155、减仓-497，东海期货、 持仓7476、减仓-375。 文章来源:新浪期货 2025年5月8日焦煤主力合约2509持仓数据一览 新浪期货 根据交易所数据，截至5月08日收盘主力合约焦煤2509,涨跌-2.13%,成交量39.09万手，持仓数据显示前20席位呈现净空， 差额头寸为54146手。 焦煤期货全合约总计成交41.42万手，比上一日新增5.66万手。全合约前20席位多头持仓18.89万 ...

文章来源:新浪期货 | | | | | 2025年5月8日中证1000指数期货主力合约2506持仓数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 特买单 | 增减 | 会员 | 持卖单 | 增减 | | ਹ | 国泰君安 | 40,983 | -5,606 | 国泰君安 | 21,955 | -967 | 中信期货 | 36,157 | -2,990 | | 2 | 中信期货 | 34,889 | -13.645 | 中信期货 | 20,848 | -2,485 | 国泰君安 | 17,822 | -1,310 | | 3 | 海通期货 | 13,602 | -1.125 | 东证期货 | 8,200 | -115 | 华泰期货 | 7.544 | 302 | | 4 | 东证期货 | 11,700 | -1,801 | 银河期货 | 5,707 | 88 | 东证期货 | 7,246 | -545 | | 5 | 国信期货 | 7,22 ...