Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On April 10, 2025, the Nanhua Composite Index rose 2.66% based on the closing prices of adjacent trading days. All sector indices and theme indices increased. Among sector indices, the Nanhua Energy and Chemical Index had the largest increase of 3.28%, and the Nanhua Agricultural Products Index had the smallest increase of 0.58%. Among theme indices, the Energy Index had the largest increase of 3.66%, and the Oilseeds and Oils Index had the smallest increase of 0.38%. In the single - variety index of commodity futures, the 20 - rubber index had the largest increase of 5.97%, and the Rapeseed Meal index had the largest decline of - 2.3% [1][4][5] Summary by Related Catalogs Market Data of Nanhua Commodity Index - The Nanhua Composite Index closed at 2415.62, up 2.66% from the previous trading day, with an annualized return of - 4.30% and an annualized volatility of 13.93%. Other indices such as the Precious Metals Index, Industrial Products Index, etc., also had corresponding closing prices, daily changes, annualized returns, and annualized volatilities [4] Contribution of Varieties to Indices - For the Nanhua Composite Index, varieties like crude oil had a positive contribution of 24.96%, while some had negative contributions. Similar situations existed for the Nanhua Mini - Composite Index, Nanhua Industrial Products Index, and Nanhua Metal Index [9] Historical Trend of Indices - There are historical trend charts of the Nanhua Composite Index, sector indices, and theme indices (normalized), which can reflect the historical performance of these indices [11][13] Industrial Chain and Single - Variety Index Changes - In the energy and chemical sector, some varieties such as 20 - rubber had a significant increase of 5.97% on the day, and the industrial chain relationship between varieties was presented. In the agricultural products sector, the Rapeseed Meal index had the largest decline of - 2.3%, and the industrial chain relationship between agricultural products was also shown [15][19]

| | | 沪镍产业日报 2025-04-09 对镍需求不利；新能源汽车需求继续爬升，但占比较小影响有限，镍库存去化表现不佳。技术面，成交放 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 量，多空交投分歧。操作上，建议暂时观望。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 118950 | -330 05-06月合约价差:沪镍(日,元/吨) | -90 | 50 | | | LME ...

许在短期内延后降息节奏，但不会终止整体的政策宽松路径。长远来看，黄金在降息预期提振以及央行持 免责声明 续购金的支撑下或维持其强劲上行趋势。白银方面受经济衰退预期影响，工业需求或边际放缓，较强的商 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 | 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) | 728.14 | 8.92 沪银主力合约收盘价(日,元/千克) | 7755 | 72 | | | 主力合约持仓量:沪金(日,手) | 193197 | 6383 主力合约持仓量:沪银(日,手) | 348959 | 3692 | | | 沪金主力前20名净持仓(日,手) | 90152 | 6511 沪银主力前20名净持仓(日,手) | 144009 | -5573 | | | 仓单数量:黄金(日,千克) | 15675 | 0 仓单数量:白银(日,千克) | 1040882 | -63900 | ...

瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 差拉大，操作上建议，工业硅主力合约2505在9530元/吨附近布局多单，止损9480元/吨，注意操作节奏及 风险控制。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 工业硅产业日报 2025-04-07 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价(日,元/吨) | 9550 | -270 主力合约持仓量(日,手) | 179598 | -12882 434 | | | 前20名净持仓(日,手) | -39702 | -1262 广期所仓单(日,手) | 70468 | | | | 5-9月合约价差 ...

Core Viewpoint - The article discusses the recent fluctuations in gold prices, highlighting a significant drop below the $3,000 mark, influenced by liquidity pressures and market expectations [1][6]. Gold Price Movements - On April 7, spot gold prices fell to a low of $2,969.92 per ounce, down $197.82 from the historical high of $3,167.74 on April 3 [1]. - As of 11:25 AM on the same day, spot gold was reported at $3,028.57, a decrease of 0.29%, while COMEX gold rose by 0.30% to $3,044.60 [3]. Domestic Gold Jewelry Prices - Domestic gold jewelry prices have also seen a decline, with notable brands reporting the following prices on April 7: - Chow Tai Fook: 918 CNY per gram, down 44 CNY from April 3 [4][5]. - Lao Miao: 918 CNY per gram, down 43 CNY [4][5]. - Zhou Shengsheng: 912 CNY per gram, down 46 CNY [4][5]. Market Analysis - Economic scholar Pan Helin indicated two main pressures on gold prices: liquidity pressure due to tightening market conditions and the loss of psychological support as prices approached the $3,200 mark [6]. - Baocheng Futures noted that short-term gold bulls might liquidate positions due to liquidity shortages, suggesting a focus on the $3,000 level for market dynamics [7]. - However, Ruida Futures pointed out that the accelerating de-dollarization process and increasing U.S. government debt risks could provide support for gold prices in the medium to long term, recommending a cautious approach in the short term while suggesting to accumulate positions on dips [8].

南华甲醇产业链数据周报20250406： 估值情绪双下行 戴一帆（Z0015428）张博（F03100606） 周度产业链价格总览： | | | | | | 期货 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 今日 | 上周 | 周涨跌 | 上月 | 月涨跌 | 价差 | 今日 | 上周 | 周涨跌 | 上月 | 月涨跌 | | 01合约 | 2469 | 2528 | -59 | 2577 | -108 | 1-5价差 | 0 | -37 | 37 | -28 | 128 | | 05合约 | 2469 | 2565 | -96 | 2605 | -136 | 5-9价差 | 73 | 113 | -40 | 85 | -12 | | 09合约 | 2396 | 2452 | -56 | 2520 | -124 | 9-1价差 | -73 | -76 | | -57 | -16 | | | | | | | 国内市场 | | | | | | | | 今日 | | 上周 ...

Report Date - The report date is April 3, 2025 [1] Industry Investment Rating - Not provided Core Views - Recent urea spot transactions are active, and the spot price has been rising. The small-grain prices in Shandong and Henan are around 1900. As the price rises, the trading volume weakens. The strong expectation has been gradually reflected in the valuation, and it is necessary to observe whether the grass-roots demand around the Tomb-Sweeping Festival can exceed expectations. The urea price will continue to fluctuate. This week, the domestic daily urea production is expected to be around 190,000 tons, running at a high level. In terms of demand, the rice planting in the south is advancing, and agricultural demand is following up. In the industrial sector, compound fertilizer plants are in the high-nitrogen fertilizer production stage, and their purchases are relatively good, but the high-price raw materials have increased the fear of high prices among compound fertilizer plants, and they are becoming more cautious in replenishing stocks. Overall, the urea price will continue to fluctuate, and the expected price range will be maintained. During the agricultural demand season, the market is highly speculative, and the fundamentals are in a gradually balanced supply-demand pattern [4][5] Price Range Forecast - Urea price range is predicted to be 1800 - 2000, with a current 20-day rolling volatility of 19.65% and a 3-year historical percentile of 20.1% - Methanol price range is predicted to be 2400 - 2600, with a current 20-day rolling volatility of 18.49% and a 3-year historical percentile of 42.6% - Polypropylene price range is predicted to be 7200 - 7500, with a current 20-day rolling volatility of 6.49% and a 3-year historical percentile of 6.3% - Plastic price range is predicted to be 7500 - 7800, with a current 20-day rolling volatility of 6.93% and a 3-year historical percentile of 1.4% [3] Urea Hedging Strategy Inventory Management - For high finished product inventory and fear of price decline, sell 25% of UR2505 and UR2505P1 at 1850 - 1950 to lock in profits and cover production costs; buy 50% of put options and sell 50% of UR2505P1850 to prevent price drops and reduce costs; sell 45 - 60% of UR2505C1950 - For high finished product inventory and fear of price rise, buy 50% of UR2505 at 1750 - 1850 to lock in procurement costs [3] Procurement Management - For low procurement inventory and procurement based on orders, sell 75% of UR2505P1750 at 20 - 25 to collect premiums, reduce procurement costs, and lock in the purchase price if the price drops [3] Core Contradictions - Spot transactions are active and prices are rising, but trading volume weakens as prices go up. The strong expectation is reflected in the valuation, and the follow-up demand around the Tomb-Sweeping Festival needs to be observed. Daily production is high, agricultural demand is following up, and industrial demand is cautious. The price will continue to fluctuate [4] 利多解读 - Agricultural demand continues to maintain extremely high demand [5] 利空解读 - Agricultural demand will weaken before and after the Tomb-Sweeping Festival [6]

南华期货铜风险管理报告 2025年4月2日 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 铜价格波动率（日度） | 最新价格 | 近20交易日收盘最大值 | 近20交易日收盘最小值 | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | --- | | 80430 | 82000 | 77510 | 13.59% | 53.1% | source： 南华研究,同花顺 source： 利多因素： 利空因素： 1. 溢价仍存，精废价差少许偏高。 1. 供给端偏紧，铜矿现货TC负值，冶炼厂减产压力增加。 2. 美关税政策影响现货供给，拉高COMEX铜价，同时影响沪铜。 3. 下游接受程度增加。 2. 下游尚未完全消化目前价格。 3. 黄金价格潜在的回调风险。 铜期货盘面数据（日度） | | 单位 | 最新价 | 日涨跌 | 日涨跌幅 | | --- | --- | --- | --- | --- | | 沪铜主力 | 元/吨 | 80430 | 0 | 0% | | 沪铜连一 | 元/吨 | 80430 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For rapeseed meal, in the second quarter, a large amount of South American soybeans will arrive in China, suppressing the soybean meal market price. Rapeseed meal supply pressure has weakened due to a significant decline in rapeseed arrivals this year, and inventory pressure is not large. However, the tariff's marginal impact is weakening, and short - term supply is relatively abundant, causing the spot price to fall and dragging down the futures price. The far - month rapeseed meal is expected to fluctuate strongly due to the uncertainty of future supply [2]. - For rapeseed oil, the supply situation in Canada has loosened, putting downward pressure on rapeseed prices. Domestically, the pressure on the rapeseed oil supply side has weakened in the first quarter, but inventory is rising, constraining the market price. The rapeseed oil market shows short - term supply relaxation but long - term uncertainty. Recently, rapeseed oil has been oscillating strongly and can be participated in short - term [3]. Group 3: Summary by Relevant Catalogs Futures Market - Futures prices of rapeseed oil, rapeseed meal, ICE rapeseed, and rapeseed all decreased. For example, the futures closing price (active contract) of rapeseed oil decreased by 61 yuan/ton, and that of ICE rapeseed decreased by 2.2 Canadian dollars/ton. The net long positions of the top 20 futures holders for rapeseed oil and rapeseed meal decreased, and the rapeseed oil warehouse receipt decreased by 30 [2]. 现货市场 - The spot price of rapeseed oil in Jiangsu remained unchanged at 9350 yuan/ton, while the spot price of rapeseed meal in Nantong decreased by 40 yuan/ton to 2520 yuan/ton. The average price of rapeseed oil remained unchanged, and the import cost of rapeseed increased by 31.64 yuan/ton to 4505.78 yuan/ton [2]. 替代品现货价格 - The spot price of palm oil in Guangdong increased by 50 yuan/ton to 9710 yuan/ton, the spot price of soybean meal in Zhangjiagang decreased by 30 yuan/ton to 3120 yuan/ton. The spot price difference between rapeseed oil and soybean oil increased by 90 yuan/ton to 1060 yuan/ton [2]. 上游情况 - The total monthly rapeseed import volume increased by 1.41 million tons to 33.31 million tons, the total rapeseed inventory of oil mills decreased by 5 million tons to 35 million tons, and the weekly operating rate of imported rapeseed decreased by 3.46% to 21.06% [2]. 产业情况 - The monthly import volume of rapeseed oil and mustard oil increased by 1 million tons to 21 million tons, and the monthly import volume of rapeseed meal increased by 21.55 million tons to 30.77 million tons. The inventory of rapeseed oil and rapeseed meal in different regions changed, with some increasing and some decreasing [2]. 下游情况 - The monthly output of feed increased by 6.8 million tons to 2843.6 million tons, and the monthly output of edible vegetable oil increased by 60.4 million tons to 527.4 million tons. The monthly retail sales of social consumer goods in the catering industry decreased by 253 billion yuan to 5549 billion yuan [2]. 期权市场 - The implied volatility of at - the - money call and put options for rapeseed meal increased, and the historical volatility also increased. The implied volatility of at - the - money call and put options for rapeseed oil increased slightly, while the 20 - day historical volatility decreased [2]. 行业消息 - The Canadian rapeseed futures market on the Intercontinental Exchange (ICE) had mixed results on Monday. The Brazilian soybean harvest is about 80% complete, and the soil moisture in Argentine crop - growing areas has improved, putting pressure on international soybean prices. The USDA planting intention report shows that the estimated soybean planting area in the United States in 2025 is 83.495 million acres, lower than market expectations [2].

Group 1: Investment Rating - No investment rating for the industry is provided in the report [1] Group 2: Core View - The report believes that the 7.9 - magnitude earthquake in Myanmar on March 28, although the epicenter is some distance from the main tin - mining areas, is likely to delay the resumption of production in the tin mines. The tin price volatility may remain high in the short term, and the absolute price is expected to decline slightly as the earthquake has caused an over - increase in the price, and it is expected to give back some of the irrational gains. The overall view is a slight decline [1] Group 3: Summary by Related Catalogs 1. Disk Review - The Shanghai Tin Index opened high and closed low on Monday, finally stabilizing at 282,000 yuan per ton [2] 2. Industrial Performance - The fundamentals of the tin industry remain stable [2] 3. Futures Price - The closing price of the Shanghai Tin futures main contract is 282,350 yuan/ton, with no change; the Shanghai Tin continuous - one contract is 282,350 yuan/ton, with no change; the Shanghai Tin continuous - three contract is 282,290 yuan/ton, with no change; the LME Tin 3M is 35,895 US dollars/ton, up 640 US dollars or 1.82%; the Shanghai - London ratio is 7.8, down 0.11 or 1.39% [3] 4. Spot Price - The price of Shanghai Non - ferrous tin ingots is 282,200 yuan/ton, up 5,200 yuan or 1.88% week - on - week; 1 tin premium is 400 yuan/ton, up 200 yuan or 100% week - on - week; 40% tin concentrate is 269,700 yuan/ton, up 5,200 yuan or 1.97% week - on - week; 60% tin concentrate is 273,700 yuan/ton, up 5,200 yuan or 1.94% week - on - week; 60A solder bar is 182,750 yuan/ton, up 3,000 yuan or 1.67% week - on - week; 63A solder bar is 190,750 yuan/ton, up 3,500 yuan or 1.87% week - on - week; lead - free solder is 288,750 yuan/ton, up 5,000 yuan or 1.76% week - on - week [7] 5. Import Profit and Processing Fee - The tin import profit is - 23,395.74 yuan/ton, down 2,911.56 yuan or 14.21% day - on - day; the 40% tin ore processing fee is 12,700 yuan/ton, with no change; the 60% tin ore processing fee is 10,550 yuan/ton, up 2,000 yuan or 23.39% [11] 6. Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 8,946 tons, up 116 tons or 1.31% day - on - day; the warehouse receipt quantity in Guangdong is 4,435 tons, up 81 tons or 1.86% day - on - day; the warehouse receipt quantity in Shanghai is 3,346 tons, up 35 tons or 1.06% day - on - day; the total LME tin inventory is 3,050 tons, down 55 tons or 1.77% [15]