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 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 产量继续受限。需求端，锡价上涨，下游及终端企业抑制了本就低迷采买情绪，多数企业对当前高位持观 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 望态度，国内库存持稳，现货升水回升至200元/吨；LME库存小幅增加，现货升水持稳。技术面，持仓下 降价格震荡，多空分歧增加。观点参考：预计沪锡高位调整，关注29关口支撑。 免责声明 | | | 沪锡产业日报 2025-11-20 | 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:沪锡(日,元/吨) | 292030 | -1340 12月-1月合约收盘价:沪锡(日,元/吨) | -500 | 150 | | | ...

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. Different commodities have different market trends and investment suggestions due to their own supply - demand relationships, cost factors, and external market environments [5]. Summary by Commodity Categories Fixed - Income - **Treasury Bonds**: The previous trading day saw a decline in treasury bond futures. With the current macro - economic situation and market conditions, there is still some pressure on treasury bond futures, and caution is advised [5]. - **Stock Index Futures**: The previous trading day showed mixed performance. Given the current domestic economic situation, market sentiment, and external factors, the risk of a significant decline is low, and investors can choose the right time to go long [7][8]. Precious Metals - **Gold and Silver**: The previous trading day witnessed price increases. Considering the global trade and financial environment, central bank actions, and the current price level, it is advisable to wait and see for a long - position opportunity [10]. Base Metals - **Copper**: The previous trading day had a slight increase. Affected by macro - economic factors and supply - demand relationships, copper prices are expected to fluctuate at a high level [47]. - **Aluminum**: The previous trading day had a slight decline. Alumina supply is relatively loose, and aluminum needs to beware of seasonal consumption pressure and profit - taking, with a possible phased correction [49]. - **Zinc**: The previous trading day remained flat. With tight supply of zinc concentrates and weak downstream demand, zinc prices are expected to fluctuate within a range [52]. - **Lead**: The previous trading day had a slight increase. Due to supply and demand factors, lead prices are expected to operate within a range [54]. - **Tin**: The previous trading day had a slight decline. With tight supply and certain demand support, tin prices are expected to fluctuate strongly [56]. - **Nickel**: The previous trading day had an increase. Facing supply - demand contradictions, nickel prices are expected to fluctuate [58]. Ferrous Metals - **Rebar and Hot - Rolled Coil**: The previous trading day had a slight decline. Considering supply - demand relationships and technical aspects, prices are expected to be weak in the medium - term, and investors can focus on short - selling opportunities at high levels during rebounds [12]. - **Iron Ore**: The previous trading day had a slight rebound. With a weak supply - demand pattern and technical resistance, investors can focus on short - selling opportunities at high levels [14]. - **Coking Coal and Coke**: The previous trading day had a significant decline. Based on supply - demand changes and technical analysis, there may be a short - term correction, and investors can focus on buying opportunities during the correction [16]. - **Ferroalloys**: The previous trading day had a decline. With high - level production decline, weak demand recovery, and cost support, investors can consider long - position opportunities at low levels [18]. Energy - **Crude Oil**: The previous trading day had an upward trend. Considering supply - demand factors and market news, there are concerns about supply surplus, and investors can focus on short - selling opportunities in the short - term [20][21]. - **Fuel Oil**: The previous trading day had a weak performance. With mixed supply - demand factors, investors can focus on short - selling opportunities [23][24]. Chemicals - **Polyolefins**: The previous trading day had a weak performance. With improved downstream demand in some areas, investors can focus on long - position opportunities [26]. - **Synthetic Rubber**: The previous trading day had an increase. It is expected to operate in a volatile manner, and attention should be paid to raw material prices and supply changes [28]. - **Natural Rubber**: The previous trading day had an increase. With supply and demand factors, there is still room for short - term price increases, and investors can focus on long - position opportunities [31]. - **PVC**: The previous trading day had a decline. With an oversupply situation, attention should be paid to supply - side changes [33]. - **Urea**: The previous trading day had a slight increase. It is expected that the market will decline slightly in the next period, but the downside space is limited [35]. - **PX**: The previous trading day had an increase. With improved short - term supply - demand structure, it is expected to fluctuate and adjust, and investors can participate in the range [37]. - **PTA**: The previous trading day had an increase. With low processing fees, low inventory, and cost factors, it is expected to operate in a volatile manner, and caution is needed [39]. - **Ethylene Glycol**: The previous trading day had a decline. With increased supply and inventory, it is expected to be under pressure in the short - term, and attention should be paid to inventory and supply changes [40]. - **Short - Fiber**: The previous trading day had an increase. With high - level supply, stable demand, and enhanced cost - driving, it is expected to fluctuate with costs [43]. - **Bottle Chips**: The previous trading day had an increase. With raw material price support and stable supply and demand, it is expected to follow cost fluctuations [44]. - **Lithium Carbonate**: The previous trading day had a significant increase. With strong supply and demand, inventory is being depleted, and attention should be paid to consumption sustainability [45]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day had different performances. With sufficient soybean supply and improved demand for soybean oil, investors can focus on long - position opportunities for soybean oil and consider exiting long positions for soybean meal [59]. - **Palm Oil**: The previous trading day had an increase. Affected by supply - demand factors, investors can consider long - position opportunities during corrections [61]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day had a decline. With supply - demand and external factors, investors can consider a long - position strategy for rapeseed oil [63]. - **Cotton**: The previous trading day had a slight rebound. With increased global and US production and inventory, and domestic supply and demand factors, cotton prices are expected to be weak [66]. - **Sugar**: The previous trading day had a decline. With global production expectations and domestic supply pressure, sugar prices are expected to fluctuate weakly [70]. - **Apples**: The previous trading day had a high - level volatile operation. With current inventory and market conditions, apple prices are expected to operate strongly [74]. - **Pigs**: The previous trading day had a price increase. With sufficient supply and uncertain demand, investors can consider short - selling opportunities during rebounds [77]. - **Eggs**: The previous trading day had a price decline. With high - level supply and weak demand, investors can consider closing short positions gradually [79]. - **Corn and Starch**: The previous trading day had an increase. With new - season corn supply pressure and inventory factors, it is advisable to wait and see for corn, and starch may follow the corn market [81].

| | | 沪锡产业日报 2025-11-19 吨；LME库存小幅增加，现货升水持稳。锡价29万关口存在支撑。技术面，持仓回升价格止跌，多空分歧 增加。观点参考：预计沪锡高位调整，关注29-29.6。 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:沪锡(日,元/吨) | 293370 | 4480 12月-1月合约收盘价:沪锡(日,元/吨) | -650 | -60 | | | LME3个月锡(日,美元/吨) | 36860 | -40 主力合约持仓量 ...

. 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本公司保留追究相关责任的权力。所有本报告中使用的商标、服务标记及标记均为本公司的商标、服务标记及标记。 贵金属日度观点 尽管从中长期维度看，央行购金以及投资需求 ...

Group 1: Overall Investment Ratings and Core Views Investment Ratings The report does not explicitly provide an overall industry investment rating. Core Views - The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. The bond market, stock market, and various commodity markets show different trends and investment opportunities based on their respective fundamentals [6][9][13]. Group 2: Fixed - Income (Treasury Bonds) - **Market Performance**: On the previous trading day, treasury bond futures closed higher across the board. The 30 - year, 10 - year, 5 - year, and 2 - year主力 contracts rose by 0.33%, 0.09%, 0.05%, and 0.03% respectively. The central bank conducted 283 billion yuan of 7 - day reverse repurchase operations, with a net investment of 163.1 billion yuan on that day. From January to October, the national general public budget revenue increased by 0.8% year - on - year [5]. - **Outlook**: Treasury bond futures are expected to face some pressure, and a cautious approach is recommended [6][7]. Group 3: Equities (Stock Index Futures) - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300, SSE 50, CSI 500, and CSI 1000 index futures主力 contracts fell by 0.89%, 1.12%, 0.50%, and 0.26% respectively [8]. - **Outlook**: Although the domestic economic recovery momentum is weak and corporate profit growth is low, the valuation of domestic assets is low, and there is room for repair. The risk of a sharp decline in the stock index is small, and investors can consider going long at an appropriate time [9][10][11]. Group 4: Precious Metals - **Market Performance**: On the previous trading day, the gold主力 contract closed at 929.46, down 2.49%, and the silver主力 contract closed at 11,933, down 3.57%. Japan's Q3 GDP showed a decline, while the EU raised its GDP growth forecast for the eurozone in 2025 [12]. - **Outlook**: The global trade and financial environment is complex, which is beneficial to the allocation and hedging value of gold. However, the recent sharp rise in precious metals has led to high prices and increased volatility. It is advisable to wait and see for long - entry opportunities [13][14]. Group 5: Ferrous Metals (Rebar, Hot - Rolled Coil, Iron Ore, Coking Coal and Coke, Ferroalloys) Rebar and Hot - Rolled Coil - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The spot price of Tangshan billet was 2,980 yuan/ton, Shanghai rebar was 3,090 - 3,230 yuan/ton, and Shanghai hot - rolled coil was 3,270 - 3,290 yuan/ton [15][16]. - **Outlook**: In the medium term, the price of rebar is likely to remain weak due to the weak demand from the real estate industry and high inventory. The trend of hot - rolled coil is expected to be similar. Technically, there may be a short - term rebound, and investors can consider shorting at high positions during the rebound [16]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rebounded significantly. The spot price of PB powder was 790 yuan/ton, and that of Super Special powder was 680 yuan/ton [18]. - **Outlook**: The supply - demand pattern of the iron ore market is weak. Technically, the rebound may face resistance. Investors can consider shorting at high positions [18]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures rebounded slightly. The supply of coking coal is slightly tight, while the demand for high - priced coking coal has decreased. The fourth - round increase in the spot purchase price of coke has been implemented [20][21]. - **Outlook**: Technically, coking coal and coke futures may stop falling and rebound. Investors can consider buying on dips [21]. Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon主力 contract rose 0.73% to 5,792 yuan/ton, and the silicon - iron主力 contract rose 1.38% to 5,566 yuan/ton. The supply of manganese ore has decreased, and the cost of ferroalloys has increased. The production of ferroalloys has declined, and the demand is weak [23]. - **Outlook**: The over - supply situation of ferroalloys has eased. After a decline, investors can consider long - entry opportunities when the spot is in the loss - making range [24]. Group 6: Energy (Crude Oil, Fuel Oil) Crude Oil - **Market Performance**: On the previous trading day, INE crude oil fluctuated slightly and closed near the 5 - day moving average. The CFTC position report was suspended due to the US government shutdown. The number of US oil and gas rigs increased, and Russia was attacked, which affected the oil market [25]. - **Outlook**: Although the number of rigs has increased, the growth of US crude oil production is still uncertain. The attack on Russia is positive for oil prices, but there are still concerns about oversupply. It is advisable to wait and see [26][27]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil fluctuated downward. The expected supply of fuel oil is sufficient, but the sanctions on Russia and the reduction of Sino - US trade frictions have positive effects [28][29][30]. - **Outlook**: It is advisable to wait and see for the fuel oil主力 contract [31]. Group 7: Chemicals (Polyolefins, Synthetic Rubber, Natural Rubber, PVC, Urea, PX, PTA, Ethylene Glycol, Short - Fiber, Bottle - Chip, Lithium Carbonate) Polyolefins - **Market Performance**: In the previous trading day, the PP market in Hangzhou showed high - level loosening, and the LLDPE market in Yuyao adjusted. The average downstream industry start - up rate of domestic polypropylene increased slightly, and the demand for some packaging products increased [32]. - **Outlook**: Investors can pay attention to long - entry opportunities [33]. Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber主力 contract fell 0.14%. The price of raw material butadiene rebounded, and the capacity utilization rate of the high - cis butadiene rubber industry increased [34]. - **Outlook**: The price of synthetic rubber is expected to fluctuate widely with limited downward space. Pay attention to the raw material and supply situation [34]. Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber主力 contract rose 0.20%. The supply in domestic and overseas production areas is affected by weather, and the demand from some enterprises has decreased. Thailand's natural rubber exports decreased year - on - year [35]. - **Outlook**: Investors can pay attention to long - entry opportunities [35]. PVC - **Market Performance**: On the previous trading day, the PVC主力 contract fell 0.07%. The supply is still in excess, and the profit of the industrial chain has declined. The social inventory has decreased slightly [36]. - **Outlook**: Pay attention to the changes in exports and supply reduction after the festival [36]. Urea - **Market Performance**: On the previous trading day, the urea主力 contract rose 0.79%. The supply has increased, the agricultural demand is coming to an end, and the industrial demand is insufficient. The inventory situation is different from the previous week's expectation [37]. - **Outlook**: The urea market is expected to decline slightly in the next period, but the downward space is limited [37][38]. PX - **Market Performance**: On the previous trading day, the PX主力 contract fell 0.76%. The PXN spread is relatively stable, the supply has decreased slightly, and the cost is affected by the oil price [39]. - **Outlook**: In the short term, PX may fluctuate and adjust, with support at the bottom. Investors can participate in the range, pay attention to the oil price and macro - policies [39]. PTA - **Market Performance**: On the previous trading day, the PTA2601主力 contract fell 0.42%. The supply load has been adjusted, the demand of the polyester industry is relatively stable, and the processing fee has decreased [40][41]. - **Outlook**: In the short term, PTA may fluctuate. Investors should be cautious, control risks, and pay attention to the oil price [41]. Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol主力 contract rose 0.36%. The overall start - up load has decreased, the port inventory has increased, and the demand support is limited [42]. - **Outlook**: In the short term, ethylene glycol may be under pressure. Pay attention to port inventory and supply changes [42]. Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2602主力 contract fell 0.16%. The supply load is high, the demand has not changed much, and the cost drive has increased [43]. - **Outlook**: In the short term, short - fiber may fluctuate with the cost. Investors should control risks and pay attention to cost changes and macro - policy adjustments [44]. Bottle - Chip - **Market Performance**: On the previous trading day, the bottle - chip 2601主力 contract fell 0.24%. The processing fee has been adjusted, the supply load has decreased, the export growth has slowed down, but it is still at a high level [45]. - **Outlook**: In the future, bottle - chip is expected to fluctuate with the cost. Investors should control risks [45]. Lithium Carbonate - **Market Performance**: On the previous trading day, the主力 contract rose 9% to 95,200 yuan/ton. The supply is still at a high level, and the demand in the energy storage and power battery sectors has improved, and the inventory has decreased [46]. - **Outlook**: Pay attention to the sustainability of consumption [46]. Group 8: Non - Ferrous Metals (Copper, Aluminum, Zinc, Lead, Tin, Nickel) Copper - **Market Performance**: On the previous trading day, the Shanghai copper主力 contract closed at 86,320 yuan/ton, down 0.1%. The US government shutdown ended, and China's economic data in October was weak. The supply of copper concentrate is tight, and the terminal demand is affected by high raw material prices [47][48]. - **Outlook**: Copper prices are expected to remain high and fluctuate [48][49]. Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum主力 contract closed at 21,625 yuan/ton, down 0.48%, and the alumina主力 contract closed at 2,790 yuan/ton, down 0.36%. The supply of bauxite is stable, the supply of alumina is loose, and the demand is weakening [50]. - **Outlook**: There may be a phased correction [50][51]. Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc主力 contract closed at 22,390 yuan/ton, down 0.22%. The supply of zinc concentrate is tight, the production of refined zinc has decreased, and the demand is average [52][53]. - **Outlook**: Zinc prices are expected to fluctuate within a range [53][54]. Lead - **Market Performance**: On the previous trading day, the Shanghai lead主力 contract closed at 17,275 yuan/ton, down 0.86%. The supply of primary lead is affected by maintenance, the production of recycled lead is growing slowly, and the demand is in the off - season [55]. - **Outlook**: Lead prices are expected to run within a range [55][56]. Tin - **Market Performance**: On the previous trading day, the tin主力 contract fell 1.12% to 290,940 yuan/ton. The supply of tin ore is tight, and the demand shows some resilience in emerging fields [57]. - **Outlook**: Tin prices are expected to fluctuate strongly [57]. Nickel - **Market Performance**: On the previous trading day, the nickel主力 contract fell 0.71% to 116,990 yuan/ton. The price of nickel ore is stable, the production of nickel - iron is affected, and the demand is weak [58][59]. - **Outlook**: Nickel prices are expected to fluctuate [59]. Group 9: Agricultural Products (Soybean Oil and Meal, Palm Oil, Rapeseed Meal and Oil, Cotton, Sugar, Apple, Live Pigs, Eggs, Corn and Starch) Soybean Oil and Meal - **Market Performance**: On the previous trading day, the soybean meal main contract fell 1.23% to 3,043 yuan/ton, and the soybean oil main contract fell 0.14% to 8,282 yuan/ton. The Brazilian soybean planting progress is slower, and the US soybean production is slightly adjusted. The domestic soybean supply is relatively loose, and the inventory of soybean oil and meal has different trends [60]. - **Outlook**: For soybean meal, investors can consider exiting long positions when it continues to rise. For soybean oil, pay attention to long - entry opportunities at the low - cost support level [61]. Palm Oil - **Market Performance**: The Malaysian palm oil market is affected by the exchange rate and export data. The domestic palm oil imports have decreased, and the inventory is at a medium level. The catering industry shows growth [62]. - **Outlook**: Consider buying on dips [63]. Rapeseed Meal and Oil - **Market Performance**: The Canadian rapeseed market is affected by the US soybean market. The import of Canadian rapeseed has not restarted, and the inventory of rapeseed, meal, and oil in China has different trends [64]. - **Outlook**: For rapeseed oil, consider a long - biased strategy [65]. Cotton - **Market Performance**: The US Department of Agriculture raised the global and US cotton production and inventory forecasts. The domestic cotton production is expected to be high, and the demand is weak after the peak season [65][66]. - **Outlook**: Cotton prices are expected to run weakly [66][67]. Sugar - **Market Performance**: The Brazilian sugar production is in the seasonal decline period, while India has a strong production increase expectation. The domestic sugar production in the north has started, and the import volume is expected to be high in the fourth quarter [68][69][70][71]. - **Outlook**: Sugar prices are expected to fluctuate weakly [72]. Apple - **Market Performance**: The domestic apple futures are oscillating at a high level. The inventory is lower than last year, and the quality of this year's apples is poor [73]. - **Outlook**: Apple prices are expected to run strongly [74]. Live Pigs - **Market Performance**: The national average price of live pigs has decreased. The supply may increase in the second half of the month, and the demand is expected to be weak in the short term [75][77]. - **Outlook**: Consider shorting on rebounds and pay attention to changes in consumption [77]. Eggs - **Market Performance**: The price of eggs has decreased slightly. The egg - laying hen inventory is at a high level but may decline slightly in November. The consumption may be supported after the temperature drops [78]. - **Outlook**: Consider gradually closing short positions [79]. Corn and Starch - **Market Performance**: The corn主力 contract was flat, and the corn starch主力 contract fell 0.60%. The US corn production was adjusted downward, and the demand for corn shows a slight increase. The inventory of corn and starch has different trends [80][81]. - **Outlook**: It is advisable to wait and see for corn, and corn starch is expected to follow the corn market [82].

沪锡产业日报 2025-11-17 | | | | 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:沪锡(日,元/吨) | 290360 | -1090 12月-1月合约收盘价:沪锡(日,元/吨) | -560 | -110 | | | LME3个月锡(日,美元/吨) | 36860 | -205 主力合约持仓量:沪锡(日,手) | 31904 | -4437 | | | 期货前20名净持仓:沪锡(日,手) | -636 | 305 LME锡:总库存(日,吨) | 3065 | 10 | | | 上期所库存:锡(周,吨) | 6258 | 266 LME锡:注销仓单(日,吨) | 115 | 25 | | | 上期所仓单:锡(日,吨) | 6099 | 167 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 289900 | -2200 长江有色市场1#锡现货价(日,元/吨) | 290090 | -2950 | | | 沪锡主力合约基差(日,元 ...

王文虎(F03087656,Z0019472),联系电话:010-82293558 | 沪锡日评20251117: 多位美联储官员对12月降息转鹰或施压锡价 | | | | | --- | --- | --- | --- | | 变量名称 2025-11-13 2025-11-14 | 2025-11-10 | 较昨日变动 | 近期走势 | | 收盘价 291 450 298140 沪锡朗货活跃合约 | 286560 | -6, 690.00 | | | 成交量(手) 103936 151802 | 70764 | -47. 866. 00 | | | 持仓量(手) 36341 43594 | 34257 | -7.253.00 | | | 库存(吨) 5932 8699 | 5694 | 234. 00 | | | 沪锡县差 SMM 1#锡平均价 292100 296000 | 285800 | -3. 900. 00 | | | (现货与期货) 沪锡基差 650 -2140 | -760 | 2, 790. 00 | | | 沪锡近月-沪锡连一 550 -890 | -580 | 1, 440. 00 | ...

Core Viewpoint - The domestic commodity futures market opened with mixed results, with agricultural products leading the gains, while energy and precious metals experienced declines [1] Group 1: Agricultural Products - Agricultural products showed significant gains, with apples rising by 1.34% [1] - Soybeans also saw an increase, with soybean one up by 1.19% [1] Group 2: Chemical Products - Most chemical products experienced an upward trend, highlighted by a 1.32% increase in styrene [1] Group 3: Black Metals - The black metal sector displayed mixed performance, with iron ore increasing by 0.52% [1] Group 4: New Energy Materials - New energy materials faced notable declines, particularly lithium carbonate, which fell by 1.27% [1] Group 5: Basic Metals - The majority of basic metals saw a downturn, with tin on the Shanghai market dropping by 1.15% [1] Group 6: Shipping Futures - All shipping futures declined, with the European shipping index falling by 0.88% [1] Group 7: Non-Metallic Building Materials - Non-metallic building materials exhibited mixed results, with glass prices decreasing by 0.76% [1] Group 8: Energy Products - Most energy products experienced declines, with fuel oil dropping by 0.54% [1] Group 9: Precious Metals - Precious metals faced a downward trend, with Shanghai gold decreasing by 0.12% [1]

今日沪锡 合约延续近期反弹趋势，整体呈现"高开高走，高 位震荡"的运行特征。早盘以 元 吨开盘后，受宏观情绪回 暖及有色金属板块普涨带动，随后因下游按需采购的谨慎心态制 约，盘面小幅回落至 元 吨的日内低点；午后多空博弈加 剧，价格在高位区间震荡整理，最终以 元 吨收盘。今日成 交量为 手。 2 | 交割月份 | 前结算 | 今开盘 | 曹煌树 | 图低价 | 收盘价 | 结算参 | 涨跌1 | 涨跌2 | 成交手 | 成交顾 | 持仓手/变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | જ્રીસ | | | | | | | | 商品名称:锡 | | | | | | | | | | | | | | 2511 | 285390 | 285980 | 287020 | 285980 | 287020 | 286190 | 1630 | 800 | 54 | 1545.47 | 1184 | 16 | | 2512 | 285790 | 287510 | 2884 ...

1. Report Industry Investment Ratings There is no information about industry investment ratings provided in the report. 2. Core Views of the Report - **Treasury Bonds**: Expect no trend - based market, maintain caution [6][7] - **Stock Index Futures**: Low risk of significant decline, consider buying at appropriate times [10][11] - **Precious Metals**: Short - term pricing is relatively full, take profit on previous long positions and then wait and see [12][13] - **Rebar and Hot - Rolled Coil**: The mid - term weakness of rebar prices is hard to change, and hot - rolled coil may follow the same trend. Look for high - level short - selling opportunities [14] - **Iron Ore**: The supply - demand pattern has weakened, and it may continue to be weak in the short term. Look for high - level short - selling opportunities [16] - **Coking Coal and Coke**: Look for opportunities to buy on dips [18] - **Ferroalloys**: In the short term, supply may be in excess. Consider low - level long - buying opportunities when the spot falls into the loss range again [20][21] - **Crude Oil**: The Baker Hughes rig count has increased, but the increase in US crude oil production is still a long - term task. OPEC's suspension of production increase supports oil prices. Temporarily wait and see [23][24] - **Fuel Oil**: Supply is expected to be sufficient, but there are also positive factors. Temporarily wait and see [25][27] - **Polyolefins**: Look for long - buying opportunities [28][29] - **Synthetic Rubber**: Expected to fluctuate [30][32] - **Natural Rubber**: Look for long - buying opportunities [33][34] - **PVC**: Pay attention to changes in the supply side [35][36] - **Urea**: The downside space is limited [37][38] - **Para - Xylene (PX)**: May fluctuate and adjust, with support below. Participate within the range and pay attention to crude oil changes [39][40] - **PTA**: May fluctuate. Be cautious, control risks, and pay attention to oil price changes [41] - **Ethylene Glycol**: May be under pressure in the short term. Pay attention to port inventory and supply changes [42][43] - **Short - Fiber**: May fluctuate following costs. Control risks and pay attention to cost changes and macro - policy adjustments [44] - **Bottle Chips**: Expected to fluctuate following the cost side. Control risks [45] - **Lithium Carbonate**: Pay attention to the sustainability of consumption [46][47] - **Copper**: Expected to fluctuate at a high level [48][49] - **Aluminum**: Expected to run at a high level [50][52] - **Zinc**: Adopt a high - selling and low - buying strategy [53][54] - **Lead**: Expected to fluctuate strongly [55][56] - **Nickel**: Expected to fluctuate strongly [58] - **Tin**: Expected to fluctuate [57] - **Soybean Oil and Soybean Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, look for long - buying opportunities in the low - cost support range [59][61] - **Palm Oil**: Consider buying on dips [62][63] - **Rapeseed Meal and Rapeseed Oil**: Consider a buy - near and sell - far strategy for rapeseed meal [64][65] - **Cotton**: Expected to run weakly [66][67] - **Sugar**: Expected to fluctuate [69][72] - **Apples**: Expected to run strongly [73][76] - **Hogs**: Consider short - selling on rebounds [77][78] - **Eggs**: Hold short positions [79][82] - **Corn and Starch**: For corn, wait and see; for corn starch, it may follow the corn market [83][85] 3. Summaries According to Relevant Catalogs Treasury Bonds - **Market Performance**: On the previous trading day, treasury bond futures closed up across the board. The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 130 billion yuan [5] - **Analysis**: Macroeconomic data is stable, but the recovery momentum is weak. Monetary policy is expected to be loose. Treasury bond yields are at a relatively low level. Expect no trend - based market [5][6] Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results [8] - **Analysis**: The domestic economy is stable, but the recovery momentum is weak. Corporate profit growth is low. However, asset valuations are low, and the economy has resilience. Market sentiment has warmed up, and the risk of significant decline is low [10] Precious Metals - **Market Performance**: On the previous trading day, the gold main contract closed down 0.33%, and the silver main contract closed up 1.62% [12] - **Analysis**: The global trade and financial environment is complex. The US labor market is slowing down, which is beneficial for precious metals. However, the recent increase has been large, and the pricing is relatively full [12] Rebar and Hot - Rolled Coil - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures showed weak fluctuations [14] - **Analysis**: In the long - term, the real estate industry is in a downward trend, and rebar demand is decreasing. In the medium - term, it is the traditional demand season, but inventory pressure is high [14] Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rebounded slightly [16] - **Analysis**: Iron ore demand is falling, supply is increasing, and port inventory has exceeded last year's level. The supply - demand pattern has weakened [16] Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures continued to correct [18] - **Analysis**: Coking coal supply is slightly tight, and demand is weak. Coke supply is decreasing, and demand from steel mills is also weakening [18] Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon main contract fell 0.41%, and the silicon - iron main contract fell 0.83% [20] - **Analysis**: Supply is in short - term excess, but costs are rising. Consider long - buying opportunities when the spot falls into the loss range [20][21] Crude Oil - **Market Performance**: On the previous trading day, INE crude oil oscillated upward [22] - **Analysis**: The increase in US crude oil production is difficult, Russian production is below the quota, and OPEC's suspension of production increase supports oil prices [22][23] Fuel Oil - **Market Performance**: On the previous trading day, fuel oil oscillated upward but was blocked by the 5 - day moving average [25] - **Analysis**: Long - term supply is abundant, and inventory is increasing. There are both positive and negative factors [25][26] Polyolefins - **Market Performance**: On the previous trading day, the PP market in Hangzhou mostly declined, and the LLDPE price in Yuyao fell [28] - **Analysis**: Terminal demand has increased due to e - commerce stockpiling, but new orders may decrease after the e - commerce event [28] Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber main contract rose 1.51% [30] - **Analysis**: Raw material prices have fallen, supply is tight in some areas, and demand has slightly increased. Expected to fluctuate [30][31] Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber main contract rose 0.56%, and the 20 - rubber main contract rose 0.12% [33] - **Analysis**: Supply is affected by typhoons, and demand from tire enterprises has slightly increased. Pay attention to production area conditions and demand expectations [33] PVC - **Market Performance**: On the previous trading day, the PVC main contract fell 0.22% [35] - **Analysis**: The supply - demand pattern is still oversupplied, but the downward space is limited. Pay attention to exports and supply reduction [35][36] Urea - **Market Performance**: On the previous trading day, the urea main contract rose 0.42% [37] - **Analysis**: Supply is increasing slightly, demand is affected by environmental protection, and profits are falling. Expected to decline slightly [37] Para - Xylene (PX) - **Market Performance**: On the previous trading day, the PX main contract fell 0.32% [39] - **Analysis**: Short - term supply - demand structure has improved, and it may oscillate and adjust with support below [39][40] PTA - **Market Performance**: On the previous trading day, the PTA2601 main contract fell 0.17% [41] - **Analysis**: Supply and demand are in a state of mismatch, processing fees are low, and it may oscillate [41] Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol main contract fell 0.77% [42] - **Analysis**: Supply is slightly reduced, inventory is increasing, and it may be under pressure in the short term [42][43] Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2512 main contract fell 0.13% [44] - **Analysis**: Supply is at a relatively high level, demand is stable, and it may oscillate following costs [44] Bottle Chips - **Market Performance**: On the previous trading day, the bottle chips 2601 main contract fell 0.35% [45] - **Analysis**: Raw material prices provide support, export growth is slowing down, and it may oscillate following the cost side [45] Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract fell 0.21% [46] - **Analysis**: Supply is at a high level, consumption is improving, and inventory is decreasing. Pay attention to consumption sustainability [46][47] Copper - **Market Performance**: On the previous trading day, the Shanghai copper main contract rose 0.78% [48] - **Analysis**: Global copper mine supply is tight, demand is mixed, and it may oscillate at a high level [48] Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum main contract rose 0.85%, and the alumina main contract fell 0.25% [50] - **Analysis**: Aluminum supply is in a complex situation, demand is differentiated, and it may run at a high level [50][51] Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc main contract rose 0.2% [53] - **Analysis**: Zinc concentrate processing fees are under pressure, demand is weak, and it may oscillate within a range [53] Lead - **Market Performance**: On the previous trading day, the Shanghai lead main contract rose 0.8% [55] - **Analysis**: Lead concentrate processing fees are under pressure, supply recovery is affected, and demand has recovered slightly. It may oscillate strongly [55] Nickel - **Market Performance**: On the previous trading day, the main contract rose 2.24% [58] - **Analysis**: Supply is tight, demand has some resilience, and it may oscillate strongly [58] Tin - **Market Performance**: On the previous trading day, the main contract fell 0.01% [57] - **Analysis**: Supply and demand are in a complex situation, and it may oscillate [57] Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, the soybean meal main contract rose 0.03%, and the soybean oil main contract rose 0.44% [59] - **Analysis**: Brazilian soybean planting progress is slow, oil factory压榨量 is falling, and inventory pressure is still large [59][61] Palm Oil - **Market Performance**: Malaysian palm oil fell after two days of gains [62] - **Analysis**: Malaysian palm oil exports are falling, inventory is at a high level, and it may decline seasonally. Consider buying on dips [62][63] Rapeseed Meal and Rapeseed Oil - **Market Performance**: Canadian rapeseed rose slightly [64] - **Analysis**: There is no news of resuming the import of Canadian rapeseed. Inventory levels of rapeseed, rapeseed meal, and rapeseed oil are different. Consider a buy - near and sell - far strategy for rapeseed meal [64][65] Cotton - **Market Performance**: Domestic Zheng cotton fell slightly, and international cotton fell 0.7% [66] - **Analysis**: China's cotton production is expected to be high, and international cotton is under seasonal pressure. It may run weakly [66][67] Sugar - **Market Performance**: Zheng sugar oscillated, and international raw sugar rebounded 2% [69] - **Analysis**: Brazilian sugar production is expected to increase, and China will face pressure from domestic and imported sugar. It may oscillate [69][72] Apples - **Market Performance**: Domestic apple futures oscillated at a high level [73] - **Analysis**: The opening price is higher than last year, inventory is lower, and the quality of late - maturing apples is poor. It may run strongly [73][76] Hogs - **Market Performance**: The national average hog price fell, and the main contract fell 0.55% [77][78] - **Analysis**: Supply pressure may increase in the second half of the month. Consider short - selling on rebounds [77][78] Eggs - **Market Performance**: The average price of eggs in the main producing areas fell, and the main contract fell 3.25% [79][82] - **Analysis**: Egg production is at a high level, but supply may improve marginally. Consumption may be weak. Hold short positions [79][82] Corn and Starch - **Market Performance**: Corn and corn starch main contracts rose slightly [83] - **Analysis**: New - season corn production is high, import may increase, and demand is slightly increasing. For corn, wait and see; for corn starch, it may follow the corn market [83][85]