图为商品期货资金流入前十名（亿元） 单品种看，昨日资金主要流入的商品期货（主连合约）品种有燃料油、螺纹钢、短纤、集运指数(欧线)和橡 胶，分别流入4.25 亿元、0.84 亿元、0.72 亿元、0.63 亿元和0.50 亿元；主要流出的品种有烧碱、焦煤、白银、 鸡蛋和锌，分别流出1.25 亿元、1.21 亿元、1.04 亿元、0.92 亿元和0.91 亿元。从主力合约看，金融期货和化工 板块呈流入状态，黑色、有色金属和农产品板块呈流出状态。 整体看，昨日商品期货（主连合约）资金呈微幅流出状态。黑色、有色金属和农产品板块呈流出状态，重点关 注流出较多的焦煤、白银、鸡蛋、锌和铝，同时关注逆势流入的螺纹钢和多晶硅。化工板块呈流入状态，重点 关注流入较多的燃油、短纤和乙二醇，同时关注逆势流出的原油。金融板块重点关注中证500股指期货和30年 期国债期货。（徽商期货 方正） 图为商品期货资金流出前十名（亿元） 图为金融期货主连合约资金流向（亿元） 图为商品期货主连合约资金流向（亿元） 图为板块资金流入额（亿元） ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - On Wednesday, most domestic commodities declined, with industrial products mostly falling and agricultural products showing mixed performance [1] Summary by Related Catalogs Black Series - Black series generally declined. Recently, there were continuous disturbances on the coking coal supply side, but market sentiment cooled at high levels, and steel mills delayed the implementation of coke price increases. The inventory of five major steel products increased by 23470 tons to 1.37536 million tons, reaching a more than two - month high. High - temperature weather continued, terminal demand remained weak, and speculative demand weakened. However, there were still production - cut expectations, and the overall pressure on available spot resources was not large, so the futures price fluctuations were limited [1] Basic Metals - Basic metals showed mixed performance. For copper, the lower - than - expected CPI increase in the US in July supported a September interest rate cut, the US dollar weakened, and US stocks reached new highs, supporting the strong performance of Shanghai copper. For lithium carbonate, the futures price fluctuated within a range. Downstream enterprises started peak - season stocking, demand improved, but the supply side of lithium - spodumene extraction also increased significantly, making up for the reduction in lithium - mica and salt - lake production. The supply - side disturbances were not fully realized, and the market was more sensitive to supply disturbances, so lithium carbonate continued to oscillate at a high level [1] Energy Products - Energy products weakened again. API crude oil inventory increased more than expected, and SC crude oil returned to a downward trend. In the short term, OPEC+ will maintain production increases in September, and there are concerns about the impact of tariff policies on demand, so oil prices will oscillate weakly. Geopolitical risks may cause a temporary supply shortage and support short - term oil price increases. In the long term, due to OPEC+'s production - increase strategy, weakening peak - season demand, inventory accumulation due to poor refinery profits, and the increasing substitution rate of the new - energy industry, oil prices will still face pressure [1] Oilseeds and Oils - Most oilseeds and oils rose. Stimulated by China's preliminary anti - dumping ruling on Canada and the unexpectedly positive USDA August supply - demand report, oilseeds and oils rose significantly. The USDA August report lowered the global soybean production and ending inventory, with US soybean production reduced to 4.292 billion bushels and ending inventory to 290 million bushels, which boosted the soybean meal price. In the short term, under the influence of multiple positive factors, oilseeds and oils may continue to be strong [1]

（文章来源：每日经济新闻） 每经AI快讯，8月5日，国内商品期市午盘涨跌参半，新能源材料涨幅居前，多晶硅上涨1.89%；油脂油 料多数上涨，棕榈油上涨1.72%；黑色系多数上涨，焦煤上涨1.40%；化工品涨跌互现，20号胶上涨 1.11%；贵金属全部上涨，沪银上涨0.92%；基本金属多数上涨，沪镍上涨0.66%；农副产品多数下跌， 红枣下跌1.14%；能源品全部下跌，LPG下跌2.35%；非金属建材全部下跌，玻璃下跌2.68%。集运指数 (欧线)上涨0.25%。 ...

每经AI快讯，8月1日，国内商品期市午盘多数下跌，黑色系跌幅居前，焦煤下跌6.23%，焦炭下跌 1.16%；化工品多数下跌，橡胶下跌2.82%，丁二烯橡胶下跌1.60%；基本金属多数下跌，氧化铝下跌 3.01%，沪镍下跌0.77%；能源品多数下跌，LPG下跌1.55%，燃油下跌0.91%；农副产品多数下跌，生 猪下跌1.35%，苹果下跌0.66%；油脂油料涨跌参半，豆油上涨0.24%，豆粕下跌0.27%；贵金属涨跌互 现，沪银下跌1.63%，沪金上涨0.08%；新能源材料涨跌互现，碳酸锂上涨1.36%，多晶硅下跌3.58%； 非金属建材全线下跌，玻璃下跌5.24%，PVC下跌1.41%；航运期货表现疲软，集运指数(欧线)下跌 1.08%。 （文章来源：每日经济新闻） ...

集运指数(欧线)跌超3%，上期所原油期货主力合约跌超2%。 ...

主力合约涨跌排行 (%) 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% 看期货热点,到 3 金十期货 EFF 2025 06-04 17:00 $ 期市动态雷达 今日主力合约涨跌分布 今日主力合约市场中51个合约上涨,22个合 约下跌。市场呈现明显的多头情绪,更多资金 和交易活动集中在上涨品种上。 涨幅居前的品种: 焦煤2509(+7.19%)、集运指数(欧线) 2508(+6.86%)、焦炭2509(+5.72%)。这些品种受供需影响显著。 数据透视线索 跌幅居前的品种： 胶板2511(-3.26%)、菜油2509(-2.56%)、烧碱 2509(-1.95%)，可能受空头力量增强或基本面利空影响。 资金流向(亿元) 20 10 0 -10 -20 -30 资金流入最多的品种： 沪铜2507(11.13亿元)、沪银2508(3.48亿元)、 焦煤2509(2.95亿元)，这些品种吸引了大量主力资金关注。 资金流出最多的品种: 沪金2508(-29.81亿元)、沪深300 2506(-19.09 亿元)、中证1000 2506(-17.96亿元)，这些品种出现了明显的 ...

Industry Investment Ratings No investment ratings are provided in the report. Core Views The report provides a comprehensive analysis of various commodities and financial markets, including energy, metals, agricultural products, and financial derivatives. It assesses the supply - demand dynamics, price trends, and potential investment opportunities and risks for each sector. Short - term and long - term outlooks are presented, with specific trading strategies recommended for certain commodities. Summary by Commodity Category Energy - **Crude Oil**: Short - term may show an oscillatory upward trend supported by seasonal demand and geopolitical factors, but the mid - term supply - demand pressure limits the upside. Watch the resistance levels of Brent at $70/barrel and SC at 510 yuan/barrel [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Singapore 380 cracking has strengthened, but there are opportunities for domestic FU cracking to weaken. LU cracking lacks continuous support and has shifted to an oscillatory pattern [21]. - **Natural Gas (LPG)**: The price may decline in the short - term due to supply pressure and weakening PDH operation rate, but pay attention to the recovery of chemical demand [23]. - **Bitumen**: Profit is relatively prominent, with expected decline in production capacity utilization. Northern demand is increasing, while southern demand is affected by rainfall. Overall inventory has decreased significantly [22]. Metals - **Precious Metals**: Gold and silver are in an oscillatory adjustment phase. Gold has strong support at $3000/ounce, and a strategy of buying on dips is recommended [3]. - **Base Metals**: - **Copper**: Domestic consumption may weaken after mid - May. Maintain short positions above 78,000 yuan for the 2507 contract [4]. - **Aluminum**: Inventory reduction has slowed down. Pay attention to the resistance at 20,300 yuan [5]. - **Alumina**: Although there are concerns about supply, the overall situation is still one of oversupply. Wait for short - selling opportunities after the market sentiment calms down [6]. - **Zinc**: Supply is in the recovery stage, while demand is weak. Maintain a short - allocation view in the range of 22,800 - 23,000 yuan/ton [7]. - **Lead**: Consumption in May was better than expected, but there are concerns about substitution. The price is expected to oscillate between 16,300 - 17,000 yuan/ton [8]. - **Nickel & Stainless Steel**: Nickel is in a weak adjustment phase. The NPI price has declined, and the market is waiting for a new short - selling opportunity [9]. - **Tin**: The long - term trend is under pressure due to supply and demand concerns. Hold short positions near 265,000 yuan or the MA60 moving average [10]. Agricultural Products - **Grains and Oilseeds**: - **Soybeans & Soybean Meal**: Supply is becoming more abundant, and the spot price of soybean meal is weak. Be cautious about short - selling in the short - term and look for long - term buying opportunities [35]. - **Soybean Oil & Palm Oil**: U.S. soybean oil policy has fluctuations. Domestic soybean oil faces pressure from large - scale arrivals, and palm oil is in a production - increasing period. The prices are expected to oscillate within a range [36]. - **Corn**: The price is oscillating weakly. There is a large supply of circulating grain, and the substitution advantage of wheat is emerging [38]. - **Livestock and Poultry**: - **Hogs**: The supply is expected to increase in the medium - to - long - term, and the spot price may decline, putting downward pressure on the futures price [39]. - **Eggs**: The production capacity is expected to increase until September. The price is seasonally weak, and a short - selling strategy is recommended in the long - term [40]. - **Other Agricultural Products**: - **Cotton**: The U.S. cotton planting rate has increased, and Brazil has raised its production forecast. Domestic cotton imports are low. The price is affected by Sino - U.S. negotiations. Consider a bull - spread option strategy [41]. - **Sugar**: Brazilian production may increase, and domestic inventory pressure is light. The price is expected to oscillate [42]. - **Apples**: The market is focused on new - season production estimates. The fruit - setting rate may be low, but the production is still uncertain. Wait and see for now [43]. - **Wood**: The price is running weakly. Supply pressure has decreased, but demand is in the off - season. Wait and see [44]. - **Paper Pulp**: The price has increased slightly. Port inventory has decreased significantly, but demand is still weak. Consider light - position buying on dips [45]. Financial Derivatives - **Stock Index Futures**: A - shares are oscillating, and the major indexes may wait for new drivers. Pay attention to the progress of Sino - U.S. economic and trade negotiations [46]. - **Treasury Bond Futures**: The over - sold recovery of the bond market is almost complete. The bulls may oscillate within a range. Consider a curve - steepening strategy [47]. - **Container Shipping Index (European Line)**: The short - term focus is on the actual implementation of freight rate increases. The mid - term depends on the improvement of supply - demand through U.S. demand. Adopt an inter - period arbitrage strategy [20].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The market is influenced by various factors such as supply - demand dynamics, geopolitical situations, tariff policies, and seasonal trends across different industries. Different commodities show diverse price trends and investment outlooks, with some recommended for short - selling on rebounds, some for holding short positions, and others for cautious observation or waiting for policy changes [2][3][4] - The overall market is complex and volatile, affected by factors like the US economic data, trade policies between China and the US, and global political and economic uncertainties [2][3][20] Summaries by Commodity Categories Energy - **Crude Oil**: International oil prices fell overnight. The market focuses on the bearish supply - demand outlook, with an unexpected increase in US API crude oil inventories. It's recommended to hold low - cost bearish option combinations [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: Russian fuel oil shipments increased, Singapore fuel oil inventories rose, and the supply - demand of high - sulfur fuel oil weakened. The gasoline cracking strength boosted low - sulfur fuel oil, but the LU 5 - month contract declined after an increase in warehouse receipts [21] - **Asphalt**: Some refineries in Shandong stopped production at the end of the month, and pre - holiday downstream stocking demand increased. Inventory decreased, and the price was supported to move strongly [22] - **Liquefied Petroleum Gas**: Overseas PG market has support from chemical demand, but domestic PDH plants are shutting down, and there is a temporary surplus of imported gas. The price is expected to oscillate [23] Metals - **Precious Metals**: US job vacancy data had limited impact on the market. Gold prices are supported in the long - term by the US dollar credit crisis and global uncertainties. Precious metals may fluctuate sharply this week [3] - **Base Metals**: - **Copper**: Copper prices oscillated overnight. The US GDP was revised down due to a record trade deficit. There are concerns about post - May consumption. It's recommended to hold short positions above 78,000 for the 2507 contract [4] - **Aluminum**: Shanghai aluminum oscillated strongly. The market sentiment improved, and inventory decreased, but the price may face resistance in the 20,000 - 20,300 yuan range [5] - **Zinc**: Due to approaching holidays and high macro uncertainties, zinc prices fluctuated narrowly. Downstream demand was weak, and it's recommended to short on rebounds [7] - **Lead**: The supply - demand of lead was weak. The price is expected to oscillate between 16,300 - 17,000 yuan/ton [8] - **Nickel & Stainless Steel**: Nickel prices declined, and the market was quiet. Inventory increased, and it's time for short - sellers to look for new entry opportunities [9] - **Tin**: Tin prices fell overnight. With future production resumptions, it's recommended to short on rebounds and hold short positions near 265,000 - 270,000 [10] - **Ferroalloys**: - **Manganese Silicon**: Tariff policies are unstable, and the price hit a new low. Short - ore inventory increased, and it's recommended to short on rebounds [18] - **Silicon Iron**: Tariff policies are uncertain, and the price declined. Supply decreased, and demand weakened marginally. It's recommended to short on rebounds [19] Chemicals - **Polycrystalline Silicon**: The futures price continued to fall. Supply may decrease in May, and demand is weak. The price is expected to decline [12] - **Industrial Silicon**: The futures price dropped significantly. Supply from Xinjiang was stable, and the southwest recovery was slow. Demand from the polysilicon and organic silicon sectors was weak, and the price is expected to be under pressure [13] - **Urea**: Daily production exceeded 200,000 tons, and the futures price fell. Demand from agriculture and industry weakened before the holiday, but it's not advisable to be overly bearish during the peak season [24] - **Methanol**: Coastal inventory decreased, and inland production decreased. After the holiday, supply may increase, and demand will enter the off - season [25] - **Benzene Ethylene**: Crude oil may fluctuate widely, and the cost is not favorable. Production is expected to increase, and the supply - demand contradiction may intensify [26] - **Polypropylene & Plastic**: Polyethylene demand is weak, and the market sentiment is bearish. Polypropylene supply pressure is not high, but demand is poor [27] - **PVC & Caustic Soda**: PVC prices are low. Production is recovering, and demand is weak. Caustic soda prices are weak, and downstream demand is poor [28] - **PX & PTA**: Oil prices fell, and PX and PTA prices oscillated. It's recommended to go long on the PTA - oil price spread, with the risk of polyester production cuts [29] - **Ethylene Glycol**: Supply - demand is stable, and the price is at the bottom. Attention should be paid to trade policies and oil prices [30] - **Short - Fiber & Bottle - Chip**: Short - fiber prices rose due to raw material price increases and pre - holiday stocking. Bottle - chip production increased, and attention should be paid to raw material prices and production cuts [31] Building Materials - **Glass**: The spot price in Shahe decreased, and the futures price dropped below 1100. Inventory is expected to increase, and the price may not fall much further, pending macro - stimulus policies [32] - **20 - Number Rubber & Natural Rubber & Butadiene Rubber**: International oil prices fell, and Thai raw material prices rose. Rubber supply is increasing, and demand is weak. It's recommended to wait and hold cross - commodity arbitrage [33] - **Soda Ash**: The night - session price dropped significantly. Inventory is high, and production may decrease in May. In the short - term, it's not advisable to be overly bearish, but in the long - term, short on rebounds [34] Agricultural Products - **Soybean & Soybean Meal**: The price of soybean meal decreased. After May Day, the supply pattern will change. In the short - term, pay attention to the supply pressure, and in the long - term, the futures price may be strong before supply risks are resolved [35] - **Soybean Oil & Palm Oil**: The prices of soybean oil and palm oil decreased. After May Day, soybean supply will increase, and palm oil is in the production season. The prices are expected to oscillate [36] - **Rapeseed Meal & Rapeseed Oil**: After May Day, soybean supply will improve. The long - term supply of rapeseed meal may ease. The price is expected to oscillate [37] - **Soybean No. 1**: The contract decreased in position. Pay attention to the change in the supply pattern after May Day and policy changes [38] - **Corn**: The inventory pressure at ports decreased, but traders have different views. It's recommended to wait and see, and the futures price may oscillate downwards later [39] - **Pig**: The price of the September contract dropped significantly. The supply of pigs is expected to increase in the future, and attention should be paid to the decline in spot prices [40] - **Egg**: The spot price decreased, and the futures price continued to correct. After May Day, demand will weaken, and egg production will increase. A bearish view is recommended in the long - term [41] - **Cotton**: US cotton prices fell, and the planting rate increased. Domestic cotton trading is dull, and domestic sales are okay, but external demand is under pressure [42] - **Sugar**: US sugar prices fell. Brazilian sugar production is uncertain. Domestic supply and demand are favorable, but the price is expected to oscillate [43] - **Apple**: The futures price oscillates. The spot sales are good, and attention should be paid to the new - season production [44] - **Wood**: The futures price is weak. Supply will decrease after May, and demand is in the off - season. The price is expected to remain weak [45] - **Pulp**: The price dropped significantly. Port inventory is high, and the market sentiment is weak. It's recommended to wait and see [46] Financial Products - **Stock Index**: A - shares oscillated narrowly, and index futures showed different trends. The market is affected by tariff policies, and the index is expected to oscillate in a range. The dividend - paying sector has investment value [47] - **Treasury Bond**: Treasury bond futures prices rose. The government issued special bonds, and the RMB exchange - rate pressure eased. Treasury bond futures may oscillate in a range [48]

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - No information provided in the document. 3. Summary by Related Content - **Positive Changes**: Products with positive price changes include propane import cost (FEI propane) with a 72 increase to 5,087 and a change rate of 8.2%, methanol in East China with a 125 increase to 2,687 and a change rate of 4.9%, and many others like asphalt in Shandong with a 2.3% change rate and an 84 increase to 3,700 [1]. - **Negative Changes**: Products with negative price changes include hot - rolled coil in Zhonghai with a - 20 change to 3,370 and a - 0.1% change rate, 20 - number rubber in Qingdao Free Trade Zone with a - 146 change to 14,818 and a - 0.1% change rate, and coke in Shanxi with a - 194 change to 1,441 and an - 11.9% change rate [1]. - **Calculation Notes**: The document provides calculation formulas for key indicators such as the main basis (main basis = spot - main contract), the discount rate ((spot price - futures price)/futures price), and the change refers to the comparison with the same period of the previous trading day [1].