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银河期货每日早盘观察-20251125
Yin He Qi Huo· 2025-11-25 03:39
期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 25 日 0 / 45 研究所 期货眼·日迹 | 贵金属:美联储官员释放降息信号,金银震荡中等待数据指引 16 | | | | --- | --- | --- | | 铜:美降息预期提高,铜价受到支撑 17 | | | | 氧化铝:实质性减产仍未兑现 | 关注仓单转现 | 18 | | 电解铝:美联储降息预期强化 | 沪铝企稳反弹 | 19 | | 铸造铝合金:宏观预期改善 | 铝合金随铝价反弹 | 19 | | 锌:宽幅震荡 20 | | | | | | | 蛋白粕:供应仍有压力 价格震荡运行 5 | | --- | | 白糖:国际糖价小幅收涨 国内糖价略偏强 5 | | 油脂板块:震荡行情延续 6 | | 玉米/玉米淀粉:现货偏强,盘面高位震荡 7 | | 生猪:出栏压力继续增加 生猪价格持续回落 8 | | 花生:花生现货稳定,花生短期底部震荡 9 | | 鸡蛋:需求表现一般蛋价稳中有落 10 | | 苹果:需求表现一般 果价稳定为主 11 | | 棉花-棉纱:基本面矛盾不大 棉价震荡为主 12 | | 钢材:钢价区间震荡,铁水 ...
综合晨报-20251125
Guo Tou Qi Huo· 2025-11-25 03:37
gtaxinstitute@essence.com.cn 综合晨报 国投期货研究院 (原油) 隔夜国际油价反弹,布伦特01合约涨1.41%。俄乌地缘风险再次陷入制裁现实与和谈预期的纠葛, 一方面上周五美国对俄两油制裁正式生效,印度炼厂进一步规避俄油采购的行为已经发生,另一方 面本周四最后期限前美鸟就和平计划的谈判仍有不确定性。供需方面四季度、明年一季度市场仍面 临更大的累库预期,油价下行驱动仍在,本周重点关注俄乌和平方案谈判进展及委内地缘风险的犹 动。 【贵金属】 隔夜贵金属上涨。随着多位美联储官员表态主张12月降息,利率市场隐含降息概率升至80%。 俄乌 相关方围绕美方提出的和平计划展开讨论和博弈。市场不确定性依然较强,贵金属高位震荡等待方 向性突破。 【铜】 隔夜铜价震荡,伦铜尾盘随贵金属走高,另一联储官员表达侧重就业的降息态度,两市铜价暂时在 MA40日均线存在韧性支撑。国内铜精矿加工费长单谈判备受关注。交割换月后,沪粤延续升水,分 别在85、125元,倾向国内现货端有一定看涨情绪,货源较集中。SMM社库减少1.39万吨在18.06万 吨。前期少量高位空单被动止盈位置从8.7万下调到8.65万。 【铝】 ...
芳烃橡胶早报-20251125
Yong An Qi Huo· 2025-11-25 02:10
M E G 日期 东北亚乙烯 MEG外盘 价格 MEG内盘 价格 MEG华东 价格 MEG远月 价格 MEG煤制 利润 MEG内盘现金 流(乙烯) MEG总负 荷 煤制MEG 负荷 MEG港口 库存 非煤制负荷 2025/11/18 730 463 3952 3952 3952 -412 -620 70.8 66.5 73.2 73 2025/11/19 730 459 3919 3919 3921 -445 -653 70.8 66.5 73.2 73 2025/11/20 730 455 3885 3885 3888 -479 -689 70.8 66.5 73.2 73 2025/11/21 730 452 3852 3852 3855 -526 -720 70.8 66.5 73.2 73 2025/11/24 730 459 3890 3890 3890 -488 -720 70.8 66.5 73.2 73 变化 0 7 38 38 35.00 38.00 0 0 0 0 0 MEG现货成交 基差对01(+30)附近。 MEG装置变化 红四方30万吨检修;华谊20万吨检修;镇海80万吨重启。 周度 ...
国投期货软商品日报-20251124
Guo Tou Qi Huo· 2025-11-24 11:55
| Million | 国投期货 | 软商品日报 | | --- | --- | --- | | | 操作评级 | 2025年11月24日 | | 棉花 | 女女女 | 曹凯 首席分析师 | | 纸浆 | ★☆☆ | F03095462 Z0017365 | | 白糖 | ななな | 胡华轩 高级分析师 | | 苹果 | な女女 | F0285606 Z0003096 | | 木材 | 女女女 | | | 天然橡胶 | ★☆☆ | 黄维 高级分析师 | | 20号胶 | ☆☆☆ | F03096483 Z0017474 | | 丁二烯橡胶 ☆☆☆ | | | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | (棉花&棉纱) 今天郑棉大幅反弹,棉花现货销售基差偏稳;新棉成本确定,既给盘面带来支撑,也会限制价格的高度,短期或仍难摆脱这种 区间震荡的走势。虽然今年新棉增产幅度较大,但商业库存并不高,销售进度偏快,也给盘面带来较强的支撑。截至11月20 号,全国累积加工皮棉463.1万吨,同比增加81.2万吨,较四年均值增加151.2万吨。 截至11月 ...
芳烃橡胶早报-20251124
Yong An Qi Huo· 2025-11-24 05:08
芳烃橡胶早报 天 然 橡 胶 & 2 0 号 胶 日期 美金泰标 现货 美金泰混 现货 人民币混 合胶 上海全乳 上海3L 泰国胶水 泰国杯胶 云南胶水 海南胶水 顺丁橡胶 RU主力 NR主力 2025/11/1 7 1830 1825 14610 14615 15150 56.6 53.0 13900 15700 10600 15315 12355 2025/11/1 8 1830 1820 14580 14595 15150 56.7 53.0 14100 15800 10600 15295 12345 2025/11/1 9 1840 1825 14660 14740 15200 57.0 53.5 14100 15800 10600 15440 12480 2025/11/2 0 1820 1810 14530 14550 15200 57.0 52.9 14100 15800 10600 15250 12320 2025/11/2 1 1825 1815 14560 14540 15200 57.0 53.0 14000 15900 10450 15240 12285 日度变化 5 5 30 -10 ...
南华期货早评-20251124
Nan Hua Qi Huo· 2025-11-24 02:42
Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Overseas, the US employment data shows significant divergence, and the performance of NVIDIA's AI business has restored market risk appetite. The Fed's October meeting minutes revealed serious differences, and the change of the October non - farm report schedule has led to a lack of key data for the December interest - rate decision. Domestically, the economic fundamentals are cooling marginally, but the policy remains firm, and the market's expectation of policy intensification is rising [2]. - The spot pressure of the container shipping European line continues, and the futures price fluctuates lower. The market is currently mixed with long and short factors, and the short - term volatility may intensify. It is expected to maintain a low - level shock in the short term [8][9][10]. - For precious metals, the uncertainty of the Fed's December interest rate cut increases, and it is expected to continue to oscillate and consolidate in the short term. Although the medium - and long - term prices are expected to rise, the short - term trend is unclear [14][15][17]. - For copper, the uncertainty of the Fed's December interest rate cut increases, and the driving force for copper price increase weakens. It is expected to fluctuate in the range of [86000, 87000] [18][20][21]. - For the aluminum industry chain, aluminum is expected to oscillate at a high level, alumina is expected to run weakly, and cast aluminum alloy is expected to oscillate at a high level [22]. - Zinc is expected to oscillate narrowly, and the nickel - stainless steel market should be wary of callbacks in the unilateral downward range and pay attention to option opportunities [22][24][25]. - Tin is expected to oscillate narrowly, and it is recommended to enter the market on dips [25][26]. - The risk of a decline in lithium carbonate prices still exists, and the near - month contracts are under pressure. It is expected to show a "wide - range shock and weak" operating characteristic in the range of 83000 - 93000 yuan/ton in the next two weeks [27]. - The fundamentals of industrial silicon and polysilicon are weak, and they are expected to oscillate widely. The industrial silicon futures price is likely to maintain an oscillating and weak pattern in the short term [27][28][29]. - Lead is expected to oscillate, and there is support below [30]. - For steel products, the overall finished products are supported by raw material costs below, but the upward drive is suppressed by inventory. It is expected to oscillate in the range, with rebar in the range of 2900 - 3200 and hot - rolled coil in the range of 3100 - 3400 [31][32]. - Iron ore prices continue to oscillate widely. It is recommended to wait for the basis to repair and the market sentiment to improve before considering shorting at high prices [33][34]. - For coking coal and coke, the support for coking coal is loosening, and the expectation of price cuts is increasing. The coking coal 01 contract is under pressure in the short term, while the 05 contract has medium - and long - term long - allocation potential [34][35]. - Ferrosilicon and ferromanganese are expected to oscillate weakly due to high inventory and weak demand [36][37]. - The crude oil market is affected by macro and geopolitical negatives, and it is expected to oscillate in the range of 60 - 65 in the short and medium term [38][39][40]. - The valuation of LPG is being repaired, and attention should be paid to the profit of PDH and the progress of the Russia - Ukraine issue [41][42]. - For PTA - PX, the speculation on blending for oil is weakening. It is necessary to pay attention to the implementation of maintenance plans and the actual dynamics of blending for oil. Consider short - term callbacks and long - term positions [42][43][45]. - For MEG - bottle chips, it is too early to bottom - fish, and attention should be paid to the opportunity of selling call options on rebounds [46][47][48]. - The upward height of methanol 01 is limited. It is recommended to hold the previous short - call positions and consider 12 - 1 and 1 - 5 reverse spreads [48][49]. - The downward space of PP is limited, and it is expected to maintain a low - level shock pattern [50][52][53]. - PE is expected to continue the low - level shock pattern, and a selling option strategy can be considered [54][55][56]. - For pure benzene and styrene, the market sentiment is significantly boosted in the short term, but the domestic pure benzene fundamentals are still weak. Do not chase high prices in the medium and long term [56][57][58]. - For fuel oil, the high - sulfur fuel oil cracking has rebounded after a sharp decline, but it is still bearish in the future; the low - sulfur fuel oil cracking is weakening, and it is recommended to wait and see [58][59]. - The bottom space of asphalt is not large, and attention should be paid to the winter storage policy. It is expected to oscillate in the short term [60][61]. - Rubber and 20 - rubber fell after reaching the upper limit of the range, and attention should be paid to the revision of the 20 - rubber futures contract and delivery rules [61]. Summaries by Relevant Catalogs Financial Futures - **Macro**: Domestic policies remain firm. Overseas, the US employment data is divided, and the Fed's attitude towards interest rate cuts is inconsistent. The market is concerned about the November employment data and the appointment of the Fed chairman. The RMB exchange rate is expected to "oscillate and build a bottom, with the center slowly declining" [1][2][3]. - **Stock Index**: The dovish remarks of Fed officials have increased the expectation of interest rate cuts, which may support the stock index in the short term. However, due to the tense Sino - Japanese relations and the lack of policy news, the stock index is expected to oscillate [4][5]. - **Treasury Bonds**: The mid - term long positions should be held. Although there are some negative factors, the impact on the bond market is mainly short - term sentiment, and the substantial negative impact is limited [6]. - **Container Shipping European Line**: The spot index has weakened again, and the shipping companies' price - holding efforts have not been effective. The market is mixed with long and short factors, and it is expected to maintain a low - level shock in the short term [8][9][10]. Commodities Non - ferrous Metals - **Gold & Silver**: The uncertainty of the Fed's December interest rate cut increases, and the precious metals are expected to continue to oscillate and consolidate in the short term. The long - term price is expected to rise, but attention should be paid to the 60 - day moving average [14][15][17]. - **Copper**: The uncertainty of the Fed's December interest rate cut increases, and the driving force for copper price increase weakens. The downstream demand is mainly for rigid needs, and it is expected to fluctuate in a narrow range [18][20][21]. - **Aluminum Industry Chain**: Aluminum is expected to oscillate at a high level, alumina is expected to run weakly, and cast aluminum alloy is expected to oscillate at a high level. Attention should be paid to the Fed's interest rate decision and the fundamentals of each link [21][22]. - **Zinc**: It is expected to oscillate narrowly. The reduction of TC in November has increased the willingness of smelters to cut production, and the inventory has decreased. Attention should be paid to exports and the macro situation [22][23][24]. - **Nickel, Stainless Steel**: They are in a unilateral downward range, and attention should be paid to callbacks and option opportunities. The cost of nickel - iron has collapsed, and the downstream demand for stainless steel is weak [24][25]. - **Tin**: It is expected to oscillate narrowly. The supply of concentrates is tight, and it is recommended to enter the market on dips [25][26]. - **Lithium Carbonate**: The risk of a decline still exists, and the near - month contracts are under pressure. The supply of lithium ore is expected to increase, and the downstream demand may decline seasonally [27]. - **Industrial Silicon & Polysilicon**: The fundamentals are weak, and they are expected to oscillate widely. The industrial silicon futures price is likely to follow the price fluctuations of related varieties and maintain an oscillating and weak pattern [27][28][29]. - **Lead**: It is expected to oscillate, and there is support below. The raw materials for smelting are tight, and the cost of recycled lead provides support [30]. Black Metals - **Rebar & Hot - Rolled Coil**: They are expected to oscillate in the range, with the lower limit supported by raw material costs and the upper limit suppressed by inventory. Attention should be paid to the de - stocking speed and downstream consumption [31][32]. - **Iron Ore**: The price continues to oscillate widely. The decline of coking coal price may support the iron ore price. It is recommended to wait for the basis to repair before shorting at high prices [33][34]. - **Coking Coal & Coke**: The support for coking coal is loosening, and the expectation of price cuts is increasing. The coking coal 01 contract is under pressure in the short term, while the 05 contract has medium - and long - term long - allocation potential [34][35]. - **Ferrosilicon & Ferromanganese**: They are expected to oscillate weakly due to high inventory and weak demand. The production is expected to decline, and de - stocking may depend on production cuts [36][37]. Energy and Chemicals - **Crude Oil**: The market is affected by macro and geopolitical negatives, and it is expected to oscillate in the range of 60 - 65 in the short and medium term. Attention should be paid to the changes in macro and geopolitical factors [38][39][40]. - **LPG**: The valuation is being repaired. The supply is increasing slightly, and the demand for PDH is in a loss state. Attention should be paid to the profit and the Russia - Ukraine issue [41][42]. - **PTA - PX**: The speculation on blending for oil is weakening. It is necessary to pay attention to the implementation of maintenance plans and the actual dynamics of blending for oil. Consider short - term callbacks and long - term positions [42][43][45]. - **MEG - Bottle Chips**: It is too early to bottom - fish, and attention should be paid to the opportunity of selling call options on rebounds. The supply is expected to increase, and the demand is stable in the short term [46][47][48]. - **Methanol**: The upward height of 01 is limited. The port pressure is increasing, and the inland is de - stocking. It is recommended to hold short - call positions and consider reverse spreads [48][49]. - **PP**: The downward space is limited, and it is expected to maintain a low - level shock pattern. The supply pressure is relieved, and the demand growth is slowing down [50][52][53]. - **PE**: It is expected to continue the low - level shock pattern. The supply is strong, and the demand is weak, especially with the end of the agricultural film peak season. A selling option strategy can be considered [54][55][56]. - **Pure Benzene & Styrene**: The market sentiment is significantly boosted in the short term, but the domestic pure benzene fundamentals are still weak. Do not chase high prices in the medium and long term [56][57][58]. - **Fuel Oil**: The high - sulfur fuel oil cracking has rebounded after a sharp decline, but it is still bearish in the future; the low - sulfur fuel oil cracking is weakening, and it is recommended to wait and see [58][59]. - **Asphalt**: The bottom space is not large, and attention should be paid to the winter storage policy. It is expected to oscillate in the short term. The supply has decreased, and the demand is gradually weakening [60][61]. - **Rubber & 20 - Rubber**: They fell after reaching the upper limit of the range. Attention should be paid to the revision of the 20 - rubber futures contract and delivery rules [61].
橡胶周报:橡胶震荡偏强-20251122
Wu Kuang Qi Huo· 2025-11-22 13:41
橡胶震荡偏强 橡胶周报 2025/11/22 0755-233753333 zhangzh@wkqh.cn 从业资格号: F0270766 交易咨询号: Z0003000 张正华(能源化工组) 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 需求端 03 利润和比价 06 供应端 周度评估及策略推荐 近期行情重点关注 交易所库存偏低和泰国降雨量动态 ◆ 2025年10月18日周报提示泰国降雨量预报大幅度增加的利多,中美会谈预期向好,EUDR利好,叠加股市上涨,胶价显著上涨近800元。 ◆ 按照2025年10月24日周报的风险提示,胶价上涨驱动边际减少。胶价出现震荡回调。 ◆ 按照2025年11月1日周报, 2025年11月5-7日的早报提示胶价回调短多机会。 ◆ 11月中旬,橡胶仓单到期预期出库10-11万吨,交易所的橡胶库存和仓单将显著减少,库存偏低,容易引发多头关注。 ◆ 20251121 台风影响降雨量预报边际走弱。供应利多减少。 近期行情重点关注 泰国降雨量预报边际走弱 ◆ 未来泰国仍然处于雨季,供应容易受影响。 ◆ 2025年9月25日,抛储6.2万吨。由于抛储的性质是换储,抛多 ...
国投期货软商品日报-20251121
Guo Tou Qi Huo· 2025-11-21 11:03
| 《八》国投期货 | 软商品日报 | | | | | --- | --- | --- | --- | --- | | 2025年11月21日 | 操作评级 | | | | | 曹凯 首席分析师 | 棉花 | 女女女 | | | | F03095462 Z0017365 | 纸浆 | ☆☆☆ | | | | ☆☆☆ | 白糖 | 黄维 高级分析师 | 苹果 | ☆☆☆ | | F03096483 Z0017474 | 木材 | なな女 | | | | 胡华轩 高级分析师 | 天然橡胶 | 女女女 | | | | F0285606 Z0003096 | 20号胶 | な女女 | | | | 丁二烯橡胶 ☆☆☆ | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | | | | | (棉花&棉纱) 今天郑棉小幅下跌,棉花现货销售基差偏稳;2025/26南疆机采3129/29B/杂3.5内主流较低销售基差在 CF01+950~1050,较多报价在1050~1100,疆内自提。新棉集中上市,叠加需求一般,给价格带来一定的压力, 但目前现货价格总体持稳,预计郑棉仍 ...
综合晨报-20251121
Guo Tou Qi Huo· 2025-11-21 02:18
Group 1: Energy - The international oil price fell overnight, with the Brent 01 contract down 0.8%. The geopolitical risk premium of the Russia-Ukraine conflict was suppressed, and the oil price rebound due to geopolitical factors was limited. The market is expected to be weak and volatile [1] - Low-sulfur fuel oil is stronger than high-sulfur fuel oil. The low-sulfur market is supported by supply disruptions and strong diesel cracking, while the high-sulfur market is expected to face supply increases in the medium term [21] - The cost support for asphalt is weakening, and the demand is expected to decline seasonally. The market sentiment is bearish [22] - The expected import cost of liquefied petroleum gas (LPG) is rising in December. The demand from both the chemical and combustion sectors is improving, and the LPG market is expected to be strong [23] Group 2: Metals - Precious metals are oscillating at a high level. The employment data is mixed, and the Fed officials' statements are divided. The possibility of the Fed keeping interest rates unchanged in December is high. Attention should be paid to the directional breakthrough on the technical side [2] - Copper prices fell overnight due to a stronger dollar and weak demand. Short positions can be held with a stop-loss at 87,000 yuan [3] - Aluminum prices fluctuated narrowly. The Fed's interest rate cut prospects are uncertain, and the aluminum market may continue to adjust. Attention should be paid to the support of the middle Bollinger Band [4] - Zinc prices are expected to oscillate in the range of 22,200 - 23,000 yuan/ton. The inventory structure is gradually being repaired, and there is still profit potential for cross-market arbitrage [7] - Lead prices are supported by low inventory levels, but the external market is under pressure due to high inventory. The import window for aluminum ingots may open, and the upward momentum of aluminum prices is insufficient [8] - Nickel prices are weakening. The macro risk is increasing, and the support from the upstream price rebound is weakening. The inventory of nickel and stainless steel is increasing [9] - Tin prices are oscillating. The environmental rectification in Malaysia has limited impact on the market. The import of tin concentrate in China has improved slightly, but the resumption of supply from Myanmar is not strong. Short positions can be held with a stop-loss at 295,000 yuan [10] - Lithium carbonate prices are strengthening. The downstream demand is strong, and the inventory is decreasing. The technical analysis shows a range breakthrough, and a buy-on-dip strategy can be adopted [11] - Polycrystalline silicon prices are falling. The photovoltaic demand is weak, and the actual supply-demand improvement is limited. The price is expected to oscillate in the short term [12] - Industrial silicon prices are undergoing a technical correction. The downstream demand for polycrystalline silicon and organic silicon is expected to improve, which may boost the price [13] Group 3: Building Materials - Steel prices rebounded at night. The demand for rebar and hot-rolled coils is improving, but the supply pressure is gradually easing. Attention should be paid to the environmental protection restrictions in Tangshan [14] - Iron ore prices are oscillating. The supply is strong, and the demand is weak. The market is expected to be range-bound in the short term [15] - Coke and coking coal prices are expected to be weak and oscillating. The supply of carbon elements is abundant, and the downstream demand is stable, but the steel mills' profit is average, and the pressure on raw material prices is high [16][17] - Manganese silicon and silicon iron prices are falling. The market expects coal supply to increase, which may lower the cost. The demand is stable, but the supply is high, and the bottom support may weaken [18][19] Group 4: Chemicals - Urea prices are oscillating narrowly. The Indian tender results will affect the market sentiment. The agricultural demand is weakening, but the industrial demand is improving, and the inventory is decreasing [24] - Methanol prices are in a weak position. The overseas supply is high, and the demand is expected to decline. The market is expected to remain weak in the short term [25] - Pure benzene prices are rebounding, but the sustainability is uncertain. The supply pressure is easing, and the demand is expected to improve, but the export to the US faces challenges [26] - Styrene prices are supported by cost and supply reduction. The demand from the European market is strong [27] - Polypropylene, polyethylene, and propylene prices are expected to be weak. The supply is high, and the demand is low, and the supply-demand contradiction is increasing [28] - PVC and caustic soda prices are falling. The cost support is weakening, and the demand is insufficient. Attention should be paid to the cost changes and profit margins [29] - PX and PTA prices are oscillating. The supply from overseas may be affected, and the demand is weakening. The market is cautiously bullish [30] - Ethylene glycol prices are expected to be bearish. The supply is increasing, and the demand is weakening. A short strategy can be adopted [31] - Short fiber and bottle chip prices are under pressure. The demand is weakening, and the prices are expected to follow the raw material prices [32] Group 5: Agricultural Products - Soybean and soybean meal prices are oscillating. The US soybean planting area is expected to increase, and the impact of La Nina on South American soybean production needs to be monitored. A buy-on-dip strategy can be considered after the correction [36] - Soybean oil and palm oil prices are affected by the US biodiesel policy. The palm oil price may have bottomed out [37] - Rapeseed and rapeseed oil prices are under pressure. The import volume has decreased, and the demand is weak. A bearish strategy is recommended [38] - Corn prices are oscillating. The supply is increasing, and the demand is improving. The Dalian corn futures 01 contract may continue to decline [40] - Hog prices are at a low level. The futures market is trading on the potential supply pressure in the future. The pig price may form a double bottom in the first half of next year [41] - Egg prices are rebounding strongly. The spot price is stable. Attention should be paid to whether the previous price decline has ended [42] - Cotton prices are range-bound. The US cotton export sales are increasing, but the domestic demand is average. The Zhengzhou cotton futures are expected to be range-bound in the short term [43] - Sugar prices are oscillating. The international market supply is sufficient, and the domestic market is focusing on the new season's production estimate. The production in Guangxi is expected to be good [43] - Apple prices are oscillating at a high level. The short-term price is strong due to low inventory, but the long-term inventory pressure may exist. Attention should be paid to the inventory reduction [44] Group 6: Others - The container shipping index (European line) is expected to be stable in early December and may improve in late December. The 02 contract may be slightly discounted compared to the 12 contract, and the far-month contracts are expected to be low and oscillating [20] - Wood prices are oscillating. The low inventory supports the price, and a wait-and-see strategy is recommended [45] - Pulp prices are falling. The supply is abundant, and the demand is weak. The market is expected to remain weak in the short term [46] - Stock index futures are falling. The A-share market is volatile, and the external market is uncertain. A wait-and-see strategy is recommended, and attention can be paid to stable, consumer, and cyclical sectors [47] - Treasury bond futures are falling. The market is trading lightly, and the structure is differentiated. The change in market risk preference may bring new opportunities [48]
芳烃橡胶早报-20251121
Yong An Qi Huo· 2025-11-21 01:13
芳烃橡胶早报 研究中心能化团队 2025/11/21 P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/11/ 14 64.4 577 832 4635 6570 105.02 255.0 142 124 77.5 75.7 114594 -77 0.70 2025/11/ 17 64.2 571 831 4615 6590 100.66 260.0 122 161 77.5 75.7 114594 -74 0.45 2025/11/ 18 64.9 569 827 4610 6585 92.86 258.0 137 170 77.5 75.7 114594 -71 0.35 2025/11/ 19 63.5 573 832 4640 6585 107.47 259.0 137 155 77.5 75.7 117198 -70 0.55 2025/11/ 20 63.4 573 833 4630 6585 107.47 26 ...