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航运衍生品数据日报-20250805
Guo Mao Qi Huo· 2025-08-05 10:01
Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The market is in a state of shock, mainly due to the increase in over - capacity during the off - season caused by overtime ships, leading to a lower opening of the main contract [6]. - Spot prices have peaked. Quotes started to weaken in early August, and this will drive prices in late August to decline. It is expected that spot prices will peak at the end of July and early August, then slowly decline until late August when the decline rate will intensify. The main focus of the 10 - contract is the decline rate of freight rates from August to October [7]. - The recommended strategy is to short the 10 - contract on rallies (profits can be taken as there has been a significant recent correction), and hold the 12 - 4 calendar spread [8]. Group 3: Summary Based on Related Contents Shipping Freight Index - **Shanghai Export Container Freight Composite Index (SCFI)**: The current value is 1551, the previous value was 1593, with a decline of 2.63% [3][4]. - **China Export Container Freight Index (CCFI)**: The current value is 1233, the previous value was 1261, with a decline of 2.27% [3][4]. - **SCFI - US West Coast**: The current value is 2021, the previous value was 2067, with a decline of 2.23% [3][4]. - **SCFIS - US West Coast**: The current value is 1130, the previous value was 1284, with a sharp decline of 11.99% [3][4]. - **SCFI - US East Coast**: The current value is 3126, the previous value was 3378, with a decline of 7.46% [3][4]. - **SCFI - Northwest Europe**: The current value is 2051, the previous value was 2090, with a decline of 1.87% [3][4]. - **SCFIS - Northwest Europe**: The current value is 2297, the previous value was 2316, with a decline of 0.82% [3][4]. - **SCFI - Mediterranean**: The current value is 2333, the previous value was 2418, with a decline of 3.52% [3][4]. EC Contracts Price - **EC2506**: The current value is 1453.2, the previous value was 1465.1, with a decline of 0.81% [3][4]. - **EC2508**: The current value is 2122.3, the previous value was 2126.5, with a decline of 0.20% [3][4]. - **EC2510**: The current value is 1421.8, the previous value was 1424.0, with a decline of 0.15% [3][4]. - **EC2512**: The current value is 1677.2, the previous value was 1692.4, with a decline of 0.90% [3][4]. - **EC5602**: The current value is 1470.2, the previous value was 1490.0, with a decline of 1.33% [3][4]. - **EC2604**: The current value is 1315.1, the previous value was 1325.0, with a decline of 0.75% [3][4]. Position - **EC2606 Position**: The current value is 795, the same as the previous value, with a change of 0 [3][4]. - **EC2508 Position**: The current value is 4367, the previous value was 4465, with a decline of 98 [3][4]. - **EC2410 Position**: The current value is 51053, the previous value was 52376, with a decline of 1323 [3][4]. - **EC2412 Position**: The current value is 8387, the previous value was 8440, with a decline of 53 [3][4]. - **EC2602 Position**: The current value is 4139, the previous value was 4142, with a decline of 3 [3][4]. - **EC2604 Position**: The current value is 5146, the previous value was 5112, with an increase of 34 [3][4]. Monthly Spread - **10 - 12 Spread**: The current value is - 255.4, the previous value was - 268.4, with an increase of 13.0 [3][4]. - **12 - 2 Spread**: The current value is 207.0, the previous value was 202.4, with an increase of 4.6 [3][4]. - **12 - 4 Spread**: The current value is 362.1, the previous value was 367.4, with a decline of 5.3 [3][4].
航运衍生品数据日报-20250702
Guo Mao Qi Huo· 2025-07-02 03:31
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current EC08 contract on the trading board is at a discount to the spot price, and attention should be paid to the potential logic of Scenario 2. This year, the European route trading is prone to a cycle of "front - running - logic reinforcement - losses". It is recommended to value the "error - tolerance" space of far - month contracts, formulate far - month positive spread strategies based on historical delivery data, and avoid over - relying on short - term sentiment. [9] - The trading on the board returns to fundamental drivers, with trading centered around the expectation of the peak season transitioning to the off - season. As the end of the tariff suspension period approaches, some airlines expect to raise prices in late July. [9][10] - Hold the 12 - 4 positive spread strategy. [11] 3. Summary by Related Content Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) is currently at 1862, down 0.43% from the previous value; the China Export Container Freight Index (CCFI) is at 1369, up 2.00%. SCFI - US West is at 2578, down 7.00%; SCFIS - US West is at 1619, down 22.28%; SCFI - US East is at 4717, down 11.86%; SCFI - Northwest Europe is at 2030, up 10.63%. SCFIS - Northwest Europe is at 2123, up 9.60%; SCFI - Mediterranean is at 2985, down 2.55%. [4] - **Contracts**: For contracts such as EC2506, EC2508, etc., the current values and their percentage changes are provided. For example, EC2508 is currently at 1904.9, up 8.15% from the previous value. [4] - **Open Interest**: The current open interest and its changes for contracts like EC2606, EC2508, etc. are given. For instance, the current open interest of EC2508 is 40476, an increase of 1248 from the previous value. [4] - **Monthly Spread**: The current monthly spreads (10 - 12, 12 - 2, 12 - 4) and their changes are presented. For example, the 10 - 12 monthly spread is currently 521.1, up 98.7 from the previous value. [4] Market News - After the JOLTS data was released, traders slightly reduced the expected magnitude of the Fed's interest rate cuts, expecting the cuts to start in September, with a 21% probability of a cut in July. [5] - The White House stated that Trump may extend the 90 - day tariff suspension period in July. Trump plans to visit China with dozens of CEOs. Fed Chairman Powell said that a "substantial majority" of Fed members expect to cut interest rates later this year. [6] - According to the Financial Times, Trump's tariff policy and falling river levels have led to the worst supply - chain congestion in European ports since the pandemic, especially in Rotterdam, Antwerp, and Hamburg, and the congestion is expected to last for at least several months. [7] - Iran's ambassador to the UN stated that Tehran "will never stop" uranium - enrichment activities, emphasizing it as an inalienable right and national sovereignty under the NPT. [7] Market Conditions and Strategies for EC Contracts - **Market Conditions**: The spot freight rates have been rising this week. The quotes for European basic ports in late June are 2,800 - 3,200 US dollars per 40 - foot container, and the upward trend is expected to continue until mid - July. For the 7 - 8 month European route freight rates, there are three scenarios: a collapse - style decline if a large amount of US - bound capacity shifts to the European route; an "arc - top" trend if shipping companies control capacity; and global capacity misallocation due to unexpected factors. [8] - **Trading Strategies**: Given that the EC08 contract on the board is at a discount to the spot price, attention should be paid to the potential logic of Scenario 2. It is recommended to formulate far - month positive spread strategies based on historical delivery data and hold the 12 - 4 positive spread. [9][11]
贵金属期现日报-20250528
Guang Fa Qi Huo· 2025-05-28 01:31
Group 1: Stock Index Futures Spread - **Investment Rating**: Not provided - **Core View**: Presents the latest values, changes from the previous day, historical 1 - year and all - time quantiles of stock index futures spreads, including IF, IH, IC, IM, and cross - variety ratios [1] - **Summary by Catalog**: - **Spot - Futures Spread**: IF's is - 30.20, down 1.29; IH's is - 16.68, down 1.66; IC's is - 74.15, up 0.72; IM's is - 93.46, up 10.33 [1] - **Inter - delivery Spread**: Different delivery month spreads for IF, IH, IC, and IM are presented, with various changes and quantiles [1] - **Cross - Variety Ratio**: Ratios such as CSI 500/CSI 300, IC/IF, etc., are given, along with their changes and quantiles [1] Group 2: Treasury Bond Futures Spread - **Investment Rating**: Not provided - **Core View**: Displays the latest values, changes from the previous day, and quantiles since listing of treasury bond futures spreads, including TS, TF, T, TL, and cross - variety spreads [4] - **Summary by Catalog**: - **Basis**: IRR and basis values for TS, TF, T, and TL are presented [4] - **Inter - delivery Spread**: Spreads between different delivery months for TS, TF, T, and TL are shown, with corresponding changes and quantiles [4] - **Cross - Variety Spread**: Spreads between different treasury bond futures varieties are given, along with their changes and quantiles [4] Group 3: Precious Metals Spot - Futures - **Investment Rating**: Not provided - **Core View**: Shows domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals [8] - **Summary by Catalog**: - **Domestic and Foreign Futures Closing Prices**: AU2508 contract is down 0.73%, AG2508 contract is down 0.76%; COMEX gold is down 1.73%, COMEX silver is down 0.76% [8] - **Spot Prices**: London gold, London silver, Shanghai Gold Exchange's gold T + D, and silver T + D all show declines [8] - **Basis**: Basis values and their changes for gold and silver are presented, along with historical 1 - year quantiles [8] - **Ratio**: Ratios of COMEX gold/silver, SHFE gold/silver are given, with their changes and percentage changes [8] - **Interest Rates and Exchange Rates**: 10 - year and 2 - year US Treasury yields decline, while the US dollar index rises [8] - **Inventory and Positions**: Some inventories change slightly, and ETF positions remain unchanged [8] Group 4: Container Shipping Index - **Investment Rating**: Not provided - **Core View**: Provides settlement price indices, Shanghai export container freight rates, futures prices, basis, and fundamental data of the container shipping industry [12] - **Summary by Catalog**: - **Settlement Price Index**: SCFIS (European route) is down 1.44%, SCFIS (US West route) is up 18.90% [12] - **Shanghai Export Container Freight Rate**: SCFI composite index, SCFI (Europe), SCFI (US West), and SCFI (US East) all show increases [12] - **Futures Price and Basis**: Futures prices of different contracts change, and the basis of the main contract decreases by 7.16% [12] - **Fundamental Data**: Global container shipping capacity supply is stable, Shanghai port's on - time rate and berthing situation decline, and some overseas economic indicators change [12] Group 5: Domestic Data/Information - **Investment Rating**: Not provided - **Core View**: Lists domestic economic indicators and financial events in different sectors, including black and non - ferrous metals, energy and chemicals, and special commodities [17] - **Summary by Catalog**: - **Black and Non - ferrous Metals**: Steel Union's weekly survey of 523 mine production and sales for coking coal and coke [17] - **Energy and Chemicals**: China's port commercial crude oil inventory data from Longzhong Information [17] - **Special Commodities**: Glass sales rate and soda ash delivery warehouse inventory [17] Group 6: Capital Flow and Key Position Changes - **Investment Rating**: Not provided - **Core View**: The report title mentions capital flow and key position changes, but specific content is incomplete and unavailable for detailed summary [19]
广发期货日评-20250520
Guang Fa Qi Huo· 2025-05-20 05:59
Report Summary 1. Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - **Financial Products**: A-share index has stable lower support and high upper breakthrough pressure; short - term treasury bonds may oscillate; precious metals show certain price patterns and trends; the rally of the container shipping index may slow down [2]. - **Industrial Products**: Industrial materials demand and inventory are deteriorating; iron ore, coke, and other black commodities have different price trends and market situations; various energy and chemical products have different supply - demand and price characteristics [2]. - **Agricultural Products**: Different agricultural products such as soybeans, hogs, and sugar have their own market trends and influencing factors [2]. - **Special and New Energy Commodities**: Glass market sentiment is pessimistic; rubber prices are affected by news; new energy products like lithium carbonate are in a downward trend [2]. 3. Summary by Categories Financial - **Stock Index Futures**: Index has stable lower support and high upper breakthrough pressure. A - shares open lower and oscillate with trading volume maintaining at the trillion - level. Suggest selling put options on the support level of IF2506 to earn premiums, or going long on September IM contracts on pullbacks and selling call options with an exercise price of 6400 on September contracts for covered strategies [2]. - **Treasury Bonds**: Short - term treasury bonds may oscillate, waiting for fundamental guidance. The 10 - year treasury bond yield may fluctuate between 1.6% - 1.7%, and the 30 - year treasury bond yield may fluctuate between 1.85% - 1.95%. It is recommended to wait and see and focus on high - frequency economic data and liquidity dynamics [2]. - **Precious Metals**: Gold forms a "double - top" pattern and oscillates narrowly between 3200 - 3300 US dollars (750 - 770 yuan); silver fluctuates between 32 - 33.5 US dollars (8000 - 8350 yuan). The sold out - of - the - money gold call options can be held; Moody's downgrades the US credit rating, causing declines in the US stock, bond, and foreign exchange markets and a slight increase in precious metals [2]. - **Container Shipping Index (European Line)**: The emotional release is sufficient, and the upward momentum may slow down. Consider 8 - 10, 6 - 10 positive spreads, and wait and see for unilateral operations [2]. Industrial - **Steel**: Industrial materials demand and inventory are deteriorating. Pay attention to the decline in apparent demand. Iron ore oscillates between 700 - 745. Coke and coking coal prices are in a downward phase. Suggest long - hot - rolled steel and short - coke or short - coking coal strategies [2]. - **Energy and Chemicals**: Different products have different trends. For example, PX continues to have limited upward momentum; PTA oscillates at a high level between 4600 - 5000; short - fiber prices follow raw materials; ethanol's supply - demand structure improves; styrene has short - term oscillation and medium - term bearishness [2]. Agricultural - Different agricultural products have various market situations. For example, US soybeans oscillate, hogs' futures and spot prices oscillate weakly in the short term, and sugar has positive data from Brazil in late April [2]. Special and New Energy - **Special Commodities**: Glass market sentiment is pessimistic, and attention is paid to whether it can break through the 1000 - point level; rubber prices rise slightly due to storage news and can be lightly shorted at the upper end of the 14500 - 15500 range [2]. - **New Energy Commodities**: Lithium carbonate maintains a downward trend, with the main contract referring to 60,000 - 63,000 yuan; polysilicon futures oscillate with near - term strength and long - term weakness [2].
广发期货日评-20250516
Guang Fa Qi Huo· 2025-05-16 08:33
Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The index has stable support below and significant upward breakthrough pressure. The short - term Treasury bonds may fluctuate, and the precious metals market has entered a volatile phase. The shipping index's upward momentum may slow down, and the steel and coal markets are facing price adjustments. The agricultural products market is affected by various factors such as policies and supply - demand relationships [2][3]. 3. Summary by Categories Financial Products - **Stock Index Futures**: The index has stable support below and large upward breakthrough pressure. It is recommended to sell put options at the support level to earn premiums or go long on the September IM contract at low prices and sell call options with a strike price of 6400 in September for a covered strategy [2]. - **Treasury Bond Futures**: Short - term Treasury bonds may be in a volatile state. It is advisable to wait and see, focusing on the capital market and economic data [2]. - **Precious Metals Futures**: Gold has formed a "double - top" pattern and entered a volatile phase. Selling out - of - the - money gold call options can be held. Silver follows gold's fluctuations and has support at $32 (8000 yuan) [2]. Commodity Futures - **Shipping Index Futures**: The emotional release is sufficient, and the upward momentum may slow down. Consider positive spreads for 8 - 10 and 6 - 10 contracts and wait and see for unilateral operations [2]. - **Steel Futures**: The spot market is stabilizing, and there are macro - level benefits. It is recommended to consider long - hot - rolled coil and short - coke or short - coking coal strategies [2]. - **Coal Futures**: Coke prices have entered a new round of price cuts, and coking coal prices may be bottom - hunting. It is recommended to go long on hot - rolled coil and short on coke or coking coal [2]. - **Chemical Futures**: Different chemical products have different trends. For example, PX and PTA have strong supply - demand drivers but limited oil price support. Short - fiber prices follow raw materials, and ethylene glycol has strong short - term support [3]. - **Agricultural Futures**: Different agricultural products are affected by different factors. For example, soybeans are affected by biodiesel policies, and sugar is affected by Brazilian data [3]. - **Non - ferrous Metals Futures**: Different non - ferrous metals have different price ranges and trends. For example, copper has strong upward pressure, and tin rebounds due to improved macro - sentiment [5]. - **Energy Futures**: Crude oil is affected by the progress of the US - Iran nuclear negotiation, and the short - term market is in a weak and volatile state [5].