Report Summary 1. Market Overview - As of the close on October 10, most domestic futures main contracts declined. Red dates rose over 2%, while coke and coking coal rose over 1%. Container shipping to Europe and live pigs dropped over 3%, and eggs and polysilicon fell over 2%. Many other commodities also had varying degrees of decline [5]. - In terms of capital flow, as of 15:21 on October 10, polysilicon 2511, cotton yarn 2601, and rapeseed meal 2601 had capital inflows, while Shanghai gold 2512, Shanghai silver 2512, and rebar 2601 had large - scale capital outflows [7]. 2. Core Views Copper - Shanghai copper opened high, declined during the day, and closed flat. Due to mine - end disturbances in Chile and Indonesia and the failure of Panama to resume production, supply concerns increased. In September, China's electrolytic copper production decreased month - on - month. Although the real estate sector is a drag, new technologies support downstream demand. Entering the interest - rate cut cycle, copper prices are expected to rise mainly in a volatile manner [9]. Lithium Carbonate - After the holiday, lithium carbonate opened and closed lower. The supply is relatively stable, and the demand is in the peak season. After the Tibetan Mining obtained the mining right, the supply - demand remains loose. The market is in the stage of shock consolidation [10][11]. Crude Oil - OPEC + decided to increase production in November, which will increase the pressure on crude oil in the fourth quarter. The consumption peak season is over, and the demand is weak. It is recommended to short on rallies [12]. Asphalt - The asphalt production rate has recovered, and the expected production in October is high. The downstream demand is affected by funds and rainfall. With the weakening of crude oil prices, asphalt futures prices are expected to decline in a volatile manner [13][14]. PP - The downstream PP operating rate has increased slightly, but the peak - season demand is less than expected. With the increase in supply and the decline in crude oil prices, PP is expected to decline in a volatile manner [15]. Plastic - The plastic operating rate has decreased slightly, and the downstream demand is in the peak season but the performance is not as expected. With the increase in supply and the decline in crude oil prices, plastic is expected to decline in a volatile manner [17]. PVC - The PVC operating rate has increased, but the downstream demand is low. The export expectation is weak, and the inventory pressure is large. With the cost weakening, PVC is expected to decline under pressure [18][19]. Coking Coal - Coking coal opened and closed higher. The supply is expected to gradually recover, and the demand remains stable. The market will fluctuate within a narrow range [20]. Urea - Urea opened and closed lower. The supply is high, and the demand is affected by weather and holidays. The futures price has fallen below the key level, and attention should be paid to the recovery of the spot market [21][22].

聚烯烃日报 | 2025-10-10 新装置投产，聚烯烃供应压力增加 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为7077元/吨（-76），PP主力合约收盘价为6745元/吨（-107），LL华北现货为7000 元/吨（-120），LL华东现货为7140元/吨（+0），PP华东现货为6750元/吨（+0），LL华北基差为-77元/吨（-44），LL 华东基差为63元/吨（+76）， PP华东基差为5元/吨（+107）。 上游供应方面，PE开工率为83.9%（+1.9%），PP开工率为77.7%（+1.1%）。 生产利润方面，PE油制生产利润为247.7元/吨（+72.5），PP油制生产利润为-382.3元/吨（+72.5），PDH制PP生产利 润为-224.0元/吨（+40.0）。 进出口方面，LL进口利润为-41.5元/吨（-0.1），PP进口利润为-517.2元/吨（-0.1），PP出口利润为13.4美元/吨（+0.0）。 下游需求方面，PE下游农膜开工率为35.6%（+2.8%），PE下游包装膜开工率为52.9%（+0.5%），PP下游塑编开工 率为44.3%（+0.4%），PP下游BOPP膜 ...

1. Report Industry Investment Ratings - Crude oil: Cautiously bearish [1] - LPG: Cautiously bearish [1] - L: Bearish continuation [1] - PP: Bearish continuation [1] - PVC: Bearish continuation [1] - PX: Cautiously bearish [1] - PTA: Cautiously bearish [3] - Ethylene glycol (MEG): Cautiously bearish [3] - Methanol: Cautiously bearish [3] - Urea: Cautiously bearish [3] - Natural gas: Cautiously bearish [5] - Asphalt: Cautiously bearish [5] - Glass: Low - level oscillation [5] - Soda ash: Low - level oscillation [5] 2. Report's Core Views - The core driver of the energy and chemical industry is the supply - demand imbalance, with supply often exceeding demand in the off - season, leading to downward pressure on prices. For most products, there are short - term trading opportunities based on cost fluctuations, and long - term trends are affected by factors such as new capacity, inventory, and policy [1][7][8]. 3. Summary by Variety Crude oil - **Market performance**: Overnight international oil prices rose, with WTI up 0.47%, Brent up 1.22%, and SC with no quote due to the holiday [6]. - **Basic logic**: On October 5th, OPEC+ planned to increase production by 137,000 barrels per day in November. The core driver is off - season supply surplus, and oil prices are likely to be pressured to around $60 [7]. - **Fundamentals**: Supply is expected to increase, while EIA forecasts show global oil supply will exceed demand in 2025 - 2026. US commercial crude oil inventory rose in the week ending October 3rd [8]. - **Strategy**: Hold short positions and buy call options. Focus on the range of [470 - 485] for SC [9]. LPG - **Market performance**: On October 9th, the PG main contract closed at 4,078 yuan/ton, down 5.05% [11]. - **Basic logic**: The cost side is pressured by the decline in oil prices and the reduction of Saudi CP contract prices. Supply is relatively sufficient, and demand in some sectors has decreased [12]. - **Strategy**: Hold short positions. Focus on the range of [4150 - 4250] for PG [13]. L - **Market performance**: The L2601 contract closed at 7,077 yuan/ton, down 1.1% [16]. - **Basic logic**: It follows cost fluctuations, with weakening cost support. After the holiday, inventory increased, and the supply - demand pattern is strong on both sides but with limited upward drive [18]. - **Strategy**: It runs weakly in the short term. Focus on the lower support level and wait for dips to test long positions. Focus on the range of [7000 - 7150] [18]. PP - **Market performance**: The PP2601 contract closed at 6,745 yuan/ton, down 1.6% [21]. - **Basic logic**: Cost factors such as crude oil and propane are weak. After - holiday inventory increased, and the supply - demand pattern is loose with high de - stocking pressure [23]. - **Strategy**: The industry can hedge at high prices. Focus on the lower support level and wait for dips to test long positions. Focus on the range of [6700 - 6800] [23]. PVC - **Market performance**: The V2601 contract closed at 4,839 yuan/ton, down 1.4% [25]. - **Basic logic**: The cost of calcium carbide has decreased, and inventory has increased significantly after the holiday. The supply - demand pattern is loose, but the decline in spot prices is limited due to low valuation [27]. - **Strategy**: The short - term supply - demand pattern remains loose. Focus on the lower support level and conduct range operations. Focus on the range of [4700 - 4850] [27]. PX - **Market performance**: On September 30th, the PX spot price was 6,624 yuan/ton, down 62 yuan/ton [30]. - **Basic logic**: Supply has slightly increased, while demand is expected to weaken due to PTA maintenance. Macro factors such as high US crude oil inventory and OPEC+ production increase put pressure on oil prices, and PX is expected to be weak [31]. - **Strategy**: Partially close short positions. Look for opportunities to short on rebounds and sell call options. Focus on the range of [6520 - 6630] for PX511 [32]. PTA - **Market performance**: On September 30th, the PTA spot price in East China was 4,545 yuan/ton, down 45 yuan/ton [34]. - **Basic logic**: Supply pressure is expected to ease due to increased maintenance, and demand has improved recently. However, the cost side is pressured by oil prices, and the supply - demand pattern is expected to be loose in the fourth quarter [34]. - **Strategy**: Gradually close short positions. Look for opportunities to short at high prices. Focus on the range of [4530 - 4610] for TA01 [35]. MEG - **Market performance**: On September 30th, the spot price of ethylene glycol in East China was 4,275 yuan/ton, down 20 yuan/ton [37]. - **Basic logic**: Domestic plants have slightly increased production, and overseas plants have changed little. Terminal demand has improved, but new capacity and supply recovery may lead to inventory accumulation in the future. It follows cost fluctuations and is expected to be weak [38]. - **Strategy**: Gradually close short positions. Look for opportunities to short at high prices. Focus on the range of [4125 - 4185] for EG01 [39]. Methanol - **Market performance**: On September 30th, the spot price of methanol in East China was 2,290 yuan/ton, down 8 yuan/ton [42]. - **Basic logic**: Supply pressure remains high as maintenance plants resume production. Demand has improved, especially in the MTO sector. Social inventory is decreasing, and cost support is stabilizing [43]. - **Strategy**: Look for opportunities to go long on dips for the 01 contract. Focus on the range of [2280 - 2320] for MA01 [45]. Urea - **Market performance**: On September 30th, the spot price of small - particle urea in Shandong was 1,600 yuan/ton [47]. - **Basic logic**: Supply is relatively loose as plants resume production. Domestic demand is weak, but fertilizer exports are relatively good. Inventory is accumulating, and cost support exists [48]. - **Strategy**: Hold short positions cautiously. Look for opportunities to go long on dips in the long term [3]. Natural gas - **Market performance**: As of October 3rd, the number of US natural gas rigs increased by 1 to 118 [5]. - **Basic logic**: Supply is relatively sufficient, but the increase in combustion demand with the cooling weather and winter gas storage provide some support for gas prices [5]. - **Strategy**: Cautiously bearish [5]. Asphalt - **Market performance**: Not specifically mentioned in the given text. - **Basic logic**: The cost side is pressured by the increase in crude oil supply surplus, and the supply - demand pattern is loose. Valuation is high [5]. - **Strategy**: Hold short positions [5]. Glass - **Market performance**: Some regional spot prices have risen, and factory inventory has decreased for three consecutive weeks [5]. - **Basic logic**: Supply is under pressure as daily melting volume remains high, and demand from the real - estate sector is weak. Focus on the downstream restocking during the peak season [5]. - **Strategy**: Hold short positions on the alkali - glass spread in the short term and be bearish on rebounds in the long term [5]. Soda ash - **Market performance**: Spot prices have risen slightly, and the basis has strengthened [5]. - **Basic logic**: Supply is expected to be loose as summer maintenance ends and plants resume production. Demand is mostly for rigid needs, and enterprise inventory has decreased for five consecutive weeks [5]. - **Strategy**: The industry can hedge at high prices and be bearish on rebounds in the long term [5].

2025年10月10日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 对二甲苯：中期仍偏弱 | 2 | | --- | --- | | PTA：中期仍偏弱 | 2 | | MEG：1-5月差反套 | 2 | | 橡胶：震荡偏强 | 5 | | 合成橡胶：短期震荡运行 | 7 | | 沥青：跟随油价偏弱 | 9 | | LLDPE：中期震荡行情 | 11 | | PP：中期或是震荡市 | 12 | | 烧碱：弱现实压制，但成本支撑强 | 13 | | 纸浆：震荡运行 | 14 | | 玻璃：原片价格平稳 | 16 | | 甲醇：弱势运行 | 17 | | 尿素：偏弱运行 | 19 | | 苯乙烯：短期震荡为主，不追空 | 21 | | 纯碱：现货市场变化不大 | 22 | | LPG：成本端偏弱，关注低位反弹风险 | 23 | | 丙烯：供需紧平衡，现货价格存支撑 | 23 | | PVC：低位震荡 | 26 | | 燃料油：弱势仍在，短线进入调整 | 27 | | 低硫燃料油：暂时弱于高硫，外盘现货高低硫价差继续收窄 | 27 | | 集运指数（欧线）：2-4正套轻仓入场 | 28 | | 短纤：短期低 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - After the holiday, the A-share market showed a positive start, but there were also signs of a pullback after the rally. The technology sector remained active, and it is recommended to lightly sell put options on MO2511 at the strike price of around 6800 when the price pulls back [2][4]. - The bond market started well after the holiday, but the sentiment may be suppressed by the risk appetite. The short-term bond market is expected to continue to fluctuate within a range, and it is recommended to wait for over - adjustment opportunities [6]. - Precious metals prices first rose and then fell. Silver hit a new high due to supply shortages, and it is recommended to maintain a cautious and low - buying strategy for precious metals in the fourth quarter [9][10]. - The shipping index of European routes showed a weak and volatile trend. It is recommended to go long on the 12 - contract [12]. - Copper prices are expected to be strong due to supply shortages, while aluminum oxide prices are expected to be weak due to supply surpluses [14][20]. - Zinc prices are expected to fluctuate, tin prices are expected to be strongly volatile, nickel prices are expected to be strongly volatile, and stainless steel prices are expected to fluctuate within a range [31][36][40]. - The lithium carbonate market is in a tight balance, and the short - term price is expected to fluctuate [43]. - Steel prices are expected to be stable, and it is recommended to pay attention to the support levels of rebar and hot - rolled coils [45]. - Iron ore prices are expected to be strongly volatile, and it is recommended to go long on the 2601 contract at low prices [47]. - Coking coal and coke prices are expected to rebound, and it is recommended to go long on the 2601 contracts of both at low prices [51][54]. - The price of domestic meal is suppressed by supply pressure, and the M2601 contract is expected to fluctuate within a range [57]. - The price of live pigs is under pressure, and it is recommended to go short on the futures at high prices and conduct reverse arbitrage on relevant contracts [59]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market situation: After the holiday, A - share major indexes rose, with the Shanghai Composite Index up 1.32%, and the cyclical sectors performed strongly, while the consumer sectors declined [2]. - Futures situation: The four major stock index futures contracts rose, and the basis spreads of the main contracts fluctuated narrowly [3]. - News: Domestic consumption increased during the holiday, and overseas, the Fed showed a willingness to cut interest rates [3]. - Capital: The trading volume of the A - share market increased, and the central bank conducted reverse repurchase operations with a net withdrawal of funds [4]. - Operation suggestion: It is recommended to lightly sell put options on MO2511 at the strike price of around 6800 when the price pulls back [4]. Treasury Futures - Market performance: Treasury futures closed up across the board, and the yields of major interest - rate bonds mostly declined [5]. - Capital: The central bank conducted reverse repurchase operations, and the inter - bank market funds were relatively loose [6]. - Operation suggestion: The short - term bond market is expected to fluctuate within a range, and it is recommended to wait for over - adjustment opportunities [6]. Financial Derivatives - Precious Metals - Market review: Geopolitical risks eased, and precious metals prices first rose and then fell. Silver hit a new high due to supply shortages [7][9]. - Future outlook: In the fourth quarter, precious metals prices are expected to be bullish, and it is recommended to maintain a cautious and low - buying strategy [10]. Financial Derivatives - Shipping Index of European Routes - Spot quotation: The freight rates of different shipping companies are provided [11]. - Index situation: The shipping index of European routes declined, and the freight rates of different routes also decreased [11]. - Fundamentals: The global container capacity increased, and the demand in different regions varied [11]. - Logic: The futures market was weakly volatile, and the price increase of shipping companies will affect the main contract price [12]. - Operation suggestion: It is recommended to go long on the 12 - contract [12]. Commodity Futures - Non - Ferrous Metals Copper - Spot: The price of electrolytic copper rose, but the downstream procurement willingness was weak [12]. - Macro: The US government was shut down, and the market expected the Fed to implement monetary easing [13]. - Supply: The supply of copper mines was tight, and the production of refined copper was expected to decline [14]. - Demand: The demand for copper was expected to slow down marginally, but it still had strong resilience [15]. - Inventory: The inventories of LME, COMEX, and domestic social copper increased [16]. - Logic: Weak US dollars and supply shortages drove the copper price up [17]. - Operation suggestion: Hold long positions, and pay attention to the support at 84000 - 85000 [17]. Aluminum Oxide - Spot: The price of aluminum oxide declined, and the overall trading sentiment was weak [17]. - Supply: The domestic and overseas supply of aluminum oxide increased, and the demand was weak [20]. - Inventory: The inventory of aluminum oxide was high, and the registered warehouse receipts increased [19]. - Logic: The futures price fluctuated widely, and the short - term price was under pressure [20]. - Operation suggestion: The main contract is expected to fluctuate between 2850 - 3050 [20]. Aluminum - Spot: The price of aluminum rose, but the high price suppressed the procurement willingness [21]. - Supply: The production of electrolytic aluminum was expected to increase slightly [21]. - Demand: The demand for aluminum showed structural characteristics, and the high price suppressed the orders of small and medium - sized enterprises [23]. - Inventory: The social inventory of aluminum ingots increased after the holiday [22]. - Logic: Macro factors supported the aluminum price, and it is expected to fluctuate at a high level [23]. - Operation suggestion: The main contract is expected to fluctuate between 20700 - 21300 [23]. Aluminum Alloy - Spot: The price of aluminum alloy rose [25]. - Supply: The supply of recycled aluminum was tight, and the开工 rate was affected [25]. - Demand: The demand for aluminum alloy recovered moderately, but the terminal demand was weak [25]. - Inventory: The inventory of aluminum alloy continued to increase [26]. - Logic: The futures price rose with the aluminum price, and the cost supported the price [27]. - Operation suggestion: The main contract is expected to fluctuate between 20200 - 20800. Consider arbitrage if the price difference is over 500 [27][28]. Zinc - Spot: The price of zinc rose, and the trading was light [28]. - Supply: The supply of zinc was loose, and the production of zinc ingots increased [29]. - Demand: The demand for zinc was weak, and the开工 rate of primary processing industries declined [30]. - Inventory: The domestic social inventory of zinc decreased, and the LME inventory increased [31]. - Logic: Low inventory and weak US dollars supported the zinc price, and it is expected to fluctuate [31]. - Operation suggestion: The main contract is expected to fluctuate between 21800 - 22800 [31]. Tin - Spot: The price of tin rose significantly, but the trading was light [31]. - Supply: The supply of tin was affected by Indonesia, and the import volume decreased [32]. - Demand: The demand for tin was weak, and the traditional consumption areas were sluggish [33]. - Inventory: The LME inventory decreased, and the social inventory decreased [33]. - Logic: Supply disruptions and the strength of the semiconductor sector drove the tin price up, and it is expected to be strongly volatile [34]. - Operation suggestion: Wait and see [34]. Nickel - Spot: The price of nickel rose [35]. - Supply: The production of refined nickel was at a high level and was expected to increase slightly [35]. - Demand: The demand for nickel in different sectors varied, and the demand for stainless steel was weak [35]. - Inventory: The overseas inventory of nickel was high, and the domestic social inventory was stable [35]. - Logic: Macro factors and policy expectations supported the nickel price, and it is expected to be strongly volatile [36]. - Operation suggestion: The main contract is expected to fluctuate between 120000 - 126000 [36]. Stainless Steel - Spot: The price of stainless steel rose slightly [37]. - Raw materials: The price of raw materials was firm, and the cost supported the price [37]. - Supply: The production of stainless steel was expected to increase, and the supply pressure existed [38]. - Inventory: The social inventory of stainless steel decreased slowly [38]. - Logic: The futures price rose slightly, and the downstream demand did not meet expectations [39]. - Operation suggestion: The main contract is expected to fluctuate between 12600 - 13200 [40]. Lithium Carbonate - Spot: The price of lithium carbonate was stable, and the trading was light [40]. - Supply: The production of lithium carbonate increased, and the supply was affected by new projects [41]. - Demand: The demand for lithium carbonate was stable and optimistic, but the marginal increase needed to be tracked [41]. - Inventory: The inventory of lithium carbonate decreased in all links [42]. - Logic: The futures price fluctuated, and the supply and demand were in a tight balance [43]. - Operation suggestion: The main contract is expected to fluctuate around 70,000 - 75,000 [43]. Commodity Futures - Black Metals Steel - Spot: Steel prices were stable during the holiday and rebounded slightly after the holiday [43]. - Cost and profit: The cost of steel had support, and the profit declined [44]. - Supply: The production of steel decreased slightly during the holiday, and the overall production was high [45]. - Demand: The demand for steel showed seasonal improvement, and the export volume was high [45]. - Inventory: The inventory of steel increased during the holiday and is expected to decrease seasonally [45]. - View: Steel prices are expected to be stable, and it is recommended to pay attention to the support levels of rebar and hot - rolled coils [45]. Iron Ore - Spot: The price of iron ore rose [46]. - Futures: The price of iron ore futures rose, and the 1 - 5 spread weakened [46]. - Basis: The basis of different iron ore varieties was provided [46]. - Demand: The demand for iron ore decreased slightly [46]. - Supply: The global shipment of iron ore decreased, and the arrival volume increased [46]. - Inventory: The port inventory of iron ore increased, and the daily dredging volume decreased [47]. - View: Iron ore prices are expected to be strongly volatile, and it is recommended to go long on the 2601 contract at low prices [47][48]. Coking Coal - Futures and spot: The coking coal futures rebounded, and the spot price declined slightly [49]. - Supply: The production of coking coal decreased, and the inventory decreased [50]. - Demand: The demand for coking coal decreased slightly [50]. - Inventory: The total inventory of coking coal decreased [50]. - View: Coking coal prices are expected to rebound, and it is recommended to go long on the 2601 contract at low prices [51]. Coke - Futures and spot: The coke futures rebounded, and the spot price of the factory was stable while the port price declined [54]. - Profit: The average profit per ton of coke for independent coking plants was negative [53]. - Supply: The production of coke decreased slightly [53]. - Demand: The demand for coke decreased slightly [53]. - Inventory: The total inventory of coke decreased [53]. - View: Coke prices are expected to rebound, and it is recommended to go long on the 2601 contract at low prices [54]. Commodity Futures - Agricultural Products Meal - Spot market: The price of domestic meal increased, and the trading volume of soybean meal increased [55]. - Fundamental news: The export sales report of US soybeans was postponed, and the export of Brazilian soybeans was expected to increase [55][56]. - Market outlook: The price of domestic meal is suppressed by supply pressure, and the M2601 contract is expected to fluctuate within a range [57]. Live Pigs - Spot situation: The price of live pigs declined [58]. - Market data: The profit of live pig breeding decreased, and the utilization rate of secondary fattening pens declined [58]. - Market outlook: The price of live pigs is under pressure, and it is recommended to go short on the futures at high prices and conduct reverse arbitrage on relevant contracts [59].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2025-10-10 能源化⼯组研究团队 研究员： 原油调整但政策预期偏强，化⼯内部分 化 国际油价企稳震荡，Brent仍未脱离65-70的震荡区间，SC受制于国内 的原油高库存，率先跌至震荡区间下沿。当前原油市场聚焦在以色列与哈 马斯的协议，据报道双方就停火及释放该武装组织扣押的所有人质达成协 议；路透社报道称，协议本身在细节上仍存在明显欠缺，且遗留了诸多尚 未解决的问题，对协议的最终达成存疑。焦煤价格节后首日企稳回升，十 一长假期间陕西多座煤矿被查产量大于核定产能的10%，突遭罚款和停产 整顿，煤炭价格有企稳可能。 板块逻辑： 10月9日晚间发改委和市场监督总局发布"治理价格无序竞争，维护 良好市场秩序"的公告，这可能对国内低迷的大宗商品略略带来情绪端的 提振。就化工品而言，尚未看到非常有效的减产发生。PTA现货加工费再 次跌破200元/吨，周度开工率仅下滑2.4%，EG开工率周度仍攀升；苯乙烯 超过65%的装置已经亏损，周度开工率环比提升2.37%；PP作为节后首日亏 损较大的品种，周度开工也有1.14%的环比提升。供应端没 ...

2025年10月10日 星期五 商品期货早班车 招商期货 黄金市场 | | 招商评论 | | | | --- | --- | --- | --- | | 贵 | 3975 市场表现：以伦敦金计价的国际金价下跌 1.58%,收报 美元/盎司;国内方面。 | | | | 金 | 基本面：美联储理事巴尔强调通胀风险、称降息需谨慎；纽约联储行长威廉姆斯表示支持今年进一步降息， | | | | 属 | 并不认为经济处于衰退边缘；美国劳工统计局准备在政府关门期间发布 9 月 CPI 数据；IMF 发布 2025 年 | | 10 | | | 月世界经济展望，全球经济增长预计 2025 年和 年均为 3.3%。国内黄金 ETF 资金流入。COMEX 黄金 | 2026 | | | | 库存 1242 吨，减少 5 吨；上期所黄金库存 70 吨，增加 2.8 吨；伦敦 8 月黄金库存 8830 吨；上期所白银库 | | | | | 存 1186 吨，减少 3 吨，金交所白银库存上周库存 1172 吨，减少 42 吨，COMEX 白银库存 16362 吨，减少 | | | | | 60 吨；伦敦 8 月白银库存增加 447 吨 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 冠通每日交易策略 制作日期：2025 年 10 月 09 日 热点品种 期市综述 截止 10 月 09 日收盘，国内期货主力合约涨多跌少。沪金、棕榈油、沪铜、国际 铜涨超 4%，沪锡、豆油、沪镍、沪银涨超 2%；跌幅方面，生猪、液化石油气（LPG） 跌超 5%，鸡蛋跌超 4%，尿素跌超 3%，烧碱、甲醇、丙烯跌超 2 ...

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 10 月 9 日） 一、动力煤 | 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/09/30 | -102.4 | 0.0 | 0.0 | 0.0 | | 2025/09/29 | -102.4 | 0.0 | 0.0 | 0.0 | | 2025/09/26 | -100.4 | 0.0 | 0.0 | 0.0 | | 2025/09/25 | -95.4 | 0.0 | 0.0 | 0.0 | | 2025/09/24 | -95.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 运筹帷幄 决胜千里 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/09/30 2025/09/29 2025/09/26 2025/09/25 20 ...

2025年10月09日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 对二甲苯：中期仍偏弱 | 2 | | --- | --- | | PTA：中期仍偏弱 | 2 | | MEG：1-5月差反套 | 2 | | 橡胶：震荡运行 | 5 | | 合成橡胶：震荡承压 | 7 | | 沥青：华南独累库，美委再生波 | 9 | | LLDPE：中期震荡行情 | 11 | | PP：中期或是震荡市 | 12 | | 烧碱：弱现实压制，但成本支撑强 | 13 | | 纸浆：震荡运行 | 14 | | 玻璃：原片价格平稳 | 16 | | 甲醇：短期震荡运行 | 17 | | 尿素：偏弱运行 | 19 | | 苯乙烯：短期震荡 | 21 | | 纯碱：现货市场变化不大 | 22 | | LPG：节中外盘弱势运行 | 23 | | 丙烯：节中现货止跌反弹 | 23 | | PVC：低位震荡 | 26 | | 燃料油：短线转弱，波动将放大 | 27 | | 低硫燃料油：开盘或下跌，外盘现货高低硫价差继续收窄 | 27 | | 集运指数（欧线）：地缘快速降温，关注下行风险 | 28 | | 短纤：趋势偏弱 | 31 | | ...