Investmentconsultingbusinessqualification:CSRCLicense[2012]No.669 投资咨询业务资格:证监许可【2012】669号 中信期期货货国国际化际研化究研|究CITI|C中Fu信tur期es货In研ter究na所tionIanltRerensaetaiorcnhal2022042-51/00-60/907 中国期货每日简报 ChinaFuturesDailyNote 桂晨曦GuiChenxi从业资格号QualificationNo:F3023159投资咨询号ConsultingNo.:Z0013632 CITICFuturesInternationalServicePlatform:https://internationalservice.citicsf.com 摘要Abstract MacroNews:PresidentXiheldaphonecallwithTrumpandwelcomedhimtovisitChinaagain. FuturesPrices:OnJune6,equityindexfuturesfellwhileCGBfuturesrose.Mostcommoditiesincreased,especiallymetals. Commentary:Copper,Silver,Gold Risks:Macroeconomicfluctuations,geopoliticalsituations,andreversalsinpolicytrends. 宏观方面:习近平主席同特朗普通电话,欢迎其再次访华。 期货方面:6月6日,股指期货下跌,国债期货上涨;商品市场情绪好转,金属上涨。今日点评:铜、白银、黄金 风险提示:宏观经济波动、地缘政治变化、政策趋向扭转。 RecentCommentary近期点评 【20250606】CokingCoal,Aluminum,AluminiumOxide焦煤、铝、氧化铝 【20250605】SCFIS(Europe),LithiumCarbonate,SoybeanMeal集运欧线、碳酸锂、豆粕 【20250604】CrudeOil,IronOre,TSR20原油、铁矿石、橡胶 *Clickonthehyperlinkofreporttitlestoreadhistoricalreports 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户。Thisreportisnotaserviceunderthefuturestradingconsultingbusiness.Theopinionsandinformationprovidedareforreferenceonlyanddonotconstituteinvestmentadvicetoanyone.CITICFutureswillnotconsiderrelevantpersonnelascustomersduetotheirattention,receipt,orreadingofthisreport. Content目录 1.ChinaFutures期货异动4 1.1Overview行情概述4 1.2DailyRise上涨品种5 1.2.1Copper铜5 1.2.2Silver白银6 1.3DailyDrop下跌品种6 1.3.1Gold黄金6 2.ChinaNews中国要闻7 2.1MacroNews宏观新闻7 2.2IndustryNews行业要闻8 2 Graphs图表 图表1:ChinaFuturesPriceTop10DailyRise4 中国期货主力连续合约涨幅前十4 图表2:ChinaFuturesPriceTop10DailyDrop4 中国期货主力连续合约跌幅前十4 图表3:TheRecentTrendofCopper5 铜价格震荡偏强5 图表4:6/6,copperincreasedby1.0%5 6月6日,铜上涨1.0%5 图表5:TheRecentTrendofSilver6 白银价格震荡上涨,波动较大6 图表6:6/6,silverincreasedby4.5%6 6月6日,白银上涨4.5%6 图表7:TheRecentTrendofGold7 黄金价格走势呈现整体上涨趋势7 图表8:6/6,golddecreasedby0.1%7 6月6日,黄金下跌0.1%7 图表9:TheChangeofFuturesPricesandOpenInterests9 中国期货涨跌幅与持仓变化9 图表10:ChinaFuturesPrice10 中国期货概览10 图表11:ChinaFuturesNightTradingPrice11 中国期货夜盘概览11 图表12:中信期货国际化研究系列报告12 CITICFuturesInternationalServicePlatform12 3 1.ChinaFutures期货异动 1.1Overview行情概述 OnJune6,equityindexfuturesfellwhileCGBfuturesrose.Mostcommoditiesincreased,especiallymetals. Thetopthreegainersaresilver,cokingcoal,andglass.Amongthem,silverroseby4.5%,withopeninterestincreasingby27.2%month-on-month;cokingcoalroseby3.2%,withopeninterestdecreasingby4.0%month-on-month;glassroseby3.0%,withopeninterestdecreasingby8.4%month-on-month. ThetopthreedeclinersareSCFIS(Europe),aluminiumoxide,andrapeseed.Amongthem,SCFIS(Europe)fellby4.3%,withopeninterestdecreasingby2.2%month-on-month;aluminiumoxidefellby2.9%,withopeninterestdecreasingby6.6%month-on-month;rapeseedfellby1.6%,withopeninterestincreasingby10.2%month-on-month. 6月6日,股指期货下跌,国债期货上涨;商品市场情绪好转、多数上涨,金属上涨。 涨幅前三的品种是白银、焦煤和玻璃,其中白银上涨4.5%,持仓环比增加27.2%;焦煤上涨3.2%,持仓环比减少4.0%;玻璃上涨3.0%,持仓环比减少8.4%。 跌幅前三的品种是SCFIS欧线、氧化铝和油菜籽,其中SCFIS欧线下跌4.3%,持仓环比减少2.2%;氧化铝下跌2.9%,持仓环比减少6.6%;油菜籽下跌1.6%,持仓环比增加10.2%。 图表1:ChinaFuturesPriceTop10DailyRise 中国期货主力连续合约涨幅前十 图表2:ChinaFuturesPriceTop10DailyDrop 中国期货主力连续合约跌幅前十 0.0%1.0%2.0%3.0%4.0%5.0% SCFIS(Europe) -4.3% SilverCokingCoal Glass SyntheticRubber LogRapeseedMealSiliconMetalNo.2SoybeanSoybeanMeal Tin 3.2% 3.0% 2.7% 2.4% 2.1% 2.1% 1.9% 1.9% 1.8% 4.5% AluminiumOxide Rapeseed Urea EthyleneGlycol EggStainlessSteelCornStarchLiveHog Gold -2.9% -1.6% -1.1% -0.7% -0.6% -0.2% -0.2% -0.1% -0.1% -5.0%-4.0%-3.0%-2.0%-1.0%0.0% Source:iFind,CITICFuturesSource:iFind,CITICFutures 4 1.2DailyRise上涨品种 1.2.1Copper铜 OnJune6,copperincreasedby1.0%to78930yuan/ton.Supplyconstraintsforcopperpersist,andinventoriesremainatlowlevels,supportingthebottomofcopperprices.Intheshortterm,coppermayexhibithigh-levelvolatility. Fromthemacroperspective,USmanufacturingactivitycontractedforthethirdconsecutivemonthinMay,andUSADPemploymentfiguressignificantlymissedexpectations,posingariskofcontinuedweakeninginoverseaseconomies.Onthesupplyside,copperconcentrateprocessingfeeshavecontinuedtodeclineandarecurrentlybelow-$40perton,withcrudecopperprocessingfeesalsoatlowlevels,indicatingpersistentrawmaterialsupplytensions.Somedomesticsmeltershaveannouncedmaintenanceandproductioncutsduetolowprocessingfees.Supply-siderisksremain,asZijinMining'scoppermineintheDemocraticRepublicofCongosuspendedundergroundoperations,causingfurtherdisruptionstocoppersupply.Withmid-yearprocessingfeenegotiationsapproaching,thecurrentcoppersupplysituationmaypushprocessingfeestonewlows.Onthedemandside,withthearrivaloftheconsumptionoff-season,downstreaminventoryreplenishmentwillingnesshasweakened.Recentreboundsindomesticsocialinventorieshavelimitedtheupsidepotentialforcopperprices.TheUSincreaseintariffsonimportedsteel,aluminum,andtheirderivativesfrom25%to50%hasraisedthepossibilityofhighertariffsoncopper,leadingtoasignificantreboundinCOMEXcopperprices. 6月6日,铜上涨1.0%至78930元/吨。铜供应约束仍存,库存仍低位,铜短期或呈现高位震荡。 宏观方面,美国制造业活动在5月连续第三个月收缩,且美国ADP就业人数大幅不及预期,海外经济存继续走弱风险。供需面来看,铜矿加工费持续回落,当前已经降至-40美元以下。且粗