{"id":47256,"date":"2026-05-19T22:19:21","date_gmt":"2026-05-19T22:19:21","guid":{"rendered":"https:\/\/www.vtmarkets.com\/cn\/uncategorized\/%e6%96%b0%e8%a5%bf%e5%85%b0gdt%e4%bb%b7%e6%a0%bc%e6%8c%87%e6%95%b0%e5%8d%87%e5%8a%bf%e6%94%be%e7%bc%93%ef%bc%8c%e4%b8%ad%e5%9b%bd%e9%9c%80%e6%b1%82%e8%bd%ac%e5%bc%b1%e6%8b%96%e7%b4%af%e7%ba%bd\/"},"modified":"2026-05-19T22:19:21","modified_gmt":"2026-05-19T22:19:21","slug":"%e6%96%b0%e8%a5%bf%e5%85%b0gdt%e4%bb%b7%e6%a0%bc%e6%8c%87%e6%95%b0%e5%8d%87%e5%8a%bf%e6%94%be%e7%bc%93%ef%bc%8c%e4%b8%ad%e5%9b%bd%e9%9c%80%e6%b1%82%e8%bd%ac%e5%bc%b1%e6%8b%96%e7%b4%af%e7%ba%bd","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/cn\/live-updates\/%e6%96%b0%e8%a5%bf%e5%85%b0gdt%e4%bb%b7%e6%a0%bc%e6%8c%87%e6%95%b0%e5%8d%87%e5%8a%bf%e6%94%be%e7%bc%93%ef%bc%8c%e4%b8%ad%e5%9b%bd%e9%9c%80%e6%b1%82%e8%bd%ac%e5%bc%b1%e6%8b%96%e7%b4%af%e7%ba%bd\/","title":{"rendered":"\u65b0\u897f\u5170GDT\u4ef7\u683c\u6307\u6570\u5347\u52bf\u653e\u7f13\uff0c\u4e2d\u56fd\u9700\u6c42\u8f6c\u5f31\u62d6\u7d2f\u7ebd\u5143"},"content":{"rendered":"<p>\u65b0\u897f\u5170\u5168\u7403\u4e73\u5236\u54c1\u4ea4\u6613\uff08GDT\uff0cGlobal Dairy Trade\uff1a\u5168\u7403\u4e73\u5236\u54c1\u62cd\u5356\u5e73\u53f0\uff09\u4ef7\u683c\u6307\u6570\u4e0a\u6da80.6%\uff0c\u524d\u4e00\u6b21\u4e3a\u4e0a\u6da81.5%\u3002<\/p>\n<p>\u6700\u65b0\u6570\u636e\u610f\u5473\u7740\u6da8\u52bf\u653e\u6162\u3002\u672c\u6b21\u66f4\u65b0\u672a\u63d0\u4f9b\u66f4\u591a\u7ec6\u8282\u3002<\/p>\n<h3>\u4e0a\u6da8\u52a8\u80fd\u51cf\u5f31<\/h3>\n<p>\u6700\u65b0\u4e00\u8f6eGDT\u62cd\u5356\u663e\u793a\uff0c\u4ef7\u683c\u5411\u4e0a\u7684\u52a8\u80fd\u6b63\u5728\u51cf\u5f31\u3002\u4ec5\u4e0a\u6da80.6%\uff0c\u76f8\u6bd4\u4e0a\u4e00\u8f6e1.5%\u660e\u663e\u653e\u6162\uff0c\u8bf4\u660e\u8fd9\u6ce2\u53cd\u5f39\u5728\u8f6c\u5f31\uff0c\u56e0\u6b64\u53ef\u9010\u6b65\u51cf\u5c11\u591a\u5934\uff08long exposure\uff1a\u62bc\u6ce8\u4ef7\u683c\u4e0a\u6da8\u7684\u6301\u4ed3\uff09\uff0c\u5e76\u8003\u8651\u5728\u4ef7\u683c\u6a2a\u76d8\u6216\u4e0b\u8dcc\u65f6\u4e5f\u80fd\u83b7\u5229\u7684\u7b56\u7565\u3002<\/p>\n<p>\u9700\u6c42\u65b9\u9762\uff0c\u5c24\u5176\u662f\u4e2d\u56fd\u7684\u60c5\u51b5\uff0c\u652f\u6301\u66f4\u8c28\u614e\u7684\u5224\u65ad\u3002\u867d\u7136\u4e2d\u56fd\u57282025\u5e74\u672b\u4e4b\u524d\u7684\u8fdb\u53e3\u91cf\u504f\u5f3a\uff0c\u4f462026\u5e744\u6708\u6570\u636e\u663e\u793a\uff0c\u5168\u8102\u5976\u7c89\uff08whole milk powder\uff1a\u8102\u80aa\u542b\u91cf\u8f83\u9ad8\u3001\u7528\u4e8e\u5976\u7c89\u548c\u98df\u54c1\u52a0\u5de5\u7684\u4e3b\u8981\u4e73\u5236\u54c1\uff09\u91c7\u8d2d\u73af\u6bd4\uff08month-over-month\uff1a\u4e0e\u4e0a\u4e2a\u6708\u76f8\u6bd4\uff09\u4e0b\u964d3%\u3002\u4f5c\u4e3a\u5168\u7403\u6700\u5927\u4e70\u5bb6\u4e4b\u4e00\uff0c\u8fd9\u79cd\u8f6c\u5f31\u4fe1\u53f7\u8bf4\u660e\u5f53\u524d\u4ef7\u683c\u53ef\u80fd\u9047\u5230\u963b\u529b\u3002<\/p>\n<p>\u4f9b\u5e94\u65b9\u9762\uff0c\u65b0\u897f\u5170\u6761\u4ef6\u8f83\u597d\uff0c\u5e26\u52a8\u725b\u5976\u4ea7\u91cf\u7a33\u5065\u3002\u6052\u5929\u7136\uff08Fonterra\uff1a\u65b0\u897f\u5170\u4e3b\u8981\u4e73\u4e1a\u5408\u4f5c\u793e\uff09\u7684\u6536\u5976\u91cf\uff08milk collection\uff1a\u5976\u519c\u4ea4\u4ed8\u3001\u4f01\u4e1a\u5b9e\u9645\u6536\u8d2d\u7684\u539f\u5976\u6570\u91cf\uff09\u6570\u636e\u663e\u793a\uff0c\u540c\u6bd4\uff08\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\uff09\u9ad8\u51fa1.2%\u3002\u4f9b\u5e94\u5145\u8db3\u3001\u6838\u5fc3\u9700\u6c42\u8d70\u5f31\uff0c\u77ed\u671f\u5bf9\u4ef7\u683c\u504f\u4e0d\u5229\uff08bearish\uff1a\u504f\u5411\u4e0b\u8dcc\uff09\u3002<\/p>\n<p>\u6211\u4eec\u4e5f\u89c1\u8fc7\u7c7b\u4f3c\u60c5\u51b5\uff1a\u62cd\u5356\u6da8\u5e45\u653e\u6162\u540e\uff0c\u968f\u540e\u51fa\u73b0\u8f83\u5927\u7684\u4ef7\u683c\u56de\u8c03\uff08price correction\uff1a\u4e0a\u6da8\u540e\u51fa\u73b0\u7684\u56de\u843d\uff09\u3002\u5f53\u65f6\u540c\u6837\u662f\u4ea7\u91cf\u504f\u5f3a\u3001\u540c\u65f6\u4e2d\u56fd\u91c7\u8d2d\u8d70\u5f31\uff0c\u4ef7\u683c\u968f\u5373\u660e\u663e\u4e0b\u884c\u3002\u5f53\u524d\u73af\u5883\u5f00\u59cb\u63a5\u8fd1\u5f53\u5e74\u7684\u7279\u5f81\u3002<\/p>\n<h3>\u4ed3\u4f4d\u4e0e\u98ce\u9669\u7ba1\u7406<\/h3>\n<p>\u57fa\u4e8e\u4e0a\u8ff0\u5224\u65ad\uff0c\u4e70\u5165NZX\uff08\u65b0\u897f\u5170\u4ea4\u6613\u6240\uff09\u725b\u5976\u4ef7\u683c\u671f\u8d27\uff08Milk Price futures\uff1a\u4ee5\u672a\u6765\u725b\u5976\u4ef7\u683c\u4e3a\u6807\u7684\u7684\u5408\u7ea6\uff099\u6708\u548c12\u6708\u5408\u7ea6\u7684\u770b\u8dcc\u671f\u6743\uff08put options\uff1a\u5728\u5230\u671f\u524d\u6309\u7ea6\u5b9a\u4ef7\u683c\u5356\u51fa\u7684\u6743\u5229\uff0c\u7528\u4e8e\u9632\u8dcc\uff09\u53ef\u628a\u98ce\u9669\u9650\u5236\u5728\u671f\u6743\u91d1\u4e4b\u5185\uff0c\u7528\u6765\u5e94\u5bf9\u6f5c\u5728\u4e0b\u8dcc\u3002\u82e5\u5e0c\u671b\u8d5a\u53d6\u6743\u5229\u91d1\uff08income\uff1a\u901a\u8fc7\u5356\u51fa\u671f\u6743\u6536\u53d6\u671f\u6743\u8d39\uff09\uff0c\u53ef\u5356\u51fa\u4ef7\u5916\uff08out-of-the-money\uff1a\u884c\u6743\u4ef7\u5728\u5f53\u524d\u4ef7\u683c\u4e4b\u5916\u3001\u77ed\u671f\u4e0d\u6613\u89e6\u53d1\uff09\u7684\u770b\u6da8\u4ef7\u5dee\uff08call spreads\uff1a\u540c\u65f6\u5356\u51fa\u4e0e\u4e70\u5165\u4e0d\u540c\u6267\u884c\u4ef7\u7684\u770b\u6da8\u671f\u6743\uff0c\u4ee5\u9650\u5236\u98ce\u9669\uff09\uff0c\u7528\u6765\u62bc\u6ce8\u4ef7\u683c\u4e0a\u65b9\u7a7a\u95f4\u53d7\u9650\uff0c\u4ece\u800c\u5728\u6a2a\u76d8\u6216\u4e0b\u8dcc\u65f6\u83b7\u5229\u3002<\/p>\n<p>\u4e73\u5236\u54c1\u5e02\u573a\u8d70\u5f31\u53ef\u80fd\u62d6\u7d2f\u7ebd\u5143\u3002\u5386\u53f2\u4e0a\uff0c\u7ebd\u5143\u4e0eGDT\u4ef7\u683c\u7684\u6b63\u76f8\u5173\uff08correlation\uff1a\u540c\u5411\u53d8\u52a8\u7684\u7edf\u8ba1\u5173\u7cfb\uff09\u7ea6\u4e3a0.65\u3002\u53ef\u901a\u8fc7\u4e70\u5165NZD\/USD\u770b\u8dcc\u671f\u6743\uff0c\u6216\u5728\u671f\u8d27\u5e02\u573a\u5efa\u7acb\u5c0f\u89c4\u6a21\u7a7a\u5934\uff08short positions\uff1a\u62bc\u6ce8\u4e0b\u8dcc\u7684\u6301\u4ed3\uff09\u6765\u5bf9\u51b2\uff08hedge\uff1a\u7528\u76f8\u53cd\u65b9\u5411\u7684\u4ed3\u4f4d\u964d\u4f4e\u6574\u4f53\u98ce\u9669\uff09\u5176\u4ed6\u655e\u53e3\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GDT\u6307\u6570\u4ec5\u53470.6%\u900a\u524d\u503c1.5%\uff0c\u53cd\u5f39\u52a8\u80fd\u964d\u6e29\u3002\u4e2d\u56fd\u5168\u8102\u5976\u7c89\u91c7\u8d2d\u73af\u6bd4\u8dcc3%\u3001\u65b0\u897f\u5170\u4ea7\u91cf\u540c\u6bd4\u589e1.2%\uff0c\u504f\u7a7a\u5347\u6e29\uff1b\u5efa\u8bae\u51cf\u591a\uff0c\u7528\u725b\u5976\u671f\u8d27\u770b\u8dcc\u671f\u6743\u4e0e\u7ebd\u5143\u5bf9\u51b2\u3002<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-47256","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts\/47256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/comments?post=47256"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts\/47256\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/media?parent=47256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/categories?post=47256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/tags?post=47256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}