Core Viewpoint - The global monetary and fiscal easing expectations are providing strong support for precious metal prices, while certain precious metal varieties face potential short-term negative disturbances [1] Group 1: Monetary Policy Impact - The monetary policy direction of major global economies is a core factor influencing the commodity market. The Federal Reserve has entered a rate-cutting phase, with expectations of a 25 basis point cut in both 2026 and 2027, and has recently conducted technical balance sheet expansion to maintain liquidity [2] - There is uncertainty regarding the Federal Reserve's monetary policy path, particularly with potential shifts towards "pragmatic monetarism" which may impact market liquidity expectations and disturb precious metal prices [2] - Other major economies are also adjusting their monetary policies, with the Bank of England expected to cut rates by December 2025 and the Bank of Japan potentially raising rates to 0.75% around the same time, creating a generally loose liquidity environment that supports a "bull market" for precious metals [2] Group 2: Long-term Factors Supporting Precious Metals - Global debt and fiscal deficit expansion, along with ongoing central bank gold purchases, are long-term bullish factors for the precious metals market. Gold prices show a strong correlation with the total debt of major global economies [3] - Despite facing short-term negative factors, the long-term core trading logic for gold and silver remains unchanged, driven by global "reflation" trades, monetary policy uncertainties, and geopolitical risks [3] - Continuous increases in gold reserves by central banks, particularly the People's Bank of China since November 2024, provide significant physical demand support for gold prices [3] Group 3: Platinum and Palladium Market Dynamics - The global platinum market is increasingly recognized for its "new energy metal" attributes, with supply constraints due to high mining costs and aging production equipment, while demand is supported by stricter automotive emissions standards [4] - The palladium market is characterized by oligopolistic supply and tightening conditions, but faces long-term demand pressures from the shift towards electric vehicles, which may lead to a more relaxed supply-demand balance by 2026 [4] - Both platinum and palladium are critical industrial and new energy metals, with their supply-demand dynamics evolving due to the energy structure transition [5]

当下，螺纹钢库存结构是比较健康的，现实供需矛盾也不大。因此，本轮价格下跌过程中，期货价格的 跌幅明显大于现货。螺纹钢主力2605合约对华东现货的贴水已经扩大至196元／吨，处于近3年高位。杭 州地区螺纹钢库存已经从11月下旬的95.7万吨下降至69.7万吨。螺纹钢期货前20席位净多和净空持仓的 差值也从11月下旬的-11.16万手变为2.27万手。 明年1月，市场可能逐步关注到冬储逻辑。虽然现在市场普遍预计2026年建材需求会继续下一个台阶， 贸易商冬储意愿偏差，但是螺纹钢2605合约价格已经接近电炉钢的谷电成本（3079元／吨），且盘面贴 水已经处于高位，具备一定冬储价值。因此，我们预计仍会有贸易商通过盘面或场外累购期权的方式进 行冬储。 12月5日以来，螺纹钢价格出现快速下跌，主力2605合约价格最低下探至3031元／吨，相比月初高点下 跌150元／吨，跌幅约为4.7%。对于后期走势，我们认为，利空充分发酵之后，螺纹钢价格有望在3000 元／吨附近逐步企稳。 近期大跌原因分析 近期，螺纹钢价格大幅下跌主要是因为需求走弱和成本支撑下移。12月是传统的建材需求淡季，螺纹钢 表观消费量从11月下旬的230.79 ...

在与区域企业接触后，创元期货有色产业服务人员李玉芬发现，随着加工行业竞争逐渐白热化，再加上 近年来铝价波动加剧，下游企业的经营压力不断增加。"签单时算着盈利，交付时却因铝价上涨亏了 本。"这是一些铝加工企业经营状况的真实写照。在了解到上述情况后，她与团队决定深入产业链"对症 下药"。 作为国内三大铝加工产业集聚区之一，华东地区的铝加工产能规模在国内位居前列，其中，在江苏无 锡、浙江湖州等地已形成从铝锭贸易、熔铸挤压到终端制造的完整产业链集群。依托长三角地区发达的 水陆联运体系，以及周边新能源汽车、光伏装备等高端制造业需求的驱动，区域内铝加工产业规模持续 增长。 "对症下药"直击产业保值痛点 "我们需要的不是复杂的理论，而是能直接解决问题的办法。"这是企业最真实的诉求，也成为创元期货 服务的出发点。"尤其是下游的铝加工企业，多是中小民营企业，对金融工具往往感到陌生和担忧。"李 玉芬表示，如何将复杂的金融衍生品转化为企业能理解、易操作的风险管理工具，是服务落地的首要难 题。 针对上述痛点，公司团队为企业量身打造了服务方案。首先是开展专项培训，为企业讲解期货、期权工 具用法；其次是研究团队分享基本面分析报告，帮助企 ...

本报讯广期所昨日发布通知，自12月23日交易时起，非期货公司会员或者客户在铂期货2606、2608、 2610、2612合约上单日开仓量分别不得超过500手，非期货公司会员或者客户在钯期货2606、2608、 2610、2612合约上单日开仓量分别不得超过500手。(鲍仁) ...

Group 1 - The historic launch of the Hainan Free Trade Port on December 18, 2025, coincided with the groundbreaking of the first egg deep processing project by Hainan Hongchu Food Technology Co., Ltd, marking a significant step in local agricultural enterprise chain upgrades [1] - Jin Yuan Futures Co., Ltd recognizes the unprecedented opportunities created by the "zero tariff" policy from the free trade port, which facilitates the upgrade and iteration of the local agricultural industry chain [1] - The egg deep processing project aims to transform primary eggs into high-value products such as liquid eggs and egg powder, promoting the transition of Hainan's egg industry from traditional farming to a high-quality development model through the entire industry chain and deep processing [1] Group 2 - Eggs are a crucial "basket product," and their price fluctuations directly impact both consumer livelihoods and farmers' incomes [2] - Jin Yuan Futures is committed to using futures and derivative tools to provide precise risk management solutions for agricultural industry chain enterprises, enabling them to effectively lock in raw material procurement costs or finished product sales prices [2] - The deep integration of finance and industry is viewed as an essential path for high-quality development, with Jin Yuan Futures expressing a desire to collaborate with more local enterprises in Hainan to leverage free trade port policies and financial market tools for industrial upgrades and rural revitalization [2]

Market Performance - The three major U.S. stock indices closed lower on December 17, with the Dow Jones down 228.29 points (0.47%) at 47,885.97, the Nasdaq down 418.14 points (1.81%) at 22,693.32, and the S&P 500 down 78.83 points (1.16%) at 6,721.43 [1] Sector Performance - Technology stocks led the decline, with ASML, Oracle, and AMD dropping over 5%, while Tesla and Broadcom fell over 4%. Other notable declines included Nvidia, TSMC, Intel, and Google-A, which were down over 3%, and Qualcomm down over 2%. Meta, Apple, Amazon, Boeing, and Microsoft experienced slight declines, while Netflix saw a small increase [1] AI-Related Stocks - AI-related stocks generally fell, with Nvidia down 3.8%, Broadcom down 4.5%, AMD down 5.3%, Oracle down 5.4%, and Tesla down 4.6% [1] Chinese Stocks - Most popular Chinese stocks declined, with the Nasdaq Golden Dragon China Index down 0.73%. Notable declines included Huya, Pinduoduo, NIO, and Li Auto, which fell over 3%, while iQIYI, Tiger Brokers, and Xpeng dropped over 2%. Futu Holdings, Alibaba, NetEase, and Kingsoft fell over 1%, while Baidu and New Oriental saw slight increases, and Ctrip rose over 1% [1] Monetary Policy Insights - Federal Reserve Governor Christopher Waller expressed support for further interest rate cuts to return rates to neutral levels, indicating that current monetary policy rates are up to 100 basis points above neutral levels. He noted that this neutral rate would neither suppress growth nor elevate inflation [2]

期货日报网讯（记者 刘威魁）12月18日，江西强宇新能源年产2万吨锂辉石产线举行点火仪式。据了 解，此次点火涉及1万吨的产线，原料主要来自非洲。 据悉，江西强宇新能源有限公司 (曾用名：江西和光新材料有限公司) ，成立于2022年，位于江西省宜 春市，是一家以从事化学原料和化学制品制造业为主的企业。 ...

Core Viewpoint - The establishment of the national commodity warehouse registration platform (全仓登) marks a significant advancement in the registration and financing services for bulk commodities in China, addressing long-standing industry pain points such as financing difficulties, credit risks, and lack of standardization [2][10]. Group 1: Financing and Registration Achievements - In February 2025, Guotai Junan Risk Management successfully obtained financing of 1.5 million yuan by pledging domestically produced natural latex that meets the Shanghai Futures Exchange standards [1]. - On June 30, 2025, Guotai Junan Risk Management assisted in the registration of 200 tons of electrolytic copper on the 全仓登 platform, marking a new phase in commodity warehouse registration and financing services [1][8]. Group 2: Industry Pain Points - The industry faces three core pain points: 1. Financing difficulties due to low priority, lack of effective guarantees, and cumbersome processes, particularly affecting small and micro enterprises [1]. 2. Credit risks stemming from the ease of forgery and unclear ownership of paper warehouse receipts, exemplified by the 2022 aluminum ingot double pledge incident [1]. 3. Insufficient standardization in warehouse receipt formats and operational details, leading to significant barriers in business interactions among warehouses, traders, and banks [1]. Group 3: 全仓登 Platform Objectives - The 全仓登 platform aims to eliminate information barriers between futures, spot, warehousing, banking, logistics, trade, and production enterprises, ensuring safe circulation and efficient operation of bulk commodities [2]. - Guotai Junan Risk Management actively participated in the platform's pilot projects, leveraging its industry experience to contribute to the platform's optimization and upgrade [2][3]. Group 4: Pilot Projects and Their Significance - The two pilot projects involving natural latex and electrolytic copper serve as practical examples that validate the platform's core functionalities and operational stability, paving the way for broader implementation [9][10]. - The projects demonstrate the platform's ability to provide efficient financing channels while mitigating risks associated with paper warehouse receipts, thus addressing the identified industry pain points [10]. Group 5: Future Directions - The successful execution of these pilot projects lays the groundwork for a complete business ecosystem and a replicable model for digital transformation in the bulk commodity sector [10]. - Continuous collaboration with the platform will further enhance the integration of warehouse inventory and real-time data retrieval for risk control, establishing a foundation for the digital registration and circulation of all commodity categories [8][10].

12月10日以来，沪金价格上涨超过2%，主要受美国就业市场走弱担忧、美联储降息和扩表预期、全球 多国财政扩张以及央行持续购金等影响。 综上，中长期看，美联储降息和扩表预期、全球多国财政政策宽松预期，以及地缘政治风险难解和多国 央行持续购金将对黄金价格形成支撑。短期需警惕日元"套息交易"阶段性逆转等利空因素。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 全球多国呈财政扩张趋势 近年来，全球多国呈现财政扩张趋势。特朗普政府"大而美"法案获得通过，未来十年美国债务上限提高 了5万亿美元，财政赤字或增加3.4万亿美元，而财政支出仅削减1.2万亿美元。11月21日，日本批准了一 项规模达21.3 ...

Group 1 - December corn futures prices experienced a sharp rise and subsequent decline, with the C2601 contract breaking through the 2300 yuan/ton mark, attracting market attention [1] - The low inventory of old crop corn, combined with continuous rainfall during the harvest period in North China, led to a decline in grain quality, increasing urgency among downstream grain enterprises to stockpile [1] - The accelerated outflow of high-quality corn from Northeast China was noted as traders rushed to fulfill previously signed sales contracts, while farmers exhibited a reluctance to sell due to rising prices [1] Group 2 - The annual supply and demand balance sheet is a crucial reference for market participants, indicating a shift from a tight supply situation in the previous year to a slightly looser state for the 2025/2026 corn season [2] - The corn planting area is expected to remain stable, with a slight decrease in overall corn planting area due to some regions switching to soybean cultivation, while weather conditions this year have favored corn growth, leading to a significant increase in yield [2] - The total corn supply for the 2025/2026 season is projected to be approximately 29.517 million tons, an increase of 4.187 million tons or about 16% year-on-year [2] Group 3 - The ending inventory for the current year is estimated at around 15 million tons, indicating a shift from a tight supply situation to a slight surplus [3] - During the grain selling phase, corn prices are expected to primarily experience a downward trend due to increased production and faster selling rates by farmers, with December being a peak selling season [3] - The market may see price fluctuations during the trading phase as the remaining inventory decreases, but limited rebound potential is anticipated due to reduced feed consumption and prior stockpiling by feed enterprises [3]