Group 1 - The core viewpoint of the articles indicates a significant decline in silver prices, with current trading around $70.96 per ounce, down 6.85% from earlier highs [1] - The Chicago Mercantile Exchange (CME) has raised margin requirements for precious metals futures for the second time in a week, impacting market volatility [1] - Silver experienced extreme fluctuations, reaching a historical high of over $82 per ounce before a substantial pullback, reflecting a market correction rather than a deterioration in fundamental demand [1] Group 2 - Despite the recent drop, silver prices found support above the critical range of $69.80 to $71.00, indicating that the underlying bullish structure remains intact [2] - The market is expected to trade within a wide range between the support at $69.80 and resistance at $79.30, as it digests previous extreme price movements [2] - A breach below the strong support area of $69.80 to $70.00 could signal a pause in the current upward trend and increase the risk of a deeper correction [2]

正信期货指出，现货小幅累库，终端需求后续或将放缓，基本面后续或仍有转弱压力。短期，宏观预期 有所改善，关注反弹高度。 12月31日，国内期市能化板块涨跌不一。其中，玻璃期货主力合约开盘报1091.00元/吨，今日盘中高位 震荡运行；截至发稿，玻璃主力最高触及1098.00元，下方探低1080.00元，涨幅达1.49%附近。 目前来看，玻璃行情呈现震荡上行走势，盘面表现偏强。对于玻璃后市行情将如何运行，相关机构观点 汇总如下： 混沌天成期货表示，玻璃价格跌至历史较低位，行业利润较差，已经有部分产能确认退出，价格继续下 跌将会有更多厂家冷修，向下空间有限，2026年我们预期玻璃需求继续大幅下降，供需平衡的日熔量大 概在14.4万吨左右(仅供参考)，需要1万吨/天以上产能冷修才能实现供需再平衡，在悲观预期下，目前 行业利润挤压已经接近极致，不宜继续看空，需要等待产能出清，2026年政策继续反内卷，可能加速落 后产能淘汰，将利好远期。在产能出清过程中，多空可能会反复博弈。 银河期货分析称，短期玻璃供应下降给基本面提供支撑，期价或延续坚挺震荡趋势。后续随着春节临 近，下游停工放假仍将给需求及价格施压。目前总体玻璃仍然以 ...

Core Viewpoint - The domestic futures market for ethylene glycol shows mixed trends, with futures prices experiencing a slight decline while spot prices have increased in certain regions [1][2]. Group 1: Market Performance - As of December 31, the main contract for ethylene glycol futures has decreased by 0.78%, settling at 3804.00 CNY/ton [1]. - On December 30, the closing price for ethylene glycol in Zhangjiagang rose by 19 CNY/ton to 3702 CNY/ton, while the price in the South China market increased by 10 CNY/ton to 3850 CNY/ton [2]. Group 2: Supply Dynamics - A 200,000-ton ethylene glycol unit in South China was restarted on December 25, with some products already being produced. This maintenance was for catalyst replacement, and the unit is expected to operate at full capacity going forward [2]. Group 3: Demand Trends - Downstream polyester operating rates have decreased to 89.7%, indicating a slight weakening in demand support. In November, the total export volume of polyester products was 1.2194 million tons, reflecting a month-on-month increase of 7.5% and a year-on-year increase of 9.78% [2]. Group 4: Market Outlook - The outlook suggests that a new wave of production will exacerbate the oversupply of ethylene glycol, with price adjustments likely leading to marginal capacity shutdowns. Although short-term fluctuations may stabilize prices, the overall oversupply situation is expected to persist, maintaining a bearish market sentiment [2].

摘要12月30日，COMEX黄金库存录得1127.67吨，较上一交易日增加1.00吨；COMEX黄金周二（12月 30日）收360.10美元/盎司，上涨0.17%，comex黄金价格日内最高上探至4420.50美元/盎司，最低触及 4338.80美元/盎司。 12月30日，COMEX黄金库存录得1127.67吨，较上一交易日增加1.00吨；COMEX黄金周二（12月30 日）收360.10美元/盎司，上涨0.17%，comex黄金价格日内最高上探至4420.50美元/盎司，最低触及 4338.80美元/盎司。 【要闻回顾】 最新comex黄金库存数据： 日期 COMEX黄金库存量(吨) 增持（吨） 2025-12-30 1127.67 1.00 2025-12-29 1126.67 1.00 近年来各国央行的购金需求十分强劲，这一态势的形成不仅受宏观经济决策的驱动，也与各国的政策导 向密切相关。"阿蒂加斯称，"如果未来央行持续增持黄金，金价将获得进一步支撑；但如果央行购金量 回落至600-700吨区间以下，那么这一因素将对金价上行形成压制。 世界黄金协会关注的另一大风险点则是黄金回收，尤其是印度市场的回收情况 ...

Core Viewpoint - The main focus is on the recent performance of the 20th rubber futures contract, which has shown a slight decline of 0.59%, with market expectations indicating a predominantly volatile trend in rubber prices moving forward [1][2]. Group 1: Market Performance - As of December 31, the 20th rubber futures contract experienced a weak fluctuation, reaching a low of 12,605.00 yuan and closing at 12,630.00 yuan, reflecting a decrease of 0.59% [1]. - Various institutions have provided their outlooks on the rubber market, with expectations of price volatility being a common theme [2]. Group 2: Institutional Insights - Everbright Futures anticipates that rubber prices will primarily exhibit volatility due to easing rainfall in production areas and a decrease in downstream tire demand, alongside the upcoming automotive policy changes [2]. - Guodu Futures notes that the market's tension has eased following a ceasefire agreement between Thailand and Cambodia, with a slight increase in tire production and inventory levels impacting the market [3]. - Shenyin Wanguo Futures predicts a continuation of price corrections in the short term, influenced by weather conditions in production areas and stable demand from tire manufacturers [3].

Group 1 - The current spot gold price has surpassed $4,350, trading around $4,331.00 per ounce, showing bullish momentum supported by the key level of $4,350, despite being below the 50-day EMA, which limits strong short-term rebounds [1] - The Federal Reserve's FOMC meeting minutes indicate that most officials believe further rate cuts are appropriate as long as inflation declines over time, although there is disagreement on timing and magnitude [1] - The CME Group has raised margin requirements for gold, silver, and other metals, requiring traders to provide more cash to prevent defaults on contract settlements [1] Group 2 - Traders are anticipating the release of the U.S. initial jobless claims report, with economists predicting a slight increase to 220,000 claims for the week ending December 27, up from 214,000 the previous week [2] - Technically, gold prices have shown strong upward movement this month but are experiencing a notable pullback at the month-end, indicating potential for a larger correction towards the $4,000-$3,900 range or lower [2] - The bullish outlook for precious metals remains intact, with prices above the 100-day EMA and an expanding Bollinger Band, suggesting upward momentum [2] Group 3 - Initial support for gold is seen in the $4,305-$4,300 range, representing the low from December 29 and a key psychological level, with stronger corrections potentially dragging prices down to the December 16 low of $4,271 [3]

12月31日，国内期市能化板块互有涨跌。其中，燃料油期货主力合约开盘报2486.00元/吨，今日盘中低 位震荡运行；截至发稿，燃料油主力最高触及2491.00元，下方探低2433.00元，跌幅达1.77%附近。 目前来看，燃料油行情呈现震荡下行走势，盘面表现偏弱。对于燃料油后市行情将如何运行，相关机构 观点汇总如下： 大越期货表示，亚洲燃料油市场结构维持在当前水平附近，近期市场供应充足，市场需求因假日有所放 缓，目前地缘事件风险不断，短期为价格下方提供支撑，预计燃油震荡运行。FU2603：2450-2500区间 运行，LU2603：2980-3030区间运行。 光大期货分析称，从基本面看，低硫燃料油市场结构维持在当前水平，高硫燃料油市场则仍有支撑。新 加坡预计在未来几周迎来稳定的低硫燃料油调油组分到货，将持续增加当地现有的库存。亚洲低硫市场 预计在1-2月都将保持供应充足。高硫供应也相对充足，不过受安装脱硫塔的船舶数量增加的推动，下 游船用油销售持续走强，亚洲高硫燃料油市场继续获得一些支撑。短期FU和LU绝对价格或跟随油价波 动，上周FU仓单再度增加，或对盘面产生额外压力。 南华期货（603093）指出，近期 ...

Core Viewpoint - The rebar futures market is experiencing slight declines, with the main contract reported at 3123.00 yuan, down 0.45% [1] Group 1: Market Analysis - According to Everbright Futures, the rebar market is expected to maintain a narrow range of consolidation in the short term [1] - Guodu Futures suggests light positions ahead of the holiday, indicating a cautious market sentiment [2] - New Century Futures anticipates that steel prices will continue to oscillate at the bottom, influenced by recent policy changes and production plans [3] Group 2: Supply and Demand Dynamics - The supply of five major steel products is reported at 7.9682 million tons, with a week-on-week decrease of 0.1%, while total inventory stands at 12.5799 million tons, down 2.8% [2] - The consumption of construction materials has decreased by 3.2% week-on-week, while plate consumption has increased by 1.4% [2] - The market is shifting focus from "de-stocking in the off-season" to "timing and speed of inventory accumulation," suggesting potential pressure on prices, especially for construction materials [2] Group 3: Policy Impact - Recent policy changes include export license management and a focus on controlling high-energy projects, which may create short-term positive sentiment [3] - The implementation of export licenses is expected to limit steel exports, leading to a downward adjustment in export expectations for next year [3] - The overall steel price is projected to remain under pressure due to these policy changes and the anticipated production adjustments in January [3]

Core Viewpoint - The LPG market is experiencing limited driving forces, with mixed factors affecting short-term fundamentals and a prevailing expectation of oversupply in the medium term [4][5]. Market Performance - As of December 31, LPG futures showed a strong performance, with the main contract priced at 4151.00 yuan/ton, reflecting a 1.44% increase [1]. Price Adjustments - Saudi Aramco announced an increase in January CP for propane and butane, with propane priced at $525/ton (up $30 from December) and butane at $520/ton (up $35 from December) [2]. - Estimated import costs for propane are around 4700 yuan/ton, while butane is approximately 4662 yuan/ton [2]. Import Data - In November 2025, China's total LPG imports reached 2.9161 million tons, a decrease of 0.74 thousand tons (0.25% decline) from October, but a year-on-year increase of 26.87% compared to the same period last year [2]. Supply Dynamics - The supply from Russia to Europe is projected to decline by 44% to 18 billion cubic meters, marking the lowest level since the early 1970s [2]. - Despite tight supply from the Middle East, domestic traders are reluctant to pay high premiums, limiting upward price movement [4]. Market Sentiment - The current market sentiment indicates that while there is some support for LPG prices, significant upward movement is unlikely, with prices expected to remain volatile [5].

News Summary Core Viewpoint - The steel market is experiencing fluctuations due to production adjustments and seasonal demand changes, with potential impacts on pricing and inventory levels [1][2]. Group 1: Production and Supply - Shanxi Jianlong's 850mm hot-rolled steel line has begun maintenance on December 29, with a planned downtime of 36 days, expected to reduce daily hot-rolled steel output by 0.5 million tons [1]. - The hot-rolled steel inventory has significantly decreased, primarily due to production cuts, although there are concerns that demand may decline more sharply than production reductions [2]. Group 2: Market Prices - On December 31, the market price for hot-rolled coils in Tangshan dropped by 10, with mainstream prices for 4.75-11.75*1500*C hot coils ranging from 3170 to 3190, and manganese coils priced between 3290 and 3310 [1]. Group 3: Futures Market - As of December 30, the top 20 futures companies held a total of 1.1351 million long positions and 1.0915 million short positions in hot-rolled futures, resulting in a long-to-short ratio of 1.04, with a net position decrease of 0.0436 million contracts compared to the previous day [1]. Group 4: Analyst Insights - Nanhua Futures notes that while hot-rolled steel consumption has improved month-on-month, export controls may affect the sustainability of demand, and seasonal slowdowns are impacting end-user demand [2]. - Zhengxin Futures indicates that while policy expectations are supporting the market, the recovery in blast furnace capacity utilization and seasonal demand slowdown are weakening the supply-demand structure, suggesting that prices may have room for adjustment [2].