2025年12月9日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 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，不构成对任何人的投资建议 。 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；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为21939吨，环比增长0.33%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为103681吨，环比减少0.63%,上周三元材料样本企业库存为18842 吨，环比减少2.68%。 成本端来看，外购锂辉石精矿成本为93764元/吨，日环比减少0.52%,生产所得为-1810元/吨，有所亏损；外 购锂云母成本为92638元/吨，日环比持平，生产所得为-2982元/吨，有所亏损；回收端生产成本普遍大于矿 石端成本，生产所得为负，排产积极性较低；盐湖端季度现金生产成本为31477元/吨，盐湖端成本显著低于矿 石端，盈利 ...

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年12月9日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 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，不构成对任何人的投资建议 。 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；市场有风险，投资需谨慎。 目 录 1 每日观点 需求端来看，下游整体开工率为49.07%，环比减少0.53个百分点，高于历史平均水平；下游型材开工率 为35.87%，环比减少0.22个百分点，高于历史平均水平；下游管材开工率为37.4%，环比减少1.4个百 分点，低于历史平均水平；下游薄膜开工率为73.93%，环比持平，高于历史平均水平；下游糊树脂开工 率为80.31%，环比增加.28个百分点，高于历史平均水平；船运费用看涨；国内PVC出口价格价格占优； 当前需求或持续低迷。 1、基本面: 中性。 成本端来看，电石法利润为-1019.35元/吨，亏损环比增加15.70%，低于历史平均水平；乙烯法利润为 -472.35元/吨，亏损环比增 ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-9 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 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，不构成对任何人的投资建议。 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；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，11月份，官方PMI为49.2，比上月回升0.2个百分点，制造业景气度平 稳。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。煤炭价格回落，煤制利润有所好转，俄乌和平协 议短期受挫，油价震荡偏强。供需端，农膜需求处于弱势，包装膜仍以刚需为主，部分地区有所 转好。当前LL交割品现货价6650（-30），基本面整体偏空； • 2. 基差： LLDPE 2601合约基差7，升贴水比例0.1%，中性； • 3. 库存：PE综合库存49.7万吨（-0.4），中 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年12月9日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 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，不构成对任何人的投资建议。 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；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘小幅回调，20均线仍有支撑，20均线上下震荡。近期部分产能减产，供应压力减轻。 产业链上，印尼招标落地，镍矿价格小幅回落，海运费持平，印尼2026年RKAB配额预计3.19亿吨，预期 供应宽松。镍铁价格稳中有小幅下降，成本线有所止跌启稳。不锈钢库存小幅回落。精炼镍库存持续高 位，过剩格局不变。新能源汽车产销数据良好，但总体镍需求提振有限。偏空 2、基差：现货120200，基差2170，偏多 3、库存：LME库存253344，+228，上交所仓单34500，-264，偏空 4、盘面：收盘价收于20均线以上，20均线向下，中性 5、主力持仓：主力持仓净空，空增，偏空 6、结论：沪镍2601： ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The report analyzes the market conditions of coking coal and coke on December 9, 2025. It is expected that the short - term price of coking coal may run weakly, and the price of coke may also show a weak trend in the short term [2][6]. Summary by Related Catalogs Coking Coal - **Fundamentals**: Regional coal mines are recovering slowly, with limited overall coking coal increment. After recent price cuts, coal mine shipments have improved slightly, but the market sentiment is weak, and end - users mainly have rigid demand. The marginal supply - demand relationship of coking coal has weakened, and the trading and speculative sentiment in the middle has cooled down, leading to price cuts [2]. - **Base Difference**: The spot market price is 1170, with a basis of 76.5, indicating that the spot price is at a premium to the futures price [2]. - **Inventory**: Steel mill inventory is 801 million tons, port inventory is 295 million tons, independent coking enterprise inventory is 861 million tons, and the total sample inventory is 1957 million tons, a decrease of 21 million tons from last week [2]. - **Disk**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [2]. - **Main Position**: The main net position of coking coal is short, and the short position is decreasing [2]. - **Expectation**: After the coke price cut is implemented and the finished product price rises slightly, although the steel mill profit has improved, it is still in a loss state, and the actual market demand is insufficient. With the expectation of a weakening coke price, downstream buyers mainly make rigid purchases, and the short - term coking coal price may run weakly [2]. - **Positive Factors**: Rising molten iron production and difficult supply increase [4]. - **Negative Factors**: Slower procurement of raw coal by coking and steel enterprises and weak steel prices [4]. Coke - **Fundamentals**: As the price of coking coal at the raw material end continues to fall, coking enterprises still have a certain profit margin after the coke price cut, and the production load has been continuously increasing, with a steady increase in coke output. However, due to the orange warning for heavy pollution weather in Shaanxi and Henan, local coking enterprises are required to reduce production, and the supply of local coke resources has tightened. Some coking enterprises have increased inventory pressure [6]. - **Base Difference**: The spot market price is 1600, with a basis of 63, indicating that the spot price is at a premium to the futures price [6]. - **Inventory**: Steel mill inventory is 626 million tons, port inventory is 187 million tons, independent coking enterprise inventory is 45 million tons, and the total sample inventory is 858 million tons, a decrease of 1 million tons from last week [6]. - **Disk**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [6]. - **Main Position**: The main net position of coke is short, and the short position is increasing [6]. - **Expectation**: In the off - season market, the demand for steel is weak, the blast furnace operating rate of steel mills has decreased, and the demand for coke has declined. Coking enterprises also have inventory accumulation. In the pattern of increasing supply and decreasing demand, the weak situation of coke is difficult to improve, and the short - term coke price may run weakly [6]. - **Positive Factors**: Rising molten iron production and synchronous increase in blast furnace operating rate [8]. - **Negative Factors**: Squeezed profit margins of steel mills and partial over - consumption of replenishment demand [8]. Price - **Imported Coking Coal**: The report provides the spot price quotes of imported Russian and Australian coking coal at various ports on December 8, 2025, including different varieties such as main coking coal, 1/3 coking coal, and fat coal, along with price changes [9]. - **Port Metallurgical Coke**: It shows the price index of port metallurgical coke on December 8, 2025, including different grades (such as quasi - first - grade and first - grade) and different origins (such as Shanxi and Inner Mongolia), as well as price changes [10]. Inventory - **Port Inventory**: Coking coal port inventory is 295 million tons, a decrease of 0.1 million tons from last week; coke port inventory is 195.1 million tons, an increase of 1 million tons from last week [18]. - **Independent Coking Enterprise Inventory**: Independent coking enterprises' coking coal inventory is 819.3 million tons, a decrease of 69.2 million tons from last week; coke inventory is 42.5 million tons, an increase of 3.5 million tons from last week [22]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 million tons, a decrease of 13.3 million tons from last week [27]. Other Data - **Coking Plant Capacity Utilization Rate**: The capacity utilization rate of 230 independent coking enterprise samples nationwide is 74.48% [40]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [44].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to受挫 exports. The inventory of Malaysian palm oil is neutral, demand has improved, and Indonesia's B40 policy promotes domestic consumption, with a planned B50 implementation in 2026. The domestic fundamentals of oils and fats are neutral, and import inventories are stable [2][3][4]. - The main logic revolves around the relatively loose global fundamentals of oils and fats. The current main risk is El Nino weather [5]. 3) Summary by Related Catalogs Daily Views - **Soybean Oil** - Fundamental: The MPOB report shows that in August, Malaysian palm oil production decreased by 9.8% month - on - month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and the month - end inventory decreased by 2.6% to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase, and the supply pressure of palm oil will decrease in the subsequent production - reduction season [2]. - Basis: The spot price of soybean oil is 8384, with a basis of 352, indicating that the spot price is higher than the futures price [2]. - Inventory: On September 22, the commercial inventory of soybean oil was 1.18 million tons, an increase of 20,000 tons from the previous 1.16 million tons, a year - on - year increase of 11.7% [2]. - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward [2]. - Main Position: The long positions of the main soybean oil contract have increased [2]. - Expectation: The soybean oil contract Y2605 is expected to fluctuate in the range of 7800 - 8200 [2]. - **Palm Oil** - Fundamental: Similar to soybean oil, the MPOB report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase, and the supply of palm oil will increase in the subsequent production - increase season [3]. - Basis: The spot price of palm oil is 8726, with a basis of 20, indicating a neutral situation where the spot price is slightly higher than the futures price [3]. - Inventory: On September 22, the port inventory of palm oil was 580,000 tons, an increase of 10,000 tons from the previous 570,000 tons, a year - on - year decrease of 34.1% [3]. - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward [3]. - Main Position: The short positions of the main palm oil contract have decreased [3]. - Expectation: The palm oil contract P2605 is expected to fluctuate in the range of 8500 - 8900 [3]. - **Rapeseed Oil** - Fundamental: The MPOB report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase, and the supply of palm oil will increase in the subsequent production - increase season [4]. - Basis: The spot price of rapeseed oil is 9885, with a basis of 383, indicating that the spot price is higher than the futures price [4]. - Inventory: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, an increase of 10,000 tons from the previous 550,000 tons, a year - on - year increase of 3.2% [4]. - Disk: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward [4]. - Main Position: The long positions of the main rapeseed oil contract have increased [4]. - Expectation: The rapeseed oil contract OI2605 is expected to fluctuate in the range of 9000 - 9400 [4]. Recent利多利空Analysis - **利多 Factors**: The US soybean stock - to - use ratio remains around 4%, indicating a tight supply. There is a palm oil tremor season [5]. - **利空 Factors**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats continues to accumulate. The macro - economy is weak, and the expected production of related oils and fats is high [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Multiple institutions predict a surplus in the global sugar market for the 2025/26 season, with varying estimates of the surplus volume [4][9][35]. - As the SR2601 contract approaches delivery, trading is recommended to shift to the SR2605 contract. The current futures price is accelerating towards the bottom, and the current round of decline is nearing its end. The risk of short - selling at the current level increases, and there may be a short - term technical rebound [5][9]. 3. Summary by Directory 3.1 Previous Day's Review No information provided. 3.2 Daily Tips - **Fundamentals**: ISO predicts a 163 - million - ton global sugar supply surplus in the 2025/26 season. DATAGRO has revised its surplus forecast down to 100 million tons, Czarnikow has raised its forecast to 740 million tons, and StoneX predicts a 370 - million - ton surplus. As of the end of August 2025, China's cumulative sugar production in the 2024/25 season was 1116.21 million tons, cumulative sugar sales were 1000 million tons, and the sales rate was 89.6%. In October 2025, China imported 75 million tons of sugar, a year - on - year increase of 21 million tons, and imported 11.55 million tons of syrup and premixed powder, a year - on - year decrease of 11.05 million tons. This is a bearish signal [4]. - **Basis**: The spot price in Liuzhou is 5500 yuan/ton, and the basis for the SR2605 contract is 256 yuan/ton, indicating a premium over the futures price, which is a bullish signal [6]. - **Inventory**: As of the end of August in the 2024/25 sugar - crushing season, the industrial inventory was 116 million tons, considered neutral [6]. - **Market Chart**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is a bearish signal [6]. - **Main Position**: The position is bearish, with an increase in net short positions, and the main trend is unclear, also a bearish signal [6]. - **Leveraging Factors**: Positive factors include an increase in syrup tariffs and the change in the US cola formula to use sucrose. Negative factors include an increase in global sugar production, a surplus in the new season, a drop in the price of foreign sugar below 15 cents per pound, and an opening of the import profit window, which increases import pressure [7][9]. 3.3 Today's Focus No information provided. 3.4 Fundamental Data - **Supply - Demand Forecast by Institutions**: Different institutions have different forecasts for the 2025/26 global sugar supply - demand balance. StoneX predicts a 370 - million - ton surplus, ISO predicts a 163 - million - ton surplus, and Datagro predicts a 153 - million - ton surplus [35]. - **China's Sugar Supply - Demand Balance Sheet**: From 2024/25 to 2025/26, changes are expected in sugar - crop planting area, yield per unit area, sugar production, import, consumption, and price. For example, the predicted sugar production in 2025/26 (November forecast) is 1170 million tons, and the consumption is 1570 million tons [37]. - **Imported Raw Sugar Processing Cost**: As of the end of October 2025, the average price of raw sugar was about 14.23 cents per pound, and the cost of out - of - quota imported sugar was about 5086 yuan/ton. Due to the continuous decline in international sugar prices, the import profit is considerable [42]. 3.5 Position Data No information provided.

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal RM2605 is expected to fluctuate within the range of 2320 - 2380. The market has returned to a volatile state, awaiting the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term trend is affected by soybean meal and will maintain a volatile pattern, with the future development to be observed [9]. - The domestic rapeseed meal market is influenced by factors such as the off - season of aquaculture demand, the anti - dumping investigation on Canadian rapeseed imports, and the low inventory of rapeseed meal [9][11][12]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2605 will fluctuate between 2320 and 2380. The market is affected by soybean meal trends, technical adjustments, and the uncertainty of the anti - dumping ruling on Canadian rapeseed imports. The short - term trend is volatile [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, with supply expected to be tight in the short term and demand decreasing, which suppresses the market. Canadian rapeseed is in the harvesting stage, but exports are expected to decrease due to Sino - Canadian trade issues [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final result is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada. The impact of the Russia - Ukraine conflict on global rapeseed production is relatively offset, but there is still a possibility of an increase in geopolitical conflicts, which may support commodity prices [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of rapeseed meal in oil mills [12]. - Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season, and there is still a small probability of a settlement in the anti - dumping case of Canadian rapeseed imports [12]. - The current main logic is that the market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Price data**: From November 28 to December 8, the average transaction price of soybean meal fluctuated slightly, while the average transaction price of rapeseed meal decreased. The spot price of rapeseed meal was higher than the futures price, and the basis was positive. The spot price of rapeseed meal in Fujian decreased from 2550 on November 28 to 2500 on December 8 [13][15]. - **Inventory data**: The rapeseed meal inventory was 1.75 million tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%. The rapeseed inventory in oil mills remained at a low level, and the rapeseed crushing volume was zero [9][25][27]. - **Aquaculture data**: Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable [35]. 3.5 Position Data No relevant content provided.

Report Core View - The supply side of copper has disturbances with smelting enterprises reducing production and the scrap copper policy being liberalized. The November China Manufacturing Purchasing Managers Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, still in the contraction range but showing marginal improvement. The copper price hit a new record high again and is expected to run strongly with inventory rising and geopolitical disturbances remaining [2]. Industry Situation Analysis Fundamentals - The supply side has disturbances, and the November China Manufacturing PMI shows marginal improvement but is still in the contraction range, considered neutral [2]. Basis - The spot price is 92150, and the basis is -820, at a discount to the futures, considered bearish [2]. Inventory - On December 8, copper inventory increased by 2000 to 164550 tons, and the SHFE copper inventory decreased by 9025 tons to 88905 tons compared to last week, considered neutral [2]. Market Chart - The closing price is above the 20 - day moving average, and the 20 - day moving average is upward, considered bullish [2]. Main Position - The main net position is short, and the short position is decreasing, considered bearish [2]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it will be in a tight balance [19]. Other Situations - The bonded area inventory has rebounded from a low level, and the processing fee has declined [13][15]. Recent利多利空Analysis - The logic involves global policy easing and the escalation of the trade war [3].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The previous trading day saw Shanghai Zinc fluctuate and rise, closing with a positive line, increased trading volume, and both long and short positions increasing, with more short - position increases. The market may fluctuate and decline in the short term. Technically, the price closed above the moving - average system with strong support. Short - term indicators KDJ are rising, operating in the strong area with increased overbought conditions; the trend indicator is declining, with the long - position strength rising and the short - position strength falling, and the long - position advantage expanding. The operation suggestion is that Shanghai Zinc ZN2601 will fluctuate and decline [22]. Summary by Relevant Catalogs 1. Fundamental Analysis - In September 2025, global refined zinc production was 1.1935 million tons, consumption was 1.2292 million tons, with a supply shortage of 35,700 tons. From January to September, global zinc plate production was 10.3632 million tons, consumption was 10.7369 million tons, with a supply shortage of 373,700 tons. In September, global zinc ore production was 1.1633 million tons; from January to September, it was 9.9647 million tons, showing a bullish sign [2]. 2. Basis Analysis - The spot price was 23,270, and the basis was + 100, indicating a neutral situation [2]. 3. Inventory Analysis - On December 8, LME zinc inventory increased by 2,375 tons to 57,750 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants decreased by 2,332 tons to 58,397 tons compared to the previous day, showing a neutral situation [2]. 4. Market Trend Analysis - The previous day, Shanghai Zinc showed a fluctuating and rising trend, closing above the 20 - day moving average, with the 20 - day moving average rising, showing a bullish sign [2]. 5. Main Position Analysis - The main net position was short, and short positions increased, showing a bearish sign [2]. 6. Futures Exchange Zinc Futures Market on December 8 - The trading volume of zinc futures on December 8 was 275,955 lots, and the trading value was 3.19074597 billion yuan. The total open interest was 214,900 lots, an increase of 6,840 lots [3]. 7. Domestic Main Spot Market on December 8 - The domestic zinc concentrate spot TC was 1,800 yuan/metal ton (down 100 yuan), and the comprehensive TC for imported zinc concentrate was 70 US dollars/dry ton (unchanged). The prices of 0 zinc in Shanghai, Guangdong, Tianjin, and Zhejiang were 23,270 yuan/ton (down 20 yuan), 22,980 yuan/ton (up 20 yuan), 23,090 yuan/ton (up 15 yuan), and 23,260 yuan/ton (up 5 yuan) respectively [4]. 8. Zinc Ingot Inventory in Main Markets from November 27 to December 8 - The total zinc ingot inventory in main markets decreased from 14.04 million tons on November 27 to 13.23 million tons on December 8, a decrease of 0.53 million tons compared to December 1 and a decrease of 0.16 million tons compared to December 4 [5]. 9. Shanghai Futures Exchange Zinc Warrant Report on December 8 - The total zinc warrants on the Shanghai Futures Exchange on December 8 were 58,397 tons, a decrease of 2,332 tons. The warrants in Guangdong decreased by 1,578 tons, and those in Tianjin decreased by 424 tons [6]. 10. LME Zinc Inventory Distribution and Statistics on December 8 - The previous day's LME zinc inventory was 55,375 tons, with an inflow of 2,475 tons and an outflow of 100 tons, and the current inventory was 57,750 tons, an increase of 2,375 tons [8]. 11. Zinc Concentrate Price in Main Cities on December 8 - The prices of 50% - grade zinc concentrate in cities such as Jiyuan, Chenzhou, and Kunming were 19,860 yuan, 19,760 yuan, and 19,760 yuan respectively, with price changes ranging from - 10 yuan to + 290 yuan [10]. 12. Zinc Ingot Smelter Price on December 8 - The prices of 0 zinc ingots from different smelters such as Hunan Zhuzhou Pei, San Shi Huludao Zinc Industry, and Guangdong Zhongjin Lingnan were 23,400 yuan, 23,830 yuan, and 23,130 yuan respectively [13]. 13. Domestic Refined Zinc Production in November 2025 - The actual refined zinc production in November 2025 was 496,600 tons, a month - on - month decrease of 3.64%, a year - on - year increase of 18.48%, and a 4.93% decrease compared to the planned value. The capacity utilization rate was 69.45%, and the planned production for December was 477,500 tons [16]. 14. Zinc Concentrate Processing Fee on December 8 - The domestic zinc concentrate processing fees for 50% - grade in different regions ranged from 1,600 yuan/metal ton to 2,200 yuan/metal ton, with price changes from - 300 yuan to 0 yuan. The processing fee for imported 48% - grade zinc concentrate was 70 US dollars/dry ton [18]. 15. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on December 8 - The total trading volume of zinc by members of the Shanghai Futures Exchange was 292,199 lots, an increase of 34,488 lots. The total long - position was 74,214 lots, an increase of 2,056 lots, and the total short - position was 71,587 lots, an increase of 2,744 lots [21].