广发期货EDP 投资咨询业务资格: 证监许可【2011】1292号 2025年12月18日 欢迎关注微信公众号 | | | | 【每日精选观点】 | | | --- | --- | --- | --- | --- | | | 品种 | 合約 | 观点 | | | | 锡 甲醇 | SN2601 MA2605 | 震荡偏强 短期偏强 | | | | 焦煤 | JM2605 | 底部反弹 | | | | 棕榈洲 | P2605 | 逢高空 | | | | 铂、锂 | PT2606/PD | 逢低多 | | | | | 2606 | 【全品种日评】 | | | 板块 | 品种 | 主力合约 | 点评 | 操作建议 | | | | IF2512 | | 美联储本次会后公布决定继续降息25bp,其发言 态度对通胀乐观,并将启动短债买入,超预期鸽 | | | 股指 | IH2512 | 顺周期领衔反弹,A股明显回暖 | 派,短期全球流动性预期改善,但日央行加息预期 | | | | IC2512 | | 影响叠加下,市场缺乏上涨合力,下方空间亦有限 | | | | IM2512 | | 。当前主线未明,谨慎观望为主。 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report The report comprehensively analyzes various futures products across multiple industries, including financial derivatives, precious metals, shipping, non - ferrous metals, black metals, agricultural products, and energy chemicals. Each product's market conditions, supply - demand relationships, and price trends are detailed, with corresponding investment strategies proposed based on these analyses. [2][3][4] 3. Summary by Related Catalogs 3.1 Daily Selections - Tin: With a strong fundamental outlook, tin prices are expected to remain high and fluctuate. The supply of tin ore is tight, and demand in some areas like South China shows resilience. It is recommended to hold long positions and buy on dips. [2][36][39] - Methanol: The spot and basis are both strengthening, and trading is fair. The 05 contract can be considered for long positions after shipping volume decreases. [3] - Coking Coal: Spot prices are falling, and the futures market has rebounded from an oversold position. Short - term rebound is expected. [3][61][63] - Fats and Oils: Affected by US sanctions on Venezuelan oil tankers, vegetable oils have rebounded in the short term. Different types of oils like palm oil, soybean oil, and rapeseed oil have their own market characteristics and price trends. [4][80][82] 3.2 Financial Derivatives 3.2.1 Stock Index Futures - Market Performance: A - share markets showed a mixed trend. Index futures declined, and the basis of expiring contracts converged naturally. [8][9] - News: Domestic fiscal revenue data was released, and overseas trade frictions emerged. [9][10] - Capital Flow: A - share trading volume was stable, and the central bank conducted net reverse - repo withdrawals. [10] - Investment Strategy: Given the unclear market trend, it is advisable to wait and see. [10] 3.2.2 Treasury Bond Futures - Market Performance: Treasury bond futures rose across the board, with long - term bonds experiencing significant gains. [11] - Capital Flow: The central bank conducted reverse - repo operations, resulting in net withdrawals. [12] - Investment Strategy: The short - term upward trend is not solid. It is recommended to treat the market as a shock, with short - term trading being cautious. [13] 3.3 Precious Metals - Market: Fed officials signaled a dovish stance, driving the price of precious metals higher. Silver reached a new high. [14][15] - Outlook: Gold is expected to rise in the medium - to - long term, while silver may face regulatory risks due to over - buying. Platinum and palladium are expected to rise steadily in the long term. [16][17] 3.4 Shipping Index (European Routes) - Index: SCFIS and SCFI indices showed different trends. [18] - Fundamentals: Container shipping capacity increased, while demand in some regions was weak. [18] - Logic: The futures market is expected to fluctuate in the short term. [18][19] 3.5 Non - Ferrous Metals - Copper: Inventories increased, and spot trading was average. The price is expected to be volatile, with support at 90000 - 91000 yuan/ton. [19][22] - Alumina: The price is expected to remain at the bottom and fluctuate, with a reference range of 2450 - 2700 yuan/ton. [23][25] - Aluminum: The price is expected to fluctuate widely, with support at 21700 - 22400 yuan/ton. [25][28] - Aluminum Alloy: The price is expected to fluctuate strongly at a high level, with a reference range of 20700 - 21400 yuan/ton. [29][31] - Zinc: The price center has adjusted downward, and the supply pattern is gradually tightening. The price is expected to be volatile, with support at 22850 - 22950 yuan/ton. [32][35] - Tin: The fundamentals are strong, and the price is expected to remain high and fluctuate. It is recommended to hold long positions. [36][39] - Nickel: The price is expected to recover slightly in the short term, with a reference range of 112000 - 116000 yuan/ton. [39][42] - Stainless Steel: The price is expected to fluctuate and adjust, with a reference range of 12200 - 12800 yuan/ton. [43][45] - Lithium Carbonate: The price rose significantly due to news, and the fundamentals are in a state of strong supply and demand. It is recommended to wait and see and reduce long positions. [47][50] - Polysilicon: The futures price rose to a new high, but the supply is excessive, and the demand is weak. It is recommended to wait and see. [51][53] - Industrial Silicon: The price is expected to fluctuate at a low level, with a reference range of 8000 - 9000 yuan/ton. [53][54] 3.6 Black Metals - Steel: The price is expected to fluctuate within a range, with 5 - month contracts for rebar and hot - rolled coils focusing on the 3000 - 3200 yuan/ton and 3200 - 3350 yuan/ton ranges respectively. [55][57] - Iron Ore: The price is expected to rebound, with a recommended long - position strategy for the 2605 contract in the 730 - 800 yuan/ton range. [58][60] - Coking Coal: The price has rebounded from an oversold position, and short - term rebound is expected. [61][63] - Coke: The price has rebounded from an oversold position, and short - term rebound is expected. [64][66] 3.7 Agricultural Products - Meal: The US soybean market lacks highlights, and the domestic soybean meal market has pressure. It is recommended to pay attention to the risk of a decline in the 1 - 5 positive spread. [67][69] - Live Pigs: The market has a sentiment of withholding sales, and it is necessary to pay attention to the development of the epidemic. The spot price is expected to be strong in the short term, and the futures price is expected to adjust narrowly. [70][71] - Corn: The price is expected to fluctuate narrowly, and it is necessary to pay attention to the sales rhythm and downstream replenishment. [72][74] - Sugar: The international sugar price is bearish, and the domestic price is expected to be weak. [75] - Cotton: The US cotton price is expected to fluctuate, and the domestic price increase is expected to slow down. It is necessary to pay attention to the resistance level at 14050 - 14100 yuan/ton. [76][78] - Eggs: The supply is relatively loose, and the price is expected to fluctuate at a low level. [79] - Fats and Oils: Affected by US sanctions on Venezuelan oil tankers, vegetable oils have rebounded in the short term. Different types of oils have their own market characteristics. [4][80][82] - Red Dates: The new - year supply has a slight reduction, and the demand needs to be released. The futures price is expected to be weak, and the spot price is stable. [84] - Apples: The market is light, and it is recommended to close long positions. [85] 3.8 Energy Chemicals - PX: The medium - term supply - demand is expected to be tight, and the price has support at a low level. It is recommended to buy on dips in the 6600 - 7000 yuan/ton range. [87][88] - PTA: The short - term supply - demand is expected to be tight, and the medium - term is expected to be loose. It is recommended to buy on dips in the 4500 - 4800 yuan/ton range and consider a long - position strategy for the TA5 - 9 spread. [89][90] - Short - Fiber: The supply - demand is expected to be weak, and the price follows the raw material. It is recommended to take a similar strategy as PTA and reduce the processing margin on rallies. [91][92] - Bottle Chip: The inventory decline supports the processing margin. It is necessary to pay attention to the restart and commissioning of devices. It is recommended to sell the PR2602 - P - 5500 option on rallies. [93][94] - Ethylene Glycol: The domestic supply is shrinking, but the far - month supply - demand is expected to be weak. It is recommended to sell the EG2605 - C - 4100 option on rallies. [95][97] - Pure Benzene: The supply - demand is weak, and the price has limited downward space. It is expected to fluctuate in the 5300 - 5600 yuan/ton range. [98] - Styrene: The supply - demand is expected to be weak, and the price has limited upward drive. It is expected to fluctuate in the 6400 - 6700 yuan/ton range. [99][100] - LLDPE: The trading has weakened, and it is recommended to wait and see. [101][102] - PP: The supply and demand are both increasing, and it is necessary to pay attention to the PDH profit. [102] - Methanol: The spot and basis are strengthening, and the 05 contract can be considered for long positions after shipping volume decreases. [3][103][104] - Caustic Soda: The supply - demand has pressure, and the price is expected to be weak. [104][105] - PVC: The price has rebounded due to news, but the supply - demand is still in an oversupply situation. It is recommended to go short on rallies. [106] - Soda Ash: The supply is excessive, and the price has no continuous upward drive. It is recommended to short on rallies after a rebound. [107][109] - Glass: The spot price has stabilized, but the market still has pressure. It is recommended to close long positions. [107][110] - Natural Rubber: The price is expected to fluctuate in the 15000 - 15500 yuan/ton range, and it is recommended to wait and see. [110][113] - Synthetic Rubber: The cost is strong, and the price is expected to fluctuate in the short term. It is recommended to pay attention to the pressure at 11200 yuan/ton for the BR2602 contract. [113][115]

| 聚烯烃产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月18日 | | | | 张晓珍 | Z0003135 | | 品种 | 12月17日 | 12月16日 | 活的关 | 涨跌幅 | 单位 | | L2601收盘价 | 6439 | 6516 | -77 | -1.18% | 元/吨 | | L2605 收盘价 | 6479 | 6543 | -64 | -0.98% | | | PP2601 收盘价 | 6196 | 6192 | 4 | 0.06% | | | PP2605 收盘价 | 6254 | 6256 | -2 | -0.03% | | | L15价差 | -40 | -27 | -13 | -48.15% | | | PP15价差 | -58 | -64 | 6 | 9.38% | | | LP01价差 | 243 | 324 | -81 | -25.00% | | | 华东PP拉丝现货价格 | 6120 | 6110 | 10 | 0.16% | | ...

原木期货日报 证监许可 【2011】1292号 2025年12月18日 | | | 日 272.00 288.00 -16.0 -5.56% 山东 199.5 188.40 -11.1 -5.56% 万/立方米 江苏 74.23 68.24 -6.0 -8.07% 需求: 日均出库量 (問題) 12月12日 12月5日 涨跌 涨跌幅 地区 单位 中国 6.66 -0.20 -3% 6.46 万/立方米 3.39 196 山东 0.05 3.44 2.71 江苏 -0.21 2.50 -8% 原木主要港口库存(万方) 原木日均出库量(万方) 750 650 550 450 350 250 150 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/111/112/1 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/11/1 2022 - 2023 - =2024 = =2025 -2023 =2022 =2024 2025 辐射松4米中A:CFR价(美元/JAS立方米 辐射松3.8中A现货价(元/立方米) 220 870 =2022 -202 ...

目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2512 | 总持仓保持稳定 | 国君多头减仓超 2000 手 | | 上证 | 50 | IH2512 | 总持仓小幅下降 | 前二十席位增减仓不一 | | 中证 | 500 | IC2512 | 总持仓小幅上升 | 中信多空头均减仓逾 1000 手 | | 中证 | 1000 | IM2512 | 总持仓明显下降 | 国君中信多空头均大幅减仓 | 股指期货持仓日度变动简评 -28,826.0 -8,742.0 -18,652.0 -38,174.0 -628.0 -1,896.0 2,748.0 -9,704.0 -45,000 -40,000 -35,000 -30,000 -25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 IF IH IC IM 主力合约持仓变动 总持仓变动 股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-8 ...

| 折算价:72硅铁合格块:内蒙-天津仓单 | 12 | 0.22% | 56.70% | 硅铁 (SF603) | 5558 | 5546 | 52 | 0.90% | 5810 | 5758 | 35.60% | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐 (SM603) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 196 | 6.36% | 3280 | 3084 | 71.00% | HRB40020mm: 上海 | 螺纹钢 (RB2605) | ટર | 3270 | 28.90% | Q235B: 4.75mm: 上海 | 3245 | 0.77% | 热卷(HC2605) | | | | | | ୧୦ | 9.03% | 768 | 54.00% | 铁矿石 (12605) | 837 | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 50 | 3.30% | 1581 | 折算价 ...

点、见解及分析方法、并不代表广发期货或其附属机构的立场。在任何情况下、报告内窗仅供参考，报告中的信息或所表达较难见并不构成所述品种买卖的出 价或向价，投资者据此投资，风险营担。本报告旨在发送给广发期货特定客户及其他专业人士，版权归广发期货所有、未经广发期货书面授权、任何人不得对 本报告进行任何形式的发布、复制。如引用、刊发、需注明出处为"广发期货"。 | 股指期货价差日报 | 投资咨询业务资格：证监许可【2011】1292号 2025年12月18日 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 最新位 | 较前一日变化 | 历史1年分位数 全历史分位数 | 11.90 | IF期现价差 | 3.52 | 58.90% | 1.68 | 82.70% | | | | | | | | | | | | ■期 ...

| 铁矿石产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月18日 | | | 徐艺丹 | | Z0020017 | | 铁矿石相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 仓单成本:卡粉 | 782.5 | 772.6 | 9.9 | 1.3% | | | 仓单成本:PB粉 | 830.4 | 824.9 | 5.5 | 0.7% | | | 仓单成本:巴混粉 | 836.3 | 830.9 | 5.4 | 0.6% | | | 仓单成本:金布巴粉 | 829.5 | 824.1 | 5.4 | 0.7% | | | 01合约基差:卡粉 | -1.0 | -4.4 | 3.4 | 76.4% | | | 01合约基差:PB粉 | 46.9 | 47.9 | -1.0 | -2.1% | 工/肥 | | 01合约基差:巴混粉 | 52.8 | 53.9 | -1.1 | -2.1% | | | 01合约基差: 金 ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of Each Report Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures may have a short - term rebound near 3900 ringgit, with a near - weak and far - strong pattern. Dalian palm oil futures may seek support around 8300 yuan and could fluctuate in the 8200 - 8300 range [1]. - Soybean oil: With uncertain biodiesel policies in the US and upcoming Brazilian soybean harvest, CBOT soybean oil is under pressure. In China, short - term supply is sufficient, but with the approaching Spring Festival stocking and reduced soybean imports in Q1, domestic factory soybean oil inventories may decrease, and basis quotes are expected to have limited fluctuations [1]. - Rapeseed oil: Affected by the decline in US crude oil prices and subsequent events, the domestic vegetable oil market was first dragged down and then rebounded. Attention should be paid to whether the rapeseed oil 05 contract can stop falling in the 8900 - 9000 yuan range [1]. Pork - Spot prices are stable, and with the increasing demand for southern curing, the downside support is stronger. There is high uncertainty in the December - January market due to the possible impact of the epidemic and the potential entry of secondary fattening pigs. The spot market has a sentiment of holding back sales, which supports the market. The futures market rose on the news of tariff increase on European pork imports but then fell as the actual tariff was lowered and the impact of imported pork on domestic supply is limited. The futures market will continue to adjust narrowly [3]. Sugar - ICE raw sugar futures are in a bearish pattern due to the favorable export conditions in Brazil and the expected increase in sugar production in Brazil, India, and Thailand. In China, the sugar - pressing speed in the main producing areas has accelerated, and the futures market price is weakening due to increased supply. The market is expected to remain weak [7]. Meal - The US soybean market lacks trading highlights, and the South American new - crop soybeans are expected to have a bumper harvest, which suppresses the US soybean price. The domestic soybean meal market remains in a loose pattern. Although there is speculation about delayed soybean clearance and a sentiment of supporting prices, the upward space is limited, and there is a risk of decline [9]. Corn - In the Northeast, the grass - roots have a sentiment of supporting prices, and the prices in the producing areas are stable. In the north port, the supply has increased, and the price has slightly decreased. In North China, farmers sell when the price is high and hold back when the price is low. On the demand side, deep - processing enterprises purchase on demand, and feed enterprises have a slightly lower willingness to pay for new orders. In the short term, the increase in corn supply will put pressure on the price, but the price decline is limited due to the grass - roots' price - supporting sentiment and the need for low - inventory enterprises to replenish stocks. The market will fluctuate narrowly [10]. Red Dates - After the acquisition, the sales area has more arrivals but lower - than - expected transactions. The price in the Hebei Cuierzhuang market is firm, while that in the Guangdong Ruyifang market has slightly declined. The futures price is weak, the spot price is stable, and the basis is strengthening. The market may be boosted by improved transactions during the consumption peak, and the downward momentum is insufficient. Attention should be paid to the inventory level after the Spring Festival and the planting area and early - stage weather in 2026 [17]. Cotton - ICE cotton futures rose due to short - covering. The US cotton export sales showed a decrease compared to the previous week and the four - week average. The US cotton market will remain volatile. In China, although the market expects a decline in the Xinjiang planting area next year, the downstream industry is weak, with increasing finished - product inventories and deteriorating spinning enterprise profits and cash flows. However, the rigid demand for cotton raw materials by spinning enterprises remains, so the downside space of cotton prices is limited, but there is pressure above. Attention should be paid to the resistance level around 14050 - 14100 [21]. Eggs - Egg prices are gradually rising from a low level, leading to a sentiment of holding back sales among farmers. The number of newly - laying hens is decreasing, but the overall inventory improvement is not obvious. With favorable storage conditions due to the recent cooling, egg supply remains sufficient. The market transaction is okay, with increased buying sentiment in low - price areas and high inventory pressure in high - price areas. All links are actively clearing inventory. The egg market is expected to remain in a low - level oscillation pattern [23]. 3. Summary According to Relevant Catalogs Oils and Fats - **Soybean oil**: On December 17, the spot price in Jiangsu was 8460 yuan, down 0.59% from the previous day; the futures price of Y2605 was 8096 yuan, down 0.93%; the basis of Y2605 was 364 yuan, up 7.69%. The number of warehouse receipts remained unchanged at 25964 [1]. - **Palm oil**: The spot price in Guangdong was 8380 yuan, down 0.59%; the futures price of P2605 was 8398 yuan, down 0.92%; the basis of P2605 was - 18 yuan, up 60.87%. The import cost in Guangzhou Port for May was 8848.4 yuan, down 0.77%, and the import profit was - 450 yuan, down 2.02%. The number of warehouse receipts remained unchanged at 950 [1]. - **Rapeseed oil**: The spot price in Jiangsu was 9570 yuan, down 0.83%; the futures price of O1605 was 9157 yuan, down 1.59%; the basis of O1R05 was 413 yuan, up 19.71%. The number of warehouse receipts decreased from 3386 to 3336 [1]. - **Spreads**: The soybean oil 05 - 09 spread was 68 yuan, down 15%; the palm oil 05 - 09 spread was 102 yuan, down 15%; the rapeseed oil 05 - 09 spread was 13 yuan, down 68.29%. The spot soybean - palm oil spread remained unchanged at 80 yuan; the 2601 soybean - palm oil spread was - 520 yuan, up 3.35%. The spot rapeseed - soybean oil spread was 1110 yuan, down 2.63%; the 2601 rapeseed - soybean oil spread was 1061 yuan, down 6.35% [1]. Pork - **Futures**: The main - contract basis was 315, up 215% from the previous day. The price of live - hog 2605 was 11955 yuan/ton, up 0.21%; the price of live - hog 2603 was 11435 yuan/ton, up 0.75%. The 3 - 5 spread was - 520, up 10.34%. The main - contract position was 167381, up 6.87%. The number of warehouse receipts remained unchanged at 823 [3]. - **Spot**: In Henan, the price was 11750 yuan/ton, up 300 yuan; in Shandong, it was 11700 yuan/ton, up 150 yuan; in Sichuan, it was 12100 yuan/ton, up 100 yuan; in Liaoning, it was 11200 yuan/ton, unchanged; in Guangdong, it was 12410 yuan/ton, unchanged; in Hunan, it was 11260 yuan/ton, down 50 yuan; in Hebei, it was 11650 yuan/ton, up 200 yuan [3]. - **Spot Indicators**: The daily slaughter volume of sample points was 231951, up 2.48%; the weekly strip price was 18 yuan, down 0.17%; the weekly piglet price was 16.5 yuan/kg, down 2.94%; the weekly sow price was 32.46 yuan, down 0.03%; the weekly slaughter weight was 129.63 kg, down 0.15%; the weekly cumulative breeding profit was - 163 yuan, up 2.59%; the weekly purchased - pig breeding profit was - 241 yuan, up 7.21%; the monthly number of fertile sows was 39900000, down 1.12% [3]. Sugar - **Futures**: The price of sugar 2601 was 5215 yuan/ton, up 0.06%; the price of sugar 2605 was 5139 yuan/ton, up 0.12%. The ICE raw sugar main - contract price was 14.76 cents/lb, down 0.61%. The 1 - 5 spread was 76 yuan/ton, down 3.8%. The main - contract position was 487935, up 1.35%. The number of warehouse receipts and effective forecasts remained unchanged at 611 and 1490 respectively [7]. - **Spot**: In Nanning, the price was 5320 yuan/ton, down 0.37%; in Kunming, it was 5245 yuan/ton, down 0.29%. The Nanning basis was 181 yuan, down 12.56%; the Kunming basis was 106 yuan, down 16.54%. The import price of Brazilian sugar within the quota was 4094 yuan/ton, down 0.8%; outside the quota was 5188 yuan/ton, down 0.82% [7]. - **Industry Situation**: The cumulative national sugar production was 1050000 tons, down 23.24%; the cumulative national sugar sales was 350000 tons, down 42.53%. The cumulative sugar production in Guangxi was 133900 tons, down 73.87%; the monthly sugar sales in Guangxi was 89400 tons, down 68.63%. The national cumulative sugar - sales rate was 33.5%, down 24.75%; the cumulative sugar - sales rate in Guangxi was 66.77%, up 20.05%. The national industrial inventory was 700000 tons, down 7.4%; the industrial inventory in Guangxi was 44500 tons, down 80.43%; the industrial inventory in Yunnan was 12600 tons, up 110%. The sugar import volume was 750000 tons, up 38.89% [7]. Meal - **Soybean Meal**: In Jiangsu, the spot price was 3100 yuan, down 0.32%; the futures price of M2605 was 2756 yuan, down 0.76%; the basis of M2605 was 344 yuan, up 3.3%. The spot basis quote was m2605 + 280. The import crushing profit for Brazilian soybeans in February was 38, up 140.7%. The number of warehouse receipts remained unchanged at 23830 [9]. - **Rapeseed Meal**: In Jiangsu, the spot price was 2410 yuan, up 0.42%; the futures price of RM2605 was 2331 yuan, down 1.19%; the basis of RM2605 was 79 yuan, up 92.68%. The import crushing profit for Canadian rapeseed in January was 476, down 7.57%. The number of warehouse receipts was 0 [9]. - **Soybeans**: The spot price of Harbin soybeans was 3940 yuan, unchanged; the futures price of the main soybean - one contract was 4090 yuan, unchanged; the basis was - 150 yuan, unchanged. The spot price of imported soybeans in Jiangsu was 3950 yuan, unchanged; the futures price of the main soybean - two contract was 3739 yuan, down 1.16%; the basis was 211 yuan, up 26.35%. The number of warehouse receipts remained unchanged at 17034 [9]. - **Spreads**: The soybean meal 05 - 09 spread was - 110 yuan, down 10%; the rapeseed meal 05 - 09 spread was - 69 yuan, down 25.45%. The spot oil - meal ratio was 2.73, down 0.27%; the main - contract oil - meal ratio was 2.84, up 0.12%. The spot soybean - rapeseed meal spread was 690 yuan, down 2.82%; the 2605 soybean - rapeseed meal spread was 425 yuan, up 1.67% [9]. Corn - **Corn**: The price of corn 2601 was 2206 yuan, down 0.63%; the Pingcang price in Jinzhou Port was 2280 yuan, down 0.44%; the basis was 74 yuan, up 5.71%. The 1 - 5 spread was - 33 yuan, down 83.33%. The bulk grain price in Shekou was 2410 yuan, down 0.41%. The north - south trade profit was 30 yuan, unchanged. The CIF price was 2120 yuan, down 0.1%; the import profit was 290 yuan, down 2.65%. The number of remaining vehicles in Shandong deep - processing enterprises in the morning was 421, down 59.48%. The number of warehouses decreased from 2146100 to 2098833, down 2.2%. The number of warehouse receipts was 54440, down 0.87% [10]. - **Corn Starch**: The price of corn starch 2601 was 2512 yuan, up 0.4%. The spot price in Changchun was 2590 yuan, unchanged; the spot price in Weifang was 2800 yuan, unchanged. The basis was 78 yuan, down 11.36%. The 1 - 5 spread was - 35 yuan, up 18.6%. The 01 - contract spread between starch and corn was 306 yuan, up 8.51%. The profit of Shandong starch enterprises was - 8 yuan, down 233.33%. The number of warehouses decreased from 287376 to 286198, down 0.41%. The number of warehouse receipts remained unchanged at 2500 [10]. Red Dates - **Futures**: The price of red dates 2601 was 8830 yuan, unchanged; the price of red dates 2605 (main contract) was 8915 yuan, down 0.56%; the price of red dates 2609 was 9235 yuan, down 0.48%. The 1 - 5 spread was - 85 yuan, up 37.04%; the 5 - 9 spread was - 320 yuan, down 1.59%. The position was 175737, up 1.68%. The number of warehouse receipts was 982, up 11.21%; the effective forecast was 1145, up 0.97%; the sum of warehouse receipts and effective forecasts was 2127, up 5.45% [14]. - **Spot**: The price of top - grade red dates in Cangzhou was 9650 yuan, down 0.21%; the price of first - grade red dates was 8600 yuan, unchanged; the price of second - grade red dates was 7200 yuan, unchanged. The basis of top - grade red dates to the main contract was 135 yuan, up 28.57%; the basis of first - grade red dates to the main contract was 885 yuan, up 5.99% [14]. Cotton - **Futures**: The price of cotton 2605 was 13925 yuan/ton, down 0.14%; the price of cotton 2601 was 13930 yuan/ton, down 0.07%. The ICE US cotton main - contract price was 63.46 cents/lb, up 0.52%. The 5 - 1 spread was - 5 yuan/ton, down 200%. The main - contract position was 731267, up 2.48%. The number of warehouse receipts was 3482, up 8.85%; the effective forecast was 3898, down 3.08% [21]. - **Spot**: The arrival price of 3128B cotton in Xinjiang was 1

红枣期货日报 投资咨询业务资格：证监许可 【 2011】1292号 Z0023598 王昌 2025年12月17日 红支 现值 前值 涨跌 涨跌幅 单位 8830 红枣2601 8975 -145 -1.62% 红枣2605 (主力合约) 8965 9025 -60 -0.66% 红枣2609 9280 9335 -55 -0.59% 红枣1-5价差 -135 -50 -85 170.00% 红枣5-9价差 -315 -310 -5 1.61% 元/吨 沧州特级现货价格 9670 9760 -90 -0.92% 8600 8600 0 沧州一级现货价格 0.00% 沧州二级现货价格 7200 7200 0 0.00% 沧州特级与主力合约基差 105 135 -30 -22.22% 835 ୧୦ 沧州一级与主力合约基差 775 7.74% -3335 持仓量 172838 176173 -1.89% 手 883 883 0 仓車 0.00% 1134 有效预报 769 365 47.46% 张 仓单+有效预报 2017 1652 365 22.09% 沧州现货基差走势 3000 2000 1000 IF -10 ...