Group 1: Report Industry Investment Ratings - No information provided regarding industry investment ratings in the reports Group 2: Report Core Views Tin - Considering the strong fundamentals, tin prices are expected to remain strong throughout the year. Maintain a bullish view on tin prices, hold existing long positions, and consider adding long positions on price pullbacks. Monitor the US interest rate decision and supply - side changes [1] Nickel - After the recent production cuts, the supply surplus has narrowed, but the supply pressure remains strong, limiting the upside potential. Macro factors are improving, but the price driver weakens after the valuation repair. The Indonesian nickel ore benchmark price has declined, and domestic inventory is increasing. In the short - term, the nickel price is expected to trade in a range, with the main contract reference range of 116,000 - 120,000 yuan/ton. Pay attention to macro expectations and Indonesian industrial policy news [2] Stainless Steel - Macroeconomic conditions are temporarily stable, and supply pressure has eased slightly, but demand is weak in the off - season, and inventory reduction is difficult. In the short - term, the price is expected to oscillate and repair, with the main contract reference range of 12,400 - 12,800 yuan/ton. Focus on the implementation of steel mill production cuts and raw material price changes [3] Zinc - The expectation of interest rate cuts has improved, and the export space has opened, but spot trading is average, causing zinc prices to oscillate. As TC decreases, supply pressure eases, and short - term prices have limited downside. Refined zinc exports tighten the spot market, boosting domestic zinc prices. In the future, if TC stabilizes, zinc production may increase again. Monitor the TC inflection point and refined zinc inventory changes, with the main contract reference range of 22,500 - 23,500 yuan/ton [5] Copper - Globally, the structural imbalance in copper supply and inventory drives short - term price surges, and price volatility may intensify. In the medium - to - long - term, the supply - demand contradiction supports the upward movement of the price bottom. The main contract should pay attention to the support level of 90,000 - 91,000 yuan/ton [6] Lithium Carbonate - The current macro environment and fundamentals support prices, but there are limited new driving factors. The market faces the resumption of large - scale production and the sustainability of off - season demand. In the short - term, the price is expected to trade in a wide range, with the main contract reference range of 92,000 - 96,000 yuan/ton [8] Aluminum - Alumina supply is in excess, and prices are expected to remain at the bottom and oscillate, with the main contract reference range of 2,500 - 2,700 yuan/ton. Observe the actual production cut scale and inventory inflection point. Aluminum prices are expected to remain strong in the short - term, trading in the range of 21,500 - 22,200 yuan/ton, but beware of the risk of price pullbacks. Pay attention to the Fed's interest rate decision and domestic inventory reduction [9] Industrial Silicon - The price of industrial silicon is expected to remain in a low - level oscillation, with the main price fluctuation range shifting down to 8,000 - 9,000 yuan/ton. Consider closing positions if market expectations change [10] Polysilicon - Polysilicon futures may continue to oscillate at high levels. Given the weak demand and significant production cutbacks, if there are no substantial production cuts, the spot price has limited upside potential, and the futures price is more likely to decline towards the spot price. Adopt a wait - and - see strategy [11] Aluminum Alloy - The ADC12 price has limited downside due to strong cost support but is restricted by high inventory and high prices from rising. In the short - term, it is expected to maintain a high - level narrow - range oscillation, with the main contract reference range of 20,600 - 21,400 yuan/ton. Monitor the improvement of scrap aluminum supply and downstream procurement rhythm [12] Group 3: Summary by Relevant Catalogs Spot Prices and Basis - **Tin**: SMM 1 tin price increased to 316,000 yuan/ton, with a daily increase of 0.64%; SMM 1 tin premium increased by 200% to 150 yuan/ton [1] - **Nickel**: SMM 1 electrolytic nickel price increased to 120,350 yuan/ton, with a daily increase of 0.12%; 1 Jinchuan nickel premium decreased by 1.01% to 4,900 yuan/ton [2] - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12,800 yuan/ton; the spot - futures price difference increased by 2.17% to 470 yuan/ton [3] - **Zinc**: SMM 0 zinc ingot price increased to 23,190 yuan/ton, with a daily increase of 0.26%; the premium decreased by 5 yuan/ton to 65 yuan/ton [5] - **Copper**: SMM 1 electrolytic copper price decreased to 92,215 yuan/ton, with a daily decrease of 0.09%; the premium decreased by 35 yuan/ton to 95 yuan/ton [6] - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price remained unchanged at 92,750 yuan/ton; the basis remained unchanged at 92,750 yuan/ton [8] - **Aluminum**: SMM A00 aluminum price decreased to 21,880 yuan/ton, with a daily decrease of 0.18%; the premium remained unchanged at - 90 yuan/ton [9] - **Industrial Silicon**: The price of East China oxygen - permeable SI5530 industrial silicon decreased to 9,200 yuan/ton, with a daily decrease of 1.08%; the basis increased by 37.60% to 860 yuan/ton [10] - **Aluminum Alloy**: SMM aluminum alloy ADC12 price remained unchanged at 21,600 yuan/ton; the scrap - to - refined price difference in Foshan for crushed primary aluminum increased by 3.86% to 1,829 yuan/ton [12] Inter - month Spreads - **Tin**: The spread of 2512 - 2601 increased by 42.86% to - 200 yuan/ton [1] - **Nickel**: The spread of 2601 - 2602 decreased by 100 yuan/ton to - 270 yuan/ton [2] - **Stainless Steel**: The spread of 2601 - 2602 remained unchanged at - 115 yuan/ton [3] - **Zinc**: The spread of 2512 - 2601 decreased by 30 yuan/ton to - 45 yuan/ton [5] - **Copper**: The spread of 2512 - 2601 decreased by 60 yuan/ton to - 80 yuan/ton [6] - **Lithium Carbonate**: The spread of 2512 - 2601 increased by 1,840 yuan/ton to 1,580 yuan/ton [8] - **Aluminum**: The spread of AL 2512 - 2601 decreased by 15 yuan/ton to - 40 yuan/ton [9] - **Industrial Silicon**: The spread of 2512 - 2601 increased by 8,750 yuan/ton to 75 yuan/ton [10] - **Aluminum Alloy**: The spread of 2601 - 2602 decreased by 15 yuan/ton to - 60 yuan/ton [12] Fundamental Data Production - **Tin**: In October, tin ore imports increased by 33.49% to 11,632 tons; SMM refined tin production increased by 53.09% to 16,090 tons [1] - **Nickel**: In November, China's refined nickel production decreased by 9.38% to 33,342 tons [2] - **Stainless Steel**: In November, China's 300 - series stainless steel crude steel production decreased by 0.72% to 178.70 million tons [3] - **Zinc**: In November, refined zinc production decreased by 3.56% to 59.52 million tons [5] - **Copper**: In November, electrolytic copper production increased by 1.05% to 110.31 million tons [6] - **Lithium Carbonate**: In November, lithium carbonate production increased by 3.35% to 95,350 tons [8] - **Aluminum**: In November, domestic electrolytic aluminum production decreased by 2.82% to 363.66 million tons [9] - **Industrial Silicon**: In November, national industrial silicon production decreased by 11.17% to 40.17 million tons [10] - **Polysilicon**: Weekly polysilicon production increased by 7.50% to 2.58 million tons; monthly production decreased by 14.48% to 11.46 million tons [11] - **Aluminum Alloy**: In November, recycled aluminum alloy ingot production increased by 5.74% to 68.20 million tons; primary aluminum alloy ingot production increased by 5.84% to 30.27 million tons [12] Import and Export - **Tin**: In October, refined tin imports decreased by 58.55% to 526 tons; exports decreased by 15.33% to 1,480 tons [1] - **Nickel**: In October, refined nickel imports decreased by 65.66% to 9,741 tons [2] - **Stainless Steel**: In November, stainless steel imports increased by 3.18% to 12.41 million tons; exports decreased by 14.43% to 35.81 million tons [3] - **Zinc**: In October, refined zinc imports decreased by 16.94% to 1.88 million tons; exports increased by 243.79% to 0.85 million tons [5] - **Copper**: In October, electrolytic copper imports decreased by 15.61% to 28.21 million tons [6] - **Lithium Carbonate**: In October, lithium carbonate imports increased by 21.86% to 23,881 tons; exports increased by 63.05% to 246 tons [8] - **Aluminum**: In October, electrolytic aluminum imports increased by 0.61% to 24.84 million tons; exports decreased by 15.18% to 2.46 million tons [9] - **Industrial Silicon**: In November, industrial silicon exports decreased by 35.82% to 4.51 million tons [10] - **Polysilicon**: In November, polysilicon imports increased by 11.96% to 0.14 million tons; exports decreased by 27.99% to 0.15 million tons [11] - **Aluminum Alloy**: In October, unforged aluminum alloy ingot imports decreased by 7.06% to 7.64 million tons; exports increased by 31.49% to 3.09 million tons [12] Inventory - **Tin**: SHEF weekly inventory increased by 7.96% to 6,865 tons; social inventory increased by 2.39% to 8,012 tons [1] - **Nickel**: SHFE inventory increased by 4.23% to 42,508 tons; social inventory increased by 2.71% to 56,848 tons [2] - **Stainless Steel**: 300 - series social inventory (Wuxi + Foshan) decreased by 2.06% to 49.20 million tons [3] - **Zinc**: China's seven - region zinc ingot social inventory decreased by 5.75% to 13.60 million tons; LME inventory increased by 0.69% to 5.8 million tons [5] - **Copper**: Domestic social inventory increased by 0.82% to 16.03 million tons; bonded - area inventory decreased by 12.82% to 7.75 million tons [6] - **Lithium Carbonate**: In November, lithium carbonate total inventory decreased by 23.36% to 64,560 tons [8] - **Aluminum**: China's electrolytic aluminum social inventory decreased by 0.17% to 59.50 million tons; LME inventory decreased by 0.48% to 52.6 million tons [9] - **Industrial Silicon**: National social inventory increased by 1.45% to 55.80 million tons [10] - **Polysilicon**: Polysilicon inventory increased by 3.56% to 29.10 million tons [11] - **Aluminum Alloy**: Recycled aluminum alloy ingot weekly social inventory decreased by 0.54% to 5.53 million tons [12]

甲醇产业期现日报 投资咨询业务资格:证监许可【2011】1292号 张晓珍 Z0003135 甲醇价格及价差 | 品种 | 12月9日 | 12月8日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | MA2601 收盘价 | 2066 | 2089 | -23 | -1.10% | | | MA2605 收盘价 | 2143 | 2177 | -34 | -1.56% | | | MA15价差 | -77 | -88 | 11 | -12.50% | | | 太仓基差 | 8 | -3 | 11 | -366.67% | | | MTO05盘面 | -149 | -161 | 12 | -7.45% | | | 内蒙北线现货 | 1980 | 1995 | -15 | -0.75% | TI./048 | | 河南洛阳现货 | 2108 | 2100 | 8 | 0.36% | | | 港口太仓现货 | 2070 | 2070 | 0 | 0.00% | | | 区域价差: 太仓-内蒙北线 | 90 | 75 | 15 | 20.00% | ...

白糖产业期现日报 元 F / 发期货 投资咨询业务资格:证监许可 【2011】1292号 2025年12月10日 70016336 刘珂 | 期货市场情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 白糖2601 | 5343 | 5337 | 6 | 0.11% | | | 白糖2605 | 5247 | 5244 | 3 | 0.06% | 元/吨 | | ICE原糖主力 | 14.66 | 14.83 | -0.17 | -1.15% | 美分/磅 | | 白糖1-5价差 | 96 | ਰੇਤੇ | 3 | 3.23% | 元/吨 | | 主力合约持仓量 | 260465 | 289716 | -29251 | -10.10% | ਜੇ | | 仓单数量 | 181 | 181 | 0 | 0.00% | | | 有效预报 | 1705 | 1490 | 215 | 14.43% | इर | | 现货市场价格 | | | | | | | 指标 | 现值 | 前值 | 涨跌 | ...

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：020-88818051 E-Mail：yeqianning@gf.com.cn 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 | 总持仓小幅下降 | 前二十席位多头增减仓不一 | | 上证 | 50 | IH2512 | 总持仓小幅下降 | 中信多空头各减仓千手左右 | | 中证 | 500 | IC2512 | 总持仓保持稳定 | 国君多头加仓逾千手 | | 中证 | 1000 | IM2512 | 总持仓小幅上升 | 海通多空头均加仓 2000 手左右 | 股指期货持仓日度变动简评 -7,233.0 -3,701.0 -2,550.0 -3,702.0 -3,493.0 -3,696.0 902.0 3,359.0 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 IF IH IC IM 主力合约持仓变动 总持仓变动 数据来源：Wi ...

Group 1: Report Industry Investment Ratings - No information available Group 2: Core Views of the Report - The 12th Fed FOMC meeting will be held, and continued rate cuts are still the likely scenario, but the market is still worried about hawkish statements, leading to a significant correction in pro - cyclical assets. A - shares' trading volume has increased recently, and after confirming the stage bottom, the low - volatility period is expected to end with a rise in volatility [3]. - The Fed's easing expectations are continuously rising, leading to a general increase in precious metals. Silver has broken through and reached a new high, but the upward momentum has weakened due to weak physical delivery demand and gold price stagnation [3]. - The EC main contract is oscillating upward, and it is expected to oscillate in the short term [3]. - Raw material price drops are dragging down steel prices. The strategy of going long on rebar and short on iron ore has been exited, and the strategy of narrowing the spread between hot - rolled coil and rebar in January can continue to be held [3]. - The supply and demand imbalance of ultra - long - term bond varieties is difficult to reverse in the short term. If market sentiment improves, light - position long positions can be taken in bond varieties within 10 years, and 30 - year varieties should be avoided for now. The bond market's sharp decline stage may have passed, and bond futures may return to oscillation in the short term [3]. Group 3: Summaries by Related Catalogs Equity Index - Equity index futures opened low and closed low, while the STAR Market and ChiNext showed an upward trend. After more than a month of low volatility, an increase in volatility is expected. Short - term single - side futures long - position operations are difficult. On dips, light - position and segmented layouts can be made for the bull spread of CSI 1000 put options [3]. Treasury Bonds - Treasury bond futures rose across the board and may return to oscillation in the short term. The 10 - year Treasury bond faces resistance near the 1.85% stage high, and the T2603 contract may find support near 107.6. The 30 - 10Y yield spread has reached this year's high. Single - side strategies suggest waiting and seeing, and curve strategies tend to steepen [3]. Precious Metals - Gold prices have entered an oscillation phase near $4200. Short - term single - side positions should wait and see, and a strategy of selling out - of - the - money options on both sides can be used to earn time value. Silver's upward momentum has weakened. Platinum and palladium's market fluctuations have narrowed, and an intraday short - term high - selling and low - buying operation strategy is recommended [3]. Shipping Index (European Line) - The EC2602 main contract is oscillating upward, and short - term oscillation is expected [3]. Steel and Related Metals - For steel, raw material price drops are dragging down prices. For iron ore, with falling hot metal production and increasing port inventories, it has shifted from high - level oscillation to weakness, with an expected range of 730 - 780. For coking coal, the price cut range in production areas has expanded, and the Mongolian coal price has declined, with the futures price falling weakly. For coke, the first round of price cuts in December has been implemented, and the port trade price has led the decline, with an expected range of 1450 - 1600 [3]. Non - ferrous Metals - For copper, downstream demand is weakening, and attention should be paid to the structural risk of overseas inventories. Long - term long positions can be held, and short - term long positions should take profits on rallies. For aluminum, due to repeated macro - level disturbances, attention should be paid to the final decision of the Fed FOMC meeting. For zinc, exports support the price, and attention should be paid to cross - market reverse arbitrage opportunities. For tin, the fundamentals are strong, and previous long positions can be continued, with a strategy of buying on dips [3]. New Energy - Related Commodities - For industrial silicon, due to the decline in coking coal prices and the expected production control of polysilicon, the price has dropped, and positions are recommended to be closed. For polysilicon, with the news of the establishment of a platform company, the futures price has continued to rise, and it is recommended to wait and see. For lithium carbonate, the market is in a news vacuum, and the price is oscillating weakly, with a reference range of 92,000 - 96,000 [3]. Chemical Products - For PX, the medium - term supply - demand outlook is tight, and it has support at low levels, with short - term high - level oscillation. For PTA, the supply - demand outlook is weak, and the oil price is also weak, with short - term oscillation and a focus on the low - level positive arbitrage opportunity between TA5 - 9. For short - fiber, the supply - demand outlook is weak, and the processing fee is mainly being compressed [3]. Agricultural Products - For soybeans and rapeseeds, the USDA report has no highlights, and the domestic supply is abundant, resulting in narrow - range oscillation. For hogs, the demand for curing bacon is increasing, leading to a resonance between futures and spot prices, with an upward - oscillating trend. For corn, the supply volume has increased, and the futures price is running weakly [3].

Group 1: Investment Ratings - There is no information about the overall industry investment rating in the report. Group 2: Core Views - Various commodities in the market show different trends and outlooks. Some commodities are expected to be strong, some are in a tight - balance or weak situation, and investors should adjust their strategies according to different market conditions [2][3][4] Group 3: Summary by Category Daily Selections - **Tin**: With strong fundamentals, tin prices are expected to remain strong this year. Hold existing long positions and consider buying on dips. Monitor US interest rate decisions and supply - side changes [2] - **Styrene**: Supply - demand is in a tight balance, with limited upside. It is expected to be weak in the short - term. Pay attention to device changes and actual export transactions [3] - **Coking Coal**: Spot prices are falling, and the futures market is weak. Consider short - term short positions and a long - coke short - coking - coal arbitrage [4] - **Corn**: The supply is increasing, and the futures price is weak. Participate in the short - term and pay attention to the continuity of shipments [5] Financial Derivatives - Financial Futures Stock Index Futures - The stock index opened low and closed low, while the ChiNext and STAR Market showed an upward trend. The market is affected by domestic and overseas policies and capital flows. Consider a bullish spread strategy on CSI 1000 put options on dips [6][7][8] Bond Futures - Bond futures rose across the board. The market may return to a volatile state in the short - term. Temporarily observe and focus on the central economic work conference. Consider participating in bonds with a maturity of less than 10 years [9][10][11] Financial Derivatives - Precious Metals - Precious metals generally rose, with silver hitting a new high. Gold may oscillate around $4,200. Be cautious when chasing high on silver. Consider a low - buying strategy for platinum [12][13][14] Shipping Index (European Line) - The SCFIS European line index showed an upward trend. The market is expected to be volatile in the short - term [16] Non - ferrous Metals - **Copper**: Global inventory imbalance drives price increases. Long - term long positions can be held, and short - term long positions can be closed on rallies. Pay attention to inventory changes and squeeze risks [17][18][21] - **Alumina**: Supply is in excess, and prices are expected to oscillate at the bottom. Short - term traders can consider light - position long positions or selling out - of - the - money put options [22][23] - **Aluminum**: Affected by macro factors, prices are expected to be strong in the short - term but may pull back. Pay attention to the Fed's interest rate decision and inventory changes [24][26][27] - **Aluminum Alloy**: Cost support is strong, but demand is weak. It is expected to oscillate in a narrow range at a high level. Consider an arbitrage strategy of going long on AD03 and short on AL03 [27][28][29] - **Zinc**: TC is falling, and exports are improving the supply - demand structure. The price is expected to oscillate. Pay attention to the TC inflection point and inventory changes [29][30][33] - **Tin**: Fundamentals are strong, and prices are expected to be strong. Hold existing long positions and buy on dips [33][34][37] - **Nickel**: The surplus is narrowing, but the upside is limited. It is expected to oscillate weakly. Pay attention to macro and industrial policies [37][38][39] - **Stainless Steel**: Supply pressure is slightly relieved, but demand is weak in the off - season. It is expected to oscillate and repair. Pay attention to the implementation of steel mill production cuts and raw material prices [40][42][43] - **Lithium Carbonate**: The market is in a state of divergence, and prices are expected to oscillate widely. Observe the market [44][45][46] - **Polysilicon**: Affected by the news of the establishment of a storage platform, futures prices are rising. However, demand is weak, and prices may fall. Observe the market [47][48][49] - **Industrial Silicon**: Prices are falling. It is expected to oscillate at a low level. Consider closing positions [50][51][52] Black Metals - **Steel**: Raw material price drops drag down steel prices. Consider closing long - rebar short - iron - ore positions and continue to hold the strategy of narrowing the hot - rolled and rebar spread [52][53][56] - **Iron Ore**: Iron production is falling, and port inventory is increasing. The price is expected to oscillate weakly. Consider short - selling on rallies [58][59] - **Coking Coal**: Spot prices are falling, and the futures market is weak. Consider short - term short positions and a long - coke short - coking - coal arbitrage [60][64] - **Coke**: The first round of price cuts has been implemented, and there is an expectation of further cuts. Consider short - term short positions and a long - coke short - coking - coal arbitrage [65][67][68] Agricultural Products - **Meal**: The USDA report is lackluster, and the domestic supply is abundant. The price is expected to be weak. Pay attention to domestic procurement trends [69][70][71] - **Pig**: Spot prices are stabilizing, and the futures market may be slightly strong. However, the overall supply pattern remains unchanged [72][73][74] - **Corn**: Supply is increasing, and the price is weak. Participate in the short - term and pay attention to shipment continuity [75][76] - **Sugar**: The international raw sugar price is bearish, and the domestic price is expected to oscillate weakly. Observe the market [77][78] - **Cotton**: The international cotton price is oscillating at the bottom, and the domestic price is expected to oscillate within a range [79][80] - **Egg**: Supply is in excess, and demand is weak. The price is expected to oscillate weakly, but the downside is limited [83] - **Oil**: Palm oil and soybean oil prices are affected by various factors and are expected to oscillate. Pay attention to Indian procurement and MPOB reports [84][85] - **Jujube**: Supply pressure exists, and the price is expected to oscillate at a low level. Pay attention to downstream sales [87] - **Apple**: The trading volume is slow, and the price is stable. Observe the market [88] Energy and Chemicals - **PX**: Supply may shrink in the medium - term, and demand is seasonally weak. It is expected to oscillate in the range of 6,600 - 7,000 yuan/ton [89][90] - **PTA**: Supply - demand is expected to be weak in the medium - term, and the price is expected to oscillate weakly. Consider a short - term oscillation range of 4,500 - 4,800 yuan/ton and a TA5 - 9 low - level positive spread [91][92][93] - **Short - Fiber**: Supply - demand is expected to be weak, and processing fees are expected to be compressed. Follow the PTA strategy and consider compressing processing fees on rallies [94] - **Bottle Chip**: Supply is expected to increase in December, and demand is weak. The price is expected to follow the cost and compress processing fees. Consider a short - term strategy of compressing processing fees [96][97] - **Ethylene Glycol**: Port inventory is increasing, but domestic production cuts are increasing. It is expected to oscillate at a low level. Consider closing the EG1 - 5 reverse spread [98] - **Pure Benzene**: Supply is expected to be stable, and demand support is limited. It may follow oil prices and styrene fluctuations. Pay attention to domestic device changes [99][100] - **Styrene**: Supply - demand is in a tight balance, with limited upside. It is expected to be weak in the short - term. Pay attention to device changes and actual export transactions [101][102] - **LLDPE**: The market sentiment is pessimistic. Observe the inventory and basis [103] - **PP**: Supply is expected to increase, and the 01 contract has pressure. Pay attention to PDH profit expansion [104] - **Methanol**: The basis is strong, and trading is okay. Consider reducing the 05MTO position [104] - **Caustic Soda**: Supply - demand has pressure, and prices are expected to be weak. Hold short positions [105][106] - **PVC**: Supply exceeds demand, and prices are expected to be weak at the bottom [108] - **Soda Ash**: Production is high, and supply is in excess. Hold short positions [109][110] - **Glass**: Spot prices are weakening, and the market has pressure. Treat it bearishly [110][111] - **Natural Rubber**: Pay attention to the geopolitical conflict between Thailand and Cambodia. The price is expected to oscillate [112][113] - **Synthetic Rubber**: Supply in the upstream and mid - stream is abundant, and the price is expected to face pressure. Consider short - selling on rallies [114][116]

Group 1: Investment Ratings - There is no information provided on the industry investment ratings in the reports [1][4][6][8][9][10][11][13][14][17] Group 2: Core Views Tin - Considering the strong fundamentals, the tin price is expected to remain strong throughout the year. It is advisable to maintain a bullish view on tin prices, hold existing long positions, and adopt a low - buying strategy on price pullbacks. Keep an eye on macro - end changes and supply - side fluctuations [1] Zinc - With the improvement of interest - rate cut expectations and the opening of the export space, zinc prices are expected to fluctuate strongly. The upward range of refined zinc production is limited, and the domestic supply pressure is relieved. The demand side has a structural improvement, but the downstream terminal demand remains stable. The LME inventory is continuously accumulating, and attention should be paid to the structural risk. The short - term price decline space is limited, and the domestic zinc price may be stronger than the London zinc price. Pay attention to the TC inflection point and refined zinc inventory changes [4] Copper - In the short term, the imbalance in global copper supply and inventory drives the copper price to rise rapidly, and the price volatility may intensify. In the long term, the supply - demand contradiction of copper still exists, supporting the bottom center of copper prices to gradually rise. Pay attention to the structural changes of domestic and foreign inventories and the risk of short squeezes [6] Aluminum - The alumina market is expected to maintain a bottom - oscillating trend, with the main contract reference range moving down to 2550 - 2800 yuan/ton. The electrolytic aluminum market is expected to remain strong in the short term, but be cautious of the retracement risk after the price peaks. The main contract of Shanghai aluminum is expected to oscillate in the range of 21700 - 22500 yuan/ton this week. Focus on the final decision of the Federal Reserve's interest - rate meeting and the actual destocking situation of domestic inventories [8] Industrial Silicon - It is expected that the industrial silicon price will continue to oscillate at a low level, with the main price fluctuation range between 8500 - 9500 yuan/ton. If the price falls to around 8500 - 8700 yuan/ton, consider buying on dips [9] Polysilicon - The polysilicon futures may continue to oscillate at a high level, but considering the weak demand, the spot price has limited upward momentum. It is more likely that the futures price will decline to converge with the spot price. For now, it is advisable to wait and see [10] Aluminum Alloy - The casting aluminum alloy market is expected to maintain a high - level narrow - range oscillation in the short term, with the main contract reference range of 20800 - 21600 yuan/ton. Pay attention to the improvement progress of scrap aluminum supply and the change of downstream procurement rhythm [11][12] Nickel - In the short term, the nickel price is expected to oscillate within a range, with the main reference range of 116000 - 120000 yuan/ton. Pay attention to the changes in macro - expectations and the industrial policy news from Indonesia [13] Stainless Steel - The stainless - steel market is expected to oscillate and repair in the short term, with the main contract running range of 12400 - 12800 yuan/ton. Pay attention to the implementation strength of steel mills' production cuts and the change of raw material prices [14] Lithium Carbonate - The lithium carbonate market is expected to oscillate widely in the short term, with the main contract reference range of 92000 - 96000 yuan/ton. Pay attention to the resumption of production by large manufacturers and the sustainability of demand in the off - season [17] Group 3: Summary by Catalog Tin - **Price and Spread**: The spot price of SMM 1 tin decreased by 800 yuan/ton to 314000 yuan/ton, a decrease of 0.25%. The import loss decreased by 1289.45 yuan/ton to 15329.05 yuan/ton, a decrease of 7.76%. The spread between contracts 2512 - 2601 increased by 200 yuan/ton to - 350 yuan/ton, a rise of 36.36% [1] - **Fundamental Data**: In October, the tin ore import volume increased by 2918 tons to 11632 tons, a rise of 33.49%. The SMM refined tin output in October increased by 2580 tons to 16090 tons, a rise of 53.09% [1] Zinc - **Price and Spread**: The SMM 0 zinc ingot price remained unchanged at 23130 yuan/ton. The import loss decreased by 549.10 yuan/ton to 4330 yuan/ton. The spread between contracts 2512 - 2601 increased by 25 yuan/ton to - 15 yuan/ton [4] - **Fundamental Data**: In November, the refined zinc production decreased by 2.20 million tons to 59.52 million tons, a decrease of 3.56%. The galvanizing start - up rate increased by 1.66% to 58.20% [4] Copper - **Price and Spread**: The SMM 1 electrolytic copper price increased by 715 yuan/ton to 92300 yuan/ton, a rise of 0.78%. The import loss decreased by 154.47 yuan/ton to 1074 yuan/ton. The spread between contracts 2512 - 2601 increased by 40 yuan/ton to - 20 yuan/ton [6] - **Fundamental Data**: In November, the electrolytic copper production increased by 1.15 million tons to 110.31 million tons, a rise of 1.05%. The domestic mainstream port copper concentrate inventory increased by 2.71 million tons to 75.02 million tons, a rise of 3.75% [6] Aluminum - **Price and Spread**: The SMM A00 aluminum price decreased by 170 yuan/ton to 21920 yuan/ton, a decrease of 0.77%. The electrolytic aluminum import loss increased by 103 yuan/ton to 1856 yuan/ton. The spread between contracts AL 2512 - 2601 decreased by 10 yuan/ton to - 25 yuan/ton [8] - **Fundamental Data**: In November, the alumina production decreased by 34.6 million tons to 743.94 million tons, a decrease of 4.44%. The domestic electrolytic aluminum production decreased by 10.6 million tons to 363.66 million tons, a decrease of 2.82% [8] Industrial Silicon - **Price and Spread**: The spot price of industrial silicon decreased by 100 - 150 yuan/ton. The spread between contracts 2512 - 2601 decreased by 8830 yuan/ton to - 8675 yuan/ton, a decrease of 5696.77% [9] - **Fundamental Data**: The national industrial silicon production decreased by 5.05 million tons to 40.17 million tons, a decrease of 11.17%. The national start - up rate decreased by 3.30% to 64.82% [9] Polysilicon - **Price and Spread**: The main contract price decreased by 965 yuan/ton to 54545 yuan/ton. The spread between the current month and the first - continuous contract decreased by 525 yuan/ton to 2655 yuan/ton, a decrease of 16.51% [10] - **Fundamental Data**: The weekly polysilicon production increased by 0.18 million tons to 2.58 million tons, a rise of 7.50%. The monthly polysilicon production decreased by 1.94 million tons to 11.46 million tons, a decrease of 14.48% [10] Aluminum Alloy - **Price and Spread**: The SMM aluminum alloy ADC12 price decreased by 100 yuan/ton to 21600 yuan/ton, a decrease of 0.46%. The spread between contracts 2601 - 2602 increased by 5 yuan/ton to - 45 yuan/ton [11] - **Fundamental Data**: In November, the regenerated aluminum alloy ingot production increased by 3.7 million tons to 68.20 million tons, a rise of 5.74%. The primary aluminum alloy ingot production increased by 1.7 million tons to 30.27 million tons, a rise of 5.84% [11] Nickel - **Price and Spread**: The SMM 1 electrolytic nickel price increased by 150 yuan/ton to 120200 yuan/ton, a rise of 0.12%. The spread between contracts 2601 - 2602 decreased by 10 yuan/ton to - 170 yuan/ton [13] - **Fundamental Data**: The Chinese refined nickel production decreased by 3453 tons to 33345 tons, a decrease of 9.38%. The SHFE inventory increased by 1726 tons to 42508 tons, a rise of 4.23% [13] Stainless Steel - **Price and Spread**: The 304/2B (Wuxi Hongwang 2.0 roll) price increased by 100 yuan/ton to 12800 yuan/ton, a rise of 0.79%. The spread between contracts 2601 - 2602 decreased by 22 yuan/ton to - 115 yuan/ton [14] - **Fundamental Data**: The Chinese 300 - series stainless - steel crude steel production (43 enterprises) decreased by 1.30 million tons to 178.70 million tons, a decrease of 0.72%. The 300 - series social inventory (Wuxi + Foshan) decreased by 1.04 million tons to 49.20 million tons, a decrease of 2.06% [14] Lithium Carbonate - **Price and Spread**: The SMM battery - grade lithium carbonate average price decreased by 500 yuan/ton to 92750 yuan/ton, a decrease of 0.54%. The spread between contracts 2512 - 2601 increased by 1500 yuan/ton to - 80 yuan/ton [17] - **Fundamental Data**: In November, the lithium carbonate production increased by 3090 tons to 92350 tons, a rise of 3.35%. The lithium carbonate total inventory decreased by 19674 tons to 64560 tons, a decrease of 23.36% [17]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views 2.1 Oil and Fat Industry - Malaysian BMD crude palm oil futures are in a volatile adjustment. There are concerns about inventory growth and weak December exports. It is oscillating around 4,100 ringgit, waiting for the MPOB supply - demand report. Domestic Dalian palm oil futures may weaken under the influence of Malaysian palm oil, with a possible decline to seek support at 8,500 yuan. - The market expects an increase in the US soybean ending inventory, which pressures CBOT soybeans and affects CBOT soybean oil. The decline of BMD palm oil also drags down CBOT soybean oil. Domestically, the decline of international related varieties has a greater impact on Dalian soybean oil. Factory开机率 has decreased, but the inventory change is not significant due to limited downstream demand [1]. 2.2 Pig Industry - Spot prices show signs of stabilizing and rebounding. Although large - scale enterprises still have significant sales pressure, the increasing demand for southern curing and the potential entry of secondary fattening may support prices. However, the overall large - scale production increase pattern remains unchanged. - The futures market is affected by a positive macro - atmosphere. Bullish funds are actively entering the market, and the futures may maintain a slightly stronger trend in the short term [3]. 2.3 Meal and Bean Industry - The US soybean price is in a correction, and China's policy - based procurement is uncertain. The domestic meal market remains in a loose pattern, and the single - side price is under pressure. The key lies in whether US soybean purchases can meet the domestic arrival volume in March. The market outlook is weak, but the basis may strengthen [6]. 2.4 Sugar Industry - ICE raw sugar futures slightly increase, but the sufficient supply and weak demand in the spot market suppress the upward movement of futures prices. Brazil's sugar exports in early December increased. India's sugar production has increased significantly, and the overall raw sugar price is in a bearish pattern. The domestic sugar price is expected to be in a volatile and weak trend [9]. 2.5 Corn and Corn Starch Industry - In the northeast region, the price is stable due to the support of inventory replenishment and policy procurement. In the north - central region, prices are firm due to the shortage of high - quality grains. On the demand side, some deep - processing enterprises are in deficit, and feed enterprises have low enthusiasm for long - term inventory building. The futures price may decline slightly in the short term, but the decline may be limited [11]. 2.6 Cotton Industry - ICE cotton futures closed lower. Traders are cautious before the USDA monthly supply - demand report. US cotton export sales increased significantly in the week ending November 6. Domestically, the hedging pressure on Zhengzhou cotton is increasing, but the rigid demand from the industrial downstream and the good profit situation of textile enterprises may limit the downward space. The cotton price may fluctuate within a range in the short term [15]. 2.7 Egg Industry - The supply side still has significant pressure, with a high inventory of laying hens and slow decline. The demand side lacks obvious positive factors, but the positive market sentiment provides some support. Egg prices are expected to be weak with limited downward space [19]. 3. Summary by Related Catalogs 3.1 Oil and Fat Industry 3.1.1 Price Changes - **Soybean Oil**: The spot price in Jiangsu remained unchanged at 8,600 yuan, the futures price (Y2601) decreased by 0.44% to 8,230 yuan, and the basis increased by 10.78% to 370 yuan. - **Palm Oil**: The spot price in Guangdong decreased by 0.57% to 8,690 yuan, the futures price (P2601) decreased by 0.73% to 8,706 yuan, and the basis increased by 46.67% to - 16 yuan. - **Rapeseed Oil**: The spot price in Jiangsu decreased by 1.00% to 8,960 yuan, the futures price (OI601) decreased by 1.21% to 9,502 yuan, and the basis increased by 4.30% to 388 yuan [1]. 3.1.2 Spread Changes - **Inter - delivery Spread**: The soybean oil 01 - 05 spread increased by 6.45% to 198 yuan, the palm oil 01 - 05 spread decreased by 50.00% to 4 yuan, and the rapeseed oil 01 - 05 spread increased by 8.06% to 228 yuan. - **Cross - variety Spread**: The spot soybean - palm oil spread increased by 35.71% to - 90 yuan, the 2601 soybean - palm oil spread increased by 1.76% to - 670 yuan, the spot rapeseed - soybean oil spread decreased by 7.19% to 1,290 yuan, and the 2601 rapeseed - soybean oil spread decreased by 5.92% to 1,272 yuan [1]. 3.2 Pig Industry 3.2.1 Futures Indicators - The price of the main contract of live pigs 2605 increased by 1.27% to 11,955 yuan/ton, and the price of 2603 increased by 2.71% to 11,385 yuan/ton. The 3 - 5 spread increased by 20.83% to - 570 yuan. The main contract positions increased by 81.80% to 151,512, and the number of warehouse receipts remained unchanged at 108 [3]. 3.2.2 Spot Indicators - Spot prices in different regions showed mixed trends. The daily slaughter volume of sample points increased by 0.07% to 217,041 heads, the weekly white - strip price remained unchanged at 18.21 yuan, the weekly piglet price remained unchanged at 17.00 yuan/kg, the weekly sow price remained unchanged at 32.47 yuan, the weekly slaughter weight increased by 0.46% to 129.82 kg, the weekly self - breeding profit decreased by 13.31% to - 168 yuan/head, the weekly purchased - pig breeding profit decreased by 4.25% to - 259 yuan/head, and the monthly fertile sow inventory decreased by 1.12% to 3,990 million heads [3]. 3.3 Meal and Bean Industry 3.3.1 Price Changes - **Soybean Meal**: The spot price in Jiangsu decreased by 0.65% to 3,040 yuan, and the futures price (M2605) decreased by 1.52% to 2,778 yuan. - **Rapeseed Meal**: The futures price (RM2605) decreased by 1.47% to 2,342 yuan. - **Soybean**: The warehouse receipt of Harbin soybeans remained unchanged at 15,766 [6]. 3.3.2 Spread Changes - The soybean meal 05 - 09 spread decreased by 2.61% to - 3 yuan, the rapeseed meal 05 - 09 spread increased by 4.35% to - 66 yuan, the spot oil - meal ratio increased by 0.66% to 2.83, and the 2605 soybean - rapeseed meal spread decreased by 1.80% to 436 yuan [6]. 3.4 Sugar Industry 3.4.1 Futures Market - The price of sugar 2601 increased by 0.64% to 5,337 yuan/ton, the price of 2605 increased by 0.21% to 5,244 yuan/ton, and the ICE raw sugar main contract increased by 0.07% to 14.83 cents/pound. The 1 - 5 spread increased by 32.86% to 93 yuan/ton. The main contract positions decreased by 8.69% to 289,716, the number of warehouse receipts increased to 181, and the effective forecast increased by 714.21% to 1,490 [9]. 3.4.2 Spot Market - Spot prices in Nanning remained unchanged at 5,360 yuan, and in Kunming decreased by 0.37% to 5,320 yuan. The basis in Nanning decreased by 8.66% to 116 yuan, and in Kunming decreased by 28.97% to 76 yuan. The import price of Brazilian sugar (within quota) decreased by 0.37% to 4,079 yuan, and (outside quota) decreased by 0.39% to 5,168 yuan [9]. 3.4.3 Industry Situation - National sugar production increased by 12.03% to 1,116.21 million tons, sales increased by 9.17% to 1,048.00 million tons, the national sales ratio decreased by 2.60% to 93.90%, and the industrial inventory decreased by 41.20% to 68.21 million tons. Sugar imports increased by 37.50% to 55.00 million tons [9]. 3.5 Corn and Corn Starch Industry 3.5.1 Corn - The price of corn 2601 decreased by 1.48% to 2,261 yuan, the basis increased by 97.14% to 69 yuan, the 1 - 5 spread decreased by 144.44% to - 4 yuan. The northern - southern trade profit decreased by 20.41% to 39 yuan, the import profit decreased by 15.13% to 314 yuan, the number of remaining vehicles in Shandong deep - processing enterprises in the morning decreased by 13.64% to 399, the positions decreased by 2.25% to 2,354,124, and the number of warehouse receipts remained unchanged at 57,705 [11]. 3.5.2 Corn Starch - The price of corn starch 2601 decreased by 1.51% to 2,549 yuan, the basis increased by 1950.00% to 41 yuan, the 1 - 5 spread decreased by 40.74% to - 38 yuan, the 01 spread between starch and corn decreased by 1.71% to 288 yuan, the Shandong starch profit decreased by 25.00% to 6 yuan, the positions decreased by 2.52% to 333,585 [11]. 3.6 Cotton Industry 3.6.1 Futures Market - The price of cotton 2605 increased by 0.04% to 13,725 yuan/ton, the price of 2601 remained unchanged at 13,750 yuan/ton, the ICE US cotton main contract decreased by 0.33% to 63.74 cents/pound. The 5 - 1 spread increased by 16.67% to - 25 yuan. The main contract positions decreased by 1.75% to 489,062 hands, the number of warehouse receipts increased by 1.62% to 2,753, and the effective forecast increased by 8.02% to 3,004 [15]. 3.6.2 Spot Market - The Xinjiang arrival price of 3128B decreased by 0.17% to 14,847 yuan, the CC Index of 3128B decreased by 0.09% to 15,009 yuan, and the FC Index of M: 1% decreased by 0.08% to 12,843 yuan [15]. 3.6.3 Industry Situation - Commercial inventory increased by 28.7% to 468.36 million tons, industrial inventory increased by 0.9% to 93.96 million tons, imports decreased by 10.0% to 9.00 million tons, and the bonded - area inventory decreased by 1.8% to 32.20 million tons [15]. 3.7 Egg Industry 3.7.1 Futures and Spot Prices - The price of the egg 01 contract increased by 1.15% to 3,153 yuan/500KG, and the price of 02 increased by 0.80% to 3,038 yuan/500KG. The egg - producing area price increased by 0.41% to 2.98 yuan/FT, the basis decreased by 15.45% to - 178 yuan/500KG, and the 1 - 2 spread increased by 11.65% to 115 yuan [19]. 3.7.2 Related Indicators - The price of laying hens increased by 5.56% to 2.85 yuan/feather, the price of culled chickens increased by 1.58% to 3.86 yuan/FT, the egg - feed ratio increased by 3.90% to 2.40, and the breeding profit increased by 20.35% to - 22.62 yuan/feather [19].

原木期货日报 288.00 297.00 -9.0 -3.03% 0.45% 万/立方米 山东 199.50 198.6 0.9 江苏 85.09 74.23 -10.9 -12.77% 需求:日均出库量 (周慶) 12月5日 涨跌 涨跌幅 地区 11月28日 車位 0.53 中国 6.66 6.13 9% 12% 山东 0.35 力/立方米 3.39 3.04 江苏 2.71 2.62 0.09 3% 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 =2022 -2023 =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 2020 2021 =2022 2024 2025 2023 850 180 830 160 810 790 77 ...

知识图强,求实奉献,客户至上,合作共赢 | 现货价格 | 期货价格 | 基差率 | 留注 | 品种/合约 | 基差 | 历史分位数 | 现货参考 | 1.18% | 64 | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF603) | 5444 | 63.10% | 5508 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1.12% | 64 | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐(SM603) | 5800 | 5736 | 37.50% | 157 | 5.03% | 螺纹钢 (RB2605) | HRB40020mm: 上海 | 3280 | 3123 | 65.20% | | | | | | Q235B: 4.75mm: 上海 | -11 | 热卷 (HC2605) | 3280 | 3291 | -033% | 13.40% | 64 | 779 | 折算价:62.5%巴混粉(BRBF) ...