2025 年 12 月 22 日 商 品 研 究 | 生猪：现货弱势显现 | | --- | | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | 【基本面跟踪】 生猪基本面数据 | | | 单 位 | 价 格 | | 比 同 | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 11780 | | -100 | | | | 四川现货 | 元/吨 | 12100 | | -50 | | | | 广东现货 | 元/吨 | 12160 | | -200 | | | 期 货 | | 单 位 | 价 格 | | 同 比 | | | | 生猪2601 | 元/吨 | 11150 | | -70 | | | | 生猪2603 | 元/吨 | 11325 | | 0 | | | | 生猪2605 | 元/吨 | 11925 | | 45 | | | | | 单 ...

商 品 研 究 2025 年 12 月 22 日 PP：PDH 利润环比修复，趋势震荡偏弱 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | LLDPE 基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | | PP2605 | 6213 | -1.05% | 459440 | 10464 | | | | 昨日价差 | | 前日价差 | | | 基差月差变化 | 05合约基差 | -143 | | -159 | | | | 05-09合约价差 | -27 | | -24 | | | 重要现货价格 | | 昨日价格（元/吨） | | 前日价格（元/吨） | | | | 华 北 | 6050 | | 6090 | | | | 华 东 | 6070 | | 6120 | | | | 华 南 | 6170 | | 6200 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货盘面震荡，部分区域 ...

2025 年 12 月 22 日 工业硅：逢高做空为主 多晶硅：区间震荡 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 商 品 研 究 工业硅、多晶硅基本面数据 | | | 指标名称 Si2605收盘价（元/吨） | T 8,690 | T-1 45 | T-5 255 | T-22 -700 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605成交量（手） | 315,326 | -33,151 | 87,149 | -440,406 | | | | Si2605持仓量（手） | 209,873 | 2,093 | 99,049 | -96,796 | | | | PS2605收盘价（元/吨） | 60,245 | 945 | 3,055 | - | | | 工业硅、多晶硅期货市场 | PS2605成交量（手） | 278,789 | -120,030 | -35,898 | - | | | | PS2605持仓量（手） | 139,187 | -673 | 12,751 | - | | ...

Report Industry Investment Rating There is no information about the industry investment rating in the provided content. Core Viewpoints of the Report - Through macro - fundamental analysis and technical analysis, the report predicts the trend of futures contracts on December 22, 2025, and the overall trend in December 2025. Index futures will be in a strong - biased and wide - range shock; silver, platinum, and palladium futures are expected to reach new highs since listing; some futures such as alumina are likely to reach new lows since listing [1][2]. Summary According to the Directory 1. Futures Market Outlook Points - On December 22, 2025, index futures, government bond futures, gold futures, etc. are expected to be in a strong - biased shock; silver, platinum, and palladium futures will be in a strong - biased shock and reach new highs since listing; zinc and nickel futures will be in a shock consolidation; tin, polycrystalline silicon, and lithium carbonate futures will be in a strong - biased wide - range shock; some futures such as rebar and hot - rolled coils will be in a weak - biased shock [2][4]. - In December 2025, index futures are expected to be in a wide - range shock; silver, copper, polycrystalline silicon futures are expected to be in a strong - biased shock and reach new highs since listing; alumina futures are expected to be in a weak - biased shock and reach new lows since listing [5]. 2. Macro News and Trading Tips - The State Council executive meeting arranged the implementation of the decisions and deployments of the Central Economic Work Conference, and the General Administration of Market Regulation revised the "Regulations on Prohibiting Monopoly Agreements" [6]. - The Ministry of Commerce announced that from January to November, the actual use of foreign capital in the country decreased by 7.5% year - on - year, but increased by 26.1% in November [6]. - The central bank issued the "Measures for the Identification of Beneficial Owners of Financial Institutions" [7]. 3. Commodity Futures - related Information - On December 19, international precious metal futures generally closed higher, and COMEX silver futures reached a new high [12]. - On December 19, the main contracts of U.S. oil and Brent crude oil rose, but fell for the week. The market expects a shortage of crude oil supply in the second half of 2027, which drives up the price of Brent crude oil [12]. - On December 19, London base metals rose across the board. The lower - than - expected U.S. inflation data boosted market expectations of interest rate cuts, and the limited upside of the U.S. dollar index supported base metals [13]. 4. Futures Market Analysis and Outlook Index Futures - On December 19, index futures such as IF2603, IH2603, IC2603, and IM2603 showed different trends of shock and upward movement [16][17]. - In December 2025, the main contracts of index futures are expected to be in a wide - range shock. On December 22, they are expected to be in a strong - biased shock [21]. Government Bond Futures - On December 19, the main contracts of 10 - year and 30 - year government bond futures rose. On December 22, they are expected to be in a strong - biased shock [37][39]. Precious Metal Futures - On December 19, the main contract of gold futures AU2602 showed a weak - biased shock. In December 2025, the main continuous contract is expected to be in a strong - biased wide - range shock. On December 22, AU2602 is expected to be in a strong - biased shock [42]. - On December 19, the main contract of silver futures AG2602 showed a shock and downward movement during the day and a strong - biased shock and upward movement at night. In December 2025, the main continuous contract is expected to be in a strong - biased shock and reach a new high since listing. On December 22, AG2602 is expected to be in a strong - biased shock and reach a new high since listing [49][50]. - On December 19, the main contract of platinum futures PT2606 showed a shock and downward movement. On December 22, it is expected to be in a strong - biased shock and reach a new high since listing [54]. - On December 19, the main contract of palladium futures PD2606 showed a strong - biased shock and upward movement. On December 22, it is expected to be in a strong - biased shock and reach a new high since listing [56]. Base Metal Futures - On December 19, the main contract of copper futures CU2602 showed a shock and upward movement. In December 2025, the main continuous contract is expected to be in a strong - biased shock and reach a new high since listing. On December 22, CU2602 is expected to be in a strong - biased shock [60]. - On December 19, the main contract of aluminum futures AL2602 showed a shock and upward movement. In December 2025, the main continuous contract is expected to be in a strong - biased shock. On December 22, AL2602 is expected to be in a strong - biased shock [65][66]. - On December 19, the main contract of alumina futures AO2601 showed a weak - biased shock and downward movement. In December 2025, the main continuous contract is expected to be in a weak - biased shock and reach a new low since listing. On December 22, AO2601 is expected to be in a strong - biased shock [71]. - On December 19, the main contract of zinc futures ZN2602 showed a slight shock and upward movement. In December 2025, the main continuous contract is expected to be in a strong - biased wide - range shock. On December 22, ZN2602 is expected to be in a shock consolidation [76]. - On December 19, the main contract of nickel futures NI2602 showed a strong - biased shock and upward movement. In December 2025, the main continuous contract is expected to be in a wide - range shock. On December 22, NI2602 is expected to be in a shock consolidation [79][80]. - On December 19, the main contract of tin futures SN2602 showed a strong - biased shock and upward movement. In December 2025, the main continuous contract is expected to be in a strong - biased shock. On December 22, SN2602 is expected to be in a strong - biased wide - range shock [86]. Other Futures - On December 19, the main contract of polycrystalline silicon futures PS2605 showed a shock and upward movement. In December 2025, the main continuous contract is expected to be in a strong - biased shock and reach a new high since listing. On December 22, PS2605 is expected to be in a strong - biased wide - range shock [90]. - On December 19, the main contract of lithium carbonate futures LC2605 showed a large - scale shock and upward movement. In December 2025, the main continuous contract is expected to be in a strong - biased shock. On December 22, LC2605 is expected to be in a strong - biased wide - range shock [96]. - On December 19, the main contract of rebar futures RB2605 showed a slight shock and downward movement. In December 2025, RB2605 is expected to be in a wide - range shock. On December 22, it is expected to be in a weak - biased shock [98]. - On December 19, the main contract of hot - rolled coil futures HC2605 showed a slight shock and downward movement. On December 22, it is expected to be in a weak - biased shock [103]. - On December 19, the main contract of iron ore futures I2605 showed a slight shock and upward movement. In December 2025, I2605 is expected to be in a wide - range shock. On December 22, it is expected to be in a wide - range shock [105]. - On December 19, the main contract of coking coal futures JM2605 showed a shock and downward movement. In December 2025, JM2605 is expected to be in a weak - biased wide - range shock. On December 22, it is expected to be in a weak - biased wide - range shock [110][111]. - On December 19, the main contract of glass futures FG605 showed a weak - biased shock and downward movement. In December 2025, FG605 is expected to be in a weak - biased shock. On December 22, it is expected to be in a weak - biased shock [114]. - On December 19, the main contract of soda ash futures SA605 showed a shock and downward movement. In December 2025, SA605 is expected to be in a weak - biased shock. On December 22, it is expected to be in a weak - biased shock [118]. - On December 19, the main contract of crude oil futures SC2602 showed a shock and downward movement. In December 2025, the main continuous contract is expected to be in a weak - biased shock. On December 22, SC2602 is expected to be in a strong - biased shock [122]. - On December 19, the main contract of fuel oil futures FU2603 showed a weak - biased shock and downward movement. On December 22, it is expected to be in a strong - biased shock [126][127]. - On December 19, the main contract of PTA futures TA605 showed a strong - biased shock and upward movement. On December 22, it is expected to be in a strong - biased shock [127]. - On December 19, the main contract of PX futures PX603 showed a strong - biased shock and upward movement. On December 22, it is expected to be in a strong - biased shock [130]. - On December 19, the main contract of PVC futures V2605 showed a shock and downward movement. On December 22, it is expected to be in a weak - biased shock [132]. - On December 19, the main contract of methanol futures MA605 showed a shock and downward movement. On December 22, it is expected to be in a strong - biased shock [135]. - On December 19, the main contract of soybean meal futures M2605 showed a slight shock and downward movement. On December 22, it is expected to be in a wide - range shock [136]. - On December 19, the main contract of palm oil futures P2605 showed a shock and downward movement. On December 22, it is expected to be in a weak - biased shock [138]. - On December 19, the main contract of natural rubber futures RU2605 showed a shock and downward movement. On December 22, it is expected to be in a weak - biased shock [142].

王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 2025 年 12 月 22 日 沥青：低位震荡，关注地缘 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2602 | 元/吨 | 2,909 | -1.46% | 2,940 | 1.07% | | | BU2603 | 元/吨 | 2,924 | -1.52% | 2,955 | 1.06% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2602 | 手 | 327,221 | (83,194) | 217,948 | (6,744) | | | BU2603 | 手 | 85,332 | (38,860) | 128,904 | 5,416 | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 54100 | 0 | | | | | | | 昨日价差 | 前日 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The cotton futures price is oscillating strongly, while the spot trading is light. The ICE cotton futures in the US are still in a low - level oscillation, and the domestic cotton textile industry has weak performance with low demand and production adjustment [1][2][3]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Futures Data**: The closing price of CF2605 was 14,015 yuan/ton with a daily increase of 0.39%, and the night - session closing price was 14,050 yuan/ton with a 0.25% increase. The closing price of CY2603 was 20,050 yuan/ton with a 0.02% daily increase, and the night - session closing price was 20,150 yuan/ton with a 0.50% increase. The price of ICE US cotton 3 was 63.65 cents/pound with a 0.13% increase. The trading volume of CF2605 was 404,529 lots, an increase of 148,078 lots compared to the previous day, and the open interest was 1,116,467 lots, an increase of 3,034 lots. The trading volume of CY2603 was 7,936 lots, a decrease of 1,999 lots, and the open interest was 22,821 lots, an increase of 1,045 lots. The number of Zhengzhou cotton warehouse receipts was 3,870, an increase of 251, and the effective forecast was 3,852, a decrease of 97. The number of cotton yarn warehouse receipts was 9, unchanged, and the effective forecast was 0, an increase of 9 [1]. - **Spot Data**: The price of Beijiang 3128 machine - picked cotton was 14,846 yuan/ton, an increase of 50 yuan or 0.34% compared to the previous day. The price of Nanjang 3128 machine - picked cotton was 14,860 yuan/ton, an increase of 50 yuan or 0.34%. The price in Shandong was 15,184 yuan/ton, an increase of 6 yuan or 0.04%. The price in Hebei was 15,130 yuan/ton, an increase of 20 yuan or 0.13%. The 3128B index was 15,145 yuan/ton, an increase of 6 yuan or 0.04%. The international cotton index M was 71.79 cents/pound, an increase of 0.09 cents or 0.13%. The price of pure - cotton carded yarn 32S was 20,930 yuan/ton, an increase of 50 yuan or 0.24%, and the arrival price was 21,138 yuan/ton, an increase of 78 yuan or 0.37% [1]. - **Spread Data**: The CF1 - 5 spread was 30 yuan/ton, an increase of 20 yuan compared to the previous day. The spread between Beijiang 3128 machine - picked cotton and CF605 was 830 yuan/ton, a decrease of 10 yuan [1]. [Macroeconomic and Industry News] - **Domestic Cotton Spot**: The cotton spot trading was cold, and the point - price trading continued to decline. Spinning mills had weak purchasing意愿. The fixed - price quotes for 2025/26 Beijiang machine - picked cotton of 31 - 41 grade, double 29, and impurity within 3 were mostly between 14,900 - 15,100 (public weight), and a small amount was lower than 14,900, for self - pick - up in Xinjiang. The mainstream basis for 2025/26 Beijiang machine - picked 3129/29B with impurity within 3 was CF01/05 + 950 - 1050, and a small amount was lower than this price, for self - pick - up in Xinjiang [2]. - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn was generally stable, but the overall sales were weak. Although supported by cotton cost, most spinning mills had few orders, with large negotiation space in actual transactions. Inland spinning mills generally had poor profits and continuously reduced their operating rates. Some spinning mills in Xinjiang reported a significant decline in recent orders compared to the previous period, but had no inventory pressure and still maintained a high operating rate [2]. - **US Cotton Situation**: Last Friday, ICE cotton futures rebounded slightly, with intraday fluctuations and still in a low - level oscillation [3]. [Trend Intensity] The trend intensity of cotton is 0, indicating a neutral trend [6].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - In the short term, the overall upward trend of butadiene rubber has slowed down and gradually entered a volatile pattern. The previous continuous rise of butadiene rubber was mainly due to the improvement of butadiene fundamentals and strong expectations for the far - month. However, this week, due to the marginal weakening of the overall fundamental data of butadiene and butadiene rubber, coupled with the large premium of futures over spot, the speculative nature of futures prices has weakened and prices have corrected. Butadiene currently presents a pattern of neutral reality and strong expectations, and the short - term fundamentals of butadiene are neutral. The visible inventory of butadiene rubber has increased this week, and its fundamentals have weakened. Overall, the processing profit of butadiene rubber may be compressed, and the futures price has corrected under the high - premium pattern. But due to the strong expectations of butadiene still bringing some speculative nature, it has entered a volatile pattern in the short term [3] Summary by Relevant Catalogs 1. Fundamental Tracking Futures Market - For the butadiene rubber main contract (02 contract), the daily closing price was 11,020 yuan/ton (down 20 yuan from the previous day), the trading volume was 127,276 lots (down 158 lots), the open interest was 101,995 lots (up 619 lots), and the trading value was 703,480 ten - thousand yuan (down 2,972 ten - thousand yuan) [1] Spread Data - The basis of Shandong butadiene - futures main contract was - 170 (down 80 from the previous day), and the monthly spread of BR01 - BR05 was - 80 (up 45 from the previous day) [1] Spot Market - For butadiene rubber prices, the prices of North China, East China, South China (private) and Shandong market (delivery product) decreased by 0 - 100 yuan/ton compared with the previous day. For styrene - butadiene rubber prices, the price of Qilu styrene - butadiene (model 1502) decreased by 50 yuan/ton, and the price of Qilu styrene - butadiene (model 1712) remained unchanged. For butadiene prices, the mainstream prices in Jiangsu and Shandong decreased by 50 yuan/ton [1] Fundamental Indicators - The butadiene rubber operating rate was 76.7608%, the theoretical full cost was 10,534 yuan/ton, and the profit was 366 yuan/ton, all remaining unchanged from the previous day [1] 2. Industry News - As of December 17, 2025, the domestic butadiene rubber inventory was 34,000 tons, an increase of 2,100 tons from the previous period, a month - on - month increase of 6.45%. The inventory of sample production enterprises increased, and the inventory of sample trading enterprises with cargo rights also increased [2] - As of December 17, the latest inventory of butadiene in East China ports was about 36,000 tons, a slight increase of 100 tons from the previous period. Although the inventory change was not significant this period, there were still some trade inventories and the expectation of ocean - going vessel arrivals, so attention should be paid to the phased inventory changes [2][3]

2025 年 12 月 22 日 LPG：短期趋势偏弱 丙烯：供减需增预期，短期走势存支撑 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | 期货价格 | PG2601 | 4,218 | -0.26% | 4,237 | 0.45% | | | PG2602 | 4,099 | -0.24% | 4,092 | -0.17% | | | PL2601 | 5,926 | -0.85% | 5,911 | -0.25% | | | PL2602 | 5,715 | -1.28% | 5,727 | 0.21% | | | PL2603 | 5,695 | -1.30% | 5,692 | -0.05% | | 持仓&成交 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2601 | 8,225 | -9228 | 11,005 | -2358 | | | P ...

Report Summary Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoint - The LLDPE market is facing challenges with limited valuation support due to factors such as partial production conversion in full - density, weakening demand, and potential supply - demand pressure from high - capacity and reduced demand [1][2]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The L2605 contract had a yesterday's closing price of 6320, a daily decline of 2.41%, a trading volume of 840011, and an open - interest change of 36438 [1]. - **Basis and Spread**: The 05 - contract basis was - 50 yesterday compared to - 76 the day before, and the 05 - 09 contract spread was - 47 yesterday compared to - 38 the day before [1]. - **Spot Prices**: In the North, the spot price was 6270 yuan/ton yesterday (down from 6400 yuan/ton the day before); in the East, it was 6400 yuan/ton yesterday (down from 6500 yuan/ton the day before); in the South, it was 6400 yuan/ton yesterday (down from 6430 yuan/ton the day before) [1]. Spot News - The futures price declined under pressure, the market trading atmosphere remained weak. Upstream and futures - cash traders mostly lowered their quotes to meet annual sales targets. Downstream buyers were mostly in a wait - and - see mode. With weakening demand, the industry's willingness to hold inventory was poor, the basis weakened again, and the destocking of warehouse receipts stopped. The offers from the Middle East and the US decreased in volume and were at a premium to the domestic market. Shipments from the Middle East and the US were delayed, and more arrivals are expected in Q1 2026 [1]. Market Condition Analysis - **Raw Materials and Monomers**: The price of crude oil, the raw material, fluctuated, and the monomer segment was weakly stable. The supply profits of PE ethylene and ethane were compressed [2]. - **Market and Demand**: The PE futures price oscillated at a low level. The demand for downstream agricultural films weakened marginally, while the packaging film industry maintained rigid demand. After the recent price decline, the willingness of middle - and - downstream players to hold inventory weakened. Upstream producers offered price discounts to sell inventory at the end of the year, resulting in a slight reduction in factory inventory, and the basis was weak [2]. - **Supply**: Guangxi Petrochemical gradually resumed production. The current maintenance plan for December is neutral. In the medium term, attention should be paid to the supply - demand pressure brought by high existing production capacity and weakening demand [2]. Trend Intensity - The LLDPE trend intensity is 0 [2].

1. Report's Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Gold: Inflation is moderately declining [2][4]. - Silver: Reached a new high [2][4]. - Copper: Weakening spot market restricts price increases [2][8]. - Zinc: Trading in a sideways range [2][11]. - Lead: Reduced inventory supports prices [2][14]. - Tin: Supply is disrupted again [2][16]. - Aluminum: Trading in a range [2][21]. - Alumina: Continuing to decline [2][21]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2][21]. - Platinum: ETF holdings are increasing marginally, and the price center is moving upwards [2][23]. - Palladium: Resumed its upward momentum after a slight retreat [2][23]. - Nickel: Fundamental contradictions have not changed significantly, and Indonesian policies have increased concerns [2][27]. - Stainless steel: Both supply and demand in the fundamentals are weak, and news about Indonesian nickel mines has caused disturbances [2][27]. 3. Summaries Based on Relevant Catalogs Gold and Silver - **Fundamental Data**: Gold T+D closed at 975.82 with a 0.12% daily increase; Comex gold 2602 closed at 4368.70 with a 0.11% increase.沪银2602 closed at 15376 with a -0.93% decrease; Comex silver 2602 closed at 67.395 with a 2.97% increase [4]. - **Trading Volume and Open Interest**:沪金2602 trading volume was 328,878, an increase of 87,762; open interest was 189,662, a decrease of 7,090.沪银2602 trading volume was 1,904,227, an increase of 332,489; open interest was 337,467, a decrease of 25,935 [4]. - **Inventory**: 沪金 inventory was 91,716 kg, unchanged;沪银 inventory was 899,636 kg, a decrease of 12,528 kg [4]. - **Spread**: Gold T+D to AU2602 spread was -4.08, unchanged; 白银T+D to AG2602 spread was 58, an increase of 1 [4]. - **Trend Intensity**: Gold trend intensity is 0; silver trend intensity is 0 [6]. Copper - **Fundamental Data**: 沪铜主力合约 closed at 93,180 with a 0.63% daily increase; 伦铜3M电子盘 closed at 11,871 with a 1.22% increase [8]. - **Trading Volume and Open Interest**: 沪铜指数 trading volume was 314,112, an increase of 25,585; open interest was 631,942, an increase of 9,906. 伦铜3M电子盘 trading volume was 19,401, a decrease of 11,963; open interest was 342,000, a decrease of 2,759 [8]. - **Inventory**: 沪铜 inventory was 45,739, an increase of 1,089; 伦铜 inventory was 160,400, a decrease of 3,875 [8]. - **Spread**: LME copper cash-to -3M spread was 4.73, an increase of 18.62; 现货对期货近月价差 was -160, a decrease of 20 [8]. - **Trend Intensity**: Copper trend intensity is 0 [10]. Zinc - **Fundamental Data**: 沪锌主力收盘价 was 23,075 with a 0.17% daily increase; 伦锌3M电子盘收盘价 was 3,078 with a 0.65% increase [11]. - **Trading Volume and Open Interest**: 沪锌主力成交量 was 88,361, an increase of 2,041; open interest was 86,365, an increase of 2,640. 伦锌成交量 was 8,494, a decrease of 14,475; open interest was 227,461, an increase of 449 [11]. - **Inventory**: 沪锌期货库存 was 45,178, a decrease of 771; LME zinc inventory was 99,900, an increase of 500 [11]. - **Trend Intensity**: Zinc trend intensity is 0 [13]. Lead - **Fundamental Data**: 沪铅主力收盘价 was 16,880 with a 0.57% daily increase; 伦铅3M电子盘收盘价 was 1,984.5 with a 1.25% increase [14]. - **Trading Volume and Open Interest**: 沪铅主力成交量 was 56,461, an increase of 25,238; open interest was 62,177, an increase of 6,505. 伦铅成交量 was 5,862, a decrease of 6,084; open interest was 176,668, a decrease of 415 [14]. - **Inventory**: 沪铅期货库存 was 14,187, a decrease of 842; LME lead inventory was 258,625, a decrease of 3,500 [14]. - **Trend Intensity**: Lead trend intensity is 0 [14]. Tin - **Fundamental Data**: 沪锡主力合约 closed at 343,040 with a 2.59% daily increase; 伦锡3M电子盘 closed at 42,975 with a 0.13% increase [16]. - **Trading Volume and Open Interest**: 沪锡主力合约 trading volume was 240,305, a decrease of 3,224; open interest was 33,801, a decrease of 107. 伦锡3M电子盘 trading volume was 180, a decrease of 9; open interest was 13,988, an increase of 53 [16]. - **Inventory**: 沪锡 inventory was 7,844, an increase of 242; 伦锡 inventory was 4,645, an increase of 220 [16]. - **Spread**: SMM 1 tin ingot price was 329,900, an increase of 9,900; 现货对期货主力价差 was 3,020, a decrease of 1,780 [16]. - **Trend Intensity**: Tin trend intensity is 1 [20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: 沪铝主力合约收盘价 was 22,185; 沪氧化铝主力合约收盘价 was 2,500; 铝合金主力合约收盘价 was 21,235 [21]. - **Trading Volume and Open Interest**: 沪铝主力合约成交量 was 225,621; 沪氧化铝主力合约成交量 was 198,046; 铝合金主力合约成交量 was 4,335 [21]. - **Inventory**: 国内铝锭社会库存 was 56.10 million tons; 上期所铝锭仓单 was 7.62 million tons [21]. - **Trend Intensity**: Aluminum trend intensity is 1; alumina trend intensity is -1; cast aluminum alloy trend intensity is 0 [22]. Platinum and Palladium - **Fundamental Data**: 铂金期货2606 closed at 533.55 with a -1.67% decrease; 钯金期货2606 closed at 480.20 with a 0.76% increase [23]. - **Trading Volume and Open Interest**: 广铂 trading volume was 153,911, a decrease of 948; open interest was 38,087, an increase of 2,123. 广钯 trading volume was 108,461, an increase of 38,341; open interest was 15,221, an increase of 1,371 [23]. - **ETF Holdings**: Platinum ETF holdings (ounces) were 3,239,006, an increase of 17,641; palladium ETF holdings (ounces) were 1,126,738, an increase of 162 [23]. - **Trend Intensity**: Platinum trend intensity is 1; palladium trend intensity is 1 [25]. Nickel and Stainless Steel - **Fundamental Data**: 沪镍主力（收盘价） was 117,180; 不锈钢主力（收盘价） was 12,720 [27]. - **Trading Volume and Open Interest**: 沪镍主力（成交量） was 210,637; 不锈钢主力（成交量） was 388,060 [27]. - **Industry News**: Indonesian policies and regulations have an impact on the nickel market, such as the takeover of a nickel mine by the Indonesian forestry working group and sanctions on mining companies [27][28]. - **Trend Intensity**: Nickel trend intensity is 0; stainless steel trend intensity is 0 [31].